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Churchill Downs Inc (CHDN) SEC Filing 10-Q Quarterly Report for the period ending Friday, September 30, 2022

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Churchill Downs Inc

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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
2022 SECOND QUARTER RESULTS
LOUISVILLE, Ky. (July 27, 2022)
 - Churchill Downs Incorporated (Nasdaq: CHDN) (the "Company") today reported business results for the second quarter ended June 30, 2022.
Second Quarter 2022 Highlights
•Record second quarter 2022 results:
–Record net revenue of $582.5 million compared to $515.1 million in second quarter 2021
–Record net income of $339.3 million compared to $108.3 million in second quarter 2021
–Record Adjusted EBITDA of $291.2 million compared to $233.3 million in second quarter 2021
•Our Live and Historical Racing segment delivered record revenue and Adjusted EBITDA, with Adjusted EBITDA up 67% compared to the second quarter of 2021
–Churchill Downs Racetrack ran the 148th Kentucky Derby with record Derby Week all-sources handle for Churchill Downs Racetrack, record Derby Week Adjusted EBITDA, and debuted the new Homestretch Club
•The TwinSpires segment delivered Adjusted EBITDA of $33.9 million, up 38% compared to the second quarter of 2021
•Closed on the sale of 115.7 acres of excess land near Calder Casino for $291 million
CONSOLIDATED RESULTS
Second Quarter
(in millions, except per share data)20222021
Net revenue$582.5 $515.1 
Net income$339.3 $108.3 
Diluted EPS$8.79 $2.76 
Adjusted EBITDA(a)
$291.2 $233.3 
(a) This is a non-GAAP measure. See explanation of non-GAAP measures below.
Second Quarter 2022 Results
The Company's second quarter of 2022 net income was $339.3 million compared to $108.3 million in the prior year quarter.
The following items impacted the comparability of the Company's second quarter net income:
•$193.6 million after-tax gain on the sale of Calder land;
•$8.1 million after-tax charge related to the 2021 asset impairment at Churchill Downs Racetrack that did not recur in 2022;
1
The following information was filed by Churchill Downs Inc (CHDN) on Wednesday, July 27, 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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Churchill Downs Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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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)
Acquisitions
Acquisitions (Details)
Asset Impairments
Asset Impairments (Details)
Calder Land Sale
Calder Land Sale (Details)
Contingencies
Debt
Debt (Details)
Description Of Business
Description Of Business (Details)
Description Of Business - Acquisitions Of Chasers Poker Room And Ellis Park (Details)
Description Of Business - Calder Land Sale (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 - Goodwill (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

Exhibit 31.A: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.B: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: CHDN
CIK: 20212
Form Type: 10-Q Quarterly Report
Accession Number: 0000020212-22-000154
Submitted to the SEC: Wed Oct 26 2022 4:46:33 PM EST
Accepted by the SEC: Wed Oct 26 2022
Period: Friday, September 30, 2022
Industry: Racing Including Track Operation

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