International Speedway Corporation (NASDAQ:ISCA)
(OTC Bulletin Board:ISCB)
(“ISC”) today reported
financial results for its fiscal third quarter ended
August 31, 2017.
"We are pleased with the financial results for the third
quarter," stated Lesa France Kennedy, ISC Chief Executive
Officer. "Revenue for comparable events increased, driven by
contracted broadcast rights and corporate partnerships.
During the quarter, admissions revenue increased for the Coke Zero
400 and we announced the third consecutive sell-out of reserved
grandstands for the Monster Energy NASCAR Cup Series event at
Watkins Glen."
"The Phoenix Raceway Project powered by DC Solar is progressing
nicely. Last week we announced a partnership with ISM Connect
for a multi-year agreement that includes naming rights for the
Raceway. Beginning in 2018, the ISM Raceway will be one of
only two motorsports facilities with partnership naming
rights. At completion, the modernized facility will feature
ISM's groundbreaking digital fan engagement experience, a great
complement to the many world-class fan amenities being constructed
at the facility. We expect components of the project to be in
service as early as November 2017."
"I am pleased to have the finish line in sight for ONE
DAYTONA. The Fairfield Inn and Suites, along with several
first-to-market tenants, are planned to open later this year.
We are eager to welcome the community here to celebrate the
holidays in a big way. Additional tenant announcements and
anticipated opening of the second hotel, The DAYTONA, a Marriott
Autograph Collection property, are planned in 2018."
Third Quarter Comparison
Total revenues for the third quarter ended August 31, 2017
were approximately $131.9 million, compared to revenues of
approximately $129.0 million in the third quarter of fiscal
2016. Operating income was approximately $2.2 million during
the period compared to approximately $3.7 million in the third
quarter of fiscal 2016. Quarter-over-quarter comparability was
impacted by:
- During the three months ended August 31, 2017, the
Hollywood Casino at Kansas Speedway recognized a reduction in
depreciation expense as a result of certain assets that have been
fully depreciated, as compared to the same period in the prior
year. For the three months ended August 31, 2017, our 50.0
percent share of the reduction in depreciation expense was
approximately $1.3 million, or $0.02 per diluted share;
- During the three months ended August 31, 2016, we received
a favorable settlement relating to certain facility operations of
approximately $1.1 million, or $0.02 per diluted share. There was
no comparable activity in the same period of the current year;
- During the three months ended August 31, 2017, we
recognized approximately $0.1 million, or less than $0.01 per
diluted share, in non-recurring pre-opening costs that are included
in general and administrative expense related to The Phoenix
Raceway Project powered by DC Solar ("The Phoenix Raceway
Project"). There were no similar costs incurred during the three
months ended August 31, 2016;
- During the three months ended August 31, 2017, we
recognized approximately $2.1 million, or $0.03 per diluted
share, of accelerated depreciation due to shortening the service
lives of certain assets associated with The Phoenix Raceway Project
and other capital improvements, including the infield project at
Richmond Raceway ("Richmond"). There were no similar costs during
the three months ended August 31, 2016;
- During the three months ended August 31, 2017, we
recognized approximately $0.1 million, or less than
$0.01 per diluted share, of asset retirement losses primarily
attributable to demolition and/or asset relocation costs in
connection with The Phoenix Raceway Project. During the three
months ended August 31, 2016, we recognized $0.2 million,
or less than $0.01 per diluted share, of similar losses in
connection with demolition and/or asset relocation costs in
connection with facility capital improvements;
- During the three months ended August 31, 2017, we
recognized approximately $0.3 million, or less than
$0.01 per diluted share, of net gain on sale of certain
assets. There were no similar items during the three months ended
August 31, 2016;
- During the three months ended August 31, 2017, we
capitalized approximately $1.0 million, or $0.02 per diluted share,
of interest, predominately relating to approximately $0.7 million,
or $0.01 per diluted share, associated with ONE DAYTONA and
approximately $0.4 million, or $0.01 per diluted share,
associated with The Phoenix Raceway Project. During the three
months ended August 31, 2016, we capitalized approximately
$0.4 million, or less than $0.01 per diluted share, of
interest associated with ONE DAYTONA; and
- During the three months ended August 31, 2017, we recorded
approximately $2.1 million, or $0.04 per diluted share, of a
non-recurring, non-cash charge to income tax expense related to the
impairment of a deferred tax asset.
Net income for the third quarter was approximately
$0.3 million, or $0.01 per diluted share, compared to
approximately $2.2 million, or $0.05 per diluted share, in the
prior year period. Excluding legal settlement, non-recurring,
pre-opening costs associated with The Phoenix Raceway Project,
accelerated depreciation related to The Phoenix Raceway Project and
other capital improvements including the infield project at
Richmond, losses associated with the retirements of certain other
long-lived assets, capitalized interest associated with ONE DAYTONA
and The Phoenix Raceway Project, net gain on sale of certain
assets, and impairment of deferred tax asset, non-GAAP net income,
as defined below, was $2.9 million, or $0.06 per diluted
share, as compared to $1.4 million, or $0.03 per diluted
share, for the third quarter of fiscal 2017 and 2016, respectively
(see "GAAP to Non-GAAP Reconciliation").
