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Last10K.com | 10-K Annual Report Wed Feb 23 2022
FOR IMMEDIATE RELEASE
Contact: Nick Zangari
(502) 394-1157
Nick.Zangari@kyderby.com
CHURCHILL DOWNS INCORPORATED REPORTS
2021 FOURTH QUARTER AND FULL YEAR RESULTS
LOUISVILLE, Ky. (February 23, 2022) - Churchill Downs Incorporated (Nasdaq: CHDN) (the "Company", "we", "us", "our") today reported business results for the quarter and full year ended December 31, 2021.
Company Highlights
▪Record 2021 net revenue of $1,597.2 million, up 52% over the prior year
▪2021 net income(a) was $249.1 million, compared to net loss(a) of $81.9 million in the prior year
▪Record 2021 Adjusted EBITDA of $627.0 million, up 119%, compared to $286.5 million in the prior year
▪We had strong operating performance from our business segments:
–Churchill Downs successfully ran the 147th Kentucky Oaks and Derby with over 51,000 fans gathered in person and strong NBC viewership, sponsorship revenue, and margins
–Derby City Gaming delivered record net revenue and Adjusted EBITDA in 2021 and Oak Grove Racing, Gaming & Hotel ("Oak Grove") delivered strong growth in net revenue and Adjusted EBITDA in its first full year of operation
–TwinSpires Horse Racing delivered Adjusted EBITDA of $119.0 million in 2021, down 6% from the prior year
•TwinSpires Horse Racing Adjusted EBITDA in 2021 was up 52% from 2019
–Our Gaming Segment delivered a record $411.9 million of Adjusted EBITDA, an increase of $238.8 million, or 138%, compared to 2020, despite restrictions at our properties during the year and disruption from Hurricane Ida at Fair Grounds and VSI
•Our wholly-owned casinos delivered record margins of 37% in 2021, up 11.1 points from 2020 and up 7.8 points from 2019
▪We announced on February 22, 2022 definitive agreement to acquire substantially all of the assets of Peninsula Pacific Entertainment LLC ("P2E") for total consideration of $2.485 billion
▪We announced key strategic long-term organic growth investments:
–We announced three major multi-year capital investments at Churchill Downs Racetrack: the Homestretch Club, the Turn 1 Experience, and the Paddock and Under the Spires projects
–We announced plans to invest $76 million to expand Derby City Gaming for up to 450 additional historical racing machines ("HRMs") and to build a new five-story hotel with 123 rooms including amenities to better serve and attract guests
–We continued building the new HRM and grandstand facility at Turfway Park Racing & Gaming ("Turfway Park") and are on schedule to open the new entertainment venue
–We announced plans to open Derby City Gaming Downtown in downtown Louisville, Kentucky as a new entertainment venue with 500 HRMs
–We were selected to develop the Queen of Terre Haute Casino Resort in Vigo County, Indiana and plan to invest up to $260 million to build a new entertainment venue with 1,000 slot machines, 50 table games, and a 125-room luxury hotel
▪We announced agreements to sell two properties:
–326-acre property in Arlington Heights, Illinois for $197 million to the Chicago Bears
–115.7 acres of land near Calder Casino for $291 million to Link Logistics
The following information was filed by Churchill Downs Inc (CHDN) on Wednesday, February 23, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Financial - Earnings Highlight
The following items impacted comparability of the Company's net income from continuing operations for the year ended December 31, 2021 compared to the prior year: a $18.9 million after-tax expense decrease related to our equity portion of the non-cash change in the fair value of Rivers Des Plaines' interest rate swaps; a $1.9 million non-cash tax decrease related to the re-measurement of our net deferred tax liabilities based on the impact of revenue related to states with higher tax rates in 2020 that did not recur in the current year; and a $1.0 million non-cash after-tax decrease in asset impairments.
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Financial - Dividend Highlight
Dividends On October 26, 2021, the Company's Board of Directors approved an annual cash dividend on our common stock of $0.667 per outstanding share, which represented a 7% increase over the prior year.
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Financial - Cash Flow Highlight
The impairment tests for goodwill and indefinite-lived intangible assets are subject to uncertainties arising from such events as changes in competitive conditions, the current economic environment, material changes in growth rate assumptions that could positively or negatively impact anticipated future operating conditions and cash flows, changes in the discount rate, and the impact of strategic decisions.
