EX-99.2 3 s000660x1_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

 

Fiscal 2015 First Quarter Earnings Presentation November 10, 2014

 
 

Important Information 1 ThefollowingslidesarepartofapresentationbyIntrawestResortsHoldings,Inc.(“Company”)inconnectionwithreportingfinancialresultsandareintendedtobe viewedaspartofthatpresentation.Norepresentationismadethattheinformationintheseslidesiscomplete.Foradditionalfinancial,statisticalandbusinessrelated information,aswellasinformationregardingbusinessandsegmenttrends,seetheearningsreleaseandfinancialsupplementfurnishedasexhibitstotheCompany's CurrentReportonForm8-K,furnishedtodaywiththeSecuritiesandExchangeCommission(“SEC”)andavailableontheCompany’swebsite(www.intrawest.com)and theSEC’swebsite(www.sec.gov). Thisdocumentcontainsforward-lookingstatements.Theseforward-lookingstatementsarebasedoncurrentexpectations,estimatesandprojectionsabouttheindustry andmarketsinwhichIntrawestoperatesaswellastheCompany’sbeliefsandassumptionsregardingouroperationsandfinancialperformance,allofwhicharesubject toknownandunknownrisks,uncertaintiesandotherfactorsthatmaycauseouractualresults,performanceorachievements,industryresultsormarkettrendstodiffer materiallyfromthoseexpressedorimpliedbysuchforward-lookingstatements.Thereforeanystatementscontainedhereinthatarenotstatementsofhistoricalfactmay beforward-lookingstatementsandshouldbeevaluatedassuch.Withoutlimitingtheforegoing,wordssuchas“Expects”,“Anticipates”,“Should”,“Intends”,“Plans”, “Believes”,“Seeks”,“Estimates”,“Projects”,andvariationsofsuchwordsandsimilarexpressionsareintendedtoidentifysuchforward-lookingstatements. These statementsarenotguaranteesoffutureperformanceandinvolvecertainrisks,uncertaintiesandassumptionswhicharedifficulttopredict,includingthosedescribedin PartI-Item1A,‘‘RiskFactors’’inourAnnualReportonForm10-KforthefiscalyearendedJune30,2014filedwiththeSEConSeptember23,2014,asmayberevised insubsequentSECfilings. Therefore,actualoutcomesandresultsmaydiffermateriallyfromwhatisexpressedorforecastedinsuchforward-lookingstatements.The actualperformanceofIntrawestmaydifferfromthebudget,projectionsandreturnssetforthhereinandmaydiffermaterially. Certaininformationcontainedhereinhasbeenobtainedfrompublishedandnon-publishedsources.SuchinformationhasnotbeenindependentlyverifiedbyIntrawest. Exceptwhereotherwiseindicated,theinformationprovidedhereinisbasedonmattersastheyexistasofthedateofpreparationandnotasofanyfuturedate,andwill notbeupdatedorotherwiserevisedtoreflectinformationthatsubsequentlybecomesavailable,orcircumstancesexistingorchangesoccurringafterthedatehereof. Thispresentationincludescertainnon-GAAPfinancialmeasures,includingAdjustedEBITDA(“Adj.EBITDA”).Non-GAAPfinancialmeasuressuchasAdj.EBITDA shouldbeconsideredonlyassupplementalto,andnotassuperiorto,financialmeasurespreparedinaccordancewithGAAP.PleaserefertoourCurrentReporton Form8-KfurnishedtodaywiththeSecuritiesandExchangeCommissionforareconciliationofthenon-GAAPfinancialmeasuresincludedinthispresentationtothe mostdirectlycomparablefinancialmeasurespreparedinaccordancewithGAAP. WeuseAdj.EBITDAasameasureofouroperatingperformance.Adj.EBITDAisasupplementalnon-GAAPfinancialmeasure. OurboardofdirectorsandmanagementteamfocusonAdj.EBITDAasakeyperformanceandcompensationmeasure.Adj.EBITDAassistsusincomparingour performanceovervariousreportingperiodsbecauseitremovesfromouroperatingresultstheimpactofitemsthatourmanagementbelievesdonotreflectourcore operatingperformance.Thecompensationcommitteeofourboardofdirectorswilldeterminetheannualvariablecompensationforcertainmembersofourmanagement team,basedinpart,onAdj.EBITDA. Adj.EBITDAisnotasubstitutefornetincome(loss),income(loss)fromcontinuingoperations,cashflowsfromoperatingactivitiesoranyothermeasureprescribedby GAAP.Therearelimitationstousingnon-GAAPmeasuressuchasAdj.EBITDA.AlthoughwebelievethatAdj.EBITDAcanmakeanevaluationofouroperating performancemoreconsistentbecauseitremovesitemsthatdonotreflectourcoreoperations,othercompaniesinourindustrymaydefineAdj.EBITDAdifferentlythan wedo.Asaresult,itmaybedifficulttouseAdj.EBITDAtocomparetheperformanceofthosecompaniestoourperformance.Adj.EBITDAshouldnotbeconsideredas ameasureoftheincomegeneratedbyourbusinessordiscretionarycashavailabletoustoinvestinthegrowthofourbusiness.Ourmanagementcompensatesfor theselimitationsbyreferencetoourGAAPresultsandusingAdj.EBITDAasasupplementalmeasure.

