Acquisition and Transactions - The Company completed the acquisition of Peninsula Pacific Entertainment LLC for a base purchase price of $2.75 billion, which includes Colonial Downs Racetrack and six HRM entertainment venues in Virginia [558]. - The company recognized a gain of $274.6 million from the sale of 115.7 acres of land near Calder Casino, contributing to other income [579]. - The company completed the sale of the Arlington Property for $197.2 million on September 29, 2021 [580]. - The Company established indefinite-lived intangible assets totaling $1.9 billion for gaming rights related to the P2E Transaction [586]. - Goodwill of $347.8 million was recognized due to the expected contribution of the P2E Transaction to the company's overall business strategy [608]. Financial Performance - Net revenue for the year ended December 31, 2022, was $2,348.7 million, an increase of 9.1% from $2,153.6 million in 2021 [579]. - Net income for 2022 was $535.4 million, significantly up from $205.1 million in 2021, reflecting a growth of 160.5% [579]. - The income tax provision for 2022 was $169.4 million, compared to $94.5 million in 2021, reflecting an increase in tax positions [622]. - The balance of tax positions as of December 31, 2022, was $6.4 million, up from $3.9 million in 2021 [625]. Revenue Recognition and Operations - The Company recognized revenue from pari-mutuel wagering, sponsorships, admissions, and other sources, with specific revenue recognition practices for on-track, export, and import revenue [563]. - The Company's revenue is influenced by its racing calendar, with the majority of live racing revenue occurring in the second quarter during the Kentucky Oaks and Derby [563]. - In 2022, the Company exited the direct online Sports and Casino business in all states except Pennsylvania and Arizona, while maintaining retail Sports operations [560]. - The Company has integrated its United Tote business into the TwinSpires segment to enhance business-to-business revenue opportunities [40]. Impairment and Depreciation - The Company evaluates its property and equipment for impairment based on estimated future cash flows, with depreciation calculated using the straight-line method [562]. - The Company recorded a $4.9 million non-cash impairment charge related to certain assets in the TwinSpires segment during 2022 [588]. - The Company recognized an impairment of $33.4 million for the Presque Isle gaming rights and trademark in Q4 2022 due to negative economic trends [619]. - The fair value of the Presque Isle reporting unit's goodwill exceeded its carrying value, resulting in no impairment recognized for goodwill in Q4 2022 [619]. - Depreciation expense increased to $109.0 million in 2022 from $98.4 million in 2021 [583]. Challenges and Market Conditions - The Company has faced challenges due to the COVID-19 pandemic, impacting revenues from events like the Kentucky Oaks and Derby, which were held without spectators in 2020 [559]. - The Company has experienced significant competition and changing consumer preferences, which may impact its operations and financial performance [46]. Stock and Compensation - The Company repurchased 873,922 shares in 2022 at an aggregate purchase price of $175.5 million [627]. - The 2016 Omnibus Stock Incentive Plan includes various forms of stock-based compensation, with a minimum vesting period of one year for awards granted [628]. Other Financial Considerations - The Company maintains an allowance for doubtful accounts for expected credit losses on financial assets, primarily included in accounts receivable [566]. - The Company updated the discount rate for impairment testing to reflect increased uncertainty in cash flows [619]. - The Company filed a refund claim in 2021 for a net operating loss from 2020, resulting in an income tax benefit of $13.3 million [623]. - The Company performed impairment testing for intangible assets and goodwill as of April 1, 2022, prior to the Q4 2022 assessment [619]. - The Company considered changes in carrying values and discount rates in its impairment evaluation [619].

Churchill Downs Incorporated (NASDAQ:CHDN) Q3 2022 Earnings Conference Call October 27, 2022 9:00 AM ET Company Participants Nick Zangari - Vice President, Treasury & Investor Relations Bill Carstanjen - Chief Executive Officer Marcia Dall - Chief Financial Officer Bill Mudd - President & Chief Operating Officer Conference Call Participants Dan Politzer - Wells Fargo Shaun Kelley - Bank of America David Katz - Jefferies Joe Stauff - Susquehanna Chad Beynon - Macquarie Operator Good day, ladies and gentlemen ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-33998 Churchill Downs Incorporated (Exact name of registrant as specified in its charter) Kentucky 61-0156015 (State or other jurisdict ...

CHURCHILL DOWNS ＩＮＣＯＲＰＯＲＡＴＥＤ Investor Presentation September 2022 Forward-Looking Statements Certain statements made in this presentation contain various "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "seek," "should," "will," and ...

Churchill Downs Incorporated (NASDAQ:CHDN) Q2 2022 Earnings Conference Call July 28, 2022 9:00 AM ET Company Participants Nick Zangari - VP, Treasury, Risk Management and IR William Carstanjen - CEO Marcia Dall - EVP and CFO William Mudd - President and COO Conference Call Participants David Katz - Jefferies Daniel Politzer - Wells Fargo Shaun Kelley - Bank of America Joe Stauff - Susquehanna Chad Beynon - Macquarie Operator Good day, ladies and gentlemen, and welcome to the Churchill Downs Incorporated 202 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-33998 Churchill Downs Incorporated (Exact name of registrant as specified in its charter) Kentucky 61-0156015 (State or other jurisdiction o ...

Churchill Downs Incorporated (NASDAQ:CHDN) Q1 2022 Earnings Conference Call April 28, 2022 9:00 AM ET Company Participants Phil Forbis - Senior Director of Financial Planning and Analysis William Carstanjen - Chief Executive Officer Marcia Dall - Executive Vice President and Chief Financial Officer William Mudd - President and Chief Operating Officer Conference Call Participants David Katz - Jefferies LLC Daniel Politzer - Wells Fargo Securities, LLC Shaun Kelley - Bank of America Merrill Lynch Brett Andres ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-33998 Churchill Downs Incorporated (Exact name of registrant as specified in its charter) Kentucky 61-0156015 (State or other jurisdiction ...

Churchill Downs, Inc. (NASDAQ:CHDN) Q4 2021 Earnings Conference Call February 24, 2022 9:00 AM ET Company Participants Nick Zangari - VP, Treasury, IR & Risk Management William Carstanjen - CEO & Director Marcia Dall - EVP & CFO William Mudd - President, COO & Interim President, Churchill Downs Racetrack Conference Call Participants David Katz - Jefferies Daniel Politzer - Wells Fargo Securities Shaun Kelley - Bank of America Merrill Lynch Joseph Stauff - Susquehanna Financial Group Zachary Silverberg - Ber ...

Common Stock, No Par Value Trading Symbol(s) The Nasdaq Stock Market LLC (Title of each class registered) CHDN (Name of each exchange on which registered) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file ...