Golden Entertainment, Inc. Files 10-Q for Q1 2024
Ticker: GDEN · Form: 10-Q · Filed: May 9, 2024 · CIK: 1071255
Sentiment: bearish
Topics: Gaming, Casinos, Entertainment, Financials, Q1 Earnings
TL;DR
<b>Golden Entertainment reported a significant drop in net income for Q1 2024 compared to the prior year, despite consistent revenue.</b>
AI Summary
GOLDEN ENTERTAINMENT, INC. (GDEN) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Revenue for the quarter ended March 31, 2024, was $231.6 million. Net income for the quarter was $1.3 million, or $0.02 per diluted share. The company reported $1.3 million in net income for Q1 2024, a decrease from $10.1 million in Q1 2023. Total assets as of March 31, 2024, were $1.3 billion. Total debt as of March 31, 2024, was $791.4 million.
Why It Matters
For investors and stakeholders tracking GOLDEN ENTERTAINMENT, INC., this filing contains several important signals. The decrease in net income suggests potential operational inefficiencies or increased costs impacting profitability, despite stable top-line performance. The company's substantial debt level of $791.4 million warrants attention regarding its ability to manage financial obligations and fund future growth.
Risk Assessment
Risk Level: medium — GOLDEN ENTERTAINMENT, INC. shows moderate risk based on this filing. The company experienced a sharp decline in net income from $10.1 million in Q1 2023 to $1.3 million in Q1 2024, indicating potential profitability challenges.
Analyst Insight
Golden Entertainment should focus on improving operational efficiencies and cost management to boost net income in the upcoming quarters.
Financial Highlights
- revenue
- 231.6
- total Assets
- 1300.0
- total Debt
- 791.4
- net Income
- 1.3
- eps
- 0.02
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Casino | 185.7 | |
| Distributed Gaming | 45.9 |
Key Numbers
- 231.6 — Revenue (Quarter ended March 31, 2024)
- 1.3 — Net Income (Quarter ended March 31, 2024)
- 0.02 — EPS (Quarter ended March 31, 2024)
- 10.1 — Net Income (Quarter ended March 31, 2023)
- 1.3 — Total Assets (As of March 31, 2024)
- 791.4 — Total Debt (As of March 31, 2024)
Key Players & Entities
- GOLDEN ENTERTAINMENT, INC. (company) — Filer
- LAS VEGAS (location) — Business Address City
- NV (location) — Business Address State
- MN (location) — State of Incorporation
- LAKES ENTERTAINMENT INC (company) — Former Company Name
- LAKES GAMING INC (company) — Former Company Name
FAQ
When did GOLDEN ENTERTAINMENT, INC. file this 10-Q?
GOLDEN ENTERTAINMENT, INC. filed this Quarterly Report (10-Q) with the SEC on May 9, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by GOLDEN ENTERTAINMENT, INC. (GDEN).
Where can I read the original 10-Q filing from GOLDEN ENTERTAINMENT, INC.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by GOLDEN ENTERTAINMENT, INC..
What are the key takeaways from GOLDEN ENTERTAINMENT, INC.'s 10-Q?
GOLDEN ENTERTAINMENT, INC. filed this 10-Q on May 9, 2024. Key takeaways: Revenue for the quarter ended March 31, 2024, was $231.6 million.. Net income for the quarter was $1.3 million, or $0.02 per diluted share.. The company reported $1.3 million in net income for Q1 2024, a decrease from $10.1 million in Q1 2023..
Is GOLDEN ENTERTAINMENT, INC. a risky investment based on this filing?
Based on this 10-Q, GOLDEN ENTERTAINMENT, INC. presents a moderate-risk profile. The company experienced a sharp decline in net income from $10.1 million in Q1 2023 to $1.3 million in Q1 2024, indicating potential profitability challenges.
What should investors do after reading GOLDEN ENTERTAINMENT, INC.'s 10-Q?
Golden Entertainment should focus on improving operational efficiencies and cost management to boost net income in the upcoming quarters. The overall sentiment from this filing is bearish.
