Exhibit (c)(15)
STRICTLY PRIVATE & CONFIDENTIAL Key Takeaways Note: Assumes ISC purchase price of $42 / share. Assumes family roll of 16,672,154 shares, which includes roll of 1,752,409 shares and buyout of 1,736,141 shares held by BrianFrance per Katherine Pace on 7-Feb-19. Assumes $100mm in minimum cash in all cases. Nova management has laid out a downside case in which combined Nova + Ignite EBITDA flat lines at $325mm a year, excluding synergies, starting in 2020We have then analyzed Nova’s ability to delever in this downside caseNova management identified multiple levers to improve debt paydown, estimating the following:1— Asset sales resulting in net cash proceeds for debt repayment of $150mm in 2021 and $250mm in 20222— CapEx reduction to a maximum of $80mm a year for Nova + Ignite beginning in 20203— Dividend to family cut from $30mm a year to $20mm a year beginning in 20204— Synergies of $5mm in 2019, $20mm in 2020 and $30mm in 2021 and thereafterAssuming the combined impact of these alternatives, even with no third-party equity contribution Nova will be at a net cash position by 2024 and will only have 0.2 turns of gross leverageShould Nova raise $500mm in third-party equity to reduce initial debt burden, it would be able to repay all debt by 2022 and to delever to net leverage of (1.7)x by 2024This compares to a base case leverage of 2.7x and net leverage of 2.4x by 2024, assuming none of the above alternatives are implemented 1
STRICTLY PRIVATE & CONFIDENTIAL Financial ProfileNASCAR + ISC | Downside Case | All Debt 2019E 2020E 2021E 2022E 2023E 2024E Baseline EBITDA $ 340 $ 325 $ 325 $ 325 $ 325 $ 325 Total Debt $ 1,365 $ 1,287 $ 1,198 $ 1,097 $ 991 $ 880 Gross Leverage 4.0 x 4.0 x 3.7 x 3.4 x 3.0 x 2.7 x Net Synergies $ 5 $ 20 $ 30 $ 30 $ 30 $ 30 Synergized EBITDA $ 345 $ 345 $ 355 $ 355 $ 355 $ 355 Total Debt $ 1,363 $ 1,253 $ 1,105 $ 923 $ 723 $ 506 Gross Leverage 3.9 x 3.6 x 3.1 x 2.6 x 2.0 x 1.4 x Asset Sales $ 0 $ 0 $ 150 $ 250 $ 0 $ 0 Total Debt $ 1,363 $ 1,270 $ 1,004 $ 617 $ 466 $ 310 Gross Leverage 3.9 x 3.7 x 2.8 x 1.7 x 1.3 x 0.9 x Current CapEx Assumption $ 68 $ 118 $ 112 $ 105 $ 105 $ 107 Alternative CapEx Assumption $ 68 $ 80 $ 80 $ 80 $ 80 $ 80 CapEx Adjustment $ 0 $(38) $(32) $(25) $(25) $(27) Total Debt $ 1,363 $ 1,231 $ 931 $ 515 $ 334 $ 144 Gross Leverage 3.9 x 3.6 x 2.6 x 1.4 x 0.9 x 0.4 x Current Dividend Assumption 15 30 30 30 30 30 Alternative Dividend Assumption 15 20 20 20 20 20 Dividend Adjustment $ 0 $(10) $(10) $(10) $(10) $(10) Potential Leverage Profile Total Debt $ 1,363 $ 1,221 $ 910 $ 483 $ 291 $ 89 (-) Cash (100) (100) (100) (100) (100) (100) Net Debt $ 1,263 $ 1,121 $ 810 $ 383 $ 191 $(11) Gross LeverageNet Leverage 3.9 x3.7 3.5 x3.3 2.6 x2.3 1.4 x1.1 0.8 x0.5 0.2 x(0.0) 2
