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Churchill Downs Inc (CHDN) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Churchill Downs Inc

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CIK: 1322678 Ticker: CHDN

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FOR IMMEDIATE RELEASE
Contact: Nick Zangari
(502) 394-1157
Nick.Zangari@kyderby.com
CHURCHILL DOWNS INCORPORATED REPORTS
2019 FOURTH QUARTER AND FULL YEAR RESULTS
LOUISVILLE, Ky. (February 26, 2020)
- Churchill Downs Incorporated (Nasdaq: CHDN) ("CDI" or "the Company") today reported business results for the quarter and full year ended December 31, 2019.
Fourth Quarter 2019 Highlights
•Net revenue of $280.6 million, up 28% over the prior year quarter
•Net income attributable to CDI of $4.0 million, compared to $11.4 million in the prior year quarter
◦Adjusted net income of $16.8 million, up 95%, compared to $8.6 million in the prior year quarter
•Record Adjusted EBITDA of $73.8 million, up 72%, compared to $43.0 million in the prior year quarter
•Completed the acquisition of Turfway Park
•Delivered another strong quarter with sequential growth at Derby City Gaming
•Strong performance of our wholly-owned Gaming properties and our equity investments in Rivers Casino Des Plaines ("Rivers Des Plaines") and Miami Valley Gaming and Racing ("MVG")
Full Year 2019 Highlights
•Net revenue of $1,329.7 million, up 32% over the prior year
•Net income attributable to CDI of $137.5 million, compared to $352.8 million in the prior year
◦Adjusted net income of $179.9 million, up 19%, compared to $151.3 million in the prior year
•Record Adjusted EBITDA of $451.4 million, up 37%, compared to $328.8 million in the prior year
•Achieved 10th consecutive year of record-setting financial performance for Derby Week and The Kentucky Derby
•Completed the acquisitions of Presque Isle Downs & Casino ("Presque Isle"), the management of Lady Luck Casino Nemacolin ("Lady Luck Nemacolin"), and Turfway Park
•Completed the 61.3% equity investment in Midwest Gaming Holdings, LLC ("Midwest Gaming"), the parent company of Rivers Des Plaines
•Strong performance at Derby City Gaming during its first full year of operations
•Organic growth from our wholly-owned Gaming properties and from Rivers Des Plaines and MVG
CONSOLIDATED RESULTSFourth QuarterYears Ended December 31,
(in millions, except per share data)2019201820192018
Net revenue$280.6  $219.0  $1,329.7  $1,009.0  
Net income attributable to CDI$4.0  $11.4  $137.5  $352.8  
Diluted EPS attributable to CDI$0.10  $0.28  $3.38  $8.48  
Adjusted net income(a)(b)
$16.8  $8.6  $179.9  $151.3  
Adjusted diluted EPS(a)(b)
$0.42  $0.21  $4.43  $3.64  
Adjusted EBITDA(b)
$73.8  $43.0  $451.4  $328.8  
(a) Reflects amounts attributable to CDI.
(b) These are non-GAAP measures. See explanation of non-GAAP measures below.

The following information was filed by Churchill Downs Inc (CHDN) on Wednesday, February 26, 2020 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

Cover
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 (Tables)
Acquisition (Tables)
Acquisitions
Acquisitions - Lady Luck Nemacolin (Details)
Acquisitions - Ocean Downs (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)
Contingencies
Contingencies (Details)
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 - Income (Loss) From Discontinued Operations (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 - 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)
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)
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 - 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 - Cumulative Effect Of Changes Due To Adoption Of Asu 2014-09 (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
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: 0000020212-20-000019
Submitted to the SEC: Wed Feb 26 2020 5:04:32 PM EST
Accepted by the SEC: Wed Feb 26 2020
Period: Tuesday, December 31, 2019
Industry: Racing Including Track Operation

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