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
Executive
Greg S. Motto

our attendance and related revenues in securing 100% of our corporate sales goals 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 proceedings, 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 to $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 share.

In closing, we continue to see areas of success like the fourth consecutive sell-out of the DAYTONA 500. Our 2019 financial outlook provides for 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 July.

And with that, I'll turn it back over to the operator, who will lead us through the Q&A portion of the call. Operator?