Year-to-Date Comparison
Total revenues for the nine months ended August 31, 2017
were approximately $445.2 million, compared to revenues of
approximately $439.2 million for the same period in fiscal
2016. Operating income was approximately $54.4 million during
the period compared to approximately $58.6 million for the
same period in fiscal 2016. Period-over-period comparability was
impacted by:
- In the first quarter of fiscal 2017, we hosted the Ferrari
World Finals at Daytona International Speedway ("Daytona"), for
which there was no comparable event in fiscal 2016;
- During the nine months ended August 31, 2017, the
Hollywood Casino at Kansas Speedway recognized a reduction in
depreciation expense as a result of certain assets that have been
fully depreciated as compared to the same period in the prior
year. For the nine months ended August 31, 2017, our
50.0 percent share of the reduction in depreciation expense was
approximately $2.7 million, or $0.04 per diluted share;
- In the second quarter of fiscal 2017, we received a favorable
settlement relating to certain facility operations of approximately
$1.0 million or $0.01 per diluted share. In the third quarter
of fiscal 2016, we received a favorable settlement relating to
certain facility operations of approximately $1.1 million or $0.02
per diluted share;
- During the nine months ended August 31, 2017, we
recognized approximately $0.3 million, or less than $0.01 per
diluted share, in non-recurring pre-opening costs that are included
in general and administrative expense related to The Phoenix
Raceway Project. During the nine months ended August 31, 2016,
we recognized approximately $0.8 million, or $0.01 per diluted
share, in non-recurring pre-opening costs that are included in
general and administrative expense related to DAYTONA Rising;
- During the nine months ended August 31, 2017, we
recognized approximately $4.7 million, or $0.07 per diluted
share, of accelerated depreciation due to shortening the service
lives of certain assets associated with The Phoenix Raceway Project
and other capital improvements including the infield project at
Richmond. There were no similar costs during the nine months ended
August 31, 2016;
- During the nine months ended August 31, 2017, we
recognized an approximate $0.3 million, or less than
$0.01 per diluted share, of asset retirement losses primarily
attributable to demolition and/or asset relocation costs in
connection with The Phoenix Raceway Project. During the nine months
ended August 31, 2016, we recognized approximately
$1.1 million, or $0.01 per diluted share, of similar losses in
connection with demolition and/or asset relocation costs in
connection with facility capital improvements;
- During the nine months ended August 31, 2017, we
capitalized approximately $2.5 million, or $0.03 per diluted share,
of interest, predominately relating to approximately $1.7 million,
or $0.02 per diluted share, associated with ONE DAYTONA and
approximately $0.7 million, or $0.01 per diluted share, associated
with The Phoenix Raceway Project. During the nine months ended
August 31, 2016, we capitalized approximately
$0.6 million, or $0.01 per diluted share, of interest related
to DAYTONA Rising and approximately $0.4 million, or less than
$0.01 per diluted share, of interest associated with the ONE
DAYTONA project;
- During the nine months ended August 31, 2017, we
recognized approximately $0.3 million, or less than $0.01 per
diluted share, of net gain on sale of certain assets. During the
nine months ended August 31, 2016, we recognized approximately
$0.3 million, or less than $0.01 per diluted share, of net gain on
sale of certain assets;
- In the second quarter of fiscal 2016, we completed an
assignment of all rights, title and interest in the mortgage and
underlying promissory note of our Staten Island property. As a
result, we recorded a gain of approximately $13.6 million, or
$0.18 per diluted share, comprised of deferred gain, interest, and
other consideration paid. The deferred gain of $1.9 million is
included in Other operating revenue in our consolidated statement
of operations, and the interest, of approximately $11.4 million,
and additional consideration, of approximately $0.3 million,
received is included in Other in our consolidated statement of
operations. There was no comparable transaction in the current
year; and
- During the nine months ended August 31, 2017, we recorded
approximately $2.1 million, or $0.04 per diluted share, of a
non-recurring, non-cash charge to income tax expense related to the
impairment of a deferred tax asset.
Net income for the nine months ended August 31, 2017, was
approximately $34.8 million, or $0.78 per diluted share,
compared to approximately $43.9 million, or $0.95 per diluted
share, in the prior year period. Excluding legal settlement,
non-recurring, pre-opening costs associated with The Phoenix
Raceway Project, accelerated depreciation related to The Phoenix
Raceway Project and other capital improvements including the
infield project at Richmond, losses associated with the retirements
of certain other long-lived assets, capitalized interest associated
with ONE DAYTONA and The Phoenix Raceway Project, net gain on sale
of certain assets, gain on sale of Staten Island property, and
impairment of deferred tax asset, non-GAAP net income, as defined
below, was $37.9 million, or $0.85 per diluted share, as
compared to $35.3 million, or $0.76 per diluted share, for the
nine months ended August 31, 2017 and 2016, respectively (see
"GAAP to Non-GAAP Reconciliation").
GAAP to Non-GAAP Reconciliation
The following financial information is presented below using
other than U.S. generally accepted accounting principles
(“non-GAAP”) and includes certain non-GAAP financial measures as
identified in the reconciliation below. The non-GAAP financial
measures disclosed herein do not have standard meaning and may vary
from the non-GAAP financial measures used by other companies or how
we may calculate those measures in other instances from time to
time. Non-GAAP financial measures should not be considered a
substitute for, or superior to, measures of financial performance
prepared in accordance with U.S. generally accepted accounting
principles (“GAAP”). Also, our “core” financial measures should not
be construed as an inference by us that our future results will be
unaffected by those items, which are excluded from our “core”
financial measures.
We believe such non-GAAP information is useful and meaningful,
and is used by investors to assess the performance of our core
operations, which primarily consists of the ongoing promotions of
racing events at our major motorsports entertainment facilities.
Such non-GAAP information separately identifies, displays, and
adjusts for items that are not considered to be reflective of our
continuing core operations at our motorsports entertainment
facilities. We believe that such non-GAAP information improves the
comparability of the operating results and provides a better
understanding of the performance of our core operations for the
periods presented.
We use this non-GAAP information to analyze the current
performance and trends and make decisions regarding future ongoing
operations. This non-GAAP financial information may not be
comparable to similarly titled measures used by other entities and
should not be considered as an alternative to operating income, net
income or diluted earnings per share, which are determined in
accordance with GAAP. The presentation of this non-GAAP financial
information is not intended to be considered independent of or as a
substitute for results prepared in accordance with GAAP. Management
uses both GAAP and non-GAAP information in evaluating and operating
the business and as such deemed it important to provide such
information to investors.
The following financial information is reconciled to comparable
information presented using GAAP. Non-GAAP net income and diluted
earnings per share below are derived by adjusting amounts
determined in accordance with GAAP for certain items presented in
the accompanying selected operating statement data.
The adjustments for fiscal 2016 relate to non-recurring,
pre-opening costs incurred associated with DAYTONA Rising, losses
associated with the retirements of certain other long-lived assets
related to capacity management initiatives (primarily the removal
of grandstands at Richmond) and items in connection with DAYTONA
Rising, capitalized interest related to DAYTONA Rising and ONE
DAYTONA projects, the net gain on sale of certain assets
(predominately associated with the sale of trailers in association
with the transition of merchandise operations), legal settlement,
and gain on sale of Staten Island property.
The adjustments for fiscal 2017 relate to non-recurring costs
incurred associated with The Phoenix Raceway Project, legal
settlement, losses associated with the retirements of certain other
long-lived assets in connection with The Phoenix Raceway Project,
accelerated depreciation (related to The Phoenix Raceway Project
and other capital improvements including the infield project at
Richmond), capitalized interest related to ONE DAYTONA and The
Phoenix Raceway Project, the net gain on sale of certain assets,
and impairment of deferred tax asset.
