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’?