Boyd Gaming Corporation (NYSE:BYD) Q3 2023 Earnings Call Transcript

Josh Hirsberg: Yes. I think the way we think about it in today’s environment, at least, is that we would probably – we may accelerate within a quarter, the amount that we were going to spend if there was an opportunity to do that or – but I think overall, we’re comfortable with the level that we’re spending today. And we would just end up buying more shares because the price was lower. I think we would change the amount materially. But it’s going to be done on a case-by-case basis; we are not in any hurry. We want to be able to use our balance sheet in good times and bad. So today, when there’s concern about the economy, we’re very comfortable with our ability to continue to do what we’re doing today, even look for ways to continue to grow the company.

And if we were at a different leverage point, we wouldn’t be able to do those kinds of things. And I think in the environment where things are really good, obviously the strength of the balance sheet becomes even more powerful. So I don’t think we want to get too far ahead of ourselves. We want to maintain that optionality. And we want to maintain the flexibility that comes with it.

Keith Smith: Yes. It’s not simply about how much we want to spend on share repurchases. We do have this view of a balanced program. It depends where we’re at in the CapEx cycle, where the leverage is with the strength of the business as well as our desire to want to buy back shares and continue that program. So we do have flexibility around it, but there’s a lot that goes into that particular decision as to when we’d increase it and how much we’d increase it.

Chad Beynon: Thanks, Keith and Josh. Appreciate it.

David Strow: Thank you. This concludes our question-and-answer session. I’d now like to turn the call back over to Josh for concluding remarks.

Josh Hirsberg: Thanks, David. And we appreciate everyone dialing in today and the questions you guys have asked. And to the extent there’s any follow-up or additional questions, feel free to reach out to the company. Thanks again.

David Strow: Thanks, Josh. This concludes today’s call. You may now disconnect.