International Speedway Corp. Annual Report 2017

FY2017 Annual Report · International Speedway Corp.

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International Speedway Corporation, (“ISC”) founded in 1953, is a leading promoter of motorsports-themed entertainment activities in the
United States. The Company owns and/or operates 13 of the nation’s premier motorsports entertainment facilities, which in total, have
approximately 761,000 grandstand seats and 560 suites.

ISC’s facilities are located in six of the nation’s top 13 media markets and nearly 80 percent of the country’s population is located within
the primary trading areas of its facilities.

ISC promotes major motorsports events in every month of the racing season — more than any other motorsports promoter.

• Daytona International Speedway® in Florida

• ISM Raceway near Phoenix, Arizona

• Talladega Superspeedway® in Alabama

• Chicagoland Speedway® near Chicago, Illinois

• Michigan International Speedway® located outside Detroit

• Route 66 RacewaySM near Chicago, Illinois

• Richmond Raceway® in Virginia

• Homestead-Miami SpeedwaySM in Florida

• Auto Club Speedway of Southern CaliforniaSM

• Martinsville Speedway® in Virginia

near Los Angeles

• Kansas Speedway® in Kansas City, Kansas

• Darlington Raceway® in South Carolina

• Watkins Glen International® in New York

The Company also owns and operates Motor Racing Network, the nation’s largest independent sports radio network, Americrown
Service CorporationSM, a subsidiary that provides catering and food and beverage concessions. In addition, the Company owns ONE
DAYTONA, the retail, dining and entertainment development across from Daytona International Speedway, and has a 50 percent
interest in the Hollywood Casino at Kansas Speedway.

The National Association for Stock Car Auto Racing (“NASCAR”) is the most prominent sanctioning body in stock car racing, based
on such factors as geographic presence, number of members and sanctioned events. ISC derives approximately 89 percent of its
revenues from NASCAR-sanctioned racing events.

ISC attributes its solid revenues and profits to an operating strategy that produces significant operating cash flow which is
reinvested in strategic opportunities to grow the business and deliver shareholder value.

DEAR INTERNATIONAL SPEEDWAY CORPORATION SHAREHOLDERS, PARTNERS AND EMPLOYEES:

O ur vision is to be the leader in motorsports entertainment by providing

superior, innovative and thrilling guest experiences. We strive to
achieve this vision through prudent reinvestment in our core business
and developing strategic partnerships that provide growth opportunities and
long-term sustainable returns.

In 2017, we grew the business and shareholder value. Revenue increased
1.5% to $671.4 million and non-GAAP earnings were $1.61 per diluted
share, compared to $1.48 in 2016. The Company generated over
$241 million adjusted EBITDA, including cash distributions from our
joint-venture partnership in the Hollywood Casino.

~ATTENDANCE REMAINS PRIORITY~

Our focused consumer marketing sales initiatives have proven successful
in recent years. We have strengthened these initiatives by partnering
with NASCAR and key industry stakeholders. Our objective is to stabilize
attendance and grow admissions trends with increasing engagement of
core and casual fans through digital and social media distribution channels,
continuing improvements to the live event experience, segmented hospitality
experiences, and thrilling on track competition. In 2017, we announced
sell-outs for four NASCAR Cup events during the year: the DAYTONA 500,
Watkins Glen, ISM Raceway in Phoenix and Ford Championship weekend at
Homestead-Miami Speedway.

~ROBUST MARKETING PARTNERSHIP PLATFORM~

Corporate sales remain a bright spot for ISC. In 2017, Monster Energy
replaced Sprint as only the third sponsor of NASCAR’s premiere series.
Monster Energy’s first year as NASCAR’s premiere series entitlement
partner was a rousing success and exceeded sponsorship metrics across
the board. The sport remains a great marketing platform for our corporate
partners, with nearly half of the Fortune 100 companies leveraging
NASCAR within their marketing strategy, providing a high return for their
advertising dollar. We remain optimistic for future growth in this area of
the business.

~STRONG VIEWERSHIP AND CONSUMPTION~

We continue to support NASCAR and our broadcast partners’ strategy to
remain competitive and relevant with compelling content. The Monster
Energy NASCAR Cup series attracted significant viewership consumption,
which was amplified with 2017 DAYTONA 500 drawing over 23 million
viewers and capturing over 53 million social impressions during the
event. The Monster Energy NASCAR Cup Series averaged over 4.1 million
viewers per weekend, and ranked as the number one or number two sports
broadcast 22 times during the 2017 season, up from 17 in 2016.

~THRILLING COMPETITION AND DRIVER STAR POWER~

NASCAR produces the most competitive racing in North America. This
was exemplified in NASCAR’s top three national series as fans and
drivers embraced the introduction of stage racing, resulting in the most
exhilarating, white-knuckle competition throughout each race and the
entire season, and, ultimately, crowning three new champions. Looking
to the future, the competition and storylines will continue to evolve as
NASCAR’s current champions and future hall of famers compete against
the best young talent.

~REINVESTMENT GENERATES GROWTH OPPORTUNITY~

Strategic and prudent reinvestment in our facilities positions ISC for long-term
and sustainable growth while providing our guests with innovative experiences
and corporate partners with new and expansive marketing platforms. We are
operating under a capital reinvestment plan of $500 million over the five-year
period, 2017 through 2021. This plan builds upon the great success we had
from the redevelopment of Daytona International Speedway in 2016, which
continues deliver incremental profit and growth opportunities for the Company.

In 2017, we broke ground on the renovation of ISM Raceway in Phoenix.
The 50-year old facility will be reconfigured with new and upgraded seating
areas, vertical transportation options, new concourses, enhanced hospitality
offerings and an intimate infield fan experience with greater accessibility to
pre-race activities. The approximate $178 million project will be complete in
November 2018 and upon stabilization, contribute approximately $8.5 million
in sustainable incremental EBITDA. We will continue to look across our
portfolio of tracks for further facility optimization opportunities that position
ISC for long-term sustainable growth.

~DIVERSIFYING THROUGH STRATEGIC DEVELOPMENTS~

The Hollywood Casino at Kansas Speedway, our joint-venture partnership
with Penn National Gaming, contributed $19.1 million to equity earnings, an
increase of over 28%, and cash distributions to ISC totaled $25.5 million in
fiscal 2017.

ONE DAYTONA, our mixed use real estate development across from Daytona
International Speedway, has become the entertainment destination it was
designed to be. Anchor tenants, Cobb Theatres and Bass Pro Shops, opened
with great success in December 2016 and February 2017, respectively. Several
additional tenants have opened in late 2017 with more planned throughout
2018. The DAYTONA, a Marriot autograph collection hotel, is scheduled to
open by the end of the year. Also in 2017, we commenced a revitalization
project on Volusia Point, our retail property adjacent to ONE DAYTONA, now
rebranded The Shoppes at ONE DAYTONA. The combined projects for
ONE DAYTONA and The Shoppes will cost approximately $107 million
and generate a return greater than ISC cost of capital.

~DISCIPLINED CAPITAL ALLOCATION STRATEGY~

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. Return
of capital to shareholders through dividends and share repurchase is a
significant pillar of our capital allocation plan. In 2017 we increased our
dividend 5% to $0.43 per share and repurchased approximately 1.0 million
shares of ISCA totaling $35.0 million. For the future, we are well positioned
to balance the strategic capital needs of our business while returning capital
to our shareholders.

We appreciate your continued support and look forward to seeing you at
the races!

VICE CHAIR AND CHIEF EXECUTIVE OFFICER

PRESIDENT

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10-K

2017

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________

FORM 10-K
________________________________

(Mark One)
ýAnnual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended November 30, 2017

¨Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _____ to _____

Commission File Number 000-02384
________________________________

INTERNATIONAL SPEEDWAY CORPORATION
(Exact name of registrant as specified in its charter)
________________________________

FLORIDA
(State or other jurisdiction of incorporation)

ONE DAYTONA BOULEVARD,
DAYTONA BEACH, FLORIDA
(Address of principal executive offices)

59-0709342
(I.R.S. Employer Identification No.)

32114

(Zip code)

Registrant’s telephone number, including area code: (386) 254-2700
________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Class A Common Stock — $.01 par value

Name of each exchange on which registered
NASDAQ/National Market System

Securities registered pursuant to Section 12 (g) of the Act:
Common Stock — $.10 par value
Class B Common Stock — $.01 par value
(Title of Class)
________________________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
YES ý NO ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
YES ¨ NO ý

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ý NO ¨

ISC // 2017 ANNUAL REPORT // FORM 10-K // 1

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Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every
Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
YES ý NO ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is
not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ý

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller
reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller
reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Non-accelerated filer

ý
q (Do not check if a smaller reporting company)

Accelerated filer

¨
Smaller reporting company ¨
Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YES ¨ NO ý

The aggregate market value of the voting stock held by nonaffiliates of the registrant as of May 31, 2017 was $915,487,926.10
based upon the last reported sale price of the Class A Common Stock on the NASDAQ National Market System on Wednesday,
May 31, 2017 and the assumption that all directors and executive officers of the Company, and their families, are affiliates.

At December 31, 2017, there were outstanding: No shares of Common Stock, $.10 par value per share, 24,499,629 shares of
Class A Common Stock, $.01 par value per share, and 19,690,287 shares of Class B Common Stock, $.01 par value per share.

DOCUMENTS INCORPORATED BY REFERENCE. The information required by Part III is to be incorporated by reference
from the definitive information statement which involves the election of directors at our April 2018 Annual Meeting of
Shareholders and which is to be filed with the Commission not later than 120 days after November 30, 2017.

EXCEPT AS EXPRESSLY INDICATED OR UNLESS THE CONTEXT OTHERWISE REQUIRES, “ISC,” “WE,” “OUR,”
“COMPANY,” “US,” OR “INTERNATIONAL SPEEDWAY” MEAN INTERNATIONAL SPEEDWAY CORPORATION, A
FLORIDA CORPORATION, AND ITS SUBSIDIARIES.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 2

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PART I

ITEM 1. BUSINESS

PART I

INTERNATIONAL SPEEDWAY CORPORATION
FORM 10-K
FOR THE FISCAL YEAR ENDED NOVEMBER 30, 2017

TABLE OF CONTENTS

PART II

ITEM 1A. RISK FACTORS

ITEM 3. LEGAL PROCEEDINGS

ITEM 4. MINE SAFETY DISCLOSURES

ITEM 1B. UNRESOLVED STAFF COMMENTS

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER

ITEM 1. BUSINESS
ITEM 1A. RISK FACTORS
ITEM 1B. UNRESOLVED STAFF COMMENTS
ITEM 2. PROPERTIES
ITEM 2. PROPERTIES
ITEM 3. LEGAL PROCEEDINGS
ITEM 4. MINE SAFETY DISCLOSURES
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
ITEM 6. SELECTED FINANCIAL DATA
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
AND FINANCIAL DISCLOSURE
ITEM 9A. CONTROLS AND PROCEDURES
ITEM 9B. OTHER INFORMATION

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 9A. CONTROLS AND PROCEDURES

ITEM 6. SELECTED FINANCIAL DATA

AND RESULTS OF OPERATIONS

ITEM 9B. OTHER INFORMATION

PART III

ITEM 11. EXECUTIVE COMPENSATION

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
ITEM 11. EXECUTIVE COMPENSATION
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT AND RELATED STOCKHOLDER MATTERS
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR
INDEPENDENCE
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

AND RELATED STOCKHOLDER MATTERS

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

PART IV

DIRECTOR INDEPENDENCE

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
ITEM 16. FORM 10-K SUMMARY

SIGNATURES
PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 16. FORM 10-K SUMMARY

SIGNATURES

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ISC // 2017 ANNUAL REPORT // FORM 10-K // 3

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PART I

ITEM 1. BUSINESS

GENERAL

We are a leading owner of major motorsports entertainment facilities and promoter of motorsports themed entertainment
activities in the United States. Our motorsports themed event operations consist principally of racing events at our major
motorsports entertainment facilities. We currently own and/or operate 13 of the nation’s major motorsports entertainment
facilities:

• Daytona International Speedway® ("Daytona") in Florida;

• Talladega Superspeedway® ("Talladega") in Alabama;

• Michigan International Speedway® ("Michigan") in Michigan;
• Auto Club Speedway of Southern CaliforniaSM ("Auto Club Speedway") in California;

• Kansas Speedway® ("Kansas") in Kansas;

• Richmond Raceway® ("Richmond") in Virginia;

• Darlington Raceway® ("Darlington") in South Carolina;

• Chicagoland Speedway® ("Chicagoland") in Illinois;

• Martinsville Speedway® ("Martinsville") in Virginia;

ISM RacewaySM ("Phoenix") in Arizona;

•
• Homestead-Miami SpeedwaySM ("Homestead") in Florida;

• Watkins Glen International® ("Watkins Glen") in New York; and
• Route 66 RacewaySM ("Route 66") in Illinois.

In 2017, these motorsports entertainment facilities promoted well over 100 stock car, open wheel, sports car, truck, motorcycle
and other racing events, including:

• 21 National Association for Stock Car Auto Racing (“NASCAR”) Monster Energy NASCAR Cup Series events;

• 14 NASCAR Xfinity Series events;

• 9 NASCAR Camping World Truck Series events;

• 2 International Motor Sports Association (“IMSA”) WeatherTech SportsCar Championship Series events including the

premier sports car endurance event in the United States, the Rolex 24 At DAYTONA;

• 5 Automobile Racing Club of America ("ARCA") Racing Series events;

• One National Hot Rod Association (“NHRA”) Mello Yello Drag Racing Series event;

• 2 IndyCar ("IndyCar") Series events; and

• A number of other prestigious stock car, sports car, open wheel and motorcycle events.

Our business consists principally of promoting racing events at these major motorsports entertainment facilities, which, in total,
currently have approximately 761,000 grandstand seats and 560 suites. We earn revenues and generate substantial cash flows
primarily from admissions, television media rights fees, promotion and sponsorship fees, hospitality rentals (including luxury
suites, chalets and the hospitality portion of club seating), advertising revenues, royalties from licenses of our trademarks,
parking and camping, and track rentals. We own Americrown Service Corporation (“Americrown”), which provides catering,
concessions and services at certain of our motorsports entertainment facilities. We own and operate the Motor Racing Network,
Inc. ("MRN") radio network, also doing business under the name “MRN Radio”, the nation’s largest independent motorsports
radio network in terms of event programming. We have an equity investment in a Hollywood Casino at Kansas Speedway that
has generated substantial equity earnings and cash distributions to us since its opening in fiscal year 2012. We are developing a
retail, dining and entertainment destination, ONE DAYTONA, across from Daytona International Speedway, which will create
synergy with the Speedway, enhance customer and partner experiences, monetize real estate on International Speedway Blvd.
and leverage our real estate on a year-round basis.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 4

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INCORPORATION

We were incorporated in 1953 under the laws of the State of Florida under the name “Bill France Racing, Inc.” and changed our
name to “Daytona International Speedway Corporation” in 1957. With the groundbreaking for Talladega Superspeedway in
1968, we changed our name to “International Speedway Corporation.” Our principal executive offices are located at One
Daytona Boulevard, Daytona Beach, Florida 32114, and our telephone number is (386) 254-2700. We maintain a website at
http://www.internationalspeedwaycorporation.com/. The information on our website is not part of this report.

OPERATIONS

The general nature of our business is a motorsports themed amusement enterprise, furnishing amusement to the public in the
form of motorsports themed entertainment. Our motorsports themed event operations consist principally of racing events at our
major motorsports entertainment facilities, which include providing catering and food and beverage concessions at our
motorsports entertainment facilities that host NASCAR Cup Series events except for catering and food and beverage
concessions at Chicagoland and Route 66. Our other operations include MRN; our 50.0 percent equity investment in the joint
venture Kansas Entertainment, LLC ("Kansas Entertainment"), which operates the Hollywood Casino at Kansas Speedway; and
certain other activities including retail, dining and entertainment operations at ONE DAYTONA. We derived approximately
89.3 percent of our 2017 revenues from NASCAR-sanctioned racing events at our wholly owned motorsports entertainment
facilities. In addition to events sanctioned by NASCAR, in fiscal 2017, we promoted other stock car, sports car, open wheel,
motorcycle and go-kart racing events.

Food, Beverage and Merchandise Operations

We conduct, either through operations of the particular facility or through our wholly owned subsidiary, Americrown, food and
beverage concession operations and catering services, both in suites and chalets, for customers at each of our motorsports
entertainment facilities with the exception of food and beverage concessions and catering services at Chicagoland, Route 66
and ISM Raceway. In January 2015, the Company entered into a 10-year agreement with Fanatics Retail Group Concessions,
Inc. ("Fanatics") for Fanatics to have exclusive retail merchandise rights for its track trademarks and certain other intellectual
property at all ISC tracks.

Motor Racing Network, Inc.

Our wholly owned subsidiary, MRN, also does business under the name “MRN Radio”. While not a radio station, MRN creates
motorsports-related programming content carried on radio stations around the country as well as on a national satellite radio
service, Sirius XMRadio. MRN produces and syndicates to radio stations live coverage of the Monster Energy NASCAR Cup,
Xfinity and Camping World Truck series races and certain other races conducted at our motorsports entertainment facilities, as
well as some races conducted at motorsports entertainment facilities we do not own. Sirius XM Radio also compensates MRN
for the contemporaneous re-airing of race broadcasts and certain other production services. MRN produces and provides unique
content to its website, http://www.motorracingnetwork.com/, and derives revenue from the sale of advertising on such website.
Each motorsports entertainment facility has the ability to separately contract for the rights to radio broadcasts of NASCAR and
certain other events held at its location. In addition, MRN provides production services for the trackside large screen video
display units ("ISM Vision") at NASCAR Cup Series event weekends that take place at our motorsports facilities, as well as at
Dover International Speedway and Pocono Raceway. MRN also produces and syndicates daily and weekly NASCAR racing-
themed programs. MRN derives revenue from the sale of national advertising contained in its syndicated programming, the sale
of advertising and audio and video production services for ISM Vision, as well as from rights fees paid by radio stations that
broadcast the programming.

ONE DAYTONA

We have pursued development of ONE DAYTONA, a premier mixed use, dining, retail and entertainment destination across
from the Daytona International Speedway, which will create synergy with the Speedway, enhance customer and partner
experiences, monetize real estate on International Speedway Blvd and leverage our real estate on a year-round basis (see
"Liquidity and Capital Resources - ONE DAYTONA").

ISC // 2017 ANNUAL REPORT // FORM 10-K // 5

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EQUITY INVESTMENTS

Hollywood Casino at Kansas Speedway

We have a 50/50 partnership with Penn Hollywood Kansas Inc. (“Penn”), a subsidiary of Penn National Gaming Inc., which
operates a Hollywood-themed and branded destination entertainment facility, overlooking turn two at Kansas. Penn is the
managing member of Kansas Entertainment and is responsible for the operation of the casino (see "Equity and Other
Investments").

Fairfield Inn Hotel at ONE DAYTONA

We have a 33.25 percent equity interest in a partnership with Daytona Hospitality Group II, LLC ("DHGII"), a subsidiary of
Prime-Shaner Groups, to construct and operate a Fairfield Inn hotel. DHGII is the managing member of the Fairfield and is
responsible for the development and operations of the hotel (see "Equity and Other Investments").

The Autograph Hotel at ONE DAYTONA

We have a 34.0 percent equity interest in a partnership with Daytona Hospitality Group, LLC ("DHG"), a subsidiary of Prime-
Shaner Groups, to construct and operate a Autograph hotel. DHG is the managing member of the Fairfield and is responsible
for the development and operations of the hotel (see "Equity and Other Investments").

We have entered into an additional joint venture, which is structured similarly to the Fairfield Inn joint venture. This joint
venture project includes a residential component of the ONE DAYTONA project (see "Liquidity and Capital Resources - ONE
DAYTONA").

Other Activities

From time to time, we use our motorsports entertainment facilities for testing for teams, driving schools, riding experiences, car
shows, auto fairs, concerts, music festivals and settings for television commercials, print advertisements and motion pictures,
which may be promoted by us or a third party.

Competition

We are among the largest owners of major motorsports themed entertainment facilities based on revenues, number of facilities
owned and/or operated, number of motorsports themed events promoted and market capitalization. Racing events compete with
other professional sports such as football, basketball, hockey and baseball, as well as other recreational events and activities.
Our events also compete with other racing events sanctioned by various racing bodies such as NASCAR, the American
Sportbike Racing Association — Championship Cup Series, United States Auto Club (“USAC”), Sports Car Club of America
(“SCCA”), IMSA, IndyCar Series, ARCA and others, many of which are often held on the same dates at separate motorsports
entertainment facilities. We believe that the type and caliber of promoted racing events, facility location, sight lines, pricing,
variety of motorsports themed amusement options and level of customer conveniences and amenities are the principal factors
that distinguish competing motorsports entertainment facilities.

Employees

As of November 30, 2017 we had over 820 full-time employees. We also engage a significant number of temporary personnel
to assist during periods of peak attendance at our events, some of whom are volunteers. None of our employees are represented
by a labor union. We believe that we enjoy a good relationship with our employees.

Company Website Access and SEC Filings

The Company’s website may be accessed at http://www.internationalspeedwaycorporation.com/. Through a link on the Investor
Relations portion of our internet website, you can access all of our filings with the Securities and Exchange Commission
(“SEC”). However, in the event that the website is inaccessible our filings are available to the public over the internet at the
SEC’s website at http://www.sec.gov/. You may also read and copy any document we file with the SEC at its public reference
facilities at 100 F Street, NE, Washington, D.C. 20549. You can also obtain copies of the documents at prescribed rates by
writing to the Public Reference Room of the SEC at 100 F Street, NE, Washington, D.C. 20549. Please call the SEC at 1-800-
SEC-0330 for further information on the operation of the public reference facilities. You can also obtain information about us at
the offices of the NASDAQ Stock Market, LLC.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 6

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ITEM 1A. RISK FACTORS

Forward-looking statements

This report contains forward-looking statements. The documents incorporated into this report by reference may also contain
forward-looking statements. You can identify a forward-looking statement by our use of the words “anticipate,” “estimate,”
“expect,” “may,” “believe,” “objective,” “projection,” “forecast,” “goal,” and similar expressions. Forward-looking statements
include our statements regarding the timing of future events, our anticipated future operations and our anticipated future
financial position and cash requirements.

We believe that the expectations reflected in our forward-looking statements are reasonable. However, we do not know whether
our expectations will ultimately prove correct.

In the section that follows below, in cautionary statements made elsewhere in this report, and in other filings we have made
with the SEC, we list the important factors that could cause our actual results to differ from our expectations. Our actual results
could differ materially from those anticipated in these forward-looking statements as a result of the risk factors described below
and other factors set forth in or incorporated by reference in this report.

These factors and cautionary statements apply to all future forward-looking statements we make. Many of these factors are
beyond our ability to control or predict. Do not put undue reliance on forward-looking statements or project any future results
based on such statements or on present or prior earnings levels.

Additional information concerning these or other factors, which could cause the actual results to differ materially from those in
our forward-looking statements is contained from time to time in our other SEC filings. Copies of those filings are available
from us and/or the SEC.

France Family Group control of NASCAR may create conflicts of interest

Members of the France Family Group own and control NASCAR. James C. France, our Chairman of the Board, and Lesa
France Kennedy, our Vice Chairwoman and Chief Executive Officer, are both members of the France Family Group in addition
to holding positions with NASCAR. Each of them, as well as our general counsel and chief marketing officer, spends part of
his or her time on NASCAR’s business. Because of these relationships, even though all related party transactions are approved
by our Audit Committee, certain potential conflicts of interest between us and NASCAR exist with respect to, among other
things:

• The terms of any sanctioning agreements that may be awarded to us by NASCAR;

• The amount of time the employees mentioned above and certain of our other employees devote to NASCAR’s affairs;

and

• The amounts charged or paid to NASCAR for office rental, transportation costs, shared executives, administrative

expenses and similar items.

France Family Group members, together, beneficially own approximately 41.6 percent of our capital stock and control
approximately 74.1 percent of the combined voting power of both classes of our common stock. Historically, members of the
France Family Group have voted their shares of common stock in the same manner. Accordingly, they can (without the
approval of our other shareholders) elect our entire Board of Directors and determine the outcome of various matters submitted
to shareholders for approval, including fundamental corporate transactions and have done so in the past. If holders of Class B
common stock other than the France Family Group elect to convert their beneficially owned shares of Class B common stock
into shares of Class A common stock and members of the France Family Group do not convert their shares, the relative voting
power of the France Family Group will increase. Voting control by the France Family Group may discourage certain types of
transactions involving an actual or potential change in control of us, including transactions in which the holders of Class A
common stock might receive a premium for their shares over prevailing market prices.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 7

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Adverse changes in our relationships with NASCAR and other motorsports sanctioning bodies, or their sanctioning practices,
could limit our future success

Our success has been, and is expected to remain, dependent on maintaining good working relationships with the organizations
that sanction the races we promote at our facilities, particularly NASCAR. NASCAR-sanctioned races conducted at our wholly
owned motorsports entertainment facilities accounted for approximately 89.3 percent of our total revenues in fiscal 2017.
Through 2014, each NASCAR sanctioning agreement (and the accompanying media rights fees revenue) was awarded on an
annual basis. In 2015, we entered into sanctioning agreements with five year terms, through 2020, with NASCAR Event
Management, Inc. ("NEM"), an affiliate of NASCAR, for the promotion of our inventory of NASCAR Cup, Xfinity and
Camping World Truck Series events. NASCAR is not required to continue to enter into, renew or extend these five year
sanctioning agreements with us to conduct any event. These agreements may be terminated by NASCAR due to a breach by us
or should we be unable to comply with the terms thereof. Any adverse change in these sanctioning practices, or the economic
structure of the NASCAR industry, could adversely impact our operations and revenue. Moreover, while we may pursue the
possible development and/or acquisition of additional motorsports entertainment facilities in the future, we have no assurance
that any sanctioning body, including NASCAR, will enter into sanctioning agreements with us to conduct races at any newly
developed or acquired motorsports entertainment facilities. Failure to obtain a sanctioning agreement for a major NASCAR
event could negatively affect us. Similarly, although NASCAR has in the past approved our requests for realignment of
sanctioned events within our portfolio, NASCAR is not obligated to modify its race schedules to allow us to schedule our races
more efficiently or profitably.

Changes to media rights revenues could adversely affect us

Domestic broadcast and certain ancillary media rights fee revenues derived from NASCAR's three national touring series -- the
Monster Energy NASCAR Cup Series, Xfinity Series, and Camping World Truck Series -- are an important component of our
revenue and earnings stream and any adverse changes to such rights fee revenues could adversely impact our results.

Any material changes in the media industry that could lead to differences in historical practices or decreases in the term and/or
financial value of future broadcast agreements, such as a significant decrease in subscriber fees or advertising revenues due to
changing consumer habits, could have a material adverse effect on our revenues and financial results.

Changes, declines and delays in consumer and corporate spending as well as illiquid credit markets could adversely affect us

Our financial results depend significantly upon a number of factors relating to discretionary consumer and corporate spending,
including economic conditions affecting disposable consumer income and corporate budgets such as:

• Employment;

• Business and general economic conditions;

•

Interest rates; and

• Taxation rates.

These factors can impact both attendance at our events and advertising and marketing dollars available from the motorsports
industry’s principal sponsors and potential sponsors. Economic and other lifestyle conditions such as illiquid consumer and
business credit markets adversely affect consumer and corporate spending thereby impacting our revenue, profitability and
financial results. Further, changes in consumer behavior such as deferred purchasing decisions and decreased spending budgets
adversely impact our cash flow visibility and revenues. For example, the significant economic deterioration that began in fiscal
2008 and the Great Recession significantly impacted these areas of our business and our revenues and financial results.

Unavailability of credit on favorable terms, if at all, can adversely impact our growth, development and capital spending plans.
General economic conditions may be significantly and negatively impacted by global events such as terrorist attacks, prospects
of war, or global economic uncertainty. A weakened economic and business climate, as well as consumer uncertainty and the
loss of consumer confidence created by such a climate, could adversely affect our financial results. Finally, our financial results
could also be adversely impacted by a widespread outbreak of a severe epidemiological crisis.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 8

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Delay, postponement or cancellation of major motorsports events because of weather could adversely affect us

We promote outdoor motorsports entertainment events. Weather conditions affect sales of, among other things, tickets, food,
drinks and merchandise at these events. Poor weather conditions prior to an event, or even the forecast of poor weather
conditions, could have a negative impact on us, particularly for walk-up ticket sales to events which are not sold out in
advance. If an event scheduled for one of our facilities is delayed or postponed because of weather, we could incur increased
expenses associated with conducting the rescheduled event, as well as possible decreased revenues from tickets, food, drinks
and merchandise at the rescheduled event. Moreover, the forecast of poor weather conditions and/or the delay or postponement
of an event due to weather conditions could have a negative impact on renewals for the following year. If such an event is
canceled, we would incur the expenses associated with preparing to conduct the event as well as losing all, or a portion of, the
revenues associated with the event.

If a canceled event is part of the Monster Energy NASCAR Cup, Xfinity or Camping World Truck series, in the year of
cancellation we could experience a reduction in the amount of money we expect to receive from television revenues for all of
our NASCAR-sanctioned events in the series that experienced the cancellation. This would occur if, as a result of the
cancellation, and without regard to whether the canceled event was scheduled for one of our facilities, NASCAR experienced a
reduction in television revenues greater than the amount scheduled to be paid to the promoter of the canceled event.

Terrorism and/or fear of violence or attacks at mass gatherings could adversely affect us

Acts of terrorism or violence at mass gatherings or sporting events, prospects of war, global economic uncertainty, or a
widespread outbreak of a severe epidemiological crisis, resulting in public fears regarding attendance at sporting events or mass
gatherings, could negatively impact attendance at our events. Any one of these items could increase our expenses related to
insurance, security and other related matters. In addition, the delay, postponement or cancellation of major motorsports events
could have an adverse impact on us such as increased expenses associated with conducting the rescheduled event, as well as
possible decreased revenues from tickets, food, drinks and merchandise at the rescheduled event. Similar to a delay,
postponement or cancellation of major motorsports events, if such an event is canceled, we would incur the expenses associated
with preparing to conduct the event as well as losing all, or a portion of, the revenues associated with the event.

Our success depends on the availability and performance of key personnel

Our continued success depends upon the availability and performance of our senior management team, which possesses unique
and extensive industry knowledge and experience. Our inability to retain and attract key employees in the future could have a
negative effect on our operations and business plans.

Our capital allocation plan may not achieve anticipated results

Enhancing the live event experience for our guests by investing in our major motorsports facilities is a critical strategy for our
growth. We continue to operate under a five-year capital allocation plan adopted by the Board of Directors, covering fiscal
years 2017 through 2021. Components of this plan include funding for the redevelopment of Phoenix (see “The ISM Raceway
Project Powered by DC Solar”) and the infield at Richmond (see "Richmond Raceway") with completion for both projects
targeted in late 2018, the completion of the development project ONE DAYTONA and strategic reinvestment in our
motorsports facilities. The aforementioned five-year capital plan is built upon the merits of the Board of Directors' previously
endorsed capital allocation plan for fiscal 2013 through fiscal 2017, which included DAYTONA Rising. These capital
allocation plans involve significant challenges and risks including that the projects do not advance our business strategy or that
we do not realize a satisfactory return on our investment. It may take longer than expected to realize the full benefits from these
projects, such as increased revenue, or the benefits may ultimately be smaller than anticipated or may not be realized. These
events could harm our operating results or financial condition.

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Future impairment or loss on disposal of goodwill and other intangible assets or long-lived assets by us or our equity
investments and joint ventures could adversely affect our financial results

Our consolidated balance sheets include significant amounts of goodwill and other intangible assets and long-lived assets
which could be subject to impairment or loss on retirement. During the fiscal years ended November 30, 2015, 2016 and 2017
we recorded before-tax charges as losses on retirements of long-lived assets primarily attributable to the removal of certain
other long-lived assets located at our motorsports facilities totaling approximately $16.0 million, $2.9 million and
$10.6 million, respectively. As part of our capital projects process, we identify existing assets that are impacted and require the
acceleration of their remaining useful lives. During the fiscal years ended November 30, 2015, 2016, we recorded
approximately $6.8 million and zero, respectively, of accelerated depreciation. During fiscal 2017, we recorded approximately
$6.2 million of accelerated depreciation.

As of November 30, 2017, goodwill and other intangible assets and property and equipment accounts for approximately
$1.8 billion, or 80.5 percent of our total assets. We account for our goodwill and other intangible assets in accordance with
Accounting Standards Codification (“ASC”) 350, “Intangibles — Goodwill and Other”, and for our long-lived assets in
accordance with ASC 360, “Property, Plant and Equipment.” Both ASC 350 and 360 require testing goodwill and other
intangible assets and long-lived assets for impairment based on assumptions regarding our future business outlook. While we
continue to review and analyze many factors that can impact our business prospects in the future, our analyses are subjective
and are based on conditions existing at and trends leading up to the time the assumptions are made. Actual results could differ
materially from these assumptions. Our judgments with regard to our future business prospects could impact whether or not an
impairment is deemed to have occurred, as well as the timing of the recognition of such an impairment charge. If future testing
for impairment of goodwill and other intangible assets or long-lived assets results in a reduction in their carrying value, we will
be required to take the amount of the reduction in such goodwill and other intangible assets or long-lived assets as a non-cash
charge against operating income, which would also reduce shareholders’ equity.

In addition, our growth strategy includes investing in certain joint venture opportunities. In these equity investments we exert
significant influence on the investee but do not have effective control over the investee. These equity investments add an
additional element of risk where they may not advance our business strategy or that we do not realize a satisfactory return on
our investment. It may take longer than expected to realize the full benefits from these equity investments, or the benefits may
ultimately be smaller than anticipated or may not be realized. These events could harm our operating results or financial
condition. Our equity investments total approximately $86.2 million at November 30, 2017.

Personal injuries to spectators and participants could adversely affect financial results

Motorsports can be dangerous to participants and spectators. We maintain insurance policies that provide coverage within limits
that we believe should generally be sufficient to protect us from a large financial loss due to liability for personal injuries
sustained by persons on our property in the ordinary course of our business. There can be no assurance, however, that the
insurance will be adequate or available at all times and in all circumstances. Our financial condition and results of operations
could be affected negatively to the extent claims and expenses in connection with these injuries are greater than insurance
recoveries or if insurance coverage for these exposures becomes unavailable or prohibitively expensive.

In addition, sanctioning bodies could impose more stringent rules and regulations for safety, security and operational activities.
Such regulations include, for example, the improvements and additions of energy absorbing retaining walls at our facilities,
which have increased our capital expenditures, and increased safety and security procedures, which have increased our
operational expenses.

We operate in a highly competitive environment

As an entertainment company, our racing events face competition from other spectator-oriented sporting events and other
leisure, entertainment and recreational activities, including professional football, basketball, hockey and baseball. As a result,
our revenues are affected by the general popularity of motorsports, the availability of alternative forms of recreation and
changing consumer preferences and habits, including how consumers consume entertainment. Our racing events also compete
with other racing events sanctioned by various racing bodies such as NASCAR, USAC, NHRA, SCCA, IMSA, ARCA and
others. Many sports and entertainment businesses have resources that exceed ours.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 10

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We are subject to changing governmental regulations and legal standards that could increase our expenses

While we believe that our operations are in material compliance with all applicable federal, state and local environmental, laws
and regulations, if it is determined that damage to persons or property or contamination of the environment has been caused or
exacerbated by the operation or conduct of our business or by pollutants, substances, contaminants or wastes used, generated or
disposed of by us, or if pollutants, substances, contaminants or wastes are found on property currently or previously owned or
operated by us, we may be held liable for such damage and may be required to pay the cost of investigation and/or remediation
of such contamination or any related damage. The amount of such liability as to which we are self-insured could be material.

State and local laws relating to the protection of the environment also can include noise abatement laws that may be applicable
to our racing events.

Our existing facilities continue to be used in situations where the standards for new facilities to comply with certain laws and
regulations, including the Americans with Disabilities Act, are constantly evolving. Changes in the provisions or application of
federal, state or local environmental, land use or other laws, regulations or requirements to our facilities or operations, or the
discovery of previously unknown conditions, also could require us to make additional material expenditures to remediate or
attain compliance.

Regulations governing the use and development of real estate may prevent us from advancing certain of our business strategies,
such as real estate development, and could also substantially delay, complicate and/or increase the costs related to the process
of improving existing facilities.

Our business is subject to, and regulated by certain federal, state and foreign privacy and data protection laws and regulations.
Changes in regulations or regulatory activity related to the acquisition, storage and subsequent use of customer information and
data may prevent us from advancing certain of our business strategies or can increase the costs necessary to comply with such
regulations.

If we do not maintain the security of customer-related information, we could damage our reputation with customers, incur
substantial additional costs and become subject to litigation

In the ordinary course of our business, we collect and store certain personal information in digital form, including but not
limited to name, address and payment account information from individuals, such as our customers, employees and business
partners. We also process customer payment card transactions. In addition, our on-line operations depend upon the secure
transmission of confidential, personal and payment account information over public networks, including information permitting
cashless payments. We limit the amount of payment information by using “tokens” which is an industry best practice that does
not require the credit card number to be stored. Significant resources are dedicated both internally and with external experts to
help us manage information security, network security, data encryption, and other security practices to protect our systems and
data, but these security measures cannot provide absolute security. As with all companies, these security measures are costly,
require ongoing monitoring and rapid change due to technology advances, and are subject to third-party security breaches,
cyber-terrorism, employee error or malfeasance, intrusion or other unanticipated situations. Such a compromise of our
information systems that results in personal or payment network information being obtained by unauthorized persons could
adversely affect our reputation with our customers, the credit card brands (such as VISA, MasterCard and American Express)
and others. Such a compromise could also adversely affect our operations, results of operations, financial condition and
liquidity, and could result in litigation against us, the imposition of penalties, restrictions or other requirements by regulatory
bodies or the credit card brands. In addition, a security systems breach could require that we expend significant additional
resources related to our information security systems and could result in a disruption of our operations, particularly our sales
operations. While we maintain cyber liability insurance, not all losses would be covered by such insurance. Further, there can
be no assurance that we will be able to maintain such insurance at commercially reasonable rates.

Our quarterly results are subject to seasonality and variability

We derive most of our income from a limited number of NASCAR-sanctioned races. As a result, our business has been, and is
expected to remain, highly seasonal based on the timing of major racing events. Future schedule changes as determined by

ISC // 2017 ANNUAL REPORT // FORM 10-K // 11

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NASCAR or other sanctioning bodies, as well as the acquisition of additional, or divestiture of existing, motorsports
entertainment facilities could impact the timing of our major events in comparison to prior or future periods.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None

ITEM 2. PROPERTIES

Motorsports Entertainment Facilities

The following table sets forth current information relating to each of our motorsports entertainment facilities as of
November 30, 2017:

YEAR END
CAPACITY

NASCAR
CUP
EVENTS

OTHER
MAJOR
EVENTS (1)

MARKETS
SERVED

MEDIA
MARKET
RANK

TRACK NAME

LOCATION

SEATS

SUITES

Daytona International
Speedway

Daytona Beach,
Florida

101,000

124

Talladega
Superspeedway

Michigan International
Speedway

Auto Club Speedway
of Southern California

Kansas Speedway

Richmond Raceway

Darlington Raceway

Chicagoland
Speedway

Martinsville Speedway

Talladega,
Alabama
Brooklyn,
Michigan
Fontana,
California
Kansas City,
Kansas
Richmond,
Virginia
Darlington,
South Carolina
Joliet, Illinois

Martinsville,
Virginia

78,000

71,000

65,000

64,000

59,000

58,000
55,000

55,000

ISM Raceway

Phoenix, Arizona

51,000

Homestead-Miami
Speedway

Homestead,
Florida

Watkins Glen
International

Route 66 Raceway

Watkins Glen,
New York
Joliet, Illinois

48,000

32,000
24,000

—

(2)

Orlando/
Central Florida

Atlanta/
Birmingham

9/44

Detroit

Los Angeles

Kansas City

Washington
D.C.

Columbia

Chicago

Greensboro/
High Point

Phoenix

Miami

Buffalo/
Rochester
Chicago

53/76

(1) Other major events include NASCAR Xfinity and Camping World Truck series; ARCA; IMSA; IndyCar; and, AMA Pro

Racing.

(2) Route 66's other major event includes an NHRA Mello Yello Drag Racing Series event.

DAYTONA INTERNATIONAL SPEEDWAY. Daytona is a 2.5 mile high-banked, lighted, asphalt, tri-oval superspeedway that
also includes a 3.6-mile road course. We lease the land on which Daytona International Speedway is located from the City of
Daytona Beach. The lease on the property expires in 2054, including renewal options. The facility is situated on 440 acres and
is located in Daytona Beach, Florida.

TALLADEGA SUPERSPEEDWAY. Talladega is a 2.7 mile high-banked, asphalt, tri-oval superspeedway with a 1.3-mile
infield road course. The facility is situated on 1,435 acres and is located about 100 miles from Atlanta, Georgia and
approximately 50 miles from Birmingham, Alabama.

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MICHIGAN INTERNATIONAL SPEEDWAY. Michigan is a 2.0 mile moderately-banked, asphalt, tri-oval superspeedway.
The facility is situated on 1,180 acres and is located in Brooklyn, Michigan, approximately 70 miles southwest of Detroit.

AUTO CLUB SPEEDWAY OF SOUTHERN CALIFORNIA. Auto Club Speedway is a 2.0 mile moderately-banked, lighted,
asphalt, tri-oval superspeedway. The facility is situated on 566 acres and is located approximately 40 miles east of Los Angeles
in Fontana, California. The facility also includes a quarter mile drag strip and a 2.8-mile road course.

KANSAS SPEEDWAY. Kansas is a 1.5 mile variable-degree banked, asphalt, tri-oval superspeedway with a 0.9-mile infield
road course. The facility is situated on 1,000 acres and is located in Kansas City, Kansas. Overlooking turn two of Kansas is a
Hollywood-themed and branded destination entertainment facility (see Equity Investments).

RICHMOND RACEWAY. Richmond is a 0.8 mile moderately-banked, lighted, asphalt, oval, intermediate speedway. The
facility is situated on 635 acres and is located approximately 10 miles from downtown Richmond, Virginia.

DARLINGTON RACEWAY. Darlington is a 1.3 mile high-banked, lighted, asphalt, egg-shaped superspeedway. The facility is
situated on 230 acres and is located in Darlington, South Carolina.

CHICAGOLAND SPEEDWAY. Chicagoland is a 1.5 mile moderately-banked, lighted, asphalt, tri-oval superspeedway. The
facility is situated on 930 acres and is located in Joliet, Illinois, approximately 35 miles from Chicago, Illinois.

MARTINSVILLE SPEEDWAY. Martinsville is a 0.5 mile moderately-banked, asphalt and concrete, oval speedway. The
facility is situated on 250 acres and is located in Martinsville, Virginia, approximately 50 miles north of Winston-Salem, North
Carolina.

ISM RACEWAY. Phoenix is a 1.0 mile low-banked, lighted, asphalt, oval superspeedway. The facility is situated on 598 acres
that also includes a 1.5-mile road course located near Phoenix, Arizona.

HOMESTEAD-MIAMI SPEEDWAY. Homestead is a 1.5 mile variable-degree banked, lighted, asphalt, oval superspeedway.
The facility is situated on 404 acres and is located in Homestead, Florida. Homestead is owned by the City of Homestead,
however we operate Homestead under an agreement that expires in 2075, including renewal options.

WATKINS GLEN INTERNATIONAL. Watkins Glen includes 3.4-mile and 2.4-mile road course tracks. The facility is situated
on 1,377 acres and is located near Watkins Glen, New York.

ROUTE 66 RACEWAY. Route 66 includes a quarter mile drag strip and dirt oval speedway. The facility, adjacent to
Chicagoland, is situated on 240 acres and is located in Joliet, Illinois, approximately 35 miles from Chicago, Illinois.

OTHER FACILITIES: We own approximately 245 acres of real property near Daytona which is home to our corporate
headquarters, ONE DAYTONA (see “Liquidity and Capital Resources - ONE DAYTONA”) and other offices and facilities. We
also own an additional approximately 3,800 acres, outside the location of the respective racing facilities, that are used for event
parking, camping, other non-motorsport events and ancillary purposes. In addition, we lease real estate and office space in
Watkins Glen, New York, Concord, North Carolina and Avondale, Arizona.

Intellectual Property

We have various registered and common law trademark rights, including, but not limited to, “California Speedway,”
“Chicagoland Speedway,” “Darlington Raceway,” “The Great American Race,” “Southern 500,” “Too Tough to Tame,”
“Daytona International Speedway,” “ Daytona 500 EXperience,” the “DAYTONA 500,” the “24 Hours of Daytona,”
“Acceleration Alley,” “Daytona Dream Laps,” “Speedweeks,” “World Center of Racing,” “Homestead-Miami Speedway,”
“Kansas Speedway,” “Martinsville Speedway,” “Michigan International Speedway,” "ONE DAYTONA," “Phoenix
International Raceway,” “Richmond International Raceway,” “Route 66 Raceway,” “The Action Track,” “Talladega
Superspeedway,” “Watkins Glen International,” “The Glen,” “Americrown,” “Motor Racing Network,” “MRN,” and related
logos. We also have licenses from NASCAR, various drivers and other businesses to use names and logos for merchandising
programs and product sales. Our policy is to protect our intellectual property rights vigorously, through litigation, if necessary,
chiefly because of their proprietary value in merchandise and promotional sales.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 13

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ITEM 3. LEGAL PROCEEDINGS

From time to time, we are a party to ordinary routine litigation incidental to our business. We do not believe that the resolution
of any or all of such litigation will have a material adverse effect on our financial condition or results of operations.

ITEM 4. MINE SAFETY DISCLOSURES

None

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES

At November 30, 2017, we had two issued classes of capital stock: Class A common stock, $.01 par value per share, and
Class B common stock, $.01 par value per share. The class A common stock is traded on the NASDAQ National Market
System under the symbol “ISCA.” The Class B common stock is traded on the Over-The-Counter Bulletin Board under the
symbol “ISCB.OB” and, at the option of the holder, is convertible to Class A common stock at any time. As of November 30,
2017, there were approximately 1,847 record holders of Class A common stock and approximately 290 record holders of Class
B common stock.

The reported high and low sales prices or high and low bid information, as applicable, for each quarter indicated are as follows:

Fiscal

First Quarter
Second Quarter
Third Quarter
Fourth Quarter

2016
$

2017
$

ISCA

ISCB.OB(1)

High

Low

High

Low

36.40 $
37.80
36.23
38.05

39.95 $
40.31
38.50
41.60

29.71 $
31.75
30.30
30.05

34.70 $
34.80
32.25
34.20

37.77 $
37.00
35.03
37.43

39.11 $
41.50
36.75
41.10

30.40
32.08
32.63
31.23

35.72
34.25
33.10
35.32

(1)

ISCB quotations were obtained from the OTC Bulletin Board and represent prices between dealers and do not include
mark-up, mark-down or commission. Such quotations do not necessarily represent actual transactions.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 14

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Stock Purchase Plan

An important component of our capital allocation strategy is returning capital to shareholders. We have solid operating margins
that generate substantial operating cash flow. Using these internally generated proceeds, we have returned a significant amount
of capital to shareholders primarily through our share repurchase program (“Stock Purchase Plan”) under which the Company
is authorized to purchase up to $530.0 million of its outstanding Class A common shares. The timing and amount of any shares
repurchased under the Stock Purchase Plan will depend on a variety of factors, including price, corporate and regulatory
requirements, capital availability and other market conditions. The Stock Purchase Plan may be suspended or discontinued at
any time without prior notice. No shares have been, or knowingly will be, purchased from Company insiders or their affiliates.

(d)
Maximum
number
of shares
(or
approximate
dollar
value of
shares)
that may yet
be
purchased
under the
plans or
programs
(in
thousands)

(a) Total
number
of shares
purchased

(b)
Average
price
paid
per
share

979,328 $
35,871

35.76
37.10

979,328 $
—

171,585

—

171,585

1,015,199

979,328

Period

December 1, 2016 — August 31, 2017

Repurchase program(1)
Employee transactions(2)

September 1, 2017 — September 30, 2017

Repurchase program(1)

October 1, 2017 — October 31, 2017

Repurchase program(1)

November 1, 2017 — November 30, 2017

Repurchase program(1)

(1)

Since inception of the Stock Purchase Plan through November 30, 2017, we have purchased 9,701,401 shares of our
Class A common shares, for a total of approximately $358.4 million. There were no purchases under the Stock Purchase
Plan of the Company's Class A common shares during fiscal 2015. In fiscal 2016 and 2017, we purchased 1.7 million
and 1.0 million shares of our Class A common shares, respectively, at an average cost of approximately $33.25 and
$35.76 per share (including commissions), for a total of approximately $55.1 million and $35.0 million, respectively. At
November 30, 2017, we have approximately $171.6 million remaining of repurchase authority under the current Stock
Purchase Plan.

(2) Represents shares of our common stock delivered to us in satisfaction of the minimum statutory tax withholding

obligation of holders of restricted shares that vested during the period.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 15

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Dividends

Annual dividends were declared in the quarter ended in May and paid in June in the fiscal years reported below on all common
stock that was issued at the time (amount per share):

Fiscal Year:

2013
2014
2015
2016
2017

Annual
Dividend

0.20
0.22
0.26
0.41
0.43

Securities Authorized For Issuance Under Equity Compensation Plans - Equity Compensation Plan Information

Number of
securities
to be
issued upon
exercise of
outstanding
options,
warrants
and rights
(a)

Weighted-average
exercise price of
outstanding
options, warrants
and rights
(b)

Number of
securities
remaining
available
for future
issuance
under equity
compensation
plans
(excluding
securities
reflected in
column
(a))
(c)

62,244 $
—
62,244

32.37
—
32.37

246,575
—
246,575

Plan Category

Equity compensation plans approved by security holders
Equity compensation plans not approved by security holders

Total

ITEM 6. SELECTED FINANCIAL DATA

The following table sets forth our selected financial data as of and for each of the last five fiscal years in the period ended
November 30, 2017. The income statement data for the three fiscal years in the period ended November 30, 2017, and the
balance sheet data as of November 30, 2016 and November 30, 2017, have been derived from our audited historical
consolidated financial statements included elsewhere in this report. The balance sheet data as of November 30, 2015, and the
income statement data and the balance sheet data as of and for the fiscal years ended November 30, 2014 and November 30,
2013, have been derived from our audited historical consolidated financial statements, which are available on our website. You
should read the selected financial data set forth below in conjunction with “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and our consolidated financial statements and the accompanying notes included
elsewhere in this report.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 16

Table of Contents

Income Statement Data:

Revenues:

For the Year Ended November 30,

2013

2014

2015

2016

2017

(in thousands, except share and per share data)

Admissions, net
Motorsports and other event related
Food, beverage and merchandise (1)
Other (2)

Total revenues

129,824 $
425,530
44,046
13,240
612,640

129,688 $
433,738
72,880
15,630
651,936

130,154 $
451,838
47,282
16,096
645,370

123,521 $
477,197
41,968
18,330
661,016

121,505
491,664
41,293
16,971
671,433

Expenses:

Direct:

NASCAR event management
fees
Motorsports and other event
related
Food, beverage and
merchandise (1)
Other operating expenses
General and administrative
Depreciation and amortization (3)
Impairments / losses on retirements
of long-lived assets (4)
Total expenses

Operating income
Interest income (5)
Interest expense (6)
Other (7)
Equity in net (loss) income from equity
investments (8)
Income before income taxes
Income taxes (9)
Net income

Basic and diluted earnings per share

Dividends per share
Weighted average shares outstanding:

Basic
Diluted

Balance Sheet Data (at end of period):

Cash and cash equivalents
Working capital
Total assets
Long-term debt
Total debt
Total shareholders’ equity

159,349

162,988

167,841

171,836

178,403

125,928

128,229

131,109

133,322

134,136

33,150
429
104,496
93,989

16,607
533,948
78,692
96
(15,221 )
75

58,265
426
108,137
90,352

10,148
558,545
93,391
2,107
(9,182 )
5,380

38,484
463
111,154
94,727

16,015
559,793
85,577
157
(9,582 )
730

30,142
483
110,345
102,156

2,905
551,189
109,827
270
(13,837 )
12,896

9,434
73,076
27,784
45,292 $

8,916
100,612
33,233
67,379 $

14,060
90,942
34,308
56,634 $

14,913
124,069
47,731
76,338 $

0.97 $

1.45 $

1.21 $

1.66 $

0.22 $

0.24 $

0.26 $

0.41 $

29,593
1,581
111,279
109,733

10,552
575,277
96,156
1,220
(11,633 )
344

19,111
105,198
(5,625 )
110,823

2.48

0.43

46,470,647
46,486,561

46,559,232
46,573,038

46,621,211
46,635,830

45,981,471
45,995,691

44,648,586
44,660,177

172,827 $
153,780
2,017,506
271,680
274,487
1,287,155

158,847 $
110,783
2,077,651
268,311
271,746
1,346,432

160,548 $
146,915
2,119,663
262,762
265,836
1,393,215

263,727 $
217,802
2,172,660
259,416
262,820
1,400,360

256,702
240,027
2,208,192
255,612
259,466
1,459,922

ISC // 2017 ANNUAL REPORT // FORM 10-K // 17

Table of Contents

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

Fiscal year 2014 includes consolidated operations of Motorsports Authentics (“MA”) following Speedway Motorsports,
Inc.'s ("SMI") abandonment of its interest and rights in SMISC, LLC on January 31, 2014. As a result, ISC recognized
merchandise revenue and operating expenses totaling approximately $25.7 million and $24.7 million, respectively, for
the 10-month period February 1, 2014 through November 30, 2014.

Fiscal 2016 includes a favorable settlement related to certain ancillary operations of approximately $1.1 million, as well
as $1.9 million in interest and additional consideration received as a result of the sale of Staten Island. Fiscal 2017
includes a favorable settlement relating to certain ancillary operations of approximately $1.0 million.

Fiscal year 2013 includes accelerated depreciation that was recorded due to shortening the service lives of certain assets
associated with DAYTONA Rising and capacity optimization initiatives totaling approximately $15.4 million. Fiscal
year 2014 includes accelerated depreciation that was recorded due to shortening the service lives of certain assets
associated with DAYTONA Rising totaling approximately $11.1 million. Fiscal year 2015 includes accelerated
depreciation that was recorded due to shortening the service lives of certain assets associated with DAYTONA Rising
totaling approximately $6.8 million. Fiscal year 2017 includes accelerated depreciation that was recorded due to
shortening the service lives of certain assets associated with the ISM Raceway Redevelopment and other capital
improvements including the infield project at Richmond totaling approximately $6.2 million.

Fiscal 2013 losses associated with the retirements of certain other long-lived assets is primarily attributable to the
removal of assets not fully depreciated in connection with DAYTONA Rising, capacity optimization initiatives and other
capital improvements. Fiscal 2014 losses associated with demolition costs in connection with DAYTONA Rising,
capacity optimization initiatives and other capital improvements. Fiscal 2015 losses associated with demolition costs in
connection with DAYTONA Rising and other capital improvements. Fiscal 2016 losses associated with asset retirements
and demolition and/or asset relocation costs in connection with capacity optimization initiatives at Richmond and other
facility capital improvements. Fiscal 2017 losses associated with asset retirements and demolition and/or asset relocation
costs in connection with capacity optimization initiatives and other facility capital improvements.

Fiscal 2014 includes approximately $1.8 million related to settlement of interest income on a long-term receivable.

Fiscal 2013, 2014 and 2015 include approximately $7.2 million, $6.0 million and $1.5 million, respectively, related to
capitalized interest for DAYTONA Rising. Fiscal 2016 includes approximately $1.5 million related to capitalized interest
for ONE DAYTONA, DAYTONA Rising, and other capital projects. Fiscal 2017 includes approximately $3.9 million
related to capitalized interest for ONE DAYTONA and the ISM Raceway Redevelopment.

Fiscal 2014 includes the valuation adjustment related to consolidation of MA, representing the fair value over the
carrying value as of January 31, 2014. Fiscal 2016 includes the receipt of interest and other consideration, of
approximately $11.7 million, related to the sale of the Staten Island property.

Equity in net (loss) income from equity investments includes the Company’s 50.0 percent portion of Kansas
Entertainment’s net income, more fully discussed in Management's Discussion and Analysis, Equity and Other
Investments. Included in the Company's equity income in fiscal 2013 is a one-time property tax refund of approximately
$1.1 million. Included in the Company's equity income in fiscal 2017 is a reduction in depreciation expense as a result of
certain assets that have been fully depreciated of approximately $4.0 million.

(9)

Fiscal 2017 includes a tax adjustment as a result of the worthlessness of MA stock (see "Income Taxes").

ISC // 2017 ANNUAL REPORT // FORM 10-K // 18

Table of Contents

GAAP to Non-GAAP Reconciliation

The following discussion and analysis of our financial condition and results of operations is presented below using other than
U.S. generally accepted accounting principles (“non-GAAP”) and includes certain non-GAAP financial measures as identified
in the reconciliation below. The non-GAAP financial measures disclosed herein do not have standard meaning and may vary
from the non-GAAP financial measures used by other companies or how we may calculate those measures in other instances
from time to time. Non-GAAP financial measures, such as EBITDA (see below for management interpretation of EBITDA),
should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with
U.S. generally accepted accounting principles ("GAAP"). Also, our “core” financial measures should not be construed as an
inference by us that our future results will be unaffected by those items, which are excluded from our “core” financial
measures.

