Churchill Downs Inc (CHDN) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-05-18	Dec-31-17	Dec-31-16
	10-K	10-K	10-K	10-K	10-K	8-K	10-K	10-K
Revenues:
Casinos	761.8	698.4	437.8	687.3	449.5		390.9	332.8
Other Investments								20.8
Other	1,048.0	898.8	616.2	642.4	559.5		491.7	468.8
Total revenues	1,809.8	1,597.2	1,054.0	1,329.7	1,009.0	1,009.0	882.6	822.4
Revenue growth [+]	13.3%	51.5%	-20.7%	31.8%	14.3%		7.3%	3.0%
Casinos	9.1%	59.5%	-36.3%	52.9%	15.0%		17.5%	0.0%
Other Investments								25.3%
Cost of goods sold	42.1	7.9	1.0	0.0	0.0	729.6	0.0	0.0
Gross profit	1,767.7	1,589.3	1,053.0	1,329.7	1,009.0	279.4	882.6	822.4
Gross margin	97.7%	99.5%	99.9%	100.0%	100.0%	27.7%	100.0%	100.0%
Selling, general and administrative	164.2	138.5	114.8	122.0	90.6	90.6	83.5	79.4
Equity in earnings	152.7	143.2	27.7	50.6	29.6	29.6	25.5	17.4
Other operating expenses	965.0	1,151.1	860.5	988.4	729.6		631.7	594.2
EBITDA [+]	904.9	546.1	198.3	366.3	282.0		290.0	274.8
EBITDA growth	65.7%	175.4%	-45.9%	29.9%	-2.8%		5.5%	5.2%
EBITDA margin	50.0%	34.2%	18.8%	27.5%	27.9%	21.6%	32.9%	33.4%
Depreciation	109.0	98.4	88.0	81.4	57.6		90.3	99.2
EBITA	795.9	447.7	110.3	284.9	224.4	218.4	199.7	175.6
EBITA margin	44.0%	28.0%	10.5%	21.4%	22.2%	21.6%	22.6%	21.4%
Amortization of intangibles	4.7	4.8	4.9	15.0	6.0		6.8	9.4
EBIT [+]	791.2	442.9	105.4	269.9	218.4	218.4	192.9	166.2
EBIT growth	78.6%	320.2%	-60.9%	23.6%	13.2%		16.1%	9.8%
EBIT margin	43.7%	27.7%	10.0%	20.3%	21.6%	21.6%	21.9%	20.2%
Non-recurring items [+]	316.7	15.3	17.5	3.6			21.7	-23.7
Asset impairment	38.3	15.3	17.5				21.7
Loss (gain) on sale of assets	274.6							-23.7
Interest expense	147.3	84.7	80.0	70.9	40.1	40.1	49.3	43.7
Interest expense	147.3	84.7	80.0	70.9	40.1	40.1	49.3	43.7
Other income (expense), net [+]	281.6	0.7	0.1	1.0	55.6	55.6	-19.4	1.2
Other non-operating income	7.0	0.7	0.1	1.0	0.7		1.3	1.2
Other	7.0	0.7	0.1	1.0	0.7	-0.7	1.3	1.2
Pre-tax income	608.8	343.6	8.0	196.4	233.9	233.9	102.5	147.4
Income taxes	169.4	94.5	5.3	-56.8	51.3	51.3	-19.9	50.7
Tax rate	27.8%	27.5%	66.3%		21.9%	21.9%		34.4%
Minority interest			-0.2	-0.3
Earnings from continuing ops	439.4	249.1	13.5	139.9	352.8	182.6	140.5	96.7
Earnings from discontinued ops			-95.4	-2.4	0.0	170.2	0.0
Net income	439.4	249.1	-81.9	137.5	352.8	352.8	140.5	108.1
Net margin	24.3%	15.6%	-7.8%	10.3%	35.0%	35.0%	15.9%	13.1%

Basic EPS [+]	$11.59	$6.45	$0.34	$3.49	$8.54	$4.39	$2.98	$1.96
Growth	79.7%	1793.0%	-90.2%	-59.2%	187.0%		51.8%	-52.3%
Diluted EPS [+]	$11.41	$6.35	$0.34	$3.45	$8.48	$4.39	$2.93	$1.91
Growth	79.6%	1787.5%	-90.2%	-59.4%	189.7%		52.9%	-52.4%

Dividends per share [+]	$0.69	$0.64	$0.59	$0.55	$0.57		$0.46	$0.39
Growth	6.8%	8.7%	6.7%	-3.5%	26.0%		17.6%	-61.7%

Shares outstanding (basic) [+]	37.9	38.6	39.6	40.1	41.3	41.6	47.2	49.3
Growth	-1.8%	-2.5%	-1.2%	-2.9%	-12.5%		-4.3%	186.6%
Shares outstanding (diluted) [+]	38.5	39.2	40.1	40.6	41.6	41.6	48.0	50.5
Growth	-1.8%	-2.2%	-1.2%	-2.4%	-13.3%		-5.0%	186.9%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.