Amounts are in thousands, except per share data, which is shown
net of income taxes, (unaudited):
| |
Three Months Ended August 31, 2016 |
| |
Income Before Taxes |
Income Tax Effect |
Net Income |
Earnings Per Share |
|
GAAP |
$ |
3,529 |
|
$ |
1,356 |
|
$ |
2,173 |
|
$ |
0.05 |
|
| Adjustments: |
|
|
|
|
| Losses on
retirements of long-lived assets |
176 |
|
68 |
|
108 |
|
0.00 |
|
| Legal
settlement |
(1,084 |
) |
(418 |
) |
(666 |
) |
(0.02 |
) |
|
Capitalized interest |
(360 |
) |
(139 |
) |
(221 |
) |
0.00 |
|
|
Non-GAAP |
$ |
2,261 |
|
$ |
867 |
|
$ |
1,394 |
|
$ |
0.03 |
|
| |
|
|
|
|
| |
Three Months Ended August 31, 2017 |
| |
Income BeforeTaxes |
Income TaxEffect |
Net Income |
Earnings PerShare |
|
GAAP |
$ |
4,625 |
|
$ |
4,360 |
|
$ |
265 |
|
$ |
0.01 |
|
| Adjustments: |
|
|
|
|
| The
Phoenix Raceway Project |
57 |
|
22 |
|
35 |
|
0.00 |
|
|
Accelerated depreciation |
2,055 |
|
785 |
|
1,270 |
|
0.03 |
|
| Losses on
retirements of long-lived assets |
66 |
|
25 |
|
41 |
|
0.00 |
|
|
Capitalized interest |
(1,047 |
) |
(400 |
) |
(647 |
) |
(0.02 |
) |
|
Impairment of deferred tax asset |
— |
|
(2,113 |
) |
2,113 |
|
0.04 |
|
| Net gain
on sale of certain assets |
(330 |
) |
(126 |
) |
(204 |
) |
0.00 |
|
|
Non-GAAP |
$ |
5,426 |
|
$ |
2,553 |
|
$ |
2,873 |
|
$ |
0.06 |
|
| |
|
|
|
|
| |
Nine Months Ended August 31, 2016 |
| |
Income BeforeTaxes |
Income TaxEffect |
Net Income |
Earnings PerShare |
|
GAAP |
$ |
71,826 |
|
$ |
27,924 |
|
$ |
43,902 |
|
$ |
0.95 |
|
| Adjustments: |
|
|
|
|
| DAYTONA
Rising project |
787 |
|
304 |
|
483 |
|
0.01 |
|
| Legal
settlement |
(1,084 |
) |
(418 |
) |
(666 |
) |
(0.02 |
) |
| Losses on
retirements of long-lived assets |
1,106 |
|
429 |
|
677 |
|
0.01 |
|
|
Capitalized interest |
(987 |
) |
(381 |
) |
(606 |
) |
(0.01 |
) |
| Gain on
sale of Staten Island |
(13,631 |
) |
(5,262 |
) |
(8,369 |
) |
(0.18 |
) |
| Net gain
on sale of certain assets |
(277 |
) |
(107 |
) |
(170 |
) |
0.00 |
|
|
Non-GAAP |
$ |
57,740 |
|
$ |
22,489 |
|
$ |
35,251 |
|
$ |
0.76 |
|
| |
|
|
|
|
| |
Nine Months Ended August 31, 2017 |
| |
Income BeforeTaxes |
Income TaxEffect |
Net Income |
Earnings PerShare |
|
GAAP |
$ |
60,357 |
|
$ |
25,592 |
|
$ |
34,765 |
|
$ |
0.78 |
|
| Adjustments: |
|
|
|
|
| The
Phoenix Raceway Project |
304 |
|
116 |
|
188 |
|
0.00 |
|
|
Accelerated depreciation |
4,741 |
|
1,813 |
|
2,928 |
|
0.07 |
|
| Losses on
retirements of long-lived assets |
349 |
|
133 |
|
216 |
|
0.00 |
|
| Legal
settlement |
(980 |
) |
(375 |
) |
(605 |
) |
(0.01 |
) |
|
Capitalized interest |
(2,488 |
) |
(951 |
) |
(1,537 |
) |
(0.03 |
) |
|
Impairment of deferred tax asset |
— |
|
(2,113 |
) |
2,113 |
|
0.04 |
|
| Net gain
on sale of certain assets |
(330 |
) |
(126 |
) |
(204 |
) |
0.00 |
|
|
Non-GAAP |
$ |
61,953 |
|
$ |
24,089 |
|
$ |
37,864 |
|
$ |
0.85 |
|
In an effort to enhance the comparability and understandability
of certain forward looking financial guidance, such as ONE DAYTONA
and The Phoenix Raceway Project (see "External Growth,
Financing-Related and Other Initiatives"), we adjust for certain
non-recurring items that will be included in our future GAAP
reporting to provide information that we believe best represents
our expectations for our core business performance. Non-GAAP
financial measures, such as EBITDA, which we interpret to be
calculated as GAAP operating income, plus depreciation,
amortization, impairment/losses on retirements of long-lived
assets, other non-GAAP adjustments, and cash distributions from
equity investments, are used in our analysis. We have not
reconciled the non-GAAP forward-looking measure to its most
directly comparable GAAP measure. Such reconciliations would
require unreasonable efforts to estimate and quantify various
necessary GAAP components largely because forecasting or predicting
our future operating results is subject to many factors not in our
control or not readily predictable, as detailed in the Risk Factors
section of our previously publicly filed documents, Forms 10-K and
10-Q, with the SEC, any or all of which can significantly impact
our future results. These components, and other factors, could
significantly impact the amount of the future directly comparable
GAAP measures, which may differ significantly from their non-GAAP
counterparts.
Corporate SalesThe power of the NASCAR brand
along with its brand/product loyal fan base is a highly attractive
platform for corporate participation. The participation of
FORTUNE 500 companies in NASCAR is higher than in any other sports
property with more than one in four FORTUNE 500 companies invested
in NASCAR, and nearly half of the FORTUNE 100 listed companies
leveraging NASCAR within their marketing strategy. The number
of FORTUNE 500 companies investing in NASCAR has grown
for five consecutive years, currently up approximately 7.0 percent
through 2016. We anticipate this high-level of corporate
interest will continue considering the appealing characteristics of
our sport such as presence in key metropolitan statistical areas,
the near year-round event schedule, our impressive portfolio of
major motorsports events and attractive NASCAR fan
demographics.
For fiscal 2017, we have agreements in place for approximately
99.0 percent of our gross marketing partnership revenue target, as
compared to approximately 100.0 percent for the same period in
fiscal 2016. For fiscal 2017, we have remaining open race
entitlements for one Monster Energy NASCAR Cup series event and one
NASCAR Xfinity series event. This is compared to last year at
this time when we had entitlements for one Monster Energy NASCAR
Cup open.
External Growth, Financing-Related and Other
Initiatives
Capital AllocationWe have established a
long-term capital allocation plan to ensure we generate sufficient
cash flow from operations to fund our working capital needs,
capital expenditures at existing facilities, return of capital
through payments of an annual cash dividend, and repurchase of our
shares under our Stock Purchase Plan. In addition, we have
used the proceeds from offerings of our Class A Common Stock,
the net proceeds from the issuance of long-term debt, borrowings
under our credit facilities, and state and local mechanisms to fund
acquisitions and development projects.
