|
|
|
|
|
|
|
|
|
• | AMS held one NASCAR Sprint Cup and one Xfinity Series racing event in the first quarter 2015 that were held in the third quarter 2014, and one NASCAR Camping World Truck Series racing event (same day as the Xfinity event) in the first quarter 2015 that was not held in 2014 |
• | KyS held one NASCAR Sprint Cup , one Xfinity and one Camping World Truck Series racing event in the third quarter 2015 that were held in the second quarter 2014 |
• | LVMS held one NASCAR Camping World Truck Series racing event in the third quarter 2014 that is being held in the fourth quarter 2015 |
September 30, 2015 | December 31, 2014 | |||||||||||||||||||||||
Level | Class | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | 1 | R | $ | 87,344 | $ | 87,344 | $ | 110,046 | $ | 110,046 | ||||||||||||||
Cash surrender values | 2 | NR | 8,434 | 8,434 | 8,177 | 8,177 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Floating rate revolving Credit Facility, including Term Loan | 2 | NR | 130,000 | 130,000 | 150,000 | 150,000 | ||||||||||||||||||
5.125% Senior Notes Payable due 2023 | 2 | NR | 200,000 | 196,000 | - | - | ||||||||||||||||||
6.75% Senior Notes Payable previously due 2019 (Note 5) | 2 | NR | - | - | 253,372 | 257,500 | ||||||||||||||||||
Other long-term debt | 2 | NR | 1,754 | 1,754 | 1,445 | 1,445 |
Level 1: | Quoted market prices in active markets for identical assets or liabilities. |
Level 2: | Observable market-based inputs or unobservable inputs that are corroborated by market data. |
Level 3: | Unobservable inputs that are not corroborated by market data. |
Class R: | Measured at fair value on recurring basis, subsequent to initial recognition. |
Class NR: | Measured at fair value on nonrecurring basis, subsequent to initial recognition. |
|
September 30, | December 31, | |||||||
2015 | 2014 | |||||||
Finished race cars, parts and accessories | $ | 5,290 | $ | 5,186 | ||||
Souvenirs and apparel | 2,795 | 2,472 | ||||||
Micro-lubricant ® and other | 737 | 692 | ||||||
Total | $ | 8,822 | $ | 8,350 |
|
September 30, 2015 | December 31, 2014 | |||||||||||||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net | Gross Carrying Value | Accumulated Amortization | Net | Estimated Amortization Period (Years) | ||||||||||||||||||||||
Nonamortizable race event sanctioning and renewal agreements | $ | 298,383 | — | $ | 298,383 | $ | 394,913 | — | $ | 394,913 | — | |||||||||||||||||
Amortizable race event sanctioning and renewal agreements | 100 | $ | (89 | ) | 11 | 100 | $ | (72 | ) | 28 | 5-6 | |||||||||||||||||
Total | $ | 298,483 | $ | (89 | ) | $ | 298,394 | $ | 395,013 | $ | (72 | ) | $ | 394,941 |
Other Intangible Assets | Goodwill | |||||||
Balance, beginning of period | $ | 395,013 | $ | 49,680 | ||||
Increase from acquisitions | - | - | ||||||
Decrease from impairment charges | (96,530 | ) | (2,338 | ) | ||||
Balance, end of period | $ | 298,483 | $ | 47,342 |
|
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30: | September 30: | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Gross interest costs | $ | 3,622 | $ | 5,478 | $ | 13,932 | $ | 16,692 | ||||||||
Less: capitalized interest costs | (64 | ) | (77 | ) | (200 | ) | (276 | ) | ||||||||
Interest expense | 3,558 | 5,401 | 13,732 | 16,416 | ||||||||||||
Interest income | (47 | ) | (43 | ) | (371 | ) | (131 | ) | ||||||||
Interest expense, net | $ | 3,511 | $ | 5,358 | $ | 13,361 | $ | 16,285 | ||||||||
Weighted-average interest rate on Credit Facility borrowings | 1.8 | % | 2.0 | % | 1.9 | % | 2.1 | % |
|
September 30, 2015 | December 31, 2014 | |||||||
