Business
Churchill Downs Incorporated Reports 2022 Second Quarter Results
LOUISVILLE, Ky., July 27, 2022 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the "Company") today reported business results for the second
About this update from Churchill Downs, Incorporated
[{"type":"text","content":"LOUISVILLE, Ky., July 27, 2022 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the \"Company\") today reported business results for the second quarter ended June 30, 2022. Second Quarter 2022 Highlights Record second quarter 2022 results: Record net revenue of $582.5 million compared to $515.1 million in second quarter 2021Record net income of $339.3 million compared to $108.3 million in second quarter 2021Record Adjusted EBITDA of $291.2 million compared to $233.3 million in second quarter 2021 Our Live and Historical Racing segment delivered record revenue and Adjusted EBITDA, with Adjusted EBITDA up 67% compared to the second quarter of 2021 Churchill Downs Racetrack ran the 148th Kentucky Derby with record Derby Week all-sources handle for Churchill Downs Racetrack, record Derby Week Adjusted EBITDA, and debuted the new Homestretch Club The TwinSpires segment delivered Adjusted EBITDA of $33.9 million, up 38% compared to the second quarter of 2021Closed on the sale of 115.7 acres of excess land near Calder Casino for $291 million CONSOLIDATED RESULTS Second Quarter(in millions, except per share data) 2022 2021 Net revenue$ 582.5 $ 515.1 Net income$ 339.3 $ 108.3 Diluted EPS$ 8.79 $ 2.76 Adjusted EBITDA(a)$ 291.2 $ 233.3 (a) This is a non-GAAP measure. See explanation of non-GAAP measures below. Second Quarter 2022 Results The Company's second quarter of 2022 net income was $339.3 million compared to $108.3 million in the prior year quarter. The following items impacted the comparability of the Company's second quarter net income: $193.6 million after-tax gain on the sale of Calder land;$8.1 million after-tax charge related to the 2021 asset impairment at Churchill Downs Racetrack that did not recur in 2022;$4.7 million after-tax decrease in expenses related to our equity portion of Rivers Des Plaines' legal reserves and transaction costs; and$0.3 million after-tax benefit increase related to our equity portion of the non-cash change in the fair value of Rivers Des Plaines' interest rate swaps. These increases were partially offset by: $2.8 million after-tax increase in expenses related to transaction, pre-opening and other expenses, net; and$2.3 million after-tax increase in legal reserves. Excluding the items above, second quarter 2022 adjusted net income increased $29.4 million primarily due to the followi...