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Churchill Downs Inc (CHDN) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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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
2021 FOURTH QUARTER AND FULL YEAR RESULTS
LOUISVILLE, Ky. (February 23, 2022)
- Churchill Downs Incorporated (Nasdaq: CHDN) (the "Company", "we", "us", "our") today reported business results for the quarter and full year ended December 31, 2021.
Company Highlights
Record 2021 net revenue of $1,597.2 million, up 52% over the prior year
2021 net income(a) was $249.1 million, compared to net loss(a) of $81.9 million in the prior year
Record 2021 Adjusted EBITDA of $627.0 million, up 119%, compared to $286.5 million in the prior year
We had strong operating performance from our business segments:
Churchill Downs successfully ran the 147th Kentucky Oaks and Derby with over 51,000 fans gathered in person and strong NBC viewership, sponsorship revenue, and margins
Derby City Gaming delivered record net revenue and Adjusted EBITDA in 2021 and Oak Grove Racing, Gaming & Hotel ("Oak Grove") delivered strong growth in net revenue and Adjusted EBITDA in its first full year of operation
TwinSpires Horse Racing delivered Adjusted EBITDA of $119.0 million in 2021, down 6% from the prior year
TwinSpires Horse Racing Adjusted EBITDA in 2021 was up 52% from 2019
Our Gaming Segment delivered a record $411.9 million of Adjusted EBITDA, an increase of $238.8 million, or 138%, compared to 2020, despite restrictions at our properties during the year and disruption from Hurricane Ida at Fair Grounds and VSI
Our wholly-owned casinos delivered record margins of 37% in 2021, up 11.1 points from 2020 and up 7.8 points from 2019
We announced on February 22, 2022 definitive agreement to acquire substantially all of the assets of Peninsula Pacific Entertainment LLC ("P2E") for total consideration of $2.485 billion
We announced key strategic long-term organic growth investments:
We announced three major multi-year capital investments at Churchill Downs Racetrack: the Homestretch Club, the Turn 1 Experience, and the Paddock and Under the Spires projects
We announced plans to invest $76 million to expand Derby City Gaming for up to 450 additional historical racing machines ("HRMs") and to build a new five-story hotel with 123 rooms including amenities to better serve and attract guests
We continued building the new HRM and grandstand facility at Turfway Park Racing & Gaming ("Turfway Park") and are on schedule to open the new entertainment venue
We announced plans to open Derby City Gaming Downtown in downtown Louisville, Kentucky as a new entertainment venue with 500 HRMs
We were selected to develop the Queen of Terre Haute Casino Resort in Vigo County, Indiana and plan to invest up to $260 million to build a new entertainment venue with 1,000 slot machines, 50 table games, and a 125-room luxury hotel
We announced agreements to sell two properties:
326-acre property in Arlington Heights, Illinois for $197 million to the Chicago Bears
115.7 acres of land near Calder Casino for $291 million to Link Logistics


The following information was filed by Churchill Downs Inc (CHDN) on Wednesday, February 23, 2022 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
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 Impairments
Asset Impairments (Details)
Contingencies
Debt
Debt (Details)
Description Of Business
Description Of Business (Details)
Discontinued Operations - Additional Information (Details)
Discontinued Operations And Assets Held For Sale
Equity (Tables)
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
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)
Natural Disaster
Natural Disaster (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
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: 0000020212-22-000094
Submitted to the SEC: Wed Apr 27 2022 4:15:46 PM EST
Accepted by the SEC: Wed Apr 27 2022
Period: Thursday, March 31, 2022
Industry: Racing Including Track Operation

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