Churchill Downs Incorporated Reports 2025 First Quarter Results

Company Highlights - Churchill Downs Incorporated reported record net revenue of $642.6 million for Q1 2025, an increase of$51.7 million or 9% compared to Q1 2024 [6][3] - Net income attributable to CDI was $76.7 million, down$3.7 million or 5% from the prior year [6][20] - Adjusted EBITDA reached a record $245.1 million, up$2.6 million or 1% year-over-year [6][3] Segment Results Live and Historical Racing - Revenue for Live and Historical Racing was $276.4 million in Q1 2025, up from$248.9 million in Q1 2024 [5][3] - Adjusted EBITDA for this segment was $102.0 million, slightly up from$100.8 million in the previous year [5][3] Wagering Services and Solutions - Revenue increased to $115.8 million in Q1 2025 from$114.1 million in Q1 2024 [9][3] - Adjusted EBITDA rose to $41.3 million, compared to$39.6 million in the prior year [9][3] Gaming - Gaming revenue increased to $267.2 million in Q1 2025, up from$243.2 million in Q1 2024 [12][3] - Adjusted EBITDA for the Gaming segment was $123.5 million, slightly up from$122.8 million [12][3] All Other - Revenue from All Other segments was $2.0 million in Q1 2025, compared to a loss of$21.7 million in Q1 2024 [16][3] - Adjusted EBITDA decreased to a loss of $21.7 million from a loss of$20.7 million in the previous year [16][3] Capital Management - The Board of Directors approved a new $500 million share repurchase program in March 2025 [18][19] - The company repurchased 798,250 shares at a total cost of$89.4 million in Q1 2025 [19][3] - As of March 31, 2025, the company had approximately $434.6 million of repurchase authority remaining under the 2025 Stock Repurchase Program [19][3] Financial Position - The company ended Q1 2025 with net bank leverage of 4.0x and returned$119.5 million of capital to shareholders through share repurchases and dividends [6][3] - The total assets of the company as of March 31, 2025, were $7,347.1 million, compared to$7,275.9 million at the end of 2024 [37][3]