International Speedway (International Speedway) Operating Income : $87.0 Mil (TTM As of Aug. 2019)

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What is International Speedway Operating Income?

International Speedway's Operating Income for the three months ended in Aug. 2019 was $10.9 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Aug. 2019 was $87.0 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. International Speedway's Operating Income for the three months ended in Aug. 2019 was $10.9 Mil. International Speedway's Revenue for the three months ended in Aug. 2019 was $165.1 Mil. Therefore, International Speedway's Operating Margin % for the quarter that ended in Aug. 2019 was 6.58%.

International Speedway's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. International Speedway's annualized ROC % for the quarter that ended in Aug. 2019 was 1.82%. International Speedway's annualized ROC (Joel Greenblatt) % for the quarter that ended in Aug. 2019 was 5.10%.

International Speedway Operating Income Historical Data

The historical data trend for International Speedway's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

International Speedway Operating Income Chart

International Speedway Annual Data

Trend

Nov09

Nov10

Nov11

Nov12

Nov13

Nov14

Nov15

Nov16

Nov17

Nov18

Operating Income

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103.54

101.59

112.73

106.71

97.63

International Speedway Quarterly Data
	Nov14	Feb15	May15	Aug15	Nov15	Feb16	May16	Aug16	Nov16	Feb17	May17	Aug17	Nov17	Feb18	May18	Aug18	Nov18	Feb19	May19	Aug19
Operating Income	Get a 7-Day Free Trial															12.45	34.07	25.91	16.14	10.87

International Speedway Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Aug. 2019 adds up the quarterly data reported by the company within the most recent 12 months, which was $87.0 Mil.

International Speedway (NAS:ISCA) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

International Speedway's annualized ROC % for the quarter that ended in Aug. 2019 is calculated as:

	ROC % (Q: Aug. 2019 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: May. 2019 )	+	Invested Capital (Q: Aug. 2019 ))	/ count )
=	43.468 * ( 1 - 15.39% )	/	( (2033.276	+	2007.037)	/ 2 )
=	36.7782748	/	2020.1565
=	1.82 %

where

	Invested Capital		(Q: May. 2019 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	2321.528	-	26.837	-	( 338.747	-	max(0, 147.805	-	409.22	+	338.747	))
=	2033.276

	Invested Capital		(Q: Aug. 2019 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	2335.667	-	33.877	-	( 335.079	-	max(0, 129.147	-	423.9	+	335.079	))
=	2007.037

Note: The Operating Income data used here is four times the quarterly (Aug. 2019) data.

2. Joel Greenblatt's definition of Return on Capital:

International Speedway's annualized ROC (Joel Greenblatt) % for the quarter that ended in Aug. 2019 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Aug. 2019 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: May. 2019		Q: Aug. 2019
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	76.544	/	( ( (1501.365 + max(-72.81, 0))	+	(1502.432 + max(-53.11, 0)) )	/	2 )
=	76.544	/	( ( 1501.365	+	1502.432 )	/	2 )
=	76.544	/	1501.8985
=	5.10 %

where Working Capital is:

	Working Capital		(Q: May. 2019 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(42.22	+	0	+	28.253)	-	(26.837	+	79.436	+	37.01)
=	-72.81

	Working Capital		(Q: Aug. 2019 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(49.191	+	0	+	22.202)	-	(33.877	+	71.42	+	19.206)
=	-53.11

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Aug. 2019) EBIT data.

3. Operating Income is also linked to Operating Margin %:

International Speedway's Operating Margin % for the quarter that ended in Aug. 2019 is calculated as:

Operating Margin %	=	Operating Income (Q: Aug. 2019 )	/	Revenue (Q: Aug. 2019 )
	=	10.867	/	165.063
	=	6.58 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

International Speedway Operating Income Related Terms

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International Speedway (International Speedway) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » International Speedway Corp (NAS:ISCA) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

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Address

One Daytona Boulevard, Daytona Beach, FL, USA, 32114

Website

http://www.internationalspeedwaycorporation.com

International Speedway operates 13 motorsports stadiums that host more than 100 motorsports events during the racing season, including the famed Daytona 500 and Talladega Superspeedway races. The company has built a casino at its Kansas Speedway in a joint venture with Penn National Gaming. International Speedway is majority-owned by the France family, which also owns privately held NASCAR. About 70% of revenue comes from the motorsports segment, which includes lucrative broadcasting rights.

Executives

Larree M Renda	director
Hyatt J Brown	director	300 N. BEACH STREET, DAYTONA BEACH FL 32114
Larry Aiello	director	ONE RIVERFRONT PLZ, CORNING NY 14831
Ford Edsel B Ii	director	C/O FORD MOTOR COMPANY, ONE AMERICAN ROAD, DEARBORN MI 48126
Edward H Rensi	director	8400 KEARNEY ROAD, DOWNERS GROVE IL 60516
Gregory W Penske	director	3534 NORTH PECK ROAD, EL MONTE CA 91731