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Churchill Downs - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Churchill Downs (ISIN: US1714841087, WKN: 923011) Kursdatum: 27.07.2017 Kurs: 189,850 USD
Beschreibung Daten
Symbol CHDN
Marktkapitalisierung 3.189.479.936,00 USD
Land Vereinigte Staaten von Amerika
Indizes NASDAQ Comp.
Sektor Sonstige
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 1998-04-15 - 2:1 |
Internet
Letztes Bilanz Update 28.02.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 27.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
18,53 14,06 0,70% 4,78 30,39 29,57 2,44 4,66

Firmenbeschreibung

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)(in thousands, except per common share data)For the Year Ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter(1)Net revenue$250,910 $409,239 $279,765 $272,387(Loss) income from operations(1,558) 55,044 4,203 7,508Basic net (loss) income per common share$(0.09) $3.12 $0.24 $0.44Diluted net (loss) income per common share$(0.09) $3.10 $0.24 $0.43(in thousands, except per common share data)For the Year Ended December 31, 2014 First Quarter Second Quarter Third Quarter Fourth QuarterNet revenue$167,141 $303,472 $173,483 $168,122(Loss) income from operations(700) 57,333 3,531 (13,807)Basic net (loss) income per common share$(0.04) $3.23 $0.21 $(0.81)Diluted net (loss) income per common share$(0.04) $3.21 $0.20 $(0.81)(1)Refer to Note 12—Director and Employee Benefit Plans for discussion of an out of period adjustment during the fourth quarter of 2015.

Firmenstrategie

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Revenue Recognition

Racing and TwinSpires Revenue Recognition

Our Racing and TwinSpires revenue and income are influenced by our racing calendar. Therefore, revenue and operating results for any interim quarter are not generally indicative of the revenue and operating results for the year and may not be comparable with results for the corresponding period of the previous year. We historically have had fewer live racing days during the first quarter of each year, and the majority of our live racing revenue occurs during the second quarter with the running of the Kentucky Oaks and Kentucky Derby.

Pari-mutuel revenue is recognized upon occurrence of the live race that is presented for wagering and after that live race is made official by the respective state’s racing regulatory body. Other operating revenue from admissions, programs and concession are recognized once delivery of the product or services has occurred.

Racing and TwinSpires revenue is generated by pari-mutuel wagering on live and simulcast racing content. Live racing handle includes patron wagers made on live races at our racetracks and also wagers made on imported simulcast signals by patrons at our racetracks during live meets. Import simulcasting handle includes wagers on imported signals at our racetracks when the respective tracks are not conducting live racing meets, at our OTBs and through our ADW providers throughout the year. Export handle includes all patron wagers made on live racing signals sent to other tracks, OTBs and ADW providers. Advance deposit wagering consists of patron wagers through an advance deposit account. The gross percentages earned in 2015 approximated 19% of handle for the TwinSpires segment and 11% of handle for the Racing segment.

Casinos Revenue Recognition

Casino revenue represents net casino wins which is the difference between casino wins and losses. Other operating revenue, such as concession revenue, is recognized once delivery of the product or service has occurred.

Big Fish Games

Big Fish Games revenue is primarily derived from the sale of in-app purchases within our free-to-play games and sales of our premium paid games. We offer social casino and casual and mid-core free-to-play games that customers can play at no cost. Customers can purchase virtual currency that can be used to buy virtual items to enhance the game playing experience.  These games are distributed primarily through third party mobile platform providers, including but not limited to, Apple and Google. We receive and utilize reports from these third party mobile platform providers which break down the virtual goods purchased in our casual mid-core and casino free-to-play games for a given time period.

The proceeds from the sale of virtual goods are initially recorded as deferred revenue and recognized as revenue when persuasive evidence of an arrangement exists, the service has been provided to the user, the price paid by the user is fixed or determinable, and collectability is reasonably assured. Determining whether and when some of these criteria have been satisfied requires judgments that may have a significant impact on the timing and amount of revenue we report in each period. For the purpose of determining when the service has been provided to the player, we have determined that an implied obligation exists to the paying user to continue to make available the purchased virtual goods within the game over the estimated life of the virtual goods. For casino games, the life of the virtual goods is estimated to be the time period over which virtual goods are consumed, approximating three days. For all other casual games, the average playing period of paying players of approximately four months represents our best estimate of the average life of virtual goods. The proceeds from the sale of virtual goods are recorded as deferred revenue and recognized as revenue over the estimated life of the virtual goods.

Premium game revenue is derived from our PC subscription business, the Big Fish Game Club, and from the sale of individual games on PC, Mac and mobile devices. Subscribers receive a game credit each month with their subscription. The value of the game credit is recognized when a customer redeems the game credit.

We record breakage revenue related to outstanding premium game credits. For credits that are subject to expiration, breakage revenue is recorded when the credits have legally expired. Breakage revenue is recorded for game credits with no legal expiration when we have determined the likelihood of redemption is remote based on historical game credit redemption patterns.

Other Estimates and Judgments

We estimate revenue from digital storefronts, such as Apple and Google, in the current period when reasonable estimates of these amounts can be made. The digital storefronts provide reliable interim preliminary sales reporting data within a reasonable time frame following the end of each month, which, when validated against our internal data, allows us to make reasonable estimates of revenue and therefore to recognize revenue during the reporting period. Determination of the appropriate amount of revenue recognized involves judgments and estimates that we believe are reasonable, but it is possible that actual results may differ from our estimates. When we receive the final reports, to the extent not received within a reasonable time frame following the end of each month, we record any differences between estimated revenue and actual revenue in the reporting period when we determine the actual amounts. Historically, the revenue on the final revenue report has not differed significantly from the reported revenue for the period.