We operate under a five-year capital allocation plan adopted by
the Board of Directors, covering fiscal years 2017 through
2021. Components of this plan include:
- Capital expenditures for existing facilities up to $500.0
million from fiscal 2017 through fiscal 2021. This allocation
will fund a reinvestment at Phoenix Raceway (“Phoenix”), as well as
all other maintenance and guest experience capital expenditures for
the remaining existing facilities. In 2017 we began the
redevelopment of Phoenix (see “The Phoenix Raceway Project”) and
the infield at Richmond (see “Richmond Raceway”) with completion
for both projects targeted in late 2018, therefore, we expect
spending to be somewhat front-loaded. While many components
of these expected projects will exceed weighted average cost of
capital, considerable maintenance capital expenditures,
approximately $40.0 million to $60.0 million annually, will
likely result in a blended return on this invested capital in the
low-to-mid single digits;
- In addition to the aforementioned $500.0 million in capital
expenditures for existing facilities, we expect we will have an
additional $95.0 million of capital expenditures related to phase
one of ONE DAYTONA. Construction for ONE DAYTONA commenced in
fiscal 2016. Approximately $22.0 million of capital
expenditures was spent as of November 30, 2016. The remaining
approximate $73.0 million of capital expenditures for ONE DAYTONA
will be spent in fiscal years 2017 and 2018. We expect the
returns of this investment to exceed our weighted average cost of
capital.In April 2017, our Board of Directors approved an
additional approximate $12.0 million of capital expenditures
to further develop the Volusia Point retail property previously
purchased in 2011. Volusia Point is adjacent to ONE DAYTONA
and will be re-branded the Shoppes at ONE DAYTONA (see “ONE
DAYTONA”).As a result of this additional capital expenditure
approval, the total investment in ONE DAYTONA, exclusive of
capitalized interest and net of anticipated public incentives, will
be approximately $107.0 million; and
- Return of capital to shareholders through dividends and share
repurchases is a significant pillar of our capital
allocation. In fiscal 2016 we increased our dividend
approximately 58.0 percent to $0.41 per share, and in fiscal 2017,
we increased our dividend approximately 4.9 percent to $0.43 per
share. We expect dividends to increase in 2018 and beyond, by
approximately four to five percent annually. For the nine
months ended August 31, 2017, we repurchased 979,328 shares of
ISCA on the open market at a weighted average share price of $35.76
for a total of approximately $35.0 million. At
August 31, 2017, we had approximately $171.6 million remaining
repurchase authority under the current $530.0 million Stock
Purchase Plan.
- For fiscal 2017 through 2021 we expect our return of capital
program to be approximately $280.0 million, comprised of close to
$100.0 million in total annual dividends and the balance being open
market repurchase of ISCA shares over the five year period.
At this time we expect this spending to be evenly allocated per
year, although we will scale the repurchase program to buy
opportunistically.
We will continue to explore development and/or acquisition
opportunities beyond the initiatives discussed above that build
shareholder value and exceed our weighted average cost of
capital. Should additional development and/or acquisitions be
pursued, we will provide discrete information on timing, scope,
cost and expected returns of such opportunities.
The aforementioned represents certain components of our capital
allocation plan for fiscal 2017 and beyond. This capital
allocation plan is reviewed annually, or more frequently, if
necessary, based on changes in business conditions.
Capital Expenditures
An important strategy for our future growth will come from
investing in our major motorsports facilities to enhance the live
event experience and better enable us to effectively compete with
other entertainment venues for consumer and corporate spending. To
better meet our customers' expectations, we are committed to
improving the guest experience at our facilities through on-going
capital improvements that position us for long-term growth.
Capital expenditures for projects, including those related to
The Phoenix Raceway Project and ONE DAYTONA, were approximately
$77.6 million for the nine months ended August 31,
2017. In comparison, we spent approximately
$110.2 million on capital expenditures for projects for the
same period in fiscal 2016. For fiscal 2017, we expect
capital expenditures associated with the aforementioned capital
allocation plan to range between approximately $150.0 million and
$175.0 million, which includes approximately $100.0 million to
$115.0 million for existing facilities, including The Phoenix
Raceway Project, and an additional $50.0 million to
$60.0 million in capital expenditures related to construction
for ONE DAYTONA.
We review the capital expenditure program periodically and
modify it as required to meet current business needs.
ONE DAYTONA
Since June 2013, we have pursued development of ONE DAYTONA, a
premier mixed use and entertainment destination across from the
Daytona International Speedway. We have crafted a strategy that
will create synergy with the Speedway, enhance customer and partner
experiences, monetize real estate on International Speedway Blvd
and leverage our real estate on a year-round basis.
We have approved land use entitlements for ONE DAYTONA to allow
for up to 1.4 million square feet of
retail/dining/entertainment, a 2,500-seat movie theater, 660 hotel
rooms, 1,350 residential units, 567,000 square feet of
additional office space and 500,000 square feet of
commercial/industrial space.
In March 2015, we announced Legacy Development, a leading
national development group, as development consultant for ONE
DAYTONA. Intensely focused on innovative destination retail
and mixed-use projects, Legacy Development is working closely with
ISC’s development staff on the project. The Legacy Development team
is a natural fit for the project, having served as the developer
for Legends Outlets Kansas City, a mixed-use retail destination
across from our Kansas Speedway.
A Community Development District ("CDD") has been established
for the purpose of installing and maintaining public infrastructure
at ONE DAYTONA. The CDD is a local, special purpose government
framework authorized by Chapter 190 of the Florida Statutes for
managing and financing infrastructure to support community
development. The CDD has negotiated agreements with the City of
Daytona Beach and Volusia County for a total of $40.0 million in
incentives to finance a portion of the estimated $53.0 million in
infrastructure required to move forward with the ONE DAYTONA
project.
The design for the first phase of ONE DAYTONA has been completed
and will be comprised of three components: retail, dining and
entertainment (“RD&E”); hotels; and residential.
The RD&E component of phase one will be owned 100.0 percent
by us. The expected total square footage for the RD&E first
phase is approximately 300,000 square feet. We expect cash
spent to be approximately $95.0 million in fiscal 2016 through
2018 on the RD&E component of ONE DAYTONA’s first phase.
Other sources of funding towards the overall ONE DAYTONA project
will include the public incentives discussed above and land to be
contributed to the joint ventures associated with the
project. In September 2016, we announced VCC had been
selected as general contractor to oversee construction of the
RD&E component of phase one including Victory Circle and the
parking garage. VCC has an outstanding national reputation
for quality and a proven track record leading and managing the
development and construction of some of the country’s most engaging
mixed-use developments.
