0001140361-17-004079.txt : 20170202 0001140361-17-004079.hdr.sgml : 20170202 20170202070133 ACCESSION NUMBER: 0001140361-17-004079 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 61 CONFORMED PERIOD OF REPORT: 20161231 FILED AS OF DATE: 20170202 DATE AS OF CHANGE: 20170202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Intrawest Resorts Holdings, Inc. CENTRAL INDEX KEY: 0001587755 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990] IRS NUMBER: 463681098 STATE OF INCORPORATION: DE FISCAL YEAR END: 0613 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36286 FILM NUMBER: 17566690 BUSINESS ADDRESS: STREET 1: 1621 18TH STREET, SUITE 300 CITY: DENVER STATE: CO ZIP: 80202 BUSINESS PHONE: 303 749 8200 MAIL ADDRESS: STREET 1: 1621 18TH STREET, SUITE 300 CITY: DENVER STATE: CO ZIP: 80202 10-Q 1 form10q.htm INTRAWEST RESORTS HOLDINGS, INC 10-Q 12-31-2016 Preview | Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 
x     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the quarterly period ended December 31, 2016
 
o     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: 001-36286
 
Intrawest Resorts Holdings, Inc.
(Exact Name of Registrant as Specified in Its Charter)
 
Delaware
46-3681098
(State or Other Jurisdiction of
(I.R.S. Employer
Incorporation or Organization)
Identification No.)
1621 18th Street, Suite 300
 
Denver, Colorado
80202
(Address of Principal Executive Offices)
(Zip Code)
(303) 749-8200
(Registrant’s Telephone Number, Including Area Code)
 
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.    x  Yes    oNo
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    x  Yes    o  No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
o
 
Accelerated filer
x
Non-accelerated filer
o
  (Do not check if a smaller reporting company)
Smaller reporting company
o
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    o  Yes    x  No
 
As of January 30, 2017, 39,775,887 shares of the registrant’s common stock were outstanding.



Table of Contents

PART I
FINANCIAL INFORMATION
 
 
 
 
 
PART II
OTHER INFORMATION
 
 
 

SIGNATURES 

 
1
 

CAUTIONARY NOTE ABOUT FORWARD-LOOKING STATEMENTS
 
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, without limitation:
•
weakness in general economic conditions;
•
lack of adequate snowfall and unfavorable weather conditions;
•
lack of access to adequate supplies of water to make snow and otherwise conduct our operations;
•
adverse events that occur during our peak operating periods;
•
our failure to achieve the expected benefits of our strategic alliance, real estate development, acquisition and other growth strategies;
•
Steamboat Ski & Resort’s dependence on contracted direct air service;
•
risks related to information technology;
•
our potential failure to maintain the integrity of our customer or employee data;
•
adverse consequences of ongoing legacy litigation or future legal claims;
•
our ability to monetize real estate assets;
•
a partial or complete loss of Alpine Helicopters Inc.’s services;
•
the effects of climate change on our business operations;
•
our ability to maintain effective internal control over financial reporting;
•
risks of foreign currency fluctuations which could reduce the U.S. dollar value of our Canadian earnings;
•
risks associated with the ownership of a majority of our outstanding common stock by entities managed or controlled by Fortress Investment Group, LLC (collectively “Fortress”), including potential sales of shares held by Fortress, governance rights in our stockholders' agreement with Fortress and potential conflicts of interests;
•
our leverage, which could adversely affect our ability to raise additional capital to support our growth strategy; and
•
our limited public float and therefore trading volume.

You should carefully consider the risks described in Part I - Item 1A, Risk Factors, of our Annual Report on Form 10-K for the year ended June 30, 2016 filed with the Securities and Exchange Commission (the “SEC”) on September 8, 2016, as amended by our Amendment to the Annual Report on Form 10-K/A filed with the SEC on November 3, 2016. Moreover, we operate in a competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur, and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements.
 
We undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.


 

 
2
 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
INTRAWEST RESORTS HOLDINGS, INC.
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
 
 
December 31, 2016
 
June 30, 2016
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
131,321

 
$
107,066

Restricted cash
 
23,799

 
12,475

Receivables, net of allowances of $825 and $831
 
26,046

 
36,660

Inventories
 
30,861

 
23,620

Other current assets
 
24,516

 
21,081

Total current assets
 
236,543

 
200,902

Property, plant and equipment, net of accumulated depreciation of $455,447 and $438,991
 
511,559

 
511,486

Real estate held for development
 
135,773

 
137,283

Intangible assets, net of accumulated amortization of $64,759 and $63,304
 
46,908

 
50,226

Goodwill
 
105,627

 
105,981

Other long-term assets, net of accumulated amortization of $1,399 and $1,560
 
33,110

 
31,927

Total assets
 
$
1,069,520

 
$
1,037,805

Liabilities and Equity
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable and accrued liabilities
 
$
80,271

 
$
64,869

Deferred revenue and deposits
 
155,119

 
67,937

Capital lease obligations due within one year
 
3,331

 
3,345

Long-term debt due within one year
 
2,349

 
497

Total current liabilities
 
241,070

 
136,648

Long-term capital lease obligations
 
34,496

 
35,061

Long-term debt
 
536,802

 
537,295

Other long-term liabilities
 
66,614

 
68,766

Total liabilities
 
878,982

 
777,770

Commitments and contingencies (Note 9)
 
 
 
 
Stockholders' equity:
 
 
 
 
Preferred stock, $0.01 par value; 300,000 shares authorized; 0 and 0 shares issued and outstanding, respectively
 
—

 
—

Common stock, $0.01 par value; 2,000,000 shares authorized; 39,762 and 39,736 shares issued and outstanding, respectively
 
453

 
453

Treasury stock, at cost; 5,556 shares and 5,556 shares, respectively
 
(50,643
)
 
(50,643
)
Additional paid-in capital
 
2,902,348

 
2,900,696

Accumulated deficit
 
(2,789,175
)
 
(2,726,074
)
Accumulated other comprehensive income
 
124,740

 
131,920

Total Intrawest Resorts Holdings, Inc. stockholders' equity
 
187,723

 
256,352

Noncontrolling interest
 
2,815

 
3,683

Total stockholders' equity
 
190,538

 
260,035

Total liabilities and stockholders' equity
 
$
1,069,520

 
$
1,037,805


See accompanying notes to condensed consolidated financial statements.

 
3
 
INTRAWEST RESORTS HOLDINGS, INC. 
 
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(In thousands, except per share data)
 
 (Unaudited)
 

 
 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
 
2016
 
2015
 
2016
 
2015
Statements of Operations
 
 
 
 
 
 
 
 
Revenue
 
$
121,161

 
$
103,951

 
$
201,641

 
$
190,155

Operating expenses
 
119,916

 
117,074

 
217,984

 
220,322

Depreciation and amortization
 
14,220

 
14,496

 
29,390

 
29,538

Loss (gain) on disposal of assets
 
1,480

 
(1,638
)
 
1,139

 
(2,327
)
Loss from operations
 
(14,455
)
 
(25,981
)
 
(46,872
)
 
(57,378
)
Interest expense, net
 
(9,009
)
 
(9,384
)
 
(18,847
)
 
(18,618
)
Earnings (loss) from equity method investments
 
4,175

 
1,702

 
2,787

 
(1,382
)
Loss on extinguishment of debt
 
(820
)
 
—

 
(820
)
 
—

Other (expense) income, net
 
(256
)
 
5,131

 
218

 
5,210

Loss before income taxes
 
(20,365
)
 
(28,532
)
 
(63,534
)
 
(72,168
)
Income tax (benefit) expense
 
(623
)
 
(519
)
 
317

 
1,268

Net loss
 
(19,742
)
 
(28,013
)
 
(63,851
)
 
(73,436
)
(Loss) income attributable to noncontrolling interest
 
(1,037
)
 
(708
)
 
(750
)
 
912

Net loss attributable to Intrawest Resorts Holdings, Inc.
 
$
(18,705
)
 
$
(27,305
)
 
$
(63,101
)
 
$
(74,348
)
Weighted average shares of common stock outstanding:
 
 
 
 
 
 
 
 
Basic and diluted
 
39,762

 
45,230

 
39,762

 
45,230

Net loss attributable to Intrawest Resorts Holdings, Inc. per share:
 
 
 
 
 
 
 
 
Basic and diluted
 
$
(0.47
)
 
$
(0.60
)
 
$
(1.59
)
 
$
(1.64
)
Statements of Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
Net loss
 
$
(19,742
)
 
$
(28,013
)
 
$
(63,851
)
 
$
(73,436
)
(Loss) income attributable to noncontrolling interest
 
(1,037
)
 
(708
)
 
(750
)
 
912

Net loss attributable to Intrawest Resorts Holdings, Inc.
 
(18,705
)
 
(27,305
)
 
(63,101
)
 
(74,348
)
Other comprehensive loss, net of tax of $0
 
(5,480
)
 
(8,379
)
 
(7,298
)
 
(30,371
)
Other comprehensive loss attributable to noncontrolling interest
 
(86
)
 
(59
)
 
(118
)
 
(215
)
Other comprehensive loss attributable to Intrawest Resorts Holdings, Inc.
 
(5,394
)
 
(8,320
)
 
(7,180
)
 
(30,156
)
Comprehensive loss, net of tax of $0
 
(25,222
)
 
(36,392
)
 
(71,149
)
 
(103,807
)
Comprehensive (loss) income attributable to noncontrolling interest
 
(1,123
)
 
(767
)
 
(868
)
 
697

Comprehensive loss attributable to Intrawest Resorts Holdings, Inc., net of tax
 
$
(24,099
)
 
$
(35,625
)
 
$
(70,281
)
 
$
(104,504
)
 
See accompanying notes to condensed consolidated financial statements.


 
4
 
INTRAWEST RESORTS HOLDINGS, INC.
 
 
Condensed Consolidated Statements of Cash Flows 
 
 
(In thousands)
 
 
(Unaudited)
 

 
Six Months Ended December 31,
 
2016
 
2015
Cash provided by (used in):
 
 
 
Operating activities:
 
 
 
Net loss
$
(63,851
)
 
$
(73,436
)
Adjustments to reconcile net loss to net cash provided by operating activities:
 
 
 
Depreciation and amortization
29,390

 
29,538

Funding of pension plans
(2,250
)
 
(2,207
)
Dividend from equity method investments
2,000

 
1,000

Loss on extinguishment of debt
820

 
—

Other non-cash expense, net
3,038

 
3,824

Changes in assets and liabilities
 
 
 
Inventories
(7,777
)
 
(10,072
)
Restricted Cash
(11,379
)
 
(4,154
)
Receivables
9,946

 
4,813

Accounts payable and accrued liabilities
13,771

 
21,262

Deferred revenue and deposits
88,507

 
77,115

Other assets and liabilities, net
(1,946
)
 
(3,362
)
Net cash provided by operating activities
60,269

 
44,321

Investing activities:
 
 
 
Capital expenditures
(31,904
)
 
(32,531
)
Other investing activities, net
600

 
2,244

Net cash used in investing activities
(31,304
)
 
(30,287
)
Financing activities:
 
 
 
Repayments of bank and other borrowings
(3,115
)
 
(4,892
)
Financing costs paid
(275
)
 
—

Net cash used in financing activities
(3,390
)
 
(4,892
)
Effect of exchange rate changes on cash
(1,320
)
 
(4,749
)
Increase in cash and cash equivalents
24,255

 
4,393

Cash and cash equivalents, beginning of period
107,066

 
90,580

Cash and cash equivalents, end of period
$
131,321

 
$
94,973

Supplemental information:
 
 
 
Cash paid for interest
$
15,479

 
$
15,735

Cash paid for income tax
$
1,062

 
$
968

Non-cash investing and financing activities:
 
 
 
Property, plant and equipment received but not paid
$
3,270

 
$
7,355

Addition in property, plant and equipment financed by capital lease obligations
$
423

 
$
—


See accompanying notes to condensed consolidated financial statements.

 
5
 
 
Notes to Condensed Consolidated Financial Statements
Three and Six Months Ended December 31, 2016 and 2015
(Unaudited)













 
6
 
 
Notes to Condensed Consolidated Financial Statements
Three and Six Months Ended December 31, 2016 and 2015
(Unaudited)

1.
Formation and Business
 
Intrawest Resorts Holdings, Inc. (together with its subsidiaries, collectively referred to herein as the "Company") is a Delaware corporation that was formed on August 30, 2013 as a holding company that operates various subsidiaries primarily engaged in the operation of mountain resorts, adventure businesses, and real estate activities, throughout North America.
  
The Company conducts business through three segments: Mountain, Adventure and Real Estate. The Mountain segment includes the Company's mountain resort and lodging operations at Steamboat Ski & Resort (“Steamboat”) and Winter Park Resort (“Winter Park”) in Colorado, Stratton Mountain Resort (“Stratton”) in Vermont, Snowshoe Mountain Resort (“Snowshoe”) in West Virginia, Mont Tremblant Resort (“Tremblant”) in Quebec, and Blue Mountain Ski Resort (“Blue Mountain”) in Ontario. The Mountain segment derives revenue mainly from sales of lift products, lodging, ski school services, retail and rental merchandise, food and beverage, and other ancillary services.

The Adventure segment includes Canadian Mountain Holidays (“CMH”), which provides helicopter accessed skiing, mountaineering and hiking from eleven lodges in British Columbia, Canada. In support of CMH’s operations, the Company owns a fleet of Bell helicopters that are also used in the off-season for fire suppression activities and other commercial uses primarily in the United States and Canada. The Company's subsidiary, Alpine Aerotech L.P., provides helicopter maintenance, repair and overhaul services to the Company’s fleet of helicopters as well as to aircraft owned by unaffiliated third parties.

The Real Estate segment is comprised of Intrawest Hospitality Management, Inc. (“IHM”), which principally manages condominium hotel properties including Honua Kai Resort and Spa in Maui, Hawaii and the Westin Monache Resort in Mammoth Lakes, California, Playground, a residential real estate sales and marketing business, the Company’s 50.0% interest in Mammoth Hospitality Management, L.L.C. ("MHM"), the Company's 57.1% economic interest in Chateau M.T. Inc. ("Chateau"), and formerly included Intrawest Resort Club Group ("IRCG"), a vacation club business, which was sold on January 29, 2016 ("the Disposition Date"). The Real Estate segment is also comprised of real estate development activities and includes costs associated with these activities, such as planning activities and land carrying costs. 

2.
Significant Accounting Policies
 
Basis of Presentation and Use of Estimates
 
The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, the financial statements do not include all of the information and notes required for complete financial statements prepared in accordance with GAAP. In management's opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. These results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and a variable interest entity (“VIE”) for which the Company is the primary beneficiary. All significant intercompany transactions are eliminated in consolidation. Investments in which the Company does not have a controlling interest or is not the primary beneficiary, but over which the Company is able to exercise significant influence, are accounted for under the equity method. Under the equity method, the original cost of the investment is adjusted for the Company’s share of post-acquisition earnings or losses increased by contributions less distributions received. As of July 1, 2016, the Company reassessed all non-wholly owned subsidiaries in accordance with the new guidance issued in Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”) and determined that no changes to consolidation methods were needed.



 
7
 
 
Notes to Condensed Consolidated Financial Statements
Three and Six Months Ended December 31, 2016 and 2015
(Unaudited)


The Company owns a 20.0% equity interest in Alpine Helicopters Inc. (“Alpine Helicopters”). Alpine Helicopters employs all the pilots that fly the helicopters supporting CMH's operations. Alpine Helicopters leases substantially all of its helicopters from Intrawest ULC, a consolidated subsidiary of the Company, creating economic dependence and therefore giving Intrawest ULC a variable interest in Alpine Helicopters. Alpine Helicopters is a VIE for which the Company is the primary beneficiary and is consolidated in the accompanying condensed consolidated financial statements. The remaining 80.0% equity interest in Alpine Helicopters is held by the employees of Alpine Helicopters and is reflected as a noncontrolling interest in the accompanying condensed consolidated financial statements. As of December 31, 2016, Alpine Helicopters had total assets of $8.8 million and total liabilities of $3.5 million.

On January 29, 2016, the Company sold substantially all of the assets used in the operations of IRCG and all of the equity interests in certain wholly-owned subsidiaries of IRCG to Diamond Resorts Corporation and Diamond Resorts International, Inc. (together with Diamond Resorts Corporation, “Diamond”), as described in Note 3, “Dispositions” (the "IRCG Transaction"). In accordance with applicable accounting guidance, the disposal did not qualify for discontinued operations presentation and, therefore, the accompanying condensed consolidated statements of operations and comprehensive income (loss) reflect the consolidation of the results of IRCG in the prior fiscal year. Prior to the Deposition Date, IRCG was a part of the Real Estate segment.

Fair Value of Financial Instruments

As of December 31, 2016 and June 30, 2016, the fair value of cash and cash equivalents, restricted cash, net receivables and accounts payable approximated their carrying value based on the short-term nature of these instruments. Estimates of fair value may be affected by assumptions made and, accordingly, are not necessarily indicative of the amounts the Company could realize in a current market exchange.

The fair value of the Senior Debt (as defined in Note 6, “Debt”) was estimated using quoted prices for the Company's instruments in markets that are not active and was considered a Level 2 measure. The fair value of other debt obligations was estimated based on Level 3 inputs using discounted cash flow analyses based on assumptions that management believes are consistent with market participant assumptions.
 
December 31, 2016
 
June 30, 2016
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Senior Debt
$
553,333

 
$
560,769

 
$
554,480

 
$
555,173

Other debt obligations
1,106

 
924

 
1,172

 
971

  
Recent Accounting Pronouncements

In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No.2017-01, Business Combinations (Topic 805) ("ASU 2017-01"). This update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets of businesses. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017 on a prospective basis. The Company is currently evaluating the impact that this update will have on its consolidated financial statements and related disclosures.

In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18"). This update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This update is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted, including adoption in an interim period. The Company intends to adopt this guidance on July 1, 2018. The Company is currently evaluating the impact that this update will have on its consolidated financial statements and related disclosures.
 
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). This update replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for interim and annual periods beginning after December 15, 2019, with a modified-retrospective approach. The Company is currently evaluating the impact that this update will have on its consolidated financial statements and related disclosures.

 
8
 
 
Notes to Condensed Consolidated Financial Statements
Three and Six Months Ended December 31, 2016 and 2015
(Unaudited)


In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). This update is part of the FASB's simplification initiative and is intended to simplify accounting for stock-based compensation. The guidance requires that excess tax benefits or deficiencies be recognized in income tax expense or benefit in the income statement, rather than recognized in additional paid-in capital. The guidance allows the Company to elect whether to recognize forfeitures as they occur or use an estimated forfeiture assumption in estimating the number of awards that are expected to vest. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, with early adoption permitted. The Company adopted this guidance prospectively for the year beginning on July 1, 2016.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 2016-02 supersedes existing guidance in Leases (Topic 840). The revised standard requires lessees to recognize the assets and liabilities arising from leases with lease terms greater than twelve months on the balance sheet, including those currently classified as operating leases, and to disclose key information about leasing arrangements. Lessees will be required to recognize a lease liability and a right-of-use asset on their balance sheets, while lessor accounting will remain largely unchanged. The guidance is effective for annual periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on its consolidated financial statements and related disclosures. While we are continuing to evaluate the standard, we currently believe the most significant impact will relate to our accounting for operating leases and that our capital leases will remain substantially unchanged under the new standard.

In April 2015, the FASB issued ASU No. 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement ("ASU 2015-05"). This update is intended to reduce diversity in practice by providing explicit guidance to customers about whether a cloud computing arrangement includes a software license. For public business entities, the guidance is effective for annual periods beginning after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-05 as of July 1, 2016 and will apply the guidance prospectively for all arrangements entered into or materially modified after July 1, 2016. There was no impact to the Company's condensed consolidated financial statements upon the adoption.

In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). This update (i) amends the criteria for determining which entities are considered VIEs or voting interest entities, (ii) amends the criteria for evaluating fees paid to a decision maker or service provider as a variable interest, (iii) amends the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) ends the deferral previously granted to certain investment companies for application of the VIE consolidation model. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The Company adopted this guidance for the year beginning on July 1, 2016. With the adoption the Company reassessed all non-wholly owned subsidiaries and determined that no changes to consolidation methods were needed.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. In August 2015, the FASB issued an accounting standards update that defers the effective date of the new revenue recognition guidance for one year, to interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted for periods beginning after December 15, 2016. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing ("ASU 2016-10"), which clarifies the identification of performance obligations and the licensing implementation guidance in Topic 606. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606) - Narrow-Scope Improvements and Practical Expedients ("ASU 2016-12"), which clarifies the guidance in Topic 606 on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers ("ASU 2016-20"), which provides technical corrections and improvements to clarify Topic 606 or to correct unintended application of Topic 606. These accounting standard updates have the same effective date as the original standard. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is planning to adopt the standard on July 1, 2018. The Company is currently in the assessment phase to evaluate the impact this standard will have on our financial results, systems, processes and internal controls and based on that assessment will then determine the transition approach to use and the full impact of adoption.




 
9
 
 
Notes to Condensed Consolidated Financial Statements
Three and Six Months Ended December 31, 2016 and 2015
(Unaudited)


3.     Dispositions

On November 24, 2015, the Company, through its wholly owned indirect subsidiaries, Intrawest U.S. Holdings, Inc. and Intrawest ULC, entered into a definitive agreement to sell IRCG, its vacation club business, to Diamond for gross proceeds of $84.6 million, which included certain purchase price adjustments. The purchase price consisted of cash consideration and the assumption of certain liabilities, including certain lease obligations and certain other continuing contractual obligations. 

Upon closing the IRCG Transaction on January 29, 2016, Diamond acquired substantially all of the assets used in the operations of IRCG and all of the equity interests in certain wholly-owned subsidiaries of the Company. The IRCG Transaction resulted in a pre-tax gain of $40.4 million, which was included in the gain on sale of IRCG line item in the consolidated statement of operations accompanying the Company's Annual Report on Form 10-K for the year ended June 30, 2016 filed with the SEC on September 8, 2016, as amended by our Amendment to the Annual Report on Form 10-K/A filed with the SEC on November 3, 2016. Due to the Company's net operating losses for tax purposes in the United States and Canada, there were no cash taxes or any impact on the effective tax rate, due to the Company's valuation allowance, as a result of the IRCG Transaction. 


4.
Earnings (Loss) Per Share

Basic earnings (loss) per share ("EPS") is calculated by dividing net income (loss) attributable to the Company by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing net income (loss) attributable to the Company by the weighted average number of shares of common stock outstanding, plus potentially dilutive securities. Potentially dilutive securities include unvested restricted common stock, restricted stock units, and stock options, the dilutive effect of which is calculated using the treasury stock method.

Due to the Company's reported net loss for the three months ended December 31, 2016 and 2015, the effect of 0.9 million and 1.5 million share based payment awards, respectively, was not included in the calculation of diluted EPS as the effect would be anti-dilutive. Due to the Company's reported net loss for the six months ended December 31, 2016 and 2015, the effect of 0.7 million and 1.3 million share based payment awards, respectively, was not included in the calculation of diluted EPS as the effect would be anti-dilutive. The calculation of basic and diluted EPS is presented below (in thousands, except per share data).

 
 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
 
2016

2015
 
2016
 
2015
Basic and Diluted EPS
 
 
 
 
 
 
 
 
Net loss attributable to Intrawest Resorts Holdings, Inc.
 
$
(18,705
)
 
$
(27,305
)
 
$
(63,101
)
 
$
(74,348
)
Weighted average common shares outstanding
 
39,762

 
45,230

 
39,762

 
45,230

Basic and diluted EPS
 
$
(0.47
)
 
$
(0.60
)
 
$
(1.59
)
 
$
(1.64
)

5.    Supplementary Balance Sheet Information
 
Current receivables, net
 
Current receivables as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
 
December 31, 2016

June 30, 2016
 

Trade receivables
$
26,857

 
$
37,441

Loans, mortgages and notes receivable
14

 
50

Allowance for doubtful accounts
(825
)
 
(831
)
Total current receivables, net
$
26,046

 
$
36,660



 
10
 
 
Notes to Condensed Consolidated Financial Statements
Three and Six Months Ended December 31, 2016 and 2015
(Unaudited)

Other current assets

Other current assets as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
 
December 31, 2016
 
June 30, 2016
Capital spares
$
12,452

 
$
11,628

Prepaid insurance
4,100

 
4,813

Other prepaid expenses and current assets
7,964

 
4,640

Total other current assets
$
24,516

 
$
21,081


Other long-term assets, net
 
Other long-term assets, net as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
 
December 31, 2016
 
June 30, 2016
Equity method investments
$
27,003

 
$
26,398

Long-term receivables
1,460

 
1,541

Other long-term assets
4,647

 
3,988

Total other long-term assets, net
$
33,110

 
$
31,927


Accounts payable and accrued liabilities
 
Accounts payable and accrued liabilities as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
 
December 31, 2016

June 30, 2016
 

Trade payables
$
72,944

 
$
48,353

Accrued liabilities
7,327

 
16,516

Total accounts payable and accrued liabilities
$
80,271

 
$
64,869


Current deferred revenue and deposits
 
Current deferred revenue and deposits as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
 
December 31, 2016
 
June 30, 2016
Season pass and other deferred revenue
$
95,824

 
$
42,343

Lodging and tour deposits
59,251

 
25,548

Deposits on real estate sales
44

 
46

Total current deferred revenue and deposits
$
155,119

 
$
67,937



 
11
 
 
Notes to Condensed Consolidated Financial Statements
Three and Six Months Ended December 31, 2016 and 2015
(Unaudited)

Other long-term liabilities
 
Other long-term liabilities as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
 
December 31, 2016
 
June 30, 2016
Pension liability, net of funded assets
$
31,465

 
$
33,550

Forgivable government grants
8,599

 
7,719

Deferred revenue and deposits
7,796

 
8,106

Other long-term liabilities
18,754

 
19,391

Total other long-term liabilities
$
66,614

 
$
68,766


6.
Debt

The Company's total borrowings as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
 
 
 
December 31, 2016
 
Fiscal Year End June 30, 2016
 
Maturity
 
 
Senior Debt
2020
 
$
553,333

 
$
554,480

Other debt obligations
2017-2023
 
1,106

 
1,172

Less: unamortized original issue discount ("OID") and debt issuance costs
 
 
(15,288
)
 
(17,860
)
Total
 
 
539,151

 
537,792

Less: Long-term debt due within one year
 
 
2,349

 
497

Total long-term debt
 
 
$
536,802

 
$
537,295

 
 
Senior Debt

The Company’s credit agreement, dated as of December 9, 2013 (as amended, the “Credit Agreement”), provides for a $540.0 million term loan facility (the “Term Loan"), a $25.0 million senior secured first-lien revolving loan facility (the “Revolver”), and a $55.0 million senior secured first-lien letters of credit facility (the “LC Facility” and, together with the Term Loan and Revolver, collectively referred to herein as the “Senior Debt”). Pursuant to an Incremental Amendment to the Credit Agreement, dated September 19, 2014 (the "Incremental Amendment"), the Company borrowed an incremental $60.0 million under the Term Loan, and continues to have the ability to increase the borrowings on the Term Loan under certain circumstances and subject to certain criteria; so long as, after giving effect to any additional amounts borrowed, the Company remains compliant with all covenants contained in the Credit Agreement. There were $39.8 million and $42.8 million of irrevocable standby letters of credit outstanding under the LC Facility at December 31, 2016 and June 30, 2016, respectively. There were no outstanding borrowings under the Revolver or draws on our outstanding letters of credit under the LC facility as of December 31, 2016 and June 30, 2016. On December 30, 2016, the Company executed the sixth amendment to the Credit Agreement, which primarily served to appoint Bank of America, N.A. as the Company's administrative agent.

Other Debt Obligations

Other debt obligations include various lending agreements, including a government loan agreement and a bank loan related to employee housing. The weighted average interest rate for other debt obligations was 5.3% for the six months ended December 31, 2016.


 
12
 
 
Notes to Condensed Consolidated Financial Statements
Three and Six Months Ended December 31, 2016 and 2015
(Unaudited)

Maturities

Current maturities represent principal payments due in the next 12 months. As of December 31, 2016, the long-term debt aggregate maturities for the 12 month periods ending December 31, for each of the following years are set forth below (in thousands):
2017
 
$
2,349

2018
 
6,136

2019
 
6,143

2020
 
539,431

2021
 
156

Thereafter
 
224

 
 
$
554,439

  
Interest Expense

The Term Loan bears interest based upon the LIBOR-based rate subject to a LIBOR floor of 1.00%. On October 14, 2016, certain of the subsidiaries of the Company, that guarantee the Senior Debt, entered into the fifth amendment (the “Fifth Amendment”) to the Credit Agreement. The Fifth Amendment decreased the applicable margin for base rate loans and Eurodollar rate loans under the Term Loan from 3.00% to 2.50% and from 4.00% to 3.50%, respectively. Additionally, the Fifth Amendment decreased the applicable margin for base rate loans and Eurodollar rate loans under the Revolver. The applicable margin for base rate loans under the Revolver decreased from 2.75% to 2.50%, if the total secured debt leverage ratio is greater than or equal to 4.50:1.00, and from 2.50% to 2.25% if the total secured debt leverage ratio is less than 4.50:1.00. The applicable margin for Eurodollar rate loans under the Revolver decreased from 3.75% to 3.50%, if the total secured debt leverage ratio is greater than or equal to 4.50:1.00, and from 3.50% to 3.25% if the total secured debt leverage ratio is less than 4.50:1.00. As of December 31, 2016, the applicable margin was 3.50% under the Term Loan, 3.25% under the Revolver and 4.50% under the LC Facility.

The Company recorded interest expense of $9.1 million and $10.3 million in the accompanying condensed consolidated statements of operations for the three months ended December 31, 2016 and 2015, respectively, of which $0.9 million and $0.9 million, respectively, was amortization of deferred financing costs and the OID. The Company recorded interest expense of $19.0 million and $20.4 million in the accompanying condensed consolidated statements of operations for the six months ended December 31, 2016 and 2015, respectively, of which $1.9 million and $1.8 million was amortization of deferred financing costs and the OID.

 
13
 
 
Notes to Condensed Consolidated Financial Statements
Three and Six Months Ended December 31, 2016 and 2015
(Unaudited)


7.    Accumulated Other Comprehensive Income (Loss) and Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)
 
The following table presents the changes in accumulated other comprehensive income (loss) ("AOCI"), by component, for the six months ended December 31, 2016 and 2015 (in thousands):
 
 
Realized portion on cash flow hedge
 
Actuarial loss on pensions
 
Foreign currency translation adjustments
 
Total
As of June 30, 2015
 
$
(1,919
)
 
$
(11,950
)
 
$
159,248

 
$
145,379

Amounts reclassified from AOCI
 
606

 
349

 
—

 
955

Foreign currency translation adjustments
 
(8
)
 
779

 
(31,882
)
 
(31,111
)
Net current period other comprehensive income (loss)
 
598

 
1,128

 
(31,882
)
 
(30,156
)
As of December 31, 2015
 
$
(1,321
)
 
$
(10,822
)
 
$
127,366

 
$
115,223

As of June 30, 2016
 
$
(733
)
 
$
(14,242
)
 
$
146,895

 
$
131,920

Amounts reclassified from AOCI
 
435

 
451

 
—

 
886

Foreign currency translation adjustments
 
(1
)
 
272

 
(8,337
)
 
(8,066
)
Net current period other comprehensive income (loss)
 
434

 
723

 
(8,337
)
 
(7,180
)
As of December 31, 2016
 
$
(299
)
 
$
(13,519
)
 
$
138,558

 
$
124,740


Other Comprehensive Income (Loss)

Other comprehensive income (loss) is derived from adjustments to reflect (i) foreign currency translation adjustments, (ii) realized portion of a cash flow hedge, and (iii) actuarial gain (loss) on pensions. The components of other comprehensive income (loss) for the three and six months ended December 31, 2016 and 2015 are as follows (in thousands):
 
 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
 
2016
 
2015
 
2016
 
2015
Foreign currency translation adjustments
 
$
(5,942
)
 
$
(8,845
)
 
$
(8,184
)
 
$
(31,326
)
Realized portion of cash flow hedge(a)
 
237

 
303

 
435

 
606

Actuarial gain (loss) on pensions(b)
 
225

 
163

 
451

 
349

Other comprehensive loss, net of tax of $0
 
(5,480
)
 
(8,379
)
 
(7,298
)
 
(30,371
)
Other comprehensive loss attributable to noncontrolling interest, net of tax of $0
 
(86
)
 
(59
)
 
(118
)
 
(215
)
Other comprehensive loss attributable to Intrawest Resorts Holdings, Inc., net of tax of $0
 
$
(5,394
)
 
$
(8,320
)
 
$
(7,180
)
 
$
(30,156
)
(a)
Amounts reclassified out of AOCI are included in interest expense in the accompanying condensed consolidated statements of operations.

(b)
Amounts reclassified out of AOCI are included in operating expenses in the accompanying condensed consolidated statements of operations.

 
8.    Income Taxes

The Company’s quarterly provision for income taxes is calculated using an estimated annual effective tax rate for the period, adjusted for discrete items that occurred within the period presented. The consolidated income tax provision attributable to the Company was a $0.6 million benefit and a $0.3 million expense for the three and six months ended December 31, 2016, respectively, and a $0.5 million benefit and a $1.3 million expense for the three and six months ended December 31, 2015, respectively, primarily relating to taxable Canadian helicopter operations. These amounts represent an effective tax rate of 3.1% and (0.5)% for the three and six months ended

 
14
 
 
Notes to Condensed Consolidated Financial Statements
Three and Six Months Ended December 31, 2016 and 2015
(Unaudited)

December 31, 2016, respectively; and an effective tax rate of 1.8% and (1.8)% for the three and six months ended December 31, 2015, respectively. The federal blended statutory rate was 28.9% and 31.9% for the three and six months ended December 31, 2016, respectively, and 29.5% and 31.5% for the three and six months ended December 31, 2015, respectively. The effective tax rates for the periods presented differ from the federal blended statutory rates due to changes in the recorded valuation allowances for entities in the United States and Canada.

9.    Commitments and Contingencies
 
Letters of Credit
 
The Company had issued letters of credit of $39.8 million and $42.8 million as of December 31, 2016 and June 30, 2016, respectively, mainly to secure the Company's commitments under the three closed noncontributory defined benefit pension plans covering certain of the Company's former executives and self-insurance claims. These outstanding letters of credit will expire in November 2018.
 