Principal Agent Considerations

In accordance with Accounting Standards Codification ("ASC"), we evaluate our digital storefront agreements in order to determine whether or not we are acting as the principal or as an agent when selling our games, which we consider in determining if revenue should be reported gross or net. We primarily use digital storefronts for distributing our casino and casual free-to-play games. Key indicators that we evaluate in order to reach this determination include:

the terms and conditions of our contracts with the digital storefronts;
the party responsible for billing and collecting fees from the end-users, including the resolution of billing disputes;
whether we are paid a fixed percentage of the arrangement’s consideration or a fixed fee for each game;
the party which sets the pricing with the end-user, has the credit risk and provides customer support; and
the party responsible for the fulfillment of the game and that determines the specifications of the game.

Based on the evaluation of the above indicators, we have determined that we are generally acting as a principal and are the primary obligor to end-users for games distributed through digital storefronts; and therefore, we recognize revenue related to these arrangements on a gross basis.

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SEGMENT INFORMATION

We manage our operations through six operating segments: Racing, Casinos, TwinSpires, Big Fish Games, Other Investments and Corporate. Eliminations include the elimination of intersegment transactions. Our chief operating decision maker utilizes Adjusted EBITDA to evaluate segment performance, develop strategy and allocate resources. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, adjusted for the following:

Adjusted EBITDA includes:

Changes in Big Fish Games deferred revenue;
50% of the operating income or loss of our joint venture, MVG;
25% of the operating income from our Saratoga Casino Holdings LLC ("SCH") equity investment; and
Intercompany revenue and expense totals that are eliminated in the Consolidated Statements of Comprehensive Income

Adjusted EBITDA excludes:

Big Fish Games adjustments which include:
Acquisition-related charges, including the change in fair value of the Big Fish Games earnout and deferred consideration liability recorded each reporting period; and
Transaction expense, including legal, accounting, and other deal-related expense
Stock-based compensation expense;
Miami Valley Gaming, LLC ("MVG") interest expense, net;
Calder exit costs; and
Other charges and recoveries.

On January 1, 2014, we reclassified our equity investment in MVG from Other Investments to Casinos, to coincide with the first full period of operations for the venture. MVG's results of operations for the year ended December 31, 2013 have been reclassified to the Casinos segment. As of December 31, 2015, we have identified Corporate as its own operating segment and have retrospectively adjusted segment disclosures for prior periods to reflect this reclassification.

We utilize the Adjusted EBITDA metric because we believe the inclusion or exclusion of certain recurring items is necessary to provide a more accurate measure of our core operating results and enables management and investors to evaluate and compare from period to period our operating performance in a meaningful and consistent manner. Adjusted EBITDA should not be considered as an alternative to operating income as an indicator of performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure provided in accordance with U.S. GAAP. Our calculation of Adjusted EBITDA may be different from the calculation used by other companies and, therefore, comparability may be limited.

The table below presents net revenue from external customers and intercompany revenue from each of our operating segments:

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Computation of Net Income per Common Share

Net income per common share is presented for both basic earnings per common share ("Basic EPS") and diluted earnings per common share ("Diluted EPS"). Earnings attributable to securities that are deemed to be participating securities are excluded from the calculation of Basic EPS using the two-class method. We have determined that employee restricted stock grants, including awards granted under our long-term incentive plans, are participating securities. Basic EPS is based upon the weighted average number of common shares outstanding during the period, excluding unvested restricted stock and stock options held by employees. Diluted EPS is based upon the weighted average number of common and potential common shares outstanding during the period. Potential common shares result from the assumed exercise of outstanding stock options as well as unvested restricted stock, the proceeds of which are then assumed to have been used to repurchase outstanding common stock using the treasury stock method. For periods in which we report a net loss, all potential common shares are considered anti-dilutive and are excluded from calculations of Diluted EPS. For periods in which we report net income, potential common shares with exercise prices in excess of our average common stock fair value for the related period are considered anti-dilutive and are excluded from calculations of Diluted EPS.

 
Year Ended December 31,
(in thousands)
2015
 
2014
 
2013
Net revenue from external customers:
 
 
 
 
 
Racing:
 
 
 
 
 
Churchill Downs
$
151,125

 
$
143,191

 
$
132,845

Arlington
54,405

 
60,312

 
64,483

Fair Grounds
40,343

 
38,625

 
40,677

Calder
2,730

 
19,325

 
36,264

Total Racing
248,603

 
261,453

 
274,269

Casinos:
 
 
 
 
 
Oxford Casino
80,405

 
76,526

 
34,350

Riverwalk Casino
49,758

 
50,139

 
53,645

Harlow’s Casino
48,978

 
50,199

 
52,440

Calder Casino
77,421

 
77,003

 
78,951

Fair Grounds Slots
38,408

 
40,774

 
42,156

VSI
36,913

 
33,653

 
35,634

Saratoga
416

 

 

Total Casinos
332,299

 
328,294

 
297,176

TwinSpires
200,168

 
190,333

 
184,541

Big Fish Games:
 
 
 
 
 
Casino
193,428

 
7,627

 

Casual free-to-play
125,321

 
2,098

 

Premium
94,936

 
4,130

 

Total Big Fish Games
413,685

 
13,855

 

Other Investments
16,636

 
17,125

 
21,899

Corporate
910

 
1,158

 
1,143

Net revenue from external customers
$
1,212,301

 
$
812,218

 
$
779,028

Intercompany net revenue: