Business
Churchill Downs Incorporated Reports 2021 Third Quarter Results
LOUISVILLE, Ky., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the "Company", "we", "us", "our") today reported business
About this update from Churchill Downs, Incorporated
[{"type":"text","content":"LOUISVILLE, Ky., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the \"Company\", \"we\", \"us\", \"our\") today reported business results for the third quarter ended September 30, 2021. Third Quarter 2021 Highlights Record third quarter net revenue of $393.0 million compared to $337.8 million in the prior year quarterRecord third quarter net income(a) of $61.4 million compared to $43.2 million in the prior year quarterRecord third quarter Adjusted EBITDA(b) of $156.1 million compared to $121.9 million in the prior year quarterTwinSpires Horse Racing delivered Adjusted EBITDA of $31.2 million in the third quarter of 2021, up 56% compared to the third quarter of 2019 TwinSpires Horse Racing handle(c) was up 31% in the third quarter of 2021 compared to the same quarter in 2019 Our wholly-owned casino properties delivered 7.6 points of margin expansion in the third quarter of 2021 compared to the third quarter of 2019Announced agreement to sell our 326-acre property in Arlington Heights, Illinois for $197.2 million to the Chicago BearsAnnounced plans to open new 500 historical racing machine (\"HRM\"), 43,000-square-foot entertainment venue, Derby City Gaming Downtown, in Louisville, KentuckyBoard of Directors authorized a new $500 million stock repurchase plan and a $0.667 per share annual dividend payable on January 7, 2022 to shareholders of record on December 3, 2021 CONSOLIDATED RESULTSThird Quarter(in millions, except per share data)2021 2020 Net revenue$393.0 $337.8 Net income (loss)(a)$61.4 $43.2 Diluted EPS(a)$1.57 $1.08 Adjusted EBITDA(b)$156.1 $121.9 (a) Reflects amounts attributable to Churchill Downs Incorporated.(b) These are non-GAAP measures. See explanation of non-GAAP measures below.(c) TwinSpires Horse Racing handle excludes handle generated by Velocity. Third Quarter 2021 Results The Company's third quarter of 2021 net income attributable to Churchill Downs Incorporated was $61.4 million compared to $43.2 million in the prior year quarter. The Company's third quarter of 2021 net income from continuing operations was $61.4 million compared to $43.1 million in the prior year quarter. The following items impacted the comparability of the Company's third quarter net income from continuing operations: $3.2 million after-tax decrease in expenses related to lower transaction, pre-opening ...