Legal
 
The Company is involved in various lawsuits and claims arising in the ordinary course of business and others arising from legacy real estate development. These lawsuits and claims may include, among other things, claims or litigation relating to personal injury and wrongful death, allegations of violations of laws and regulations relating to real estate activities and labor and employment, intellectual property and environmental matters and commercial contract disputes. The Company operates in multiple jurisdictions and, as a result, a claim in one jurisdiction may lead to claims or regulatory penalties in other jurisdictions.
 
Due to the nature of the activities at the Company's mountain resorts and CMH, the Company is exposed to the risk that customers or employees may be involved in accidents during the use, operation or maintenance of its trails, lifts, helicopters and facilities. As a result, the Company is, from time to time, subject to various lawsuits and claims in the ordinary course of business related to injuries occurring at the Company's properties.
 
In addition, the Company's pre-2010 legacy real estate development and sales activities, combined with the significant downward shift in real estate asset values that occurred in 2007 and 2008, resulted in claims arising in the ordinary course of business being filed against the Company by owners and prospective purchasers of residences of the Company's real estate developments. In some instances, the Company has been named as a defendant in lawsuits alleging construction defects at certain of the Company's existing developments or alleging that the Company failed to construct planned amenities. In other lawsuits, purchasers are seeking rescission of real estate purchases and/or return of deposits paid on pre-construction purchase and sale agreements. These claims are related to alleged violations of state and federal laws.
 
The Company believes that it has adequate insurance coverage or has adequately accrued for loss contingencies for all material matters in which it believes a loss is probable and the amount of the loss is reasonably estimable. Although the ultimate outcome of claims cannot be ascertained, current pending and threatened claims are not expected to have a material adverse effect, individually or in the aggregate, on the Company's financial position, results of operations or cash flows. However, regardless of their merits or their ultimate outcomes, such matters are costly, divert management’s attention and may affect the Company's reputation, even if resolved in the Company's favor.
 
Government Grants and Loans
 
The federal government of Canada and the provincial government of Quebec have granted financial assistance to certain subsidiaries of the Company in the form of reimbursable loans and forgivable grants for the construction of specified tourist facilities at Tremblant. The unamortized balance of forgivable government grants received is included in other long-term liabilities in the accompanying condensed consolidated balance sheets and recorded as a reduction in depreciation expense of the related fixed asset or a reduction in cost of sales for property under development at the time a sale is recognized. Reimbursable government loans are included in long-term debt and long-term debt due within one year in the accompanying condensed consolidated balance sheets. The reimbursable government loans have a weighted average borrowing rate of 6.4%.


 
15
 
 
Notes to Condensed Consolidated Financial Statements
Three and Six Months Ended December 31, 2016 and 2015
(Unaudited)

Reimbursable government loans and forgivable grants as of December 31, 2016 and June 30, 2016 in Canadian dollars ("CAD") and the U.S. dollar ("USD") equivalent are as follows (in thousands):
 
December 31, 2016
 
June 30, 2016
 
CAD
 
USD Equivalent
 
CAD
 
USD Equivalent
Loans
$
241

 
$
179

 
$
241

 
$
185

Grants
 
 
 
 
 
 
 
Received
89,298

 
66,506

 
89,298

 
68,643

Future advances
31,421

 
23,401

 
31,421

 
24,153

Total grants
$
120,719

 
$
89,907

 
$
120,719

 
$
92,796

 
Capital Leases

Capital lease obligations are primarily for equipment except for the lease of the Winter Park ski resort. The Winter Park capital lease requires annual payments, a portion of which are contingent on future annual gross revenue levels. As such, the obligation associated with the contingent portion of the payments is not readily determinable and has not been recorded. The Company is contractually obligated to make certain debt service payments on behalf of Winter Park Recreational Association as a requirement of the capital lease agreement.

Amortization of assets under capital leases is included in depreciation and amortization expense in the accompanying condensed consolidated statements of operations. The capital leases have a weighted average remaining term of 35 years and a weighted average interest rate of 9.9%.

Other

The Company holds certain forestry licenses and land leases with respect to its resort operations at Steamboat and Winter Park. These licenses and leases expire between 2047 and 2056 and provide for annual payments based on a percentage of sales that range between 1.5% and 4.0% of such sales. Payments for forestry licenses and land leases were $0.8 million for each of the three months ended December 31, 2016 and 2015 and $0.9 million for each of the six months ended December 31, 2016 and 2015.

10.    Segment Information
 
The Company currently manages and reports operating results through three segments: Mountain, Adventure and Real Estate. The Mountain segment includes the operations of the Company’s mountain resorts and related ancillary activities. The Mountain segment
earns revenue from a variety of activities, including lift revenue, lodging revenue, ski school revenue, retail and rental revenue, food and beverage revenue, and other revenue. The Adventure segment generates revenue from the sale of helicopter accessed skiing, mountaineering and hiking adventure packages, and ancillary services, such as fire suppression services, leasing, and maintenance, repair and overhaul of aircraft. The Real Estate segment includes the management of condominium hotel properties and real estate management, including marketing and sales activities, real estate development activities, and a vacation club business through the Disposition Date, as described in Note 3, "Dispositions".

Each of the Company’s segments offers distinctly different products and services and requires different types of management focus. As such, these segments are managed separately. In deciding how to allocate resources and assess performance, the Company’s Chief Operating Decision Maker (“CODM”) regularly evaluates the performance of the Company's segments on the basis of revenue and earnings, which are adjusted for certain items set forth in the reconciliation below, including interest, taxes, depreciation and amortization (“Adjusted EBITDA”). The Company also evaluates Adjusted EBITDA as a key compensation measure. The compensation committee of the board of directors reviews the annual variable compensation for certain members of the management team based, in part, on Adjusted EBITDA. The Company’s management believes that adjusted EBITDA is useful when comparing the segment performance over various reporting periods because it removes from the operating results the impact of items that the Company's management believes do not reflect the Company's core operating performance.
 
Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income (loss) or other measures of financial performance or liquidity derived in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other entities may not calculate Adjusted EBITDA in the same manner as the Company. The Company's definition of Adjusted EBITDA is generally consistent with the definition of Consolidated EBITDA in the Credit Agreement, with exceptions related

 
16
 
 
Notes to Condensed Consolidated Financial Statements
Three and Six Months Ended December 31, 2016 and 2015
(Unaudited)

to not adjusting for recurring public company costs and foreign currency adjustments related to operational activities and adjusting for executive management restructuring costs.

The Company defines Adjusted EBITDA as net income (loss) attributable to the Company. before interest expense, net (excluding interest income earned from receivables related to IRCG operations) prior to the Disposition Date, income tax benefit or expense and depreciation and amortization, further adjusted to exclude certain items, including, but not limited to: (i) impairments of goodwill, real estate and long-lived assets; (ii) gains and losses on asset dispositions; (iii) earnings and losses from equity method investments; (iv) gains and losses from remeasurement of equity method investments; (v) gains and losses on extinguishment of debt; (vi) other income or expense; (vii) earnings and losses attributable to noncontrolling interest; (viii) discontinued operations, net of tax; and (ix) other items, which include revenue and expenses of legacy and other non-core operations, restructuring charges and associated severance expenses, non-cash compensation and other items. For purposes of calculating Adjusted EBITDA, the Company also adds back to net income (loss) attributable to the Company the pro rata share of Adjusted EBITDA related to equity method investments included within the segments and removes from Adjusted EBITDA the Adjusted EBITDA attributable to noncontrolling interests for entities consolidated within the segments. Asset information by segment, except for capital expenditures as shown in the table below, is not included in reports used by the CODM in the monitoring of performance and, therefore, is not disclosed.
 
The accounting policies of the segments are the same as those described in Note 2, "Significant Accounting Policies". Transactions among segments are accounted for as if the sales or transfers were to third parties, or, in other words, at current market prices.




 
17
 
 
Notes to Condensed Consolidated Financial Statements
Three and Six Months Ended December 31, 2016 and 2015
(Unaudited)

The following tables present segment revenue reconciled to consolidated revenue and net income (loss) attributable to the Company reconciled to Adjusted EBITDA and Adjusted EBITDA by segment (in thousands):
 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
2016
 
2015
 
2016
 
2015
Revenue:
 
 
 
 
 
 
 
Mountain
 
 
 
 
 
 
 
Lift (1)
$
41,527

 
$
31,937

 
$
46,278

 
$
35,941

Lodging
14,006

 
11,547

 
30,967

 
26,866

Ski School (2)
7,949

 
6,662

 
8,622

 
7,272

Retail and Rental
15,050

 
11,195

 
22,653

 
18,652

Food and Beverage
12,356

 
10,338

 
22,709

 
19,970

Other
8,157

 
7,757

 
21,811

 
20,493

Total Mountain revenue
99,045

 
79,436

 
153,040

 
129,194

Adventure revenue
13,291

 
12,368

 
31,237

 
36,630

Real Estate revenue
8,226

 
11,403

 
16,505

 
23,216

Total segment revenue
120,562

 
103,207

 
200,782

 
189,040

Legacy, non-core and other revenue (3)
599

 
744

 
859

 
1,115

Total revenue
$
121,161

 
$
103,951

 
$
201,641

 
$
190,155

Net loss attributable to Intrawest Resorts Holdings, Inc.
$
(18,705
)
 
$
(27,305
)
 
$
(63,101
)
 
$
(74,348
)
Legacy and other non-core expenses, net (4)
814

 
2,092

 
1,617

 
4,442

Other operating expenses (5)
2,942

 
1,401

 
5,049

 
2,552

Depreciation and amortization
14,220

 
14,496

 
29,390

 
29,538

Loss (gain) on disposal of assets
1,480

 
(1,638
)
 
1,139

 
(2,327
)
Interest income (6)
(50
)
 
(65
)
 
(120
)
 
(136
)
Interest expense
9,059

 
10,269

 
18,967

 
20,431

(Earnings) loss from equity method investments (7)
(4,175
)
 
(1,702
)
 
(2,787
)
 
1,382

Loss on extinguishment of debt
820

 
—

 
820

 
—

Pro rata share of Adjusted EBITDA related to equity method investments (8)
716

 
853

 
1,836

 
1,545

Adjusted EBITDA attributable to noncontrolling interest
1,369

 
1,029

 
999


(1,133
)
Other expense (income), net (9)
256

 
(5,131
)
 
(218
)

(5,210
)
Income tax (benefit) expense
(623
)
 
(519
)
 
317


1,268

(Loss) income attributable to noncontrolling interest
(1,037
)
 
(708
)
 
(750
)

912

 Total Adjusted EBITDA
$
7,086

 
$
(6,928
)
 
$
(6,842
)
 
$
(21,084
)
Mountain Adjusted EBITDA
$
8,484

 
$
(5,136
)
 
$
(9,588
)
 
$
(25,923
)
Adventure Adjusted EBITDA (10)
(2,867
)
 
(3,489
)
 
(722
)
 
1,371

Real Estate Adjusted EBITDA (8)(11)
1,469

 
1,697

 
3,468

 
3,468

Total Adjusted EBITDA
$
7,086

 
$
(6,928
)
 
$
(6,842
)
 
$
(21,084
)

(1)
Lift revenue outside of the ski season is derived primarily from mountain biking and sightseeing lift products.

(2)
Ski School revenue outside of the ski season is derived primarily from mountain bike instruction at various resorts.

 
18
 
 
Notes to Condensed Consolidated Financial Statements
Three and Six Months Ended December 31, 2016 and 2015
(Unaudited)


(3)
Legacy, non-core and other revenue represents legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. It includes legacy real estate asset sales, divested non-core operations, and non-core retail revenue.

(4)
Legacy and other non-core expenses, net represents revenue and expenses of legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. Revenue and expenses related to legacy and other non-core operations include retail operations not located at the Company’s properties and legacy litigation consisting of claims for damages related to alleged construction defects, purported disclosure violations in real estate marketing sales and documents, and allegations that the Company failed to construct planned amenities.

(5)
Includes costs related to non-cash compensation, reduction in workforce severance and lease payments pursuant to the lease at Winter Park. The six months ended December 31, 2016 also includes $0.8 million of expenses for major IT infrastructure replacements, $0.7 million in fees associated with executing the Fifth Amendment and $0.5 million of business development related expenses.

(6)
Includes interest income unrelated to IRCG financing activities.

(7)
Represents the (earnings) losses from equity method investments, including: Chateau, MHM, and the Mammoth family of resorts.
    
(8)
Includes the Company’s pro rata share of Adjusted EBITDA from its equity method investments in MHM and Chateau. The pro rata share of Adjusted EBITDA represents the Company’s share of Adjusted EBITDA from these equity method investments based on the Company's economic ownership percentages.

(9)
Includes foreign currency transaction gains (losses), litigation settlement gains (losses), acquisition-related expenses, and other expenses.

(10)
Adventure segment Adjusted EBITDA excludes Adjusted EBITDA attributable to noncontrolling interest.

(11)
Real Estate segment Adjusted EBITDA includes interest income earned from receivables related to the IRCG operations until the Disposition Date, in the amount of $0.8 million and $1.7 million for the three and six months ended December 31,2015, respectively.

Capital Expenditures

The following table presents capital expenditures for each segment, reconciled to consolidated amounts for each of the three and six months ended December 31, 2016 and 2015 (in thousands):
 
 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
 
2016
 
2015
 
2016
 
2015
Capital expenditures:
 
 
 
 
 
 
 
 
Mountain
 
$
15,683

 
$
17,285

 
$
21,491

 
$
24,915

Adventure
 
4,224

 
2,980

 
7,609

 
4,325

Real Estate
 
4

 
115

 
121

 
238

Total segment capital expenditures
 
19,911

 
20,380

 
29,221

 
29,478

Corporate and other
 
1,645

 
2,362

 
2,683

 
3,053

Total capital expenditures
 
$
21,556

 
$
22,742

 
$
31,904

 
$
32,531


Geographic Data
 
The Company’s revenue by geographic region for each of the three and six months ended December 31, 2016 and 2015 consisted of the following (in thousands):
 
 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
 
2016
 
2015
 
2016
 
2015
Revenue:
 
 
 
 
 
 
 
 
United States
 
$
77,130

 
$
67,321

 
$
114,895


$
106,342

Canada
 
44,031

 
36,630

 
86,746

 
83,813

Total revenue
 
$
121,161

 
$
103,951

 
$
201,641

 
$
190,155


 
19
 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
The following discussion of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and the notes thereto included in this Quarterly Report on Form 10-Q, as well as the Company's Annual Report on Form 10-K for the year ended June 30, 2016 filed with the Securities Exchange Commission (the "SEC) on September 8, 2016, as amended by our Amendment to the Annual Report on Form 10-K/A filed with the SEC on November 3, 2016. In addition to historical consolidated financial information, the following discussion contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. See “Cautionary Note About Forward-Looking Statements” included elsewhere in this Quarterly Report on Form 10-Q. References herein to the "Company," "we," "us," or "our" are to Intrawest Resort Holdings, Inc. and its consolidated subsidiaries.

Overview
 
We are a North American mountain resort, adventure, and real estate company, delivering distinctive vacation and travel experiences to our customers for over three decades. We wholly own and/or operate six four-season mountain resorts with approximately 8,000 skiable acres and approximately 1,100 acres of land available for real estate development. Our mountain resorts are geographically diversified across North America’s major ski regions, including the Eastern United States, the Rocky Mountains and Canada. Our mountain resorts are located within an average of approximately 160 miles of major metropolitan markets with high concentrations of affluent skiers and several major national airports, including: New York City, Boston, Washington D.C., Denver, Pittsburgh, Montreal and Toronto. We also operate an adventure travel business, which includes Canadian Mountain Holidays (“CMH”), a leading heli-skiing adventure company in North America. CMH provides helicopter accessed skiing, mountaineering and hiking over approximately 3.0 million tenured acres. Additionally, we operate a comprehensive real estate business through which we manage condominium hotel properties and sell and market residential real estate. 
 
Our three segments are as follows:
 
•
Mountain: Our Mountain segment includes our mountain resort and lodging operations at Steamboat Ski & Resort (“Steamboat”), Winter Park Resort (“Winter Park”), Stratton Mountain Resort (“Stratton”), Snowshoe Mountain Resort (“Snowshoe”), Mont Tremblant Resort (“Tremblant”), and Blue Mountain Ski Resort (“Blue Mountain”).

•
Adventure: Our Adventure segment is comprised of CMH, which provides helicopter accessed skiing, mountaineering, and hiking in British Columbia, and our ancillary businesses that support CMH and provide commercial aviation services, such as firefighting, leasing and helicopter maintenance, and repair and overhaul (“MRO”) services to third parties.

•
Real Estate: Our Real Estate segment includes our real estate management, marketing and sales businesses, as well as our real estate development activities. Our Real Estate segment includes Intrawest Hospitality Management, Inc. (“IHM”), which manages condominium hotel properties including Honua Kai Resort and Spa in Maui, Hawaii and the Westin Monache Resort in Mammoth Lakes, California, Playground, our residential real estate sales and marketing business, our 50.0% interest in Mammoth Hospitality Management, L.L.C. (“MHM”) and our 57.1% economic interest in Chateau M.T. Inc. (“Chateau”), and formerly included the Intrawest Resort Club Group ("IRCG"), a vacation club business, until we sold the business on January 29, 2016 (the "Disposition Date"). Our Real Estate segment also includes costs associated with real estate development activities, such as planning activities and land carrying costs.

In addition to our segments, our consolidated financial results reflect items related to our legacy real estate development and sales activities and non-core assets and operations (referred to herein as “Legacy, non-core and other”).

Recent Transactions

IRCG Transaction

On January 29, 2016, the Company sold substantially all of the assets used in the operations of IRCG and all of the equity interests in certain wholly-owned subsidiaries of IRCG to Diamond Resorts Corporation and Diamond Resorts International, Inc. (together with Diamond Resorts Corporation, “Diamond”) for a purchase price of approximately $84.6 million (the “IRCG Transaction”).


 
20
 

Factors Affecting our Business
 
Economic Conditions

Our results of operations are affected by consumer discretionary spending. Numerous economic trends support the notion that the health of the general economy has improved in recent periods. We believe that if the economy continues to improve, consumers will have more disposable income and a greater inclination to engage in and spend money on leisure activities, which will positively impact our results of operations. We also believe that lower fuel prices experienced in recent periods can, if sustained, benefit the travel and leisure industry.
 
Snowfall and Weather

The timing and amount of snowfall and other weather conditions can have an impact on visitation and the financial results in primarily our Mountain and Adventure segments. Our resorts are geographically diversified and have strong snowmaking capabilities, which help to partially mitigate the impact of localized snow conditions and weather. In addition, our increasing percentage of revenue derived from season pass and frequency products sold prior to the ski season helps to insulate us from variations in snowfall and weather conditions. Prolonged periods of severe weather at our resorts and helicopter accessed skiing tenures can force us to cancel or suspend operations, which may have a negative impact on our financial results. Weather may also have an effect on our summer fire suppression activities and flight hours, as a significant share of our ancillary firefighting service revenue is from “as needed” contracts, which is based almost entirely on flight hours.
 
Season Pass and Frequency Product Usage

Season pass products offer unlimited access to lifts at our resorts, subject to certain exceptions and restrictions, for a fixed upfront payment. Frequency products are valid for a specific period of time or number of visits, providing our customers with flexibility to ski on multiple dates for a fixed price. The number of visits from season pass and frequency product holders is influenced by sales volume and usage levels. In recent ski seasons, season pass and frequency product sales have been increasing, while usage levels vary from one ski season to the next due primarily to changes in weather, snowfall and skiing conditions. A greater proportion of visits from season pass and frequency product holders results in downward pressure on the effective ticket price (“ETP”) since these passholders are skiing for a fixed upfront payment, regardless of the number of times they visit. This downward pressure on ETP is more pronounced in ski seasons with higher snowfall, as season pass holders increase their usage. Similarly, a greater proportion of visits from season pass and frequency product holders may result in downward pressure on Revenue Per Visit, as defined in "Key Business Metrics Evaluated by Management". We expect the volume and pricing of season pass and frequency product sales to continue to increase in future ski seasons; however, ETP and Revenue Per Visit in any given ski season may increase or decrease as a result of the mix of visitors and pass products.
 
Seasonality and Fluctuations in Quarterly Results

Our business is seasonal in nature. Although we operate four-season resorts, based upon historical results, we generate the highest revenue between our second and third fiscal quarters, which includes the peak ski season. As a result of the seasonality of our business, our mountain resorts and CMH typically experience operating losses during the first and fourth quarters of each fiscal year. In addition, during our peak quarters, we generate the highest daily revenue on weekends, during the Christmas/New Year’s and Presidents’ Day holiday periods and, in the case of our mountain resorts, during school spring breaks. Depending on how peak periods, holidays and weekends fall on the calendar, in any given year we may have more or less peak periods, holidays and weekends in our second fiscal quarter compared to prior years, with a corresponding difference in our third fiscal quarter. These differences can result in material differences in our quarterly results of operations and affect the comparability of our results of operations.


 
21
 

The following table contains selected unaudited segment information for the quarter ended December 31, 2016 and the four preceding quarters (in thousands):
 
Three Months Ended
 
December 31, 2016
 
September 30, 2016
 
June 30, 2016
 
March 31, 2016
 
December 31, 2015
Mountain revenue
$
99,045

 
$
53,994

 
$
36,781

 
$
255,357

 
$
79,436

Adventure revenue
13,291

 
17,946

 
18,939

 
48,835

 
12,368

Real Estate revenue
8,226

 
8,279

 
9,245

 
9,973

 
11,403

Total segment revenue
$
120,562

 
$
80,219

 
$
64,965

 
$
314,165

 
$
103,207


 
Three Months Ended
 
December 31, 2016
 
September 30, 2016
 
June 30, 2016
 
March 31, 2016
 
December 31, 2015
Mountain Adjusted EBITDA
$
8,484

 
$
(18,073
)
 
$
(26,447
)
 
$
136,704

 
$
(5,136
)
Adventure Adjusted EBITDA
(2,867
)
 
2,145

 
(471
)
 
21,246

 
(3,489
)
Real Estate Adjusted EBITDA
1,469

 
1,999

 
(191
)
 
3,346

 
1,697

Total Adjusted EBITDA
$
7,086

 
$
(13,929
)
 
$
(27,109
)
 
$
161,296

 
$
(6,928
)

See "Non-GAAP Financial Measures" below for reconciliations between non-GAAP financial measures and the most directly comparable GAAP (as defined below) measures.

Resort Real Estate Markets

We intend to resume development of residential vacation homes at our mountain resorts or other resort properties when market conditions are favorable. The value and sales volume of vacation homes fluctuate with macroeconomic trends and consumer sentiment. During recent periods we have seen a partial recovery in the market for vacation homes.

Foreign Currency Fluctuation Risk

We present our financial statements in United States dollars ("U.S. dollars"). Our operating results are sensitive to fluctuations in foreign currency exchange rates, as a significant portion of our revenue and operating expenses is transacted in Canadian dollars, principally at Tremblant, Blue Mountain and within our Adventure segment. A significant fluctuation in the Canada/U.S. exchange rate could therefore have a significant impact on our results of operations after translating our Canadian operations into U.S. dollars. See Part I - Item 3, Quantitative and Qualitative Disclosures About Market Risk, "Foreign Currency Fluctuations".

Where we discuss the impact of foreign currency adjustments on our results of operations, the impact is calculated on a constant U.S. dollars basis. We calculate constant U.S. dollar amounts by applying prior year period average exchange rates to the current comparable period.

 
22
 

Results of Operations

The following historical consolidated statements of operations for the three and six months ended December 31, 2016 and 2015 have been derived from the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. Set forth below is a discussion of our consolidated results of operations followed by a discussion of our segment results.
 
Comparison of Results of Operations for the Three and Six Months Ended December 31, 2016 and 2015 (dollars in thousands)

 
Three Months Ended December 31,
 
Change
 
Six Months Ended December 31,
 
Change
 
2016
 
2015
 
$
 
%
 
2016
 
2015
 
$
 
%
Revenue
$
121,161

 
$
103,951

 
$
17,210

 
16.6
 %
 
$
201,641

 
$
190,155

 
$
11,486

 
6.0
 %
Operating expenses
119,916

 
117,074

 
2,842

 
2.4
 %
 
217,984

 
220,322

 
(2,338
)
 
(1.1
)%
Depreciation and amortization
14,220

 
14,496

 
(276
)
 
(1.9
)%
 
29,390

 
29,538

 
(148
)
 
(0.5
)%
Loss (gain) on disposal of assets
1,480

 
(1,638
)
 
3,118

 
(190.4
)%
 
1,139

 
(2,327
)
 
3,466

 
(148.9
)%
Loss from operations
(14,455
)
 
(25,981
)
 
11,526

 
(44.4
)%
 
(46,872
)
 
(57,378
)
 
10,506

 
(18.3
)%
Interest expense, net
(9,009
)
 
(9,384
)
 
375

 
(4.0
)%
 
(18,847
)
 
(18,618
)
 
(229
)
 
1.2
 %
Earnings (loss) from equity method investments
4,175

 
1,702

 
2,473

 
145.3
 %
 
2,787

 
(1,382
)
 
4,169

 
n/m

Loss on extinguishment of debt
(820
)
 
—

 
(820
)
 
(100.0
)%
 
(820
)
 
—

 
(820
)
 
(100.0
)%
Other (expense) income, net
(256
)
 
5,131

 
(5,387
)
 
(105.0
)%
 
218

 
5,210

 
(4,992
)
 
(95.8
)%
Loss before income taxes
(20,365
)
 
(28,532
)
 
8,167

 
(28.6
)%
 
(63,534
)
 
(72,168
)
 
8,634

 
(12.0
)%
Income tax (benefit) expense
(623
)
 
(519
)
 
(104
)
 
20.0
 %
 
317

 
1,268

 
(951
)
 
(75.0
)%
Net loss
(19,742
)
 
(28,013
)
 
8,271

 
(29.5
)%
 
(63,851
)
 
(73,436
)
 
9,585

 
(13.1
)%
(Loss) income attributable to noncontrolling interest
(1,037
)
 
(708
)
 
(329
)
 
46.5
 %
 
(750
)
 
912

 
(1,662
)
 
(182.2
)%
Net loss attributable to Intrawest Resorts Holdings, Inc.
$
(18,705
)
 
$
(27,305
)
 
$
8,600

 
(31.5
)%
 
$
(63,101
)
 
$
(74,348
)
 
$
11,247

 
(15.1
)%

n/m - Calculation is not meaningful

Revenue

Revenue increased in the three months ended December 31, 2016 compared to the three months ended December 31, 2015 primarily due to an increase of $17.4 million in total segment revenue. Total segment revenue in the three months ended December 31, 2016 included increases of $19.6 million and $0.9 million in Mountain revenue and Adventure revenue, respectively, partially offset by a decrease of $3.2 million in Real Estate revenue. Revenue in the three months ended December 31, 2015 included $4.2 million of revenue from IRCG prior to the Disposition Date. Excluding the IRCG revenue, revenue increased by $21.4 million, or 21.4%, in the three months ended December 31, 2016 compared to the same period of the prior year.

Revenue increased in the six months ended December 31, 2016 compared to the six months ended December 31, 2015 primarily due to an increase of $11.7 million in total segment revenue. Total segment revenue in the six months ended December 31, 2016 included an increase of $23.8 million in Mountain revenue, partially offset by decreases of $5.4 million and $6.7 million in Adventure revenue and Real Estate revenue, respectively. Revenue in the six months ended December 31, 2015 included $8.6 million of revenue from IRCG prior to the Disposition Date. Excluding the IRCG revenue, revenue increased by $20.1 million, or 11.0%, in the six months ended December 31, 2016 compared to the same period of the prior year.

 
23
 


Operating expenses

Operating expenses increased in the three months ended December 31, 2016 compared to the three months ended December 31, 2015 primarily as a result of an increase of $2.7 million in total segment operating expenses. Total segment operating expenses in the three months ended December 31, 2016 included increases of $6.0 million and $0.6 million in Mountain and Adventure operating expenses, respectively, partially offset by a decrease of $3.9 million in Real Estate operating expenses. Operating expenses in the three months ended December 31, 2015 included $4.2 million of operating expenses from IRCG prior to the Disposition Date. Excluding the IRCG operating expense, operating expenses increased by $7.1 million, or 6.3%, in the three months ended December 31, 2016 compared to the same period of the prior year.

Operating expenses decreased in the six months ended December 31, 2016 compared to the six months ended December 31, 2015 primarily due to decreases of $1.8 million and $0.6 million in total segment operating expenses and Legacy, non-core and other expenses, respectively. Total segment operating expenses in the six months ended December 31, 2016 included decreases of $8.1 million and $1.2 million in Real Estate and Adventure operating expenses, respectively, partially offset by an increase of $7.5 million in Mountain operating expense. Operating expenses in the six months ended December 31, 2015 included $8.6 million of operating expenses from IRCG prior to the Disposition Date. Excluding the IRCG operating expense, operating expenses increased by $6.3 million, or 3.0%, in the six months ended December 31, 2016 compared to the same period of the prior year.

Depreciation and amortization

Depreciation and amortization decreased slightly by $0.3 million and $0.1 million, in the three and six months ended December 31, 2016, respectively, compared to the same periods of the prior year primarily due to the closing of the IRCG Transaction in January 2016, which resulted in us no longer recording the related depreciation and amortization.

Loss (gain) on disposal of assets

In the three months ended December 31, 2016, the loss on disposal of assets of $1.5 million was primarily attributable to the write-off of a damaged helicopter with a book value of $1.3 million. In the three months ended December 31, 2015, the gain on disposal of assets of $1.6 million was primarily due to the completion of a non-monetary exchange of helicopter assets with an independent third party, acquiring four helicopters in exchange for two. A $1.7 million gain resulted from the fair value of the helicopters received exceeding the net book value of helicopters sold.

In the six months ended December 31, 2016, the loss on disposal of assets of $1.1 million was primarily attributable to the write-off of a damaged helicopter with a book value of $1.3 million. In the six months ended December 31, 2015, the gain on disposal of assets of $2.3 million was primarily due to the completion of a non-monetary exchange of helicopter assets with an independent third party, acquiring four helicopters in exchange for two. A $1.7 million gain resulted from the fair value of the helicopters received exceeding the net book value of helicopters sold. Additionally, we recognized a gain due to the insurance proceeds received exceeding the net book value of a damaged helicopter.

Interest expense, net

Interest expense, net, decreased by $0.4 million, or 4.0%, in the three months ended December 31, 2016 compared to the three months ended December 31, 2015 as a result of lower interest expense partially offset by lower interest income. Interest expense decreased as a result of the reduced outstanding principal balance of the Term Loan. We made principal payments of $8.8 million in January 2016 due to an excess cash flow payment and $25.0 million in April 2016 in conjunction with executing the fourth amendment ("Fourth Amendment") to our existing Credit Agreement. Execution of the fifth amendment ("Fifth Amendment") to our existing Credit Agreement in October 2016 further reduced the interest rate by 50 basis points. Interest income decreased primarily due to lower notes receivable as a result of the IRCG disposition on January 29, 2016.


 
24
 

Interest expense, net, increased by $0.2 million, or 1.2%, in the six months ended December 31, 2016 compared to the six months ended December 31, 2015 as a result of lower interest income partially offset by lower interest expense. Interest income decreased primarily due to lower notes receivable as a result of the IRCG disposition on January 29, 2016. Interest expense decreased as a result of the reduced outstanding principal balance of the Term Loan. We made principal payments of $8.8 million in January 2016 due to an excess cash flow payment and $25.0 million in April 2016 in conjunction with executing the Fourth Amendment. Execution of the Fifth Amendment in October 2016 further reduced the interest rate by 50 basis points.

Earnings (loss) from equity method investments

Earnings (loss) from equity method investments increased by $2.5 million in the three months ended December 31, 2016 compared to the three months ended December 31, 2015 primarily due to increased earnings from our investments in MHM and the Mammoth family of resorts.

Earnings (loss) from equity method investments increased by $4.2 million in the six months ended December 31, 2016 compared to the six months ended December 31, 2015 primarily driven by increased earnings from our investment in MHM coupled with improved results from our investment in the Mammoth family of resorts. These increases were in part due to higher summer visitation and biking activities which led to increased lodging, food and beverage and other earnings compared to the same period of the prior year.

Loss on extinguishment of debt

In the three and six months ended December 31, 2016, we recognized a $0.8 million loss on extinguishment of debt as a result of amending our Senior Debt during the three months ended December 31, 2016. There was no comparable transaction in the prior year period.

Other (expense) income, net

Other income, net, decreased by $5.4 million and $5.0 million in the three and six months ended December 31, 2016, respectively, compared to the same periods of the prior year primarily due to a favorable legacy legal settlement during the three months ended December 31, 2015. There was no comparable transaction in the current year period.

Income tax (benefit) expense

The consolidated income tax benefit was $0.6 million and $0.5 million in the three months ended December 31, 2016 and 2015, respectively, representing effective tax rates of 3.1% and 1.8%, respectively. The consolidated income tax expense was $0.3 million and $1.3 million in the six months ended December 31, 2016 and 2015, respectively, representing effective tax rates of (0.5)% and (1.8)%, respectively. The income tax (benefit) expense primarily relates to taxable Canadian helicopter operations.

 
25
 

Results of Segment Operations (in thousands)
 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
2016
 
2015
 
2016
 
2015
Mountain revenue
$
99,045

 
$
79,436

 
$
153,040

 
$
129,194

Adventure revenue
13,291

 
12,368

 
31,237

 
36,630

Real Estate revenue
8,226

 
11,403

 
16,505

 
23,216

Total segment revenue
$
120,562

 
$
103,207

 
$
200,782

 
$
189,040

Mountain Adjusted EBITDA
$
8,484

 
$
(5,136
)
 
$
(9,588
)
 
$
(25,923
)
Adventure Adjusted EBITDA
(2,867
)
 
(3,489
)
 
(722
)
 
1,371

Real Estate Adjusted EBITDA
1,469

 
1,697

 
3,468

 
3,468

Total Adjusted EBITDA
$
7,086

 
$
(6,928
)
 
$
(6,842
)
 
$
(21,084
)

See "Non-GAAP Financial Measures" below for reconciliations between non-GAAP financial measures and the most directly comparable GAAP measures.

Key Business Metrics Evaluated by Management 

"Skier Visits" represents the total of each individual’s use of a paid or complimentary ticket, frequency card or season pass product to ski or snowboard at our mountain resorts for any part of one day. We measure visitation volume during the ski season, which is when most of our lift revenue is earned, by the number of Skier Visits at our resorts. The number of Skier Visits, viewed in conjunction with ETP (defined below), is an important indicator of our lift revenue. Changes in the number of Skier Visits have an impact on Mountain revenue. The number of Skier Visits is affected by numerous factors, including the quality of the guest experience, the effectiveness of our marketing efforts, pricing policies, snow and weather conditions, overall industry trends, macroeconomic factors and the relative attractiveness of our resort offerings compared to competitive offerings. 

