Dover Motorsports, Inc. (DVD) 2021 Q3 法說會逐字稿

Good morning, everyone. I'm joined by Tim Horne, our CFO, who's going to read our forward-looking statement disclaimer. And since it was a relatively quiet quarter, we're going to go right into his presentation.

大家早安。我們的財務長 Tim Horne 將與我一起宣讀我們的前瞻性聲明免責聲明。由於這是一個相對平靜的季度，我們將直接進入他的演講。

In order to help you understand the company and its results, we may make certain forward-looking statements. It is possible the company's actual results might differ from any predictions we make today. Additional information regarding factors that could cause such differences appear in the company's SEC filings. While the only significant event held during the quarter was the Firefly Music Festival, given the schedule changes caused by the pandemic last year, we ran all 6 of our NASCAR events on 1 weekend in August of 2020 with no fans in attendance.

為了幫助您了解公司及其業績，我們可能會做出某些前瞻性陳述。該公司的實際業績可能與我們今天做出的任何預測不同。有關可能導致此類差異的因素的更多資​​訊請參閱該公司提交給美國證券交易委員會的文件中。雖然本季舉辦的唯一重要活動是螢火蟲音樂節，但考慮到去年疫情導致的日程安排變化，我們在 2020 年 8 月的一個週末舉辦了全部 6 場 NASCAR 賽事，但沒有車迷到場。

So if you look at the third quarter statement of earnings, you'll see our revenues were just over $1.2 million compared to $38 million last year. This year's revenue was primarily attributed to Firefly held on our property in late September, while last year's revenue was almost entirely related to the combination of NASCAR weekend. Our operating and marketing expenses were significantly lower than last year at $839,000, also from the scheduled differences.

因此，如果你看一下第三季的收益表，你會發現我們的收入剛剛超過 120 萬美元，而去年同期為 3800 萬美元。今年的收入主要歸功於 9 月下旬在我們的場地舉行的 Firefly，而去年的收入幾乎全部與 NASCAR 週末的組合有關。我們的營運和行銷費用較去年同期大幅下降，為 839,000 美元，這也是由於預定的差異。

G&A expenses of just over $2 million were up compared to last year, again, primarily from reopening Nashville, with higher employee and utility costs offsetting other cost reductions in Dover. Depreciation expense was higher at $942,000 compared to $756,000 last year from starting to depreciate the improvements we made in Nashville back in June. In July of last year, we sold approximately 97 acres of land in Nashville, which yielded a book gain of just over $4.8 million. So our net loss for the quarter was $1.86 million or $0.05 per diluted share compared with net earnings of almost $13.2 million or $0.36 per diluted share last year.

與去年相比，一般及行政費用增加了 200 多萬美元，這主要源於納許維爾的重新開放，而員工和公用事業成本的增加抵消了多佛其他成本的減少。從 6 月開始折舊我們在納許維爾所做的改進以來，折舊費用上升至 942,000 美元，而去年同期為 756,000 美元。去年 7 月，我們出售了位於納許維爾的約 97 英畝土地，帳面收益略高於 480 萬美元。因此，本季我們的淨虧損為 186 萬美元，即每股攤薄虧損 0.05 美元，而去年的淨利潤為近 1,320 萬美元，即每股攤薄虧損 0.36 美元。

Looking at our September 30 balance sheet, we had no debt at quarter end, and our available cash was approximately $23.7 million. On the cash flow statement for the 9 months ended September 30, you'll see our net cash provided by operating activities was almost $9.4 million compared to just over $8.4 million last year, higher primarily from the higher earnings from our normal operations.

查看我們 9 月 30 日的資產負債表，我們在季度末沒有債務，可用現金約為 2370 萬美元。在截至 9 月 30 日的 9 個月的現金流量表中，您會看到我們的經營活動提供的淨現金接近 940 萬美元，而去年同期僅為 840 萬美元，這主要得益於我們正常經營業務的收益增加。

Capital expenditures were almost $10.5 million for the first 9 months and related primarily to the reopening project in Nashville. And we closed the Nashville land sale during the second quarter this year and closed on a sale in the third quarter of last year, as I mentioned. We paid a $0.04 dividend back in June, totaling $1.458 million, and the result of all that was an increase in cash of just over $11.1 million through 9 months this year. At this point, we still expect total capital spending for the full year to be approximately $11 million, again, with most of that related to getting Nashville reopened. And finally, we announced yesterday that our Board declared a semiannual cash dividend of $0.04 per share payable on December 10 to shareholders of record at the close of business on November 10. That concludes our third quarter update. Thank you for your interest.

前 9 個月的資本支出接近 1050 萬美元，主要用於納許維爾的重新開放項目。正如我所提到的，我們在今年第二季完成了納許維爾土地的出售，並在去年第三季完成了一項出售。我們在 6 月支付了 0.04 美元的股息，總額為 145.8 萬美元，所有這些的結果是今年前 9 個月的現金增加了 1,110 多萬美元。目前，我們仍然預計全年總資本支出約為 1,100 萬美元，其中大部分與重新開放納許維爾有關。最後，我們昨天宣布，董事會宣布派發每股 0.04 美元的半年現金股息，將於 12 月 10 日支付給 11 月 10 日營業結束時登記在冊的股東。這就是我們第三季的更新內容。感謝您的關注。