We believe such non-GAAP information is useful and meaningful, and is used by investors to assess the performance of our
core operations, which primarily consists of the ongoing promotions of racing events at our major motorsports entertainment
facilities. Such non-GAAP information separately identifies, displays, and adjusts for items that are not considered to be
reflective of our continuing core operations at our motorsports entertainment facilities. We believe that such non-GAAP
information improves the comparability of the operating results and provides a better understanding of the performance of our
core operations for the periods presented.

We use this non-GAAP information to analyze current performance and trends and make decisions regarding future ongoing
operations. This non-GAAP financial information may not be comparable to similarly titled measures used by other entities and
should not be considered as an alternative to operating income, net income or diluted earnings per share, which are determined
in accordance with GAAP. The presentation of this non-GAAP financial information is not intended to be considered
independent of or as a substitute for results prepared in accordance with GAAP. Management uses both GAAP and non-GAAP
information in evaluating and operating the business and as such deemed it important to provide such information to investors.

The following financial information is reconciled to comparable information presented using GAAP. Non-GAAP net income
and diluted earnings per share below are derived by adjusting amounts determined in accordance with GAAP for certain items
presented in the accompanying selected operating statement data.

The adjustments for 2013 relate to carrying costs of our Staten Island property, a legal judgment against us, marketing and
consulting costs incurred associated with DAYTONA Rising, accelerated depreciation associated with DAYTONA Rising and
capacity optimization initiatives, losses associated with the retirements of certain other long-lived assets, capitalized interest
associated with DAYTONA Rising and net gain on sale of certain assets.

The adjustments for 2014 relate to a legal settlement, marketing and consulting costs incurred associated with DAYTONA
Rising, accelerated depreciation, losses associated with the retirements of certain other long-lived assets, impairment of MA
long-lived intangible asset, settlement of interest income related to long-term receivable, DAYTONA Rising project capitalized
interest, MA fair value adjustment and income tax benefits, and net loss on sale of certain assets.

The adjustments for 2015 relate to marketing and consulting costs incurred associated with DAYTONA Rising, accelerated
depreciation, losses associated with the retirements of certain other long-lived assets, DAYTONA Rising project capitalized
interest and net loss on sale of certain assets.

The adjustments for 2016 relate to a legal settlement, certain track redevelopment projects, non-recurring, pre-opening costs
incurred associated with DAYTONA Rising, losses associated with the retirements of certain other long-lived assets related to
capacity optimization initiatives (which predominately include the removal of grandstands at Richmond) and other facility
capital improvements, capitalized interest related to DAYTONA Rising, ONE DAYTONA and the ISM Raceway
Redevelopment, gain on sale of Staten Island property, non-cash gain related to the transition of merchandise operations, and
net gain on sale of certain assets (predominately associated with the sale of trailers in association with the transition of
merchandise operations).

The adjustments for fiscal 2017 relate to non-recurring costs incurred associated with the ISM Raceway Redevelopment,
accelerated depreciation (predominately associated with the ISM Raceway Redevelopment and other capital improvements
including the infield project at Richmond), legal settlement, losses associated with the retirements of certain other long-lived
assets related to the ISM Raceway Redevelopment and capacity optimization initiatives, capitalized interest related to ONE

ISC // 2017 ANNUAL REPORT // FORM 10-K // 19

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DAYTONA and the ISM Raceway Redevelopment, net gain on sale of certain assets, and net tax benefit predominately due to
our Investment in MA (see "Income Taxes").

For The Year Ended November 30, 2013

Income
Before Taxes

Income Tax
Effect

Net Income

Earnings Per
Share

73,076 $

27,784 $

45,292 $

GAAP
Adjustments:

Carrying costs related to Staten Island
Legal settlement/judgment
DAYTONA Rising project

Accelerated depreciation

Losses on retirements of long-lived assets
Capitalized interest
Net (gain) loss on sale of certain assets

Non-GAAP

GAAP
Adjustments:

Legal settlement/judgment
DAYTONA Rising project
Accelerated depreciation
Losses on retirements of long-lived assets

Impairment of MA's long-term receivable
Interest settlement on long-term receivable
Capitalized interest
MA fair value adjustment and income tax benefits

Net (gain) loss on sale of certain assets

2,840
510
1,501
15,392
16,607
(768 )
(75 )
109,083 $

1,112
200
588
6,034
6,510
(301 )
(29 )
41,898 $

1,728
310
913
9,358
10,097
(467 )
(46 )
67,185 $

0.97

0.04
0.01
0.02
0.20
0.21
(0.01 )
—
1.44

For the Year Ended November 30, 2014

Income
Before Taxes

Income Tax
Effect

Net Income

Earnings Per
Share

100,612 $

33,233 $

67,379 $

1.45

(635 )
1,106
11,117
9,543
605
(1,835 )
(7,215 )
(5,447 )
67

(249 )
434
4,359
3,741
—
(719 )
(2,828 )
4,008
26
42,005 $

(386 )
672
6,758
5,802
605
(1,116 )
(4,387 )
(9,455 )
41
65,913 $

(0.01 )
0.02
0.14
0.12
0.01
(0.02 )
(0.09 )
(0.20 )
0.00
1.42

Non-GAAP

107,918 $

GAAP
Adjustments:

DAYTONA Rising project

Accelerated depreciation

Losses on retirements of long-lived assets

Capitalized interest

Net (gain) loss on sale of certain assets

Non-GAAP

For the Year Ended November 30, 2015

Income
Before Taxes

Income Tax
Effect

Net Income

Earnings Per
Share

90,942 $

34,308 $

56,634 $

1.21

1,393
6,830
16,015
(6,006 )

546
2,677
6,280
(2,354 )

847
4,153
9,735
(3,652 )

(730 )
108,444 $

(286 )
41,171 $

(444 )
67,273 $

0.02
0.09
0.21
(0.08 )

(0.01 )
1.44

ISC // 2017 ANNUAL REPORT // FORM 10-K // 20

Table of Contents

GAAP
Adjustments:

Legal settlement

Track redevelopment projects

DAYTONA Rising project

Losses on retirements of long-lived assets

Capitalized interest

Gain on sale of Staten Island

Gain on transition of merchandise operations

Net (gain) loss on sale of certain assets

For the Year Ended November 30, 2016

Income
Before Taxes

Income Tax
Effect

Net Income

Earnings Per
Share

124,069 $

47,731 $

76,338 $

1.66

(1,084 )
240
787
2,905
(1,489 )

(13,631 )

(797 )

(376 )
110,624 $

(418 )
93
304
1,122
(575 )

(5,262 )

(308 )

(666 )
147
483
1,783
(914 )

(8,369 )

(489 )

(145 )
42,542 $

(231 )
68,082 $

(0.02 )
0.01
0.01
0.04
(0.02 )

(0.18 )

(0.01 )

(0.01 )
1.48

Non-GAAP

GAAP
Adjustments:

ISM Raceway Redevelopment

Accelerated depreciation

Legal settlement

Losses on retirements of long-lived assets

Capitalized interest

Net tax benefit

Net (gain) loss on sale of certain assets

Non-GAAP

For the Year Ended November 30, 2017

Income
Before Taxes

Income Tax
Effect

Net Income

Earnings Per
Share

105,198 $

(5,625 ) $

110,823 $

2.48

551
6,154
(980 )
10,278
(3,864 )
—
(330 )
117,007 $

211
2,352
(375 )
3,928
(1,477 )
46,038
(126 )
44,926 $

340
3,802
(605 )
6,350
(2,387 )

(46,038 )

(204 )
72,081 $

0.01
0.08
(0.01 )
0.14
(0.05 )

(1.03 )

(0.01 )
1.61

In an effort to enhance the comparability and understandability of certain forward looking financial guidance, such as

ONE DAYTONA and the ISM Raceway Redevelopment (see "Liquidity and Capital Resources"), we adjust for certain non-
recurring items that will be included in our future GAAP reporting to provide information that we believe best represents our
expectations for our core business performance. Non-GAAP financial measures, such as EBITDA, which we interpret to be
calculated as GAAP operating income, plus depreciation, amortization, impairment/losses on retirements of long-lived assets,
other non-GAAP adjustments, and cash distributions from equity investments, are used in our analysis. We have not reconciled
the non-GAAP forward-looking measure to its most directly comparable GAAP measure. Such reconciliations would require
unreasonable efforts to estimate and quantify various necessary GAAP components largely because forecasting or predicting
our future operating results is subject to many factors not in our control or not readily predictable, as detailed in the Risk
Factors section of the Company's previously publicly filed documents, including Forms 10-K and 10-Q, with the SEC, any or
all of which can significantly impact our future results. These components, and other factors, could significantly impact the
amount of the future directly comparable GAAP measures, which may differ significantly from their non-GAAP counterparts.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 21

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The following schedule reconciles the Company's financial performance prepared in accordance with GAAP to the non-GAAP
financial measure of EBITDA (in thousands):

2013

For the Year Ended November 30,
2015

2016

2014

2017

45,292 $

67,379 $

56,634 $

76,338 $

110,823

27,784
(96 )
15,221
(75 )

33,233
(2,107 )
9,182
(5,380 )

34,308
(157 )
9,582
(730 )

47,731
(270 )
13,837
(12,896 )

(5,625 )

(1,220 )
11,633
(344 )

(9,434 )
78,692 $

(8,916 )
93,391 $

(14,060 )
85,577 $

(14,913 )
109,827 $

(19,111 )
96,156

93,989

90,352

94,727

102,156

109,733

16,607
4,851

10,148
471

16,015
1,393

2,905

(1,965 )

10,552

(429 )

21,500
215,639 $

22,000
216,362 $

32,050
229,762 $

25,900
238,823 $

25,450
241,462

Net Income (GAAP)
Adjustments:
Income taxes

Interest income

Interest expense

Other

Equity in net income from equity
investments

Operating Income (GAAP)
Adjustments:

Depreciation and amortization

Impairments/losses on retirements of
long-lived assets
Other Non-GAAP adjustments (1)
Cash distributions from equity
investments

EBITDA (non-GAAP)

(1) Other Non-GAAP adjustments include:

i. fiscal year 2013 adjustments related to carrying costs of our Staten Island property of approximately $2.8 million, a

legal judgment against us of approximately $0.5 million, and marketing and consulting costs related to the DAYTONA
Rising project, of approximately $1.5 million;

ii. 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;

iii. fiscal year 2015 adjustments related to marketing and other pre-opening costs for the DAYTONA Rising project, of

approximately $1.4 million;

iv. 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; and

v. fiscal year 2017 adjustments related to a legal settlement of approximately ($1.0) million and costs associated with the

ISM Raceway Redevelopment of approximately $0.6 million.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

Results of Operations

General

The general nature of our business is a motorsports themed amusement enterprise, furnishing amusement to the public in the
form of motorsports themed entertainment. We derive revenues primarily from (i) admissions to motorsports events and
motorsports themed amusement activities held at our facilities, (ii) revenue generated in conjunction with or as a result of
motorsports events and motorsports themed amusement activities conducted at our facilities, and (iii) catering, concession and
merchandising services during or as a result of these events and amusement activities.

“Admissions, net” revenue includes ticket sales for all of our racing events and other motorsports activities and amusements,
net of any applicable taxes.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 22

Table of Contents

“Motorsports and other event related” revenue primarily includes television and ancillary media rights fees, promotion and
sponsorship fees, hospitality rentals (including luxury suites, chalets and the hospitality portion of club seating), advertising
revenues, royalties from licenses of our trademarks, parking and camping revenues, track rental fees and fees paid by third
party promoters for management of non-motorsports events.

“Food, beverage and merchandise” revenue includes revenues from concession stands, direct sales of souvenirs, hospitality
catering, programs and other merchandise and fees paid by third party vendors for the right to occupy space to sell souvenirs
and concessions at our motorsports entertainment facilities.

Revenues derived from leasing space in our retail operations, including those at ONE DAYTONA, are included in "Other"
revenues.

Direct expenses include (i) NASCAR event management fees, (ii) motorsports and other event related expenses, which include
labor, advertising, costs of competition paid to sanctioning bodies other than NASCAR and other expenses associated with the
promotion of all of our motorsports and other events and activities, and (iii) food, beverage and merchandise expenses,
consisting primarily of labor and costs of goods sold.

Costs related to leasing space in our facilities and retail operations, including those at ONE DAYTONA, are included in "Other
operating expenses".

We receive distributions from the operations of our 50/50 joint venture in Kansas Entertainment, LLC (see "Equity and Other
Investments - Hollywood Casino at Kansas Speedway").

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of
contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. While our estimates and assumptions are based on conditions existing at and trends leading up to
the time the estimates and assumptions are made, actual results could differ materially from those estimates and assumptions.
We continually review our accounting policies, how they are applied and how they are reported and disclosed in the financial
statements.

The following is a summary of our critical accounting policies and estimates and how they are applied in the preparation of the
financial statements.

Basis of Presentation and Consolidation. We consolidate all entities we control by ownership of a majority voting interest and
variable interest entities, when applicable, for which we have the power to direct activities and the obligation to absorb losses.
Our judgment in determining if we consolidate a variable interest entity includes assessing which party, if any, has the power
and benefits. Therefore, we evaluate which activities most significantly affect the variable interest entities' economic
performance and determine whether we, or another party, have the power to direct these activities.

We apply the equity method of accounting for our investments in joint ventures and other investees whenever we can exert
significant influence on the investee but do not have effective control over the investee. Our consolidated net income includes
our share of the net earnings or losses from these investees. Our judgment regarding the level of influence over each equity
method investee includes considering factors such as our ownership interest, board representation and policy making decisions.
We periodically evaluate these equity investments for potential impairment where a decline in value is determined to be other
than temporary. We eliminate all significant intercompany transactions from financial results.

Revenue Recognition. Advance ticket sales and event-related revenues for future events are deferred until earned, which is
generally once the events are conducted. The recognition of event-related expenses is matched with the recognition of event-
related revenues.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 23

Table of Contents

of this arrangement, NASCAR retains 10.0 percent of the gross broadcast rights fees allocated to each Monster Energy
NASCAR Cup, Xfinity and Camping World Truck series event as a component of its sanction fees. We, as the promoter, record
90.0 percent of the gross broadcast rights fees as revenue and then record 25.0 percent of the gross broadcast rights fees as part
of its awards to the competitors. Ultimately, the promoter retains 65.0 percent of the net cash proceeds from the gross broadcast
rights fees allocated to the event.

Our revenues from marketing partnerships are paid in accordance with negotiated contracts, with the identities of partners and
the terms of sponsorship changing from time to time. Some of our marketing partnership agreements are for multiple facilities
and/or events and include multiple specified elements, such as tickets, hospitality chalets, suites, display space and signage for
each included event. The allocation of such marketing partnership revenues among the multiple elements, events and facilities
is based on relative selling price. The sponsorship revenue allocated to an event is recognized when the event is conducted.

Revenues and related costs from the sale of concessions and merchandise for motorsports and non-motorsports events are
recognized at the time of sale.

Minimum rental revenue from operating leases is recognized on a straight-line basis over the initial terms of the related leases.
Certain tenants are required to pay percentage rent if their sales volumes exceed thresholds specified in their lease agreements.
Percentage rent is recognized as revenue when the thresholds are achieved and the amounts become determinable.

The Company receives reimbursements from tenants for real estate taxes, insurance, common area maintenance and other
recoverable operating expenses as provided in the lease agreements. Tenant reimbursements are recognized when earned in
accordance with the tenant lease agreements. Tenant reimbursements related to certain capital expenditures are billed to tenants
over periods of 5 to 20 years and are recognized as revenue in accordance with the underlying lease terms.

Business Combinations. All business combinations are accounted for under the acquisition method. Whether net assets or
common stock is acquired, fair values are determined and assigned to the purchased assets and assumed liabilities of the
acquired entity. The excess of the cost of the acquisition over fair value of the net assets acquired is recorded as goodwill.
Business combinations involving existing motorsports entertainment facilities commonly result in a significant portion of the
purchase price being allocated to the fair value of the contract-based intangible asset associated with long-term relationships
manifest in the sanction agreements with sanctioning bodies, such as NASCAR and IMSA series. The continuity of sanction
agreements with these bodies has historically enabled the facility operator to host motorsports events year after year. While
some individual sanction agreements may have a term as short as one year, sanction agreements with NASCAR's national
touring series are five years in length and sanction agreements with IMSA are for a three year period. A significant portion of
the purchase price in excess of the fair value of acquired tangible assets is commonly paid to acquire anticipated future cash
flows from events promoted pursuant to these agreements which are expected to continue for the foreseeable future and
therefore, in accordance with ASC 805-50, “Business Combinations,” are recorded as indefinite-lived intangible assets
recognized apart from goodwill.

Capitalization and Depreciation Policies. Property and equipment are stated at cost. Maintenance and repairs that neither
materially add to the value of the property nor appreciably prolong its life are charged to expense as incurred. Depreciation and
amortization for financial statement purposes are provided on a straight-line basis over the estimated useful lives of the assets.
When we construct assets, we capitalize costs of the project, including, but not limited to, certain pre-acquisition costs,
permitting costs, fees paid to architects and contractors, certain costs of our design and construction subsidiary, property taxes
and interest.

We must make estimates and assumptions when accounting for capital expenditures. Whether an expenditure is considered an
operating expense or a capital asset is a matter of judgment. When constructing or purchasing assets, we must determine
whether existing assets are being replaced or otherwise impaired, which also is a matter of judgment. Our depreciation expense
for financial statement purposes is highly dependent on the assumptions we make about our assets’ estimated useful lives. We
determine the estimated useful lives based upon our experience with similar assets, industry, legal and regulatory factors, and
our expectations of the usage of the asset. Whenever events or circumstances occur which change the estimated useful life of an
asset, we account for the change prospectively.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 24

Table of Contents

During the fiscal years ended November 30, 2015, 2016 and 2017, we recorded before-tax charges as losses on retirements of
long-lived assets primarily attributable to costs to remove certain other long-lived assets located at our motorsports facilities
totaling approximately $16.0 million, $2.9 million and $10.6 million, respectively.

Interest costs associated with major development and construction projects are capitalized as part of the cost of the project.
Interest is typically capitalized on amounts expended using the weighted-average cost of our outstanding borrowings, since we
typically do not borrow funds directly related to a development or construction project. We capitalize interest on a project when
development or construction activities begin, and cease when such activities are substantially complete or are suspended for
more than a brief period.

Impairments / Losses on Retirements of Long-Lived Assets, Goodwill and Other Intangible Assets. Our consolidated balance
sheets include significant amounts of long-lived assets, goodwill and other intangible assets, which could be subject to
impairments / losses on retirements.

As of November 30, 2017, goodwill and other intangible assets and property and equipment account for approximately
$1.8 billion, or 80.5 percent of our total assets. We account for our goodwill and other intangible assets in accordance with
ASC 350, "Intangibles - Goodwill and Other", and for our long-lived assets in accordance with ASC 360, "Property, Plant and
Equipment".

We follow applicable authoritative guidance on accounting for goodwill and other intangible assets which specifies, among
other things, non-amortization of goodwill and other intangible assets with indefinite useful lives and requires testing for
possible impairment, either upon the occurrence of an impairment indicator or at least annually. We complete our annual testing
in our fiscal fourth quarter, based on assumptions regarding our future business outlook and expected future discounted cash
flows attributable to such assets (using the fair value assessment provision of applicable authoritative guidance), supported by
quoted market prices or comparable transactions where available or applicable.

While we continue to review and analyze many factors that can impact our business prospects in the future (as further
described in “Risk Factors”), our analysis is subjective and is based on conditions existing at, and trends leading up to, the time
the estimates and assumptions are made. Different conditions or assumptions, or changes in cash flows or profitability, if
significant, could have a material adverse effect on the outcome of the impairment evaluation and our future condition or
results of operations.

In connection with our fiscal 2017 assessment of goodwill and intangible assets for possible impairment we used the
methodology described above. We believe our methods used to determine fair value and evaluate possible impairment were
appropriate, relevant, and represent methods customarily available and used for such purposes. Our latest annual assessment of
goodwill and other intangible assets in the fourth quarter of fiscal 2017 indicated there had been no impairment and the fair
value substantially exceeded the carrying value for the respective reporting units.

In addition, our growth strategy includes investing in certain joint venture opportunities. In these equity investments we exert
significant influence on the investee but do not have effective control over the investee, which adds an additional element of
risk that could harm our operating results or financial condition. The carrying value of our equity investments were
$86.2 million at November 30, 2017.

Income Taxes. The tax law requires that certain items be included in our tax return at different times than when these items are
reflected in our consolidated financial statements. Some of these differences are permanent, such as expenses not deductible on
our tax return. However, some differences reverse over time, such as depreciation expense, and these temporary differences
create deferred tax assets and liabilities. Our estimates of deferred income taxes and the significant items giving rise to deferred
tax assets and liabilities reflect our assessment of actual future taxes to be paid on items reflected in our financial statements,
giving consideration to both timing and probability of realization. Actual income taxes could vary significantly from these
estimates due to future changes in income tax law or changes or adjustments resulting from final review of our tax returns by
taxing authorities, which could also adversely impact our cash flow.

In the ordinary course of business, there are many transactions and calculations where the ultimate tax outcome is uncertain.
Accruals for uncertain tax positions are provided for in accordance with the requirements of ASC 740, “Income Taxes.” Under

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this guidance, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax
position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax
benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a
greater than 50.0 percent likelihood of being realized upon the ultimate settlement. This interpretation also provides guidance
on de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities,
accounting for interest and penalties associated with tax positions, and income tax disclosures. Judgment is required in
assessing the future tax consequences of events that have been recognized in our financial statements or tax returns. Although
we believe the estimates are reasonable, no assurance can be given that the final outcome of these matters will not be different
than what is reflected in the historical income tax provisions and accruals. Such differences could have a material impact on the
income tax provision and operating results in the period in which such determination is made.

Contingent Liabilities. Our determination of the treatment of contingent liabilities in the financial statements is based on our
view of the expected outcome of the applicable contingency. In the ordinary course of business, we consult with legal counsel
on matters related to litigation and other experts both within and outside our Company. We accrue a liability if the likelihood of
an adverse outcome is probable and the amount of loss is reasonably estimable. We disclose the matter but do not accrue a
liability if the likelihood of an adverse outcome is reasonably possible and an estimate of loss is not determinable. Legal and
other costs incurred in conjunction with loss contingencies are expensed as incurred.

Equity and Other Investments

Hollywood Casino at Kansas Speedway

Kansas Entertainment, a 50/50 joint venture of Penn, a subsidiary of Penn National Gaming, Inc. and Kansas Speedway
Development Corporation (“KSDC”), a wholly owned indirect subsidiary of ISC, operates the Hollywood-themed casino and
branded destination entertainment facility, overlooking turn two at Kansas Speedway. Penn is the managing member of Kansas
Entertainment and is responsible for the operations of the casino.

We have accounted for Kansas Entertainment in our financial statements as an equity investment as of November 30, 2017. Our
50.0 percent portion of Kansas Entertainment’s net income was approximately $14.1 million, $14.9 million and $19.1 million
for fiscal years 2015, 2016 and 2017, respectively, and is included in equity in net income from equity investments in our
consolidated statements of operations.

Pre-tax distributions from Kansas Entertainment, for the year ended November 30, 2017, totaling $25.5 million, consist of
$20.3 million received as a distribution from profits included in net cash provided by operating activities on our statement of
cash flows; the remaining $5.2 million received was recognized as a return of capital from investing activities on our statement
of cash flows. We received total distributions of approximately $25.9 million and $32.1 million, in fiscal 2016 and 2015,
respectively.

Fairfield Inn Hotel at ONE DAYTONA

Since June 2013, we have pursued development of ONE DAYTONA, a premier mixed use and entertainment destination across
from Daytona International Speedway. Daytona Hotel Two, LLC ("Fairfield"), a joint venture of Daytona Hospitality Group II,
LLC ("DHGII"), a subsidiary of Prime-Shaner Groups, and Daytona Beach Property Holdings Retail, LLC ("DBR"), a wholly
owned indirect subsidiary of ISC, was formed to own, construct and operate a Fairfield Inn hotel. The hotel will be situated
within the ONE DAYTONA development. In June 2016, DBR contributed land to the joint venture as per the agreement.
DHGII is the managing member of the Fairfield and will be responsible for the development and operations of the hotel.

As per the partnership agreement, our 33.25 percent share of equity will be limited to our non-cash land contribution and we
will share in the profits from the joint venture proportionately to our equity ownership. We have accounted for the joint venture
in the Fairfield as an equity investment in our consolidated financial statements as of November 30, 2017. Our 33.25 percent
portion of the Fairfield’s net loss, from inception, through November 30, 2017 primarily consist of de minimis administrative
costs that are included in equity in net income from equity investments in our consolidated statements of operations. The
Fairfield began operations in December 2017.

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Autograph Hotel at ONE DAYTONA

Daytona Hotel One, LLC ("Autograph"), a joint venture of Daytona Hospitality Group, LLC ("DHG"), a subsidiary of Prime-
Shaner Groups, and DBR, was formed to own, construct and operate an Autograph hotel. The hotel, the Daytona, will be
situated within the ONE DAYTONA development. In June 2017, DBR contributed land to the joint venture as per the
agreement and vertical construction of the hotel has commenced and the hotel is expected to open in late 2018. DHG is the
managing member of the Autograph and will be responsible for the development and operations of the hotel.

As per the partnership agreement, our 34.0 percent share of equity will be limited to our non-cash land contribution and we will
share in the profits from the joint venture proportionately to its equity ownership. We have accounted for the joint venture in
Autograph as an equity investment in its consolidated financial statements as of November 30, 2017. Our 34.0 percent portion
of Autograph’s net loss, from inception, through November 30, 2017 primarily consists of de minimis administrative costs that
are included in net income from equity investments in our consolidated statements of operations.

Residential Project at One Daytona

As part of the ONE DAYTONA project, we have entered into an additional joint venture related to a residential component of
the ONE DAYTONA project (see "Liquidity and Capital Resources - ONE DAYTONA"), which is structured similarly to the
Fairfield and Autograph joint ventures, where our share of equity will be limited to our non-cash land contribution and we will
share in the profits from the joint venture proportionately to our equity ownership. As of November 30, 2017, no contributions
have been made towards the residential component of the ONE DAYTONA project.

DAYTONA Rising: Reimagining an American Icon

DAYTONA Rising is the redevelopment of the frontstretch at Daytona, ISC's 58-year-old flagship motorsports facility, to
enhance the event experience for our fans, marketing partners, broadcasters and the motorsports industry. The central
neighborhood, dubbed the "World Center of Racing," celebrates the history of Daytona International Speedway ("Daytona")
and its many unforgettable moments throughout more than 50 years of racing. Embracing Daytona's history in the racing
industry, Toyota, Florida Hospital, Chevrolet, Sunoco and Axalta joined as Founding Partners at Daytona International
Speedway's new motorsports stadium, with each partnership extending over 10 years. The Founding partners received
sponsorship rights for a dedicated injector, as well as innovative fan engagement space, and interior and exterior branding
space, that will enhance the overall guest experience.

Since the completion of DAYTONA Rising in January 2016, the DAYTONA 500 has sold out in 2016 and 2017. By providing
our fans with a better experience as well as an expansive platform for our marketing partners, including an elevated hospitality
experience, DAYTONA Rising provided an immediate incremental lift in Daytona's revenues and earnings, meeting our
expectations.

Staten Island Property

On August 5, 2013, we announced that we sold our 676 acre parcel of property located in Staten Island, New York, to Staten
Island Marine Development, LLC (“Marine Development”). Marine Development purchased 100 percent of the outstanding
equity membership interests of 380 Development LLC (“380 Development”), a wholly owned indirect subsidiary of ISC and
owner of the Staten Island property, for a total sales price of $80.0 million. In addition, we previously received approximately
$4.2 million for an option provided to the purchaser that is nonrefundable and does not apply to the $80.0 million sales price.

We received $7.5 million, less closing and other administrative costs, of the sales price at closing. The remaining sales price
was financed with us holding a secured mortgage interest in 380 Development as well as the underlying property. The mortgage
balance bore interest at an annual rate of 7.0 percent. In accordance with the terms of the agreement, we received a principal
payment of approximately $6.1 million plus interest on the mortgage balance through February 29, 2016.

In March 2016, we completed an assignment of all rights, title and interest in the mortgage and underlying promissory note to
an affiliate of Matrix Development Group, a New York/New Jersey area developer, and received the remaining principal
balance of $66.4 million, plus additional consideration of approximately $0.3 million. We have no further commitments or
contingencies related to the property or its sale. As a result, in the second quarter of fiscal 2016, we recorded a gain of

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approximately $13.6 million. The deferred gain of $1.9 million was included in Other operating revenue in our consolidated
statement of operations for fiscal 2016, and the interest, and additional consideration, received is included in Other in our
consolidated statement of operations for fiscal 2016.

The net proceeds from the sale, combined with the mortgage interest and related cash tax benefits, has provided us with
approximately $129.8 million in cash through the term of the mortgage.

Income Taxes

The principal causes of the decreased effective income tax rate, as compared to the statutory income tax rate, for the fiscal
years ended November 30, 2015 and 2016 is due to reductions in certain state tax rates. The principal cause of the decreased
effective income tax rate, as compared to the statutory income tax rate, for the fiscal year ended November 30, 2017 is due to a
non-recurring tax benefit associated with the worthlessness of our investment in Motorsports Authentics, Inc. ("MA"),
discussed below.

We determined that our stock investment in MA had become worthless under the U.S. federal income tax rules relating to
worthless securities for the fiscal year ended November 30, 2017. Although we had previously reduced the carrying value of
the investment to $0 in fiscal 2009, operations continued through August 2017, when management and the board of MA
decided to cease operations and liquidate MA.

In the third quarter of fiscal 2017, we recorded a deferred tax asset of $48.2 million representing the tax benefit associated with
the basis in the shares of MA that was not previously required to be recorded in the deferred assets, as it represents the outside
basis difference in the shares of a subsidiary not previously held for sale. The basis in MA used to calculate the tax benefit is
approximately $122.2 million.

In the fourth quarter of fiscal 2017, we completed our analysis and determined the loss qualifies as an ordinary loss for
federal income tax purposes. As a result of the worthlessness of MA stock and this analysis, we recognized an income tax
benefit of approximately $48.2 million for the period ending November 30, 2017. Management believes that it is more
likely than not that the Company has sufficient taxable income to fully utilize these tax losses.

In fiscal 2017, we also impaired $2.1 million of deferred tax assets, resulting in a charge to income tax expense, related to
federal loss carryforwards.

As a result of the above items, the Company’s effective income tax rate, for the fiscal years ended November 30, 2015, 2016
and 2017,were approximately 37.7 percent, 38.5 percent and (5.3) percent, respectively.

In December 2015, Congress passed the Protecting Americans from Tax Hikes Act which included a retroactive renewal
back to January 1, 2015 of the previously expired tax legislation. The Act extended accelerated depreciation on qualified
capital investments placed into service. This bonus depreciation provision is 50.0 percent for qualifying assets placed into
service from 2015 through 2017, 40.0 percent for qualifying assets placed into service in 2018, and 30.0 percent for
qualifying assets placed into service in 2019. The impact of this tax legislation did not affect our fiscal 2016 and 2017
effective tax rate.

On December 22, 2017, Congress signed into law the Tax Cut and Jobs Act of 2017. The tax law includes significant
changes to the U.S. corporate tax systems including a rate reduction from 35.0 percent to 21.0 percent beginning in
January of 2018, the elimination of the corporate alternative minimum tax, and the acceleration of depreciation for US tax
purposes. In accordance with ASC 740 the impact of a change in tax law is recorded in the period of enactment. During
the first quarter of 2018 we expect to record a material, non-cash, change in our deferred income tax liability with a
corresponding material income tax benefit.

Future Trends in Operating Results

International Speedway Corporation ("ISC" or the "Company") is the leading owner of major motorsports entertainment
facilities and promoter of motorsports-themed entertainment activities in the United States. We compete for discretionary
spending and leisure time with many other entertainment alternatives and are subject to factors that generally affect the
recreation, leisure and sports industry, including general economic conditions. Our operations are also sensitive to factors that
affect corporate budgets. Such factors include, but are not limited to, general economic conditions, employment and wage

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levels, business conditions, interest and taxation rates, relative commodity prices, and changes in consumer tastes and spending
habits.

Looking to the future, we believe positive trends in the broader U.S. economy coupled with ISC and the industry's long-term
strategies will provide an environment for improved attendance-related and corporate partnership revenues. NASCAR secured
its broadcast rights through the 2024 season, which benefits our entire industry. Consistent with major sports properties
throughout the world, broadcast rights represent our company's largest revenue segment. Expanding and extending this
contracted revenue will provide us long-term cash flow visibility. Management believes the strategic initiatives and investments
our Company and the motorsports industry have undertaken will continue to grow the sport and strengthen the long-term health
of our Company.

The industry and its stakeholders have demonstrated their commitment to growing the sport by aligning with and executing
upon growth initiatives supporting NASCAR's industry-wide strategic plan. NASCAR's stated objective is to build upon
NASCAR's appeal by enhancing the connection with existing fans, as well as attracting and engaging new, long-term consumer
demographics. The industry plan's focus areas include building greater product relevance, cultivating driver star power,
growing social media activities and enhancing the event experience.

As part of the industry plan, NASCAR implemented several innovations focused on improving the on-track product and
increasing it's appeal to our fans. These include the following:

• Refined aerodynamic and downforce specifications that provide the driver greater control of the car;

• Knockout group qualifying formats;

• Overtime rules to address races that previously ended while under caution;

• Enhancements to the NASCAR's Playoffs, including elimination rounds leading up to the Championship event for the

three national touring series; and

• Three stage racing format, similar to quarters or halves in other sports.

In January 2014, NASCAR announced a new championship format that puts greater emphasis on winning races throughout the
season and expands the current playoff field to 16 drivers. For fiscal 2016, the playoff format was expanded to both Xfinity
and Camping World Truck series events, qualifying 12 drivers and 8 drivers, respectively. The playoff implements a round-by-
round advancement format that ultimately rewards a battle-tested, worthy champion. The format makes each race matter even
more, de-emphasizes points racing, puts a premium on winning races and concludes with a best-of-the-best, first-to-the-finish
line showdown race.

In the 2017 NASCAR season, the stage based racing format, which breaks the race approximately into thirds, was announced
with several goals in mind. First, it provides three periods of racing with natural breaks during the race for fans. Second, the
stages are scored independently with points awarded for finishing in each stage that contribute toward the Championship.
While the greatest amount of points are awarded for ultimately winning the race, the format provides a strong incentive for the
drivers to compete throughout the race rather than waiting until later in the race, which raises the level of excitement
throughout for the viewing audience.

Industry and fan feedback regarding the appeal of these changes has been positive, with a vast majority of fans embracing the
format enhancements. We anticipate continued favorable momentum at our future Playoff-related events as we move forward.

We support NASCAR's industry strategy on a number of fronts. We have committed to improving our major motorsports
facilities to enhance guest experiences and create stronger fan engagement. Specifically, one of the most ambitious and
important projects in our history is the redevelopment of the frontstretch of the Daytona International Speedway, the
Company's 58-year-old flagship motorsports facility. The new Daytona International Speedway is the world's first and only
motorsports stadium featuring unique experiences for our guests and new innovative marketing platforms for our corporate
partners, broadcasters and industry stakeholders. Fan and stakeholder feedback was overwhelmingly positive and financial
results in 2016 and 2017 exceeded expectations from the project. We believe that elevating the experience at Daytona will
continue to drive further growth for the DAYTONA 500 brand, our 12 other major motorsports facilities' brands and
NASCAR's brand. We also believe that this strategic project will positively influence attendance trends, corporate involvement
in the sport, and long-term strength of future broadcast media rights revenues.

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In early 2017, we announced, as part of our strategic plan and capital allocation strategy (See "Capital Improvements" and
"Growth Strategies"), that the ISC Board of Directors approved a project to redevelop the grandstands and infield for Phoenix
Raceway, known as The ISM Raceway Project Powered by DC Solar ("ISM Raceway Redevelopment") (see "Liquidity and
Capital Resources - The ISM Raceway Project Powered by DC Solar"). The project's cost is approximately $178.0 million and
addresses critical facility maintenance, enhances the fan experience, provides valuable marketing assets for new sponsorship
opportunities, and creates updated infield amenities including a new 'FanZone' where fans can view firsthand drivers and crews
setting up their cars before the race. Phoenix is an attractive asset in our portfolio of tracks with a number of key attributes that
include two major NASCAR Cup series weekends, including the second to the last Monster Energy NASCAR Cup Series event
in the playoffs, and a fan-favorite, unique racetrack configuration in the twelfth major media market. Phoenix is an attractive,
but competitive, marketplace and affords our facility an exciting opportunity to grow its brand, enhance the facility and guest
experience and provide a sustainable financial return. In late September 2017, Phoenix Raceway and ISM Connect, a pioneer in
smart venue technology, announced a multi-year partnership that includes naming rights for the Raceway’s modernized venue
as well as the installation of a groundbreaking digital fan engagement experience. Beginning in 2018, the venue is now known
as ISM Raceway.

Admissions

Creating excess demand for live event attendance while providing the optimal supply of high-quality seating inventory is an
important aspect of our operating strategy. By effectively managing both ticket prices and seating capacity over a variety of
customer segments, we have historically stimulated greater ticket renewals and driven advance ticket sales.

Driving advance ticket sales provides us many benefits such as earlier cash inflow and reducing the potential negative impact
of actual or forecasted inclement weather. When evaluating ticketing initiatives, we first examine our ticket pricing structure for
each segmented seating area and/or offering within our major motorsports entertainment facilities to ensure prices are
congruent with market demand. When determined necessary, we adjust ticket pricing. We believe our ticket pricing philosophy
appropriately factors current demand and provides attractive price points for all income levels and desired fan experiences.

It is important that we maintain the integrity of our ticket pricing model by ensuring our customers who purchase tickets during
the renewal period get preferential pricing. We do not adjust pricing downward inside of the sales cycle to avoid rewarding last-
minute ticket buyers by discounting tickets. Further, we closely monitor and manage the availability of promotional tickets.
Encouraging late cycle buying and offering excess promotional tickets could have a detrimental effect on our ticket pricing
model and the long-term value of our business. We believe it is more important to encourage advance ticket sales and maintain
price integrity to achieve long-term growth rather than to capture short-term incremental revenue at the expense of our
customers who purchased tickets during the renewal period. We continue to implement innovative ticket pricing strategies to
capture incremental admissions revenue including ticket price increases over time as the event nears and adjusting pricing of
specific seats within a section or row with desirable attributes and greater demand.

To provide our guests with the best fan experience possible, we have improved fan amenities such as wider seating, increased
access to social zones, which promote greater fan interaction/engagement, and adjusted sight lines for better viewing. Based on
our experience, and the continual evolution of modern sports facilities, ticket demand relies strongly on creating a more
personal experience for the fans. Enhancing the live event experience to differentiate it from the at-home television viewing
experience, is a critical strategy for our future growth. Other benefits derived from capacity management include:

•

improved pricing power for our events;

enticing more customers to renew or purchase tickets earlier in the sales cycle;

increasing customer retention;

• driving greater attendance to our lead-in events, such as NASCAR's Xfinity and Camping World Truck series events;

•

ability to re-purpose and monetize certain areas of the facility to its highest and best use;

• generating stronger interest from corporate sponsors; and

•

creating a more visually compelling event for the television audience.

Other key strategic focus areas designed to build fan engagement and augment the live-event experience include providing
enhanced at-track audio and visual experiences, additional and improved concession and merchandise points-of-sale, creating
more interactive social zones and offering greater wireless connectivity. We continuously monitor market demand, evaluate

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customer feedback, and explore next generation live-sports entertainment fan amenities, all of which could further impact how
we manage capacity and spend capital at our major motorsports facilities.

Corporate Partnerships

The power of the NASCAR brand along with its brand/product loyal fan base creates a highly attractive platform for corporate
participation. The participation of FORTUNE 500 companies in NASCAR is greater than in any other sports property with
more than one in four FORTUNE 500 companies invested in NASCAR, and nearly half of the FORTUNE 100 listed
companies leverage NASCAR within their marketing strategy. The number of FORTUNE 500 companies investing in
NASCAR has either grown or sustained for the last five consecutive years and is currently up nearly 30 percent over 2008. We
anticipate this high-level of corporate interest will continue considering the appealing characteristics of our sport such as
presence in key metropolitan statistical areas, the near year-round event schedule, our impressive portfolio of major
motorsports events and attractive NASCAR fan demographics.

Even as companies demand more return on their marketing dollar, our company is focused on delivering an enhanced value
proposition through our strategic initiatives. This includes enhanced facilities, more frequent and diverse content at our
facilities, and deeper understanding of and integration with our corporate partners' business, among other things.

In 2017, Monster Energy replaced Sprint as only the third sponsor of NASCAR's premiere series. The partnership established a
new brand identity for NASCAR's historically premiere racing series, that is modern, yet embraces the heritage of NASCAR
racing. Monster Energy's first year as NASCAR premiere series entitlement partner was a rousing success and exceeded
sponsorship metrics across the board.

As of January 2018, we have sold all but three Monster Energy NASCAR Cup race entitlements, all but two NASCAR Xfinity
series entitlements, and all except two NASCAR Camping World Truck series entitlements. For fiscal 2018, we have
agreements in place for approximately 75.0 percent of our gross marketing partnership revenue target. This is compared to
fiscal 2017 at this time when we had approximately 76.0 percent of our gross marketing partnership revenue target sold and had
entitlements for two Monster Energy NASCAR Cup, three NASCAR Xfinity, and one NASCAR Camping World Truck series
entitlements either open or not announced. With the vast majority of our event entitlements secured, we can focus more
resources on official status categories, which will better position us to meet our gross marketing partnership revenue target for
fiscal 2018.

For DAYTONA Rising, we secured five long-term founding partnerships with Toyota, Florida Hospital, Chevrolet, Sunoco, and
Axalta, all of which meet or exceed ten year relationships. We continue to be pleased with corporate sales organic growth and
sales driven by strong corporate demand from DAYTONA Rising, which opened in fiscal 2016. In Phoenix, we secured two
long-term partnerships with DC Solar and ISM Connect. DC Solar sponsored the project construction phase and ISM became
the Raceway's naming rights partner (see "Liquidity and Capital Resources - The ISM Raceway Project Powered by DC
Solar"). The longer deal terms provide solid long-term contracted income visibility, allows our sales team to focus on
incremental revenue generation and allows our partners more time to benefit from sponsor activation.

Television Broadcast and Ancillary Media Rights

Domestic broadcast and ancillary media rights fees are ISC's largest revenue source, accounting for approximately 50.2 percent
of 2017 total revenues.

In August 2013, NASCAR finalized multi-platform broadcast rights agreements with NBCUniversal (“NBC”) and FOX
Broadcasting Company ("FOX") for 10 years, beginning in 2015 through the 2024 season, for the broadcast and related rights
for NASCAR's three national touring series. Financial terms were not disclosed, but leading industry sources estimate the
combined agreements value at approximately $8.2 billion over the 10 years. The agreements include Spanish-language rights
and the rights to stream authenticated NASCAR content over the broadcasters' affiliated digital platforms. The streaming
and/or video-on-demand rights are often referred to as 'TV Everywhere' rights in the broadcast industry. These rights are
important to the broadcasters, who can monetize alternative digital delivery methods of NASCAR content, and address the
shifting ways people consume live sports content.

FOX has exclusive rights to the first 16 Monster Energy NASCAR Cup Series point races beginning each year with the
prestigious DAYTONA 500. In addition, FOX retains the rights to the NASCAR Cup Series All-Star Race, The Advance Auto

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Parts Clash, Can-Am Duel, 14 NASCAR Xfinity Series events and the entire NASCAR Camping World Truck Series. NBC has
exclusive rights to the final 20 Monster Energy NASCAR Cup Series point's races including NASCAR’s Playoffs, final
19 NASCAR Xfinity Series events, select NASCAR Regional & Touring Series events and other live content beginning in
fiscal 2015. In fiscal 2018, NASCAR will have 17 Monster Energy NASCAR Cup races on network television, the same as
fiscal 2017.

NASCAR's solid ratings, the strong demand for live sports programming and the proliferation of on-demand content were
significant factors leading up to 2013, enabling NASCAR to sign a lucrative10 year broadcast agreement in 2013.

In August 2013, FOX debuted its 24-hour Fox Sports 1 network to compete with ESPN. Fox Sports 1 is available in
approximately 84 million television households. In addition to NASCAR, Fox Sports 1 has deals for Major League Baseball,
college football and basketball, Ultimate Fighting Championship, Major League Soccer, United States Golf Association, as well
as other sports. Fox Sports 1 represents the latest in the long migration of marquee sports from broadcast television to
cable/satellite, which generally can support a higher investment due to subscriber fees that are not available to traditional
networks. In 2017, Fox Sports 1 broadcast six live Monster Energy NASCAR Cup points events and ten NASCAR Xfinity
events. NASCAR events and content are consistently among the highest rated programming on Fox Sports 1.

In January 2, 2012, NBC Sports Network (NBCSN) was re-branded to align NBC owned sports channels with its NBC sports
division, which consists of a unique array of sports assets, including NBC Sports, NBC Olympics, NBC Sports Network
("NBCSN") , Golf Channel, 10 NBC Sports Regional Networks, NBC Sports Radio and NBC Sports Digital (Sports Live
Extra). NBCSN is available in approximately 84 million pay television homes. NBC Sports Group possesses an unparalleled
collection of television rights agreements, and in addition to NASCAR partners with some of the most prestigious sports
properties in the world including the International Olympic Committee and United States Olympic Committee, the NFL, NHL,
PGA TOUR, The R&A, PGA of America, Churchill Downs, Premier League, Tour de France, French Open, Formula One,
IndyCar and many more. In 2017, NBCSN broadcast thirteen Monster Energy NASCAR Cup events and fourteen NASCAR
Xfinity events, which represented some of the highest rated programming for NBCSN.

NASCAR continues to deliver strong audiences in a changing media consumption environment. Even as fans of all sporting
events choose to consume content through digital and social media alternatives in addition to television viewing, NASCAR's
live television draw is powerful. NASCAR Cup events ranked as the number one or two sports broadcast of the weekend
22 times during the 2017 season, or five times more than in 2016, During 2017, NASCAR's premier series events averaged
approximately 4.1 million viewers tuned in per minute with approximately 58.0 million total unique television viewers which
among sports properties was behind only the NFL

At the beginning of the 2017 NASCAR season, the Daytona 500 proved once again why it is the premiere and most significant
motorsports event in the world. The race coverage and consumption garnered a 6.6 rating with an average of 11.9 million
viewers tuning in per minute, growing viewership approximately 5.0 percent year-over-year. In addition to the overall
viewership, the Daytona 500 delivered positive viewership gains across key demographics such as 16.0 percent audience
increase in adults age 18 to 34. The race generated the largest millennial audience since 2013.

During the 2017 season, ratings on FOX declined versus prior year, paralleling the general trend in 2017 for sports viewership
and television media consumption of other marquee sports properties driven by declining numbers of households using
television. In addition, total media consumption metrics that measure all consumption channels are as yet unavailable. In spite
of these headwinds, Fox Sports 1 NASCAR ratings increased approximately 3.8% versus 2016 demonstrating the value the
NASCAR product brings to the sports network.

In the second half of the 2017 season, NASCAR Cup Races on NBC and NBCSN began with a successful kickoff in Daytona
for the July NASCAR weekend resulting in the most-watched summer Daytona race since 2011, with 5.7 million viewers.
Some significant 2017 season highlights for NBCSN include the number one most watched NBCSN telecast on record for the
Brickyard 400 Cup event, and NASCAR Cup races now account for the five most watched telecasts ever on that network.
Finally, the NASCAR Cup Championship race from Miami was the second most-watched NASCAR season championship
since 2011 and at peak recorded 8.4 million viewers per minute.

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Domestic broadcast media rights fees provide significant cash flow visibility to us, race teams and NASCAR over the contract
term. Television broadcast and ancillary rights fees received from NASCAR for the NASCAR Cup, Xfinity and Camping
World Truck series events conducted at our facilities under these agreements, and recorded as part of motorsports related
revenue, were approximately $314.5 million, $325.1 million and $337.4 million for fiscal 2015, 2016 and 2017, respectively.
Operating income generated by these media rights were approximately $228.4 million, $236.7 million and $245.7 million for
fiscal 2015, 2016 and 2017, respectively.

As media rights revenues fluctuate so do the variable costs tied to the percentage of broadcast rights fees required to be paid to
competitors as part of NASCAR Cup, Xfinity and Camping World Truck series sanction agreements. NASCAR event
management fees ("NEM" or “NASCAR direct expenses”) are outlined in the sanction agreement for each event and are
negotiated in advance of an event. As previously discussed, included in these NASCAR direct expenses are amounts equal to
25.0 percent of the gross domestic television broadcast rights fees allocated to our NASCAR Cup Cup, Xfinity and Camping
World Truck series events, as part of NASCAR event management fees (See “Critical Accounting Policies and Estimates -
Revenue Recognition”). The NASCAR event management fees are contracted from 2016 through 2020 under the five-year
sanction agreements (see Sanctioning Bodies) and paid to NASCAR to contribute to the support and growth of the sport of
NASCAR stock car racing through payments to the teams and sanction fees paid to NASCAR. As such, we do not expect these
costs to materially decrease in the future as a percentage of admissions and motorsports related income.

Digital Media

In 2017, the broader media landscape continued its evolution as a result of changing customer consumption habits. The rise of
alternative distribution channels has propelled media companies to establish new technology partners/platforms to address
these changes. A September 2017 Price Waterhouse Coopers Sports survey identified three sports media market 'disruptors' to
be as follows:

• new content delivery platforms such as 'OTT' (over the top), digital media, and applications;

• growth in use of mobile described as "ubiquitous access to sports content"; and

•

rights holders establishing direct fan relationships via proprietary TV channels, social media, etc.

NASCAR's media strategy includes development and distribution of rich/dynamic content through all ways people consume
media, whether traditional linear television broadcast, dynamic web/mobile content such as NASCAR.com, and/or through
social-media channels. NASCAR takes a balanced approach to measure the 'total audience' media consumption with metrics
tracking television, digital, and social media channel consumption.

On the digital distribution front, NASCAR continually enhances NASCAR.com and NASCAR Mobile applications to
strengthen the Industry's digital presence and drive enhanced fan engagement. Additionally, NASCAR continues to learn from
the Fan and Media Engagement Center, a powerful tool used to better understand digital conversations and optimize
engagement with the social community.

The 2017 Daytona 500 solidified the importance of digital and social channels as a means to consume and engage NASCAR.
A few key digital/social performance highlights from that race are as follows:

• Digital sites generated approximately 2.5 million race day visits, up approximately 47.0 percent compared to last year.
The newly redesigned Race Center was the leading product consumed, with more than 73 thousand visits per hour;

• For NASCAR mobile, usage increased approximately 27.0 percent over prior year;

• NASCAR Digital also saw an approximate 36.0 percent race day lift in traffic from Mexico, led by interest in young

driver Daniel Suarez;

• On social channels, 2.2 million people engaged with content about the race making it the most socially engaging

television program of that week, behind only the Oscars; and

• Overall, there were 51.3 million race day social impressions.

During the 2017 season, NASCAR Digital Platforms (NASCAR.com, NASCAR Mobile web and NASCAR Mobile
applications) continued delivering strong growth with approximately 1.7 million average unique visitors per race day, equaling

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approximately seven percent growth year over year. Visits to these platforms represents about two thirds of all NASCAR
content consumed online, and almost three quarters of all visitors access via mobile. Additionally, NASCAR’s social metrics
continue demonstrating growth versus prior year and has generated an average of approximately 23 million race day
impressions each event for the 2017 season to date. The strong growth in digital and social channels illustrates the changing
way fans consume content and is evidence of the continued interest and engagement by NASCAR's audience.

We are encouraged by the growing reach and engagement that is a direct result of our industry's strategic initiatives. We expect
these channels to continue to grow and believe the industry is well positioned to monetize these channels as our fans (mirroring
society-at-large) consume more content in non-traditional ways.

Along with NASCAR, we closely monitor changes in the television and media landscape. As the media landscape continues to
evolve we believe we are well positioned to navigate because of our long-term partnerships with industry leaders FOX and
NBC, who own the rights to digital distribution of NASCAR content through the current broadcast agreement through 2024.
Collectively we view the shifts in media consumption as positives for consumers and provides our sport the opportunity to
develop and deliver compelling content in rich and diverse ways to interact with our fans. In addition, NASCAR continuously
monitors the broadcast environment and seeks to maximize its return on content with our partners and for the industry
stakeholders.

Sanctioning Bodies

Our success has been, and is expected to remain, dependent on maintaining good working relationships with the organizations
that sanction events at our facilities, particularly with NASCAR, whose sanctioned events at our wholly owned facilities
accounted for approximately 89.3 percent of our revenues in fiscal 2017. NASCAR continues to entertain and discuss proposals
from track operators regarding potential realignment of their portfolio of NASCAR Cup series dates to more geographically
diverse and potentially more desirable markets where there may be greater demand, resulting in an opportunity for increased
revenues to the track operators. We believe that realignments have provided, and will continue to provide, incremental net
positive revenue and earnings as well as further enhance the sport's exposure in highly desirable markets, which we believe
benefits the sport's fans, teams, sponsors and television broadcast partners as well as promoters.

In October 2015, we entered into five year sanction agreements with NEM, an affiliate of NASCAR, for the promotion of the
Company’s inventory of NASCAR Cup, Xfinity and Camping World Truck Series events. In fiscal 2017, we conducted
21 NASCAR Cup Series events, 14 NASCAR Xfinity Series events, and 9 NASCAR Camping World Truck Series events.
Each Sanction Agreement is for a term of five years, through 2020. Other than the term, the Sanction Agreements are
substantially similar to those entered into in previous years. The Sanction Agreements contain annual increases of between
3.0 percent and 4.0 percent in media rights fees for each sanctioned event conducted, and provide a specific percentage of
media rights fees to be paid to competitors. The Sanction Agreements also provide for annual increases in sanction fees and
non-media rights related prize and point fund monies (to be paid to competitors) of approximately 4.0 percent annually over the
term of the Sanction Agreements. NASCAR and NEM are controlled by members of the France Family Group which controls
approximately 74.1 percent of the combined voting power of the outstanding stock of the Company, as of November 30, 2017,
and some members of which serve as directors and officers of International Speedway Corporation. The Company strives to
ensure, and management believes that, the terms of the Sanction Agreements transactions are reasonable. Collectively, the
media rights fees, sanction fees and non-media prize and point fund fees that we pay are referred to as NASCAR Event
Management fees.

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Operating Margins

The company exhibits financial discipline with a focus on maintaining or growing operating margins. Management has
sustained cost reductions implemented in previous years and continuously pursues new initiatives that improve our operating
efficiency without negatively impacting the guest experience. We do this primarily by leveraging our scale or evaluating
opportunities to source work with best in class operators. From time to time, our business evaluates incremental profit
opportunities that may or may not equal the same operating margin as the overall company margin, but with comparable
business our objective is to sustain or grow business margins.

Capital Improvements

Enhancing the live event experience for our guests is a key strategic pillar to drive future growth. We compete for the
consumers' discretionary dollar with other entertainment options such as concerts and other major sporting events not just
motorsports events. In addition, fans continue to demonstrate willingness to pay for more unique, immersive, and segmented
experiences that cannot be duplicated at home. Today's consumer wants improved traffic flow, comfortable and wider seating,
clean and available restroom facilities, more points of sale, enhanced audio and visual engagement, social zones and greater
connectivity. Providing these enhancements often requires capital reinvestment.

We are confident that our focus on driving incremental earnings by improving the fan experience leads to increased ticket sales
and better ticket pricing power, growth in sponsorship and hospitality sales, solidifying prospects for longer-term growth in
broadcast media rights fees agreements, and greater potential to capture market share. We remain confident that by continuing
to smartly reinvest to create memorable guest experiences, provide attractive pricing and fantastic racing, we will generate
increased revenues and bottom-line results. This has most recently been evident in the success of our redevelopment of the
frontstretch at Daytona International Speedway.

While we focus on allocating our capital to generate returns in excess of our cost of capital, certain of our capital improvement
investments may not provide immediate, directly traceable near term positive returns on invested capital, but over the longer
term, will better enable us to effectively compete with other entertainment venues for consumer and corporate spending. See
Capital Allocation in Liquidity and Capital Resources section of Management's Discussion and Analysis for a complete
discussion of how capital improvements at existing facilities integrates into our overall capital allocation.

Growth Strategies

Our growth strategies continuously explore ways to grow our businesses through acquisitions and external developments that
offer attractive financial returns and leverage our core competencies. A prime example is our partnering with Penn National
Gaming, Inc. in a 50/50 joint venture to develop and operate a Hollywood-themed and branded entertainment destination
facility overlooking turn two of Kansas Speedway (see “Hollywood Casino at Kansas Speedway”).

The Hollywood Casino at Kansas Speedway provides positive cash flow to us and positive equity income in our consolidated
statement of operations for fiscal 2015, 2016 and 2017. We expect for our 2018 fiscal year that our share of the cash flow from
the casino's operations will be approximately $26.0 million to $27.0 million dollars.

Since June 2013, we have pursued development of ONE DAYTONA, a premier mixed use and entertainment destination across
from the Daytona International Speedway, which has crafted a strategy that will create synergy with the Speedway, enhance
customer and partner experiences, monetize real estate on International Speedway Blvd. and leverage our real estate on a year-
round basis. As of November 30, 2017, our anchor tenants, Cobb Daytona Luxury Theatres and Bass Pro Shops, as well as
Guitar Center have been open and operating. The Fairfield Inn & Suites, P.F. Chang’s and IT'SUGAR opened in December
2017. We are targeting substantial completion of the remaining retail, dining and entertainment locations in early fiscal 2018
and completion of The Daytona in late fiscal 2018 (see “Liquidity and Capital Resources - ONE DAYTONA”).

