Churchill Downs Incorporated (CHDN)
Pretax margin
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | 561,800 | 486,800 | 478,400 | 759,100 | 608,800 | 665,600 | 679,900 | 349,900 | 343,600 | 307,300 | 276,700 | 100 | -87,200 | -96,900 | -131,200 | 141,200 | 194,300 | 197,200 | 247,400 | 237,600 |
| Revenue (ttm) | US$ in thousands | 2,323,200 | 2,312,700 | 2,191,200 | 2,005,200 | 1,809,800 | 1,694,500 | 1,704,400 | 1,637,000 | 1,597,200 | 1,510,600 | 1,455,400 | 1,125,400 | 1,054,000 | 1,056,400 | 1,024,900 | 1,317,200 | 1,329,700 | 1,268,100 | 1,183,100 | 1,085,100 |
| Pretax margin | 24.18% | 21.05% | 21.83% | 37.86% | 33.64% | 39.28% | 39.89% | 21.37% | 21.51% | 20.34% | 19.01% | 0.01% | -8.27% | -9.17% | -12.80% | 10.72% | 14.61% | 15.55% | 20.91% | 21.90% |
December 31, 2023 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $561,800K ÷ $2,323,200K
= 24.18%
Churchill Downs, Inc.'s pretax margin has shown variability over the past eight quarters. In Q1 2023, the company reported a relatively high pretax margin of 37.86%, indicating that a significant portion of its revenue was converted into pre-tax profits. This was a notable increase compared to the previous quarter's pretax margin of 21.83% in Q2 2023.
The company's performance in Q1 2023 stands out when compared to the same quarter in the prior year, where the pretax margin was 21.37%. This suggests that Churchill Downs, Inc. has improved its profitability over this period.
However, it is worth noting that there was a downward trend in the pretax margin from Q1 2023 to Q4 2023, where the margin decreased to 22.82%. The company experienced fluctuations in its profitability during this period, which may have been influenced by various factors such as changes in revenue, expenses, or business operations.
Overall, Churchill Downs, Inc.'s pretax margin has shown both positive and negative movements over the past eight quarters, indicating fluctuations in its profitability performance. Further analysis would be needed to understand the drivers behind these fluctuations and assess the company's overall financial health.