Q2 2026 Churchill Downs Inc Earnings Call

July 30, 2026

Speaker #1: We ask all question-and-answer participants to please limit themselves to one question. As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Mr. Sam Ullrich, Vice President, Investor Relations.

Speaker #2: Thank you, Andrew. Good morning, and welcome to our second quarter 2026 earnings conference call. After the company's prepared remarks, we will open the call for your questions.

Speaker #2: The company's 2026 second quarter business results were released yesterday afternoon. A copy of this release announcing results and other financial and statistical information about the period to be presented in this conference call, including information required by regulation G, is available at the section of the company's website titled "News," located at churchilldownsincorporated.com, as well as in the website's investor section.

Speaker #2: Before we get started, I would like to remind you that some of the statements that we make today may include forward-looking statements. These statements involve a number of risks and uncertainties that could cause actual results to differ materially.

Speaker #2: All forward-looking statements should be considered in conjunction with the cautionary statements in our earnings release and related announcements, and the risk factors included in our filings with the SEC.

Speaker #2: Specifically, the most recent reports on Form 10-Q and Form 10-K. Any forward-looking statements that we make are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

Speaker #2: During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in yesterday's earnings press release.

Speaker #2: The press release and Form 10-Q are available on our website at churchilldownsincorporated.com. And now, I'll turn the call over to our Chief Executive Officer, Mr. Bill Carstanjen.

Speaker #3: I will begin with highlights from our record second quarter performance and Kentucky Derby. I will then provide an update on our major development projects and our strategic plans.

Speaker #2: included in our filings with the materially. All forward-looking statements should be SEC, specifically the most recent reports on Form 10-Q and Form 10-K. Any forward-looking statements that we make are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. call, we will present both GAAP and non-GAAP financial measures. reconciliation of GAAP to non-GAAP measures is included in yesterday's earnings press release. available on our website at churchilldowns.incorporated.com.

Speaker #3: Marcia will follow with more detail on our financial results and capital management strategy, and then we will take your questions. First, regarding our second quarter results: we delivered all-time record net revenue of $980 million and all-time record adjusted EBITDA of $477 million.

Speaker #3: This marks the 6th consecutive record second quarter for both metrics. At the end of April, we began a week-long celebration leading up to the 152nd running of the Kentucky Derby on Saturday, May 2.

Speaker #3: Thanks, Sam. Good morning, everyone. Joining me today are Bill Mudd, our President and Chief Operating Officer, Marcia Dall, our Chief Financial Officer, and Brad Blackwell, our General Counsel. I will begin with highlights from our record second quarter performance and Kentucky Derby.

Speaker #3: We made several enhancements that expanded the reach and value of our iconic event. We added Sunday Racing on April 26. With this additional day, we welcomed over 386,000 guests for Derby Week.

Speaker #3: This is the equivalent of nearly 6 Super Bowls or World Cup games over the course of one week. We continued to reap the benefits of the capital we had deployed to enhance the Derby experience.

Speaker #3: I will then provide an update on our major development projects and our strategic plans. Marcia will follow with more detail on our financial results and capital management strategy, and then we will take your questions.

Speaker #3: We are building long-term demand in each of the areas in which we have invested over the past 5 years, including the starting gate courtyard and pavilion, the first turn, and the paddock.

Speaker #3: First, regarding our second quarter results. We delivered all-time record net revenue of $980 million and all-time record adjusted EBITDA of $477 million. This marks the sixth consecutive record second quarter for both metrics. began a week-long celebration leading up to the 152nd running of the Kentucky Derby on Saturday, May 2. made several enhancements that expanded the reach and value of our iconic event. racing on April 26. over 386,000 guests for Derby Week. nearly 6 Super Bowls, our World Cup games, over the course of one week. continued to reap the benefits of the capital we have deployed to enhance the Derby experience.

Speaker #3: We completed the renovation of the mansion and a significant upgrade to the finish line suites for this year's Derby Week. Both premium areas offer exceptional views of the finish line and the guest feedback has been extremely positive.

Speaker #3: Our partnership with NBC delivered record broadcast revenue and viewership. Broadcast revenue increased 10 million dollars under our new NBC agreement. Peak viewership exceeded 24 million, 12% above last year's record.

Speaker #3: We added Sunday With this additional day, we welcomed We We We At the end of April, we We are building This is the equivalent of completed the renovation of the mansion and a significant upgrade to the finish line suites for this year's Derby Week.

Speaker #3: For the first time, NBC aired the Kentucky Oaks Race in prime time reaching an average audience of more than 2.4 million viewers. The Friday night broadcast created a strong lead-in to the Kentucky Derby and expanded awareness, engagement, and wagering around our flagship event.

Speaker #3: Derby Week also generated more than $500 million social media impressions, up 84% from 2025. This year, we once again set all-time records for all sources wagering on Derby Week.

Speaker #3: Both premium areas offer exceptional views of the finish line and the guest feedback has been extremely positive. Our partnership with NBC delivered record broadcast revenue and viewership.

Speaker #3: The Kentucky Derby Race remains by a massive margin the highest U.S. horse racing wagering event, while the Kentucky Oaks Race is the fourth highest.

Speaker #3: As expected, sponsorships and licensing for Derby Week also grew in 2026. Together, all of these results demonstrate the continued growth in Derby Week's cultural relevance, reach, and value.

Speaker #3: Broadcast revenue increased $10 million under our new NBC agreement. Peak viewership exceeded 24 million, 12% above last year's record. For the first time, NBC aired the Kentucky Oaks Race in prime time reaching an average audience of more than 2.4 million viewers.

Speaker #3: Turning to our key development projects: our capital investments in 2026 are primarily focused on the continued development of Churchill Downs Racetrack and our HRM expansion in New Hampshire.

Speaker #3: The Friday night broadcast created a strong lead-in to the Kentucky Derby and expanded awareness, engagement, and wagering around our flagship event. Derby Week also generated more than $500 million social media impressions, up 84% from 2025.

Speaker #3: Regarding Churchill Downs Racetrack, first, our $285 million victory run project will be completed before the 2028 Kentucky Derby. Located on the first turn, this new hospitality offering will add premium suites, covered box seating, and multiple high-end dining experiences.

Speaker #3: This year, we once again set all-time records for all sources wagering on Derby Week. The Kentucky Derby Race remains by a massive margin the highest U.S.

Speaker #3: For the 2027 Kentucky Derby, we intend to have high-end temporary stadium seating, restrooms, and concessions underneath the newly constructed victory run roof to materially improve the guest experience until the interiors and other permanent improvements are completed in 2028.

Speaker #3: horse racing wagering event, while the Kentucky Oaks Race is the fourth highest. As expected, sponsorships and licensing for Derby Week also grew in 2026.

Speaker #3: Together, all of these results demonstrate the continued growth in Derby Week's cultural relevance, reach, and value. Turning to our key development projects, our capital investments in 2026 are primarily focused on the continued development of Churchill Downs Racetrack and our HRM expansion in New Hampshire.

Speaker #3: This project remains on time and on budget. Second, we are expanding the interior of the Homestretch Club to add amenities and indoor space for the 2027 Kentucky Derby.

Speaker #3: Third, we are redeveloping the infield areas on both sides of the winner's pagoda which is the historic building in the infield near the finish line where the Kentucky Derby winners received their trophies.

Speaker #3: As part of this redevelopment, we will be removing the tote boards and using this space to create new customer experiences with exceptional views of the Homestretch, the finish line, and the Derby winners' trophy presentation.

Speaker #3: For the 2027 Derby, we will be installing 1,400 temporary seats and will also be testing a new cabana offering for approximately 500 guests along the turf course.

Speaker #3: These new offerings will enable our team to further segment the infield experience and provide a broader set of price points. We are also making underground infrastructure improvements in the first turn area of the infield, which will enable us to create a more level area for a music stage and new bar and lounge concepts.

Speaker #3: This project remains on time and on budget. Second, we are expanding the interior of the Homestretch Club to add amenities and indoor space for the 2027 Kentucky Derby.

Speaker #3: Third, we are redeveloping the infield areas on both sides of the winners' pagoda which is the historic building in the infield near the finish line where the Kentucky Derby winners receive their trophies.

Speaker #3: We will continue to evaluate long-term permanent entertainment experiences for these highly desirable areas of the infield. In New Hampshire, Rockingham Grand Casino in Salem remains on track for a mid-2027 opening.

Speaker #3: We expect this state-of-the-art gaming and entertainment destination to attract guests from across New England. Now I will provide a brief update on our strategic plans.

Speaker #3: For the 2027 Derby, we will be installing 1,400 temporary seats and will also be testing a new cabana offering for approximately 500 guests along the turf course.

Speaker #3: Over the last number of years, we have built and acquired unique growth assets invested organically in the Kentucky Derby and high-return HRM properties and monetized assets when we believed another owner could create additional value.

Speaker #3: We believe that our recent share price performance has not reflected the quality, durability, and cash-generating characteristics of our properties, and we certainly recognize that we must constantly analyze and adapt to our market environment and dynamics.

Speaker #3: After a great deal of internal strategic analysis and discussion, we commenced a strategic review of our wholly-owned regional gaming properties within our gaming segment.

Speaker #3: As part of this review, we assessed the strategic importance of each of our wholly-owned regional gaming properties to our overall company strategy. As a result, we are exploring various options to sell the following 9 gaming properties.

Speaker #3: We expect this state-of-the-art gaming and entertainment destination to attract guests from across New England. Now I will provide a brief update on our strategic plans.