Bass Pro Shops®, America’s most popular outdoor store, and Cobb
Theatres, the highly respected Southeastern-based exhibitor, are
anchor tenants of ONE DAYTONA. Lease agreements have also
been executed with other tenants including P.F. Chang’s, Hy’s
Toggery, Kilwins Confections, Guitar Center, Tervis, IT’SUGAR,
Jeremiah’s Italian Ice, Venetian Nail Spa, Sunglass World, Oklahoma
Joe’s BBQ, Rock Bottom Restaurant & Brewery, MidiCi: The
Neapolitan Pizza Company, Lindbergh, Designers Market, GameTime,
Claire de Lune, Kasa Living, BUILT Custom Burgers, Sprint, Ben
& Jerry’s and Pink Narcissus. Leasing remains strong and we are
exceeding our leasing goals for the project.
Shaner Hotels and Prime Hospitality Group ("PHG") have been
selected as hotel partners. They have executed a franchise
agreement with Marriott International for an exclusive 145-room
full service Autograph Collection hotel at ONE DAYTONA that will be
known as The DAYTONA, as well as a 105-room select-service
Fairfield Inn & Suites by Marriott. Both are currently under
construction. As part of the partnership agreement, our portion of
equity will be limited to our land contribution and we will share
proportionately in the profits from the joint venture.
Prime Group has been selected as the partner for ONE DAYTONA’s
residential development. Following an extensive request for
proposal process, ONE DAYTONA chose the Florida developer based on
their command of market demographics, development experience and
expert property management systems. Prime Group is proceeding with
the development in ONE DAYTONA for approximately 276 luxury
apartment rental units that will add critical mass to the overall
ONE DAYTONA campus. Similar to the hotel partnership, our portion
of equity will be limited to our land contribution and we will
share proportionately in the profits from the joint venture.
In April 2017, our Board approved an additional approximate
$12.0 million of capital expenditures to further develop the
Volusia Point retail property previously purchased in 2011. Volusia
Point is adjacent to ONE DAYTONA and will be re-branded the Shoppes
at ONE DAYTONA ("the Shoppes"). New tenants include Fantastic Sams
that opened in March 2017, along with Zen Nails planned to open in
fourth quarter 2017, and new-to-market First Watch with
3,500-square-feet planned. We expect the improvements to the
Shoppes will generate an incremental EBITDA of approximately $1.0
million to the ONE DAYTONA pro-forma through increased square
footage and securing tenants for currently vacant spaces (see "GAAP
to Non-GAAP Reconciliation" for discussion on Non-GAAP financial
forward looking measures).
Cobb Daytona Luxury Theatres opened in December 2016, Bass Pro
Shops opened in February 2017, and the Fairfield Inn & Suites
is planning an opening later in fiscal 2017. We are targeting
substantial completion of RD&E in early fiscal 2018. At
stabilization, we expect this first phase of ONE DAYTONA and the
Shoppes, to deliver a combined incremental annual revenue and
EBITDA of approximately $13.0 million and approximately $10.0
million, respectively, and deliver an unlevered return above our
weighted average cost of capital (see "GAAP to Non-GAAP
Reconciliation" for discussion on Non-GAAP financial forward
looking measures). We expect to add leverage to ONE DAYTONA’s phase
one post-stabilization.
Total capital expenditures for ONE DAYTONA and the Shoppes,
excluding capitalized interest and net of public incentives, are
expected to be approximately $107.0 million. From inception,
through August 31, 2017, capital expenditures totaled
approximately $80.3 million, exclusive of capitalized interest and
labor. At this time, there is no project specific financing in
place for ONE DAYTONA. Ultimately, we expect to secure financing
for the project upon stabilization. However, accounting rules
dictate that we capitalize a portion of the interest on existing
outstanding debt during the construction period. From inception
through August 31, 2017, we recorded approximately $3.3
million of capitalized interest related to ONE DAYTONA, and expect
approximately $4.0 million to $4.5 million to be recorded
by completion of construction.
Any future phases will be subject to prudent business
considerations for which we will provide discrete cost and return
disclosures.
The Phoenix Raceway Project
On November 30, 2016, we announced our Board of Directors had
approved a multi-year redevelopment project to elevate the fan
experience at Phoenix, our 52-year-old motorsports venue. The
redevelopment is expected to focus on new and upgraded seating
areas, vertical transportation options, new concourses, enhanced
hospitality offerings and an intimate infield experience with
greater accessibility to pre-race activities.
Earlier in 2017, we announced a multi-year partnership with DC
Solar that included naming the project 'The Phoenix Raceway Project
Powered by DC Solar' during the redevelopment phase.
Subsequently, on September 26, 2017, we announced a long-term
partnership with ISM Connect, a pioneer in smart venue technology,
which included naming rights to Phoenix Raceway. Beginning in
fiscal 2018, the venue will be known as ISM Raceway.
The Phoenix Raceway Project is included in our aforementioned
$500.0 million capital allocation plan covering fiscal years 2017
through 2021. The Phoenix Raceway Project is expected to cost
approximately $178.0 million, including maintenance capital,
before capitalized interest. Okland Construction ("Okland")
has been selected as general contractor of the project.
Effective November 30, 2016, Phoenix entered into a Design-Build
Agreement with Okland. The Design-Build Agreement obligates Phoenix
to pay Okland approximately $136.0 million for the completion
of the work described in the Design-Build Agreement. This amount is
a guaranteed maximum price to be paid for the work, which may not
change absent a requested change in the scope of work by
Phoenix.
Based on our current plans for Phoenix, it has identified
existing assets that are expected to be impacted by the
redevelopment and will require accelerated depreciation, or losses
on asset retirements, totaling approximately $6.1 million in
non-cash charges over the approximate 22-month project time
span.
Despite not anticipating the need for additional long-term debt
to fund this project, accounting rules dictate that we capitalize a
portion of the interest on existing outstanding debt during the
construction period. We estimate it will record approximately
$6.0 million to $6.5 million of capitalized interest from fiscal
2017 through fiscal 2018.
For fiscal 2017, we expect capital expenditures related to The
Phoenix Raceway Project to total approximately $75.0 million to
$80.0 million and capitalized interest of approximately $1.5
million. From inception, through August 31, 2017, we
have incurred capital expenditures related to The Phoenix Raceway
Project, exclusive of capitalized interest and labor, of
approximately $36.7 million, and approximately $0.7 million of
capitalized interest.
