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Churchill Downs Inc (CHDN) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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CHDN Quarterly Reports

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
2020 FIRST QUARTER RESULTS
LOUISVILLE, Ky. (April 29, 2020)
- Churchill Downs Incorporated (Nasdaq: CHDN) ("CDI" or the "Company") today reported business results for the first quarter ended March 31, 2020.
First Quarter 2020 Highlights
Net revenue of $252.9 million, down 5% over the prior year quarter
Net loss attributable to CDI of $23.4 million compared to net income attributable to CDI of $11.6 million in the prior year quarter
Adjusted net income of $2.0 million, compared to $25.5 million in the prior year quarter
Adjusted EBITDA of $55.3 million, down 26% compared to $74.6 million in the prior year quarter
Strong performance from TwinSpires with handle growth of 8.3% over the prior year quarter
The Company has taken steps to address the ongoing adverse impact of the coronavirus (COVID-19) pandemic on our business, employees, customers, shareholders and the local communities in which we operate
CONSOLIDATED RESULTSFirst Quarter
(in millions, except per share data)20202019
Net revenue$252.9  $265.4  
Net (loss) income attributable to CDI$(23.4) $11.6  
Diluted EPS attributable to CDI$(0.59) $0.29  
Adjusted net income(a)(b)
$2.0  $25.5  
Adjusted diluted EPS(a)(b)
$0.05  $0.63  
Adjusted EBITDA(b)
$55.3  $74.6  
(a) Reflects amounts attributable to CDI.
(b) These are non-GAAP measures. See explanation of non-GAAP measures below.
“During this unprecedented pandemic, we remain focused on the health and safety of our team members, customers and communities,” said Bill Carstanjen, Chief Executive Officer. “We appreciate the support we are receiving from our state and local government and regulatory officials as well as our community leaders who are reviewing our proposed safety protocols and working with us to determine the appropriate timing for re-opening our properties.”
“Our strong balance sheet and the deep experience and resilience of our team will enable us to emerge from these challenging times as a stronger company ready to execute on all of the growth opportunities we have shared with our investors,” said Carstanjen. “We look forward to the 146th Kentucky Derby on September 5th which will be a special day for all of us as we celebrate together once again this magical and iconic event after such a difficult period for our country.”
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The following information was filed by Churchill Downs Inc (CHDN) on Wednesday, April 29, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive (Loss) Income
Condensed Consolidated Statements Of Shareholders' Equity
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Details)
Accrued Expenses And Other Current Liabilities (Tables)
Acquisitions
Acquisitions - Turfway Park (Details)
Asset Impairment
Asset Impairment (Details)
Contingencies
Contingencies (Details)
Debt
Debt (Details)
Description Of Business
Description Of Business (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 (Details)
Fair Value Of Assets And Liabilities (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Goodwill (Details)
Goodwill And Other Intangible Assets - Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Investment In And Advances To Unconsolidated Affiliates
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 - Affiliate Balance Sheet (Details)
Investment In And Advances To Unconsolidated Affiliates - Affiliate Income Statement (Details)
Net Income Per Common Share Computations
Net Income Per Common Share Computations (Details)
Net Income Per Common Share Computations (Tables)
Recent Accounting Pronouncements
Revenue From Contracts With Customers
Revenue From Contracts With Customers - Additional Information (Details)
Revenue From Contracts With Customers - Performance Obiligations (Details)
Segment Information
Segment Information (Tables)
Segment Information - Adjusted Ebitda By Segment (Details)
Segment Information - Equity In Earnings Of Unconsolidated Investments (Details)
Segment Information - Information About Reported Segments (Details)
Segment Information - Narrative (Details)
Segment Information - Schedule Of Net Revenue From External Customers (Details)
Segment Information - Total Asset Information For Segments (Details)
Shareholders' Equity
Shareholders' Equity (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Details)
Stock-Based Compensation Plans Grants (Tables)
Subsequent Event
Subsequent Event (Details)
Ticker: CHDN
CIK: 20212
Form Type: 10-Q Quarterly Report
Accession Number: 0000020212-20-000058
Submitted to the SEC: Wed Apr 29 2020 4:42:13 PM EST
Accepted by the SEC: Wed Apr 29 2020
Period: Tuesday, March 31, 2020
Industry: Racing Including Track Operation

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