Churchill Downs, Inc. (NASDAQ:CHDN) Q4 2021 Earnings Conference Call February 24, 2022 9:00 AM ET Company Participants Nick Zangari - VP, Treasury, IR & Risk Management William Carstanjen - CEO & Director Marcia Dall - EVP & CFO William Mudd - President, COO & Interim President, Churchill Downs Racetrack Conference Call Participants David Katz - Jefferies Daniel Politzer - Wells Fargo Securities Shaun Kelley - Bank of America Merrill Lynch Joseph Stauff - Susquehanna Financial Group Zachary Silverberg - Ber ...

Common Stock, No Par Value Trading Symbol(s) The Nasdaq Stock Market LLC (Title of each class registered) CHDN (Name of each exchange on which registered) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file ...

Churchill Downs, Inc. (NASDAQ:CHDN) Q3 2021 Earnings Conference Call October 28, 2021 9:00 AM ET Company Participants Nick Zangari - IR Bill Carstanjen - CEO Bill Mudd - President, COO Marcia Dall - CFO Brad Blackwell - GS Conference Call Participants David Katz - Jefferies Dan Politzer - Wells Fargo Jordan Bender - Macquarie Shaun Kelley - Bank of America Joe Stauff - Susquehanna Zachary Silverberg - Berenberg Operator Good day, ladies and gentlemen and welcome to the Churchill Downs Incorporated 2021 Thir ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-33998 Churchill Downs Incorporated (Exact name of registrant as specified in its charter) Kentucky 61-0156015 (State or other jurisdict ...

Churchill Downs Incorporated (NASDAQ:CHDN) Q2 2021 Earnings Conference Call July 29, 2021 9:00 AM ET Company Participants Nick Zangari - Investor Relations Bill Carstanjen - Chief Executive Officer Bill Mudd - President and Chief Operating Officer Marcia Dall - Chief Financial Officer Brad Blackwell - General Counsel Conference Call Participants Shaun Kelley - Bank of America David Katz - Jefferies Jordan Bender - Macquarie Brett Andress - KeyBanc Joe Stauff - Susquehanna Operator Good day, ladies and gentl ...

