Churchill Downs Incorporated (CHDN) 10-Year Financial Performance & Capital Metrics

CHDN • • Industrial / General

Consumer CyclicalCasinos & GamingRegional & Local CasinosUS Regional Casino Chains

AboutChurchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through three segments: Live and Historical Racing, TwinSpires, and Gaming. As of December 31, 2021, the company owned and operated three pari-mutuel gaming entertainment venues with approximately 3,050 historical racing machines (HRMs) in Kentucky; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; nine retail sportsbooks; and casino gaming in eight states with approximately 11,000 slot machines and video lottery terminals, and 200 table games. It also offers streaming video of live horse races, replays, and an assortment of racing and handicapping information; and provides the Bloodstock Research Information Services platform for horse racing statistical data. In addition, the company manufactures and operates pari-mutuel wagering systems for racetracks, off-track betting facilities, and other pari-mutuel wagering businesses. Churchill Downs Incorporated was founded in 1875 and is headquartered in Louisville, Kentucky.Show more

Revenue $2.73B +11.1%
EBITDA $914M +23.6%
Net Income $427M +2.3%
EPS (Diluted) 5.68 +3.6%
Gross Margin 34.32% +6.2%
EBITDA Margin 33.42% +11.3%
Operating Margin 25.93% +13.2%
Net Margin 15.61% -7.9%
ROE 42.75% -26.0%
ROIC 9.3% +16.7%
Debt/Equity 4.46 -17.8%
Interest Coverage 2.45 +16.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 67.6%
✓Strong 5Y profit CAGR of 25.4%
✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 15.5%
✓Healthy 5Y average net margin of 12.9%

✗Weaknesses

✗High debt to equity ratio of 4.5x

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.9%

5Y15.51%

3Y19.63%

TTM7.97%

Profit (Net Income) CAGR

10Y24.86%

5Y25.43%

3Y19.66%

TTM-2.06%

EPS CAGR

10Y29.15%

5Y27.44%

3Y21.33%

TTM0.18%

ROCE

10Y Avg9.17%

5Y Avg8.59%

3Y Avg9.52%

Latest11.12%

Peer Comparison

US Regional Casino Chains

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CHDNChurchill Downs Incorporated	7.5B	107.49	18.92	11.07%	13.98%	37.36%	3.01%	4.46
BYDBoyd Gaming Corporation	7B	89.56	14.47	5.13%	13.99%	40.37%	7.96%	2.49
BALYBally's Corporation	837.23M	17.03	-1.45	0.06%	-23.45%	-113.25%		159.83
PENNPENN Entertainment, Inc.	1.94B	14.58	-7.11	3.38%	-13.24%	-46.27%		3.94

