Boyd Gaming (Boyd Gaming) Operating Income : $1,010 Mil (TTM As of Dec. 2023)

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What is Boyd Gaming Operating Income?

Boyd Gaming's Operating Income for the three months ended in Dec. 2023 was $258 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was $1,010 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Boyd Gaming's Operating Income for the three months ended in Dec. 2023 was $258 Mil. Boyd Gaming's Revenue for the three months ended in Dec. 2023 was $954 Mil. Therefore, Boyd Gaming's Operating Margin % for the quarter that ended in Dec. 2023 was 27.07%.

Good Sign:

Boyd Gaming Corp operating margin is expanding. Margin expansion is usually a good sign.

Boyd Gaming's 5-Year average Growth Rate for Operating Margin % was 21.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Boyd Gaming's annualized ROC % for the quarter that ended in Dec. 2023 was 14.25%. Boyd Gaming's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 18.75%.

Boyd Gaming Operating Income Historical Data

The historical data trend for Boyd Gaming's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Boyd Gaming Operating Income Chart

Boyd Gaming Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

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472.57

188.96

908.30

1,022.00

1,009.67

Boyd Gaming Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Operating Income	Get a 7-Day Free Trial															282.84	289.42	244.03	217.87	258.35

Boyd Gaming Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was $1,010 Mil.

Boyd Gaming (NYSE:BYD) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Boyd Gaming's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	1033.404 * ( 1 - 18.2% )	/	( (5981.096	+	5886.953)	/ 2 )
=	845.324472	/	5934.0245
=	14.25 %

where

	Invested Capital		(Q: Sep. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	6311.611	-	444.686	-	( 269.155	-	max(0, 583.419	-	469.248	+	269.155	))
=	5981.096

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	6273.126	-	453.18	-	( 304.271	-	max(0, 596.322	-	529.315	+	304.271	))
=	5886.953

Note: The Operating Income data used here is four times the quarterly (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

Boyd Gaming's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	622.1	/	( ( (3298.657 + max(-245.816, 0))	+	(3335.847 + max(-231.644, 0)) )	/	2 )
=	622.1	/	( ( 3298.657	+	3335.847 )	/	2 )
=	622.1	/	3317.252
=	18.75 %

where Working Capital is:

	Working Capital		(Q: Sep. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(103.577	+	20.64	+	74.653)	-	(444.686	+	0	+	0)
=	-245.816

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(137.892	+	20.692	+	62.952)	-	(453.18	+	0	+	0)
=	-231.644

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2023) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Boyd Gaming's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2023 )	/	Revenue (Q: Dec. 2023 )
	=	258.351	/	954.412
	=	27.07 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Boyd Gaming Operating Income Related Terms

Thank you for viewing the detailed overview of Boyd Gaming's Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.

Boyd Gaming (Boyd Gaming) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » Boyd Gaming Corp (NYSE:BYD) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

BO5:Germany

Address

6465 South Rainbow Boulevard, Las Vegas, NV, USA, 89118

Website

https://www.boydgaming.com

Boyd Gaming Corp is a multi-jurisdictional gaming company. The company operates wholly owned gaming entertainment properties (casino space, slot machines, table games, and hotel rooms) in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. Its business segments are separated by geographical regions: Las Vegas Locals; Downtown Las Vegas; and Midwest and South. Midwest and South holds the largest number of entertainment properties, and it generates most sales for the company. Boyd generates most of its revenue from its gaming operations.

Executives

William S Boyd	director, 10 percent owner, officer: Co-Executive Chair	2950 SOUTH INDUSTRIAL ROAD, LAS VEGAS NV 89109
William R Boyd	director, officer: Vice President	C/O BOYD GAMING CORPORATION, 6465 S. RAINBOW BOULEVARD, LAS VEGAS NV 89118
Marianne Boyd Johnson	director, officer: Executive Vice President
Stephen S. Thompson	officer: Executive Vice President	3883 HOWARD HUGHES PARKWAY, NINTH FLOOR, LAS VEGAS NV 89169
Christine J. Spadafor	director	3883 HOWARD HUGHES PARKWAY, NINTH FLOOR, LAS VEGAS NV 89169
Keith Smith	director, officer: President & CEO
Ted Bogich	officer: Executive Vice President	3883 HOWARD HUGHES PARKWAY, NINTH FLOOR, LAS VEGAS NV 89169
Josh Hirsberg	officer: Exec. V.P., Treasurer & CFO	C/O BOYD GAMING CORPORATION, 3883 HOWARD HUGHES PARKWAY, NINTH FLOOR, LAS VEGAS NV 89169
Lori M. Nelson	officer: SVP Fin Ops and Reporting	6465 S. RAINBOW BOULEVARD, LAS VEGAS NV 89118
Veronica J Wilson	director	C/O BOYD GAMING, 2950 INDUSTRIAL RD, LAS VEGAS NV 89109
Uri Clinton	officer: EVP,General Counsel,Secretary	C/O MULTIMEDIA GAMES, INC., 206 WILD BASIN ROAD, BLDG. B, SUITE 400, AUSTIN TX 78746
Anthony D Mcduffie	officer: VP & Chief Accounting Officer	C/O BOYD GAMING CORPORATION, 6465 SOUTH RAINBOW BLVD, LAS VEGAS NV 89118
A. Randall Thoman	director	8360 S. DURANGO DR., LAS VEGAS NV 89113
John Robert Bailey	director	1106 PALMS AIRPORT DRIVE, LAS VEGAS NV 89119
Paul W Whetsell	director	4501 NORTH FAIRFAX DRIVE, SUITE 800, ARLINGTON VA 22203