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10-K
 ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


December 31, 2021





☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934





001-33998


Churchill Downs Inc


Kentucky61-0156015(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)600 North Hurstbourne Parkway, Suite 400Louisville,Kentucky40222(Address of principal executive offices)(Zip Code)(502) 636-4400(Registrant’s telephone number, including area code)


Common Stock, No Par ValueTrading Symbol(s)The Nasdaq Stock Market LLC(Title of each class registered)CHDN(Name of each exchange on which registered)











Yes


No


Yes


Yes





Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐





☒


☐


38,090,006 6,668,442,585


Portions of the Registrant’s Proxy Statement for its Annual Meeting of Shareholders to be held on April 26, 2022 are incorporated by reference herein in response to Items 10, 11, 12, 13 and 14 of Part III of Form 10-K.







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Part IItem 1.Business4Item 1A.Risk Factors16Item 1B.Unresolved Staff Comments26Item 2.Properties26Item 3.Legal Proceedings27Item 4.Mine Safety Disclosures29Part IIItem 5.Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities30Item 6.Reserved32Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations33Item 7A.Quantitative and Qualitative Disclosures About Market Risk47Item 8.Financial Statements and Supplementary Data48Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure93Item 9A.Controls and Procedures93Item 9B.Other Information93Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections93Part IIIItem 10.Directors, Executive Officers and Corporate Governance94Item 11.Executive Compensation94Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters94Item 13.Certain Relationships and Related Transactions, and Director Independence94Item 14.Principal Accountant Fees and Services94Part IVItem 15.ExhibitandFinancial Statement Schedule95Exhibit Index96Item 16.Form 10-K Summary100Signatures101Schedule II—Valuation and Qualifying Accounts102










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PeriodTotal Number of Shares PurchasedAverage Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares That May Yet Be Purchased under the Plans or Programs(in millions)(1)October 2021100,873$248.65100,535$474.2November 2021106,619$234.46106,619449.2December 202128,396$232.0315,900445.6Total235,888$240.24223,054














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12/31/201612/31/201712/31/201812/31/201912/31/202012/31/2021Churchill Downs Incorporated$100.00$155.67$164.18$278.26$396.41$491.66Russell 1000 Index$100.00$121.69$115.87$152.28$184.20$232.93Russell 2000 Index$100.00$114.65$102.02$128.06$153.63$176.39S&P Midcap 400 Index$100.00$116.24$103.36$130.44$148.26$184.97S&P 500 Index$100.00$121.83$116.49$153.17$181.35$233.40
















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Years Ended December 31,Change(in millions)20212020Net revenue$1,597.2$1,054.0$543.2Operating income284.460.2224.2Operating income margin17.8%5.7%Net income from continuing operations$249.1$13.3$235.8Net income (loss) attributable to Churchill Downs Incorporated249.1(81.9)331.0Adjusted EBITDA627.0286.5340.5























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Years Ended December 31,Change(in millions)20212020Live and Historical Racing:Churchill Downs Racetrack$148.0$81.1$66.9Derby City Gaming154.379.574.8Oak Grove100.716.684.1Newport17.93.114.8Turfway Park9.78.51.2Total Live and Historical Racing430.6188.8241.8TwinSpires:Horse Racing398.3404.7(6.4)Sports and Casino34.811.323.5Total TwinSpires433.1416.017.1Gaming:Fair Grounds Slots and VSI136.299.936.3Presque Isle119.973.346.6Ocean Downs100.660.240.4Calder100.151.848.3Oxford99.844.954.9Riverwalk61.246.314.9Harlow's56.140.715.4Lady Luck Nemacolin24.520.73.8Total Gaming698.4437.8260.6All Other73.946.427.5Eliminations(38.8)(35.0)(3.8)Net Revenue$1,597.2$1,054.0$543.2














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Years Ended December 31,Change(in millions)20212020Taxes and purses$434.5$268.3$166.2Content expense182.6178.44.2Salaries and benefits170.3140.529.8Selling, general and administrative expense138.5114.823.7Depreciation and amortization103.292.910.3Marketing and advertising expense74.531.443.1Asset impairments15.317.5(2.2)Transaction expense, net7.91.06.9Other operating expense186.0149.037.0Total expense$1,312.8$993.8$319.0Percent of revenue82%94%






































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Year Ended December 31,Change(in millions)20212020Live and Historical Racing$175.0$39.1$135.9TwinSpires78.0112.9(34.9)Gaming411.9173.1238.8Total segment Adjusted EBITDA664.9325.1339.8All Other(37.9)(38.6)0.7Total Adjusted EBITDA$627.0$286.5$340.5























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Years Ended December 31,Change(in millions)20212020Net income (loss) and comprehensive income (loss) attributable to Churchill Downs Incorporated$249.1$(81.9)$331.0Net loss attributable to noncontrolling interest—0.2(0.2)Net income (loss)249.1(82.1)331.2Loss from discontinued operations, net of tax—95.4(95.4)Income from continuing operations, net of tax249.113.3235.8Additions:Depreciation and amortization103.292.910.3Interest expense84.780.04.7Income tax provision (benefit)94.5(5.3)99.8EBITDA$531.5$180.9$350.6Adjustments to EBITDA:Selling, general and administrative:Stock-based compensation expense$27.8$23.7$4.1Other charges0.20.8(0.6)Pre-opening expense and other expense5.811.2(5.4)Other income, expense:Interest, depreciation and amortization expense related to equity investments41.538.53.0Changes in fair value of Rivers Des Plaines' interest rate swaps(12.9)12.9(25.8)Rivers Des Plaines' legal reserves and transactions costs9.9—9.9Transaction expense, net7.91.06.9Asset impairments15.317.5(2.2)Total adjustments to EBITDA95.5105.6(10.1)Adjusted EBITDA$627.0$286.5$340.5













As of December 31,Change(in millions)20212020Total assets$2,981.6$2,686.4$295.2Total liabilities2,674.82,319.3355.5Total shareholders’ equity306.8367.1(60.3)











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Year Ended December 31,Change(in millions)20212020Cash Flows from:Operating activities$459.5$143.2$316.3Investing activities(100.4)(239.4)139.0Financing activities(0.5)76.0(76.5)
































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As of December 31,Change(in millions)20212020Term Loan B due 2024$384.0$388.0$(4.0)Term Loan B-1 due 2028297.8—297.8Revolver—149.7(149.7)2027 Senior Notes600.0600.0—2028 Senior Notes700.0500.0200.0Total Debt1,981.81,637.7344.1Current maturities of long-term debt7.04.03.0Total debt, net of current maturities1,974.81,633.7341.1Issuance cost and fees(13.8)(15.4)1.6Total debt$1,961.0$1,618.3$342.7

















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ActualRequirementInterest coverage ratio6.6 to 1.0> 2.5 to 1.0Consolidated total secured net leverage ratio0.9 to 1.0< 4.0 to 1.0


























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(in millions)20222023-20242025-2026ThereafterTotalDividends$26.0$—$—$—$26.0Term Loan B4.0380.0——384.0Interest on Term Loan B(1)8.115.9——24.0Term Loan B-13.06.06.0282.8297.8Interest on Term Loan B-1(1)6.412.612.37.338.62027 Senior Notes———600.0600.02028 Senior Notes———700.0700.0Interest on 2027 Senior Notes33.066.066.016.5181.5Interest on 2028 Senior Notes33.366.566.549.9216.2Operating and Finance Leases6.712.211.014.544.4Minimum Guarantees(2)12.625.619.926.384.4Total$133.1$584.8$181.7$1,697.3$2,596.9

























