Investor Presentaiton
Capital Management
Capital management philosophy based on
creating long-term shareholder value
Maintain broad and expedient access to the capital markets
■ Ideal target is 3.0x-4.0x net leverage - willing to go higher for a strategic investment
Engage in open and active dialogue with rating agencies and institutional investors
Investments focused on creating long-term shareholder value
■ Invest in organic investments to expand offerings in high growth areas with returns above cost of capital
■ Pursue strategic acquisitions
■ Dividends are considered annually by the Board of Directors based on the health of the Company
■ Opportunistic share repurchases dependent upon free cash flow generation, leverage levels and other
investment opportunities to grow the business
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CHURCHILL DOWNS
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