Business
Churchill Downs Incorporated Reports 2022 Fourth Quarter and Full Year Results
LOUISVILLE, Ky., Feb. 22, 2023 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the “Company”, “CDI”) today reported business results for the
About this update from Churchill Downs, Incorporated
[{"type":"text","content":"LOUISVILLE, Ky., Feb. 22, 2023 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the “Company”, “CDI”) today reported business results for the quarter and full year ended December 31, 2022. Company Highlights Record 2022 net revenue of $1,809.8 million, up 13% compared to $1,597.2 million in the prior yearRecord 2022 net income of $439.4 million, up 76% compared to $249.1 million in the prior yearRecord 2022 Adjusted EBITDA of $763.6 million, up 22% compared to $627.0 million in the prior yearWe successfully ran the 148th Kentucky Derby on the first Saturday in May generating record Adjusted EBITDAWe completed the acquisition of substantially all the assets of Peninsula Pacific Entertainment LLC with a purchase price of $2.75 billion on November 1, 2022 (“P2E Transaction”)We completed the acquisition of Chasers Poker Room in Salem, New Hampshire on September 2, 2022, which will enable the Company to expand its historical racing machine (“HRM”) strategy with table games to the New England market (“Chasers Transaction”)We completed the acquisition of Ellis Park Racing & Gaming on September 26, 2022, which includes the rights to build a HRM entertainment venue in Owensboro, Kentucky (“Ellis Park Transaction”)We closed the sale of the excess Calder land for $291.0 million on June 17, 2022We closed the sale of our Arlington Heights, Illinois property to the Chicago Bears for $197.2 million on February 15, 2023 CONSOLIDATED RESULTS Fourth Quarter Years Ended December 31,(in millions, except per share data) 2022 2021 2022 2021 Net revenue$480.1 $364.8 $1,809.8 $1,597.2Net income$1.0 $43.3 $439.4 $249.1Diluted EPS$0.03 $1.11 $11.42 $6.35Adjusted EBITDA(a)$180.7 $127.0 $763.6 $627.0 (a) This is a non-GAAP measure. See explanation of non-GAAP measures below. SEGMENT RESULTS During the first quarter of 2022, we updated our operating segments to include the results of our United Tote business in the TwinSpires segment. Results of our United Tote business were previously included in our All Other segment. During the fourth quarter of 2022, we also updated our operating segments to reflect the geographies in which we operate. The summaries below present net revenue from external customers and intercompany revenue from each of our reportable segments. Live and Historical Racing Fourth Quarter Years Ended December 31,(in millions...