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Churchill Downs Inc (CHDN) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

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 SECOND QUARTER RESULTS
LOUISVILLE, Ky. (July 29, 2020)
- Churchill Downs Incorporated (Nasdaq: CHDN) ("CDI" or the "Company") today reported business results for the second quarter ended June 30, 2020.
Second Quarter 2020 Highlights/Update on Operations
Net revenue of $185.1 million, down 61% over the prior year quarter
Net loss(a) of $118.8 million compared to net income(a) of $107.1 million in the prior year quarter
Adjusted net loss of $21.1 million, compared to adjusted net income of $115.0 million in the prior year quarter
Adjusted EBITDA of $30.1 million, down 86% compared to $215.0 million in the prior year quarter
Strong performance from TwinSpires with $18.3 million of Adjusted EBITDA growth and $100.7 million of handle growth, or 21.6%, over the prior year quarter despite the rescheduling of the 146th Kentucky Oaks and Derby to September
All of our gaming properties are now reopened except for Calder Casino in Miami, Florida
Strong performance from our wholly-owned regional casino properties(b) post reopening with 9% growth in net revenue, 38% growth in Adjusted EBITDA and a 9 percentage point improvement in margin for the period the properties were open in May and/or June through June 30, 2020 compared to the same period in the prior year

(a) Reflects amounts attributable to CDI.
(b) Excludes racing related operations at the gaming properties.
CONSOLIDATED RESULTSSecond Quarter
(in millions, except per share data)20202019
Net revenue$185.1  $477.4  
Net (loss) income(a)
$(118.8) $107.1  
Diluted EPS(a)
$(3.00) $2.63  
Adjusted net (loss) income(a)(b)
$(21.1) $115.0  
Adjusted diluted EPS(a)(b)
$(0.53) $2.83  
Adjusted EBITDA(b)
$30.1  $215.0  
(a) Reflects amounts attributable to CDI.
(b) These are non-GAAP measures. See explanation of non-GAAP measures below.

“Our teams have been excited to welcome our guests back to our properties with enhanced safety and social distancing protocols,” said Bill Carstanjen, Chief Executive Officer. “Our team is looking forward to a safe and successful 146th Kentucky Derby on September 5th when we can come together to celebrate this time-honored great American tradition.”
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The following information was filed by Churchill Downs Inc (CHDN) on Wednesday, July 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

Material Contracts, Statements, Certifications & more

Churchill Downs Inc provided additional information to their SEC Filing as exhibits

Ticker: CHDN
CIK: 20212
Form Type: 10-Q Quarterly Report
Accession Number: 0000020212-20-000083
Submitted to the SEC: Wed Jul 29 2020 5:30:33 PM EST
Accepted by the SEC: Wed Jul 29 2020
Period: Tuesday, June 30, 2020
Industry: Racing Including Track Operation

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