Wed, Jul 24, 8:43 PM (45 days ago)
Churchill Downs Incorporated (CDI) reported robust financial performance for the quarter ended June 30, 2024. Key highlights include: - **Revenue**: Total net revenue increased by $122.2 million YoY to $890.7 million, driven by strong performance across segments. The Live and Historical Racing segment saw a $79.7 million increase due to record-breaking Derby Week and growth at HRM properties. The Gaming segment revenue rose by $28.3 million, primarily due to the opening of Terre Haute Casino Resort. TwinSpires segment revenue increased by $14.3 million, largely due to the Exacta acquisition. - **Operating Income**: Operating income surged by $104.4 million YoY to $330.0 million, reflecting higher revenues and operational efficiencies. - **Net Income**: Net income attributable to CDI increased by $66.3 million YoY to $209.3 million. - **Adjusted EBITDA**: Adjusted EBITDA rose by $81.1 million YoY to $444.8 million, reflecting strong segmental performance. - **Cash Flow**: Operating cash flow improved by $69.1 million YoY to $471.7 million, driven by higher operating income. - **Debt and Liquidity**: Total debt stood at $4.9 billion, with significant liquidity available under the revolving credit facility. Overall, CDI demonstrated strong financial health with substantial revenue growth, improved profitability, and robust cash flow, positioning it well for future growth and operational expansions.