Boyd Gaming Corporation (NYSE:BYD) Q4 2023 Earnings Call Transcript

So, we won’t always run the company at 2.5 times or less, but that’s where we want to be in the long run. So hopefully, that kind of gives you a perspective on it. I think the other thing is, I think Keith has described it, obviously, correctly, which is, acquisitions are just one component of how we think about our company in terms of its strategic growth going forward. We look at the organic growth of the business. We look at the growth from the $100 million a year that we’re making. We look at the value that shareholders get from our dividend, but also from the 6% to 7% of shares we’re taking out every year. So, all of that accumulates to solid business and then the acquisitions are just purely — if they make sense, we don’t feel like we have to do them, I think we are very well positioned to do them given the strength of our balance sheet and robustness of our cash flow and the diversification of that cash flow.

But that’s why we generally think about the core business and how we can continue to grow that. And then somewhat, kind of opportunistically the acquisitions, and yes, they have to have the same levels of returns that any investment we’re making, whether it’s buying back our stock or making investments for organic growth.

Stephen Grambling: Makes sense. Thanks so much.

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

Josh Hirsberg: Thanks, everyone, for your questions today and participating in the call. And if you have anything to follow-up, please feel free to reach out to the company. Hope you have a great rest of your day.

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