We remain interested in pursuing further ancillary developments at certain of our other motorsports facilities which enhance
our core business, are market-driven, and provide a prudent return on investment.

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Current Operations Comparison

The following table sets forth, for each of the indicated periods, certain selected statement of operations data as a percentage of
total revenues:

Revenues:

Admissions, net
Motorsports and other event related
Food, beverage and merchandise
Other

Total revenues

Expenses:

Direct:

NASCAR event management fees
Motorsports and other event related
Food, beverage and merchandise

Other operating expenses
General and administrative
Depreciation and amortization
Losses on retirements of long-lived assets

Total expenses

Operating income
Interest expense, net
Other
Equity in net income from equity investments

Income before income taxes
Income taxes

Net income

For the Year Ended

2015

2016

2017

20.2 %
70.0
7.3
2.5
100.0

26.0
20.3
6.0
0.1
17.2
14.7
2.4
86.7
13.3
(1.5 )
0.1
2.2
14.1
5.3
8.8 %

18.7 %
72.2
6.3
2.8
100.0

26.0
20.2
4.6
0.1
16.6
15.5
0.4
83.4
16.6
(2.1 )
2.0
2.3
18.8
7.2
11.6 %

18.1 %
73.2
6.2
2.5
100.0

26.6
20.0
4.4
0.2
16.6
16.3
1.6
85.7
14.3
(1.5 )
0.1
2.8
15.7
(0.8 )

16.5 %

Comparison of Fiscal 2017 to Fiscal 2016

The comparison of fiscal 2017 to fiscal 2016 is impacted by the following factors:

•

In the first quarter of fiscal 2017, we hosted the Ferrari World Finals at Daytona International Speedway ("Daytona"),
for which there was no comparable event in fiscal 2016;

In the second quarter of fiscal 2017, the Hollywood Casino at Kansas Speedway began recognizing a reduction in
depreciation expense as a result of certain assets that have been fully depreciated as compared to the same period in the
prior year. For the fiscal year ended November 30, 2017, our 50.0 percent share of the reduction in depreciation
expense was approximately $4.0 million;

In fiscal 2017, we recognized approximately $0.6 million, or $0.01 per diluted share, in non-recurring, pre-opening
costs that are included in general and administrative expense related to the ISM Raceway Redevelopment that could not
be capitalized. During fiscal 2016, we recognized approximately $0.8 million, or $0.01 per diluted share, of similar
costs, predominately related to DAYTONA Rising;

• During fiscal 2017, we recognized approximately $6.2 million, or $0.08 per diluted share, of accelerated depreciation

that was recorded due to shortening the service lives of certain assets associated with the ISM Raceway Redevelopment
and certain other capital improvements. There were no comparable costs during fiscal 2016;

•

In fiscal 2017, we recognized approximately $10.3 million, or $0.14 per diluted share, of mostly non-cash losses
associated with asset retirements and demolition and/or asset relocation costs in connection with capacity optimization
initiatives and other facility capital improvements. Included in these losses were approximately $0.9 million of
expenditures related to demolition and/or asset relocation costs. The remaining charges were non-cash charges. During

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fiscal 2016, we recognized approximately $2.9 million, or $0.04 per diluted share, of similar charges, in connection
with DAYTONA Rising and capacity optimization initiatives. Included in these losses were approximately $0.5 million
of expenditures related to demolition and/or asset relocation costs, the remaining charges were non-cash charges;

• During fiscal 2017, we capitalized approximately $3.9 million, or $0.05 per diluted share, of interest related to ONE

DAYTONA and the ISM Raceway Redevelopment. During fiscal 2016, we recognized approximately $1.5 million, or
$0.02 per diluted share, of similar interest capitalization related to ONE DAYTONA and DAYTONA Rising;

• During fiscal 2016, we completed an assignment of all rights, title and interest in the mortgage and underlying

promissory note of our Staten Island property. As a result, we recorded a gain of approximately $13.6 million, or
0.18 per diluted share, comprised of deferred gain, interest, and other consideration paid. The deferred gain of
$1.9 million is included in Other operating revenue in our consolidated statement of operations, and the interest, and
additional consideration, received is included in Other in our consolidated statement of operations (see "Equity and
Other Investments”). There was no comparable transaction in fiscal 2017;

• During fiscal 2016, we recognized a non-cash gain related to the transition of merchandise operations of approximately

$0.8 million, or $0.01 per diluted share. There was no comparable transaction in fiscal 2017; and,

•

In fiscal 2017, we recorded a non-recurring net tax benefit of approximately $46.0 million, or $1.03 per diluted share,
including approximately $48.2 million, or $1.09 per diluted share, associated with the worthlessness of our investment
in Motorsports Authentics, Inc., partially offset by an impairment of a deferred tax asset of approximately $2.1 million,
or $0.04 per diluted share (see "Income Tax"). There was no comparable transaction in fiscal 2016.

Fiscal 2017 admissions revenue decreased approximately $2.0 million, or 1.6 percent compared to fiscal 2016. The decrease is
substantially due to the lower attendance for certain NASCAR and other events. Partially offsetting these decreases were
increases due to certain price changes and service fees, admissions revenue increases for fall weekend NASCAR events held at
Talladega, Phoenix, and Homestead-Miami, the Daytona 500 held in February, the Coke Zero 400 held in July at Daytona, and
the aforementioned Ferrari World Finals.

Motorsports and other event related revenue increased approximately $14.5 million, or 3.0 percent, in fiscal 2017 as compared
to fiscal 2016. The increase is largely attributable to increases in television broadcast revenue of approximately $11.8 million.
Also contributing to the increase were increases in sponsorship and hospitality revenues of approximately $2.7 million for
Speedweeks and Coke Zero 400 weekend events held at Daytona, increases in track rentals of approximately $1.6 million, and
sponsorship revenues of approximately $0.4 million related to the aforementioned Ferrari World Finals. Partially offsetting
these increases were decreases in sponsorship, hospitality, advertising, and other related revenues totaling approximately
$2.0 million for certain other NASCAR and non-NASCAR events held during the period.

Food, beverage and merchandise revenue decreased approximately $0.7 million, or 1.6 percent, in fiscal 2017 as compared to
fiscal 2016. The decrease is predominately due to lower concessions revenues of approximately $1.1 million due to a strategic
restructuring of concession operations at certain facilities. Partially offsetting the decrease were increased catering revenues of
approximately $0.4 million, predominately from the aforementioned Ferrari World Finals.

NASCAR event management fees increased by approximately $6.6 million, or 3.8 percent, in fiscal 2017 as compared to fiscal
2016. The increase in contracted NEM fees includes approximately $3.2 million attributable to the increase in television
broadcast rights fees.

Motorsports and other event related expense increased by approximately $0.8 million, or 0.6 percent, in fiscal 2017 as
compared to fiscal 2016. The increase is predominately due to approximately $2.2 million of increased charges related directly
to certain increased revenues, $1.4 million related to supporting track rental revenues, and approximately $0.3 million of labor
and purchased services related to the aforementioned Ferrari World Finals. Offsetting the increase were reductions of
approximately $3.1 million related to the aforementioned cost reduction efforts on purchased services and other motorsports
related costs at certain NASCAR and other events. Motorsports and other event related expenses as a percentage of combined
admissions and motorsports and other event related revenue remained fairly consistent at approximately 21.9 percent for fiscal
2017, as compared to 22.2 percent for the same period in the prior year.

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Food, beverage and merchandise expense decreased approximately $0.5 million, or 1.8 percent, in fiscal 2017 as compared to
fiscal 2016. The decrease is predominately due to approximately $0.9 million related to the aforementioned strategic
restructuring of concession operations at certain facilities, and approximately $0.8 million related to efficiencies achieved in
catering and concessions during the second year of operating in the facilities significantly renovated as part of the DAYTONA
Rising project, as compared to the same period in the prior year. Partially offsetting this decrease were increases in catering and
concessions of approximately $0.6 million related to the aforementioned Ferrari World Finals and approximately $0.5 million
related to non-motorsports events. Food, beverage and merchandise expense as a percentage of food, beverage and merchandise
revenue remained consistent at approximately 71.7 percent for fiscal 2017, as compared to 71.8 percent for the same period in
the prior year.

General and administrative expense increased approximately $0.9 million, or 0.8 percent, in fiscal 2017 as compared to fiscal
2016. The increase is primarily due to increases in certain administrative costs of approximately $1.6 million, which include
approximately $0.8 million of one-time charges. Offsetting the increase is approximately $0.8 million of costs associated with
the opening of the world's first motorsports stadium at Daytona in fiscal 2016, for which there were no comparable costs in the
current period. General and administrative expenses as a percentage of total revenues remained consistent at approximately
16.6 percent for fiscal 2017, as compared to 16.7 percent for fiscal 2016.

Depreciation and amortization expense increased approximately $7.6 million, or 7.4 percent, in fiscal 2017, as compared to
fiscal 2016. The increase is primarily due to approximately $4.8 million of accelerated depreciation relating to the ISM
Raceway Redevelopment, approximately $1.0 million of accelerated depreciation on certain other capital improvements,
approximately $1.4 million relating to new assets placed in service associated with ONE DAYTONA and other owned facilities
and approximately $1.3 million relating to full-year impact of assets placed in service in 2016 associated with DAYTONA
Rising. Partially offsetting the increase for the nine month period, is approximately $0.9 million related to assets that have been
fully depreciated, or removed from service, as compared to the same respective periods in the prior year.

Losses on retirements of long-lived assets increased approximately $7.6 million, or 263.2 percent, in fiscal 2017, as compared
to fiscal 2016. The increase is primarily due to approximately $8.2 million in connection with capacity optimization initiatives
and approximately $0.4 million related to the sale of certain assets. Partially offsetting the increase were decreases of
approximately $1.0 million of costs associated with demolition and other facility capital improvements in fiscal 2017, as
compared to fiscal 2016.

Interest income increased approximately $1.0 million in fiscal 2017, as compared to fiscal 2016. The increase is due to
increased interest rates received on cash deposits.

Interest expense decreased approximately $2.2 million, or 15.9 percent, in fiscal 2017, as compared to fiscal 2016. The
decrease is predominately due to higher capitalized interest related to ONE DAYTONA of approximately $1.9 million, and the
ISM Raceway Redevelopment of approximately $1.0 million. Partially offsetting the decrease was an approximate increase of
$0.6 million related to capitalized interest associated with DAYTONA Rising in fiscal 2016, and approximately $0.1 million
related to certain other projects where assets were placed in service.

Equity in net income from equity investments in fiscal 2017 and 2016, respectively, substantially represents our 50.0 percent
equity investments in Hollywood Casino at Kansas Speedway (see “Equity and Other Investments”). Equity in net income from
equity investments increased approximately $4.2 million, or 28.1 percent, in fiscal 2017, as compared to fiscal 2016. The
increase is predominately a result of the aforementioned decrease in depreciation expense as a result of certain assets that have
been fully depreciated as compared to the same period in the prior year, partially offset by lower operating profits in the first
quarter of fiscal 2017, as compared to same period in the prior year.

Our effective income tax rate decreased from approximately 38.5 percent expense to an approximately 5.3 percent benefit
during fiscal 2017 compared to fiscal 2016, primarily driven by the non-recurring net tax benefit from our investment in MA
(see “Income Taxes”).

As a result of the foregoing, net income increased approximately $34.5 million, or $0.82 per diluted share, for fiscal 2017 as
compared to fiscal 2016.

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Comparison of Fiscal 2016 to Fiscal 2015

The comparison of fiscal 2016 to fiscal 2015 is impacted by the following factors:

• Year-over-year increases in operating revenues and expenses were significantly driven by the completion of the
DAYTONA Rising project prior to the first quarter of fiscal 2016 events at Daytona International Speedway
("Daytona");

•

In the second and third quarters of fiscal 2016 we hosted the Country 500 music festival at Daytona and HARD summer
music festival at Auto Club Speedway, respectively. Comparatively, in the third quarter of fiscal 2015, we hosted the
Phish Magnaball music festival at Watkins Glen. For these aforementioned music festivals we earned a facility rental
and certain other fees, and recognized revenues and expenses from the sale of concession operations;

• For fiscal 2015, we recognized non-recurring revenue and expense related to the transition of merchandise operations of
approximately $10.4 million and $12.3 million, respectively. Included in this amount were approximately $6.4 million
for inventory sold to Fanatics and $4.0 million of wholesale transactions by MA. These revenues drove a total of
approximately $12.3 million in expense including product costs associated with the non-recurring transactions, non-
recurring costs related to the transition of trackside merchandise operations to Fanatics, as well as partial period
operating expenses incurred prior to the transition of Americrown and MA merchandise operations, for which there was
no related revenue . There were no comparable transactions in fiscal 2016;

•

In fiscal 2016, we recognized approximately $0.8 million, or $0.01 per diluted share, in non-recurring, pre-opening
costs that were included in general and administrative expense related to DAYTONA Rising. During fiscal 2015, we
recognized approximately $1.4 million, or $0.02 per diluted share, of similar costs;

• During fiscal 2015, we recognized approximately $6.8 million, or $0.09 per diluted share, of accelerated depreciation
that was recorded due to the shortening the service lives of certain assets associated with DAYTONA Rising and
capacity optimization initiatives. There were no comparable costs during fiscal 2016;

•

In fiscal 2016, we recognized approximately $2.9 million, or $0.04 per diluted share, of losses associated with asset
retirements and demolition and/or asset relocation costs in connection with capacity optimization initiatives and other
facility capital improvements. Included in these losses were approximately $0.5 million of expenditures related to
demolition and/or asset relocation costs, the remaining charges were non-cash charges. During fiscal 2015, we
recognized approximately $16.0 million, or $0.21 per diluted share, of similar charges, in connection with DAYTONA
Rising and capacity optimization initiatives. Included in these losses were approximately $12.5 million of expenditures
related to demolition and/or asset relocation costs, the remaining charges were non-cash charges;

• During fiscal 2016, we capitalized approximately $1.5 million, or $0.02 per diluted share, of interest related to ONE
DAYTONA, DAYTONA Rising and the the ISM Raceway Redevelopment. During fiscal 2015, we recognized
approximately $6.0 million, or $0.08 per diluted share, of similar interest capitalization related to DAYTONA Rising;

• During fiscal 2016, we completed an assignment of all rights, title and interest in the mortgage and underlying

• During fiscal 2016, we recognized a non-cash gain related to the transition of merchandise operations of approximately

$0.8 million, or $0.01 per diluted share. There was no comparable transaction in the prior year; and

• During fiscal 2016, we received a favorable settlement relating to certain ancillary operations of approximately

$1.1 million or $0.02 per diluted share. There was no comparable activity in the prior year.

Fiscal 2016 admissions revenue decreased approximately $6.6 million, or 5.1 percent compared to fiscal 2015. The decrease
was predominately due to decreased attendance and/or admissions at NASCAR events held at certain of our locations. In
addition, the NASCAR Cup event held at Richmond International Raceway ("Richmond") was moved from its traditional
Saturday evening schedule to a Sunday afternoon time slot, and the threat of inclement weather during the NASCAR events
held at Talladega Superspeedway ("Talladega") also contributed to the decrease. Partially offsetting these decreases were
increased attendance and/or admissions related to DAYTONA Rising for events held during Daytona Speedweeks, including

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the Daytona 500, Bikeweek events, the Coke Zero 400 and the Rolex 24, as well as NASCAR and IMSA weekends at Watkins
Glen.

Motorsports and other event related revenue increased approximately $25.4 million, or 5.6 percent, in fiscal 2016 as compared
to fiscal 2015. The increase was largely attributable to increases in sponsorship and hospitality revenues of approximately
$12.7 million, primarily related to DAYTONA Rising and the events held during Daytona Speedweeks. Also contributing to
the increase were increases in television broadcast revenue of approximately $8.5 million, ancillary rights of approximately
$2.2 million and other track related revenues totaling approximately $1.6 million, as well increased revenues from the
aforementioned music festivals totaling approximately $1.0 million, as compared to the prior year.

Food, beverage and merchandise revenue decreased approximately $5.3 million, or 11.2 percent, in fiscal 2016 as compared to
fiscal 2015. When excluding the aforementioned transition of merchandise operations of approximately $11.1 million, food,
beverage and merchandise revenue increased approximately $5.8 million as compared to the prior year. This increase was
attributed to increased non-motorsports related catering and concessions revenue related to the aforementioned HARD and
Country 500 music festivals of approximately $3.6 million, approximately $1.5 million related to disaster relief efforts in the
Daytona Beach area related to Hurricane Matthew, and increased motorsports related catering and concessions of
approximately $2.5 million. Slightly offsetting the increase was approximately $1.8 million related to the aforementioned Phish
Magnaball music festival held in fiscal 2015, for which the event was not held in fiscal 2016.

NASCAR event management fees increased by approximately $4.0 million, or 2.4 percent, in fiscal 2016 as compared to fiscal
2015. The increase included approximately $5.6 million attributable to contracted NEM fees, of which approximately
$2.7 million is attributable to the increase in television broadcast rights fees, as NASCAR sanction agreements require a
specific percentage of television broadcast rights fees to be paid to competitors for the NASCAR Sprint Cup, Xfinity and
Camping World Truck series. This increase was offset by the aforementioned Chicagoland Xfinity series held in 2015 for which
there were no comparable events in 2016.

Motorsports and other event related expense increased by approximately $2.2 million, or 1.7 percent, in fiscal 2016 as
compared to fiscal 2015. The increase was attributable to increased purchased services and personnel related expenses for other
events of approximately $2.6 million, higher operating costs of approximately $1.5 million, associated with the opening of the
world's first motorsports stadium at Daytona, and approximately $1.9 million of expenses related to the aforementioned
IndyCar event held at Phoenix in fiscal 2016, which was not held in fiscal 2015. Partially offsetting the increase were
reductions in expenses of approximately $4.0 million, related to certain fiscal 2015 events held at Chicagoland and Auto Club
Speedway which were not held in fiscal 2016. Motorsports and other event related expenses as a percentage of combined
admissions and motorsports and other event related revenue remained consistent at approximately 22.2 percent for fiscal 2016,
as compared to 22.5 percent for the same period in the prior year.

Food, beverage and merchandise expense decreased approximately $8.3 million, or 21.7 percent, in fiscal 2016 as compared to
fiscal 2015. When excluding the aforementioned fiscal 2015 costs for transition of merchandise operations of approximately
$10.5 million, food, beverage and merchandise expense increased by approximately $2.2 million, as compared to the prior year.
The increase was primarily attributed to increased concession related expenses of approximately $3.2 million, attributed to the
aforementioned HARD summer music festival at Auto Club Speedway and the Country 500 music festival at Daytona, for
which these events were not held in fiscal 2015, and increased motorsports related concessions and catering expenses of
approximately $0.8 million. Slightly offsetting the increase was approximately $1.6 million of concession expenses related to
the aforementioned Phish Magnaball music festival at Watkins Glen for which this event was not held in fiscal 2016. Food,
beverage and merchandise expense as a percentage of food, beverage and merchandise revenue decreased to approximately
71.8 percent for fiscal 2016, as compared to 81.4 percent for the same period in the prior year. The margin improvement was
primarily a result of the aforementioned transition in merchandising operations in fiscal 2015, as well as lower cost of sales
related to concessions and catering as compared to the same period in the prior year, driven by improvements in menu
engineering and production strategy coupled with a modest per cap increase.

General and administrative expense decreased approximately $0.8 million, or 0.7 percent, in fiscal 2016 as compared to fiscal
2015, predominately due to a reduction of approximately $2.2 million in certain administrative costs, a decrease in certain land
lease payments of approximately $1.1 million and approximately $0.5 million of costs related to building maintenance that

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occurred in fiscal 2015, for which there were no comparable costs in fiscal 2016. Partially offsetting the decrease were
approximately $1.4 million of costs associated with the opening of the world's first motorsports stadium at Daytona,
approximately $0.4 million of property taxes, approximately $0.7 million of lower reimbursed expenses related to the
aforementioned transition in merchandising operations, and approximately $0.5 million in purchased services, as compared to
prior year. General and administrative expenses as a percentage of total revenues decreased slightly to approximately
16.8 percent for fiscal 2016, as compared to 17.3 percent for fiscal 2015. The slight margin increase was predominately due to
higher total revenues in fiscal 2016.

Depreciation and amortization expense increased approximately $7.4 million, or 7.8 percent, in fiscal 2016, as compared to
fiscal 2015. Depreciation increased approximately $9.5 million due to new assets placed in service associated with DAYTONA
Rising in fiscal 2016. Partially offsetting the increase is approximately $1.1 million attributable to the shortening of service
lives of certain assets associated with the repaving of Watkins Glen, in fiscal 2015, for which there was no comparable event in
the same periods of fiscal 2016 and approximately $1.0 million related to assets that have been fully depreciated, or removed
from service.

Losses on retirements of long-lived assets decreased approximately $13.1 million, or 81.9 percent, in fiscal 2016, as compared
to fiscal 2015. The decrease is primarily due to approximately $12.1 million of fiscal 2015 demolition costs in connection with
DAYTONA Rising, for which there were no comparable cost in fiscal 2016.

Interest income, during fiscal 2016, of approximately $0.3 million, was comparable to the prior year.

Interest expense increased approximately $4.3 million, or 44.4 percent, in fiscal 2016, as compared to fiscal 2015. The increase
was predominately due to lower capitalized interest associated with DAYTONA Rising. Partially offsetting the increase was
capitalized interest of approximately $1.2 million related to ONE DAYTONA.

Equity in net income from equity investments in fiscal 2016 and 2015, respectively, substantially represents our 50.0 percent
equity investments in Hollywood Casino at Kansas Speedway (see “Equity and Other Investments”).

Our effective income tax rate increased from approximately 37.7 percent to approximately 38.5 percent during fiscal 2016
compared to fiscal 2015 (see “Income Taxes”).

As a result of the foregoing, net income increased approximately $19.7 million, or $0.45 per diluted share, for fiscal 2016 as
compared to fiscal 2015.

Liquidity and Capital Resources

General

We have historically generated sufficient cash flow from operations to fund our working capital needs, capital expenditures at
existing facilities, and return of capital through payments of an annual cash dividend and repurchase of our shares under our
Stock Purchase Plan. In addition, we have used the proceeds from offerings of our Class A Common Stock, the net proceeds
from the issuance of long-term debt, borrowings under our credit facilities and state and local mechanisms to fund acquisitions
and development projects. The following table sets forth certain selected financial information as of November 30, (in
thousands):

Cash and cash equivalents
Working capital

Total debt

2015

2016

2017

160,548 $
146,915
265,836

263,727 $
217,802
262,820

256,702
240,027
259,466

At November 30, 2017, our working capital was primarily supported by our cash and cash equivalents totaling approximately
$256.7 million. The increase in working capital at November 30, 2017, as compared to the prior period, is predominately
attributable to an increase in our income tax receivable (see "Income Taxes"). The increase in working capital at November 30,
2016, as compared to the November 30, 2015 period, is predominantly attributable to the refund received, of approximately
$50.8 million, in February 2016 of all of the Federal income tax estimated payments made in fiscal year 2015. This was a result

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of the Protecting Americans from Tax Hikes Act, passed by Congress in December 2015, which renewed previously expired tax
legislation that included a retroactive renewal back to January 1, 2015. Also contributing to the increase in working capital
were the cash proceeds from the sale of the Staten Island property (see "Equity and Other Investments - Staten Island
Property").

Significant cash flow items during fiscal the fiscal years ended November 30 are as follows (in thousands):

Net cash provided by operating activities (1)
Capital expenditures (2)
Distribution from equity investee and affiliate (3)
Proceeds from sale of Staten Island property (4)
Equity investments and advances to affiliate (5)
Net proceeds (payments) related to long-term debt

2015

2016

2017

151,987 $
(155,016 )
32,050
4,648
—
(3,437 )

245,888 $
(140,793 )
25,900
67,890
(130 )

(3,408 )

191,387
(145,133 )
25,450
—
(147 )

(3,738 )

Dividends paid and reacquisitions of previously issued common
stock (6)

(13,111 )

(74,571 )

(55,590 )

(1) Variances in net cash provided by operating activities were predominately due to the amount and timing of cash payments for

income taxes (see "Income Taxes"). The decrease in net cash provided by operating activities, during the period ended
November 30, 2017, as compared to the same period in the prior year, is driven primarily by the aforementioned Federal income
tax refund received in February 2016.

(2) Fiscal 2017 activity in capital expenditures is predominately due to ONE DAYTONA (see "ONE DAYTONA") and the ISM

Raceway Redevelopment (see "The ISM Raceway Project Powered by DC Solar"). Fiscal 2016 activity in capital expenditures
is predominately due to DAYTONA Rising and ONE DAYTONA. Fiscal 2015 activity in capital expenditures is predominately
due to DAYTONA Rising.

(3) Distributions from equity investee and affiliates, consist of amounts received as distribution from their profits and returns of

capital as detailed in our statement of cash flows.

(4) Proceeds from sale of Staten Island property consist of interest and principle amounts received as detailed in our statement of

cash flows.

(5) Amounts relate to Hollywood Casino at Kansas Speedway ("Equity and Other Investments") and ONE DAYTONA (see "ONE

DAYTONA"), respectively.

(6) Amounts relate to dividends paid and reacquisition of previously issued common stock (see "Item 2. Unregistered Sales of

Equity Securities and Use of Proceeds").

Our liquidity is primarily generated from our ongoing motorsports operations and, to a lesser extent, our equity investment in
Kansas Entertainment. We expect our strong operating cash flow to continue in the future. In addition, as of November 30,
2017, we have approximately $291.6 million available to draw upon under our 2016 Credit Facility, if needed. See “Future
Liquidity” for additional disclosures relating to our credit facility and certain risks that may affect our near term operating
results and liquidity.

Allocation of capital is driven by our long-term strategic planning and initiatives that encompass our mission, vision and
values. Our primary uses of capital are to maintain modest debt levels that are consistent with our current investment grade debt
rating from Standard and Poor’s. We will invest in our facilities to improve the guest experience and we will make investments
in strategic projects that complement our core business and provide value for our shareholders, all of which is balanced with
returning capital to our shareholders through share repurchases and dividends.

Capital Allocation

We have established a long-term capital allocation plan to ensure we generate sufficient cash flow from operations to fund our
working capital needs, capital expenditures at existing facilities, and return of capital through payments of an annual cash
dividend and repurchase of our shares under our Stock Purchase Plan. In addition, we have used the proceeds from offerings of

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our Class A Common Stock, the net proceeds from the issuance of long-term debt, borrowings under our credit facilities and
state and local mechanisms to fund acquisitions and development projects.

We continue to operate under a five-year capital allocation plan adopted by the Board of Directors, covering fiscal years 2017
through 2021. Components of this plan include:

• Capital expenditures for existing facilities up to $500.0 million from fiscal 2017 through fiscal 2021. This allocation
will fund a reinvestment at Phoenix, as well as all other maintenance and guest experience capital expenditures for the
remaining existing facilities. In 2017 we began the redevelopment of Phoenix (see “The ISM Raceway Project
Powered by DC Solar”) and the infield at Richmond (see "Richmond Raceway") with completion for both projects
targeted in late 2018, therefore, we expect spending to be somewhat front-loaded. While many components of these
expected projects will exceed weighted average cost of capital, considerable maintenance capital expenditures,
approximately $40.0 million to $60.0 million annually, will likely result in a blended return of this invested capital in
the low-to-mid single digits.

•

In addition to the aforementioned $500.0 million in capital expenditures for existing facilities, we expect we will have
an additional $95.0 million of capital expenditures, exclusive of capitalized interest and net of public incentives,
related to ONE DAYTONA. Construction for ONE DAYTONA commenced in fiscal 2016. In April 2017, our Board
approved an additional approximate $12.0 million of capital expenditures to further develop the previously purchased
Volusia Point in 2011. Volusia Point is our retail property adjacent to ONE DAYTONA and will be re-branded the
Shoppes at ONE DAYTONA (see "ONE DAYTONA"). As a result of this additional capital expenditure approval, the
total investment in ONE DAYTONA, exclusive of capitalized interest and net of anticipated public incentives, will be
approximately $107.0 million. We expect the returns of this investment to exceed our weighted average cost of capital.

• Return of capital to shareholders through dividends and share repurchases is a significant pillar of our capital
allocation. In fiscal 2017 we increased our dividend approximately 4.9 percent to $0.43 per share. We expect
dividends to increase in 2018 and beyond, by approximately four to five percent annually. For the year ended
November 30, 2017, we repurchased 979,328 shares of Class A common stock on the open market at a weighted
average share price of $35.76 for a total of approximately $35.0 million. At November 30, 2017, we had
approximately $171.6 million remaining repurchase authority under the current $530.0 million Stock Purchase Plan.

For fiscal 2017 through 2021 we expect our return of capital program to be approximately $280.0 million, comprised
of close to $100.0 million in total annual dividends and the balance being open market repurchase of Class A common
stock shares over the five year period. At this time we expect this spending to be evenly allocated per year, although
we will scale the repurchase program to buy opportunistically.

We will continue to explore development and/or acquisition opportunities beyond the initiatives discussed above that build
shareholder value and exceed our weighted average cost of capital. Should additional development and/or acquisitions be
pursued, we will provide discrete information on timing, scope, cost and expected returns of such opportunities.

The aforementioned represents certain components of our capital allocation plan for fiscal 2018 and beyond. This capital
allocation plan is reviewed annually, or more frequently, and can be revised, if necessary, based on changes in business
conditions.

Capital Expenditures

As discussed in “Future Trends in Operating Results,” an important strategy for our future growth will come from investing in
our major motorsports facilities to enhance the live event experience and better enable us to effectively compete with other
entertainment venues for consumer and corporate spending.

Capital expenditures for projects, including those related to the ISM Raceway Redevelopment and ONE DAYTONA, were
approximately $145.1 million for the year ended November 30, 2017. In comparison, the Company spent approximately
$140.8 million on capital expenditures for projects for the same period in fiscal 2016, primarily related to DAYTONA Rising,
ONE DAYTONA, and the repave at Watkins Glen. For fiscal 2018, we expect capital expenditures associated with the

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aforementioned capital allocation plan to range between approximately $120.0 million and $130.0 million for existing
facilities, including the ISM Raceway Redevelopment and Richmond Raceway project, and an additional approximate
$20.0 million in capital expenditures related to construction for ONE DAYTONA, excluding the receipt of public incentives
discussed below.

We review the capital expenditure program periodically and modify it as required to meet current business needs.

Future Liquidity

General

As discussed in “Future Trends in Operating Results,” we compete for discretionary spending and leisure time with many other
entertainment alternatives and are subject to factors that generally affect the recreation, leisure and sports industry, including
general economic conditions. Our operations are also sensitive to factors that affect corporate budgets. Such factors include, but
are not limited to, general economic conditions, employment levels, business conditions, interest and taxation rates, relative
commodity prices, and changes in consumer tastes and spending habits. These factors may negatively impact year-over-year
comparability for our revenue categories for the full year, with the exception of domestic broadcast media rights fees.

Our cash flow from operations consists primarily of ticket, hospitality, merchandise, catering and concession sales and
contracted revenues arising from television broadcast rights and marketing partnerships. We believe that cash flows from
operations, along with existing cash, cash equivalents and available borrowings under our credit facility, will be sufficient to
fund:

• operations of our major motorsports facilities for the foreseeable future;

• ONE DAYTONA (see "ONE DAYTONA");

•

the previously discussed capital allocation plans for our existing facilities;

• payments required in connection with the funding of the Unified Government's debt service requirements related to

the TIF bonds (see "Long-Term Obligations and Commitments" below);

• payments related to our other existing debt service commitments;

•

contributions in connection with any future expansion of the Hollywood Casino at Kansas Speedway; and

• our annual dividend and share repurchases under our Stock Purchase Plan.

Our cash position and future liquidity has been further enhanced by the following:

•

In fiscal 2017, we recorded a non-recurring tax benefit of approximately $48.2 million related to the worthlessness of
ISC's investment in MA (see "Income Taxes"). As a result, our cash position improved approximately $24.6 million as
of November 30, 2017. In the first quarter 2018, we expect to receive a refund of estimated payments made during
2017 of approximately $19.8 million. The balance of approximately $3.9 million will be received in subsequent
periods; and

In December 2017, Congress passed the Tax Cut and Jobs Act ("Tax Reform"). We expect Tax Reform to favorably
impact our future liquidity, primarily a result of the lower single corporate tax rate from 35.0 percent to 21.0 percent,
which will lower our effective tax rate and annual tax liability. Additionally, Tax Reform provides for 100.0 percent
expensing of certain capital investments through 2022 (see "Income Taxes"). We will continue to evaluate the details
of Tax Reform and the impact on ISC.

We remain interested in pursuing acquisition and/or development opportunities that would increase shareholder value, of which
the timing, size, success and associated potential capital commitments, are unknown at this time. Accordingly, a material
acceleration of our growth strategy could require us to obtain additional capital through debt and/or equity financings. Although
there can be no assurance, we believe that adequate debt and equity financing will be available on satisfactory terms.

While we expect our strong cash flows to continue in the future, our financial results depend significantly on a number of
factors. In addition to local, national, and global economic and financial market conditions, consumer and corporate spending
could be adversely affected by security and other lifestyle conditions resulting in lower than expected future cash flows. See
"Future Trends in Operating Results - Postponement and/or Cancellation of Major Motorsports Events" for further discussion
of items that could have a singular or compounded material adverse effect on our financial success and future cash flow.
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Long-Term Obligations and Commitments

Our $65.0 million principal amount of senior unsecured notes (“4.63 percent Senior Notes”) bear interest at 4.63 percent and
are due January 2021, and require semi-annual interest payments on January 18 and July 18 through their maturity. The
4.63 percent Senior Notes may be redeemed in whole or in part, at our option, at any time or from time to time at redemption
prices as defined in the indenture. Certain of our wholly owned domestic subsidiaries are guarantors of the 4.63 percent Senior
Notes. Certain restrictive covenants of the 4.63 percent Senior Notes require that the Company's ratio of its Consolidated
Funded Indebtedness to its Consolidated EBITDA ("leverage ratio") does not exceed 3.50 to 1.0, and its Consolidated EBITDA
to Consolidated Interest Expense ("interest coverage ratio") is not less than 2.0 to 1.0. In addition the Company may not permit
the aggregate of certain Priority Debt to exceed 15.0 percent of its Consolidated Net Worth. The 4.63 percent Senior Notes
contain various other affirmative and negative restrictive covenants including, among others, limitations on liens, sales of
assets, mergers and consolidations and certain transactions with affiliates. As of November 30, 2017, the Company was in
compliance with its various restrictive covenants. At November 30, 2017, outstanding principal on the 4.63 percent Senior
Notes was approximately $65.0 million.

Our $100.0 million principal amount of senior unsecured notes (“3.95 percent Senior Notes”) bear interest at 3.95 percent and
are due September 2024. The 3.95 percent Senior Notes require semi-annual interest payments on March 13 and September 13
through their maturity. The 3.95 percent Senior Notes may be redeemed in whole or in part, at our option, at any time or from
time to time at redemption prices as defined in the indenture. Certain of our wholly owned domestic subsidiaries are guarantors
of the 3.95 percent Senior Notes. Certain restrictive covenants of the 3.95 percent Senior Notes require that the Company's
leverage ratio does not exceed 3.50 to 1.0, and its interest coverage ratio is not less than 2.0 to 1.0. In addition the Company
may not permit the aggregate of certain Priority Debt to exceed 15.0 percent of its Consolidated Net Worth. The 3.95 percent
Senior Notes contain various other affirmative and negative restrictive covenants including, among others, limitations on liens,
sales of assets, mergers and consolidations and certain transactions with affiliates. As of November 30, 2017, the Company was
in compliance with its various restrictive covenants. At November 30, 2017, outstanding principal on the 3.95 percent Senior
Notes was approximately $100.0 million.

The term loan (“6.25 percent Term Loan”), related to our International Motorsports Center, has a 25 year term due October
2034, an interest rate of 6.25 percent, and a current monthly payment of approximately $323,000 principal and interest. At
November 30, 2017, the outstanding principal on the 6.25 percent Term Loan was approximately $47.0 million.

At November 30, 2017, in connection with the financing of Kansas Speedway, the TIF bond totaled approximately $49.4
million, net of the unamortized discount, which is comprised of a $49.7 million principal amount, 6.75 percent term bond due
December 1, 2027. The TIF bond is repaid by the Unified Government of Wyandotte County/Kansas City, Kansas (“Unified
Government”) with payments made in lieu of property taxes (“Funding Commitment”) by the Company’s wholly owned
subsidiary, Kansas Speedway Corporation (“KSC”). Principal (mandatory redemption) payments per the Funding Commitment
are payable by KSC on October 1 of each year. The semi-annual interest component of the Funding Commitment is payable on
April 1 and October 1 of each year. KSC granted a mortgage and security interest in the Kansas project for its Funding
Commitment obligation.

In October 2002, the Unified Government issued subordinate sales tax special obligation revenue bonds (“2002 STAR Bonds”)
totaling approximately $6.3 million to reimburse us for certain construction already completed on the second phase of the
Kansas Speedway project and to fund certain additional construction. The 2002 STAR Bonds, which require annual debt
service payments and are due December 1, 2022, will be retired with state and local taxes generated within the Kansas
Speedway’s boundaries and are not our obligation. KSC has agreed to guarantee the payment of principal, any required
premium and interest on the 2002 STAR Bonds. At November 30, 2017, the Unified Government had approximately
$0.7 million outstanding on 2002 STAR Bonds. Under a keepwell agreement, the Company has agreed to provide financial
assistance to KSC, if necessary, to support KSC’s guarantee of the 2002 STAR Bonds.

In September 2016, we amended and extended our existing $300.0 million credit facility, maturing November 2017, and
entered into a new $300.0 million revolving credit facility (“2016 Credit Facility”). The 2016 Credit Facility contains a feature
that allows us to increase the credit facility to a total of $500.0 million, subject to certain conditions, provides for separate sub-
limits of $25.0 million for standby letters of credit and $10.0 million for swing line loans. The 2016 Credit Facility is scheduled

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to mature five years from the date of inception, with two 1-year extension options. In August 2017, we entered into the first, of
our two available, 1-year extension options. Interest accrues, at our option, at either LIBOR plus 100.0 — 162.5 basis points or
a base rate loan at the highest of i) Wells Fargo Bank's prime lending rate, ii) the Federal Funds rate, as in effect from time to
time, plus 0.5 percent, and iii) one month LIBOR plus 1.0 percent. The 2016 Credit Facility also contains a commitment fee
ranging from 0.125 percent to 0.225 percent of unused amounts available for borrowing. The interest rate margin on the LIBOR
borrowings and commitment fee are variable depending on the better of the Company's debt rating as determined by specified
rating agencies or its leverage ratio. Certain of our wholly owned domestic subsidiaries are guarantors on the 2016 Credit
Facility. The 2016 Credit Facility requires that our leverage ratio does not exceed 3.50 to 1.0 (4.0 to 1.0 for the four quarters
ending after any Permitted Acquisition), and its interest coverage ratio is not less than 2.5 to 1.0. The 2016 Credit Facility also
contains various other affirmative and negative restrictive covenants including, among others, limitations on indebtedness,
investments, sales of assets, certain transactions with affiliates, entering into certain restrictive agreements and making certain
restricted payments as detailed in the agreement. As of November 30, 2017, we were in compliance with its various restrictive
covenants. At November 30, 2017, we had no outstanding borrowings under the 2016 Credit Facility.

At November 30, 2017 we had contractual cash obligations to repay debt and to make payments under operating agreements,
leases and commercial commitments in the form of guarantees and unused lines of credit. Payments due under these long-term
obligations are as follows as of November 30, 2017 (in thousands):

Long-term debt
Interest
Motorsports entertainment facility operating
agreement
Other operating leases

Total Contractual Cash Obligations

Less Than
One Year

Obligations Due by Period

2-3 Years

4-5 Years

After
5 Years

4,091 $
13,689

9,848 $
26,518

77,134 $
19,488

170,607
31,794

55
6,870
24,705 $

110
9,802
46,278 $

110
7,720
104,452 $

555
40,275
243,231

Total
261,680 $
91,489

830
64,667
418,666 $

Commercial commitment expirations are as follows as of November 30, 2017 (in thousands):

Commitment Expiration by Period

Total

735 $

300,000
300,735 $

Less Than
One Year

150 $

4,438
4,588 $

2-3 Years

4-5 Years

215 $
—
215 $

285 $

295,562
295,847 $

After
5 Years

85
—
85

Guarantees
Unused credit facilities

Total Commercial Commitments

ONE DAYTONA

We have approved land use entitlements for ONE DAYTONA to allow for up to 1.4 million square feet of
retail/dining/entertainment, a 2,500-seat movie theater, 660 hotel rooms, 1,350 residential units, 567,000 square feet of
additional office space and 500,000 square feet of commercial/industrial space.

In March 2015, we announced Legacy Development, a leading national development group, as development consultant for
ONE DAYTONA. Intensely focused on innovative destination retail and mixed-use projects, Legacy Development ("Legacy")
is working closely with ISC’s development staff on the project. Legacy's development team is a natural fit for the project,
having served as the developer for Legends Outlets Kansas City, a mixed-use retail destination across from our Kansas
Speedway.

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The design for the first phase of ONE DAYTONA is comprised of three components: retail, dining and entertainment
(“RD&E”); hotels; and residential.

The RD&E component of phase one will be owned 100.0 percent by us. The expected total square footage for the RD&E first
phase is approximately 300,000 square feet. We expect cash spent to be approximately $95.0 million in fiscal 2016 through
2018 on the RD&E component of ONE DAYTONA’s first phase. Other sources of funding towards the overall ONE
DAYTONA project will include the public incentives discussed below and land contributed to the joint ventures associated with
the project. In September 2016, we announced VCC had been selected as general contractor to oversee construction of the
RD&E component of phase one including Victory Circle and the parking garage. VCC has an outstanding national reputation
for quality and a proven track record leading and managing the development and construction of some of the country’s most
engaging mixed-use developments.

Bass Pro Shops®, America’s most popular outdoor store, and Cobb Theatres, the highly respected Southeastern-based
exhibitor, are anchor tenants of ONE DAYTONA. Lease agreements have also been executed with other tenants including
P.F. Chang’s, Hy’s Toggery, Kilwins Confections, Guitar Center, Tervis, IT’SUGAR, Jeremiah’s Italian Ice, Venetian Nail Spa,
Sunglass World, Oklahoma Joe’s BBQ, Rock Bottom Restaurant & Brewery, MidiCi: The Neapolitan Pizza Company,
Lindbergh, Designers Market, GameTime, Claire de Lune, Kasa Living, BUILT Custom Burgers, Sprint, Ben & Jerry’s, Pink
Narcissus and Miami Grill. Leasing remains strong and we are exceeding our leasing goals for the project.

Shaner Hotels and Prime Hospitality Group ("PHG") have been selected as hotel partners. They have executed a franchise
agreement with Marriott International for an exclusive 145-room full service Autograph Collection hotel at ONE DAYTONA
that will be known as The DAYTONA as well as a 105-room select-service Fairfield Inn & Suites by Marriott. The Fairfield
Inn and Suites opened in December 2017, while The DAYTONA is currently under construction and expected to be complete in
late 2018. As part of the partnership agreement, our portion of equity will be limited to our land contribution and we will share
proportionately in the profits from the joint venture.

Prime Group has been selected as the partner for ONE DAYTONA’s residential development. Following an extensive request
for proposal process, ONE DAYTONA chose the Florida developer based on their command of market demographics,
development experience and expert property management systems. Prime Group is proceeding with the development in
ONE DAYTONA for approximately 276 luxury apartment rental units that will add critical mass to the overall
ONE DAYTONA campus. Similar to the hotel partnership, our portion of equity will be limited to our land contribution and we
will share proportionately in the profits from the joint venture.

In April 2017, our Board approved an additional approximate $12.0 million of capital expenditures to further develop Volusia
Point, which was previously purchased in 2011. Volusia Point is our retail property adjacent to ONE DAYTONA and will be re-
branded the Shoppes at ONE DAYTONA ("the Shoppes"). New tenants include Fantastic Sams that opened in March 2017,
along with Zen Nails that opened in the fourth quarter 2017, and a new-to-market restaurant First Watch with 3,500-square-feet
planned. We expect the improvements to the Shoppes will generate an incremental EBITDA of approximately $1.0 million to
the ONE DAYTONA pro-forma through increased square footage and securing tenants for currently vacant spaces (see "GAAP
to Non-GAAP Reconciliation" for discussion on Non-GAAP financial forward looking measures).

Cobb Daytona Luxury Theatres opened in December 2016, Bass Pro Shops opened in February 2017, and Guitar Center
opened in October 2017. The Fairfield Inn & Suites, P.F. Chang’s and IT’SUGAR opened in December 2017. We are targeting
substantial completion of the remaining RD&E with additional tenants commencing operations in early fiscal 2018.
Completion of The Daytona is scheduled in late fiscal 2018. At stabilization we expect this first phase of ONE DAYTONA and
the Shoppes to deliver a combined incremental annual revenue and EBITDA of approximately $13.0 million and approximately
$10.0 million, respectively, and deliver an unlevered return above our weighted average cost of capital (see "GAAP to Non-
GAAP Reconciliation" for discussion on Non-GAAP financial forward looking measures).

A Community Development District ("CDD") has been established for the purpose of installing and maintaining public
infrastructure at ONE DAYTONA. The CDD is a local, special purpose government framework authorized by Chapter 190 of
the Florida Statutes for managing and financing infrastructure to support community development. The CDD has negotiated
agreements with the City of Daytona Beach and Volusia County for a total of $40.0 million in incentives to finance a portion of

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the infrastructure required for the ONE DAYTONA project. The CDD will purchase certain infrastructure assets, and obtain
specific easement rights, from ONE DAYTONA. ONE DAYTONA expects to receive approximately $22.0 million of the total
incentive amount in cash, and the remaining to be received in annual payments derived from a long-term note receivable issued
by the CDD, with the first payment expected in fiscal 2019 and the term not to exceed 30 years.

Total capital expenditures for ONE DAYTONA and the Shoppes, excluding capitalized interest and net of anticipated public
incentives, are expected to be approximately $107.0 million. From inception, through November 30, 2017, capital expenditures
totaled approximately $80.3 million, exclusive of capitalized interest and labor. We anticipate additional spending on ONE
DAYTONA and the Shoppes of approximately $27.0 million in fiscal 2018 and 2019, net of the aforementioned public
incentives. At this time, there is no project specific financing in place for ONE DAYTONA. Ultimately, we may secure
financing for the project upon stabilization. However, accounting rules dictate that we capitalize a portion of the interest on
existing outstanding debt during the construction period. Through November 30, 2017, we recorded approximately $4.1 million
of capitalized interest related to ONE DAYTONA, since inception, and expect approximately $4.3 million to be recorded by
completion of construction.

Any future phases will be subject to prudent business considerations for which we will provide discrete cost and return
disclosures.

ISM Raceway Project Powered by DC Solar

On November 30, 2016, we announced our Board of Directors had approved a multi-year redevelopment project ("ISM
Raceway Redevelopment") to elevate the fan and spectator experience at Phoenix, the company’s 52-year-old motorsports
venue. The redevelopment is expected to focus on new and upgraded seating areas, vertical transportation options, new
concourses, enhanced hospitality offerings and an intimate infield experience with greater accessibility to pre-race activities.
Earlier in 2017, we announced a multi-year partnership with DC Solar that included naming the project 'The ISM Raceway
Project Powered by DC Solar' during the redevelopment phase, and in September 2017, we announced a long-term partnership
with ISM Connect, a pioneer in smart venue technology, which included naming rights to Phoenix Raceway. Beginning in
2018, the venue is now known as ISM Raceway.

The ISM Raceway Project Powered by DC Solar is included in our aforementioned $500.0 million capital allocation plan
covering fiscal years 2017 through 2021. The ISM Raceway Project is expected to cost approximately $178.0 million,
including maintenance capital, before capitalized interest. Okland Construction ("Okland") has been selected as general
contractor of the project. Effective November 30, 2016, Phoenix entered into a Design-Build Agreement with Okland. The
Design-Build Agreement obligates Phoenix to pay Okland approximately $136.0 million for the completion of the work
described in the Design-Build Agreement. This amount is a guaranteed maximum price to be paid for the work, which may not
change absent a requested change in the scope of work by Phoenix.

Construction commenced in early fiscal 2017. Completion is expected to be in fall of 2018, with components having gone in
service as early as fall of 2017. Based on our current plans for the project, we have identified existing assets that are expected
to be impacted by the redevelopment and will require accelerated depreciation, or losses on asset retirements, totaling
approximately $6.1 million in non-cash charges over the approximate 22-month project time span. Through November 30,
2017, we recorded approximately $5.0 million of accelerated depreciation associated with the project.

From inception, through November 30, 2017, we have incurred capital expenditures related to the ISM Raceway
Redevelopment, exclusive of capitalized interest and labor, of approximately $72.6 million. Despite us not anticipating the need
for additional long-term debt to fund this project, accounting rules dictate that we capitalize a portion of the interest on existing
outstanding debt during the construction period. We estimate that we will record approximately $6.0 million to $6.5 million of
capitalized interest from fiscal 2017 through fiscal 2018. Through November 30, 2017, we recorded approximately $1.3 million
of capitalized interest related to the ISM Raceway Redevelopment.

Upon completion, the redevelopment is expected to provide a full fiscal year incremental lift in Phoenix's EBITDA of
approximately $8.5 million to $9.0 million (see "GAAP to Non-GAAP Reconciliation" for discussion on Non-GAAP financial
forward looking measures). We anticipate recognizing revenue and expense associated with the project, as a result of assets
placed in service and/or benefits provided to partners, beginning late fiscal 2017. We expect the full fiscal year incremental
financial lift in fiscal 2019 and sustained thereafter.
ISC // 2017 ANNUAL REPORT // FORM 10-K // 48

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Richmond Raceway

In June 2017, the Board of Directors approved a capital project for the redevelopment of the infield of Richmond Raceway
("Richmond Reimagined"). The new infield will offer a variety of enhanced amenities for fans, teams, sponsors and other
stakeholders to the iconic Richmond infield. Fan access is the focus of Richmond Reimagined, which will showcase new
Monster Energy NASCAR Cup Series garages with a fan-viewing walkway. The new infield continues the track’s mission of
being the most fan-friendly track on NASCAR’s schedule.

Richmond Reimagined is included in our aforementioned $500.0 million capital allocation plan covering fiscal years 2017
through 2021. The project is expected to cost approximately $30.0 million, which includes maintenance capital, before
capitalized interest. Groundbreaking occurred immediately following the Monster Energy NASCAR Cup Series event in
September 2017. Based on our current plans for Richmond, we have identified existing assets that are expected to be impacted
by the redevelopment and will require accelerated depreciation, or losses on asset retirements, over the project time span.
Through November 30, 2017, we recorded approximately $1.1 million of non-cash charges related to accelerated depreciation
associated with the project.

Richmond Reimagined is expected to be completed by September 2018.

Speedway Developments

In light of NASCAR's publicly announced position regarding additional potential realignment of the Monster Energy NASCAR
Cup Series schedule, we believe there are still potential development opportunities for public/private partnerships in new,
underserved markets across the country that would create value for our shareholders. However, we are not currently pursuing
any new speedway development opportunities.

Inflation

We do not believe that inflation has had a material impact on our operating costs and earnings.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board ("FASB"), in conjunction with the International Accounting Standards
Board ("IASB"), issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers". The
objective of this Update is to significantly enhance comparability and clarify principles of revenue recognition practices across
entities, industries, jurisdictions, and capital markets. On July 9, 2015, the FASB approved a one-year deferral of the effective
date, while permitting entities to elect to adopt one year earlier on the original effective date. As a result, for a public entity, the
amendments in this Update are effective for annual reporting periods beginning after December 15, 2017, including interim
periods within that reporting period. The standard can be adopted either retrospectively to each prior reporting period presented
or as a cumulative effect adjustment as of the date of adoption. We are continuing to evaluate the information necessary to
determine the impact of adopting this new guidance on our related accounting policies and processes, as well as our financial
position, results of operations, cash flows and required disclosures. We will adopt the provisions of this statement in the first
quarter of fiscal 2019.

In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements-Going Concern (Subtopic 205-40):
Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern". The objective of this Update is to
provide guidance around management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to
continue as a going concern and to provide related footnote disclosures. The standard is effective for the annual period ending
after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption of the standard is permitted.
Adoption of this standard is not expected to have an impact on our consolidated financial statements or disclosures. We adopted
the provisions of this statement as of November 30, 2017.

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842): "Leases". The objective of this Update is to
increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance
sheet and disclosing key information about leasing arrangements. To meet that objective, the FASB is amending the FASB
Accounting Standards Codification and creating Topic 842, Leases. This Update, along with International Financial Reporting
Standards 16, Leases, are the results of the FASB’s and the International Accounting Standards Board’s (IASB’s) efforts to

ISC // 2017 ANNUAL REPORT // FORM 10-K // 49

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meet that objective and improve financial reporting. For a public entity, the amendments in this Update are effective for fiscal
years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of the
amendments in this Update is permitted for all entities. In transition, lessees and lessors are required to recognize and measure
leases at the beginning of the earliest period presented using a modified retrospective approach. We are currently evaluating the
impact of adopting this new guidance on our financial position, results of operations, and cash flows, and will adopt the
provisions of this statement in the first quarter of fiscal 2020.

In August 2016, the FASB issued ASU No. 2016-16, "Statement of Cash Flows (Topic 23): Classification of Certain Cash
Receipts and Cash Payments". The objective of this Update is to provide specific guidance on eight cash flow classification
issues and reduce the existing diversity in practice. The amendments in this Update are effective for public business entities for
fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted,
including adoption in an interim period. The amendments in this Update should be applied using a retrospective transition
method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the
amendments for those issues would be applied prospectively as of the earliest date practicable. We believe that the impact of
adopting this new guidance will not result in a material difference in our financial position and will adopt the provisions of this
statement in the first quarter of fiscal 2019.

In January 2017, the FASB issued ASU No, 2017-04, "Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for
Goodwill Impairment". The objective of this Update is to simplify the subsequent measurement of goodwill, the Board
eliminated Step 2 from the goodwill impairment test - measuring goodwill impairment loss by comparing the implied fair value
of a reporting unit's goodwill to the carrying amount of that goodwill. Instead, under the amendments in this Update, an entity
should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying
amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting
unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.
Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the
reporting unit when measuring the goodwill impairment loss, if applicable. An entity should apply the amendments in this
Update on a prospective basis. An entity is required to disclose the nature of and reason for the change in accounting principle
upon transition. That disclosure should be provided in the first annual period and in the interim period within the first annual
period when the entity initially adopts the amendments in this Update. A public business entity that is a U.S. Securities and
Exchange Commission ("SEC") filer should adopt the amendments in this Update for its annual or any interim goodwill
impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill
impairment tests performed on testing dates after January 1, 2017. We are currently evaluating the impact of adopting this new
guidance on our financial position, results of operations, and cash flows, and will adopt the provisions of this statement in the
first quarter of fiscal 2021.

Factors That May Affect Operating Results

This report and the documents incorporated by reference may contain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
You can identify a forward-looking statement by our use of the words “anticipate,” “estimate,” “expect,” “may,” “believe,”
“objective,” “projection,” “forecast,” “goal,” and similar expressions. These forward-looking statements include our statements
regarding the timing of future events, our anticipated future operations and our anticipated future financial position and cash
requirements. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not
know whether our expectations will prove correct. We disclose the important factors that could cause our actual results to differ
from our expectations in cautionary statements made in this report and in other filings we have made with the SEC. All
subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly
qualified in their entirety by these cautionary statements. Our actual results could differ materially from those anticipated in
these forward-looking statements as a result of the risk factors described in this report and other factors set forth in or
incorporated by reference in this report.

Many of these factors are beyond our ability to control or predict. We caution you not to put undue reliance on forward-looking
statements or to project any future results based on such statements or on present or prior earnings levels. Additional
information concerning these, or other factors, which could cause the actual results to differ materially from those in the

ISC // 2017 ANNUAL REPORT // FORM 10-K // 50

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forward-looking statements is contained from time to time in our other SEC filings. Copies of those filings are available from
us and/or the SEC.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risk from changes in interest rates in the normal course of business. Our interest income and expense
are most sensitive to changes in the general level of U.S. interest rates and the LIBOR rate. In order to manage this exposure,
from time to time we use a combination of debt instruments, including the use of derivatives in the form of interest rate swap
and lock agreements. We do not enter into any derivatives for trading purposes.

The objective of our asset management activities is to provide an adequate level of interest income and liquidity to fund
operations and capital expansion, while minimizing market risk. We utilize overnight sweep accounts and short-term
investments to minimize the interest rate risk. We do not believe that our interest rate risk related to our cash equivalents and
short-term investments is material due to the nature of the investments.

Our objective in managing our interest rate risk on our debt is to negotiate the most favorable interest rate structures that we
can and, as market conditions evolve, adjust our balance of fixed and variable rate debt to optimize our overall borrowing costs
within reasonable risk parameters. Interest rate swaps and locks are used from time to time to convert a portion of our debt
portfolio from a variable rate to a fixed rate or from a fixed rate to a variable rate as well as to lock in certain rates for future
debt issuances.

The following analysis provides quantitative information regarding our exposure to interest rate risk. We utilize valuation
models to evaluate the sensitivity of the fair value of financial instruments with exposure to market risk that assume
instantaneous, parallel shifts in interest rate yield curves. There are certain limitations inherent in the sensitivity analyses
presented, primarily due to the assumption that interest rates change instantaneously. In addition, the analyses are unable to
reflect the complex market reactions that normally would arise from the market shifts modeled.

