国际赛道公司 (ISCA) 2019年 第二季度业绩 - 盈利电话会议记录

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International Speedway Corporation (NASDAQ:ISCA) Q2 2019 Earnings Conference Call July 3, 2019 9:00 AM ET

国际赛道公司(纳斯达克股票代码:[ISCA])2019年第二季度收益电话会议2019年7月3日美国东部时间上午9:00

公司参与者

John Saunders - President
Gregory Motto - EVP and Chief Financial Officer

  • 约翰桑德斯 - 总统
  • Gregory Motto - 执行副总裁兼首席财务官

电话会议参与者

Jaime Katz - Morningstar Inc.
Timothy Conder - Wells Fargo Securities, LLC

  • Jaime Katz - 晨星公司
  • Timothy Conder - 富国银行证券有限责任公司

会议主持员

Good morning and welcome to the International Speedway Corporation 2019 Second Quarter Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, you will be invited to participate in the question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded on Wednesday, July 3, 2019.
With us this morning on the call are John Saunders, President; and Greg Motto, Executive Vice President and Chief Financial Officer. After formal remarks, John Saunders and Greg Motto will conduct a question-and-answer period. I will instruct you on procedures at that time.
Before we start, the Company would like to address forward-looking statements that may be addressed on the call. Forward-looking statements involve risks, uncertainties, and assumptions. Actual future performance, outcomes, and results may differ materially from those expressed in these forward-looking statements. Please refer to the documents filed by the International Speedway Corporation with the SEC, specifically the most recent reports on Form 10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in these forward-looking statements.
So with these formalities out of the way, I will turn the call over to John Saunders. Mr. Saunders?

早上好,欢迎参加国际赛道公司2019年第二季度收益电话会议。在演示期间,所有参与者将处于只听模式。之后,您将被邀请参加问答环节。 [操作员说明]提醒一下,本次会议将于2019年7月3日星期三开始录制。

今天上午,我们将与约翰·桑德斯一同致电;和Greg Motto,执行副总裁兼首席财务官。在正式发言后,John Saunders和Greg Motto将进行问答。我会在那时指导你的程序。

在我们开始之前,公司希望解决可能在电话会议上解决的前瞻性陈述。前瞻性陈述涉及风险,不确定性和假设。未来的实际表现,结果和结果可能与这些前瞻性陈述中的表述存在重大差异。请参阅国际赛道公司向美国证券交易委员会提交的文件,特别是最新的10-K和10-Q表格报告,这些报告确定了可能导致实际结果与这些前瞻性结果不同的重要风险因素。声明。

因此,通过这些手续,我将把电话转给约翰桑德斯。桑德斯先生?

John Saunders

Good morning, everyone, and thanks for joining us today on our second quarter call. As I discussed on previous calls, NASCAR Holdings, Incorporated provided the ISC Board of Directors a non-binding offer to acquire the outstanding shares of ISC not currently owned by the France Family stockholders.
Our Board formed a special committee of independent directors in connection with the NASCAR proposal. The special committee retained advisers to evaluate the proposal. During the quarter, as the special committee recommended and the ISC Board of Directors unanimously approved the merger agreement which entitles certain holders of ISC Class A and B shares to receive $45 in cash for each share [held] [ph].
As we announced on May 22, 2019, NASCAR and ISC executed a merger agreement. The merger is subject to the approval of at least a majority of the aggregate voting power of all outstanding shares of ISC common stock not held by NASCAR and its affiliates, the France Family group and certain officers and directors of ISC.
The merger is also conditioned upon the satisfaction or waiver of certain customary closing conditions, including among others, the expiration or termination and if any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1986.
We expect to file a preliminary proxy with the SEC. A final proxy will be mailed to all shareholders after we receive clearance that the proxy complies with the rules and regulations of the SEC.
Please refer to the merger agreement and other SEC filings including our Form 10-K filed on January 25, 2019, subsequent filings on Form 8-K and our Form 10-Q being filed today for additional information concerning the merger. While the Company has entered into an agreement and plan of merger with NASCAR holdings, there could be no assurance that the merger or any other transaction will occur.
We undertake no obligation to update any such information except as required by law. The purpose of this call is to discuss our second quarter results and we will have no further comment concerning the merger on this call.
Overall, our second quarter financial results are in line with our 2019 outlook. We report a slight decrease in revenue to approximately $168 million, our non-GAAP earnings were $0.36 per share and we generated an increase in adjusted EBITDA to $52 million.
During the quarter, we hosted six NASCAR Cup weekends and Bike Week at Daytona. Admissions revenue for the quarter declined approximately 5%, largely due to not running the IndyCar event this year at ISM Raceway and loss of revenue related to a sponsor bankruptcy.
On a positive note, we saw the overall average ticket price of grandstand admissions for NASCAR Cup events increased to approximately $76, up 1.6% driven by ticket sales at the newly renovated ISM Raceway. Greg will provide further details on financial results for the quarter and outlook for 2019.
Looking into the third quarter, we have hosted two NASCAR Cup weekends at Michigan and Chicagoland. The cup event at Michigan was delayed from Sunday to Monday due to rain. So this will be the first time guests who did not return for the event on Monday will be able to benefit from our weather protection program. As you may recall, this enables the fans with an unused grandstand ticket to exchange it for a future same series event at one of our facilities, subject to certain restrictions.

