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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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☒ | 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 | | | | | |
Louisville | Kentucky | | | 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 class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, No Par Value | CHDN | The 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.
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Large accelerated filer | ☒ | | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | | Smaller 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) | 2019 | | 2018 | | 2019 | | 2018 |
Net revenue: | | | | | | | |
Churchill Downs | $ | 31.4 | | | $ | 10.8 | | | $ | 234.6 | | | $ | 167.7 | |
Online Wagering | 70.2 | | | 71.8 | | | 228.9 | | | 228.7 | |
Gaming | 178.3 | | | 110.4 | | | 524.7 | | | 330.0 | |
All Other | 26.4 | | | 28.3 | | | 60.9 | | | 63.6 | |
Total net revenue | 306.3 | | | 221.3 | | | 1,049.1 | | | 790.0 | |
Operating expense: | | | | | | | |
Churchill Downs | 30.8 | | | 19.5 | | | 127.8 | | | 87.4 | |
Online Wagering | 52.2 | | | 49.1 | | | 159.3 | | | 152.6 | |
Gaming | 137.3 | | | 81.2 | | | 395.5 | | | 238.9 | |
All Other | 22.9 | | | 23.7 | | | 59.9 | | | 62.0 | |
Selling, general and administrative expense | 34.4 | | | 21.9 | | | 89.4 | | | 63.4 | |
Transaction expense, net | 0.9 | | | 5.4 | | | 5.0 | | | 8.9 | |
Total operating expense | 278.5 | | | 200.8 | | | 836.9 | | | 613.2 | |
Operating income | 27.8 | | | 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 affiliates | 14.1 | | | 9.1 | | | 27.7 | | | 24.4 | |
Gain on Ocean Downs/Saratoga transaction | — | | | 54.9 | | | — | | | 54.9 | |
Miscellaneous, net | 0.2 | | | 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 tax | 15.2 | | | 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: | | | | | | | |
Basic | 40.0 | | | 40.7 | | | 40.2 | | | 41.6 | |
Diluted | 40.7 | | | 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 | | |
| 3 | |
CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | | | | | | | | | | |
(in millions) | September 30, 2019 | | December 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 assets | 301.9 | | | 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 liabilities | 275.8 | | | 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 revenue | 17.4 | | | 21.1 | |
Deferred income taxes | 209.8 | | | 78.2 | |
Other liabilities | 38.9 | | | 15.7 | |
Total liabilities | 2,012.1 | | | 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' equity | 550.4 | | | 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 Stock | | | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total Shareholders' Equity |
(in millions) | Shares | | Amount | | | | | | |
Balance, December 31, 2018 | 40.4 | | | $ | — | | | $ | 474.2 | | | $ | (0.9) | | | $ | 473.3 | |
Net income | | | | | 11.6 | | | | | 11.6 | |
Issuance of common stock | 0.1 | | | — | | | | | | | — | |
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 compensation | | | 4.7 | | | | | | | 4.7 | |
Adoption of ASC 842 | | | | | (0.3) | | | | | (0.3) | |
Other | | | | | 0.2 | | | | | 0.2 | |
Balance, March 31, 2019 | 40.2 | | | — | | | 457.8 | | | (0.9) | | | 456.9 | |
Net income | | | | | 107.1 | | | | | 107.1 | |
Repurchase of common stock | (0.2) | | | (4.4) | | | (13.6) | | | | | (18.0) | |
Stock-based compensation | | | 7.4 | | | | | | | 7.4 | |
Other | | | (0.1) | | | | | | | (0.1) | |
Balance, June 30, 2019 | 40.0 | | | 2.9 | | | 551.3 | | | (0.9) | | | 553.3 | |
Net income | | | | | 14.8 | | | | | 14.8 | |
Issuance of common stock | 0.1 | | | 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 compensation | | | 5.5 | | | | | | | 5.5 | |
Other | | | 0.1 | | | (0.1) | | | | | — | |
Balance, September 30, 2019 | 39.9 | | | $ | — | | | $ | 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 Stock | | | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total Shareholders' Equity |
(in millions) | Shares | | Amount | | | | | | |
Balance, December 31, 2017 | 46.2 | | | $ | 7.3 | | | $ | 634.3 | | | $ | (1.3) | | | $ | 640.3 | |
Net income | | | | | 182.0 | | | | | 182.0 | |
Issuance of common stock | 0.1 | | | — | | | | | | | — | |
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 compensation | | | 6.2 | | | | | | | 6.2 | |
Adoption of ASC 606 | | | | | 29.7 | | | | | 29.7 | |
Other | | | | | | | 0.4 | | | 0.4 | |
Balance, March 31, 2018 | 40.6 | | | — | | | 345.1 | | | (0.9) | | | 344.2 | |
Net income | | | | | 103.1 | | | | 103.1 | |
Issuance of common stock | 0.1 | | | — | | | | | | | — | |
Repurchase of common stock | — | | | (0.3) | | | | | | | | (0.3) | |
Stock-based compensation | | | 6.4 | | | | | | | 6.4 | |
Other | | | (0.1) | | | (0.1) | | | | | (0.2) | |
Balance, June 30, 2018 | 40.7 | | | 6.0 | | | 448.1 | | | (0.9) | | | 453.2 | |
Net income | | | | | 56.3 | | | | | 56.3 | |
Issuance of common stock | — | | | 1.5 | | | | | | | 1.5 | |
Stock-based compensation | | | 3.9 | | | | | | | 3.9 | |
Other | | | 0.1 | | | (0.3) | | | | | (0.2) | |
Balance, September 30, 2018 | 40.7 | | | $ | 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 | | |
| 6 | |
CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| | | | | | | | | | | |
| Nine Months Ended September 30, | | |
(in millions) | 2019 | | 2018 |
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 amortization | 64.3 | | | 45.8 | |
Distributions from unconsolidated affiliates | 24.7 | | | 14.4 | |
Equity in income of unconsolidated affiliates | (27.7) | | | (24.4) | |
Stock-based compensation | 17.6 | | | 16.5 | |
Deferred income taxes | 22.0 | | | 24.7 | |
Gain on sale of Big Fish Games | — | | | (219.5) | |
Gain on Ocean Downs/Saratoga transaction | — | | | (54.9) | |
Other | 2.0 | | | (1.8) | |
Changes in operating assets and liabilities, net of business acquisitions and dispositions: | | | |
Income taxes | 15.5 | | | 31.2 | |
Deferred revenue | (36.0) | | | (43.6) | |
Other assets and liabilities | 44.3 | | | 5.6 | |
Net cash provided by operating activities | 260.2 | | | 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 affiliates | 5.8 | | | — | |
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 obligations | 1,236.0 | | | 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 activities | 490.9 | | | (899.1) | |
Net increase in cash, cash equivalents and restricted cash | 60.5 | | | 85.2 | |
Effect of exchange rate changes on cash flows | — | | | (0.6) | |
Cash, cash equivalents and restricted cash, beginning of period | 173.3 | | | 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 | | |
| 7 | |
CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited)
| | | | | | | | | | | |
| Nine Months Ended September 30, | | |
(in millions) | 2019 | | 2018 |
Supplemental disclosures of cash flow information: | | | |
Cash paid during the period for: | | | |
Interest | $ | 40.3 | | | $ | 26.1 | |
Income taxes | |