Notes and other receivables | $ | 269 | $ | 232 |
Three Months Ended September 30: | Nine Months Ended September 30: | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Merchandise and vehicle purchases | $ | 17 | $ | 10 | $ | 58 | $ | 405 | ||||||||
Shared services expense, net of reimbursements | 143 | 95 | 355 | 486 | ||||||||||||
Merchandise and vehicle sales and event related commissions | 782 | 723 | 2,339 | 2,179 | ||||||||||||
Rent expense | 181 | 164 | 518 | 497 | ||||||||||||
Interest income | - | 17 | - | 54 | ||||||||||||
Interest expense | - | 26 | - | 76 |
|
|
Nine Months Ended September 30: | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Restricted Stock | Restricted Stock Units | Restricted Stock | Restricted Stock Units | |||||||||||||
Outstanding, beginning of period | 64 | 64 | 59 | 59 | ||||||||||||
Granted | 35 | 100 | 35 | 35 | ||||||||||||
Vested | (29 | ) | (29 | ) | (27 | ) | (27 | ) | ||||||||
Forfeited | (3 | ) | (3 | ) | (3 | ) | (3 | ) | ||||||||
Outstanding, end of period | 67 | 132 | 64 | 64 |
|
Three Months Ended September 30: | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Motorsports Event Related | All Other | Consolidated | Motorsports Event Related | All Other | Consolidated | |||||||||||||||||||
Revenues | $ | 136,748 | $ | 7,375 | $ | 144,123 | $ | 134,698 | $ | 5,139 | $ | 139,837 | ||||||||||||
Depreciation and Amortization (Note 2) | 20,259 | 45 | 20,304 | 13,493 | 47 | 13,540 | ||||||||||||||||||
Segment operating income | 13,455 | 3,847 | 17,302 | 22,256 | 1,394 | 23,650 |
Nine Months Ended September 30: | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Motorsports Event Related | All Other | Consolidated | Motorsports Event Related | All Other | Consolidated | |||||||||||||||||||
Revenues | $ | 392,295 | $ | 16,423 | $ | 408,718 | $ | 385,839 | $ | 14,417 | $ | 400,256 | ||||||||||||
Depreciation and Amortization (Note 2) | 46,885 | 129 | 47,014 | 42,307 | 144 | 42,451 | ||||||||||||||||||
Impairment of other intangible assets and goodwill (Note 4) | 98,868 | | – | 98,868 | | – | | – | | – | ||||||||||||||
Segment operating (loss) income | (29,473 | ) | 5,065 | (24,408 | ) | 75,183 | 2,577 | 77,760 | ||||||||||||||||
Capital expenditures | 20,367 | 39 | 20,406 | 19,597 | 50 | 19,647 |
September 30, 2015 | December 31, 2014 | |||||||||||||||||||||||
Other intangibles | $ | 298,394 | | – | $ | 298,394 | $ | 394,941 | | – | $ | 394,941 | ||||||||||||
Goodwill | 47,342 | | – | 47,342 | 49,680 | | – | 49,680 | ||||||||||||||||
Total assets | 1,525,756 | $ | 24,678 | 1,550,434 | 1,694,103 | $ | 24,164 | 1,718,267 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30: | September 30: | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Total segment operating income (loss) | $ | 17,302 | $ | 23,650 | $ | (24,408 | ) | $ | 77,760 | |||||||
Adjusted for: | ||||||||||||||||
Interest expense, net | (3,511 | ) | (5,358 | ) | (13,361 | ) | (16,285 | ) | ||||||||
Loss on early debt redemption and refinancing (Note 5) | | – | | – | (8,372 | ) | | – | ||||||||
Other income (expense), net | (749 | ) | 61 | (408 | ) | 2,487 | ||||||||||
Consolidated income (loss) before income taxes | $ | 13,042 | $ | 18,353 | $ | (46,549 | ) | $ | 63,962 |
|
• | AMS held one NASCAR Sprint Cup and one Xfinity Series racing event in the first quarter 2015 that were held in the third quarter 2014, and one NASCAR Camping World Truck Series racing event (same day as the Xfinity event) in the first quarter 2015 that was not held in 2014 |
• | KyS held one NASCAR Sprint Cup , one Xfinity and one Camping World Truck Series racing event in the third quarter 2015 that were held in the second quarter 2014 |