大家早上好,感谢今天第二季度的电话加入我们。正如我在之前的电话会议上所讨论的那样,NASCAR控股公司向ISC董事会提供了一份非约束性要约,以收购目前不属于法国家庭股东的ISC已发行股票。

我们的董事会成立了一个与NASCAR提案相关的独立董事特别委员会。特别委员会聘请了顾问来评估该提案。在本季度,正如特别委员会所建议的那样,ISC董事会一致批准了合并协议,该协议使ISC A类和B类股份的某些持有人有权获得每股45美元现金[持有] [ph]。

正如我们在2019年5月22日宣布的那样,NASCAR和ISC签署了一份合并协议。合并须经NASCAR及其附属公司,法国家庭集团以及ISC某些官员和董事未持有的ISC普通股所有已发行股票的至少大部分投票权获得批准。

合并的条件还包括满足或放弃某些惯常的成交条件,包括到期或终止,以及1986年Hart-Scott-Rodino反托拉斯改进法案规定的任何适用的等待期。

我们希望向美国证券交易委员会提交初步代理。在我们收到代理符合美国证券交易委员会规则和条例的许可后,最终代理人将邮寄给所有股东。

请参阅合并协议和其他美国证券交易委员会的文件,包括我们在2019年1月25日提交的10-K表格,随后提交的8-K表格以及我们今天提交的10-Q表格,以获取有关合并的其他信息。虽然公司已与NASCAR控股公司签订了合并协议和合并计划,但无法保证合并或任何其他交易将会发生。

除法律要求外,我们不承担更新任何此类信息的义务。此次电话会议的目的是讨论我们的第二季度业绩,我们将不会就此次合并进行合并。

总体而言,我们的第二季度财务业绩与2019年的前景一致。我们报告收入略微减少至约1.68亿美元,我们的非GAAP收益为每股0.36美元,我们将调整后的EBITDA增加至5200万美元。

在本季度,我们在代托纳举办了六次NASCAR杯周末和自行车周活动。本季度的入学收入下降约5%,主要是由于今年未在ISM Raceway举办的IndyCar活动以及与赞助商破产相关的收入损失。

从积极的方面来看,我们看到NASCAR杯赛事看台门票的整体平均门票价格上涨至约76美元,由新装修的ISM赛道的门票销售增长1.6%。 Greg将提供有关本季度财务业绩和2019年展望的进一步详情。

展望第三季度,我们在密歇根和芝加哥举办了两次NASCAR杯周末。由于下雨,密歇根州的杯赛事从周日推迟到周一。因此,这是第一次没有参加周一活动的客人将能够受益于我们的天气预报计划。您可能还记得,这使得拥有未使用的看台门票的球迷可以在我们的某个设施中进行未来同一系列赛事的交换,但需遵守一定的限制。

Advance ticket sales for the third quarter are currently trending flat to 2018. Events to be held in the fourth quarter are still early on in the sales cycle. We will provide an outlook for these events on our third quarter earnings call in October.
We will continue our consumer-focused sales and marketing strategies providing segmented experiences at a good value. Our objective is to slow and stabilize the recent trends and ultimately position for long-term growth. Our financial position is strengthened by our contracted corporate sales and broadcast agreements that provide long-term visibility.
NASCAR is a powerful brand with a loyal fan base that we believe is aware of, appreciates and supports corporate participation to a greater extent than fans of any other sports property. We continue to drive the business forward with corporate partnerships. Nearly half of Fortune 100 companies and 25% of Fortune 500 companies invest in NASCAR.
We currently have agreements in place for approximately 91% of our 2019 goal with all of our 2019 Monster Energy NASCAR Cup Series events sold. The new integrated sponsorship model is gaining momentum and partners and prospects are supportive of the new vision.
From a broadcast perspective, the Monster Energy NASCAR Cup Series remains strong. Viewership is up an average of 3% for FOX broadcast in the 2019 season, and the Cup Series share of audience is up 6% compared to last year.
Further, fans that are tuned into NASCAR broadcasts are tuned in for a longer period of time compared to other sports. NASCAR's digital platforms are showing significant growth in aggregate social engagement, comment rate and YouTube watch time. Through the first 15 races of the 2019 season, race day user session time has increased 11%, consumption rate is up 2%, and user return frequency is up 6%.
Domestic broadcast rights fees which include digital streaming continue to provide significant cash flow visibility to us, race teams and NASCAR over the contract term through 2024. We will continue to navigate the evolving media landscape through our long-term partnerships with industry leaders NBC and FOX.
Last October, Talladega Superspeedway commenced construction on the redevelopment of the iconic Talladega Infield. The project will immerse fans into the sport of NASCAR with a one-of-a-kind Talladega Garage Experience, featuring unprecedented access, interactive attractions and enhanced amenities for guests. While components of the redevelopment opened the spring, the full project will be completed this year by Talladega's fall event as the track celebrates its 50th anniversary.
We believe prudent reinvestment in our facilities will continue to position ISC for long-term growth and deliver shareholder value. Development at ONE DAYTONA continues to gain momentum as tenants’ complete construction and commence operations. The DAYTONA, the Marriott Autograph Collection hotel opened in April selling out over Memorial Day weekend and heading for more sold out days around the Coke Zero Sugar 400.

