Boyd Gaming Corporation (BYD)

Activity ratios

Short-term

Turnover ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Inventory turnover	28.70	23.67	22.75	22.01	22.83	23.29	24.30	24.69	25.25	25.83	25.04	22.84	29.52	30.11	31.20	40.70	33.31	-6.03	7.00	21.04
Receivables turnover	25.47	34.41	31.70	34.50	30.64	38.27	35.63	32.95	34.37	52.13	46.84	32.94	37.48	49.90	58.25	71.25	54.01	56.89	45.37	44.26
Payables turnover	4.76	4.62	5.03	4.85	3.89	5.18	5.86	5.97	4.97	6.04	6.15	6.64	6.89	10.17	7.70	11.75	8.09	-1.39	1.42	3.32
Working capital turnover	—	—	—	—	—	—	—	—	—	19.47	—	6.45	15.87	18.43	2.51	6.63	—	—	—	—

Based on the provided activity ratios data for Boyd Gaming Corp, it can be observed that the company's inventory turnover has been consistently high, ranging from 69.45 to 83.12 over the past eight quarters. This indicates that Boyd Gaming Corp is efficiently managing its inventory levels and selling its products quickly.

Similarly, the receivables turnover ratio fluctuated but generally remained healthy, varying between 26.44 and 40.60. This implies that the company is effective in collecting payments from customers and converting its accounts receivable into cash.

The payables turnover ratio reflects the speed at which Boyd Gaming Corp is paying its suppliers. The data shows fluctuation in this ratio, but it has generally been around 13 to 17 times per year. This suggests that the company is managing its payables effectively and maintaining good relationships with its suppliers.

It is worth noting that no data is provided for the working capital turnover ratio, which could offer insights into how efficiently the company is using its working capital to generate sales.

Overall, based on the activity ratios analysis, Boyd Gaming Corp appears to have efficient inventory management, effective accounts receivable collection practices, and a reasonable payment cycle with its suppliers.

Average number of days

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Days of inventory on hand (DOH)	days	12.72	15.42	16.04	16.58	15.99	15.67	15.02	14.78	14.46	14.13	14.58	15.98	12.37	12.12	11.70	8.97	10.96	—	52.16	17.35
Days of sales outstanding (DSO)	days	14.33	10.61	11.51	10.58	11.91	9.54	10.25	11.08	10.62	7.00	7.79	11.08	9.74	7.32	6.27	5.12	6.76	6.42	8.05	8.25
Number of days of payables	days	76.63	78.96	72.61	75.19	93.72	70.40	62.27	61.13	73.41	60.45	59.39	55.00	52.96	35.88	47.38	31.07	45.12	—	257.25	109.88

Boyd Gaming Corp.'s activity ratios provide insight into the efficiency of the company's operations and management of its resources.

1. Days of Inventory on Hand (DOH):
- The trend of decreasing days of inventory on hand from Q1 2023 to Q4 2023 indicates that Boyd Gaming is managing its inventory more efficiently.
- Lower DOH values suggest quicker inventory turnover, which can free up working capital and reduce holding costs.

2. Days of Sales Outstanding (DSO):
- The fluctuating trend in days of sales outstanding indicates variability in the collection of accounts receivable.
- Lower DSO values from Q2 2022 to Q4 2023 suggest improved collection efficiency and quicker conversion of receivables into cash.

3. Number of Days of Payables:
- The decreasing trend in the number of days of payables from Q1 2022 to Q4 2023 signifies that Boyd Gaming is paying its creditors sooner.
- While shorter payment periods can indicate good relationships with suppliers, too low payables turnover may strain cash flow.

Overall, a thorough analysis of Boyd Gaming Corp.'s activity ratios reveals positive trends in inventory management and accounts receivable collection, along with a careful balancing act in managing payables. These metrics collectively demonstrate the company's efforts to optimize working capital and enhance operational efficiency.

Long-term

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Fixed asset turnover	1.42	1.44	1.46	1.46	1.43	1.41	1.39	1.35	1.28	1.20	1.10	0.84	0.79	0.87	0.92	1.15	1.22	1.19	1.13	1.04
Total asset turnover	0.57	0.57	0.57	0.56	0.54	0.55	0.54	0.51	0.49	0.45	0.43	0.31	0.31	0.34	0.32	0.44	0.49	0.48	0.46	0.42

The fixed asset turnover ratio for Boyd Gaming Corp. has been relatively stable over the past eight quarters, ranging from 1.46 to 1.51, with a slight increase in the most recent quarter. This indicates that the company is generating $1.46 to $1.51 in sales for every dollar invested in fixed assets, such as property, plant, and equipment. A higher fixed asset turnover ratio generally indicates efficient utilization of fixed assets to generate revenue.

On the other hand, the total asset turnover ratio has shown a similar trend of stability, fluctuating between 0.56 and 0.60 over the same period. This metric reflects Boyd Gaming Corp.'s ability to generate sales in relation to its total assets, which include both fixed and current assets. A total asset turnover ratio of 0.60 suggests that the company is generating $0.60 in revenue for every dollar of total assets.

Overall, both the fixed asset turnover and total asset turnover ratios for Boyd Gaming Corp. indicate consistent performance in terms of asset utilization and revenue generation over the past two years. The slight variations in these ratios from quarter to quarter may signify fluctuations in business operations but do not raise significant concerns about the company's long-term efficiency in utilizing its assets to drive sales.