Business
Churchill Downs Incorporated Reports 2023 Second Quarter Results
LOUISVILLE, Ky., July 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., July 26, 2023 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the \"Company\", \"CDI\") today reported business results for the second quarter ended June 30, 2023. Company Highlights Second quarter results: Record net revenue of $768.5 million compared to $582.5 million in second quarter 2022Net income of $143.0 million compared to $339.3 million in second quarter 2022Record Adjusted EBITDA of $363.7 million compared to $291.2 million in second quarter 2022 Our Live and Historical Racing segment delivered all-time record revenue and Adjusted EBITDA, with revenue up 48% and Adjusted EBITDA up 36% compared to the second quarter of 2022 Churchill Downs Racetrack ran the 149th Kentucky Derby with record Derby Week all-sources handle, record Derby Week contribution to Adjusted EBITDA, and the debut of the new First Turn ExperienceWe opened a new 123-room hotel, chop house, bourbon bar, and sports bar at Derby City Gaming and Hotel in Louisville, Kentucky in June 2023 Our Gaming segment delivered record second quarter revenue and Adjusted EBITDA, with revenue up 34% and Adjusted EBITDA up 16% compared to the second quarter of 2022We closed an offering of $600 million of 6.750% senior notes due 2031 on April 25, 2023Effective May 22, 2023, the Company's common stock was split two-for-one with a proportionate increase in the number of its authorized shares of common stock CONSOLIDATED RESULTS Second Quarter(in millions, except per share data)2023 2022 Net revenue$768.5 $582.5Net income$143.0 $339.3Diluted EPS (a)$1.86 $4.39Adjusted EBITDA(b)$363.7 $291.2 (a) The number of shares have been adjusted for the stock split.(b) This is a non-GAAP measure. See explanation of non-GAAP measures below. SEGMENT RESULTS The summaries below present revenue from external customers and intercompany revenue from each of our reportable segments. All comparisons discussed below are referencing the second quarter of 2023 as compared to the second quarter of 2022. Live and Historical Racing Second Quarter(in millions)2023 2022 Revenue$408.0 $275.9Adjusted EBITDA 223.5 163.9 For the second quarter of 2023, revenue increased $132.1 million due to a $94.6 million increase attributable to the Virginia properties acquired in the P2E Transaction, a $20.5 million increase due to a record-breaking Derby Week at Churchill Downs Race...