Churchill Downs Incorporated Reports 2024 Fourth Quarter and Full Year Results
Churchill Downs (CHDN) reported strong financial performance for Q4 and full year 2024. Q4 highlights include net revenue of $624.2M (up 11%), net income of $71.7M (up 24%), and Adjusted EBITDA of $236.6M (up 8%). Full year results show net revenue of $2.7B (up 11%), net income of $426.8M (up 2%), and Adjusted EBITDA of $1.2B (up 13%).
Key operational achievements include the successful 150th Kentucky Derby with record handle and Derby Week EBITDA, opening of Terre Haute Casino Resort in Indiana, The Rose Gaming Resort in Virginia with 1,650 historical racing machines, and Owensboro Racing & Gaming in Kentucky. The company maintained a net bank leverage of 4.0x and returned $218.3M to shareholders through buybacks and dividends.
The company repurchased 506,300 shares for $65.3M in 2024 and increased its annual dividend by 7% to $0.409 per share, marking the 14th consecutive year of dividend growth. Capital investments for 2025 are projected at $350-400M.
Churchill Downs (CHDN) ha riportato una forte performance finanziaria per il quarto trimestre e l'intero anno 2024. I punti salienti del quarto trimestre includono ricavi netti di 624,2 milioni di dollari (in aumento dell'11%), un utile netto di 71,7 milioni di dollari (in aumento del 24%) e un EBITDA rettificato di 236,6 milioni di dollari (in aumento dell'8%). I risultati dell'intero anno mostrano ricavi netti di 2,7 miliardi di dollari (in aumento dell'11%), un utile netto di 426,8 milioni di dollari (in aumento del 2%) e un EBITDA rettificato di 1,2 miliardi di dollari (in aumento del 13%).
I principali risultati operativi includono il successo del 150° Kentucky Derby con un maneggio record e un EBITDA della settimana del Derby, l'apertura del Terre Haute Casino Resort in Indiana, il Rose Gaming Resort in Virginia con 1.650 macchine da corsa storiche e Owensboro Racing & Gaming nel Kentucky. L'azienda ha mantenuto un leverage bancario netto di 4,0x e ha restituito 218,3 milioni di dollari agli azionisti attraverso riacquisti e dividendi.
L'azienda ha riacquistato 506.300 azioni per 65,3 milioni di dollari nel 2024 e ha aumentato il suo dividendo annuale del 7% a 0,409 dollari per azione, segnando il 14° anno consecutivo di crescita dei dividendi. Gli investimenti di capitale per il 2025 sono previsti tra 350 e 400 milioni di dollari.
Churchill Downs (CHDN) informó un sólido rendimiento financiero para el cuarto trimestre y todo el año 2024. Los aspectos destacados del cuarto trimestre incluyen ingresos netos de $624.2 millones (un aumento del 11%), ingresos netos de $71.7 millones (un aumento del 24%) y un EBITDA ajustado de $236.6 millones (un aumento del 8%). Los resultados del año completo muestran ingresos netos de $2.7 mil millones (un aumento del 11%), ingresos netos de $426.8 millones (un aumento del 2%) y un EBITDA ajustado de $1.2 mil millones (un aumento del 13%).
Los logros operativos clave incluyen el exitoso 150° Kentucky Derby con un manejo récord y EBITDA de la semana del Derby, la apertura del Terre Haute Casino Resort en Indiana, el Rose Gaming Resort en Virginia con 1,650 máquinas de carreras históricas y Owensboro Racing & Gaming en Kentucky. La compañía mantuvo un apalancamiento bancario neto de 4.0x y devolvió $218.3 millones a los accionistas a través de recompras y dividendos.
La empresa recompró 506,300 acciones por $65.3 millones en 2024 y aumentó su dividendo anual en un 7% a $0.409 por acción, marcando el 14° año consecutivo de crecimiento de dividendos. Las inversiones de capital para 2025 se proyectan entre $350 y $400 millones.
처칠 다운스 (CHDN)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 성과를 보고했습니다. 4분기 주요 내용으로는 6억 2,420만 달러의 순수익(11% 증가), 7,170만 달러의 순이익(24% 증가), 2억 3,660만 달러의 조정 EBITDA(8% 증가)가 있습니다. 전체 연도 결과는 27억 달러의 순수익(11% 증가), 4억 2,680만 달러의 순이익(2% 증가), 12억 달러의 조정 EBITDA(13% 증가)를 보여줍니다.
주요 운영 성과에는 기록적인 핸들 및 더비 주간 EBITDA를 달성한 성공적인 150회 켄터키 더비, 인디애나에 있는 테르 하우트 카지노 리조트 개장, 1,650대의 역사적 경마 기계를 갖춘 버지니아의 로즈 게이밍 리조트, 그리고 켄터키의 오웬스보로 레이싱 & 게이밍이 포함됩니다. 이 회사는 4.0배의 순은행 레버리지를 유지했으며, 자사주 매입 및 배당금으로 주주에게 2억 1,830만 달러를 반환했습니다.
회사는 2024년에 65.3백만 달러에 506,300주를 재매입했으며, 연간 배당금을 7% 증가시켜 주당 0.409달러로 설정하여 14년 연속 배당금 성장을 기록했습니다. 2025년 자본 투자액은 3억 5천만에서 4억 달러로 예상됩니다.
Churchill Downs (CHDN) a annoncé de solides performances financières pour le quatrième trimestre et l'année entière 2024. Les points forts du quatrième trimestre comprennent des revenus nets de 624,2 millions de dollars (en hausse de 11 %), un bénéfice net de 71,7 millions de dollars (en hausse de 24 %) et un EBITDA ajusté de 236,6 millions de dollars (en hausse de 8 %). Les résultats de l'année complète montrent des revenus nets de 2,7 milliards de dollars (en hausse de 11 %), un bénéfice net de 426,8 millions de dollars (en hausse de 2 %) et un EBITDA ajusté de 1,2 milliard de dollars (en hausse de 13 %).
Les réalisations opérationnelles clés comprennent le succès du 150e Kentucky Derby avec un montant record de paris et un EBITDA de la semaine du Derby, l'ouverture du Terre Haute Casino Resort dans l'Indiana, le Rose Gaming Resort en Virginie avec 1 650 machines de course historiques, et Owensboro Racing & Gaming dans le Kentucky. L'entreprise a maintenu un levier bancaire net de 4,0x et a restitué 218,3 millions de dollars aux actionnaires par le biais de rachats d'actions et de dividendes.
L'entreprise a racheté 506 300 actions pour 65,3 millions de dollars en 2024 et a augmenté son dividende annuel de 7 % à 0,409 dollar par action, marquant ainsi la 14e année consécutive de croissance des dividendes. Les investissements en capital pour 2025 sont estimés entre 350 et 400 millions de dollars.
Churchill Downs (CHDN) hat eine starke finanzielle Leistung für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Die Höhepunkte des vierten Quartals umfassen einen Nettoumsatz von 624,2 Millionen Dollar (11% Steigerung), einen Nettogewinn von 71,7 Millionen Dollar (24% Steigerung) und ein bereinigtes EBITDA von 236,6 Millionen Dollar (8% Steigerung). Die Ergebnisse des gesamten Jahres zeigen einen Nettoumsatz von 2,7 Milliarden Dollar (11% Steigerung), einen Nettogewinn von 426,8 Millionen Dollar (2% Steigerung) und ein bereinigtes EBITDA von 1,2 Milliarden Dollar (13% Steigerung).