Speaker #3: Culver Casino in Florida, Terre Haute Casino in Indiana, Hard Rock Casino in Iowa, Oxford Casino in Maine, Ocean Downs in Maryland, Harlow's in Riverwalk Casinos in Mississippi, Del Lago in New York, and Prescott in Pennsylvania.

Speaker #3: We will retain our fairgrounds-related properties in Louisiana because of their long-term importance to the horse racing industry. Fairgrounds Racecourse is home to the Louisiana Derby which is a premier road to the Kentucky Derby Race.

Speaker #3: After a great deal of internal strategic analysis and discussion, we commenced a strategic review of our wholly-owned regional gaming properties within our gaming segment.

Speaker #3: Fairgrounds also offers one of the very few wintertime turf courses in the eastern half of the United States and plays a key strategic role in the migration of racehorses in the colder months.

Speaker #3: As part of this review, we assessed the strategic importance of each of our wholly-owned regional gaming strategy. As a result, we are exploring various options to sell the following 9 gaming properties.

Speaker #3: Based on market feedback, we now believe that a sale of these properties will most likely be individually or in small groups to maximize value for our shareholders.

Speaker #3: We are working hard to execute this process over the coming months. We have engaged McQuarrie Capital to assist us. To be clear, we do not intend to sell our HRM properties in Kentucky, Virginia, or New Hampshire.

Speaker #3: Our intention is to use any asset sale proceeds to significantly reduce our leverage, reinvest selectively in Churchill Downs Racetrack, and in other high-return projects, and fund the repurchase of shares of our stock.

Speaker #3: Going forward, we will concentrate on assets with strong cash flow and durable competitive advantages. Three cornerstones will anchor this strategy. The Kentucky Derby, our HRM businesses, and our twin spires business.

Speaker #3: Fairgrounds also offers one of the very few wintertime turf courses in the eastern half of the United States, and plays a key strategic role in the migration of racehorses in the colder months.

Speaker #3: Together, these cornerstones support the horse racing ecosystem and provide multiple avenues for profitable growth and long-term shareholder value. The Kentucky Derby is our defining asset, and the foundation of our differentiated strategy.

Speaker #3: Based on market feedback, we now believe that a sale of these properties will most likely be individually or in small groups to maximize value for our shareholders.

Speaker #3: As the crown jewel in our portfolio, we are committed to expanding its relevance, reach, and earnings power while preserving the traditions that make it singularly unique.

Speaker #3: It is a one-of-a-kind luxury live sports and entertainment property that builds on 152 years of tradition, historic Americana, celebration, and shared experiences. We intend to build on that legacy.

Our intention is to use any asset sale proceeds to significantly reduce our Leverage.

Reinvest selectively in, Churchill Downs, Racetrack, and in other high return projects.

And fund the repurchase of shares of our stock.

Speaker #3: Our goal is to make Derby Week an even broader national and international event. We see meaningful opportunities to grow global attendance, wagering, viewership, sponsorship, and EBITDA across the full week.

Going forward, we will concentrate on assets with strong, cash flow, and durable, competitive advantages.

Three cornerstones will anchor this strategy.

Speaker #3: Strategic investments will remain a key part of our long-term strategy for growing the Derby. These projects are designed to elevate the guest experience, expand premium inventory, deepen sponsorship opportunities, and generate attractive long-term returns.

The Kentucky Derby, our HRM businesses, and our Twin Spires business.

Together, these cornerstones support the horse racing ecosystem and provide multiple avenues for profitable growth and long-term shareholder value.

Speaker #3: The second cornerstone of our strategy is HRMs. We will continue to develop and optimize high-quality HRM entertainment venues in Virginia, Kentucky, and New Hampshire, and to pursue opportunities and additional states that authorize HRMs.

The Kentucky Derby is our defining asset and the foundation of our differentiated strategy.

As the crown jewel in our portfolio, we are committed to expanding its relevance, reach, and earnings power, while preserving the traditions that make it singularly unique.

Speaker #3: We will use exact technologies to improve returns at our properties, expand the platform with other U.S. and international operators, and continue to develop electronic table games to broaden our product offerings.

It is a 1 of A Kind luxury, live sports and entertainment property that builds on 152 years of tradition, historic Americana celebrations and shared experiences. We intend to build on that Legacy.

Speaker #3: Our HRM venues play an important role in supporting the horse racing industry and their respective states. They generate purse funding, support the local agricultural industries, support local charities, create jobs, and drive meaningful economic impact in their communities.

Our goal is to make Derby week and even broader National and International Event.

We see meaningful opportunities to grow Global attendance. Wagering viewership sponsorship, and IBA across the 4 week.

Strategic investments will will remain a key part of our long-term strategy for growing the derby.

Speaker #3: In Virginia, we also plan to continue to grow and optimize our Virginia HRM footprint. Through our ownership of Colonial Downs, we have the sole right to 10 HRM licenses and 5,000 machines in the Commonwealth.

These projects are designed to elevate the guest experience, expand premium inventory, deepen, sponsorship opportunities and generate attractive long-term returns.

The second cornerstone of our strategy is HRMS.

Speaker #3: Our portfolio generates strong margins and free cash flow while supporting racing purses, tax revenues, and jobs across the state. We are exploring options to run referendums in the town of Pulaski and in Amherst County both in the western part of Virginia that would allow us to further expand our HRM footprint.

We will continue to develop and optimize high-quality HRM entertainment venues in Virginia, Kentucky, and New Hampshire, and to pursue opportunities in additional states that authorize HRMs.

Speaker #3: We believe both jurisdictions are underserved markets with attractive growth potentials. In Kentucky, our eight HRM venues operate approximately 5,300 machines and continue to generate strong growth and significant purse funding.

Operators and continue to develop electronic cable games to broaden our product offerings.

Our HRM venues play an important role in supporting the horse racing industry and their respective States.

Speaker #3: Since Derby City Gaming opened in 2018, purses at Churchill Downs Racetrack have increased from less than 40 million dollars to more than 100 million dollars.

They generate purse funding, support the local agricultural industries, support local charities, create jobs, and drive meaningful economic impact in their communities.

In Virginia, we also plan to continue to grow and optimize our Virginia, HRM footprint.

Speaker #3: We see further long-term growth through leading gaming content enhanced entertainment, new products, including electronic table games, and selective expansion. In New Hampshire, as I discussed earlier, we are excited about the opening of Rockingham Grand Casino in mid-2027.

Through our ownership of Colonial Downs, we have the sole right to 10 HRM licenses and 5,000 machines in the Commonwealth.

our portfolio, generates strong margins and free cash flow while supporting racing purses, tax revenues and jobs across the state

Speaker #3: We also retain the HRM license associated with Chasers in Salem and will pursue attractive alternative uses for that license. The third cornerstone is twin spires.

We are exploring options to run referendums in the town of Pulaski and in Amherst County, both in the western part of Virginia that would allow us to further. Expand our HRM footprint

Speaker #3: Twin spires remain focused on expanding interest and participation in horse racing, wagering, through innovation and broader direct-to-consumer and business-to-business distribution. During Derby Week, twin spires again set records for wagering, new registrations, first-time depositors, and active players.

We believe both jurisdictions are underserved markets with attractive growth, potentials.

In Kentucky.

Our H, our 8 HR venues, operate, approximately 5,300 machines and continue to generate strong growth and significant purse funding.

Speaker #3: We intend to build on that momentum. In summary, the second quarter delivered record results and demonstrated the strength of our core businesses. Our Churchill Downs Racetrack and Rockingham Grand Casino projects remain on time and on budget.

Since Derby City Gaming opened in 2018, purses at Churchill Downs Racetrack have increased from less than $40 million to more than $100 million.

Speaker #3: We are executing a long-term strategy with the Kentucky Derby HRMs and twin spires serving as the pillars. And we will seek to sell our wholly owned regional gaming properties to pay down debt to repurchase shares and to selectively reinvest in our business.

We see further long-term growth through leading gaming content, enhanced entertainment new products, including electronic table games, and selective expansion.

In New Hampshire. As I discussed earlier, we are excited about the opening of Rockingham. Grand Casino in mid 2027.

We also retain the HRM license associated with Chasers and Salem and will pursue attractive alternative uses for that license.

Speaker #3: Our strategic decision-making, disciplined capital allocation, strong balance sheet, and portfolio of unique and iconic assets have positioned us well to drive sustainable long-term growth.

The third Cornerstone is Twin Spires.

Speaker #3: This is an exciting time for our company and our shareholders. With that, I'll turn the call over to Marcia and then we will take your questions.

Twin Spires remains focused on expanding interest and participation in horse racing. Wagering through Innovation and broader direct to Consumer and business to business distribution.

Speaker #3: Marcia?

Speaker #2: Thanks, Bill, and good morning, everyone. I'll review the key drivers of our second quarter financial performance and then discuss capital management. Starting with our second quarter financial results, as Bill noted, we delivered all-time record revenue and adjusted EBITDA.

During Derby week to inspires again, set records for wagering, new registrations first-time, depositors and active players. We intend to build on that momentum.

In summary the second quarter, delivered record results and demonstrated the strength of our core businesses.

Speaker #2: Our live and historical racing segment and our wagering services and solutions segment also achieved all-time record results. Momentum in our live and historical racing segment remains strong with adjusted EBITDA increasing 7% compared to the prior year quarter.

Our Churchill Downs, Racetrack and Rockingham Grand Casino projects, remain on time and on budget.

