Wed, Apr 23, 8:35 PM (18 days ago)
Churchill Downs Incorporated (CHDN) reported its quarterly financial health for the period ending March 31, 2025. The company's total net revenue increased by $51.7 million, reaching $642.6 million, driven by growth in the Live and Historical Racing, Wagering Services and Solutions, and Gaming segments. Operating income rose by $8.3 million to $134.6 million, maintaining a consistent operating income margin of 21%. Net income attributable to Churchill Downs Incorporated decreased by $3.7 million to $76.7 million, primarily due to a $6.7 million after-tax decrease in other recoveries and a $3.0 million after-tax decrease in equity income from unconsolidated affiliates. The company's cash flow from operating activities decreased by $8.2 million to $246.5 million, while cash used in investing activities decreased by $73.3 million to $80.1 million. Cash used in financing activities increased by $46.8 million to $147.9 million, primarily due to payments on the Revolver and increased dividends. The company's total assets increased by $71.2 million to $7,347.1 million, driven by increased capital expenditures and other current assets. Total liabilities increased by $81.4 million to $6,254.0 million, primarily due to increased current deferred revenue. Total equity decreased by $11.9 million to $1,071.7 million, driven by share repurchases. Churchill Downs Incorporated's Adjusted EBITDA increased by $2.6 million to $245.1 million, driven by growth in the Live and Historical Racing, Wagering Services and Solutions, and Gaming segments. The company's debt outstanding decreased by $31.6 million to $4,907.1 million, with a net debt of $4,813.9 million. The company's credit facility consists of a $1.2 billion revolving credit facility, a $288.0 million senior secured term loan B-1, a $1.2 billion senior secured term loan A, and a $100.0 million swing line commitment. The company's estimated contractual payments under the credit agreement for the next twelve months are $170.4 million. The company's future operations may be impacted by uncertainties such as economic conditions, regulatory changes, and competitive pressures. The company's management continues to monitor these factors and adjust its strategies accordingly. The company's stock repurchase program, approved on March 12, 2025, includes up to $500.0 million, with $434.6 million of repurchase authority remaining as of March 31, 2025. The company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes in internal control over financial reporting.