Zu den wichtigsten betrieblichen Erfolgen gehören das erfolgreiche 150. Kentucky Derby mit einem Rekordumsatz und EBITDA in der Derby-Woche, die Eröffnung des Terre Haute Casino Resort in Indiana, das Rose Gaming Resort in Virginia mit 1.650 historischen Rennmaschinen und Owensboro Racing & Gaming in Kentucky. Das Unternehmen hielt einen Nettobankhebel von 4,0x und gab 218,3 Millionen Dollar an die Aktionäre durch Aktienrückkäufe und Dividenden zurück.
Das Unternehmen hat 2024 506.300 Aktien für 65,3 Millionen Dollar zurückgekauft und die jährliche Dividende um 7% auf 0,409 Dollar pro Aktie erhöht, was das 14. Jahr in Folge mit Dividendenwachstum markiert. Die Investitionen für 2025 werden auf 350 bis 400 Millionen Dollar geschätzt.
- Q4 net revenue increased 11% to $624.2M
- Q4 net income grew 24% to $71.7M
- Full year revenue up 11% to $2.7B
- Record-breaking 150th Derby Week performance
- Successful opening of three new gaming venues
- $218.3M returned to shareholders in 2024
- 14th consecutive year of dividend increases
- Strong expansion in Virginia HRM venues
- Regional gaming softness and increased competition affecting properties
- Higher labor and benefit expenses impacting profitability
- Increased corporate expenses due to enterprise growth
- Higher interest expense from increased debt balances
Insights
Churchill Downs delivered a robust performance in Q4 and FY2024, marked by strategic expansion and operational excellence. The company's 11% revenue growth to
The Live and Historical Racing segment emerged as a key growth driver, with the 150th Kentucky Derby achieving record handle and EBITDA. The expansion of HRM venues, particularly in Virginia with The Rose Gaming Resort's 1,650 machines, represents a significant scaling of this high-margin business line. This diversification beyond traditional racing has created a more resilient revenue model.
However, the Gaming segment shows some concerning trends. While Terre Haute Casino Resort contributed
The company's leverage position at 4.0x net bank leverage warrants attention, particularly with
The consistent dividend growth, marking the 14th consecutive annual increase, reflects management's confidence in sustainable cash flow generation. The
LOUISVILLE, Ky., Feb. 19, 2025 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the "Company", "CDI", "we") today reported business results for the quarter and full year ended December 31, 2024.
Company Highlights
- Record fourth quarter 2024 financial results compared to the prior year:
- Net revenue of
$624.2 million , up$63.0 million or11% - Net income attributable to CDI of
$71.7 million , up$14.1 million or24% - Adjusted EBITDA of
$236.6 million , up$17.5 million or8%
- Net revenue of
- Record 2024 financial results compared to the prior year:
- Net revenue of
$2.7 billion , up$272.6 million or11% - Net income attributable to CDI of
$426.8 million , up$9.5 million or2% - Adjusted EBITDA of
$1.2 billion , up$135.3 million or13%
- Net revenue of
- We successfully ran the 150th Kentucky Derby on the first Saturday of May generating all-time record all-sources handle and all-time record Derby Week Adjusted EBITDA.
- We opened the Terre Haute Casino Resort in Indiana in April 2024, and the hotel in May 2024.
- The Rose Gaming Resort opened in Dumfries, Virginia in November 2024, with 1,650 historical racing machines and a 102-room hotel as our eighth HRM entertainment venue in Virginia.
- We opened Owensboro Racing & Gaming in Owensboro, Kentucky on February 12, 2025, with 600 historical racing machines, a retail sportsbook, simulcast wagering, and food and beverage offerings.
- We ended 2024 with net bank leverage of 4.0x and returned
$218.3 million of capital to shareholders through share repurchases and dividends.
| CONSOLIDATED RESULTS |
| Fourth Quarter | Years Ended December 31 | ||||||||||
| (in millions, except per share data) | 2024 | 2023 | 2024 | 2023 | |||||||
| Net revenue | $ | 624.2 | $ | 561.2 | $ | 2,734.3 | $ | 2,461.7 | |||
| Net income attributable to CDI | $ | 71.7 | $ | 57.6 | $ | 426.8 | $ | 417.3 | |||
| Diluted EPS attributable to CDI | $ | 0.95 | $ | 0.76 | $ | 5.68 | $ | 5.49 | |||
| Adjusted EBITDA(a) | $ | 236.6 | $ | 219.1 | $ | 1,159.2 | $ | 1,023.9 | |||
| (a) This is a non-GAAP measure. See explanation of non-GAAP measures below. | |||||||||||
| SEGMENT RESULTS |
The summaries below present revenue from external customers and intercompany revenue from each of our reportable segments. We have changed the name of the TwinSpires segment to Wagering Services and Solutions to better reflect the businesses that are within this segment. All comparisons are against the applicable prior year period unless otherwise noted.
Live and Historical Racing
| Fourth Quarter | Years Ended December 31, | ||||||||||
| (in millions) | 2024 | 2023 | 2024 | 2023 | |||||||
| Revenue | $ | 275.5 | $ | 235.3 | $ | 1,267.0 | $ | 1,084.6 | |||
| Adjusted EBITDA | 101.6 | 88.9 | 574.6 | 475.4 | |||||||
Fourth Quarter 2024
Fourth quarter 2024 revenue increased
Fourth quarter 2024 Adjusted EBITDA increased
Full Year 2024
Full year 2024 revenue increased
Full year 2024 Adjusted EBITDA increased
Wagering Services and Solutions
| Fourth Quarter | Years Ended December 31, | ||||||||||
| (in millions) | 2024 | 2023 | 2024 | 2023 | |||||||
| Revenue | $ | 108.0 | $ | 110.6 | $ | 500.7 | $ | 458.4 | |||
| Adjusted EBITDA | 37.3 | 34.9 | 165.6 | 132.1 | |||||||
Fourth Quarter 2024
Fourth quarter 2024 revenue decreased
Fourth quarter 2024 Adjusted EBITDA increased
Full Year 2024
Full year 2024 revenue increased
Full year 2024 Adjusted EBITDA increased
Gaming
| Fourth Quarter | Years Ended December 31, | ||||||||||
| (in millions) | 2024 | 2023 | 2024 | 2023 | |||||||
| Revenue | $ | 257.5 | $ | 230.2 | $ | 1,045.4 | $ | 974.6 | |||
| Adjusted EBITDA | 120.1 | 113.4 | 506.9 | 488.6 | |||||||
Fourth Quarter 2024
Fourth quarter 2024 revenue increased
Fourth quarter 2024 Adjusted EBITDA increased
Full Year 2024
Full year 2024 revenue increased
Full year 2024 Adjusted EBITDA increased
All Other
| Fourth Quarter | Years Ended December 31, | ||||||||||||||
| (in millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Revenue | $ | 2.1 | $ | 0.2 | $ | 6.6 | $ | 0.9 | |||||||
| Adjusted EBITDA | (22.4 | ) | (18.1 | ) | (87.9 | ) | (72.2 | ) | |||||||
Fourth Quarter 2024
Fourth quarter 2024 revenue increased
Fourth quarter 2024 Adjusted EBITDA decreased
Full Year 2024
Full year 2024 revenue increased
Full year 2024 Adjusted EBITDA decreased
| CAPITAL MANAGEMENT |
Share Repurchase Program
The Company repurchased 160,466 shares of its common stock at a total cost of
Annual Dividend
On October 22, 2024, the Company's Board of Directors approved an annual cash dividend on the Company's common stock of
Capital Investments
We currently expect our project capital to be approximately
| NET INCOME ATTRIBUTABLE TO CDI |
Fourth Quarter 2024 Results
The Company's fourth quarter 2024 net income attributable to CDI was
The following factors impacted the comparability of the Company's fourth quarter 2024 net income to the prior year quarter:
- a
$9.9 million after-tax decrease in transaction, pre-opening, and other expense primarily from the settlement of certain liabilities recorded at the time of the Company's November 2022 acquisition of substantially all of the assets of Peninsula Pacific Entertainment LLC, - a
$1.7 million after-tax increase in other charges and recoveries, net primarily related to non-recurring insurance claim recoveries, - a
$0.2 million decrease of after-tax other charges; and - a
$0.1 million decrease in after-tax non-cash asset impairments.