We are executing a long-term strategy with the Kentucky Derby, hrms and to inspires serving as the pillars.

Speaker #2: Adjusted EBITDA for Churchill Downs Racetrack was up 16 million dollars for the quarter driven by the successful running of the 152nd Kentucky Derby. We continue to expect Derby Week to contribute 15 to 18 million dollars of incremental adjusted EBITDA in 2026 compared to the prior year.

And we will seek to sell our wholly owned Regional gaming properties to pay down debt to repurchase shares and to selectively reinvest in our business.

Our strategic decision-making, disciplined capital allocation, strong balance sheet, and portfolio of unique and iconic assets have positioned us well to drive sustainable, long-term growth.

This is an exciting time for our company and our shareholders.

Speaker #2: The combination of our recent Derby capital projects, the renewal of our NBC Broadcast contract, the running of Oaks during primetime television, the expansion of Derby Week race days, and increased sponsorship and wagering interest all reinforce our confidence in the Derby's long-term earnings power.

With that, I'll turn the call over to Marsha and then we will take your questions Marcia.

Thanks Bill, and good morning everyone. I'll review the key drivers of our second quarter financial performance and then discuss Capital Management.

Speaker #2: Our Kentucky HRM properties delivered strong results with adjusted EBITDA up 10% year over year driven by strong growth across both western and northern Kentucky.

Starting with our second quarter Financial results. As Bill noted, we delivered all-time record revenue and adjusted via our live and historical racing segment and our wagering services and solutions. Segment also achieved all-time record results.

Speaker #2: We also benefited from the opening of martial yards in February. Revenue trends in these markets have demonstrated sustained consumer durability and demand in these markets remains resilient.

Momentum in our live and historical racing segment remains strong with adjusted ibida, increasing 7% compared to the prior year quarter.

Speaker #2: In Virginia, adjusted EBITDA increased 1% compared to the prior year quarter led by continued strength at the rose. Since opening, the rose has delivered sequential quarterly growth in GGR per machine per day supported by expanding guest awareness, effective marketing, and a higher spend per visit.

Adjusted ibida for Churchill Downs. Racetrack was up 16 million dollars for the quarter driven by the successful running of the 152nd Kentucky Derby.

We continue to expect Derby Week to contribute $15 to $18 million of incremental adjusted EVA in 2026 compared to the prior year.

Speaker #2: Revenues and margins also improved sequentially reinforcing our confidence that the rose is still early in its development and has meaningful growth potential ahead. At our central Virginia properties, results continue to reflect near-term competitive pressure.

The combination of our recent Derby capital projects, the renewal of our NBC broadcast contract, the running of Oaks during Prime Time television, the expansion of Derby week, race days, and increased sponsorship and wagering interests. All reinforced our confidence and the derbies long-term earnings power.

Speaker #2: We are responding with targeted marketing and guest engagement initiatives designed to stabilize performance and improve returns over time. Overall, Virginia margins have remained at 46% consistent with the prior year quarter.

Our Kentucky hon properties delivered, strong results with adjusted. Eva up 10% year-over-year driven by strong growth across both Western and Northern Kentucky.

We also benefited from the opening of Marcia Yards in February.

Speaker #2: Turning to our wagering services and solutions segment, adjusted EBITDA increased over 8% driven by growth in twin spires horse racing and continued expansion of our exactive platform.

Revenue trends in these markets have demonstrated sustained consumer durability and demand. Demand in these markets remains resilient.

Speaker #2: Twin spires adjusted EBITDA also benefited from lower legal expenses in second quarter than in the prior year quarter. And last, regarding our gaming segment, adjusted EBITDA increased 5% compared to the prior year quarter.

Delivered sequential quarterly growth in GGR per machine per day, supported by expanding guest awareness, effective marketing, and higher spend per visit.

Speaker #2: Our wholly owned regional gaming properties performed in line with expectations given the cessation of HRM operations in Louisiana in May of last year. Overall, second quarter same store margins at our wholly owned casinos were essentially flat to the second quarter of last year.

revenues and margins. Also improve sequentially reinforcing. Our confidence that the rose is still early in its development and has meaningful growth. Potential ahead.

At our Central Virginia properties results. Continue to reflect near-term competitive pressure

Speaker #2: Consumer trends have improved from growth of prior year quarter and first quarter levels. Higher value rated play remains strong while our lower value unrated segments were consistent with the prior quarter trends.

Overall Virginia margins have remained at 46% consistent with the prior year quarter.

Speaker #2: Turning to capital management, in the first half of this year, we generated record free cash flow of $474 million or $6.70 per share. Demonstrating the strength and consistency of our operating model.

turning to our wagering services and solutions, segment, adjusted ibida increased over 8% driven by growth in twins, virus horse racing and continued expansion of our exact platform

Speaker #2: Our strong free cash flow generation continues to support both reinvestment in high-return growth projects and meaningful capital returns to our shareholders. We spent $79 million on project capital in the first half of the year and continue to expect full-year spend between $180 and $220 million.

To inspire, Evida also benefited from lower legal expenses in the second quarter than in the prior-year quarter.

And last, regarding our gaming segment, adjusted EBITDA increased 5% compared to the prior year quarter. Our wholly owned regional gaming properties performed in line with expectations, given the cessation of HRM operations in Louisiana in May of last year.

Speaker #2: We spent $38 million on maintenance capital in the first half of the year and continue to expect full-year spend between $90 to $110 million.

Overall, second quarter same-store margins at our wholly owned casinos were essentially flat to the second quarter of last year.

Speaker #2: We remain disciplined in our management of capital given our commitment to reinvesting selectively in Churchill Downs Racetrack and in high-return live and historical racing projects to create long-term shareholder value, significantly reducing our leverage, maintaining consistent growth in our annual dividend, and repurchasing shares of our stock when our shares are trading below their intrinsic value.

Consumer trends have improved compared to both the prior-year quarter and first-quarter levels.

Higher value rated play remains strong. While our lower value unrated segments were consistent with the prior quarter trends.

Speaker #2: We have reduced our leverage over the past 12 months at the end of June. Our bank covenant net leverage was 3.7 times reflecting continued strong operating cash flow generation from our recent investments.

Turning to Capital Management. And the first half of this year, we generated record free, cash flow of 474 million, or 6.70 per share demonstrating the strength and consistency of our operating model.

Our strong free cash flow, generation continues to support, both reinvestment and high return, growth projects and meaningful Capital returns to our shareholders.

Speaker #2: As Bill discussed, our intention is to use any asset sale proceeds to significantly reduce our leverage. We've also returned significant capital to our shareholders over the past 10 years.

Speaker #2: Since late 2015, we've returned over $2.4 billion to our shareholders through share repurchases and dividends. As of the end of June, we have $430 million remaining under our share repurchase program.

We spent $79 million on project capital in the first half of the year and continue to expect full-year spend between $180 million and $220 million. We spent $38 million on maintenance capital in the first half of the year and continue to expect full-year spend between $90 million and $110 million.

Speaker #2: We intend to repurchase shares of our stock in the second half of the year given the current market dynamics and the nominal impact that our planned share repurchases will have on our leverage.

We remain disciplined and our management of capital given our commitment to reinvesting selectively and Churchill Downs Racetrack, and in the high return live and historical racing projects to create long-term shareholder value.

Significantly reducing our leverage while maintaining consistent growth in our annual dividend.

Speaker #2: We expect bank covenant net leverage to remain in the 3.6 to 3.8 times range through the end of the year and in 2027, we expect that it will drop based on our cash flow projections and if and when we complete any regional gaming asset sales.

And repurchasing shares of our stock when our shares are trading below their intrinsic value.

We have reduced our leverage over the past 12 months, at the end of June, our bank Covenant. Net leverage was 3.7 times reflecting continued strong, operating cash flow generation from our recent Investments

Speaker #2: The dividend paid in January of this year marked a 15th consecutive year of dividends per share increases a strong signal of our confidence in the company's future cash flow generation.

As Bill discussed, Our intention is to use any asset sale proceeds to significantly reduce our Leverage.

Speaker #2: From a financing perspective, given the current market environment, we are an active discussion with our best-in-class relationship lender group regarding refinancing alternatives for our near-term debt maturities and our credit facility.

We've also returned significant Capital to our shareholders over the past 10 years. Since late. June 25th 2015, we have returned over 2.4 billion dollars to our shareholders, through share repurchases and dividends

Speaker #2: We tend to be opportunistic regarding our capital structure over the next few months. Overall, we have a very strong balance sheet to support our future growth.

Speaker #2: With that, I'll turn the call back over to Bill so that he can open the line for questions. Bill?

As of the end of June, we have $430 million remaining under our share repurchase program. We intend to repurchase shares of our stock in the second half of the year, given the current market dynamics and the nominal impact that our planned share repurchases will have on our leverage.

Speaker #3: Thank you, Marcia. And we're now ready to take your questions.

Speaker #4: Certainly. To ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again.

We expect Bank Covenant, net leverage to remain in the 3.6 to 3.8 times range through the end of the year. And in 2027, we expect that it will drop based on our cash flow projections. And if and when we complete any Regional gaming asset sales,

Speaker #4: One moment, please. Our first question comes from the line of Barry Jonas with Truist.

Speaker #5: Hey, guys. Good morning. Thank you for the very thorough comments. Wanted to just ask a little bit more about Virginia. Can you maybe talk a little bit more about the remaining HRM deployment strategy?

