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Churchill Downs Inc (CHDN) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Churchill Downs Inc

CIK: 20212 Ticker: CHDN

FOR IMMEDIATE RELEASE
Contact: Lauren DePaso
(502) 636-4506
Lauren.DePaso@kyderby.com
CHURCHILL DOWNS INCORPORATED REPORTS
2015 FOURTH QUARTER AND FULL YEAR RESULTS
LOUISVILLE, Ky. (February 24, 2016)
- Churchill Downs Incorporated (NASDAQ: CHDN) (CDI or Company) today reported business results for the quarter and full year ended December 31, 2015.
Full Year 2015 Highlights
Generated record net revenue of $1,212.3 million, 49% higher than the prior year
Delivered Adjusted EBITDA of $335.6 million, 66% higher than the prior year
Drove net cash flows from operating activities of $264.5 million, up 87% over prior year
“We delivered record net revenue, Adjusted EBITDA, and net cash flows from operations for the year,” says Bill Carstanjen, CDI’s Chief Executive Officer. “These results are a reflection of the strength of the Company’s operations and our disciplined approach to capital allocation and operational efficiency over time. As we look forward to 2016, we will continue to position our company for long-term sustainable growth.”
CONSOLIDATED RESULTS
Three Months Ended
December 31,
 
Year Ended
December 31,
(in millions, except per share data):
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
Net revenue
$
272.4

 
$
168.1

 
$
1,212.3

 
$
812.2

Adjusted EBITDA-a)
59.5

 
28.5

 
335.6

 
202.5

Net income (loss)
7.5

 
(13.8
)
 
65.2

 
46.4

Diluted net income (loss) per share
$
0.43

 
$
(0.81
)
 
$
3.71

 
$
2.64

 
 
 
 
 
 
 
 
(a- Non-GAAP measure. See explanation of non-GAAP measures below.
In the fourth quarter 2015, net revenue, Adjusted EBITDA and net income grew significantly compared to the prior year as a result of the Big Fish Games acquisition. Net revenue growth also benefited from an increase in TwinSpires handle and from organic growth at our Oxford Casino property. The Adjusted EBITDA growth also benefited from cost reductions in our Racing and Casinos segments and from a correction in the Corporate segment related to deferred compensation. The increase in net income for the quarter was a result of strong Adjusted EBITDA growth partially offset by higher depreciation, amortization and income tax expense.
In 2015, net revenue, Adjusted EBITDA and net income grew significantly compared to the prior year as a result of the Big Fish Games acquisition. Net revenue growth also benefited from a record setting Kentucky Oaks and Derby week, a 7.5% increase in TwinSpires handle and organic growth at our Oxford Casino. The Adjusted EBITDA growth also benefited from cost reductions in the racing segment as a result of the cessation of Calder pari-mutuel operations and cost controls in our Casinos. The increase in net income for 2015 was driven by strong Adjusted EBITDA growth and a correction in the Corporate segment related to deferred compensation that was partially offset by Big Fish Games related adjustments, Calder racing exit costs, depreciation, amortization, interest expense and income tax expense.

1

The following information was filed by Churchill Downs Inc (CHDN) on Wednesday, February 24, 2016 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 Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (parenthetical)
Accounts Receivable
Accounts Receivable (details)
Accounts Receivable (tables)
Acquisitions And New Ventures
Acquisitions And New Ventures (details)
Acquisitions And New Ventures (tables)
Acquisitions And New Ventures - Identifiable Assets Acquired And Liabilities Assumed (details)
Acquisitions And New Ventures - Pro Forma Information (details)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (details)
Basis Of Presentation And Summary Of Significant Accounting Policies (policies)
Basis Of Presentation And Summary Of Significant Accounting Policies - Property, Plant And Equipment (details)
Calder Exit Costs
Calder Exit Costs (details)
Contingencies
Director And Employee Benefit Plans
Director And Employee Benefit Plans (details)
Discontinued Operations
Discontinued Operations (details)
Discontinued Operations (tables)
Fair Value Of Assets And Liabilities
Fair Value Of Assets And Liabilities (details)
Fair Value Of Assets And Liabilities (tables)
Fair Value Of Assets And Liabilities - Narrative (details)
Finite-lived Intangible, Amortization Expense (details)
Goodwill
Goodwill (details)
Goodwill (tables)
Hre Trust Fund Proceeds
Hre Trust Fund Proceeds (details)
Hrtv Equity Investment Divestiture
Hrtv Equity Investment Divestiture (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Components Of Deferred Tax Assets And Liabilities (details)
Income Taxes - Income Before Income Taxes (details)
Income Taxes - Income Tax Reconciliation (details)
Income Taxes - Narrative (details)
Income Taxes - Provision For Income Taxes (details)
Income Taxes - Unrecognized Tax Benefits (details)
Income Taxes - Valuation Allowance For Deferred Tax Assets (details)
Investment In And Advances To Unconsolidated Affiliates
Investment In And Advances To Unconsolidated Affiliates - Miami Valley Gaming Joint Venture (details)
Investment In And Advances To Unconsolidated Affiliates (tables)
Investment In And Advances To Unconsolidated Affiliates - Shri Equity Investment (details)
Net Income Per Common Share Computations
Net Income Per Common Share Computations (details)
Net Income Per Common Share Computations (tables)
Operating Leases
Operating Leases (details)
Operating Leases (tables)
Other Intangible Assets
Other Intangible Assets (details)
Other Intangible Assets (tables)
Property And Equipment
Property And Equipment (details)
Property And Equipment (tables)
Quarterly Results Of Operations (unaudited)
Quarterly Results Of Operations (unaudited) (details)
Quarterly Results Of Operations (unaudited) (tables)
Related Party Transactions
Related Party Transactions (details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (details)
Segment Information
Segment Information (tables)
Segment Information - Equity In Earnings (losses) Of Unconsolidated Investments (details)
Segment Information - Information About Reported Segments (details)
Segment Information - Reconciliation Of Segment Adjusted Ebitda To Net Income (details)
Segment Information - Total Asset Information For Segments (details)
Shareholders' Equity
Shareholders' Equity (details)
Stock-based Compensation Plans
Stock-based Compensation Plans - Options Narrative (details)
Stock-based Compensation Plans (tables)
Stock-based Compensation Plans - Activity For The Elti Plan, 2013 New Company Ltip, 2007 Incentive Plan And Awards Made Outside Of The Stock-based Compensation Plans (details)
Stock-based Compensation Plans - Activity Of Stock Options Exercisable And Outstanding (details)
Stock-based Compensation Plans - Employee Stock Purchase Plan (details)
Stock-based Compensation Plans - Restricted Shares And Restricted Stock Units (details)
Stock-based Compensation Plans - Stock Option Activity (details)
Subsequent Events
Subsequent Events (details)
Total Debt
Total Debt - Schedule Of Debt Outstanding (details)
Total Debt (tables)
Total Debt - Fiscal Year Maturities (details)
Total Debt - Narrative (details)
Ticker: CHDN
CIK: 20212
Form Type: 10-K Annual Report
Accession Number: 0000020212-16-000065
Submitted to the SEC: Wed Feb 24 2016 5:05:00 PM EST
Accepted by the SEC: Wed Feb 24 2016
Period: Thursday, December 31, 2015
Industry: Racing Including Track Operation

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