• | LVMS held one NASCAR Camping World Truck Series racing event in the third quarter 2014 that is being held in the fourth quarter 2015 |
September 30, 2015 | December 31, 2014 | |||||||||||||||||||||||
Level | Class | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | 1 | R | $ | 87,344 | $ | 87,344 | $ | 110,046 | $ | 110,046 | ||||||||||||||
Cash surrender values | 2 | NR | 8,434 | 8,434 | 8,177 | 8,177 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Floating rate revolving Credit Facility, including Term Loan | 2 | NR | 130,000 | 130,000 | 150,000 | 150,000 | ||||||||||||||||||
5.125% Senior Notes Payable due 2023 | 2 | NR | 200,000 | 196,000 | - | - | ||||||||||||||||||
6.75% Senior Notes Payable previously due 2019 (Note 5) | 2 | NR | - | - | 253,372 | 257,500 | ||||||||||||||||||
Other long-term debt | 2 | NR | 1,754 | 1,754 | 1,445 | 1,445 |
Level 1: | Quoted market prices in active markets for identical assets or liabilities. |
Level 2: | Observable market-based inputs or unobservable inputs that are corroborated by market data. |
Level 3: | Unobservable inputs that are not corroborated by market data. |
Class R: | Measured at fair value on recurring basis, subsequent to initial recognition. |
Class NR: | Measured at fair value on nonrecurring basis, subsequent to initial recognition. |
|
September 30, 2015 | December 31, 2014 | |||||||||||||||||||||||
Level | Class | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | 1 | R | $ | 87,344 | $ | 87,344 | $ | 110,046 | $ | 110,046 | ||||||||||||||
Cash surrender values | 2 | NR | 8,434 | 8,434 | 8,177 | 8,177 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Floating rate revolving Credit Facility, including Term Loan | 2 | NR | 130,000 | 130,000 | 150,000 | 150,000 | ||||||||||||||||||
5.125% Senior Notes Payable due 2023 | 2 | NR | 200,000 | 196,000 | - | - | ||||||||||||||||||
6.75% Senior Notes Payable previously due 2019 (Note 5) | 2 | NR | - | - | 253,372 | 257,500 | ||||||||||||||||||
Other long-term debt | 2 | NR | 1,754 | 1,754 | 1,445 | 1,445 |
|
September 30, | December 31, | |||||||
2015 | 2014 | |||||||
Finished race cars, parts and accessories | $ | 5,290 | $ | 5,186 | ||||
Souvenirs and apparel | 2,795 | 2,472 | ||||||
Micro-lubricant ® and other | 737 | 692 | ||||||
Total | $ | 8,822 | $ | 8,350 |
|
September 30, 2015 | December 31, 2014 | |||||||||||||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net | Gross Carrying Value | Accumulated Amortization | Net | Estimated Amortization Period (Years) | ||||||||||||||||||||||
Nonamortizable race event sanctioning and renewal agreements | $ | 298,383 | — | $ | 298,383 | $ | 394,913 | — | $ | 394,913 | — | |||||||||||||||||
Amortizable race event sanctioning and renewal agreements | 100 | $ | (89 | ) | 11 | 100 | $ | (72 | ) | 28 | 5-6 | |||||||||||||||||
Total | $ | 298,483 | $ | (89 | ) | $ | 298,394 | $ | 395,013 | $ | (72 | ) | $ | 394,941 |
Other Intangible Assets | Goodwill | |||||||
Balance, beginning of period | $ | 395,013 | $ | 49,680 | ||||
Increase from acquisitions | - | - | ||||||
Decrease from impairment charges | (96,530 | ) | (2,338 | ) | ||||
Balance, end of period | $ | 298,483 | $ | 47,342 |
|
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30: | September 30: | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Gross interest costs | $ | 3,622 | $ | 5,478 | $ | 13,932 | $ | 16,692 | ||||||||
Less: capitalized interest costs | (64 | ) | (77 | ) | (200 | ) | (276 | ) | ||||||||
Interest expense | 3,558 | 5,401 | 13,732 | 16,416 | ||||||||||||