We have various debt instruments that are issued at fixed rates. These financial instruments, which have a fixed rate of interest,
are exposed to fluctuations in fair value resulting from changes in market interest rates. The fair values of long-term debt are
based on quoted market prices at the date of measurement. Our credit facilities approximate fair value as they bear interest rates
that approximate market. At November 30, 2017, we had no variable debt outstanding.

At November 30, 2017, the fair value of our total long-term debt as determined by quotes from financial institutions was
approximately $272.7 million. The potential decrease in fair value resulting from a hypothetical 10.0 percent shift in interest
rates would be approximately $4.0 million at November 30, 2017.

Credit risk arises from the possible inability of counterparties to meet the terms of their contracts on a net basis. However, we
minimize such risk exposures for these instruments by limiting counterparties to large banks and financial institutions that meet
established credit guidelines. We do not expect to incur any losses as a result of counterparty default.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 51

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders
International Speedway Corporation

We have audited the accompanying consolidated balance sheets of International Speedway Corporation (the “Company”) as of
November 30, 2017 and 2016, and the related consolidated statements of operations, comprehensive income, changes in
shareholders' equity and cash flows for each of the three years in the period ended November 30, 2017. Our audits also included
the financial statement schedule listed in the Index at Item 15(a). These financial statements and schedule are the responsibility
of the Company's management. Our responsibility is to express an opinion on these financial statements and schedule based on
our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position
of International Speedway Corporation at November 30, 2017 and 2016, and the consolidated results of its operations and its
cash flows for each of the three years in the period ended November 30, 2017, in conformity with U.S. generally accepted
accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic
financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),
International Speedway Corporation’s internal control over financial reporting as of November 30, 2017, based on criteria
established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (2013 framework) and our report dated January 26, 2018 expressed an unqualified opinion thereon.

Tampa, Florida
January 26, 2018

/s/ Ernst & Young LLP
Certified Public Accountants

ISC // 2017 ANNUAL REPORT // FORM 10-K // 52

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders
International Speedway Corporation

We have audited International Speedway Corporation’s internal control over financial reporting as of November 30, 2017, based
on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission (2013 framework) (the COSO criteria). International Speedway Corporation’s management is responsible
for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control
over financial reporting included in the accompanying Report of Management on Internal Control over Financial Reporting. Our
responsibility is to express an opinion on the company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control
over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control
over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in
the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s
assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because
of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, International Speedway Corporation maintained, in all material respects, effective internal control over financial
reporting as of November 30, 2017, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the
consolidated balance sheets of International Speedway Corporation as of November 30, 2017 and 2016, and the related
consolidated statements of operations, comprehensive income, changes in shareholders’ equity and cash flows for each of the
three years in the period ended November 30, 2017 of International Speedway Corporation and our report dated January 26, 2018
expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP
Certified Public Accountants

Tampa, Florida
January 26, 2018

ISC // 2017 ANNUAL REPORT // FORM 10-K // 53

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INTERNATIONAL SPEEDWAY CORPORATION
Consolidated Balance Sheets

ASSETS
Current Assets:

Cash and cash equivalents
Receivables, less allowance of $1,000 in 2016 and 2017, respectively
Income taxes receivable
Prepaid expenses and other current assets

Total Current Assets
Property and Equipment, net
Other Assets:

Equity investments
Intangible assets, net
Goodwill
Other

Total Assets
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:

Current portion of long-term debt
Accounts payable
Deferred income
Other current liabilities

Total Current Liabilities
Long-Term Debt
Deferred Income Taxes
Long-Term Deferred Income
Other Long-Term Liabilities
Commitments and Contingencies
Shareholders’ Equity:

November 30,

2016

2017

(in thousands, except share
and per share amounts)

263,727 $
35,445
189
13,759
313,120
1,455,506

92,392
178,629
118,791
14,222
404,034
2,172,660 $

3,404 $
29,770
39,416
22,728
95,318
259,416
409,585
5,988
1,993
—

256,702
37,269
21,867
9,749
325,587
1,479,743

86,200
178,637
118,400
19,625
402,862
2,208,192

3,854
23,936
38,521
19,249
85,560
255,612
396,046
8,251
2,801
—

Class A Common Stock, $.01 par value, 80,000,000 shares authorized;
24,922,561 and 24,113,778 issued and outstanding in 2016 and 2017,
respectively
Class B Common Stock, $.01 par value, 40,000,000 shares authorized;
19,767,280 and 19,707,104 issued and outstanding in 2016 and 2017,
respectively
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss

Total Shareholders’ Equity
Total Liabilities and Shareholders’ Equity

See accompanying notes

249

241

197
437,292
965,281
(2,659 )
1,400,360
2,172,660 $

197
430,114
1,031,361
(1,991 )
1,459,922
2,208,192

ISC // 2017 ANNUAL REPORT // FORM 10-K // 54

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INTERNATIONAL SPEEDWAY CORPORATION
Consolidated Statements of Operations

REVENUES:

Admissions, net
Motorsports and other event related
Food, beverage and merchandise
Other

EXPENSES:

Direct:

NASCAR event management fees
Motorsports and other event related
Food, beverage and merchandise

Other operating expenses
General and administrative
Depreciation and amortization
Losses on retirements of long-lived assets

Operating income
Interest income
Interest expense
Other
Equity in net income from equity investments

Income before income taxes
Income taxes

Net income

Earnings per share:

Basic and diluted

Dividends per share

Year Ended November 30,

2015

2016

2017

(in thousands, except share and per share
amounts)

130,154 $
451,838
47,282
16,096
645,370

167,841
131,109
38,484
1,397
110,220
94,727
16,015
559,793
85,577
157
(9,582 )
730
14,060
90,942
34,308
56,634 $

123,521 $
477,197
41,968
18,330
661,016

171,836
133,322
30,142
483
110,345
102,156
2,905
551,189
109,827
270
(13,837 )
12,896
14,913
124,069
47,731
76,338 $

1.21 $

0.26 $

1.66 $

0.41 $

121,505
491,664
41,293
16,971
671,433

178,403
134,136
29,593
1,581
111,279
109,733
10,552
575,277
96,156
1,220
(11,633 )
344
19,111
105,198
(5,625 )
110,823

2.48

0.43

Basic weighted average shares outstanding

46,621,211

45,981,471

44,648,586

Diluted weighted average shares outstanding

46,635,830

45,995,691

44,660,177

See accompanying notes

ISC // 2017 ANNUAL REPORT // FORM 10-K // 55

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INTERNATIONAL SPEEDWAY CORPORATION
Consolidated Statements of Comprehensive Income

Net income

Other comprehensive income:

Year Ended November 30,

2015

2016

2017

(in thousands)

56,634 $

76,338 $

110,823

Amortization of interest rate swap, net of tax benefit of $424,
$418 and $413, respectively

Comprehensive income

658
57,292 $

664
77,002 $

668
111,491

See accompanying notes

ISC // 2017 ANNUAL REPORT // FORM 10-K // 56

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INTERNATIONAL SPEEDWAY CORPORATION
Consolidated Statements of Changes in Shareholders’ Equity
(in thousands)

Class A
Common
Stock
$.01 Par
Value

Class B
Common
Stock
$.01 Par
Value

Additional
Paid-in
Capital

Retained
Earnings

Accumulated
Other
Comprehensive
(Loss) Income

Total
Shareholders’
Equity

Balance at November 30, 2014

Net income

Other comprehensive income

Cash dividends ($.26 per share)

Reacquisition of previously issued common
stock
Conversion of Class B Common Stock to
Class A Common Stock
Other

Stock-based compensation

Balance at November 30, 2015

Net income

Other comprehensive income

Exercise of stock options

Cash dividends ($.41 per share)

Reacquisition of previously issued common
stock
Conversion of Class B Common Stock to
Class A Common Stock
Other

Stock-based compensation

Balance at November 30, 2016

Net income

Other comprehensive income

Exercise of stock options

Cash dividends ($.43 per share)

Reacquisition of previously issued common
stock
Other

Stock-based compensation

Balance at November 30, 2017

262 $
—
—
—

200 $ 447,518 $ 902,433 $
—
—
—
—
—
—

56,634
—
(12,127 )

(3,981 ) $ 1,346,432
56,634
658
(12,127 )

—
658
—

—

(984 )

—

(984 )

1
—
—
263
—
—
—
—

(1 )
—
—
199
—
—
—
—

—

(342 )
2,944
449,136
—
—
136
—

—
—
—
946,940
76,338
—
—
(18,859 )

—
—
—
(3,323 )
—
664
—
—

—

(342 )
2,944
1,393,215
76,338
664
136
(18,859 )

(16 )

—

(16,558 )

(39,138 )

—

(55,712 )

2
—
—
249
—
—
—
—

(8 )
—
—
241 $

(2 )
—
—
197
—
—
—
—

—
872
3,706
437,292
—
—
528
—

—
—
—
965,281
110,823
—
—
(19,241 )

(10,839 )
402
2,731

—
—
—
197 $ 430,114 $ 1,031,361 $

(25,502 )
—
—

—
—
—
(2,659 )
—
668
—
—

—
872
3,706
1,400,360
110,823
668
528
(19,241 )

—
—
—

(36,349 )
402
2,731
(1,991 ) $ 1,459,922

See accompanying notes

ISC // 2017 ANNUAL REPORT // FORM 10-K // 57

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INTERNATIONAL SPEEDWAY CORPORATION
Consolidated Statements of Cash Flows

OPERATING ACTIVITIES
Net income

Adjustments to reconcile net income to net cash provided by
operating activities:

Gain on sale of Staten Island property

Depreciation and amortization
Stock-based compensation
Amortization of financing costs
Interest and other consideration received on Staten Island
note receivable
Deferred income taxes

Income from equity investments
Distribution from equity investee

Losses on retirements of long-lived assets, non-cash

Other, net
Changes in operating assets and liabilities

Receivables, net
Prepaid expenses and other assets
Accounts payable and other liabilities
Deferred income
Income taxes

Net cash provided by operating activities
INVESTING ACTIVITIES
Capital expenditures
Distribution from equity investee and affiliate
Equity investments and advances to affiliate
Proceeds from sale of Staten Island property
Proceeds from sale of assets

Other, net

Net cash used in investing activities
FINANCING ACTIVITIES

Payment of long-term debt
Deferred financing fees
Exercise of Class A common stock options
Cash dividends paid
Reacquisition of previously issued common stock

Net cash used in financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year

Year Ended November 30,

2015

2016

2017

(in thousands)

56,634 $

76,338 $

110,823

—
94,727
2,944
1,787

4,648

(15,678 )

(14,060 )
15,209
3,490
(702 )

(14,514 )
4,466
5,128
2,621
5,287
151,987

(155,016 )
16,841
—
—
4,442
(5 )

(133,738 )

(13,631 )
102,156
3,706
1,745

1,162
72,936
(14,913 )
16,067
2,399
(277 )

6,667
(14,751 )
4,837
192
1,255
245,888

(140,793 )
9,833
(130 )
66,728
560
(6 )

(63,808 )

(3,437 )
—
—
(12,127 )
(984 )

(16,548 )
1,701
158,847
160,548 $

(3,408 )
(1,058 )
136
(18,859 )
(55,712 )

(78,901 )
103,179
160,548
263,727 $

—
109,733
2,731
1,682

—

(13,953 )

(19,111 )
20,274
9,648
(177 )

(1,824 )
(1,536 )
(6,996 )
1,368
(21,275 )
191,387

(145,133 )
5,176
(147 )
—
750
(9 )

(139,363 )

(3,738 )
(249 )
528
(19,241 )
(36,349 )

(59,049 )
(7,025 )
263,727
256,702

Cash and cash equivalents at end of year

See accompanying notes

ISC // 2017 ANNUAL REPORT // FORM 10-K // 58

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INTERNATIONAL SPEEDWAY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOVEMBER 30, 2017

NOTE 1 — DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

DESCRIPTION OF BUSINESS: International Speedway Corporation (“ISC”), including its wholly owned subsidiaries
(collectively the “Company”), is a leading promoter of motorsports themed entertainment activities in the United States. As of
November 30, 2017, the Company owned and/or operated 13 of the nation’s major motorsports entertainment facilities as
follows:

Track Name

Daytona International Speedway
Talladega Superspeedway
Michigan International Speedway
Auto Club Speedway of Southern California
Kansas Speedway
Richmond Raceway
Darlington Raceway
Chicagoland Speedway
Martinsville Speedway
ISM Raceway
Homestead-Miami Speedway
Watkins Glen International
Route 66 Raceway

Location

Track Length

Daytona Beach, Florida
Talladega, Alabama
Brooklyn, Michigan
Fontana, California
Kansas City, Kansas
Richmond, Virginia
Darlington, South Carolina
Joliet, Illinois

Martinsville, Virginia
Phoenix, Arizona
Homestead, Florida
Watkins Glen, New York

Joliet, Illinois

2.5 miles
2.7 miles
2.0 miles
2.0 miles
1.5 miles
0.8 miles
1.3 miles
1.5 miles
0.5 miles
1.0 miles
1.5 miles
3.4 miles
0.25 miles

In 2017, these motorsports entertainment facilities promoted well over 100 stock car, open wheel, sports car, truck, motorcycle
and other racing events, including:

• 21 National Association for Stock Car Auto Racing (“NASCAR”) NASCAR Cup Series events;

• 14 NASCAR Xfinity Series events;

• 9 NASCAR Camping World Truck Series events;

• 2 International Motor Sports Association (“IMSA”) WeatherTech SportsCar Championship Series events including the

premier sports car endurance event in the United States, the Rolex 24 At DAYTONA;

• 5 Automobile Racing Club of America ("ARCA") Racing Series events;

• One National Hot Rod Association (“NHRA”) Mello Yello Drag Racing Series event;

• Two IndyCar ("IndyCar") Series event; and

• A number of other prestigious stock car, sports car, open wheel and motorcycle events.

Motor Racing Network, Inc. (“MRN”), the Company’s proprietary radio network, produces and syndicates to radio stations live
coverage of the Monster Energy NASCAR Cup, Xfinity and Camping World Truck series races and certain other races
conducted at the Company’s motorsports entertainment facilities, as well as some races from motorsports entertainment
facilities the Company does not own. In addition, MRN provides production services for the trackside large screen video

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display units, at NASCAR Cup Series event weekends that take place at the Company's motorsports facilities. MRN also
produces and syndicates daily and weekly NASCAR racing-themed programs.

The Company has also developed a premier mixed use and entertainment destination under the name ONE DAYTONA, which
is across from the Daytona International Speedway.

SIGNIFICANT ACCOUNTING POLICIES:

PRINCIPLES OF CONSOLIDATION: The accompanying consolidated financial statements include the accounts of
International Speedway Corporation, and its wholly owned subsidiaries. All material intercompany accounts and transactions
have been eliminated in consolidation.

CASH AND CASH EQUIVALENTS: For purposes of reporting cash flows, cash and cash equivalents include cash on hand,
bank demand deposit accounts and overnight sweep accounts used in the Company’s cash management program. All highly
liquid investments with stated maturities of three months or less from the date of purchase are classified as cash equivalents.

The Company maintained its cash and cash equivalents with a limited number of financial institutions at November 30, 2017.

RECEIVABLES: Receivables are stated at their estimated collectible amounts. The allowance for doubtful accounts is
estimated based on historical experience of write offs and current expectations of conditions that might impact the collectability
of accounts.

PROPERTY AND EQUIPMENT: Property and equipment, including improvements to existing facilities, are stated at cost.
Depreciation is provided for financial reporting purposes using the straight-line method over the estimated useful lives as
follows:

Buildings, grandstands and motorsports entertainment facilities
Furniture and equipment

10-30 years
3-8 years

Leasehold improvements are depreciated over the shorter of the related lease term or their estimated useful lives. The Company
evaluates the carrying value of property and equipment and if there are indicators of potential impairment. If events or
circumstances indicate that the carrying value of an asset may not be recoverable, an impairment loss would be recognized
equal to the difference between the carrying value of the asset and its fair value.

EQUITY INVESTMENTS: The Company’s investments in joint ventures and other investees where it can exert significant
influence on the investee, but does not have effective control over the investee, are accounted for using the equity method of
accounting. The Company’s equity in the net income (loss) from equity method investments is recorded as income (loss) with a
corresponding increase (decrease) in the investment. Distributions received from the equity investees reduce the investment.
Distributions from equity investees representing the Company's share of the equity investee's earnings are treated as cash
proceeds from operations while distributions in excess of the equity investee's earnings are considered a return of capital and
treated as cash proceeds from investing activities in the Company's consolidated statement of cash flows.

GOODWILL AND INTANGIBLE ASSETS: All business combinations are accounted for under the purchase method. The
excess of the cost of the acquisition over fair value of the net assets acquired (including recognized intangibles) is recorded as
goodwill. Business combinations involving existing motorsports entertainment facilities commonly result in a significant
portion of the purchase price being allocated to the fair value of the contract-based intangible asset associated with long-term
relationships manifest in the sanction agreements with sanctioning bodies, such as NASCAR and IMSA. The continuity of
sanction agreements with these bodies has historically enabled the Company to host these motorsports events year after year.
While individual sanction agreements may be of terms as short as one year, a significant portion of the purchase price in excess
of the fair value of acquired tangible assets is commonly paid to acquire anticipated future cash flows from events promoted
pursuant to these agreements which are expected to continue for the foreseeable future and therefore, in accordance with
Accounting Standards Codification (“ASC”) 805, are recorded as indefinite-lived intangible assets recognized apart from
goodwill. The Company’s goodwill and other intangible assets are all associated with our Motorsports Event segment.

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The Company follows applicable authoritative guidance on accounting for goodwill and other intangible assets which specifies,
among other things, non-amortization of goodwill and other intangible assets with indefinite useful lives and requires testing
for possible impairment, either upon the occurrence of an impairment indicator or at least annually. The Company completes its
annual testing in its fiscal fourth quarter, based on assumptions regarding the Company’s future business outlook and expected
future discounted cash flows attributable to such assets (using the fair value assessment provision of applicable authoritative
guidance), supported by quoted market prices or comparable transactions where available or applicable.

In connection with the Company’s fiscal 2017 assessment of goodwill and intangible assets for possible impairment, the
Company used the future discounted cash flows / income approach based on Level 3 Fair Value hierarchy. The Company
believes its methods used to determine fair value and evaluate possible impairment were appropriate, relevant, and represent
methods customarily available and used for such purposes. The Company’s latest annual assessment of goodwill and other
intangible assets in the fourth quarter of fiscal 2017 indicated there had been no impairment and the fair value exceeded the
carrying value for the respective reporting units.

During fiscal 2017, the Company believes there has been no significant change in the long-term fundamentals of its ongoing
motorsports event business. The Company believes its present operational and cash flow outlook further support its conclusion.
While the Company continues to review and analyze many factors that can impact its business prospects in the future, its
analysis is subjective and is based on conditions existing at, and trends leading up to, the time the estimates and assumptions
are made. Different conditions or assumptions, or changes in cash flows or profitability, if significant, could have a material
adverse effect on the outcome of the impairment evaluation and the Company’s future condition or results of operations.

FAIR VALUE OF FINANCIAL INSTRUMENTS

In accordance with the “Financial Instruments” Topic, ASC 825-10 and in accordance with the “Fair Value Measurements and
Disclosures” Topic, ASC 820-10, these topics discuss key considerations in determining fair value in such markets, and
expanding disclosures on recurring fair value measurements using unobservable inputs (Level 3), clarification and additional
disclosure is required about the use of fair value measurements.

Various inputs are considered when determining the carrying values of cash and cash equivalents, accounts receivable, accounts
payable, and accrued liabilities. These items approximate fair value due to the short-term maturities of these assets and
liabilities. These inputs are summarized in the three broad levels listed below:

• Level 1 — observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk,

etc.)

• Level 3 — significant unobservable inputs (including the Company’s own assumptions in determining the fair value of

investments)

DEFERRED FINANCING FEES: Deferred financing fees are amortized over the term of the related debt and are included in
other non-current assets.

COMPREHENSIVE INCOME: Comprehensive income is the change in equity of an enterprise except those resulting from
shareholder transactions.

INCOME TAXES: Income taxes have been presented using the asset and liability method. Under this method, the Company’s
estimates of deferred income taxes and the significant items giving rise to deferred tax assets and liabilities reflect its
assessment of actual future taxes to be paid on items reflected in its financial statements, giving consideration to both timing
and probability of realization.

The Company establishes tax reserves related to certain matters, including penalties and interest, in the period when it is
determined that it is probable that additional taxes, penalties and interest will be paid, and the amount is reasonably estimable.
Such tax reserves are adjusted, as needed, in light of changing circumstances, such as statute of limitations expirations and
other developments relating to uncertain tax positions and current tax items under examination, appeal or litigation.

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REVENUE RECOGNITION: Advance ticket sales and event-related revenues for future events are deferred until earned,
which is generally once the events are conducted. The recognition of event-related expenses is matched with the recognition of
event-related revenues.

NASCAR contracts directly with certain network providers for television rights to the entire Monster Energy NASCAR Cup,
Xfinity and Camping World Truck series schedules. Event promoters share in the television rights fees in accordance with the
provision of the sanction agreement for each Monster Energy NASCAR Cup, Xfinity and Camping World Truck series event.
Under the terms of this arrangement, NASCAR retains 10.0 percent of the gross broadcast rights fees allocated to each Monster
Energy NASCAR Cup, Xfinity and Camping World Truck series event as a component of its sanction fees. The Company, as
the promoter, records 90.0 percent of the gross broadcast rights fees as revenue and then records 25.0 percent of the gross
broadcast rights fees as part of its awards to the competitors. Ultimately, the promoter retains 65.0 percent of the net cash
proceeds from the gross broadcast rights fees allocated to the event.

The Company's revenues from marketing partnerships are paid in accordance with negotiated contracts, with the identities of
partners and the terms of sponsorship changing from time to time. Some of our marketing partnership agreements are for
multiple facilities and/or events and include multiple specified elements, such as tickets, hospitality chalets, suites, display
space and signage for each included event. The allocation of such marketing partnership revenues among the multiple elements,
events and facilities is based on relative selling price. The sponsorship revenue allocated to an event is recognized when the
event is conducted.

Revenues and related costs from the sale of food, beverage and merchandise to retail customers are recognized at the time of
sale.

Kansas Speedway ("Kansas") and Chicagoland Speedway ("Chicagoland") offer Preferred Access Speedway Seating (“PASS”)
agreements, which give purchasers the exclusive right and obligation to purchase season-ticket packages for certain sanctioned
racing events annually, under specified terms and conditions. Among the conditions, licensees are required to purchase all
season-ticket packages when and as offered each year. PASS agreements automatically terminate without refund should owners
not purchase any offered season tickets.

Net fees received under PASS agreements are deferred and are amortized into income over the term of the agreements. Long-
term deferred income under the PASS agreements totals approximately $3.8 million and $3.1 million at November 30, 2016
and 2017, respectively.

ADVERTISING EXPENSE: Advertising costs are expensed as incurred. Advertising expense was approximately
$17.1 million, $17.7 million and $17.2 million for the years ended November 30, 2015, 2016 and 2017, respectively.

LOSS CONTINGENCIES: Legal and other costs incurred in conjunction with loss contingencies are expensed as incurred.

USE OF ESTIMATES: The preparation of the consolidated financial statements in conformity with U.S. generally accepted
accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

RECLASSIFICATIONS: Certain prior year amounts in the Consolidated Statement of Operations have been reclassified to
conform with the current year presentation.

NEW ACCOUNTING PRONOUNCEMENTS: In May 2014, the Financial Accounting Standards Board ("FASB"), in
conjunction with the International Accounting Standards Board ("IASB"), issued Accounting Standards Update ("ASU")
No. 2014-09, "Revenue from Contracts with Customers". The objective of this Update is to significantly enhance comparability
and clarify principles of revenue recognition practices across entities, industries, jurisdictions, and capital markets. On July 9,
2015, the FASB approved a one-year deferral of the effective date, while permitting entities to elect to adopt one year earlier on
the original effective date. As a result, for a public entity, the amendments in this Update are effective for annual reporting
periods beginning after December 15, 2017, including interim periods within that reporting period. The standard can be adopted
either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption.
The Company is continuing to evaluate the information necessary to determine the impact of adopting this new guidance on its

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related accounting policies and processes, as well as its financial position, results of operations, cash flows and required
disclosures. The Company will adopt the provisions of this statement in the first quarter of fiscal 2019.

In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements-Going Concern (Subtopic 205-40):
Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern". The objective of this Update is to
provide guidance around management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to
continue as a going concern and to provide related footnote disclosures. The standard is effective for the annual period ending
after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption of the standard is permitted.
Adoption of this standard is not expected to have an impact on the Company's consolidated financial statements or disclosures.
The Company adopted the provisions of this statement as of November 30, 2017.

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842): Leases". The objective of this Update is to increase
transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and
disclosing key information about leasing arrangements. To meet that objective, the FASB is amending the FASB Accounting
Standards Codification and creating Topic 842, Leases. This Update, along with International Financial Reporting Standards
16, Leases, are the results of the FASB’s and the International Accounting Standards Board’s (IASB’s) efforts to meet that
objective and improve financial reporting. For a public entity, the amendments in this Update are effective for fiscal years
beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of the amendments in
this Update is permitted for all entities. In transition, lessees and lessors are required to recognize and measure leases at the
beginning of the earliest period presented using a modified retrospective approach. The Company is currently evaluating the
impact of adopting this new guidance on its financial position, results of operations, and cash flows, and will adopt the
provisions of this statement in the first quarter of fiscal 2020.

In August 2016, the FASB issued ASU No. 2016-16, "Statement of Cash Flows (Topic 23): Classification of Certain Cash
Receipts and Cash Payments". The objective of this Update is to provide specific guidance on eight cash flow classification
issues and reduce the existing diversity in practice. The amendments in this Update are effective for public business entities for
fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted,
including adoption in an interim period. The amendments in this Update should be applied using a retrospective transition
method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the
amendments for those issues would be applied prospectively as of the earliest date practicable. The Company believes that the
impact of adopting this new guidance will not result in a material difference in its financial position and will adopt the
provisions of this statement in the first quarter of fiscal 2019.

In January 2017, the FASB issued ASU No, 2017-04, "Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for
Goodwill Impairment". The objective of this Update is to simplify the subsequent measurement of goodwill, the Board
eliminated Step 2 from the goodwill impairment test - measuring goodwill impairment loss by comparing the implied fair value
of a reporting unit's goodwill to the carrying amount of that goodwill. Instead, under the amendments in this Update, an entity
should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying
amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting
unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.
Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the
reporting unit when measuring the goodwill impairment loss, if applicable. An entity should apply the amendments in this
Update on a prospective basis. An entity is required to disclose the nature of and reason for the change in accounting principle
upon transition. That disclosure should be provided in the first annual period and in the interim period within the first annual
period when the entity initially adopts the amendments in this Update. A public business entity that is a U.S. Securities and
Exchange Commission ("SEC") filer should adopt the amendments in this Update for its annual or any interim goodwill
impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill
impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of adopting
this new guidance on its financial position, results of operations, and cash flows, and will adopt the provisions of this statement
in the first quarter of fiscal 2021.

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NOTE 2 — EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share for the years ended November 30, (in
thousands, except share and per share amounts):

Numerator:

Net income

Basic earnings per share denominator:

Weighted average shares outstanding

Basic earnings per share:

Income from continuing operations
Loss from discontinued operations

Net income

Denominator:

2015

2016

2017

56,634 $

76,338 $

110,823

46,621,211

45,981,471

44,648,586

1.21 $

1.66 $

2.48

Weighted average shares outstanding
Common stock options

Diluted weighted average shares outstanding

46,621,211
14,619
46,635,830

45,981,471
14,220
45,995,691

44,648,586
11,591
44,660,177

Basic and diluted earnings per share

1.21 $

1.66 $

2.48

Anti-dilutive shares excluded in the computation of diluted
earnings per share

98,928

81,292

51,403

NOTE 3 — PROPERTY AND EQUIPMENT

Property and equipment consists of the following as of November 30, (in thousands):

Land and leasehold improvements
Buildings, grandstands and motorsports entertainment facilities
Furniture and equipment
Construction in progress

Less accumulated depreciation

2016

2017

244,337 $

1,831,804
258,510
55,011
2,389,662
934,156
1,455,506 $

244,539
1,845,958
266,622
153,034
2,510,153
1,030,410
1,479,743

Depreciation and amortization expense was approximately $94.7 million, $102.2 million and $109.7 million for the years
ended November 30, 2015, 2016 and 2017, respectively. The depreciation expense for the year ended November 30, 2017,
includes approximately $6.2 million of accelerated depreciation that was recorded due to the shortening of the service lives of
certain assets associated with ONE DAYTONA and the ISM Raceway Redevelopment. There were no similar costs in fiscal
2016.

NOTE 4 — RETIREMENTS OF LONG-LIVED ASSETS

The Company recorded before-tax charges relating to retirements of long-lived assets during the fiscal years ending November
30, as follows (in thousands):

Losses on retirements of long-lived assets
Less: cash portion of losses on asset retirements

Non-cash losses on retirements of long-lived assets

ISC // 2017 ANNUAL REPORT // FORM 10-K // 64

2015

2016

2017

16,015 $
12,525
3,490 $

2,905 $
506
2,399 $

10,552
904
9,648

Table of Contents

The fiscal 2015 retirements are primarily attributable to the ongoing removal of certain assets in connection with the track
repaving at Kansas, as well as guest enhancements at Talladega Superspeedway (“Talladega”), Richmond Raceway
(“Richmond”) and certain of the Company's other facilities.

The fiscal 2016 retirements are primarily attributable to the removal of assets not fully depreciated in connection with
DAYTONA Rising, capacity optimization initiatives and other capital improvements.

The fiscal 2017 retirements are primarily attributable to the removal of assets not fully depreciated in connection with capacity
optimization initiatives, the ISM Raceway Redevelopment, and other capital improvements.

NOTE 5 — EQUITY AND OTHER INVESTMENTS

Hollywood Casino at Kansas Speedway

Kansas Entertainment, LLC, (“Kansas Entertainment”) a 50/50 joint venture of Penn Hollywood Kansas, Inc. (“Penn”), a
subsidiary of Penn National Gaming, Inc. and Kansas Speedway Development Corporation (“KSDC”), a wholly owned
indirect subsidiary of ISC, operates the Hollywood-themed casino and branded destination entertainment facility, overlooking
turn two at Kansas Speedway. Penn is the managing member of Kansas Entertainment and is responsible for the operations of
the casino.

The Company has accounted for Kansas Entertainment as an equity investment in its consolidated financial statements as of
November 30, 2015, 2016 and 2017, respectively. The Company’s 50.0 percent portion of Kansas Entertainment’s net income
was approximately $14.1 million, $14.9 million and $19.1 million for fiscal years 2015, 2016 and 2017, respectively, and is
included in equity in net income from equity investments in the Company's consolidated statements of operations.

Pre-tax distributions from Kansas Entertainment, for the years ended November 30, are recognized on the Company's
consolidated statement of cash flows as follows (in thousands):

Distribution from profits
Distribution in excess of profits

Total Distributions

Fairfield Inn at ONE DAYTONA

2015

2016

2017

15,209 $
16,841
32,050 $

16,067 $
9,833
25,900 $

20,274
5,176
25,450

Daytona Hotel Two, LLC ("Fairfield"), a joint venture of Daytona Hospitality Group II, LLC ("DHGII"), a subsidiary of Prime-
Shaner Groups, and Daytona Beach Property Holdings Retail, LLC ("DBR"), a wholly owned indirect subsidiary of ISC, was
formed to own, construct and operate a Fairfield Inn hotel. In June 2016, DBR contributed land to the joint venture as per the
agreement. DHGII is the managing member of the Fairfield and will be responsible for the development and operations of the
hotel. The hotel is situated within the ONE DAYTONA development and operations began in December 2017.

As per the partnership agreement, the Company's 33.25 percent share of equity will be limited to its non-cash land contribution
and it will share in the profits from the joint venture proportionately to its equity ownership. The Company has accounted for
the joint venture in the Fairfield as an equity investment in its consolidated financial statements as of November 30, 2017. The
Company's 33.25 percent portion of Fairfield’s net loss, from inception, through November 30, 2017 primarily consists of
de minimis administrative costs that are included in net income from equity investments in the Company's consolidated
statements of operations.

Autograph Hotel at ONE DAYTONA

Daytona Hotel One, LLC ("Autograph"), a joint venture of Daytona Hospitality Group, LLC ("DHG"), a subsidiary of Prime-
Shaner Groups, and DBR, was formed to own, construct and operate an Autograph hotel. The hotel will be situated within the
ONE DAYTONA development. In June 2017, DBR contributed land to the joint venture as per the agreement and vertical
construction of the hotel has commenced and is expected to open in late 2018. DHG is the managing member of the Autograph
and will be responsible for the development and operations of the hotel.

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As per the partnership agreement, our 34.0 percent share of equity will be limited to the Company's non-cash land contribution
and it will share in the profits from the joint venture proportionately to its equity ownership. The Company has accounted for
the joint venture in Autograph as an equity investment in its consolidated financial statements as of November 30, 2017. The
Company's 34.0 percent portion of Autograph’s net loss, from inception, through November 30, 2017 primarily consists of
de minimis administrative costs that are included in net income from equity investments in the Company's consolidated
statements of operations.

Staten Island Property

On August 5, 2013, the Company announced that it sold its 676 acre parcel of property located in Staten Island, New York, to
Staten Island Marine Development, LLC (“Marine Development”). Marine Development purchased 100 percent of the
outstanding equity membership interests of 380 Development LLC (“380 Development”), a wholly owned indirect subsidiary
of ISC and owner of the Staten Island property, for a total sales price of $80.0 million. In addition, the Company previously
received approximately $4.2 million for an option provided to the purchaser that is nonrefundable and does not apply to the
$80.0 million sales price.

The Company received $7.5 million, less closing and other administrative costs, of the sales price at closing. The remaining
sales price was financed with the Company holding a secured mortgage interest in 380 Development as well as the underlying
property. The mortgage balance bore interest at an annual rate of 7.0 percent. In accordance with the terms of the agreement,
the Company received a principal payment of approximately $6.1 million plus interest on this mortgage balance through
February 29, 2016. The remaining purchase price of $66.4 million, was due in March 2016.

In March 2016, the Company completed an assignment of all rights, title and interest in the mortgage and underlying
promissory note to an affiliate of Matrix Development Group, a New York/New Jersey area developer, and received the
remaining principal balance of $66.4 million, plus additional consideration of approximately $0.3 million. The Company has
no further commitments or contingencies related to the property or its sale. As a result, in the second quarter of fiscal 2016, the
Company recorded a gain of approximately $13.6 million, comprised of recognition of profit of approximately $1.9 million,
interest totaling approximately $11.4 million, and other consideration paid. The deferred gain of $1.9 million is included in
Other operating revenue in the Company's consolidated statement of operations, and the interest, and additional consideration
received, is included in Other Revenue in the Company's consolidated statement of operations.

The net proceeds from the sale, combined with the mortgage interest and related total cash tax benefit, has provided the
Company with approximately $129.8 million in incremental cash flow through the aforementioned assignment of all rights.

Summarized financial information of the Company’s equity investments as of and for the years ended November 30, are as
follows (in thousands):

Current assets
Noncurrent assets
Current liabilities
Noncurrent liabilities
Net sales
Gross profit
Operating income
Net income

2015

2016

2017

17,204 $
196,164
17,749
—
153,183
80,691
30,417
30,417

15,856 $
177,479
17,380
—
153,276
82,087
32,136
32,136

18,110
166,457
18,963
—
154,524
83,794
40,548
40,548

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NOTE 6 — GOODWILL AND INTANGIBLE ASSETS

The gross carrying value, accumulated amortization and net carrying value of the major classes of intangible assets relating to
the Motorsports Event segment as of November 30, are as follows (in thousands):

Amortized intangible assets:

Other

Total amortized intangible assets
Non-amortized intangible assets:

NASCAR — sanction agreements
Other

Total non-amortized intangible assets
Total intangible assets

Amortized intangible assets:

Other

Total amortized intangible assets
Non-amortized intangible assets:

NASCAR — sanction agreements
Other

Total non-amortized intangible assets
Total intangible assets

Gross
Carrying
Amount

2016

Accumulated
Amortization

Net
Carrying
Amount

120
120

177,813
793
178,606
178,726 $

97
97

—
—
—
97 $

23
23

177,813
793
178,606
178,629

Gross
Carrying
Amount

2017

Accumulated
Amortization

Net
Carrying
Amount

120
120

177,813
802
178,615
178,735 $

98
98

—
—
—
98 $

22
22

177,813
802
178,615
178,637

The following table presents current and expected amortization expense of the existing intangible assets as of November 30, for
each of the following periods (in thousands):

Amortization expense for the year ended November 30, 2017
Estimated amortization expense for the year ending November 30:

2018
2019
2020
2021
2022

2
2
2
1
15

There were no changes in the carrying value of goodwill during fiscal 2016. As of November 30, 2017, the Company was in
negotiations to sell certain assets, some of which had goodwill associated to them. As a result of the negotiations, goodwill was
considered partially impaired by approximately $0.4 million.

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NOTE 7 — LONG-TERM DEBT

Long-term debt consists of the following as of November 30, (in thousands):

4.63 percent Senior Notes
3.95 percent Senior Notes
6.25 percent Term Loan
TIF bond debt service funding commitment
Revolving Credit Facility

Less: current portion

2016

2017

Unamortized
Discount and
Debt Issuance
Costs

Principal

Unamortized
Discount and
Debt Issuance
Costs

Principal

65,000 $
100,000
47,878
52,145
—
265,023
3,738
261,285 $

(210 ) $
(328 )
—
(1,665 )
—
(2,203 )
(334 )

(1,869 ) $

65,000 $
100,000
46,975
49,368
—
261,343
4,091
257,252 $

(159 )
(286 )
—
(1,432 )
—
(1,877 )
(237 )

(1,640 )

Schedule of Payments (in thousands)

For the year ending November 30:

2018

2019

2020

2021

2022

Thereafter

Net premium

Total

4,091
4,522
5,326
70,808
6,326
170,607
261,680
(337 )
261,343

The Company's $65.0 million principal amount of senior unsecured notes (“4.63 percent Senior Notes”) bear interest at 4.63
percent and are due January 2021, and require semi-annual interest payments on January 18 and July 18 through their maturity.
The 4.63 percent Senior Notes may be redeemed in whole or in part, at the Company’s option, at any time or from time to time
at redemption prices as defined in the indenture. Certain of the Company’s wholly owned domestic subsidiaries are guarantors
of the 4.63 percent Senior Notes. Certain restrictive covenants of the 4.63 percent Senior Notes require that the Company's ratio
of its Consolidated Funded Indebtedness to its Consolidated EBITDA ("leverage ratio") does not exceed 3.50 to 1.0, and its
Consolidated EBITDA to Consolidated Interest Expense ("interest coverage ratio") is not less than 2.0 to 1.0. In addition the
Company may not permit the aggregate of certain Priority Debt to exceed 15.0 percent of its Consolidated Net Worth. The 4.63
percent Senior Notes contain various other affirmative and negative restrictive covenants including, among others, limitations
on liens, sales of assets, mergers and consolidations and certain transactions with affiliates. As of November 30, 2017, the
Company was in compliance with its various restrictive covenants. At November 30, 2017, outstanding principal on the 4.63
percent Senior Notes was approximately $65.0 million.

The Company's $100.0 million principal amount of senior unsecured notes (“3.95 percent Senior Notes”) bear interest at 3.95
percent and are due September 2024. The 3.95 percent Senior Notes require semi-annual interest payments on March 13 and
September 13 through their maturity. The 3.95 percent Senior Notes may be redeemed in whole or in part, at our option, at any
time or from time to time at redemption prices as defined in the indenture. Certain of the Company's wholly owned domestic
subsidiaries are guarantors of the 3.95 percent Senior Notes. Certain restrictive covenants of the 3.95 percent Senior Notes
require that the Company's leverage ratio does not exceed 3.50 to 1.0, and its interest coverage ratio is not less than 2.0 to 1.0.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 68

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In addition the Company may not permit the aggregate of certain Priority Debt to exceed 15.0 percent of its Consolidated Net
Worth. The 3.95 percent Senior Notes contain various other affirmative and negative restrictive covenants including, among
others, limitations on liens, sales of assets, mergers and consolidations and certain transactions with affiliates. As of
November 30, 2017, the Company was in compliance with its various restrictive covenants. At November 30, 2017,
outstanding principal on the 3.95 percent Senior Notes was approximately $100.0 million.

The term loan (“6.25 percent Term Loan”), related to the Company’s International Motorsports Center, has a 25 year term due
October 2034, an interest rate of 6.25 percent, and a current monthly payment of approximately $323,000 principal and interest.
At November 30, 2017, the outstanding principal on the 6.25 percent Term Loan was approximately $47.0 million.

In September 2016, the Company amended and extended its existing $300.0 million credit facility, maturing November 2017,
and entered into a new $300.0 million revolving credit facility (“2016 Credit Facility”). The 2016 Credit Facility contains a
feature that allows the Company to increase the credit facility to a total of $500.0 million, subject to certain conditions,
provides for separate sub-limits of $25.0 million for standby letters of credit and $10.0 million for swing line loans. The 2016
Credit Facility is scheduled to mature five years from the date of inception, with two 1-year extension options. In August 2017,
the Company entered into the first, of its two available, 1-year extension options. Interest accrues, at the Company's option, at
either LIBOR plus 100.0 — 162.5 basis points or a base rate loan at the highest of i) Wells Fargo Bank's prime lending rate, ii)
the Federal Funds rate, as in effect from time to time, plus 0.5 percent, and iii) one month LIBOR plus 1.0 percent. The 2016
Credit Facility also contains a commitment fee ranging from 0.125 percent to 0.225 percent of unused amounts available for
borrowing. The interest rate margin on the LIBOR borrowings and commitment fee are variable depending on the better of the
Company's debt rating as determined by specified rating agencies or its leverage ratio. Certain of the Company's wholly owned
domestic subsidiaries are guarantors on the 2016 Credit Facility. The 2016 Credit Facility requires that the Company's leverage
ratio does not exceed 3.50 to 1.0 (4.0 to 1.0 for the four quarters ending after any Permitted Acquisition), and its interest
coverage ratio is not less than 2.5 to 1.0. The 2016 Credit Facility also contains various other affirmative and negative
restrictive covenants including, among others, limitations on indebtedness, investments, sales of assets, certain transactions
with affiliates, entering into certain restrictive agreements and making certain restricted payments as detailed in the agreement.
As of November 30, 2017, the Company was in compliance with its various restrictive covenants. At November 30, 2017, the
Company had no outstanding borrowings under the 2016 Credit Facility.

At November 30, 2017, the Company has approximately $2.0 million, net of tax, deferred in accumulated other comprehensive
loss associated with a terminated interest rate swap which is being amortized as interest expense over life of the 4.63 percent
Senior Notes (see above).

Total interest expense incurred by the Company for the years ended November 30, are as follows (in thousands):

Interest expense
Less: capitalized interest

Net interest expense

2015

2016

2017

16,286 $
6,704
9,582 $

16,038 $
2,201
13,837 $

15,713
4,080
11,633

At November 30, 2016 and 2017, the Company recorded deferred financing costs of approximately $3.6 million and
$3.3 million, respectively, net of accumulated amortization. These costs are being amortized on a straight line method, which
approximates the effective yield method, over the life of the related financing.

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NOTE 8 — FEDERAL AND STATE INCOME TAXES

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the amounts used for income tax purposes.

Significant components of the provision for income taxes for the years ended November 30, are as follows (in thousands):

Current tax expense (benefit):

Federal
State

Deferred tax expense (benefit):

Federal
State

Provision (benefit) for income taxes

2015

2016

2017

46,095 $
3,891

(15,164 )
(514 )
34,308 $

(27,061 ) $
1,856

70,186
2,750
47,731 $

6,888
1,440

(10,912 )
(3,041 )

(5,625 )

The reconciliation of income tax expense (benefit) computed at the federal statutory tax rates to income tax expense (benefit)
for the years ended November 30, is as follows (percent of pre-tax income):

Income tax computed at federal statutory rates
State income taxes, net of federal tax benefit
Investment in MA

Other, net

Effective income tax rate

2015

2016

2017

35.0 %
2.5
—
0.2
37.7 %

35.0 %
3.2
—
0.3
38.5 %

35.0 %
3.2
(43.8 )
0.3
(5.3 )%

The components of the net deferred tax assets (liabilities) at November 30, are as follows (in thousands):

Loss carryforwards
Deferred revenues
Accruals
Compensation related
Interest
Equity investment

Deferred tax assets
Valuation allowance

Deferred tax assets, net of valuation allowance
Amortization and depreciation
Equity investment
Other

Deferred tax liabilities
Net deferred tax liabilities

ISC // 2017 ANNUAL REPORT // FORM 10-K // 70

2016

2017

15,477 $
1,529
2,946
4,065
2,740
—
26,757
(7,031 )
19,726
(428,828 )
(180 )
(303 )

(429,311 )
(409,585 ) $

13,739
1,249
2,251
3,294
2,084
860
23,477
(2,116 )
21,361
(417,127 )
—
(280 )

(417,407 )
(396,046 )

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At November 30, 2017 the Company has deferred tax assets related to various state loss carryforwards totaling approximately
$13.7 million that expire in varying amounts beginning in fiscal 2019. The valuation allowance at November 30, 2016 and
2017 was primarily related to state loss carryforwards that, in the judgment of management, are more likely than not to expire
before realized. In evaluating the Company’s ability to recover its deferred income tax assets it considers all available evidence
both positive and negative, including operating results, ongoing tax planning and forecasts of future taxable income on a
jurisdiction by jurisdiction basis.

Federal returns for fiscal years 2013 through 2016 remain open and subject to examination by the Internal Revenue Service.
The Company files and remits state income taxes in various states where the Company has determined it is required to file state
income taxes. The Company’s filings with those states remain open for audit for the fiscal years 2012 through 2016.

A reconciliation of the beginning and ending amount of unrecognized tax liability is as follows (in thousands):

Balance at December 1, 2016

Reductions for tax positions of prior years

Balance at November 30, 2017

311
(40 )
271

During the fiscal year ended November 30, 2017, the Company determined its stock investment in MA had become
worthless in accordance with U.S. federal income tax rules. During the fiscal year ended November 30, 2009 the
Company had previously reduced its carrying value of the investment to nil. However operations continued until August
2017. In August of 2017 management and the board of MA decided to cease operations and liquidate MA.

In the third quarter of fiscal 2017, the Company recorded a deferred tax asset of $48.2 million representing the tax benefit
associated with the basis in the shares of MA that was not previously required to be recorded in the deferred assets, as it
represents the outside basis difference in the shares of a subsidiary not previously held for sale. The basis in MA used to
calculate the tax benefit is approximately $122.2 million.

In the fourth quarter of fiscal 2017, the Company completed its analysis and determined the loss qualifies as an ordinary
loss for federal income tax purposes. As a result of the worthlessness of MA stock and this analysis, the Company
recognized an income tax benefit of approximately $48.2 million for the period ending November 30, 2017. Management
believes that it is more likely than not that the Company has sufficient taxable income to fully utilize these tax losses.

In fiscal 2017, the Company also impaired $2.1 million of deferred tax assets, resulting in a charge to income tax expense,
related to federal loss carryforwards.

In December 2015, Congress passed the Protecting Americans from Tax Hikes Act (the "Act"), which included a
retroactive renewal back to January 1, 2015 of the previously expired tax legislation. The Act extended accelerated
depreciation on qualified capital investments placed into service. This bonus depreciation provision is 50.0 percent for
qualifying assets placed into service from 2015 through 2017, 40.0 percent for qualifying assets placed into service in
2018, and 30.0 percent for qualifying assets placed into service in 2019. The impact of this tax legislation did not affect
the Company's fiscal 2016 and 2017 effective tax rate.

On December 22, 2017, Congress signed into law the Tax Cut and Jobs Act of 2017. The tax law includes significant
changes to the U.S. corporate tax systems including a rate reduction from 35.0 percent to 21.0 percent beginning in
January of 2018, the elimination of the corporate alternative minimum tax, and the acceleration of depreciation for US tax
purposes. In accordance with ASC 740, "Income Taxes", the impact of a change in tax law is recorded in the period of
enactment. During the first quarter of 2018, the Company expects to record a material, non-cash, change in its deferred
income tax liability with a material income tax benefit.

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NOTE 9 — CAPITAL STOCK

The Company’s authorized capital includes 80.0 million shares of Class A Common Stock, par value $.01 (“Class A Common
Stock”), 40.0 million shares of Class B Common Stock, par value $.01 (“Class B Common Stock”), and 1.0 million shares of
Preferred Stock, par value $.01 (“Preferred Stock”). The shares of Class A Common Stock and Class B Common Stock are
identical in all respects, except for voting rights and conversion rights as described below. Each share of Class A Common
Stock entitles the holder to one-fifth (1/5) vote on each matter submitted to a vote of the Company’s shareholders and each
share of Class B Common Stock entitles the holder to one (1) vote on each such matter, in each case including the election of
directors. Holders of Class A Common Stock and Class B Common Stock are entitled to receive dividends at the same rate if
and when declared by the Board of Directors out of funds legally available there from, subject to the dividend and liquidation
rights of any Preferred Stock that may be issued and outstanding. Class A Common Stock has no conversion rights. Class B
Common Stock is convertible into Class A Common Stock, in whole or in part, at any time at the option of the holder on the
basis of one share of Class A Common Stock for each share of Class B Common Stock converted. Each share of Class B
Common Stock will also automatically convert into one share of Class A Common Stock if, on the record date of any meeting
of the shareholders, the number of shares of Class B Common Stock then outstanding is less than 10.0 percent of the aggregate
number of shares of Class A Common Stock and Class B Common Stock then outstanding.

The Board of Directors of the Company is authorized, without further shareholder action, to divide any or all shares of the
authorized Preferred Stock into series and fix and determine the designations, preferences and relative rights and qualifications,
limitations, or restrictions thereon of any series so established, including voting powers, dividend rights, liquidation
preferences, redemption rights and conversion privileges. No shares of Preferred Stock are outstanding. The Board of Directors
has not authorized any series of Preferred Stock, and there are no plans, agreements or understandings for the authorization or
issuance of any shares of Preferred Stock.

Stock Purchase Plan

The Company has a share repurchase program (“Stock Purchase Plan”) under which it is authorized to purchase up to
$530.0 million of its outstanding Class A common shares. The timing and amount of any shares repurchased under the Stock
Purchase Plan will depend on a variety of factors, including price, corporate and regulatory requirements, capital availability
and other market conditions. The Stock Purchase Plan may be suspended or discontinued at any time without prior notice. No
shares have been or will be knowingly purchased from Company insiders or their affiliates.

Since inception of the Stock Purchase Plan through November 30, 2017, the Company has purchased 9,701,401 shares of its
Class A common shares, for a total of approximately $358.4 million. There were no purchases of the Company's Class A shares
during fiscal 2015. In fiscal 2016 and 2017 the Company purchased 1.7 million and 1.0 million shares of our Class A common
shares, at an average cost of approximately $33.25 and $35.76 per share (including commissions), for a total of approximately
$55.1 million and $35.0 million, respectively. Transactions occur in open market purchases and pursuant to a trading plan under
Rule 10b5-1. At November 30, 2017, the Company has approximately $171.6 million remaining repurchase authority under the
current Stock Purchase Plan.

In April 2017, the Company's Board of Directors approved an annual dividend of $0.43 per share, for a total of approximately
$19.2 million, paid on June 30, 2017, to common stockholders of record on May 31, 2017.

NOTE 10 — COMMITMENTS AND CONTINGENCIES

International Speedway Corporation has a salary incentive plan (the “ISC Plan”) designed to qualify under Section 401(k) of
the Internal Revenue Code. Employees of International Speedway Corporation and certain participating subsidiaries who have
completed one month of continuous service are eligible to participate in the ISC Plan. After twelve months of continuous
service, matching contributions are made to a savings trust (subject to certain limits) concurrent with employees’ contributions.
The level of the matching contribution depends upon the amount of the employee contribution. Employees become 100 percent
vested upon entrance to the ISC Plan. The contribution expense for the ISC Plan was approximately $1.7 million, $1.7 million
and $1.8 million for the years ended November 30, 2015, 2016 and 2017, respectively.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 72

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The estimated cost to complete approved projects and current construction in progress at November 30, 2017 at the Company’s
existing facilities is approximately $171.7 million. Included in Other current liabilities on the Company's Consolidated Balance
Sheets are approximately $4.1 million and $4.5 million, of certain administrative costs as of November 30, 2016 and 2017,
respectively.

In October 2002, the Unified Government issued subordinate sales tax special obligation revenue bonds (“2002 STAR Bonds”)
totaling approximately $6.3 million to reimburse the Company for certain construction already completed on the second phase
of the Kansas Speedway project and to fund certain additional construction. The 2002 STAR Bonds, which require annual debt
service payments and are due December 1, 2022, will be retired with state and local taxes generated within the speedway’s
boundaries and are not the Company’s obligation. KSC has agreed to guarantee the payment of principal, any required
premium and interest on the 2002 STAR Bonds. At November 30, 2017, the Unified Government had approximately
$0.7 million outstanding on 2002 STAR Bonds. Under a keepwell agreement, the Company has agreed to provide financial
assistance to KSC, if necessary, to support KSC’s guarantee of the 2002 STAR Bonds.

The Company operates Homestead-Miami Speedway under an operating agreement which expires December 31, 2032 and
provides for subsequent renewal terms through December 31, 2075. The Company operates Daytona International Speedway
under an operating lease agreement which expires November 7, 2054. The Company also has various operating leases for office
space and equipment. The future minimum payments under the operating agreement and leases utilized by the Company having
initial or remaining non-cancelable terms in excess of one year at November 30, 2017, are as follows (in thousands):

For the year ending November 30:

2018
2019
2020
2021
2022
Thereafter

Total

Operating
Agreement

Operating
Leases

55 $
55
55
55
55
555
830 $

6,870
5,522
4,280
3,950
3,770
40,275
64,667

Total expenses incurred under the track operating agreement, operating leases and all other short-term rentals during the years
ended November 30, 2015, 2016 and 2017 were approximately $14.4 million, $13.7 million, and $14.7 million, respectively.

In connection with the Company’s automobile and workers’ compensation insurance coverages and certain construction
contracts, the Company has standby letter of credit agreements in favor of third parties totaling approximately $8.4 million at
November 30, 2017. At November 30, 2017, there were no amounts drawn on the standby letters of credit.

Current Litigation

The Company is from time to time a party to routine litigation incidental to its business. Management does not believe that the
resolution of any or all of such litigation will have a material adverse effect on the Company’s financial condition or results of
operations.

NOTE 11 — RELATED PARTY DISCLOSURES AND TRANSACTIONS

All of the racing events that take place during the Company’s fiscal year are sanctioned by various racing organizations such as
the American Historic Racing Motorcycle Association, the American Motorcyclist Association, the Automobile Racing Club of
America, the American Sportbike Racing Association — Championship Cup Series, the Federation Internationale de
L’Automobile, the Federation Internationale Motocycliste, IMSA, Historic Sportscar Racing, IndyCar Series, NASCAR,
NHRA, the Porsche Club of America, the Sports Car Club of America, the Sportscar Vintage Racing Association, the United
States Auto Club and the World Karting Association.

NASCAR, which sanctions many of the Company’s principal racing events, is a member of the France Family Group which
controls over 74.1 percent of the combined voting power of the outstanding stock of the Company, as of November 30, 2017,
and some members of which serve as directors and officers of the Company.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 73

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Under current agreements, NASCAR contracts directly with certain network providers for television rights to the entire
Monster Energy NASCAR Cup, Xfinity and Camping World Truck series schedules. Under the terms of this arrangement,
NASCAR retains 10.0 percent of the gross broadcast rights fees allocated to each NASCAR Cup, Xfinity and Camping World
Truck series event as a component of its sanction fees. The Company, as the promoter, records 90.0 percent of the gross
broadcast rights fees as revenue and then records 25.0 percent of the gross broadcast rights fees as part of its awards to the
competitors, included in NASCAR event management fees (discussed below). Ultimately, the promoter retains 65.0 percent of
the net cash proceeds from the gross broadcast rights fees allocated to the event. The Company’s television broadcast and
ancillary rights fees received from NASCAR for the NASCAR Cup, Xfinity and Camping World Truck series events conducted
at its wholly owned facilities were approximately $314.5 million, $325.1 million and $337.4 million in fiscal years 2015, 2016
and 2017, respectively. The Company recorded prize money of approximately $87.2 million, $89.6 million and $93.3 million in
fiscal years 2015, 2016 and 2017, respectively, included in NASCAR event management fees (discussed below) related to the
aforementioned 25.0 percent of gross broadcast rights fees ultimately paid to competitors.

Standard NASCAR and IMSA sanction agreements require racetrack operators to pay event management fees (collectively
"NASCAR event management or NEM fees"), which include prize and point fund monies for each sanctioned event conducted.
The prize and point fund monies are distributed by NASCAR to participants in the events. Total NEM fees paid by the
Company were approximately $167.8 million, $171.8 million and $178.4 million, for the fiscal years ended November 30,
2015, 2016 and 2017, respectively. The Company has outstanding receivables related to NASCAR and its affiliates of
approximately $21.3 million and $22.1 million at November 30, 2016 and 2017, respectively.