Upon completion, the redevelopment is expected to provide a full
fiscal year incremental lift in Phoenix's EBITDA of approximately
$8.5 million to $9.0 million (see "GAAP to Non-GAAP
Reconciliation" for discussion on Non-GAAP financial forward
looking measures). We anticipate recognizing revenue and expense
associated with the project, as a result of assets placed in
service and/or benefits provided to partners, beginning late fiscal
2017. We expect to recognize the full fiscal year incremental
financial lift in fiscal 2019 and sustained thereafter.
Richmond Raceway
In June 2017, the Board of Directors approved a capex project
for the redevelopment of the infield of Richmond Raceway ("Richmond
Reimagined"). The new infield will offer a variety of
enhanced amenities for fans, teams, sponsors and other stakeholders
to the iconic Richmond infield. Fan access is the focus of Richmond
Reimagined, which will showcase new Monster Energy NASCAR Cup
Series garages with a fan-viewing walkway. The new infield
continues the track’s mission of being the most fan-friendly track
on NASCAR’s schedule.
Richmond Reimagined is included in our aforementioned $500.0
million capital allocation plan covering fiscal years 2017 through
2021. The project is expected to cost approximately
$30.0 million, which includes maintenance capital, before
capitalized interest. Groundbreaking occurred immediately
following the Monster Energy NASCAR Cup Series event in September
2017. Richmond Reimagined is expected to be complete by
September 2018.
Hollywood Casino at Kansas Speedway
Kansas Entertainment, LLC, (“Kansas Entertainment”) a 50/50
joint venture of Penn Hollywood Kansas, Inc. (“Penn”), a subsidiary
of Penn National Gaming, Inc. and Kansas Speedway Development
Corporation (“KSDC”), a wholly owned indirect subsidiary of ISC,
operates the Hollywood-themed casino and branded destination
entertainment facility, overlooking turn two at Kansas Speedway.
Penn is the managing member of Kansas Entertainment and is
responsible for the operations of the casino.
We have accounted for Kansas Entertainment as an equity
investment in the consolidated financial statements as of
August 31, 2016 and 2017. Our 50.0 percent portion of
Kansas Entertainment’s net income, which is before income taxes as
the joint venture is a disregarded entity for income tax purposes,
was approximately $11.5 million and $14.1 million for the
nine months ended August 31, 2016 and 2017, respectively, and
is included in Equity in net income from equity investments in the
consolidated statements of operations.
Pre-tax distributions from Kansas Entertainment for the nine
months ended August 31, 2017, totaling approximately $19.1
million, consists of approximately $14.9 million received as a
distribution from its profits, included in net cash provided by
operating activities on our consolidated statement of cash flows,
with the remaining approximate $4.2 million received,
recognized as a return of capital from investing activities on our
consolidated statement of cash flows. Pre-tax distributions from
Kansas Entertainment for the nine months ended August 31,
2016, totaling $19.0 million, consisted of approximately
$12.3 million received as a distribution from its profits,
included in net cash provided by operating activities on our
consolidated statement of cash flows, with the remaining
approximate $6.7 million received, recognized as a return of
capital from investing activities on our consolidated statement of
cash flows.
For fiscal 2017, cash distributions from Kansas Entertainment
are estimated to be approximately $25.0 million to $26.0
million.
Fiscal 2017 Financial Outlook
ISC’s reported quarterly and year to date earnings are presented
under GAAP. In an effort to enhance the comparability and
understandability of our forward looking financial guidance, we
adjust for certain non-recurring items that will be included in our
future GAAP reporting to provide information that we believe best
represents our expectations for our core business performance.
For fiscal 2017, our non-GAAP guidance excludes:
- any non-recurring pre-opening income statement
impact attributable to The Phoenix Raceway Project, including
accelerated depreciation and non-capitalized costs and losses
associated with retirements of certain other long-lived assets,
partially offset by capitalized interest expense;
- any non-recurring pre-opening and non-capitalized costs or
charges related to our ONE DAYTONA development, partially offset by
capitalized interest expense ;
- start up and/or financing costs should our Hollywood
Casino at Kansas Speedway joint venture pursue
construction of an adjacent hotel;
- any costs or income related to legal settlements;
- gain or loss on sale of other assets;
- non-recurring income tax charges or benefits;
- accelerated depreciation and future loss on retirements, mostly
non-cash, or relocation of certain long-lived assets, which could
be recorded as part of capital improvements other than The Phoenix
Raceway Project resulting from removal of assets prior to the end
of their actual useful life.
ISC is reiterating its 2017 full fiscal year non-GAAP
guidance. The earnings outlook is our best estimate of
financial results for fiscal 2017.
- Revenue: $660.0 million to $670.0 million
- EBITDA margin: 31.5% to 32.5%
- Operating margin: 15.5% to 17.0%
- Effective tax rate: 38.0% to 38.5%
- Diluted earnings per share: $1.50 to $1.65
Our guidance for EBITDA is to range between $208.0 million
to $218.0 million (see "GAAP to Non-GAAP Reconciliation" for
our definition of EBITDA and discussion on Non-GAAP financial
forward looking measures). Incremental to ISC's EBITDA
estimate are pre-tax cash distributions from its equity investment
in the Hollywood Casino, estimated to be approximately $25.0
million to $26.0 million. Total capital expenditures for 2017
are estimated between approximately $150.0 million to $175.0
million, which include capital expenditures for existing
facilities, including The Phoenix Raceway Project and ONE
DAYTONA.
In closing, Ms. France Kennedy stated, "We maintain a
solid financial position, developed over many years, that affords
us the ability to follow our disciplined capital allocation
strategy and maintain our leadership position in the motorsports
industry. We have extended our capital allocation plan
through fiscal 2021, demonstrating our ongoing commitment to
building long-term value. For the future, we are well
positioned to balance the strategic capital needs of our business
with returning capital to our shareholders."
Conference Call Details
The management of ISC will host a conference call with investors
at 9:00 a.m. Eastern Time. To participate, dial toll free
(888) 694-4641 five to ten minutes prior to the scheduled start
time and request to be connected to the ISC earnings call, ID
number 99889237.
A live Webcast will also be available at that time on our
website, www.internationalspeedwaycorporation.com, under the
“Investor Relations” section. A replay will be available two
hours after the end of the call through midnight Thursday, October
19, 2017. To access, dial (855) 859-2056 and enter the code
99889237, or visit the “Investor Relations” section of our
website.
International Speedway Corporation is a leading promoter of
motorsports activities, currently promoting more than 100 racing
events annually as well as numerous other motorsports-related
activities. We own and/or operate 13 of the nation's major
motorsports entertainment facilities, including Daytona
International Speedway® in Florida (home of the DAYTONA 500®);
Talladega Superspeedway® in Alabama; Michigan International
Speedway® located outside Detroit; Richmond Raceway® in Virginia;
Auto Club Speedway of Southern CaliforniaSM near Los Angeles;
Kansas Speedway® in Kansas City, Kansas; Phoenix Raceway® in
Arizona; Chicagoland Speedway® and Route 66 RacewaySM near Chicago,
Illinois; Homestead-Miami SpeedwaySM in Florida; Martinsville
Speedway® in Virginia; Darlington Raceway® in South Carolina; and
Watkins Glen International® in New York.