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.21B	1.31B	882.6M	1.01B	1.33B	1.05B	1.6B	1.81B	2.46B	2.73B
Revenue Growth %	0.49%	0.08%	-0.33%	0.14%	0.32%	-0.21%	0.52%	0.13%	0.36%	0.11%
Cost of Goods Sold+	922.9M	993M	629.8M	719.4M	986.7M	860.5M	1.15B	1.24B	1.67B	1.8B
COGS % of Revenue	0.76%	0.76%	0.71%	0.71%	0.74%	0.82%	0.72%	0.69%	0.68%	0.66%
Gross Profit+	289.4M	315.6M	252.8M	289.6M	343M	193.5M	446.1M	566.4M	795.7M	938.5M
Gross Margin %	0.24%	0.24%	0.29%	0.29%	0.26%	0.18%	0.28%	0.31%	0.32%	0.34%
Gross Profit Growth %	0.62%	0.09%	-0.2%	0.15%	0.18%	-0.44%	1.31%	0.27%	0.4%	0.18%
Operating Expenses+	144.04M	141.7M	83.9M	90.5M	127.3M	133.3M	161.7M	244.6M	231.7M	229.5M
OpEx % of Revenue	0.12%	0.11%	0.1%	0.09%	0.1%	0.13%	0.1%	0.14%	0.09%	0.08%
Selling, General & Admin	90.79M	100.2M	83.1M	90.5M	122M	114.8M	138.5M	164.2M	202.3M	237.7M
SG&A % of Revenue	0.07%	0.08%	0.09%	0.09%	0.09%	0.11%	0.09%	0.09%	0.08%	0.09%
Research & Development	39.4M	39M	17.5M	7.3M	0	0	0	0	11.2M	0
R&D % of Revenue	0.03%	0.03%	0.02%	0.01%	-	-	-	-	0%	-
Other Operating Expenses	5.85M	200K	-200K	700K	5.3M	18.5M	23.2M	80.4M	18.2M	-8.2M
Operating Income+	123.61M	194.2M	145.7M	188.8M	215.7M	60.2M	284.4M	321.8M	564M	709M
Operating Margin %	0.1%	0.15%	0.17%	0.19%	0.16%	0.06%	0.18%	0.18%	0.23%	0.26%
Operating Income Growth %	0.37%	0.57%	-0.25%	0.3%	0.14%	-0.72%	3.72%	0.13%	0.75%	0.26%
EBITDA+	243M	269.9M	219.1M	252.8M	316.7M	158.1M	392.9M	440.8M	739.2M	913.7M
EBITDA Margin %	0.2%	0.21%	0.25%	0.25%	0.24%	0.15%	0.25%	0.24%	0.3%	0.33%
EBITDA Growth %	0.53%	0.11%	-0.19%	0.15%	0.25%	-0.5%	1.49%	0.12%	0.68%	0.24%
D&A (Non-Cash Add-back)	119.38M	75.7M	73.4M	64M	101M	97.9M	108.5M	119M	175.2M	204.7M
EBIT	144M	191.1M	151.8M	274M	267.3M	88M	428.3M	756.1M	830.2M	863M
Net Interest Income+	-28.6M	-43.7M	-49.3M	-40.1M	-70.9M	-80M	-84.7M	-147.3M	-268.4M	-289.8M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	28.6M	43.7M	49.3M	40.1M	70.9M	80M	84.7M	147.3M	268.4M	289.8M
Other Income/Expense	-10.9M	-46.8M	-43.2M	45.1M	-19.3M	-52.2M	59.2M	287M	-2.2M	-135.8M
Pretax Income+	112.09M	168.1M	102.5M	233.9M	196.4M	8M	343.6M	608.8M	561.8M	573.2M
Pretax Margin %	0.09%	0.13%	0.12%	0.23%	0.15%	0.01%	0.22%	0.34%	0.23%	0.21%
Income Tax+	46.89M	60M	-19.9M	51.3M	56.8M	-5.3M	94.5M	169.4M	144.5M	144.1M
Effective Tax Rate %	0.58%	0.64%	1.37%	1.51%	0.7%	-10.24%	0.72%	0.72%	0.74%	0.74%
Net Income+	65.2M	108.1M	140.5M	352.8M	137.5M	-81.9M	249.1M	439.4M	417.3M	426.8M
Net Margin %	0.05%	0.08%	0.16%	0.35%	0.1%	-0.08%	0.16%	0.24%	0.17%	0.16%
Net Income Growth %	0.41%	0.66%	0.3%	1.51%	-0.61%	-1.6%	4.04%	0.76%	-0.05%	0.02%
Net Income (Continuing)	70.8M	96.7M	122.4M	182.6M	139.6M	13.3M	249.1M	439.4M	417.3M	429.1M
Discontinued Operations	0	11.4M	18.1M	170.2M	-2.4M	-95.4M	0	0	0	0
Minority Interest	0	0	0	0	2.7M	0	0	0	0	19.7M
EPS (Diluted)+	0.62	1.07	1.46	4.24	1.69	0.17	3.18	5.71	5.48	5.68
EPS Growth %	0.41%	0.73%	0.36%	1.9%	-0.6%	-0.9%	17.71%	0.8%	-0.04%	0.04%
EPS (Basic)	0.63	1.09	1.49	4.27	1.71	0.17	3.23	5.80	5.55	5.73
Diluted Shares Outstanding	105.46M	100.8M	96M	83.2M	81.2M	79.2M	78.4M	77M	76.1M	74.6M
