Delaware
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001-36286
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46-3681098
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(State or Other Jurisdiction
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(Commission File Number)
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(IRS Employer
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of Incorporation)
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Identification No.)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No.
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Description
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99.1
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Press Release of Intrawest Resorts Holdings, Inc. dated November 5, 2015
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99.2
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Earnings Call Presentation dated November 5, 2015
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Intrawest Resorts Holdings, Inc.
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By:
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/s/ Travis Mayer
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Travis Mayer
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Executive Vice President, Chief Financial Officer and Treasurer
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Date: November 5, 2015
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Exhibit No.
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Description
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99.1
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Press Release of Intrawest Resorts Holdings, Inc. dated November 5, 2015
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99.2
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Earnings Call Presentation dated November 5, 2015
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•
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Net loss attributable to Intrawest Resorts Holdings, Inc. improved to $47.0 million compared to a loss of $51.0 million in the first quarter of fiscal 2015.
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•
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Adjusted EBITDA improved 29.6% to a loss of $14.2 million compared to a loss of $20.1 million for the same period in the prior year.
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•
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Sales of season pass and frequency products for the upcoming ski season were up approximately 10% as of November 1, 2015 versus the same time last year.
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•
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Canadian Mountain Holidays ("CMH") winter sales were up approximately 9% as of November 1, 2015 versus the same time last year.
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•
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Consolidated revenue increased $11.8 million, or 15.9%, to $86.2 million.
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•
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Net loss attributable to Intrawest Resorts Holdings, Inc. improved by $3.9 million, or 7.7%, to $47.0 million, or $1.04 per diluted share. This growth was primarily attributable to an $8.5 million improvement in loss from operations partially offset by higher income tax expense in the current year period due in part to a benefit in the prior year attributable to restructuring Blue Mountain upon acquisition.
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•
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Total Adjusted EBITDA improved by $6.0 million, or 29.6%, to a loss of $14.2 million. The increase was largely due to strong summer operations in the Mountain Segment and high levels of forest fire suppression activities in the Adventure Segment.
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•
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Mountain revenue increased by $13.4 million, or 37.0%, to $49.8 million, primarily due to the Blue Mountain acquisition. Mountain revenue in the three months ended September 30, 2015 includes Blue Mountain revenue for the entire period whereas Mountain revenue in the prior year period only includes Blue Mountain revenue subsequent to the acquisition date of September 19, 2014.
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•
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Mountain Adjusted EBITDA improved by $3.2 million, or 13.4%, to a loss of $20.8 million, primarily due to the $13.4 million increase in Mountain revenue, partially offset by a $10.0 million increase in Mountain operating expenses.
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•
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Adventure revenue grew $1.6 million, or 7.3%, to $24.3 million, primarily due to increased forest fire suppression activities in our ancillary aviation services and operation of a second lodge for heli-hiking at CMH.
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•
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Adventure Adjusted EBITDA increased $2.7 million, or 127.6%, to $4.9 million, primarily due to the $1.6 million increase in Adventure revenue and our wholly owned subsidiaries contributing a greater proportion of Adventure Adjusted EBITDA in the current year period compared to the prior year period.
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•
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Real Estate revenue decreased $3.3 million, or 21.6%, to $11.8 million, largely due to lower sales volume at IRCG primarily resulting from fires near Whistler Blackcomb and the associated smoke, which limited tour volume at that sales center.
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•
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Real Estate Adjusted EBITDA increased by 1.5%, to $1.8 million, primarily due to a $3.3 million decrease in Real Estate revenue offset by a $3.5 million decrease in Real Estate operating expenses.
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Three Months Ended September 30,
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||||||||
2015
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2014
|
|||||||
Revenue
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$
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86,204
|
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$
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74,373
|
|
||
Operating expenses
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103,248
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|
98,076
|
|
||||
Depreciation and amortization
|
15,042
|
|
14,586
|
|
||||
(Gain) loss on disposal of assets
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(689
|
)
|
188
|
|
||||
Loss on remeasurement of equity method investment
|
—
|
|
1,437
|
|
||||
Loss from operations
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(31,397
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)
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(39,914
|
)
|
||||
Interest expense, net
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(9,233
|
)
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(9,614
|
)
|
||||
Loss from equity method investments
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(3,084
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)
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(2,251
|
)
|
||||
Other income (expense), net
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78
|
|
(305
|
)
|
||||
Loss before income taxes
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(43,636
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)
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(52,084
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)
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||||
Income tax expense (benefit)
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1,787
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(1,986
|
)
|
||||
Net loss
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(45,423
|
)
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(50,098
|
)
|
||||
Income attributable to noncontrolling interest
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1,619
|
|
877
|
|
||||
Net loss attributable to Intrawest Resorts Holdings, Inc.