The dividend paid in January of this year. Marked a 15th consecutive year of dividends for share increases a strong signal of our confidence in the company's future cash flow generation.

Speaker #5: How you're sort of balancing that with the evolving competitive dynamic in the state and anything you can share in terms of your goal of increasing the deployment limit in the state?

From a financing perspective, given the current market environment, where an active discussions with our best-in-class relationship, lender group regarding refinancing alternatives for a near-term debt maturities. And our credit facility, we tend to be opportunistic regarding our capital structure over the next few months.

Overall, we have a very strong balance sheet to support our future growth.

Speaker #5: Thank you.

Speaker #3: Good morning, Barry. Thanks for the question. The way it works in Virginia is we're entitled to 10 licenses. So 10 places where we can deploy machines and a total of 5,000 machines across the jurisdiction.

With that, I'll turn the call back over to bill so that he can open the line for questions. Bill. Thank you Marcia.

And we're now ready to take your questions.

Certainly.

Speaker #3: And by jurisdiction, or by county and town, there can be some limitations that apply to where we can deploy the machines even when we're approved for a license.

To withdraw your question. Please press star 1 1 again.

1 moment, please.

Our first question comes from the line of Barry Jonas with Truist.

Speaker #3: So we still think there's lots of opportunity in Virginia and we wish in our working towards getting more than 5,000 machines over time. But right now, we're working within the 5,000.

Speaker #3: So in the central part of the state, we've seen the introduction of the Petersburg Casino in January or early February of this year. And that's had some impact in the short period of time since then, on our properties such as Richmond and New Kent.

Hey guys, good morning. Uh, thank you for the very thorough uh uh uh comments wanted to just uh ask a little bit more about Virginia. Um, C. Can you can you maybe talk a little bit more about, uh, the remaining HRM, deployment strategy, how you're sort of balancing that with the evolving competitive Dynamic mistake and and anything you can share in terms of your goal of increasing the, the deployment limit in the state. Thank you.

Good morning, Barry. Thanks for the question.

Speaker #3: And even a little bit of Emporia. That's had some impact on the performance of those properties. But as often is the case, it's disruptive when a new property opens and you adjust.

Speaker #3: You take the lessons that the market gives you. You learn from those and you adjust your marketing and you adjust your competitive positioning. And we'll continue to do that as we face that additional competition.

Speaker #3: And I think you'll see us perform strongly and make adjustments and make improvements to our efforts there. And across the rest of the state, as I mentioned, you'll see us run two referendums in more of the western portion of the state, near Blacksburg and Lynchburg.

Uh, the way it works in Virginia is we we're entitled to 10 licenses, so some 10 places where we can deploy machines and a total of um, 5,000 machines across the jurisdiction. And, and by jurisdiction or by by county in town, there can be some limitations that that apply to where we can deploy the machines even when we're approved for a, a license. So, um, we still think there's lots of opportunity in Virginia and we wish and are working towards getting more than 5,000 machines over time. But right now we're working within the 5000. So in the central part of the state,

Speaker #3: And we'll look to use the remaining machines we have and also look to responsibly and sensibly redeploy machines from other facilities where we think we can get a higher return off those machines by moving them around.

We've seen the introduction of of the Petersburg Casino in, in January, or early February of this year and that's had some impact in the, in the short period of time. Since then on our properties such as Richmond. Um,

Uh, and New Kent.

Speaker #3: So in all and all, it's a bit of a chessboard. In the state, finding the best places to open up licenses, and finding the best place to deploy the machines.

Speaker #3: And again, over time, I hope we have more licenses and machines to play with in the jurisdiction.

Speaker #4: Thank you. Our next question comes from the line of Brant Montour with Barclays.

Speaker #6: Good morning, everybody. And thanks for taking my question. So on the strategic review, Bill and Marcia, and I appreciate there's only so much you probably want to say.

Uh and even a little bit of Emporia, that's had some impact on the performance of of those properties. But uh as often as the case, it's disruptive, when a new property opens and you adjust, you you you you take the lessons that that the market gives you. You learn from those and you adjust your marketing and you adjust your your competitive positioning and we'll continue to do that. As as uh we face that additional competition and I think you'll see us perform strongly and make adjustments, and make improvements to our to our our efforts there, and AC the rest of the State, uh,

Speaker #6: But maybe you could just talk about how you see the health of the transaction market right now for these types of assets. Maybe key into the dynamics that we're seeing play out at some of your peers.

Speaker #6: That are looking at high-profile transactions if that helps or hurts your cause. Thank you.

As I, as I mentioned you'll see us uh Run 2 referendums in more of the western portion of the State uh near blackburg and Lynchburg. And uh and we'll look to use the remaining machines we have and also look to responsibly and sensibly redeploy machines from other facilities where we think we can get a higher return off those machines, uh, by moving them around. So, in all in all, it's a bit of a, a chess board in the state,

Speaker #3: Sure thing, Brent. Thanks. Hey, these are great assets. These, first and foremost, these are assets with long history of good cash flow generation, good returns on capital, and performance.

Finding the best places to open up licenses and, uh, and, um, finding the best places to deploy the machines. And again, over time, I hope we have more licenses and machines to play with in the jurisdiction.

Thank you.

Speaker #3: So with that, starting with that premise of we have good assets, certainly it's the case that there's activity in the market in this space in general.

Our next question comes from the line of brand. Montour with Barclays.

Speaker #3: We can all see that. And people can take from that what they wish. But we think this is an excellent time for us to go to market.

Speaker #3: Like I said, in our case, I think we'll be looking at more individual or small bundles of transactions based on different buyers' interests and needs.

Speaker #3: But first and foremost, the most important thing to highlight is we're selling proven strong assets that ought to fit in other people's portfolios and other people's plans.

Um, good morning everybody. And thanks for taking my question. So on this strategic review, uh, Bill and Marsha and I appreciate there's only so much you probably want to say. Um, but but maybe you could just talk about how you see the health of the transaction market right now, for these types of assets, uh, you know, maybe key into the Dynamics that we're seeing play out at some of your peers that are, um, looking at high-profile transactions if that helps or hurts your cause thank you.

Uh, sure, sure thing. Brent, thanks. Um,

Hey, these are great assets. These first and foremost,

Speaker #3: And from our perspective, we're pleased with the environment and pleased with our plan to take these properties to market.

These are.

Uh, assets with long histories of good cash flow generation, good returns on capital, and performance. So—

Speaker #4: Thank you. Our next question comes from the line of David Katz with Jeffrey's.

Speaker #7: Morning. Thanks for taking my question. Bill, I appreciate all the strategic commentary. When it comes to the derby, you laid out, I think, pretty detailed list of the avenues through which the earnings potential there could grow, right?

Speaker #7: Sponsorship, ticket sales, etc. Two questions. One is, help us with that guidance, of course. Maybe rank order, where you think the biggest opportunities are in the medium term.

With that, starting with that premise that we have good assets. Um, certainly it's the case that there's there's activity in the market in this space in general, we can all see that. And and people can take from that what what they wish. Um, but we think this is an excellent time for us to go to market. Like I said, in our case, I think we'll be looking at, uh, more individual or small bundles of of transactions based on different buyers interests and needs. Um, but first and foremost, the most important thing to highlight is, uh, we're selling proven strong assets that, uh, that Audits and other people's portfolios and other people's plans. Um, and, uh,

Speaker #7: And then second, based on where you sit today, where you have put some capital in and are putting more in, how should we think about the trajectory of earnings growth medium term?

Plan to to take these properties to Market.

Thank you.

Our next question comes from the line of David Katz with Jeffries.

Speaker #7: And whether there are certain gating factors we can look to for an inflection. Presumably upward. And the earnings power at the derby. Thanks.

Speaker #3: Thanks, David. So as I highlighted in my comments and you just hit on two, everything is moving in the right direction with respect to the derby.

Speaker #3: So whether you're talking about admissions revenue, broadcast revenue, sponsorship, wagering, all of every metric by which we measure the derby and evaluate the performance of the business, every single metric is moving in the right direction.

Uh morning. Thanks for taking my question. Um bill. I I appreciate all the uh, strategic commentary when it comes to the derby. Um, you know, you laid out I think you know pretty detailed list of the Avenues who which you know, the earnings potential there, good growth, right sponsorship, ticket sales, Etc.

You know, 2 questions 1 is, you know, help us without guidance, of course. Um, you know, maybe rank order where you think the biggest opportunities are

you know, in the medium term and then second, you know, based on where you sit today, where you have put some capital in and are putting more in

Speaker #3: And that's a great place to be when you operate a business. You don't always find that in every business at every time. But with the derby, we found that.

Speaker #3: That's the environment we're in and we're the beneficiary of the history of the events, the fact that it's cut above the noise, that you find in a broad, diverse American public to reach a national presence and a place where America stops and pays attention.

Um you know how should we think about um the trajectory of earnings growth medium-term and and whether you know, there are certain dating factors we can look to for an inflection.

You know, I presumably upward and, you know their earnings power at the Derby. Thanks.

Thanks David.

So, um,

Speaker #3: It's hard to achieve that in America and we've achieved that with the derby. So with that caveat that everything is moving in the right direction, certainly you see that in terms of step function growth, you see the work we're doing on victory runs and when that reaches fruition, particularly at Derby 2028, you're going to see the first of the rounds of additional growth that comes from that capital investment.

as I highlighted in my comments and, and, and you just hit on 2,

Everything is moving in the right direction, with respect to the derby. So whether you're talking about, um,

Admissions Revenue.

