Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market for Common Stock
The Company's common stock is traded on the Nasdaq Global Select Market under the symbol CHDN. As of February 10, 2021, there were approximately 2,420 shareholders of record.
Dividends
Since joining The Nasdaq Global Select Market in 1993, we have declared and paid cash dividends on an annual basis at the discretion of our Board of Directors. The payment and amount of future dividends will be determined by the Board of Directors and will depend upon, among other things, our operating results, financial condition, cash requirements and general business conditions at the time such payment is considered. We declared a dividend of $0.622 in December 2020, which was paid in January 2021, and we declared a dividend of $0.581 in December 2019, which was paid in January 2020.
Issuer Purchases of Common Stock
The following table provides information with respect to shares of common stock that we repurchased during the quarter ended December 31, 2020:
Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased under the Plans or Programs (in millions) (1)
10/1/2020-10/31/2020 — $ — — $ 147.1
11/1/2020-11/30/2020 — $ — — 147.1
12/1/2020-12/31/2020 17,852 $ 194.79 — 147.1
Total 17,852 $ 194.79 —
(1) On October 30, 2018, the Board of Directors of the Company approved a new common stock repurchase program of up to $300.0 million inclusive of any remaining authorization under the prior program. The repurchase program has $147.1 million of repurchase authorization remaining that can be used to repurchase shares under plans or programs. The repurchase program has no time limit and may be suspended or discontinued at any time.
Shareholder Return Performance Graph
The following performance graph and related information shall not be deemed "soliciting material" nor to be "filed" with the SEC, nor shall such information be incorporated by reference into any future filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, each as amended, except to the extent we specifically incorporate it by reference into such filing.
The following graph depicts the cumulative total shareholder return, assuming reinvestment of dividends, for the periods indicated for our Common Stock compared to the Russell 2000 Index, S&P Midcap 400 Index, and the S&P 500 Index. We consider the Russell 2000 Index to be our most comparable peer group index. We added the S&P Midcap 400 Index as a comparison beginning in our Annual Report on Form 10-K for the year ended December 31, 2018. The S&P Midcap 400 Index
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includes the Company's results and also reflects companies which have a more comparable market capitalization than the S&P 500 Index.
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
Churchill Downs Incorporated $ 100.00 $ 107.25 $ 166.96 $ 176.08 $ 298.43 $ 425.14
Russell 2000 Index $ 100.00 $ 121.31 $ 139.08 $ 123.76 $ 155.35 $ 186.36
S&P Midcap 400 Index $ 100.00 $ 120.74 $ 140.35 $ 124.80 $ 157.49 $ 179.00
S&P 500 Index $ 100.00 $ 111.96 $ 136.40 $ 130.42 $ 171.49 $ 203.04
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ITEM 6. SELECTED FINANCIAL DATA
Years Ended December 31,
(In millions, except per common share data) 2020 (a)(f)
2019 (b)(f)(g)
2018 (c)(f)(g)
2017 (d)(f)(g)
2016 (e)(f)(g)
Operations:
Net revenue $ 1,054.0 $ 1,329.7 $ 1,009.0 $ 882.6 $ 822.4
Operating income 60.2 215.7 188.8 145.7 172.5
Income from continuing operations, net of tax 13.3 139.6 182.6 122.4 96.7
(Loss) income from discontinued operations, net of tax (95.4) (2.4) 170.2 18.1 11.4
Net (loss) income attributable to Churchill Downs Incorporated (81.9) 137.5 352.8 140.5 108.1
Net income from continuing operations per common share:
Basic $ 0.34 $ 3.49 $ 4.42 $ 2.59 $ 1.94
Diluted $ 0.33 $ 3.44 $ 4.39 $ 2.55 $ 1.92
Balance sheet data at period end:
Total assets $ 2,686.4 $ 2,551.0 $ 1,725.2 $ 2,359.4 $ 2,254.4
Total debt, net 1,622.3 1,473.9 884.3 1,129.2 921.7
Total liabilities 2,319.3 2,040.0 1,251.9 1,719.1 1,569.4
Shareholders’ equity 367.1 511.0 473.3 640.3 685.0
Shareholders’ equity per common share $ 9.27 $ 12.80 $ 11.72 $ 13.85 $ 13.85
Other data:
Cash flows from operating activities $ 141.9 $ 289.6 $ 197.8 $ 215.1 $ 231.4
Capital maintenance expenditures 23.0 48.3 29.6 33.3 30.9
Capital project expenditures 211.2 82.9 119.8 83.6 23.8
Dividends declared per common share $ 0.622 $ 0.581 $ 0.543 $ 0.507 $ 0.440
Cash dividends paid $ 23.4 $ 22.2 $ 23.7 $ 21.5 $ 19.1
Common stock repurchases $ 27.9 $ 93.0 $ 532.0 $ 179.5 $ 27.6
The selected financial data presented above is subject to the following information:
(a) 2020 reflects the impact of the closure of certain properties for different portions of the year as a result of the COVID-19 global pandemic had on the Company's operations. 2020 also includes a $17.5 million impairment of intangible assets.
(b) 2019 includes:
– the results from the dates of acquisition through December 31, 2019 for Presque Isle, Lady Luck Nemacolin, Turfway Park, and the equity investment in Rivers Des Plaines, and
– $10.0 million accelerated amortization of the purchase and sale rights related to the Turfway Park Acquisition.
(c) 2018 includes the $54.9 million pre-tax gain on the Ocean Downs/Saratoga Transaction and the consolidated results of Ocean Downs after August 31, 2018.
(d) 2017 includes a $21.7 million impairment of tangible and intangible assets and a $20.7 million loss on extinguishment of debt. 2017 also includes a $57.7 million income tax benefit resulting primarily from the re-measurement of our net deferred tax liabilities as a result of the Tax Cuts and Jobs Acts ("Tax Act").
(e) 2016 includes a $23.7 million gain on Calder land sale.
(f) Big Fish Games is accounted for as discontinued operations from the date of acquisition on December 16, 2014 through December 31, 2020 as a result of the Big Fish Transaction.
(g) All per share amounts presented were retroactively adjusted to reflect the Stock Split for shareholders of record on January 11, 2019 and with an effective date of January 25, 2019. CHDN stock began trading at the split adjusted price on January 28, 2019.
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