第三季度的预售票价目前趋于持平至2018年。第四季度的活动仍处于销售周期的早期阶段。我们将在10月份的第三季度财报电话会议上对这些活动进行展望。

我们将继续以消费者为中心的销售和营销策略,提供具有良好价值的细分体验。我们的目标是减缓和稳定近期趋势,并最终实现长期增长。我们的合同公司销售和广播协议增强了我们的财务状况,提供长期可见性。

NASCAR是一个强大的品牌,拥有忠实的粉丝群,我们相信他们比任何其他体育迷的粉丝更了解,赞赏和支持企业参与。我们通过企业合作伙伴关系继续推动业务发展。财富100强企业中近一半和财富500强企业中有25%投资于NASCAR。

我们目前已签订协议,约占我们2019年目标的91%,并出售了所有2019年Monster Energy NASCAR Cup系列赛事。新的综合赞助模式正在获得动力,合作伙伴和前景支持新愿景。

从广播的角度来看,Monster Energy NASCAR杯系列依然强劲。在2019赛季,FOX广播的收视率平均上升了3%,而Cup Series的观众人数比去年增加了6%。

此外,与其他体育相比,调谐到NASCAR广播的粉丝可以进行更长时间的调谐。 NASCAR的数字平台在社交参与度,评论率和YouTube观看时间方面均有显着增长。通过2019赛季的前15场比赛,比赛日用户会话时间增加了11%,消费率提高了2%,用户返回频率提高了6%。

包括数字流媒体在内的国内广播权收费继续为我们,竞赛团队和NASCAR在2024年的合同期内提供重要的现金流可见性。我们将继续通过与行业领导者NBC和FOX的长期合作关系来应对不断变化的媒体格局。

去年10月,Talladega Superspeedway开始重建标志性的塔拉迪加内场。该项目将让粉丝们沉浸在NASCAR的运动中,拥有独一无二的塔拉迪加车库体验,为客人提供前所未有的交通,互动景点和增强的设施。虽然重建的组成部分在春季开放,但整个项目将于今年由Talladega的秋季活动完成,因为赛道庆祝其成立50周年。

我们认为,对我们的设施进行审慎的再投资将继续使ISC获得长期增长并为股东创造价值。随着租户的全面建设和开始运营,ONE DAYTONA的开发工作继续发展。 DAYTONA,万豪签名收藏酒店于4月开业,在阵亡将士纪念日周末销售,并在可口可乐零糖400周围销售更多。

Construction of the ICON Lifestyle Apartments commenced in 2019, also part of the greater ONE DAYTONA project with certain components available for occupancy as early as fall 2019. We anticipate these components will greatly assist in providing the momentum needed to drive this development to stabilization.
Entertainment continues to be a focus for ONE DAYTONA with victory circle fast becoming the developments focal point hosting events from live music, car shows, community festivals as well as providing great opportunities for fans to meet competitors and observe vehicles from motorsports events held at Daytona International Speedway. We anticipate ONE DAYTONA to be a destination for retail, dining and entertainment in the greater Daytona Beach area.
ISC maintained strong visibility of future cash flow with over half of its revenue secured through the industry's 10-year broadcast agreement and multi-year partnership agreements. We will continue our strategic focus on consumer marketing initiatives to deliver growth through our core business.
We will also seek opportunities for increased utilization of our facilities through ancillary events. In addition, investments in qualified developments like the Hollywood Casino and ONE DAYTONA will provide for further growth and shareholder value.
I will now turn the call over to Greg to give you the financial review for the second quarter and the outlook for 2019. Greg?

ICON Lifestyle Apartments的建设始于2019年,也是ONE DAYTONA项目的一部分,早在2019年秋季就有一些组件可供入住。我们预计这些组件将极大地帮助提供推动这一发展稳定所需的动力。

娱乐继续成为ONE DAYTONA的焦点,胜利圈迅速成为现场音乐,车展,社区节日活动的发展焦点,并为粉丝提供了很好的机会,以便与Daytona International举办的赛车活动相遇并观察车辆赛道。我们预计ONE DAYTONA将成为代托纳比奇大区的零售,餐饮和娱乐目的地。

ISC通过该行业的10年广播协议和多年合作伙伴协议保持了对未来现金流的强烈关注,其一半以上的收入得到了保障。我们将继续将战略重点放在消费者营销计划上,以通过我们的核心业务实现增长。

我们还将通过辅助活动寻求机会,以提高我们的设施利用率。此外,对好莱坞赌场和ONE DAYTONA等合格开发项目的投资将为进一步增长和股东价值提供支持。

我现在将把电话转给Greg给你第二季度的财务评估和2019年的展望。格雷格?