Broadcast Revenue, sponsorship wage range.

uh,

Speaker #3: But even with smaller capital investment, even with smaller projects, you'll see growth. You'll see additive revenue and you'll see momentum. For me, I'm particularly excited about some of the experiments we're running in the infield, you may have noticed when we talked about the infield projects, we're putting in temporary structures, cabanas, temporary seatings around the winner's pagoda.

All of every metric by which we measure the Derby and evaluate the performance of the business. Every single metric is moving in the, in the, in the, in the right direction.

Uh, and that's a great place to be. When you operate a business, you don't always find that in every business, at every time, but with the Derby,

Speaker #3: We need to do some experimenting there. We need to test some concepts. Before we want to go with permanent structures there. So we can really take some of the lessons we think we've learned from what we've seen in other parts of the world and in other parts of the country, even with other events, to see how they'll work for us.

we found that. That's that's the environment we're in. And we're, we're the beneficiary of the history of the events. The fact that it's Cut Above the noise that that you find in a broad diverse American public to, to reach a national presence. In a, in a, uh, an a a place where America stops and pays attention. It's hard to achieve that in America and we've achieved that with, with the Derby. So, with that caveat that everything is moving in the right direction, certainly, you see that, in terms of Step function growth, you see the work we're doing on Victory runs and uh, when that reaches fruition particularly at Derby 2020,

Speaker #3: So building out the physical facility, changing the physical facility, innovating around the physical facility, is, I think, the beginning. I think when you talk about broadcast, when you talk about sponsorships, first and foremost, it's what's that event on the ground?

Hey, you're going to see the first of the of the rounds of additional growth that comes from that capital investment. But even with smaller capital investment even with smaller projects you'll see um you'll see growth, you'll see

Speaker #3: What's that event like to participate in? So first and foremost, I think we start with that. And I think there's a lot of momentum on sponsorships.

additive, uh, revenue, and you'll see momentum. For me, I'm particularly excited about some of the

Speaker #3: You've seen the new NBC deal and the impact and the contribution of that. And all of these things fit together and they all move generally in the same direction.

Speaker #3: But first and foremost, it's about delivering a world-class, unique special American event. We think we have that formula and we'll keep innovating around that formula.

Um, experiments we're running in the infield—you may have noticed when we talked about the infield projects. Uh, we're putting in temporary structures—cabanas, temporary seating around the winner's pagoda. We need to do some experimenting there. We need to, we need to, uh, test them, some concepts, uh, before we want to go. Uh,

Speaker #3: To grow it.

Uh, with permanent structures there. So we can really

Speaker #4: Thank you. Our next question comes from the line of Dan Politzer with JP Morgan.

Uh, take some of the lessons we think we've learned from what we've seen in other parts of the world, and in other parts of, uh,

Speaker #6: Hey, good morning everyone. Thanks for the question. It does feel like we're kind of making a strategic pivot here, right? I mean, you guys are selling regionals, you repurchase United Tote, and then you attempted to get more involved with Preakness, right?

Speaker #6: So it does feel like you're leaning into racing. Can you maybe give us a peek under the hood about how you think about expanding within racing and especially as it relates to maybe being more involved within the triple crown?

Speaker #3: Well, happy to do that, Dan. I think like a lot of segments of American business, there's a flight to quality. And whether you look at our twin spires asset or the derby, you see real opportunity to build around things that work.

Uh, of the country. Even with other events to see how they'll work for us. So building out the the physical facility, changing the physical facility innovating around the Phil. Physical facility is I think the beginning, I think when you talk about broadcast, when you talk about sponsorships, first and foremost, it's what's that event on the ground? What's that event? Like to participate in? So, first and foremost, I think we start with that. And I think, uh, there's a lot of momentum on sponsorships, you've seen the new NBC deal and the, the impact and the contribution of that, and all of these things fit together. And they all move generally in the same direction,

Direction. But first and foremost it's about delivering a world-class unique.

Special American event. Uh we think we have that formula and we'll keep innovating around that formula to grow it.

Speaker #3: And to enhance those things. So certainly, within horse racing, our focus is on what's best about horse racing, what's most interesting about horse racing, and what's resonating about horse racing with the American consumer and the global consumer.

Thank you.

Our next question comes from the line of Dan pollitzer with JP Morgan.

Speaker #3: And that's what we focus on. Not every aspect of the horse racing space, not every track out there but the things that we see work, the things that are delivering growth, that are delivering excitement, that are delivering better television ratings, etc.

How do you think about expanding within racing, and especially as it relates to maybe being more involved within the Triple Crown?

Speaker #3: So yeah, we do see opportunity in horse racing. I think you see other people do it too. I didn't mention it in my comments and I haven't been asked about it, but you see lots of interest out there around leagues and different ways of packaging horse racing.

Well.

Uh, happy to do that, Dan.

I think, like a lot of segments of American business, there is a flight to quality and

Speaker #3: Those are all things of interest to us as well. Those are all things that we pay attention to as well. So you'll see us focus more on that.

um, whether you look at our Twin Spires a asset or the derby,

um,

Speaker #3: You may see more exciting innovations announced from us around that. But we don't shy away from what we think is working. And as the top end of horse racing is working and we've got the formula of building events, building purses, building attendance, building sponsorship, and we think we can expand on that formula.

you see real opportunity um to build around things that work and and to enhance those things. So certainly, um, certainly within horse racing, um,

Speaker #4: Thank you. And our next question comes from the line of Jordan Bender with Citizens.

Speaker #5: Everyone, good morning and thanks for the question. Bill, Kentucky HRMs continue to be a bright spot in a quarter after quarter here with EBITDA moving in a solid direction.

Speaker #5: Can we get an update on the ETGs that you guys put in and maybe just if we look back over the last six months, just some of the learnings that have happened at some of these properties and maybe where that leads us or brings us to in the coming years?

Our focus is on what's best about horse racing. What's most interesting about horse racing? And what's resonating uh about horse racing with the American Consumer and the global consumer. And that's what we focus on. Not every aspect of the horse racing space, not every track out there. Um, but the things that we see work, the things that uh that are delivering growth that are delivering excitement that are delivering better television ratings, Etc. So yeah, we do see opportunity in horse racing, I think you see other people do it too. At uh I didn't mention it in my comments and I haven't been asked about it, but you see lots of Interest out there around leagues and and different ways of packaging horse racing. Those are all things of interest to us as well.

Those are all things that we pay attention.

To as well. So

Speaker #3: Yeah, I think right now in Kentucky, it's maybe 1% of our machines deployed and 2% of our revenues. So we need to go faster.

Speaker #3: We need to keep pushing on that and we will. This is the beginning of a new thing. So for us, we want to introduce more titles.

So um, you'll see us focus more on that. You, you may see more exciting Innovations announced from us around that. Uh, but we don't shy away from what we think is working. And is uh, the top end of horse racing is working and and we've got the formula of building events, building, purses building attendance, uh, building sponsorship.

Speaker #3: We started with roulette. We're working on other games. And we'll keep pushing on that to not only expand roulette, but to introduce different products and move in lockstep with the market absorbing the new games, the regulatory authorities being comfortable with new games.

And uh, we think we can expand on that formula.

Thank you.

In our next question, comes from the line of Jordan Bender with citizens.

Speaker #3: And otherwise, fitting it in with our host of other marketing and other strategy to grow those properties. So it's an important piece. I think you'll find over time it becomes more and more important for our performance.

Everyone uh, good morning and thanks for the question. Uh bill. You know, Kentucky, hrms continue to be a bright spot in a quarter after quarter here with EV down, moving in a in a solid Direction. Can we get an update on the etges that you guys put in? And maybe just, you know, if we look back over the last 6 months, just some of the learnings that have happened at some of these properties and maybe where that uh leads us. It brings us to um in the coming years.

Speaker #3: And we're going to move as fast as we can responsibly can while fitting it in with our other strategies and efforts to grow those properties.

yeah, I think right now in Kentucky, it's

Speaker #4: Thank you. Our next question comes from the line of Chad Beynon with McQuarrie.

It's uh, maybe 1% of our machines deployed and 2% of our of our revenues. So we need to go faster. We need to, we need to keep pushing on that. And and we will, this is uh, the beginning of a

Speaker #5: Hi, good morning. Thanks for taking my question. Just piling on the theme of sports as an asset and kind of focusing this on your HRM business.

Speaker #5: Has there been any more teachings or learnings from other states? Just really understanding kind of what Churchill Downs and other constituents do for the industry that could potentially lead to further expansion in the US from an HRM standpoint.

Speaker #5: Thank you.

Speaker #3: Thanks, Chad. Yeah, HRMs has been an incredible bright spot for our company. A business model and a series of assets that we just have a high degree of confidence that we can grow and expand and innovate around.

Of a new thing. So, um, so for us, we, we want to introduce more titles. We started with roulette, we're working on on other other games. And, um, we'll keep pushing on that to not only expand roulette but to introduce different products and move in lock step with the market absorbing, uh, the new games, the regulatory authorities being comfortable with new games, and otherwise fitting it in, with our, our host of other marketing and uh, and other strategy to, to grow those properties. So, it's an important piece. I, I think you'll, uh, you'll find over time becomes more and more, uh, important for our performance. And we're going to move as fast as we can responsibly. Can while fitting it in with our other strategies and and efforts to grow those properties.

Thank you.

Speaker #3: So for us, there's a lot of opportunities for HRMs within the jurisdictions where they are deployed. We hope to find other jurisdictions both domestically and internationally where we can grow into as well.