Financial Performance - For the quarter ended June 30, 2021, net revenue increased to $515.1 million, up $330.0 million from $185.1 million in the same quarter of 2020[112]. - Operating income for the same period was $135.4 million, compared to a loss of $0.4 million in Q2 2020, reflecting a margin of 26%[112]. - Net income from continuing operations was $108.3 million, a significant increase from a loss of $23.6 million in the prior year[112]. - Adjusted EBITDA for the quarter reached $233.3 million, up from $30.1 million in Q2 2020, indicating a growth of $203.2 million[112]. - Net revenue increased by $330.0 million to $515.1 million for the three months ended June 30, 2021, compared to the same period in 2020, driven by increases in Live and Historical Racing, Gaming, and TwinSpires[113]. - Operating income increased by $135.8 million, resulting in a total operating income of $135.8 million for the three months ended June 30, 2021, primarily due to increased net revenue and operating efficiencies[113]. - Net income from continuing operations increased by $131.9 million, leading to a total net income of $131.9 million for the quarter, influenced by operational results and equity income from unconsolidated affiliates[115]. - Adjusted EBITDA rose by $203.2 million, totaling $203.2 million for the quarter, primarily due to increased operating efficiencies and the running of the 147th Kentucky Oaks and Derby[115]. - Net income attributable to Churchill Downs Incorporated increased by $227.1 million, totaling $227.1 million for the quarter, due to the increase in net income from continuing operations and a decrease in net loss from discontinued operations[115]. Revenue Segments - Live and Historical Racing revenue increased by $160.2 million, totaling $190.5 million for the quarter, largely due to the running of the 147th Kentucky Oaks and Derby[118]. - Gaming revenue increased by $148.7 million, totaling $186.0 million for the quarter, primarily due to the temporary suspension of operations in the prior year[119]. - TwinSpires revenue increased by $14.2 million, totaling $135.9 million for the quarter, driven by an increase in handle of $50.9 million, or 8.9%, in Horse Racing[119]. - Live and Historical Racing revenue increased by $195.8 million, driven by a $97.5 million increase at Churchill Downs Racetrack due to the running of the 147th Kentucky Oaks and Derby[120]. - TwinSpires revenue rose by $44.9 million, with Horse Racing net revenue increasing by $164.2 million, or 18.3%, attributed to a shift towards online wagering[120]. - Gaming revenue increased by $155.3 million, primarily due to the prior year's temporary suspension of operations across all Gaming properties[120]. Expenses and Costs - The company experienced a $17.1 million increase in selling, general, and administrative expenses, primarily due to an increase in accrued bonuses[116]. - Total expenses for the three months ended June 30, 2021, were $379.7 million, an increase of $194.2 million compared to the same period in 2020[122]. - Taxes and purses increased by $96.3 million, influenced by the temporary suspension of operations in the prior year and the opening of new facilities[122]. - Marketing and advertising expenses rose by $20.3 million, driven by increased marketing efforts related to the Kentucky Oaks and Derby[126]. - Salaries and benefits expense increased by $24.4 million, reflecting the impact of the temporary suspension of operations in the prior year and new facility openings[126]. - Other operating expenses increased by $23.2 million, primarily due to the temporary suspension of operations in the prior year and the running of the Kentucky Oaks and Derby[126]. - TwinSpires Adjusted EBITDA decreased by $9.1 million, primarily due to a $10.8 million increase in losses from the Sports and Casino business, offset by a $1.7 million increase in Horse Racing EBITDA[133]. - Gaming Adjusted EBITDA increased by $156.1 million, driven by a $93.9 million increase at wholly-owned Gaming properties and a $62.2 million increase from equity investments[133]. Assets and Liabilities - Total assets increased by $284.2 million to $2,970.6 million, primarily due to a $274.8 million increase in cash and cash equivalents[136]. - Total liabilities increased by $333.9 million to $2,653.2 million, driven by a $203.9 million increase in notes payable and a $143.9 million increase in long-term debt[136]. - Total debt increased by $347.6 million to $1,985.3 million, with significant increases in notes payable and long-term debt[142]. - Total shareholders' equity decreased by $49.7 million to $317.4 million, driven by $193.9 million in common stock repurchases[136]. Financing Activities - The Company completed an offering of $600.0 million in aggregate principal amount of 5.50% Senior Unsecured Notes maturing on April 1, 2027, with interest payable semi-annually[145]. - The net proceeds from the 2027 Senior Notes were used to repay the outstanding balance on the Revolver portion of the Credit Agreement[145]. - The Company issued $500.0 million in aggregate principal amount of 4.75% Senior Unsecured Notes maturing on January 15, 2028, with interest payable semi-annually[146]. - The net proceeds from the Existing 2028 Senior Notes were used to repay a portion of the $600.0 million 5.375% Senior Unsecured Notes[146]. - The aggregate principal amount outstanding of the 2028 Senior Notes, including Additional 2028 Notes, is $700 million[146]. Market and Economic Conditions - The Florida Legislature passed a tribal gaming compact allowing sports betting, which could impact Calder operations pending federal approval[107]. - Louisiana approved HRMs in off-track betting facilities, allowing up to 50 machines per location, enhancing the company's market presence[110]. - Maryland's legislation allows for retail sports betting, with a tax rate of 15%, expanding the company's operational landscape[111]. - The Company is exposed to market risks from adverse changes in general economic trends and consumer discretionary spending[151]. - The COVID-19 pandemic has resulted in significant disruptions in economic activity, affecting demand for entertainment and leisure activities[151].

Churchill Downs Incorporated (NASDAQ:CHDN) Q1 2021 Results Earnings Conference Call April 22, 2021 9:00 AM ET Company Participants Nick Zangari - Vice President, Treasury, Investor Relations, Risk Management Bill Carstanjen - Chief Executive Officer Marcia Dall - Executive Vice President, Chief Financial Officer Conference Call Participants Brett Andress - KeyBanc Capital Finn Barrett - Bank of America Joe Stauff - Susquehanna David Katz - Jefferies Operator Good day, ladies and gentlemen. And welcome to th ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-33998 Churchill Downs Incorporated (Exact name of registrant as specified in its charter) Kentucky 61-0156015 (State or other jurisdiction ...

Churchill Downs Incorporated (NASDAQ:CHDN) Q4 2020 Earnings Conference Call February 25, 2021 9:00 AM ET Company Participants Nick Zangari - VP of Treasury, IR, and Risk Management William Carstanjen - CEO William Mudd - President and COO Marcia Dall - EVP and CFO Brad Blackwell - General Counsel Conference Call Participants Dan Politzer - JPMorgan Finn Barrett - Bank of America Joseph Stauff - Susquehanna David Katz - Jefferies Brett Andress - KeyBanc Operator Good day, ladies and gentlemen, and welcome to ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-33998 Churchill Downs Incorporated (Exact name of registrant as specified in its charter) Kentucky 61-0156015 (State or other jurisdiction of in ...