Re: | Comment Letter Dated April 19, 2017 |
For the Year Ended November 30, | ||||||||||||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | ||||||||||||||||
Net Income (GAAP) | $ | 54,578 | $ | 45,292 | $ | 67,379 | $ | 56,634 | $ | 76,338 | ||||||||||
Adjustments: | ||||||||||||||||||||
Income taxes | 31,653 | 27,784 | 33,233 | 34,308 | 47,731 | |||||||||||||||
Interest income | (102 | ) | (96 | ) | (2,107 | ) | (157 | ) | (270 | ) | ||||||||||
Interest expense | 13,501 | 15,221 | 9,182 | 9,582 | 13,837 | |||||||||||||||
Loss on early redemption of debt | 9,144 | — | — | — | — | |||||||||||||||
Other | (1,008 | ) | (75 | ) | (5,380 | ) | (730 | ) | (12,896 | ) | ||||||||||
Equity in net income from equity investments | (2,757 | ) | (9,434 | ) | (8,916 | ) | (14,060 | ) | (14,913 | ) | ||||||||||
Operating Income (GAAP) | $ | 105,009 | $ | 78,692 | $ | 93,391 | $ | 85,577 | $ | 109,827 | ||||||||||
Adjustments: | ||||||||||||||||||||
Depreciation and amortization | 77,870 | 93,989 | 90,352 | 94,727 | 102,156 | |||||||||||||||
Impairments/losses on retirements of long-lived assets | 11,143 | 16,607 | 10,148 | 16,015 | 2,905 | |||||||||||||||
Other Non-GAAP adjustments (1) | 6,125 | 4,851 | 471 | 1,393 | (1,965 | ) | ||||||||||||||
Cash distributions from equity investments | 11,000 | 21,500 | 22,000 | 32,050 | 25,900 | |||||||||||||||
EBITDA (non-GAAP) (2) | $211,147 | $215,639 | $216,362 | $ | 229,762 | $ | 238,823 |
i. | fiscal year 2012 adjustments related to carrying costs of our Staten Island property of approximately $4.6 million, settlement of litigation of approximately $1.1 million, and marketing and consulting costs, related to the DAYTONA Rising project, of approximately $0.4 million; |
ii. | fiscal year 2013 adjustments related to carrying costs of our Staten Island property of approximately $2.8 million, legal judgment of approximately $0.5 million, and marketing and consulting costs, related to the DAYTONA Rising project, of approximately $1.5 million; |
iii. | fiscal year 2014 adjustments related to a legal settlement of approximately $(0.6) million and marketing and consulting costs, related to the DAYTONA Rising project, of approximately $1.1 million; |
iv. | the adjustments for fiscal year 2015 relate to marketing and other pre-opening costs, related to the DAYTONA Rising project, of approximately $1.4 million; and |
v. | fiscal year 2016 adjustments related to a legal settlement of approximately ($1.1) million, gain on the sale of Staten Island of approximately ($1.9) million, and consulting costs incurred associated with the DAYTONA Rising project and other track redevelopment projects of approximately $1.0 million. |
i. | capitalized interest of approximately $6.0 million and $0.6 million, for fiscal 2015 and 2016, respectively; |
ii. | depreciation expense of approximately $11.9 million and $24.8 million, for fiscal 2015 and 2016, respectively; and |
iii. | marketing and other pre-opening costs, recognized in Other Non-GAAP adjustments, of approximately $1.4 million and $0.8 million, for fiscal 2015 and 2016, respectively. |
Fiscal Quarter Ended | ||||||||||||||||
February 28, 2015 | May 31, 2015 | August 31, 2015 | November 30, 2015 | |||||||||||||
Total revenue | $ | 136,552 | $ | 164,010 | $ | 125,490 | $ | 219,318 | ||||||||
Operating income (loss) (1) | 21,591 | 19,217 | (7,138 | ) | 51,907 | |||||||||||
Net income (loss) | 14,953 | 13,355 | (3,956 | ) | 32,282 | |||||||||||
Basic and diluted earnings (loss) per share | 0.32 | 0.29 | (0.08 | ) | 0.69 |
Fiscal Quarter Ended | ||||||||||||||||
February 29, 2016 | May 31, 2016 (2) | August 31, 2016 (3) | November 30, 2016 | |||||||||||||
Total revenue | $ | 142,630 | $ | 167,561 | $ | 128,986 | $ | 221,839 | ||||||||
Operating income (1) | 31,166 | 23,679 | 3,737 | 51,245 | ||||||||||||
Net income | 19,831 | 21,898 | 2,173 | 32,436 | ||||||||||||
Basic and diluted earnings per share | 0.43 | 0.47 | 0.05 | 0.72 |
• | staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and |
• | the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. |
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