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$
|
(47,042
|
)
|
$
|
(50,975
|
)
|
||
Weighted average shares of common stock outstanding:
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||||||||
Basic and diluted
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45,230
|
|
45,026
|
|
||||
Net loss attributable to Intrawest Resorts Holdings, Inc. per share:
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||||||||
Basic and diluted
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$
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(1.04
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)
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$
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(1.13
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)
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Three Months Ended September 30,
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Change
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|||||||||||||
2015
|
2014
|
$
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%
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|||||||||||
RevPAR
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$
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62.09
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$
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43.55
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$
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18.54
|
|
42.6
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%
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|||
ADR
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$
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133.70
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|
$
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123.65
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$
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10.05
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8.1
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%
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|||
Mountain revenue:
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||||||||||||||
Lift
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$
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4,005
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$
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3,287
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$
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718
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21.8
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%
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|||
Lodging
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15,319
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9,371
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5,948
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63.5
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%
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||||||
Ski School
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610
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|
499
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|
111
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22.2
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%
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||||||
Retail and Rental
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7,458
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6,162
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1,296
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21.0
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%
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||||||
Food and Beverage
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9,632
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7,367
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|
2,265
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|
30.7
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%
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||||||
Other
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12,734
|
|
9,627
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|
3,107
|
|
32.3
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%
|
||||||
Total Mountain revenue
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$
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49,758
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$
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36,313
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$
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13,445
|
|
37.0
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%
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|||
Mountain Adjusted EBITDA
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$
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(20,787
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)
|
$
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(23,994
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)
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$
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3,207
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(13.4
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)%
|
Three Months Ended September 30,
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Change
|
|||||||||||||
2015
|
2014
|
$
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%
|
|||||||||||
Adventure revenue
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$
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24,263
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$
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22,614
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$
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1,649
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|
7.3
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%
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|||
Adventure Adjusted EBITDA
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$
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4,860
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|
$
|
2,135
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|
$
|
2,725
|
|
127.6
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%
|
Three Months Ended September 30,
|
Change
|
|||||||||||||
2015
|
2014
|
$
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%
|
|||||||||||
Real Estate revenue
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$
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11,812
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$
|
15,071
|
|
$
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(3,259
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)
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(21.6
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)%
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|||
Real Estate Adjusted EBITDA
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$
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1,773
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|
$
|
1,747
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|
$
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26
|
|
1.5
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%
|
Three Months Ended September 30,
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Change
|
|||||||||||||
2015
|
2014
|
$
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%
|
|||||||||||
Total segment revenue
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$
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85,833
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$
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73,998
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$
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11,835
|
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16.0
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%
|
|||
Total Adjusted EBITDA
|
$
|
(14,154
|
)
|
$
|
(20,112
|
)
|
$
|
5,958
|
|
(29.6
|
)%
|
Three Months Ended September 30,
|
|||||||
2015
|
2014
|
||||||
Revenue:
|
|||||||
Mountain
|
|||||||
Lift
|
$
|
4,005
|
|
$
|
3,287
|
|
|
Lodging
|
15,319
|
|
9,371
|
|
|||
Ski School
|
610
|
|
499
|
|
|||
Retail and Rental
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7,458
|
|
6,162
|
|
|||
Food and Beverage
|
9,632
|
|
7,367
|
|
|||
Other
|
12,734
|
|
9,627
|
|
|||
Total Mountain revenue
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49,758
|
|
36,313
|
|
|||
Adventure revenue
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24,263
|
|
22,614
|
|
|||
Real Estate revenue
|
11,812
|
|
15,071
|
|
|||
Total reportable segment revenue
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85,833
|
|
73,998
|
|
|||
Legacy, non-core and other revenue
|
371
|
|
375
|
|
|||
Total revenue
|
$
|
86,204
|
|
$
|
74,373
|
|
|
Net loss attributable to Intrawest Resorts Holdings, Inc.
|
$
|
(47,042
|
)
|
$
|
(50,975
|
)
|
|
Legacy and other non-core expenses, net
|
2,351
|
|
982
|
|
|||
Other operating expenses
|
1,151
|
|
1,827
|
|
|||
Depreciation and amortization
|
15,042
|
|
14,586
|
|
|||
(Gain) loss on disposal of assets
|
(689
|
)
|
188
|
|
|||
Loss on remeasurement of equity method investment
|
—
|
|
1,437
|
|
|||
Interest income, net
|
(71
|
)
|
(54
|
)
|
|||
Interest expense
|
10,162
|
|
10,726
|
|
|||
Loss from equity method investments
|
3,084
|
|
2,251
|
|
|||
Pro rata share of Adjusted EBITDA related to equity method investments
|
692
|
|
982
|
|
|||
Adjusted EBITDA attributable to noncontrolling interest
|
(2,162
|
)
|
(1,258
|
)
|
|||
Other (income) expense, net
|
(78
|
)
|
305
|
|
|||
Income tax expense (benefit)
|
1,787
|
|
(1,986
|
)
|
|||
Income attributable to noncontrolling interest
|
1,619
|
|
877
|
|
|||
Total Adjusted EBITDA
|
$
|
(14,154
|
)
|
$
|
(20,112
|
)
|
|
Mountain Adjusted EBITDA
|
$
|
(20,787
|
)
|
$
|
(23,994
|
)
|
|
Adventure Adjusted EBITDA
|
4,860
|
|
2,135
|
|
|||
Real Estate Adjusted EBITDA
|
1,773
|
|
1,747
|
|
|||
Total Adjusted EBITDA
|
$
|
(14,154
|
)
|
$
|
(20,112
|
)
|
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