149th The Kentucky Derby Race, Kentucky Derby Day Program and Kentucky Derby Week Races all set new handle records
Mage, owned by
Contributions from all sources on the Kentucky Derby Day program set a new record for
TwinSpires, the official betting partner of
“We were thrilled to debut our new First Turn Experience, a one-of-a-kind premium accommodation with exclusive views of the horses and racetrack from the rail at the first turn, as we celebrated the 50th the anniversary of the Secretariat’s victory in the Run for the Roses,” said
Use of non-GAAP measures
In addition to the results provided in accordance with GAAP, the Company also uses non-GAAP measures, including adjusted net income, adjusted diluted EPS, EBITDA (earnings before interest, taxes, depreciation and amortization) and adjusted EBITDA.
The Company uses non-GAAP measures as a key performance measure for operating results for the purpose of evaluating performance internally. These measures facilitate comparison of operating results between periods and help investors better understand the company’s operating results by excluding certain items that may not be indicative of the company’s core business or operating results. The Company believes that the use of these measures enables management and investors to evaluate and compare, from period to period, the Company’s operating results in a meaningful and consistent manner. The non-GAAP measures are a supplemental measure of our performance not required by or presented in accordance with GAAP and should not be considered an alternative to or more meaningful than net income or diluted EPS (as determined in accordance with GAAP) as a measure of our operating results.
We use Adjusted EBITDA to evaluate segment performance, develop strategy and allocate resources. We use the Adjusted EBITDA measure to provide a more accurate measure of our core operating results and enable management and investors to evaluate and compare our operating results from period to period in a meaningful and consistent manner. Adjusted EBITDA should not be considered as an alternative to operating income as an indicator of performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure in accordance with GAAP. Our calculation of Adjusted EBITDA may be different from the calculation used by other companies and therefore comparability may be limited.
Adjusted net income and adjusted diluted EPS exclude net income or loss from discontinued operations; net income or loss attributable to non-controlling interests; changes in fair value for interest rate swaps regarding
Adjusted EBITDA includes our portion of EBITDA from our equity investments.
Adjusted EBITDA excludes:
- Transaction costs, net, which include:
- Acquisition, disposition and land sale related costs;
- Direct online sports and casino exit costs; and
- Other transaction costs, including legal, accounting and other contract-related costs;
- Stock-based compensation expense;
Rivers of the Plains’impact on our investments in unconsolidated affiliates from:
- The effect of changes in the fair value of interest rate swaps; and
- Legal reserves and transaction costs;
- Impairment of assets;
- Gain on property sale;
- Legal reserves;
- Cost before opening; and
- Other Fees, Recoveries and Expenses
This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of expressions such as “anticipate,” “believe,” “could” , “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words or similar terms (or negative versions of such words or terms).
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Among other important factors that could materially affect actual results or outcomes include the following: the occurrence of extraordinary events, such as terrorist attacks, threats to public health, civil unrest and adverse weather, including as a result of climate change; the impact of economic conditions on our consumer confidence and discretionary spending or our access to credit, including the impact of inflation; additional or increased taxes and duties; the impact of the novel coronavirus (COVID-19) pandemic, including the emergence of variants of strains and related economic conditions, on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; loss of key or highly skilled personnel as well as disruptions in the general labor market; the impact of significant competition and the expectation that the level of competition will increase; changes in consumer preferences, participation, betting and sponsorships; risks associated with equity investments, strategic alliances and other third party agreements; inability to respond to rapid technological changes in a timely manner; concentration and development of the manufacturing of slot machines and historic racing machines (HRM) or other technological matters that may incur additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racecourses; inability to successfully focus on market access and retail operations for our
We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
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