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Churchill Downs Inc (CHDN) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

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
2021 FIRST QUARTER RESULTS
LOUISVILLE, Ky. (April 21, 2021)
- Churchill Downs Incorporated (Nasdaq: CHDN) (the "Company", "we", "us", "our") today reported business results for the first quarter ended March 31, 2021.
First Quarter 2021 Highlights
Net revenue of $324.3 million, up 28% over the prior year quarter
Net income(a) of $36.1 million compared to net loss of $23.4 million in the prior year quarter
Adjusted net income(a) of $34.6 million, compared to $2.0 million in the prior year quarter
Adjusted EBITDA of $110.6 million, up 100% compared to $55.3 million in the prior year quarter
Derby City Gaming delivered record net revenue of $32.9 million, up 52% over the prior year quarter
Our TwinSpires Horse Racing business delivered record first quarter net revenue of $93.1 million, up 39% over the prior year quarter
Our TwinSpires Sports and Casino business launched sports betting and iGaming operations in Michigan on January 22, 2021 and sports betting operations in Tennessee on March 18, 2021
Our Gaming Segment delivered record Adjusted EBITDA of $82.4 million, up 72% over the prior year quarter
In February 2021, Kentucky passed legislation that clarifies the legality of historical racing machines
On February 1, 2021, we purchased one million shares of CHDN stock from The Duchossois Group for $193.94 per share ($193.9 million total) in a privately negotiated transaction
(a) Reflects amounts attributable to Churchill Downs Incorporated.
CONSOLIDATED RESULTSFirst Quarter
(in millions, except per share data)20212020
Net revenue$324.3 $252.9 
Net income (loss)(a)
$36.1 $(23.4)
Diluted EPS(a)
$0.91 $(0.59)
Adjusted net income(a)(b)
$34.6 $2.0 
Adjusted diluted EPS(a)(b)
$0.87 $0.05 
Adjusted EBITDA(b)
$110.6 $55.3 
(a) Reflects amounts attributable to Churchill Downs Incorporated.
(b) These are non-GAAP measures. See explanation of non-GAAP measures below.




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The following information was filed by Churchill Downs Inc (CHDN) on Wednesday, April 21, 2021 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)
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 - Additional Information (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
Recent Accounting Pronouncements (Policies)
Revenue From Contracts With Customers
Revenue From Contracts With Customers - Additional Information (Details)
Revenue From Contracts With Customers - Performance Obligations (Details)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - Equity In Earnings Of Unconsolidated Investments (Details)
Segment Information - Reconciliation Of Comprehensive Income To Adjusted Ebitda By Segment (Details)
Segment Information - Schedule Of Net Revenue From External Customers (Details)
Segment Information - Summary Of Assets (Details)
Segment Information - Summary Of Capital Expenditures (Details)
Shareholders' Equity
Shareholders' Equity (Details)
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Details)
Stock-Based Compensation Plans (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: 0000020212-21-000056
Submitted to the SEC: Wed Jul 28 2021 4:22:40 PM EST
Accepted by the SEC: Wed Jul 28 2021
Period: Wednesday, June 30, 2021
Industry: Racing Including Track Operation

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