This was partially offset by:
- a
$1.1 million after-tax decrease primarily from legal reserves.
Excluding the items above, fourth quarter 2024 adjusted net income attributable to CDI increased
- a
$3.9 million after-tax increase primarily driven by the results of our operations, - partially offset by a
$0.6 million after-tax increase in interest expense associated with higher outstanding debt balances and higher interest rates.
Full Year 2024 Results
The Company's full year 2024 net income attributable to CDI was
The following factors impacted comparability of the Company's net income for the year ended December 31, 2024 compared to the prior year:
- an
$86.2 million after-tax gain on the sale of the Arlington property in the prior year; and - a
$0.7 million after-tax decrease primarily from legal reserves.
This was partially offset by:
- a
$15.7 million after-tax decrease in non-cash asset impairments, - a
$12.8 million after-tax decrease in transaction, pre-opening, and other expense primarily from the settlement of certain liabilities recorded at the time of the Company's November 2022 acquisition of substantially all of the assets of Peninsula Pacific Entertainment LLC, - a
$5.1 million after-tax increase of other charges and recoveries, net primarily related to non-recurring insurance claim recoveries; and - a
$1.6 million after-tax decrease of other charges.
Excluding these items, full year 2024 adjusted net income attributable to CDI increased
- a
$77.0 million after-tax increase primarily driven by the results of our operations and equity income from our unconsolidated affiliates, - partially offset by a
$15.8 million after-tax increase in interest expense associated with higher outstanding debt balances and higher interest rates.
Conference Call
A conference call regarding this news release is scheduled for Thursday, February 20, 2025 at 9 a.m. ET. Investors and other interested parties may listen to the teleconference by accessing the online, real-time webcast and broadcast of the call at http://ir.churchilldownsincorporated.com/events.cfm, or by registering in advance via teleconference here. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. All participants are encouraged to dial-in 15 minutes prior to the start time. An online replay will be available by noon ET on Thursday, February 20, 2025. A copy of the Company’s news release announcing quarterly results and relevant financial and statistical information about the period will be accessible at www.churchilldownsincorporated.com.
Use of Non-GAAP Measures
In addition to the results provided in accordance with GAAP, the Company also uses non-GAAP measures, including adjusted net income, adjusted diluted EPS, EBITDA (earnings before interest, taxes, depreciation and amortization), and Adjusted EBITDA.
The Company uses non-GAAP measures as a key performance measure of the results of operations for purposes of evaluating performance internally. These measures facilitate comparison of operating performance between periods and help investors to better understand the operating results of the Company by excluding certain items that may not be indicative of the Company's core business or operating results. The Company believes the use of these measures enables management and investors to evaluate and compare, from period to period, the Company’s operating performance in a meaningful and consistent manner. The non-GAAP measures are a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP, and should not be considered as an alternative to, or more meaningful than, net income or diluted EPS (as determined in accordance with GAAP) as a measure of our operating results.
We use Adjusted EBITDA to evaluate segment performance, develop strategy, and allocate resources. We utilize the Adjusted EBITDA metric to provide a more accurate measure of our core operating results and enable management and investors to evaluate and compare from period to period our operating performance in a meaningful and consistent manner. Adjusted EBITDA should not be considered as an alternative to operating income as an indicator of performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure provided in accordance with GAAP. Our calculation of Adjusted EBITDA may be different from the calculation used by other companies and, therefore, comparability may be limited.
Adjusted net income and adjusted diluted EPS exclude discontinued operations net income or loss; net income or loss attributable to noncontrolling interest; changes in fair value for interest rate swaps related to Rivers Des Plaines; Rivers Des Plaines' legal reserves and transaction costs; transaction expense, which includes acquisition and disposition related charges, as well as legal, accounting, and other deal-related expense; pre-opening expense; and certain other gains, charges, recoveries, and expenses.
Adjusted EBITDA includes our portion of EBITDA from our equity investments and the portion of EBITDA attributable to noncontrolling interest.
Adjusted EBITDA excludes:
- Transaction expense, net which includes:
- Acquisition, disposition, and property sale related charges;
- Other transaction expense, including legal, accounting, and other deal-related expense;
- Stock-based compensation expense;
- Asset impairments;
- Gain on property sales;
- Legal reserves;
- Pre-opening expense; and
- Other charges, recoveries, and expenses.
As of December 31, 2021, our property in Arlington Heights, Illinois ("Arlington") ceased racing and simulcast operations and the property was sold on February 15, 2023 to the Chicago Bears. Arlington's results and exit costs in 2023 are treated as an adjustment.
For segment reporting, Adjusted EBITDA includes intercompany revenue and expense totals that are eliminated in the Consolidated Statements of Comprehensive Income. See the Reconciliation of Net Income to Adjusted EBITDA included herewith for additional information.
About Churchill Downs Incorporated
Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) has created extraordinary entertainment experiences for over 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of the online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties. https://www.churchilldownsincorporated.com/
This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” “scheduled,” and similar words or similar expressions (or negative versions of such words or expressions), although some forward-looking statements are expressed differently.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit, including the impact of inflation; changes in, or new interpretations of, applicable tax laws or rulings that could result in additional tax liabilities; the impact of any pandemics, epidemics, or outbreaks of infectious diseases, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; negative shifts in public opinion regarding gambling that could result in increased regulation of, or new restrictions on, the gaming industry; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation that competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine (HRM) manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our sports betting business and effectively compete; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach including customers’ personal information could lead to government enforcement actions or other litigation; costs of compliance with increasingly complex laws and regulations regarding data privacy and protection of personal information; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates (due to inflation or otherwise), disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.
