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Churchill Downs Inc (CHDN) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 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 THIRD QUARTER RESULTS
LOUISVILLE, Ky. (October 28, 2020)
- Churchill Downs Incorporated (Nasdaq: CHDN) ("CDI" or the "Company") today reported business results for the third quarter ended September 30, 2020.
Third Quarter 2020 Highlights/Update on Operations
Net revenue of $337.8 million, up 10% over the prior year quarter
Net income(a) of $43.2 million compared to $14.8 million in the prior year quarter
Adjusted net income(a) of $47.8 million, compared to $22.3 million in the prior year quarter
Adjusted EBITDA of $121.9 million, up 39% compared to $88.0 million in the prior year quarter
Ran the 146th Kentucky Oaks and Derby on September 4th and 5th
TwinSpires delivered record revenue of $116.0 million, up 77% over the prior year quarter
Maintained strong margins in our wholly-owned casinos
Opened Oak Grove Racing, Gaming & Hotel in Oak Grove, Kentucky
Opened Newport Racing & Gaming in Newport, Kentucky
(a) Reflects amounts attributable to CDI.
CONSOLIDATED RESULTSThird Quarter
(in millions, except per share data)20202019
Net revenue$337.8 $306.3 
Net income(a)
$43.2 $14.8 
Diluted EPS(a)
$1.08 $0.36 
Adjusted net income(a)(b)
$47.8 $22.3 
Adjusted diluted EPS(a)(b)
$1.19 $0.55 
Adjusted EBITDA(b)
$121.9 $88.0 
(a) Reflects amounts attributable to CDI.
(b) These are non-GAAP measures. See explanation of non-GAAP measures below.

"Our properties' extensive operating protocols have been extremely effective and have allowed us to operate safely during the pandemic," said Bill Carstanjen, Chief Executive Officer of the Company. "We have continued to refine and improve our efficiencies and safety protocols in the fourth quarter."








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The following information was filed by Churchill Downs Inc (CHDN) on Wednesday, October 28, 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 Income (Loss)
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
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)

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: 0000020212-20-000099
Submitted to the SEC: Wed Oct 28 2020 4:21:03 PM EST
Accepted by the SEC: Wed Oct 28 2020
Period: Wednesday, September 30, 2020
Industry: Racing Including Track Operation

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