"Revenue per Visit" is total Mountain revenue recorded during the ski season divided by total Skier Visits during such period. This metric excludes non-ski season revenue, which is not directly correlated to visitor growth. Revenue per Visit is influenced by our mix of guests. Destination guests are more likely to purchase ancillary products and services than regional guests and a higher percentage of destination guests in our skier mix typically increases Revenue per Visit.

"Effective ticket price" or "ETP" is determined by dividing Lift revenue recorded during the ski season by total Skier Visits. We measure average ticket price during a given period by calculating our ETP. ETP is influenced by lift product mix and other factors. Season pass products offer unlimited access, subject to certain exceptions and restrictions, for a fixed upfront payment. As a result, season passholders skiing more frequently in a given fiscal period as compared to the corresponding prior year period will result in downward pressure on ETP. This downward pressure on ETP is more pronounced in ski seasons with higher snowfall, as season pass holders increase their usage. Conversely, single- and multi-day lift ticket products are priced per visit, and therefore a greater proportion of use of these products will tend to increase our ETP. Other factors that influence ETP include the number of complimentary or special promotional passes issued by us, the average age of skiers visiting our resorts, the volume of group or promotional sales and the relative volume of products sold through different sales channels, including our call centers, our ecommerce platform and our network of third-party online and traditional travel companies. Products sold at the ticket counter, which has been a declining percentage of Lift revenue in recent years, are typically priced higher relative to other channels because walk-up customers are our least price sensitive guests.

"Revenue per available room" or "RevPAR" is determined by dividing gross room revenue during a given period by the number of units available to guests during such period. 

"Average Daily Rate" or "ADR" is determined by dividing gross room revenue during a given period by the number of occupied units under management during such period. ADR is a measure commonly used in the lodging industry, as well as by our management, to track lodging pricing trends. ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a lodging operation. ADR is affected by numerous factors, including the quality of the guest experience, the effectiveness of our

 
26
 

marketing efforts, snow and weather conditions, overall industry trends, macroeconomic factors and the relative attractiveness of our resort offerings compared to competitive offerings.

Comparison of Mountain Results for the Three and Six Months Ended December 31, 2016 and 2015 (dollars in thousands except for Key Business Metrics)
 
Three Months Ended December 31,
 
Change
 
Six Months Ended December 31,
 
Change
 
2016
 
2015
 
$
 
%
 
2016
 
2015
 
$
 
%
Skier Visits
797,794

 
627,810

 
169,984

 
27.1
 %
 
797,794

 
627,810

 
169,984

 
27.1
 %
Revenue per Visit
$
110.35

 
$
111.29

 
$
(0.94
)
 
(0.8
)%
 
$
110.35

 
$
111.29

 
$
(0.94
)
 
(0.8
)%
ETP
$
50.92

 
$
49.72

 
$
1.20

 
2.4
 %
 
$
50.92

 
$
49.72

 
$
1.20

 
2.4
 %
RevPAR
$
57.82

 
$
43.97

 
$
13.85

 
31.5
 %
 
$
63.46

 
$
53.06

 
$
10.40

 
19.6
 %
ADR
$
176.77

 
$
152.12

 
$
24.65

 
16.2
 %
 
$
157.13

 
$
140.74

 
$
16.39

 
11.6
 %
Mountain revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lift
$
41,527

 
$
31,937

 
$
9,590

 
30.0
 %
 
$
46,278

 
$
35,941

 
$
10,337

 
28.8
 %
Lodging
14,006

 
11,547

 
2,459

 
21.3
 %
 
30,967

 
26,866

 
4,101

 
15.3
 %
Ski School
7,949

 
6,662

 
1,287

 
19.3
 %
 
8,622

 
7,272

 
1,350

 
18.6
 %
Retail and Rental
15,050

 
11,195

 
3,855

 
34.4
 %
 
22,653

 
18,652

 
4,001

 
21.5
 %
Food and Beverage
12,356

 
10,338

 
2,018

 
19.5
 %
 
22,709

 
19,970

 
2,739

 
13.7
 %
Other
8,157

 
7,757

 
400

 
5.2
 %
 
21,811

 
20,493

 
1,318

 
6.4
 %
Total Mountain revenue
$
99,045

 
$
79,436

 
$
19,609

 
24.7
 %
 
$
153,040

 
$
129,194

 
$
23,846

 
18.5
 %
Mountain Adjusted EBITDA
$
8,484

 
$
(5,136
)
 
$
13,620

 
n/m

 
$
(9,588
)
 
$
(25,923
)
 
$
16,335

 
(63.0
)%

Mountain revenue

Mountain revenue increased in the three months ended December 31, 2016 compared to the three months ended December 31, 2015, primarily attributable to a higher number of Skier Visits at our Eastern resorts. In fiscal 2016, Eastern resorts experienced unseasonably warm weather and lack of snowfall. In fiscal 2017, Eastern resorts have had more normal weather conditions.

Mountain revenue increased in the six months ended December 31, 2016 compared to the six months ended December 31, 2015, primarily attributable to a higher number of Skier Visits at our Eastern resorts. In fiscal 2016, Eastern resorts experienced unseasonably warm weather and lack of snowfall. In fiscal 2017, Eastern resorts have had more normal weather conditions. Additionally, lodging revenue increased due to more room nights and higher ADR at our Eastern resorts as a result of higher summer visitation.

Lift revenue

Lift revenue increased in the three months ended December 31, 2016 compared to the three months ended December 31, 2015. The increase was primarily due to a higher number of Skier Visits at our Eastern resorts and an increase in season pass and frequency product revenue. Season pass and frequency product revenue for the 2016/2017 ski season increased 23.0% in the three months ended December 31, 2016 compared to the same period in the prior year and comprised 48.0% and 50.7% of Lift revenue for the three months ended December 31, 2016 and 2015, respectively, with the East returning to more normal weather conditions. Season pass revenue, for which cash is generally collected prior to the ski season, is recognized based on historical usage patterns. Frequency product revenue is recognized as used, and unused portions ("breakage") are recognized based on historical usage for each frequency product.

As our ski resorts opened during our second quarter, the results of the six months ended December 31, 2016 and 2015 for Lift revenue are largely the same as the results for the three months ended December 31, 2016 and 2015. During the summer season, Lift revenue primarily relates to mountain biking and sightseeing products, which increased slightly in the six months ended December 31, 2016 compared to the six months ended December 31, 2015 primarily due to higher summer visitation.
 

 
27
 

Lodging revenue
    
Lodging revenue increased in the three months ended December 31, 2016 compared to the three months ended December 31, 2015 primarily due to a higher number of room nights and higher ADR.

Lodging revenue increased in the six months ended December 31, 2016 compared to the six months ended December 31, 2015 primarily due to a higher number of room nights and higher ADR. Additionally, during the summer season, lodging revenue increased at our Eastern resorts as a result of higher summer visitation.
 
Ski School revenue

Ski School revenue increased in the three months ended December 31, 2016 compared to the three months ended December 31, 2015 primarily due to an increase in Skier Visits at our Eastern resorts, including increase in participation in competitive programs partially offset by a slight decrease at our Colorado resorts due to delayed opening resulting from lack of early season snowfall.

As our ski resorts opened during our second quarter, the results of the six months ended December 31, 2016 and 2015 for Ski School revenue are largely the same as the results for the three months ended December 31, 2016 and 2015. During the summer, Ski School revenue is derived from mountain bike instruction and child care, which increased slightly in the six months ended December 31, 2016 compared to the six months ended December 31, 2015.

Retail and Rental revenue

Retail and Rental revenue increased in the three months ended December 31, 2016 compared to the three months ended December 31, 2015 primarily due to a higher number of Skier Visits at our Eastern resorts and operating additional stores in the three months ended December 31, 2016 compared to the same period in 2015.

Retail and Rental revenue increased in the six months ended December 31, 2016 compared to the six months ended December 31, 2015 primarily due to a higher number of Skier Visits at our Eastern resorts and operating additional stores in the six months ended December 31, 2016 compared to the same period in 2015.
    
Food and Beverage revenue

Food and Beverage revenue increased in the three months ended December 31, 2016 compared to the three months ended December 31, 2015 primarily due to a higher number of Skier Visits at our Eastern resorts.

Food and Beverage revenue increased in the six months ended December 31, 2016 compared to the six months ended December 31, 2015 primarily due to a higher number of Skier Visits at our Eastern resorts. Additionally, during summer season, Food and Beverage revenue increased due to higher summer visitation and more special events, including weddings and banquets.

Other revenue

Other revenue increased in the three months ended December 31, 2016 compared to the three months ended December 31, 2015 primarily due to increased amenity fees driven by higher visitation.

Other revenue increased in the six months ended December 31, 2016 compared to the six months ended December 31, 2015 primarily due to increased amenity fees driven by higher visitation, including summer visitation, and higher revenue from more summer attractions.

 

 
28
 

Mountain Adjusted EBITDA

Mountain Adjusted EBITDA increased in the three months ended December 31, 2016 compared to the three months ended December 31, 2015 primarily due to a $19.6 million increase in Mountain revenue, partially offset by a $6.0 million increase in Mountain operating expenses. Mountain operating expenses increased from $84.6 million in the three months ended December 31, 2015 to $90.6 million in the three months ended December 31, 2016 as a result of increased variable expenses associated with higher visitation volume, which was partially offset by a $1.4 million decrease in general and administrative expenses.

Mountain Adjusted EBITDA increased in the six months ended December 31, 2016 compared to the six months ended December 31, 2015 primarily due to a $23.8 million increase in Mountain revenue, partially offset by a $7.5 million increase in Mountain operating expenses. Mountain operating expenses increased from $155.1 million in the six months ended December 31, 2015 to $162.6 million in the six months ended December 31, 2016 as a result of increased variable expenses associated with higher visitation volume, which was partially offset by a $1.3 million decrease in general and administrative expenses.

Comparison of Adventure Results for the Three and Six Months Ended December 31, 2016 and 2015 (dollars in thousands)
 
Three Months Ended December 31,
 
Change
 
Six Months Ended December 31,
 
Change
 
2016
 
2015
 
$
 
%
 
2016
 
2015
 
$
 
%
Adventure revenue
$
13,291


$
12,368

 
$
923

 
7.5
 %
 
$
31,237

 
$
36,630

 
$
(5,393
)
 
(14.7
)%
Adventure Adjusted EBITDA
$
(2,867
)

$
(3,489
)
 
$
622

 
(17.8
)%
 
$
(722
)
 
$
1,371

 
$
(2,093
)
 
(152.7
)%

Adventure revenue

Adventure revenue increased in the three months ended December 31, 2016 compared to the three months ended December 31, 2015 primarily related to an increase in ancillary aviation services revenue, due to an increase in helicopter MRO services resulting from higher billable hours and helicopter part sales.

Adventure revenue decreased in the six months ended December 31, 2016 compared to the six months ended December 31, 2015 primarily due to a $5.7 million decrease in ancillary aviation services as a result of reduced flight hours. The ancillary aviation services revenue in the six months ended December 31, 2015 was elevated primarily due to fire suppression related activities for above average forest fire activity, which did not recur in the six months ended December 31, 2016.

Adventure Adjusted EBITDA

Adventure Adjusted EBITDA improved in the three months ended December 31, 2016 compared to the three months ended December 31, 2015 primarily due to a $0.9 million increase in Adventure revenue, partially offset by a $0.6 million increase in Adventure operating expenses, which increased from $16.9 million in the three months ended December 31, 2015 to $17.5 million in the three months ended December 31, 2016. The increase in Adventure operating expenses in the three months ended December 31, 2016 was primarily due to an increase in variable MRO expenses associated with higher billable hours. After removing $1.4 million of Adjusted EBITDA attributable to the 80.0% interest in Alpine Helicopters that is owned by a third party, Adventure Adjusted EBITDA increased by $0.6 million.

Adventure Adjusted EBITDA decreased in the six months ended December 31, 2016 compared to the six months ended December 31, 2015 primarily due to a $5.4 million decrease in Adventure revenue, partially offset by a $1.2 million decrease in Adventure operating expenses, which decreased from $34.1 million in the six months ended December 31, 2015 to $33.0 million in the six months ended December 31, 2016. The decrease in Adventure operating expenses in the six months ended December 31, 2016 was primarily attributable to lower variable expenses associated with the decrease in fire suppression activities and associated flight hours. After removing $1.0 million of Adjusted EBITDA attributable to the 80.0% interest in Alpine Helicopters that is owned by a third party, Adventure Adjusted EBITDA decreased by $2.1 million.



 
29
 

Comparison of Real Estate Results for the Three and Six Months Ended December 31, 2016 and 2015 (dollars in thousands)
 
Three Months Ended December 31,
 
Change
 
Six Months Ended December 31,
 
Change
 
2016
 
2015
 
$
 
%
 
2016
 
2015
 
$
 
%
Real Estate revenue
$
8,226

 
$
11,403

 
$
(3,177
)
 
(27.9
)%
 
$
16,505

 
$
23,216

 
$
(6,711
)
 
(28.9
)%
Real Estate Adjusted EBITDA
$
1,469

 
$
1,697

 
$
(228
)
 
(13.4
)%
 
$
3,468

 
$
3,468

 
$
0

 
0.0
 %
 
Real Estate revenue

Real Estate revenue decreased in the three months ended December 31, 2016 compared to the three months ended December 31, 2015 due to the sale of IRCG in the prior year. Excluding IRCG revenue of $4.2 million in the three months ended December 31, 2015, Real Estate revenue increased by $1.0 million, or 13.7%, in the three months ended December 31, 2016 compared to the same period in the prior year, primarily as a result of higher occupancy and higher ADR at our IHM properties and $0.4 million of revenue from the sale of a parcel of land at Showshoe.

Real Estate revenue decreased in the six months ended December 31, 2016 compared to the six months ended December 31, 2015 due to the sale of IRCG in the prior year. Excluding IRCG revenue of $8.6 million in the six months ended December 31, 2015, Real Estate revenue increased by $1.9 million, or 12.7%, in the six months ended December 31, 2016 compared to the same period in the prior year, primarily as a result of higher occupancy and higher ADR at our IHM properties and $0.4 million of revenue from the sale of a parcel of land at Showshoe.

Real Estate Adjusted EBITDA

Real Estate Adjusted EBITDA decreased in the three months ended December 31, 2016 compared to the three months ended December 31, 2015 primarily due to a $0.8 million decrease of interest income earned from receivables related to IRCG as a result of the sale of IRCG in the prior year and a $3.2 million decrease in Real Estate revenue, partially offset by a $3.9 million decrease in Real Estate operating expenses. Real Estate operating expenses decreased from $11.4 million in the three months ended December 31, 2015 to $7.5 million in the three months ended December 31, 2016, primarily due to the sale of IRCG in the prior year. Excluding IRCG operating expenses of $4.2 million in the three months ended December 31, 2015, Real Estate operating expenses increased by $0.3 million, or 4.7%, in the three months ended December 31, 2016 compared to the same period in the prior year, primarily due to increased variable expenses associated with the higher occupancy at our IHM properties.

Real Estate Adjusted EBITDA was flat in the six months ended December 31, 2016 compared to the six months ended December 31, 2015. Real Estate revenue decreased by $6.7 million partially offset by an $8.1 million decrease in Real Estate operating expenses. Real Estate Adjusted EBITDA was further decreased by $1.7 million of interest income earned from receivables related to IRCG as a result of the sale of IRCG in the prior year.


Non-GAAP Financial Measures 
 
We use Adjusted EBITDA, as defined in Part I - Item 1, Financial Statements (unaudited), Note 10, "Segment Information", as a measure of our operating performance. Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is not a substitute for net income (loss), income (loss) from continuing operations, cash flows from operating activities or any other measure prescribed by accounting principles generally accepted in the United States of America ("GAAP").
 
Our board of directors and management team focus on Adjusted EBITDA as a key performance and compensation measure. Adjusted EBITDA assists us, and we believe that it assists investors, in comparing our performance over various reporting periods because it removes from our operating results the impact of items that our management believes do not reflect our core operating performance. The compensation committee of our board of directors will determine the annual variable compensation for certain members of our management team based, in part, on Adjusted EBITDA.
 

 
30
 

There are limitations to using non-GAAP financial measures such as Adjusted EBITDA. Although we believe that Adjusted EBITDA can make an evaluation of our operating performance more consistent because it removes items that do not reflect our core operations, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA to compare the performance of those companies to our performance. Adjusted EBITDA should not be considered as a measure of the income generated by our business or discretionary cash available to us to invest in the growth of our business. Our management compensates for these limitations by reference to our results and by using Adjusted EBITDA as a supplemental measure. Our definition of Adjusted EBITDA is generally consistent with the definition of Consolidated EBITDA in the Credit Agreement, with exceptions related to not adjusting for recurring public company costs and foreign currency adjustments related to operational activities and adjusting for executive management restructuring costs.

 
The following table reconciles net loss attributable to the Company to total Adjusted EBITDA for the periods presented (in thousands):
 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
2016
 
2015
 
2016
 
2015
Net loss attributable to Intrawest Resorts Holdings, Inc.
$
(18,705
)
 
$
(27,305
)
 
$
(63,101
)
 
$
(74,348
)
Legacy and other non-core expenses, net
814

 
2,092

 
1,617

 
4,442

Other operating expenses
2,942

 
1,401

 
5,049

 
2,552

Depreciation and amortization
14,220

 
14,496

 
29,390

 
29,538

Loss (gain) on disposal of assets
1,480

 
(1,638
)
 
1,139

 
(2,327
)
Interest income
(50
)
 
(65
)
 
(120
)
 
(136
)
Interest expense
9,059

 
10,269

 
18,967

 
20,431

(Earnings) loss from equity method investments
(4,175
)
 
(1,702
)
 
(2,787
)
 
1,382

Loss on extinguishment of debt
820

 
—

 
820

 
—

Pro rata share of Adjusted EBITDA related to equity method investments
716

 
853

 
1,836

 
1,545

Adjusted EBITDA attributable to noncontrolling interest
1,369

 
1,029

 
999

 
(1,133
)
Other expense (income), net
256

 
(5,131
)
 
(218
)
 
(5,210
)
Income tax (benefit) expense
(623
)
 
(519
)
 
317

 
1,268

(Loss) income attributable to noncontrolling interest
(1,037
)
 
(708
)
 
(750
)
 
912

Total Adjusted EBITDA
$
7,086

 
$
(6,928
)
 
$
(6,842
)
 
$
(21,084
)
Mountain Adjusted EBITDA
$
8,484

 
$
(5,136
)
 
$
(9,588
)
 
$
(25,923
)
Adventure Adjusted EBITDA
(2,867
)
 
(3,489
)
 
(722
)
 
1,371

Real Estate Adjusted EBITDA
1,469

 
1,697

 
3,468

 
3,468

Total Adjusted EBITDA
$
7,086

 
$
(6,928
)
 
$
(6,842
)
 
$
(21,084
)

 
31
 

Liquidity and Capital Resources
 
Overview
 
Our primary goal as it relates to liquidity and capital resources is to maintain an appropriate level of debt and cash to fund operations, expansions, maintenance projects and other capital investments and to ensure that we are poised for growth in our businesses. Our principal sources of liquidity are cash generated from operations, existing cash on hand and our revolving credit facility. Our principal uses of cash include the funding of working capital obligations, capital expenditures and servicing our debt.
 
Due to the seasonality of our business, there are significant fluctuations in our cash and liquidity throughout the year. Our cash balances are typically at their highest at the end of our third fiscal quarter, following the peak ski season, and at their lowest toward the middle of our second fiscal quarter, before the start of the ski season.
 
Significant Sources of Cash
 
Historically, we have financed our capital expenditures and other cash needs through cash generated from operations. We generated $60.3 million and $44.3 million of cash from operating activities during the six months ended December 31, 2016 and 2015, respectively. We currently anticipate that our ongoing operations will continue to provide a significant source of future operating cash flows, with the third fiscal quarter of each fiscal year generating the highest cash flows due to the seasonality of our business.
 
As part of a refinancing in December 2013, we entered into a credit agreement dated as of December 9, 2013 (as amended, the "Credit Agreement"), which provides for a $540.0 million term loan facility (the “Term Loan"), a $25.0 million senior secured first-lien revolving loan facility (the “Revolver”), and a $55.0 million senior secured first-lien letters of credit facility (the “LC Facility” and, together with the Term Loan and Revolver, collectively referred to herein as the “Senior Debt”). Pursuant to an Incremental Amendment to the Credit Agreement, dated September 19, 2014 (the "Incremental Amendment"), the Company borrowed an incremental $60.0 million under the Term Loan. The incremental borrowing has the same terms and maturity date as the original Term Loan. We continue to have the ability to increase the borrowings on the Term Loan under certain circumstances and subject to certain criteria; so long as, after giving effect to any additional amounts borrowed, we remain compliant with all covenants of the Credit Agreement.

As of December 31, 2016, we had available capacity of $15.2 million under the LC Facility and $25.0 million under the Revolver. The Credit Agreement contains affirmative and negative covenants that restrict, among other things, the ability of our subsidiaries to incur indebtedness, dispose of property and make investments or distributions. We were in compliance with the applicable covenants of the Credit Agreement as of December 31, 2016.

Our cash and cash equivalents balance as of December 31, 2016 was $131.3 million. We expect that our liquidity needs for at least the next 12 months will be met by continued utilization of operating cash flows and borrowings under the Revolver, if needed.
 
Significant Uses of Cash
 
Our current cash requirements include providing for our working capital obligations, capital expenditures and servicing our debt.

We make capital expenditures to maintain the safety and quality of our operations within our Mountain, Adventure and Real Estate segments. Many of these capital expenditures are related to maintenance capital, including lift maintenance, snow grooming machine replacement, snowmaking equipment upgrades and building refurbishments. We also make growth capital expenditures that are discretionary in nature and intended to generate new revenue, improve our level of service, or increase the scale of our operations. Capital expenditures were $31.9 million and $32.5 million in the six months ended December 31, 2016 and 2015, respectively, or 15.8% and 17.1% of total revenue, for the respective periods.

A large portion of our capital expenditures are incurred throughout the summer months when ski operations are closed and weather allows for on-mountain construction and resort infrastructure maintenance.  As a result, we manage our capital spend on a calendar year basis to provide us the flexibility to begin capital projects as soon as possible following the end of the ski season and to capture the entire cost of projects in the same spending cycle. We expected to spend between $44.0 million and $48.0 million on capital expenditures in calendar year 2016. Our Calendar year capital expenditures were $47.7 million. Our Calendar year capital expenditures are capital expenditures as presented in the accompanying condensed consolidated statements of cash flows adjusted for third party reimbursements and property, plant and equipment received but not yet paid. The $6.0 million of third party

 
32
 

reimbursements includes $4.3 million of insurance proceeds related to damaged helicopters, of which $2.0 million is expected to be received in the third fiscal quarter of 2017, as well as $1.7 million of grants towards the build of the Winter Park Express Train platform and related infrastructure.
 
 
Twelve Months Ended
 
December 31, 2016
Capital expenditures
$
(50,452
)
Third party reimbursement for capital expenditures
6,005

Accrued capital expenditures
(3,270
)
Calendar year capital expenditures
$
(47,717
)

We paid principal, interest and fees to our lenders of $18.9 million and $20.6 million in the six months ended December 31, 2016 and 2015, respectively. The majority of principal payments on our long-term debt under the Term Loan is not due until 2020.
 
Our debt service requirements can be impacted by changing interest rates as we had $553.3 million of variable rate debt outstanding as of December 31, 2016. As of December 31, 2016, the one month LIBOR was 0.772%. As our variable rate borrowings have a LIBOR floor of 1.0%, a 100-basis point decrease in the one month LIBOR would not impact our annual interest payments. By contrast, a 100-basis point increase in the one month LIBOR would cause our annual interest payments to increase by approximately $4.3 million.

Cash Flows for the Six Months Ended December 31, 2016 and 2015
 
The table below sets forth for the periods indicated our net cash flows from operating, investing and financing activities, as well as the effect of exchange rates on cash:
 
Six Months Ended December 31,
 
2016
 
2015
 
$ Change
Net cash provided by (used in):
 
 
 
 
 
Operating activities
$
60,269

 
$
44,321

 
$
15,948

Investing activities
(31,304
)
 
(30,287
)
 
(1,017
)
Financing activities
(3,390
)
 
(4,892
)
 
1,502

Effect of exchange rate on cash
(1,320
)
 
(4,749
)
 
3,429

Net increase in cash and cash equivalents
$
24,255

 
$
4,393

 
$
19,862

 
Operating Activities
 
The $15.9 million increase in cash provided by operating activities in the six months ended December 31, 2016 compared to the six months ended December 31, 2015 was primarily related to normal changes in working capital accounts primarily from deferred revenue due to higher pass sales and lower net loss from improved operating results in the six months ended December 31, 2016 compared to the same period in 2015. 

Investing Activities
 
Cash used in investing activities increased by $1.0 million in the six months ended December 31, 2016 compared to the six months ended December 31, 2015 as a result of a decrease in cash outflows for capital expenditures in the six months ended December 31, 2016 compared to the same period in 2015 partially offset by a decrease in insurance proceeds received on a damaged helicopter.
 

 
33
 

Financing Activities
 
Cash used in financing activities decreased by $1.5 million in the six months ended December 31, 2016 compared to the six months ended December 31, 2015. The decrease was due to the Company prepaying several quarterly payments under the Term Loan through the excess cash flow payment made in the third fiscal quarter of 2016.

Contractual Obligations

There were no material changes in our commitments under contractual obligations as disclosed in our Annual Report on Form 10-K for the fiscal year ended June 30, 2016, filed with the SEC on September 8, 2016, as amended by our Amendment to the Annual Report on Form 10-K/A filed with the SEC on November 3, 2016.

Off-Balance Sheet Arrangements
 
As of December 31, 2016, we did not have any off-balance sheet transactions that are expected to have a material effect on our financial condition, revenue, expenses, results of operations, liquidity, capital expenditures or capital resources.

Critical Accounting Policies and Estimates
 
Our consolidated financial statements are prepared in accordance with GAAP. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses, and related disclosures. These estimates form the basis of judgments we make about the carrying values of our assets and liabilities, which are not readily apparent from other sources. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. On an ongoing basis, we evaluate our estimates and assumptions. Our actual results may differ from these estimates.

There have been no material changes in our critical accounting policies and estimates as compared to the critical accounting policies and estimates described in our Annual Report on Form 10-K for the fiscal year ended June 30, 2016, filed with the SEC on September 8, 2016, as amended by our Amendment to the Annual Report on Form 10-K/A filed with the SEC on November 3, 2016.

Recent Accounting Pronouncements
 
For a discussion of the recent accounting pronouncements relevant to our business operations, see the information provided under Part I - Item 1, Financial Statements (unaudited), Note 2, “Significant Accounting Policies.”

 
34
 


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
Interest Rate Fluctuations
 
Our exposure to market risk is limited primarily to fluctuating interest rates associated with variable rate indebtedness. At December 31, 2016, we had $553.3 million of variable rate indebtedness, representing approximately 99.8% of our total debt outstanding, at an average interest rate for the six months ended December 31, 2016 of approximately 4.8%. As of December 31, 2016, the one month LIBOR was 0.772%. As our variable rate borrowings have a LIBOR floor of 1.0%, a 100-basis point decrease in the one month LIBOR would not impact our annual interest payments. By contrast, a 100-basis point increase in the one month LIBOR would cause our annual interest payments to increase by approximately $4.3 million.
 
Foreign Currency Fluctuations
 
In addition to our operations in the United States, we conduct operations in Canada from which we record revenue and expenses in Canadian dollars. Because our reporting currency is in U.S. dollars, fluctuations in the value of the Canadian dollar against the U.S. dollar have had and will continue to have an effect, which may be significant, on our reported financial results. A decline in the value of the Canadian dollar, or in any other foreign currencies in which we receive revenue against the U.S. dollar, will reduce our reported revenue, expenses, and Adjusted EBITDA from operations in foreign currencies, while an increase in the value of any such foreign currencies against the U.S. dollar will tend to increase our reported revenue, expenses, and Adjusted EBITDA from operations in foreign currencies. Total Canadian dollar denominated revenue comprised approximately 43% and 44%, respectively, of total revenue in the six months ended December 31, 2016 and 2015. Based upon our ownership of Canadian subsidiaries as of December 31, 2016, holding all else constant, a 10% unfavorable change in foreign currency exchange rates would have reduced our reported revenue by approximately $7.9 million for the six months ended December 31, 2016. Any negative impact on revenue would be naturally hedged, in part, by our Canadian dollar denominated operating expenses. Variations in exchange rates can significantly affect the comparability of our financial results between reported periods. We do not currently engage in any foreign currency hedging activities related to this exposure. 

 
35
 


ITEM 4. CONTROLS AND PROCEDURES
 
Evaluation of Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, management, with the participation of the Chief Executive Officer and Chief Financial Officer, concluded that the Company’s disclosure controls and procedures, as of the end of the period covered by this Quarterly Report on Form 10-Q, were functioning effectively to provide reasonable assurance that the information required to be disclosed by the Company in reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. A controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.
 
Change in Internal Control over Financial Reporting
 
There were no changes in the Company's internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or that are reasonably likely to materially affect, the Company's internal control over financial reporting.

 
36
 


PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS
 
We are involved in various lawsuits and claims arising in the ordinary course of business and others arising from our legacy real estate development. These lawsuits and claims may include, among other things, claims or litigation relating to personal injury and wrongful death, allegations of violations of laws and regulations relating to our real estate activities and labor and employment, intellectual property and environmental matters and commercial contract disputes. We operate in multiple jurisdictions and, as a result, a claim in one jurisdiction may lead to claims or regulatory penalties in other jurisdictions.
 
Due to the nature of the activities at our mountain resorts and CMH, we are exposed to the risk that customers or employees may be involved in accidents during the use, operation or maintenance of our trails, lifts, helicopters and facilities. As a result, we are, from time to time, subject to various lawsuits and claims in the ordinary course of business related to injuries occurring at our properties.
 
In addition, our pre-2010 legacy real estate development and sales activities, combined with the significant downward shift in real estate asset values that occurred in 2007 and 2008, resulted in claims arising in the ordinary course of business being filed against us by owners and prospective purchasers of residences in our real estate developments. In some instances, we have been named as a defendant in lawsuits alleging construction defects at certain of our existing developments or alleging that we failed to construct planned amenities. In other lawsuits, purchasers are seeking rescission of real estate purchases and/or return of deposits paid on pre-construction purchase and sale agreements. These claims are related to alleged violations of state and federal laws.
 
We believe that we have adequate insurance coverage or have adequately accrued for loss contingencies for all material matters in which we believe a loss is probable and the amount of the loss is reasonably estimable. Although the ultimate outcome of claims against us cannot be ascertained, current pending and threatened claims are not expected to have a material adverse effect, individually or in the aggregate, on our financial position, results of operations or cash flows. However, regardless of their merits or their ultimate outcomes, such matters are costly, divert management’s attention and may affect our reputation, even if resolved in our favor.

ITEM 1A. RISK FACTORS

There have been no material changes from the risk factors previously disclosed in Part 1, Item 1A of our Annual Report on Form 10-K for the fiscal year ended June 30, 2016, filed with the SEC on September 8, 2016, as amended by our Amendment to the Annual Report on Form 10-K/A filed with the SEC on November 3, 2016, which risk factors are incorporated herein by reference.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES
 
None.

ITEM 5. OTHER INFORMATION

None.



 
37
 


ITEM 6. EXHIBITS

The exhibits filed or furnished herewith are set forth in the Exhibit Index at the end of this Quarterly Report on Form 10-Q.

SIGNATURES
 
Pursuant to the requirements 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.

 
 
Intrawest Resorts Holdings, Inc.
Date: February 2, 2017
By:
/s/ Travis Mayer
 
 
Travis Mayer
 
 
Executive Vice President, Chief Financial Officer and Treasurer
 
 
Principal Financial Officer
Date: February 2, 2017
By:
/s/ Lindsay Goszulak
 
 
Lindsay Goszulak
 
 
Vice President, Accounting and Corporate Controller
 
 
Principal Accounting Officer
 




 
38
 

INDEX TO EXHIBITS
 
 
 
 
Incorporated by Reference
 
Filed
Herewith
 
Furnished
Herewith
Exhibit
Number
 
Document Description
 
Form
 
Exhibit
 
Filing Date
 
 
 
 
2.1
 
Purchase Agreement, dated November 24, 2015, among Intrawest U.S. Holdings Inc., Intrawest ULC, Diamond Resorts Corporation, and Diamond Resorts International, Inc.
 
10-Q
 
2.2
 
February 3, 2016
 
 
 
 
3.1
 
Restated Certificate of Incorporation of the Registrant
 
S-1/A
 
3.1
 
January 10, 2014
 
 
 
 
3.2
 
Amended and Restated Bylaws of the Registrant
 
S-1/A
 
3.2
 
January 10, 2014
 
 
 
 
10.1
 
Tenth Amendment to Lease and Operating Agreement, dated August 29, 2016, between Winter Park Recreational Association and Intrawest/Winter Park Operations Corporation
 
10-K
 
10.6(k)
 
September 8, 2016
 
 
 
 
10.2
 
Fifth Amendment to Credit Agreement
 
8-K
 
10.1
 
October 19, 2016
 
 
 
 
10.3
 
Sixth Amendment to Credit Agreement
 
 
 
 
 
 
 
X
 
 
31.1
 
Certification of Chief Executive Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
 
 
 
 
 
 
X
 
 
31.2
 
Certification of Chief Financial Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
 
 
 
 
 
 
X
 
 
32.1
 
Certification of Chief Executive Officer and Chief Financial Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350).
 
