International Speedway Corp. (NASDAQ:ISCA) Q1 2019 Earnings Conference Call Transcript

Apr 04, 2019 • 09:00 am ET

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International Speedway Corp. (NASDAQ:ISCA) Q1 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good morning and welcome to the International Speedway Corporation 2019 First 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 Thursday, April 4, 2019. With us on this morning's 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 report 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?

Executive
John Saunders

Good morning, everyone, and thanks for joining us today on our first quarter call. As I discussed on our year-end call in January, 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 advisors and is evaluating the proposal. As we stated in January, there can be no assurance that the transaction proposed by NASCAR or any other transaction will occur nor can there be any assurance as to the terms of any potential transaction including pricing and timing. Please refer to our SEC filings, including our Form 10-K filed on January 25, 2019 and our Form 10-Q being filed today, for additional information concerning the NASCAR offer.

We undertake no obligation to update any such information except as required by law. The purpose of this call is to discuss our first quarter results and we will have no further comment concerning the NASCAR offer on this call. Overall, our first quarter financial results are in line with our 2019 outlook despite certain attendance headwinds that impacted admissions and related revenue. We reported increased revenue to approximately $151 million, our non-GAAP earnings were $0.57 per share, and we generated adjusted EBITDA of $64.4 million. During the first quarter, we hosted another successful Rolex 24. NASCAR Speedweeks culminated with the fourth consecutive sell-out of reserved grandstands for the DAYTONA 500. Admissions revenue for the quarter declined as a result of an increase in the number of value priced group packages for events during Speedweeks leading up to the Daytona 500.

Greg will provide further details on financial results for the quarter and outlook for 2019. Looking into the second