We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
| CHURCHILL DOWNS INCORPORATED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited except year ended 2024 and 2023 amounts) | |||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| (in millions, except per common share data) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net revenue: | |||||||||||||||
| Live and Historical Racing | $ | 268.3 | $ | 228.4 | $ | 1,225.6 | $ | 1,047.3 | |||||||
| Wagering Services and Solutions | 99.9 | 104.2 | 469.5 | 444.9 | |||||||||||
| Gaming | 256.0 | 228.4 | 1,039.1 | 968.6 | |||||||||||
| All Other | — | 0.2 | 0.1 | 0.9 | |||||||||||
| Total net revenue | 624.2 | 561.2 | 2,734.3 | 2,461.7 | |||||||||||
| Operating expense: | |||||||||||||||
| Live and Historical Racing | 185.5 | 156.5 | 735.4 | 662.2 | |||||||||||
| Wagering Services and Solutions | 67.0 | 68.4 | 296.5 | 288.2 | |||||||||||
| Gaming | 187.2 | 171.7 | 748.9 | 700.0 | |||||||||||
| All Other | 4.8 | 3.6 | 15.0 | 15.6 | |||||||||||
| Selling, general and administrative expense | 65.7 | 51.7 | 237.7 | 202.3 | |||||||||||
| Asset impairments | — | 0.1 | 3.9 | 24.6 | |||||||||||
| Transaction (benefit) expense, net | (12.8 | ) | 3.0 | (12.1 | ) | 4.8 | |||||||||
| Total operating expense | 497.4 | 455.0 | 2,025.3 | 1,897.7 | |||||||||||
| Operating income | 126.8 | 106.2 | 709.0 | 564.0 | |||||||||||
| Other (expense) income: | |||||||||||||||
| Interest expense, net | (72.8 | ) | (70.6 | ) | (289.8 | ) | (268.4 | ) | |||||||
| Equity in income of unconsolidated affiliates | 36.0 | 35.9 | 144.9 | 146.3 | |||||||||||
| Gain on sale of Arlington | — | — | — | 114.0 | |||||||||||
| Miscellaneous, net | 1.0 | 0.4 | 9.1 | 5.9 | |||||||||||
| Total other expense | (35.8 | ) | (34.3 | ) | (135.8 | ) | (2.2 | ) | |||||||
| Income from operations before provision for income taxes | 91.0 | 71.9 | 573.2 | 561.8 | |||||||||||
| Income tax provision | (18.7 | ) | (14.3 | ) | (144.1 | ) | (144.5 | ) | |||||||
| Net income | 72.3 | 57.6 | 429.1 | 417.3 | |||||||||||
| Net income attributable to noncontrolling interest | 0.6 | — | 2.3 | — | |||||||||||
| Net income attributable to Churchill Downs Incorporated | $ | 71.7 | $ | 57.6 | $ | 426.8 | $ | 417.3 | |||||||
| Net income attributable to Churchill Downs Incorporated per common share data: | |||||||||||||||
| Basic net income | $ | 0.95 | $ | 0.77 | $ | 5.73 | $ | 5.55 | |||||||
| Diluted net income | $ | 0.95 | $ | 0.76 | $ | 5.68 | $ | 5.49 | |||||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 73.9 | 75.1 | 74.0 | 75.2 | |||||||||||
| Diluted | 74.6 | 75.8 | 74.6 | 76.1 | |||||||||||
| CHURCHILL DOWNS INCORPORATED CONSOLIDATED BALANCE SHEETS | |||||||
| (in millions) | December 31, 2024 | December 31, 2023 | |||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 175.5 | $ | 144.5 | |||
| Restricted cash | 77.2 | 77.3 | |||||
| Accounts receivable, net | 98.7 | 106.9 | |||||
| Income taxes receivable | 14.5 | 12.6 | |||||
| Other current assets | 46.4 | 59.5 | |||||
| Total current assets | 412.3 | 400.8 | |||||
| Property and equipment, net | 2,874.9 | 2,561.2 | |||||
| Investment in and advances to unconsolidated affiliates | 661.2 | 655.9 | |||||
| Goodwill | 900.2 | 899.9 | |||||
| Other intangible assets, net | 2,409.0 | 2,418.4 | |||||
| Other assets | 18.3 | 19.3 | |||||
| Total assets | $ | 7,275.9 | $ | 6,955.5 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 180.3 | $ | 158.5 | |||
| Accrued expenses and other current liabilities | 402.0 | 426.8 | |||||
| Current deferred revenue | 52.9 | 73.2 | |||||
| Current maturities of long-term debt | 63.1 | 68.0 | |||||
| Dividends payable | 31.0 | 29.3 | |||||
| Total current liabilities | 729.3 | 755.8 | |||||
| Long-term debt (net of current maturities and loan origination fees of | 1,767.9 | 1,697.1 | |||||
| Notes payable (net of debt issuance costs of | 3,076.2 | 3,071.2 | |||||
| Non-current deferred revenue | 20.0 | 11.8 | |||||
| Deferred income taxes | 432.7 | 388.2 | |||||
| Other liabilities | 146.5 | 137.8 | |||||
| Total liabilities | 6,172.6 | 6,061.9 | |||||
| Commitments and contingencies | |||||||
| Redeemable noncontrolling interest | 19.7 | — | |||||
| Shareholders' equity: | |||||||
| Preferred stock, no par value; 0.3 shares authorized; no shares issued or outstanding | — | — | |||||
| Common stock, no par value; 300.0 shares authorized; 73.5 shares issued and outstanding December 31, 2024 and 74.5 shares at December 31, 2023 | — | — | |||||
| Retained earnings | 1,084.6 | 894.5 | |||||
| Accumulated other comprehensive loss | (1.0 | ) | (0.9 | ) | |||
| Total shareholders' equity | 1,083.6 | 893.6 | |||||
| Total liabilities and shareholders' equity | $ | 7,275.9 | $ | 6,955.5 | |||
| CHURCHILL DOWNS INCORPORATED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (in millions) | 2024 | 2023 | |||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 429.1 | $ | 417.3 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 199.1 | 169.0 | |||||
| Distributions from unconsolidated affiliates | 138.7 | 155.1 | |||||
| Equity in income of unconsolidated affiliates | (144.9 | ) | (146.3 | ) | |||
| Stock-based compensation | 36.1 | 32.9 | |||||
| Deferred income taxes | 44.5 | 47.4 | |||||
| Asset impairments | 3.9 | 24.6 | |||||
| Amortization of operating lease assets | 5.6 | 6.2 | |||||
| Gain on sale of Arlington | — | (114.0 | ) | ||||
| Other | 9.7 | 5.4 | |||||
