Boyd Gaming Corporation (NYSE:BYD) Q4 2015 Earnings Conference Call - Final Transcript

Feb 16, 2016 • 05:00 pm ET


Boyd Gaming Corporation (NYSE:BYD) Q4 2015 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Good afternoon, everyone, and welcome to the Boyd Gaming Fourth Quarter 2015 Conference Call. [Operator Instructions] Please also note that today's event is being recorded.

I would now like to turn the conference call over to Mr. Josh Hirsberg, Executive Vice President and Chief Financial Officer. Sir, please go ahead.

Josh Hirsberg

Thank you, Jamie. Good afternoon, everyone, and welcome to our fourth quarter earnings conference call. Joining me on the call this afternoon is Keith Smith, our President and Chief Executive Officer.

Our comments today will include statements that are forward-looking statements within the Private Securities Litigation Reform Act, including statements regarding our guidance for full year 2016. All forward-looking statements in our comments are as of today's date, and we undertake no obligation to update or revise the forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. There are certain risks and uncertainties that include, but are not limited to those disclosed in our earnings release, our periodic reports, and our other filings with the SEC that may impact our results.

During our call today, we will make reference to non-GAAP financial measures. For a complete reconciliation of historical non-GAAP to GAAP financial measures, please refer to our earnings press release and our Form 8-K furnished to the SEC today, and both of which are available in the Investors section of our website at,

We do not provide a reconciliation of forward-looking non-GAAP financial measures due to our inability to project special charges and certain expenses. Finally, today's call is also being webcast at, and will be available for replay on the Investor Relations section of our website shortly after the completion of this call.

I'd now like to turn the call over to Keith Smith. Keith?

Keith E. Smith

Thanks, Josh, and good afternoon, everyone. Welcome to our fourth quarter earnings call.

The fourth quarter was a strong conclusion to a year of solid progress for our company. Thanks to the continued execution of our strategic plan, the strong focus of our management teams, and a healthier consumer, we achieved revenue growth and double-digit EBITDA growth in every single quarter of 2015. We have also improved margins for seven straight quarters as company EBITDA margins increased nearly 280 basis points in the fourth quarter. Across the country, our property management teams continue to do an excellent job. Let's take a few minutes to walk through what they achieved in each segment of the business during the quarter.

I'll start with Las Vegas, which continues to be an encouraging market for our company. The Southern Nevada economy continues to strengthen with a steadily improving labor and income picture. Total employment grew nearly 3% in 2015 with gains in every major job sector, while unemployment fell to a seven-year low. Average weekly wages were up 4%, one of the strongest growth rates in the country.

The Southern Nevada housing market continues to trend positively with growth in both sales and prices. Construction activity is accelerating with more than