格雷戈里座右铭

Thanks, John and good morning, everyone. Before reviewing the financial results, it's important to note several items impacting fiscal year-over-year second quarter comparability. These include termination of sponsorship agreements and sublease agreements with a company that is involved in bankruptcy proceedings resulting in lower admission and sponsorship revenues as well as lower rental expenses.
Certain costs related to terminated agreements associated with non-motorsports operations, revenues and expenses related to the purchase of certain assets from Racing Electronics, cost associated with the merger agreement, the IndyCar event at ISM Raceway and country music festival at Daytona both which occurred in the second quarter of 2018, but not in 2019 and certain costs, accelerated depreciation, removal of assets and capitalized interest associated with our capital projects at ONE DAYTONA, ISM and Richmond Raceway in 2018 and Talladega in 2019. All of these are outlined in the earnings news release and are included in the GAAP to non-GAAP reconciliation where appropriate.
Now looking at the income statement. Admissions revenue for the second quarter was $24.4 million, a decrease of approximately 5% from 2018. This is primarily related to the IndyCar event at ISM Raceway, lower attendance for certain NASCAR and other events held during the quarter and the previously discussed sponsor bankruptcy. Partially offsetting the decline were increased admissions revenue for the Bike Week events at Daytona and NASCAR events held at the newly renovated ISM Raceway.
The decrease in motorsports and other event related revenues to $126.8 million is primarily due to the aforementioned Country 500 music festival and IndyCar events. The sponsor bankruptcy and certain other corporate sales which were partially offset by increased TV broadcast rights revenues. ISC’s domestic television broadcasts and ancillary revenues were $97.7 million for the quarter.
The increase in food, beverage and merchandise revenue to $11.4 million is primarily related to sales associated with the Racing Electronics business, partially offset by the aforementioned Country 500 music festival and IndyCar events.
The decrease in other revenues to $5.5 million is primarily related to the receipt of insurance proceeds in 2018 offset by increased rents received from tenants at ONE DAYTONA.
NASCAR event management fees increased to $52.3 million. The increase is due to variable costs driven by higher television broadcast rights fees associated with the NASCAR Cup, Xfinity and Truck Series events as well as contracted increases in non-TV NASCAR event management fees.
Motorsports and other event related expense decreased to $32 million primarily due to the Country 500 music festival and IndyCar events, and expenses associated with terminated sublease agreements. Also contributing to the decrease were lower event expenses related to certain NASCAR events held during the quarter.
Food, beverage and merchandise expense increased to $8.1 million. The increase is related to costs associated with Racing Electronics in 2019 partially offset by the Country 500 music festival in 2018. Food, beverage and merchandise expense as a percentage of associated revenue decreased to approximately 71.4%. Other operating expenses increased to $1.9 million primarily related to operating costs associated with ONE DAYTONA.

谢谢,约翰,大家早上好。在审查财务结果之前,重要的是要注意影响财政年度第二季度可比性的若干项目。其中包括终止与参与破产程序的公司的赞助协议和转租协议,从而降低入场和赞助收入以及降低租金费用。

与非赛车运营相关的终止协议,与购买赛车电子某些资产相关的收入和费用,与合并协议相关的成本,ISM赛道的IndyCar赛事以及代托纳的乡村音乐节都发生在2018年第二季度,但不是在2019年和2018年在ONE DAYTONA,ISM和Richmond Raceway以及2019年在Talladega的资本项目相关的某些成本,加速折旧,资产清除和资本化利息。所有这些都在收益新闻发布,并在适用的情况下纳入GAAP与非GAAP对账。

现在看收益表。第二季度的入学收入为2440万美元,比2018年下降约5%。这主要与ISM Raceway的IndyCar活动,某些NASCAR及本季度举办的其他活动的出席率较低以及此前讨论的赞助商破产有关。部分抵消下降的是Daytona的自行车周活动和新装修的ISM赛道举办的NASCAR活动的入场收入增加。

赛车运动和其他与赛事相关的收入减少至1.268亿美元,这主要归功于上述国家500音乐节和印地赛车活动。赞助商破产和某些其他公司销售部分被电视转播权收入增加所抵消。本季度ISC的国内电视广播和辅助收入为9770万美元。

食品,饮料和商品收入增加至1140万美元,主要与赛马电子业务相关的销售额有关,部分被上述国家500音乐节和印地赛车事件所抵消。

其他收入减少至550万美元主要与2018年收到的保险收益相抵消,抵消了ONE DAYTONA租户的租金增加。

NASCAR活动管理费增加至5230万美元。这一增长是由于与NASCAR杯,Xfinity和卡车系列赛事相关的更高的电视转播权费以及非电视NASCAR赛事管理费的合同增加所带来的可变成本。

赛车和其他与赛事相关的费用减少至3200万美元,主要原因是Country 500音乐节和IndyCar赛事以及与终止转租协议相关的费用。与本季度举办的某些NASCAR活动相关的活动费用也有所下降。

食品,饮料和商品费用增加到810万美元。这一增长与2019年赛马电子相关的成本有关,部分被2018年的500国家音乐节所抵消。食品,饮料和商品费用占相关收入的百分比下降至约71.4%。其他运营支出增加至190万美元,主要与ONE DAYTONA相关的运营成本有关。