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Financial - Income Highlight
Reconciliation of Comprehensive Income (Loss) to Adjusted EBITDA Consolidated Balance Sheet The following table is a summary of our overall financial position: Total assets increased $295.2 million driven by a $223.9 million increase in cash and cash equivalents primarily due to the net proceeds from the new Term Loan B-1 and Additional 2028 Notes and the increase in operating income for the year; a $33.0 million increase in investment in and advances to unconsolidated affiliates due to the Company's interest in Rivers Des Plaines and MVG; a $16.6 million increase in income taxes receivable due to the payment of the Kater and Thimmegowda litigation settlements in 2021 partially offset by our current year taxable income; and a $21.7 million increase in all other assets.
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Financial - Shares Highlight
Partially offsetting these decreases were a $13.3 million tax benefit related to our net operating loss in 2020 that did not recur in the current year; a $7.1 million after-tax increase related to our equity portion of the Rivers Des Plaines' transaction costs and legal reserves; and a $0.4 million after-tax increase in transaction, pre-opening and other expenses.
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Financial - Earnings
Excluding these items, net income...Read more
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Other - Other
Adjusted EBITDA We believe that...Read more
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Financial - Cash Flow
The following table is a...Read more
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Revenue - Product
We delivered strong growth in...Read more
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Financial - Earnings
Adverse industry or economic trends,...Read more
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Financial - Earnings
The team delivered record wholly-owned...Read more
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Other - Other
-Horse Racing Adjusted EBITDA was...Read more
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Financial - Cash Flow
Investing Cash Flow Cash used...Read more
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Revenue - Product
Evaluations of possible impairment require...Read more
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Financial - Earnings
Partially offsetting these decreases were...Read more
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Other - Other
Business Highlights In 2021, we...Read more
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Other - Other
We believe that the use...Read more
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Financial - Shares
Our equity investments, Rivers Des...Read more
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Revenue - Product
Oak Grove delivered strong growth...Read more
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Financial - Shares
Gaming Adjusted EBITDA increased $238.8...Read more
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Other - Other
Capital project expenditures represent fixed...Read more
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Financial - Expense
Partially offsetting these increases were...Read more
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Revenue - Product
TwinSpires revenue increased $17.1 million...Read more
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Revenue - Product
Year Ended December 31, 2021,...Read more
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Other - Other
Common Stock Repurchase Program On...Read more
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Financial - Expense
Transaction expense, net increased $6.9...Read more
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Other - Other
Adjusted EBITDA is a supplemental...Read more
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Other - Other
Adjusted EBITDA is a supplemental...Read more
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Other - Other
Gaming The Gaming Segment delivered...Read more
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Financial - Cash Flow
Liquidity and Capital Resources Our...Read more
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Financial - Debt
Total liabilities increased $355.5 million...Read more
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Financial - Cash Flow
We have strong cash flow...Read more
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Financial - Expense
Consolidated Operating Expense The following...Read more
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Other - Other
The Credit Agreement also contains...Read more
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Financial - Shares
On February 1, 2021, the...Read more
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Revenue - Product
All Other revenue increased $27.5...Read more
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Revenue - Product
These indicators include changes in...Read more
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Financial - Dividend
The dividend was payable on...Read more
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Financial - Expense
Gaming rights and trademarks are...Read more
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Other - Other
Live and Historical Racing Segment:...Read more
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M & A - Other
Goodwill and certain indefinite-lived intangible...Read more
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Financial - Expense
Content expense increased $4.2 million...Read more
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Revenue - Product
TwinSpires Adjusted EBITDA decreased $34.9...Read more
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Revenue - Product