Our next question comes from the line of Chad Bain with McQueary.

Speaker #3: So with the quality of the product as it continues to improve just the availability of titles the business model as a whole where it's often used to fund purses, fund agricultural development, fund horse racing in general.

Hi, good morning. Thanks for taking my question. Um, just piling on the, you know, the theme of of sports as an asset and kind of focusing this on, you know, your HRM business. Um, has there been any more, you know, teachings or learnings from other states? Uh, just really understanding kind of what, you know, Churchill Downs and, and other constituents do for the industry that could potentially lead to further expansion in the US, uh, from an HRM standpoint. Thank you.

Speaker #3: There's a real synchronicity to it that works for a lot of states. So it delivers the product. It delivers the impact for the state and the governments that approve it.

Thanks Chad, yeah. Hrms has been a, you know,

An incredible bright spot for our company.

uh,

a business model and a series of assets.

Speaker #3: And for us, it's vertically integrated product offering where we have not only physical sites where we can deploy these, but also the exact technology which is integral for their operation.

Speaker #3: We just think there's a lot that we can do there. And when we do talk to other states and when we do talk to the states where they are deployed, we do so from the confidence of demonstrating that we've kept our promises in terms of what the impact of this can be for the state for job creations, for the horse industry, for agriculture, for the tax base, etc.

That we just have a high degree of confidence that we can grow and expand and innovate around. So um for us, there's a lot of opportunities for hrms within the jurisdictions where they are deployed.

Just the the availability of of titles.

Um,

Speaker #3: So it's a formula that's worked where these assets have been deployed, where this model has been deployed. And we think there's plenty of opportunity for more of that.

Uh, the business model as a whole where it where it's, it's often used to fund purses fund, Agricultural Development. Um,

Speaker #3: So for us, it's one of the pillars. It's one of the cornerstones that we intend to drive growth around over the next number of years.

Um, fund, uh, horse racing in general. Um, there's, there's a real...

um,

Speaker #4: Thank you. Our next question comes from the line of Daniel Guglielmo with Capital One Securities.

Speaker #6: Hi everyone. Thank you for taking my question. As a follow-up to Dan's question on the clear kind of horse racing focus, do international horse racing fans become more of a priority now and high level?

Speaker #6: Are there certain countries around the world where you all see the best customer demand dynamics where you would like to grow?

Speaker #3: Yeah. So certainly we always found strong international interest in attending the event, but building programs and strategies around recruiting international or driving international attendance has been something that we've been more recently focused on.

Speaker #3: So we do think that there's enormous international interest in the Kentucky Derby just enormous, both from an attendance perspective and we also think from a sponsorship perspective so those are two areas of real focus for us.

synchronicity to it, that works for a lot of States. So it's it delivers the product, it delivers the impact for the state and and the governments that approve it. And for us, it's a vertically integrated, uh, product offering where we have not only physical sites, where we can deploy these. But also the exact, the technology would, which is integral for their operation. Uh, we just think there's a lot that we can do there and when we do talk to other states, and when we do talk to the states where they are deployed, we do so from the confidence of demonstrating that we've kept our promises in terms of what the impact of this can be for the state for job, Creations, for the horse, industry for agriculture, for the tax base Etc. So it's a it's a formula that's worked for these assets. Have been deployed where this model's been deployed and we think there's plenty of opportunity for more of that. So for us, it's 1 of the pillars. It's 1 of the cornerstones that, uh, we intend to drive growth around over over the next number of years.

Thank you.

Our next question comes from the line of Daniel Gooley Elman with Capital One Securities.

Speaker #3: Interestingly, just about everywhere you go in the world, you find the Thoroughbred horse industry. So whether you're talking the Middle East or Europe or Japan or China, you find interest and a history in this sport.

Speaker #3: And for many of these non-US international fans, the Kentucky Derby represents the pinnacle of the sport, arguably the pinnacle of the sport, and certainly the pinnacle of the sport from an American perspective.

Hi, everyone. Thank you for taking my question. As a follow-up to Dan's question on the clear kind of horse racing focus, do international horse racing fans become more of a priority now? And at a high level, are there certain countries around the world where you all see the best customer demand dynamics, where you would like to grow?

Yeah. So um

Speaker #3: So there's great interest and our brand is well received and well understood in a lot of these jurisdictions. So the challenge for our team is building the programs to fully from an attendance perspective, from a sponsorship perspective, and occasionally from the wagering perspective, although the wagering rules around the world are all different in terms of access to wagering for the citizens.

Speaker #3: So it's a big focus going forward. This is why we've started the European and Middle Eastern road to the derby. The Japanese road to the derby.

Certainly, um, we we always found strong International interest in attending the event, but building programs and strategies around recruiting International or, or or driving International attendance has been something that we've been more recently focused on. So, we do think that, um, there's a enormous International interest in the Kentucky Derby, just enormous, both from an attendance perspective and we also think from a sponsorship perspective so those are 2 areas of real Focus for us. Uh, interestingly just about everywhere, you go in the world, you find. Um,

Speaker #3: You'll see innovation around those pathways all with the intention of driving earlier awareness and participation and anticipation of the Kentucky Derby. And perhaps some of our other races as well.

The third red horse industry, so whether whether you're talking, uh, the Middle East or Europe, or Japan, or China, you find interest and a history in this Sport and for many of these these uh, non us International uh, fans.

Speaker #4: Thank you. Our next question comes from the line of Jeff Stanchel with Stiefel.

Speaker #5: Hey, good morning, Bill. Marcia, thanks for taking our question. Wanted to follow up on David's question from earlier on the derby and some of the key growth initiatives and really specifically drill down into the midweek strategy.

The Kentucky Derby represents the Pinnacle of the sport, arguably, the Pinnacle of the sport and certainly the Pinnacle of the sport from an American perspective. So uh, there's great interest and, uh, our brand is well received and well understood and a lot of these jurisdictions. So the challenge for our team is building the programs to fully harness

Speaker #5: Bill, can you just maybe add some color here and help us think about sort of the long-term strategy and potential financial uplift? What is sort of what does visitation revenues look like today up through Oaks Day?

Speaker #5: What are some of the new initiatives that you've either already put in place or are being considered to try to grow that midweek business?

Uh harness that interest from an attendance perspective, from a sponsorship perspective uh and occasionally from the wagering perspective. Although the wagering rules around the world are all different in terms of uh access to wagering uh for for the citizens. So um it's a big Focus going forward. This is why we we've started the, you know, the European and Middle Eastern Road to the derby. The Japanese road to the derby, you'll see Innovation around.

Speaker #5: And then how should we think about sort of both the direct flow-through impact of driving more midweek visits as well as if there's any sort of indirect benefit from improving the overall guest experience and driving higher loyalty for Derby Day itself?

Those Pathways all with the intention of driving earlier, uh, awareness and participation and anticipation of of the Kentucky Derby and perhaps some of our other races as well.

Speaker #3: Sure, Jeff. Happy to do that. As I mentioned in my comments, in 2026, we had about 386,000 guests attend Derby Week. So somewhere around 150 of those came on Derby Day.

Thank you.

Our next question comes from the line of Jeff Stansel with Stifel.

Speaker #3: So the substantial majority of our fans are actually coming on other days of the week in totality. So we saw just a great thrilling response from putting the Oaks on national television for the first time on NBC.

Hey, good morning Bill Marcia. Thanks for taking our question. Wanted to, to follow up on on David's question from earlier on the Derby and and some of the key growth initiatives and and really specifically drill down into into the midweek strategy. Uh bill. Can you just maybe maybe add some some caller here and and help us think about

Speaker #3: We were thrilled with those numbers. So was our broadcast partner, NBC. And essentially every day of the week now, starting with opening day and then the Sunday and then Tuesday, Wednesday, Thursday, Friday, and then the Derby on the following Saturday, every one of those days of the week has its own brand and its own identity and its own contribution to the week as a whole.

Sort of the long-term strategy and potential Financial uplift. What is sort of what is visitation revenues look like today up through Oaks day? What are some of the new initiatives that you've either already put in place or are being considered to try to grow that midweek business? And then, how should we think about sort of both the direct, uh, flow through impact of, of driving, more midweek visits, as well as if there's any sort of indirect benefit? Um, you know, from from improving the overall guest experience and and driving higher loyalty for Derby Day itself.

Speaker #3: And we've continued to develop each of those days around the themes that have proven to work for those days. So what we found is the Derby is a spectacular sort of overwhelming event and one that's a must-see.

Yeah. Um, as I mentioned in my comments,

Speaker #3: But for lots of people in the region, locally in the region and increasingly across the country, they pick another day as well to enjoy and we're encouraging of that.

In 2026, we had about 386,000 guests attend Derby week. So, somewhere around 150,000 of those came on Derby Day. So the substantial majority of our fans are actually coming on other days of the week, in totality. So we saw

Speaker #3: We're thrilled by that. And each day has its own business model now and its own brand that we'll look to develop. So certainly the Derby then followed by the day before with the Oaks.

Speaker #3: Those are the premier that's the pinnacle. That's the finale. But every day offers a little bit something different. A little bit different price point, a little bit different brand and style.

Speaker #3: And there's something for everybody. And since we don't really ever work towards pushing the Derby crowd north of 150, certainly we've been north of 150.

Speaker #3: Certainly we have been higher than that. But 150,000 is when we think about the level about which we think we can offer the best experience for our customers.