 
 
 
 
 
 
 
 
X
101.INS
 
XBRL Instance Document
 
 
 
 
 
 
 
 
 
 
101.SCH
 
XBRL Taxonomy Extension Schema Document
 
 
 
 
 
 
 
 
 
 
101.CAL
 
XBRL Taxonomy Extension Calculation Linkbase Document
 
 
 
 
 
 
 
 
 
 
101.DEF
 
XBRL Taxonomy Extension Definition Linkbase Document
 
 
 
 
 
 
 
 
 
 
101.LAB
 
XBRL Taxonomy Extension Label Linkbase Document
 
 
 
 
 
 
 
 
 
 
101.PRE
 
XBRL Taxonomy Extension Presentation Linkbase Document
 
 
 
 
 
 
 
 
 
 


 
39
 
EX-10.3 2 ex10_3.htm EXHIBIT 10.3
Exhibit:10.3
 
EXECUTION VERSION
 
RESIGNATION, WAIVER AND APPOINTMENT AGREEMENT AND
SIXTH AMENDMENT

This RESIGNATION, WAIVER AND APPOINTMENT AGREEMENT AND SIXTH AMENDMENT, dated as of December 30, 2016 (this “Amendment”), to the Credit Agreement referred to below is made among INTRAWEST OPERATIONS GROUP HOLDINGS, LLC, a Delaware limited liability company (“Holdings”), INTRAWEST OPERATIONS GROUP, LLC, a Delaware limited liability company (the “Borrower”), the Lenders (as defined below) party hereto, GOLDMAN SACHS LENDING PARTNERS LLC (“GSLP”), as administrative agent (in such capacity, the “Administrative Agent”) and swing line lender (in such capacity, the “Swing Line Lender”), Bank of America, N.A. (“Bank of America”), as Successor Agent (as defined below) and GOLDMAN SACHS BANK USA (“GS Bank”), as Issuing Bank. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Credit Agreement.  This Amendment shall constitute a Loan Document for all purposes of the Credit Agreement and the other Loan Documents.
 
A.           Reference is hereby made to the Credit Agreement, dated as of December 9, 2013 (as amended by the Incremental Amendment, dated as of September 19, 2014, the Second Amendment, dated as of April 29, 2015, the Third Amendment, dated as of June 1, 2015, the Fourth Amendment, dated as of April 8, 2016, the Fifth Amendment, dated as of October 14, 2016 and as further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Holdings, the Borrower, the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”), the Administrative Agent, the Swing Line Lender, and the Issuing Bank.
 
B.            GSLP desires to resign as Administrative Agent and Swing Line Lender under the Credit Agreement and the other Loan Documents.
 
C.            The Required Lenders desire to appoint Bank of America as successor Administrative Agent and Swing Line Lender (in such capacities together, the “Successor Agent”) under the Credit Agreement as modified hereby (the “Amended Agreement”) and the other Loan Document and Successor Agent wishes to accept such appointment.
 
Accordingly, in consideration of the mutual agreements contained herein and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows:
 
SECTION 1.  Amendments to Credit Agreement.
 
(a)
Effective as of the Sixth Amendment Effective Date:
 
(i)
Section 2.3 of the Credit Agreement is hereby amended by adding the following new clause (c) in proper alphabetical sequence:
 
“(c)          Resignation and Removal of Swing Line Lender.  The Swing Line Lender may resign as the Swing Line Lender upon 30 days prior written notice to the Administrative Agent, the Lenders and the Borrower.  The Swing Line Lender may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Swing Line Lender (provided that no consent will be required if the replaced Swing Line Lender has no Swing Line Loans outstanding) and the successor Swing Line Lender.  The Administrative Agent shall notify the Lenders of any such replacement of the Swing Line Lender.  At the time any such replacement or resignation shall become effective, (i) the Borrower shall prepay any outstanding Swing Line Loans made by the resigning or removed Swing Line Lender, (ii) upon such prepayment, the resigning or removed Swing Line Lender shall surrender any Swing Line Note held by it to Borrower for cancellation, and (iii) the Borrower shall issue, if so requested by the successor Swing Line Lender, a new Swing Line Note to the successor Swing Line Lender, in the principal amount of the Swing Line Sublimit then in effect and with other appropriate insertions. From and after the effective date of any such replacement or resignation, (x) any successor Swing Line Lender shall have all the rights and obligations of a Swing Line Lender under this Agreement with respect to Swing Line Loans made thereafter and (y) references herein to the term “Swing Line Lender” shall be deemed to refer to such successor or to any previous Swing Line Lender, or to such successor and all previous Swing Line Lenders, as the context shall require.”
 
(ii)
Section 9.8 of the Credit Agreement is hereby deleted and replaced with the following:
 
“Counterparts and Electronic Execution.  This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  The words “execution”, “execute”, “signed”, “signature” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including without limitation Assignment and Assumptions, amendments or other Loan notices, Swing Line notices, waivers and consents) shall be deemed to include electronic signatures, the electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary, subject to Section 9.2, the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.”
 
2
(b)
Effective as of the Successor Agent Appointment Date:
 
(i)
Section 1.1 of the Credit Agreement is hereby amended by inserting the following new definitions in proper alphabetical sequence:
 
““Designated Jurisdiction”: any country or territory to the extent that such country or territory itself is the subject of any country-wide or territory-wide Sanction.”

““Sanctions”: any sanction administered or enforced by the United States Government (including without limitation, OFAC), the United Nations Security Council, the European Union or Her Majesty’s Treasury (“HMT”) .”

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, the United Nations Security Council or the European Union, (b) any Person located, organized or resident in a Designated Jurisdiction or (c) any Person owned 50% or more or controlled by any such Person or Persons described in the foregoing clauses (a) and (b).

(ii)
The definition of “Adjusted Eurodollar Rate” in Section 1.1 of the Credit Agreement is hereby deleted and replaced with the following:
 
“(a) for any Interest Rate Determination Date with respect to an Interest Period for a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”) or a comparable or successor rate, which rate is approved by the Administrative Agent, as published on the applicable Bloomberg48 screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; (b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day; and (c) if the Adjusted Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement; provided that to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent; provided, however, that notwithstanding the foregoing, the Adjusted Eurodollar Rate with respect to Initial Term Loans shall at no time be less than 1.0% per annum.”
 
3
(iii)
The definition of “Applicable Reserve Requirement” in Section 1.1 of the Credit Agreement is hereby deleted in its entirety.
 
(iv)
The definition of “Prime Rate” in Section 1.1 of the Credit Agreement is hereby deleted and replaced with the following:
 
“The rate of interest as publicly announced from time to time by Bank of America as its “prime rate”. The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change.”
 
(v)
The definition of “OFAC” in Section 1.1 of the Credit Agreement is hereby deleted and replaced with the following:
 
“The Office of Foreign Assets Control of the U.S. Treasury Department.”
 
(vi)
The definition of “Swing Line Lender” in Section 1.1 of the Credit Agreement is hereby amended by replacing the reference to “Goldman Sachs” with “Bank of America, N.A.” in lieu thereof.
 
(vii)
Section 2.4(b) of the Credit Agreement is hereby amended by inserting the following sentence at the end thereof:
 
“On the first Business Day of each month, the Issuing Bank shall provide the Administrative Agent with a summary of the Revolving Facility Letter of Credit Usage.”

(viii)
Section 2.5(b) of the Credit Agreement is hereby amended by inserting the following sentence at the end thereof:
 
“On the first Business Day of each month, the Issuing Bank shall provide the Administrative Agent with a summary of the LC Facility Letter of Credit Usage.”
 
4
(ix)
Section 2.9(d) of the Credit Agreement is hereby deleted and replaced with the following:
 
“Interest payable pursuant to Section 2.9(a) shall be computed (i) in the case of Base Rate Loans on the basis of a 365 day or 366 day year, as the case may be, and (ii) in the case of Eurodollar Rate Loans, on the basis of a 360 day year, in each case for the actual number of days elapsed in the period during which it accrues.  In computing interest on any Loan, the date of the making of such Loan or the first day of an Interest Period applicable to such Loan or, with respect to a Base Rate Loan being converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such Loan, or with respect to a Term Loan, the last Interest Payment Date with respect to such Term Loan, or the expiration date of an Interest Period applicable to such Loan or, with respect to a Base Rate Loan being converted to a Eurodollar Rate Loan, the date of conversion of such Base Rate Loan to such Eurodollar Rate Loan, as the case may be, shall be excluded; provided, if a Loan is repaid on the same day on which it is made, one day’s interest shall be paid on that Loan.”
 
(x)
Section 2.12(a)(i) of the Credit Agreement is hereby amended by replacing the reference to “the average of the daily difference” immediately following clause (1) therein with the words “the actual daily difference”.
 
(xi)
Section 2.12(a)(ii) of the Credit Agreement is hereby amended by deleting the word “average” immediately following clause (2) therein.
 
(xii)
Section 2.12(b)(i) of the Credit Agreement is hereby amended by (i) replacing the reference to “the average of the daily difference” immediately following clause (1) therein with the words “the actual daily difference” and (ii) replacing the reference to “15% of the average of the daily amount” in clause (x)(1) therein with the words “15% of the actual daily amount”.
 
(xiii)
Section 2.12(b)(ii) of the Credit Agreement is hereby amended by deleting the word “average” immediately following clause (2) therein.
 
(xiv)
Section 2.17(b) of the Credit Agreement is hereby amended by inserting the phrase “ and prepayments of Base Rate Loans” immediately after the words “other than voluntary prepayments of Revolving Loans”.
 
5
(xv)
Section 2.17 of the Credit Agreement is hereby amended by inserting a clause (g) immediately succeeding clause (f) thereof, which shall read as follows:
 
“(g) Unless the Administrative Agent shall have received notice from the Borrower prior to the time at which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the applicable Lenders or the Issuing Bank, as the case may be, the amount due.  In such event, if the Borrower has not in fact made such payment, then each of such Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Bank, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.”
 
(xvi)
The second sentence of Section 3.23(a) of the Credit Agreement is hereby amended and restated in its entirety as follows:
 
“The Intrawest Group Members have conducted their businesses in compliance in all material respects with the United States Foreign Corrupt Practices Act of 1977 and the UK Bribery Act 2010, and have instituted and maintained policies and procedures reasonably designed to promote and achieve compliance with such laws.”

(xvii)
Section 3.23(b) is hereby amended and restated in its entirety as follows:
 
“No Intrawest Group Member (including any Unrestricted Subsidiary)  nor, to the knowledge of any Loan Party, any director, officer, agent, employee or Affiliate of any Intrawest Group Member, is currently a Sanctioned Person.  The Borrower will not, directly or indirectly, use the proceeds of the Loans or otherwise knowingly make available such proceeds to any person, for the purposes of financing the activities of any person who is currently a Sanctioned Person in violation of applicable Sanctions.

(xviii)
Section 5 of the Credit Agreement is hereby amended by inserting the following new Section 5.17 in proper numerical sequence:
 
“Conduct its businesses in compliance with the United States Foreign Corrupt Practices Act of 1977 and the UK Bribery Act 2010, and maintain policies and procedures reasonably designed to promote and achieve compliance with such laws.”
 
6
(xix)
Section 6 of the Credit Agreement is hereby amended by inserting the following new Section 6.17 in proper numerical sequence:
 
“Directly or knowingly indirectly use the proceeds of any Credit Extension for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977 or the UK Bribery Act 2010.”

(xx)
Section 8.1 of the Credit Agreement is hereby amended by replacing the reference to “Goldman Sachs” with “Bank of America, N.A.” in lieu thereof.
 
(xxi)
Section 9.2 of the Credit Agreement is hereby amended by replacing the address of the “Administrative Agent” and “Swing Line Lender” with the following:
 
Administrative Agent and Swing Line Lender:

“For payments and requests for credit extensions:

Bank of America, N.A.
101 N Tryon Street
Mail Code: NC1-001-05-46
Charlotte, NC 28255-0001
Telephone: 980-386-2596
Telecopier: 704-595-1696
Electronic Mail: peggy.poindexter@baml.com

Account No. (for Dollars): 1366072250600
ABA# 026009593
Attn: Corporate Credit Services
Ref: Intrawest Operations Group, LLC.

For other notices as Administrative Agent:

Bank of America, N.A.
555 California Street, 4th Floor
Mail Code: CA5-701-04-09
San Francisco, CA 94104
Attention: Liliana Claar, Agency Officer
Telephone: (415) 436-2770
Telecopier: (415) 503-5003
Electronic Mail: liliana.claar@baml.com”

(xxii)
Section 9.6(c) of the Credit Agreement is hereby amended by inserting the words “the Swing Line Lender (with respect to assignments of Revolving Commitments) (which shall not be unreasonably withheld or delayed, and which consent shall not be required in connection with an assignment made by or to an Arranger) and” immediately preceding the words “the Issuing Bank” in the fourth line of the first sentence therein.
 
7
(xxiii)
Section 9.6(d) of the Credit Agreement is hereby amended by (1) deleting the word “and” at the end of clause (v) thereof, (2) replacing the “.” at the end of clause (vi) thereof with the words “; and” and (3) inserting a new clause (vii) immediately succeeding clause (vi) thereof, which shall read as follows:
 
“in no event shall the Administrative Agent be obligated to ascertain, monitor or inquire as to whether any Lender is an Affiliated Lender, nor shall the Administrative Agent be obligated to monitor the number of Affiliated Lenders or the aggregate amount of Term Loans held by Affiliated Lenders.”
 
SECTION 2.  Resignation and Appointment.
 
(a)  GSLP hereby provides notice to the Lenders, the Borrower and the Issuing Bank of its intention to resign as Administrative Agent and Swing Line Lender effective as of the Successor Agent Appointment Date (as defined below).  The Borrower, the Lenders party hereto (together constituting the Required Lenders) and the Issuing Bank, hereby (x) acknowledge the resignation by GSLP as Administrative Agent and Swing Line Lender effective as of the Successor Agent Appointment Date, (y) consent to the Amendment being deemed as the notice of resignation by GSLP required pursuant to Sections 2.3(c) and 8.6 of the Amended Agreement as of the Successor Agent Appointment Date and (z) waive any applicable notice periods required pursuant to the Credit Agreement.
 
(b)  Each Lender party hereto (together constituting the Required Lenders) hereby (x) appoints  Bank of America to act as the successor Administrative Agent under the Loan Documents pursuant to Section 8.6  of the Amended Agreement and (y) acknowledges that Bank of America shall replace GSLP as the Swing Line Lender under the Loan Documents pursuant to Section 2.3(c) of the Amended Agreement (Bank of America,  in its capacities as successor Administrative Agent and Swing Line Lender, the “Successor Agent”), in each case, effective as of the Successor Agent Appointment Date.  As of the Successor Agent Appointment Date, the Successor Agent will accept the appointment to act as the successor Administrative Agent and Swing Line Lender under the Loan Documents pursuant to the Successor Agent Agreement (as defined below).  The Lenders party hereto and the Borrower each (y) agree that such appointment of the Successor Agent and the acceptance thereof by the Successor Agent are effective under the Loan Documents and binding on each of the parties hereto and such consent is the consent required pursuant to Section 8.6  and Section 2.3(c) of the Amended Agreement and (z) waive any applicable notice periods required pursuant to the Credit Agreement.  Each of the parties hereto agrees to execute all documents reasonably necessary to evidence the appointment of the Successor Agent as the successor Administrative Agent and Swing Line Lender.
 
8
(c)  The Lenders party hereto acknowledge that the documentation reflecting the definitive resignation of GSLP as Administrative Agent and Swing Line Lender under the Loan Documents and  Bank of America’s appointment as Successor Agent in such capacities will be reflected in an agency transfer agreement (or similar document) (the “Successor Agent Agreement”) to be negotiated in good faith among the Borrower, GSLP and  Bank of America.  The effectiveness of GSLP’s resignation as Administrative Agent and Swing Line Lender under the Loan Documents and  Bank of America’s appointment as Successor Agent in such capacities will be the day of effectiveness of the Successor Agent Agreement (such date, the “Successor Agent Appointment Date”). The Lenders party hereto hereby consent to the execution by the Borrower, the other Loan Parties, GSLP, as Administrative Agent and Swing Line Lender and Bank of America, as Successor Agent, of the Successor Agent Agreement and the effectiveness of the foregoing without the need to obtain the further consent of any Lender. The Lenders party hereto acknowledge and agree that the Successor Agent Agreement may include waivers, amendments or modifications to the Credit Agreement or one or more of the other Loan Documents deemed reasonably necessary or appropriate by the Borrower, GSLP and  Bank of America to effectuate the purpose of the Successor Agent Agreement, and the Lenders party hereto consent to such amendments without the need to obtain the further consent of any Lender.
 
(d)  For the avoidance of doubt, the parties hereto acknowledge and agree that GS Bank shall remain as Issuing Bank and shall retain all rights and obligations as Issuing Bank under the Credit Agreement and  Bank of America shall have no rights or obligation as Issuing Bank under the Credit Agreement.
 
SECTION 3.  Representations and Warranties.  To induce the other parties hereto to enter into this Amendment, each of Holdings and the Borrower hereby represents and warrants that, as of the Sixth Amendment Effective Date: (i) the execution, delivery and performance by each such Person of this Amendment have been duly authorized by all necessary corporate or organizational action and that this Amendment constitutes a legal, valid and binding obligation of each such Person enforceable against each of them in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law) and (ii) no Default or Event of Default has occurred and is continuing.
 
SECTION 4.  Effectiveness.  This Amendment shall become effective as of the first date (such date being referred to as the “Sixth Amendment Effective Date”) that each of the following conditions precedent shall have been satisfied or waived in accordance with the terms of the Credit Agreement:
 
(a)  The Administrative Agent shall have received (1) this Amendment, executed and delivered by a duly authorized officer or signatory of (i) Holdings, (ii) the Borrower, (iii) the Lenders representing the Required Lenders under the Credit Agreement (as in effect immediately prior to effectiveness of this Amendment) and (iv) the Successor Agent and (2) an Acknowledgement of Guarantors, executed and delivered by a duly authorized officer or signatory of each Guarantor.
 
9
(b)  The representations and warranties of Holdings and the Borrower set forth in Section 3 hereof shall be true and correct as of the Sixth Amendment Effective Date.
 
The Administrative Agent shall notify the Borrower and the Lenders of the Sixth Amendment Effective Date, and such notice shall be conclusive and binding.
 
SECTION 5.  Non-Reliance on Administrative Agent.  Each of the Lenders party hereto acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their Affiliates and made its own decisions to enter into this Amendment.  Each of the Lenders party hereto also represents that it will, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Amendment, the Credit Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their Affiliates.
 
SECTION 6.  Expenses; Indemnity.  Section 9.5 of the Credit Agreement is hereby incorporated, mutatis mutandis, by reference as if such section was set forth in full herein; provided that all costs and expenses incurred by Goldman Sachs or Bank of America in connection with this Amendment and the resignation and transfer contemplated hereby shall be at the sole expense of Goldman Sachs.
 
SECTION 7.  Counterparts.  This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page of this Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.  A set of the copies of this Amendment signed by all the parties shall be lodged with the Borrower and the Administrative Agent.
 
SECTION 8.  Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
 
SECTION 9.  Submission to Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:
 
(a)  submits for itself and its Property in any legal action or proceeding relating to this Amendment, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof;
 
10
(b)  consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;
 
(c)  agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to its address set forth in Section 9.2 of the Credit Agreement or at such other address of which the Administrative Agent shall have been notified pursuant thereto;
 
(d)  agrees that the Administrative Agent and the Lenders retain the right to bring proceedings against any Loan Party in the courts of any other jurisdiction in connection with the exercise of any rights under any Security Document or the enforcement of any judgment;
 
(e)  agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and
 
(f)  waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section 9 any special, exemplary, punitive or consequential damages.
 
SECTION 10.  WAIVERS OF JURY TRIAL.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AMENDMENT AND FOR ANY COUNTERCLAIM THEREIN.
 
SECTION 11.  Effect of Amendment.  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, Holdings, the Borrower or the other Loan Parties under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle any Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.  This Amendment shall apply and be effective only with respect to the provisions of the Credit Agreement.  After the date hereof, any reference to the Credit Agreement shall mean the Credit Agreement as modified hereby.
 
[Remainder of this page intentionally left blank.]
 
11
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written.
 
 
INTRAWEST OPERATIONS GROUP HOLDINGS, LLC, as Holdings
     
 
By:
/s/ Karen Sanford
   
Name: Karen Sanford
   
Title: Chief General Counsel and Senior Vice President

 
INTRAWEST OPERATIONS GROUP, LLC, as the Borrower
   
 
By:
/s/ Karen Sanford
   
Name: Karen Sanford
   
Title: Chief General Counsel and Senior Vice President

[Intrawest Sixth Amendment]
 
 
GOLDMAN SACHS LENDING PARTNERS LLC, as Administrative Agent and Swing Line Lender
   
 
By:
/s/ Gabriel Jacobson
   
Name: Gabriel Jacobson
    Title: Authorized Signatory
     
 
BANK OF AMERICA, N.A., as Successor Agent
   
 
By:
/s/ Liliana Claar
   
Name: Liliana Claar
 
 
Title: Vice President

[Intrawest Sixth Amendment]
 
    ,
 
as a Consenting Lender
     
 
By:
  
   
Name:
   
Title:
 
[Intrawest Sixth Amendment]
 
 
 EX-31.1 3 ex31_1.htm EXHIBIT 31.1 Preview | Exhibit
EXHIBIT 31.1
 
CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
 
I, Thomas F. Marano, certify that:
 
1. I have reviewed this quarterly report on Form 10-Q of Intrawest Resorts Holdings, Inc.;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
 
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 2, 2017
 
/s/ Thomas F. Marano
 
Thomas F. Marano
 
Chief Executive Officer and Director
 
(Principal Executive Officer)
 
 EX-31.2 4 ex31_2.htm EXHIBIT 31.2
EXHIBIT 31.2
 
CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
 
I, Travis Mayer, certify that:
 
1. I have reviewed this quarterly report on Form 10-Q of Intrawest Resorts Holdings, Inc.;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
Date: February 2, 2017
 
/s/ Travis Mayer
 
Travis Mayer
 
Executive Vice President, Chief Financial Officer and Treasurer
 
(Principal Financial Officer)
EX-32.1 5 ex32_1.htm EXHIBIT 32.1
EXHIBIT 32.1
 
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
AND CHIEF FINANCIAL OFFICER 
FURNISHED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002 (18 USC. SECTION 1350)
 AND FOR THE PURPOSE OF COMPLYING WITH RULE 13a-14(b)
OF THE SECURITIES EXCHANGE ACT OF 1934.
 
The undersigned, the Chief Executive Officer and the Chief Financial Officer of Intrawest Resorts Holdings, Inc. (the “Company”) respectively, each hereby certifies that to his knowledge on the date hereof:

(a) the Quarterly Report on Form 10-Q of the Company for the quarter ended December 31, 2016 filed on the date hereof with the Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(b) Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
 
 
 
/s/ Thomas F. Marano
 
Chief Executive Officer and Director
 
(Principal Executive Officer)
 
February 2, 2017
 
 
 
/s/ Travis Mayer
 
Executive Vice President, Chief Financial Officer and Treasurer
 
(Principal Financial Officer)
 
