CHART DU JOUR: BYD ALSO ADDICTED TO CHARGES

While not as material as PNK's, BYD’s “non-recurring” charges have been a mainstay exclusion from Adjusted EBITDA.

 

  • BYD’s quarterly GAAP operating expenses excluded from Adjusted EBITDA have been consistent and sometimes material
  • As a percent of company reported Adjusted EBITDA, excluded expenses have represented 1-10%
  • While not as egregious as PNK's, BYD’s reported Adjusted EBITDA should probably be adjusted again – downward.  Shall we call it ‘Adjusted’ Adjusted EBITDA’?

CHART DU JOUR: BYD ALSO ADDICTED TO CHARGES - BYD