The Company and NASCAR, along with certain NASCAR affiliates, share a variety of expenses in the ordinary course of
business. NASCAR pays rent, as well as a related maintenance fee (allocated based on square footage), to the Company for
office space in Daytona Beach, Florida. NASCAR pays the Company for radio, program and strategic initiative advertising,
hospitality and suite rentals, various tickets and credentials, catering services, participation in a NASCAR racing event banquet,
and track and other equipment rentals. The Company pays NASCAR for certain advertising, participation in NASCAR racing
series banquets, the use of NASCAR trademarks and intellectual images and production space on trackside large screen video
display units. The Company’s payments to NASCAR for MRN’s broadcast rights to NASCAR Camping World Truck races
represent an agreed-upon percentage of the Company’s advertising revenues attributable to such race broadcasts. NASCAR
also reimburses the Company for 50.0 percent of the compensation paid to certain personnel working in the Company’s legal,
risk management and transportation departments, as well as 50.0 percent of the compensation expense associated with certain
receptionists. The Company reimburses NASCAR for 50.0 percent of the compensation paid to certain personnel working in
NASCAR’s legal department. NASCAR’s reimbursement for use of the Company’s mailroom, janitorial services, security
services, catering, graphic arts, photo and publishing services, telephone system and the Company’s reimbursement of
NASCAR for use of corporate aircraft is based on actual usage or an allocation of total actual usage. The aggregate amount
received and receivable from NASCAR for shared expenses, net of amounts paid by the Company for shared expenses, totaled
approximately $10.2 million, $10.2 million and $10.3 million during fiscal 2015, 2016 and 2017, respectively. We believe the
amounts earned from or charged by us under each of the aforementioned transactions are commercially reasonable.

IMSA, a wholly owned subsidiary of NASCAR, sanctions various events at certain of the Company’s facilities. Standard IMSA
sanction agreements require racetrack operators to pay event management fees, which include prize and point fund monies for
each sanctioned event conducted. The prize and point fund monies are distributed by IMSA to participants in the events. Event
management fees paid by the Company to IMSA totaled approximately $1.3 million, $1.3 million and $1.2 million for the years
ended November 30, 2015, 2016 and 2017, respectively.

AMA Pro Racing, an entity controlled by a member of the France Family Group, sanctions various events at certain of the
Company’s facilities. Standard AMA Pro Racing sanction agreements require racetrack operators to pay event management
fees, which include prize and point fund monies for each sanctioned event conducted. The prize and point fund monies are
distributed by AMA Pro Racing to participants in the events. Event management fees paid by the Company to AMA Pro Racing
totaled approximately $0.1 million, $0.1 million and $0.1 million during fiscal 2015, 2016 and 2017, respectively.
Furthermore, the Company and AMA Pro Racing share a variety of expenses in the ordinary course of business. The aggregate
amount received from AMA Pro Racing by the Company for shared expenses, net of amounts paid by the Company for shared
expenses, totaled approximately $0.2 million.

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The Company strives to ensure, and management believes that, the terms of the Company’s transactions with NASCAR, IMSA
and AMA Pro Racing are commercially reasonable.

Other Related Party Transactions

Certain members of the France Family Group paid the Company for the utilization of security services, event planning, event
tickets, purchase of catering services, maintenance services, and certain equipment. The amounts paid for these items were
based on actual costs incurred, similar prices paid by unrelated third party purchasers of similar items or estimated fair market
values. The net amount received by the Company for these items, totaled approximately $456,000, $306,000 and $504,000
during fiscal 2015, 2016 and 2017, respectively.

Crotty, Bartlett & Kelly, P.A. (“Crotty, Bartlett & Kelly”), is a law firm previously controlled by family members of W. Garrett
Crotty, one of the Company’s executive officers. The Company engaged Crotty, Bartlett & Kelly for certain legal and
consulting services. The aggregate amount paid to Crotty, Bartlett & Kelly by the Company for legal and consulting services
totaled approximately $39,000 and $36,000 during fiscal 2015 and 2016, respectively. There were no comparable transactions
in fiscal 2017.

J. Hyatt Brown, one of the Company’s directors, serves as Chairman of Brown & Brown, Inc. (“Brown & Brown”). Brown &
Brown has received commissions for serving as the Company’s insurance broker for several of the Company’s insurance
policies, including the Company’s property and casualty policy and certain employee benefit programs. The aggregate
commissions received by Brown & Brown in connection with the Company’s policies were approximately $517,000, $555,000
and $519,000 during fiscal 2015, 2016 and 2017, respectively. In fiscal 2017, Brown & Brown paid the Company
approximately $10.0 thousand for the purchase of track facility rentals. There were no comparable transactions in fiscal 2015 or
2016.

One of the Company’s directors, Christy F. Harris, is Of Counsel to Kinsey, Vincent Pyle, L.C., a law firm that provided legal
services to the Company during fiscal 2015, 2016 and 2017. The Company paid approximately $35,000, $97,000 and $158,000
for these services in fiscal 2015, 2016 and 2017, respectively.

We believe the amounts earned from or charged by us under each of the aforementioned transactions are commercially
reasonable.

NOTE 12 — SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid for income taxes and interest for the years ended November 30, is summarized as follows (in thousands):

Income taxes paid

Interest paid

2015

2016

2017

44,989 $

24,392 $

31,424

14,504 $

14,199 $

13,928

NOTE 13 — LONG-TERM STOCK INCENTIVE PLAN

On November 30, 2017, the Company has three share-based compensation plans, which are described below. Compensation
cost included in operating expenses in the accompanying consolidated statements of operations for those plans was
$2.9 million, $3.7 million, and $2.7 million for the years ended November 30, 2015, 2016 and 2017, respectively. The total
income tax benefit recognized in the consolidated statements of operations for share-based compensation arrangements was
approximately $1.2 million, $1.5 million and $1.3 million for the years ended November 30, 2015, 2016 and 2017,
respectively.

The Company’s 1996 Long-Term Stock Incentive Plan (the “1996 Plan”) authorized the grant of stock options (incentive and
nonqualified), stock appreciation rights and restricted stock. The Company reserved an aggregate of 1,000,000 shares (subject
to adjustment for stock splits and similar capital changes) of the Company’s Class A Common Stock for grants under the 1996

ISC // 2017 ANNUAL REPORT // FORM 10-K // 75

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Plan. The 1996 Plan terminated in 2006. All unvested stock options and restricted stock granted prior to the termination will
continue to vest and will continue to be exercisable in accordance with their original terms.

The Company’s 2006 Long-Term Incentive Plan (the “2006 Plan”) authorized the grant of stock options (incentive and non-
qualified), stock appreciation rights, restricted and unrestricted stock, cash awards and Performance Units (as defined in the
2006 Plan) to employees, consultants and advisers of the Company capable of contributing to the Company’s performance. The
Company has reserved an aggregate of 1,000,000 shares (subject to adjustment for stock splits and similar capital changes) of
the Company’s Class A Common Stock for grants under the 2006 Plan. The 2006 Plan terminated in 2016. All unvested stock
options and restricted stock granted prior to the termination will continue to vest and will continue to be exercisable in
accordance with their original terms.

In April 2017, the Company’s shareholders’ approved the 2017 Long-Term Incentive Plan (the “2017 Plan”) which authorizes
the grant of stock options (incentive and non-qualified), stock appreciation rights, restricted and unrestricted stock, cash awards
and Performance Units (as defined in the 2017 Plan) to employees, consultants and advisers of the Company capable of
contributing to the Company’s performance. The Company has reserved an aggregate of 1,500,000 shares (subject to
adjustment for stock splits and similar capital changes) of the Company’s Class A Common Stock for grants under the 2017
Plan. Incentive Stock Options may be granted only to employees eligible to receive them under the Internal Revenue Code of
1996, as amended. The 2006 Plan approved by the shareholders appoints the Compensation Committee (the “Committee”) to
administer the 2006 Plan. Awards under the 2006 Plan will contain such terms and conditions not inconsistent with the 2006
Plan as the Committee in its discretion approves. The Committee has discretion to administer the 2006 Plan in the manner
which it determines, from time to time, is in the best interest of the Company.

Restricted Stock Awards

Restricted stock awarded under the 1996 Plan, 2006 Plan, and 2017 Plan (collectively the “Plans”) generally is subject to
forfeiture in the event of termination of employment prior to vesting dates. Prior to vesting, the Plans participants own the
shares and may vote and receive dividends, but are subject to certain restrictions. Restrictions include the prohibition of the sale
or transfer of the shares during the period prior to vesting of the shares. The Company also has the right of first refusal to
purchase any shares of stock issued under the Plans which are offered for sale subsequent to vesting. In accordance with ASC
718, “Compensation - Stock Compensation” the Company is recognizing stock-based compensation on these restricted shares
awarded on the accelerated method over the requisite service period. The fair value of nonvested restricted stock is determined
based on the opening trading price of the Company’s Class A Common Stock on the grant date.

The Company granted 89,343, 92,583 and 98,295 shares of restricted stock awards of the Company’s Class A Common Stock
during the fiscal years ended November 30, 2015, 2016 and 2017, respectively, to certain officers, managers, and other
employees under the Plans. The shares of restricted stock awarded vest at the rate of 50.0 percent on the third anniversary of the
award date and the remaining 50.0 percent on the fifth anniversary of the award date. The weighted average grant date fair
value of these restricted stock awards was $36.36, $33.49 and $37.10 per share, respectively.

The Company granted 8,190, 8,073 and 7,281 shares of restricted stock awards of the Company’s Class A Common Stock
during the fiscal years ended November 30, 2015, 2016 and 2017, respectively, to non-employee directors as partial
compensation for their service as a director. The shares of restricted stock awarded vest at the rate of 100.0 percent on the one
year anniversary after the date of grant. The weighted average grant date fair value of these restricted share awards was $36.67,
$33.45 and $37.55 per share, respectively.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 76

Table of Contents

A summary of the status of the Company’s restricted stock as of November 30, 2017, and changes during the fiscal year ended
November 30, 2017, is presented as follows:

Unvested at November 30, 2016

Granted
Vested
Forfeited

Unvested at November 30, 2017

Weighted-
Average
Grant-
Date
Fair Value
(Per Share)

Weighted-
Average
Remaining
Contractual
Term
(Years)

32.32
37.10
28.78
26.69
34.91

3.5

Restricted
Shares

389,993 $
105,576
(125,945 )
(590 )
369,034

As of November 30, 2017, there was approximately $6.0 million of total unrecognized compensation cost related to unvested
restricted stock awards granted under the Stock Plans. This cost is expected to be recognized over a weighted-average period of
approximately 3.5 years. The total fair value of restricted stock awards vested during the fiscal years ended November 30,
2015, 2016 and 2017, was approximately $3.7 million, $2.3 million and $4.7 million, respectively.

Nonqualified and Incentive Stock Options

In fiscal 2010 a portion of each non-employee director’s compensation for their service as a director is through awards of
options to acquire shares of the Company’s Class A Common Stock under the Plans. These options become exercisable one
year after the date of grant and expire on the tenth anniversary of the date of grant. The Company also grants options to certain
non-officer managers to purchase the Company’s Class A Common Stock under the Plans. These options generally vest over a
two and one-half year period and expire on the tenth anniversary of the date of grant. The Company records stock-based
compensation cost on its stock options awarded on the straight-line method over the requisite service period.

The fair value of each option granted is estimated on the grant date using the Black-Scholes-Merton option-pricing valuation
model that uses the assumptions noted in the following table. Expected volatilities are based on implied volatilities from
historical volatility of the Company’s stock and other factors. The Company uses historical data to estimate option exercises
and employee terminations within the valuation model. Separate groups of employees that have similar historical exercise
behavior are considered separately for valuation purposes. The expected term of options granted is estimated based on
historical exercise behavior and represents the period of time that options granted are expected to be outstanding. The risk-free
rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant.

A summary of option activity under the Stock Plan as of November 30, 2017, and changes during the year then ended is
presented as follows:

Options

Outstanding at November 30, 2016

Expired

Exercised

Forfeited

Outstanding at November 30, 2017

119,879 $
(37,340 )

(20,295 )
—
62,244

Weighted-
Average
Exercise
Price

Weighted-
Average
Remaining
Contractual
Term
(Years)

Aggregate
Intrinsic
Value

37.23
51.62
25.65
—

32.37

1.3 $

536,974

Vested and Exercisable at November 30, 2017

62,244 $

32.37

1.3 $

536,974

ISC // 2017 ANNUAL REPORT // FORM 10-K // 77

Table of Contents

There were no options granted in fiscal years 2015, 2016 and 2017. There were no options exercised during fiscal year 2015.
There were 5,321 and 20,295 options exercised during fiscal years 2016 and 2017, respectively. The total intrinsic value of
options exercised during the fiscal year ended November 30, 2016 and 2017, was approximately $0.6 million and $0.5 million,
respectively. The actual tax benefit realized for the tax deductions from exercise of the stock options totaled approximately
$20,251 and $84,090 for the fiscal years ended November 30, 2016 and 2017, respectively.

As of November 30, 2017, there was no unrecognized compensation cost related to unvested stock options granted under the
Stock Plan.

NOTE 14 — FINANCIAL INSTRUMENTS

• Level 1 — observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk,

etc.)

• Level 3 — significant unobservable inputs (including the Company’s own assumptions in determining the fair value of

investments)

At November 30, 2017, the Company had money market funds totaling approximately $210.7 million and are included in cash
and cash equivalents in the consolidated balance sheets. All inputs used to determine fair value are considered level 1 inputs.

Fair values of long-term debt are based on quoted market prices at the date of measurement. The Company’s credit facilities
approximate fair value as they bear interest rates that approximate market. These inputs used to determine fair value are
considered level 2 inputs. At November 30, 2017, the fair value of the long-term debt, as determined by quotes from financial
institutions, was approximately $272.7 million compared to the carrying amount of approximately $261.3 million.

The Company had no level 3 inputs as of November 30, 2017.

NOTE 15 — QUARTERLY DATA (UNAUDITED)

The Company derives most of its income from a limited number of NASCAR-sanctioned races. As a result, the Company’s
business has been, and is expected to remain, highly seasonal based on the timing of major events.

The following table presents certain unaudited financial data for each quarter of fiscal 2016 and 2017 (in thousands, except per
share amounts):

Total revenue
Operating income (1)
Net income
Basic and diluted earnings per share

Fiscal Quarter Ended

February 29,
2016

May 31,
2016 (2)

August 31,
2016 (3)

November 30,
2016

142,630 $
31,166
19,831
0.43

167,561 $
23,679
21,898
0.47

128,986 $
3,737
2,173
0.05

221,839
51,245
32,436
0.72

ISC // 2017 ANNUAL REPORT // FORM 10-K // 78

Table of Contents

Total revenue
Operating income (1)
Net income
Basic and diluted earnings per share

Fiscal Quarter Ended

February 28,
2017

May 31,
2017 (3)

August 31,
2017

November 30,
2017 (4)

147,954 $
33,818
21,273
0.47

165,275 $
18,425
13,227
0.29

131,940 $
2,151
265
0.01

226,264
41,762
76,058
1.72

(1) Included in operating income (loss) are losses on retirements of long-lived assets of $0.9 million, less than $0.1 million, $0.2
million, and $1.8 million, for each quarter of fiscal 2016, respectively, and less than $0.1 million, $0.4 million, $0.1 million, and
$10.0 million for each quarter of fiscal 2017, respectively.

(2) In the second quarter of fiscal 2016, the Company recorded a gain of approximately $13.6 million, comprised of recognition
of profit of approximately $1.9 million, interest totaling approximately $11.4 million, and other consideration paid. The deferred
gain of $1.9 million is included in Other operating revenue in the Company's consolidated statement of operations, and the
interest, and additional consideration received, is included in Other Revenue in the Company's consolidated statement of
operations.

(3) In the third quarter of fiscal 2016, the Company received a favorable settlement relating to certain ancillary operations of
approximately $1.1 million. In the second quarter of fiscal 2017, the Company received a favorable settlement relating to certain
ancillary operations of approximately $1.0 million.

(4) In the fourth quarter of fiscal 2017, the Company recognized a material income tax benefit of approximately $48.2 million.

NOTE 16 — SEGMENT REPORTING

The general nature of the Company’s business is a motorsports themed amusement enterprise, furnishing amusement to the
public in the form of motorsports themed entertainment. The Company’s motorsports event operations consist principally of
racing events at its major motorsports entertainment facilities. The reporting units within the motorsports segment portfolio are
reviewed together as the nature of the products and services, the production processes used, the type or class of customer using
our products and services, and the methods used to distribute our products or provide their services are consistent in objectives
and principles, and predominately uniform and centralized throughout the Company. The consolidated domestic media rights
contract, which continues through the 2024 NASCAR season, continues to be the single-largest contributor to the Company's
earnings. These media rights are allocated to specific events, are not facility based, and are derived through a corporate
contract, which affects all of the motorsports event facilities within the motorsports event segment. Similarly, corporate
sponsorship partnership revenue is primarily derived from corporate contracts, negotiated from the Company's corporate sales
team, and allocated to multiple, or all, motorsports entertainment facilities depending on the specific arrangement. Thus, the
disclosure of these revenue streams, as they relate to each reporting unit, is not practical.

The Company’s remaining business units, which are comprised of the radio network production and syndication of numerous
racing events and programs, certain souvenir merchandising operations not associated with the promotion of motorsports
events at the Company’s facilities, construction management services, financing and licensing operations, equity investments,
and retail leasing operations are included in the “All Other” segment.

The Company evaluates financial performance of the business units on operating profit after allocation of corporate general and
administrative (“G&A”) expenses. Corporate G&A expenses are allocated to business units based on each business unit’s net
revenues to total net revenues.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies.
Intersegment sales are accounted for at prices comparable to unaffiliated customers. Intersegment revenues were approximately
$2.1 million, $2.2 million and $2.0 million for the years ended November 30, 2015, 2016 and 2017, respectively. The following
table shows information by operating segment (in thousands):

ISC // 2017 ANNUAL REPORT // FORM 10-K // 79

Table of Contents

Revenues
Depreciation and amortization
Operating income (loss)
Equity investments income
Capital expenditures
Total assets
Equity investments

For the Year Ended November 30, 2015

Motorsports
Event

All
Other

607,483 $
89,823
89,395
—
144,641
1,682,700
—

39,986 $
4,904
(3,818 )
14,060
10,375
439,499
103,249

For the Year Ended November 30, 2016

Motorsports
Event

All
Other

630,213 $
97,816
107,690
—
100,644
1,651,845
—

32,953 $
4,340
2,137
14,913
40,149
520,815
92,392

For the Year Ended November 30, 2017

Motorsports
Event

All
Other

639,615 $
104,885
97,262
—
84,238
1,644,116
—

33,802 $
4,848
(1,106 )
19,111
60,895
564,076
86,200

Total

647,469
94,727
85,577
14,060
155,016
2,122,199
103,249

Total

663,166
102,156
109,827
14,913
140,793
2,172,660
92,392

Total

673,417
109,733
96,156
19,111
145,133
2,208,192
86,200

Schedule II — Valuation and Qualifying Accounts (in thousands)

Description

For the year ended November 30, 2015 Allowance for doubtful
accounts
For the year ended November 30, 2016 Allowance for doubtful
accounts
For the year ended November 30, 2017 Allowance for doubtful
accounts

(A)

Uncollectible accounts written off, net of recoveries.

Balance
beginning
of period

Additions
charged
to
costs and
expenses

Deductions
(A)

Balance
at end
of
period

1,000

260

1,000

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE

None.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 80

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ITEM 9A. CONTROLS AND PROCEDURES

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

We conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as such
term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act),
under the supervision of and with the participation of our management, including the Chief Executive Officer and Chief
Financial Officer. Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial
Officer, concluded that our disclosure controls and procedures, subject to limitations as noted below, were effective at
November 30, 2017, and during the period prior to and including the date of this report.

Report of Management on Internal Control Over Financial Reporting

January 26, 2018

We, as members of management of International Speedway Corporation, are responsible for establishing and maintaining
adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f). Internal control
over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting
principles. Internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with U.S. generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance
with authorizations of our management and directors; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial
statements.

Because of its inherent limitations, our disclosure controls and procedures may not prevent or detect misstatements. A control
system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of
the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide
absolute assurance that all control issues and instances of fraud, if any, have been detected. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies and procedures may deteriorate.

We, under the supervision of and with the participation of our management, including the Chief Executive Officer and Chief
Financial Officer, assessed the Company’s internal control over financial reporting as of November 30, 2017, based on criteria
for effective internal control over financial reporting described in “Internal Control-Integrated Framework” issued by the
Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Based on this assessment, we
concluded that we maintained effective internal control over financial reporting as of November 30, 2017, based on the
specified criteria. There were no changes in our internal control over financial reporting during the quarter ended November 30,
2017, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

The effectiveness of our internal control over financial reporting has been audited by Ernst & Young LLP, an independent
registered public accounting firm, as stated in their report which is included herein.

ITEM 9B. OTHER INFORMATION

None

ISC // 2017 ANNUAL REPORT // FORM 10-K // 81

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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information required by this Item is set forth under the headings “Directors, Nominees, and Officers” and under the
subheading “Section 16(a) Beneficial Ownership Reporting Compliance” in the Company’s 2018 Proxy Statement to be filed
with the U.S. Securities and Exchange Commission (“SEC”) within 120 days after November 30, 2017 in connection with the
solicitation of proxies for the Company’s 2018 annual meeting of shareholders and is incorporated herein by reference.

ITEM 11. EXECUTIVE COMPENSATION

The information required by this Item is set forth under the heading “Executive Compensation” and under the heading
“Directors, Nominees and Officers” in the Company’s 2018 Proxy Statement to be filed with the SEC within 120 days after
November 30, 2017 and is incorporated herein by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS

The information required by this Item is set forth under the headings “Voting Securities and Principal Holders” and under the
heading “Directors, Nominees and Officers” in the Company’s 2018 Proxy Statement to be filed with the SEC within 120 days
after November 30, 2017 and is incorporated herein by reference.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

The information required by this Item is set forth under the heading under the subheading "Compensation Committee Interlocks
and Insider Participation" under the heading "Executive Compensation" and under the subheadings "Directors Holding Office
Until 2018 Annual Meeting", "Board Leadership" and “Certain Relationships and Related Transactions” under the heading
“Directors, Nominees and Officers” in the Company’s 2018 Proxy Statement to be filed with the SEC within 120 days after
November 30, 2017 and is incorporated herein by reference.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

The information required by this Item is set forth under the heading "Registered Independent Public Accounting Firm" and
subheading “Policy on Audit Committee Pre-Approval Policies and Procedures” under the heading “Registered Independent
Public Accounting Firm” in the Company’s 2018 Proxy Statement to be filed with the SEC within 120 days after November 30,
2017 and is incorporated herein by reference.

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

PART IV

(a) Documents filed as a part of this report

1. Consolidated Financial Statements listed below:

International Speedway Corporation

Consolidated Balance Sheets

— November 30, 2016 and 2017

Consolidated Statements of Operations

— Years ended November 30, 2015, 2016, and 2017

Consolidated Statements of Comprehensive Income

— Years ended November 30, 2015, 2016, and 2017

Consolidated Statements of Changes in Shareholders’ Equity

— Years ended November 30, 2015, 2016, and 2017

ISC // 2017 ANNUAL REPORT // FORM 10-K // 82

Table of Contents

Consolidated Statements of Cash Flows

— Years ended November 30, 2015, 2016, and 2017

Notes to Consolidated Financial Statements

2. Consolidated Financial Statement Schedules listed below:

II — Valuation and qualifying accounts

All other schedules are omitted since the required information is not present or is not present in amounts sufficient to require
submission of the schedule, or because the information required is included in the financial statements and notes thereto.

3. Exhibits:

Exhibit
Number

3.1

3.2

3.3

4.1

4.2

4.3

4.4

4.5

4.6

10.1

10.2

10.3

10.4

10.5.1

10.5.2

10.6

23.1

31.1

31.2

101.INS

101.SCH

101.CAL

101.DEF

101.LAB

101.PRE

Description of Exhibit

—

Articles of Amendment of the Restated and Amended Articles of Incorporation of the Company,
as filed with the Florida Department of State on July 26, 1999. (3.1)*
Conformed Copy of Amended and Restated Articles of Incorporation of the Company, as
amended as of July 26, 1999. (3.2)*
Conformed Copy of Amended and Restated By-Laws of the Company. (3)(ii)**

Note Purchase Agreement, dated as of September 13, 2012, among the Company and purchasers
party thereto. (4.2)***
Form of Series 2012A Note due 2024 (included in Exhibit 4.1). (4.2)***

Amended and Restated Revolving Credit Agreement, dated as of November 15, 2012, among the
Company, certain subsidiaries and the lenders party thereto. (10.1)****
Note Purchase Agreement, dated as of January 18, 2011, among the Company and purchasers
party thereto. (10.1)*****
Form of Series 2011A Note due 2021 (included in Exhibit 10.1). (10.1)*****

Second Amended and Restated Revolving Credit Agreement, dated September 27, 2016, among
the Company, certain subsidiaries and the lenders party thereto. (10.1) **********
Daytona Property Lease. (10.4)******

—

1996 Long-Term Incentive Plan. (10.6)******

—

2006 Long-Term Incentive Plan. (4)*******

—

Design-Build Agreement. (10.1) ********

—

Design-Build Agreement, by and between Phoenix Speedway, LLC and Okland Construction
Company, Inc. (Part 1), dated as of November 30, 2016 . (10.5.1) ***********
Design-Build Agreement, by and between Phoenix Speedway, LLC and Okland Construction
Company, Inc. (Part 2), dated as of November 30, 2016. (10.5.2) ***********
2017 Long-Term Incentive Plan. (4)*********

—

Subsidiaries of the Registrant — filed herewith.

—

Consent of Ernst &Young LLP — filed herewith.

—

Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer — filed herewith

—

Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer — filed herewith.

—

Section 1350 Certification — filed herewith.

—

XBRL Instance Document

—

XBRL Taxonomy Extension Schema

—

XBRL Taxonomy Extension Calculation Linkbase

—

XBRL Taxonomy Extension Definition Linkbase

—

XBRL Taxonomy Extension Label Linkbase

—

XBRL Taxonomy Extension Presentation Linkbase

ISC // 2017 ANNUAL REPORT // FORM 10-K // 83

Table of Contents

***

****

*****

******

*******

********

*********

**********

***********

Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s Report on
Form 8-K dated July 26, 1999.
Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s report on
Form 10-Q for the quarter ended February 28, 2003.
Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s report on
Form 8-K filed on September 18, 2012.
Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s report on
Form 8-K filed on November 19, 2012.
Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s report on
Form 8-K filed on January 20, 2011.
Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s Report on
Form 10-K for the year ended November 30, 1998.
Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s Registration
Statement on Form S-8 as filed on February 11, 2010.
Incorporated by reference to the exhibit shown in parentheses and filed with the Company's Amended
Form 10-Q for the quarter ended May 31, 2013.
Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s Registration
Statement on Form S-8 as filed on October 10, 2017
Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s report on
Form 8-K filed on September 29, 2016
Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s Report on
Form 10-K for the year ended November 30, 2016.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 84

Table of Contents

ITEM 16. FORM 10-K SUMMARY

None

ISC // 2017 ANNUAL REPORT // FORM 10-K // 85

Table of Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused

this report to be signed on its behalf by the undersigned, thereunto duly authorized.

International Speedway Corporation

By:

/s/ Gregory S. Motto

Gregory S. Motto
Chief Financial Officer

Dated: January 26, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following

persons on behalf of the registrant and in the capacities and on the dates indicated.

ISC // 2017 ANNUAL REPORT // FORM 10-K // 86

Table of Contents

Signature

Title

Date

/s/ Lesa France Kennedy

Lesa France Kennedy

/s/ Gregory S. Motto

Gregory S. Motto

/s/ James C. France

James C. France

/s/ Brian Z. France

Brian Z. France

/s/ Larry Aiello, Jr.

Larry Aiello, Jr.

/s/ J. Hyatt Brown

J. Hyatt Brown

/s/ William P. Graves

William P. Graves

/s/ Christy F. Harris

Christy F. Harris

/s/ Morteza Hosseini – Kargar

Morteza Hosseini – Kargar

/s/ Sonia M. Green
Sonia M. Green

/s/ Larree M. Renda

Larree M. Renda

/s/ Larry Woodard
Larry Woodard

Chief Executive Officer and Vice Chairman of the
Board (Principal Executive Officer)

January 25, 2018

Senior Vice President, Chief Financial Officer and
Treasurer

January 25, 2018

Chairman of the Board

January 25, 2018

Director

January 25, 2018

ISC // 2017 ANNUAL REPORT // FORM 10-K // 87

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INFORMATION
STATEMENT

2018

This page was intentionally left blank.

3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount

on which the filing fee is calculated and state how it was determined):

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Information Statement Pursuant to Section 14(c) of the Securities Exchange Act of 1934

Washington, D.C. 20549

SCHEDULE 14C INFORMATION

(Amendment No. )

Filed by the Registrant

Filed by a Party other than the Registrant ¨

Check the appropriate box:

þ Definitive Information Statement

¨ Preliminary Information Statement ¨ Confidential, for Use of Commission Only (as permitted by Rule 14c-5(d)(2))

INTERNATIONAL SPEEDWAY CORPORATION

(Name of Registrant as Specified in Its Charter)

Payment of Filing Fee (Check the appropriate box):

þ No fee required

¨ Fee computed on table below per Exchange Act Rules 14c-5(g) and 0-11.

1) Title of each class of securities to which transaction applies:

2) Aggregate number of securities to which transaction applies:

¨ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which

the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or

4) Proposed maximum aggregate value of transaction:

5) Total fee paid:

¨ Fee paid previously with preliminary materials.

Schedule and the date of its filing.

1) Amount Previously Paid:

2) Form, Schedule or Registration Statement No.:

3) Filing Party:

4) Date Filed:

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14C INFORMATION
Information Statement Pursuant to Section 14(c) of the Securities Exchange Act of 1934
(Amendment No. )

þ
Filed by the Registrant
Filed by a Party other than the Registrant ¨
Check the appropriate box:
¨ Preliminary Information Statement ¨ Confidential, for Use of Commission Only (as permitted by Rule 14c-5(d)(2))
þ Definitive Information Statement

INTERNATIONAL SPEEDWAY CORPORATION
(Name of Registrant as Specified in Its Charter)

Payment of Filing Fee (Check the appropriate box):

þ No fee required

¨ Fee computed on table below per Exchange Act Rules 14c-5(g) and 0-11.

1) Title of each class of securities to which transaction applies:

2) Aggregate number of securities to which transaction applies:

3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount
on which the filing fee is calculated and state how it was determined):

4) Proposed maximum aggregate value of transaction:

5) Total fee paid:

¨ Fee paid previously with preliminary materials.

¨ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which
the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or
Schedule and the date of its filing.

1) Amount Previously Paid:

2) Form, Schedule or Registration Statement No.:

3) Filing Party:

4) Date Filed:

Table of Contents

INTERNATIONAL SPEEDWAY CORPORATION
One Daytona Boulevard
Daytona Beach, Florida 32114

NOTICE OF 2018 ANNUAL MEETING OF SHAREHOLDERS

To the Shareholders of International Speedway Corporation:

The Annual Meeting of the Shareholders of International Speedway Corporation will be held in the Daytona 500 Room at
THE INTERNATIONAL MOTORSPORTS CENTER, One Daytona Blvd, Daytona Beach, FL 32114 on Wednesday, the
11th day of April 2018, commencing at 9:00 A.M. (local time), for the following purposes:

(a)

(b)

To elect four (4) Directors of the Corporation.

To transact such other business as may properly come before the meeting.

ALL Shareholders of record as of January 31, 2018, will be entitled to vote, either in person or by proxy. Due to logistical
considerations, please be present by 8:45 A.M. Shareholder registration tables will open at 8:00 A.M.

By Order of the Board of Directors

March 8, 2018

W. Garrett Crotty

Senior Vice President, Secretary and General
Counsel

This Notice of 2018 Annual Meeting and the attached Information Statement dated March 8, 2018 should be read in
combination with the Company’s annual report on Form 10-K for the fiscal year ended November 30, 2017 and the
Annual Report. Collectively these documents contain all of the information and disclosures required in connection with
the 2018 Annual Meeting of Shareholders. Copies of all of these materials can be found in the Financial
Information/SEC Filings section of the Investor Relations page on our website at
www.internationalspeedwaycorporation.com.

INTERNATIONAL SPEEDWAY CORPORATION

One Daytona Boulevard

Daytona Beach, Florida 32114

_______________________________________________

INFORMATION STATEMENT

Pursuant to Section 14(c)

of the Securities Exchange Act of 1934

and Regulation 14C and Schedule 14C thereunder

_______________________________________________

WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE

REQUESTED NOT TO SEND US A PROXY

This Information Statement has been filed with the Securities and Exchange Commission (the “SEC”) and is first being mailed

on or about March 8, 2018 to holders of record on January 31, 2018 (the “Record Date”) of shares of all classes of the common

stock of International Speedway Corporation, a Florida corporation (the “Company”). This Information Statement relates to an

Annual Meeting of Shareholders and the only matters to be acted upon at the meeting is the election of directors.

You are being provided with this Information Statement pursuant to Section 14(c) of the Securities Exchange Act of 1934, as

amended (the “Exchange Act”), and Regulation 14C and Schedule 14C thereunder.

Table of Contents

INTERNATIONAL SPEEDWAY CORPORATION
One Daytona Boulevard
Daytona Beach, Florida 32114
_______________________________________________

INFORMATION STATEMENT

Pursuant to Section 14(c)
of the Securities Exchange Act of 1934
and Regulation 14C and Schedule 14C thereunder
_______________________________________________

WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE
REQUESTED NOT TO SEND US A PROXY

This Information Statement has been filed with the Securities and Exchange Commission (the “SEC”) and is first being mailed
on or about March 8, 2018 to holders of record on January 31, 2018 (the “Record Date”) of shares of all classes of the common
stock of International Speedway Corporation, a Florida corporation (the “Company”). This Information Statement relates to an
Annual Meeting of Shareholders and the only matters to be acted upon at the meeting is the election of directors.

You are being provided with this Information Statement pursuant to Section 14(c) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), and Regulation 14C and Schedule 14C thereunder.

This page was intentionally left blank.

Contents

DATE, TIME AND PLACE INFORMATION
VOTING SECURITIES AND PRINCIPAL HOLDERS
DIRECTORS, NOMINEES AND OFFICERS
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
DIRECTOR MEETINGS AND COMMITTEES
BOARD LEADERSHIP
RISK OVERSIGHT
DIRECTOR NOMINATION PROCESS
SHAREHOLDER COMMUNICATIONS TO THE BOARD
CODE OF ETHICS
SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
REGISTERED INDEPENDENT PUBLIC ACCOUNTING FIRM
AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES
REPORT OF THE AUDIT COMMITTEE
EXECUTIVE COMPENSATION

COMPENSATION DISCUSSION AND ANALYSIS

Overview and Objectives of Compensation Program

Base Salary, Non-Equity Incentives and Cash Bonuses
Long —Term Compensation — 2006 Long Term Incentive Plan & 2017 Long Term Incentive Plan
Other Compensation

Compensation Implementation

Determination of Compensation
Roles of Compensation Committee and Named Executives
Compensation Consultants
Equity Grant Practices
Share Ownership Guidelines
Tax Deductibility of Compensation
Potential Impact on Compensation from Executive Misconduct

Compensation for the Named Executive Officers in 2017

Company Performance
CEO Compensation
Other Named Officers

SUMMARY COMPENSATION TABLE
GRANTS OF PLAN-BASED AWARDS
OUTSTANDING EQUITY AWARDS AT FISCAL YEAR -END
OPTION EXERCISES AND STOCK VESTED
POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE -IN-CONTROL
COMPENSATION OF DIRECTORS
DIRECTOR COMPENSATION TABLE
COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION
PERFORMANCE GRAPH

VOTING PROCEDURE

DISSENTERS’ RIGHT OF APPRAISAL

AVAILABLE INFORMATION

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DATE, TIME AND PLACE INFORMATION

Our Annual Meeting of Shareholders will be held on Wednesday, April 11, 2018 commencing at 9:00 A.M. (local time) in the
Daytona 500 Room at the International Motorsports Center, One Daytona Blvd. Daytona Beach, Florida 32114. Shareholder
registration tables will open at 8:00 A.M. The mailing address of our principal executive offices is One Daytona Boulevard,
Daytona Beach, Florida 32114.

VOTING SECURITIES AND PRINCIPAL HOLDERS

This Information Statement is being mailed commencing on or about March 8, 2018 to all of our shareholders of record as of
the Record Date. The Record Date for the Annual Meeting is January 31, 2018. As of the Record Date, we had
24,513,332 shares of class A common stock and 19,686,687 shares of class B common stock issued and outstanding. Each
share of the class A common stock is entitled to one-fifth of one vote on matters submitted to shareholder approval or a vote of
shareholders. Each share of the class B common stock is entitled to one vote on matters submitted to shareholder approval or a
vote of shareholders.

Name of Beneficial Owner (1)
France Family Group (8)
James C. France (9)
Vanguard Group (10)
Blackrock, Inc. (11)
Ariel Investments, LLC (12)
Paradice Investment Mngmnt LLC (13)
Lesa France Kennedy (14)

Brian Z. France (15)
J. Hyatt Brown
John R. Saunders
Daryl Q. Wolfe
Joel S. Chitwood
Morteza Hosseini-Kargar (17)

Christy F. Harris (18)
Larree M. Renda
Larry Aiello, Jr.
Gregory Motto
William P. Graves
Sonia M. Green
Larry D. Woodard

Number of Shares of Common
Stock Beneficially Owned (2)

Percentage of
Common Stock Beneficially Owned

Class A (3)
18,389,565
6,191,449
2,230,633
2,187,121
1,993,379
1,948,322
968,582
802,618
83,108
60,437
22,203
16,832
12,683
11,833
9,625
9,604
6,166
6,583
4,381
4,381

Class B (4)
18,181,913
6,083,896
0
0
0
0
875,066
785,106
9,000
11,286
90
0
0
150
0
0
0
0
0
0

Class A (5)

Class B (6)

43.07 %
20.24 %
9.10 %
8.92 %
8.13 %
7.95 %
3.82 %
3.17 %
0.34 %
0.25 %
0.09 %
0.07 %
0.05 %
0.05 %
0.04 %
0.04 %
0.03 %
0.03 %
0.02 %
0.02 %

92.36 %
30.90 %
0.00 %
0.00 %
0.00 %
0.00 %
4.44 %
3.99 %
0.05 %
0.06 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %

Percentage of
Combined
Voting Power of
Common Stock
(7)
74.11 %
24.83 %
1.81 %
1.78 %
1.62 %
1.58 %
3.63 %
3.20 %
0.10 %
0.09 %
0.02 %
0.01 %
0.01 %
0.01 %
0.01 %
0.01 %
0.01 %
0.01 %
0.00 %
0.00 %

All directors and executive officers as a
group (21 persons)(19)

18,743,651

18,205,223

43.88 %

92.47 %

74.47 %

The preceding table sets forth information regarding the beneficial ownership of our class A common stock and our class B
common stock as of the Record Date by:

• All persons known to us who beneficially own 5 percent or more of either class of our common stock;

• Each “named executive officer” in the Summary Compensation Table in this Information Statement;

• Each of our directors and director nominees; and

• All of our directors, director nominees and officers as a group.

As described in the following notes to the table, voting and/or investment power with respect to certain shares of common stock
is shared by the named individuals. Consequently, such shares may be shown as beneficially owned by more than one person.

ISC // 2018 INFORMATION STATEMENT // 1

(1) Unless otherwise indicated the address of each of the beneficial owners identified is c/o International Speedway

Corporation, One Daytona Boulevard, Daytona Beach, Florida 32114.

(2) Unless otherwise indicated, each person has sole voting and investment power with respect to all such shares.

(3) Reflects the aggregate number of shares held by the named beneficial owner assuming (i) the exercise of any options to

acquire shares of class A common stock that are held by such beneficial owner that are exercisable within 60 days of the

Record Date and (ii) the conversion of all shares of class B common stock held by such beneficial owner into shares of

class A common stock.

(4) Assumes no conversion of shares of class B common stock into shares of class A common stock.

(5) Assumes (i) the exercise of any options to acquire shares of class A common stock that are held by the named beneficial

owner that are exercisable within 60 days of the Record Date, (ii) the conversion of all shares of class B common stock

held by such beneficial owner into shares of class A common stock, and (iii) the assumption that no other named

beneficial owner has exercised any such options or converted any such shares.

(6) Reflects current ownership percentage of named beneficial owner’s shares of class B common stock without any

conversion of shares of class B common stock into shares of class A common stock.

(7) Assumes no exercise of options or conversion of shares of class B common stock into shares of class A common stock.

(8)

The France Family Group consists of James C. France, Lesa France Kennedy, Brian Z. France and members of their

families and entities controlled by the natural person members of the group. A complete list of all the members of the

France Family Group can be found in its 23rd amendment to Schedule 13G which was filed with the SEC on February

12, 2018. Amounts shown reflect the non-duplicative aggregate of 204,585 Class A and 8,049,071 Class B shares

indicated in the table as beneficially owned by James C. France, Lesa France Kennedy, and Brian Z. France. The

amounts shown also reflect the non-duplicative aggregate of 5,632,498 Class B Shares held by a series of BJF

Descendants Trusts as listed in the Schedule 13G noted above. The amounts shown also reflect the non-duplicative

aggregate of 4,804,602 Class B Shares held by the adult children of James C. France and their descendants and the adult

child of Lesa France Kennedy. See footnotes (9), (14) and (15).

(9)

Includes (i) 1,500 Class B shares held of record by Sharon M. France, his spouse, (ii) 3,192,680 Class B shares held of

record by Western Opportunity Limited Partnership (“Western Opportunity”), (iii) 29,238 Class B shares held of record

by Carl Investment Limited Partnership (“Carl”), (iv) all of the 78,243 Class B shares held of record by Quaternary

Investment Company, (v) 1,301 Class B shares held of record by Carl Two Limited Partnership (“Carl Two”), (vi) all of

the 1,749,848 Class B shares held of record by Carl Three Limited Partnership (“Carl Three”), (vii) all of the 919 Class

B shares held of record by Carl Two, LLC, (viii) 40,251 Class B shares held of record by Automotive Research Bureau

(“ARB”), (ix) all of the 547,166 Class B shares held of record by SM Holder Limited Partnership, and (x) 73,199 Class

B shares held of record by Principal Investment Company. James C. France is the sole shareholder and director of

(x) Principal Investment Company, one of the two general partners of Western Opportunity and (y) Quaternary

Investment Company, the general partner of Carl. He is also the sole member of Carl Two, LLC, the general partner of

Carl Two, and Carl Three, LLC the general partner of Carl Three. Does not include shares held beneficially by the adult

children of James C. France or their descendants.

(10) This owner's address is 100 Vanguard Blvd., Malvern, Pennsylvania 19355, as reflected on its Amendment No. 5 to

Schedule 13G, which was filed with the SEC on February 9, 2018.

(11) This owner’s address is 55 East 52nd Street, New York, NY 10022, as reflected on its Amendment No. 8 to Schedule

13G, which was filed with the SEC on January 23, 2018.

(12) This owner’s address is 200 East Randolph Drive, Suite 2900, Chicago, Illinois 60601, as reflected on its Amendment

No. 8 to Schedule 13G, which was filed with the SEC on January 10, 2018.

(13) This owner's address is 257 Fillmore Street, Suite 200, Denver, Colorado 80206, as reflected on its Amendment No. 1 to

Schedule 13G, which was filed with the SEC on February 13, 2018.

(14)

Includes (i) 361,988 Class B shares held of record by BBL Limited Partnership, (ii) 75,286 Class B shares held of record

by Western Opportunity, (iii) 39,992 Class B shares held of record by WCF Family I, Inc., (iv) 73,199 Class B shares

held of record by Sierra Central LLC, (v) 33,291 Class B shares held of record by WCF Family I, Inc. through Western

Opportunity, (vi) 100,135Class B shares held of record by WCF Family Trust, and (vii) 7,745 shares held of record by

BBL Company. Ms. Kennedy is the sole shareholder and a director of BBL Company, the sole general partner of BBL

Limited Partnership. She is also the sole member of Sierra Central LLC, one of the two general partners of Western

Opportunity. Does not include shares held beneficially by the adult child of Lesa France Kennedy.

(15)

Includes (i) 84,212 Class B shares held of record by Western Opportunity, (ii) 39,992 Class B shares held of record by

WCF Family I, Inc., (iii) 15,695 Class B shares held of record by Western Opportunity as custodian for minor children,

(iv) 33,291 Class B shares held of record by WCF Family I, Inc. through Western Opportunity, (v) 400,537 Class B

shares held of record by WCF Family Trust (vi) 280,376 Class B shares by the 2012 BZF Trust B.

(16) Held of record as joint tenants with Cynthia R. Brown, his spouse.

Includes 5,000 Class A shares held as trustee of a qualified trust.

(17)

(18)

Includes 1,500 Class A shares held by Mr. Harris as trustee of a Profit Sharing Plan and Trust.

(19) See footnotes (8) and (9) and footnotes (14) through (19).

DATE, TIME AND PLACE INFORMATION

Our Annual Meeting of Shareholders will be held on Wednesday, April 11, 2018 commencing at 9:00 A.M. (local time) in the

Daytona 500 Room at the International Motorsports Center, One Daytona Blvd. Daytona Beach, Florida 32114. Shareholder

registration tables will open at 8:00 A.M. The mailing address of our principal executive offices is One Daytona Boulevard,

Daytona Beach, Florida 32114.

VOTING SECURITIES AND PRINCIPAL HOLDERS

This Information Statement is being mailed commencing on or about March 8, 2018 to all of our shareholders of record as of

the Record Date. The Record Date for the Annual Meeting is January 31, 2018. As of the Record Date, we had

24,513,332 shares of class A common stock and 19,686,687 shares of class B common stock issued and outstanding. Each

share of the class A common stock is entitled to one-fifth of one vote on matters submitted to shareholder approval or a vote of

shareholders. Each share of the class B common stock is entitled to one vote on matters submitted to shareholder approval or a

vote of shareholders.

Number of Shares of Common

Percentage of

Stock Beneficially Owned (2)

Common Stock Beneficially Owned

Class A (3)

Class B (4)

Class A (5)

Class B (6)

(7)

18,181,913

6,083,896

43.07 %

20.24 %

92.36 %

30.90 %

74.11 %

24.83 %

Percentage of

Combined

Voting Power of

Common Stock

Name of Beneficial Owner (1)

France Family Group (8)

James C. France (9)

Vanguard Group (10)

Blackrock, Inc. (11)

Ariel Investments, LLC (12)

Paradice Investment Mngmnt LLC (13)

Lesa France Kennedy (14)

Brian Z. France (15)

J. Hyatt Brown

John R. Saunders

Daryl Q. Wolfe

Joel S. Chitwood

Morteza Hosseini-Kargar (17)

Christy F. Harris (18)

Larree M. Renda

Larry Aiello, Jr.

Gregory Motto

William P. Graves

Sonia M. Green

Larry D. Woodard

18,389,565

6,191,449

2,230,633

2,187,121

1,993,379

1,948,322

968,582

802,618

83,108

60,437

22,203

16,832

12,683

11,833

9,625

9,604

6,166

6,583

4,381

875,066

785,106

9,000

11,286

150

9.10 %

8.92 %

8.13 %

7.95 %

3.82 %

3.17 %

0.34 %

0.25 %

0.09 %

0.07 %

0.05 %

0.04 %

0.03 %

0.02 %

0.00 %

4.44 %

3.99 %

0.05 %

0.06 %

0.00 %

1.81 %

1.78 %

1.62 %

1.58 %

3.63 %

3.20 %

0.10 %

0.09 %

0.02 %

0.01 %

0.00 %

All directors and executive officers as a

group (21 persons)(19)

18,743,651

18,205,223

43.88 %

92.47 %

74.47 %

The preceding table sets forth information regarding the beneficial ownership of our class A common stock and our class B

common stock as of the Record Date by:

• All persons known to us who beneficially own 5 percent or more of either class of our common stock;

• Each “named executive officer” in the Summary Compensation Table in this Information Statement;

• Each of our directors and director nominees; and

• All of our directors, director nominees and officers as a group.

As described in the following notes to the table, voting and/or investment power with respect to certain shares of common stock

is shared by the named individuals. Consequently, such shares may be shown as beneficially owned by more than one person.

(1) Unless otherwise indicated the address of each of the beneficial owners identified is c/o International Speedway

Corporation, One Daytona Boulevard, Daytona Beach, Florida 32114.

(2) Unless otherwise indicated, each person has sole voting and investment power with respect to all such shares.
(3) Reflects the aggregate number of shares held by the named beneficial owner assuming (i) the exercise of any options to
acquire shares of class A common stock that are held by such beneficial owner that are exercisable within 60 days of the
Record Date and (ii) the conversion of all shares of class B common stock held by such beneficial owner into shares of
class A common stock.

(4) Assumes no conversion of shares of class B common stock into shares of class A common stock.
(5) Assumes (i) the exercise of any options to acquire shares of class A common stock that are held by the named beneficial
owner that are exercisable within 60 days of the Record Date, (ii) the conversion of all shares of class B common stock
held by such beneficial owner into shares of class A common stock, and (iii) the assumption that no other named
beneficial owner has exercised any such options or converted any such shares.

(6) Reflects current ownership percentage of named beneficial owner’s shares of class B common stock without any

conversion of shares of class B common stock into shares of class A common stock.

(9)

(7) Assumes no exercise of options or conversion of shares of class B common stock into shares of class A common stock.
(8)

The France Family Group consists of James C. France, Lesa France Kennedy, Brian Z. France and members of their
families and entities controlled by the natural person members of the group. A complete list of all the members of the
France Family Group can be found in its 23rd amendment to Schedule 13G which was filed with the SEC on February
12, 2018. Amounts shown reflect the non-duplicative aggregate of 204,585 Class A and 8,049,071 Class B shares
indicated in the table as beneficially owned by James C. France, Lesa France Kennedy, and Brian Z. France. The
amounts shown also reflect the non-duplicative aggregate of 5,632,498 Class B Shares held by a series of BJF
Descendants Trusts as listed in the Schedule 13G noted above. The amounts shown also reflect the non-duplicative
aggregate of 4,804,602 Class B Shares held by the adult children of James C. France and their descendants and the adult
child of Lesa France Kennedy. See footnotes (9), (14) and (15).
Includes (i) 1,500 Class B shares held of record by Sharon M. France, his spouse, (ii) 3,192,680 Class B shares held of
record by Western Opportunity Limited Partnership (“Western Opportunity”), (iii) 29,238 Class B shares held of record
by Carl Investment Limited Partnership (“Carl”), (iv) all of the 78,243 Class B shares held of record by Quaternary
Investment Company, (v) 1,301 Class B shares held of record by Carl Two Limited Partnership (“Carl Two”), (vi) all of
the 1,749,848 Class B shares held of record by Carl Three Limited Partnership (“Carl Three”), (vii) all of the 919 Class
B shares held of record by Carl Two, LLC, (viii) 40,251 Class B shares held of record by Automotive Research Bureau
(“ARB”), (ix) all of the 547,166 Class B shares held of record by SM Holder Limited Partnership, and (x) 73,199 Class
B shares held of record by Principal Investment Company. James C. France is the sole shareholder and director of
(x) Principal Investment Company, one of the two general partners of Western Opportunity and (y) Quaternary
Investment Company, the general partner of Carl. He is also the sole member of Carl Two, LLC, the general partner of
Carl Two, and Carl Three, LLC the general partner of Carl Three. Does not include shares held beneficially by the adult
children of James C. France or their descendants.

(10) This owner's address is 100 Vanguard Blvd., Malvern, Pennsylvania 19355, as reflected on its Amendment No. 5 to

Schedule 13G, which was filed with the SEC on February 9, 2018.

(11) This owner’s address is 55 East 52nd Street, New York, NY 10022, as reflected on its Amendment No. 8 to Schedule

13G, which was filed with the SEC on January 23, 2018.

(12) This owner’s address is 200 East Randolph Drive, Suite 2900, Chicago, Illinois 60601, as reflected on its Amendment

No. 8 to Schedule 13G, which was filed with the SEC on January 10, 2018.

(13) This owner's address is 257 Fillmore Street, Suite 200, Denver, Colorado 80206, as reflected on its Amendment No. 1 to

(14)

(15)

Schedule 13G, which was filed with the SEC on February 13, 2018.
Includes (i) 361,988 Class B shares held of record by BBL Limited Partnership, (ii) 75,286 Class B shares held of record
by Western Opportunity, (iii) 39,992 Class B shares held of record by WCF Family I, Inc., (iv) 73,199 Class B shares
held of record by Sierra Central LLC, (v) 33,291 Class B shares held of record by WCF Family I, Inc. through Western
Opportunity, (vi) 100,135Class B shares held of record by WCF Family Trust, and (vii) 7,745 shares held of record by
BBL Company. Ms. Kennedy is the sole shareholder and a director of BBL Company, the sole general partner of BBL
Limited Partnership. She is also the sole member of Sierra Central LLC, one of the two general partners of Western
Opportunity. Does not include shares held beneficially by the adult child of Lesa France Kennedy.
Includes (i) 84,212 Class B shares held of record by Western Opportunity, (ii) 39,992 Class B shares held of record by
WCF Family I, Inc., (iii) 15,695 Class B shares held of record by Western Opportunity as custodian for minor children,
(iv) 33,291 Class B shares held of record by WCF Family I, Inc. through Western Opportunity, (v) 400,537 Class B
shares held of record by WCF Family Trust (vi) 280,376 Class B shares by the 2012 BZF Trust B.

(16) Held of record as joint tenants with Cynthia R. Brown, his spouse.
(17)
(18)
(19) See footnotes (8) and (9) and footnotes (14) through (19).

Includes 5,000 Class A shares held as trustee of a qualified trust.
Includes 1,500 Class A shares held by Mr. Harris as trustee of a Profit Sharing Plan and Trust.

ISC // 2018 INFORMATION STATEMENT // 2

As of the Record Date our officers, directors and nominees were as follows:

DIRECTORS, NOMINEES AND OFFICERS

Name

Age

Position With the Company

James C. France
Lesa France Kennedy
John R. Saunders
Joel S. Chitwood

W. Garrett Crotty

Gregory S. Motto
Craig A. Neeb
Daryl Q. Wolfe
Laura E. Jackson
Paula Miller
Eric Nyquist
Jeffrey T. Boerger
Frank Kelleher
Derek Muldowney
Ben Odom
Larry Aiello, Jr.
J. Hyatt Brown
Brian Z. France
William P. Graves
Sonia M. Green
Christy F. Harris
Morteza Hosseini-Kargar
Larree M. Renda
Larry D. Woodard

73
56
61
48

45
57
50
52
54
46
53
37
52
37
67
80
55
65
68
72
62
59
58

Chairman of the Board, Assistant Treasurer and Director
Vice Chairwoman, Chief Executive Officer and Director
President
Executive Vice President and Chief Operating Officer
Executive Vice President, Chief Administration Officer, Chief Legal Officer, Chief
Compliance Officer & Secretary

Executive Vice President, Chief Financial Officer and Treasurer
Executive Vice President, Chief Innovation and Development Officer
Executive Vice President, Chief Marketing Officer
Senior Vice President, Corporate Services and Chief Human Resources Officer
Senior Vice President, Human Resources
Senior Vice President, Chief Communications Officer
Vice President, Corporate Development
Vice President, Sales and Marketing
Vice President
Vice President, Legal and Deputy General Counsel
Director
Director
Director
Director
Director
Director
Director
Director
Director

Our Board of Directors is divided into three classes, with regular three-year staggered terms. Messrs. James C. France, Brian Z.
France, Woodard and Ms Renda were elected to hold office until the annual meeting of shareholders to be held in 2020.
Ms. Kennedy, Ms. Green and Messrs. Aiello and Brown were elected to hold office until the annual meeting of shareholders to
be held in 2018. Messrs. Graves, Harris and Hosseini were elected to hold office until the annual meeting of shareholders to be
held in 2019.

For the election of directors at the Annual Meeting of Shareholders in April 2018, the Board has accepted the recommendation
of the Nominating and Corporate Governance Committee and approved the nomination of Ms. Kennedy, Ms. Green and
Messrs. Aiello and Brown as directors to serve three-year terms and hold office until the annual meeting of shareholders to be
held in 2021.

James C. France is the uncle of Lesa France Kennedy and Brian Z. France who are siblings. There are no other family
relationships among our executive officers and directors.

Board member.

Directors Holding Office Until 2018 Annual Meeting

Directors Holding Office Until 2020 Annual Meeting

Ms. Lesa France Kennedy, a director since 1984, became Vice Chairwoman in July 2007 and was named our Chief Executive
Officer in June 2009. Previously, she served as our President from April 2003 until June 2009. Ms. Kennedy served as our
Executive Vice President from January 1996 until April 2003, Secretary from 1987 until January 1996 and served as our
Treasurer from 1989 until January 1996. Ms. Kennedy is also Vice Chairwoman, Executive Vice President and Assistant
Treasurer of NASCAR. Ms. Kennedy’s experience in the motorsports industry, her knowledge of our Company and proven
leadership ability are among the factors the Board considered with respect to her nomination for re-election to the Board.

Mr. James C. France, a director since 1970, has served as our Chairman since July 2007, and as our Assistant Treasurer since

June 2009. Previously, he served as our Chairman and Chief Executive Officer from July 2007 until June 2009 and he served as

Vice Chairman and Chief Executive Officer from April 2003 until July 2007. He also served as our President and Chief

Operating Officer from 1987 until 2003. Mr. France is also Vice Chairman, Executive Vice President and Assistant Secretary of

NASCAR. Mr. France’s extensive business and motorsports industry experience, knowledge of our Company and proven

leadership ability are among the factors the Board considered in concluding he is qualified to serve as a Board member.

