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Churchill Downs Included Stories 2021 First Quarter Outcomes

LOUISVILLE, Ky., April 21, 2021 (GLOBE NEWSWIRE) — Churchill Downs Included (Nasdaq: CHDN) (the “Firm”, “we”, “us”, “our”) right this moment reported enterprise outcomes for the primary quarter ended March 31, 2021.

First Quarter 2021 Highlights

  • Web income of $324.3 million, up 28% over the prior yr quarter
  • Web revenue(a) of $36.1 million in comparison with web lack of $23.4 million within the prior yr quarter 
    • Adjusted web revenue(a) of $34.6 million, in comparison with $2.0 million within the prior yr quarter
  • Adjusted EBITDA of $110.6 million, up 100% in comparison with $55.3 million within the prior yr quarter
  • Derby Metropolis Gaming delivered file web income of $32.9 million, up 52% over the prior yr quarter
  • Our TwinSpires Horse Racing enterprise delivered file first quarter web income of $93.1 million, up 39% over the prior yr quarter
  • Our TwinSpires Sports activities and On line casino enterprise launched sports activities betting and iGaming operations in Michigan on January 22, 2021 and sports activities betting operations in Tennessee on March 18, 2021
  • Our Gaming Section delivered file Adjusted EBITDA of $82.4 million, up 72% over the prior yr quarter
  • In February 2021, Kentucky handed laws that clarifies the legality of historic racing machines
  • On February 1, 2021, we bought a million shares of CHDN inventory from The Duchossois Group for $193.94 per share ($193.9 million complete) in a privately negotiated transaction

(a) Displays quantities attributable to Churchill Downs Included.

Churchill Downs Included Stories 2021 First Quarter Outcomes

(a) Displays quantities attributable to Churchill Downs Included.
(b) These are non-GAAP measures. See clarification of non-GAAP measures under.

 

First Quarter 2021 Outcomes

The Firm’s first quarter of 2021 web revenue attributable to Churchill Downs Included was $36.1 million in comparison with web loss attributable to Churchill Downs Included of $23.4 million within the prior yr quarter. The Firm’s first quarter of 2021 web revenue from persevering with operations was $36.1 million in comparison with web loss from persevering with operations of $22.6 million within the prior yr quarter. We should not have any noncontrolling curiosity as of the primary quarter of 2021 in comparison with a web loss attributable to our noncontrolling curiosity of $0.1 million within the prior yr quarter.

The next objects impacted the comparability of the Firm’s first quarter web revenue from persevering with operations:

  • $14.0 million after-tax expense lower associated to our fairness portion of the non-cash change in truthful worth of Rivers On line casino Des Plaines (“Rivers Des Plaines”) rate of interest swaps;
  • $12.0 million non-cash after-tax impression associated to our intangible asset impairment from the primary quarter of 2020 that didn’t recur within the first quarter of 2021; and
  • $1.0 million after-tax expense lower associated to decrease transaction, pre-opening and different bills.
  • Partially offset by a $0.9 million after-tax improve in Rivers Des Plaines’ authorized reserves and transaction prices.

Excluding these things, first quarter 2021 web revenue from persevering with operations elevated $32.6 million primarily because of the following:

  • $33.4 million after-tax improve pushed by the outcomes of our operations and fairness revenue from our unconsolidated associates.
  • Partially offset by $0.8 million after-tax improve in curiosity expense related to greater excellent debt balances.

Section Outcomes

Throughout the first quarter of 2021, we up to date our working segments as follows:

  • We modified the Churchill Downs section to the Stay and Historic Racing section to facilitate the realignment of our new HRM services – Oak Grove Racing, Gaming & Lodge (“Oak Grove”), Newport Racing & Gaming (“Newport”), and Turfway Park from All Different to this section. The Stay and Historic Racing section now contains Churchill Downs Racetrack, Derby Metropolis Gaming, Oak Grove, Turfway Park, and Newport.
  • We renamed the On-line Wagering section to the TwinSpires section to facilitate the realignment of our retail sports activities betting outcomes at our wholly-owned casinos from our Gaming section to the TwinSpires section.

The summaries under current web income from exterior clients and intercompany income from every of our reportable segments:

Churchill Downs Included Stories 2021 First Quarter Outcomes

For the primary quarter of 2021, web income elevated $35.6 million from the prior yr quarter primarily attributable to a $19.4 million improve at Oak Grove because of the opening of the HRM facility in September 2020 and the lodge in October 2020, an $11.3 million improve from Derby Metropolis Gaming primarily because of the short-term suspension of operations in March 2020 because of the COVID-19 international pandemic and the completion of their second out of doors patio which added an extra 225 HRMs in September 2020, a $4.4 million improve at Newport because of the opening in October 2020, and a $0.5 million improve from different sources.

Adjusted EBITDA elevated $17.3 million within the first quarter of 2021 from the prior yr quarter attributable to a $8.9 million improve from Derby Metropolis Gaming because of the improve in web income, elevated working efficiencies, and the short-term closure of the property in March 2020, a $6.6 million improve at Oak Grove because of the opening of the HRM facility in September 2020, a $0.8 million improve at Turfway Park attributable to a rise in deal with, a $0.7 million improve at Newport because of the opening in October 2020, and a $0.3 million improve at Churchill Downs Racetrack primarily because of the short-term suspension of operations in March 2020.

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