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Churchill Downs Inc (CHDN) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Churchill Downs Inc

CIK: 20212 Ticker: CHDN
churchilldownslogoa39.jpg
FOR IMMEDIATE RELEASE
Contact: Nick Zangari
(502) 394-1157
Nick.Zangari@kyderby.com
CHURCHILL DOWNS INCORPORATED REPORTS
2018 FOURTH QUARTER AND FULL YEAR RESULTS
LOUISVILLE, Ky. (February 27, 2019)
- Churchill Downs Incorporated (Nasdaq: CHDN) ("CDI" or the "Company") today reported business results for the quarter and full year ended December 31, 2018. All share and share-related information presented herein has been retroactively adjusted to reflect the three-for-one stock split of CDI's outstanding common stock that occurred in January 2019 (the "Stock Split").
Fourth Quarter 2018 Highlights
Net revenue of $219.0 million, up 22% over the prior year quarter
Net income from continuing operations of $7.3 million, compared to $34.4 million in prior year quarter
Diluted earnings per share ("EPS") from continuing operations of $0.18, compared to $0.74 in the prior year quarter
Net income of $11.4 million, compared to $38.2 million in prior year quarter
Adjusted net income of $8.6 million, up 69%, compared to $5.1 million in the prior year quarter
Diluted EPS of $0.28, compared to $0.82 in prior year quarter
Adjusted diluted EPS of $0.21, up 91%, compared to $0.11 in the prior year quarter
Adjusted EBITDA of $43.0 million, up 14%, compared to $37.8 million in the prior year quarter
Full Year 2018 Highlights
Net revenue of $1,009.0 million, up 14% over the prior year
Net income from continuing operations of $182.6 million, compared to $122.4 million in the prior year
Diluted EPS from continuing operations of $4.39, up 72%, compared to $2.55 in the prior year
Net income of $352.8 million, compared to $140.5 million in the prior year
Adjusted net income of $151.3 million, up 61%, compared to $94.1 million in the prior year
Diluted EPS of $8.48, compared to $2.92 in the prior year
Adjusted diluted EPS of $3.64, up 86%, compared to $1.96 in the prior year
Adjusted EBITDA of $328.8 million, up 15% over the prior year
CONSOLIDATED RESULTS
Fourth Quarter
 
Years Ended December 31,
(in millions, except per share data)
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
Net revenue
$
219.0

 
$
178.9

 
$
1,009.0

 
$
882.6

Net income from continuing operations
$
7.3

 
$
34.4

 
$
182.6

 
$
122.4

Diluted EPS from continuing operations
$
0.18

 
$
0.74

 
$
4.39

 
$
2.55

Net income
$
11.4

 
$
38.2

 
$
352.8

 
$
140.5

Diluted EPS
$
0.28

 
$
0.82

 
$
8.48

 
$
2.92

Adjusted net income(a) 
$
8.6

 
$
5.1

 
$
151.3

 
$
94.1

Adjusted diluted EPS(a)
$
0.21

 
$
0.11

 
$
3.64

 
$
1.96

Adjusted EBITDA(a)
$
43.0

 
$
37.8

 
$
328.8

 
$
286.2

 
 
 
 
 
 
 
 
(a) This is a non-GAAP measure. See explanation of non-GAAP measures below.

1

The following information was filed by Churchill Downs Inc (CHDN) on Wednesday, February 27, 2019 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 (Tables)
Acquisitions
Acquisitions - Ocean Downs (Details)
Acquisitions - Pending Acquisition Of Certain Ownership Interests Of Midwest Gaming Holdings, Llc (Details)
Acquisitions - Presque Isle And Lady Luck Nemacolin (Details)
Acquisitions - Pro Forma Information (Details)
Acquisitions - Summary Of Assets Acquired And Liabilities Assumed (Details)
Acquisitions - Summary Of Intangible Assets Acquired (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 Derecognized (Details)
Discontinued Operations Discontinued Operations - Major Class Of Assets And Liabilities Held For Sale (Details)
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 - Equity In Income Of Mvg (Details)
Investment In And Advances To Unconsolidated Affiliates - Income Statement Of Equity Method Investments (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)
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 - Additional Information (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Additional Information (Details)
Significant Accounting Policies - Balance Sheet Impact Of New Accounting Pronouncements (Details)
Significant Accounting Policies - Cash Flow Impact Of New Accounting Pronouncements (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 - 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: 0000020212-19-000012
Submitted to the SEC: Wed Feb 27 2019 11:45:00 AM EST
Accepted by the SEC: Wed Feb 27 2019
Period: Monday, December 31, 2018
Industry: Racing Including Track Operation

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