General and administrative expense increased to $28.9 million. The increase is primarily due to certain employee related costs, property taxes and costs related to the merger agreement.
Depreciation and amortization expense increased to $28.8 million for the quarter largely due to assets placed in service related to the completion of projects at ISM and Richmond Raceway as well as ONE DAYTONA, partially offsetting the increase for assets that have been fully depreciated or removed from service in 2019.
Losses on asset retirements decreased to 600,000 primarily due to the removal of assets not fully depreciated associated with capital projects including the infield renovation at Talladega.
Interest income increased to approximately $1.3 million for the quarter primarily related to higher yield on short-term investments. Interest expense increased to $3.7 million as a result of lower capitalized interest associated with the ISM Raceway ONE DAYTONA projects from the prior year.
Equity and net income from equity investments of approximately $6.4 million represents our 50% interest in the Hollywood Casino at Kansas Speedway and to a lesser extent our approximate 34% and 33% equity interests in the Daytona and Fairfield hotels respectively at ONE DAYTONA. This is comparable to $6.4 million in the second quarter of 2018. For the quarter, we received cash distributions from the casino totaling $6.5 million.
The effective tax rate for the second quarter of fiscal 2019 was 22.9% compared to 22.2% in the second quarter of 2018. And net income for the three months ended May 31, 2019 was $15.1 million or $0.35 per diluted share on approximately 43.4 million shares outstanding.
However, when you exclude non-capitalized non-recurring acquisition costs related to the purchase of certain assets from Racing Electronics, one-time non-cash charges related to terminated agreements from non-motorsports operations, cost associated with the merger agreement and certain non-recurring costs and removal of assets in connection with the infield project at Talladega, we posted earnings of $0.36 per diluted share for the second quarter of fiscal 2019 compared to non-GAAP net income for the second quarter of 2018 of $0.37 per diluted share, and an increase in adjusted EBITDA to $52.1 million for the second quarter of fiscal 2019 compared to $50.8 million in the second quarter of fiscal 2018.
As for the balance sheet and future liquidity, at the quarter-end, our combined cash and cash equivalents totaled $338.7 million and shareholders' equity was $1.7 billion. Our deferred income was $79.4 million down approximately $12.9 million from the same period in the prior year. The decrease in deferred income is primarily due to the change in accounting associated with the new revenue recognition standard, which requires netting of certain accounts receivable and deferred income items.
At the end of the quarter, total principal outstanding on debt was approximately $256.8 million, which includes $165 million senior notes, $46.3 million TIF bonds associated with the Kansas Speedway and $45.5 million for our term loan on our headquarters office building. We currently have no borrowings drawn on our $300 million revolving credit facility.

一般和行政费用增加到2890万美元。该增加主要是由于某些员工相关成本,财产税和与合并协议相关的成本。

本季度的折旧和摊销费用增加至2880万美元,主要是由于与ISM和Richmond Raceway以及ONE DAYTONA项目完成相关的资产,部分抵消了已完全折旧或已停止使用的资产增加在2019年。

资产报废损失减少至600,000,主要是由于资本项目(包括塔拉迪加的内场改造)未完全折旧的资产被清除。

本季度利息收入增加至约130万美元,主要与短期投资收益率提高有关。由于与去年ISM Raceway ONE DAYTONA项目相关的资本化利息较低,利息支出增加至370万美元。

股权投资的股权和净收入约为640万美元,代表我们在堪萨斯赛道的好莱坞赌场的50%权益,以及较小程度上我们分别在ONE DAYTONA的Daytona和Fairfield酒店的34%和33%股权。这相当于2018年第二季度的640万美元。在本季度,我们从赌场收到的现金分配总额为650万美元。

2019财年第二季度的有效税率为22.9%,而2018年第二季度为22.2%。截至2019年5月31日止三个月的净收入为1510万美元或每股摊薄收益0.35美元,约为4340万股优秀。

但是,当您排除与从赛车电子购买某些资产相关的非资本化非经常性购置成本时,与非赛车运营终止协议相关的一次性非现金费用,与合并协议相关的成本和某些非与塔拉迪加内场项目相关的经常性成本和资产清除,我们公布了2019财年第二季度每股摊薄收益0.36美元,而2018年第二季度的非GAAP净收入为每股摊薄收益0.37美元, 2019财年第二季度调整后EBITDA增加至5210万美元,而2018财年第二季度为5080万美元。

至于资产负债表和未来流动性,截至季末,我们的现金和现金等价物总额为3.387亿美元,股东权益为17亿美元。我们的递延收入为7940万美元,较去年同期减少约1290万美元。递延收入减少主要是由于与新收入确认标准相关的会计变更,该标准要求扣除若干应收账款及递延收入项目。

截至本季度末,债务未偿还总额约为2.568亿美元,其中包括1.65亿美元优先票据,与堪萨斯赛道相关的4630万美元TIF债券以及我们总部办公楼的定期贷款4550万美元。我们目前没有借款3亿美元的循环信贷额度。