Basic Shares Outstanding	103.35M	98.4M	94.2M	82.6M	80.2M	79.2M	77.2M	75.8M	75.2M	74M
Dividend Payout Ratio	0.27%	0.18%	0.15%	0.07%	0.16%	-	0.1%	0.06%	0.06%	0.07%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	222.83M	246M	256.1M	241.5M	221.2M	235.1M	501.5M	344.5M	400.8M	412.3M
Cash & Short-Term Investments	74.5M	45.3M	51.7M	133.3M	96.2M	67.4M	291.3M	129.8M	144.5M	175.5M
Cash Only	74.53M	48.7M	51.7M	133.3M	96.2M	67.4M	291.3M	129.8M	144.5M	175.5M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	61.6M	77.8M	85.2M	45.8M	51.8M	85.9M	108.3M	95.5M	119.5M	113.2M
Days Sales Outstanding	18.55	21.7	35.23	16.57	14.22	29.75	24.75	19.26	17.72	15.11
Inventory	0	0	0	0	0	0	0	0	17.2M	11.6M
Days Inventory Outstanding	-	-	-	-	-	-	-	-	3.77	2.36
Other Current Assets	76.3M	122.9M	119.2M	62.4M	73.2M	81.8M	101.9M	119.2M	86.2M	81.9M
Total Non-Current Assets+	2.05B	2.01B	2.1B	1.48B	2.33B	2.45B	2.48B	5.86B	6.55B	6.86B
Property, Plant & Equipment	573.17M	574.4M	608M	757.5M	937.3M	1.08B	994.9M	1.98B	2.56B	2.87B
Fixed Asset Turnover	2.12x	2.28x	1.45x	1.33x	1.42x	0.97x	1.61x	0.91x	0.96x	0.95x
Goodwill	841.72M	832.2M	317.6M	338M	367.1M	366.8M	366.8M	723.8M	899.9M	900.2M
Intangible Assets	496.15M	452M	169.4M	264M	369.8M	350.6M	348.1M	2.39B	2.42B	2.41B
Long-Term Investments	129.75M	139.1M	171.3M	108.1M	634.5M	630.6M	663.6M	659.4M	655.9M	661.2M
Other Non-Current Assets	13.8M	833.2M	837M	16.1M	21.1M	21.2M	106.7M	109M	19.3M	18.3M
Total Assets+	2.28B	2.25B	2.36B	1.73B	2.55B	2.69B	2.98B	6.21B	6.96B	7.28B
Asset Turnover	0.53x	0.58x	0.37x	0.58x	0.52x	0.39x	0.54x	0.29x	0.35x	0.38x
Asset Growth %	-0.04%	-0.01%	0.05%	-0.27%	0.48%	0.05%	0.11%	1.08%	0.12%	0.05%
Total Current Liabilities+	640.1M	468.1M	453.2M	256.6M	301.2M	424.2M	395M	621.6M	755.8M	729.3M
Accounts Payable	39.1M	49.5M	54.1M	47M	57.8M	70.7M	81.6M	145.5M	158.5M	180.3M
Days Payables Outstanding	15.46	18.19	31.35	23.85	21.38	29.99	25.87	42.71	34.73	36.65
Short-Term Debt	16.25M	14.2M	4M	4M	4M	4M	7M	47M	68M	63.1M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	307.6M	207.6M	188.2M	83.9M	104.6M	234.5M	122.2M	163.8M	149.9M	151.2M
Current Ratio	0.35x	0.53x	0.57x	0.94x	0.73x	0.55x	1.27x	0.55x	0.53x	0.57x
Quick Ratio	0.35x	0.53x	0.57x	0.94x	0.73x	0.55x	1.27x	0.55x	0.51x	0.55x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-13.24	-19.18
Total Non-Current Liabilities+	1.02B	1.1B	1.27B	995.3M	1.74B	1.9B	2.28B	5.03B	5.31B	5.44B
Long-Term Debt	765.53M	907.5M	1.13B	880.3M	1.47B	1.62B	1.96B	4.56B	4.77B	4.84B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	127.88M	153.1M	40.6M	78.2M	212.8M	213.9M	252.9M	340.8M	388.2M	432.7M
Other Non-Current Liabilities	83.8M	106.2M	70.8M	15.7M	39.4M	45.8M	52.6M	122.4M	137.8M	146.5M
Total Liabilities	1.66B	1.57B	1.72B	1.25B	2.04B	2.32B	2.67B	5.66B	6.06B	6.17B
Total Debt+	781.8M	921.7M	1.13B	884.3M	1.47B	1.62B	1.97B	4.61B	4.84B	4.92B
Net Debt	707.3M	876.4M	1.08B	751M	1.38B	1.55B	1.68B	4.48B	4.7B	4.74B
Debt / Equity	1.27x	1.35x	1.76x	1.87x	2.88x	4.42x	6.41x	8.35x	5.42x	4.46x
Debt / EBITDA	3.22x	3.41x	5.15x	3.50x	4.65x	10.26x	5.01x	10.45x	6.55x	5.38x
Net Debt / EBITDA	2.91x	3.25x	4.92x	2.97x	4.35x	9.83x	4.27x	10.15x	6.36x	5.19x