We also own and operate Motor Racing NetworkSM, the nation's
largest independent sports radio network and Americrown Service
CorporationSM, a subsidiary that provides catering services, and
food and beverage concessions. In addition, we own ONE
DAYTONA, the retail, dining and entertainment development across
from Daytona International Speedway, and have a 50.0 percent
interest in the Hollywood Casino at Kansas Speedway. For more
information, visit our website at
www.internationalspeedwaycorporation.com.
Statements made in this release that express ISC's or
management's beliefs or expectations and which are not historical
facts or which are applied prospectively are forward-looking
statements. It is important to note that ISC's actual results could
differ materially from those contained in or implied by such
forward-looking statements. ISC's results could be impacted by risk
factors, including, but not limited to, weather surrounding racing
events, government regulations, economic conditions, consumer and
corporate spending, military actions, air travel and national or
local catastrophic events. Additional information concerning
factors that could cause actual results to differ materially from
those in the forward-looking statements is contained from time to
time in ISC's SEC filings including, but not limited to, the 10-K
and subsequent 10-Qs. Copies of those filings are available from
ISC and the SEC. ISC undertakes no obligation to release publicly
any revisions to these forward-looking statements that may be
needed to reflect events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events. The inclusion of
any statement in this release does not constitute an admission by
International Speedway or any other person that the events or
circumstances described in such statement are material.
(Tables Follow)
| Consolidated Statements of
Operations(In Thousands, Except Share and Per Share
Amounts) |
| |
|
|
|
|
| |
|
Three Months Ended |
|
Nine Months Ended |
| |
|
August 31, 2016 |
|
August 31, 2017 |
|
August 31, 2016 |
|
August 31, 2017 |
| |
|
(Unaudited) |
| REVENUES: |
|
|
|
|
|
|
|
|
|
Admissions, net |
|
$ |
22,835 |
|
|
$ |
22,767 |
|
|
$ |
85,163 |
|
|
$ |
82,764 |
|
|
Motorsports and other event related |
|
90,245 |
|
|
94,027 |
|
|
309,970 |
|
|
319,861 |
|
| Food,
beverage and merchandise |
|
10,845 |
|
|
11,118 |
|
|
29,450 |
|
|
29,777 |
|
|
Other |
|
5,061 |
|
|
4,028 |
|
|
14,594 |
|
|
12,767 |
|
| |
|
128,986 |
|
|
131,940 |
|
|
439,177 |
|
|
445,169 |
|
| EXPENSES: |
|
|
|
|
|
|
|
|
|
Direct: |
|
|
|
|
|
|
|
|
| NASCAR
event management fees |
|
31,330 |
|
|
32,528 |
|
|
105,894 |
|
|
109,774 |
|
|
Motorsports and other event related |
|
31,973 |
|
|
32,225 |
|
|
92,920 |
|
|
93,008 |
|
| Food,
beverage and merchandise |
|
8,553 |
|
|
9,109 |
|
|
22,358 |
|
|
22,378 |
|
| Other
operating expenses |
|
121 |
|
|
293 |
|
|
374 |
|
|
1,151 |
|
| General
and administrative |
|
27,100 |
|
|
27,694 |
|
|
80,915 |
|
|
81,350 |
|
|
Depreciation and amortization |
|
25,996 |
|
|
27,813 |
|
|
77,028 |
|
|
82,583 |
|
| Losses on
asset retirements |
|
176 |
|
|
127 |
|
|
1,106 |
|
|
531 |
|
| |
|
125,249 |
|
|
129,789 |
|
|
380,595 |
|
|
390,775 |
|
| Operating income |
|
3,737 |
|
|
2,151 |
|
|
58,582 |
|
|
54,394 |
|
| Interest income |
|
71 |
|
|
331 |
|
|
157 |
|
|
699 |
|
| Interest expense |
|
(3,625 |
) |
|
(2,832 |
) |
|
(10,398 |
) |
|
(9,151 |
) |
| Equity in net income
from equity investments |
|
3,346 |
|
|
4,645 |
|
|
11,485 |
|
|
14,071 |
|
| Other |
|
— |
|
|
330 |
|
|
12,000 |
|
|
344 |
|
| Income before income
taxes |
|
3,529 |
|
|
4,625 |
|
|
71,826 |
|
|
60,357 |
|
| Income taxes |
|
1,356 |
|
|
4,360 |
|
|
27,924 |
|
|
25,592 |
|
| Net income |
|
$ |
2,173 |
|
|
$ |
265 |
|
|
$ |
43,902 |
|
|
$ |
34,765 |
|
| |
|
|
|
|
|
|
|
|
| Dividends per
share |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.41 |
|
|
$ |
0.43 |
|
| Earnings per
share: |
|
|
|
|
|
|
|
|
| Basic and
diluted |
|
$ |
0.05 |
|
|
$ |
0.01 |
|
|
$ |
0.95 |
|
|
$ |
0.78 |
|
| |
|
|
|
|
|
|
|
|
| Basic weighted average
shares outstanding |
|
45,720,814 |
|
|
44,482,281 |
|
|
46,189,413 |
|
|
44,799,734 |
|
| |
|
|
|
|
|
|
|
|
| Diluted weighted
average shares outstanding |
|
45,734,854 |
|
|
44,491,278 |
|
|
46,203,963 |
|
|
44,812,102 |
|
| |
|
|
|
|
|
|
|
|
| Comprehensive
income |
|
$ |
2,339 |
|
|
$ |
432 |
|
|
$ |
44,400 |
|
|
$ |
35,266 |
|
| Consolidated Balance Sheets(In
Thousands, Except Share and Per Share Amounts) |
|
|
| |
|
November 30, 2016 |
|
August 31, 2016 |
|
August 31, 2017 |
| |
|
|
|
(Unaudited) |
| ASSETS |
|
|
|
|
|
|
| Current Assets: |
|
|
|
|
|
|
| Cash and
cash equivalents |
|
$ |
263,727 |
|
|
$ |
265,329 |
|
|
$ |
268,882 |
|
|
Receivables, less allowance |
|
35,445 |
|
|