As it relates to capital spending, for the three months ended May 31, 2019, we spent approximately $42.6 million, including capitalized interest and labor. As for capital allocation, our plan remains as previously communicated. We 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 shares under our stock purchase plan.
We operate under a five-year capital allocation plan adopted by our Board of Directors covering fiscal years 2017 through 2021. Components of this plan include capital expenditures at existing facilities including the Talladega Infield Project, the ONE DAYTONA development and return of capital to shareholders.
For existing facilities, we expect capital expenditures up to $500 million from fiscal 2017 through 2021. These include the projects completed at ISM and Richmond Raceways and the infield renovations underway at Talladega, as well as other maintenance and guest experience capital expenditures for remaining existing facilities.
While many of these components of these projects will exceed weighted-average cost of capital, considerable maintenance capital expenditures, which we estimate to be approximately $40 million to $60 million annually will likely result in a blended return of invested capital in the low to mid-single digits. In addition to the $500 million in capital expenditures for existing facilities, we expect approximately $111 million net capital expenditures exclusive of capitalized interest and net of public incentives related to ONE DAYTONA.
For fiscal 2019, we expect total capital expenditures associated with our capital allocation plan to range between $90 million and $100 million for existing facilities including the Talladega Infield Projects and remaining capital expenditures related to completion of the projects at ISM, Richmond Raceways and ONE DAYTONA.
Return of capital to shareholders through dividends and share repurchases is a significant pillar of our capital allocation. We expect dividends to increase in 2020 and beyond by approximately 4% to 5% annually. We currently have no active rule 10b5-1 plans. Therefore we did not purchase any shares of ISCA during the second quarter of fiscal 2019.
At May 31, 2019 we had approximately $138.7 million remaining repurchase authority under the current $530 million stock purchase plan. We have built the capital allocation plan based on conservative estimates that will maintain a strong financial position prudently and disciplined reinvestment in the business and provide stable and growing return to shareholders.
And now for our outlook for 2019, 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. We believe this adjusted information best represents our expectations for our 2019 core business performance. Please refer to our earnings release for the detailed list of items excluded from our fiscal 2019 non-GAAP guidance.

由于涉及资本支出,截至2019年5月31日的三个月,我们花费了大约4260万美元,包括资本化的利息和劳动力。至于资本分配,我们的计划仍然如先前所述。我们已经制定了长期资本分配计划,以确保我们从运营中产生足够的现金流来为我们的营运资金需求,现有设施的资本支出,通过支付年度现金股息返还资本以及根据我们的股票购买回购股份提供资金计划。

我们根据董事会通过的涵盖2017财年至2021财年的五年资本分配计划运营。该计划的组成部分包括现有设施的资本支出,包括Talladega内场项目,ONE DAYTONA开发以及向股东返还资本。

对于现有设施,我们预计从2017财年到2021年的资本支出将高达5亿美元。其中包括在ISM和里士满赛道完成的项目以及塔拉迪加正在进行的内场改造,以及剩余现有设施的其他维护和客户体验资本支出。

虽然这些项目中的许多组成部分将超过加权平均资本成本,但相当大的维护资本支出(我们估计每年约为4,000万美元至6,000万美元)可能会导致投资资本在中低水平的混合回报个位数。除了现有设施的5亿美元资本支出外,我们预计净资本支出约为1.11亿美元,不包括资本化利息和净额与ONE DAYTONA相关的公共激励措施。

对于2019财年,我们预计与我们的资本分配计划相关的总资本支出将在9,000万美元至1亿美元之间,包括Talladega内场项目在内的现有设施以及与完成ISM,Richmond Raceways和ONE DAYTONA项目相关的剩余资本支出。

通过股息和股票回购向股东返还资本是我们资本配置的重要支柱。我们预计2020年及之后的股息每年将增加约4%至5%。我们目前没有活跃的规则10b5-1计划。因此,我们在2019财年第二季度没有购买任何ISCA股票。

截至2019年5月31日,根据目前5.3亿美元的股票购买计划,我们剩余的回购权利约为1.387亿美元。我们根据保守估计建立了资本配置计划,该计划将谨慎地保持稳健的财务状况,并对业务进行有纪律的再投资,并为股东提供稳定和不断增长的回报。

现在,对于我们对2019年的展望,为了提高我们前瞻性财务指导的可比性和可理解性,我们会调整某些非经常性项目,这些项目将包含在我们未来的GAAP报告中。我们相信此调整后的信息最能代表我们对2019年核心业务表现的预期。有关我们的2019财年非GAAP指南中不包括的项目的详细列表,请参阅我们的收益发布。

For fiscal 2019, we are reaffirming our outlook within the previously provided guidance range. The high-end of our range contemplates stabilization in our attendance and related revenues and securing 100% of our corporate sales goal.
While the low end of our range contemplates further erosion in attendance approximately 95% of our corporate sales goal, less the uncollectible revenue from a sponsor currently in bankruptcy and net of lower operating expenses as a result of cost containment initiatives.
Our full-year fiscal 2019 guidance includes total revenues to range between $685 million and $715 million – $705 million. Adjusted EBITDA will range between $230 million and $250 million, included in adjusted EBITDA is approximately $27 million in pre-tax cash distributions from the Hollywood Casino.
Operating margin is estimated between 13.5% and 16%. Our non-GAAP effective tax rate is forecasted at 25% to 26% and non-GAAP earnings of $1.85 to $2.15 per diluted share.
In closing, we continue to see areas of success like the increased admissions at our newly renovated ISM Raceway and increased viewership for 2019. Our 2019 financial outlook provides year-over-year growth. We have a defined consumer-focused marketing and sales strategy.
We continue to reinvest in new fan experiences that competitively position our facilities against other entertainment options and 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.
For the future, we are well positioned to balance the strategic capital needs of our business with returning capital to our shareholders. We look forward to speaking with you on our next earnings conference call in October.
With that, I'll turn it back over to the operator, who will lead us through the Q&A portion of the call. Operator?

