XML 66 R56.htm IDEA: XBRL DOCUMENT v3.21.2
Segment Information - Reconciliation of Comprehensive Income to Adjusted EBITDA by Segment (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Sep. 30, 2021
Sep. 30, 2020
Segment Reporting Information [Line Items]                
Net revenue $ 393.0     $ 337.8     $ 1,232.4 $ 775.8
Adjusted EBITDA 156.1     121.9     500.0 207.3
Net income (loss) and comprehensive income (loss) attributable to Churchill Downs Incorporated 61.4     43.2     205.8 (99.0)
Net loss attributable to noncontrolling interest 0.0     0.1     0.0 0.2
Net income (loss) before noncontrolling interest 61.4 $ 108.3 $ 36.1 43.1 $ (118.8) $ (23.5) 205.8 (99.2)
Loss from discontinued operations, net of tax 0.0     0.0     0.0 96.1
Net income (loss) from continuing operations 61.4     43.1     205.8 (3.1)
Depreciation and amortization 25.9     22.4     77.9 66.5
Interest expense 21.7     19.7     63.1 59.3
Income tax provision (benefit) 26.3     13.9     84.1 (5.6)
EBITDA 135.3     99.1     430.9 117.1
Stock-based compensation expense 7.8     6.9     20.4 17.3
Other charges 0.0     0.8     0.2 0.7
Pre-opening expense and other expense 1.7     6.2     3.8 9.8
Asset impairments 0.0     0.0     11.2 17.5
Transaction expense, net 2.0     0.5     2.1 1.0
Interest, depreciation and amortization expense related to equity investments 10.7     9.9     30.8 29.2
Changes in fair value of Rivers Des Plaines' interest rate swaps (2.0)     (1.5)     (8.0) 14.7
Rivers Des Plaines' legal reserves and transaction costs 0.6     0.0     8.6 0.0
Total adjustments to EBITDA 20.8     22.8     69.1 90.2
Adjusted EBITDA 156.1     121.9     500.0 207.3
Operating Segments                
Segment Reporting Information [Line Items]                
Net revenue 393.0     337.8     1,232.4 775.8
Adjusted EBITDA 159.1     131.4     523.6 236.8
Adjusted EBITDA 159.1     131.4     523.6 236.8
All Other                
Segment Reporting Information [Line Items]                
Net revenue 26.2     13.4     53.2 26.4
Adjusted EBITDA (3.0)     (9.5)     (23.6) (29.5)
Adjusted EBITDA (3.0)     (9.5)     (23.6) (29.5)
Live and Historical Racing                
Segment Reporting Information [Line Items]                
Net revenue 81.5     71.1     336.7 130.5
Taxes and purses (24.6)     (20.4)     (95.4) (43.9)
Marketing and advertising (2.9)     (2.7)     (9.9) (4.2)
Salaries and benefits (10.9)     (8.8)     (36.2) (21.3)
Content expense (0.5)     (0.2)     (1.9) (1.0)
Selling, general and administrative expense (3.1)     (2.8)     (9.2) (5.7)
Other operating expense (11.8)     (12.1)     (39.8) (25.7)
Other income 0.0     0.0     0.1 0.0
Adjusted EBITDA 27.7     24.1     144.4 28.7
Asset impairments   $ 11.2            
Adjusted EBITDA 27.7     24.1     144.4 28.7
Live and Historical Racing | Operating Segments                
Segment Reporting Information [Line Items]                
Net revenue 79.7     63.8     318.8 115.2
Adjusted EBITDA 27.7     24.1     144.4 28.7
Adjusted EBITDA 27.7     24.1     144.4 28.7
TwinSpires                
Segment Reporting Information [Line Items]                
Net revenue 102.2     127.6     338.2 318.7
Taxes and purses (8.0)     (8.2)     (22.7) (19.2)
Marketing and advertising (10.6)     (6.9)     (35.8) (13.3)
Salaries and benefits (3.6)     (3.1)     (9.9) (9.6)
Content expense (47.1)     (62.7)     (162.1) (154.4)
Selling, general and administrative expense (2.2)     (3.9)     (6.8) (7.0)
Other operating expense (10.0)     (10.2)     (34.6) (28.0)
Other income 0.0     0.0     0.0 0.1
Adjusted EBITDA 20.7     32.6     66.3 87.3
Adjusted EBITDA 20.7     32.6     66.3 87.3
TwinSpires | Operating Segments                
Segment Reporting Information [Line Items]                
Net revenue 101.8     127.1     337.1 317.5
Adjusted EBITDA 20.7     32.6     66.3 87.3
Adjusted EBITDA 20.7     32.6     66.3 87.3
Gaming                
Segment Reporting Information [Line Items]                
Net revenue 185.6     133.7     525.6 318.4
Taxes and purses (71.8)     (51.5)     (201.1) (124.5)
Marketing and advertising (3.6)     (0.6)     (7.5) (6.3)
Salaries and benefits (22.5)     (19.1)     (63.0) (57.6)
Content expense (1.2)     (1.2)     (3.5) (2.6)
Selling, general and administrative expense (7.1)     (8.2)     (19.0) (18.8)
Other operating expense (19.7)     (14.3)     (52.9) (44.8)
Other income 51.0     35.9     134.3 57.0
Adjusted EBITDA 110.7     74.7     312.9 120.8
Adjusted EBITDA 110.7     74.7     312.9 120.8
Gaming | Operating Segments                
Segment Reporting Information [Line Items]                
Net revenue 185.3     133.5     523.3 316.7
Adjusted EBITDA 110.7     74.7     312.9 120.8
Adjusted EBITDA $ 110.7     $ 74.7     $ 312.9 $ 120.8