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(in millions, except per common share data)202120202019Net revenue:Live and Historical Racing$409.1$169.6$276.7TwinSpires431.7414.5295.6Gaming695.4435.3687.3All Other61.034.670.1Total net revenue1,597.21,054.01,329.7Operating expense:Live and Historical Racing288.9179.0178.8TwinSpires325.4275.8207.9Gaming476.3357.9526.0All Other60.547.874.0Selling, general and administrative expense138.5114.8122.0Asset impairments15.317.5—Transaction expense, net7.91.05.3Total operating expense1,312.8993.81,114.0Operating income284.460.2215.7Other income (expense):Interest expense, net(84.7)(80.0)(70.9)Equity in income of unconsolidated affiliates143.227.750.6Miscellaneous, net0.70.11.0Total other income (expense)59.2(52.2)(19.3)Income from continuing operations before provision for income taxes343.68.0196.4Income tax (provision) benefit(94.5)5.3(56.8)Income from continued operations, net of tax249.113.3139.6Loss from discontinued operations, net of tax—(95.4)(2.4)Net income (loss)249.1(82.1)137.2Net loss attributable to noncontrolling interest—(0.2)(0.3)Net income (loss) and comprehensive income (loss) attributable to Churchill Downs Incorporated$249.1$(81.9)$137.5Net income (loss) per common share data - basic:Continuing operations$6.45$0.34$3.49Discontinued operations$—$(2.41)$(0.06)Net income (loss) per common share - basic$6.45$(2.07)$3.43Net income (loss) per common share data - diluted:Continuing operations$6.35$0.33$3.44Discontinued operations$—$(2.41)$(0.06)Net income (loss) per common share - diluted$6.35$(2.08)$3.38Weighted average shares outstanding:Basic38.639.640.1Diluted39.240.140.6










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(in millions)20212020ASSETSCurrent assets:Cash and cash equivalents$291.3$67.4Restricted cash64.353.6Accounts receivable, net of allowance for doubtful accounts of $5.4 in 2021 and $4.9 in 202042.336.5Income taxes receivable66.049.4Other current assets37.628.2Total current assets501.5235.1Property and equipment, net994.91,082.1Investment in and advances to unconsolidated affiliates663.6630.6Goodwill366.8366.8Other intangible assets, net348.1350.6Other assets18.921.2Long-term assets held for sale87.8—Total assets$2,981.6$2,686.4LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Accounts payable$81.6$70.7Accrued expenses and other current liabilities232.6167.8Current deferred revenue47.732.8Current maturities of long-term debt7.04.0Dividends payable26.124.9Current liabilities of discontinued operations—124.0Total current liabilities395.0424.2Long-term debt (net of current maturities and loan origination fees of $6.2 in 2021 and $3.2 in 2020)668.6530.5Notes payable (net of debt issuance costs of $7.6 in 2021 and $12.2 in 2020)1,292.41,087.8Non-current deferred revenue13.317.1Deferred income taxes252.9213.9Other liabilities52.645.8Total liabilities2,674.82,319.3Commitments and contingenciesShareholders' equity:Preferred stock, no par value; 0.3 shares authorized; no shares issued or outstanding——Common stock, no par value; 150.0 shares authorized; 38.1 shares issued and outstanding in 2021 and 39.5 shares in 2020—18.2Retained earnings307.7349.8Accumulated other comprehensive loss(0.9)(0.9)Total shareholders' equity306.8367.1Total liabilities and shareholders' equity$2,981.6$2,686.4










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Common StockRetainedEarningsAccumulated Other Comprehensive LossNoncontrolling InterestTotal Shareholders' Equity(in millions, except per common share data)SharesAmountBalance, December 31, 201840.4$—$474.2$(0.9)$—$473.3Net income137.5(0.3)137.2Contributions from non-controlling interest3.03.0Issuance of common stock0.21.91.9Repurchase of common stock(0.9)(25.7)(67.3)(93.0)Taxes paid related to net share settlement of stock awards(0.1)(11.5)(11.5)Issuance of restricted stock awards, net of forfeitures0.1——Stock-based compensation23.823.8Adoption of ASC 842(0.3)(0.3)Cash dividends ($0.581 per share)(23.4)(23.4)Balance, December 31, 201939.7—509.2(0.9)2.7511.0Net loss(81.9)(0.2)(82.1)Purchase of noncontrolling interest(0.5)(2.5)(3.0)Issuance of common stock0.12.42.4Repurchase of common stock(0.2)(4.3)(23.6)(27.9)Cash settlement of stock awards(12.7)(12.7)Taxes paid related to net share settlement of stock awards(0.1)(3.6)(15.1)(18.7)Stock-based compensation23.723.7Adoption of ASC 326(0.5)(0.5)Cash dividends ($0.622 per share)(25.1)(25.1)Balance, December 31, 202039.518.2349.8(0.9)—367.1Net income249.1249.1Issuance of common stock0.22.52.5Repurchase of common stock(1.5)(48.5)(249.0)(297.5)Taxes paid related to net share settlement of stock awards(0.1)(16.1)(16.1)Stock-based compensation27.827.8Cash dividends ($0.667 per share)(26.1)(26.1)Balance, December 31, 202138.1$—$307.7$(0.9)$—$306.8










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(in millions)202120202019Cash flows from operating activities:Net income (loss)$249.1$(82.1)$137.2Loss from discontinued operations, net of tax—(95.4)(2.4)Income from continuing operations, net of tax$249.1$13.3$139.6Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization103.292.996.4Equity in income of unconsolidated affiliates(143.2)(27.7)(50.6)Distributions from unconsolidated affiliates109.430.738.1Stock-based compensation27.823.723.8Deferred income taxes9.830.131.5Asset impairments15.317.5—Amortization of operating lease assets5.35.04.6Other5.34.52.8Changes in operating assets and liabilities, net of businesses acquired and dispositions:Income taxes12.9(34.6)3.6Deferred revenue10.7(8.3)(9.3)Other assets and liabilities53.9(3.9)12.0Net cash provided by operating activities459.5143.2292.5Cash flows from investing activities:Capital maintenance expenditures(39.5)(23.0)(48.3)Capital project expenditures(52.3)(211.2)(82.9)Acquisition of businesses, net of cash acquired——(206.6)Investments in and advances to unconsolidated affiliates——(410.1)Acquisition of other intangible assets——(32.1)Other(8.6)(5.2)(1.2)Net cash used in investing activities(100.4)(239.4)(781.2)Cash flows from financing activities:Proceeds from borrowings under long-term debt obligations780.8726.11,236.3Repayments of  borrowings under long-term debt obligations(430.9)(580.4)(640.3)Payment of dividends(24.8)(23.4)(22.2)Repurchase of common stock(297.5)(28.4)(95.0)Cash settlement of stock awards—(12.7)—Taxes paid related to net share settlement of stock awards(12.9)(18.7)(11.5)Debt issuance costs(6.9)(2.0)(8.9)Change in bank overdraft(10.5)13.4—Other2.22.12.4Net cash (used in) provided by financing activities(0.5)76.0460.8Cash flows from discontinued operations:Operating activities of discontinued operations(124.0)(1.3)(2.9)Net increase (decrease) in cash, cash equivalents and restricted cash234.6(21.5)(30.8)Cash, cash equivalents and restricted cash, beginning of year121.0142.5173.3Cash, cash equivalents and restricted cash, end of year$355.6$121.0$142.5











