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Churchill Downs Inc (CHDN) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Churchill Downs Inc

CIK: 20212 Ticker: CHDN

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FOR IMMEDIATE RELEASE
Contact: Nick Zangari
(502) 394-1157
Nick.Zangari@kyderby.com
CHURCHILL DOWNS INCORPORATED REPORTS
2017 FOURTH QUARTER AND FULL YEAR RESULTS
LOUISVILLE, Ky. (February 28, 2018)
- Churchill Downs Incorporated (Nasdaq: CHDN) ("CDI" or the "Company") today reported business results for the quarter and full year ended December 31, 2017.
Fourth Quarter 2017 Highlights
Net revenue of $178.9 million, up 11% over the prior year
Net income of $38.2 million, 43% increase over the prior year
Adjusted net income of $5.1 million, 89% increase over the prior year
Diluted earnings per share ("EPS") of $2.46, 54% higher than the prior year
Adjusted diluted EPS of $0.33, 106% increase over the prior year
Adjusted EBITDA of $60.2 million, 7% higher than the prior year
Excluding Big Fish Games, Adjusted EBITDA was $37.6 million, 23% higher than the prior year
Full Year 2017 Highlights
Net revenue of $882.6 million, up 7% over the prior year
Net income of $140.5 million, 30% increase over the prior year
Adjusted net income of $94.1 million, 16% increase over the prior year
Diluted EPS of $8.77, 37% higher than the prior year
Adjusted diluted EPS of $5.88, 21% increase over the prior year
Adjusted EBITDA of $366.5 million, 10% above the prior year
Excluding Big Fish Games, Adjusted EBITDA was $286.2 million, 13% higher than the prior year
CONSOLIDATED RESULTS
Fourth Quarter
 
Years Ended December 31,
(in millions, except per share data):
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
Net revenue
$
178.9

 
$
161.7

 
$
882.6

 
$
822.4

Net income
38.2

 
26.8

 
140.5

 
108.1

Adjusted net income(a) 
5.1

 
2.7

 
94.1

 
81.3

Diluted EPS
$
2.46

 
$
1.60

 
$
8.77

 
$
6.42

Adjusted diluted EPS(a)
$
0.33

 
$
0.16

 
$
5.88

 
$
4.84

Adjusted EBITDA(a)
$
60.2

 
$
56.5

 
$
366.5

 
$
334.5

Adjusted EBITDA, excluding Big Fish Games(a)
37.6

 
30.5

 
286.2

 
252.3

 
 
 
 
 
 
 
 
(a) This is a non-GAAP measure. See explanation of non-GAAP measures below.
As announced on November 29, 2017, the Company sold its mobile gaming subsidiary, Big Fish Games Inc. ("Big Fish Games"), to Aristocrat Technologies, Inc. for aggregate consideration of approximately

1

The following information was filed by Churchill Downs Inc (CHDN) on Wednesday, February 28, 2018 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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Inside Churchill Downs Inc's 10-K Annual Report:

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 (tables)
Accounts Receivable - Additional Information (details)
Accounts Receivable - Schedule Of Accounts Receivable (details)
Acquisition
Calder Exit Costs
Calder Exit Costs - Additional Information (details)
Contingencies
Description Of Business
Description Of Business - Additional Information (details)
Director And Employee Benefit Plans
Director And Employee Benefit Plans - Additional Information (details)
Discontinued Operations
Discontinued Operations (tables)
Discontinued Operations - Additional Information (details)
Discontinued Operations - Change In Fair Value Of Liabilities (details)
Discontinued Operations - Fair Value Of Liabilities (details)
Discontinued Operations - Income (loss) From Discontinued Operations (details)
Discontinued Operations - Major Classes Of Assets And Liabilities (details)
Fair Value Of Assets And Liabilities
Fair Value Of Assets And Liabilities (tables)
Fair Value Of Assets And Liabilities - Additional Information (details)
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)
Hrtv Equity Investment Divestiture
Hrtv Equity Investment Divestiture - Additional Information (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 - Balance Sheet Of Equity Method Investments (details)
Investment In And Advances To Unconsolidated Affiliates - Equity In Income Of Mvg (details)
Investment In And Advances To Unconsolidated Affiliates - Income Statement Of Equity Method Investments (details)
Investment In And Advances To Unconsolidated Affiliates - Miami Valley Gaming Joint Venture (details)
Investment In And Advances To Unconsolidated Affiliates - Ocean Downs (details)
Investment In And Advances To Unconsolidated Affiliates - Shri Equity Investment (details)
Investments In And Advances To Unconsolidated Affiliates
Net Income Per Common Share Computations
Net Income Per Common Share Computations (details)
Net Income Per Common Share Computations (tables)
Operating Leases
Operating Leases (tables)
Operating Leases - Additional Information (details)
Operating Leases - Future Minimum Operating Lease Payments (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)
Quarterly Results Of Operations (unaudited)
Quarterly Results Of Operations (unaudited) (details)
Quarterly Results Of Operations (unaudited) (tables)
Related Party Transactions
Related Party Transactions - Additional Information (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 - Additional Information (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 - Activity For Stock Options Outstanding (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 - Additional Information (details)
Total Debt
Total Debt (tables)
Total Debt - Credit Agreements (details)
Total Debt - Schedule Of Future Aggregate Maturities Of Total Debt (details)
Total Debt - Schedule Of Total Debt Outstanding (details)
Total Debt - Senior Notes (details)
Ticker: CHDN
CIK: 20212
Form Type: 10-K Annual Report
Accession Number: 0000020212-18-000010
Submitted to the SEC: Wed Feb 28 2018 5:11:44 PM EST
Accepted by the SEC: Wed Feb 28 2018
Period: Sunday, December 31, 2017
Industry: Racing Including Track Operation

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