| Changes in operating assets and liabilities: | |||||||
| Income taxes | (4.5 | ) | (1.1 | ) | |||
| Deferred revenue | (12.1 | ) | 34.2 | ||||
| Other assets and liabilities | 66.5 | (25.4 | ) | ||||
| Net cash provided by operating activities | 771.7 | 605.3 | |||||
| Cash flows from investing activities: | |||||||
| Capital maintenance expenditures | (83.6 | ) | (77.7 | ) | |||
| Capital project expenditures | (463.4 | ) | (598.8 | ) | |||
| Acquisition of businesses, net of cash acquired | — | (241.3 | ) | ||||
| Proceeds from sale of Arlington | — | 195.7 | |||||
| Other | 1.8 | 4.1 | |||||
| Net cash used in investing activities | (545.2 | ) | (718.0 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from borrowings under long-term debt obligations | 965.5 | 1,771.1 | |||||
| Repayments of borrowings under long-term debt obligations | (900.8 | ) | (1,536.0 | ) | |||
| Payment of dividends | (29.2 | ) | (27.1 | ) | |||
| Repurchase of common stock | (186.0 | ) | (55.9 | ) | |||
| Taxes paid related to net share settlement of stock awards | (30.1 | ) | (25.5 | ) | |||
| Proceeds from pending equity transaction | — | 14.4 | |||||
| Debt issuance costs | (2.6 | ) | (13.0 | ) | |||
| Change in bank overdraft | (10.9 | ) | 2.0 | ||||
| Other | (2.5 | ) | (0.7 | ) | |||
| Net cash (used in) provided by financing activities | (196.6 | ) | 129.3 | ||||
| Cash flows from discontinued operations: | |||||||
| Operating activities of discontinued operations | 1.0 | 0.5 | |||||
| Net increase in cash, cash equivalents and restricted cash | 30.9 | 17.1 | |||||
| Cash, cash equivalents and restricted cash, beginning of period | 221.8 | 204.7 | |||||
| Cash, cash equivalents and restricted cash, end of period | $ | 252.7 | $ | 221.8 | |||
| CHURCHILL DOWNS INCORPORATED SUPPLEMENTAL INFORMATION (Unaudited) | |||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| (in millions, except per common share data) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| GAAP net income attributable to CDI | $ | 71.7 | $ | 57.6 | $ | 426.8 | $ | 417.3 | |||||||
| Adjustments, continuing operations: | |||||||||||||||
| Gain on sale of assets | — | — | — | (114.0 | ) | ||||||||||
| Asset impairments | — | 0.1 | 3.9 | 24.6 | |||||||||||
| Transaction, pre-opening, and other expense | (3.9 | ) | 9.6 | 21.7 | 39.8 | ||||||||||
| Other charges and recoveries, net | (0.2 | ) | 2.4 | (6.9 | ) | 2.4 | |||||||||
| Legal reserves | — | (1.2 | ) | — | (1.2 | ) | |||||||||
| Legal reserves and transaction costs related to Rivers Des Plaines | — | — | 0.3 | — | |||||||||||
| Income tax impact on net income adjustments (a) | 1.1 | (3.1 | ) | (5.1 | ) | 10.6 | |||||||||
| Total adjustments | (3.0 | ) | 7.8 | 13.9 | (37.8 | ) | |||||||||
| Adjusted net income attributable to CDI | $ | 68.7 | $ | 65.4 | $ | 440.7 | $ | 379.5 | |||||||
| Adjusted diluted EPS | $ | 0.92 | $ | 0.86 | $ | 5.91 | $ | 4.99 | |||||||
| Weighted average shares outstanding - Diluted | 74.6 | 75.8 | 74.6 | 76.1 | |||||||||||
| (a) | The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment. |
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||
| (in millions) | 2024 | 2023 | 2024 | 2023 | |||||||
| Total Handle | |||||||||||
| TwinSpires Horse Racing(a) | $ | 400.0 | $ | 439.1 | $ | 1,942.1 | $ | 1,991.9 | |||
| (a) | Total handle generated by Velocity is not included in total handle from TwinSpires Horse Racing. |
| CHURCHILL DOWNS INCORPORATED SUPPLEMENTAL INFORMATION (Unaudited except year ended 2024 and 2023 amounts) | |||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| (in millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net revenue from external customers: | |||||||||||||||
| Live and Historical Racing: | |||||||||||||||
| Churchill Downs Racetrack | $ | 16.7 | $ | 14.5 | $ | 259.5 | $ | 205.8 | |||||||
| Louisville | 52.0 | 50.8 | 209.1 | 189.0 | |||||||||||
| Northern Kentucky | 25.0 | 22.7 | 98.9 | 85.8 | |||||||||||
| Southwestern Kentucky | 40.2 | 36.1 | 158.3 | 147.8 | |||||||||||
| Western Kentucky | 6.1 | 6.0 | 28.8 | 31.8 | |||||||||||
| Virginia | 125.1 | 95.0 | 458.2 | 375.4 | |||||||||||
| New Hampshire | 3.2 | 3.3 | 12.8 | 11.7 | |||||||||||
| Total Live and Historical Racing | $ | 268.3 | $ | 228.4 | $ | 1,225.6 | $ | 1,047.3 | |||||||
| Wagering Services and Solutions: | $ | 99.9 | $ | 104.2 | $ | 469.5 | $ | 444.9 | |||||||
| Gaming: | |||||||||||||||
| Florida | $ | 23.8 | $ | 24.2 | $ | 100.2 | $ | 100.7 | |||||||
| Iowa | 23.5 | 23.5 | 93.3 | 96.0 | |||||||||||
| Indiana | 30.3 | — | 96.6 | — | |||||||||||
| Louisiana | 36.8 | 35.5 | 150.2 | 145.6 | |||||||||||
| Maine | 24.7 | 26.0 | 106.0 | 114.1 | |||||||||||
| Maryland | 22.5 | 24.0 | 101.8 | 106.9 | |||||||||||
| Mississippi | 24.6 | 23.4 | 98.7 | 100.9 | |||||||||||
| New York | 44.7 | 45.2 | 183.0 | 180.5 | |||||||||||
| Pennsylvania | 25.1 | 26.6 | 109.3 | 123.9 | |||||||||||
| Total Gaming | 256.0 | 228.4 | 1,039.1 | 968.6 | |||||||||||
| All Other | — | 0.2 | 0.1 | 0.9 | |||||||||||
| Net revenue from external customers | $ | 624.2 | $ | 561.2 | $ | 2,734.3 | $ | 2,461.7 | |||||||
| Intercompany net revenues: | |||||||||||||||
| Live and Historical Racing | $ | 7.2 | $ | 6.9 | $ | 41.4 | $ | 37.3 | |||||||
| Wagering Services and Solutions | 8.1 | 6.5 | 31.2 | 13.5 | |||||||||||
| Gaming | 1.5 | 1.8 | 6.3 | 6.0 | |||||||||||
| All Other | 2.1 | — | 6.5 | — | |||||||||||
| Eliminations | (18.9 | ) | (15.2 | ) | (85.4 | ) | (56.8 | ) | |||||||