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(in millions)202120202019Supplemental disclosures of cash flow information:Cash paid during the period for:Interest$77.5$79.6$61.7Income taxes72.41.623.5Schedule of non-cash investing and financing activities:Dividends payable$27.0$25.8$23.5Deferred tax liability assumed from equity investment——103.2Property and equipment additions included in accounts payable and accrued expense and other current liabilities18.712.912.4Repurchase of common stock in payment of income taxes on stock-based compensation included in accrued expense and other current liabilities3.2—3.9Repurchase of common stock included in accrued expense and other current liabilities——0.5










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DESCRIPTION OF BUSINESS


three 3,050 nine eight 11,000 200














One three


40 60


The Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") provided an employee retention credit ("CARES Employee Retention Credit"), which is a refundable tax credit against certain employment taxes of up to $5,000 per employee for eligible employers.  The tax credit is equal to 50% of qualified wages paid to employees during a quarter, capped at $10,000 of qualified wages per employee. The Company qualified for the tax credit and received additional tax credits for qualified wages, and the Company recorded a $2.7 million benefit related to the CARES Employee Retention Credit in operating expense in the accompanying consolidated statement of comprehensive income (loss) for the year ended December 31, 2020. The CARES Act also provided for deferred payment of the employer portion of social security taxes through December 31, 2020, with 50% of the deferred amount due December 31, 2021 and the remaining 50% due December 31, 2022. Approximately $5.3 million of deferred payments are recorded as liabilities within accrued expense and other current liabilities and other noncurrent liabilities in the accompanying consolidated balance sheet as of December 31, 2020.  The Company paid the $5.3 million of deferred payments during the year ended December 31, 2021.







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SIGNIFICANT ACCOUNTING POLICIES





The accompanying consolidated financial statements include the accounts of the Company and subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.


We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities (“VIEs”) for which we or one of our consolidated subsidiaries is the primary beneficiary.  We consolidate a VIE when we have both the power to direct the activities that most significantly impact the results of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE.





Our financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP"), which requires management to make estimates, judgments and assumptions that we believe are reasonable based on our historical experience, contract terms, observance of known trends in our Company and the industry as a whole and information available from other outside sources.  Our estimates affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period.  Actual results may differ from those initial estimates.

















We review the carrying value of our property and equipment to be held and used in our operations whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable from estimated future undiscounted cash flows expected to result from the asset's use and eventual disposition.  Adverse industry or economic trends, lower projections of profitability, or a significant adverse change in legal factors or in the business climate, among other items, may be indications





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benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority.  The portion of the benefits associated with the tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheets, along with any associated interest and penalties that would be payable to the taxing authorities upon examination.





We consider investments with original maturities of three months or less that are readily convertible to cash to be cash equivalents.  We have, from time to time, cash in the bank in excess of federally insured limits.  Under our cash management system, checks issued but not yet presented to banks that would result in negative bank balances when presented are classified as a current liability in the accompanying consolidated balance sheets.





Restricted cash includes deposits collected from our TwinSpires' customers.  Other amounts included in restricted cash represent amounts due to horsemen for purses, stakes and awards that are paid in accordance with the terms of our contractual agreements or statutory requirements.














Internal use software costs for our TwinSpires' segment software are capitalized in property and equipment, net in the accompanying consolidated balance sheets, in accordance with accounting guidance governing computer software developed or obtained for internal use.  Once the software is placed in operation, we amortize the capitalized software over the software's estimated economic useful life, which is generally three years. 10.7 10.5 9.8 10.3 9.4 8.8





We adhere to a hierarchy for ranking the quality and reliability of the information used to determine fair values.  Assets and liabilities that are carried at fair value are classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted market prices in active markets for identical assets or liabilities; Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability; and Level 3: Unobservable inputs for the asset or liability.  We endeavor to utilize the best available information in measuring fair value.  Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.














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including consideration of our intent and ability to retain our investment until the recovery of the unrealized loss.  We estimate fair value using a discounted cash flow analysis based on estimated future results of the investee.




















Debt issuance costs and loan origination fees associated with our term debt, revolver, and notes payable are amortized as interest expense over the term of each respective financial instrument.  Debt issuance costs and loan origination fees associated with our term debt and notes payable are presented as a direct deduction from the carrying amount of the related liability.  Debt issuance costs and loan origination fees associated with our revolver are presented as an asset.





We recognize casino and pari-mutuel tax expense based on the statutory requirements of the federal, state, and local jurisdictions in which we conduct business.  All of our casino taxes and the majority of our pari-mutuel taxes are gross receipts taxes levied on the gaming entity.  We recognize these taxes as Live and Historical Racing, TwinSpires, Gaming, and All Other operating expenses in our consolidated statements of comprehensive income (loss).  In certain jurisdictions governing our pari-mutuel contracts with customers, there are specific pari-mutuel taxes that are assessed on winning wagers from our customers, which we collect and remit to the government.  These taxes are presented on a net basis.





We recognize purse expense based on the statutorily or contractually determined amount that is required to be paid out in the form of purses to the qualifying finishers of horse races run at our racetracks in the period in which wagering occurs.  We incur a liability for all unpaid purses that will be paid out on a future live race event.





We are self-insured up to certain limits for costs associated with general liability, workers’ compensation and employee health coverage, and we purchase insurance for claims that exceed our self-insurance retention or deductible levels.  We record self-insurance reserves that include accruals of estimated settlements for known claims ("Case Reserves"), as well as accruals of third-party actuarial estimates for claims incurred but not yet reported ("IBNR").  Case Reserves represent estimated liabilities for unpaid losses, based on a claims administrator's estimates of future payments on individual reported claims, including allocated loss adjustment expense, which generally include claims settlement costs such as legal fees.  IBNR includes the provision for unreported claims, changes in case reserves and future payments on reopened claims.


Key variables and assumptions include, but are not limited to, loss development factors and trend factors such as changes in workers' compensation laws, medical care costs and wages.  These loss development factors and trend factors are developed using our actual historical losses.  It is possible that reasonable alternative selections would produce different reserve estimates.





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We expense the costs of general advertising, marketing and associated promotional expenditures at the time the costs are incurred. 74.5 31.4 41.8





All stock-based payments to employees and directors, including grants of performance share units and restricted stock, are recognized as compensation expense over the service period based on the fair value on the date of grant.  For awards that have a graded vesting schedule, we recognize expense on a straight-line basis for each separately vesting portion of the award.  We recognize forfeitures of awards as incurred.





Net income per common share is presented for both basic earnings per common share ("Basic EPS") and diluted earnings per common share ("Diluted EPS").  Basic EPS is based upon the weighted average number of common shares outstanding, excluding unvested stock awards, during the period plus vested common stock equivalents that have not yet been converted to common shares.  Diluted EPS is based upon the weighted average number of shares used to calculate Basic EPS and potentially dilutive common shares outstanding during the period.  Potentially dilutive common shares result from applying the treasury stock method to unvested stock awards.




























NATURAL DISASTER


15 two


2.8





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$2.5 million in operating expenses.  Through December 31, 2021, the Company has received $2.7 million in insurance recoveries from our carriers, and has an insurance recovery receivable of $2.6 million at December 31, 2021.  The Company is currently working with its insurance carriers to finalize its claim.  We continue to assess damages and insurance coverage, and we currently do not expect our losses to exceed the applicable insurance recoveries.




