Loading...
•
Mar 31, 2020
Churchill Downs Q1 2020 Earnings Report
Churchill Downs Incorporated reported a net revenue decrease of 5% and a net loss attributable to CDI compared to net income in the prior year quarter.
Key Takeaways
Churchill Downs Incorporated reported first quarter results for 2020, with a decrease in net revenue and a net loss attributable to CDI. The company has taken steps to address the adverse impact of the coronavirus pandemic.
Net revenue decreased by 5% over the prior year quarter, reaching $252.9 million.
Net loss attributable to CDI was $23.4 million, compared to net income of $11.6 million in the prior year quarter.
Adjusted EBITDA decreased by 26% compared to the prior year quarter, totaling $55.3 million.
TwinSpires demonstrated strong performance with handle growth of 8.3% over the prior year quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company is unable to determine when it will be able to reopen its properties and operations and the conditions upon which it will reopen. Our second quarter of 2020 financial results will be materially impacted by the rescheduling of the Kentucky Oaks and Derby from the second quarter of 2020 to the third quarter of 2020, by the continued closure and suspended operations of our wholly-owned gaming properties and certain wholly-owned racing operations, and by the continued closure of the casino properties related to our two equity investments.
Positive Outlook
- Strong balance sheet
- Deep experience
- Resilience of the team
- Adequate cash for at least the next twelve months to fund our business operations
- Invest in key growth capital projects
Challenges Ahead
- COVID-19 pandemic impact
- Rescheduling of the Kentucky Oaks and Derby from the second quarter of 2020 to the third quarter of 2020
- Continued closure and suspended operations of our wholly-owned gaming properties
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...