February 2, 2017
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The capital leases have a weighted average remaining term of </font><font style="font-size: 10pt; font-family: inherit;">35</font><font style="font-size: 10pt; font-family: inherit;">&#160;years and a weighted average interest rate of </font><font style="font-size: 10pt; font-family: inherit;">9.9%</font><font style="font-size: 10pt; font-family: inherit;">. </font></div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">Other</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div><font style="font-size: 10pt; font-family: inherit;">The Company holds certain forestry licenses and land leases with respect to its resort operations at Steamboat and Winter Park. These licenses and leases expire between 2047 and 2056 and provide for annual payments based on a percentage of sales that range between 1.5% and 4.0% of such sales. Payments for forestry licenses and land leases were </font><font style="font-size: 10pt; font-family: inherit;">$0.8 million</font><font style="font-size: 10pt; font-family: inherit;"> for each of the </font><font style="font-size: 10pt; font-family: inherit;">three months ended December 31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">2015</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">$0.9 million</font><font style="font-size: 10pt; font-family: inherit;"> for each of the </font><font style="font-size: 10pt; font-family: inherit;">six months ended December 31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">2015</font>.</div></div> 39736000 39762000 2000000000 2000000000 453000 453000 0.01 0.01 39762000 39736000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: justify; line-height: 120%;">7.&#160;&#160;&#160;&#160;Accumulated Other Comprehensive Income (Loss) and Other Comprehensive Income (Loss)</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">Accumulated Other Comprehensive Income (Loss)</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;">&#160;</div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">The following table presents the changes in accumulated other comprehensive income (loss) ("AOCI"), by component, for the </font><font style="font-size: 10pt; font-family: inherit;">six months ended December 31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">2015</font><font style="font-size: 10pt; font-family: inherit;"> (in thousands):</font></div><div style="font-size: 10pt; text-align: justify; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; width: 100%;"><tr><td style="width: 36%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Realized portion on cash flow hedge</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Actuarial loss on pensions</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Foreign currency translation adjustments</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Total</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">As of June 30, 2015</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(1,919</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(11,950</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">159,248</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">145,379</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Amounts reclassified from AOCI</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">606</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">349</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">&#8212;</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">955</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Foreign currency translation adjustments</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(8</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; 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font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(31,111</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Net current period other comprehensive income (loss)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">598</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,128</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(31,882</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(30,156</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">As of December 31, 2015</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(1,321</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(10,822</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">127,366</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">115,223</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">As of June 30, 2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(733</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(14,242</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">146,895</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">131,920</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Amounts reclassified from AOCI</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">435</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">451</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">&#8212;</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">886</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Foreign currency translation adjustments</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(1</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">272</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(8,337</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(8,066</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Net current period other comprehensive income (loss)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">434</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">723</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(8,337</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(7,180</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">As of December 31, 2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(299</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(13,519</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">138,558</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">124,740</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr></table></div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">Other Comprehensive Income (Loss)</div><div style="font-size: 8pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">Other comprehensive income (loss) is derived from adjustments to reflect (i) foreign currency translation adjustments, (ii) realized portion of a cash flow hedge, and (iii) actuarial gain (loss) on pensions. The components of other comprehensive income (loss) for the </font><font style="font-size: 10pt; font-family: inherit;">three and six months ended December 31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">2015</font><font style="font-size: 10pt; font-family: inherit;"> are as follows (in thousands):</font></div><div style="font-size: 10pt; text-align: center; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; margin-left: auto; width: 100%; margin-right: auto;"><tr><td style="width: 36%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Three Months Ended December 31,</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Six Months Ended December 31,</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2015</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2015</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Foreign currency translation adjustments</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(5,942</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(8,845</div></td><td style="border-top: #000000 1px solid; 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font-size: 10pt;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">Principles of Consolidation</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and a variable interest entity (&#8220;VIE&#8221;) for which the Company is the primary beneficiary. All significant intercompany transactions are eliminated in consolidation. Investments in which the Company does not have a controlling interest or is not the primary beneficiary, but over which the Company is able to exercise significant influence, are accounted for under the equity method. Under the equity method, the original cost of the investment is adjusted for the Company&#8217;s share of post-acquisition earnings or losses increased by contributions less distributions received. As of July 1, 2016, the Company reassessed all non-wholly owned subsidiaries in accordance with the new guidance issued in Accounting Standards Update (&#8220;ASU&#8221;) No. 2015-02, </font><font style="font-size: 10pt; font-family: inherit; font-style: italic;">Consolidation (Topic 810): Amendments to the Consolidation Analysis </font><font style="font-size: 10pt; font-family: inherit;">(&#8220;ASU 2015-02&#8221;) and determined that no changes to consolidation methods were needed.</font></div><div style="font-size: 10pt; font-family: inherit; text-align: left; line-height: 120%;">&#160;</div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">The Company owns a 20.0% equity interest in Alpine Helicopters Inc. (&#8220;Alpine Helicopters&#8221;). Alpine Helicopters employs all the pilots that fly the helicopters supporting CMH's operations. Alpine Helicopters leases substantially all of its helicopters from Intrawest ULC, a consolidated subsidiary of the Company, creating economic dependence and therefore giving Intrawest ULC a variable interest in Alpine Helicopters. Alpine Helicopters is a VIE for which the Company is the primary beneficiary and is consolidated in the accompanying condensed consolidated financial statements. The remaining 80.0% equity interest in Alpine Helicopters is held by the employees of Alpine Helicopters and is reflected as a noncontrolling interest in the accompanying condensed consolidated financial statements. 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(together with Diamond Resorts Corporation, &#8220;Diamond&#8221;), as described in Note 3, &#8220;Dispositions&#8221; (the "IRCG Transaction"). In accordance with applicable accounting guidance, the disposal did not qualify for discontinued operations presentation and, therefore, the accompanying condensed consolidated statements of operations and comprehensive income (loss) reflect the consolidation of the results of IRCG in the prior fiscal year. 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Pursuant to an Incremental Amendment to the Credit Agreement, dated September 19, 2014 (the "Incremental Amendment"), the Company borrowed an incremental $60.0 million under the Term Loan, and continues to have the ability to increase the borrowings on the Term Loan under certain circumstances and subject to certain criteria; so long as, after giving effect to any additional amounts borrowed, the Company remains compliant with all covenants contained in the Credit Agreement. 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padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">45,230</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 12px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Basic and diluted EPS</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; 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font-family: inherit; text-align: right;">(0.60</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(1.59</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(1.64</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr></table></div></div> -4749000 -1320000 -0.018 0.018 -0.005 0.031 1000000 2000000 0.5 26398000 27003000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; line-height: 120%;">Fair Value of Financial Instruments</div><div style="font-size: 10pt; font-family: inherit; text-align: left; line-height: 120%;"><br /></div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">As of </font><font style="font-size: 10pt; font-family: inherit;">December&#160;31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">June&#160;30, 2016</font><font style="font-size: 10pt; font-family: inherit;">, the fair value of cash and cash equivalents, restricted cash, net receivables and accounts payable approximated their carrying value based on the short-term nature of these instruments. 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padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">December&#160;31, 2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">June&#160;30, 2016</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Carrying Value</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Fair Value</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Carrying Value</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Fair Value</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Senior Debt</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; 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font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">555,173</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Other debt obligations</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,106</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">924</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,172</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">971</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr></table></div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;">The fair value of the Senior Debt (as defined in Note 6, &#8220;Debt&#8221;) was estimated using quoted prices for the Company's instruments in markets that are not active and was considered a Level 2 measure. 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This update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets of businesses. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017 on a prospective basis. 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This update replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for interim and annual periods beginning after December 15, 2019, with a modified-retrospective approach. The Company is currently evaluating the impact that this update will have on its consolidated financial statements and related disclosures.</font></div><div>&#160;</div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">In March 2016, the FASB issued ASU No. 2016-09, </font><font style="font-size: 10pt; font-family: inherit; font-style: italic;">Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting </font><font style="font-size: 10pt; font-family: inherit;">("ASU 2016-09"). This update is part of the FASB's simplification initiative and is intended to simplify accounting for stock-based compensation. The guidance requires that excess tax benefits or deficiencies be recognized in income tax expense or benefit in the income statement, rather than recognized in additional paid-in capital. The guidance allows the Company to elect whether to recognize forfeitures as they occur or use an estimated forfeiture assumption in estimating the number of awards that are expected to vest. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, with early adoption permitted. The Company adopted this guidance prospectively for the year beginning on July 1, 2016. </font></div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">In February 2016, the FASB issued ASU No. 2016-02, </font><font style="font-size: 10pt; font-family: inherit; font-style: italic;">Leases (Topic 842) </font><font style="font-size: 10pt; font-family: inherit;">("ASU 2016-02")</font><font style="font-size: 10pt; font-family: inherit; font-style: italic;">. </font><font style="font-size: 10pt; font-family: inherit;">ASU 2016-02 supersedes existing guidance in </font><font style="font-size: 10pt; font-family: inherit; font-style: italic;">Leases (Topic 840)</font><font style="font-size: 10pt; font-family: inherit;">. 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The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on its consolidated financial statements and related disclosures.&#160;While we are continuing to evaluate the standard, we currently believe the most significant impact will relate to our accounting for operating leases and that our capital leases will remain substantially unchanged under the new standard.</font></div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">In April 2015, the FASB issued ASU No. 2015-05, </font><font style="font-size: 10pt; font-family: inherit; font-style: italic;">Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer&#8217;s Accounting for Fees Paid in a Cloud Computing Arrangement </font><font style="font-size: 10pt; font-family: inherit;">("ASU 2015-05"). 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This update (i) amends the criteria for determining which entities are considered VIEs or voting interest entities, (ii) amends the criteria for evaluating fees paid to a decision maker or service provider as a variable interest, (iii) amends the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) ends the deferral previously granted to certain investment companies for application of the VIE consolidation model. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The Company adopted this guidance for the year beginning on July 1, 2016. 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These accounting standard updates have the same effective date as the original standard. The standard permits the use of either the retrospective or cumulative effect transition method. 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(together with its subsidiaries, collectively referred to herein as the "Company") is a Delaware corporation that was formed on August 30, 2013 as a holding company that operates various subsidiaries primarily engaged in the operation of mountain resorts, adventure businesses, and real estate activities, throughout North America.</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;">&#160;&#160;</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;">The Company conducts business through three segments: Mountain, Adventure and Real Estate. The Mountain segment includes the Company's mountain resort and lodging operations at Steamboat Ski &amp; Resort (&#8220;Steamboat&#8221;) and Winter Park Resort (&#8220;Winter Park&#8221;) in Colorado, Stratton Mountain Resort (&#8220;Stratton&#8221;) in Vermont, Snowshoe Mountain Resort (&#8220;Snowshoe&#8221;) in West Virginia, Mont Tremblant Resort (&#8220;Tremblant&#8221;) in Quebec, and Blue Mountain Ski Resort (&#8220;Blue Mountain&#8221;) in Ontario.&#160;The Mountain segment derives revenue mainly from sales of lift products, lodging, ski school services, retail and rental merchandise, food and beverage, and other ancillary services. </div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;">The Adventure segment includes Canadian Mountain Holidays (&#8220;CMH&#8221;), which provides helicopter accessed skiing, mountaineering and hiking from eleven lodges in British Columbia, Canada. In support of CMH&#8217;s operations, the Company owns a fleet of Bell helicopters that are also used in the off-season for fire suppression activities and other commercial uses primarily in the United States and Canada. The Company's subsidiary, Alpine Aerotech L.P., provides helicopter maintenance, repair and overhaul services to the Company&#8217;s fleet of helicopters as well as to aircraft owned by unaffiliated third parties. </div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;">The Real Estate segment is comprised of Intrawest Hospitality Management, Inc. (&#8220;IHM&#8221;), which principally manages condominium hotel properties including Honua Kai Resort and Spa in Maui, Hawaii and the Westin Monache Resort in Mammoth Lakes, California, Playground, a residential real estate sales and marketing business, the Company&#8217;s 50.0% interest in Mammoth Hospitality Management, L.L.C. ("MHM"), the Company's 57.1% economic interest in Chateau M.T. Inc. ("Chateau"), and formerly included Intrawest Resort Club Group ("IRCG"), a vacation club business, which was sold on January 29, 2016 ("the Disposition Date"). The Real Estate segment is also comprised of real estate development activities and includes costs associated with these activities, such as planning activities and land carrying costs.&#160;</div></div> -5480000 -8379000 -30371000 -7298000 -8845000 -5942000 -31326000 -8184000 0 0 0 0 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">Other long-term liabilities</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;">&#160;</div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">Other long-term liabilities as of </font><font style="font-size: 10pt; font-family: inherit;">December&#160;31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">June&#160;30, 2016</font><font style="font-size: 10pt; font-family: inherit;"> consisted of the following (in thousands):</font></div><div style="font-size: 10pt; text-align: justify; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; width: 100%;"><tr><td style="width: 69%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 18px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; white-space: nowrap; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">December&#160;31, 2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 18px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">June&#160;30, 2016</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Pension liability, net of funded assets</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">31,465</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">33,550</div></td><td style="vertical-align: bottom; 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padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">8,106</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Other long-term liabilities</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">18,754</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">19,391</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total other long-term liabilities</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; 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background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">68,766</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr></table></div></div> -349000 -451000 -163000 -225000 435000 237000 606000 303000 -3824000 -3038000 0 0 0 0 4647000 3988000 1401000 2552000 2942000 5049000 218000 5210000 -256000 5131000 5210000 -256000 218000 5131000 19391000 18754000 0 0 0 0 -215000 -59000 -118000 -86000 -8320000 -30156000 -7180000 -5394000 -8337000 598000 434000 723000 1128000 -31882000 -2244000 -600000 275000 0 31904000 32531000 121000 4000 24915000 2362000 22742000 4224000 238000 115000 4325000 1645000 19911000 2683000 21556000 2980000 3053000 29478000 21491000 17285000 15683000 7609000 29221000 20380000 0 0 300000000 300000000 0.01 0.01 0 0 0 0 4100000 4813000 21081000 24516000 60000000 -73436000 -28013000 -63851000 -19742000 511486000 511559000 36660000 26046000 -955000 -886000 -349000 -606000 -451000 0 -435000 0 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">The following table presents capital expenditures for each segment, reconciled to consolidated amounts for each of the </font><font style="font-size: 10pt; font-family: inherit;">three and six months ended December 31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">2015</font><font style="font-size: 10pt; font-family: inherit;"> (in thousands):</font></div><div style="font-size: 10pt; text-align: center; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; margin-left: auto; width: 100%; margin-right: auto;"><tr><td style="width: 36%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Three Months Ended December 31,</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Six Months Ended December 31,</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2015</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 1px solid; 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background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Mountain</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">15,683</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">17,285</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">21,491</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">24,915</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Adventure</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">4,224</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">2,980</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">7,609</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">4,325</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Real Estate</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">4</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">115</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">121</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">238</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 36px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total segment capital expenditures</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">19,911</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">20,380</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">29,221</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">29,478</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Corporate and other</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,645</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">2,362</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">2,683</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">3,053</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 36px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total capital expenditures</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">21,556</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">22,742</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">31,904</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">32,531</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr></table></div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; width: 100%;"><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Net loss attributable to Intrawest Resorts Holdings, Inc.</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(18,705</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(27,305</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(63,101</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(74,348</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%; background-color: #cceeff;"><div style="font-size: 10pt; text-align: left;"><font style="font-size: 10pt; font-family: inherit;">Legacy and other non-core expenses, net </font><font style="font-size: 10pt; font-family: inherit;"><sup style="font-size: 7pt; vertical-align: top; line-height: 120%;">(4)</sup></font></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">814</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">2,092</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,617</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">4,442</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; text-align: left;"><font style="font-size: 10pt; font-family: inherit;">Other operating expenses </font><font style="font-size: 10pt; font-family: inherit;"><sup style="font-size: 7pt; vertical-align: top; line-height: 120%;">(5)</sup></font></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">2,942</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,401</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">5,049</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">2,552</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr style="height: 27px;"><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Depreciation and amortization</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">14,220</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">14,496</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">29,390</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">29,538</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Loss (gain) on disposal of assets</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,480</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(1,638</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,139</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(2,327</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%; background-color: #cceeff;"><div style="font-size: 10pt; text-align: left;"><font style="font-size: 10pt; font-family: inherit;">Interest income </font><font style="font-size: 10pt; font-family: inherit;"><sup style="font-size: 7pt; vertical-align: top; line-height: 120%;">(6)</sup></font></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(50</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(65</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(120</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(136</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Interest expense</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">9,059</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">10,269</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">18,967</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">20,431</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%; background-color: #cceeff;"><div style="font-size: 10pt; text-align: left;"><font style="font-size: 10pt; font-family: inherit;">(Earnings) loss from equity method investments </font><font style="font-size: 10pt; font-family: inherit;"><sup style="font-size: 7pt; vertical-align: top; line-height: 120%;">(7)</sup></font></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(4,175</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(1,702</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(2,787</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,382</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Loss on extinguishment of debt</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">820</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">&#8212;</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">820</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">&#8212;</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%; background-color: #cceeff;"><div style="font-size: 10pt; text-align: left;"><font style="font-size: 10pt; font-family: inherit;">Pro rata share of Adjusted EBITDA related to equity method investments </font><font style="font-size: 10pt; font-family: inherit;"><sup style="font-size: 7pt; vertical-align: top; line-height: 120%;">(8)</sup></font></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">716</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">853</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,836</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,545</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Adjusted EBITDA attributable to noncontrolling interest</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,369</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,029</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">999</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(1,133</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%; background-color: #cceeff;"><div style="font-size: 10pt; text-align: left;"><font style="font-size: 10pt; font-family: inherit;">Other expense (income), net </font><font style="font-size: 10pt; font-family: inherit;"><sup style="font-size: 7pt; vertical-align: top; line-height: 120%;">(9)</sup></font></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">256</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(5,131</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(218</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(5,210</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Income tax (benefit) expense</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(623</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(519</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">317</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,268</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">(Loss) income attributable to noncontrolling interest</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(1,037</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(708</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(750</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">912</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">&#160;Total Adjusted EBITDA</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">7,086</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(6,928</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(6,842</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(21,084</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Mountain Adjusted EBITDA</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">8,484</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(5,136</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(9,588</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(25,923</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; width: 41%; background-color: #cceeff;"><div style="font-size: 10pt; text-align: left;"><font style="font-size: 10pt; font-family: inherit;">Adventure Adjusted EBITDA </font><font style="font-size: 10pt; font-family: inherit;"><sup style="font-size: 7pt; vertical-align: top; line-height: 120%;">(10)</sup></font></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(2,867</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(3,489</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(722</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,371</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; text-align: left;"><font style="font-size: 10pt; font-family: inherit;">Real Estate Adjusted EBITDA</font><font style="font-size: 10pt; font-family: inherit;"><sup style="font-size: 7pt; vertical-align: top; line-height: 120%;">&#160;(8)(11)</sup></font></div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,469</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,697</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">3,468</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">3,468</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total Adjusted EBITDA</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 11.9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">7,086</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 11.9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(6,928</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 11.9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(6,842</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 11.9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(21,084</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr></table><div style="font-size: 8pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman;"><tr><td style="width: 36px;"></td><td></td></tr><tr><td style="vertical-align: top;"><div style="font-size: 8pt; font-family: inherit; padding-left: 0px; line-height: 120%;">(4)</div></td><td style="vertical-align: top;"><div style="font-size: 8pt; font-family: inherit; text-align: justify; line-height: 120%;">Legacy and other non-core expenses, net represents revenue and expenses of legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. Revenue and expenses related to legacy and other non-core operations include retail operations not located at the Company&#8217;s properties and legacy litigation consisting of claims for damages related to alleged construction defects, purported disclosure violations in real estate marketing sales and documents, and allegations that the Company failed to construct planned amenities.</div></td></tr></table><div style="font-size: 8pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman;"><tr><td style="width: 36px;"></td><td></td></tr><tr><td style="vertical-align: top;"><div style="font-size: 8pt; font-family: inherit; padding-left: 0px; line-height: 120%;">(5)</div></td><td style="vertical-align: top;"><div style="font-size: 8pt; font-family: inherit; text-align: justify; line-height: 120%;">Includes costs related to non-cash compensation, reduction in workforce severance and lease payments pursuant to the lease at Winter Park. 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font-family: Times New Roman;"><tr><td style="width: 36px;"></td><td></td></tr><tr><td style="vertical-align: top;"><div style="font-size: 8pt; font-family: inherit; padding-left: 0px; line-height: 120%;">(10)</div></td><td style="vertical-align: top;"><div style="font-size: 8pt; font-family: inherit; text-align: justify; line-height: 120%;">Adventure segment Adjusted EBITDA excludes Adjusted EBITDA attributable to noncontrolling interest.</div></td></tr></table><div style="font-size: 8pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman;"><tr><td style="width: 36px;"></td><td></td></tr><tr><td style="vertical-align: top;"><div style="font-size: 8pt; font-family: inherit; padding-left: 0px; line-height: 120%;">(11)</div></td><td style="vertical-align: top;"><div style="font-size: 8pt; text-align: justify; line-height: 120%;"><font style="font-size: 8pt; font-family: inherit;">Real Estate segment Adjusted EBITDA includes interest income earned from receivables related to the IRCG operations until the Disposition Date, in the amount of </font><font style="font-size: 8pt; 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text-align: left; width: 100%;"><tr><td style="width: 43.01%;"></td><td style="width: 1.07%;"></td><td style="width: 12.09%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1.4%;"></td><td style="width: 11.76%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1.64%;"></td><td style="width: 11.51%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1.64%;"></td><td style="width: 11.35%;"></td><td style="width: 1%;"></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 43.01%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 347px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Three Months Ended December 31,</div></td><td style="vertical-align: bottom; 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font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">8,622</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">7,272</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 36px; padding-right: 2px; width: 43.01%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Retail and Rental</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 161px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">15,050</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">11,195</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">22,653</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">18,652</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 36px; padding-right: 2px; width: 43.01%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Food and Beverage</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 161px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">12,356</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">10,338</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">22,709</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">19,970</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 36px; padding-right: 2px; width: 43.01%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Other</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 161px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">8,157</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">7,757</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">21,811</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">20,493</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; width: 43.01%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total Mountain revenue</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 161px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">99,045</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">79,436</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">153,040</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">129,194</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; width: 43.01%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Adventure revenue</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 161px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">13,291</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">12,368</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">31,237</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">36,630</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; width: 43.01%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Real Estate revenue</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 161px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">8,226</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">11,403</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">16,505</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">23,216</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 28px; padding-right: 2px; width: 43.01%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total segment revenue</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 161px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">120,562</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">103,207</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">200,782</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">189,040</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; width: 43.01%; background-color: #cceeff;"><div style="font-size: 10pt; text-align: left;"><font style="font-size: 10pt; font-family: inherit;">Legacy, non-core and other revenue </font><font style="font-size: 10pt; font-family: inherit;"><sup style="font-size: 7pt; vertical-align: top; line-height: 120%;">(3)</sup></font></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 161px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">599</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">744</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">859</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,115</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 28px; padding-right: 2px; width: 43.01%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total revenue</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1.07%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 12.09%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">121,161</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1.4%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 11.76%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">103,951</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1.64%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 11.51%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">201,641</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1.64%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 11.35%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">190,155</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; width: 1%;"><div style="font-size: 10pt; 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It includes legacy real estate asset sales, divested non-core operations, and non-core retail revenue. </div></td></tr></table></div> 3115000 4892000 12475000 23799000 -2789175000 -2726074000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">The Company&#8217;s revenue by geographic region for each of the </font><font style="font-size: 10pt; font-family: inherit;">three and six months ended December 31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">2015</font><font style="font-size: 10pt; font-family: inherit;"> consisted of the following (in thousands):</font></div><div style="font-size: 10pt; text-align: justify; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; width: 100%;"><tr><td style="width: 36%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Three Months Ended December 31,</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Six Months Ended December 31,</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; 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padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2015</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; 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padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Actuarial loss on pensions</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Foreign currency translation adjustments</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Total</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">As of June 30, 2015</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(1,919</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(11,950</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">159,248</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">145,379</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Amounts reclassified from AOCI</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">606</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">349</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">&#8212;</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">955</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Foreign currency translation adjustments</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(8</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">779</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(31,882</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(31,111</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Net current period other comprehensive income (loss)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">598</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,128</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(31,882</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(30,156</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">As of December 31, 2015</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(1,321</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(10,822</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">127,366</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">115,223</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">As of June 30, 2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(733</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(14,242</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">146,895</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">131,920</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Amounts reclassified from AOCI</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">435</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">451</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">&#8212;</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">886</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Foreign currency translation adjustments</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(1</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">272</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(8,337</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(8,066</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Net current period other comprehensive income (loss)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; 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padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(8,337</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(7,180</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">As of December 31, 2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(299</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(13,519</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">138,558</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">124,740</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr></table></div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">Accounts payable and accrued liabilities</div><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">&#160;</div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">Accounts payable and accrued liabilities as of </font><font style="font-size: 10pt; font-family: inherit;">December&#160;31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">June&#160;30, 2016</font><font style="font-size: 10pt; font-family: inherit;"> consisted of the following (in thousands):</font></div><div style="font-size: 10pt; text-align: center; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; margin-left: auto; width: 100%; margin-right: auto;"><tr><td style="width: 69%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; white-space: nowrap; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">December&#160;31, 2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">June&#160;30, 2016</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Trade payables</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">72,944</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">48,353</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Accrued liabilities</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">7,327</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">16,516</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total accounts payable and accrued liabilities</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">80,271</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">64,869</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr></table></div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">Other current assets</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">Other current assets as of </font><font style="font-size: 10pt; font-family: inherit;">December&#160;31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">June&#160;30, 2016</font><font style="font-size: 10pt; font-family: inherit;"> consisted of the following (in thousands):</font></div><div style="font-size: 10pt; text-align: center; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; margin-left: auto; width: 100%; margin-right: auto;"><tr><td style="width: 69%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr style="height: 40px;"><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; white-space: nowrap; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">December&#160;31, 2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">June&#160;30, 2016</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Capital spares</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">12,452</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">11,628</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Prepaid insurance</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">4,100</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">4,813</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Other prepaid expenses and current assets</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">7,964</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">4,640</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total other current assets</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">24,516</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">21,081</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr></table></div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>The calculation of basic and diluted EPS is presented below (in thousands, except per share data). </div><div style="font-size: 10pt; text-align: center; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; margin-left: auto; width: 100%; margin-right: auto;"><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Three Months Ended December 31,</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Six Months Ended December 31,</div></td></tr><tr style="height: 18px;"><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;"><br /></div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2015</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2015</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Basic and Diluted EPS</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 12px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Net loss attributable to Intrawest Resorts Holdings, Inc.</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(18,705</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(27,305</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(63,101</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(74,348</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 12px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Weighted average common shares outstanding</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">39,762</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">45,230</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">39,762</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">45,230</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 12px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Basic and diluted EPS</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(0.47</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(0.60</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(1.59</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(1.64</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr></table></div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>As of <font style="font-size: 10pt; font-family: inherit;">December&#160;31, 2016</font><font style="font-size: 10pt; font-family: inherit;">, the long-term debt aggregate maturities for the 12 month periods ending </font><font style="font-size: 10pt; font-family: inherit;">December 31,</font><font style="font-size: 10pt; font-family: inherit;"> for each of the following years are set forth below (in thousands):</font></div><div style="font-size: 10pt; text-align: center; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; margin-left: auto; width: 100%; margin-right: auto;"><tr><td style="width: 84%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">2017</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">2,349</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">2018</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #ffffff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">6,136</div></td><td style="vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">2019</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">6,143</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">2020</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #ffffff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">539,431</div></td><td style="vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">2021</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">156</div></td><td style="vertical-align: bottom; 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padding-bottom: 4px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;">&#160;</td><td style="vertical-align: bottom; padding-bottom: 4px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;">&#160;</td><td style="vertical-align: bottom; border-bottom: #000000 4px double; padding-top: 2px; padding-left: 2px; background-color: #cceeff;">&#160;$</td><td style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; padding-top: 2px; padding-left: 2px; background-color: #cceeff;">&#160;554,439</td><td style="vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td></tr></table></div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">The Company's total borrowings as of </font><font style="font-size: 10pt; font-family: inherit;">December&#160;31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">June&#160;30, 2016</font><font style="font-size: 10pt; font-family: inherit;"> consisted of the following (in thousands):</font></div><div style="font-size: 10pt; text-align: center; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; margin-left: auto; width: 100%; margin-right: auto;"><tr><td style="width: 53%;"></td><td style="width: 15%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; 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padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">497</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total long-term debt</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">536,802</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">537,295</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr></table></div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">Current receivables, net</div><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">&#160;</div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">Current receivables as of </font><font style="font-size: 10pt; font-family: inherit;">December&#160;31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">June&#160;30, 2016</font><font style="font-size: 10pt; font-family: inherit;"> consisted of the following (in thousands):</font></div><div style="font-size: 10pt; text-align: center; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; margin-left: auto; width: 100%; margin-right: auto;"><tr><td style="width: 69%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; white-space: nowrap; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">December&#160;31, 2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td colspan="3" style="vertical-align: bottom; 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For purposes of calculating Adjusted EBITDA, the Company also adds back to net income (loss) attributable to the Company the pro rata share of Adjusted EBITDA related to equity method investments included within the segments and removes from Adjusted EBITDA the Adjusted EBITDA attributable to noncontrolling interests for entities consolidated within the segments. Asset information by segment, except for capital expenditures as shown in the table below, is not included in reports used by the CODM in the monitoring of performance and, therefore, is not disclosed.</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;">&#160;</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;">The accounting policies of the segments are the same as those described in Note 2, "Significant Accounting Policies". 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width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">7,272</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 36px; padding-right: 2px; width: 43.01%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Retail and Rental</div></td><td colspan="2" style="vertical-align: bottom; 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font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">22,653</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">18,652</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 36px; padding-right: 2px; width: 43.01%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Food and Beverage</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 161px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">12,356</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">10,338</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">22,709</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">19,970</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 36px; padding-right: 2px; width: 43.01%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Other</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 161px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">8,157</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">7,757</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">21,811</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">20,493</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; width: 43.01%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total Mountain revenue</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 161px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">99,045</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">79,436</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">153,040</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">129,194</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; width: 43.01%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Adventure revenue</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 161px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">13,291</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">12,368</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">31,237</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">36,630</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; width: 43.01%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Real Estate revenue</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 161px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">8,226</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">11,403</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">16,505</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">23,216</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 28px; padding-right: 2px; width: 43.01%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total segment revenue</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 161px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">120,562</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">103,207</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">200,782</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">189,040</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; width: 43.01%; background-color: #cceeff;"><div style="font-size: 10pt; text-align: left;"><font style="font-size: 10pt; font-family: inherit;">Legacy, non-core and other revenue </font><font style="font-size: 10pt; font-family: inherit;"><sup style="font-size: 7pt; vertical-align: top; line-height: 120%;">(3)</sup></font></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 161px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">599</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">744</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">859</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,115</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 28px; padding-right: 2px; width: 43.01%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total revenue</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1.07%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 12.09%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">121,161</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1.4%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 11.76%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">103,951</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1.64%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 11.51%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">201,641</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1.64%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 11.35%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">190,155</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr></table><div>&#160;</div><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; width: 100%;"><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Net loss attributable to Intrawest Resorts Holdings, Inc.</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(18,705</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(27,305</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(63,101</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(74,348</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%; background-color: #cceeff;"><div style="font-size: 10pt; text-align: left;"><font style="font-size: 10pt; font-family: inherit;">Legacy and other non-core expenses, net </font><font style="font-size: 10pt; font-family: inherit;"><sup style="font-size: 7pt; vertical-align: top; line-height: 120%;">(4)</sup></font></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">814</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">2,092</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,617</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">4,442</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; text-align: left;"><font style="font-size: 10pt; font-family: inherit;">Other operating expenses </font><font style="font-size: 10pt; font-family: inherit;"><sup style="font-size: 7pt; vertical-align: top; line-height: 120%;">(5)</sup></font></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">2,942</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,401</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">5,049</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">2,552</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr style="height: 27px;"><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Depreciation and amortization</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">14,220</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">14,496</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">29,390</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">29,538</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Loss (gain) on disposal of assets</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,480</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(1,638</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,139</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(2,327</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%; background-color: #cceeff;"><div style="font-size: 10pt; text-align: left;"><font style="font-size: 10pt; font-family: inherit;">Interest income </font><font style="font-size: 10pt; font-family: inherit;"><sup style="font-size: 7pt; vertical-align: top; line-height: 120%;">(6)</sup></font></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(50</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(65</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(120</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(136</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Interest expense</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">9,059</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">10,269</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">18,967</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">20,431</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%; background-color: #cceeff;"><div style="font-size: 10pt; text-align: left;"><font style="font-size: 10pt; font-family: inherit;">(Earnings) loss from equity method investments </font><font style="font-size: 10pt; font-family: inherit;"><sup style="font-size: 7pt; vertical-align: top; line-height: 120%;">(7)</sup></font></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(4,175</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(1,702</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(2,787</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,382</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Loss on extinguishment of debt</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">820</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">&#8212;</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">820</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">&#8212;</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%; background-color: #cceeff;"><div style="font-size: 10pt; text-align: left;"><font style="font-size: 10pt; font-family: inherit;">Pro rata share of Adjusted EBITDA related to equity method investments </font><font style="font-size: 10pt; font-family: inherit;"><sup style="font-size: 7pt; vertical-align: top; line-height: 120%;">(8)</sup></font></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">716</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">853</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,836</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,545</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Adjusted EBITDA attributable to noncontrolling interest</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,369</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,029</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">999</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(1,133</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%; background-color: #cceeff;"><div style="font-size: 10pt; text-align: left;"><font style="font-size: 10pt; font-family: inherit;">Other expense (income), net </font><font style="font-size: 10pt; font-family: inherit;"><sup style="font-size: 7pt; vertical-align: top; line-height: 120%;">(9)</sup></font></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">256</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(5,131</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(218</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(5,210</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Income tax (benefit) expense</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(623</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(519</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">317</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,268</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">(Loss) income attributable to noncontrolling interest</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(1,037</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(708</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(750</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">912</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">&#160;Total Adjusted EBITDA</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">7,086</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(6,928</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(6,842</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(21,084</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 41%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Mountain Adjusted EBITDA</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">8,484</div></td><td style="vertical-align: bottom; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(5,136</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(9,588</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; width: 1%;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; width: 11.9%;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(25,923</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; width: 1%;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; width: 41%; background-color: #cceeff;"><div style="font-size: 10pt; text-align: left;"><font style="font-size: 10pt; font-family: inherit;">Adventure Adjusted EBITDA </font><font style="font-size: 10pt; 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font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,371</div></td><td style="vertical-align: bottom; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; width: 41%;"><div style="font-size: 10pt; text-align: left;"><font style="font-size: 10pt; font-family: inherit;">Real Estate Adjusted EBITDA</font><font style="font-size: 10pt; font-family: inherit;"><sup style="font-size: 7pt; vertical-align: top; line-height: 120%;">&#160;(8)(11)</sup></font></div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; 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Revenue and expenses related to legacy and other non-core operations include retail operations not located at the Company&#8217;s properties and legacy litigation consisting of claims for damages related to alleged construction defects, purported disclosure violations in real estate marketing sales and documents, and allegations that the Company failed to construct planned amenities.</div></td></tr></table><div style="font-size: 8pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman;"><tr><td style="width: 36px;"></td><td></td></tr><tr><td style="vertical-align: top;"><div style="font-size: 8pt; font-family: inherit; padding-left: 0px; line-height: 120%;">(5)</div></td><td style="vertical-align: top;"><div style="font-size: 8pt; font-family: inherit; text-align: justify; line-height: 120%;">Includes costs related to non-cash compensation, reduction in workforce severance and lease payments pursuant to the lease at Winter Park. 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padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Three Months Ended December 31,</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Six Months Ended December 31,</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2015</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2015</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Capital expenditures:</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Mountain</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">15,683</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">17,285</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">21,491</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">24,915</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Adventure</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">4,224</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">2,980</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">7,609</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">4,325</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Real Estate</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">4</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">115</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">121</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">238</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 36px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total segment capital expenditures</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">19,911</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">20,380</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">29,221</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">29,478</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Corporate and other</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,645</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">2,362</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">2,683</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">3,053</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 36px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total capital expenditures</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">21,556</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">22,742</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">31,904</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">32,531</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr></table></div><div style="font-size: 10pt; font-family: inherit; text-align: center; line-height: 120%;"><br /></div><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">Geographic Data</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;">&#160;</div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">The Company&#8217;s revenue by geographic region for each of the </font><font style="font-size: 10pt; font-family: inherit;">three and six months ended December 31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">2015</font><font style="font-size: 10pt; font-family: inherit;"> consisted of the following (in thousands):</font></div><div style="font-size: 10pt; text-align: justify; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; width: 100%;"><tr><td style="width: 36%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Three Months Ended December 31,</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Six Months Ended December 31,</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; 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font-family: Times New Roman;"><tr><td style="width: 36px;"></td><td></td></tr><tr><td style="vertical-align: top;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; padding-left: 0px; line-height: 120%;">2. </div></td><td style="vertical-align: top;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; line-height: 120%;">Significant Accounting Policies</div></td></tr></table><div style="font-size: 10pt; font-family: inherit; text-align: left; line-height: 120%;">&#160;</div><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: left; line-height: 120%;">Basis of Presentation and Use of Estimates</div><div style="font-size: 10pt; font-family: inherit; text-align: left; line-height: 120%;">&#160;</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;">The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, the financial statements do not include all of the information and notes required for complete financial statements prepared in accordance with GAAP. In management's opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. These results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year.</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">Principles of Consolidation</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and a variable interest entity (&#8220;VIE&#8221;) for which the Company is the primary beneficiary. All significant intercompany transactions are eliminated in consolidation. Investments in which the Company does not have a controlling interest or is not the primary beneficiary, but over which the Company is able to exercise significant influence, are accounted for under the equity method. Under the equity method, the original cost of the investment is adjusted for the Company&#8217;s share of post-acquisition earnings or losses increased by contributions less distributions received. As of July 1, 2016, the Company reassessed all non-wholly owned subsidiaries in accordance with the new guidance issued in Accounting Standards Update (&#8220;ASU&#8221;) No. 2015-02, </font><font style="font-size: 10pt; font-family: inherit; font-style: italic;">Consolidation (Topic 810): Amendments to the Consolidation Analysis </font><font style="font-size: 10pt; font-family: inherit;">(&#8220;ASU 2015-02&#8221;) and determined that no changes to consolidation methods were needed.</font></div><div style="font-size: 10pt; font-family: inherit; text-align: left; line-height: 120%;">&#160;</div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">The Company owns a 20.0% equity interest in Alpine Helicopters Inc. (&#8220;Alpine Helicopters&#8221;). Alpine Helicopters employs all the pilots that fly the helicopters supporting CMH's operations. 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font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">Recent Accounting Pronouncements</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">In January 2017, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update ("ASU") No.2017-01, </font><font style="font-size: 10pt; font-family: inherit; font-style: italic;">Business Combinations (Topic 805) </font><font style="font-size: 10pt; font-family: inherit;">("ASU 2017-01"). This update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets of businesses. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017 on a prospective basis. The Company is currently evaluating the impact that this update will have on its consolidated financial statements and related disclosures.</font></div><div style="font-size: 10pt; font-family: inherit; text-align: left; line-height: 120%;"><br /></div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">In November 2016, the FASB issued ASU No. 2016-18, </font><font style="font-size: 10pt; font-family: inherit; font-style: italic;">Statement of Cash Flows (Topic 230): Restricted Cash </font><font style="font-size: 10pt; font-family: inherit;">("ASU 2016-18")</font><font style="font-size: 10pt; font-family: inherit; font-style: italic;">. </font><font style="font-size: 10pt; font-family: inherit;">This update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This update is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted, including adoption in an interim period. The Company intends to adopt this guidance on July 1, 2018. The Company is currently evaluating the impact that this update will have on its consolidated financial statements and related disclosures.</font></div><div style="font-size: 10pt; font-family: inherit; text-align: left; line-height: 120%;">&#160;</div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">In June 2016, the FASB issued ASU No. 2016-13, </font><font style="font-size: 10pt; font-family: inherit; font-style: italic;">Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments </font><font style="font-size: 10pt; font-family: inherit;">("ASU 2016-13"). This update replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for interim and annual periods beginning after December 15, 2019, with a modified-retrospective approach. The Company is currently evaluating the impact that this update will have on its consolidated financial statements and related disclosures.</font></div><div>&#160;</div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">In March 2016, the FASB issued ASU No. 2016-09, </font><font style="font-size: 10pt; font-family: inherit; font-style: italic;">Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting </font><font style="font-size: 10pt; font-family: inherit;">("ASU 2016-09"). This update is part of the FASB's simplification initiative and is intended to simplify accounting for stock-based compensation. The guidance requires that excess tax benefits or deficiencies be recognized in income tax expense or benefit in the income statement, rather than recognized in additional paid-in capital. The guidance allows the Company to elect whether to recognize forfeitures as they occur or use an estimated forfeiture assumption in estimating the number of awards that are expected to vest. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, with early adoption permitted. The Company adopted this guidance prospectively for the year beginning on July 1, 2016. </font></div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">In February 2016, the FASB issued ASU No. 2016-02, </font><font style="font-size: 10pt; font-family: inherit; font-style: italic;">Leases (Topic 842) </font><font style="font-size: 10pt; font-family: inherit;">("ASU 2016-02")</font><font style="font-size: 10pt; font-family: inherit; font-style: italic;">. </font><font style="font-size: 10pt; font-family: inherit;">ASU 2016-02 supersedes existing guidance in </font><font style="font-size: 10pt; font-family: inherit; font-style: italic;">Leases (Topic 840)</font><font style="font-size: 10pt; font-family: inherit;">. 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The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on its consolidated financial statements and related disclosures.&#160;While we are continuing to evaluate the standard, we currently believe the most significant impact will relate to our accounting for operating leases and that our capital leases will remain substantially unchanged under the new standard.</font></div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">In April 2015, the FASB issued ASU No. 2015-05, </font><font style="font-size: 10pt; font-family: inherit; font-style: italic;">Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer&#8217;s Accounting for Fees Paid in a Cloud Computing Arrangement </font><font style="font-size: 10pt; font-family: inherit;">("ASU 2015-05"). This update is intended to reduce diversity in practice by providing explicit guidance to customers about whether a cloud computing arrangement includes a software license. For public business entities, the guidance is effective for annual periods beginning after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-05 as of July 1, 2016 and will apply the guidance prospectively for all arrangements entered into or materially modified after July 1, 2016. There was no impact to the Company's condensed consolidated financial statements upon the adoption. </font></div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">In February 2015, the FASB issued ASU No. 2015-02, </font><font style="font-size: 10pt; font-family: inherit; font-style: italic;">Consolidation (Topic 810): Amendments to the Consolidation Analysis </font><font style="font-size: 10pt; font-family: inherit;">("ASU 2015-02"). This update (i) amends the criteria for determining which entities are considered VIEs or voting interest entities, (ii) amends the criteria for evaluating fees paid to a decision maker or service provider as a variable interest, (iii) amends the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) ends the deferral previously granted to certain investment companies for application of the VIE consolidation model. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The Company adopted this guidance for the year beginning on July 1, 2016. With the adoption the Company reassessed all non-wholly owned subsidiaries and determined that no changes to consolidation methods were needed.</font></div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; text-align: left; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">In May 2014, the FASB issued ASU No. 2014-09, </font><font style="font-size: 10pt; font-family: inherit; font-style: italic;">Revenue from Contracts with Customers (Topic 606)</font><font style="font-size: 10pt; font-family: inherit;"> (&#8220;ASU 2014-09&#8221;), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. 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margin-right: auto;"><tr><td style="width: 69%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; white-space: nowrap; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">December&#160;31, 2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td colspan="3" style="vertical-align: bottom; 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background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Allowance for doubtful accounts</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(825</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(831</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total current receivables, net</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">26,046</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">36,660</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr></table></div><div>&#160;</div><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">Other current assets</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">Other current assets as of </font><font style="font-size: 10pt; font-family: inherit;">December&#160;31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">June&#160;30, 2016</font><font style="font-size: 10pt; font-family: inherit;"> consisted of the following (in thousands):</font></div><div style="font-size: 10pt; text-align: center; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; margin-left: auto; width: 100%; margin-right: auto;"><tr><td style="width: 69%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr style="height: 40px;"><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; white-space: nowrap; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">December&#160;31, 2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 20px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">June&#160;30, 2016</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Capital spares</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">12,452</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">11,628</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Prepaid insurance</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">4,100</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">4,813</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Other prepaid expenses and current assets</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">7,964</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">4,640</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total other current assets</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">24,516</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">21,081</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr></table></div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">Other long-term assets, net</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;">&#160;</div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">Other long-term assets, net as of </font><font style="font-size: 10pt; font-family: inherit;">December&#160;31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">June&#160;30, 2016</font><font style="font-size: 10pt; font-family: inherit;"> consisted of the following (in thousands):</font></div><div style="font-size: 10pt; text-align: center; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; margin-left: auto; width: 100%; margin-right: auto;"><tr><td style="width: 69%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 18px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; white-space: nowrap; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">December&#160;31, 2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 18px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">June&#160;30, 2016</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Equity method investments</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">27,003</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">26,398</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Long-term receivables</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,460</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">1,541</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Other long-term assets</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">4,647</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">3,988</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total other long-term assets, net</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">33,110</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">31,927</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr></table></div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">Accounts payable and accrued liabilities</div><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">&#160;</div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">Accounts payable and accrued liabilities as of </font><font style="font-size: 10pt; font-family: inherit;">December&#160;31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">June&#160;30, 2016</font><font style="font-size: 10pt; font-family: inherit;"> consisted of the following (in thousands):</font></div><div style="font-size: 10pt; text-align: center; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; margin-left: auto; width: 100%; margin-right: auto;"><tr><td style="width: 69%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; white-space: nowrap; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">December&#160;31, 2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">June&#160;30, 2016</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Trade payables</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">72,944</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">48,353</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Accrued liabilities</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">7,327</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">16,516</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total accounts payable and accrued liabilities</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; 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padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">64,869</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr></table></div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;"><br /></div><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">Current deferred revenue and deposits</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;">&#160;</div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">Current deferred revenue and deposits as of </font><font style="font-size: 10pt; font-family: inherit;">December&#160;31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">June&#160;30, 2016</font><font style="font-size: 10pt; font-family: inherit;"> consisted of the following (in thousands):</font></div><div style="font-size: 10pt; text-align: center; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; margin-left: auto; width: 100%; margin-right: auto;"><tr><td style="width: 69%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 18px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; white-space: nowrap; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">December&#160;31, 2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 18px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">June&#160;30, 2016</div></td></tr><tr><td style="vertical-align: bottom; 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text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">25,548</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Deposits on real estate sales</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">44</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">46</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total current deferred revenue and deposits</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">155,119</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">67,937</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr></table></div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;">&#160;</div><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">Other long-term liabilities</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;">&#160;</div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">Other long-term liabilities as of </font><font style="font-size: 10pt; font-family: inherit;">December&#160;31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">June&#160;30, 2016</font><font style="font-size: 10pt; font-family: inherit;"> consisted of the following (in thousands):</font></div><div style="font-size: 10pt; text-align: justify; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; width: 100%;"><tr><td style="width: 69%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 18px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; white-space: nowrap; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">December&#160;31, 2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 18px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">June&#160;30, 2016</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Pension liability, net of funded assets</div></td><td style="vertical-align: bottom; 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background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">33,550</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Forgivable government grants</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">8,599</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; 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background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">8,106</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Other long-term liabilities</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">18,754</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">19,391</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total other long-term liabilities</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">66,614</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">68,766</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr></table></div></div> 12452000 11628000 -1000 272000 779000 -8066000 -31882000 -8000 -31111000 -8337000 5556000 5556000 50643000 50643000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</div></div> 3500000 0.2 8800000 39762 45230 45230 39762 45230000 39762000 39762000 45230000 2017 2020 2023 0.01 4.5 4.5 853000 1545000 1836000 716000 -6928000 -722000 -6842000 1469000 -2867000 1371000 8484000 1697000 -5136000 -3489000 -9588000 3468000 -25923000 -21084000 3468000 7086000 1133000 -1369000 -1029000 -999000 1617000 814000 4442000 2092000 800000 217984000 119916000 220322000 117074000 0.571 11 0 0 0 0 0.289 0.319 0.315 0.295 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; font-style: italic; text-align: justify; line-height: 120%;">Current deferred revenue and deposits</div><div style="font-size: 10pt; font-family: inherit; text-align: justify; line-height: 120%;">&#160;</div><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">Current deferred revenue and deposits as of </font><font style="font-size: 10pt; font-family: inherit;">December&#160;31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">June&#160;30, 2016</font><font style="font-size: 10pt; font-family: inherit;"> consisted of the following (in thousands):</font></div><div style="font-size: 10pt; text-align: center; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; margin-left: auto; width: 100%; margin-right: auto;"><tr><td style="width: 69%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 18px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; white-space: nowrap; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">December&#160;31, 2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; height: 18px; font-family: inherit;"></div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">June&#160;30, 2016</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Season pass and other deferred revenue</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">95,824</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">42,343</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Lodging and tour deposits</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">59,251</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">25,548</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Deposits on real estate sales</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">44</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">46</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total current deferred revenue and deposits</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">155,119</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">67,937</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr></table></div></div> 33110000 31927000 135773000 137283000 8599000 7719000 4640000 7964000 0.099 3 P35Y 0.015 0.04 900000 900000 800000 800000 89298000 68643000 89298000 66506000 241000 185000 241000 179000 0.064 31421000 24153000 31421000 23401000 120719000 92796000 89907000 120719000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; text-align: justify; line-height: 120%;"><font style="font-size: 10pt; font-family: inherit;">Reimbursable government loans and forgivable grants as of </font><font style="font-size: 10pt; font-family: inherit;">December&#160;31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">June&#160;30, 2016</font><font style="font-size: 10pt; font-family: inherit;"> in Canadian dollars ("CAD") and the U.S. dollar ("USD") equivalent are as follows (in thousands):</font></div><div style="font-size: 10pt; text-align: center; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; margin-left: auto; width: 100%; margin-right: auto;"><tr><td style="width: 37%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13.16%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">December 31, 2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">June&#160;30, 2016</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">CAD</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">USD Equivalent</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">CAD</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">USD Equivalent</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Loans</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">241</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 11px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; width: 172px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">179</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">241</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">185</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Grants</div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Received</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">89,298</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">66,506</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">89,298</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">68,643</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 20px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Future advances</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">31,421</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">23,401</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">31,421</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">24,153</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Total grants</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">120,719</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; width: 11px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; width: 172px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">89,907</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">120,719</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">92,796</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr></table></div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>The components of other comprehensive income (loss) for the <font style="font-size: 10pt; font-family: inherit;">three and six months ended December 31, 2016</font><font style="font-size: 10pt; font-family: inherit;"> and </font><font style="font-size: 10pt; font-family: inherit;">2015</font><font style="font-size: 10pt; font-family: inherit;"> are as follows (in thousands):</font></div><div style="font-size: 10pt; text-align: center; padding-top: 10px; padding-left: 0px; line-height: normal; text-indent: 0px;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; border-collapse: collapse; text-align: left; margin-left: auto; width: 100%; margin-right: auto;"><tr><td style="width: 36%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 13%;"></td><td style="width: 1%;"></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Three Months Ended December 31,</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="7" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">Six Months Ended December 31,</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2015</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2016</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="3" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; font-weight: bold; text-align: center;">2015</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Foreign currency translation adjustments</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(5,942</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(8,845</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(8,184</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(31,326</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt;"><font style="font-size: 10pt; font-family: inherit;">Realized portion of cash flow hedge</font><font style="font-size: 10pt; font-family: inherit;"><sup style="font-size: 7pt; vertical-align: top; line-height: 120%;">(a)</sup></font></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">237</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">303</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">435</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">606</div></td><td style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt;"><font style="font-size: 10pt; font-family: inherit;">Actuarial gain (loss) on pensions</font><font style="font-size: 10pt; font-family: inherit;"><sup style="font-size: 7pt; vertical-align: top; line-height: 120%;">(b)</sup></font></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">225</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">163</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">451</div></td><td style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 1px solid; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">349</div></td><td style="vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;"><br /></div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Other comprehensive loss, net of tax of $0</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(5,480</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(8,379</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(7,298</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(30,371</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Other comprehensive loss attributable to noncontrolling interest, net of tax of $0</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(86</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(59</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(118</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px; background-color: #cceeff;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td colspan="2" style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(215</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-right: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">)</div></td></tr><tr><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">Other comprehensive loss attributable to Intrawest Resorts Holdings, Inc., net of tax of $0</div></td><td style="vertical-align: bottom; padding-bottom: 2px; padding-top: 2px; padding-left: 2px; padding-right: 2px;"><div style="overflow: hidden; font-size: 10pt; font-family: inherit;">&#160;</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; padding-left: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: left;">$</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px;"><div style="font-size: 10pt; font-family: inherit; text-align: right;">(5,394</div></td><td style="border-top: #000000 1px solid; vertical-align: bottom; border-bottom: #000000 3px double; padding-bottom: 2px; padding-top: 2px; 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Includes interest income unrelated to IRCG financing activities. Amounts reclassified out of AOCI are included in operating expenses in the accompanying condensed consolidated statements of operations. Amounts reclassified out of AOCI are included in interest expense in the accompanying condensed consolidated statements of operations. Includes costs related to non-cash compensation, reduction in workforce severance and lease payments pursuant to the lease at Winter Park. The six months ended December 31, 2016 also includes $0.8 million of expenses for major IT infrastructure replacements, $0.7 million in fees associated with executing the Fifth Amendment and $0.5 million of business development related expenses. Includes foreign currency transaction gains (losses), litigation settlement gains (losses), acquisition-related expenses, and other expenses. Lift revenue outside of the ski season is derived primarily from mountain biking and sightseeing lift products. Legacy, non-core and other revenue represents legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. It includes legacy real estate asset sales, divested non-core operations, and non-core retail revenue. Ski School revenue outside of the ski season is derived primarily from mountain bike instruction at various resorts. Includes the Company's pro rata share of Adjusted EBITDA from its equity method investments in MHM and Chateau. The pro rata share of Adjusted EBITDA represents the Company's share of Adjusted EBITDA from these equity method investments based on the Company's economic ownership percentages. Adventure segment Adjusted EBITDA excludes Adjusted EBITDA attributable to noncontrolling interest. Real Estate segment Adjusted EBITDA includes interest income earned from receivables related to the IRCG operations until the Disposition Date, in the amount of $0.8 million and $1.7 million for the three and six months ended December 31, 2015, respectively. Legacy and other non-core expenses, net represents revenue and expenses of legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. Revenue and expenses related to legacy and other non-core operations include retail operations not located at the Company's properties and legacy litigation consisting of claims for damages related to alleged construction defects, purported disclosure violations in real estate marketing sales and documents, and allegations that the Company failed to construct planned amenities. 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Credit Agreement [Member] Fourth Amendment to the Credit Agreement dated April 8, 2016. Fourth Amendment [Member] Fourth Amendment [Member] Other debt obligations include various lending agreements, including a government loan agreement and a bank loan related to employee housing. Other Debt Obligations [Member] Other Debt Obligations [Member] Incremental Amendment to the Credit Agreement dated September 19, 2014. Incremental Amendment [Member] A term loan facility (the "Term Loan"), a senior secured first-lien revolving loan facility (the "Revolver"), and a senior secured first-lien letters of credit facility (the "LC Facility"), collectively referred to as the "Senior Debt." Senior Debt [Member] Senior Debt [Member] Year when the debt instrument is scheduled to be fully repaid. Debt Instrument, Year of Maturity Maturity The minimum interest rate that can be paid on the debt, regardless of whether the method for determining the variable rate would otherwise provide for a lower rate of interest. Debt instrument, Interest rate floor on variable rate Interest rate floor As of the last day of any period of four consecutive fiscal quarters, the ratio of (a) (i) Total Secured Debt, as defined. as of such date minus (ii) the aggregate amount of Unrestricted Cash in excess of $40,000,000 included on the consolidated balance sheet of Holdings and its Subsidiaries as of such date, to (b) Consolidated EBITDA of the Intrawest Group Members for such period, as defined in the Credit Agreement. Total Secured Debt Leverage Ratio Secured debt leverage ratio Fifth Amendment to the Credit Agreement dated October 14, 2016. Fifth Amendment [Member] Second Amendment to the Credit Agreement dated June 1, 2015. Third Amendment [Member] Food and Beverage revenue is derived through operation of restaurants, bars and other food and beverage outlets at the Company's resorts. Food and Beverage [Member] Lift revenue is derived from a variety of lift pass products, including multi-resort and single-resort passes, season pass products, frequency card products of varying durations and single and multi-day lift tickets. Lift [Member] Retail and Rental revenue is derived from the rental of ski, snowboard and bike equipment and the sale of ski, snowboard and bike accessories, equipment, apparel, logo wear, gifts and sundries at the Company's on-mountain and base area outlets. Retail and Rental [Member] The Adventure segment is comprised of Canadian Mountain Holidays (CMH), which provides heli-skiing, mountaineering, and hiking in British Columbia, and ancillary businesses that support CMH and provide helicopter maintenance, repair and overhaul services to third parties. Adventure [Member] The Mountain segment includes the operations of the Company's mountain resorts and related ancillary activities. Mountain [Member] The Real Estate segment includes a vacation club business, management of condominium hotel properties, real estate management, including marketing and sales activities, as well as ongoing real estate development activities. Real Estate Segment [Member] Real Estate [Member] Other revenue is derived from fees earned through a wide variety of activities and ancillary operations, including private clubs, municipal services, call centers, parking operations, golf, summer base area activities, strategic alliances, entertainment events and other resort activities. Other Services [Member] Other [Member] Ski School revenue is derived through operation of ski and ride schools at each of the Company's mountain resorts. Ski School [Member] Lodging revenue is derived primarily through management of rental programs for condominium properties located at or in close proximity to the Company's mountain resorts as well as from hotel properties owned in Winter Park, Colorado; Stratton, Vermont; and Snowshoe, West Virginia. Lodging [Member] Percentage of helicopters leased from a consolidated subsidiary of the Company. Percentage of helicopters leased from consolidated subsidiary Percentage of helicopters leased from consolidated subsidiary Pro rata share of earnings before interest, taxes, depreciation, and amortization related to equity method investments. Pro Rata Share of Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization Related to Equity Method Investments Pro rata share of Adjusted EBITDA related to equity method investments Adjusted earnings before interest, taxes, depreciation, and amortization. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization Total Adjusted EBITDA The Company's vacation club business, which generates revenue from selling vacation club points in Club Intrawest, managing Club Intrawest properties and running a private exchange company for Club Intrawest's members. Intrawest Resorts Club Group [Member] IRCG [Member] IRCG Operations [Member] Adjusted earnings before interest, taxes, depreciation, and amortization attributable to noncontrolling interest. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization Attributable to Noncontrolling Interest Adjusted EBITDA attributable to noncontrolling interest Legacy and other non-core expenses, net. Legacy and Other Non-Core Expenses, Net Legacy and other non-core expenses, net Expenses for major IT infrastructure replacements charged against earnings during the period. Infrastructure replacement expense Expenses for major IT infrastructure replacements Generally recurring costs associated with normal operations including costs of sales or services and general and administrative expense. Operating Costs Expenses and Cost of Sales Operating expenses Provides heli-skiing, mountaineering and hiking in British Columbia, Canada Canadian Mountain Holidays [Member] The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting after conversion of non-voting debt interest. Equity Method Investment, Ownership percentage after conversion of non-voting debt interest Economic interest percentage A table or schedule providing information pertaining to formation of the Company and its business. Nature of Business [Table] Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Nature of Business [Line Items] Formation of Company and Business [Abstract] Formation and Business [Abstract] Equity method investee which runs the hospitality and lodging operations at Mammoth Mountain. Mammoth Hospitality Management, L.L.C. [Member] Mammoth Hospitality Management, L.L.C. [Member] Equity method investee which owns a hotel and conference center in Tremblant, Quebec that is managed by Fairmont. Chateau M.T. Inc. [Member] Number of lodges. Number of Lodges Number of lodges Amount of tax expense (benefit) allocated to comprehensive income (loss). Comprehensive Income (Loss), Tax Comprehensive loss, tax Percentage of blended federal statutory tax rate for the United States and Canada applicable to pretax income (loss). Effective Income Tax Rate Reconciliation, at Federal Blended Statutory Income Tax Rate, Percent Federal blended statutory rate Tabular disclosure of deferred revenue and deposits. Schedule of Deferred Revenue and Deposits [Table Text Block] Current Deferred Revenue and Deposits Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations, including the deferral of financing related costs. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Deferred Charges and Other Assets Other long-term assets, net of accumulated amortization of $1,399 and $1,560 Total other long-term assets, net Amount of real estate assets held for development by the entity. Real Estate Assets Held for Development Real estate held for development Represents the unamortized balance of forgivable government grants received for the construction of specified tourist facilities at Tremblant from the federal government of Canada and the provincial government of Quebec. Government Grants Forgivable government grants Amount of asset related to consideration paid in advance for other costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer, and the aggregate carrying amount of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Other Prepaid Expenses and Other Assets, Current Other prepaid expenses and current assets Represents weighted average interest rate for capital leases. Capital leases, Weighted average interest rate Weighted average interest rate The number of closed noncontributory defined benefit pension plans. Number of closed noncontributory defined benefit pension plans Represents the weighted average remaining term of the capital leases, in 'PnYnMnDTnHnMnS' format. Capital Leases, Weighted average remaining term Weighted average remaining term Percentage of sales used to calculate annual payments for forestry and land leases with respect to certain resort operations. Percentage Of Sales Used To Calculate Annual Payments For Forestry Licenses And Land Leases Percentage of defined gross revenue The cash outflow for annual payments for forestry licenses and land leases. Payments for forestry licenses and land leases Reimbursable government loans and forgivable grants [Abstract] Government Grants and Loans [Abstract] Represents total proceeds received from forgivable grants for the construction of specified tourist facilities at Tremblant from the federal government of Canada and the provincial government of Quebec. Government Grants, Received Grants - Received Represents carrying amounts of reimbursable government loans as of the balance sheet date. Government Loans Loans Refers to weighted average borrowing rate of reimbursable government loans. Weighted average borrowing rate of government loans Weighted average borrowing rate of government loans Represents future advances to be received from forgivable grants for the construction of specified tourist facilities at Tremblant from the federal government of Canada and the provincial government of Quebec. Government Grants, Future advances Grants - Future advances Represents the total forgivable grants available for the construction of specified tourist facilities at Tremblant from the federal government of Canada and the provincial government of Quebec. Government Grants, Total Available Total grants Tabular disclosure of reimbursable government loans and forgivable grants. Reimbursable government loans and forgivable grants [Table Text Block] Reimbursable Government Loans and Forgivable Grants Tabular disclosure of the components of other comprehensive income (loss). Schedule of Other Comprehensive Income (Loss) [Table Text Block] Other Comprehensive Income (Loss) Document and Entity Information [Abstract] EX-101.PRE 11 snow-20161231_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.6.0.2
Document and Entity Information - shares
 6 Months Ended
Dec. 31, 2016
Jan. 30, 2017
Document and Entity Information [Abstract]    
Entity Registrant Name Intrawest Resorts Holdings, Inc.  
Entity Central Index Key 0001587755  
Current Fiscal Year End Date --06-30  
Entity Well-known Seasoned Issuer No  
Entity Voluntary Filers No  
Entity Current Reporting Status Yes  
Entity Filer Category Accelerated Filer  
Entity Common Stock, Shares Outstanding   39,775,887
Document Fiscal Year Focus 2017  
Document Fiscal Period Focus Q2  
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Dec. 31, 2016  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.6.0.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Dec. 31, 2016
Jun. 30, 2016
Current assets:    
Cash and cash equivalents $ 131,321 $ 107,066
Restricted cash 23,799 12,475
Receivables, net of allowances of $825 and $831 26,046 36,660
Inventories 30,861 23,620
Other current assets 24,516 21,081
Total current assets 236,543 200,902
Property, plant and equipment, net of accumulated depreciation of $455,447 and $438,991 511,559 511,486
Real estate held for development 135,773 137,283
Intangible assets, net of accumulated amortization of $64,759 and $63,304 46,908 50,226
Goodwill 105,627 105,981
Other long-term assets, net of accumulated amortization of $1,399 and $1,560 33,110 31,927
Total assets 1,069,520 1,037,805
Current liabilities:    
Accounts payable and accrued liabilities 80,271 64,869
Deferred revenue and deposits 155,119 67,937
Capital lease obligations due within one year 3,331 3,345
Long-term debt due within one year 2,349 497
Total current liabilities 241,070 136,648
Long-term capital lease obligations 34,496 35,061
Long-term debt 536,802 537,295
Other long-term liabilities 66,614 68,766
Total liabilities 878,982 777,770
Commitments and contingencies (Note 9)
Stockholders' equity:    
Preferred stock, $0.01 par value; 300,000 shares authorized; 0 and 0 shares issued and outstanding, respectively 0 0
Common stock, $0.01 par value; 2,000,000 shares authorized; 39,762 and 39,736 shares issued and outstanding, respectively 453 453
Treasury stock, at cost; 5,556 shares and 5,556 shares, respectively (50,643) (50,643)
Additional paid-in capital 2,902,348 2,900,696
Accumulated deficit (2,789,175) (2,726,074)
Accumulated other comprehensive income 124,740 131,920
Total Intrawest Resorts Holdings, Inc. stockholders' equity 187,723 256,352
Noncontrolling interest 2,815 3,683
Total stockholders' equity 190,538 260,035
Total liabilities and stockholders' equity $ 1,069,520 $ 1,037,805
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.6.0.2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Dec. 31, 2016
Jun. 30, 2016
Current assets:    
Receivables, allowance $ 825 $ 831
Property, plant and equipment, accumulated depreciation 455,447 438,991
Intangible assets, accumulated amortization 64,759 63,304
Other long term assets, accumulated amortization $ 1,399 $ 1,560
Stockholders' equity:    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 300,000 300,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 2,000,000 2,000,000
Common stock, shares issued (in shares) 39,762 39,736
Common stock, shares outstanding (in shares) 39,762 39,736
Treasury stock (in shares) 5,556 5,556
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Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Statements of Operations        
Revenue $ 121,161 $ 103,951 $ 201,641 $ 190,155
Operating expenses 119,916 117,074 217,984 220,322
Depreciation and amortization 14,220 14,496 29,390 29,538
Loss (gain) on disposal of assets 1,480 (1,638) 1,139 (2,327)
Loss from operations (14,455) (25,981) (46,872) (57,378)
Interest expense, net (9,009) (9,384) (18,847) (18,618)
Earnings (loss) from equity method investments 4,175 1,702 2,787 (1,382)
Loss on extinguishment of debt (820) 0 (820) 0
Other (expense) income, net (256) 5,131 218 5,210
Loss before income taxes (20,365) (28,532) (63,534) (72,168)
Income tax (benefit) expense (623) (519) 317 1,268
Net loss (19,742) (28,013) (63,851) (73,436)
(Loss) income attributable to noncontrolling interest (1,037) (708) (750) 912
Net loss attributable to Intrawest Resorts Holdings, Inc. $ (18,705) $ (27,305) $ (63,101) $ (74,348)
Weighted average shares of common stock outstanding:        
Basic and diluted (in shares) 39,762 45,230 39,762 45,230
Net loss attributable to Intrawest Resorts Holdings, Inc. per share:        
Basic and diluted (in dollars per share) $ (0.47) $ (0.60) $ (1.59) $ (1.64)
Statements of Comprehensive Income (Loss)        
Net loss $ (19,742) $ (28,013) $ (63,851) $ (73,436)
(Loss) income attributable to noncontrolling interest (1,037) (708) (750) 912
Net loss attributable to Intrawest Resorts Holdings, Inc. (18,705) (27,305) (63,101) (74,348)
Other comprehensive loss, net of tax of $0 (5,480) (8,379) (7,298) (30,371)
Other comprehensive loss attributable to noncontrolling interest (86) (59) (118) (215)
Other comprehensive loss attributable to Intrawest Resorts Holdings, Inc. (5,394) (8,320) (7,180) (30,156)
Comprehensive loss, net of tax of $0 (25,222) (36,392) (71,149) (103,807)
Comprehensive (loss) income attributable to noncontrolling interest (1,123) (767) (868) 697
Comprehensive loss attributable to Intrawest Resorts Holdings, Inc., net of tax $ (24,099) $ (35,625) $ (70,281) $ (104,504)
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.6.0.2
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Statements of Comprehensive Income (Loss)        
Other comprehensive loss, tax $ 0 $ 0 $ 0 $ 0
Comprehensive loss, tax $ 0 $ 0 $ 0 $ 0
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.6.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Operating activities:    
Net loss $ (63,851) $ (73,436)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 29,390 29,538
Funding of pension plans (2,250) (2,207)
Dividend from equity method investments 2,000 1,000
Loss on extinguishment of debt 820 0
Other non-cash expense, net 3,038 3,824
Changes in assets and liabilities    
Inventories (7,777) (10,072)
Restricted cash (11,379) (4,154)
Receivables 9,946 4,813
Accounts payable and accrued liabilities 13,771 21,262
Deferred revenue and deposits 88,507 77,115
Other assets and liabilities, net (1,946) (3,362)
Net cash provided by operating activities 60,269 44,321
Investing activities:    
Capital expenditures (31,904) (32,531)
Other investing activities, net 600 2,244
Net cash used in investing activities (31,304) (30,287)
Financing activities:    
Repayments of bank and other borrowings (3,115) (4,892)
Financing costs paid (275) 0
Net cash used in financing activities (3,390) (4,892)
Effect of exchange rate changes on cash (1,320) (4,749)
Increase in cash and cash equivalents 24,255 4,393
Cash and cash equivalents, beginning of period 107,066 90,580
Cash and cash equivalents, end of period 131,321 94,973
Supplemental information:    
Cash paid for interest 15,479 15,735
Cash paid for income tax 1,062 968
Non-cash investing and financing activities:    
Property, plant and equipment received but not paid 3,270 7,355
Addition in property, plant and equipment financed by capital lease obligations $ 423 $ 0
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.6.0.2
Formation and Business
 6 Months Ended
Dec. 31, 2016
Formation and Business [Abstract]  
Formation and Business
1.
Formation and Business
 
