CHDN - Churchill Downs Incorporated (CHDN) Q4 2023 Earnings Call Transcript

2024-02-22 16:29:09 ET

Churchill Downs Incorporated (CHDN)

Q4 2023 Earnings Conference Call

February 22, 2024, 9:00 AM ET

Company Participants

Phil Forbis - Vice President, Financial Planning and Analysis and Treasury

Bill Carstanjen - Chief Executive Officer

Bill Mudd - President and COO

Marcia Dall - Chief Financial Officer

Brad Blackwell - General Counsel

Conference Call Participants

David Katz - Jefferies

Ramin Sobhany - Truist Securities

Chad Beynon - Macquarie

Jordan Bender - JMP Securities

Jeff Stantial - Stifel

Joe Stauff - SIG

Daniel Guglielmo - Capital One Securities

Shaun Kelley - Bank of America

Dan Politzer - Wells Fargo

Presentation

Operator

Good day, ladies and gentlemen. And welcome to the Churchill Downs Incorporated 2023 Fourth Quarter and Year Endings Conference Call. At this time, all participants are in a listen only mode. Later, we’ll conduct a question-and-answer session, and instructions will be given at that time. As a reminder, this conference call is being recorded.

I would now like to introduce your host for today’s conference, Mr. Phil Forbis, Vice President, Financial Planning and Analysis and Treasury.

Phil Forbis

Thank you, Andrew. Good morning. And welcome to our fourth quarter and year end 2023 earnings conference call. After the company’s prepared remarks, we will open the call for your questions. The company’s 2023 fourth quarter and year end business results were released yesterday afternoon. A copy of this release announcing results and other financial and statistical information about the period to be presented in this conference call, including information required by regulation G, is available at the section of the company’s website titled News, located at churchilldownsincorporated.com, as well as in the website’s Investor section.

Before we get started, I would like to remind you that some of the statements that we make today may include forward-looking statements. These statements involve a number of risks and uncertainties that could cause actual results to differ materially.

All forward-looking statements should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our filings with the SEC, specifically the most recent report on Form 10-K.

Any forward-looking statements that we make are based on assumptions as of today and we undertake no obligation to update these statements as a result of new information or future events.

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in yesterday’s earnings press release. The press release and Form 10-K are available on our website at churchilldownsincorporated.com.

And now, I’ll turn the call over to our Chief Executive Officer, Mr. Bill Carstanjen.

Bill Carstanjen

Thanks, Phil. Good morning, everyone. With me today are several 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’ll share some high level thoughts on several strategic topics, and then Marcia will provide insight on our financial results, as well as an update on our capital management strategy. After she finishes, we will take your questions....

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