Churchill Downs Inc (CHDN) Reports Q3 2023 Earnings: Net Revenue Up 49% YoY

Company's Net Income Rises 7% Compared to Prior Year Quarter

Oct 25, 2023

Summary

Churchill Downs Inc (CHDN) reported a record net revenue of $572.5 million for Q3 2023, marking a 49% increase compared to the same period last year.
The company's net income for the quarter was $61.0 million, a 7% increase from the prior year quarter.
Adjusted EBITDA for the quarter was a record $218.2 million, up 34% compared to the prior year quarter.
Churchill Downs Inc (CHDN) completed the acquisition of Exacta Systems, LLC on August 22, 2023.

Churchill Downs Inc (CHDN, Financial) released its earnings report for the third quarter ended September 30, 2023, on October 25, 2023. The company reported record net revenue of $572.5 million, a 49% increase compared to the prior year quarter. Net income for the quarter was $61.0 million, up 7% compared to the prior year quarter. The company also reported a record Adjusted EBITDA of $218.2 million, a 34% increase compared to the prior year quarter.

Financial Highlights

The company's Live and Historical Racing and Gaming segments delivered record third quarter revenue and Adjusted EBITDA. Live and Historical Racing revenue was up 120% and Adjusted EBITDA up 134% compared to the prior year quarter. Gaming revenue was up 32% and Adjusted EBITDA up 10% compared to the prior year quarter.

Churchill Downs Inc (CHDN, Financial) completed the acquisition of Exacta Systems, LLC on August 22, 2023. The company also opened Rosie's Gaming Emporium in Emporia, Virginia on September 26, 2023, marking its seventh Rosie's HRM entertainment venue in Virginia.

Share Repurchase and Dividend

The company repurchased $37.3 million of its common stock in the third quarter of 2023 and had approximately $232.9 million of repurchase authority remaining under the Company's share repurchase program as of September 30, 2023. The company's Board of Directors approved an annual cash dividend on the Company's common stock of $0.382 per outstanding share, a seven percent increase over the prior year on a split adjusted basis. The dividend is payable on January 5, 2024, to shareholders of record as of the close of business on December 1, 2023.

Future Plans

Churchill Downs Inc (CHDN, Financial) is finalizing design and construction plans for a new HRM entertainment facility on a 20-acre site with convenient access to Highway 60 in Eastern Daviess County near Owensboro, Kentucky with a target opening date in the first quarter of 2025 and a target total spend of $100 to $110 million.

Explore the complete 8-K earnings release (here) from Churchill Downs Inc for further details.

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