Intrawest Resorts Holdings, Inc. (together with its subsidiaries, collectively referred to herein as the "Company") is a Delaware corporation that was formed on August 30, 2013 as a holding company that operates various subsidiaries primarily engaged in the operation of mountain resorts, adventure businesses, and real estate activities, throughout North America.
  
The Company conducts business through three segments: Mountain, Adventure and Real Estate. The Mountain segment includes the Company's mountain resort and lodging operations at Steamboat Ski & Resort (“Steamboat”) and Winter Park Resort (“Winter Park”) in Colorado, Stratton Mountain Resort (“Stratton”) in Vermont, Snowshoe Mountain Resort (“Snowshoe”) in West Virginia, Mont Tremblant Resort (“Tremblant”) in Quebec, and Blue Mountain Ski Resort (“Blue Mountain”) in Ontario. The Mountain segment derives revenue mainly from sales of lift products, lodging, ski school services, retail and rental merchandise, food and beverage, and other ancillary services.

The Adventure segment includes Canadian Mountain Holidays (“CMH”), which provides helicopter accessed skiing, mountaineering and hiking from eleven lodges in British Columbia, Canada. In support of CMH’s operations, the Company owns a fleet of Bell helicopters that are also used in the off-season for fire suppression activities and other commercial uses primarily in the United States and Canada. The Company's subsidiary, Alpine Aerotech L.P., provides helicopter maintenance, repair and overhaul services to the Company’s fleet of helicopters as well as to aircraft owned by unaffiliated third parties.

The Real Estate segment is comprised of Intrawest Hospitality Management, Inc. (“IHM”), which principally manages condominium hotel properties including Honua Kai Resort and Spa in Maui, Hawaii and the Westin Monache Resort in Mammoth Lakes, California, Playground, a residential real estate sales and marketing business, the Company’s 50.0% interest in Mammoth Hospitality Management, L.L.C. ("MHM"), the Company's 57.1% economic interest in Chateau M.T. Inc. ("Chateau"), and formerly included Intrawest Resort Club Group ("IRCG"), a vacation club business, which was sold on January 29, 2016 ("the Disposition Date"). The Real Estate segment is also comprised of real estate development activities and includes costs associated with these activities, such as planning activities and land carrying costs. 
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.6.0.2
Significant Accounting Policies
 6 Months Ended
Dec. 31, 2016
Significant Accounting Policies [Abstract]  
Significant Accounting Policies
2.
Significant Accounting Policies
 
Basis of Presentation and Use of Estimates
 
The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, the financial statements do not include all of the information and notes required for complete financial statements prepared in accordance with GAAP. In management's opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. These results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and a variable interest entity (“VIE”) for which the Company is the primary beneficiary. All significant intercompany transactions are eliminated in consolidation. Investments in which the Company does not have a controlling interest or is not the primary beneficiary, but over which the Company is able to exercise significant influence, are accounted for under the equity method. Under the equity method, the original cost of the investment is adjusted for the Company’s share of post-acquisition earnings or losses increased by contributions less distributions received. As of July 1, 2016, the Company reassessed all non-wholly owned subsidiaries in accordance with the new guidance issued in Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”) and determined that no changes to consolidation methods were needed.
 
The Company owns a 20.0% equity interest in Alpine Helicopters Inc. (“Alpine Helicopters”). Alpine Helicopters employs all the pilots that fly the helicopters supporting CMH's operations. Alpine Helicopters leases substantially all of its helicopters from Intrawest ULC, a consolidated subsidiary of the Company, creating economic dependence and therefore giving Intrawest ULC a variable interest in Alpine Helicopters. Alpine Helicopters is a VIE for which the Company is the primary beneficiary and is consolidated in the accompanying condensed consolidated financial statements. The remaining 80.0% equity interest in Alpine Helicopters is held by the employees of Alpine Helicopters and is reflected as a noncontrolling interest in the accompanying condensed consolidated financial statements. As of December 31, 2016, Alpine Helicopters had total assets of $8.8 million and total liabilities of $3.5 million.

On January 29, 2016, the Company sold substantially all of the assets used in the operations of IRCG and all of the equity interests in certain wholly-owned subsidiaries of IRCG to Diamond Resorts Corporation and Diamond Resorts International, Inc. (together with Diamond Resorts Corporation, “Diamond”), as described in Note 3, “Dispositions” (the "IRCG Transaction"). In accordance with applicable accounting guidance, the disposal did not qualify for discontinued operations presentation and, therefore, the accompanying condensed consolidated statements of operations and comprehensive income (loss) reflect the consolidation of the results of IRCG in the prior fiscal year. Prior to the Deposition Date, IRCG was a part of the Real Estate segment.

Fair Value of Financial Instruments

As of December 31, 2016 and June 30, 2016, the fair value of cash and cash equivalents, restricted cash, net receivables and accounts payable approximated their carrying value based on the short-term nature of these instruments. Estimates of fair value may be affected by assumptions made and, accordingly, are not necessarily indicative of the amounts the Company could realize in a current market exchange.

The fair value of the Senior Debt (as defined in Note 6, “Debt”) was estimated using quoted prices for the Company's instruments in markets that are not active and was considered a Level 2 measure. The fair value of other debt obligations was estimated based on Level 3 inputs using discounted cash flow analyses based on assumptions that management believes are consistent with market participant assumptions.
 
December 31, 2016
 
June 30, 2016
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Senior Debt
$
553,333

 
$
560,769

 
$
554,480

 
$
555,173

Other debt obligations
1,106

 
924

 
1,172

 
971

  
Recent Accounting Pronouncements

In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No.2017-01, Business Combinations (Topic 805) ("ASU 2017-01"). This update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets of businesses. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017 on a prospective basis. The Company is currently evaluating the impact that this update will have on its consolidated financial statements and related disclosures.

In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18"). This update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This update is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted, including adoption in an interim period. The Company intends to adopt this guidance on July 1, 2018. The Company is currently evaluating the impact that this update will have on its consolidated financial statements and related disclosures.
 
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). This update replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for interim and annual periods beginning after December 15, 2019, with a modified-retrospective approach. The Company is currently evaluating the impact that this update will have on its consolidated financial statements and related disclosures.
 
In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). This update is part of the FASB's simplification initiative and is intended to simplify accounting for stock-based compensation. The guidance requires that excess tax benefits or deficiencies be recognized in income tax expense or benefit in the income statement, rather than recognized in additional paid-in capital. The guidance allows the Company to elect whether to recognize forfeitures as they occur or use an estimated forfeiture assumption in estimating the number of awards that are expected to vest. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, with early adoption permitted. The Company adopted this guidance prospectively for the year beginning on July 1, 2016.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 2016-02 supersedes existing guidance in Leases (Topic 840). The revised standard requires lessees to recognize the assets and liabilities arising from leases with lease terms greater than twelve months on the balance sheet, including those currently classified as operating leases, and to disclose key information about leasing arrangements. Lessees will be required to recognize a lease liability and a right-of-use asset on their balance sheets, while lessor accounting will remain largely unchanged. The guidance is effective for annual periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on its consolidated financial statements and related disclosures. While we are continuing to evaluate the standard, we currently believe the most significant impact will relate to our accounting for operating leases and that our capital leases will remain substantially unchanged under the new standard.

In April 2015, the FASB issued ASU No. 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement ("ASU 2015-05"). This update is intended to reduce diversity in practice by providing explicit guidance to customers about whether a cloud computing arrangement includes a software license. For public business entities, the guidance is effective for annual periods beginning after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-05 as of July 1, 2016 and will apply the guidance prospectively for all arrangements entered into or materially modified after July 1, 2016. There was no impact to the Company's condensed consolidated financial statements upon the adoption.

In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). This update (i) amends the criteria for determining which entities are considered VIEs or voting interest entities, (ii) amends the criteria for evaluating fees paid to a decision maker or service provider as a variable interest, (iii) amends the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) ends the deferral previously granted to certain investment companies for application of the VIE consolidation model. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The Company adopted this guidance for the year beginning on July 1, 2016. With the adoption the Company reassessed all non-wholly owned subsidiaries and determined that no changes to consolidation methods were needed.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. In August 2015, the FASB issued an accounting standards update that defers the effective date of the new revenue recognition guidance for one year, to interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted for periods beginning after December 15, 2016. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing ("ASU 2016-10"), which clarifies the identification of performance obligations and the licensing implementation guidance in Topic 606. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606) - Narrow-Scope Improvements and Practical Expedients ("ASU 2016-12"), which clarifies the guidance in Topic 606 on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers ("ASU 2016-20"), which provides technical corrections and improvements to clarify Topic 606 or to correct unintended application of Topic 606. These accounting standard updates have the same effective date as the original standard. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is planning to adopt the standard on July 1, 2018. The Company is currently in the assessment phase to evaluate the impact this standard will have on our financial results, systems, processes and internal controls and based on that assessment will then determine the transition approach to use and the full impact of adoption.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
Dispositions
 6 Months Ended
Dec. 31, 2016
Dispositions [Abstract]  
Dispositions
3.     Dispositions

On November 24, 2015, the Company, through its wholly owned indirect subsidiaries, Intrawest U.S. Holdings, Inc. and Intrawest ULC, entered into a definitive agreement to sell IRCG, its vacation club business, to Diamond for gross proceeds of $84.6 million, which included certain purchase price adjustments. The purchase price consisted of cash consideration and the assumption of certain liabilities, including certain lease obligations and certain other continuing contractual obligations. 

Upon closing the IRCG Transaction on January 29, 2016, Diamond acquired substantially all of the assets used in the operations of IRCG and all of the equity interests in certain wholly-owned subsidiaries of the Company. The IRCG Transaction resulted in a pre-tax gain of $40.4 million, which was included in the gain on sale of IRCG line item in the consolidated statement of operations accompanying the Company's Annual Report on Form 10-K for the year ended June 30, 2016 filed with the SEC on September 8, 2016, as amended by our Amendment to the Annual Report on Form 10-K/A filed with the SEC on November 3, 2016. Due to the Company's net operating losses for tax purposes in the United States and Canada, there were no cash taxes or any impact on the effective tax rate, due to the Company's valuation allowance, as a result of the IRCG Transaction. 
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.6.0.2
Earnings (Loss) Per Share
 6 Months Ended
Dec. 31, 2016
Earnings (Loss) Per Share [Abstract]  
Earnings (Loss) Per Share
4.
Earnings (Loss) Per Share

Basic earnings (loss) per share ("EPS") is calculated by dividing net income (loss) attributable to the Company by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing net income (loss) attributable to the Company by the weighted average number of shares of common stock outstanding, plus potentially dilutive securities. Potentially dilutive securities include unvested restricted common stock, restricted stock units, and stock options, the dilutive effect of which is calculated using the treasury stock method.

