Churchill Downs (CHDN) Q2 2025 Earnings Call July 24, 2025 09:00 AM ET Company ParticipantsSam Ullrich - VP - IRWilliam Carstanjen - CEO & DirectorMarcia Dall - Chief Financial OfficerBarry Jonas - Managing DirectorDavid Katz - Managing DirectorDaniel Politzer - Executive Director, Equity Research - Gaming and LodgingBrandt Montour - Director - Equity ResearchJeffrey Stantial - Managing Director - Gaming & LeisureConference Call ParticipantsChad Beynon - Managing Director, AnalystDaniel Guglielmo - Equity R ...

Churchill Downs (CHDN) Q2 2025 Earnings Call July 24, 2025 09:00 AM ET Speaker0Day, ladies and gentlemen, and welcome to the Churchill Downs Incorporated twenty twenty five Second Quarter Earnings Conference Call. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions will be given at that time. We ask all question and answer participants to please limit themselves to one question. As a reminder, this conference call is being recorded. ...

LOUISVILLE, Ky., July 23, 2025 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the "Company", "CDI", "we") today reported business results for the second quarter ended June 30, 2025. Company Highlights Second quarter 2025 financial results, as compared to the prior year quarter: All-time record net revenue of $934.4 million, up $43.7 million or 5%Net income attributable to CDI of $216.9 million, up $7.6 million or 4%All-time record Adjusted EBITDA of $450.9 million, up $6.1 million or 1% Ch ...

Company Highlights - Churchill Downs Incorporated reported record net revenue of $642.6 million for Q1 2025, an increase of $51.7 million or 9% compared to Q1 2024 [6][3] - Net income attributable to CDI was $76.7 million, down $3.7 million or 5% from the prior year [6][20] - Adjusted EBITDA reached a record $245.1 million, up $2.6 million or 1% year-over-year [6][3] Segment Results Live and Historical Racing - Revenue for Live and Historical Racing was $276.4 million in Q1 2025, up from $248.9 million in Q1 2024 [5][3] - Adjusted EBITDA for this segment was $102.0 million, slightly up from $100.8 million in the previous year [5][3] Wagering Services and Solutions - Revenue increased to $115.8 million in Q1 2025 from $114.1 million in Q1 2024 [9][3] - Adjusted EBITDA rose to $41.3 million, compared to $39.6 million in the prior year [9][3] Gaming - Gaming revenue increased to $267.2 million in Q1 2025, up from $243.2 million in Q1 2024 [12][3] - Adjusted EBITDA for the Gaming segment was $123.5 million, slightly up from $122.8 million [12][3] All Other - Revenue from All Other segments was $2.0 million in Q1 2025, compared to a loss of $21.7 million in Q1 2024 [16][3] - Adjusted EBITDA decreased to a loss of $21.7 million from a loss of $20.7 million in the previous year [16][3] Capital Management - The Board of Directors approved a new $500 million share repurchase program in March 2025 [18][19] - The company repurchased 798,250 shares at a total cost of $89.4 million in Q1 2025 [19][3] - As of March 31, 2025, the company had approximately $434.6 million of repurchase authority remaining under the 2025 Stock Repurchase Program [19][3] Financial Position - The company ended Q1 2025 with net bank leverage of 4.0x and returned $119.5 million of capital to shareholders through share repurchases and dividends [6][3] - The total assets of the company as of March 31, 2025, were $7,347.1 million, compared to $7,275.9 million at the end of 2024 [37][3]