Core Viewpoint - Churchill Downs (CHDN) is expected to report a quarterly earnings per share (EPS) of $1.08, reflecting a 4.4% decline year-over-year, while revenues are forecasted to increase by 9.5% to $647.14 million [1] Earnings Estimates - The consensus EPS estimate has been revised down by 0.1% over the last 30 days, indicating a collective reevaluation by analysts [2] - Changes in earnings estimates are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate revisions and short-term stock performance [3] Revenue Projections - Analysts estimate 'Revenue- Live and Historical Racing' to reach $278.47 million, a year-over-year increase of 13.6% [5] - The 'Revenue- Gaming' is projected at $268.62 million, reflecting a 12.3% increase compared to the previous year [5] Adjusted EBITDA Estimates - The consensus for 'Adjusted EBITDA- Gaming' is $123.70 million, slightly up from $122.80 million reported in the same quarter last year [5] - For 'Adjusted EBITDA- Live and Historical Racing', the estimate is $108.17 million, compared to $100.80 million from the previous year [6] Stock Performance - Shares of Churchill Downs have decreased by 9.6% over the past month, underperforming the Zacks S&P 500 composite, which declined by 5.6% [7] - The company holds a Zacks Rank 5 (Strong Sell), indicating expectations of underperformance in the near future [7]

Core Insights - The House Edge is recognized as a unique marketplace service in the casino, gaming, and online sports betting sectors, providing superior returns through in-depth research and industry insights [1][2] Company Insights - Howard Jay Klein, with 30 years of experience in major casino operations, leads The House Edge and focuses on value investing by assessing management quality [2] - Klein's background includes significant roles at Ballys, Trump Taj Mahal, Mohegan Sun, and Caesars Palace, contributing to his extensive knowledge of the industry [2] Industry Insights - The House Edge leverages a vast intelligence network across the US gambling and entertainment sectors, including insights from various levels of employees and management [2]

Group 1: Share Buyback Programs - Several major firms have announced significant new share buyback programs as Q1 2025 concludes, with three stocks having buyback capacity of 8% or more of their market capitalizations [1] - Applied Materials has authorized a $10 billion share buyback program, bringing its total buyback capacity to $17.6 billion, which is nearly 14% of its $126 billion market capitalization [1] - Churchill Downs has approved a $500 million share repurchase program, resulting in a total buyback capacity of $626 million, approximately 8% of its $8 billion market capitalization [6] - DICK'S Sporting Goods announced a $3 billion share buyback program, giving it a total buyback capacity of approximately $3.51 billion, equal to 22% of its nearly $16 billion market capitalization [11][12] Group 2: Dividend Increases - Applied Materials announced a significant dividend increase of 15%, raising the payment to $0.46 per share, with a yield of 1.2% [4] - DICK'S Sporting Goods also raised its dividend by 10%, planning to pay a total of $4.85 over the next four quarters, resulting in a dividend yield of 2.5% [14] Group 3: Financial Performance and Metrics - Applied Materials has repurchased $4.4 billion worth of shares over the last four quarters, but the timing of these purchases was not optimal as the current share price is 19% lower than the average repurchase price of $192 [2][3] - Churchill Downs has repurchased $216 million worth of shares in the last 12 months, which is moderately above its average repurchase pace of $187 million over the past decade [7] - DICK'S Sporting Goods spent $268 million on share buybacks in fiscal 2024, below its average annual buyback pace of $430 million over the past 10 years, with the current share price being 8% lower than the average price paid for shares [13]

Core Viewpoint - Churchill Downs Incorporated (CDI) will release its first quarter 2025 financial results on April 23, 2025, after market close, followed by a conference call on April 24, 2025, at 9 a.m. ET [1] Financial Results Announcement - The financial results will be accessible through a news release on CDI's website [3] - An online replay of the conference call will be available by noon ET on April 24, 2025 [2] Company Overview - Churchill Downs Incorporated has been providing entertainment experiences for over 150 years, starting with the Kentucky Derby [4] - The company is headquartered in Louisville, Kentucky, and has expanded through acquisitions and operations in live racing, online wagering, and regional casino gaming [4]

Core Points - Churchill Downs Incorporated ("CDI") announced a new $500 million share repurchase program, replacing the previous program authorized in September 2021, which had an unused authorization of $125.6 million as of March 12, 2025 [1] - The new share repurchase program allows for repurchases at management's discretion, either in the open market or through privately negotiated transactions, and has no time limit [1] Company Overview - CDI has been creating entertainment experiences for over 150 years, with the Kentucky Derby being its most iconic asset [2] - The company is headquartered in Louisville, Kentucky, and has expanded through acquisitions and operations in live and historical racing, online wagering, and regional casino gaming [2]