对于2019财年,我们在先前提供的指导范围内重申了我们的前景。我们的高端产品旨在稳定我们的出席率和相关收入,并确保100%的公司销售目标。

虽然我们范围的低端考虑到我们公司销售目标的约95%的进一步减少,减少了目前破产的赞助商的无法收回的收入,并且由于成本控制措施而降低了运营支出。

我们的2019财年全年指引包括总收入在6.85亿美元至7.15亿美元至7.05亿美元之间。调整后的EBITDA将介于2.3亿美元至2.5亿美元之间,其中包括来自好莱坞赌场的调整后EBITDA约为2700万美元的税前现金分配。

营业利润率估计在13.5%至16%之间。我们的非GAAP有效税率预计为25%至26%,非GAAP每股摊薄收益为1.85至2.15美元。

最后,我们继续看到成功的领域,比如我们新装修的ISM赛道的入场人数增加以及2019年的观众人数增加。我们的2019年财务前景提供了同比增长。我们有一个明确的以消费者为中心的营销和销售策略。

我们继续对新的粉丝体验进行再投资,使我们的设施与其他娱乐选项竞争优势,并且我们保持多年积累的稳健财务状况,使我们能够遵循我们严格的资本分配策略并保持我们在赛车运动行业的领导地位。

对于未来,我们有能力平衡我们业务的战略资本需求和向股东返还资本。我们期待在10月的下一次收益电话会议上与您交谈。

有了这个,我会把它转回给操作员,操作员将引导我们完成电话的Q&A部分。操作?

问答环节

Thank you. At this time ladies and gentlemen, we will open the lines for questions-and-answers. [Operator Instructions] Our first question comes from the line of Jaime Katz of Morningstar.

谢谢。 在这个时候,女士们,先生们,我们将打开问答环节。 [操作员说明]我们的第一个问题来自Morningstar的Jaime Katz。

Jaime Katz

Hi. Good morning, guys.

你好。 早上好家伙。

John Saunders

Good morning, Jaime.

早上好,海梅。

格雷戈里座右铭

Good morning, Jaime.

早上好,海梅。

Jaime Katz

John, I have a question on the integrated sponsorship model. You sort of rushed across that pretty quickly. I'm curious if you have any updates on that that would be helpful for us to understand.

约翰,我对综合赞助模式有疑问。 你很快就冲了过去。 我很好奇,如果你有任何更新,这将有助于我们理解。

John Saunders

I don't have anything – any updates. Just to refresh what we've talked about previously, the NASCAR's approach going forward is to tier sponsorships. The days of Sprint writing a $75 million check to be a series entitlement, we just don't think that's a good model going forward.
But the NASCAR has been in the marketplace. They have what they call premier and signature tiered levels for sponsors. They have a lot of interest at both levels of those tiers. But it would really be their announcement when something is signed.
But it does include the integrated sponsorship model, does include assets, not just from NASCAR, but assets across race facilities and in some cases race teams. So it's including the broadcaster. So we think it's a much better play going forward and they are gaining momentum in the marketplace. But announcements would really come from NASCAR.

我什么都没有 - 任何更新。 为了更新我们之前谈到的内容,NASCAR未来的方法是分级赞助。 Sprint写了7500万美元的支票作为一系列权利的日子,我们不认为这是一个很好的模型。

但NASCAR一直在市场上。 他们拥有他们称赞赞助商的首要级别和标志性分层级别。 他们对这些级别的两个级别都很感兴趣。 但是当签署某些内容时,它们真的会被宣布。

但它确实包括综合赞助模式,确实包括资产,不仅包括来自NASCAR的资产,还包括竞赛设施和某些竞赛团队的资产。 所以它包括广播公司。 所以我们认为这是一个更好的发展,他们正在市场上获得动力。 但公告真的来自NASCAR。

Jaime Katz

And we would hear more about that over the next six months plus, correct? Is that the right timeline to think about that?

在接下来的六个月里,我们会听到更多有关这方面的信息,对吗? 这是考虑这个问题的正确时间表吗?

John Saunders

I would think that's the right timeline.

我认为这是正确的时间表。

Jaime Katz

Okay. And then as far as this bank partner that's going through bankruptcy, has that given you guys any pause to really reassess how some of these contracts are structured and your ability to maybe replace some partners if it seems like they may not be able to have the liquidity to service their payments with you?

好的。 然后,就这个正在破产的银行合作伙伴而言,这让你们有任何停顿来真正重新评估这些合同中的一些是如何构建的,以及如果看起来他们可能无法拥有 流动性与您一起支付款项?

格雷戈里座右铭

Hey Jaime, this is Greg. I'll answer that that situation. We do have a defined risk analysis process that we go through in evaluating our partnerships before executing the agreements. This one situation unfortunately has not just impacted us and impacted many in the industry and many in other industries and to the extent of replacing the position, our sales team. And as John mentioned with the integrated sponsorship model, we always look for opportunities to create a new category and – of the new positions for our partners.

嘿Jaime,这是格雷格。 我会回答那种情况。 我们确实有一个明确的风险分析过程,我们在执行协议之前评估我们的合作伙伴关系。 不幸的是,这一情况不仅影响了我们,而且影响了行业中的许多人以及其他行业的许多行业,并且取代了我们的销售团队。 正如约翰所提到的综合赞助模式,我们总是寻找机会来创建一个新类别 - 以及我们合作伙伴的新职位。

Jaime Katz

Okay. And then I know you don't want to talk about the buyout. I just want to reiterate what I heard, which is that before the vote goes to the outside shareholders, it will go first to FTC or whoever is evaluating antitrust. So there's still some length of time before this transaction theoretically would close. Is that right?