42,846 |
|
|
45,234 |
|
| Income
taxes receivable |
|
189 |
|
|
1,492 |
|
|
3,437 |
|
| Prepaid
expenses and other current assets |
|
13,759 |
|
|
24,548 |
|
|
23,826 |
|
| Total Current
Assets |
|
313,120 |
|
|
334,215 |
|
|
341,379 |
|
| |
|
|
|
|
|
|
| Property and Equipment,
net |
|
1,455,506 |
|
|
1,450,279 |
|
|
1,460,820 |
|
| Other Assets: |
|
|
|
|
|
|
| Equity
investments |
|
92,392 |
|
|
95,864 |
|
|
87,510 |
|
|
Intangible assets, net |
|
178,629 |
|
|
178,630 |
|
|
178,637 |
|
|
Goodwill |
|
118,791 |
|
|
118,791 |
|
|
118,791 |
|
|
Other |
|
14,222 |
|
|
6,775 |
|
|
16,593 |
|
| |
|
404,034 |
|
|
400,060 |
|
|
401,531 |
|
| Total Assets |
|
$ |
2,172,660 |
|
|
$ |
2,184,554 |
|
|
$ |
2,203,730 |
|
| LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
| Current
Liabilities: |
|
|
|
|
|
|
| Current
portion of long-term debt |
|
$ |
3,404 |
|
|
$ |
3,115 |
|
|
$ |
3,528 |
|
| Accounts
payable |
|
29,770 |
|
|
26,116 |
|
|
34,941 |
|
| Deferred
income |
|
39,416 |
|
|
84,053 |
|
|
84,162 |
|
| Other
current liabilities |
|
22,728 |
|
|
20,358 |
|
|
19,029 |
|
| Total Current
Liabilities |
|
95,318 |
|
|
133,642 |
|
|
141,660 |
|
| |
|
|
|
|
|
|
| Long-Term Debt |
|
259,416 |
|
|
262,386 |
|
|
258,914 |
|
| Deferred Income
Taxes |
|
409,585 |
|
|
396,550 |
|
|
408,384 |
|
| Long-Term Deferred
Income |
|
5,988 |
|
|
6,245 |
|
|
8,705 |
|
| Other Long-Term
Liabilities |
|
1,993 |
|
|
2,443 |
|
|
2,593 |
|
| Commitments and
Contingencies |
|
— |
|
|
— |
|
|
— |
|
| Shareholders’
Equity: |
|
|
|
|
|
|
|
Class A Common Stock, $.01 par value, 80,000,000
shares authorized |
|
249 |
|
|
255 |
|
|
241 |
|
|
Class B Common Stock, $.01 par value, 40,000,000
sharesauthorized |
|
197 |
|
|
197 |
|
|
197 |
|
|
Additional paid-in capital |
|
437,292 |
|
|
440,479 |
|
|
429,892 |
|
| Retained
earnings |
|
965,281 |
|
|
945,182 |
|
|
955,302 |
|
|
Accumulated other comprehensive loss |
|
(2,659 |
) |
|
(2,825 |
) |
|
(2,158 |
) |
| Total Shareholders’
Equity |
|
1,400,360 |
|
|
1,383,288 |
|
|
1,383,474 |
|
| Total Liabilities and
Shareholders’ Equity |
|
$ |
2,172,660 |
|
|
$ |
2,184,554 |
|
|
$ |
2,203,730 |
|
| Consolidated Statements of Cash
Flows(In Thousands) |
| |
| |
|
Nine Months Ended |
| |
|
August 31, 2016 |
|
August 31, 2017 |
| |
|
(Unaudited) |
| OPERATING
ACTIVITIES |
|
|
|
|
| Net income |
|
$ |
43,902 |
|
|
$ |
34,765 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
| Gain on
sale of Staten Island property |
|
(13,631 |
) |
|
— |
|
|
Depreciation and amortization |
|
77,028 |
|
|
82,583 |
|
|
Stock-based compensation |
|
2,391 |
|
|
2,508 |
|
|
Amortization of financing costs |
|
1,328 |
|
|
1,263 |
|
| Interest
and other consideration received on Staten Island note
receivable |
|
1,162 |
|
|
— |
|
| Deferred
income taxes |
|
60,005 |
|
|
(1,511 |
) |
| Income
from equity investments |
|
(11,485 |
) |
|
(14,071 |
) |
|
Distribution from equity investee |
|
12,347 |
|
|
14,936 |
|
| Loss on
retirements of long-lived assets, non-cash |
|
892 |
|
|
531 |
|
| Other,
net |
|
(225 |
) |
|
(211 |
) |
| Changes
in operating assets and liabilities: |
|
|
|
|
|
Receivables, net |
|
(734 |
) |
|
(9,789 |
) |
| Prepaid
expenses and other assets |
|
(19,054 |
) |
|
(12,484 |
) |
| Accounts
payable and other liabilities |
|
555 |
|
|
(8,792 |
) |
| Deferred
income |
|
45,086 |
|
|
47,463 |
|
| Income
taxes |
|
(945 |
) |
|
(2,846 |
) |
| Net cash provided by
operating activities |
|
198,622 |
|
|
134,345 |
|
| INVESTING
ACTIVITIES |
|
|
|
|
| Capital
expenditures |
|
(110,234 |
) |
|
(77,559 |
) |
|
Distribution from equity investee |
|
6,653 |
|
|
4,164 |
|
| Equity
investments and advances to affiliate |
|
(130 |
) |
|
(147 |
) |
| Proceeds
from sale of Staten Island property |
|
66,728 |
|
|
— |
|
| Proceeds
from sale of assets |
|
472 |
|
|
344 |
|
| Other,
net |
|
(6 |
) |
|
(13 |
) |
| Net cash used in
investing activities |
|
(36,517 |
) |
|
(73,211 |
) |
| FINANCING
ACTIVITIES |
|
|
|
|
| Payment
of long-term debt |
|
(631 |
) |
|
(672 |
) |
| Deferred
financing fees |
|
— |
|
|
(244 |
) |
| Exercise
of Class A common stock options |
|
136 |
|
|
528 |
|
| Cash
dividend paid |
|
(18,859 |
) |
|
(19,241 |
) |
|
Reacquisition of previously issued common stock |
|
(37,970 |
) |
|
(36,350 |
) |
| Net cash used in
financing activities |
|
(57,324 |
) |
|
(55,979 |
) |
| Net increase in cash
and cash equivalents |
|
104,781 |
|
|
5,155 |
|
| Cash and cash
equivalents at beginning of period |
|
160,548 |
|
|
263,727 |
|
| Cash and cash
equivalents at end of period |
|
$ |
265,329 |
|
|
$ |
268,882 |
|
CONTACT: Investor Relations(386) 681-6516
International Speedway (NASDAQ:ISCA)
과거 데이터 주식 차트
부터 12월(12) 2024 으로 1월(1) 2025
International Speedway (NASDAQ:ISCA)
과거 데이터 주식 차트
부터 1월(1) 2024 으로 1월(1) 2025
