Financial Data and Key Metrics Changes - The company's net revenues increased by 38% year-over-year, reaching $306 million in Q3 2019, with adjusted EBITDA rising by 42% [7][35] - Net income from continuing operations was $15 million, a decrease from $58 million in the prior year, primarily due to a $42 million after-tax gain in Q3 2018 [44][45] - Cash flow from operations was $46 million, up $73 million from the prior year, driven by growth in adjusted EBITDA and lower cash paid taxes [46] Business Line Data and Key Metrics Changes - The Online Wagering segment saw a revenue decrease of $1.6 million, primarily due to the exit of high-volume, low-margin customers [41] - Derby City Gaming contributed $20 million to the revenue increase, celebrating its one-year anniversary [35][36] - Adjusted EBITDA growth for the quarter was driven by the Churchill Downs segment and the continued growth of Derby City Gaming [37] Market Data and Key Metrics Changes - The company experienced growth in adjusted EBITDA from increased attendance at its Mississippi gaming properties, attributed to the launch of retail sports betting [39] - The core Twin Spires business had a 7.9% handle growth, while the industry overall declined by 1.9% [42] - The same-store wholly-owned casino margin was 31.9%, down 140 basis points compared to the prior year, primarily due to revenue pressure from Oxford and increased expenses related to the Calder jai alai operation [40] Company Strategy and Development Direction - The company is focusing on five organic growth initiatives, including projects at Churchill Downs Racetrack and expansion of HRMs in Kentucky [10][20] - Significant capital projects include an $8 million equine medical center and quarantine barns, an $11 million renovation of premium seating, and a $300 million construction project for a hotel and HRM facility [11][12][13] - The company is exploring opportunities in Illinois, including a joint bid for a casino license in Waukegan and expansion plans for Rivers Casino [29][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's capacity to support multiple growth initiatives and emphasized a disciplined approach to investments in online wagering and sports betting [34][56] - The company anticipates that the expansion projects will drive significant growth, with a projected Project Capital spend of $300 million to $350 million in 2020 [49] - Management highlighted the importance of careful planning to mitigate any potential disruptions during construction phases [62] Other Important Information - The board authorized a 7% increase in the annual dividend, reflecting a commitment to return capital to shareholders [50] - The company repurchased $25 million of its stock in Q3 2019, with $200 million remaining under the share repurchase program [50][52] - The net leverage ratio remains low at 3.1 times, indicating significant capacity for growth through acquisitions and organic investments [51] Q&A Session Summary Question: Discussion on iGaming and Sports Betting Investments - Management indicated that online wagering is in an investment stage, with upfront customer acquisition costs and a focus on long-term profitability [54][55] Question: Guidance on Hotel Racino Project Returns - Management targets a five-time multiple for construction projects and is comfortable with higher expectations for the Kentucky Derby-related investments [60][61] Question: Timing for Rivers and Arlington Park Opportunities - Management noted that regulatory processes impact the timing of opportunities, with a commitment to racing at Arlington in 2020 and ongoing plans for Rivers Casino [63][65] Question: Characteristics of Oak Grove Market - Management highlighted population demographics and driving distance as key factors influencing the market potential for Oak Grove compared to Derby City Gaming [66][68] Question: Online Business Strategy and Dual Offering - Management plans to leverage the existing Twin Spires database for online offerings but emphasized the need for infrastructure development before combining products [70][71] Question: Sustainability of Traffic from Retail Sportsbook - Management confirmed that traffic patterns have been sustainable since the launch of retail sportsbooks, with variations based on sporting seasons [73][74]

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, 2019 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 2019 Earnings Conference Call August 1, 2019 9:00 AM ET Company Participants Nick Zangari - VP Treasury, Risk Management and Investor Relations Bill Carstanjen - CEO Marcia Dall - CFO Bill Mudd - President & COO Conference Call Participants David Katz - Jefferies Brian McGill - Telsey Advisory Group Daniel Politzer - JPMorgan Operator Good day, ladies and gentlemen, and welcome to the Churchill Downs Incorporated 2019 Second Quarter's Earnings Conference Call. [ ...

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 June 30, 2019 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) (State or other jurisdiction of incorporation or o ...

Churchill Downs Incorporated (NASDAQ:CHDN) Q1 2019 Earnings Conference Call April 25, 2019 9:00 AM ET Company Participants Nick Zangari – Vice President-Treasury, Risk Management and Investor Relations Bill Carstanjen – Chief Executive Officer Marcia Dall – Chief Financial Officer Bill Mudd – President and Chief Operating Officer Conference Call Participants David Katz – Jefferies Daniel Politzer – JP Morgan Operator Good day, ladies and gentlemen, and welcome to the Churchill Downs Incorporated 2019 First ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR o 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 2018 Earnings Conference Call February 28, 2019 9:00 AM ET Company Participants Nick Zangari - VP, Treasury, Risk Management, and IR Bill Carstanjen - CEO Bill Mudd - President and COO Marcia Dall - CFO Conference Call Participants David Katz - Jefferies Dan Politzer - JPMorgan Operator Good day, ladies and gentlemen, and welcome to the Churchill Downs Incorporated 2018 Fourth Quarter and Year-End Earnings Conference Call. At this time, all participants are in ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR o 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 (Exact name of registrant as specified in its charter) Kentucky 61-0156015 (State or other jurisdiction of incorporation or organization) ...