好的。 然后我知道你不想谈论买断。 我只想重申一下我所听到的内容,即在投票给外部股东之前,它将首先发给FTC或任何正在评估反托拉斯的人。 因此,在此交易理论上将会关闭之前还有一段时间。 是对的吗?

格雷戈里座右铭

Yes. Jaime, the process will be that the Company will prepare a proxy to file with the SEC within 30 days of the – 30 business days of the merger agreement and then go through a period with the SEC to clear it before a final proxy will be sent out to the shareholders for vote.

是。 Jaime,该流程将是公司将在合并协议的30个工作日之后的30天内准备代理向SEC提交申请,然后经过一段时间与SEC进行清算,然后再发送最终代理 向股东投票。

Jaime Katz

Okay. So that's unlikely to probably happen before fiscal year end, given that some of these processes are really slow?

好的。 因此,在财政年度结束之前不太可能发生这种情况,因为其中一些进程真的很慢?

格雷戈里座右铭

Well, we gave expected timeline to happen – the transaction to close within the calendar year of 2019 at the time of the merger, the announcement of the merger agreement on May 22.

那么,我们给出了预期的时间表 - 交易将在合并时的2019日历年内完成,并于5月22日公布合并协议。

Jaime Katz

Okay, that's helpful. Thank you so much.

好的,这很有帮助。 非常感谢。

John Saunders

You're welcome. Thank you.

别客气。 谢谢。

格雷戈里座右铭

Thank you, Jaime.

谢谢Jaime。

会议主持员

[Operator Instructions] Our next question comes from the line of Tim Conder of Wells Fargo.

[操作员说明]我们的下一个问题来自富国银行的Tim Conder。

蒂莫西康德

Thank you. And you know just really wanted to hone in on the timeline there a little bit gentlemen. The filing of the proxy requirements with the SEC, I mean is that basically imminent? And then obviously the review process could be compressed or elongated. But just trying to get a little bit more of a timeline here, we appreciate the by the end of the calendar 2019 here. But any other color you can give on as far as benchmarks on timeline?

谢谢。 而且你知道真的想在时间轴上磨练一点点绅士。 向美国证券交易委员会提交代理要求,我的意思是基本迫在眉睫? 然后显然审查过程可能会被压缩或拉长。 但只是想在这里获得更多的时间表,我们在2019年的日历结束时欣赏这一点。 但是你可以在时间轴上的基准上给出任何其他颜色吗?

格雷戈里座右铭

Yes. Tim, this is Greg. Again I think we can kind of work through the dates as they're outlined with regards to the process on the merger agreement. 30 business days following the signing of the merger agreement on from May 22, so that's coming.
Then the SEC has a period of time to go through and comment on that. And that's in the SEC, the regulatory body’s court, and we'll work with the SEC to clear those comments, so that we can complete a final proxy. I don't think we're in a position to provide a definitive timeline that is more comprehensive than that at this time.

是。 蒂姆,这是格雷格。 我再次认为,我们可以通过关于合并协议的流程概述日期。 自5月22日签署合并协议后30个工作日,即将到来。

然后美国证券交易委员会有一段时间可以通过并对此发表评论。 这就是SEC,监管机构的法院,我们将与美国证券交易委员会合作清除这些意见,以便我们能够完成最终的代理。 我认为我们无法提供比此时更全面的明确时间表。

蒂莫西康德

Okay. Yes. Okay, that helps. So we're in the period, the balls in their court at this present time and we're waiting to hear back from them.

好的。 是。 好的,这有帮助。 所以我们现在处于这个时期,他们现在在球场上的球,我们正等着听他们回来。

格雷戈里座右铭

Well, we are preparing a preliminary proxy to be filed with the SEC.

那么,我们正准备向SEC提交初步代理。

蒂莫西康德

Okay. Thank you very much.

好的。 非常感谢你。

John Saunders

You're welcome.

别客气。

格雷戈里座右铭

Thank you. Thanks, Tim.

谢谢。 蒂姆,谢谢。

会议主持员

[Operator Instructions] There appears to be no further questions. I'd like to turn the floor back over to management for any additional or closing remarks.

[操作员说明]似乎没有其他问题。 对于任何额外或结束的评论,我想回到管理层。

John Saunders

This is John. I just wanted to thank everybody for joining us on today's call and we look forward to talking with you on our third quarter earnings call which will be in October. So have a great day. Thank you.

这是约翰。 我只想感谢所有人加入我们今天的电话会议,我们期待着与您讨论我们将于10月召开的第三季度财报电话会议。 祝你有美好的一天。 谢谢。

格雷戈里座右铭

Thank you, all. Have a good day.

谢谢你们。 祝你有美好的一天。

会议主持员

Thank you. Ladies and gentlemen, this does conclude today's second quarter earnings conference call. You may now disconnect.

谢谢。 女士们,先生们,这确实结束了今天的第二季度财报电话会议。 您现在可以断开连接。

相关问题

  • 国际赛道 电话会议
  • 国际赛道 财务报告

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