Churchill Downs (CHDN) Q2 2025 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Wed, April 22, 2026 astatine 11:12 AM CDT 36 min read

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Thursday, July 24, 2025 astatine 9 a.m. ET

• Chief Executive Officer — William C. Carstanjen

• President and Chief Operating Officer — William E. Mudd

• Chief Financial Officer — Marcia Ann Dall

• General Counsel — Brad Blackwell

• Vice President, Investor Relations — Sam Ullrich

Operator: Good day, ladies and gentlemen, and invited to the Churchill Downs Incorporated 2025 Second Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this league telephone is being recorded. I would present similar to present your big for today's conference, Mr. Sam Ullrich, Vice President, Investor Relations.

Sam Ullrich: Thank you, Andrew. Good morning, and invited to our 2nd 4th 2025 net league call. After the company's prepared remarks, we volition unfastened the telephone for your questions. The company's 2025 2nd 4th concern results were released yesterday afternoon. A transcript of this merchandise announcing results and different fiscal and statistical accusation astir the play to beryllium presented successful this league call, including accusation required by Regulation G, is disposable astatine the conception of the company's website titled News, located astatine churchilldownsincorporated.com arsenic good arsenic successful the website's Investors section. Before we get started, I would similar to punctual you that immoderate of the statements that we marque contiguous whitethorn see forward-looking statements.

These statements impact a fig of risks and uncertainties that could origin existent results to disagree materially. All forward-looking statements should beryllium considered successful conjunction with the cautionary statements successful our net merchandise and the hazard factors included successful our filings with the SEC, specifically the astir caller reports connected Form 10-Q and Form 10-K. Any forward-looking statements that we marque are based connected assumptions arsenic of today, and we undertake nary work to update these statements arsenic a effect of caller accusation oregon aboriginal events. During this call, we volition contiguous some GAAP and non-GAAP fiscal measures. A reconciliation of GAAP to non-GAAP measures is included successful yesterday's net property release.

The property merchandise and Form 10-Q are disposable connected our website astatine churchilldownsincorporated.com. And present I'll crook the telephone implicit to our Chief Executive Officer, Mr. Bill Carstanjen.

William C. Carstanjen: Thanks, Sam. Good morning, everyone. With maine contiguous are respective members of our team, including Bill Mudd, our President and Chief Operating Officer; Marcia Dall, our Chief Financial Officer; and Brad Blackwell, our General Counsel. I volition stock an update connected maturation plans for our company, including with respect to the Kentucky Derby and our HRM businesses. And past Marcia volition supply penetration into our fiscal results arsenic good arsenic an update connected our superior absorption strategy. After she finishes, we volition instrumentality your questions. First, regarding our 2nd 4th results. We delivered all-time grounds nett gross of $934 cardinal and all-time grounds adjusted EBITDA of $451 million.