Due to the Company's reported net loss for the three months ended December 31, 2016 and 2015, the effect of 0.9 million and 1.5 million share based payment awards, respectively, was not included in the calculation of diluted EPS as the effect would be anti-dilutive. Due to the Company's reported net loss for the six months ended December 31, 2016 and 2015, the effect of 0.7 million and 1.3 million share based payment awards, respectively, was not included in the calculation of diluted EPS as the effect would be anti-dilutive. The calculation of basic and diluted EPS is presented below (in thousands, except per share data).
 
 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
 
2016

2015
 
2016
 
2015
Basic and Diluted EPS
 
 
 
 
 
 
 
 
Net loss attributable to Intrawest Resorts Holdings, Inc.
 
$
(18,705
)
 
$
(27,305
)
 
$
(63,101
)
 
$
(74,348
)
Weighted average common shares outstanding
 
39,762

 
45,230

 
39,762

 
45,230

Basic and diluted EPS
 
$
(0.47
)
 
$
(0.60
)
 
$
(1.59
)
 
$
(1.64
)
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.6.0.2
Supplementary Balance Sheet Information
 6 Months Ended
Dec. 31, 2016
Supplementary Balance Sheet Information [Abstract]  
Supplementary Balance Sheet Information
5.    Supplementary Balance Sheet Information
 
Current receivables, net
 
Current receivables as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
 
December 31, 2016

June 30, 2016
Trade receivables
$
26,857

 
$
37,441

Loans, mortgages and notes receivable
14

 
50

Allowance for doubtful accounts
(825
)
 
(831
)
Total current receivables, net
$
26,046

 
$
36,660

 
Other current assets

Other current assets as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
December 31, 2016
June 30, 2016
Capital spares
$
12,452

 
$
11,628

Prepaid insurance
4,100

 
4,813

Other prepaid expenses and current assets
7,964

 
4,640

Total other current assets
$
24,516

 
$
21,081


Other long-term assets, net
 
Other long-term assets, net as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
December 31, 2016
June 30, 2016
Equity method investments
$
27,003

 
$
26,398

Long-term receivables
1,460

 
1,541

Other long-term assets
4,647

 
3,988

Total other long-term assets, net
$
33,110

 
$
31,927


Accounts payable and accrued liabilities
 
Accounts payable and accrued liabilities as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
 
December 31, 2016

June 30, 2016
Trade payables
$
72,944

 
$
48,353

Accrued liabilities
7,327

 
16,516

Total accounts payable and accrued liabilities
$
80,271

 
$
64,869


Current deferred revenue and deposits
 
Current deferred revenue and deposits as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
December 31, 2016
June 30, 2016
Season pass and other deferred revenue
$
95,824

 
$
42,343

Lodging and tour deposits
59,251

 
25,548

Deposits on real estate sales
44

 
46

Total current deferred revenue and deposits
$
155,119

 
$
67,937

 
Other long-term liabilities
 
Other long-term liabilities as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
December 31, 2016
June 30, 2016
Pension liability, net of funded assets
$
31,465

 
$
33,550

Forgivable government grants
8,599

 
7,719

Deferred revenue and deposits
7,796

 
8,106

Other long-term liabilities
18,754

 
19,391

Total other long-term liabilities
$
66,614

 
$
68,766
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.6.0.2
Debt
 6 Months Ended
Dec. 31, 2016
Debt [Abstract]  
Debt
6.
Debt

The Company's total borrowings as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
 
Maturity
 
December 31, 2016
 
Fiscal Year End June 30, 2016
Senior Debt
2020
 
$
553,333

 
$
554,480

Other debt obligations
2017-2023
 
1,106

 
1,172

Less: unamortized original issue discount ("OID") and debt issuance costs
 
 
(15,288
)
 
(17,860
)
Total
 
 
539,151

 
537,792

Less: Long-term debt due within one year
 
 
2,349

 
497

Total long-term debt
 
 
$
536,802

 
$
537,295

 
 
Senior Debt

The Company’s credit agreement, dated as of December 9, 2013 (as amended, the “Credit Agreement”), provides for a $540.0 million term loan facility (the “Term Loan"), a $25.0 million senior secured first-lien revolving loan facility (the “Revolver”), and a $55.0 million senior secured first-lien letters of credit facility (the “LC Facility” and, together with the Term Loan and Revolver, collectively referred to herein as the “Senior Debt”). Pursuant to an Incremental Amendment to the Credit Agreement, dated September 19, 2014 (the "Incremental Amendment"), the Company borrowed an incremental $60.0 million under the Term Loan, and continues to have the ability to increase the borrowings on the Term Loan under certain circumstances and subject to certain criteria; so long as, after giving effect to any additional amounts borrowed, the Company remains compliant with all covenants contained in the Credit Agreement. There were $39.8 million and $42.8 million of irrevocable standby letters of credit outstanding under the LC Facility at December 31, 2016 and June 30, 2016, respectively. There were no outstanding borrowings under the Revolver or draws on our outstanding letters of credit under the LC facility as of December 31, 2016 and June 30, 2016. On December 30, 2016, the Company executed the sixth amendment to the Credit Agreement, which primarily served to appoint Bank of America, N.A. as the Company's administrative agent.

Other Debt Obligations

Other debt obligations include various lending agreements, including a government loan agreement and a bank loan related to employee housing. The weighted average interest rate for other debt obligations was 5.3% for the six months ended December 31, 2016.
 
Maturities

Current maturities represent principal payments due in the next 12 months. As of December 31, 2016, the long-term debt aggregate maturities for the 12 month periods ending December 31, for each of the following years are set forth below (in thousands):
2017
 
$
2,349

2018
 
6,136

2019
 
6,143

2020
 
539,431

2021
 
156

Thereafter
 
224

   $ 554,439 
  
Interest Expense

The Term Loan bears interest based upon the LIBOR-based rate subject to a LIBOR floor of 1.00%. On October 14, 2016, certain of the subsidiaries of the Company, that guarantee the Senior Debt, entered into the fifth amendment (the “Fifth Amendment”) to the Credit Agreement. The Fifth Amendment decreased the applicable margin for base rate loans and Eurodollar rate loans under the Term Loan from 3.00% to 2.50% and from 4.00% to 3.50%, respectively. Additionally, the Fifth Amendment decreased the applicable margin for base rate loans and Eurodollar rate loans under the Revolver. The applicable margin for base rate loans under the Revolver decreased from 2.75% to 2.50%, if the total secured debt leverage ratio is greater than or equal to 4.50:1.00, and from 2.50% to 2.25% if the total secured debt leverage ratio is less than 4.50:1.00. The applicable margin for Eurodollar rate loans under the Revolver decreased from 3.75% to 3.50%, if the total secured debt leverage ratio is greater than or equal to 4.50:1.00, and from 3.50% to 3.25% if the total secured debt leverage ratio is less than 4.50:1.00. As of December 31, 2016, the applicable margin was 3.50% under the Term Loan, 3.25% under the Revolver and 4.50% under the LC Facility.

The Company recorded interest expense of $9.1 million and $10.3 million in the accompanying condensed consolidated statements of operations for the three months ended December 31, 2016 and 2015, respectively, of which $0.9 million and $0.9 million, respectively, was amortization of deferred financing costs and the OID. The Company recorded interest expense of $19.0 million and $20.4 million in the accompanying condensed consolidated statements of operations for the six months ended December 31, 2016 and 2015, respectively, of which $1.9 million and $1.8 million was amortization of deferred financing costs and the OID.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.6.0.2
Accumulated Other Comprehensive Income (Loss) and Other Comprehensive Income (Loss)
 6 Months Ended
Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) and Other Comprehensive Income (Loss) [Abstract]  
Accumulated Other Comprehensive Income (Loss) and Other Comprehensive Income (Loss)
7.    Accumulated Other Comprehensive Income (Loss) and Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)
 
The following table presents the changes in accumulated other comprehensive income (loss) ("AOCI"), by component, for the six months ended December 31, 2016 and 2015 (in thousands):
 
 
Realized portion on cash flow hedge
 
Actuarial loss on pensions
 
Foreign currency translation adjustments
 
Total
As of June 30, 2015
 
$
(1,919
)
 
$
(11,950
)
 
$
159,248

 
$
145,379

Amounts reclassified from AOCI
 
606

 
349

 
—

 
955

Foreign currency translation adjustments
 
(8
)
 
779

 
(31,882
)
 
(31,111
)
Net current period other comprehensive income (loss)
 
598

 
1,128

 
(31,882
)
 
(30,156
)
As of December 31, 2015
 
$
(1,321
)
 
$
(10,822
)
 
$
127,366

 
$
115,223

As of June 30, 2016
 
$
(733
)
 
$
(14,242
)
 
$
146,895

 
$
131,920

Amounts reclassified from AOCI
 
435

 
451

 
—

 
886

Foreign currency translation adjustments
 
(1
)
 
272

 
(8,337
)
 
(8,066
)
Net current period other comprehensive income (loss)
 
434

 
723

 
(8,337
)
 
(7,180
)
As of December 31, 2016
 
$
(299
)
 
$
(13,519
)
 
$
138,558

 
$
124,740


Other Comprehensive Income (Loss)

Other comprehensive income (loss) is derived from adjustments to reflect (i) foreign currency translation adjustments, (ii) realized portion of a cash flow hedge, and (iii) actuarial gain (loss) on pensions. The components of other comprehensive income (loss) for the three and six months ended December 31, 2016 and 2015 are as follows (in thousands):
 
 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
 
2016
 
2015
 
2016
 
2015
Foreign currency translation adjustments
 
$
(5,942
)
 
$
(8,845
)
 
$
(8,184
)
 
$
(31,326
)
Realized portion of cash flow hedge(a)
 
237

 
303

 
435

 
606

Actuarial gain (loss) on pensions(b)
 
225

 
163

 
451

 
349

Other comprehensive loss, net of tax of $0
 
(5,480
)
 
(8,379
)
 
(7,298
)
 
(30,371
)
Other comprehensive loss attributable to noncontrolling interest, net of tax of $0
 
(86
)
 
(59
)
 
(118
)
 
(215
)
Other comprehensive loss attributable to Intrawest Resorts Holdings, Inc., net of tax of $0
 
$
(5,394
)
 
$
(8,320
)
 
$
(7,180
)
 
$
(30,156
)
 
(a)
Amounts reclassified out of AOCI are included in interest expense in the accompanying condensed consolidated statements of operations.

(b)
Amounts reclassified out of AOCI are included in operating expenses in the accompanying condensed consolidated statements of operations.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes
 6 Months Ended
Dec. 31, 2016
Income Taxes [Abstract]  
Income Taxes
8.    Income Taxes

The Company’s quarterly provision for income taxes is calculated using an estimated annual effective tax rate for the period, adjusted for discrete items that occurred within the period presented. The consolidated income tax provision attributable to the Company was a $0.6 million benefit and a $0.3 million expense for the three and six months ended December 31, 2016, respectively, and a $0.5 million benefit and a $1.3 million expense for the three and six months ended December 31, 2015, respectively, primarily relating to taxable Canadian helicopter operations. These amounts represent an effective tax rate of 3.1% and (0.5)% for the three and six months ended December 31, 2016, respectively; and an effective tax rate of 1.8% and (1.8)% for the three and six months ended December 31, 2015, respectively. The federal blended statutory rate was 28.9% and 31.9% for the three and six months ended December 31, 2016, respectively, and 29.5% and 31.5% for the three and six months ended December 31, 2015, respectively. The effective tax rates for the periods presented differ from the federal blended statutory rates due to changes in the recorded valuation allowances for entities in the United States and Canada.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.6.0.2
Commitments and Contingencies
 6 Months Ended
Dec. 31, 2016
Commitments and Contingencies [Abstract]  
Commitments and Contingencies
9.    Commitments and Contingencies
 
Letters of Credit
 
The Company had issued letters of credit of $39.8 million and $42.8 million as of December 31, 2016 and June 30, 2016, respectively, mainly to secure the Company's commitments under the three closed noncontributory defined benefit pension plans covering certain of the Company's former executives and self-insurance claims. These outstanding letters of credit will expire in November 2018.
 
Legal
 
The Company is involved in various lawsuits and claims arising in the ordinary course of business and others arising from legacy real estate development. These lawsuits and claims may include, among other things, claims or litigation relating to personal injury and wrongful death, allegations of violations of laws and regulations relating to real estate activities and labor and employment, intellectual property and environmental matters and commercial contract disputes. The Company operates in multiple jurisdictions and, as a result, a claim in one jurisdiction may lead to claims or regulatory penalties in other jurisdictions.
 
Due to the nature of the activities at the Company's mountain resorts and CMH, the Company is exposed to the risk that customers or employees may be involved in accidents during the use, operation or maintenance of its trails, lifts, helicopters and facilities. As a result, the Company is, from time to time, subject to various lawsuits and claims in the ordinary course of business related to injuries occurring at the Company's properties.
 
In addition, the Company's pre-2010 legacy real estate development and sales activities, combined with the significant downward shift in real estate asset values that occurred in 2007 and 2008, resulted in claims arising in the ordinary course of business being filed against the Company by owners and prospective purchasers of residences of the Company's real estate developments. In some instances, the Company has been named as a defendant in lawsuits alleging construction defects at certain of the Company's existing developments or alleging that the Company failed to construct planned amenities. In other lawsuits, purchasers are seeking rescission of real estate purchases and/or return of deposits paid on pre-construction purchase and sale agreements. These claims are related to alleged violations of state and federal laws.
 
The Company believes that it has adequate insurance coverage or has adequately accrued for loss contingencies for all material matters in which it believes a loss is probable and the amount of the loss is reasonably estimable. Although the ultimate outcome of claims cannot be ascertained, current pending and threatened claims are not expected to have a material adverse effect, individually or in the aggregate, on the Company's financial position, results of operations or cash flows. However, regardless of their merits or their ultimate outcomes, such matters are costly, divert management’s attention and may affect the Company's reputation, even if resolved in the Company's favor.
 
Government Grants and Loans
 
The federal government of Canada and the provincial government of Quebec have granted financial assistance to certain subsidiaries of the Company in the form of reimbursable loans and forgivable grants for the construction of specified tourist facilities at Tremblant. The unamortized balance of forgivable government grants received is included in other long-term liabilities in the accompanying condensed consolidated balance sheets and recorded as a reduction in depreciation expense of the related fixed asset or a reduction in cost of sales for property under development at the time a sale is recognized. Reimbursable government loans are included in long-term debt and long-term debt due within one year in the accompanying condensed consolidated balance sheets. The reimbursable government loans have a weighted average borrowing rate of 6.4%.
 
Reimbursable government loans and forgivable grants as of December 31, 2016 and June 30, 2016 in Canadian dollars ("CAD") and the U.S. dollar ("USD") equivalent are as follows (in thousands):
 
December 31, 2016
 
June 30, 2016
 
CAD
 
USD Equivalent
 
CAD
 
USD Equivalent
Loans
$
241

 
$
179

 
$
241

 
$
185

Grants
 
 
 
 
 
 
 
Received
89,298

 
66,506

 
89,298

 
68,643

Future advances
31,421

 
23,401

 
31,421

 
24,153

Total grants
$
120,719

 
$
89,907

 
$
120,719

 
$
92,796

 
Capital Leases

Capital lease obligations are primarily for equipment except for the lease of the Winter Park ski resort. The Winter Park capital lease requires annual payments, a portion of which are contingent on future annual gross revenue levels. As such, the obligation associated with the contingent portion of the payments is not readily determinable and has not been recorded. The Company is contractually obligated to make certain debt service payments on behalf of Winter Park Recreational Association as a requirement of the capital lease agreement.

Amortization of assets under capital leases is included in depreciation and amortization expense in the accompanying condensed consolidated statements of operations. The capital leases have a weighted average remaining term of 35 years and a weighted average interest rate of 9.9%.

Other

The Company holds certain forestry licenses and land leases with respect to its resort operations at Steamboat and Winter Park. These licenses and leases expire between 2047 and 2056 and provide for annual payments based on a percentage of sales that range between 1.5% and 4.0% of such sales. Payments for forestry licenses and land leases were $0.8 million for each of the three months ended December 31, 2016 and 2015 and $0.9 million for each of the six months ended December 31, 2016 and 2015.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.6.0.2
Segment Information
 6 Months Ended
Dec. 31, 2016
Segment Information [Abstract]  
Segment Information
10.    Segment Information
 
The Company currently manages and reports operating results through three segments: Mountain, Adventure and Real Estate. The Mountain segment includes the operations of the Company’s mountain resorts and related ancillary activities. The Mountain segment
earns revenue from a variety of activities, including lift revenue, lodging revenue, ski school revenue, retail and rental revenue, food and beverage revenue, and other revenue. The Adventure segment generates revenue from the sale of helicopter accessed skiing, mountaineering and hiking adventure packages, and ancillary services, such as fire suppression services, leasing, and maintenance, repair and overhaul of aircraft. The Real Estate segment includes the management of condominium hotel properties and real estate management, including marketing and sales activities, real estate development activities, and a vacation club business through the Disposition Date, as described in Note 3, "Dispositions".

Each of the Company’s segments offers distinctly different products and services and requires different types of management focus. As such, these segments are managed separately. In deciding how to allocate resources and assess performance, the Company’s Chief Operating Decision Maker (“CODM”) regularly evaluates the performance of the Company's segments on the basis of revenue and earnings, which are adjusted for certain items set forth in the reconciliation below, including interest, taxes, depreciation and amortization (“Adjusted EBITDA”). The Company also evaluates Adjusted EBITDA as a key compensation measure. The compensation committee of the board of directors reviews the annual variable compensation for certain members of the management team based, in part, on Adjusted EBITDA. The Company’s management believes that adjusted EBITDA is useful when comparing the segment performance over various reporting periods because it removes from the operating results the impact of items that the Company's management believes do not reflect the Company's core operating performance.
 
Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income (loss) or other measures of financial performance or liquidity derived in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other entities may not calculate Adjusted EBITDA in the same manner as the Company. The Company's definition of Adjusted EBITDA is generally consistent with the definition of Consolidated EBITDA in the Credit Agreement, with exceptions related to not adjusting for recurring public company costs and foreign currency adjustments related to operational activities and adjusting for executive management restructuring costs.

The Company defines Adjusted EBITDA as net income (loss) attributable to the Company. before interest expense, net (excluding interest income earned from receivables related to IRCG operations) prior to the Disposition Date, income tax benefit or expense and depreciation and amortization, further adjusted to exclude certain items, including, but not limited to: (i) impairments of goodwill, real estate and long-lived assets; (ii) gains and losses on asset dispositions; (iii) earnings and losses from equity method investments; (iv) gains and losses from remeasurement of equity method investments; (v) gains and losses on extinguishment of debt; (vi) other income or expense; (vii) earnings and losses attributable to noncontrolling interest; (viii) discontinued operations, net of tax; and (ix) other items, which include revenue and expenses of legacy and other non-core operations, restructuring charges and associated severance expenses, non-cash compensation and other items. For purposes of calculating Adjusted EBITDA, the Company also adds back to net income (loss) attributable to the Company the pro rata share of Adjusted EBITDA related to equity method investments included within the segments and removes from Adjusted EBITDA the Adjusted EBITDA attributable to noncontrolling interests for entities consolidated within the segments. Asset information by segment, except for capital expenditures as shown in the table below, is not included in reports used by the CODM in the monitoring of performance and, therefore, is not disclosed.
 
The accounting policies of the segments are the same as those described in Note 2, "Significant Accounting Policies". Transactions among segments are accounted for as if the sales or transfers were to third parties, or, in other words, at current market prices.
 
The following tables present segment revenue reconciled to consolidated revenue and net income (loss) attributable to the Company reconciled to Adjusted EBITDA and Adjusted EBITDA by segment (in thousands):
 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
2016
 
2015
 
2016
 
2015
Revenue:
 
 
 
 
 
 
 
Mountain
 
 
 
 
 
 
 
Lift (1)
$
41,527

 
$
31,937

 
$
46,278

 
$
35,941

Lodging
14,006

 
11,547

 
30,967

 
26,866

Ski School (2)
7,949

 
6,662

 
8,622

 
7,272

Retail and Rental
15,050

 
11,195

 
22,653

 
18,652

Food and Beverage
12,356

 
10,338

 
22,709

 
19,970

Other
8,157

 
7,757

 
21,811

 
20,493

Total Mountain revenue
99,045

 
79,436

 
153,040

 
129,194

Adventure revenue
13,291

 
12,368

 
31,237

 
36,630

Real Estate revenue
8,226

 
11,403

 
16,505

 
23,216

Total segment revenue
120,562

 
103,207

 
200,782

 
189,040

Legacy, non-core and other revenue (3)
599

 
744

 
859

 
1,115

Total revenue
$
121,161

 
$
103,951

 
$
201,641

 
$
190,155

 
Net loss attributable to Intrawest Resorts Holdings, Inc.
$
(18,705
)
 
$
(27,305
)
 
$
(63,101
)
 
$
(74,348
)
Legacy and other non-core expenses, net (4)
814

 
2,092

 
1,617

 
4,442

Other operating expenses (5)
2,942

 
1,401

 
5,049

 
2,552

Depreciation and amortization
14,220

 
14,496

 
29,390

 
29,538

Loss (gain) on disposal of assets
1,480

 
(1,638
)
 
1,139

 
(2,327
)
Interest income (6)
(50
)
 
(65
)
 
(120
)
 
(136
)
Interest expense
9,059

 
10,269

 
18,967

 
20,431

(Earnings) loss from equity method investments (7)
(4,175
)
 
(1,702
)
 
(2,787
)
 
1,382

Loss on extinguishment of debt
820

 
—

 
820

 
—

Pro rata share of Adjusted EBITDA related to equity method investments (8)
716

 
853

 
1,836

 
1,545

Adjusted EBITDA attributable to noncontrolling interest
1,369

 
1,029

 
999


(1,133
)
Other expense (income), net (9)
256

 
(5,131
)
 
(218
)

(5,210
)
Income tax (benefit) expense
(623
)
 
(519
)
 
317


1,268

(Loss) income attributable to noncontrolling interest
(1,037
)
 
(708
)
 
(750
)

912

 Total Adjusted EBITDA
$
7,086

 
$
(6,928
)
 
$
(6,842
)
 
$
(21,084
)
Mountain Adjusted EBITDA
$
8,484

 
$
(5,136
)
 
$
(9,588
)
 
$
(25,923
)
Adventure Adjusted EBITDA (10)
(2,867
)
 
(3,489
)
 
(722
)
 
1,371

Real Estate Adjusted EBITDA (8)(11)
1,469

 
1,697

 
3,468

 
3,468

Total Adjusted EBITDA
$
7,086

 
$
(6,928
)
 
$
(6,842
)
 
$
(21,084
)

 
(1)
Lift revenue outside of the ski season is derived primarily from mountain biking and sightseeing lift products.

(2)
Ski School revenue outside of the ski season is derived primarily from mountain bike instruction at various resorts.
 
(3)
Legacy, non-core and other revenue represents legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. It includes legacy real estate asset sales, divested non-core operations, and non-core retail revenue.

(4)
Legacy and other non-core expenses, net represents revenue and expenses of legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. Revenue and expenses related to legacy and other non-core operations include retail operations not located at the Company’s properties and legacy litigation consisting of claims for damages related to alleged construction defects, purported disclosure violations in real estate marketing sales and documents, and allegations that the Company failed to construct planned amenities.

(5)
Includes costs related to non-cash compensation, reduction in workforce severance and lease payments pursuant to the lease at Winter Park. The six months ended December 31, 2016 also includes $0.8 million of expenses for major IT infrastructure replacements, $0.7 million in fees associated with executing the Fifth Amendment and $0.5 million of business development related expenses.

(6)
Includes interest income unrelated to IRCG financing activities.

(7)
Represents the (earnings) losses from equity method investments, including: Chateau, MHM, and the Mammoth family of resorts.
    
(8)
Includes the Company’s pro rata share of Adjusted EBITDA from its equity method investments in MHM and Chateau. The pro rata share of Adjusted EBITDA represents the Company’s share of Adjusted EBITDA from these equity method investments based on the Company's economic ownership percentages.

(9)
Includes foreign currency transaction gains (losses), litigation settlement gains (losses), acquisition-related expenses, and other expenses.

(10)
Adventure segment Adjusted EBITDA excludes Adjusted EBITDA attributable to noncontrolling interest.

(11)
Real Estate segment Adjusted EBITDA includes interest income earned from receivables related to the IRCG operations until the Disposition Date, in the amount of $0.8 million and $1.7 million for the three and six months ended December 31,2015, respectively.

Capital Expenditures

The following table presents capital expenditures for each segment, reconciled to consolidated amounts for each of the three and six months ended December 31, 2016 and 2015 (in thousands):
 
 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
 
2016
 
2015
 
2016
 
2015
Capital expenditures:
 
 
 
 
 
 
 
 
Mountain
 
$
15,683

 
$
17,285

 
$
21,491

 
$
24,915

Adventure
 
4,224

 
2,980

 
7,609

 
4,325

Real Estate
 
4

 
115

 
121

 
238

Total segment capital expenditures
 
19,911

 
20,380

 
29,221

 
29,478

Corporate and other
 
1,645

 
2,362

 
2,683

 
3,053

Total capital expenditures
 
$
21,556

 
$
22,742

 
$
31,904

 
$
32,531


Geographic Data
 
The Company’s revenue by geographic region for each of the three and six months ended December 31, 2016 and 2015 consisted of the following (in thousands):
 
 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
 
2016
 
2015
 
2016
 
2015
Revenue:
 
 
 
 
 
 
 
 
United States
 
$
77,130

 
$
67,321

 
$
114,895


$
106,342

Canada
 
44,031

 
36,630

 
86,746

 
83,813

Total revenue
 
$
121,161

 
$
103,951

 
$
201,641

 
$
190,155
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.6.0.2
Significant Accounting Policies (Policies)
 6 Months Ended
Dec. 31, 2016
Significant Accounting Policies [Abstract]  
Basis of Presentation
The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, the financial statements do not include all of the information and notes required for complete financial statements prepared in accordance with GAAP. In management's opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. These results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Principles of Consolidation
Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and a variable interest entity (“VIE”) for which the Company is the primary beneficiary. All significant intercompany transactions are eliminated in consolidation. Investments in which the Company does not have a controlling interest or is not the primary beneficiary, but over which the Company is able to exercise significant influence, are accounted for under the equity method. Under the equity method, the original cost of the investment is adjusted for the Company’s share of post-acquisition earnings or losses increased by contributions less distributions received. As of July 1, 2016, the Company reassessed all non-wholly owned subsidiaries in accordance with the new guidance issued in Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”) and determined that no changes to consolidation methods were needed.
 
The Company owns a 20.0% equity interest in Alpine Helicopters Inc. (“Alpine Helicopters”). Alpine Helicopters employs all the pilots that fly the helicopters supporting CMH's operations. Alpine Helicopters leases substantially all of its helicopters from Intrawest ULC, a consolidated subsidiary of the Company, creating economic dependence and therefore giving Intrawest ULC a variable interest in Alpine Helicopters. Alpine Helicopters is a VIE for which the Company is the primary beneficiary and is consolidated in the accompanying condensed consolidated financial statements. The remaining 80.0% equity interest in Alpine Helicopters is held by the employees of Alpine Helicopters and is reflected as a noncontrolling interest in the accompanying condensed consolidated financial statements. As of December 31, 2016, Alpine Helicopters had total assets of $8.8 million and total liabilities of $3.5 million.

On January 29, 2016, the Company sold substantially all of the assets used in the operations of IRCG and all of the equity interests in certain wholly-owned subsidiaries of IRCG to Diamond Resorts Corporation and Diamond Resorts International, Inc. (together with Diamond Resorts Corporation, “Diamond”), as described in Note 3, “Dispositions” (the "IRCG Transaction"). In accordance with applicable accounting guidance, the disposal did not qualify for discontinued operations presentation and, therefore, the accompanying condensed consolidated statements of operations and comprehensive income (loss) reflect the consolidation of the results of IRCG in the prior fiscal year. Prior to the Deposition Date, IRCG was a part of the Real Estate segment.
Fair Value of Financial Instruments
Fair Value of Financial Instruments

As of December 31, 2016 and June 30, 2016, the fair value of cash and cash equivalents, restricted cash, net receivables and accounts payable approximated their carrying value based on the short-term nature of these instruments. Estimates of fair value may be affected by assumptions made and, accordingly, are not necessarily indicative of the amounts the Company could realize in a current market exchange.

The fair value of the Senior Debt (as defined in Note 6, “Debt”) was estimated using quoted prices for the Company's instruments in markets that are not active and was considered a Level 2 measure. The fair value of other debt obligations was estimated based on Level 3 inputs using discounted cash flow analyses based on assumptions that management believes are consistent with market participant assumptions.
 
December 31, 2016
 
June 30, 2016
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Senior Debt
$
553,333

 
$
560,769

 
$
554,480

 
$
555,173

Other debt obligations
1,106

 
924

 
1,172

 
971
Recent Accounting Pronouncements
Recent Accounting Pronouncements

In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No.2017-01, Business Combinations (Topic 805) ("ASU 2017-01"). This update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets of businesses. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017 on a prospective basis. The Company is currently evaluating the impact that this update will have on its consolidated financial statements and related disclosures.

In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18"). This update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This update is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted, including adoption in an interim period. The Company intends to adopt this guidance on July 1, 2018. The Company is currently evaluating the impact that this update will have on its consolidated financial statements and related disclosures.
 
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). This update replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for interim and annual periods beginning after December 15, 2019, with a modified-retrospective approach. The Company is currently evaluating the impact that this update will have on its consolidated financial statements and related disclosures.
 
In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). This update is part of the FASB's simplification initiative and is intended to simplify accounting for stock-based compensation. The guidance requires that excess tax benefits or deficiencies be recognized in income tax expense or benefit in the income statement, rather than recognized in additional paid-in capital. The guidance allows the Company to elect whether to recognize forfeitures as they occur or use an estimated forfeiture assumption in estimating the number of awards that are expected to vest. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, with early adoption permitted. The Company adopted this guidance prospectively for the year beginning on July 1, 2016.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 2016-02 supersedes existing guidance in Leases (Topic 840). The revised standard requires lessees to recognize the assets and liabilities arising from leases with lease terms greater than twelve months on the balance sheet, including those currently classified as operating leases, and to disclose key information about leasing arrangements. Lessees will be required to recognize a lease liability and a right-of-use asset on their balance sheets, while lessor accounting will remain largely unchanged. The guidance is effective for annual periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on its consolidated financial statements and related disclosures. While we are continuing to evaluate the standard, we currently believe the most significant impact will relate to our accounting for operating leases and that our capital leases will remain substantially unchanged under the new standard.

In April 2015, the FASB issued ASU No. 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement ("ASU 2015-05"). This update is intended to reduce diversity in practice by providing explicit guidance to customers about whether a cloud computing arrangement includes a software license. For public business entities, the guidance is effective for annual periods beginning after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-05 as of July 1, 2016 and will apply the guidance prospectively for all arrangements entered into or materially modified after July 1, 2016. There was no impact to the Company's condensed consolidated financial statements upon the adoption.

In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). This update (i) amends the criteria for determining which entities are considered VIEs or voting interest entities, (ii) amends the criteria for evaluating fees paid to a decision maker or service provider as a variable interest, (iii) amends the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) ends the deferral previously granted to certain investment companies for application of the VIE consolidation model. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The Company adopted this guidance for the year beginning on July 1, 2016. With the adoption the Company reassessed all non-wholly owned subsidiaries and determined that no changes to consolidation methods were needed.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. In August 2015, the FASB issued an accounting standards update that defers the effective date of the new revenue recognition guidance for one year, to interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted for periods beginning after December 15, 2016. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing ("ASU 2016-10"), which clarifies the identification of performance obligations and the licensing implementation guidance in Topic 606. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606) - Narrow-Scope Improvements and Practical Expedients ("ASU 2016-12"), which clarifies the guidance in Topic 606 on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers ("ASU 2016-20"), which provides technical corrections and improvements to clarify Topic 606 or to correct unintended application of Topic 606. These accounting standard updates have the same effective date as the original standard. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is planning to adopt the standard on July 1, 2018. The Company is currently in the assessment phase to evaluate the impact this standard will have on our financial results, systems, processes and internal controls and based on that assessment will then determine the transition approach to use and the full impact of adoption.
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.6.0.2
Significant Accounting Policies (Tables)
 6 Months Ended
Dec. 31, 2016
Significant Accounting Policies [Abstract]  
Carrying Value and Fair Value of Financial Instruments
The fair value of the Senior Debt (as defined in Note 6, “Debt”) was estimated using quoted prices for the Company's instruments in markets that are not active and was considered a Level 2 measure. The fair value of other debt obligations was estimated based on Level 3 inputs using discounted cash flow analyses based on assumptions that management believes are consistent with market participant assumptions.
 
December 31, 2016
 
June 30, 2016
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Senior Debt
$
553,333

 
$
560,769

 
$
554,480

 
$
555,173

Other debt obligations
1,106

 
924

 
1,172

 
971
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.6.0.2
Earnings (Loss) Per Share (Tables)
 6 Months Ended
Dec. 31, 2016
Earnings (Loss) Per Share [Abstract]  
Calculation of Basic and Diluted EPS
The calculation of basic and diluted EPS is presented below (in thousands, except per share data).
 
 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
 
2016

2015
 
2016
 
2015
Basic and Diluted EPS
 
 
 
 
 
 
 
 
Net loss attributable to Intrawest Resorts Holdings, Inc.
 