ISC // 2018 INFORMATION STATEMENT // 3

Mr. Larry Aiello, Jr., a director since 2003, served as the President and Chief Executive Officer of Corning Cable Systems,

which is part of Corning, Inc., from 2002 until his retirement in 2008. Mr. Aiello joined Corning, Inc. in 1973. He was named

Senior Vice President and Chief of Staff-Corning Optical Communications in 2000. Mr. Aiello’s business background and

experience enhance his ability to analyze and contribute valuable insight on matters such as financing and capital management.

In addition, his contributions as a member and as Chairman of our Audit Committee are among the factors the Board

considered with respect to his nomination for re-election to the Board.

Mr. J. Hyatt Brown, a director since 1987, serves as the Chairman of Brown & Brown, Inc. and has been in the insurance

business since 1959. Mr. Brown also currently serves as a director Verisk Analytics, Inc. Until 2012, Mr. Brown served as a

director of NextEra Energy, Inc. Until January 2010, Mr. Brown served on the Board of Rock-Tenn Company, until April 2008,

he served on the Board of SunTrust Banks, Inc. and until December 2006, he served on the Board of BellSouth Corporation,

each a publicly held company. Mr. Brown’s extensive business experience, service on boards of other publicly traded

companies and proven leadership abilities are among the factors the Board considered with respect to his nomination for re-

election to the Board. Mr. Brown is our lead independent director.

Ms. Sonia M. Green, a director since April 2013, is President and CEO of SMG Marketing Group providing marketing, sales

and communications expertise to organizations in both the for profit and non-profit sectors. She currently serves on the board of

The Soup Kitchen of Boynton Beach and is a member of the 4Kids Business Development Council. From 2001 to 2008, Ms.

Green served as Director of Diversity Marketing and Sales for General Motors Corporation. She also previously served on the

board of the Greater Miami Chamber of Commerce, the Avon Products Foundation and National Hispanic Corporate Council

for which she served as Chairperson. Ms. Green’s nationally recognized leadership in marketing and brand communications for

more than 20 years, with a specialty in multicultural/diversity marketing, as well as her experience as a trusted spokesperson on

diversity and marketing issues for both Spanish and English media outlets, are among the factors the Board considered with

respect to her nomination for re-election to the Board.

Directors Holding Office Until 2019 Annual Meeting

Mr. William P. Graves, a director since September 2003, served as President and Chief Executive Officer of the American

Trucking Association from January 2003 until January 2017. Mr. Graves served as Governor of the State of Kansas from

January 1995 until January 2003. Mr. Graves’ experience as a governor, as well as his knowledge of governmental affairs, are

among the factors the Board considered in concluding he is qualified to serve as a Board member.

Mr. Christy F. Harris, a director since 1984, has been engaged in the private practice of business and commercial law for more

than 40 years and currently is Of Counsel with Kinsey, Vincent, Pyle, P.L. Mr. Harris served as a Managing Director of AMA

Pro Racing until 2013. Mr. Harris also has served on the Board of ACCUS (Automobile Competition Committee for the United

States) for over nine years and as a judge of the FIM International Tribunal and International Court of Appeals for Motorsports

Controversies and Disputes. Mr. Harris’ experience as an attorney and counselor to businesses and their management, along

with his extensive knowledge of our business, are among the factors the Board considered in concluding he is qualified to serve

as a Board member.

Mr. Morteza Hosseini-Kargar, a director since 2007, is the Chairman and Chief Executive Officer of Intervest Construction,

Inc. and has served in that role for over five years. Mr. Hosseini’s experience in real estate development and successful

ownership and operation of businesses are among the factors the Board considered in concluding he is qualified to serve as a

As of the Record Date our officers, directors and nominees were as follows:

DIRECTORS, NOMINEES AND OFFICERS

Name

Age

Position With the Company

Chairman of the Board, Assistant Treasurer and Director

Vice Chairwoman, Chief Executive Officer and Director

President

Executive Vice President and Chief Operating Officer

Executive Vice President, Chief Administration Officer, Chief Legal Officer, Chief

Compliance Officer & Secretary

Executive Vice President, Chief Financial Officer and Treasurer

Executive Vice President, Chief Innovation and Development Officer

Executive Vice President, Chief Marketing Officer

Senior Vice President, Corporate Services and Chief Human Resources Officer

Senior Vice President, Human Resources

Senior Vice President, Chief Communications Officer

Vice President, Corporate Development

Vice President, Sales and Marketing

Vice President

Vice President, Legal and Deputy General Counsel

James C. France

Lesa France Kennedy

John R. Saunders

Joel S. Chitwood

W. Garrett Crotty

Gregory S. Motto

Craig A. Neeb

Daryl Q. Wolfe

Laura E. Jackson

Paula Miller

Eric Nyquist

Jeffrey T. Boerger

Frank Kelleher

Derek Muldowney

Ben Odom

Larry Aiello, Jr.

J. Hyatt Brown

Brian Z. France

William P. Graves

Sonia M. Green

Christy F. Harris

Morteza Hosseini-Kargar

Larree M. Renda

Larry D. Woodard

Director

Our Board of Directors is divided into three classes, with regular three-year staggered terms. Messrs. James C. France, Brian Z.

France, Woodard and Ms Renda were elected to hold office until the annual meeting of shareholders to be held in 2020.

Ms. Kennedy, Ms. Green and Messrs. Aiello and Brown were elected to hold office until the annual meeting of shareholders to

be held in 2018. Messrs. Graves, Harris and Hosseini were elected to hold office until the annual meeting of shareholders to be

For the election of directors at the Annual Meeting of Shareholders in April 2018, the Board has accepted the recommendation

of the Nominating and Corporate Governance Committee and approved the nomination of Ms. Kennedy, Ms. Green and

Messrs. Aiello and Brown as directors to serve three-year terms and hold office until the annual meeting of shareholders to be

held in 2019.

held in 2021.

James C. France is the uncle of Lesa France Kennedy and Brian Z. France who are siblings. There are no other family

relationships among our executive officers and directors.

Directors Holding Office Until 2018 Annual Meeting

Ms. Lesa France Kennedy, a director since 1984, became Vice Chairwoman in July 2007 and was named our Chief Executive

Officer in June 2009. Previously, she served as our President from April 2003 until June 2009. Ms. Kennedy served as our

Executive Vice President from January 1996 until April 2003, Secretary from 1987 until January 1996 and served as our

Treasurer from 1989 until January 1996. Ms. Kennedy is also Vice Chairwoman, Executive Vice President and Assistant

Treasurer of NASCAR. Ms. Kennedy’s experience in the motorsports industry, her knowledge of our Company and proven

leadership ability are among the factors the Board considered with respect to her nomination for re-election to the Board.

Mr. Larry Aiello, Jr., a director since 2003, served as the President and Chief Executive Officer of Corning Cable Systems,
which is part of Corning, Inc., from 2002 until his retirement in 2008. Mr. Aiello joined Corning, Inc. in 1973. He was named
Senior Vice President and Chief of Staff-Corning Optical Communications in 2000. Mr. Aiello’s business background and
experience enhance his ability to analyze and contribute valuable insight on matters such as financing and capital management.
In addition, his contributions as a member and as Chairman of our Audit Committee are among the factors the Board
considered with respect to his nomination for re-election to the Board.

Mr. J. Hyatt Brown, a director since 1987, serves as the Chairman of Brown & Brown, Inc. and has been in the insurance
business since 1959. Mr. Brown also currently serves as a director Verisk Analytics, Inc. Until 2012, Mr. Brown served as a
director of NextEra Energy, Inc. Until January 2010, Mr. Brown served on the Board of Rock-Tenn Company, until April 2008,
he served on the Board of SunTrust Banks, Inc. and until December 2006, he served on the Board of BellSouth Corporation,
each a publicly held company. Mr. Brown’s extensive business experience, service on boards of other publicly traded
companies and proven leadership abilities are among the factors the Board considered with respect to his nomination for re-
election to the Board. Mr. Brown is our lead independent director.

Ms. Sonia M. Green, a director since April 2013, is President and CEO of SMG Marketing Group providing marketing, sales
and communications expertise to organizations in both the for profit and non-profit sectors. She currently serves on the board of
The Soup Kitchen of Boynton Beach and is a member of the 4Kids Business Development Council. From 2001 to 2008, Ms.
Green served as Director of Diversity Marketing and Sales for General Motors Corporation. She also previously served on the
board of the Greater Miami Chamber of Commerce, the Avon Products Foundation and National Hispanic Corporate Council
for which she served as Chairperson. Ms. Green’s nationally recognized leadership in marketing and brand communications for
more than 20 years, with a specialty in multicultural/diversity marketing, as well as her experience as a trusted spokesperson on
diversity and marketing issues for both Spanish and English media outlets, are among the factors the Board considered with
respect to her nomination for re-election to the Board.

Directors Holding Office Until 2019 Annual Meeting

Mr. William P. Graves, a director since September 2003, served as President and Chief Executive Officer of the American
Trucking Association from January 2003 until January 2017. Mr. Graves served as Governor of the State of Kansas from
January 1995 until January 2003. Mr. Graves’ experience as a governor, as well as his knowledge of governmental affairs, are
among the factors the Board considered in concluding he is qualified to serve as a Board member.

Mr. Christy F. Harris, a director since 1984, has been engaged in the private practice of business and commercial law for more
than 40 years and currently is Of Counsel with Kinsey, Vincent, Pyle, P.L. Mr. Harris served as a Managing Director of AMA
Pro Racing until 2013. Mr. Harris also has served on the Board of ACCUS (Automobile Competition Committee for the United
States) for over nine years and as a judge of the FIM International Tribunal and International Court of Appeals for Motorsports
Controversies and Disputes. Mr. Harris’ experience as an attorney and counselor to businesses and their management, along
with his extensive knowledge of our business, are among the factors the Board considered in concluding he is qualified to serve
as a Board member.

Mr. Morteza Hosseini-Kargar, a director since 2007, is the Chairman and Chief Executive Officer of Intervest Construction,
Inc. and has served in that role for over five years. Mr. Hosseini’s experience in real estate development and successful
ownership and operation of businesses are among the factors the Board considered in concluding he is qualified to serve as a
Board member.

Directors Holding Office Until 2020 Annual Meeting

Mr. James C. France, a director since 1970, has served as our Chairman since July 2007, and as our Assistant Treasurer since
June 2009. Previously, he served as our Chairman and Chief Executive Officer from July 2007 until June 2009 and he served as
Vice Chairman and Chief Executive Officer from April 2003 until July 2007. He also served as our President and Chief
Operating Officer from 1987 until 2003. Mr. France is also Vice Chairman, Executive Vice President and Assistant Secretary of
NASCAR. Mr. France’s extensive business and motorsports industry experience, knowledge of our Company and proven
leadership ability are among the factors the Board considered in concluding he is qualified to serve as a Board member.

ISC // 2018 INFORMATION STATEMENT // 4

Mr. Brian Z. France, a director since 1994, has served as NASCAR’s Chairman and Chief Executive Officer since September
2003, Executive Vice President from February 2001 to September 2003 and Vice Chairman from January 2003 to September
2003. Previously, he served as NASCAR’s Senior Vice President from 1999 to 2001. Mr. France’s extensive experience in and
knowledge of the motorsports industry, in particular NASCAR, are among the factors the Board considered in concluding he is
qualified to serve as a Board member.

Ms. Larree M. Renda, a director since 2015, currently serves as a member of the Board of Directors of Casey’s General Stores,
where she serves on the Nominating & Governance and Risk Committees and chairs the Compensation Committee. She also
serves as a member of the Board of Regents of the University of Portland. Prior to joining the Board of Directors, Ms. Renda
served as one of Safeway’s top executives for 15 years, most recently as Executive Vice President from 1999 - 2015. She
managed retail strategies and held many administrative roles for Safeway, one of the largest food and drug retailers in North
America. Her areas of influence included labor relations, public affairs, communications, government relations, health
initiatives, human resources, corporate social responsibility and sustainability, philanthropy, industrial engineering, IT and real
estate. Ms. Renda’s leading experience in retail strategy, real estate, and financial planning are among the factors the Board
considered in concluding she is qualified to serve as a Board member.

Mr. Larry D. Woodard, a director since April 2013, is President and CEO at Graham Stanley Advertising, a firm he founded in
2010, which integrates traditional and digital advertising. Prior to that, Mr. Woodard served as the President and CEO of
Vigilante Advertising for over a decade. Mr. Woodard’s 26 years of experience as a highly regarded and successful advertising
industry executive, his experience in business, and being a weekly columnist and on air commentator regarding advertising and
marketing issues, are among the factors the Board considered in concluding he is qualified to serve as a Board member.

Ms. Green, Ms. Renda, and Messrs. Aiello, Brown, Graves, Hosseini and Woodard have been determined by the Board to be
“independent” as that term is presently defined in Rule 4200(a)(15) of the NASDAQ listing standards.

Officers

Mr. Jeffrey T. Boerger became Vice President, Corporate Development in April 2016. In this role, he oversees all ISC-owned
and operated real estate, seeking its highest and best use. He served as President of Kansas Speedway Development Corp. from
March 2010 until April 2016, managing our investment in the Hollywood Casino Kansas Speedway, a role in which he
continues to serve. Prior to that, Mr. Boerger served as President of Kansas Speedway from May 2002 until March 2010.

Mr. Joel S. Chitwood became Executive Vice President and Chief Operating Officer since April 2016. Prior to that he had
served as Executive Vice President since April 2015. He served as Vice President for us from August 2009 to April 2015, and in
August 2010 was named President of Daytona International Speedway, one of our subsidiaries, a role in which he served until
April 2016. Prior to that, he served as President and Chief Operating Officer of Indianapolis Motor Speedway from November
2004 through August 2009. He served as Senior Vice President, Business Affairs for Indianapolis Motor Speedway from
October 2002 to November 2004. Mr. Chitwood also served as Vice President and General Manager of Raceway Associates,
LLC, which oversaw construction of Chicagoland Speedway from 1999 to 2002.

Mr. W. Garrett Crotty became Executive Vice President, Chief Administration Officer, Chief Legal Officer & Secretary in April
2015. In January of 2018 Mr. Crotty also added the role of Chief Compliance Officer. He served as a Senior Vice President
from April 2004 to April 2015. Mr. Crotty was named a Vice President in July 1999 and since 1996 has served as Secretary and
General Counsel. Mr. Crotty has also served as General Counsel of NASCAR since 1996 and as a member of NASCAR’s
Board of Directors since 2006.

Ms. Laura E. Jackson was named Senior Vice President, Corporate Services and Chief Human Resources Officer in April 2015.
She was named Vice President, Corporate Services in February 2013, after serving as our Vice President, Human Resources
from April 2010 through January 2013. Prior to that, she had served as our Managing Director, Human Resources from January
2009 through March 2010. Before joining the Company, Ms. Jackson served as Senior Vice President, Human Resources for
Textron, Inc. from September 2003 through January 2009.

Mr. Frank Kelleher was named Vice President, Sales and Marketing in January 2018. Previously Mr. Kelleher was Managing
Director of ISC Sales and Marketing. Mr. Kelleher was our Senior Director of Marketing Partnerships from 2010-2015,

ISC // 2018 INFORMATION STATEMENT // 5

Director of Partnership Marketing from 2009-2010, Manager, Partnership Sales from 2005-2009, Account Manager from 2004-

2005 and Account Executive from 2003-2004. Kelleher joined the Company as an Account Coordinator in 2003.

Mrs. Paula Miller was named Senior Vice President, Human Resources in January 2018. Mrs. Miller served as our Managing

Director of Human Resources from 1999 through September, 2008. Mrs. Miller is also the Senior Vice President and Chief

Human Resources Officer of NASCAR. She began working for NASCAR in September, 2008.

Mr. Gregory S. Motto was named Executive Vice President, Chief Financial Officer and Treasurer in January 2018. Mr. Motto

previously served as Senior Vice President, Chief Financial Officer and Treasurer in April 2017 and Vice President, Chief

Financial Officer and Treasurer in December 2016. Prior to that Mr. Motto served as Vice President, Finance and Accounting,

and Controller in April 2015. Mr. Motto joined us in 2000, and has served in positions as Financial Analyst, Assistant

Controller and Director of Strategic Planning. Motto left ISC for a short period during this time and served as Chief Financial

Officer and Treasurer for Eddy Corporation, a privately held company from January 2006 through April 2007. Prior to joining

ISC, Motto worked for GE Capital, serving as Financial Analyst responsible for financial planning and analysis and strategic

planning. While at GE Capital, Mr. Motto completed the GE Financial Management Program with honors. Motto serves as

Director and a member of the Finance Committee for the Community Foundation of Volusia and Flagler County and as a

member of the Audit and Finance Committee for Halifax Health in Daytona Beach.

Mr. Derek J. Muldowney was named Vice President in April 2016. Prior to that, he served for more than ten years as Executive

Vice President of ISC Design & Development, our design, construction and development subsidiary.

Mr. Craig A. Neeb was named Executive Vice President, Chief Innovation and Development Officer in January, 2018. Prior to

that Mr. Neeb served as Executive Vice President, Chief Development and Chief Digital Officer since April 2015. He had

served as Senior Vice President, Business Development and Chief Digital Officer since April 2014. Mr. Neeb was named our

Vice President, Business Development and Chief Digital Officer in February 2013, after serving as our Vice President — Multi

Channel Marketing from June 2009 through January 2013. Mr. Neeb also served as our Chief Information Officer from

November 2000 until February 2013. Mr. Neeb also served as our Managing Director of Marketing Services from 2008 to June

2009. Mr. Neeb also serves as Chief Innovation and Development Officer for NASCAR since January 2018.

Mr. Eric Nyquist was named Senior Vice President, Chief Communications Officer in January 2018. Mr. Nyquist is also the

Senior Vice President and Chief Communications officer for NASCAR. Mr. Nyquist began with NASCAR in 2005 in the

Business Affairs department. Prior to joining NASCAR, Mr. Nyquist was the Executive Vice President of Chicago White Sox

Enterprises from 1999-2004.

Mr. Benjamin Odom was named Vice President, Legal and Deputy General Counsel in January 2018. Previously he served as

Managing Director, Associate General Counsel & Compliance for the Company. Odom joined the Company in 2006.

Mr. John R. Saunders was appointed our President in June 2009. Previously he served as Executive Vice President from April

2004 until June 2009 and from April 2003 until June 2009 served as our Chief Operating Officer. He had served as Senior Vice

President-Operations from July 1999 until April 2003, at which time he was appointed Senior Vice President and Chief

Operating Officer. He had served as a Vice President since 1997 and was President of Watkins Glen International, a subsidiary

of the Company, from 1983 until 1997.

Mr. Daryl Q. Wolfe was named Executive Vice President, Chief Marketing Officer in April 2015. He had served as Senior Vice

President, Chief Marketing Officer since April 2012. Prior to that, he served as Vice President, Chief Marketing Officer from

April 2007 to April 2012. He had previously served as Vice President, Sales and Media from 2005 to 2007. Mr. Wolfe had

served as Managing Director, Marketing Partnerships from 2003 to 2005, and as Senior Director, Marketing Partnerships from

2001 to 2003. Mr. Wolfe also serves as Chief Sales Officer of NASCAR since December of 2017.

Mr. Brian Z. France, a director since 1994, has served as NASCAR’s Chairman and Chief Executive Officer since September

2003, Executive Vice President from February 2001 to September 2003 and Vice Chairman from January 2003 to September

2003. Previously, he served as NASCAR’s Senior Vice President from 1999 to 2001. Mr. France’s extensive experience in and

knowledge of the motorsports industry, in particular NASCAR, are among the factors the Board considered in concluding he is

qualified to serve as a Board member.

Ms. Larree M. Renda, a director since 2015, currently serves as a member of the Board of Directors of Casey’s General Stores,

where she serves on the Nominating & Governance and Risk Committees and chairs the Compensation Committee. She also

serves as a member of the Board of Regents of the University of Portland. Prior to joining the Board of Directors, Ms. Renda

served as one of Safeway’s top executives for 15 years, most recently as Executive Vice President from 1999 - 2015. She

managed retail strategies and held many administrative roles for Safeway, one of the largest food and drug retailers in North

America. Her areas of influence included labor relations, public affairs, communications, government relations, health

initiatives, human resources, corporate social responsibility and sustainability, philanthropy, industrial engineering, IT and real

estate. Ms. Renda’s leading experience in retail strategy, real estate, and financial planning are among the factors the Board

considered in concluding she is qualified to serve as a Board member.

Mr. Larry D. Woodard, a director since April 2013, is President and CEO at Graham Stanley Advertising, a firm he founded in

2010, which integrates traditional and digital advertising. Prior to that, Mr. Woodard served as the President and CEO of

Vigilante Advertising for over a decade. Mr. Woodard’s 26 years of experience as a highly regarded and successful advertising

industry executive, his experience in business, and being a weekly columnist and on air commentator regarding advertising and

marketing issues, are among the factors the Board considered in concluding he is qualified to serve as a Board member.

Ms. Green, Ms. Renda, and Messrs. Aiello, Brown, Graves, Hosseini and Woodard have been determined by the Board to be

“independent” as that term is presently defined in Rule 4200(a)(15) of the NASDAQ listing standards.

Officers

Mr. Jeffrey T. Boerger became Vice President, Corporate Development in April 2016. In this role, he oversees all ISC-owned

and operated real estate, seeking its highest and best use. He served as President of Kansas Speedway Development Corp. from

March 2010 until April 2016, managing our investment in the Hollywood Casino Kansas Speedway, a role in which he

continues to serve. Prior to that, Mr. Boerger served as President of Kansas Speedway from May 2002 until March 2010.

Mr. Joel S. Chitwood became Executive Vice President and Chief Operating Officer since April 2016. Prior to that he had

served as Executive Vice President since April 2015. He served as Vice President for us from August 2009 to April 2015, and in

August 2010 was named President of Daytona International Speedway, one of our subsidiaries, a role in which he served until

April 2016. Prior to that, he served as President and Chief Operating Officer of Indianapolis Motor Speedway from November

2004 through August 2009. He served as Senior Vice President, Business Affairs for Indianapolis Motor Speedway from

October 2002 to November 2004. Mr. Chitwood also served as Vice President and General Manager of Raceway Associates,

LLC, which oversaw construction of Chicagoland Speedway from 1999 to 2002.

Mr. W. Garrett Crotty became Executive Vice President, Chief Administration Officer, Chief Legal Officer & Secretary in April

2015. In January of 2018 Mr. Crotty also added the role of Chief Compliance Officer. He served as a Senior Vice President

from April 2004 to April 2015. Mr. Crotty was named a Vice President in July 1999 and since 1996 has served as Secretary and

General Counsel. Mr. Crotty has also served as General Counsel of NASCAR since 1996 and as a member of NASCAR’s

Board of Directors since 2006.

Ms. Laura E. Jackson was named Senior Vice President, Corporate Services and Chief Human Resources Officer in April 2015.

She was named Vice President, Corporate Services in February 2013, after serving as our Vice President, Human Resources

from April 2010 through January 2013. Prior to that, she had served as our Managing Director, Human Resources from January

2009 through March 2010. Before joining the Company, Ms. Jackson served as Senior Vice President, Human Resources for

Textron, Inc. from September 2003 through January 2009.

Mr. Frank Kelleher was named Vice President, Sales and Marketing in January 2018. Previously Mr. Kelleher was Managing

Director of ISC Sales and Marketing. Mr. Kelleher was our Senior Director of Marketing Partnerships from 2010-2015,

Director of Partnership Marketing from 2009-2010, Manager, Partnership Sales from 2005-2009, Account Manager from 2004-
2005 and Account Executive from 2003-2004. Kelleher joined the Company as an Account Coordinator in 2003.

Mrs. Paula Miller was named Senior Vice President, Human Resources in January 2018. Mrs. Miller served as our Managing
Director of Human Resources from 1999 through September, 2008. Mrs. Miller is also the Senior Vice President and Chief
Human Resources Officer of NASCAR. She began working for NASCAR in September, 2008.

Mr. Gregory S. Motto was named Executive Vice President, Chief Financial Officer and Treasurer in January 2018. Mr. Motto
previously served as Senior Vice President, Chief Financial Officer and Treasurer in April 2017 and Vice President, Chief
Financial Officer and Treasurer in December 2016. Prior to that Mr. Motto served as Vice President, Finance and Accounting,
and Controller in April 2015. Mr. Motto joined us in 2000, and has served in positions as Financial Analyst, Assistant
Controller and Director of Strategic Planning. Motto left ISC for a short period during this time and served as Chief Financial
Officer and Treasurer for Eddy Corporation, a privately held company from January 2006 through April 2007. Prior to joining
ISC, Motto worked for GE Capital, serving as Financial Analyst responsible for financial planning and analysis and strategic
planning. While at GE Capital, Mr. Motto completed the GE Financial Management Program with honors. Motto serves as
Director and a member of the Finance Committee for the Community Foundation of Volusia and Flagler County and as a
member of the Audit and Finance Committee for Halifax Health in Daytona Beach.

Mr. Derek J. Muldowney was named Vice President in April 2016. Prior to that, he served for more than ten years as Executive
Vice President of ISC Design & Development, our design, construction and development subsidiary.

Mr. Craig A. Neeb was named Executive Vice President, Chief Innovation and Development Officer in January, 2018. Prior to
that Mr. Neeb served as Executive Vice President, Chief Development and Chief Digital Officer since April 2015. He had
served as Senior Vice President, Business Development and Chief Digital Officer since April 2014. Mr. Neeb was named our
Vice President, Business Development and Chief Digital Officer in February 2013, after serving as our Vice President — Multi
Channel Marketing from June 2009 through January 2013. Mr. Neeb also served as our Chief Information Officer from
November 2000 until February 2013. Mr. Neeb also served as our Managing Director of Marketing Services from 2008 to June
2009. Mr. Neeb also serves as Chief Innovation and Development Officer for NASCAR since January 2018.

Mr. Eric Nyquist was named Senior Vice President, Chief Communications Officer in January 2018. Mr. Nyquist is also the
Senior Vice President and Chief Communications officer for NASCAR. Mr. Nyquist began with NASCAR in 2005 in the
Business Affairs department. Prior to joining NASCAR, Mr. Nyquist was the Executive Vice President of Chicago White Sox
Enterprises from 1999-2004.

Mr. Benjamin Odom was named Vice President, Legal and Deputy General Counsel in January 2018. Previously he served as
Managing Director, Associate General Counsel & Compliance for the Company. Odom joined the Company in 2006.

Mr. John R. Saunders was appointed our President in June 2009. Previously he served as Executive Vice President from April
2004 until June 2009 and from April 2003 until June 2009 served as our Chief Operating Officer. He had served as Senior Vice
President-Operations from July 1999 until April 2003, at which time he was appointed Senior Vice President and Chief
Operating Officer. He had served as a Vice President since 1997 and was President of Watkins Glen International, a subsidiary
of the Company, from 1983 until 1997.

Mr. Daryl Q. Wolfe was named Executive Vice President, Chief Marketing Officer in April 2015. He had served as Senior Vice
President, Chief Marketing Officer since April 2012. Prior to that, he served as Vice President, Chief Marketing Officer from
April 2007 to April 2012. He had previously served as Vice President, Sales and Media from 2005 to 2007. Mr. Wolfe had
served as Managing Director, Marketing Partnerships from 2003 to 2005, and as Senior Director, Marketing Partnerships from
2001 to 2003. Mr. Wolfe also serves as Chief Sales Officer of NASCAR since December of 2017.

ISC // 2018 INFORMATION STATEMENT // 6

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

All of the racing events that take place during our fiscal year are sanctioned by various racing organizations such as the
American Historic Racing Motorcycle Association, the American Motorcyclist Association, the Automobile Racing Club of
America, the American Sportbike Racing Association - Championship Cup Series, the Federation Internationale de
L’Automobile, the Federation Internationale Motocycliste, International Motor Sports Association (“IMSA”), Historic
Sportscar Racing, IndyCar Series, NASCAR, National Hot Rod Association, the Porsche Club of America, the Sports Car Club
of America, the Sportscar Vintage Racing Association, the United States Auto Club and the World Karting Association.

NASCAR, which sanctions many of our principal racing events, is a member of the France Family Group which controls over
74.0 percent of the combined voting power of our outstanding stock, as of November 30, 2017, and some members of which
serve as directors and officers of our Company.

Under current agreements, NASCAR contracts directly with certain network providers for television rights to the entire
NASCAR Cup, Xfinity and Camping World Truck series schedules. Under the terms of this arrangement, NASCAR retains
10.0 percent of the gross broadcast rights fees allocated to each NASCAR Cup, Xfinity and Camping World Truck series event
as a component of its sanction fees. We, as the promoter, record 90.0 percent of the gross broadcast rights fees as revenue and
then records 25.0 percent of the gross broadcast rights fees as part of its awards to the competitors. Ultimately, the promoter
retains 65.0 percent of the net cash proceeds from the gross broadcast rights fees allocated to the event. Our television
broadcast and ancillary rights fees received from NASCAR for the NASCAR Cup, Xfinity and Camping World Truck series
events conducted at our wholly owned facilities were approximately $337.4 million in fiscal year 2017.

Standard NASCAR and IMSA sanction agreements require racetrack operators to pay NASCAR Event Management
(collectively "NASCAR event management or NEM fees") fees, which include prize and point fund monies for each sanctioned
event conducted. The prize and point fund monies are distributed by NASCAR to participants in the events. Total NEM fees
paid by us were approximately $178.4 million, in fiscal 2017. We have outstanding receivables related to NASCAR and its
affiliates of approximately $22.1 million at November 30, 2017.

In addition, we share a variety of expenses with NASCAR, along with certain NASCAR affiliates, in the ordinary course of
business. NASCAR pays rent, as well as a related maintenance fee (allocated based on square footage), to us for office space in
Daytona Beach, Florida. NASCAR pays us for radio, program and strategic initiative advertising, hospitality and suite rentals,
various tickets and credentials, catering services, participation in a NASCAR racing event banquet, and track and other
equipment rentals. We pay NASCAR for certain advertising, participation in NASCAR racing series banquets, the use of
NASCAR trademarks and intellectual images and production space on trackside large screen video display units. Our payments
to NASCAR for Motor Racing Network’s broadcast rights to NASCAR Camping World Truck races represent an agreed-upon
percentage of our advertising revenues attributable to such race broadcasts. NASCAR also reimburses us for 50.0 percent of the
compensation paid to certain personnel working in our legal, risk management and transportation departments, as well as 50.0
percent of the compensation expense associated with certain receptionists. We reimburse NASCAR for 50.0 percent of the
“compensation paid to certain personnel working in NASCAR’s legal department and NASCAR's security department.
NASCAR’s reimbursement for use of our mailroom, janitorial services, security services, catering, graphic arts, photo and
publishing services, telephone system and our reimbursement of NASCAR for use of corporate aircraft is based on actual usage
or an allocation of total actual usage. The aggregate amount received from NASCAR by us for shared expenses, net of amounts
paid by us for shared expenses, totaled approximately $10.3 million during fiscal 2017. We believe the amounts earned from, or
charged by us, under each of the aforementioned transactions are commercially reasonable.

IMSA, a wholly owned subsidiary of NASCAR, sanctions various events at certain of our facilities. Standard IMSA sanction
agreements require racetrack operators to pay event management fees, which include prize and point fund monies for each
sanctioned event conducted. The prize and point fund monies are distributed by IMSA to participants in the events. Event
management fees paid by us to IMSA totaled approximately $1.2 million for the year ended November 30, 2017.

AMA Pro Racing, an entity controlled by a member of the France Family Group, sanctions various events at certain of our
facilities. Standard AMA Pro Racing sanction agreements require racetrack operators to pay event management fees, which
include prize and point fund monies for each sanctioned event conducted. The prize and point fund monies are distributed by
AMA Pro Racing to participants in the events. Event management fees paid by us to AMA Pro Racing totaled approximately

ISC // 2018 INFORMATION STATEMENT // 7

$0.1 million during fiscal 2017. The aggregate amount received from AMA Pro Racing by the Company for shared expenses,

net of amounts paid by the Company for shared expenses, totaled approximately $0.2 million.

We strive to ensure, and management believes that, the terms of our transactions with NASCAR, IMSA and AMA Pro Racing

are commercially reasonable.

Other Related Party Transactions

Certain members of the France Family Group paid us for the utilization of security services, event planning, event tickets,

purchase of catering services, maintenance services, and certain equipment. The amounts paid for these items were based on

actual costs incurred, similar prices paid by unrelated third party purchasers of similar items or estimated fair market values.

The net amount received by us for these items totaled approximately $0.5 million during fiscal 2017.

Cobb Cole is a law firm in Daytona Beach, Florida. Kathy Crotty is a family member of W. Garrett Crotty, one of our

executive officers and is also a partner at Cobb Cole. We engage Cobb Cole for certain legal services. The aggregate amount

paid by us to Cobb Cole for legal services totaled approximately $93,000 in fiscal year 2017.

J. Hyatt Brown, one of our directors, serves as Chairman of Brown & Brown, Inc. (“Brown & Brown”). Brown & Brown has

received commissions for serving as our insurance broker for several of our insurance policies, including our property and

casualty policy and certain employee benefit programs. The aggregate commissions received by Brown & Brown in connection

with these policies were approximately $0.5 million during fiscal 2017.

One of our directors, Christy F. Harris, is Of Counsel to Kinsey, Vincent Pyle, P.L., a law firm that provided legal services to us

during fiscal 2017. We paid approximately $0.2 million for these services in fiscal 2017.

We believe the amounts earned from or charged by us under each of the aforementioned transactions are commercially

reasonable.

Approval of Related Party Transactions

We have adopted written policies and procedures for review, approval and ratification of transactions with related persons.

These policies are evidenced in the Code of Conduct. In addition, our employees are subject to similar policies concerning

conflicts of interest, business ethics and conduct, as contained in our Employee Handbook. The Audit Committee is charged in

its Charter with the ultimate responsibility for the review and approval of all related party transactions meeting the thresholds

that require disclosure pursuant to Item 404 of Regulation S-K. All proposed transactions (regardless of the amount involved)

with any director or executive officer (or their affiliates) are required to be submitted to the Audit Committee for approval prior

to the transaction taking place. As part of our disclosure controls, all related party transactions are reported monthly and

reviewed by the Disclosure Committee quarterly, which includes the Chief Compliance Officer and the Director of Internal

Audit. The Disclosure Committee is responsible for elevating matters for Audit Committee consideration. While the standard

used to evaluate a transaction will vary depending upon the particular circumstances, the goal is to make sure that we are

treated fairly and on the same basis as transactions with parties that are not related. There have been no instances during the last

fiscal year where such policies and procedures were not followed, nor were there any transactions listed in “Certain

Relationships and Related Transactions” that were not reviewed by the Audit Committee.

DIRECTOR MEETINGS AND COMMITTEES

Our Board of Directors met three times during fiscal 2017. Our Board of Directors has an Audit Committee, a Compensation

Committee, a Nominating and Corporate Governance Committee, a Growth & Development Committee and a Financing and

Stock Repurchase Committee.

The functions of the Audit Committee (which presently consists of Ms. Renda and Messrs. Aiello (Chair), Brown and Graves)

include (i) meeting with auditors to discuss the scope, fees, timing and results of the annual audit, (ii) reviewing our

consolidated financial statements, and (iii) performing other duties deemed appropriate by the Board. The Board of Directors

has adopted a written charter for the Audit Committee, which is available on our website at

www.internationalspeedwaycorporation.com. The Board of Directors has determined that Ms. Renda and Messrs. Aiello and

Brown are qualified as audit committee financial experts (as defined by the SEC) and that all of the members of the Audit

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

All of the racing events that take place during our fiscal year are sanctioned by various racing organizations such as the

American Historic Racing Motorcycle Association, the American Motorcyclist Association, the Automobile Racing Club of

America, the American Sportbike Racing Association - Championship Cup Series, the Federation Internationale de

L’Automobile, the Federation Internationale Motocycliste, International Motor Sports Association (“IMSA”), Historic

Sportscar Racing, IndyCar Series, NASCAR, National Hot Rod Association, the Porsche Club of America, the Sports Car Club

of America, the Sportscar Vintage Racing Association, the United States Auto Club and the World Karting Association.

NASCAR, which sanctions many of our principal racing events, is a member of the France Family Group which controls over

74.0 percent of the combined voting power of our outstanding stock, as of November 30, 2017, and some members of which

serve as directors and officers of our Company.

Under current agreements, NASCAR contracts directly with certain network providers for television rights to the entire

NASCAR Cup, Xfinity and Camping World Truck series schedules. Under the terms of this arrangement, NASCAR retains

10.0 percent of the gross broadcast rights fees allocated to each NASCAR Cup, Xfinity and Camping World Truck series event

as a component of its sanction fees. We, as the promoter, record 90.0 percent of the gross broadcast rights fees as revenue and

then records 25.0 percent of the gross broadcast rights fees as part of its awards to the competitors. Ultimately, the promoter

retains 65.0 percent of the net cash proceeds from the gross broadcast rights fees allocated to the event. Our television

broadcast and ancillary rights fees received from NASCAR for the NASCAR Cup, Xfinity and Camping World Truck series

events conducted at our wholly owned facilities were approximately $337.4 million in fiscal year 2017.

Standard NASCAR and IMSA sanction agreements require racetrack operators to pay NASCAR Event Management

(collectively "NASCAR event management or NEM fees") fees, which include prize and point fund monies for each sanctioned

event conducted. The prize and point fund monies are distributed by NASCAR to participants in the events. Total NEM fees

paid by us were approximately $178.4 million, in fiscal 2017. We have outstanding receivables related to NASCAR and its

affiliates of approximately $22.1 million at November 30, 2017.

In addition, we share a variety of expenses with NASCAR, along with certain NASCAR affiliates, in the ordinary course of

business. NASCAR pays rent, as well as a related maintenance fee (allocated based on square footage), to us for office space in

Daytona Beach, Florida. NASCAR pays us for radio, program and strategic initiative advertising, hospitality and suite rentals,

various tickets and credentials, catering services, participation in a NASCAR racing event banquet, and track and other

equipment rentals. We pay NASCAR for certain advertising, participation in NASCAR racing series banquets, the use of

NASCAR trademarks and intellectual images and production space on trackside large screen video display units. Our payments

to NASCAR for Motor Racing Network’s broadcast rights to NASCAR Camping World Truck races represent an agreed-upon

percentage of our advertising revenues attributable to such race broadcasts. NASCAR also reimburses us for 50.0 percent of the

compensation paid to certain personnel working in our legal, risk management and transportation departments, as well as 50.0

percent of the compensation expense associated with certain receptionists. We reimburse NASCAR for 50.0 percent of the

“compensation paid to certain personnel working in NASCAR’s legal department and NASCAR's security department.

NASCAR’s reimbursement for use of our mailroom, janitorial services, security services, catering, graphic arts, photo and

publishing services, telephone system and our reimbursement of NASCAR for use of corporate aircraft is based on actual usage

paid by us for shared expenses, totaled approximately $10.3 million during fiscal 2017. We believe the amounts earned from, or

charged by us, under each of the aforementioned transactions are commercially reasonable.

IMSA, a wholly owned subsidiary of NASCAR, sanctions various events at certain of our facilities. Standard IMSA sanction

agreements require racetrack operators to pay event management fees, which include prize and point fund monies for each

sanctioned event conducted. The prize and point fund monies are distributed by IMSA to participants in the events. Event

management fees paid by us to IMSA totaled approximately $1.2 million for the year ended November 30, 2017.

AMA Pro Racing, an entity controlled by a member of the France Family Group, sanctions various events at certain of our

facilities. Standard AMA Pro Racing sanction agreements require racetrack operators to pay event management fees, which

include prize and point fund monies for each sanctioned event conducted. The prize and point fund monies are distributed by

AMA Pro Racing to participants in the events. Event management fees paid by us to AMA Pro Racing totaled approximately

$0.1 million during fiscal 2017. The aggregate amount received from AMA Pro Racing by the Company for shared expenses,
net of amounts paid by the Company for shared expenses, totaled approximately $0.2 million.

We strive to ensure, and management believes that, the terms of our transactions with NASCAR, IMSA and AMA Pro Racing
are commercially reasonable.

Other Related Party Transactions

Certain members of the France Family Group paid us for the utilization of security services, event planning, event tickets,
purchase of catering services, maintenance services, and certain equipment. The amounts paid for these items were based on
actual costs incurred, similar prices paid by unrelated third party purchasers of similar items or estimated fair market values.
The net amount received by us for these items totaled approximately $0.5 million during fiscal 2017.

Cobb Cole is a law firm in Daytona Beach, Florida. Kathy Crotty is a family member of W. Garrett Crotty, one of our
executive officers and is also a partner at Cobb Cole. We engage Cobb Cole for certain legal services. The aggregate amount
paid by us to Cobb Cole for legal services totaled approximately $93,000 in fiscal year 2017.

J. Hyatt Brown, one of our directors, serves as Chairman of Brown & Brown, Inc. (“Brown & Brown”). Brown & Brown has
received commissions for serving as our insurance broker for several of our insurance policies, including our property and
casualty policy and certain employee benefit programs. The aggregate commissions received by Brown & Brown in connection
with these policies were approximately $0.5 million during fiscal 2017.

One of our directors, Christy F. Harris, is Of Counsel to Kinsey, Vincent Pyle, P.L., a law firm that provided legal services to us
during fiscal 2017. We paid approximately $0.2 million for these services in fiscal 2017.

We believe the amounts earned from or charged by us under each of the aforementioned transactions are commercially
reasonable.

Approval of Related Party Transactions

We have adopted written policies and procedures for review, approval and ratification of transactions with related persons.
These policies are evidenced in the Code of Conduct. In addition, our employees are subject to similar policies concerning
conflicts of interest, business ethics and conduct, as contained in our Employee Handbook. The Audit Committee is charged in
its Charter with the ultimate responsibility for the review and approval of all related party transactions meeting the thresholds
that require disclosure pursuant to Item 404 of Regulation S-K. All proposed transactions (regardless of the amount involved)
with any director or executive officer (or their affiliates) are required to be submitted to the Audit Committee for approval prior
to the transaction taking place. As part of our disclosure controls, all related party transactions are reported monthly and
reviewed by the Disclosure Committee quarterly, which includes the Chief Compliance Officer and the Director of Internal
Audit. The Disclosure Committee is responsible for elevating matters for Audit Committee consideration. While the standard
used to evaluate a transaction will vary depending upon the particular circumstances, the goal is to make sure that we are
treated fairly and on the same basis as transactions with parties that are not related. There have been no instances during the last
fiscal year where such policies and procedures were not followed, nor were there any transactions listed in “Certain
Relationships and Related Transactions” that were not reviewed by the Audit Committee.

or an allocation of total actual usage. The aggregate amount received from NASCAR by us for shared expenses, net of amounts

DIRECTOR MEETINGS AND COMMITTEES

Our Board of Directors met three times during fiscal 2017. Our Board of Directors has an Audit Committee, a Compensation
Committee, a Nominating and Corporate Governance Committee, a Growth & Development Committee and a Financing and
Stock Repurchase Committee.

The functions of the Audit Committee (which presently consists of Ms. Renda and Messrs. Aiello (Chair), Brown and Graves)
include (i) meeting with auditors to discuss the scope, fees, timing and results of the annual audit, (ii) reviewing our
consolidated financial statements, and (iii) performing other duties deemed appropriate by the Board. The Board of Directors
has adopted a written charter for the Audit Committee, which is available on our website at
www.internationalspeedwaycorporation.com. The Board of Directors has determined that Ms. Renda and Messrs. Aiello and
Brown are qualified as audit committee financial experts (as defined by the SEC) and that all of the members of the Audit

ISC // 2018 INFORMATION STATEMENT // 8

Committee are “independent” (as independence is presently defined in Rule 4200(a)(15) of the NASDAQ listing standards).
The Audit Committee met six times during fiscal 2017.

The functions of the Compensation Committee (which presently consists of Ms. Renda (Chair) and Messrs. Graves and
Woodard) include (i) reviewing existing compensation levels of executive officers, (ii) making compensation recommendations
to management and the Board, and (iii) performing other duties deemed appropriate by the Board. The Board of Directors has
adopted a written charter for the Compensation Committee, which is available on our website at
www.internationalspeedwaycorporation.com. The Board has determined that all the members of the Compensation Committee
are “independent” (as independence is presently defined in Rule 4200(a)(15) of the NASDAQ listing standards). The
Compensation Committee met three times during fiscal 2017.

The functions of the Nominating and Corporate Governance Committee (which presently consists of Messrs. Brown (Chair),
Aiello and Graves) include (i) selecting and recommending to the Board director nominees for election at each annual meeting
of shareholders, as well as director nominees to fill vacancies arising between annual meetings, (ii) reviewing and
recommending to the Board changes to the compensation package for directors, (iii) reviewing and, if appropriate, making
changes to the responsibilities of directors and the qualifications for new nominees, (iv) annually assessing the Board’s
effectiveness as a whole as well as the effectiveness of the individual directors and the Board’s various committees,
(v) reviewing and recommending to the Board changes to the corporate governance standards for the Board and its committees,
and (vi) performing other duties deemed appropriate by the Board. The Nominating and Corporate Governance Committee met
once during fiscal 2017.

The functions of the Growth and Development Committee (which presently consists of Ms. Green, Ms. Kennedy and Ms.
Renda and Messrs. Aiello, Brown, Brian Z. France, James C. France, Harris (Chair), Graves, Hosseini and Woodard) include
(i) reviewing the actual and proposed internal growth and external development projects of the Company, (ii) making
recommendations to management and the Board regarding matters that come before the Committee, and (iii) performing other
duties deemed appropriate by the Board. The Growth and Development Committee met three times during fiscal 2017.

The functions of the Financing and Stock Repurchase Committee (which presently consists of Messrs. Aiello, Brown, James C.
France (Chair) and Harris) include (i) reviewing, as needed, the actual and proposed mechanisms used by the Company to
obtain financing for the Company, (ii) overseeing and monitoring the stock repurchase activities of the Company,
(iii) exercising authority delegated to it by the Board to approve changes to the Company’s stock repurchase program within
limits established by the Board, (iv) making recommendations to management and the Board regarding matters that come
before the Committee, and (v) performing other duties deemed appropriate by the Board. The Financing and Stock Repurchase
Committee met four times during fiscal 2017.

During fiscal 2017, all of the directors attended at least 75 percent of the aggregate of (1) the total number of meetings of the
Board of Directors and (2) the total number of meetings held by all committees of the Board on which they served.

BOARD LEADERSHIP

Our Board has the flexibility to determine whether the roles of Chairman of the Board and Chief Executive Officer should be
separated or combined. The Board makes this decision based on its evaluation of the circumstances and the Company’s specific
needs. Effective June 2009, upon the retirement of James C. France from the position of Chief Executive Officer, the roles of
Chairman and Chief Executive Officer were separated. James C. France continues to serve as Chairman of the Board, while
Lesa France Kennedy serves as Vice Chairwoman and Chief Executive Officer. Prior to June 2009, the positions of Chairman
and Chief Executive Officer were held jointly by James C. France.

We believe that this leadership structure is desirable under present circumstances because it allows Ms. Kennedy to focus her
efforts on running our business and managing it in the best interests of our shareholders, while we are able to continue to
benefit from Mr. James C. France’s extensive business and motorsports industry experience, knowledge of our Company and
proven leadership ability. We believe that having Mr. James C. France as Chairman benefits the Company in that it allows him
to use his expertise in both industry relationships and sanctioning body partnerships, as well as his extensive Company
knowledge, in setting the strategic agenda of the Board.

ISC // 2018 INFORMATION STATEMENT // 9

Our lead independent director, J. Hyatt Brown, coordinates providing feedback from other non-management members of the

Board to the Chief Executive Officer and other management regarding business issues and risk. Mr. Brown, through his role as

Chairman of the Nominating and Corporate Governance Committee, also manages the process of annual director self-

assessments and evaluation of the Board as a whole.

RISK OVERSIGHT

Our Board of Directors takes an active role in the oversight of risks impacting our Company. While management is responsible

for managing the Company’s risk on a daily basis and for bringing to the Board’s attention areas of risk which are most

material to our business, the Board and management work closely to ensure that integrity and accountability are integrated into

our operations. The Board, including through certain of its committees, discussed in more detail below (which are comprised

solely of independent directors), and through regular meetings of the independent directors without management present,

regularly reviews areas of risk (both compliance and business risk) to us and advises and directs management on the scope and

implementation of policies, strategy and other actions designed to mitigate such risks.

Many of the direct risk oversight functions are performed by the Audit Committee and our internal audit staff. Specific

examples of risks primarily overseen by the Audit Committee include risks related to the preparation of our financial

statements, disclosure controls and procedures, internal controls and procedures required by the Sarbanes-Oxley Act,

accounting, financial and auditing risks, matters reported to the Audit Committee through our Internal Audit Department and

through anonymous reporting procedures, cyber security, and regulations and risks associated with related party transactions.

Through our regular compliance work related to the Sarbanes-Oxley Act, we have created entity level controls that are

validated on a regular basis by our Internal Audit Department. These controls are designed to help prevent control failures as

well as assist in the awareness of a control failure. Members of our management team also participate in an enterprise risk

management committee, which regularly evaluates those risks deemed to be significant to us. The Audit Committee receives

regular updates regarding those risks identified by the enterprise risk management committee.

The Nominating and Corporate Governance Committee regularly monitors our compliance with corporate governance

standards and regulations. The Compensation Committee reviews and evaluates potential risks related to compensation

programs for executive and certain non-executive employees of the Company, as further described below in the section entitled

“Compensation Discussion and Analysis.” The Growth and Development Committee reviews and evaluates risks related to any

strategic ventures, transactions or capital expenditures.

In addition to the foregoing, the Board has adopted a Code of Ethics, which is applicable to all of our employees, including the

directors, our principal executive officer, the principal financial officer and the principal accounting officer. The Code of Ethics

is designed, among other things, to deter wrongdoing and promote ethical conduct, full and accurate reporting in all our filings

with the SEC, and compliance with applicable laws. The Code of Ethics mandates the maintenance of a 24 hour hotline that

any employee can use to report, anonymously if they so choose, any suspected fraud, financial impropriety or other alleged

wrongdoing. All calls are handled by the Vice President, Legal & Deputy General Counsel, the Senior Vice President,

Corporate Services and/or Senior Director of Internal Audit, as appropriate, who regularly report to the Audit Committee on

calls received. A copy of the current Code of Ethics is available on our website at www.internationalspeedwaycorporation.com.

DIRECTOR NOMINATION PROCESS

A current copy of the Nominating and Corporate Governance Committee charter is available on our website at

www.internationalspeedwaycorporation.com. Each director on the Nominating and Corporate Governance Committee has been

determined by the Board to be “independent” (as independence is presently defined by the NASDAQ listing standards).

As part of its process and procedures, the Nominating and Corporate Governance Committee considers director candidates

recommended by shareholders. All recommendations of director candidates by shareholders following the proper procedures

(as set forth below) will be furnished to the Nominating and Corporate Governance Committee and will be considered in the

same manner and according to the same criteria as would all other director candidates.

There have been no material changes to the procedures by which shareholders may recommend nominees to our Board.

Shareholders who wish to nominate directors for election at an annual meeting of shareholders are required to follow the

procedures contained in Article VI of our Amended and Restated Articles of Incorporation, which are available on our website

Committee are “independent” (as independence is presently defined in Rule 4200(a)(15) of the NASDAQ listing standards).

The Audit Committee met six times during fiscal 2017.

The functions of the Compensation Committee (which presently consists of Ms. Renda (Chair) and Messrs. Graves and

Woodard) include (i) reviewing existing compensation levels of executive officers, (ii) making compensation recommendations

to management and the Board, and (iii) performing other duties deemed appropriate by the Board. The Board of Directors has

adopted a written charter for the Compensation Committee, which is available on our website at

www.internationalspeedwaycorporation.com. The Board has determined that all the members of the Compensation Committee

are “independent” (as independence is presently defined in Rule 4200(a)(15) of the NASDAQ listing standards). The

Compensation Committee met three times during fiscal 2017.

The functions of the Nominating and Corporate Governance Committee (which presently consists of Messrs. Brown (Chair),

Aiello and Graves) include (i) selecting and recommending to the Board director nominees for election at each annual meeting

of shareholders, as well as director nominees to fill vacancies arising between annual meetings, (ii) reviewing and

recommending to the Board changes to the compensation package for directors, (iii) reviewing and, if appropriate, making

changes to the responsibilities of directors and the qualifications for new nominees, (iv) annually assessing the Board’s

effectiveness as a whole as well as the effectiveness of the individual directors and the Board’s various committees,

(v) reviewing and recommending to the Board changes to the corporate governance standards for the Board and its committees,

and (vi) performing other duties deemed appropriate by the Board. The Nominating and Corporate Governance Committee met

once during fiscal 2017.

The functions of the Growth and Development Committee (which presently consists of Ms. Green, Ms. Kennedy and Ms.

Renda and Messrs. Aiello, Brown, Brian Z. France, James C. France, Harris (Chair), Graves, Hosseini and Woodard) include

(i) reviewing the actual and proposed internal growth and external development projects of the Company, (ii) making

recommendations to management and the Board regarding matters that come before the Committee, and (iii) performing other

duties deemed appropriate by the Board. The Growth and Development Committee met three times during fiscal 2017.

The functions of the Financing and Stock Repurchase Committee (which presently consists of Messrs. Aiello, Brown, James C.

France (Chair) and Harris) include (i) reviewing, as needed, the actual and proposed mechanisms used by the Company to

obtain financing for the Company, (ii) overseeing and monitoring the stock repurchase activities of the Company,

(iii) exercising authority delegated to it by the Board to approve changes to the Company’s stock repurchase program within

limits established by the Board, (iv) making recommendations to management and the Board regarding matters that come

before the Committee, and (v) performing other duties deemed appropriate by the Board. The Financing and Stock Repurchase

Committee met four times during fiscal 2017.

During fiscal 2017, all of the directors attended at least 75 percent of the aggregate of (1) the total number of meetings of the

Board of Directors and (2) the total number of meetings held by all committees of the Board on which they served.

BOARD LEADERSHIP

Our Board has the flexibility to determine whether the roles of Chairman of the Board and Chief Executive Officer should be

separated or combined. The Board makes this decision based on its evaluation of the circumstances and the Company’s specific

needs. Effective June 2009, upon the retirement of James C. France from the position of Chief Executive Officer, the roles of

Chairman and Chief Executive Officer were separated. James C. France continues to serve as Chairman of the Board, while

Lesa France Kennedy serves as Vice Chairwoman and Chief Executive Officer. Prior to June 2009, the positions of Chairman

and Chief Executive Officer were held jointly by James C. France.

We believe that this leadership structure is desirable under present circumstances because it allows Ms. Kennedy to focus her

efforts on running our business and managing it in the best interests of our shareholders, while we are able to continue to

benefit from Mr. James C. France’s extensive business and motorsports industry experience, knowledge of our Company and

proven leadership ability. We believe that having Mr. James C. France as Chairman benefits the Company in that it allows him

to use his expertise in both industry relationships and sanctioning body partnerships, as well as his extensive Company

knowledge, in setting the strategic agenda of the Board.

Our lead independent director, J. Hyatt Brown, coordinates providing feedback from other non-management members of the
Board to the Chief Executive Officer and other management regarding business issues and risk. Mr. Brown, through his role as
Chairman of the Nominating and Corporate Governance Committee, also manages the process of annual director self-
assessments and evaluation of the Board as a whole.

RISK OVERSIGHT

Our Board of Directors takes an active role in the oversight of risks impacting our Company. While management is responsible
for managing the Company’s risk on a daily basis and for bringing to the Board’s attention areas of risk which are most
material to our business, the Board and management work closely to ensure that integrity and accountability are integrated into
our operations. The Board, including through certain of its committees, discussed in more detail below (which are comprised
solely of independent directors), and through regular meetings of the independent directors without management present,
regularly reviews areas of risk (both compliance and business risk) to us and advises and directs management on the scope and
implementation of policies, strategy and other actions designed to mitigate such risks.

Many of the direct risk oversight functions are performed by the Audit Committee and our internal audit staff. Specific
examples of risks primarily overseen by the Audit Committee include risks related to the preparation of our financial
statements, disclosure controls and procedures, internal controls and procedures required by the Sarbanes-Oxley Act,
accounting, financial and auditing risks, matters reported to the Audit Committee through our Internal Audit Department and
through anonymous reporting procedures, cyber security, and regulations and risks associated with related party transactions.
Through our regular compliance work related to the Sarbanes-Oxley Act, we have created entity level controls that are
validated on a regular basis by our Internal Audit Department. These controls are designed to help prevent control failures as
well as assist in the awareness of a control failure. Members of our management team also participate in an enterprise risk
management committee, which regularly evaluates those risks deemed to be significant to us. The Audit Committee receives
regular updates regarding those risks identified by the enterprise risk management committee.

The Nominating and Corporate Governance Committee regularly monitors our compliance with corporate governance
standards and regulations. The Compensation Committee reviews and evaluates potential risks related to compensation
programs for executive and certain non-executive employees of the Company, as further described below in the section entitled
“Compensation Discussion and Analysis.” The Growth and Development Committee reviews and evaluates risks related to any
strategic ventures, transactions or capital expenditures.

In addition to the foregoing, the Board has adopted a Code of Ethics, which is applicable to all of our employees, including the
directors, our principal executive officer, the principal financial officer and the principal accounting officer. The Code of Ethics
is designed, among other things, to deter wrongdoing and promote ethical conduct, full and accurate reporting in all our filings
with the SEC, and compliance with applicable laws. The Code of Ethics mandates the maintenance of a 24 hour hotline that
any employee can use to report, anonymously if they so choose, any suspected fraud, financial impropriety or other alleged
wrongdoing. All calls are handled by the Vice President, Legal & Deputy General Counsel, the Senior Vice President,
Corporate Services and/or Senior Director of Internal Audit, as appropriate, who regularly report to the Audit Committee on
calls received. A copy of the current Code of Ethics is available on our website at www.internationalspeedwaycorporation.com.

