Churchill Downs Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	383	426.8	417.3	439.4	249.1
Depreciation & Amortization	226.7	191.7	164	108.3	98.2
Other Amortization	12.8	13	11.2	10.7	10.3
Loss (Gain) From Sale of Assets	-	-	-114	-274.6	-
Asset Writedown & Restructuring Costs	87.5	3.9	24.6	38.3	15.3
Loss (Gain) on Equity Investments	-23.4	-6.2	8.8	4.2	-33.8
Stock-Based Compensation	30.2	36.1	32.9	31.8	27.8
Other Operating Activities	58.1	56.5	52.8	116.1	15.1
Change in Unearned Revenue	-2.8	-12.1	34.2	-12.7	10.7
Change in Income Taxes	-3.5	-4.5	-1.1	28.2	12.9
Change in Other Net Operating Assets	1.2	66.5	-25.4	21.1	53.9
Operating Cash Flow	769.8	772.7	605.8	536.8	335.5
Operating Cash Flow Growth	-0.38%	27.55%	12.85%	60.00%	136.43%
Capital Expenditures	-274.9	-547	-676.5	-423.5	-91.8
Cash Acquisitions	-	-	-241.3	-2,919	-
Sale (Purchase) of Intangibles	-185.3	-	-	-33.3	-
Sale (Purchase) of Real Estate	-	-	195.7	279	-
Other Investing Activities	-11.3	1.8	4.1	-7.4	-8.6
Investing Cash Flow	-471.5	-545.2	-718	-3,104	-100.4
Short-Term Debt Issued	-	-	2	13.3	-
Long-Term Debt Issued	1,098	965.5	1,771	2,862	780.8
Total Debt Issued	1,098	965.5	1,773	2,876	780.8
Short-Term Debt Repaid	-2.3	-10.9	-	-	-10.5
Long-Term Debt Repaid	-881.7	-900.8	-1,536	-205.4	-430.9
Total Debt Repaid	-884	-911.7	-1,536	-205.4	-441.4
Net Debt Issued (Repaid)	214.1	53.8	237.1	2,670	339.4
Issuance of Common Stock	-	-	14.4	-	-
Repurchase of Common Stock	-444.8	-216.1	-81.4	-203.3	-310.4
Common Dividends Paid	-30.8	-29.2	-27.1	-26	-24.8
Other Financing Activities	-1	-5.1	-13.7	-25	-4.7
Financing Cash Flow	-262.5	-196.6	129.3	2,416	-0.5
Net Cash Flow	35.8	30.9	17.1	-150.9	234.6
Free Cash Flow	494.9	225.7	-70.7	113.3	243.7
Free Cash Flow Growth	119.27%	-	-	-53.51%	-
Free Cash Flow Margin	16.91%	8.25%	-2.87%	6.26%	15.26%
Free Cash Flow Per Share	6.89	3.02	-0.93	1.47	3.11
Cash Interest Paid	294.5	306.8	283.6	133.6	77.5
Cash Income Tax Paid	63.6	103	98.2	7	72.4
Levered Free Cash Flow	82.19	-52.33	-201.48	35.41	109.11
Unlevered Free Cash Flow	268.25	128.8	-33.73	127.48	162.05
Change in Working Capital	-5.1	49.9	7.7	36.6	77.5

Source: S&P Global Market Intelligence. Standard template. Financial Sources.