ACQUISITIONS





178.9 1.6 The following table summarizes the final fair values of the assets acquired and liabilities assumed, net of cash acquired of $8.4 million, at the date of the acquisition.


(in millions)TotalCurrent assets$2.1Property and equipment78.5Goodwill26.1Intangible assets71.2Current liabilities(5.2)Non-current liabilities(0.6)$172.1


The fair value of the intangible assets consists of the following:(in millions)Fair Value RecognizedWeighted-Average Useful LifeGaming rights$56.0N/ATrademark15.2N/ATotal intangible assets$71.2














26.1





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138.5





(in millions)Year Ended December 31, 2019Net revenue$1,332.9





100,000





46.0 46.0 36.0 0.9 10.0


36.0 0.9 0.6 18.8 9.8 5.5 2.7 2.3




DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE








124.0





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Years Ended December 31,(in millions)202120202019Net revenue$—$—$—Operating expenses———Selling, general and administrative expense—0.13.5Research and development———Legal settlement—124.0—Total operating expense—124.13.5Operating loss—(124.1)(3.5)Loss from discontinued operations before provision for income taxes—(124.1)(3.5)Income tax benefit—28.71.1Loss from discontinued operations, net of tax$—$(95.4)$(2.4)





326 197.2


81.5 1.4 3.9


115.7 291.0 2.5


6.3







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PROPERTY AND EQUIPMENT





December 31,(in millions)20212020Grandstands and buildings$745.5$785.5Equipment491.9477.9Tracks and other improvements221.7240.7Land101.3164.2Furniture and fixtures78.989.7Construction in progress65.823.31,705.11,781.3Accumulated depreciation(736.7)(721.5)Subtotal968.41,059.8Operating lease right-of-use assets26.522.3Total$994.9$1,082.1


Depreciation expense was $98.4 million in 2021, $88.0 million in 2020 and $81.4 million in 2019 and is classified in operating expense in the accompanying consolidated statements of comprehensive income (loss)




GOODWILL





(in millions)Live and HistoricalTwinSpiresGamingAll OtherTotalBalances as of December 31, 2019$52.7$152.2$161.2$1.0$367.1Adjustments(0.3)———(0.3)Balances as of December 31, 202052.4152.2161.21.0366.8Adjustments—————Balances as of December 31, 2021$52.4$152.2$161.2$1.0$366.8


26.1 3.0





4.0







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OTHER INTANGIBLE ASSETS





December 31, 2021December 31, 2020(in millions)GrossCarryingAmountAccumulatedAmortizationNetCarryingAmountGrossCarryingAmountAccumulatedAmortizationNetCarryingAmountDefinite-lived intangible assets:Favorable contracts$11.0$(9.4)$1.6$11.0$(8.8)$2.2Other10.4(4.6)5.810.4(3.5)6.9Customer relationships4.7(2.8)1.94.7(2.2)2.5Gaming licenses5.1(2.3)2.85.1(2.1)3.0$31.2$(19.1)$12.1$31.2$(16.6)$14.6Indefinite-lived intangible assets:Trademarks47.747.7Gaming rights288.2288.2Other0.10.1Total$348.1$350.6


56.0 15.2 8.0 10.0 3.0 5.5 9.8


4.8 4.9 15.0 Note 4 10.0 2.3





Note 9 , Asset Impairment














---







Years Ended December 31,Estimated Amortization Expense2022$2.520232.420241.920251.220260.5


2.3







---




ASSET IMPAIRMENTS


4.1


11.2








77.6 62.6 15.0 12.5 2.5





2.5













---




INCOME TAXES





Years Ended December 31,(in millions)202120202019Current provision (benefit):Federal$66.1$(38.7)$19.2State and local18.53.06.0Foreign0.10.1—84.7(35.6)25.2Deferred provision:Federal7.528.716.1State and local2.31.515.5Foreign—0.1—9.830.331.6Income tax provision (benefit)$94.5$(5.3)$56.8





Years Ended December 31,(in millions)202120202019Domestic$343.7$8.2$196.4Foreign(0.1)(0.2)—Income from continuing operations before provision for income taxes$343.6$8.0$196.4





Years Ended December 31,(in millions)202120202019Federal statutory tax on earnings before income taxes$72.1$1.7$41.2State income taxes, net of federal income tax benefit15.8(0.6)8.0Non-deductible officer's compensation6.43.54.5Valuation allowance - state and foreign net operating losses1.81.1—Uncertain tax positions0.11.7(1.0)Re-measurement of deferred taxes(1.5)1.98.3Windfall deduction from equity compensation(1.4)(1.3)(4.2)Net operating loss carry back - CARES Act—(13.3)—Other1.2——Income tax provision (benefit)$94.5$(5.3)$56.8


five years 100 13.3


8.3





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29.0





December 31,(in millions)20212020Deferred tax assets:Lease liabilities$10.2$7.7Net operating losses and credits carryforward8.89.3Deferred compensation plans6.96.7Deferred income4.75.5Deferred liabilities3.82.8Allowance for uncollectible receivables1.31.2Capital loss—29.0Deferred tax assets35.762.2Valuation allowance(3.2)(1.4)Net deferred tax asset32.560.8Deferred tax liabilities:Equity investments in excess of tax basis128.9121.6Intangible assets in excess of tax basis74.165.6Property and equipment in excess of tax basis69.777.9Right-of-use assets9.97.4Other2.82.2Deferred tax liabilities285.4274.7Net deferred tax liability$(252.9)$(213.9)


6.6 0.4 3.2 1.8


3.9 0.2 3.5 0.7





(in millions)202120202019Balance as of January 1$3.9$1.8$2.8Additions for tax positions related to the current year0.10.10.1Additions for tax positions of prior years1.02.6—Reductions for tax positions of prior years(1.1)(0.6)(1.1)Balance as of December 31$3.9$3.9$1.8










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SHAREHOLDERS’ EQUITY





300.0 97.9


500.0
  445.6


We repurchased the following shares under the 2018 and 2021 Stock Repurchase Programs:


For the year ending December 31,(in millions, except share data)202120202019Repurchase ProgramSharesAggregate Purchase PriceSharesAggregate Purchase PriceSharesAggregate Purchase Price2021 Stock Repurchase Program226,232$54.4—$——$—2018 Stock Repurchase Program245,132$49.2235,590$27.9864,233$93.0Total471,364$103.6235,590$27.9864,233$93.0





1,000,000 193.94 193.9




STOCK-BASED COMPENSATION PLANS


27.8 23.7 23.8 1.5 1.9 2.1




















---




three 200





25


25





250





two 7 200 
 25 four years seven years 200


two 7





Grant YearAward TypeNumber of Units Awarded(1)Vesting Terms2021RSU63Vest equally over three service periods ending in 20242021PSU27Three-year performance and service period ending in 20232021RSU5One year service period ending in 2022


(1)   PSUs presented are based on the target number of units for the original PSU grant.








