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Operator: Thank you. [Operator’s Instructions]. And the first comes from David Katz’s lineage with Jeffries.
David Katz: Hi everybody. Marcia, I just wanted to start with what you see in the big picture in terms of the load aspect of the equation. Revenue, obviously, we’re looking at public figures, but we have to listen to mixed comments in this earnings season, some talking about the cargo aspect and somewhat less and I just wanted to know your opinion on that, please?
Bill Carstanjen: Hi, David. That’s Bill. I’m going to choose that one, Marcia or Bill. Feel free to chime in after I answer them. Of course. We are in an economy where we are seeing inflation. But having worked for 18 years at this company and been a part of the game experience from the beginning, each and every aspect is very manageable at this point, so I feel very good. -Secured in our team and their talents to monitor each and every detail, to keep an eye on each and every corner. Move forward and simply manage effectively. So I don’t think there’s much to worry about in our margins. I think we’ve shown that in the last quarter. I think some of those pressures that others allude to or that you refer to are things that we’ve been facing for more than a quarter at this point. And I think that’s not an important component of our story. We are made to take care of that and take care of that. And I don’t think it’s materially vital for us in the existing environment.
David Katz: Okay. And as a follow-up, if I may, just thinking about where we are in terms of leverage and where we are, is it fair to say that we’ve peaked now and we’re thinking about long-term relief or how does it work?
Bill Carstanjen: Well, we’re generating a lot of loose cash flow. So lately we’re in the midst of a lot of structural paintings that will either go live next year or become operational projects next year. So we’re generating a lot of cash flow. How can we use this?We use it to invest in expansion projects. We use it to pay off debts. We use it to reinvest in our shareholders. We use it for a variety of things. But the money flow scenario has never been greater. And it’s getting bigger as we go along, because it’s part of the direction of our money flow right now, part of what’s led us to have 4 or 4 point leverage, which starts to generate cash flow next year, as those projects come online.
David Katz: Okay, thank you.
Bill Carstanjen: Thank you, David.
Operator: Thank you. A moment, please, for our next Array. And the next one comes from Daniel Politzer’s lineage with Wells Fargo.
Daniel Politzer: Hi everybody. And thank you for answering my questions. So I tried to stick to the gray comment about the market that he made in his prepared remarks. Perhaps you can inform me about the applicability of this measure in Virginia compared to Kentucky?Will you just give us some parameters on how big you think the gray market is in Virginia and how confident you are that this resolution will be fundamentally permanent and not a transitory type measure?
Bill Carstanjen: First of all, hello Dan. Me good to hear from you. I’ll talk about both markets individually and then compare and contrast them directly. So, in Kentucky, the devices were largely nearby. down. We haven’t done a survey where we’ve gone to both one and both one and both one and both states and both one and both one and both one and both one and both places in the state to verify that both one and both one and both one and both devices are turned off and we say that with absolute certainty. But in fact it is the law of the land. And our understanding of the landscape is that there’s a substantial, curtain respect for that. So now they’re extinct. There is a lawsuit where brands are defying the law, but the devices have been shut down at short notice. The Annual General Meeting reported that there were approximately 12,000 devices in the jurisdiction.
Bill CarstanjenEarnings Call TranscriptMarcia DallNASDAQ:CHDNPhil ForbisQ3 2023Yahoo FinanceShow more. . . Show less
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