| Intercompany net revenue | $ | — | $ | — | $ | — | $ | — | |||||||
| CHURCHILL DOWNS INCORPORATED SUPPLEMENTAL INFORMATION (Unaudited except year ended 2024 and 2023 amounts) | |||||||||||||||||
| Three Months Ended December 31, 2024 | |||||||||||||||||
| (in millions) | Live and Historical Racing | Wagering Services and Solutions | Gaming | Total Segments | All Other | Total | |||||||||||
| Net revenue from external customers | |||||||||||||||||
| Pari-mutuel: | |||||||||||||||||
| Live and simulcast racing | $ | 14.7 | $ | 74.3 | $ | 6.3 | $ | 95.3 | $ | — | $ | 95.3 | |||||
| Historical racing(a) | 224.8 | — | 9.6 | 234.4 | — | 234.4 | |||||||||||
| Racing event-related services | 5.9 | — | 1.6 | 7.5 | — | 7.5 | |||||||||||
| Gaming(a) | 3.1 | 2.9 | 210.5 | 216.5 | — | 216.5 | |||||||||||
| Other(a) | 19.8 | 22.7 | 28.0 | 70.5 | — | 70.5 | |||||||||||
| Total | $ | 268.3 | $ | 99.9 | $ | 256.0 | $ | 624.2 | $ | — | $ | 624.2 | |||||
| Three Months Ended December 31, 2023 | |||||||||||||||||
| (in millions) | Live and Historical Racing | Wagering Services and Solutions | Gaming | Total Segments | All Other | Total | |||||||||||
| Net revenue from external customers | |||||||||||||||||
| Pari-mutuel: | |||||||||||||||||
| Live and simulcast racing | $ | 14.7 | $ | 76.5 | $ | 6.7 | $ | 97.9 | $ | — | $ | 97.9 | |||||
| Historical racing(a) | 189.8 | — | 8.1 | 197.9 | — | 197.9 | |||||||||||
| Racing event-related services | 4.9 | — | 1.6 | 6.5 | — | 6.5 | |||||||||||
| Gaming(a) | 3.2 | 6.4 | 188.1 | 197.7 | — | 197.7 | |||||||||||
| Other(a) | 15.8 | 21.3 | 23.9 | 61.0 | 0.2 | 61.2 | |||||||||||
| Total | $ | 228.4 | $ | 104.2 | $ | 228.4 | $ | 561.0 | $ | 0.2 | $ | 561.2 | |||||
| (a) | Food and beverage, hotel, and other services furnished to customers for free as an inducement to wager or through the redemption of our customers' loyalty points are recorded at the estimated standalone selling prices in Other revenue with a corresponding offset recorded as a reduction in historical racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were |
| Year Ended December 31, 2024 | |||||||||||||||||
| (in millions) | Live and Historical Racing | Wagering Services and Solutions | Gaming | Total Segments | All Other | Total | |||||||||||
| Net revenue from external customers | |||||||||||||||||
| Pari-mutuel: | |||||||||||||||||
| Live and simulcast racing | $ | 91.3 | $ | 352.2 | $ | 26.4 | $ | 469.9 | $ | — | $ | 469.9 | |||||
| Historical racing(a) | 854.9 | — | 37.0 | 891.9 | — | 891.9 | |||||||||||
| Racing event-related services | 188.0 | — | 6.6 | 194.6 | — | 194.6 | |||||||||||
| Gaming(a) | 12.6 | 17.3 | 856.0 | 885.9 | — | 885.9 | |||||||||||
| Other(a) | 78.8 | 100.0 | 113.1 | 291.9 | 0.1 | 292.0 | |||||||||||
| Total | $ | 1,225.6 | $ | 469.5 | $ | 1,039.1 | $ | 2,734.2 | $ | 0.1 | $ | 2,734.3 | |||||
| Year Ended December 31, 2023 | |||||||||||||||||
| (in millions) | Live and Historical Racing | Wagering Services and Solutions | Gaming | Total Segments | All Other | Total | |||||||||||
| Net revenue from external customers | |||||||||||||||||
| Pari-mutuel: | |||||||||||||||||
| Live and simulcast racing | $ | 81.9 | $ | 359.7 | $ | 26.6 | $ | 468.2 | $ | — | $ | 468.2 | |||||
| Historical racing(a) | 739.1 | — | 28.6 | 767.7 | — | 767.7 | |||||||||||
| Racing event-related services | 145.9 | — | 6.4 | 152.3 | — | 152.3 | |||||||||||
| Gaming(a) | 11.4 | 17.3 | 803.5 | 832.2 | — | 832.2 | |||||||||||
| Other(a) | 69.0 | 67.9 | 103.5 | 240.4 | 0.9 | 241.3 | |||||||||||
| Total | $ | 1,047.3 | $ | 444.9 | $ | 968.6 | $ | 2,460.8 | $ | 0.9 | $ | 2,461.7 | |||||
| (a) | Food and beverage, hotel, and other services furnished to customers for free as an inducement to wager or through the redemption of our customers' loyalty points are recorded at the estimated standalone selling prices in Other revenue with a corresponding offset recorded as a reduction in historical racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were |
| CHURCHILL DOWNS INCORPORATED SUPPLEMENTAL INFORMATION (Unaudited except year ended 2024 and 2023 amounts) | |||||||||||||||||||||||||||
Adjusted EBITDA by segment is comprised of the following: | |||||||||||||||||||||||||||
| Three Months Ended December 31, 2024 | |||||||||||||||||||||||||||
| (in millions) | Live and Historical Racing | Wagering Services and Solutions | Gaming | Total Segments | All Other | Eliminations | Total | ||||||||||||||||||||
| Revenues | $ | 275.5 | $ | 108.0 | $ | 257.5 | $ | 641.0 | $ | 2.1 | $ | (18.9 | ) | $ | 624.2 | ||||||||||||
| Pari-mutuel taxes & purses | (72.6 | ) | (3.9 | ) | (10.8 | ) | (87.3 | ) | — | — | (87.3 | ) | |||||||||||||||
| Gaming taxes | (1.4 | ) | (0.5 | ) | (72.5 | ) | (74.4 | ) | — | — | (74.4 | ) | |||||||||||||||
| Marketing & advertising | (11.0 | ) | (1.4 | ) | (8.9 | ) | (21.3 | ) | — | — | (21.3 | ) | |||||||||||||||
| Salaries & benefits | (32.6 | ) | (8.9 | ) | (43.6 | ) | (85.1 | ) | — | — | (85.1 | ) | |||||||||||||||
| Content expense | (1.3 | ) | (42.6 | ) | (1.8 | ) | (45.7 | ) | — | 9.8 | (35.9 | ) | |||||||||||||||
| Selling, general & administrative expense | (13.4 | ) | (2.5 | ) | (12.2 | ) | (28.1 | ) | (21.2 | ) | 0.2 | (49.1 | ) | ||||||||||||||
| Maintenance, insurance & utilities | (11.9 | ) | (1.1 | ) | (9.7 | ) | (22.7 | ) | (3.6 | ) | 2.0 | (24.3 | ) | ||||||||||||||
