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Boyd Services (BGSI) - Major Products and Services

• Casino Gaming: Operation of slot machines, table games, and sports betting.
• Hotel Accommodations: Provision of guest rooms and suites within resort properties.
• Food and Beverage: Offering a wide range of dining experiences, from casual to fine dining, and bar services.
• Entertainment: Hosting live shows, concerts, and other performance events.
• Meeting and Convention Services: Providing event spaces and catering for business conferences, banquets, and social gatherings.

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It appears there may be a slight discrepancy in the company information provided. While I could not locate a public company named "Boyd Services" with the exact stock symbol "BGSI", a prominent public company with a similar name in the services sector is **Boyd Gaming Corporation** (symbol: NYSE: BYD).

Assuming you intended to inquire about **Boyd Gaming Corporation (BYD)**, its primary business involves operating casinos, hotels, and other entertainment facilities. As such, it sells its services primarily to **individuals**, rather than other companies. Its major customer categories include:

• Casino Patrons / Gamblers: Individuals who visit Boyd Gaming's properties primarily for gaming activities, including slot machines, table games, sports betting, and poker. This category encompasses a wide range of players, from casual visitors to frequent, loyal customers.
• Hotel Guests & Leisure Travelers: Customers who utilize Boyd Gaming's hotel accommodations, dining establishments, entertainment venues (such as shows and concerts), and other resort amenities for leisure, vacation, or social purposes. These individuals may or may not engage in gaming.
• Meeting, Convention, and Group Event Attendees: Individuals participating in corporate meetings, conventions, trade shows, banquets, and other group events hosted at Boyd Gaming's integrated resort properties. While these events are often organized by businesses or associations, the end-users consuming the services (lodging, food & beverage, meeting spaces, entertainment) are individuals.

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Brian Kaner, President & Chief Executive Officer

Brian Kaner was appointed President and CEO of Boyd Group Services Inc. on May 14, 2025. He joined Boyd in October 2022 as Executive Vice President and Chief Operating Officer for the Company's collision business. Previously, Mr. Kaner served as CEO & President of Pep Boys & Icahn Automotive Services, where he was responsible for leading all functional disciplines and field leadership teams across approximately 1,800 company-owned and franchised locations. Prior to joining Icahn Enterprises L.P., he held the position of President of Sears Auto Centers at Sears Holdings Corporation. Mr. Kaner holds a Bachelor's degree in Accounting from Illinois State University.

Jeff Murray, Executive Vice-President & Chief Financial Officer

Jeff Murray was appointed Executive Vice-President & Chief Financial Officer of Boyd Group Services Inc. on July 12, 2023, after serving as Interim Chief Financial Officer since January 1, 2023. He initially joined Boyd's finance team in 2004 as the Manager of External Financial Reporting. On January 1, 2013, he was promoted to Vice-President, Finance, with primary responsibilities for accounting, tax, risk, disclosure, governance, and internal controls. Before his tenure at Boyd, Mr. Murray spent a decade at Ernst & Young LLP, where he provided audit, tax, and IT assurance services. He holds a Bachelor of Commerce (Honors) degree from the University of Manitoba and is a Chartered Professional Accountant.

Kim Morin, Vice President & Chief Human Resources Officer

Kim Morin serves as the Vice President and Chief Human Resources Officer for Boyd Group Services Inc.

Paul Gange, Chief Operating Officer, USA Collision

Paul Gange holds the position of Chief Operating Officer, USA Collision, at Boyd Group Services Inc.

Creighton Warren, Chief Information Officer

Creighton Warren is the Chief Information Officer of Boyd Group Services Inc., a role he was appointed to on June 19, 2023.

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1. Decline in Insurance Claims Volume: Boyd Services faces significant risk from a decline in the number of repairable insurance claims. Factors such as elevated auto insurance premiums, economic uncertainty leading consumers to delay or not file claims, and milder weather conditions resulting in fewer accidents can directly reduce demand for collision repair and auto glass services. For instance, in the third quarter of 2025, repairable claims volume was estimated to be down in the range of 3-5% for the industry, improving from earlier declines but still a headwind.
2. Labor Shortages and Increased Wage Costs: The company's ability to meet demand is significantly constrained by a tight labor market and increased wage costs. This labor shortage, particularly for skilled technicians and administrative staff, leads to capacity limitations, higher operating expenses, and pressure on profit margins. While Boyd is implementing training programs to address this, the ongoing challenge impacts their ability to service demand and can negatively affect gross and adjusted EBITDA margins.
3. Supply Chain Disruptions and Elevated Parts Costs: Ongoing disruptions in the automotive parts supply chain and the rising cost of parts pose a considerable risk to Boyd Services. These issues can result in vehicles waiting longer for necessary parts, which limits the company's capacity, delays repairs, and puts additional pressure on margins. This has been a persistent challenge, impacting the company's ability to efficiently process repairs.