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PSUsRSAs and RSUsTotal(in thousands, except grant date values)Number ofShares/UnitsWeightedAverageGrant DateFair ValueNumber ofShares/UnitsWeightedAverageGrant DateFair ValueNumber ofShares/UnitsWeightedAverageGrant DateFair ValueBalance as of December 31, 2018321$65.77275$72.03596$68.66Granted58$92.90130$94.42188$93.96Performance adjustment(1)87$55.75—$—87$55.75Vested(152)$55.75(135)$68.15(287)$61.57Canceled/forfeited—$—(5)$77.59(5)$77.59Balance as of December 31, 2019314$72.84265$85.07579$78.45Granted37$182.4594$150.12131$159.30Performance adjustment(1)41$90.73—$—41$90.73Vested(90)$90.73(121)$90.01(211)$90.32Canceled/forfeited—$—(3)$121.39(3)$121.39Balance as of December 31, 2020302$83.40235$107.90537$94.14Granted27$254.2968$211.1195$223.25Performance adjustment(1)258$68.87—$—258$68.87Vested(108)$92.90(112)$121.77(220)$107.63Canceled/forfeited—$—(12)$160.42(12)$160.42Balance as of December 31, 2021479$82.99179$135.01658$90.27


(1)
 Adjustment to number of target units awarded for PSUs based on achievement of underlying performance goals.


45.4 36.9





(in millions, except years)December 31, 2021Weighted Average Remaining Vesting Period (Years)Unrecognized expense:RSU$9.21.76PSU12.92.08Total$22.11.94













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DEBT





December 31, 2021(in millions)Outstanding PrincipalIssuance Costs and FeesLong-Term Debt, NetTerm Loan B due 2024$384.0$2.4$381.6Term Loan B-1 due 2028297.83.8294.02027 Senior Notes600.05.7594.32028 Senior Notes700.01.9698.1Total debt1,981.813.81,968.0Current maturities of long-term debt7.0—7.0Total debt, net of current maturities$1,974.8$13.8$1,961.0


December 31, 2020(in millions)Outstanding PrincipalIssuance Costs and FeesLong-Term Debt, NetTerm Loan B due 2024$388.0$3.2$384.8Revolver149.7—149.72027 Senior Notes600.06.8593.22028 Senior Notes500.05.4494.6Total debt1,637.715.41,622.3Current maturities of long-term debt4.0—4.0Total debt, net of current maturities$1,633.7$15.4$1,618.3








700.0 400.0 700.0 50.0 50.0 695.4 4.6


1.6 5 5.1 7


0.25 400.0 1.0 0.20


4.0 4.5 100.0 2.5





---




2.25 1.75 0.35 0.30 2.0





150.0 26.0


26.0 226.0


300.0 200 0.25 300.0 3.5 7-year


137.5 200








600.0 5.50
    8.9


100 40 105.5





---













500.0 4.75
    600.0 5.375 7.7


200.0 4.75 500.0 4.75 3.4 700.0


103.25 3.25








100








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Years Ended December 31,2022$7.020237.02024379.020253.020263.0Thereafter1,582.8Total$1,981.8







REVENUE FROM CONTRACTS WITH CUSTOMERS





111.3 40.9 29.0 21.3











64.9 53.7 33.0 6.7

























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OTHER BALANCE SHEET ITEMS








December 31,(in millions)20212020Trade receivables$7.6$6.5Simulcast and online wagering receivables29.626.7Other receivables10.58.247.741.4Allowance for doubtful accounts(5.4)(4.9)Total$42.3$36.5


3.2 2.5 2.1








December 31,(in millions)20212020Account wagering deposits liability$47.5$38.1Accrued salaries and related benefits39.919.6Purses payable28.618.5Accrued interest23.919.2Other92.772.4Total$232.6$167.8







INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES


61.3 50





42 406.6 3.5 300.0 61.3 36.0 2.7


103.2








---




835.0 853.7 13.7 9.5 35.3 4.5 3.7
 832.3


554.8 519.0 67.2 10.7 14.2





50


108.7 110.7 42.0 20.0 23.8





---










December 31,(in millions)20212020AssetsCurrent assets$96.0$132.8Property and equipment, net312.3267.5Other assets, net264.1244.9Total assets$672.4$645.2Liabilities and Members' DeficitCurrent liabilities$95.3$133.5Long-term debt786.9753.5Other liabilities20.642.3Members' deficit(230.4)(284.1)Total liabilities and members' deficit$672.4$645.2


Years Ended December 31,(in millions)202120202019Net revenue$740.0$386.3$585.5Operating and SG&A expense434.2252.1411.4Depreciation and amortization17.617.013.0Operating income288.2117.2161.1Interest and other expense, net(38.6)(63.1)(67.0)Net income$249.6$54.1$94.1




LEASES


2 10 1 5


Years Ended December 31,(in millions)20212020Short-term lease cost(a) (b)$11.1$6.5Operating lease cost(b)7.86.6Finance lease interest expense0.30.1Finance lease amortization expense(b)0.50.2Total lease cost$19.7$13.4











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Years Ended December 31,(in millions)20212020Cash paid for amounts included in the measurement of lease liabilitiesOperating cash flows from operating leases$6.5$6.0Operating cash flows from finance leases$0.3$0.1Financing cash flows from finance lease$0.2$0.1ROUAs obtained in exchange for lease obligationsOperating leases$9.8$2.8Finance leases$4.4$5.1


December 31,Weighted Average Remaining Lease Term20212020Operating leases5.9 years5.9  yearsFinance leases16.0 years18.4 yearsWeighted Average Discount RateOperating leases3.5%3.8%Finance leases3.3%2.9%





(in millions)Years Ended December 31,Operating LeasesFinance Leases2022$5.9$0.820235.40.820245.20.820254.80.820264.60.8Thereafter4.99.6Total future minimum lease payments30.813.6Less:  Imputed interest3.13.3Present value of lease liabilities$27.7$10.3Reported lease liabilities as of December 31, 2021Accrued expense and other current liabilities (current maturities of leases)$5.3$0.4Other liabilities (non-current maturities of leases)22.49.9Present value of lease liabilities$27.7$10.3










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BOARD OF DIRECTOR AND EMPLOYEE BENEFIT PLANS

















three months 3 50 2 4 4.1 3.7 4.1


0.7 0.3 0.6




FAIR VALUE OF ASSETS AND LIABILITIES























---







December 31, 2021(in millions)Carrying AmountFair ValueLevel 1Level 2Level 3Financial assets:Restricted cash$64.3$64.3$64.3$—$—Financial liabilities:Term Loan B$381.6$384.0$—$384.0$—Term Loan B-1294.0297.8—297.8—2027 Senior Notes594.3619.5619.52028 Senior Notes698.1724.5—724.5—


December 31, 2020(in millions)Carrying AmountFair ValueLevel 1Level 2Level 3Financial assets:Restricted cash$53.6$53.6$53.6$—$—Financial liabilities:Term Loan B384.8388.0—388.0$—Revolver149.7149.7—149.7—2027 Senior Notes593.2635.2—635.2—2028 Senior Notes494.6526.9—526.9—




CONTINGENCIES



















---




NET INCOME (LOSS) PER COMMON SHARE COMPUTATIONS





Years Ended December 31,(in millions, except per share data)202120202019Numerator for basic net income (loss) per common share:Net income from continuing operations$249.1$13.3$139.6Net loss attributable to noncontrolling interest—(0.2)(0.3)Net income from continuing operations, net of loss attributable to noncontrolling interests249.113.5139.9Net loss from discontinued operations—(95.4)(2.4)Numerator for basic net income (loss) per common share$249.1$(81.9)$137.5Numerator for diluted net income from continuing operations per common share$249.1$13.5$139.9Numerator for diluted net income (loss) per common share$249.1$(81.9)$137.5Denominator for net income (loss) per common share:Basic38.639.640.1Plus dilutive effect of stock awards0.60.50.5Diluted39.240.140.6Net income (loss) per common share data:BasicContinuing operations$6.45$0.34$3.49Discontinued operations$—$(2.41)$(0.06)Net income (loss) per common share - basic$6.45$(2.07)$3.43DilutedContinuing operations$6.35$0.33$3.44Discontinued operations(1)$—$(2.41)$(0.06)Net income (loss) per common share - diluted$6.35$(2.08)$3.38