DIRECTOR NOMINATION PROCESS

A current copy of the Nominating and Corporate Governance Committee charter is available on our website at
www.internationalspeedwaycorporation.com. Each director on the Nominating and Corporate Governance Committee has been
determined by the Board to be “independent” (as independence is presently defined by the NASDAQ listing standards).

As part of its process and procedures, the Nominating and Corporate Governance Committee considers director candidates
recommended by shareholders. All recommendations of director candidates by shareholders following the proper procedures
(as set forth below) will be furnished to the Nominating and Corporate Governance Committee and will be considered in the
same manner and according to the same criteria as would all other director candidates.

There have been no material changes to the procedures by which shareholders may recommend nominees to our Board.
Shareholders who wish to nominate directors for election at an annual meeting of shareholders are required to follow the
procedures contained in Article VI of our Amended and Restated Articles of Incorporation, which are available on our website

ISC // 2018 INFORMATION STATEMENT // 10

at www.internationalspeedwaycorporation.com. Nominations must be in writing, addressed to the Secretary, and must be
received in writing not less than 120 days nor more than 180 days prior to the first anniversary of the date of our notice of
annual meeting of shareholders provided for the previous year’s annual meeting. The shareholder’s notice to the Secretary must
set forth (i) certain information regarding the nominee, such as name, age and principal occupation, and (ii) certain information
regarding the shareholder(s) such as the name and record address of the shareholder(s) and the number of shares of our capital
stock such shareholder(s) own. No person nominated by shareholders will be eligible for election as a director unless
nominated in accordance with these procedures. There were no shareholder nominations submitted for the 2017 annual meeting
of shareholders. Nominations by shareholders for the 2018 annual meeting must be received by the Secretary between
September 12, 2018 and November 9, 2018.

As stated in its charter, the Nominating and Corporate Governance Committee will annually assess the Board’s effectiveness,
including the core competencies and qualifications of members of the Board. If the Nominating and Corporate Governance
Committee deems it necessary, it may select and retain an executive search firm to identify qualified candidates for nomination
to serve as members of the Board.

The Nominating and Corporate Governance Committee will consider all nominees to our Board of Directors, and make its
recommendations to the full Board, which will then decide whether to nominate a Board candidate. The Nominating and
Corporate Governance Committee will consider each nominee’s skill, experience, knowledge and judgment, and believes that
members of and nominees to the Board should reflect expertise in one or more of the following areas important to us:
accounting and finance, business of motorsports, mergers and acquisitions, leadership, business and management, strategic
planning, government relations, investor relations, legal issues, executive leadership development and executive compensation.
Further, the assessment of a nominee’s qualifications will include consideration of the nominee’s ability to use sound judgment;
service on the boards of directors of other companies, public and private; integrity, honesty, fairness and independence;
understanding of our business; and interest and willingness to serve on the Board and dedicate the requisite time and attention
to service on the Board. All nominees to our Board will be considered by the Nominating and Corporate Governance
Committee with these factors in mind.

As part of the Nominating and Corporate Governance Committee’s assessment of a prospective director nominee’s skill,
experience, knowledge and judgment, the committee considers diversity of background and personal experience. Ideally, the
Board should be composed of persons having a diversity of skills, background and experience that are useful to us and our
present and future needs. However, the Nominating and Corporate Governance Committee does not have a formal policy
specifying how diversity of background and personal experience should be applied and assessed in identifying or evaluating
director nominees. When considering potential nominees for the Board, the Nominating and Corporate Governance Committee
considers the standards above and each potential nominee’s individual qualifications in light of the needs of the Board at such
time and its anticipated needs in the future.

It is our policy to hold the annual meeting of directors immediately following the annual meeting of shareholders. All Board
members are invited to attend the annual meeting of shareholders and are expected to attend, but are not required to attend. In
fiscal 2017, all members of the Board attended the annual meeting of shareholders.

SHAREHOLDER COMMUNICATIONS TO THE BOARD

Shareholders may contact an individual director, the Board as a group, or a specified Board committee or group, including the
non-employee directors as a group, by mailing correspondence in the following manner:

International Speedway Corporation
c/o Legal Department
One Daytona Blvd.
Daytona Beach, Florida 32114
Attention: Board of Directors

Each communication should specify the applicable addressee or addressees to be contacted as well as the general topic of the
communication. Our Legal Department will initially receive and process communications before forwarding them to the
addressee. All communications from shareholders will be promptly forwarded to the addressee(s).

ISC // 2018 INFORMATION STATEMENT // 11

CODE OF ETHICS

Our Audit Committee has adopted a code of ethics that applies to all of our employees, including our senior financial officers,

our principal executive officer and our principal financial officer. A copy of that code of ethics is available on our website at

www.internationalspeedwaycorporation.com. We intend to satisfy our disclosure obligations regarding any amendment to, or

waiver from, any provision of our code of ethics that applies to any of our senior financial officers by posting that information

on our website, as well as making all public disclosures required by the SEC. At the present time there have been no

amendments or waivers.

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Based upon a review of Forms 3 and 4 and amendments thereto furnished to us during the fiscal year ended

November 30, 2017, Forms 5 and amendments thereto furnished to us with respect to the fiscal year ended November 30, 2017,

and written representations furnished to us, there is no person who, at any time during the fiscal year, was a director, officer, or

beneficial owner of more than ten percent of any class of our securities that failed to file on a timely basis the reports required

by Section 16(a) of the Exchange Act during the fiscal year ended November 30, 2017.

REGISTERED INDEPENDENT PUBLIC ACCOUNTING FIRM

Ernst & Young LLP and its predecessors have served as our independent registered accounting firm since 1966. Representatives

of Ernst & Young LLP will be present at the Annual Meeting of Shareholders with the opportunity to make a statement, if they

so desire, and will be available to respond to appropriate questions from shareholders.

The following table presents fees for all professional services provided by Ernst & Young LLP for the audit of our consolidated

financial statements for the years ended November 30, 2017 and 2016, and fees billed for other services rendered by Ernst &

Young LLP during those periods.

Fee Category

Audit fees (1)

Audit-related fees (2)

Tax fees (3)

All other fees (4)

Fiscal Year

2017

866,669 $

105,150 $

2016

827,209

43,500

— $

—

(1) Audit fees consisted principally of professional services rendered for the annual integrated audit of our consolidated

financial statements and the effectiveness of our internal control over financial reporting, the review of our quarterly

consolidated financial statements and services that are normally provided by the accountant in connection with statutory

and regulatory filings or engagements.

(2) Audit-related fees consists of professional services rendered for assurance and related services that are reasonably

related to the performance of the audit or review of our financial statements and are not included in Audit Fees above.

(3)

Tax fees consisted principally of professional services rendered for tax compliance and tax advice. There were no such

services rendered during fiscal 2017 or 2016, respectively.

(4)

There were no other fees for products and services that are not disclosed in the previous categories.

AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES

The Audit Committee, or one of its members who has been delegated pre-approval authority, considers and has approval

authority over all engagements of the independent auditors. If a decision on an engagement is made by an individual member,

the decision is presented at the next meeting of the Audit Committee. All of the engagements resulting in the fees disclosed

above for fiscal 2017 and 2016 were approved by the Audit Committee prior to the engagement.

at www.internationalspeedwaycorporation.com. Nominations must be in writing, addressed to the Secretary, and must be

received in writing not less than 120 days nor more than 180 days prior to the first anniversary of the date of our notice of

annual meeting of shareholders provided for the previous year’s annual meeting. The shareholder’s notice to the Secretary must

set forth (i) certain information regarding the nominee, such as name, age and principal occupation, and (ii) certain information

regarding the shareholder(s) such as the name and record address of the shareholder(s) and the number of shares of our capital

stock such shareholder(s) own. No person nominated by shareholders will be eligible for election as a director unless

nominated in accordance with these procedures. There were no shareholder nominations submitted for the 2017 annual meeting

of shareholders. Nominations by shareholders for the 2018 annual meeting must be received by the Secretary between

September 12, 2018 and November 9, 2018.

As stated in its charter, the Nominating and Corporate Governance Committee will annually assess the Board’s effectiveness,

including the core competencies and qualifications of members of the Board. If the Nominating and Corporate Governance

Committee deems it necessary, it may select and retain an executive search firm to identify qualified candidates for nomination

to serve as members of the Board.

The Nominating and Corporate Governance Committee will consider all nominees to our Board of Directors, and make its

recommendations to the full Board, which will then decide whether to nominate a Board candidate. The Nominating and

Corporate Governance Committee will consider each nominee’s skill, experience, knowledge and judgment, and believes that

members of and nominees to the Board should reflect expertise in one or more of the following areas important to us:

accounting and finance, business of motorsports, mergers and acquisitions, leadership, business and management, strategic

planning, government relations, investor relations, legal issues, executive leadership development and executive compensation.

Further, the assessment of a nominee’s qualifications will include consideration of the nominee’s ability to use sound judgment;

service on the boards of directors of other companies, public and private; integrity, honesty, fairness and independence;

understanding of our business; and interest and willingness to serve on the Board and dedicate the requisite time and attention

to service on the Board. All nominees to our Board will be considered by the Nominating and Corporate Governance

Committee with these factors in mind.

As part of the Nominating and Corporate Governance Committee’s assessment of a prospective director nominee’s skill,

experience, knowledge and judgment, the committee considers diversity of background and personal experience. Ideally, the

Board should be composed of persons having a diversity of skills, background and experience that are useful to us and our

present and future needs. However, the Nominating and Corporate Governance Committee does not have a formal policy

specifying how diversity of background and personal experience should be applied and assessed in identifying or evaluating

director nominees. When considering potential nominees for the Board, the Nominating and Corporate Governance Committee

considers the standards above and each potential nominee’s individual qualifications in light of the needs of the Board at such

time and its anticipated needs in the future.

It is our policy to hold the annual meeting of directors immediately following the annual meeting of shareholders. All Board

members are invited to attend the annual meeting of shareholders and are expected to attend, but are not required to attend. In

fiscal 2017, all members of the Board attended the annual meeting of shareholders.

SHAREHOLDER COMMUNICATIONS TO THE BOARD

Shareholders may contact an individual director, the Board as a group, or a specified Board committee or group, including the

non-employee directors as a group, by mailing correspondence in the following manner:

International Speedway Corporation

c/o Legal Department

One Daytona Blvd.

Daytona Beach, Florida 32114

Attention: Board of Directors

Each communication should specify the applicable addressee or addressees to be contacted as well as the general topic of the

communication. Our Legal Department will initially receive and process communications before forwarding them to the

addressee. All communications from shareholders will be promptly forwarded to the addressee(s).

CODE OF ETHICS

Our Audit Committee has adopted a code of ethics that applies to all of our employees, including our senior financial officers,
our principal executive officer and our principal financial officer. A copy of that code of ethics is available on our website at
www.internationalspeedwaycorporation.com. We intend to satisfy our disclosure obligations regarding any amendment to, or
waiver from, any provision of our code of ethics that applies to any of our senior financial officers by posting that information
on our website, as well as making all public disclosures required by the SEC. At the present time there have been no
amendments or waivers.

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Based upon a review of Forms 3 and 4 and amendments thereto furnished to us during the fiscal year ended
November 30, 2017, Forms 5 and amendments thereto furnished to us with respect to the fiscal year ended November 30, 2017,
and written representations furnished to us, there is no person who, at any time during the fiscal year, was a director, officer, or
beneficial owner of more than ten percent of any class of our securities that failed to file on a timely basis the reports required
by Section 16(a) of the Exchange Act during the fiscal year ended November 30, 2017.

REGISTERED INDEPENDENT PUBLIC ACCOUNTING FIRM

Ernst & Young LLP and its predecessors have served as our independent registered accounting firm since 1966. Representatives
of Ernst & Young LLP will be present at the Annual Meeting of Shareholders with the opportunity to make a statement, if they
so desire, and will be available to respond to appropriate questions from shareholders.

The following table presents fees for all professional services provided by Ernst & Young LLP for the audit of our consolidated
financial statements for the years ended November 30, 2017 and 2016, and fees billed for other services rendered by Ernst &
Young LLP during those periods.

Fee Category

Audit fees (1)
Audit-related fees (2)
Tax fees (3)
All other fees (4)

Fiscal Year

2017
866,669 $
105,150 $
— $
— $

2016
827,209
43,500
—
—

$
$
$
$

(1) Audit fees consisted principally of professional services rendered for the annual integrated audit of our consolidated
financial statements and the effectiveness of our internal control over financial reporting, the review of our quarterly
consolidated financial statements and services that are normally provided by the accountant in connection with statutory
and regulatory filings or engagements.

(2) Audit-related fees consists of professional services rendered for assurance and related services that are reasonably

related to the performance of the audit or review of our financial statements and are not included in Audit Fees above.

(3)

Tax fees consisted principally of professional services rendered for tax compliance and tax advice. There were no such
services rendered during fiscal 2017 or 2016, respectively.

(4)

There were no other fees for products and services that are not disclosed in the previous categories.

AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES

The Audit Committee, or one of its members who has been delegated pre-approval authority, considers and has approval
authority over all engagements of the independent auditors. If a decision on an engagement is made by an individual member,
the decision is presented at the next meeting of the Audit Committee. All of the engagements resulting in the fees disclosed
above for fiscal 2017 and 2016 were approved by the Audit Committee prior to the engagement.

ISC // 2018 INFORMATION STATEMENT // 12

REPORT OF THE AUDIT COMMITTEE

The following is the report of the Audit Committee with respect to the Company’s audited financial statements for the fiscal year
ended November 30, 2017. The information contained in this report shall not be deemed “soliciting material” or otherwise
considered “filed” with the SEC, and such information shall not be incorporated by reference into any future filing under the
Securities Act or the Exchange Act except to the extent the Company specifically incorporates such information by reference of
such filing.

The Audit Committee oversees the Company’s financial reporting process on behalf of the Board of Directors. The Company’s
management has the primary responsibility for the financial statements, for maintaining effective internal control over financial
reporting, and for assessing the effectiveness of internal control over financial reporting. In fulfilling its oversight
responsibilities, the Audit Committee reviewed and discussed the audited consolidated financial statements and the related
schedules in the Annual Report with Company management, including a discussion of the quality, not just the acceptability, of
the accounting principles; the reasonableness of significant judgments; and the clarity of disclosures in the financial statements.

The Audit Committee is governed by a charter. A copy of the charter is available on the Company’s website at
www.internationalspeedwaycorporation.com. The Audit Committee performs a review and reassessment of its charter annually.
The charter was last amended effective November 9, 2016. The Audit Committee held six meetings during fiscal year 2017.
The Audit Committee consists of four members: Ms. Renda and Messrs. Aiello, Brown and Graves. The Board of Directors has
determined that Ms. Renda and Messrs. Aiello and Brown are qualified as audit committee financial experts (as defined by the
SEC) and that all of the members of the Audit Committee are “independent” (as independence is presently defined in Rule
4200(a)(15) of the NASDAQ listing standards and Rule 10A-3 of the Securities Exchange Act of 1934).

The meetings of the Audit Committee are designed to facilitate and encourage communication among the Audit Committee, the
Company, the Company’s internal audit function and the Company’s independent auditor. The Audit Committee discussed with
the Company’s internal auditors and independent auditor the overall scope and plans for their respective audits. The Audit
Committee meets with the internal auditors and the independent auditor, with and without management present, to discuss the
results of their examinations; their evaluations of the Company’s internal control including internal control over financial
reporting; and the overall quality of the Company’s financial reporting.

The Audit Committee recognizes the importance of maintaining the independence of the Company’s Independent Auditor, both
in fact and appearance. Each year, the Audit Committee evaluates the qualifications, performance and independence of the
Company’s Independent Auditor and determines whether to re-engage the current Independent Auditor. In doing so, the Audit
Committee considers the quality and efficiency of the services provided by the auditors, the auditors’ capabilities and the
auditors’ technical expertise and knowledge of the Company’s operations and industry. Based on this evaluation, the Audit
Committee has retained Ernst & Young LLP (“EY”) as the Company’s Independent Auditor for fiscal year 2017. EY has been
the Independent Auditor for the Company since 1966.

The Audit Committee reviewed with the independent auditor, which is responsible for expressing an opinion on the conformity
of those audited consolidated financial statements and related schedules with US generally accepted accounting principles, its
judgments as to the quality, not just the acceptability, of the Company’s accounting principles and such other matters as are
required to be discussed with the Audit Committee by the standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), including PCAOB Auditing Standard No. 16, Communications With Audit Committees, the rules of
the Securities and Exchange Commission, and other applicable regulations. In addition, the Audit Committee has discussed
with the independent auditor the firm’s independence from Company management and the Company, including the matters in
the letter from the firm required by PCAOB Rule 3526, Communication with Audit Committees Concerning Independence, and
considered the compatibility of non-audit services with the independent auditor’s independence.

The Audit Committee also reviewed and discussed together with management and the independent auditor the Company’s
audited consolidated financial statements for the fiscal year ended November 30, 2017, and the results of management’s
assessment of the effectiveness of the Company’s internal control over financial reporting and the independent auditor’s audit
of internal control over financial reporting.

ISC // 2018 INFORMATION STATEMENT // 13

In reliance on the reviews and discussions referred to above, the Audit Committee recommended to the Board of Directors, and

the Board has approved, that the audited consolidated financial statements and related schedules and management’s assessment

of the effectiveness of the Company’s internal control over financial reporting be included in the Annual Report on Form 10-K

for the fiscal year ended November 30, 2017, filed by the Company with the Securities and Exchange Commission.

Larry Aiello, Jr., Audit Committee Chair

J. Hyatt Brown, Audit Committee Member

William P. Graves, Audit Committee Member

Larree M. Renda, Audit Committee Member

EXECUTIVE COMPENSATION

COMPENSATION DISCUSSION AND ANALYSIS

Overview and Objectives of Compensation Program

The goal of the compensation programs for our named executive officers is to retain and reward leaders who create long-term

value for our shareholders. This goal affects the compensation elements we use and our compensation decisions.

We have designed and implemented our compensation programs for our named executives to:

•

reward them for financial and operating performance;

align their interests with those of our shareholders; and

encourage them to remain with the Company.

These elements consist of:

•

salary and annual discretionary bonus;

Most of our compensation elements simultaneously fulfill one or more of our performance, alignment and retention objectives.

• non-equity (cash) incentive compensation based upon annually determined performance criteria;

•

equity incentive compensation based upon annually determined performance criteria combined with a time based

vesting schedule; and

• other benefits.

In deciding on the type and amount of compensation for each executive, we focus almost exclusively on each executive’s

current pay, rather than historic pay. We combine the compensation elements for each executive in a manner we believe

optimizes the value for our shareholders and supports the goals of our compensation programs.

We provide a combination of pay elements with the goal of aligning executive incentives with shareholder value. The three

major elements of our executive compensation — base salary, annual cash awards (which include bonuses and non-equity

incentives) and long-term equity incentives — simultaneously fulfill one or more of our performance, alignment and retention

objectives.

of our named executives.

The following summarizes the compensation elements we use as tools to reward, retain and align the performance expectations

Base Salary, Non-Equity Incentives and Cash Bonuses

Base salaries for our named executives are designed to provide competitive levels of compensation dependent on the scope of

their responsibilities, their leadership skills and values, and their performance. For each named executive officer, we pay annual

non-equity incentives each February for the prior year’s performance based upon management’s evaluation and the

Compensation Committee’s qualitative assessment of the executives’ performance. This short term compensation element is in

line with the stated goal of our compensation programs, namely retaining and rewarding leaders who create long-term value for

our shareholders. The incentives were determined using the criteria approved by the Compensation Committee for

performance against normalized corporate financial performance measures based on budget of revenue; operating margin based

REPORT OF THE AUDIT COMMITTEE

The following is the report of the Audit Committee with respect to the Company’s audited financial statements for the fiscal year

ended November 30, 2017. The information contained in this report shall not be deemed “soliciting material” or otherwise

considered “filed” with the SEC, and such information shall not be incorporated by reference into any future filing under the

Securities Act or the Exchange Act except to the extent the Company specifically incorporates such information by reference of

such filing.

The Audit Committee oversees the Company’s financial reporting process on behalf of the Board of Directors. The Company’s

management has the primary responsibility for the financial statements, for maintaining effective internal control over financial

reporting, and for assessing the effectiveness of internal control over financial reporting. In fulfilling its oversight

responsibilities, the Audit Committee reviewed and discussed the audited consolidated financial statements and the related

schedules in the Annual Report with Company management, including a discussion of the quality, not just the acceptability, of

the accounting principles; the reasonableness of significant judgments; and the clarity of disclosures in the financial statements.

The Audit Committee is governed by a charter. A copy of the charter is available on the Company’s website at

www.internationalspeedwaycorporation.com. The Audit Committee performs a review and reassessment of its charter annually.

The charter was last amended effective November 9, 2016. The Audit Committee held six meetings during fiscal year 2017.

The Audit Committee consists of four members: Ms. Renda and Messrs. Aiello, Brown and Graves. The Board of Directors has

determined that Ms. Renda and Messrs. Aiello and Brown are qualified as audit committee financial experts (as defined by the

SEC) and that all of the members of the Audit Committee are “independent” (as independence is presently defined in Rule

4200(a)(15) of the NASDAQ listing standards and Rule 10A-3 of the Securities Exchange Act of 1934).

The meetings of the Audit Committee are designed to facilitate and encourage communication among the Audit Committee, the

Company, the Company’s internal audit function and the Company’s independent auditor. The Audit Committee discussed with

the Company’s internal auditors and independent auditor the overall scope and plans for their respective audits. The Audit

Committee meets with the internal auditors and the independent auditor, with and without management present, to discuss the

results of their examinations; their evaluations of the Company’s internal control including internal control over financial

reporting; and the overall quality of the Company’s financial reporting.

The Audit Committee recognizes the importance of maintaining the independence of the Company’s Independent Auditor, both

in fact and appearance. Each year, the Audit Committee evaluates the qualifications, performance and independence of the

Company’s Independent Auditor and determines whether to re-engage the current Independent Auditor. In doing so, the Audit

Committee considers the quality and efficiency of the services provided by the auditors, the auditors’ capabilities and the

auditors’ technical expertise and knowledge of the Company’s operations and industry. Based on this evaluation, the Audit

Committee has retained Ernst & Young LLP (“EY”) as the Company’s Independent Auditor for fiscal year 2017. EY has been

the Independent Auditor for the Company since 1966.

The Audit Committee reviewed with the independent auditor, which is responsible for expressing an opinion on the conformity

of those audited consolidated financial statements and related schedules with US generally accepted accounting principles, its

judgments as to the quality, not just the acceptability, of the Company’s accounting principles and such other matters as are

required to be discussed with the Audit Committee by the standards of the Public Company Accounting Oversight Board

(United States) (PCAOB), including PCAOB Auditing Standard No. 16, Communications With Audit Committees, the rules of

the Securities and Exchange Commission, and other applicable regulations. In addition, the Audit Committee has discussed

with the independent auditor the firm’s independence from Company management and the Company, including the matters in

the letter from the firm required by PCAOB Rule 3526, Communication with Audit Committees Concerning Independence, and

considered the compatibility of non-audit services with the independent auditor’s independence.

The Audit Committee also reviewed and discussed together with management and the independent auditor the Company’s

audited consolidated financial statements for the fiscal year ended November 30, 2017, and the results of management’s

assessment of the effectiveness of the Company’s internal control over financial reporting and the independent auditor’s audit

of internal control over financial reporting.

In reliance on the reviews and discussions referred to above, the Audit Committee recommended to the Board of Directors, and
the Board has approved, that the audited consolidated financial statements and related schedules and management’s assessment
of the effectiveness of the Company’s internal control over financial reporting be included in the Annual Report on Form 10-K
for the fiscal year ended November 30, 2017, filed by the Company with the Securities and Exchange Commission.

Larry Aiello, Jr., Audit Committee Chair
J. Hyatt Brown, Audit Committee Member
William P. Graves, Audit Committee Member
Larree M. Renda, Audit Committee Member

EXECUTIVE COMPENSATION

COMPENSATION DISCUSSION AND ANALYSIS

Overview and Objectives of Compensation Program

The goal of the compensation programs for our named executive officers is to retain and reward leaders who create long-term
value for our shareholders. This goal affects the compensation elements we use and our compensation decisions.

We have designed and implemented our compensation programs for our named executives to:

•

reward them for financial and operating performance;

align their interests with those of our shareholders; and

encourage them to remain with the Company.

Most of our compensation elements simultaneously fulfill one or more of our performance, alignment and retention objectives.
These elements consist of:

•

salary and annual discretionary bonus;

• non-equity (cash) incentive compensation based upon annually determined performance criteria;

•

equity incentive compensation based upon annually determined performance criteria combined with a time based
vesting schedule; and

• other benefits.

In deciding on the type and amount of compensation for each executive, we focus almost exclusively on each executive’s
current pay, rather than historic pay. We combine the compensation elements for each executive in a manner we believe
optimizes the value for our shareholders and supports the goals of our compensation programs.

We provide a combination of pay elements with the goal of aligning executive incentives with shareholder value. The three
major elements of our executive compensation — base salary, annual cash awards (which include bonuses and non-equity
incentives) and long-term equity incentives — simultaneously fulfill one or more of our performance, alignment and retention
objectives.

The following summarizes the compensation elements we use as tools to reward, retain and align the performance expectations
of our named executives.

Base Salary, Non-Equity Incentives and Cash Bonuses

Base salaries for our named executives are designed to provide competitive levels of compensation dependent on the scope of
their responsibilities, their leadership skills and values, and their performance. For each named executive officer, we pay annual
non-equity incentives each February for the prior year’s performance based upon management’s evaluation and the
Compensation Committee’s qualitative assessment of the executives’ performance. This short term compensation element is in
line with the stated goal of our compensation programs, namely retaining and rewarding leaders who create long-term value for
our shareholders. The incentives were determined using the criteria approved by the Compensation Committee for
performance against normalized corporate financial performance measures based on budget of revenue; operating margin based

ISC // 2018 INFORMATION STATEMENT // 14

on budget, and capital allocation based on budget. For fiscal 2017, the corporate financial measurements for these non-equity
incentives were weighted as follows: 1) revenue based on budget as 17.5 percent, 2) operating margin based on budget as
17.5 percent, 3) capital allocation based on budget as 20.0 percent and 4) EBITDA based on budget as 25.0 percent.

on the compensation of the named executive officers. We consider competitive market compensation paid by other companies

of similar size and market capitalization, but we do not attempt to maintain a certain target percentile within a peer group or

otherwise rely on data of peer companies to determine executive compensation.

In addition to amounts paid pursuant to our non-equity incentive plan, the Compensation Committee retains discretion to award
cash bonuses where performance may warrant. We also award a small annual holiday cash bonus based on seniority.

We do not have any specific apportionment goal with respect to the mix between equity incentive awards and cash payments.

We generally attempt to assess an executive’s total pay opportunities and whether we have provided the appropriate incentives

Long —Term Compensation — 2006 Long Term Incentive Plan & 2017 Long Term Incentive Plan

We emphasize long-term variable compensation at the senior executive levels because of our desire to reward effective long-
term management decision making and our desire to retain executive officers who have the potential to impact both our short-
term and long-term profitability. We believe that providing Restricted Stock Units (RSUs) is an effective means to focus our
named executives on delivering long-term value to our shareholders. RSUs allow us to reward and retain the named executives
by offering them the opportunity to receive shares of our stock on the date the restrictions lapse so long as they continue to be
employed by the Company. Our 2006 Long Term Incentive Plan expired during 2016. Our 2017 Long Term Incentive Plan was
approved by the Committee and Board of Directors in 2017 and received shareholder approval at the 2017 annual meeting.

Other Compensation

We provide our named executive officers with other benefits, reflected in the All Other Compensation column in the Summary
Compensation Table, that we believe are reasonable, competitive and consistent with our overall compensation program and
goals. The costs of these benefits constitute only a small percentage of each named executive officer’s total compensation, and
include premiums paid on life insurance policies and Company contributions to a 401(k) plan. The named executive officers
also participate in the standard health insurance benefits offered to all employees. We also provide the use of a car provided by
the Company and comprehensive physical examinations every other year. The named executive officers are encouraged to
attend events at the motorsports entertainment facilities operated by the Company as part of their job function and permitted to
bring a guest with them to these events at no charge to the executive.

Compensation Implementation

Determination of Compensation

As part of our total overall compensation plan, the compensation for our named executive officers depends on the scope of their
responsibilities, their leadership skills and values, and their individual performance, as well as the Company's performance.
Decisions regarding salary increases are affected by the named executives’ current salary and the amounts paid within and
outside the Company. Base salary rates are reviewed on annual basis and adjusted when appropriate by the Compensation
Committee based upon changes in market conditions and the Company’s performance factors. When making decisions
regarding compensation, we focus almost exclusively on each executive’s current pay, rather than historic pay.

The Compensation Committee exercises its discretion in initially making compensation decisions, after reviewing the
performance of the Company and evaluating an executive’s prospects and performance during the year against established
goals, operational performance, business responsibilities, and current compensation arrangements. The following is a summary
of key considerations affecting the determination of compensation for the named executives:

Emphasis on Consistent Performance. Our compensation program provides a greater pay opportunity for executives who
demonstrate superior performance for sustained periods of time. Each of our named officers has served us for many years,
during which she/he has held diverse positions of increasing responsibility. The amount of their pay reflects their consistent
contribution with the expectation of continued contribution to our success. Our emphasis on performance affects our
discretionary annual cash bonus, non-equity incentives and equity incentive compensation. We incorporate current year and
expected performance into our compensation decisions and percentage increases or decreases in the amount of annual
compensation. For fiscal 2017, the criteria to determine overall compensation remained consistent with prior years and our
stated philosophy.

Discretion and Judgment. We generally adhere to our historic practices and formulas in determining the amount and mix of
compensation elements. Because of our reliance on the formulaic achievement of annual Company financial goals in
determining the amount of plan-based compensation, short term changes in business performance can have a significant impact

salary compensation.

ISC // 2018 INFORMATION STATEMENT // 15

to accomplish our compensation objectives. Our mix of compensation elements is designed to reward recent results and

performance through a combination of non-equity (cash) and equity incentive awards. We also seek to balance compensation

elements that are based on financial, operational and strategic metrics. We believe the most important indicator of whether our

compensation objectives are being met is our ability to motivate our named executives to deliver superior performance and

retain them.

Significance of Company Results. The Compensation Committee primarily evaluates the named executives’ contributions to

the Company’s overall performance rather than focusing only on their individual function. The Compensation Committee

believes that the named executive officers share the responsibility to support the goals and performance of the Company, as the

executive members of the Company’s leadership team. While this compensation philosophy influences all of the committee’s

compensation decisions, it has the biggest impact on annual non-equity incentive awards and, generally, discretionary bonuses.

Consideration of Risk. Our compensation programs are discretionary, balanced and focused on rewarding performance for both

current year and long-term strategy. Under this structure, a greater amount of compensation can be achieved through consistent

superior performance over sustained periods of time. Long-term incentive plan compensation in the form of restricted stock is

restricted to multiple vesting years with 50.0 percent vesting in three years and the remainder vesting in five years. We believe

this provides strong incentives for our named executive officers to manage the Company for the long term while avoiding

excessive risk-taking in the short term. Goals and objectives reflect a balanced mix of quantitative and qualitative performance

measures to avoid excessive weight on a single performance measure. The elements of compensation are mixed among current

non-equity (cash) payments and equity awards. With limited exceptions, the Compensation Committee retains the ability to

adjust compensation for quality of performance and adherence to our values. The Company does not believe that its

compensation policies and practices are reasonably likely to have a material adverse effect on the Company.

No Employment and Severance Agreements. None of our named executive officers have employment or change-of-control

agreements nor do they have pre-negotiated severance agreements in place. Our named executive officers serve at the will of

the Board, which enables the Company to terminate their employment with discretion as to the terms of any severance

arrangement. This is consistent with our performance-based employment and compensation philosophy. Of course, the fact that

our Chairman of the Board and our Vice Chairwoman and Chief Executive Officer are members of the France Family Group,

which has the ability to elect the entire Board, does impact such discretion in their case. In addition, the time vesting of our

plan–based restricted stock awards help retain our executives by subjecting to forfeiture any unvested shares if they leave the

Company prior to retirement. There are change-of-control provisions associated with each award of such plan-based restricted

stock awards. Change of control is defined in the individual participant plans for all participants in the restricted stock incentive

program. A copy of the 2017 Long Term Incentive Plan is on file with the SEC in connection with our Form S-8 registration

statement, filed on October 10, 2017.

Roles of Compensation Committee and Named Executives

Executive officer compensation is overseen by the Compensation Committee of the Board of Directors, which is composed

entirely of independent directors, pursuant to its charter. A copy of the charter may be viewed on the Company’s website at

www.internationalspeedwaycorporation.com.

Prior to the beginning of each fiscal year, the Compensation Committee establishes a total pool of dollars to be used for

increases in annual salary compensation for all of our employees, including all of the named executive officers. In setting this

total pool of dollars the members of the Compensation Committee consider a variety of factors, including, but not limited to,

historic and projected earnings per share, anticipated revenue growth, established salary ranges and market conditions. The

committee members then use their collective business judgment to establish the total pool of dollars for increases in annual

on budget, and capital allocation based on budget. For fiscal 2017, the corporate financial measurements for these non-equity

incentives were weighted as follows: 1) revenue based on budget as 17.5 percent, 2) operating margin based on budget as

17.5 percent, 3) capital allocation based on budget as 20.0 percent and 4) EBITDA based on budget as 25.0 percent.

on the compensation of the named executive officers. We consider competitive market compensation paid by other companies
of similar size and market capitalization, but we do not attempt to maintain a certain target percentile within a peer group or
otherwise rely on data of peer companies to determine executive compensation.

In addition to amounts paid pursuant to our non-equity incentive plan, the Compensation Committee retains discretion to award

cash bonuses where performance may warrant. We also award a small annual holiday cash bonus based on seniority.

Long —Term Compensation — 2006 Long Term Incentive Plan & 2017 Long Term Incentive Plan

We emphasize long-term variable compensation at the senior executive levels because of our desire to reward effective long-

term management decision making and our desire to retain executive officers who have the potential to impact both our short-

term and long-term profitability. We believe that providing Restricted Stock Units (RSUs) is an effective means to focus our

named executives on delivering long-term value to our shareholders. RSUs allow us to reward and retain the named executives

by offering them the opportunity to receive shares of our stock on the date the restrictions lapse so long as they continue to be

employed by the Company. Our 2006 Long Term Incentive Plan expired during 2016. Our 2017 Long Term Incentive Plan was

approved by the Committee and Board of Directors in 2017 and received shareholder approval at the 2017 annual meeting.

Other Compensation

We provide our named executive officers with other benefits, reflected in the All Other Compensation column in the Summary

Compensation Table, that we believe are reasonable, competitive and consistent with our overall compensation program and

goals. The costs of these benefits constitute only a small percentage of each named executive officer’s total compensation, and

include premiums paid on life insurance policies and Company contributions to a 401(k) plan. The named executive officers

also participate in the standard health insurance benefits offered to all employees. We also provide the use of a car provided by

the Company and comprehensive physical examinations every other year. The named executive officers are encouraged to

attend events at the motorsports entertainment facilities operated by the Company as part of their job function and permitted to

bring a guest with them to these events at no charge to the executive.

Compensation Implementation

Determination of Compensation

As part of our total overall compensation plan, the compensation for our named executive officers depends on the scope of their

responsibilities, their leadership skills and values, and their individual performance, as well as the Company's performance.

Decisions regarding salary increases are affected by the named executives’ current salary and the amounts paid within and

outside the Company. Base salary rates are reviewed on annual basis and adjusted when appropriate by the Compensation

Committee based upon changes in market conditions and the Company’s performance factors. When making decisions

regarding compensation, we focus almost exclusively on each executive’s current pay, rather than historic pay.

The Compensation Committee exercises its discretion in initially making compensation decisions, after reviewing the

performance of the Company and evaluating an executive’s prospects and performance during the year against established

goals, operational performance, business responsibilities, and current compensation arrangements. The following is a summary

of key considerations affecting the determination of compensation for the named executives:

Emphasis on Consistent Performance. Our compensation program provides a greater pay opportunity for executives who

demonstrate superior performance for sustained periods of time. Each of our named officers has served us for many years,

during which she/he has held diverse positions of increasing responsibility. The amount of their pay reflects their consistent

contribution with the expectation of continued contribution to our success. Our emphasis on performance affects our

discretionary annual cash bonus, non-equity incentives and equity incentive compensation. We incorporate current year and

expected performance into our compensation decisions and percentage increases or decreases in the amount of annual

compensation. For fiscal 2017, the criteria to determine overall compensation remained consistent with prior years and our

stated philosophy.

Discretion and Judgment. We generally adhere to our historic practices and formulas in determining the amount and mix of

compensation elements. Because of our reliance on the formulaic achievement of annual Company financial goals in

determining the amount of plan-based compensation, short term changes in business performance can have a significant impact

We do not have any specific apportionment goal with respect to the mix between equity incentive awards and cash payments.
We generally attempt to assess an executive’s total pay opportunities and whether we have provided the appropriate incentives
to accomplish our compensation objectives. Our mix of compensation elements is designed to reward recent results and
performance through a combination of non-equity (cash) and equity incentive awards. We also seek to balance compensation
elements that are based on financial, operational and strategic metrics. We believe the most important indicator of whether our
compensation objectives are being met is our ability to motivate our named executives to deliver superior performance and
retain them.

Significance of Company Results. The Compensation Committee primarily evaluates the named executives’ contributions to
the Company’s overall performance rather than focusing only on their individual function. The Compensation Committee
believes that the named executive officers share the responsibility to support the goals and performance of the Company, as the
executive members of the Company’s leadership team. While this compensation philosophy influences all of the committee’s
compensation decisions, it has the biggest impact on annual non-equity incentive awards and, generally, discretionary bonuses.

Consideration of Risk. Our compensation programs are discretionary, balanced and focused on rewarding performance for both
current year and long-term strategy. Under this structure, a greater amount of compensation can be achieved through consistent
superior performance over sustained periods of time. Long-term incentive plan compensation in the form of restricted stock is
restricted to multiple vesting years with 50.0 percent vesting in three years and the remainder vesting in five years. We believe
this provides strong incentives for our named executive officers to manage the Company for the long term while avoiding
excessive risk-taking in the short term. Goals and objectives reflect a balanced mix of quantitative and qualitative performance
measures to avoid excessive weight on a single performance measure. The elements of compensation are mixed among current
non-equity (cash) payments and equity awards. With limited exceptions, the Compensation Committee retains the ability to
adjust compensation for quality of performance and adherence to our values. The Company does not believe that its
compensation policies and practices are reasonably likely to have a material adverse effect on the Company.

No Employment and Severance Agreements. None of our named executive officers have employment or change-of-control
agreements nor do they have pre-negotiated severance agreements in place. Our named executive officers serve at the will of
the Board, which enables the Company to terminate their employment with discretion as to the terms of any severance
arrangement. This is consistent with our performance-based employment and compensation philosophy. Of course, the fact that
our Chairman of the Board and our Vice Chairwoman and Chief Executive Officer are members of the France Family Group,
which has the ability to elect the entire Board, does impact such discretion in their case. In addition, the time vesting of our
plan–based restricted stock awards help retain our executives by subjecting to forfeiture any unvested shares if they leave the
Company prior to retirement. There are change-of-control provisions associated with each award of such plan-based restricted
stock awards. Change of control is defined in the individual participant plans for all participants in the restricted stock incentive
program. A copy of the 2017 Long Term Incentive Plan is on file with the SEC in connection with our Form S-8 registration
statement, filed on October 10, 2017.

Roles of Compensation Committee and Named Executives

Executive officer compensation is overseen by the Compensation Committee of the Board of Directors, which is composed
entirely of independent directors, pursuant to its charter. A copy of the charter may be viewed on the Company’s website at
www.internationalspeedwaycorporation.com.

Prior to the beginning of each fiscal year, the Compensation Committee establishes a total pool of dollars to be used for
increases in annual salary compensation for all of our employees, including all of the named executive officers. In setting this
total pool of dollars the members of the Compensation Committee consider a variety of factors, including, but not limited to,
historic and projected earnings per share, anticipated revenue growth, established salary ranges and market conditions. The
committee members then use their collective business judgment to establish the total pool of dollars for increases in annual
salary compensation.

ISC // 2018 INFORMATION STATEMENT // 16

Under the direction of the CEO, the proposed salaries, individual performance goals and targeted bonuses for each of the
named executive officers other than the CEO, are presented to the Compensation Committee which reviews and approves them.
The salary of the CEO is then separately considered and approved by the Compensation Committee. Although no particular
weighting of the factors or formula is used, the Committee considers (1) Company and individual performance as measured
against management goals approved by the Board of Directors, (2) personal performance in support of the Company’s goals as
measured by annual evaluation criteria, and (3) intangible factors and criteria such as payments by competitors for similar
positions and market movement.

Each of the named executive officers is assigned a target non-equity incentive opportunity based on corporate and personal
goals for the year. The actual non-equity incentive for each named executive officer will range from 0 percent to 150.0 percent
of the target depending upon results of corporate performance and personal performance during the year. The 2017 fiscal year
corporate financial measurements consist of four components which are weighted as follows: 1) revenue based on budget as
17.5 percent, 2) operating margin based on budget as 17.5 percent, 3) capital allocation based on budget as 20.0 percent and
4) EBITDA based on budget as 25.0 percent. Both the targets and the actual performance are determined on a normalized basis
and may vary from year to year as established by the Compensation Committee.

For fiscal 2017, our named executive officers are: Ms. Lesa France Kennedy, Chief Executive Officer; Mr. Gregory S. Motto,
Executive Vice President and Chief Financial Officer; Mr. John R. Saunders, President; Mr. Joel S. Chitwood, Executive Vice
President and Chief Operating Officer; and Mr. Daryl Q. Wolfe, Executive Vice President and Chief Marketing Officer.

The Compensation Committee reviews and approves the recommended corporate performance goals and objectives which are
used in establishing plan-based incentive compensation for all of the named executive officers.

Compensation Consultants

Neither the Company nor the Compensation Committee has any contractual arrangement with any compensation consultant
who has a role in determining or recommending the amount or form of senior executive or director compensation. Our named
executive officers have not participated in the selection of any particular compensation consultant. The Company obtains
market intelligence on compensation trends from a variety of sources through our human resources personnel, with the
oversight of the Committee. Each year we participate in compensation surveys conducted by well-known compensation
consultants as a means of understanding external market practices. Except for the foregoing, we have not used the services of
any other compensation consultant in matters affecting senior executive or director compensation. In the future, either the
Company or the Compensation Committee may engage or seek the advice of compensation consultants.

Equity Grant Practices

The only form of equity compensation currently provided to our named executive officers is awards of shares of restricted
stock. The awards of restricted stock for 2018 are based on 2017 performance and made under the 2017 Long Term Incentive
Plan in a similar fashion as those made in past years pursuant to the 2006 Long Term Incentive Plan. For each fiscal year the
named executive officers are provided an opportunity to be awarded shares of restricted stock based upon the same normalized
corporate financial performance measures established for non-equity incentive payments, as discussed above. The targeted
number of shares is fixed by the Compensation Committee and represents a specified percentage of the named executive
officer’s annual base salary based upon the average price of our publicly traded shares during the fiscal year prior to the
establishment of the share target. This targeted share award amount is communicated to the named executive officers during the
second quarter of our fiscal year. Upon completion of the fiscal year and the financial audit, our normalized performance
against the financial performance measures is evaluated, a percentage of the targeted award to be actually awarded is
determined, reviewed and approved by the Compensation Committee and the restricted shares are issued in the name of the
named executive officers on May 1 following the completion of the fiscal year. The restricted shares then vest over time, with
50.0 percent vesting three years after issuance and the remaining 50.0 percent vesting five years after issuance. Prior to vesting
the recipient may vote the shares and receive dividends on the restricted shares as granted. If employment ends prior to the
expiration of the vesting period due to a change of control or for reasons acceptable to the Compensation Committee (death,
disability, retirement, etc.) all or a portion of the unvested restricted shares may be allowed to vest. Termination of employment
for any other reason will result in forfeiture of all unvested shares. The timing of calculations of opportunities, amounts, awards
and vesting dates are made solely for administrative efficiency and without regard to earnings or other major announcements by

ISC // 2018 INFORMATION STATEMENT // 17

the Company. There are change-of-control provisions associated with each award of restricted shares. Change of control is

defined in the individual participant plans for all participants in the restricted stock incentive program.

The Company has no equity security ownership guidelines or requirements for the named executive officers. We have share

ownership guidelines for our non-employee directors, as more fully described below in the “Compensation of Directors”

Share Ownership Guidelines

section.

Tax Deductibility of Compensation

Section 162(m) of the Internal Revenue Code of 1986, as amended, imposes a $1.0 million limit on the amount that a public

company may deduct for compensation paid to the company’s CEO or any of the Company’s four other most highly

compensated executive officers who are employed as of the end of the year. The Committee considers tax implications in

determining executive pay, and generally endeavors to provide compensation that is tax deductible under Internal Revenue

Code Section 162(m). The Committee, however, reserves the right to forego any or all of the tax deduction if it believes it to

be in the best interest of the Company and its shareholders.

The amounts shown in the Summary Compensation Table contain components which are not considered taxable income to the

individuals under current Internal Revenue Code provisions.

Potential Impact on Compensation from Executive Misconduct

If the Board should determine that an executive officer has engaged in fraudulent or intentional misconduct, the Board could

take action to remedy the misconduct, prevent its recurrence, and impose such discipline on the wrongdoers as would be

appropriate. Discipline would vary depending on the facts and circumstances, and may include, without limitation,

(1) termination of employment, (2) initiating an action for breach of fiduciary duty, and (3) if the misconduct resulted in a

restatement of the Company’s financial results, seeking reimbursement of any portion of performance-based or incentive

compensation paid or awarded to the executive that is greater than would have been paid or awarded if calculated based on the

restated financial results. These remedies would be in addition to, and not in lieu of, any actions imposed by law enforcement

agencies, regulators or other authorities.

Compensation for the Named Executive Officers in 2017

Company Performance

The specific compensation decisions made for each of the named executive officers for fiscal 2017 reflect the focus on the

performance of the Company against specific financial and operational measurements.

A significant portion of each of the named executive officer’s plan-based incentive compensation is based upon the Company’s

performance against the normalized corporate financial performance measures and weighting of 1) revenue based on budget

(17.5 percent), 2) operating margin based on budget (17.5 percent), 3) capital allocation based on budget (20.0 percent) and 4)

EBITDA based on budget (25.0 percent). Based on the evaluation of the Company’s performance against these measures in

fiscal 2017, the payout of plan based non-equity incentives was at 76.5 percent of the targeted opportunity defined above,

except for Mr. Motto as described below. For fiscal 2017, the non-equity incentives further aligned earning opportunities in

support of overall business cost containment measures, as well as the execution of long term strategic growth measures such as

managing to budget for the reconstruction of ISM Raceway and ONE Daytona projects. Amounts described below regarding

plan-based non-equity incentives are reflective of performance against this 100.0 percent earning opportunity. Potential awards

of restricted stock made pursuant to our long-term incentive plan continued to be at 100.0 percent of earning potential for the

named executive officers.

For the named executive officers eligible for plan-based non-equity incentives, 100.0 percent of the earning potential for fiscal

2017 was as follows: $422,807 for Ms. Kennedy; $74,936 for Mr. Motto; $329,225 for Mr. Saunders; $197,064 for

Mr. Chitwood; and $135,705 for Mr. Wolfe. A more detailed analysis of our financial and operational performance is contained

in the Management’s Discussion & Analysis section of our 2017 Annual Report on Form 10-K filed with the SEC, a copy of

which accompanies this Information Statement.

Under the direction of the CEO, the proposed salaries, individual performance goals and targeted bonuses for each of the

named executive officers other than the CEO, are presented to the Compensation Committee which reviews and approves them.

The salary of the CEO is then separately considered and approved by the Compensation Committee. Although no particular

weighting of the factors or formula is used, the Committee considers (1) Company and individual performance as measured

against management goals approved by the Board of Directors, (2) personal performance in support of the Company’s goals as

measured by annual evaluation criteria, and (3) intangible factors and criteria such as payments by competitors for similar

positions and market movement.

Each of the named executive officers is assigned a target non-equity incentive opportunity based on corporate and personal

goals for the year. The actual non-equity incentive for each named executive officer will range from 0 percent to 150.0 percent

of the target depending upon results of corporate performance and personal performance during the year. The 2017 fiscal year

corporate financial measurements consist of four components which are weighted as follows: 1) revenue based on budget as

17.5 percent, 2) operating margin based on budget as 17.5 percent, 3) capital allocation based on budget as 20.0 percent and

4) EBITDA based on budget as 25.0 percent. Both the targets and the actual performance are determined on a normalized basis

and may vary from year to year as established by the Compensation Committee.

For fiscal 2017, our named executive officers are: Ms. Lesa France Kennedy, Chief Executive Officer; Mr. Gregory S. Motto,

Executive Vice President and Chief Financial Officer; Mr. John R. Saunders, President; Mr. Joel S. Chitwood, Executive Vice

President and Chief Operating Officer; and Mr. Daryl Q. Wolfe, Executive Vice President and Chief Marketing Officer.

used in establishing plan-based incentive compensation for all of the named executive officers.

Compensation Consultants

Neither the Company nor the Compensation Committee has any contractual arrangement with any compensation consultant

who has a role in determining or recommending the amount or form of senior executive or director compensation. Our named

executive officers have not participated in the selection of any particular compensation consultant. The Company obtains

market intelligence on compensation trends from a variety of sources through our human resources personnel, with the

oversight of the Committee. Each year we participate in compensation surveys conducted by well-known compensation

consultants as a means of understanding external market practices. Except for the foregoing, we have not used the services of

Company or the Compensation Committee may engage or seek the advice of compensation consultants.

Equity Grant Practices

The only form of equity compensation currently provided to our named executive officers is awards of shares of restricted

stock. The awards of restricted stock for 2018 are based on 2017 performance and made under the 2017 Long Term Incentive

Plan in a similar fashion as those made in past years pursuant to the 2006 Long Term Incentive Plan. For each fiscal year the

named executive officers are provided an opportunity to be awarded shares of restricted stock based upon the same normalized

corporate financial performance measures established for non-equity incentive payments, as discussed above. The targeted

number of shares is fixed by the Compensation Committee and represents a specified percentage of the named executive

officer’s annual base salary based upon the average price of our publicly traded shares during the fiscal year prior to the

establishment of the share target. This targeted share award amount is communicated to the named executive officers during the

second quarter of our fiscal year. Upon completion of the fiscal year and the financial audit, our normalized performance

against the financial performance measures is evaluated, a percentage of the targeted award to be actually awarded is

determined, reviewed and approved by the Compensation Committee and the restricted shares are issued in the name of the

named executive officers on May 1 following the completion of the fiscal year. The restricted shares then vest over time, with

50.0 percent vesting three years after issuance and the remaining 50.0 percent vesting five years after issuance. Prior to vesting

the recipient may vote the shares and receive dividends on the restricted shares as granted. If employment ends prior to the

expiration of the vesting period due to a change of control or for reasons acceptable to the Compensation Committee (death,

disability, retirement, etc.) all or a portion of the unvested restricted shares may be allowed to vest. Termination of employment

for any other reason will result in forfeiture of all unvested shares. The timing of calculations of opportunities, amounts, awards

and vesting dates are made solely for administrative efficiency and without regard to earnings or other major announcements by

the Company. There are change-of-control provisions associated with each award of restricted shares. Change of control is
defined in the individual participant plans for all participants in the restricted stock incentive program.

Share Ownership Guidelines

The Company has no equity security ownership guidelines or requirements for the named executive officers. We have share
ownership guidelines for our non-employee directors, as more fully described below in the “Compensation of Directors”
section.

Tax Deductibility of Compensation

Section 162(m) of the Internal Revenue Code of 1986, as amended, imposes a $1.0 million limit on the amount that a public
company may deduct for compensation paid to the company’s CEO or any of the Company’s four other most highly
compensated executive officers who are employed as of the end of the year. The Committee considers tax implications in
determining executive pay, and generally endeavors to provide compensation that is tax deductible under Internal Revenue
Code Section 162(m). The Committee, however, reserves the right to forego any or all of the tax deduction if it believes it to
be in the best interest of the Company and its shareholders.

The amounts shown in the Summary Compensation Table contain components which are not considered taxable income to the
individuals under current Internal Revenue Code provisions.

The Compensation Committee reviews and approves the recommended corporate performance goals and objectives which are

Potential Impact on Compensation from Executive Misconduct

If the Board should determine that an executive officer has engaged in fraudulent or intentional misconduct, the Board could
take action to remedy the misconduct, prevent its recurrence, and impose such discipline on the wrongdoers as would be
appropriate. Discipline would vary depending on the facts and circumstances, and may include, without limitation,
(1) termination of employment, (2) initiating an action for breach of fiduciary duty, and (3) if the misconduct resulted in a
restatement of the Company’s financial results, seeking reimbursement of any portion of performance-based or incentive
compensation paid or awarded to the executive that is greater than would have been paid or awarded if calculated based on the
restated financial results. These remedies would be in addition to, and not in lieu of, any actions imposed by law enforcement
agencies, regulators or other authorities.

any other compensation consultant in matters affecting senior executive or director compensation. In the future, either the

Compensation for the Named Executive Officers in 2017

Company Performance

The specific compensation decisions made for each of the named executive officers for fiscal 2017 reflect the focus on the
performance of the Company against specific financial and operational measurements.

A significant portion of each of the named executive officer’s plan-based incentive compensation is based upon the Company’s
performance against the normalized corporate financial performance measures and weighting of 1) revenue based on budget
(17.5 percent), 2) operating margin based on budget (17.5 percent), 3) capital allocation based on budget (20.0 percent) and 4)
EBITDA based on budget (25.0 percent). Based on the evaluation of the Company’s performance against these measures in
fiscal 2017, the payout of plan based non-equity incentives was at 76.5 percent of the targeted opportunity defined above,
except for Mr. Motto as described below. For fiscal 2017, the non-equity incentives further aligned earning opportunities in
support of overall business cost containment measures, as well as the execution of long term strategic growth measures such as
managing to budget for the reconstruction of ISM Raceway and ONE Daytona projects. Amounts described below regarding
plan-based non-equity incentives are reflective of performance against this 100.0 percent earning opportunity. Potential awards
of restricted stock made pursuant to our long-term incentive plan continued to be at 100.0 percent of earning potential for the
named executive officers.

For the named executive officers eligible for plan-based non-equity incentives, 100.0 percent of the earning potential for fiscal
2017 was as follows: $422,807 for Ms. Kennedy; $74,936 for Mr. Motto; $329,225 for Mr. Saunders; $197,064 for
Mr. Chitwood; and $135,705 for Mr. Wolfe. A more detailed analysis of our financial and operational performance is contained
in the Management’s Discussion & Analysis section of our 2017 Annual Report on Form 10-K filed with the SEC, a copy of
which accompanies this Information Statement.

ISC // 2018 INFORMATION STATEMENT // 18

CEO Compensation

In determining Ms. Kennedy’s base salary compensation for 2017, the Compensation Committee considered her performance
as CEO and the performance of the Company in fiscal year 2017. In addition, the Compensation Committee considered
general trends of Company performance over the prior several years, outcomes related to growth and development activities
and strategic initiatives, market conditions, as well as the responsibilities of the position and her strategic value to the
Company. Ms. Kennedy and the Board continued to respond to the evolving economic conditions by focusing on the following
performance framework (1) outperforming in a tough environment, (2) maintaining and maximizing financial flexibility,
(3) optimizing sustainable cost containment and (4) protecting the Company’s reputation and long-term strategy. The
Committee determined that Ms. Kennedy performed at a high level resulting in a 3.0 percent increase in base salary for
Ms. Kennedy from the previous year.

The Compensation Committee believes that Ms. Kennedy performed well in 2017 by executing on the established performance
framework and in delivering a strong financial performance. The Compensation Committee believes that the Company’s fiscal
2017 reflected leadership decisions that produced year over year earnings growth, continued the trend of increasing EBITDA
and effectively mitigated revenue deterioration with sustainable cost containment, capital allocation discipline and execution
against defined strategic initiatives, including meeting financial and schedule metrics for the reconstruction of ISM Raceway
and the grand opening of ONE Daytona, the company’s retail, dining and entertainment venue adjacent to the Daytona
International Speedway. In determining the bonus and incentive portions of her compensation for fiscal 2017, the
Compensation Committee determined that Ms. Kennedy performed at a high level. In light of Ms. Kennedy's performance, she
received a total plan-based non-equity incentive in the amount of $323,448, which was 76.5 percent of her total target
opportunity. This reflects a 76.5 percent payout of total target opportunity due to strong performance against the corporate
financial performance measures, as well as an additional amount related to her performance against individual goals set by the
Compensation Committee. For 2017, Ms. Kennedy received this payout as a combination of cash in the amount of $161,724
and restricted stock in the value of $161,724 with number of shares determined on the May 1, 2018, grant date. Ms. Kennedy
also received 10,621 shares of restricted stock (valued at $394,039 as of the May 1, 2017 grant date) for her fiscal year 2016
leadership performance. This grant is pursuant to the 2017 Long Term Incentive Plan. The restricted stock is subject to a
vesting schedule, with 50.0 percent vesting in three years and the remainder vesting in five years. The final value will be
determined on the actual vesting date.