Speaker #3: So to soak up the rest of the demand, and to develop our customers as best we can, we really need to push them to the other days.

Just a great thrilling response from putting the Oaks on National Television. For the first time on NBC, we were thrilled with those numbers. So, so was our broadcast, partner NBC, and essentially every day of the week, now, starting with, uh, opening day and then the Sunday and then Tuesday, Wednesday, Thursday, Friday, and then, and then the derby on the following Saturday, every 1 of those days of the week has its own brand and its own identity and its own contribution to the week as a whole and we've we continue to develop each of those days around around the scenes that have proven the work for those days. So, um, what we found is, uh, the Derby is a, a spectacular sort of overwhelming event and and 1, that's a must-see. But for lots of people in the region locally in the region and increasingly across the country, they pick another day as well to to enjoy. And we're

Speaker #3: Not just Oaks, but those other days. So you'll see us continue to invest in marketing and brand development each of these days and I think part of the future for the event is driving more of a festival atmosphere.

We're encouraging of that, we're thrilled by that, and each day has its own business model now and its own brand that we'll look to develop. So, certainly the Derby, then followed by the day before with the Oaks.

Speaker #3: There already is one, but a festival atmosphere not only at the track but across the community and the region to capture more visitation, to capture more participation and to acknowledge that we need to have a variety of price points in order to do that, not just the pinnacle day of Derby, which of course is a big day and a very competitive day from the perspective of seat availability and everything else.

Those are the premier, you know, that's the Pinnacle that's the finale. Um,

Speaker #3: So it's a big part of our future. It's a big part of what we want the event to be perceived at both nationally and internationally.

Speaker #3: And it's working extremely well.

Speaker #4: Thank you. And our next question comes from the line of Sean Kelly with Bank of America.

Um but every day offers a little bit, something different, a little bit different price point, a little bit different brand and style and uh there's something for everybody. And uh since we don't really ever work towards pushing the Derby crowd, north of 150 certainly, we've been north of 150. Certainly, we have been higher than that, but 150,000 is, when we think about the, it's the level about which we think we can offer the best experience for our customers. So to soak up the rest of the demand and to develop uh our customers as best. We can, we really need to push them to the other days. Not just Oaks, but those other days. So, you'll see us continue to invest, uh, in marketing, um, in brand development.

Speaker #6: Hi, good morning everybody and thank you for taking my question. For Bill or whoever wants to take it, just wanted to get some thoughts on sticking with the Derby theme here.

Speaker #6: A little bit around just so your experience with some of the expanded programming during the Derby Week. Sort of what I'm specifically wondering is how you think about maybe the ramp or the seasoning maybe an easier way to say it is just what you kind of learned from the Oaks and the move to prime time this year.

Uh each of these days. And I think part of the future for the event is driving more of a festival atmosphere there already is 1 but a festival atmosphere, not only at the track, but across the community, and the region to to capture more visitations, to capture more participation and uh to acknowledge

Speaker #6: Just how that influenced betting behavior and how you think about, again, maybe optimizing or spreading that event kind of throughout the course of the broader weekend, appreciating that this was year one.

Speaker #6: So what did you learn? What do you think you can do maybe a little bit better? What can you take into next year for further improvement?

That we need to have a, a variety of price points in order to do that, not just the Pinnacle day of Derby, which of course, is a big day and a very competitive Day, from the perspective of of, of seat availability and everything else. So it's a big part of our future. It's a big part of what we want the event to be perceived at uh uh both nationally and internationally and it's working. Extremely well

Speaker #6: Do you think there's a bit of a multi-year opportunity to optimize this? Thanks.

Thank you.

Our next question comes from the line of Sean Kelly with Bank of America.

Speaker #3: Sure, Sean. So the ability to get the Oaks on prime time television was a really important development for the Oaks and for our company.

Speaker #3: And as I mentioned, our broadcast partner NBC was thrilled with the results and so were we. So I would say two things to building an event across the United States which are increasingly important is awareness and distribution.

Hi, good morning everybody. And thank you for taking my question, um, for uh, biller or whoever wants to take it, um, just want to get some thoughts on, you know, it's a sticking with the Derby theme here, um, a little bit around.

Speaker #3: So awareness, we're building that for the Oaks. But also I'm always focused on that for our team for the Derby itself too because the day comes and you don't want people to miss it because they forgot it was going it was on Saturday.

Speaker #3: So having the Oaks on prime time is a great reminder to everybody that the Derby is the next day. So in addition to building the Oaks itself, it's also an opportunity to remind everybody to not miss the Derby on the following day.

Uh, just so that your experience with some of the expanded programming, uh, during the Derby week. Um, sort of what I'm specifically wondering is how you think about maybe the ramp or the seasoning. Maybe an easier way to say it is just what you kind of learned from, you know, the Oaks and the move to Prime Time this year, you know, just how that influenced betting behavior and how you think about again maybe optimizing or spreading that event you know kind of throughout the course of the broader weekend you know appreciating that this was year 1. So what did you learn? What do you think you can do? Um you know maybe a little bit better, what you can what can you take in the next year? Uh for you know, further Improvement? Do you think there's a a bit of a multi-year opportunity to, uh, to optimize this? Thanks,

Speaker #3: And that goes for everything we're doing with the week of festivities and the week of racing around the Derby and prior to the Derby.

Speaker #3: So what worked is we're on national television and we're pleased with the results. And we'll continue to build the Oaks which by virtue of doing that also furthers the Derby and you saw that in the wagering, you saw that in the viewership, record viewership for the Derby, record viewership for the Oaks.

Sure, Sean. So the ability to get the Oaks on Prime Time. Television was a really important development for for the Oaks and for our company. And um, as I mentioned our, our broadcast partner NBC was thrilled with the results. And so we were we so um,

I would, I would say two things to building an event across the United States, which are increasingly important, are awareness and distribution. So, um, awareness...

um,

Speaker #3: And record viewership across record wagering across the week for all of our races. So everything can feed into each other but generally we're looking for awareness and distribution and brand building of each day of the week but the most important days are the Derby which is on Thursday.

Speaker #3: The Oaks and then of course the finale with the Kentucky Derby. So we think a lot of our programs and a lot of our strategies are working extremely well and we think those show up clearly in our attendance numbers and our wagering numbers and our sponsorship numbers and in our viewership numbers.

Speaker #4: Thank you. And our next question comes from the line of Trey Bowers with Wells Fargo.

Focused on that for our team, for the Derby itself, too, because the day comes and you don't want people to miss it because they forgot it was going it. It was, uh, it was on Saturday. So having the oats on prime time is a great reminder to everybody that the Derby is the next day. So in addition, to building the oats itself, it's also an opportunity to remind everybody to not miss the derby on on, on the following day. And that goes for everything. We're doing with the week of festivities and the week of of racing around the Derby and prior to the derby. So uh, what worked is, um, we're on national television and our and and we're pleased with the results and we'll continue to build the oats which

Speaker #5: Hey guys, thanks for the question. Two different questions. One and kind of separate. One, just I know it's early days but curious you guys' thoughts about the newly announced horse racing league.

By virtue of doing that, it also furthers the Derby, and you saw that in the wagering. You saw that in the viewership—record viewership for the Derby.

Speaker #5: Any conversations you're having with them and what that might mean for the Derby and the business going forward. And then two, just around the M&A, curious how you guys are thinking about the JV assets and then if a buyer was to present itself that would want to just purely buy the properties and leave the opco with you guys, would that be something you'd be willing to do?

Speaker #5: Thanks.

Speaker #3: Okay, let me unpack that. There are different categories of questions within there. So first, on horse racing leagues, they're actually several that are being contemplated that have been announced and that I believe every potential league that's out there I think one of their first calls is always to us.

Record viewership for the Oaks and record viewership across, uh, record wagering across the week for, um, for all of our races. So everything can feed into each other. Um, but generally, we're looking for awareness, and distribution, and brand building of each day of the week, but the most important days are the serby, uh, which is on Thursday, the Oaks. And then, of course, the finale with the Kentucky Derby. So, we think a lot of our programs and a lot of our strategies are working. Extremely well, and we think those show up clear.

In our attendance numbers.

In our wagering numbers, our sponsorship numbers, and in our viewership numbers.

Thank you.

Speaker #3: And so I feel like we've had good exposure and a good chance to learn about these leagues as people contemplate them. And we encourage the leagues, again, it's like the quality, it's around building more awareness, more continuity, and a broader distribution for our sport.

Our next question comes from the line of Trey Bowers with Wells Fargo.

Speaker #3: And for our company, so in general, we're strongly encouraging of the different leagues. Obviously, there can't be 10 new leagues that appear. There'll be winners and losers in this process, but we encourage that process occurring.

Hey guys, thanks for the question. Uh, 2 different questions 1 and kind of separate 1. Just, I know it's early days, but curious, you guys thoughts about the newly announced Horse Racing League, any conversations? You're having with them, and what that might mean for the Derby, uh, and the business going forward. And then 2 just around the m&a, uh, Curious, uh, how you guys are thinking about the the JV assets, and then, if, if a buyer was to present itself, that would want to just purely buy the properties and and leave the opco with you guys. Would that be something you'd be willing to do? Thanks.

Speaker #3: And we have our own ideas of what's of interest to our company, what we think will work from the perspective of a league that would have staying power.

okay, let me unpack that, um,

Speaker #3: So we're sorting out our options, but I think it's fair to say that we're very interested in these concepts and we'll make a move with respect to one of these concepts or to our own with respect to our own concept.