SEGMENT INFORMATION


three

















---
















eight four





11,000 200 eight
































61.3


50


























---











































The tables below present net revenue from external customers and intercompany revenue from each of our segments, Adjusted EBITDA by segment and reconciles comprehensive  income to Adjusted EBITDA:








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Years Ended December 31,(in millions)202120202019Net revenue from external customers:Live and Historical Racing:Churchill Downs Racetrack$128.1$63.3$187.6Derby City Gaming154.379.586.6Oak Grove100.716.6—Turfway Park8.17.12.5Newport17.93.1—Total Live and Historical Racing409.1169.6276.7TwinSpires:Horse Racing396.9403.2289.9Sports and Casino34.811.35.7Total TwinSpires431.7414.5295.6Gaming:Fair Grounds and VSI133.697.6123.0Presque Isle119.673.1137.5Ocean Downs100.660.285.9Calder100.051.899.8Oxford Casino99.844.9101.7Riverwalk Casino61.246.356.1Harlow’s Casino56.140.754.0Lady Luck Nemacolin24.520.729.3Total Gaming695.4435.3687.3All Other61.034.670.1Net revenue from external customers$1,597.2$1,054.0$1,329.7Intercompany net revenues:Live and Historical Racing:Churchill Downs Racetrack$19.9$17.8$15.2Turfway Park1.61.40.3Total Live and Historical Racing21.519.215.5TwinSpires1.41.51.1Gaming:Fair Grounds and VSI2.62.31.9Presque Isle0.30.20.4Calder0.1—0.1Total Gaming3.02.52.4All Other12.911.811.3Eliminations(38.8)(35.0)(30.3)Intercompany net revenue$—$—$—





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Year Ended December 31, 2021(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotalNet revenue from external customersPari-mutuel:Live and simulcast racing$64.0$380.7$28.2$472.9$29.7$502.6Historical racing(a)253.0——253.0—253.0Racing event-related services68.5—1.269.77.076.7Gaming(a)—34.8622.0656.8—656.8Other(a)23.616.244.083.824.3108.1Total$409.1$431.7$695.4$1,536.2$61.0$1,597.2


Year Ended December 31, 2020(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotalNet revenue from external customersPari-mutuel:Live and simulcast racing$46.5$387.5$22.9$456.9$18.2$475.1Historical racing(a)93.6——93.6—93.6Racing event-related services21.0—3.424.40.324.7Gaming(a)—11.3381.3392.6—392.6Other(a)8.515.727.751.916.168.0Total$169.6$414.5$435.3$1,019.4$34.6$1,054.0


Year Ended December 31, 2019(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotalNet revenue from external customersPari-mutuel:Live and simulcast racing$61.1$277.1$30.7$368.9$39.0$407.9Historical racing(a)81.6——81.6—81.6Racing event-related services118.6—4.1122.75.7128.4Gaming(a)—5.7580.1585.8—585.8Other(a)15.412.872.4100.625.4126.0Total$276.7$295.6$687.3$1,259.6$70.1$1,329.7


20.9 13.1 33.4








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Year Ended December 31, 2021(in millions)Live and Historical RacingTwinSpiresGamingNet revenue$430.6$433.1$698.4Taxes and purses(126.3)(30.6)(264.4)Marketing and advertising(12.9)(49.4)(11.8)Salaries and benefits(48.4)(13.9)(87.1)Content expense(2.5)(206.6)(4.7)Selling, general and administrative expense(12.8)(9.2)(27.9)Other operating expense(53.0)(45.4)(72.3)Other income0.3—181.7Adjusted EBITDA$175.0$78.0$411.9


Year Ended December 31, 2020(in millions)Live and Historical RacingTwinSpiresGamingNet revenue$188.8$416.0$437.8Taxes and purses(64.1)(25.1)(171.6)Marketing and advertising(6.2)(16.5)(7.5)Salaries & benefits(32.5)(13.0)(75.9)Content expense(1.5)(202.7)(3.5)Selling, general and administrative expense(8.7)(8.8)(25.4)Other operating expense(36.8)(37.1)(59.7)Other income0.10.178.9Adjusted EBITDA$39.1$112.9$173.1


Year Ended December 31, 2019(in millions)Live and Historical RacingTwinSpiresGamingNet revenue$292.2$296.7$689.7Taxes and purses(68.7)(16.2)(269.4)Marketing and advertising(7.1)(12.3)(21.4)Salaries & benefits(32.8)(11.4)(103.3)Content expense(2.6)(152.2)(5.3)Selling, general and administrative expense(8.3)(7.1)(29.1)Other operating expense(37.3)(28.2)(83.6)Other income0.2—100.3Adjusted EBITDA$135.6$69.3$277.9





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Years Ended December 31,(in millions)202120202019Reconciliation of Comprehensive Income (Loss)  to Adjusted EBITDA:Net income (loss) and comprehensive income (loss) attributable to Churchill Downs Incorporated$249.1$(81.9)$137.5Net loss attributable to noncontrolling interest—0.20.3Net income (loss)249.1(82.1)137.2Loss from discontinued operations, net of tax—95.42.4Income from continuing operations, net of tax249.113.3139.6Additions:Depreciation and amortization103.292.996.4Interest expense84.780.070.9Income tax provision (benefit)94.5(5.3)56.8EBITDA$531.5$180.9$363.7Adjustments to EBITDA:Selling, general and administrative:Stock-based compensation expense$27.8$23.7$23.8Legal reserves——3.6Other charges0.20.80.4Pre-opening expense and other expense5.811.25.1Other income, expense:Interest, depreciation and amortization expense related to equity investments41.538.532.6Changes in fair value of Rivers Des Plaines' interest rate swaps(12.9)12.912.4Rivers Des Plaines' legal reserves and transactions costs9.9—4.7Other charges and recoveries, net——(0.2)Transaction expense, net7.91.05.3Asset impairments15.317.5—Total adjustments to EBITDA95.5105.687.7Adjusted EBITDA$627.0$286.5$451.4Adjusted EBITDA by segment:Live and Historical Racing$175.0$39.1$135.6TwinSpires78.0112.969.3Gaming411.9173.1277.9Total segment Adjusted EBITDA664.9325.1482.8All Other(37.9)(38.6)(31.4)Total Adjusted EBITDA$627.0$286.5$451.4








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December 31,(in millions)20212020Total assets:Live and Historical Racing$682.7$663.1TwinSpires271.8257.2Gaming1,003.3950.3Total segment assets1,957.81,870.6All Other1,023.8815.8$2,981.6$2,686.4





Years Ended December 31,(in millions)202120202019Capital expenditures:Live and Historical Racing$60.1$213.3$77.7TwinSpires17.46.69.7Gaming10.311.637.1Total segment capital expenditures87.8231.5124.5All Other4.02.76.7Total capital expenditures$91.8$234.2$131.2







