Business
Churchill Downs Incorporated Reports 2024 Second Quarter Results
LOUISVILLE, Ky., July 24, 2024 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the “Company”, “CDI”, “we”) today reported business results
About this update from Churchill Downs, Incorporated
[{"type":"text","content":"LOUISVILLE, Ky., July 24, 2024 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the “Company”, “CDI”, “we”) today reported business results for the second quarter ended June 30, 2024. Company Highlights All-time record net revenue of $890.7 million compared to $768.5 million in second quarter 2023Net income attributable to CDI of $209.3 million compared to $143.0 million in second quarter 2023All-time record Adjusted EBITDA of $444.8 million compared to $363.7 million in second quarter 2023Delivered record second quarter revenue and Adjusted EBITDA across all of our reporting segments Live and Historical revenue up 20% and Adjusted EBITDA up 25% compared to the second quarter of 2023TwinSpires revenue up 15% and Adjusted EBITDA up 36% compared to the second quarter of 2023Gaming revenue up 11% and Adjusted EBITDA up 14% compared to the second quarter of 2023 Churchill Downs Racetrack ran the 150th Kentucky Derby with all-time record all-sources handle for the Kentucky Derby Race, Kentucky Derby Day Program, and Kentucky Derby Week Races, and with all-time record Derby Week contribution to Adjusted EBITDA We signed a new seven-year agreement with NBC to continue hosting the Kentucky Derby Week on NBC and Peacock for 2026 through 2032 We opened the Terre Haute Casino Resort in Terre Haute, Indiana on April 5, 2024 and the hotel on May 15, 2024On July 3, 2024, we successfully amended our revolving credit facility and Term Loan A facility to, among other things, extend the maturity dates from 2027 to 2029We ended the second quarter of 2024 with net bank leverage of 4.0x CONSOLIDATED RESULTS Second Quarter (in millions, except per share data)2024 2023 Net revenue$890.7 $768.5 Net income attributable to CDI$209.3 $143.0 Diluted EPS attributable to CDI$2.79 $1.86 Adjusted EBITDA(a)$444.8 $363.7 (a) 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. Live and Historical Racing Second Quarter (in millions)2024 2023 Revenue$490.2 $408.0 Adjusted EBITDA 279.2 223.5 Revenue for the second quarter of 2024 increased $82.2 million due to a $53.8 million increase at Churchill Downs Racetrack, which includes a $37.6 million increase due to a record-breaking Derby Week; a $1...