Risk Factors
- Significant Debt Levels [medium — financial]: The company carries substantial total debt of $791.4 million as of March 31, 2024, which could impact its financial flexibility.
- Decreased Profitability [medium — financial]: Net income significantly decreased to $1.3 million in Q1 2024 from $10.1 million in Q1 2023, indicating a potential decline in earnings performance.
Key Dates
- 2024-03-31: Quarter End — Reporting period for the 10-Q filing.
- 2024-05-09: Filing Date — Date the 10-Q was filed with the SEC.
Filing Stats: 4,613 words · 18 min read · ~15 pages · Grade level 17 · Accepted 2024-05-09 16:19:18
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value GDEN The Nasdaq Stock Market
Filing Documents
- gden-20240331.htm (10-Q) — 920KB
- ex101secondamendedandresta.htm (EX-10.1) — 99KB
- ex102amendedandrestatedarc.htm (EX-10.2) — 105KB
- a33124ex311.htm (EX-31.1) — 10KB
- a33124ex312.htm (EX-31.2) — 10KB
- a33124ex321.htm (EX-32.1) — 8KB
- 0001071255-24-000063.txt ( ) — 6466KB
- gden-20240331.xsd (EX-101.SCH) — 42KB
- gden-20240331_cal.xml (EX-101.CAL) — 86KB
- gden-20240331_def.xml (EX-101.DEF) — 244KB
- gden-20240331_lab.xml (EX-101.LAB) — 589KB
- gden-20240331_pre.xml (EX-101.PRE) — 420KB
- gden-20240331_htm.xml (XML) — 917KB
FINANCIAL STATEMENTS (Unaudited)
FINANCIAL STATEMENTS (Unaudited) 1 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 2 Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2024 and 2023 3 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 4 Condensed Notes to Consolidated Financial Statements 6 ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 19 ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 27 ITEM 4.
CONTROLS AND PROCEDURES
CONTROLS AND PROCEDURES 28 PART II. OTHER INFORMATION 28 ITEM 1.
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS 28 ITEM 1A.
OTHER INFORMATION
ITEM 5. OTHER INFORMATION 28 ITEM 6. EXHIBITS 29
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS GOLDEN ENTERTAINMENT, INC. Consolidated Balance Sheets (In thousands, except per share data) March 31, 2024 December 31, 2023 (unaudited) ASSETS Current assets Cash and cash equivalents $ 404,338 $ 157,550 Accounts receivable, net of allowance for credit losses of $ 257 and $ 696 at March 31, 2024 and December 31, 2023, respectively 17,691 16,951 Prepaid expenses 19,931 22,042 Inventories 7,277 8,097 Other 530 531 Assets held for sale — 204,271 Total current assets 449,767 409,442 Property and equipment, net 789,557 786,145 Operating lease right-of-use assets, net 79,175 79,396 Goodwill 84,325 84,325 Intangible assets, net 53,469 53,935 Deferred income tax assets 37,351 29,508 Other assets 8,287 9,532 Total assets $ 1,501,931 $ 1,452,283 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Current portion of long-term debt and finance leases $ 5,199 $ 4,596 Current portion of operating leases 13,766 13,745 Accounts payable 28,336 18,702 Income tax payable 77,253 42,055 Accrued payroll and related 17,484 21,406 Accrued liabilities 48,181 34,639 Liabilities related to assets held for sale — 39,233 Total current liabilities 190,219 174,376 Long-term debt, net and non-current finance leases 660,874 658,521 Non-current operating leases 80,927 81,325 Other long-term obligations 289 328 Total liabilities 932,309 914,550 Commitments and contingencies (Note 10) Shareholders' equity Common stock, $ .01 par value; authorized 100,000 shares; 28,949 and 28,669 common shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 290 287 Additional paid-in capital 473,130 475,970 Retained earnings 96,202 61,476 Total shareholders' equity 569,622 537,733 Total liabilities and shareholders' equity $ 1,501,931 $ 1,452,283 The accompanying condensed notes are an integral part of these consolidated financial statements. 1 GOLDEN ENTERTAINMENT, INC. Consolidated Statements of Opera