RELATED PARTY TRANSACTIONS











1,000,000 193.94 193.9








26.0 226.0







---




SUBSEQUENT EVENTS


2.485





137.5 330.0







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PricewaterhouseCoopers LLP


Louisville, Kentucky
















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/s/ William C. Carstanjen/s/ Marcia A. Dall/s/ Chad E. DobsonWilliam C. CarstanjenMarcia A. DallChad E. DobsonChief Executive OfficerExecutive Vice President andVice President andFebruary 23, 2022Chief Financial OfficerChief Accounting OfficerFebruary 23, 2022February 23, 2022



































---





















NameAge as of 2/23/2022Principal Occupation for the Past Five Years and Position with Churchill Downs IncorporatedWilliam C. Carstanjen54Chief Executive Officer since August 2014; President and Chief Operating Officer from March 2011 to August 2014.William E. Mudd50President and Chief Operating Officer since October 2015; President and Chief Financial Officer from August 2014 to October 2015; Executive Vice President and Chief Financial Officer from October 2007 to August 2014.Marcia A. Dall58Executive Vice President and Chief Financial Officer since October 2015; Executive Vice President and Chief Financial Officer of Erie Insurance Group and Erie Indemnity Company, a public corporation (Nasdaq: ERIE), from March 2009 through October 2015.Austin W. Miller58Senior Vice President of Gaming Operations since August 2013.







































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Pages(a)(1)Consolidated Financial StatementsThe following financial statements of Churchill Downs Incorporated for the years ended 2021, 2020 and 2019 are included in Part II, Item 8:Consolidated Statements of ComprehensiveIncome (Loss)48Consolidated Balance Sheets49Consolidated Statements of Shareholders’ Equity50Consolidated Statements of Cash Flows51Notes to Consolidated Financial Statements53Report of Independent Registered Public Accounting Firm (PCAOB ID 238)91(2)Schedule II—Valuation and Qualifying Accounts102All other schedules are omitted because they are not applicable, not significant or not required, or because the required information is included in the consolidated financial statements or notes thereto.(3)For the list of required exhibits, see exhibit index.96(b)Exhibits96See exhibit index.(c)All financial statements and schedules except those items listed under Items 15(a)(1) and (2) above are omitted because they are not applicable or not required, or because the required information is included in the consolidated financial statements or notes thereto.










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NumbersDescriptionBy Reference To3(a)Amended and Restated Articles of Incorporation of Churchill Downs Incorporated, as amended and restated on January 25, 2019Exhibit 3.2 to Current Report on Form 8-K filed January 17, 2019(b)Amended and Restated Bylaws of Churchill Downs Incorporated, as amended July 3, 2012Exhibit 3.2 to Current Report on Form 8-K filed July 10, 20124(a)Rights Agreement, dated as of March 19, 2008 by and between Churchill Downs Incorporated and National City BankExhibit 4.1 to Current Report on Form 8-K filed March 17, 2008(b)Indenture, dated as of December 27, 2017, by and among Churchill Downs Incorporated, the guarantors party thereto and U.S. Bank National AssociationExhibit 4.1 to Current Report on Form 8-K filed December 27, 2017(c)Indenture, dated as of March 25, 2019, by and among Churchill Downs Incorporated, the guarantors party thereto and U.S. Bank National AssociationExhibit 4.1 to Current Report on Form 8-K filed March 26, 2019(d)Second Supplemental Indenture, dated as of March 17, 2021, by and among Churchill Downs Incorporated, the guarantors party thereto and U.S. Bank National AssociationExhibit 4.1 to Current Report on Form 8-K filed March 18, 2021(e)Registration Rights Agreement, dated as of December 27, 2017, by and among Churchill Downs Incorporated, the guarantors party thereto and J.P. Morgan Securities LLCExhibit 4.2 to Current Report on Form 8-K filed December 27, 2017(f)Registration Rights Agreement, dated as of March 25, 2019, by and among Churchill Downs Incorporated, the guarantors party thereto and J.P. Morgan Securities, LLCExhibit 4.2 to Current Report on Form 8-K filed March 26, 2019(g)Registration Rights Agreement, dated as of March 17, 2021, by and among Churchill Downs Incorporated, the guarantors party thereto and J.P. Morgan Securities LLCExhibit 4.2 to Current Report on Form 8-K filed March 18, 2021(h)Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934Exhibit 4(f) to Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed February 24, 202110(a)Churchill Downs Incorporated Amended and Restated Supplemental Benefit Plan effective December 1, 1998*Exhibit 10(a) to Annual Report on Form 10-K for the fiscal year ended December 31, 1998 filed March 31, 1999(b)Churchill Downs Incorporated Amended and Restated Deferred Compensation Plan for Employees and Directors*Exhibit 10(a) to Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2001 filed May 15, 2001(c)Lease Agreement, dated as of January 1, 2002, by and between the City of Louisville, Kentucky and Churchill Downs IncorporatedExhibit 2.1 to Current Report on Form 8-K filed January 6, 2003(d)2005 Churchill Downs Incorporated Deferred Compensation Plan*Exhibit 10.1 to Current Report on Form 8-K filed June 21, 2005(e)2006 Amendment to 2005 Churchill Downs Incorporated Deferred Compensation Plan*Exhibit 10.1 to Current Report on Form 8-K filed June 8, 2006(f)Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan*Exhibit A to Schedule 14A  filed April 30, 2007(g)Amendment to Churchill Downs Incorporated 2005 Deferred Compensation Plan Adopted June 28, 2007*Exhibit 10(b) to Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2007 filed August 7, 2007(h)Third Amendment to the 2005 Churchill Downs Incorporated Deferred Compensation Plan*Exhibit 10.2 to Current Report on Form 8-K filed December 19, 2019