 
 

▪ AdjustedEBITDAlossof$20.1mm ▪ Real Estate Segment Adjusted EBITDA increased primarily due to the vacationclubbusinessandincreasedoccupancyattheWestinMonache ▪ Net Loss attributable to Intrawest Resorts Holdings, Inc. improved to $51.0mmfrom$122.0mm Fiscal 2015 First Quarter Highlights 2 Total Reportable Segment Revenue Growth ▪ Total Reportable Segment Revenue growth of 7.0% to $74.0mm from $69.2mm ▪ MountainSegmentRevenuegrowthof9.0%drivenbysummervisitationand theassociatedLodging,Food&Beverage,andRetail&Rentalrevenue ▪ Lodginggrowthreflectsongoingefforttodrivegreatersummervisitationand revenuesthroughlargeeventsandinvestinginhighreturncapitalprojects ▪ Blue Mountain positively impacted Mountain Segment Revenue by $1.3mm ▪ Significantbedbasecontributedtolodgingrevenueandsummervisitation addedtofood&beveragerevenue ▪ 100%ofBlueMountainisincludedinconsolidatedresultsforthe12days beginningSeptember19,2014throughSeptember30,2014 Blue Mountain Impact Consolidated Results Favorable to Expectations

 
 

Blue Mountain Ski Resort Acquisition Completed acquisition of remaining 50% of Blue Mountain on September 19 th , 2014 Canada’s 3 rd most visited ski resort, ~90 miles northwest of Greater Toronto’s ~5.6mm residents Large base of Toronto customers beneficial for cross-resort marketing ~ Launched first joint frequency product with Tremblant Fiscal 2015 first quarter results include 100% of Blue Mountain beginning September 19 th , 2014 Vibrant summer business includes an 18-hole golf course, alpine coaster, open-air gondola, mountain biking, waterfront park and other activities 3

 
 

Positive Early Indicators for Fiscal Year 2015 Season Pass and Frequency Product Sales for 2014/2015 ski season up approximately 20% ~ Units up ~14% and yield increased ~6%, reflecting our volume and price growth strategy ~ Added Eldora and three days at Crested Butte to our premium Colorado multi-mountain season pass ~ Continued success with Intrawest Passport expected to drive incremental destination visits Advanced lodging bookings up approximately 8% for the upcoming season and approximately 20% for the expanded Christmas and New Year’s holiday period CMH winter guest night sales for 2014/2015 ski season up approximately 9% Winter Park’s new on-mountain restaurant, Lunch Rock, expected to debut in mid-December 4 Note: All data as of November 2, 2014 vs. same time last year.

 
 

Fiscal 2015 First Quarter Financial Highlights 5 (US$mm) ▪ Mountain Segment summer visitation growth and the associated Lodging, Food & Beverage, and Retail & Rental revenue growth offset by increased allocated corporate costs ▪ Adventure Segment impacted by decreased firefighting activity and fewer US Forest Service contracts versus prior year ▪ Real Estate Segment growth primarily due to our Club Intrawest vacation club business and increased occupancy at the Westin Monache in Mammoth Lakes, California ▪ $1.3mm of Reportable Segment Revenue growth and $0.3mm of Adjusted EBITDA loss were attributable to owning 100% of Blue Mountain beginning September 19, 2014 ▪ Net Loss attributable to Intrawest Resorts Holdings, Inc. improved largely due to lower interest expense related to our restructuring and refinancing in December of 2013 ▪ Capital Expenditures increased due to several growth capital projects, including the new Lunch Rock restaurant at Winter Park Highlights Q1 FY15 Actuals vs. Actual Prior Year Prior Year Reportable Segment Revenue Mountain $36.3 $33.3 9.0% Adventure $22.6 $22.6 (0.0%) Real Estate $15.1 $13.3 13.7% Total $74.0 $69.2 7.0% Adjusted EBITDA Mountain ($24.0) ($22.1) (8.6%) Adventure $2.1 $3.7 (41.6%) Real Estate $1.7 $1.5 18.3% Total ($20.1) ($17.0) (18.6%) Net Loss Attr. to Intrawest Resorts Holdings, Inc. ($51.0) ($122.0) 58.2% Capital Expenditures $15.1 $14.3 6.1%

 
 

Fiscal Year 2015 Guidance Reaffirmed 6 Factors and assumptions impacting the Company’s full year fiscal 2015 outlook compared to prior year results include: ~ Prior year included 0% of Blue Mountain Revenue and 50% of Blue Mountain EBITDA; Fiscal 2015 will include 100% of Blue Mountain Revenue and 100% of Blue Mountain EBITDA beginning September 19, 2014 ~ $4.0mm of incremental public company costs and $1.5mm related to increased eCommerce software expense and PCI compliance ~ Reduced fire suppression activities ~ Assumes CAD/USD exchange rate of 1.10 Note: Totals may not add due to rounding. Fiscal 2015 Guidance Range % Change vs. Fiscal 2014 $ in millions Low High Total Reportable Segment Revenue $570 $595 Mountain Segment Revenue 418 434 Adventure Segment Revenue 97 101 Real Estate Segment Revenue 55 60 Total Segment Adjusted EBITDA $111 $116 Mountain Adjusted EBITDA 87 91 Adventure Adjusted EBITDA 14 16 Real Estate Adjusted EBITDA 9 10 Net Loss Attr. to Intrawest Resorts Holdings, Inc. ($16) ($6) Capital Expenditures $41 $46 Maintenance Capital 33 34 Growth Capital 8 12

 
 

Conclusion 7 Completed Acquisition of Remaining 50% of Blue Mountain Strong Growth in Season Pass & Frequency Product Sales Early Indicators for 2014/2015 Season All Pacing Ahead of Prior Year Capital Projects Generating Solid Returns