| Gaming equipment rental & technology costs | (11.1 | ) | (1.0 | ) | (3.9 | ) | (16.0 | ) | — | 6.9 | (9.1 | ) | |||||||||||||||
| Food & beverage costs | (4.0 | ) | — | (4.3 | ) | (8.3 | ) | — | — | (8.3 | ) | ||||||||||||||||
| Other operating expense | (14.8 | ) | (9.1 | ) | (16.3 | ) | (40.2 | ) | 0.1 | — | (40.1 | ) | |||||||||||||||
| Equity in income of unconsolidated affiliates | — | — | 46.6 | 46.6 | — | — | 46.6 | ||||||||||||||||||||
| Other income | 0.2 | 0.3 | — | 0.5 | 0.2 | — | 0.7 | ||||||||||||||||||||
| Adjusted EBITDA | $ | 101.6 | $ | 37.3 | $ | 120.1 | $ | 259.0 | $ | (22.4 | ) | $ | — | $ | 236.6 | ||||||||||||
| Three Months Ended December 31, 2023 | |||||||||||||||||||||||||||
| (in millions) | Live and Historical Racing | Wagering Services and Solutions | Gaming | Total Segments | All Other | Eliminations | Total | ||||||||||||||||||||
| Revenues | $ | 235.3 | $ | 110.6 | $ | 230.2 | $ | 576.1 | $ | 0.2 | $ | (15.1 | ) | $ | 561.2 | ||||||||||||
| Pari-mutuel taxes & purses | (62.4 | ) | (3.9 | ) | (10.5 | ) | (76.8 | ) | — | — | (76.8 | ) | |||||||||||||||
| Gaming taxes | (1.4 | ) | (0.9 | ) | (65.6 | ) | (67.9 | ) | — | — | (67.9 | ) | |||||||||||||||
| Marketing & advertising | (9.7 | ) | (1.8 | ) | (8.9 | ) | (20.4 | ) | 0.1 | (0.1 | ) | (20.4 | ) | ||||||||||||||
| Salaries & benefits | (27.0 | ) | (8.6 | ) | (36.8 | ) | (72.4 | ) | — | — | (72.4 | ) | |||||||||||||||
| Content expense | (1.4 | ) | (44.0 | ) | (1.9 | ) | (47.3 | ) | — | 9.7 | (37.6 | ) | |||||||||||||||
| Selling, general & administrative expense | (8.5 | ) | (4.3 | ) | (10.3 | ) | (23.1 | ) | (18.1 | ) | 0.5 | (40.7 | ) | ||||||||||||||
| Maintenance, insurance & utilities | (11.4 | ) | (1.2 | ) | (10.3 | ) | (22.9 | ) | (0.1 | ) | — | (23.0 | ) | ||||||||||||||
| Gaming equipment rental & technology costs | (8.8 | ) | (0.9 | ) | (4.0 | ) | (13.7 | ) | — | 5.0 | (8.7 | ) | |||||||||||||||
| Food & beverage costs | (3.1 | ) | — | (3.7 | ) | (6.8 | ) | — | — | (6.8 | ) | ||||||||||||||||
| Other operating expense | (12.9 | ) | (10.0 | ) | (13.6 | ) | (36.5 | ) | (0.2 | ) | — | (36.7 | ) | ||||||||||||||
| Equity in income of unconsolidated affiliates | — | — | 48.7 | 48.7 | — | — | 48.7 | ||||||||||||||||||||
| Other income | 0.2 | (0.1 | ) | 0.1 | 0.2 | — | — | 0.2 | |||||||||||||||||||
| Adjusted EBITDA | $ | 88.9 | $ | 34.9 | $ | 113.4 | $ | 237.2 | $ | (18.1 | ) | $ | — | $ | 219.1 | ||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||
| (in millions) | Live and Historical Racing | Wagering Services and Solutions | Gaming | Total Segments | All Other | Eliminations | Total | ||||||||||||||||||||
| Revenues | $ | 1,267.0 | $ | 500.7 | $ | 1,045.4 | $ | 2,813.1 | $ | 6.6 | $ | (85.4 | ) | $ | 2,734.3 | ||||||||||||
| Pari-mutuel taxes & purses | (300.0 | ) | (19.7 | ) | (43.5 | ) | (363.2 | ) | — | — | (363.2 | ) | |||||||||||||||
| Gaming taxes | (5.7 | ) | (2.4 | ) | (291.6 | ) | (299.7 | ) | — | — | (299.7 | ) | |||||||||||||||
| Marketing & advertising | (42.1 | ) | (8.9 | ) | (35.4 | ) | (86.4 | ) | (0.1 | ) | — | (86.5 | ) | ||||||||||||||
| Salaries & benefits | (127.0 | ) | (32.8 | ) | (164.6 | ) | (324.4 | ) | — | — | (324.4 | ) | |||||||||||||||
| Content expense | (6.4 | ) | (205.8 | ) | (8.5 | ) | (220.7 | ) | — | 52.3 | (168.4 | ) | |||||||||||||||
| Selling, general & administrative expense | (40.1 | ) | (15.5 | ) | (46.1 | ) | (101.7 | ) | (85.9 | ) | 1.0 | (186.6 | ) | ||||||||||||||
| Maintenance, insurance & utilities | (46.5 | ) | (4.2 | ) | (42.1 | ) | (92.8 | ) | (8.2 | ) | 6.5 | (94.5 | ) | ||||||||||||||
| Gaming equipment rental & technology costs | (41.6 | ) | (3.5 | ) | (15.4 | ) | (60.5 | ) | — | 25.5 | (35.0 | ) | |||||||||||||||
| Food & beverage costs | (12.9 | ) | — | (16.7 | ) | (29.6 | ) | — | — | (29.6 | ) | ||||||||||||||||
| Other operating expense | (70.6 | ) | (42.6 | ) | (62.9 | ) | (176.1 | ) | (0.5 | ) | 0.1 | (176.5 | ) | ||||||||||||||
| Equity in income of unconsolidated affiliates | — | — | 186.4 | 186.4 | — | — | 186.4 | ||||||||||||||||||||
| Other income | 0.5 | 0.3 | 1.9 | 2.7 | 0.2 | — | 2.9 | ||||||||||||||||||||
| Adjusted EBITDA | $ | 574.6 | $ | 165.6 | $ | 506.9 | $ | 1,247.1 | $ | (87.9 | ) | $ | — | $ | 1,159.2 | ||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||
| (in millions) | Live and Historical Racing | Wagering Services and Solutions | Gaming | Total Segments | All Other | Eliminations | Total | ||||||||||||||||||||
| Revenues | $ | 1,084.6 | $ | 458.4 | $ | 974.6 | $ | 2,517.6 | $ | 0.9 | $ | (56.8 | ) | $ | 2,461.7 | ||||||||||||
| Pari-mutuel taxes & purses | (262.5 | ) | (19.9 | ) | (39.2 | ) | (321.6 | ) | — | — | (321.6 | ) | |||||||||||||||
| Gaming taxes | (5.2 | ) | (2.7 | ) | (283.6 | ) | (291.5 | ) | — | — | (291.5 | ) | |||||||||||||||
| Marketing & advertising | (37.6 | ) | (9.8 | ) | (35.4 | ) | (82.8 | ) | (0.1 | ) | 0.2 | (82.7 | ) | ||||||||||||||
| Salaries & benefits | (107.0 | ) | (29.3 | ) | (146.0 | ) | (282.3 | ) | — | — | (282.3 | ) | |||||||||||||||
| Content expense | (6.5 | ) | (205.1 | ) | (8.8 | ) | (220.4 | ) | — | 47.4 | (173.0 | ) | |||||||||||||||
| Selling, general & administrative expense | (31.9 | ) | (12.4 | ) | (42.7 | ) | (87.0 | ) | (72.2 | ) | 1.4 | (157.8 | ) | ||||||||||||||
| Maintenance, insurance & utilities | (43.2 | ) | (3.8 | ) | (40.0 | ) | (87.0 | ) | (0.4 | ) | — | (87.4 | ) | ||||||||||||||
| Gaming equipment rental & technology costs | (48.7 | ) | (3.7 | ) | (15.6 | ) | (68.0 | ) | — | 7.6 | (60.4 | ) | |||||||||||||||
