Financial Data and Key Metrics Changes - The company achieved record net revenue and adjusted EBITDA in Q3 2024, with a 10% growth in revenue and an 8% growth in adjusted EBITDA quarter-over-quarter [6][16][15] - Virginia HRM properties were the primary driver of adjusted EBITDA growth, increasing by $15 million or 40% compared to the prior year quarter [16][17] - Free cash flow reached a record $591 million or $7.93 per share in the first nine months of the year, up nearly $145 million or 32% over the same period in 2023 [21] Business Line Data and Key Metrics Changes - The Live and Historical Racing segment and Gaming segment both reported record third-quarter revenue and adjusted EBITDA [6][16] - The TwinSpires segment also achieved record adjusted EBITDA for the third quarter [16] - Virginia HRM properties generated a combined margin of over 54%, up over 6 points compared to the prior year quarter [18] Market Data and Key Metrics Changes - The company opened a new HRM property in Dumfries, Virginia, with 1,650 machines, and plans for a grand opening on November 7, 2024 [10] - The company is expanding HRMs in Richmond, Virginia, adding approximately 100 games during Q3 and anticipating an additional 400 by the end of 2025 [12] - The Kentucky HRM properties performed well, with Oak Grove continuing to grow through market penetration [18] Company Strategy and Development Direction - The company is focused on significant renovations and expansions at Churchill Downs Racetrack, including the Starting Gate Pavilion project, which will enhance seating and amenities [6][7][9] - The company plans to introduce a significant Kentucky Derby qualifying race in Virginia in 2025, increasing race days from 27 this year to 44 in 2025 and 50 in 2026 [13] - HRMs and Exacta's HRM technology are identified as key strategic focuses for the next five to ten years, providing high growth and high margin opportunities [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth opportunities in Virginia, citing improvements in operating processes and game selection [25][51] - The company is committed to delivering superior returns for shareholders and is confident in its ability to generate consistent adjusted EBITDA growth with nominal levels of risk [15][22] - Management acknowledged challenges in downtown Louisville but is focused on improving profitability through cost management and marketing efforts [38] Other Important Information - The Board of Directors approved a 7% increase in dividends, marking the 14th consecutive year of increased dividends per share [22] - The company expects to spend between $450 million and $550 million on project capital for the year, with a focus on ongoing expansions and renovations [21] Q&A Session Summary Question: Progress in Virginia - Management highlighted successful execution in Virginia, with the opening of the Dumfries property and plans to deploy additional HRMs [24][25] Question: M&A Strategy - The company is focused on acquiring businesses where it can improve operations and drive long-term growth, with a promising M&A pipeline [29][30] Question: Project Pipeline and Profitability - Management discussed confidence in the Richmond expansion and acknowledged slower ramp-up at Derby City downtown due to post-COVID challenges [34][38] Question: Growth Drivers Beyond 2024 - Management indicated ongoing international opportunities for Exacta and potential growth in other jurisdictions [41][42] Question: HRM Consumer Strength - The company attributed strong demand in Virginia and Kentucky to the non-mature nature of the HRM product and ongoing improvements [59] Question: Balance Sheet and Growth Opportunities - Management noted that a stronger balance sheet allows for larger growth projects and investments [61][62] Question: Future Capacity in Virginia - Management expressed hope for expanding HRM capacity in Virginia, contingent on state willingness [65][66]

CHURCHILL DOWNS ＩＮＣＯＲＰＯＲＡＴＥＤ Investor Presentation October 23, 2024 Forward-Looking Statements Certain statements made in this presentation contain 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," " ...

Churchill Downs (CHDN) reported $628.5 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 9.8%. EPS of $0.97 for the same period compares to $0.87 a year ago.The reported revenue represents a surprise of -0.70% over the Zacks Consensus Estimate of $632.96 million. With the consensus EPS estimate being $0.96, the EPS surprise was +1.04%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wa ...

Churchill Downs (CHDN) came out with quarterly earnings of $0.97 per share, beating the Zacks Consensus Estimate of $0.96 per share. This compares to earnings of $0.87 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.04%. A quarter ago, it was expected that this racetrack operator and gambling company would post earnings of $2.71 per share when it actually produced earnings of $2.89, delivering a surprise of 6.64%.Over the la ...

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, 2024 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 ...

FOR IMMEDIATE RELEASE Contact: Sam Ullrich (502) 638-3906 Sam.Ullrich@kyderby.com CHURCHILL DOWNS INCORPORATED REPORTS 2024 THIRD QUARTER RESULTS LOUISVILLE, Ky. (October 23, 2024) - Churchill Downs Incorporated (Nasdaq: CHDN) (the "Company", "CDI", "we") today reported business results for the third quarter ended September 30, 2024. Company Highlights • Third quarter results: ◦ Record net revenue of $628.5 million compared to $572.5 million in third quarter 2023 ◦ Record net income attributable to CDI of $ ...

LOUISVILLE, Ky., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the "Company", "CDI", "we") today reported business results for the third quarter ended September 30, 2024. Company Highlights Third quarter results: Record net revenue of $628.5 million compared to $572.5 million in third quarter 2023Record net income attributable to CDI of $65.4 million compared to $61.0 million in third quarter 2023Record Adjusted EBITDA of $235.3 million compared to $218.2 million in third qu ...

Churchill Downs Incorporated (CHDN) is likely to benefit from strategic investments in Historical Racing Machines (HRM) technology, development efforts and Exacta acquisition. Also, the focus on TwinSpires B2B expansion bodes well. However, slow recoveries in key markets and rising capital expenditures are a concern. Growth Drivers for CHDN Stock Churchill Downs' focus on HRM continues to be a key growth driver. The company is on track to open new HRM venues in Kentucky and Virginia, further expanding its f ...

LOUISVILLE, Ky., Sept. 20, 2024 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated ("CDI" or "the Company") announced today that the Company will release third quarter 2024 financial results after the market closes on Wednesday, October 23, 2024, and host a related conference call to discuss the quarter on Thursday, October 24, 2024, at 9 a.m. ET. Investors and other interested parties may listen to the call by accessing the online, real-time webcast at http://ir.churchilldownsincorporated.com/events.cfm or b ...

Churchill Downs Incorporated (NASDAQ:CHDN) Q2 2024 Results Conference Call July 25, 2024 9:00 AM ET Company Participants Sam Ullrich - Vice President, Investor Relations Bill Carstanjen - Chief Executive Officer Marcia Dall - Chief Financial Officer Bill Mudd - President and Chief Operating Officer Brad Blackwell - General Counsel Conference Call Participants Barry Jonas - Truist Securities David Katz - Jefferies Dan Politzer - Wells Fargo Joe Stauff - SIG Jeff Stantial - Stifel Jordan Bender - JMP Securiti ...