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NumbersDescriptionBy Reference To(i)Amended and Restated Terms and Conditions of Performance Stock Awards Issued Pursuant to the Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan, dated as of December 19, 2008*Exhibit 10.1 to Current Report on Form 8-K filed December 22, 2008(j)First Amendment to the Churchill Downs Incorporated Amended and Restated Incentive Compensation Plan (1997), effective November 14, 2008*Exhibit 10 (vv) to Annual Report on Form 10-K for the fiscal year ended December 31, 2008 filed March 4, 2009(k)2005 Churchill Downs Incorporated Deferred Compensation Plan (As Amended as of December 1, 2008)*Exhibit 10 (ww) to Annual Report on Form 10-K for the fiscal year ended December 31, 2008 filed March 4, 2009(l)Churchill Downs Incorporated Executive Severance Policy (Amended Effective as of November 12, 2008)*Exhibit 10 (xx) to Annual Report on Form 10-K for the fiscal year ended December 31, 2008 filed March 4, 2009(m)Form of Churchill Downs Incorporated Restricted Stock Agreement pursuant to the 2007 Omnibus Stock Incentive Plan*Exhibit 10(LL) to Annual Report on Form 10-K for the fiscal year ended December 31, 2011 filed March 12, 2012(n)Churchill Downs Incorporated Executive Annual Incentive Plan, effective January 1, 2013*Exhibit A to Schedule 14A filed May 3, 2012(o)Amendment to the Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan*Exhibit B to Schedule 14A filed May 3, 2012(p)Form of Restricted Stock Agreement pursuant to the 2007 Omnibus Stock Incentive Plan, dated as of February 9, 2015, by and between Churchill Downs Incorporated and each of William C. Carstanjen and William E. Mudd*Exhibit 10.1 to Current Report on Form 8-K filed February 12, 2015(q)Form of Churchill Downs Incorporated Restricted Stock Unit Agreement pursuant to the 2007 Omnibus Stock Incentive Plan*Exhibit 10.1A to Current  Report on Form 8-K filed September 28, 2015(r)Form of Churchill Downs Incorporated Performance Share Unit Agreement pursuant to the 2007 Omnibus Stock Incentive Plan*Exhibit 10.1B to Current  Report on Form 8-K filed September 28, 2015(s)Amended and Restated Stockholder’s Agreement, dated as of June 9, 2017, by and between Churchill Downs Incorporated and CDI Holdings, LLCExhibit 10.2 to Current Report on Form 8-K filed June 12, 2017(t)Credit Agreement, dated as of December 27, 2017, by and among Churchill Downs Incorporated, the subsidiary guarantors party thereto, the lenders party thereto, JPMorgan Chase Bank, N.A. and PNC Bank, National AssociationExhibit 4.3 to Current Report on Form 8-K filed December 27, 2017(u)First Amendment to Credit Agreement, dated March 16, 2020, among Churchill Downs Incorporated, the subsidiary guarantors party thereto, the lenders party thereto, JPMorgan Chase Bank, N.A., and PNC Bank, National AssociationExhibit 10.1 to Current Report on Form 8-K filed March 16, 2020(v)Second Amendment to Credit Agreement, dated April 28, 2020, among Churchill Downs Incorporated, the subsidiary guarantors and the lenders party thereto, and JPMorgan Chase Bank, N.A., and PNC Bank, National AssociationExhibit 10.1 to Current Report on Form 8-K filed April 29, 2020(w)Third Amendment to Credit Agreement, dated February 1, 2021, among Churchill Downs Incorporated, the subsidiary guarantors and the lenders parties thereto, and JPMorgan Chase Bank, N.A.Exhibit 10.2 to Current Report on Form 8-K filed February 2, 2021(x)Incremental Joinder Agreement No. 1, dated March 17, 2021, among Churchill Downs Incorporated, the credit parties thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A.Exhibit 10.1 to Current Report on Form 8-K filed March 18, 2021





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NumbersDescriptionBy Reference To(y)Form of Churchill Downs Incorporated Non-Employee Director Restricted Share Units Agreement*Exhibit 10(a) to Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2016 filed August 3, 2016(z)Churchill Downs Incorporated 2016 Omnibus Stock Incentive Plan*Exhibit 10.1 to Current Report on Form 8-K filed April 29, 2016(aa)First Amended and Restated Churchill Downs Incorporated 2000 Employee Stock Purchase Plan*Exhibit B to Schedule 14A filed March 29, 2016(bb)Churchill Downs Incorporated Restricted Stock Unit Deferred Compensation Plan*Exhibit 10.1 to Current Report on Form 8-K filed December 19, 2019(cc)Form of Performance Share Unit Agreement pursuant to the 2016 Omnibus Stock Incentive Plan by and between Churchill Downs Incorporated and each of William C. Carstanjen and William E. Mudd*Exhibit 10.1 to Current Report on Form 8-K filed November 5, 2018(dd)Form of Restricted Stock Unit Agreement pursuant to the 2016 Omnibus Stock Incentive Plan by and between Churchill Downs Incorporated and each of William C. Carstanjen and William E. Mudd*Exhibit 10.2 to Current Report on Form 8-K filed November 5, 2018(ee)Executive Change in Control, Severance and Indemnity Agreement, dated as of October 30, 2018, by and between Churchill Downs Incorporated and William C. Carstanjen*Exhibit 10.3 to Current Report on Form 8-K filed November 5, 2018(ff)Executive Change in Control, Severance and Indemnity Agreement, dated as of October 30, 2018, by and between Churchill Downs Incorporated and William E. Mudd*Exhibit 10.4 to Current Report on Form 8-K filed November 5, 2018(gg)Change in Control, Severance, and Indemnity Agreement, dated as of October 1, 2019, by and between Churchill Downs Incorporated and Austin W. Miller*Exhibit 10.1 to Current Report on Form 8-K filed October 2, 2019(hh)Executive Change in Control, Severance and Indemnity Agreement, dated as of July 27, 2020, by and between Churchill Downs Incorporated and Marcia A. Dall*Exhibit 10.1 to Current Report on Form 8-K filed July 30, 2020(ii)First amendment to the Churchill Downs Incorporated Restricted Stock Unit Deferral Plan, dated as of February 12, 2020*Exhibit 10(ff) to Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed February 26, 2020(jj)Class Action Settlement Agreement, dated as of July 24, 2020, by and between Kater et al. and Churchill Downs Incorporated et al.Exhibit 10(kk) to Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed February 24, 2021(kk)Purchase Agreement, dated as of February 18, 2022, by and between Peninsula Pacific Entertainment Intermediate Holdings LLC and Churchill Downs IncorporatedExhibit 2.1 to Current Report on Form 8-K filed February 22, 202221Subsidiaries of the Registrant**23Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm**31(a)Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**(b)Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**





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NumbersDescriptionBy Reference To32Certification of Chief Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished pursuant to Rule 13a-14(b))* **101INSInline XBRL Instance Document**101SCHInline XBRL Taxonomy Extension Schema Document**101CALInline XBRL Taxonomy Extension Calculation Linkbase Document**101DEFInline XBRL Taxonomy Extension Definition Linkbase Document**101LABInline XBRL Taxonomy Extension Label Linkbase Document**101PREInline XBRL Taxonomy Extension Presentation Linkbase Document**104Cover Page Interactive Data File (formatted in inline XBRL and contained in Exhibit 101)
















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CHURCHILL DOWNS INCORPORATED/s/ William C. CarstanjenWilliam C. CarstanjenChief Executive Officer(Principal Executive Officer)February 23, 2022


/s/ William C. Carstanjen/s/ William E. Mudd/s/ Marcia A. DallWilliam C. CarstanjenWilliam E. MuddMarcia A. DallChief Executive OfficerPresident andExecutive Vice President andFebruary 23, 2022Chief Operating OfficerChief Financial Officer(Director and Principal ExecutiveFebruary 23, 2022February 23, 2022Officer)(Principal Financial andAccounting Officer)/s/ R. Alex Rankin/s/ Ulysses L. Bridgeman/s/ Robert L. FealyR. Alex RankinUlysses L. BridgemanRobert L. FealyFebruary 23, 2022February 23, 2022February 23, 2022(Chairman of the Board)(Director)(Director)/s/ Douglas C. Grissom/s/ Daniel P. Harrington/s/ Karole F. LloydDouglas C. GrissomDaniel P. HarringtonKarole F. LloydFebruary 23, 2022February 23, 2022February 23, 2022(Director)(Director)(Director)/s/ Paul C. VargaPaul C. VargaFebruary 23, 2022February 23, 2022February 23, 2022(Director)










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(in millions)BalanceBeginningof YearChange in Accounting StandardChargedtoExpenseDeductionsBalanceEnd ofYearAllowance for doubtful accounts:2021$4.9$—$3.2$(2.7)$5.420204.40.52.5(2.5)4.920194.0—2.1(1.7)4.4





(in millions)BalanceBeginningof YearAdditionsDeductionsBalanceEnd ofYearDeferred income tax asset valuation allowance:2021$1.4$1.8$—$3.220200.21.2—1.420190.2——0.2