Churchill Downs Incorporated (CHDN)

Debt-to-capital ratio

		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
Long-term debt	US$ in thousands	4,768,300	4,654,800	4,551,400	4,350,700	4,558,700	2,489,400	2,488,500	1,292,700	1,961,000	1,292,000	1,291,700	1,291,400	1,618,300	1,087,300	1,086,800	1,086,300	1,469,900	384,800	385,600	386,500
Total stockholders’ equity	US$ in thousands	893,600	888,700	853,800	704,200	551,500	612,700	602,900	317,800	306,800	338,800	317,400	202,200	367,100	372,200	320,100	433,000	508,300	550,400	553,300	456,900
Debt-to-capital ratio		0.84	0.84	0.84	0.86	0.89	0.80	0.80	0.80	0.86	0.79	0.80	0.86	0.82	0.74	0.77	0.72	0.74	0.41	0.41	0.46

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $4,768,300K ÷ ($4,768,300K + $893,600K)
= 0.84

The debt-to-capital ratio of Churchill Downs, Inc. has been relatively stable over the past several quarters, hovering around the range of 0.84 to 0.89. This ratio indicates that the company relies on debt to finance a significant portion of its capital structure, with the majority of its capital being debt rather than equity. While the ratio did increase to 0.89 in Q4 2022, it subsequently decreased and stabilized at 0.84 for the remaining quarters in 2022 and throughout 2023. Overall, the consistent levels of the debt-to-capital ratio suggest that Churchill Downs, Inc. maintains a steady balance between debt and equity in its capital structure.