Interest Coverage	4.32x	4.44x	2.96x	4.71x	3.04x	0.75x	3.36x	2.18x	2.10x	2.45x
Total Equity+	617.2M	685M	640.3M	473.3M	511M	367.1M	306.8M	551.5M	893.6M	1.1B
Equity Growth %	-0.12%	0.11%	-0.07%	-0.26%	0.08%	-0.28%	-0.16%	0.8%	0.62%	0.23%
Book Value per Share	5.85	6.80	6.67	5.69	6.29	4.64	3.91	7.16	11.74	14.79
Total Shareholders' Equity	617.2M	685M	640.3M	473.3M	508.3M	367.1M	306.8M	551.5M	893.6M	1.08B
Common Stock	134.03M	116.5M	7.3M	0	0	18.2M	0	0	0	0
Retained Earnings	483.76M	569.7M	634.3M	474.2M	509.2M	349.8M	307.7M	552.4M	894.5M	1.08B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-600K	-1.2M	-1.3M	-900K	-900K	-900K	-900K	-900K	-900K	-1M
Minority Interest	0	0	0	0	2.7M	0	0	0	0	19.7M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	264.53M	226.8M	218.2M	197.8M	289.6M	141.9M	335.5M	536.8M	605.8M	772.7M
Operating CF Margin %	0.22%	0.17%	0.25%	0.2%	0.22%	0.13%	0.21%	0.3%	0.25%	0.28%
Operating CF Growth %	0.87%	-0.14%	-0.04%	-0.09%	0.46%	-0.51%	1.36%	0.6%	0.13%	0.28%
Net Income	65.2M	108.1M	140.5M	352.8M	137.2M	-82.1M	249.1M	439.4M	417.3M	429.1M
Depreciation & Amortization	119.38M	125.8M	114.6M	64M	101M	97.9M	108.5M	119M	175.2M	204.7M
Stock-Based Compensation	13.85M	18.9M	27.1M	21.1M	23.8M	23.7M	27.8M	31.8M	32.9M	36.1M
Deferred Taxes	-3.44M	35.4M	-65M	36.5M	31.5M	1.1M	9.8M	108.7M	47.4M	44.5M
Other Non-Cash Items	37.89M	-41.7M	38.2M	-285.8M	-9.7M	25M	-137.2M	-198.7M	-74.7M	8.4M
Working Capital Changes	31.65M	-19.7M	-37.2M	9.2M	5.8M	76.3M	77.5M	36.6M	7.7M	49.9M
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	0	0	0	50.6M	0	0
Cash from Investing+	-65.48M	-50.7M	-153.6M	824.1M	-781.2M	-239.4M	-100.4M	-3.1B	-718M	-545.2M
Capital Expenditures	-45.76M	-57.2M	-116.9M	-149.4M	-163.3M	-234.2M	-91.8M	-456.8M	-676.5M	0
CapEx % of Revenue	0.04%	0.04%	0.13%	0.15%	0.12%	0.22%	0.06%	0.25%	0.27%	0.2%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	30K	-46.3M	11.5M	-10.3M	-1.2M	-5.2M	-8.6M	271.6M	199.8M	-545.2M
Cash from Financing+	-190.64M	-201.9M	-59.5M	-933.3M	460.8M	76M	-500K	2.42B	129.3M	-196.6M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-17.42M	-19.1M	-21.5M	-23.7M	-22.2M	-23.4M	-24.8M	-26M	-27.1M	-29.2M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-44.04M	-282.5M	-63.8M	-63.4M	-18M	-31.3M	-17.6M	-53.4M	-24.8M	-35.2M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	218.77M	169.6M	101.3M	48.4M	126.3M	-92.3M	243.7M	80M	-70.7M	225.7M
FCF Margin %	0.18%	0.13%	0.11%	0.05%	0.09%	-0.09%	0.15%	0.04%	-0.03%	0.08%
FCF Growth %	1.58%	-0.22%	-0.4%	-0.52%	1.61%	-1.73%	3.64%	-0.67%	-1.88%	4.19%
FCF per Share	2.07	1.68	1.06	0.58	1.56	-1.17	3.11	1.04	-0.93	3.03
FCF Conversion (FCF/Net Income)	4.06x	2.10x	1.55x	0.56x	2.11x	-1.73x	1.35x	1.22x	1.45x	1.81x
Interest Paid	25.2M	40M	47.5M	31.1M	61.7M	79.6M	77.5M	133.6M	283.6M	306.8M
Taxes Paid	41.5M	32.4M	75.9M	48.6M	23.5M	1.6M	72.4M	68.6M	99.1M	108.2M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.9%	16.6%	21.2%	63.36%	27.94%	-18.65%	73.93%	102.39%	57.75%	42.75%
Return on Invested Capital (ROIC)	6.82%	10.11%	6.67%	9.63%	10.39%	2.37%	10.92%	6.88%	7.97%	9.3%