| Food & beverage costs | (11.3 | ) | — | (14.9 | ) | (26.2 | ) | — | — | (26.2 | ) | ||||||||||||||||
| Other operating expense | (56.6 | ) | (40.6 | ) | (53.2 | ) | (150.4 | ) | (0.4 | ) | 0.2 | (150.6 | ) | ||||||||||||||
| Equity in income of unconsolidated affiliates | — | — | 191.6 | 191.6 | — | — | 191.6 | ||||||||||||||||||||
| Other income | 1.3 | 1.0 | 1.8 | 4.1 | — | — | 4.1 | ||||||||||||||||||||
| Adjusted EBITDA | $ | 475.4 | $ | 132.1 | $ | 488.6 | $ | 1,096.1 | $ | (72.2 | ) | $ | — | $ | 1,023.9 | ||||||||||||
| CHURCHILL DOWNS INCORPORATED SUPPLEMENTAL INFORMATION (Unaudited except year ended 2024 and 2023 amounts) | |||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| (in millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Reconciliation of Net Income to Adjusted EBITDA: | |||||||||||||||
| Net income attributable to Churchill Downs Incorporated | $ | 71.7 | $ | 57.6 | $ | 426.8 | $ | 417.3 | |||||||
| Net income attributable to noncontrolling interest | 0.6 | — | 2.3 | — | |||||||||||
| Net income | 72.3 | 57.6 | 429.1 | 417.3 | |||||||||||
| Adjustments: | |||||||||||||||
| Depreciation and amortization | 53.4 | 47.2 | 199.1 | 169.0 | |||||||||||
| Interest expense | 72.8 | 70.6 | 289.8 | 268.4 | |||||||||||
| Income tax provision | 18.7 | 14.3 | 144.1 | 144.5 | |||||||||||
| Stock-based compensation expense | 12.9 | 8.1 | 36.1 | 32.9 | |||||||||||
| Legal reserves | — | (1.2 | ) | — | (1.2 | ) | |||||||||
| Arlington exit costs | — | — | — | 9.4 | |||||||||||
| Pre-opening expense | 6.0 | 7.2 | 29.6 | 18.6 | |||||||||||
| Other expenses, net | 2.9 | (0.6 | ) | 4.2 | 7.0 | ||||||||||
| Asset impairments | — | 0.1 | 3.9 | 24.6 | |||||||||||
| Transaction (benefit) expense, net | (12.8 | ) | 3.0 | (12.1 | ) | 4.8 | |||||||||
| Other income, expense: | |||||||||||||||
| Interest, depreciation and amortization expense related to equity investments | 10.6 | 10.4 | 42.0 | 40.2 | |||||||||||
| Rivers Des Plaines' legal reserves and transaction costs | — | — | 0.3 | — | |||||||||||
| Other charges and recoveries, net | (0.2 | ) | 2.4 | (6.9 | ) | 2.4 | |||||||||
| Gain on sale of Arlington | — | — | — | (114.0 | ) | ||||||||||
| Total adjustments | 164.3 | 161.5 | 730.1 | 606.6 | |||||||||||
| Adjusted EBITDA | $ | 236.6 | $ | 219.1 | $ | 1,159.2 | $ | 1,023.9 | |||||||
| Adjusted EBITDA by segment: | |||||||||||||||
| Live and Historical Racing | $ | 101.6 | $ | 88.9 | $ | 574.6 | $ | 475.4 | |||||||
| Wagering Services and Solutions | 37.3 | 34.9 | 165.6 | 132.1 | |||||||||||
| Gaming | 120.1 | 113.4 | 506.9 | 488.6 | |||||||||||
| Total segment Adjusted EBITDA | 259.0 | 237.2 | 1,247.1 | 1,096.1 | |||||||||||
| All Other | (22.4 | ) | (18.1 | ) | (87.9 | ) | (72.2 | ) | |||||||
| Total Adjusted EBITDA | $ | 236.6 | $ | 219.1 | $ | 1,159.2 | $ | 1,023.9 | |||||||
| CHURCHILL DOWNS INCORPORATED SUPPLEMENTAL JOINT VENTURE FINANCIAL STATEMENTS (Unaudited) | |||||||||||||||
| Summarized financial information for our equity investments is comprised of the following: | |||||||||||||||
| Summarized Income Statement | |||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| (in millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net revenue | $ | 210.3 | $ | 216.6 | $ | 851.5 | $ | 864.8 | |||||||
| Operating and SG&A expense | 129.2 | 132.2 | 528.5 | 534.0 | |||||||||||
| Depreciation and amortization | 6.9 | 6.3 | 27.0 | 23.8 | |||||||||||
| Operating income | 74.2 | 78.1 | 296.0 | 307.0 | |||||||||||
| Interest and other expense, net | (10.7 | ) | (11.2 | ) | (44.2 | ) | (43.9 | ) | |||||||
| Net income | $ | 63.5 | $ | 66.9 | $ | 251.8 | $ | 263.1 | |||||||
| December 31, | |||||||
| (in millions) | 2024 | 2023 | |||||
| Assets | |||||||
| Current assets | $ | 100.5 | $ | 104.8 | |||
| Property and equipment, net | 325.6 | 339.4 | |||||
| Other assets, net | 267.5 | 266.1 | |||||
| Total assets | $ | 693.6 | $ | 710.3 | |||
| Liabilities and Members' Deficit | |||||||
| Current liabilities | $ | 89.9 | $ | 106.2 | |||
| Long-term debt | 839.8 | 847.2 | |||||
| Other liabilities | 1.7 | 0.7 | |||||
| Members' deficit | (237.8 | ) | (243.8 | ) | |||
| Total liabilities and members' deficit | $ | 693.6 | $ | 710.3 | |||
| CHURCHILL DOWNS INCORPORATED SUPPLEMENTAL INFORMATION (Unaudited) | |||
| Planned capital projects for the Company are as follows: | |||
| (in millions) | Project | Target Completion | 2025 Planned Spend |
| Live and Historical Racing Segment | |||
| Churchill Downs Racetrack | Starting Gate Pavilion and Courtyard | April 2025 | |
| Skye Reconstruction and Expansion, Conservatory, and Infield General Admission Projects | 2026-2028 | ||
| Virginia | Richmond (HRM Expansion) | Third Quarter 2025 | |
| Henrico (Roseshire - HRM Venue) | Fourth Quarter 2025 | ||
| Southwestern Kentucky | Calvert City (Marshall Yards Racing and Gaming - HRM Venue) | First Quarter 2026 | |
| New Hampshire | Salem (HRM Venue) | TBD | TBD |
| All Other Projects | |||
| All Other | All Other | TBD | |
| Total: | |||
Contact: Sam Ullrich
(502) 638-3906
Sam.Ullrich@kyderby.com
FAQ
What were Churchill Downs (CHDN) key financial results for Q4 2024?
How much capital did CHDN return to shareholders in 2024?
What new gaming properties did CHDN open in 2024?
What is CHDN's projected capital investment for 2025?
How did the 150th Kentucky Derby perform in 2024?
What was CHDN's dividend increase for 2024?
