Churchill Downs Q2 revenue record $768.5M; adjusted EBITDA up 25% but net income down on prior-year gain

Churchill Downs Inc

Net revenue $768.5M (record), up 32% YoY; net income $143.0M vs $339.3M due to $193.6M prior-year gain on Calder sale.
Adjusted EBITDA $363.7M (record), up 25% YoY; diluted EPS $1.86 vs $4.39 (adjusted for stock split).
Live and Historical Racing segment revenue $408M (+48%), Adjusted EBITDA $223.5M (+36%), driven by Virginia P2E acquisition and record Derby Week.
Gaming segment revenue $247.9M (+34%), Adjusted EBITDA $123.4M (+16%), driven by P2E New York and Iowa properties.
Closed $600M 6.750% senior notes due 2031; two-for-one stock split effective May 22.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Churchill Downs Inc reported the second quarter ended June 30, 2023 results: revenue $768.5 million, net income $143.0 million, EPS $1.86.

Period: the second quarter ended June 30, 2023
Revenue: $768.5 million
Net income: $143.0 million
EPS: $1.86
Result: reported results

Exact text from the filing

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 2022 – Net income of $143.0 million compared to $339.3 million in second quarter 2022 – Record Adjusted EBITDA of $363.7 million

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Source: SEC EDGAR

accession 0000020212-23-000113

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