STRICTLY PRIVATE & CONFIDENTIAL Financial ProfileNASCAR + ISC | Downside Case | All Debt 2016A 2017A 2018E 2019E 2020E 2021E 2022E 2023E 2024E '18E - '24E Baseline Adj. EBITDA (excl. Synergies) $ 333 $ 323 $ 307 $ 340 $ 325 $ 325 $ 325 $ 325 $ 325 0.9 % Adj. EBITDA - Capex $ 180 $ 163 $ 137 $ 204 $ 245 $ 245 $ 245 $ 245 $ 245 10.1 % N + I Media Rights Revenue $ 302 $ 313 $ 324 $ 337 $ 351 $ 365 $ 379 $ 399 $ 416 % Growth 3.6 % 3.6 % 4.1 % 4.0 % 3.9 % 3.8 % 5.4 % 4.2 % Free Cash Flow H2 2019E Adj. EBITDA $ 333 $ 323 $ 307 $170 $ 325 $ 325 $ 325 $ 325 $ 325 (+) Synergies $3 $20 $30 $30 $30 $30 Synergized EBITDA $173 $345 $355 $355 $355 $355 (-) Net Interest Expense (40) (72) (59) (38) (22) (10) (-) Cash Taxes (15) (31) (35) (39) (41) (43) (-) Capital Expenditures (153) (160) (170) (68) (80) (80) (80) (80) (80) (-) Dividends (15) (20) (20) (20) (20) (20) Levered Free Cash Flow $ 35 $ 142 $ 161 $ 178 $ 192 $ 202 % Conversion 20.5 % 43.6 % 49.5 % 54.7 % 59.1 % 62.2 % Net Proceeds from Asset Sales $ 0 $ 150 $ 250 $ 0 $ 0 Balance Sheet 2019E 2020E 2021E 2022E 2023E 2024E New Revolver $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 New First Lien Term Loan 1,362 1,220 909 481 289 87 Capital Lease 1 1 1 1 1 1 Total Debt $ 1,363 $ 1,221 $ 910 $ 483 $ 291 $ 89 (-) Cash and Cash Equivalents (100) (100) (100) (100) (100) (100) Net Debt $ 1,263 $ 1,121 $ 810 $ 383 $ 191 $(11) Credit Statistics Total Debt / Synergized EBITDA 3.9 x 3.5 x 2.6 x 1.4 x 0.8 x 0.2 x Net Debt / Synergized EBITDA 3.7 3.3 2.3 1.1 0.5 (0.0) S&P Adj. Debt / Synergized EBITDA 4.0 3.6 2.6 1.4 0.9 0.3 Moody's Adj. Debt / Synergized EBITDA 3.8 3.4 2.6 1.5 1.0 0.5 EBITDA / Interest 4.3 x 4.5 x 5.5 x 8.5 x 15.0 x 31.4 x (EBITDA - Capex) / Interest 2.6 3.4 4.2 6.4 11.3 23.7 FCF / Total Debt 2.6 % 11.6 % 17.7 % 36.8 % 66.0 % 228.0 % Cumulative FCF / Initial Total Debt 2.5 % 12.6 % 24.1 % 36.9 % 50.6 % 65.0 % 3
STRICTLY PRIVATE & CONFIDENTIAL Financial ProfileNASCAR + ISC | Downside Case | $500mm Equity Investment 2016A 2017A 2018E 2019E 2020E 2021E 2022E 2023E 2024E '18E - '24E Baseline Adj. EBITDA (excl. Synergies) $ 333 $ 323 $ 307 $ 340 $ 325 $ 325 $ 325 $ 325 $ 325 0.9 % Adj. EBITDA - Capex $ 180 $ 163 $ 137 $ 204 $ 245 $ 245 $ 245 $ 245 $ 245 10.1 % N + I Media Rights Revenue $ 302 $ 313 $ 324 $ 337 $ 351 $ 365 $ 379 $ 399 $ 416 % Growth 3.6 % 3.6 % 4.1 % 4.0 % 3.9 % 3.8 % 5.4 % 4.2 % Free Cash Flow H2 2019E Adj. EBITDA $ 333 $ 323 $ 307 $170 $ 325 $ 325 $ 325 $ 325 $ 325 (+) Synergies $3 $20 $30 $30 $30 $30 Synergized EBITDA $173 $345 $355 $355 $355 $355 (-) Net Interest Expense (25) (43) (29) (9) 2 3 (-) Cash Taxes (19) (38) (43) (47) (47) (46) (-) Capital Expenditures (153) (160) (170) (68) (80) (80) (80) (80) (80) (-) Dividends (17) (23) (23) (23) (23) (23) Levered Free Cash Flow $ 43 $ 160 $ 180 $ 196 $ 206 $ 208 % Conversion 25.4 % 49.2 % 55.3 % 60.4 % 63.4 % 64.2 % Net Proceeds from Asset Sales $ 0 $ 150 $ 250 $ 0 $ 0 Balance Sheet 2019E 2020E 2021E 2022E 2023E 2024E New Revolver $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 New First Lien Term Loan 858 698 369 0 0 0 Capital Lease 1 1 1 1 1 1 Total Debt $ 860 $ 700 $ 370 $ 1 $ 1 $ 1 (-) Cash and Cash Equivalents (100) (100) (100) (177) (383) (592) Net Debt $ 760 $ 600 $ 270 $(176) $(382) $(591) Credit Statistics Total Debt / Synergized EBITDA 2.5 x 2.0 x 1.0 x 0.0 x 0.0 x 0.0 x Net Debt / Synergized EBITDA 2.2 1.7 0.8 (0.5) (1.1) (1.7) S&P Adj. Debt / Synergized EBITDA 2.5 2.1 1.1 (0.2) (0.7) (1.3) Moody's Adj. Debt / Synergized EBITDA 2.5 2.1 1.2 0.3 0.3 0.3 EBITDA / Interest 6.8 x 7.5 x 11.2 x 36.2 x (196.7)x (120.9)x (EBITDA - Capex) / Interest 4.1 5.7 8.5 27.3 (148.3) (91.1) FCF / Total Debt 5.0 % 22.9 % 48.6 % NM NM NM Cumulative FCF / Initial Total Debt 4.8 % 22.5 % 42.4 % 64.1 % 86.9 % 110.0 % 4
STRICTLY PRIVATE & CONFIDENTIAL Balance Sheet CapacityNASCAR + ISC | Downside Case Debt Only $500mm Equity Investment Note: Assumes ISC purchase price of $42 / share. Assumes family roll of 16,672,154 shares, which includes roll of 1,752,409 shares and buyout of 1,736,141 shares held by Brian GrossDebt $ 1,398 $ 1,363 $ 1,221 $ 910 $ 483 $ 291 $ 89 (-) Cash $(100) $(100) $(100) $(100) $(100) $(100) $(100) Net Debt $ 1,298 $ 1,263 $ 1,121 $ 810 $ 383 $ 191 $(11) EBITDA(excl. Synergies) $ 324 $ 340 $ 325 $ 325 $ 325 $ 325 $ 325 GrossDebt $ 903 $ 860 $ 700 $ 370 $ 1 $ 1 $ 1 (-) Cash $(100) $(100) $(100) $(100) $(177) $(383) $(592) Net Debt $ 803 $ 760 $ 600 $ 270 $(176) $(382) $(591) EBITDA(excl. Synergies) $ 324 $ 340 $ 325 $ 325 $ 325 $ 325 $ 325 4.3 x 3.9 x 3.5 x 2.6 x 1.4 x 0.8 x 4.0 x 3.7 x 3.3 x 2.3 x 1.1 x 0.5 x0.2 x (0.0)x PF(30-Jun-2019) 2019E 2020E 2021E 2022E 2023E 2024E 2.8 x France per Katherine Pace on 7-Feb-19. Assumes $100mm in minimum cash in all cases. 5 2.5 x 1.0 x 0.0 x 0.0 x 0.0 x 2.5 x 2.2 x 2.0 x1.7 x 0.8 x (0.5)x(1.1)x(1.7)x PF(30-Jun-2019) 2019E 2020E 2021E 2022E 2023E 2024E