Financial Data and Key Metrics Changes - Churchill Downs Incorporated achieved record net revenue and adjusted EBITDA for 2024, with net revenue increasing by 11% and adjusted EBITDA rising by 13% compared to 2023 [11][42] - The company generated nearly $1.2 billion in adjusted EBITDA, with HRM venues in Virginia contributing 20% to this figure [31][44] - Free cash flow reached $688 million, representing a 33% increase per share over the prior year [50] Business Line Data and Key Metrics Changes - All three business segments reported record net revenue and adjusted EBITDA, with significant contributions from the Kentucky Derby and HRM properties [11][42] - The Wagering Services and Solutions segment, previously known as TwinSpires, saw adjusted EBITDA grow by nearly $34 million, primarily from the Exacta business [46][47] - The gaming segment's adjusted EBITDA grew by 4%, driven by the performance of the new Terre Haute property [48] Market Data and Key Metrics Changes - The Rose Gaming Resort opened in Virginia in late 2024, contributing to the growth of HRM operations in the state [31][44] - The company has 1,800 HRMs in the market, with plans to add an additional 400 games by mid-2025 [32][33] - The Owensboro HRM venue opened on February 12, 2025, and is performing well [36] Company Strategy and Development Direction - The company is focused on enhancing the Kentucky Derby experience through significant capital investments and renovations, including the Starting Gate Courtyard and Pavilion project [18][19] - Future projects aim to expand the Derby experience and improve hospitality offerings, with completion expected by 2028 [28][29] - The company plans to pursue disciplined growth in HRM opportunities in Virginia and Kentucky while maintaining a strong balance sheet [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of The Rose and the overall HRM market in Virginia, emphasizing the importance of customer education and marketing [34][70] - The company anticipates strong growth in adjusted EBITDA for 2025, driven by new projects and continued success in existing operations [46][50] - Management acknowledged challenges in the regional gaming market but remains focused on identifying growth opportunities [97] Other Important Information - The company repurchased over 160,000 shares in Q4 2024, returning over $218 million to shareholders through buybacks and dividends [53] - Bank covenant net leverage was reported at 4.0 times, with expectations for a decrease in the coming year [54] Q&A Session Summary Question: Thoughts on ROI from announced Derby projects - Management believes they can manage construction projects without disrupting the Derby experience and expects these projects to generate long-term shareholder returns [60][62] Question: The Rose's trajectory and ramp - Management is optimistic about The Rose's performance, noting the importance of patience as the market becomes educated about HRMs [70][72] Question: Five-year payback target for HRM investments - Management confirmed that a five-year payback is a reasonable target for HRM projects, including The Rose, and emphasized the importance of long-term performance [78][80] Question: Confidence in demand for premium Derby seats - Management highlighted trends in consumer behavior favoring experiential events and noted strong demand for premium seating, with plans to expand the customer base [87][90] Question: Future investment in regional gaming - Management evaluates regional gaming opportunities on a case-by-case basis, focusing on growth potential and market dynamics [96][98] Question: Gray market gaming enforcement in Kentucky and Virginia - Management reported progress in enforcing laws against gray market gaming, with ongoing efforts in both states [112][114] Question: Pricing power in a higher inflationary environment - Management indicated that current trends in wage growth and inflation have not significantly impacted pricing power across their businesses [120][121] Question: Trends in Virginia's HRM market - Management expressed confidence in the long-term growth of HRM properties in Virginia, despite short-term challenges [126][127]

Churchill Downs (CHDN) reported $624.2 million in revenue for the quarter ended December 2024, representing a year-over-year increase of 11.2%. EPS of $0.92 for the same period compares to $0.86 a year ago.The reported revenue represents a surprise of +1.29% over the Zacks Consensus Estimate of $616.24 million. With the consensus EPS estimate being $0.93, the EPS surprise was -1.08%.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 $0.92 per share, missing the Zacks Consensus Estimate of $0.93 per share. This compares to earnings of $0.86 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -1.08%. A quarter ago, it was expected that this racetrack operator and gambling company would post earnings of $0.96 per share when it actually produced earnings of $0.97, delivering a surprise of 1.04%.Over the l ...

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, 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) (State or other jurisdiction of incorporation or organ ...

FOR IMMEDIATE RELEASE Contact: Sam Ullrich (502) 638-3906 Sam.Ullrich@kyderby.com CHURCHILL DOWNS INCORPORATED REPORTS 2024 FOURTH QUARTER AND FULL YEAR RESULTS LOUISVILLE, Ky. (February 19, 2025) - 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 | CONSOLIDATED RESULTS | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | Years Ended December ...