Interest income | (47 | ) | (43 | ) | (371 | ) | (131 | ) | ||||||||
Interest expense, net | $ | 3,511 | $ | 5,358 | $ | 13,361 | $ | 16,285 | ||||||||
Weighted-average interest rate on Credit Facility borrowings | 1.8 | % | 2.0 | % | 1.9 | % | 2.1 | % |
|
Three Months Ended September 30: | Nine Months Ended September 30: | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Merchandise and vehicle purchases | $ | 17 | $ | 10 | $ | 58 | $ | 405 | ||||||||
Shared services expense, net of reimbursements | 143 | 95 | 355 | 486 | ||||||||||||
Merchandise and vehicle sales and event related commissions | 782 | 723 | 2,339 | 2,179 | ||||||||||||
Rent expense | 181 | 164 | 518 | 497 | ||||||||||||
Interest income | - | 17 | - | 54 | ||||||||||||
Interest expense | - | 26 | - | 76 |
September 30, 2015 | December 31, 2014 | |||||||
Notes and other receivables | $ | 269 | $ | 232 |
|
Nine Months Ended September 30: | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Restricted Stock | Restricted Stock Units | Restricted Stock | Restricted Stock Units | |||||||||||||
Outstanding, beginning of period | 64 | 64 | 59 | 59 | ||||||||||||
Granted | 35 | 100 | 35 | 35 | ||||||||||||
Vested | (29 | ) | (29 | ) | (27 | ) | (27 | ) | ||||||||
Forfeited | (3 | ) | (3 | ) | (3 | ) | (3 | ) | ||||||||
Outstanding, end of period | 67 | 132 | 64 | 64 |
|
Three Months Ended September 30: | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Motorsports Event Related | All Other | Consolidated | Motorsports Event Related | All Other | Consolidated | |||||||||||||||||||
Revenues | $ | 136,748 | $ | 7,375 | $ | 144,123 | $ | 134,698 | $ | 5,139 | $ | 139,837 | ||||||||||||
Depreciation and Amortization (Note 2) | 20,259 | 45 | 20,304 | 13,493 | 47 | 13,540 | ||||||||||||||||||
Segment operating income | 13,455 | 3,847 | 17,302 | 22,256 | 1,394 | 23,650 |
Nine Months Ended September 30: | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Motorsports Event Related | All Other | Consolidated | Motorsports Event Related | All Other | Consolidated | |||||||||||||||||||
Revenues | $ | 392,295 | $ | 16,423 | $ | 408,718 | $ | 385,839 | $ | 14,417 | $ | 400,256 | ||||||||||||
Depreciation and Amortization (Note 2) | 46,885 | 129 | 47,014 | 42,307 | 144 | 42,451 | ||||||||||||||||||
Impairment of other intangible assets and goodwill (Note 4) | 98,868 | | – | 98,868 | | – | | – | | – | ||||||||||||||
Segment operating (loss) income | (29,473 | ) | 5,065 | (24,408 | ) | 75,183 | 2,577 | 77,760 | ||||||||||||||||
Capital expenditures | 20,367 | 39 | 20,406 | 19,597 | 50 | 19,647 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30: | September 30: | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Total segment operating income (loss) | $ | 17,302 | $ | 23,650 | $ | (24,408 | ) | $ | 77,760 | |||||||
Adjusted for: | ||||||||||||||||
Interest expense, net | (3,511 | ) | (5,358 | ) | (13,361 | ) | (16,285 | ) | ||||||||
Loss on early debt redemption and refinancing (Note 5) | | – | | – | (8,372 | ) | | – | ||||||||
Other income (expense), net | (749 | ) | 61 | (408 | ) | 2,487 | ||||||||||
Consolidated income (loss) before income taxes | $ | 13,042 | $ | 18,353 | $ | (46,549 | ) | $ | 63,962 |
September 30, 2015 | December 31, 2014 | |||||||||||||||||||||||
Other intangibles | $ | 298,394 | | – | $ | 298,394 | $ | 394,941 | | – | $ | 394,941 | ||||||||||||
Goodwill | 47,342 | | – | 47,342 | 49,680 | | – | 49,680 | ||||||||||||||||
Total assets | 1,525,756 | $ | 24,678 | 1,550,434 | 1,694,103 | $ | 24,164 | 1,718,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|