$
(18,705
)
 
$
(27,305
)
 
$
(63,101
)
 
$
(74,348
)
Weighted average common shares outstanding
 
39,762

 
45,230

 
39,762

 
45,230

Basic and diluted EPS
 
$
(0.47
)
 
$
(0.60
)
 
$
(1.59
)
 
$
(1.64
)
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.6.0.2
Supplementary Balance Sheet Information (Tables)
 6 Months Ended
Dec. 31, 2016
Supplementary Balance Sheet Information [Abstract]  
Current Receivables, Net
Current receivables, net
 
Current receivables as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
 
December 31, 2016

June 30, 2016
Trade receivables
$
26,857

 
$
37,441

Loans, mortgages and notes receivable
14

 
50

Allowance for doubtful accounts
(825
)
 
(831
)
Total current receivables, net
$
26,046

 
$
36,660
Other Current Assets
Other current assets

Other current assets as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
December 31, 2016
June 30, 2016
Capital spares
$
12,452

 
$
11,628

Prepaid insurance
4,100

 
4,813

Other prepaid expenses and current assets
7,964

 
4,640

Total other current assets
$
24,516

 
$
21,081
Other Long-Term Assets, Net
Other long-term assets, net
 
Other long-term assets, net as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
December 31, 2016
June 30, 2016
Equity method investments
$
27,003

 
$
26,398

Long-term receivables
1,460

 
1,541

Other long-term assets
4,647

 
3,988

Total other long-term assets, net
$
33,110

 
$
31,927
Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities
 
Accounts payable and accrued liabilities as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
 
December 31, 2016

June 30, 2016
Trade payables
$
72,944

 
$
48,353

Accrued liabilities
7,327

 
16,516

Total accounts payable and accrued liabilities
$
80,271

 
$
64,869
Current Deferred Revenue and Deposits
Current deferred revenue and deposits
 
Current deferred revenue and deposits as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
December 31, 2016
June 30, 2016
Season pass and other deferred revenue
$
95,824

 
$
42,343

Lodging and tour deposits
59,251

 
25,548

Deposits on real estate sales
44

 
46

Total current deferred revenue and deposits
$
155,119

 
$
67,937
Other Long-Term Liabilities
Other long-term liabilities
 
Other long-term liabilities as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
December 31, 2016
June 30, 2016
Pension liability, net of funded assets
$
31,465

 
$
33,550

Forgivable government grants
8,599

 
7,719

Deferred revenue and deposits
7,796

 
8,106

Other long-term liabilities
18,754

 
19,391

Total other long-term liabilities
$
66,614

 
$
68,766
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.6.0.2
Debt (Tables)
 6 Months Ended
Dec. 31, 2016
Debt [Abstract]  
Long-Term Debt
The Company's total borrowings as of December 31, 2016 and June 30, 2016 consisted of the following (in thousands):
 
Maturity
 
December 31, 2016
 
Fiscal Year End June 30, 2016
Senior Debt
2020
 
$
553,333

 
$
554,480

Other debt obligations
2017-2023
 
1,106

 
1,172

Less: unamortized original issue discount ("OID") and debt issuance costs
 
 
(15,288
)
 
(17,860
)
Total
 
 
539,151

 
537,792

Less: Long-term debt due within one year
 
 
2,349

 
497

Total long-term debt
 
 
$
536,802

 
$
537,295
Long-Term Debt Aggregate Maturities
As of December 31, 2016, the long-term debt aggregate maturities for the 12 month periods ending December 31, for each of the following years are set forth below (in thousands):
2017
 
$
2,349

2018
 
6,136

2019
 
6,143

2020
 
539,431

2021
 
156

Thereafter
 
224

   $ 554,439 
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.6.0.2
Accumulated Other Comprehensive Income (Loss) and Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) and Other Comprehensive Income (Loss) [Abstract]  
Changes in Accumulated Other Comprehensive Income (Loss)
The following table presents the changes in accumulated other comprehensive income (loss) ("AOCI"), by component, for the six months ended December 31, 2016 and 2015 (in thousands):
 
 
Realized portion on cash flow hedge
 
Actuarial loss on pensions
 
Foreign currency translation adjustments
 
Total
As of June 30, 2015
 
$
(1,919
)
 
$
(11,950
)
 
$
159,248

 
$
145,379

Amounts reclassified from AOCI
 
606

 
349

 
—

 
955

Foreign currency translation adjustments
 
(8
)
 
779

 
(31,882
)
 
(31,111
)
Net current period other comprehensive income (loss)
 
598

 
1,128

 
(31,882
)
 
(30,156
)
As of December 31, 2015
 
$
(1,321
)
 
$
(10,822
)
 
$
127,366

 
$
115,223

As of June 30, 2016
 
$
(733
)
 
$
(14,242
)
 
$
146,895

 
$
131,920

Amounts reclassified from AOCI
 
435

 
451

 
—

 
886

Foreign currency translation adjustments
 
(1
)
 
272

 
(8,337
)
 
(8,066
)
Net current period other comprehensive income (loss)
 
434

 
723

 
(8,337
)
 
(7,180
)
As of December 31, 2016
 
$
(299
)
 
$
(13,519
)
 
$
138,558

 
$
124,740
Other Comprehensive Income (Loss)
The components of other comprehensive income (loss) for the three and six months ended December 31, 2016 and 2015 are as follows (in thousands):
 
 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
 
2016
 
2015
 
2016
 
2015
Foreign currency translation adjustments
 
$
(5,942
)
 
$
(8,845
)
 
$
(8,184
)
 
$
(31,326
)
Realized portion of cash flow hedge(a)
 
237

 
303

 
435

 
606

Actuarial gain (loss) on pensions(b)
 
225

 
163

 
451

 
349

Other comprehensive loss, net of tax of $0
 
(5,480
)
 
(8,379
)
 
(7,298
)
 
(30,371
)
Other comprehensive loss attributable to noncontrolling interest, net of tax of $0
 
(86
)
 
(59
)
 
(118
)
 
(215
)
Other comprehensive loss attributable to Intrawest Resorts Holdings, Inc., net of tax of $0
 
$
(5,394
)
 
$
(8,320
)
 
$
(7,180
)
 
$
(30,156
)
 
(a)
Amounts reclassified out of AOCI are included in interest expense in the accompanying condensed consolidated statements of operations.

(b)
Amounts reclassified out of AOCI are included in operating expenses in the accompanying condensed consolidated statements of operations.
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.6.0.2
Commitments and Contingencies (Tables)
 6 Months Ended
Dec. 31, 2016
Commitments and Contingencies [Abstract]  
Reimbursable Government Loans and Forgivable Grants
Reimbursable government loans and forgivable grants as of December 31, 2016 and June 30, 2016 in Canadian dollars ("CAD") and the U.S. dollar ("USD") equivalent are as follows (in thousands):
 
December 31, 2016
 
June 30, 2016
 
CAD
 
USD Equivalent
 
CAD
 
USD Equivalent
Loans
$
241

 
$
179

 
$
241

 
$
185

Grants
 
 
 
 
 
 
 
Received
89,298

 
66,506

 
89,298

 
68,643

Future advances
31,421

 
23,401

 
31,421

 
24,153

Total grants
$
120,719

 
$
89,907

 
$
120,719

 
$
92,796
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.6.0.2
Segment Information (Tables)
 6 Months Ended
Dec. 31, 2016
Segment Information [Abstract]  
Consolidated Revenue
The following tables present segment revenue reconciled to consolidated revenue and net income (loss) attributable to the Company reconciled to Adjusted EBITDA and Adjusted EBITDA by segment (in thousands):
 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
2016
 
2015
 
2016
 
2015
Revenue:
 
 
 
 
 
 
 
Mountain
 
 
 
 
 
 
 
Lift (1)
$
41,527

 
$
31,937

 
$
46,278

 
$
35,941

Lodging
14,006

 
11,547

 
30,967

 
26,866

Ski School (2)
7,949

 
6,662

 
8,622

 
7,272

Retail and Rental
15,050

 
11,195

 
22,653

 
18,652

Food and Beverage
12,356

 
10,338

 
22,709

 
19,970

Other
8,157

 
7,757

 
21,811

 
20,493

Total Mountain revenue
99,045

 
79,436

 
153,040

 
129,194

Adventure revenue
13,291

 
12,368

 
31,237

 
36,630

Real Estate revenue
8,226

 
11,403

 
16,505

 
23,216

Total segment revenue
120,562

 
103,207

 
200,782

 
189,040

Legacy, non-core and other revenue (3)
599

 
744

 
859

 
1,115

Total revenue
$
121,161

 
$
103,951

 
$
201,641

 
$
190,155

 
(1)
Lift revenue outside of the ski season is derived primarily from mountain biking and sightseeing lift products.

(2)
Ski School revenue outside of the ski season is derived primarily from mountain bike instruction at various resorts.
 
(3)
Legacy, non-core and other revenue represents legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. It includes legacy real estate asset sales, divested non-core operations, and non-core retail revenue.
Net Income (Loss) Reconciled to Adjusted EBITDA
Net loss attributable to Intrawest Resorts Holdings, Inc.
$
(18,705
)
 
$
(27,305
)
 
$
(63,101
)
 
$
(74,348
)
Legacy and other non-core expenses, net (4)
814

 
2,092

 
1,617

 
4,442

Other operating expenses (5)
2,942

 
1,401

 
5,049

 
2,552

Depreciation and amortization
14,220

 
14,496

 
29,390

 
29,538

Loss (gain) on disposal of assets
1,480

 
(1,638
)
 
1,139

 
(2,327
)
Interest income (6)
(50
)
 
(65
)
 
(120
)
 
(136
)
Interest expense
9,059

 
10,269

 
18,967

 
20,431

(Earnings) loss from equity method investments (7)
(4,175
)
 
(1,702
)
 
(2,787
)
 
1,382

Loss on extinguishment of debt
820

 
—

 
820

 
—

Pro rata share of Adjusted EBITDA related to equity method investments (8)
716

 
853

 
1,836

 
1,545

Adjusted EBITDA attributable to noncontrolling interest
1,369

 
1,029

 
999


(1,133
)
Other expense (income), net (9)
256

 
(5,131
)
 
(218
)

(5,210
)
Income tax (benefit) expense
(623
)
 
(519
)
 
317


1,268

(Loss) income attributable to noncontrolling interest
(1,037
)
 
(708
)
 
(750
)

912

 Total Adjusted EBITDA
$
7,086

 
$
(6,928
)
 
$
(6,842
)
 
$
(21,084
)
Mountain Adjusted EBITDA
$
8,484

 
$
(5,136
)
 
$
(9,588
)
 
$
(25,923
)
Adventure Adjusted EBITDA (10)
(2,867
)
 
(3,489
)
 
(722
)
 
1,371

Real Estate Adjusted EBITDA (8)(11)
1,469

 
1,697

 
3,468

 
3,468

Total Adjusted EBITDA
$
7,086

 
$
(6,928
)
 
$
(6,842
)
 
$
(21,084
)

(4)
Legacy and other non-core expenses, net represents revenue and expenses of legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. Revenue and expenses related to legacy and other non-core operations include retail operations not located at the Company’s properties and legacy litigation consisting of claims for damages related to alleged construction defects, purported disclosure violations in real estate marketing sales and documents, and allegations that the Company failed to construct planned amenities.

(5)
Includes costs related to non-cash compensation, reduction in workforce severance and lease payments pursuant to the lease at Winter Park. The six months ended December 31, 2016 also includes $0.8 million of expenses for major IT infrastructure replacements, $0.7 million in fees associated with executing the Fifth Amendment and $0.5 million of business development related expenses.

(6)
Includes interest income unrelated to IRCG financing activities.

(7)
Represents the (earnings) losses from equity method investments, including: Chateau, MHM, and the Mammoth family of resorts.
    
(8)
Includes the Company’s pro rata share of Adjusted EBITDA from its equity method investments in MHM and Chateau. The pro rata share of Adjusted EBITDA represents the Company’s share of Adjusted EBITDA from these equity method investments based on the Company's economic ownership percentages.

(9)
Includes foreign currency transaction gains (losses), litigation settlement gains (losses), acquisition-related expenses, and other expenses.

(10)
Adventure segment Adjusted EBITDA excludes Adjusted EBITDA attributable to noncontrolling interest.

(11)
Real Estate segment Adjusted EBITDA includes interest income earned from receivables related to the IRCG operations until the Disposition Date, in the amount of $0.8 million and $1.7 million for the three and six months ended December 31,2015, respectively.
Capital Expenditures
The following table presents capital expenditures for each segment, reconciled to consolidated amounts for each of the three and six months ended December 31, 2016 and 2015 (in thousands):
 
 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
 
2016
 
2015
 
2016
 
2015
Capital expenditures:
 
 
 
 
 
 
 
 
Mountain
 
$
15,683

 
$
17,285

 
$
21,491

 
$
24,915

Adventure
 
4,224

 
2,980

 
7,609

 
4,325

Real Estate
 
4

 
115

 
121

 
238

Total segment capital expenditures
 
19,911

 
20,380

 
29,221

 
29,478

Corporate and other
 
1,645

 
2,362

 
2,683

 
3,053

Total capital expenditures
 
$
21,556

 
$
22,742

 
$
31,904

 
$
32,531
Revenue by Geographic Region
The Company’s revenue by geographic region for each of the three and six months ended December 31, 2016 and 2015 consisted of the following (in thousands):
 
 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
 
2016
 
2015
 
2016
 
2015
Revenue:
 
 
 
 
 
 
 
 
United States
 
$
77,130

 
$
67,321

 
$
114,895


$
106,342

Canada
 
44,031

 
36,630

 
86,746

 
83,813

Total revenue
 
$
121,161

 
$
103,951

 
$
201,641

 
$
190,155
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.6.0.2
Formation and Business (Details)
 6 Months Ended
Dec. 31, 2016
Segment
Lodge
Formation and Business [Abstract]  
Number of segments | Segment 3
Canadian Mountain Holidays [Member]  
Formation and Business [Abstract]  
Number of lodges | Lodge 11
Mammoth Hospitality Management, L.L.C. [Member]  
Formation and Business [Abstract]  
Ownership interest percentage 50.00%
Chateau M.T. Inc. [Member]  
Formation and Business [Abstract]  
Economic interest percentage 57.10%
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.6.0.2
Significant Accounting Policies (Details) - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2016
Jun. 30, 2016
Alpine Helicopters [Member]    
Principles of Consolidation [Abstract]    
Ownership interest in VIE 20.00%  
Noncontrolling interest held by employees 80.00%  
Total assets $ 8,800  
Total liabilities 3,500  
Carrying Value [Member] | Senior Debt [Member]    
Fair Value of Financial Instruments [Abstract]    
Long-term debt 553,333 $ 554,480
Carrying Value [Member] | Other Debt Obligations [Member]    
Fair Value of Financial Instruments [Abstract]    
Long-term debt 1,106 1,172
Fair Value [Member] | Senior Debt [Member]    
Fair Value of Financial Instruments [Abstract]    
Long-term debt 560,769 555,173
Fair Value [Member] | Other Debt Obligations [Member]    
Fair Value of Financial Instruments [Abstract]    
Long-term debt $ 924 $ 971
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.6.0.2
Dispositions (Details) - IRCG [Member] - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2016
Nov. 24, 2015
IRCG Transaction [Abstract]    
Gross proceeds for sale of IRCG   $ 84.6
Gain on sale of IRCG $ 40.4  
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.6.0.2
Earnings (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Earnings (Loss) Per Share [Abstract]        
Anti-dilutive share-based payment awards not included in calculation of EPS $ 900 $ 1,500 $ 700 $ 1,300
Basic and Diluted EPS [Abstract]        
Net loss attributable to Intrawest Resorts Holdings, Inc. $ (18,705) $ (27,305) $ (63,101) $ (74,348)
Weighted average common shares outstanding (in shares) 39,762 45,230 39,762 45,230
Basic and diluted EPS (in dollars per share) $ (0.47) $ (0.60) $ (1.59) $ (1.64)
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.6.0.2
Supplementary Balance Sheet Information, Current Receivables, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Jun. 30, 2016
Current Receivables, Net [Abstract]    
Trade receivables $ 26,857 $ 37,441
Loans, mortgages and notes receivable 14 50
Allowance for doubtful accounts (825) (831)
Total current receivables, net $ 26,046 $ 36,660
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.6.0.2
Supplementary Balance Sheet Information, Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Jun. 30, 2016
Other Current Assets [Abstract]    
Capital spares $ 12,452 $ 11,628
Prepaid insurance 4,100 4,813
Other prepaid expenses and current assets 7,964 4,640
Total other current assets $ 24,516 $ 21,081
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.6.0.2
Supplementary Balance Sheet Information, Other Long-Term Assets, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Jun. 30, 2016
Other Long-Term Assets, Net [Abstract]    
Equity method investments $ 27,003 $ 26,398
Long-term receivables 1,460 1,541
Other long-term assets 4,647 3,988
Total other long-term assets, net $ 33,110 $ 31,927
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.6.0.2
Supplementary Balance Sheet Information, Accounts Payable and Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Jun. 30, 2016
Accounts Payable and Accrued Liabilities [Abstract]    
Trade payables $ 72,944 $ 48,353
Accrued liabilities 7,327 16,516
Total accounts payable and accrued liabilities $ 80,271 $ 64,869
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.6.0.2
Supplementary Balance Sheet Information, Current Deferred Revenue and Deposits (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Jun. 30, 2016
Current Deferred Revenue and Deposits [Abstract]    
Season pass and other deferred revenue $ 95,824 $ 42,343
Lodging and tour deposits 59,251 25,548
Deposits on real estate sales 44 46
Total current deferred revenue and deposits $ 155,119 $ 67,937
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.6.0.2
Supplementary Balance Sheet Information, Other Long-Term Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Jun. 30, 2016
Other Long-Term Liabilities [Abstract]    
Pension liability, net of funded assets $ 31,465 $ 33,550
Forgivable government grants 8,599 7,719
Deferred revenue and deposits 7,796 8,106
Other long-term liabilities 18,754 19,391
Total other long-term liabilities $ 66,614 $ 68,766
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.6.0.2
Debt, Long-Term Debt (Details) - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2016
Jun. 30, 2016
Long-Term Debt [Abstract]    
Long-term debt $ 554,439  
Less: unamortized original issue discount ("OID") and debt issuance costs (15,288) $ (17,860)
Total 539,151 537,792
Less: Long-term debt due within one year 2,349 497
Total long-term debt $ 536,802 537,295
Senior Debt [Member]    
Long-Term Debt [Abstract]    
Maturity 2020  
Long-term debt $ 553,333 554,480
Other Debt Obligations [Member]    
Long-Term Debt [Abstract]    
Long-term debt $ 1,106 $ 1,172
Other Debt Obligations [Member] | Minimum [Member]    
Long-Term Debt [Abstract]    
Maturity 2017  
Other Debt Obligations [Member] | Maximum [Member]    
Long-Term Debt [Abstract]    
Maturity 2023  
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.6.0.2
Debt, Senior Debt and Other Debt Obligations (Details) - USD ($)
$ in Millions
 6 Months Ended
Sep. 19, 2014
Dec. 31, 2016
Jun. 30, 2016
Dec. 31, 2013
Senior Debt [Abstract]        
Letters of credit outstanding   $ 39.8 $ 42.8  
Credit Agreement [Member] | Term Loan [Member]        
Senior Debt [Abstract]        
Term loan       $ 540.0
Credit Agreement [Member] | Revolver [Member]        
Senior Debt [Abstract]        
Maximum borrowing capacity       25.0
Borrowings outstanding   0.0 0.0  
Credit Agreement [Member] | LC Facility [Member]        
Senior Debt [Abstract]        
Maximum borrowing capacity       $ 55.0
Letters of credit outstanding   $ 39.8 $ 42.8  
Incremental Amendment [Member] | Term Loan [Member]        
Senior Debt [Abstract]        
Proceeds from incremental borrowings $ 60.0      
Other Debt Obligations [Member]        
Other Debt Obligations [Abstract]        
Weighted average interest rate   5.30%    
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.6.0.2
Debt, Maturities (Details)
$ in Thousands
Dec. 31, 2016
USD ($)
Long-Term Debt Aggregate Maturities [Abstract]  
2017 $ 2,349
2018 6,136
2019 6,143
2020 539,431
2021 156
Thereafter 224
Total $ 554,439
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.6.0.2
Debt, Interest Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Interest Expense [Abstract]          
Interest expense $ 9.1   $ 10.3 $ 19.0 $ 20.4
Amortization of deferred financing costs $ 0.9   $ 0.9 $ 1.9 $ 1.8
Credit Agreement [Member] | Term Loan [Member]          
Interest Expense [Abstract]          
Margin rate       3.50%  
Credit Agreement [Member] | Term Loan [Member] | LIBOR [Member]          
Interest Expense [Abstract]          
Interest rate floor       1.00%  
Credit Agreement [Member] | Revolver [Member]          
Interest Expense [Abstract]          
Margin rate       3.25%  
Credit Agreement [Member] | LC Facility [Member]          
Interest Expense [Abstract]          
Margin rate       4.50%  
Fourth Amendment [Member] | Term Loan [Member] | Base Rate [Member]          
Interest Expense [Abstract]          
Margin rate       3.00%  
Fourth Amendment [Member] | Term Loan [Member] | Eurodollar [Member]          
Interest Expense [Abstract]          
Margin rate       4.00%  
Fifth Amendment [Member] | Term Loan [Member] | Base Rate [Member]          
Interest Expense [Abstract]          
Margin rate   2.50%      
Fifth Amendment [Member] | Term Loan [Member] | Eurodollar [Member]          
Interest Expense [Abstract]          
Margin rate   3.50%      
Fifth Amendment [Member] | Revolver [Member]          
Interest Expense [Abstract]          
Secured debt leverage ratio   4.5      
Fifth Amendment [Member] | Revolver [Member] | Base Rate [Member] | Maximum [Member]          
Interest Expense [Abstract]          
Margin rate   2.50%      
Fifth Amendment [Member] | Revolver [Member] | Base Rate [Member] | Minimum [Member]          
Interest Expense [Abstract]          
Margin rate   2.25%      
Fifth Amendment [Member] | Revolver [Member] | Eurodollar [Member] | Maximum [Member]          
Interest Expense [Abstract]          
Margin rate   3.50%      
Fifth Amendment [Member] | Revolver [Member] | Eurodollar [Member] | Minimum [Member]          
Interest Expense [Abstract]          
Margin rate   3.25%      
Third Amendment [Member] | Revolver [Member]          
Interest Expense [Abstract]          
Secured debt leverage ratio       4.5  
Third Amendment [Member] | Revolver [Member] | Base Rate [Member] | Maximum [Member]          
Interest Expense [Abstract]          
Margin rate       2.75%  
Third Amendment [Member] | Revolver [Member] | Base Rate [Member] | Minimum [Member]          
Interest Expense [Abstract]          
Margin rate       2.50%  
Third Amendment [Member] | Revolver [Member] | Eurodollar [Member] | Maximum [Member]          
Interest Expense [Abstract]          
Margin rate       3.75%  
Third Amendment [Member] | Revolver [Member] | Eurodollar [Member] | Minimum [Member]          
Interest Expense [Abstract]          
Margin rate       3.50%  
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.6.0.2
Accumulated Other Comprehensive Income (Loss) and Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]        
Beginning balance     $ 256,352  
Amounts reclassified from AOCI     886 $ 955
Foreign currency translation adjustments     (8,066) (31,111)
Other comprehensive loss attributable to Intrawest Resorts Holdings, Inc. $ (5,394) $ (8,320) (7,180) (30,156)
Ending balance 187,723   187,723  
Other Comprehensive Income (Loss) [Abstract]        
Foreign currency translation adjustments (5,942) (8,845) (8,184) (31,326)
Realized portion of cash flow hedge [1] 237 303 435 606
Actuarial gain (loss) on pensions [2] 225 163 451 349
Other comprehensive loss, net of tax of $0 (5,480) (8,379) (7,298) (30,371)
Other comprehensive loss attributable to noncontrolling interest, net of tax of $0 (86) (59) (118) (215)
Other comprehensive loss attributable to Intrawest Resorts Holdings, Inc. (5,394) (8,320) (7,180) (30,156)
Other comprehensive loss, tax 0 0 0 0
Other comprehensive loss attributable to noncontrolling interest, tax 0 0 0 0
Other comprehensive loss attributable to Intrawest Resorts Holdings, Inc., tax 0 0 0 0
Accumulated Other Comprehensive Income [Member]        
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]        
Beginning balance     131,920 145,379
Ending balance 124,740 115,223 124,740 115,223
Realized Portion on Cash Flow Hedge [Member]        
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]        
Beginning balance     (733) (1,919)
Amounts reclassified from AOCI     435 606
Foreign currency translation adjustments     (1) (8)
Other comprehensive loss attributable to Intrawest Resorts Holdings, Inc.     434 598
Ending balance (299) (1,321) (299) (1,321)
Other Comprehensive Income (Loss) [Abstract]        
Other comprehensive loss attributable to Intrawest Resorts Holdings, Inc.     434 598
Actuarial Loss on Pensions [Member]        
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]        
Beginning balance     (14,242) (11,950)
Amounts reclassified from AOCI     451 349
Foreign currency translation adjustments     272 779
Other comprehensive loss attributable to Intrawest Resorts Holdings, Inc.     723 1,128
Ending balance (13,519) (10,822) (13,519) (10,822)
Other Comprehensive Income (Loss) [Abstract]        
Other comprehensive loss attributable to Intrawest Resorts Holdings, Inc.     723 1,128
Foreign Currency Translation Adjustments [Member]        
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]        
Beginning balance     146,895 159,248
Amounts reclassified from AOCI     0 0
Foreign currency translation adjustments     (8,337) (31,882)
Other comprehensive loss attributable to Intrawest Resorts Holdings, Inc.     (8,337) (31,882)
Ending balance $ 138,558 $ 127,366 138,558 127,366
Other Comprehensive Income (Loss) [Abstract]        
Other comprehensive loss attributable to Intrawest Resorts Holdings, Inc.     $ (8,337) $ (31,882)
[1] Amounts reclassified out of AOCI are included in interest expense in the accompanying condensed consolidated statements of operations.
[2] Amounts reclassified out of AOCI are included in operating expenses in the accompanying condensed consolidated statements of operations.
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Income Taxes [Abstract]        
Income tax (benefit) expense $ (623) $ (519) $ 317 $ 1,268
Effective tax rate 3.10% 1.80% (0.50%) (1.80%)
Federal blended statutory rate 28.90% 29.50% 31.90% 31.50%
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.6.0.2
Commitments and Contingencies (Details)
CAD in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2016
USD ($)
Plan
Dec. 31, 2015
USD ($)
Dec. 31, 2016
CAD
Jun. 30, 2016
USD ($)
Jun. 30, 2016
CAD
Letters of Credit [Abstract]              
Letters of credit issued $ 39,800   $ 39,800     $ 42,800  
Number of closed noncontributory defined benefit pension plans | Plan     3        
Government Grants and Loans [Abstract]              
Weighted average borrowing rate of government loans 6.40%   6.40%   6.40%    
Loans $ 179   $ 179   CAD 241 185 CAD 241
Grants - Received 66,506   66,506   89,298 68,643 89,298
Grants - Future advances 23,401   23,401   31,421 24,153 31,421
Total grants 89,907   $ 89,907   CAD 120,719 $ 92,796 CAD 120,719
Capital Leases [Abstract]              
Weighted average remaining term     35 years        
Weighted average interest rate     9.90%        
Other [Abstract]              
Payments for forestry licenses and land leases $ 800 $ 800 $ 900 $ 900      
Minimum [Member]              
Other [Abstract]              
Percentage of defined gross revenue     1.50%        
Maximum [Member]              
Other [Abstract]              
Percentage of defined gross revenue     4.00%        
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.6.0.2
Segment Information, Revenue for Reportable Segments (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2016
USD ($)
Segment
Dec. 31, 2015
USD ($)
Segment Information [Abstract]        
Number of reportable segments | Segment     3  
Revenue [Abstract]        
Revenue $ 121,161 $ 103,951 $ 201,641 $ 190,155
Reportable Segment [Member]        
Revenue [Abstract]        
Revenue 120,562 103,207 200,782 189,040
Reportable Segment [Member] | Mountain [Member]        
Revenue [Abstract]        
Revenue 99,045 79,436 153,040 129,194
Reportable Segment [Member] | Mountain [Member] | Lift [Member]        
Revenue [Abstract]        
Revenue [1] 41,527 31,937 46,278 35,941
Reportable Segment [Member] | Mountain [Member] | Lodging [Member]        
Revenue [Abstract]        
Revenue 14,006 11,547 30,967 26,866
Reportable Segment [Member] | Mountain [Member] | Ski School [Member]        
Revenue [Abstract]        
Revenue [2] 7,949 6,662 8,622 7,272
Reportable Segment [Member] | Mountain [Member] | Retail and Rental [Member]        
Revenue [Abstract]        
Revenue 15,050 11,195 22,653 18,652
Reportable Segment [Member] | Mountain [Member] | Food and Beverage [Member]        
Revenue [Abstract]        
Revenue 12,356 10,338 22,709 19,970
Reportable Segment [Member] | Mountain [Member] | Other [Member]        
Revenue [Abstract]        
Revenue 8,157 7,757 21,811 20,493
Reportable Segment [Member] | Adventure [Member]        
Revenue [Abstract]        
Revenue 13,291 12,368 31,237 36,630
Reportable Segment [Member] | Real Estate [Member]        
Revenue [Abstract]        
Revenue 8,226 11,403 16,505 23,216
Legacy, Non-core and Other Revenue [Member]        
Revenue [Abstract]        
Revenue [3] $ 599 $ 744 $ 859 $ 1,115
[1] Lift revenue outside of the ski season is derived primarily from mountain biking and sightseeing lift products.
[2] Ski School revenue outside of the ski season is derived primarily from mountain bike instruction at various resorts.
[3] Legacy, non-core and other revenue represents legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. It includes legacy real estate asset sales, divested non-core operations, and non-core retail revenue.
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.6.0.2
Segment Information, Net Income (Loss) Reconciled to Adjusted EBITDA (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Segment Information [Abstract]        
Net loss attributable to Intrawest Resorts Holdings, Inc. $ (18,705) $ (27,305) $ (63,101) $ (74,348)
Depreciation and amortization 14,220 14,496 29,390 29,538
Loss (gain) on disposal of assets 1,480 (1,638) 1,139 (2,327)
(Earnings) loss from equity method investments (4,175) (1,702) (2,787) 1,382
Loss on extinguishment of debt (820) 0 (820) 0
Other expense (income), net 256 (5,131) (218) (5,210)
Income tax (benefit) expense (623) (519) 317 1,268
(Loss) income attributable to noncontrolling interest (1,037) (708) (750) 912
Total Adjusted EBITDA 7,086 (6,928) (6,842) (21,084)
Reportable Segment [Member] | Mountain [Member]        
Segment Information [Abstract]        
Total Adjusted EBITDA 8,484 (5,136) (9,588) (25,923)
Reportable Segment [Member] | Adventure [Member]        
Segment Information [Abstract]        
Total Adjusted EBITDA [1] (2,867) (3,489) (722) 1,371
Reportable Segment [Member] | Real Estate [Member]        
Segment Information [Abstract]        
Total Adjusted EBITDA [2],[3] 1,469 1,697 3,468 3,468
Reportable Segment [Member] | Real Estate [Member] | IRCG Operations [Member]        
Segment Information [Abstract]        
Interest income   (800)   (1,700)
Reconciling Item [Member]        
Segment Information [Abstract]        
Legacy and other non-core expenses, net [4] 814 2,092 1,617 4,442
Other operating expenses [5] 2,942 1,401 5,049 2,552
Depreciation and amortization 14,220 14,496 29,390 29,538
Loss (gain) on disposal of assets 1,480 (1,638) 1,139 (2,327)
Interest income [6] (50) (65) (120) (136)
Interest expense 9,059 10,269 18,967 20,431
(Earnings) loss from equity method investments [7] (4,175) (1,702) (2,787) 1,382
Loss on extinguishment of debt 820 0 820 0
Pro rata share of Adjusted EBITDA related to equity method investments [2] 716 853 1,836 1,545
Adjusted EBITDA attributable to noncontrolling interest 1,369 1,029 999 (1,133)
Other expense (income), net [8] 256 (5,131) (218) (5,210)
Income tax (benefit) expense (623) (519) 317 1,268
(Loss) income attributable to noncontrolling interest $ (1,037) $ (708) (750) $ 912
Expenses for major IT infrastructure replacements     800  
Fees associated with executing Fifth Amendment     700  
Business development related expenses     $ 500  
[1] Adventure segment Adjusted EBITDA excludes Adjusted EBITDA attributable to noncontrolling interest.
[2] Includes the Company's pro rata share of Adjusted EBITDA from its equity method investments in MHM and Chateau. The pro rata share of Adjusted EBITDA represents the Company's share of Adjusted EBITDA from these equity method investments based on the Company's economic ownership percentages.
[3] Real Estate segment Adjusted EBITDA includes interest income earned from receivables related to the IRCG operations until the Disposition Date, in the amount of $0.8 million and $1.7 million for the three and six months ended December 31, 2015, respectively.
[4] Legacy and other non-core expenses, net represents revenue and expenses of legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. Revenue and expenses related to legacy and other non-core operations include retail operations not located at the Company's properties and legacy litigation consisting of claims for damages related to alleged construction defects, purported disclosure violations in real estate marketing sales and documents, and allegations that the Company failed to construct planned amenities.
[5] Includes costs related to non-cash compensation, reduction in workforce severance and lease payments pursuant to the lease at Winter Park. The six months ended December 31, 2016 also includes $0.8 million of expenses for major IT infrastructure replacements, $0.7 million in fees associated with executing the Fifth Amendment and $0.5 million of business development related expenses.
[6] Includes interest income unrelated to IRCG financing activities.
[7] Represents the (earnings) losses from equity method investments, including: Chateau, MHM, and the Mammoth family of resorts.
[8] Includes foreign currency transaction gains (losses), litigation settlement gains (losses), acquisition-related expenses, and other expenses.
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.6.0.2
Segment Information, Capital Expenditures (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Capital Expenditures [Abstract]        
Total capital expenditures $ 21,556 $ 22,742 $ 31,904 $ 32,531
Reportable Segment [Member]        
Capital Expenditures [Abstract]        
Total capital expenditures 19,911 20,380 29,221 29,478
Reportable Segment [Member] | Mountain [Member]        
Capital Expenditures [Abstract]        
Total capital expenditures 15,683 17,285 21,491 24,915
Reportable Segment [Member] | Adventure [Member]        
Capital Expenditures [Abstract]        
Total capital expenditures 4,224 2,980 7,609 4,325
Reportable Segment [Member] | Real Estate [Member]        
Capital Expenditures [Abstract]        
Total capital expenditures 4 115 121 238
Corporate and Other [Member]        
Capital Expenditures [Abstract]        
Total capital expenditures $ 1,645 $ 2,362 $ 2,683 $ 3,053
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.6.0.2
Segment Information, Geographic Data (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Geographical Data [Abstract]        
Revenue $ 121,161 $ 103,951 $ 201,641 $ 190,155
Reportable Geographical Component [Member] | United States [Member]        
Geographical Data [Abstract]        
Revenue 77,130 67,321 114,895 106,342
Reportable Geographical Component [Member] | Canada [Member]        
Geographical Data [Abstract]        
Revenue $ 44,031 $ 36,630 $ 86,746 $ 83,813
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