Gross Margin	23.87%	24.12%	28.64%	28.7%	25.8%	18.36%	27.93%	31.3%	32.32%	34.32%
Net Margin	5.38%	8.26%	15.92%	34.97%	10.34%	-7.77%	15.6%	24.28%	16.95%	15.61%
Debt / Equity	1.27x	1.35x	1.76x	1.87x	2.88x	4.42x	6.41x	8.35x	5.42x	4.46x
Interest Coverage	4.32x	4.44x	2.96x	4.71x	3.04x	0.75x	3.36x	2.18x	2.10x	2.45x
FCF Conversion	4.06x	2.10x	1.55x	0.56x	2.11x	-1.73x	1.35x	1.22x	1.45x	1.81x
Revenue Growth	49.13%	7.94%	-32.55%	14.32%	31.78%	-20.73%	51.54%	13.31%	36.02%	11.07%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Gaming	-	-	-	-	585.8M	441.4M	695.4M	755.9M	968.6M	1.04B
Gaming Growth	-	-	-	-	-	-24.65%	57.54%	8.70%	28.14%	7.28%
Pari-Mutuel, Historical Racing	-	-	-	-	81.6M	93.6M	253M	383.9M	767.7M	891.9M
Pari-Mutuel, Historical Racing Growth	-	-	-	-	-	14.71%	170.30%	51.74%	99.97%	16.18%
Pari-Mutuel, Live And Simulcast Racing	-	-	-	-	407.9M	475.1M	502.6M	462.3M	468.2M	469.9M
Pari-Mutuel, Live And Simulcast Racing Growth	-	-	-	-	-	16.47%	5.79%	-8.02%	1.28%	0.36%
Product and Service, Other	-	-	-	-	126M	61.5M	61M	152.9M	241.3M	292M
Product and Service, Other Growth	-	-	-	-	-	-51.19%	-0.81%	150.66%	57.82%	21.01%
Racing Event-Related Services	-	-	-	-	128.4M	24.7M	76.7M	131.6M	152.3M	194.6M
Racing Event-Related Services Growth	-	-	-	-	-	-80.76%	210.53%	71.58%	15.73%	27.77%
Casino	332.3M	332.8M	350.5M	411.2M	-	-	-	-	-	-
Casino Growth	-	0.15%	5.32%	17.32%	-	-	-	-	-	-
Online Wagering	-	-	-	290.2M	-	-	-	-	-	-
Online Wagering Growth	-	-	-	-	-	-	-	-	-	-
Others	-	16.9M	19.2M	33.3M	-	-	-	-	-	-
Others Growth	-	-	13.61%	73.44%	-	-	-	-	-	-
TwinSpires	200.17M	220.6M	255.6M	-	-	-	-	-	-	-
TwinSpires Growth	-	10.21%	15.87%	-	-	-	-	-	-	-
Corporate	910K	1M	-	-	-	-	-	-	-	-
Corporate Growth	-	9.89%	-	-	-	-	-	-	-	-
Big Fish Games	94.94M	486.2M	-	-	-	-	-	-	-	-
Big Fish Games Growth	-	412.13%	-	-	-	-	-	-	-	-
Racing	248.6M	-	-	-	-	-	-	-	-	-
Racing Growth	-	-	-	-	-	-	-	-	-	-
Other Investments	16.64M	-	-	-	-	-	-	-	-	-
Other Investments Growth	-	-	-	-	-	-	-	-	-	-
Intersegment Eliminations	-18.77M	-	-	-	-	-	-	-	-	-
Intersegment Eliminations Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Churchill Downs Incorporated (CHDN) has a price-to-earnings (P/E) ratio of 18.9x. This is roughly in line with market averages.

Growth & Financials

Churchill Downs Incorporated (CHDN) reported $2.88B in revenue for fiscal year 2024. This represents a 314% increase from $696.9M in 2011.

Churchill Downs Incorporated (CHDN) grew revenue by 11.1% over the past year. This is steady growth.

Yes, Churchill Downs Incorporated (CHDN) is profitable, generating $403.2M in net income for fiscal year 2024 (15.6% net margin).

Dividend & Returns

Yes, Churchill Downs Incorporated (CHDN) pays a dividend with a yield of 0.36%. This makes it attractive for income-focused investors.

Churchill Downs Incorporated (CHDN) has a return on equity (ROE) of 42.7%. This is excellent, indicating efficient use of shareholder capital.

Churchill Downs Incorporated (CHDN) generated $590.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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