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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, 2019
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 of incorporation or organization)
(I.R.S. Employer Identification No.)
600 North Hurstbourne Parkway, Suite 400
LouisvilleKentucky
40222
(Address of Principal Executive Offices)
(Zip Code)
(502) 636-4400
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, No Par ValueCHDNThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  Yes     No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No  
The number of shares outstanding of registrant’s common stock at October 16, 2019 was 39,831,864 shares.




CHURCHILL DOWNS INCORPORATED
INDEX TO QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended September 30, 2019
 

FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019
2


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in millions, except per common share data)2019201820192018
Net revenue:
Churchill Downs$31.4  $10.8  $234.6  $167.7  
Online Wagering70.2  71.8  228.9  228.7  
Gaming178.3  110.4  524.7  330.0  
All Other26.4  28.3  60.9  63.6  
Total net revenue306.3  221.3  1,049.1  790.0  
Operating expense:
Churchill Downs30.8  19.5  127.8  87.4  
Online Wagering52.2  49.1  159.3  152.6  
Gaming137.3  81.2  395.5  238.9  
All Other22.9  23.7  59.9  62.0  
Selling, general and administrative expense34.4  21.9  89.4  63.4  
Transaction expense, net0.9  5.4  5.0  8.9  
Total operating expense278.5  200.8  836.9  613.2  
Operating income27.8  20.5  212.2  176.8  
Other income (expense):
Interest expense, net(18.9) (9.9) (52.0) (29.2) 
Equity in income of unconsolidated affiliates14.1  9.1  27.7  24.4  
Gain on Ocean Downs/Saratoga transaction  54.9    54.9  
Miscellaneous, net0.2  0.1  0.6  0.5  
Total other income (expense)(4.6) 54.2  (23.7) 50.6  
  Income from continuing operations before provision for income taxes
23.2  74.7  188.5  227.4  
Income tax provision(8.0) (16.7) (53.1) (52.1) 
Income from continuing operations, net of tax15.2  58.0  135.4  175.3  
(Loss) income from discontinued operations, net of tax(0.4) (1.7) (1.9) 166.1  
Net income$14.8  $56.3  $133.5  $341.4  
Net income (loss) per common share data - basic:
Continuing operations$0.38  $1.43  $3.37  $4.22  
Discontinued operations$(0.01) $(0.04) $(0.05) $4.00  
Net income per common share data - basic$0.37  $1.39  $3.32  $8.22  
Net income (loss) per common share data - diluted:
Continuing operations$0.37  $1.42  $3.33  $4.19  
Discontinued operations$(0.01) $(0.04) $(0.05) $3.97  
Net income per common share data - diluted$0.36  $1.38  $3.28  $8.16  
Weighted average shares outstanding:
Basic40.0  40.7  40.2  41.6  
Diluted40.7  41.0  40.7  41.8  
Other comprehensive income:
Foreign currency translation, net of tax$  $  $  $0.6  
Change in pension benefits, net of tax  0.2    (0.2) 
Other comprehensive income  0.2    0.4  
Comprehensive income$14.8  $56.5  $133.5  $341.8  
The accompanying notes are an integral part of the condensed consolidated financial statements.
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019
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CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in millions)September 30, 2019December 31, 2018
ASSETS
Current assets:
Cash and cash equivalents
$189.8  $133.3  
Restricted cash
44.0  40.0  
Accounts receivable, net
35.4  28.8  
Income taxes receivable
1.4  17.0  
Other current assets
31.3  22.4  
Total current assets301.9  241.5  
Property and equipment, net
895.2  757.5  
Investment in and advances to unconsolidated affiliates
625.0  108.1  
Goodwill
363.8  338.0  
Other intangible assets, net
355.8  264.0  
Other assets
20.8  16.1  
Total assets$2,562.5  $1,725.2  
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$75.8  $47.0  
Purses payable
26.3  15.8  
Account wagering deposit liabilities
31.1  29.6  
Accrued expense
124.5  89.8  
Current deferred revenue
14.1  47.9  
Current maturities of long-term debt
4.0  4.0  
Dividends payable
  22.5  
Total current liabilities275.8  256.6  
Long-term debt, net of current maturities and loan origination fees
384.8  387.3  
Notes payable, net of debt issuance costs
1,085.4  493.0  
Non-current deferred revenue17.4  21.1  
Deferred income taxes
209.8  78.2  
Other liabilities
38.9  15.7  
Total liabilities2,012.1  1,251.9  
Commitments and contingencies
Shareholders' equity:
Preferred stock, no par value; 0.3 shares authorized; no shares issued or outstanding
    
Common stock, no par value; 150.0 shares authorized; 39.9 shares issued and outstanding at September 30, 2019 and 40.4 shares at December 31, 2018
    
Retained earnings
551.3  474.2  
Accumulated other comprehensive loss
(0.9) (0.9) 
Total shareholders' equity550.4  473.3  
Total liabilities and shareholders' equity$2,562.5  $1,725.2  
The accompanying notes are an integral part of the condensed consolidated financial statements.
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019
4


CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
Common StockRetained
Earnings
Accumulated Other Comprehensive LossTotal Shareholders' Equity
(in millions)SharesAmount
Balance, December 31, 201840.4  $  $474.2  $(0.9) $473.3  
Net income11.6  11.6  
Issuance of common stock0.1      
Repurchase of common stock(0.3) (4.7) (20.3) (25.0) 
Taxes paid related to net share settlement of stock awards
(0.1)   (7.6) (7.6) 
Issuance of restricted stock awards, net of forfeitures
0.1      
Stock-based compensation4.7  4.7  
Adoption of ASC 842(0.3) (0.3) 
Other0.2  0.2  
Balance, March 31, 201940.2    457.8  (0.9) 456.9  
Net income107.1  107.1  
Repurchase of common stock(0.2) (4.4) (13.6) (18.0) 
Stock-based compensation7.4  7.4  
Other(0.1) (0.1) 
Balance, June 30, 201940.0  2.9  551.3  (0.9) 553.3  
Net income14.8  14.8  
Issuance of common stock0.1  1.9  1.9  
Repurchase of common stock(0.2) (10.4) (14.6) (25.0) 
Taxes paid related to net share settlement of stock awards
    (0.1) (0.1) 
Stock-based compensation5.5  5.5  
Other0.1  (0.1)   
Balance, September 30, 201939.9  $  $551.3  $(0.9) $550.4  
The accompanying notes are an integral part of the condensed consolidated financial statements.
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019
5


CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
Common StockRetained
Earnings
Accumulated Other Comprehensive LossTotal Shareholders' Equity
(in millions)SharesAmount
Balance, December 31, 201746.2  $7.3  $634.3  $(1.3) $640.3  
Net income182.0  182.0  
Issuance of common stock0.1      
Repurchase of common stock(5.7) (13.5) (488.0) (501.5) 
Taxes paid related to net share settlement of stock awards
(0.1)   (12.9) (12.9) 
Issuance of restricted stock awards, net of forfeitures
0.1      
Stock-based compensation6.2  6.2  
Adoption of ASC 60629.7  29.7  
Other0.4  0.4  
Balance, March 31, 201840.6    345.1  (0.9) 344.2  
Net income103.1103.1  
Issuance of common stock0.1      
Repurchase of common stock  (0.3) (0.3) 
Stock-based compensation6.4  6.4  
Other(0.1) (0.1) (0.2) 
Balance, June 30, 201840.7  6.0  448.1  (0.9) 453.2  
Net income56.3  56.3  
Issuance of common stock  1.5  1.5  
Stock-based compensation3.9  3.9  
Other0.1  (0.3) (0.2) 
Balance, September 30, 201840.7  $11.5  $504.1  $(0.9) $514.7  
The accompanying notes are an integral part of the condensed consolidated financial statements.
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019
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CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
(in millions)20192018
Cash flows from operating activities:
Net income$133.5  $341.4  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization64.3  45.8  
Distributions from unconsolidated affiliates24.7  14.4  
Equity in income of unconsolidated affiliates(27.7) (24.4) 
Stock-based compensation17.6  16.5  
Deferred income taxes22.0  24.7  
Gain on sale of Big Fish Games  (219.5) 
Gain on Ocean Downs/Saratoga transaction  (54.9) 
Other2.0  (1.8) 
Changes in operating assets and liabilities, net of business acquisitions and dispositions:
Income taxes15.5  31.2  
Deferred revenue(36.0) (43.6) 
Other assets and liabilities44.3  5.6  
Net cash provided by operating activities260.2  135.4  
Cash flows from investing activities:
Capital maintenance expenditures(37.7) (19.9) 
Capital project expenditures(53.3) (105.6) 
Acquisition of businesses, net of cash acquired(172.1) 13.1  
Investments in and advances to unconsolidated affiliates(410.1)   
Distributions of capital from unconsolidated affiliates5.8    
Acquisition of gaming licenses(22.1)   
Proceeds from sale of Big Fish Games  970.7  
Other(1.1) (9.4) 
Net cash (used in) provided by investing activities(690.6) 848.9  
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations1,236.0  129.7  
Repayments of borrowings under long-term debt obligations(639.0) (374.7) 
Repayment of Ocean Downs debt  (54.7) 
Payment of dividends(22.2) (23.5) 
Repurchase of common stock(66.8) (501.8) 
Taxes paid related to net share settlement of stock awards (7.7) (12.9) 
Debt issuance costs(8.9)   
Big Fish Games earnout payment  (31.8) 
Big Fish Games deferred payment   (26.4) 
Other(0.5) (3.0) 
Net cash provided by (used in) financing activities490.9  (899.1) 
Net increase in cash, cash equivalents and restricted cash60.5  85.2  
Effect of exchange rate changes on cash flows  (0.6) 
Cash, cash equivalents and restricted cash, beginning of period173.3  85.5  
Cash, cash equivalents and restricted cash, end of period$233.8  $170.1  
The accompanying notes are an integral part of the condensed consolidated financial statements.
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019
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CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited)

Nine Months Ended September 30,
(in millions)20192018
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest$40.3  $26.1  
Income taxes