Business
Churchill Downs Incorporated Reports 2023 First Quarter Results
LOUISVILLE, Ky., April 26, 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., April 26, 2023 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the \"Company\", \"CDI\") today reported business results for the first quarter ended March 31, 2023. Company Highlights First quarter results: Record net revenue of $559.5 million compared to $364.1 million in first quarter 2022Net income of $155.7 million compared to $42.1 million in first quarter 2022Record Adjusted EBITDA of $222.9 million compared to $128.5 million in first quarter 2022 Delivered record first quarter Adjusted EBITDA across all three reporting segments: Live and Historical Racing up 194% compared to the first quarter of 2022TwinSpires up 22% compared to the first quarter of 2022Gaming up 42% compared to the first quarter of 2022 Closed the sale of our Arlington Heights, Illinois property to the Chicago Bears for $197.2 million on February 15, 2023Amended our senior secured credit agreement to increase the loans under the existing Term Loan A credit facility due 2027 by $500 million (from $800 million to $1.3 billion) on February 24, 2023Closed an offering of $600 million of 6.750% senior notes due 2031 on April 25, 2023Announced a two-for-one stock split of the Company's common stock and a proportionate increase in the number of its authorized shares of common stock on April 25, 2023 CONSOLIDATED RESULTS First Quarter(in millions, except per share data) 2023 2022 Net revenue$559.5 $364.1Net income$155.7 $42.1Diluted EPS$4.09 $1.08Adjusted EBITDA(a)$222.9 $128.5 (a) This is a non-GAAP measure. See explanation of non-GAAP measures below. SEGMENT RESULTS The summaries below present net revenue from external customers and intercompany revenue from each of our reportable segments. All comparisons discussed below are referencing the first quarter of 2023 as compared to the first quarter of 2022. Live and Historical Racing First Quarter(in millions) 2023 2022 Net revenue$215.8 $87.2Adjusted EBITDA 82.1 27.9 For the first quarter of 2023, net revenue increased $128.6 million due to a $97.7 million increase attributable to the Virginia properties acquired in the P2E Transaction, a $15.6 million increase due to the opening of Turfway Park in Northern Kentucky in September 2022, a $7.5 million increase attributable to properties acquired in the Ellis Park and Chasers Transactions, a $6.2 million increase from our Oak Grove ...