Investor Presentaiton
Reconciliation from GAAP to Non-GAAP Financial Measures
Reconciliation of Comprehensive Income to Adjusted EBITDA
(in millions)
Three Months Ended
September 30,
2023
2022
Years Ended
December 31,
2022
2021
Net income (loss) attributable to CDI
61.0
57.0
439.4
249.1
Net loss attributable to noncontrolling interest
Net Income (loss) before noncontrolling interest
61.0
57.0
439.4
249.1
(Income) Loss from discontinued operations, net of tax
Income from continuing operations, net of tax
61.0
57.0
439.4
249.1
Additions:
Depreciation and amortization
Interest expense
Income tax provision (benefit)
EBITDA
Adjustments to EBITDA:
42.1
27.5
113.7
103.2
67.9
36.2
147.3
84.7
20.8
16.4
169.4
94.5
$
191.8
$
137.1
$
869.8
$
531.5
Stock-based compensation expense
Legal reserves
-
Pre-opening expense and other expense
4.2
Arlington exit costs
Other expenses, net
Transaction expense, net
Asset Impairments
$
8.1
$
9.1
$
31.8
$
3.8
5.0
13.2
5.8
0.1
1.4
7.2
5.3
0.7
-
0.2
0.2
1.5
1.2
42.1
2.6
38.3
15.3
69
27.8
Other income, expense:
Interest, depreciation and amortization expense related to
10.1
10.1
42.8
41.5
equity investments
Changes in hair value of Rivers Des Plaines interest rate
(12.6)
(12.9)
Swans
Rivers Des Plaines' recapitalization and transactions costs
0.1
0.6
9.9
Other charges and recoveries, net
0.9
1.0
Gain on sale of assets
(274.6)
Total adjustments to EBITDA
26.4
26.1
(106.2)
95.5
Adjusted EBITDA
$
218.2
$
163.2
$
763.6
$
627.0
Adjusted EBITDA by segment:
Live and Historical Racing
$
80.9
$
34.5
$
287.5
$
175.0
TwinSpires
33.9
31.1
114.1
82.7
Gaming
122.3
111.6
421.9
411.9
Total segment Adjusted EBITDA
237.1
177.2
823.5
669.6
All Other
(18.9)
(14.0)
(59.9)
(42.6)
Total Adjusted EBITDA
$
218.2
$
163.2
$
763.6
$
627.0
68
CHURCHILL DOWNS
INCORPORATEDView entire presentation