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Boyd Group Services Inc. (symbol: BGSI) operates primarily in the automotive collision repair and auto glass repair and replacement markets across North America, specifically in the U.S. and Canada. The addressable market sizes for its main products and services are identified as follows:

• Automotive Collision Repair: The U.S. automotive collision repair market was valued at approximately USD 36.66 billion in 2023. Other reports indicate the U.S. market size as USD 39.75 billion in 2021, projected to reach USD 51.6 billion by 2030. Another estimate places the U.S. market at USD 34.73 billion in 2024, expected to grow to USD 43.32 billion by 2032. The North American automotive collision repair market, which includes both the U.S. and Canada, was around USD 53.1 billion in 2023 and is anticipated to reach USD 87.1 billion by 2032.

• Auto Glass Repair and Replacement: The U.S. market for Auto Windshield Repair Services was estimated at USD 8.2 billion in 2024 and USD 8.3 billion in 2025. The broader U.S. Automotive Glass Market, which includes the production and sale of automotive glass, was valued at USD 1,786.0 million in 2023 and is projected to reach USD 2,583.0 million by 2033.

• Mobile Auto Solutions (ADAS Calibration Services): Boyd Group Services Inc. also offers scanning and calibration services, particularly for Advanced Driver-Assistance Systems (ADAS). The total addressable market for ADAS calibrations within the U.S. auto glass industry alone reached USD 959 million in 2022. The broader ADAS calibration market (region not specified for the larger figure but includes the U.S.) is expected to grow from USD 4.2 billion in 2023 to USD 14.9 billion by 2028.

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Boyd Services (symbol: BGSI) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Acquisitions and New Location Expansion: Boyd Group Services aims to achieve its goal of growing revenue to $5 billion by 2029 through a combination of same-store sales growth and expanding its network of shops. This expansion strategy includes acquiring single shops, developing brownfield and greenfield locations, and undertaking small multi-location acquisitions. The company recently surpassed 1,000 locations and made a significant move by acquiring Joe Hudson's Collision Center for $1.3 billion. Boyd also plans to be a strategic buyer of larger multi-location acquisitions, which would further contribute to its revenue growth objectives.
2. Market Share Expansion and Industry Consolidation: Boyd intends to expand its market share and maintain a leadership position by continuing to consolidate the fragmented North American collision repair industry.
3. Same-Store Sales Growth: The company reported positive same-store sales growth of 2.4% in the third quarter of 2025, attributed to market share gains and improved industry conditions. Continued focus on this organic growth within existing locations is a key component of its long-term revenue targets.
4. Operational Excellence and Cost Optimization (Project 360): Through initiatives like "Project 360," Boyd is focused on enhancing profitability and expanding margins as it scales its business and increases market share. Project 360 has already generated over $30 million in annualized run rate savings, with a target of $70 million by the end of 2026, which can indirectly support revenue growth by allowing for greater capacity and competitive advantages.
5. Internalization of Services and Performance-Based Pricing: Improvements in gross profit in the first quarter of 2025 were bolstered by the internalization of scanning and calibration services, alongside advancements in performance-based pricing. This strategy helps the company capture more value and optimize its pricing structure, contributing to overall revenue growth.

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Share Issuance

• In November 2025, Boyd Group Services Inc. completed a bought deal public offering, issuing 6,361,800 common shares at US$141.00 per share, generating gross proceeds of approximately US$897 million for its initial public offering in the United States.
• The proceeds from the November 2025 offering were primarily intended to partially fund the acquisition of Joe Hudson's Collision Center.
• In May 2020, BGSI closed a bought deal financing of 1,265,000 shares at $183.00 per share, raising gross proceeds of $231,495,000, which was intended for potential future acquisition opportunities, strengthening its balance sheet, and general corporate purposes.

Inbound Investments

• In October 2025, Boyd Group Services Inc. closed a private placement offering of C$275 million senior unsecured notes, with the net proceeds used to repay existing indebtedness.
• Also in October 2025, the company priced a private placement offering of C$525 million principal amount of senior unsecured notes due 2030, with an interest rate of 5.50% per annum, intended to partially fund the acquisition of Joe Hudson's Collision Center.

Outbound Investments

• In late 2025, BGSI announced and subsequently closed the acquisition of Joe Hudson's Collision Center, an automotive collision repair service provider expected to add 258 locations to Boyd's network. This acquisition was partially funded by the US$897 million equity offering and a C$525 million senior unsecured note offering.
• During the third quarter of 2025, the company expanded its network by adding 24 locations, comprising 17 acquisitions and seven new startup locations, including a five-location multi-store operator in Nova Scotia, Canada.
• In August 2025, Boyd acquired an eight-location multi-store operator (MSO) based in Virginia, marking its first MSO acquisition since 2021.

Capital Expenditures

• For the third quarter of 2025, excluding network technology upgrades and acquisition/development costs, capital expenditures were approximately $16.2 million, or 2% of sales.
• In the third quarter of 2024, capital expenditures, excluding acquisition and development costs, totaled $20.5 million, or 2.7% of sales.
• Planned capital expenditures for 2024, excluding acquisition and new location development, were projected to be between 1.8% and 2.0% of sales, with an additional $14 million to $17 million allocated for network technology upgrades in both 2024 and 2025.