In addition, pursuant to the aforementioned fiscal year 2017 performance factors, the Compensation Committee determined that
Ms. Kennedy is eligible for a restricted stock award of 9,516 shares, the value of which will be determined based upon the
May 1, 2018 grant date. This grant is pursuant to the 2017 Long Term Incentive Plan and based on annual financial
performance of the Company.

Other Named Officers

In determining the base salary compensation of Mr. Motto, Mr. Saunders, Mr. Chitwood and Mr. Wolfe for fiscal 2017 the
Compensation Committee considered the same criteria as for the CEO. The Compensation Committee also considered the
recommendations based upon evaluation of individual functional area responsibilities and goals as submitted by the CEO.

The non-equity incentive plan compensation was determined with the criteria for effectively mitigating revenue deterioration
with sustainable cost containment, capital allocation discipline and execution against defined financial measures.

experience.

Gregory S. Motto: Mr. Motto served as our Chief Financial Officer and Senior Vice President of the Company until December
2017 when he was promoted to Executive Vice President. Mr. Motto’s financial objectives, as the leader of our finance
organization, focused on the overall performance of the Company. His strategic and operational goals focused on providing
operational support in achieving financial goals, including serving as the process driver for maintaining the Company's cost
containment deliverables, balance sheet management, delivering on financial commitments for the Company's grand opening of
the ONE Daytona, the current reconstruction project for ISM Raceway, and leading the Company’s relationship with rating
agencies.

Mr. Motto’s base salary increased 21.6 percent in fiscal 2017 which includes adjusted compensation for promotion to Chief
Financial Officer. The Compensation Committee assessment of Mr. Motto’s performance in fiscal 2017 aligned to support a

ISC // 2018 INFORMATION STATEMENT // 19

total plan-based non-equity incentive in the amount of $61,073, which was 81.5 percent of his total target opportunity. This

reflects an 81.5 percent payout due to performance against the corporate financial performance measures, as well as an

additional amount related to his performance against individual goals set by the Compensation Committee. Mr. Motto also

received 1,660 shares of restricted stock (valued at $61,586 as of the May 1, 2017 grant date) for his performance in fiscal year

2016. This grant is pursuant to the 2017 Long Term Incentive Plan. The restricted stock is subject to a vesting schedule, with

50.0 percent vesting in three years and the remainder vesting in five years. The final value will be determined on the actual

vesting date.

In addition, the Compensation Committee determined, based on Mr. Motto’s fiscal year 2017 performance, that he is eligible

for a restricted stock award, subject to shareholder approval of the 2017 Long Term Incentive Plan, of 3,753 shares, the value

of which will be determined upon the May 1, 2018 grant date. This grant is pursuant to the 2017 Long Term Incentive Plan and

based on annual financial performance of the Company.

John R. Saunders: Mr. Saunders, in his position as President, had financial objectives that focused on the overall performance

of the Company and were the same as Ms. Kennedy’s.

His strategic and operational goals included providing operational and leadership support for the Company’s strategy

development and execution against the Board approved strategic plan focusing on maintaining and growing the core business,

leveraging the core business and driving a top performing organization. Mr. Saunders led the Company’s core business growth

activities which included revenue generation, earnings growth and improving performance and cost competitiveness, and

driving the achievement of key financial and schedule deliverables for the reconstruction of ISM Raceway and the grand

opening of ONE Daytona, the retail, dining and entertainment venue. In fiscal 2017, Mr. Saunders led the Company in

continuing to maintain cost containment initiatives.

Mr. Saunders' base salary increased 3.0 percent in fiscal 2017. The Compensation Committee assessment of Mr. Saunders’

performance in 2017 aligned to support his receiving a plan-based non-equity incentive of $251,857, which was 76.5 percent of

his total target opportunity. This reflects a 76.5 percent payout due to performance against the corporate financial performance

measures, as well as an additional amount related to his performance against individual goals set by the Compensation

Committee. Mr. Saunders also received 7,468 shares of restricted stock (valued at $277,063 as of the May 1, 2017 grant date)

for his fiscal year 2016 leadership performance. This grant is pursuant to the 2017 Long Term Incentive Plan. The restricted

stock is subject to a vesting schedule, with 50.0 percent vesting in three years and the remainder vesting in five years. The final

value will be determined on the actual vesting date.

In addition, the Compensation Committee determined, based on Mr. Saunders’ significant performance in fiscal year 2017, that

he is eligible for a restricted stock award of 6,691 shares, the value of which will be determined upon the May 1, 2018 grant

date. This grant is pursuant to the 2017 Long Term Incentive Plan and based on annual financial performance of the Company.

Joel S. Chitwood: Mr. Chitwood, in his position as Executive Vice President and Chief Operating Officer, had financial

objectives that focused on the overall performance of the Company, as well as goals and objectives for his functional area of

responsibility in leading the strategic and revenue generation performance of the Company's facility portfolio including the

reconstruction of ISM Raceway. His strategic goals included creating brand interest and demand for product, as well as

focusing on elements of pricing strategies and margin rates to drive customer renewal and retention, and the overall guest

Mr. Chitwood's base salary increased in accordance with his promotion to Chief Operating Officer in fiscal 2017. The

Compensation Committee assessment of Mr. Chitwood's performance in 2017 aligned to support his receiving a plan-based

non-equity incentive of $150,754 which was 76.5 percent of his total target opportunity. This amount is reflective of his

leadership in the ISM Raceway project, as well as his operational performance in driving revenue generation event growth at

ISC properties. Mr. Chitwood also received 5,206 shares of restricted stock (valued at $193,143 as of the May 1, 2017 grant

date) for his performance in fiscal year 2016. This grant is pursuant to the 2017 Long Term Incentive Plan. The restricted stock

is subject to a vesting schedule, with 50.0 percent vesting in three years and the remainder vesting in five years. The final value

will be determined on the actual vesting date.

CEO Compensation

In determining Ms. Kennedy’s base salary compensation for 2017, the Compensation Committee considered her performance

as CEO and the performance of the Company in fiscal year 2017. In addition, the Compensation Committee considered

general trends of Company performance over the prior several years, outcomes related to growth and development activities

and strategic initiatives, market conditions, as well as the responsibilities of the position and her strategic value to the

Company. Ms. Kennedy and the Board continued to respond to the evolving economic conditions by focusing on the following

performance framework (1) outperforming in a tough environment, (2) maintaining and maximizing financial flexibility,

(3) optimizing sustainable cost containment and (4) protecting the Company’s reputation and long-term strategy. The

Committee determined that Ms. Kennedy performed at a high level resulting in a 3.0 percent increase in base salary for

Ms. Kennedy from the previous year.

The Compensation Committee believes that Ms. Kennedy performed well in 2017 by executing on the established performance

framework and in delivering a strong financial performance. The Compensation Committee believes that the Company’s fiscal

2017 reflected leadership decisions that produced year over year earnings growth, continued the trend of increasing EBITDA

and effectively mitigated revenue deterioration with sustainable cost containment, capital allocation discipline and execution

against defined strategic initiatives, including meeting financial and schedule metrics for the reconstruction of ISM Raceway

and the grand opening of ONE Daytona, the company’s retail, dining and entertainment venue adjacent to the Daytona

International Speedway. In determining the bonus and incentive portions of her compensation for fiscal 2017, the

Compensation Committee determined that Ms. Kennedy performed at a high level. In light of Ms. Kennedy's performance, she

received a total plan-based non-equity incentive in the amount of $323,448, which was 76.5 percent of her total target

opportunity. This reflects a 76.5 percent payout of total target opportunity due to strong performance against the corporate

financial performance measures, as well as an additional amount related to her performance against individual goals set by the

Compensation Committee. For 2017, Ms. Kennedy received this payout as a combination of cash in the amount of $161,724

and restricted stock in the value of $161,724 with number of shares determined on the May 1, 2018, grant date. Ms. Kennedy

also received 10,621 shares of restricted stock (valued at $394,039 as of the May 1, 2017 grant date) for her fiscal year 2016

leadership performance. This grant is pursuant to the 2017 Long Term Incentive Plan. The restricted stock is subject to a

vesting schedule, with 50.0 percent vesting in three years and the remainder vesting in five years. The final value will be

determined on the actual vesting date.

In addition, pursuant to the aforementioned fiscal year 2017 performance factors, the Compensation Committee determined that

Ms. Kennedy is eligible for a restricted stock award of 9,516 shares, the value of which will be determined based upon the

May 1, 2018 grant date. This grant is pursuant to the 2017 Long Term Incentive Plan and based on annual financial

performance of the Company.

Other Named Officers

In determining the base salary compensation of Mr. Motto, Mr. Saunders, Mr. Chitwood and Mr. Wolfe for fiscal 2017 the

Compensation Committee considered the same criteria as for the CEO. The Compensation Committee also considered the

recommendations based upon evaluation of individual functional area responsibilities and goals as submitted by the CEO.

The non-equity incentive plan compensation was determined with the criteria for effectively mitigating revenue deterioration

with sustainable cost containment, capital allocation discipline and execution against defined financial measures.

Gregory S. Motto: Mr. Motto served as our Chief Financial Officer and Senior Vice President of the Company until December

2017 when he was promoted to Executive Vice President. Mr. Motto’s financial objectives, as the leader of our finance

organization, focused on the overall performance of the Company. His strategic and operational goals focused on providing

operational support in achieving financial goals, including serving as the process driver for maintaining the Company's cost

containment deliverables, balance sheet management, delivering on financial commitments for the Company's grand opening of

the ONE Daytona, the current reconstruction project for ISM Raceway, and leading the Company’s relationship with rating

agencies.

Mr. Motto’s base salary increased 21.6 percent in fiscal 2017 which includes adjusted compensation for promotion to Chief

Financial Officer. The Compensation Committee assessment of Mr. Motto’s performance in fiscal 2017 aligned to support a

total plan-based non-equity incentive in the amount of $61,073, which was 81.5 percent of his total target opportunity. This
reflects an 81.5 percent payout due to performance against the corporate financial performance measures, as well as an
additional amount related to his performance against individual goals set by the Compensation Committee. Mr. Motto also
received 1,660 shares of restricted stock (valued at $61,586 as of the May 1, 2017 grant date) for his performance in fiscal year
2016. This grant is pursuant to the 2017 Long Term Incentive Plan. The restricted stock is subject to a vesting schedule, with
50.0 percent vesting in three years and the remainder vesting in five years. The final value will be determined on the actual
vesting date.

In addition, the Compensation Committee determined, based on Mr. Motto’s fiscal year 2017 performance, that he is eligible
for a restricted stock award, subject to shareholder approval of the 2017 Long Term Incentive Plan, of 3,753 shares, the value
of which will be determined upon the May 1, 2018 grant date. This grant is pursuant to the 2017 Long Term Incentive Plan and
based on annual financial performance of the Company.

John R. Saunders: Mr. Saunders, in his position as President, had financial objectives that focused on the overall performance
of the Company and were the same as Ms. Kennedy’s.

His strategic and operational goals included providing operational and leadership support for the Company’s strategy
development and execution against the Board approved strategic plan focusing on maintaining and growing the core business,
leveraging the core business and driving a top performing organization. Mr. Saunders led the Company’s core business growth
activities which included revenue generation, earnings growth and improving performance and cost competitiveness, and
driving the achievement of key financial and schedule deliverables for the reconstruction of ISM Raceway and the grand
opening of ONE Daytona, the retail, dining and entertainment venue. In fiscal 2017, Mr. Saunders led the Company in
continuing to maintain cost containment initiatives.

Mr. Saunders' base salary increased 3.0 percent in fiscal 2017. The Compensation Committee assessment of Mr. Saunders’
performance in 2017 aligned to support his receiving a plan-based non-equity incentive of $251,857, which was 76.5 percent of
his total target opportunity. This reflects a 76.5 percent payout due to performance against the corporate financial performance
measures, as well as an additional amount related to his performance against individual goals set by the Compensation
Committee. Mr. Saunders also received 7,468 shares of restricted stock (valued at $277,063 as of the May 1, 2017 grant date)
for his fiscal year 2016 leadership performance. This grant is pursuant to the 2017 Long Term Incentive Plan. The restricted
stock is subject to a vesting schedule, with 50.0 percent vesting in three years and the remainder vesting in five years. The final
value will be determined on the actual vesting date.

In addition, the Compensation Committee determined, based on Mr. Saunders’ significant performance in fiscal year 2017, that
he is eligible for a restricted stock award of 6,691 shares, the value of which will be determined upon the May 1, 2018 grant
date. This grant is pursuant to the 2017 Long Term Incentive Plan and based on annual financial performance of the Company.

Joel S. Chitwood: Mr. Chitwood, in his position as Executive Vice President and Chief Operating Officer, had financial
objectives that focused on the overall performance of the Company, as well as goals and objectives for his functional area of
responsibility in leading the strategic and revenue generation performance of the Company's facility portfolio including the
reconstruction of ISM Raceway. His strategic goals included creating brand interest and demand for product, as well as
focusing on elements of pricing strategies and margin rates to drive customer renewal and retention, and the overall guest
experience.

Mr. Chitwood's base salary increased in accordance with his promotion to Chief Operating Officer in fiscal 2017. The
Compensation Committee assessment of Mr. Chitwood's performance in 2017 aligned to support his receiving a plan-based
non-equity incentive of $150,754 which was 76.5 percent of his total target opportunity. This amount is reflective of his
leadership in the ISM Raceway project, as well as his operational performance in driving revenue generation event growth at
ISC properties. Mr. Chitwood also received 5,206 shares of restricted stock (valued at $193,143 as of the May 1, 2017 grant
date) for his performance in fiscal year 2016. This grant is pursuant to the 2017 Long Term Incentive Plan. The restricted stock
is subject to a vesting schedule, with 50.0 percent vesting in three years and the remainder vesting in five years. The final value
will be determined on the actual vesting date.

ISC // 2018 INFORMATION STATEMENT // 20

In addition, the Compensation Committee determined, based on Mr. Chitwood's fiscal year 2017 performance, that he is
eligible for a restricted stock award of 4,664 shares, the value of which will be determined upon the May 1, 2018 grant date.
This grant is pursuant to the 2017 Long Term Incentive Plan and based on annual financial performance of the Company.

Daryl Q. Wolfe: Mr. Wolfe, in his position as Executive Vice President, Chief Marketing Officer had financial objectives that
focused on the overall performance of the Company, as well as goals and objectives for his functional area of responsibility.
These included leading the strategic and revenue generation performance for ISC and establishing the partner sponsorships
including securing the multi-year sponsorship for the naming rights of ISM Raceway. His strategic goals included creating
brand interest and demand for product, as well as focusing on elements of pricing strategies and margin rates to drive customer
retention.

Mr. Wolfe's base salary increased 3.0 percent in fiscal 2017. The Compensation Committee assessment of Mr. Wolfe’s
performance in 2017 aligned to support his receiving a plan-based non-equity incentive of $103,814 which was 76.5 percent of
his total target opportunity. This reflects a 76.5 percent payout due to performance against the corporate financial performance
measures, as well as an additional amount related to his performance against individual goals set by the Compensation
Committee. Mr. Wolfe also received 4,189 shares of restricted stock (valued at $155,412 as of the May 1, 2017 grant date) for
his performance in fiscal year 2016. This grant is pursuant to the 2017 Long Term Incentive Plan. The restricted stock is subject
to a vesting schedule, with 50.0 percent vesting in three years and the remainder vesting in five years. The final value will be
determined on the actual vesting date.

In addition, the Compensation Committee determined, based on Mr. Wolfe's fiscal year 2017 performance, that he is eligible for
a restricted stock award of 3,753 shares the value will be determined upon the May 1, 2018 grant date. This grant is pursuant to
the 2017 Long Term Incentive Plan.

SUMMARY COMPENSATION TABLE

Name and Principal Position

Year

Salary ($)

Bonus (1) ($)

2017 $
2016 $
2015 $
2017 $

704,413 $
690,862 $
671,513 $
218,269 $

Stock Awards
(2) ($)
394,039 $
350,573 $
384,216 $
61,586 $

300 $
300 $
300 $
150 $

Non-Equity
Incentive Plan
Compensation
(3) ($)
323,448 $
300,318 $
402,444 $
61,073 $

All Other
Compensation
(4) ($)

Lesa France Kennedy
Vice Chairwoman and
CEO

Gregory S. Motto
EVP, CFO,
Treasurer

John R. Saunders
President

Joel S. Chitwood
EVP, Chief Operating
Officer

Daryl Q. Wolfe
EVP, Chief Marketing
Officer

2017 $
2016 $
2015 $
2017 $
2016 $
2015 $
2017 $

2016 $

2015 $

598,365 $
586,854 $
570,418 $
428,238 $
391,097 $
322,305 $
342,084 $
335,503 $
326,107 $

300 $
300 $
300 $
150 $
50,100 $
100 $
250 $
50,250 $
200 $

277,063 $
246,520 $
270,155 $
193,143 $
125,889 $
137,986 $
155,412 $
138,280 $
156,093 $

251,857 $
233,846 $
313,368 $
150,754 $
120,459 $
136,149 $
103,814 $
87,506 $
117,263 $

Total ($)

19,908 $ 1,442,108
24,889 $ 1,366,942
32,181 $ 1,490,654
372,035
30,957 $

37,398 $ 1,164,983
43,148 $ 1,110,668
45,040 $ 1,199,281
816,439
44,154 $
726,069
38,524 $
631,889
35,349 $
636,658
35,098 $
649,568
38,029 $
634,096
34,433 $

(1) Amounts shown in this column represent amounts for a holiday bonus based on seniority.
(2) Amounts shown in this column represent stock awards made to each of the named executives pursuant to our 2017 and

2006 Long-Term Incentive Plans as a result of the executives' prior fiscal year performance. All amounts reflected are as
of the grant date. For further information on these awards, please see the discussion labeled “Compensation for the
Named Executive Officers in 2017” beginning on page 16 herein. The amounts for Stock Awards reflect the aggregate
grant date fair value of such awards, computed in accordance with Financial Accounting Standards Board ASC Topic
718. See Note 13 — Long-Term Stock Incentive Plan to the Consolidated Financial Statements in our fiscal 2017
Annual Report on Form 10-K for additional information concerning this plan and related Stock Awards and valuation
assumptions.

ISC // 2018 INFORMATION STATEMENT // 21

(3)

For additional information on our annual incentive compensation plan for management, please see the discussion labeled

“Compensation for the Named Executive Officers in 2017” beginning on page 16 herein.

(4) Amounts shown under the “All Other Compensation” column represent amounts paid for basic employee benefits

available to all employees (i.e. group life insurance, accidental death and dismemberment insurance, group health

insurance, long term disability insurance, and short term disability coverage), the annual lease value of Company-

provided vehicles, travel related costs of guests in connection with attending events at the motorsports entertainment

facilities operated by the Company, a NASCAR banquet, other business related travel, as well as other personal travel,

and 401(K) contributions. Although the coverage limits for Life Insurance and long term disability are different for

officers, the cost incurred by the Company to provide the executive benefit is the same as the cost for basic employee

benefits.

GRANTS OF PLAN-BASED AWARDS

Estimated Future Payouts Under

Non-Equity Incentive Plan Awards

Estimated Future Payouts

Under Equity Incentive Plan

Awards

All Other

Stock

Awards:

Number of

Shares of

Stock (#)

Grant

Date

Fair

Value of Stock

And Option

Awards

(4)($)

Name

Grant

Date

Author-

ization

Date

Thres-

hold

(1)($)

Target

(2)($)

Maximum

($)

Target

(3)($)

Maximum

($)

Thres-

hold

(1)($)

Lesa France

Kennedy

11/30/17

05/01/17

11/09/17

02/02/17

$ — $ 422,807 $ 634,210

Gregory S.

11/30/17

11/09/17

$ — $ 74,926 $ 112,389

11/30/17

11/09/17

$ — $ 329,225 $ 493,837

Motto

John R.

Saunders

Joel S.

Chitwood

Daryl Q.

Wolfe

05/01/17

02/02/17

05/01/17

02/02/17

11/30/17

11/09/17

05/01/17

02/02/17

11/30/17

11/09/17

05/01/17

02/02/17

$ — $ 197,064 $ 295,596

$ — $ 135,705 $ 203,557

$ —

$ 371,074

$ 556,611

$ —

$ 101,325

$ 151,987

$ —

$ 260,910

$ 391,365

$ —

$ 181,890

$ 272,835

$ —

$ 146,385

$ 219,537

—

394,039

61,586

277,063

193,143

155,412

(1) No thresholds are provided for in the applicable plan. The final award is determined through a calculation based on the

weighted measurements as described below, and using the same formula as the equity based cash payout along with a

discretionary amount based on performance against individual goals and achievement.

(2)

For fiscal 2017, a significant portion of the named executive officer’s plan-based non-equity incentive compensation is

based upon the Company’s actual performance against the budgeted normalized corporate financial performance

measures approved by the Board. The approved measurements are weighted to calculate the total target, detailed as

follows: (1) Revenue 17.5 percent, (2) Operating Margin 17.5 percent, (3) Capital Allocation metrics 20.0 percent, and

exceeding EBITDA budget 25.0 percent. The approved incremental earning opportunity completes the target opportunity

at 100 percent for 2017. The calculated variance percentage of actual performance compared to budgeted performance is

then used to determine the percentage payout for each respective measure, as represented in Table 1. Based on the

evaluation of the Company’s performance against these measures for fiscal 2017, the portion of each named executive

officer’s plan-based incentive compensation was set at 76.5 percent of the targeted opportunity, with weighted

performance for the revenue target, the operating margin target, the capital allocation target and the exceeding EBITDA

target. A more detailed analysis of our financial and operational performance is contained in the Management’s

Discussion & Analysis section of our 2017 Annual Report on Form 10-K filed with the SEC.

In addition, the Compensation Committee determined, based on Mr. Chitwood's fiscal year 2017 performance, that he is

eligible for a restricted stock award of 4,664 shares, the value of which will be determined upon the May 1, 2018 grant date.

This grant is pursuant to the 2017 Long Term Incentive Plan and based on annual financial performance of the Company.

Daryl Q. Wolfe: Mr. Wolfe, in his position as Executive Vice President, Chief Marketing Officer had financial objectives that

focused on the overall performance of the Company, as well as goals and objectives for his functional area of responsibility.

These included leading the strategic and revenue generation performance for ISC and establishing the partner sponsorships

including securing the multi-year sponsorship for the naming rights of ISM Raceway. His strategic goals included creating

brand interest and demand for product, as well as focusing on elements of pricing strategies and margin rates to drive customer

retention.

Mr. Wolfe's base salary increased 3.0 percent in fiscal 2017. The Compensation Committee assessment of Mr. Wolfe’s

performance in 2017 aligned to support his receiving a plan-based non-equity incentive of $103,814 which was 76.5 percent of

his total target opportunity. This reflects a 76.5 percent payout due to performance against the corporate financial performance

measures, as well as an additional amount related to his performance against individual goals set by the Compensation

Committee. Mr. Wolfe also received 4,189 shares of restricted stock (valued at $155,412 as of the May 1, 2017 grant date) for

to a vesting schedule, with 50.0 percent vesting in three years and the remainder vesting in five years. The final value will be

determined on the actual vesting date.

In addition, the Compensation Committee determined, based on Mr. Wolfe's fiscal year 2017 performance, that he is eligible for

a restricted stock award of 3,753 shares the value will be determined upon the May 1, 2018 grant date. This grant is pursuant to

the 2017 Long Term Incentive Plan.

SUMMARY COMPENSATION TABLE

Name and Principal Position

Year

Salary ($)

Bonus (1) ($)

(2) ($)

Stock Awards

Non-Equity

Incentive Plan

Compensation

(3) ($)

All Other

Compensation

2017 $

2016 $

2015 $

2017 $

704,413 $

690,862 $

671,513 $

218,269 $

300 $

150 $

394,039 $

350,573 $

384,216 $

61,586 $

323,448 $

300,318 $

402,444 $

61,073 $

(4) ($)

Total ($)

19,908 $ 1,442,108

24,889 $ 1,366,942

32,181 $ 1,490,654

30,957 $

372,035

2017 $

2016 $

2015 $

2017 $

2016 $

2015 $

2017 $

2016 $

2015 $

598,365 $

586,854 $

570,418 $

428,238 $

391,097 $

322,305 $

342,084 $

335,503 $

326,107 $

300 $

150 $

50,100 $

100 $

250 $

277,063 $

246,520 $

270,155 $

193,143 $

125,889 $

137,986 $

155,412 $

50,250 $

138,280 $

200 $

156,093 $

251,857 $

233,846 $

313,368 $

150,754 $

120,459 $

136,149 $

103,814 $

87,506 $

117,263 $

37,398 $ 1,164,983

43,148 $ 1,110,668

45,040 $ 1,199,281

44,154 $

38,524 $

35,349 $

35,098 $

38,029 $

34,433 $

816,439

726,069

631,889

636,658

649,568

634,096

(1) Amounts shown in this column represent amounts for a holiday bonus based on seniority.

(2) Amounts shown in this column represent stock awards made to each of the named executives pursuant to our 2017 and

2006 Long-Term Incentive Plans as a result of the executives' prior fiscal year performance. All amounts reflected are as

of the grant date. For further information on these awards, please see the discussion labeled “Compensation for the

Named Executive Officers in 2017” beginning on page 16 herein. The amounts for Stock Awards reflect the aggregate

grant date fair value of such awards, computed in accordance with Financial Accounting Standards Board ASC Topic

718. See Note 13 — Long-Term Stock Incentive Plan to the Consolidated Financial Statements in our fiscal 2017

Annual Report on Form 10-K for additional information concerning this plan and related Stock Awards and valuation

assumptions.

Lesa France Kennedy

Vice Chairwoman and

CEO

Gregory S. Motto

EVP, CFO,

Treasurer

John R. Saunders

President

Joel S. Chitwood

EVP, Chief Operating

Officer

Daryl Q. Wolfe

EVP, Chief Marketing

Officer

(3)

For additional information on our annual incentive compensation plan for management, please see the discussion labeled
“Compensation for the Named Executive Officers in 2017” beginning on page 16 herein.

(4) Amounts shown under the “All Other Compensation” column represent amounts paid for basic employee benefits
available to all employees (i.e. group life insurance, accidental death and dismemberment insurance, group health
insurance, long term disability insurance, and short term disability coverage), the annual lease value of Company-
provided vehicles, travel related costs of guests in connection with attending events at the motorsports entertainment
facilities operated by the Company, a NASCAR banquet, other business related travel, as well as other personal travel,
and 401(K) contributions. Although the coverage limits for Life Insurance and long term disability are different for
officers, the cost incurred by the Company to provide the executive benefit is the same as the cost for basic employee
benefits.

GRANTS OF PLAN-BASED AWARDS

his performance in fiscal year 2016. This grant is pursuant to the 2017 Long Term Incentive Plan. The restricted stock is subject

Name

Grant
Date

Author-
ization
Date

Thres-
hold
(1)($)

Estimated Future Payouts Under
Non-Equity Incentive Plan Awards

Target
(2)($)
$ — $ 422,807 $ 634,210

Maximum
($)

$ — $ 74,926 $ 112,389

$ — $ 329,225 $ 493,837

$ — $ 197,064 $ 295,596

$ — $ 135,705 $ 203,557

Estimated Future Payouts
Under Equity Incentive Plan
Awards

Thres-
hold
(1)($)

Target
(3)($)

Maximum
($)

All Other
Stock
Awards:
Number of
Shares of
Stock (#)

Grant
Date
Fair
Value of Stock
And Option
Awards
(4)($)

$ —

$ 371,074

$ 556,611

$ —

$ 101,325

$ 151,987

$ —

$ 260,910

$ 391,365

$ —

$ 181,890

$ 272,835

$ —

$ 146,385

$ 219,537

—

394,039

61,586

277,063

193,143

155,412

Lesa France
Kennedy
Gregory S.
Motto

11/30/17
05/01/17

11/30/17

05/01/17

John R.
Saunders

Joel S.
Chitwood

Daryl Q.
Wolfe

11/30/17

05/01/17
11/30/17
05/01/17
11/30/17
05/01/17

11/09/17
02/02/17
11/09/17
02/02/17
11/09/17
02/02/17
11/09/17
02/02/17
11/09/17
02/02/17

(1) No thresholds are provided for in the applicable plan. The final award is determined through a calculation based on the
weighted measurements as described below, and using the same formula as the equity based cash payout along with a
discretionary amount based on performance against individual goals and achievement.

(2)

For fiscal 2017, a significant portion of the named executive officer’s plan-based non-equity incentive compensation is
based upon the Company’s actual performance against the budgeted normalized corporate financial performance
measures approved by the Board. The approved measurements are weighted to calculate the total target, detailed as
follows: (1) Revenue 17.5 percent, (2) Operating Margin 17.5 percent, (3) Capital Allocation metrics 20.0 percent, and
exceeding EBITDA budget 25.0 percent. The approved incremental earning opportunity completes the target opportunity
at 100 percent for 2017. The calculated variance percentage of actual performance compared to budgeted performance is
then used to determine the percentage payout for each respective measure, as represented in Table 1. Based on the
evaluation of the Company’s performance against these measures for fiscal 2017, the portion of each named executive
officer’s plan-based incentive compensation was set at 76.5 percent of the targeted opportunity, with weighted
performance for the revenue target, the operating margin target, the capital allocation target and the exceeding EBITDA
target. A more detailed analysis of our financial and operational performance is contained in the Management’s
Discussion & Analysis section of our 2017 Annual Report on Form 10-K filed with the SEC.

ISC // 2018 INFORMATION STATEMENT // 22

Table 1

Percent Variance

> + 10%
> 0.0%
< - 2.5%
< - 5.0%
< - 6.5%
< - 8.5%
< - 10.0%
> 10.0%

(1)

The table below shows the vesting dates for the number of shares of common stock underlying unvested restricted stock

grants reflected in the Number of Shares of Stock That Have Not Vested column:

Payout

Discretionary
100 %
90 %
80 %
70 %
60 %
50 %
0 %

Number of Restricted Shares Vesting

Lesa France

Gregory S.

Vesting Date

Kennedy

Motto

John R.

Saunders

Joel S.

Chitwood

Daryl Q.

Wolfe

05/1/2018

05/1/2019

05/1/2020

05/1/2021

05/1/2022

10,001

10,457

10,594

5,234

5,310

781

1,226

1,243

818

830

7,031

7,353

7,449

3,680

3,734

3,593

3,757

4,500

1,879

2,603

4,063

4,187

4,241

2,064

2,094

(3)

The targeted number of shares is fixed by the Compensation Committee and represents a specified earning opportunity
for the named executive officer’s annual base salary based upon the average price of our publicly traded shares during
the fiscal year prior to the establishment of the share target. This targeted share award amount is communicated to the
named executive officers during the second quarter of our fiscal year. Upon completion of the fiscal year and the
financial audit, our normalized performance against the financial performance measures is evaluated, a percentage of the
targeted award to be actually awarded is determined, reviewed and approved by the Compensation Committee and the
restricted shares are issued in the name of the named executive officers on May 1 following the completion of the fiscal
year. The maximum amount of the award is 1.5 times the target. In 2017, payout of the award was determined by actual
performance against the budgeted normalized corporate financial performance measures approved by the Board. The
approved measurements are weighted to calculate the total target, detailed as follows: (1) Revenue, (2) Operating
Margin, (3) Capital Allocation and (4) EBITDA.

(4)

The Grant Date Fair Value of Stock and Option Awards reflects the aggregate grant date fair value of the restricted stock
granted pursuant to our 2017 Long Term Incentive Plan computed in accordance with Financial Accounting Standards
Board ASC Topic 718. See Note 13 – Long-Term Stock Incentive Plan to the Consolidated Financial Statements in our
fiscal 2017 Annual Report on Form 10-K for additional information concerning this plan and related Stock Awards and
valuation assumptions.

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

Stock Awards

Number of Shares of
Stock That Have Not
Vested (1)(#)

Market Value of
Shares of Stock
That Have Not
Vested (2)($)

41,596
4,898
29,247
16,332
16,649

$
$
$
$
$

1,715,835
202,043
1,206,439
673,695
686,771

Name

Lesa France Kennedy
Gregory S. Motto
John R. Saunders
Joel S. Chitwood
Daryl Q. Wolfe

ISC // 2018 INFORMATION STATEMENT // 23

(2) Amounts are calculated by multiplying $41.25, the closing price of our common stock on November 30, 2017, by the

applicable number of shares.

OPTION EXERCISES AND STOCK VESTED

Name

Lesa France Kennedy

Gregory S. Motto

John R. Saunders

Joel S. Chitwood

Daryl Q. Wolfe

Name

Lesa France Kennedy (1)

Gregory S. Motto (1)

John R. Saunders (1)

Joel S. Chitwood (1)

Daryl Q. Wolfe (1)

(1) Amounts are calculated by multiplying the number of shares vesting by the market value of our common stock on the

dates of stock vesting, May 1, 2017, which was $37.10.

POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL

The only potential payments for any of the named executive officers are related to the unvested shares of restricted stock as

shown in the Outstanding Equity Awards at Fiscal Year End above. Upon the occurrence of a change of control as defined in

the individual participant plans for all participants in the restricted stock incentive program all of the unvested shares would

immediately vest for each participant. There are no other arrangements to be disclosed pursuant to this item.

(1) Change-in-Control is defined in the individual participant plans for all participants in the restricted stock incentive

program. A copy of the plans are on file with the SEC in connection with our Form S-8 registration statements, filed on

(2) Amounts are calculated by multiplying $41.25, the closing price of our common stock on November 30, 2017, by the

February 11, 2010 and October 10, 2017.

applicable number of shares.

Stock Awards

Number of

Acquired on

Vesting (#)

14,257

1,094

10,302

4,776

5,246

Value Realized on

Vesting (1) ($)

528,935

40,587

382,204

177,190

194,627

Number of Shares of

Stock That Have Not

Payment upon a

Change-in-Control

Vested (#)

(2)($)

41,596

4,898

29,247

16,332

16,649

1,715,835

202,043

1,206,439

673,695

686,771

Table 1

Percent Variance

> + 10%

> 0.0%

< - 2.5%

< - 5.0%

< - 6.5%

< - 8.5%

< - 10.0%

> 10.0%

(3)

The targeted number of shares is fixed by the Compensation Committee and represents a specified earning opportunity

for the named executive officer’s annual base salary based upon the average price of our publicly traded shares during

the fiscal year prior to the establishment of the share target. This targeted share award amount is communicated to the

named executive officers during the second quarter of our fiscal year. Upon completion of the fiscal year and the

financial audit, our normalized performance against the financial performance measures is evaluated, a percentage of the

targeted award to be actually awarded is determined, reviewed and approved by the Compensation Committee and the

restricted shares are issued in the name of the named executive officers on May 1 following the completion of the fiscal

year. The maximum amount of the award is 1.5 times the target. In 2017, payout of the award was determined by actual

performance against the budgeted normalized corporate financial performance measures approved by the Board. The

approved measurements are weighted to calculate the total target, detailed as follows: (1) Revenue, (2) Operating

Margin, (3) Capital Allocation and (4) EBITDA.

(4)

The Grant Date Fair Value of Stock and Option Awards reflects the aggregate grant date fair value of the restricted stock

granted pursuant to our 2017 Long Term Incentive Plan computed in accordance with Financial Accounting Standards

Board ASC Topic 718. See Note 13 – Long-Term Stock Incentive Plan to the Consolidated Financial Statements in our

fiscal 2017 Annual Report on Form 10-K for additional information concerning this plan and related Stock Awards and

valuation assumptions.

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

Name

Lesa France Kennedy

Gregory S. Motto

John R. Saunders

Joel S. Chitwood

Daryl Q. Wolfe

Stock Awards

Number of Shares of

Stock That Have Not

Vested (1)(#)

Market Value of

Shares of Stock

That Have Not

Vested (2)($)

41,596

4,898

29,247

16,332

16,649

1,715,835

202,043

1,206,439

673,695

686,771

(1)

The table below shows the vesting dates for the number of shares of common stock underlying unvested restricted stock
grants reflected in the Number of Shares of Stock That Have Not Vested column:

Payout

Discretionary

100 %

90 %

80 %

70 %

60 %

50 %

0 %

Number of Restricted Shares Vesting

Vesting Date

05/1/2018

05/1/2019

05/1/2020

05/1/2021

05/1/2022

Lesa France
Kennedy

Gregory S.
Motto

John R.
Saunders

Joel S.
Chitwood

Daryl Q.
Wolfe

10,001
10,457
10,594
5,234
5,310

781
1,226
1,243
818
830

7,031
7,353
7,449
3,680
3,734

3,593
3,757
4,500
1,879
2,603

4,063
4,187
4,241
2,064
2,094

(2) Amounts are calculated by multiplying $41.25, the closing price of our common stock on November 30, 2017, by the

applicable number of shares.

OPTION EXERCISES AND STOCK VESTED

Name

Lesa France Kennedy
Gregory S. Motto
John R. Saunders
Joel S. Chitwood
Daryl Q. Wolfe

Stock Awards

Number of
Shares
Acquired on
Vesting (#)

14,257
1,094
10,302
4,776
5,246

$
$
$
$
$

Value Realized on
Vesting (1) ($)

528,935
40,587
382,204
177,190
194,627

(1) Amounts are calculated by multiplying the number of shares vesting by the market value of our common stock on the

dates of stock vesting, May 1, 2017, which was $37.10.

POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL

The only potential payments for any of the named executive officers are related to the unvested shares of restricted stock as
shown in the Outstanding Equity Awards at Fiscal Year End above. Upon the occurrence of a change of control as defined in
the individual participant plans for all participants in the restricted stock incentive program all of the unvested shares would
immediately vest for each participant. There are no other arrangements to be disclosed pursuant to this item.

Name

Lesa France Kennedy (1)
Gregory S. Motto (1)
John R. Saunders (1)
Joel S. Chitwood (1)
Daryl Q. Wolfe (1)

Number of Shares of
Stock That Have Not
Vested (#)

Payment upon a
Change-in-Control
(2)($)

41,596
4,898
29,247
16,332
16,649

$
$
$
$
$

1,715,835
202,043
1,206,439
673,695
686,771

(1) Change-in-Control is defined in the individual participant plans for all participants in the restricted stock incentive

program. A copy of the plans are on file with the SEC in connection with our Form S-8 registration statements, filed on
February 11, 2010 and October 10, 2017.

(2) Amounts are calculated by multiplying $41.25, the closing price of our common stock on November 30, 2017, by the

applicable number of shares.

ISC // 2018 INFORMATION STATEMENT // 24

As of November 30, 2017 the non-employee directors held the following shares of restricted stock and stock options to acquire

shares of our Class A common stock:

Name

Larry Aiello, Jr.

J. Hyatt Brown

Brian Z. France

William P. Graves

Sonia Green

Christy F. Harris

Morteza Hosseini-Kargar

Larree M. Renda

Larry Woodard

Aggregate Option

Awards

Outstanding at

11/30/2017 (1)(#)

Number of Shares

of Stock That Have

Not Vested (1)(#)

1,671

1,432

10,929

1,432

—

7,034

9,426

—

809

(1)

Stock and Option Awards were granted pursuant to our 2017 Long-Term Incentive Plan. See also Note 13 — Long-Term

Stock Incentive Plan to the Consolidated Financial Statements in our fiscal year 2017 Annual Report on Form 10-K for

additional information concerning this plan and related Stock and Option Awards and valuation assumptions.

COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

The Compensation Committee members whose names appear on the Compensation Committee Report below were committee

members during all of fiscal year 2017. No member of the Compensation Committee is or has been a former or current

executive officer of the Company or had any relationships requiring disclosure by the Company under the SEC’s rules requiring

disclosure of certain relationships and related party transactions. None of the Company’s executive officers served as a director

or a member of a compensation committee (or other committee serving an equivalent function) of any other entity that has or

has had one or more executive officers who served as a director or member of the Compensation Committee during the fiscal

year ended November 30, 2017.

COMPENSATION COMMITTEE REPORT

The Compensation Committee has reviewed and discussed the Compensation Discussion and Analysis with management and

recommended to the board of directors that the Compensation Discussion and Analysis be included in this information

statement and our annual report on Form 10-K.

Larree M. Renda

William P. Graves

Larry D. Woodard

COMPENSATION OF DIRECTORS

We pay our non-employee directors:

•

a $20,000 annual cash fee;

an annual grant of restricted Class A common stock in an amount equal to $30,000 based on the stock price on the
grant date of such restricted stock;

a cash fee of $750 for each meeting of the board of directors attended;

a cash fee of $500 for each meeting of each committee (other than the Audit Committee) of the board of directors
attended;

• members of the Audit Committee are paid a cash fee of $750 for each meeting of the Audit Committee attended; and

•

the chairman of the Audit Committee is paid an additional $5,000 annual cash fee.

The number of restricted shares granted to each non-employee director are determined by dividing a dollar amount by the per-
share closing price of our Class A common stock on the date of grant (rounded to the nearest whole share). Through 2017, these
stock awards were issued pursuant to the 2017 Long Term Incentive Plan and vest after one year. All meeting fees are paid at
the time of the meeting.

In addition, we also reimburse non-employee directors for all expenses incurred in the performance of their duties.

No non-employee director received perquisites and personal benefits with a total value of $10,000 or more during the fiscal
year ended November 30, 2017.

The Board has adopted share ownership guidelines applicable to non-employee directors providing that non-employee directors
should, upon three years of becoming a director, own and hold a minimum of common stock of the Company with a market
value of at least $90,000. Each such non-employee director is required to maintain that level of stock ownership for so long as
he or she serves on the Board. Restricted shares issued by the Company to a non-employee director are counted for purposes of
determining a non-employee director's ownership.

DIRECTOR COMPENSATION TABLE

Name

Larry Aiello, Jr.
J. Hyatt Brown
Brian Z. France
William P. Graves
Sonia Green
Christy F. Harris
Morteza Hosseini-Kargar
Larree M. Renda
Larry Woodard

Fees Earned or
Paid in Cash ($)(1)

Stock Awards
($)(2)

Total ($)

$
$
$
$
$
$
$
$
$

35,750 $
30,250 $
22,750 $
30,250 $
23,250 $
25,750 $
23,750 $
29,750 $
25,250 $

30,091 $
30,091 $
30,091 $
30,091 $
30,091 $
30,091 $
30,091 $
30,091 $
30,091 $

65,841
60,341
52,841
60,341
53,341
55,841
53,841
59,841
55,341

(1) Amounts shown in the “Fees Earned or Paid in Cash” column represent the sum of all annual fee and meeting fee cash

payments made to the indicated non-employee directors during the fiscal year ended November 30, 2017. It does not
include any expense reimbursement.

(2)

Stock Awards were granted pursuant to our 2017 Long Term Incentive Plan. The amounts for Stock Awards reflect the
aggregate grant date fair value of such awards, computed in accordance with Financial Accounting Standards Board
ASC Topic 718. See Note 13 — Long-Term Incentive Plan to the Consolidated Financial Statements in our fiscal
2017 Annual Report on Form 10-K for additional information concerning this plan and related Stock Awards and
valuation assumptions.

ISC // 2018 INFORMATION STATEMENT // 25

COMPENSATION OF DIRECTORS

We pay our non-employee directors:

a $20,000 annual cash fee;

•

attended;

an annual grant of restricted Class A common stock in an amount equal to $30,000 based on the stock price on the

grant date of such restricted stock;

a cash fee of $750 for each meeting of the board of directors attended;

a cash fee of $500 for each meeting of each committee (other than the Audit Committee) of the board of directors

• members of the Audit Committee are paid a cash fee of $750 for each meeting of the Audit Committee attended; and

•

the chairman of the Audit Committee is paid an additional $5,000 annual cash fee.

The number of restricted shares granted to each non-employee director are determined by dividing a dollar amount by the per-

share closing price of our Class A common stock on the date of grant (rounded to the nearest whole share). Through 2017, these

stock awards were issued pursuant to the 2017 Long Term Incentive Plan and vest after one year. All meeting fees are paid at

the time of the meeting.

In addition, we also reimburse non-employee directors for all expenses incurred in the performance of their duties.

No non-employee director received perquisites and personal benefits with a total value of $10,000 or more during the fiscal

year ended November 30, 2017.

The Board has adopted share ownership guidelines applicable to non-employee directors providing that non-employee directors

should, upon three years of becoming a director, own and hold a minimum of common stock of the Company with a market

value of at least $90,000. Each such non-employee director is required to maintain that level of stock ownership for so long as

he or she serves on the Board. Restricted shares issued by the Company to a non-employee director are counted for purposes of

determining a non-employee director's ownership.

DIRECTOR COMPENSATION TABLE

Name

Larry Aiello, Jr.

J. Hyatt Brown

Brian Z. France

William P. Graves

Sonia Green

Christy F. Harris

Morteza Hosseini-Kargar

Larree M. Renda

Larry Woodard

Fees Earned or

Paid in Cash ($)(1)

Stock Awards

($)(2)

Total ($)

35,750 $

30,250 $

22,750 $

30,250 $

23,250 $

25,750 $

23,750 $

29,750 $

25,250 $

30,091 $

65,841

60,341

52,841

60,341

53,341

55,841

53,841

59,841

55,341

(1) Amounts shown in the “Fees Earned or Paid in Cash” column represent the sum of all annual fee and meeting fee cash

payments made to the indicated non-employee directors during the fiscal year ended November 30, 2017. It does not

include any expense reimbursement.

(2)

Stock Awards were granted pursuant to our 2017 Long Term Incentive Plan. The amounts for Stock Awards reflect the

aggregate grant date fair value of such awards, computed in accordance with Financial Accounting Standards Board

ASC Topic 718. See Note 13 — Long-Term Incentive Plan to the Consolidated Financial Statements in our fiscal

2017 Annual Report on Form 10-K for additional information concerning this plan and related Stock Awards and

valuation assumptions.

As of November 30, 2017 the non-employee directors held the following shares of restricted stock and stock options to acquire
shares of our Class A common stock:

Name

Larry Aiello, Jr.
J. Hyatt Brown
Brian Z. France
William P. Graves
Sonia Green
Christy F. Harris
Morteza Hosseini-Kargar
Larree M. Renda
Larry Woodard

Aggregate Option
Awards
Outstanding at
11/30/2017 (1)(#)

Number of Shares
of Stock That Have
Not Vested (1)(#)

1,671
1,432
10,929
1,432
—
7,034
9,426
—
—

809
809
809
809
809
809
809
809
809

(1)

Stock and Option Awards were granted pursuant to our 2017 Long-Term Incentive Plan. See also Note 13 — Long-Term
Stock Incentive Plan to the Consolidated Financial Statements in our fiscal year 2017 Annual Report on Form 10-K for
additional information concerning this plan and related Stock and Option Awards and valuation assumptions.

COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

The Compensation Committee members whose names appear on the Compensation Committee Report below were committee
members during all of fiscal year 2017. No member of the Compensation Committee is or has been a former or current
executive officer of the Company or had any relationships requiring disclosure by the Company under the SEC’s rules requiring
disclosure of certain relationships and related party transactions. None of the Company’s executive officers served as a director
or a member of a compensation committee (or other committee serving an equivalent function) of any other entity that has or
has had one or more executive officers who served as a director or member of the Compensation Committee during the fiscal
year ended November 30, 2017.

COMPENSATION COMMITTEE REPORT

The Compensation Committee has reviewed and discussed the Compensation Discussion and Analysis with management and
recommended to the board of directors that the Compensation Discussion and Analysis be included in this information
statement and our annual report on Form 10-K.

Larree M. Renda
William P. Graves
Larry D. Woodard

ISC // 2018 INFORMATION STATEMENT // 26

PERFORMANCE GRAPH

Assumes $100 investment in the common stock of International Speedway Corporation, Nasdaq Stocks SIC 7900-
7999 (US Companies), Nasdaq Stock Market Indices, Russel 2000 Index, and a Peer Group Index (see below) on
November 30, 2012 (US Companies) with dividend reinvestment.

The graph above compares the cumulative total five year return of our class A common stock with that of (i) the NASDAQ
Stock Market Index (U.S. Companies), (ii) the 40 NASDAQ issuers (U.S. companies) listed in SIC codes 7900-7999 (the “SIC
Code Group”), (iii) the Russel 2000 Index, and with (iv) a Peer Group Index.

• The SIC Code Group encompass service businesses in the amusement, sports and recreation industry, including

indoor operations that are not subject to the impact of weather on operations, and pari-mutual and other wagering
operations. Many of the companies in the SIC Code Group differ from us in that we conduct large outdoor sporting
and entertainment events that are subject to the impact of weather. Although we have compared ourselves to the SIC
Code Group in the past and are thus including it in this presentation, we do not intend to include comparisons with the
SIC Code Group going forward.

• The Russell 2000 Index is included because we believe it better represents companies with market capitalization

similar to ours than either the NASDAQ Stock Market Index or the SIC Code Group.

• The Peer Group Index consists of our two motorsports peers, Speedway Motorsports, Inc. and Dover Motorsports,

Inc., which are publicly traded companies that conduct NASCAR and other racing events.

Because of the unique nature of our business and the fact that public information is available concerning only a limited number
of companies involved in the same line of business, we believe that the addition of the Russel 2000 Index and the Peer Group
Index is helpful in providing additional context for the information contained above. The stock price shown has been estimated
from the high and low prices for each quarter for which the close is not available.

ISC // 2018 INFORMATION STATEMENT // 27

VOTING PROCEDURE

With respect to the election of directors, the person receiving a plurality of the votes cast by shares entitled to vote for the

position being filled shall be elected. We know of no other items to come before the meeting other than those stated above. On

any other item that should come before the meeting, the matter shall be decided by a majority of the votes cast by shares

entitled to vote at the meeting.

In advance of the meeting we may appoint one or more inspectors of election or judges of the vote, as the case may be, to act at

the meeting or any adjournment thereof. In case any person who may be appointed as an inspector or judge fails to appear or

act, the vacancy may be filled at the meeting by the person presiding. In case of dispute the inspectors or judges, if any, shall

determine the number of shares of stock outstanding and the voting power of each, the shares of stock represented at the

meeting, the existence of a quorum, the validity and effect of proxies, and shall receive votes, ballots and consents, hear and

determine all challenges and questions arising in connection with the right to vote, count and tabulate votes, ballots and

consents, determine the result, and do such acts as are proper to conduct the election or vote with fairness to all shareholders.

On request of the person presiding at the meeting, the inspector or inspectors or judge or judges, if any, shall make a report in

writing of any challenge, question or matter determined by him or them, and execute a certificate of any fact found by him or

them.

DISSENTERS’ RIGHT OF APPRAISAL

rights of dissenters.

We do not anticipate that any matter will be acted upon at the meeting that would give rise to rights of appraisal or similar

AVAILABLE INFORMATION

We file annual, quarterly and special reports, information statements and other information with the SEC. Our SEC filings are

available to the public over the internet at the SEC’s web site at www.sec.gov. You may also read and copy any document we

file with the SEC at its public reference facilities at 100 F Street, NE, Washington, D.C. 20549. You can also obtain copies of

the documents at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street, NE, Washington D.C.

20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference facilities. You

can also obtain information about us at the offices of the Financial Industry Regulatory Authority, 1735 K St., N.W.,

Washington, D.C. 20006.

By Order of the Board of Directors

March 8, 2018

W. Garrett Crotty

Senior Vice President, Secretary and General

Counsel

PERFORMANCE GRAPH

Assumes $100 investment in the common stock of International Speedway Corporation, Nasdaq Stocks SIC 7900-

7999 (US Companies), Nasdaq Stock Market Indices, Russel 2000 Index, and a Peer Group Index (see below) on

November 30, 2012 (US Companies) with dividend reinvestment.

The graph above compares the cumulative total five year return of our class A common stock with that of (i) the NASDAQ

Stock Market Index (U.S. Companies), (ii) the 40 NASDAQ issuers (U.S. companies) listed in SIC codes 7900-7999 (the “SIC

Code Group”), (iii) the Russel 2000 Index, and with (iv) a Peer Group Index.

• The SIC Code Group encompass service businesses in the amusement, sports and recreation industry, including

indoor operations that are not subject to the impact of weather on operations, and pari-mutual and other wagering

operations. Many of the companies in the SIC Code Group differ from us in that we conduct large outdoor sporting

and entertainment events that are subject to the impact of weather. Although we have compared ourselves to the SIC

Code Group in the past and are thus including it in this presentation, we do not intend to include comparisons with the

SIC Code Group going forward.

• The Russell 2000 Index is included because we believe it better represents companies with market capitalization

similar to ours than either the NASDAQ Stock Market Index or the SIC Code Group.

• The Peer Group Index consists of our two motorsports peers, Speedway Motorsports, Inc. and Dover Motorsports,

Inc., which are publicly traded companies that conduct NASCAR and other racing events.

Because of the unique nature of our business and the fact that public information is available concerning only a limited number

of companies involved in the same line of business, we believe that the addition of the Russel 2000 Index and the Peer Group

Index is helpful in providing additional context for the information contained above. The stock price shown has been estimated

from the high and low prices for each quarter for which the close is not available.

VOTING PROCEDURE

With respect to the election of directors, the person receiving a plurality of the votes cast by shares entitled to vote for the
position being filled shall be elected. We know of no other items to come before the meeting other than those stated above. On
any other item that should come before the meeting, the matter shall be decided by a majority of the votes cast by shares
entitled to vote at the meeting.

In advance of the meeting we may appoint one or more inspectors of election or judges of the vote, as the case may be, to act at
the meeting or any adjournment thereof. In case any person who may be appointed as an inspector or judge fails to appear or
act, the vacancy may be filled at the meeting by the person presiding. In case of dispute the inspectors or judges, if any, shall
determine the number of shares of stock outstanding and the voting power of each, the shares of stock represented at the
meeting, the existence of a quorum, the validity and effect of proxies, and shall receive votes, ballots and consents, hear and
determine all challenges and questions arising in connection with the right to vote, count and tabulate votes, ballots and
consents, determine the result, and do such acts as are proper to conduct the election or vote with fairness to all shareholders.
On request of the person presiding at the meeting, the inspector or inspectors or judge or judges, if any, shall make a report in
writing of any challenge, question or matter determined by him or them, and execute a certificate of any fact found by him or
them.

DISSENTERS’ RIGHT OF APPRAISAL

We do not anticipate that any matter will be acted upon at the meeting that would give rise to rights of appraisal or similar
rights of dissenters.

AVAILABLE INFORMATION

We file annual, quarterly and special reports, information statements and other information with the SEC. Our SEC filings are
available to the public over the internet at the SEC’s web site at www.sec.gov. You may also read and copy any document we
file with the SEC at its public reference facilities at 100 F Street, NE, Washington, D.C. 20549. You can also obtain copies of
the documents at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street, NE, Washington D.C.
20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference facilities. You
can also obtain information about us at the offices of the Financial Industry Regulatory Authority, 1735 K St., N.W.,
Washington, D.C. 20006.

By Order of the Board of Directors

March 8, 2018

W. Garrett Crotty

Senior Vice President, Secretary and General
Counsel

OUR

CORPORATE

OFFICERS.

JAMES C. FRANCE
Chairman of the Board, Assistant Treasurer and Director

LESA FRANCE KENNEDY
Vice Chairwoman, Chief Executive Officer and Director

JOHN R. SAUNDERS
President

JOEL S. CHITWOOD, III
Executive Vice President, Chief Operating Officer

W. GARRETT CROTTY
Executive Vice President, Chief Administration Officer,
Chief Legal Officer & Secretary

GREGORY S. MOTTO
Executive Vice President, Chief Financial Officer
and Treasurer

CRAIG A. NEEB
Executive Vice President,
Chief Innovation and Development Officer

DARYL Q. WOLFE
Executive Vice President, Chief Marketing Officer

Investor Inquiries and 10-K

For more information about International
Speedway Corporation, contact:

Investor and Corporate Communications

International Speedway Corporation
International Motorsports Center
One Daytona Boulevard
Daytona Beach, FL 32114
Phone: (386) 681-6516
www.internationalspeedwaycorporation.com

LAURA E. JACKSON
Senior Vice President, Corporate Services
and Chief Human Resources Officer

PAULA MILLER
Senior Vice President, Human Resources

ERIC NYQUIST
Senior Vice President, Chief Communications Officer

JEFFREY T. BOERGER
Vice President, Corporate Development,
and President, Kansas Speedway Development Corporation

FRANK P. KELLEHER, JR.
Vice President, Sales and Marketing

DEREK MULDOWNEY
Vice President
and President, Design and Development

BENJAMIN A. ODOM
Vice President, Deputy General Counsel

Corporate Address

International Speedway Corporation
International Motorsports Center
One Daytona Boulevard
Daytona Beach, FL 32114-1243

Transfer Agent and Registrar

Computershare
P.O. Box 43078
Providence, RI 02940-3078
(800) 568-3476

Independent Auditors for 2017
Ernst & Young LLP, Tampa, FL

JAMES C. FRANCE
Chairman of the Board
International Speedway Corporation

LESA FRANCE KENNEDY
Vice Chair and Chief Executive Officer
International Speedway Corporation

LARRY AIELLO, JR.1
Retired as President and
Chief Executive Officer
Corning Cable Systems

BRIAN Z. FRANCE
Chairman and
and Chief Executive Officer
NASCAR, Inc.

SONIA MARIA GREEN1
Nationally recognized leader in
marketing and brand communications.

J. HYATT BROWN1
Chairman
Brown & Brown, Inc.

WILLIAM P. GRAVES1
Former Governor of the
State of Kansas

CHRISTY F. HARRIS
Attorney in private practice of
business and commercial law

MORI HOSSEINI1
Chairman and Chief Executive Officer
of Intervest Construction, Inc.

LARREE RENDA1
Retired as Executive Vice President
Safeway, Inc.

LARRY D. WOODARD1
President and CEO of
Graham Stanley Advertising

1 Independent Board Member