Horse Racing revenue decreased $6.4...Read more
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Other - Other
Our indefinite-lived intangible assets primarily...Read more
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Other - Other
Through December 31, 2021, the...Read more
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Financial - Income
If a quantitative impairment test...Read more
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Financial - Earnings
Net income from continuing operations...Read more
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Financial - Expense
Depreciation and amortization expense increased...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Accounts Receivable (Tables)
Acquisition (Tables)
Acquisitions
Acquisitions - Lady Luck Nemacolin (Details)
Acquisitions - Presque Isle (Details)
Acquisitions - Pro Forma Information (Details)
Acquisitions - Summary Of Assets Acquired And Liabilities Assumed (Details)
Acquisitions - Summary Of Intangible Assets Acquired (Details)
Acquisitions - Turfway Park (Details)
Asset Impairment
Asset Impairment (Details)
Board Of Director And Employee Benefit Plans
Board Of Director And Employee Benefit Plans - Additional Information (Details)
Contingencies
Debt
Debt (Tables)
Debt - Credit Agreements (Details)
Debt - Schedule Of Future Aggregate Maturities Of Total Debt (Details)
Debt - Schedule Of Total Debt Outstanding (Details)
Debt - Senior Notes (Details)
Description Of Business
Description Of Business - Additional Information (Details)
Discontinued Operations And Assets Held For Sale
Discontinued Operations And Assets Held For Sale (Tables)
Discontinued Operations And Assets Held For Sale - Additional Information (Details)
Discontinued Operations And Assets Held For Sale - Income (Loss) From Discontinued Operations (Details)
Equity (Tables)
Fair Value Of Assets And Liabilities
Fair Value Of Assets And Liabilities (Tables)
Fair Value Of Assets And Liabilities - Schedule Of Fair Value Measurements On A Recurring Basis (Details)
Goodwill
Goodwill (Tables)
Goodwill - Additional Information (Details)
Goodwill - Schedule Of Goodwill (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Reconciliation Of Amount Computed By Applying The Federal Statutory Income Tax Rate (Details)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Details)
Income Taxes - Schedule Of Components Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Components Of Provision For Income Taxes (Details)
Income Taxes - Schedule Of Income From Operations Before Provision For Income Taxes (Details)
Investment In And Advances To Unconsolidated Affiliates (Tables)
Investment In And Advances To Unconsolidated Affiliates - Additional Information (Details)
Investment In And Advances To Unconsolidated Affiliates - Balance Sheet Of Equity Method Investments (Details)
Investment In And Advances To Unconsolidated Affiliates - Income Statement Of Equity Method Investments (Details)
Investments In And Advances To Unconsolidated Affiliates
Leases
Leases (Tables)
Leases - Additional Details (Details)
Leases - Schedule Of Future Minimum Operating Lease Payments (Details)
Leases - Schedule Of Lease Cost (Details)
Natural Disaster
Natural Disaster (Details)
Net Income Per Common Share Computations
Net Income Per Common Share Computations (Details)
Net Income Per Common Share Computations (Tables)
Other Balance Sheet Items
Other Balance Sheet Items - Additional Information (Details)
Other Balance Sheet Items - Schedule Of Accounts Receivable (Details)
Other Balance Sheet Items - Schedule Of Accrued Expenses And Other Current Liabilities (Details)
Other Intangible Assets
Other Intangible Assets (Tables)
Other Intangible Assets - Additional Information (Details)
Other Intangible Assets - Schedule Of Future Estimated Amortization Expense (Details)
Other Intangible Assets - Schedule Of Other Intangible Assets (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (Details)
Property And Equipment - Schedule Of Property And Equipment (Details)
Related Party Transactions
Related Party Transactions - Additional Information (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers - Contract Liabilities (Details)
Revenue From Contracts With Customers - Performance Obligations (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - Net Revenue From External Customers And Intercompany Revenue From Each Operating Segment (Details)
Segment Information - Reconciliation Of Comprehensive Income To Adjusted Ebitda (Details)
Segment Information - Schedule Of Adjusted Ebitda By Segment (Details)
Segment Information - Schedule Of Equity In Income (Losses) Of Unconsolidated Investments Included In Reported Segments (Details)
Segment Information - Schedule Of Total Assets And Capital Expenditures By Operating Segment (Details)
Shareholders' Equity
Shareholders' Equity (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies - Additional Information (Details)
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables)
Stock-Based Compensation Plans - Activity For Awards Made Outside Of Share-Based Compensation Plans (Details)
Stock-Based Compensation Plans - Additional Information (Details)
Stock-Based Compensation Plans - Summary Of Restricted Stock Units, Performance Stock Units, And Restricted Stock (Details)
Stock-Based Compensation Plans - Summary Of Unrecognized Stock-Based Compensation Expense (Details)
Subsequent Events
Subsequent Events (Details)
Material Contracts, Statements, Certifications & more
Churchill Downs Inc provided additional information to their SEC Filing as exhibits
Ticker: CHDN
CIK: 20212
Form Type: 10-K Annual Report
Accession Number: 0000020212-22-000056
Submitted to the SEC: Wed Feb 23 2022 4:26:15 PM EST
Accepted by the SEC: Wed Feb 23 2022
Period: Friday, December 31, 2021
Industry: Racing Including Track Operation
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