Speaker #3: When we're ready and when we have confidence that it's an idea that will resonate with the American public. With respect to the M&A process that we highlighted during our earnings comments, our prepared remarks, we completed a really comprehensive thoughtful review of all of our assets and we're focused on our nine wholly owned assets.

They have different categories of questions within there. So first on horse racing leagues, they're actually, uh, several that are being contemplated that have been announced and that, um, uh, I believe everyone every, uh, potential League that's out there. I think, 1 of their first calls is always to us. And so I feel like we've had good exposure and a and a good chance to learn about these leagues as people contemplate them. And uh, we encourage we encourage the leagues. It's again, it's flight to Quality, it's around building more awareness uh uh more continuity.

Speaker #3: That's where we think there's the most opportunity for transactions in the short and mid-term and that's what the team is focused on. And where we think it's the best use of our time.

Um, and a broader distribution for our sport and for our company. So, in general, we're strongly encouraging other different leads. Obviously, there can't be ten new leads that appear; there will be winners and losers in this process, but we encourage that process occurring, and we have our own ideas of what's of interest.

To our company, what we think will work from the perspective of a league that would have...

Speaker #3: So we're not selling any other assets. We're not contemplating or announcing that we're selling other assets. We're focused on the assets that I listed today that we've discussed and decided with our board made the most sense for us to pursue.

Speaker #3: In terms of opco, propcos, and that sort of structure, no, we're not focused on that. We're going to sell these assets as we announce.

um, that would have staying power. So we're sorting out our options but I think it's fair to say that we're we're very interested in these Concepts and uh and we'll make a move with respect to 1 of these Concepts or to our own with respect to our own concept when we're ready. And when, when we have confidence that it's an idea that that will resonate with the uh with the American public.

uh, with respect to the m&a process, that that we highlighted during our earnings comments, uh, prepared remarks, um,

Speaker #3: There might be other buyers that will participate in a variety of different ways including opco, propco structures for some of them. We encourage whatever makes sense for potential buyers.

Uh, we completed a, a really comprehensive thoughtful review of all of our assets and we're focused on our 9. Holy owned assets, that's that's, um,

Speaker #3: But for us, we're we've announced the sale of these assets and that's what the team's been tasked with working on and there aren't any nuances around it like just selling the real estate.

That's where we think there's the most opportunity for transactions in the short and mid-term, and that's what the team is focused on.

Speaker #3: We're not interested in doing that.

Speaker #4: Thank you. And our next question comes from the line of Joe Stauff with Susquehanna.

Speaker #6: Good morning, Bill. Marcia was wondering with the Pennsylvania Supreme Court decision recently on grey games, does that adjust your view on either say the opportunity in Pennsylvania or any other say budding states for HRMs because now we've seen three rulings, Kentucky, Virginia, and now Pennsylvania, and I'm wondering that is probably a pretty good tax incentive for other states to pursue this.

And um, where we think it's the best use of our time. So we're not uh, selling any asset, other assets, we're not contemplating or announcing that we're selling other assets. We're focused on the assets that I listed today that, um, uh, that we've discussed and, and uh, um, decided with our board, make the most sense for us to pursue, uh, in terms of

um,

opto proposals.

Um, and that's—that's sort of structure. Um,

Speaker #3: Yeah, a really interesting question, Joe. Just for everyone on the call, in June, the Pennsylvania Supreme Court definitively ruled that the so-called skill games that are deployed in Pennsylvania are illegal gaming devices.

Not focused on that. We're we're going to sell these assets as we announced. There might be other buyers that that will participate in a in a variety of different ways, including opto propco structures. For some of them, we encourage whatever makes sense for potential buyers. But for us, we're we're, we've announced the sale of these assets and that's what the team's been tasked with working on. Um, and uh, there aren't any nuances around it like, just selling the real estate. We're not interested in doing that.

Thank you.

And our next question comes from the line of Joe stuff with Cisco.

Speaker #3: And they established grace period before those machines needed to be removed from operation. And that period ends October 15th. So what you have there is a market that grey game illegal operators came in and cannibalized very quickly.

Uh, good morning Bill Marcia.

Speaker #3: There's a variety of estimates of how many machines of these illegal machines are deployed in Pennsylvania. Numbers running from 70,000 to north of 100,000 of these machines.

I was wondering you know with the Pennsylvania Supreme Court decision recently on gay games. Does that adjust your view on either say the opportunity in Pennsylvania or any other say budding States for hrms? Um because now we've seen you know, 3 ruler and now Pennsylvania

um,

And I'm wondering—you know, that is probably a pretty good tax incentive for other states to pursue this.

Speaker #3: And now it's clear under Pennsylvania law, as we've seen in other jurisdictions too, Kentucky, Virginia, now it's been made clear that these machines are illegal.

Yeah, really interesting question. Joe, uh, just for everyone on the call, in June, the Pennsylvania Supreme Court...

Speaker #3: And as a legal gaming operator in jurisdictions like Kentucky and Pennsylvania and Virginia, that's good for our business. We play by the rules. We're licensed.

Uh, definitively ruled that the so-called uh, skill games that that are deployed in Pennsylvania are illegal.

Speaker #3: We pay taxes. We contribute to other avenues as the government requires us, whether it be horse racing or otherwise. And it's not fair. It's not regulated and it's not right when folks just come in and open up illegal gaming operations.

Uh, gaming devices, and they established, uh, grace period before, uh, those, uh, machines needed to be removed from operation and that, that, that period ends, October 15th. So,

So, uh, what you have there is a market that, um,

Speaker #3: So this is going to be good for press guide. This will improve whatever happens from this point, whether there is a new whether the machines are just completely removed from the jurisdiction and not replaced with any distributed gaming, that's good for our facility.

Speaker #3: If there are if there's a movement of foot to tax regulate and legalize some form of distributed gaming, well, then there'll be playing by the rules like we play by the rules.

Speaker #3: So that will be good for us as well. So all in all, it's a good thing for gaming operators. When you have events like we just saw in Pennsylvania with their Supreme Court and like we've seen in Virginia and like we've seen previously in Kentucky, and it gives confidence to those of us that operate under regulated gaming jurisdictions and play by the rules and pay our taxes.

Gray game, illegal operators, uh, came in and cannibalized very quickly. There's a variety of estimates of how many Machines of these illegal machines are deployed in Pennsylvania, uh, numbers running from 70,000 to north of a 100,000 of these machines. And and now it's clear Under Pennsylvania law as we've seen in other jurisdictions too. Uh, Kentucky, Virginia. Now now it's been made clear that these machines are illegal and as a legal gaming, operator in jurisdictions, like, Kentucky and Pennsylvania and Virginia, that's good for our business. Uh, we play by the rules, we're licensed, we pay taxes. Uh, uh, we contribute to other, uh,

Speaker #3: It gives us confidence that while there can be bumps in the road and uncertainty for a while, eventually the states get it right and allow our business model to function as intended and achieve the public policy objectives that the state intended when they legalized gaming.

Speaker #3: So I think it's good news ahead for press guide. In Pennsylvania, regardless of what happens from here, I think the operations there are likely to show improvement and we're pleased with that.

Other avenues is the governor is the government requires us, whether it be horse racing or otherwise and uh, it's not fair, it's not regulated and it's not right when folks just come in and open up illegal gaming operations. So this is going to be good for preskill this will improve uh, whatever happens from this point. Whether there is a new whether the machines are just completely removed from the jurisdiction and not replaced with any distributed gaming, that's good for our facility. If there are, um, if there's a movement of foot to to

Speaker #3: And we'll keep pursuing what we do, which is regulated, licensed gaming models, and jurisdictions where we're welcomed and clearly legalized to operate.

Uh, tax, regulate, and legalize some form of distributed gaming. Well, then they'll be playing by the rules, like we play by the rules, so that will be good for us as well. So, all in all, it's, it's, um,

Speaker #4: Thank you. I'm showing no further questions. So with that, I'll hand the call back over to CEO Bill Carstanjen for any closing remarks.

Uh, it's a good thing for gaming. Operators, when you have events like we just saw in Pennsylvania with their Supreme Court and like we've seen in Virginia and like we've seen previously in Kentucky and uh, it gives confidence for those of us that operate under under regulated, uh,

Speaker #3: Thanks, Andrew. We covered a lot of ground today. I appreciate everyone's time and everyone's interest in our company. And we have a lot to get done between now and the end of the year.

Uh, gaming jurisdictions and play by the rules and pay our taxes. It gives us confidence that while there can be bumps in the road and uncertainty for a while. Eventually the states get it right and uh and allow our business model to

Speaker #3: And we're going to get right on it. And I look forward to talking to everybody in October when we next speak. So thanks very much.

Speaker #3: I'll talk to you all soon.

To to to function as intended and achieve the public policy objectives that the state intended when they legalized gaming. So I think it's good news ahead for for preskill.

Um, in Pennsylvania, regardless of what happens from here, I think, uh, the...

The operations there are likely to show Improvement and uh, and we're pleased with that. And we'll keep pursuing what we do, which is regulated, licensed gaming models and jurisdictions where we're where we're welcome and clearly uh legalized to to operate.

Thank you.

I'm showing no further questions. So, with that, I'll hand the call back over to CEO Bill, garstang engine for any closing remarks.

in the end of the year, and

We're going to get right on it, and I look forward to talking to everybody in October when we next speak. So thanks very much. Talk to you all soon.

Ladies and gentlemen, thank you for participating. This does conclude today's program, and you may now disconnect.

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