Intrawest Resorts Holdings, Inc. (NYSE:SNOW), a leading
North American mountain resort and adventure company, today
reported results for the three and nine months ended March 31,
2017.
Third Quarter Highlights
- Net income attributable to Intrawest
Resorts Holdings, Inc. was $156.3 million compared to $174.5
million in the third quarter of fiscal 2016.
- Excluding the $40.5 million gain on the
sale of Intrawest Resort Club Group ("IRCG") in the prior year
period, net income attributable to Intrawest Resorts Holdings, Inc.
improved by $22.3 million.
- Adjusted EBITDA grew 9.7% to $177.0
million from $161.3 million in the prior year period.
- Total segment revenue increased 6.1% to
$333.4 million from $314.2 million in the prior year period.
"Third quarter results reflect our continued focus on growing
pre-committed revenue streams, increases in yields, our ability to
manage costs, and the impact of our growth capital investments,"
stated Tom Marano, Chief Executive Officer. "I want to thank all of
our guests and our employees for another outstanding ski
season."
Three Months Ended March 31, 2017
Below are the Company's results for the three months ended
March 31, 2017 as compared to the prior year period:
Consolidated Results
- Consolidated revenue increased by $19.2
million, or 6.1%, to $334.9 million, primarily driven by a $14.8
million increase in Mountain revenue.
- Net income attributable to Intrawest
Resorts Holdings, Inc. decreased by $18.2 million, or 10.4%, to
$156.3 million, or $3.80 per diluted share. This decrease was
primarily attributable to a $40.5 million gain on the sale of
Intrawest Resort Club Group ("IRCG") recognized in the prior year
period, partially offset by the increase in Mountain revenue in the
current period.
- Total Adjusted EBITDA improved by $15.7
million, or 9.7%, to $177.0 million. The increase was largely
driven by the Mountain Segment due to increased yields and Skier
Visits.
Mountain Segment
- Mountain revenue increased by $14.8
million, or 5.8%, to $270.1 million, primarily due to increases
across all of our major lines of revenue driven by yield
improvements across our resorts and increased skier visits in the
East with the return to historical average conditions.
- Skier Visits increased 2.5%, ETP
increased 3.5%, and Revenue per Visit increased 3.2%.
- Mountain Adjusted EBITDA improved by
$11.7 million, or 8.5%, to $148.4 million, primarily due to a $14.8
million increase in Mountain revenue, partially offset by a $3.1
million increase in Mountain operating expenses primarily related
to variable costs associated with higher visitation volume.
Adventure Segment
- Adventure revenue grew by $4.8 million,
or 9.9%, to $53.7 million, primarily due to increased yields on
heli-ski trips at CMH.
- Adventure Adjusted EBITDA improved by
$3.3 million, or 15.7%, to $24.6 million, primarily due to the $4.8
million increase in Adventure revenue, partially offset by a $1.5
million increase in Adventure operating expenses. Excluding an
unfavorable foreign currency adjustment of $1.0 million, Adventure
operating expenses increased $0.5 million, or 2.1%, primarily due
to higher variable expenses at CMH.
- Overall, CMH Adjusted EBITDA increased
$3.5 million while Alpine Aerotech Adjusted EBITDA decreased $0.1
million.
Real Estate Segment
- Real Estate revenue decreased by $0.4
million, or 3.5%, to $9.6 million. Excluding IRCG, which was sold
on January 29, 2016, Real Estate revenue increased by $1.1 million,
or 12.3%, primarily due to higher occupancy and higher ADR at our
Intrawest Hospitality Management properties.
- Real Estate Adjusted EBITDA increased
by 20.8%, to $4.0 million, primarily due to a $1.2 million decrease
in Real Estate operating expenses, partially offset by a $0.4
million decrease in Real Estate revenue. Excluding IRCG, Real
Estate Adjusted EBITDA grew by $1.0 million, or 33.7%.
Additional Company Matters
As announced on April 10, 2017, the Company has entered into a
definitive agreement to be acquired by a newly-formed entity
controlled by affiliates of the Aspen Skiing Company, L.L.C.
(“Aspen”) and KSL Capital Partners, LLC (“KSL”). The Company has
filed the merger agreement with the Securities and Exchange
Commission ("SEC") and plans to file Intrawest’s preliminary
information statement shortly. The Company recommends that all
stockholders of Intrawest read the materials related to the
proposed merger transaction filed with the SEC, which are or will
be available on both the SEC’s website at www.SEC.gov and
Intrawest’s website at ir.intrawest.com.
Webcast and Earnings Conference Call
The Company will host a conference call via live webcast for
investors and other interested parties beginning at 9:00 a.m.
Eastern Time on Thursday, May 4, 2017. Participants may access
the live webcast by visiting the Company’s investor relations
website at ir.intrawest.com. The call can also be accessed
by dialing (855) 750-6787, or (631) 891-4304 for international
participants.
The replay of the call will be available from approximately
12:00 p.m. Eastern Time on May 4, 2017 through midnight
Eastern Time on May 18, 2017. To access the replay, the domestic
dial-in number is (844) 512-2921, the international dial-in number
is (412) 317-6671, and the passcode is 10002926. The archive of the
webcast will be available on the Company’s website for a limited
time.
About Intrawest Resorts Holdings, Inc.
Intrawest is a North American mountain resort and adventure
company, delivering distinctive vacation and travel experiences to
its customers for over three decades. The Company wholly owns
and/or operates six four-season mountain resorts with approximately
8,000 skiable acres and over 1,100 acres of land available for real
estate development. Intrawest’s mountain resorts are geographically
diversified across most of North America’s major ski regions,
including the Eastern United States, the Rocky Mountains, and
Canada. The Company also operates an adventure travel business, the
cornerstone of which is Canadian Mountain Holidays, a leading
heli-skiing adventure company in North America. Additionally, the
Company operates a comprehensive real estate business through which
it manages condominium hotel properties and sells and markets
residential real estate. Intrawest Resorts Holdings, Inc. common
stock is traded on the New York Stock Exchange (NYSE: SNOW). For
more information, visit www.intrawest.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“anticipate”, “believe”, “intend”, “expect”, “estimate”, “plan”,
“outlook” and “project” and other similar expressions that predict
or indicate future events or trends or that are not statements of
historical matters. 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 risks associated with our
pending acquisition by Hawk Holding Company, LLC (“Hawk”), a newly
formed entity controlled by affiliates of the Aspen Skiing Company,
L.L.C. and KSL Capital Partners, LLC, including but not limited to:
uncertainty regarding the timing and ability to complete the
acquisition; risks that the acquisition disrupts our current plans
and operations including potential impairments to our relationships
with customers and business partners and our ability to retain and
motivate key personnel; the possibility that the acquisition is not
consummated, including, but not limited to, due to the possibility
that the parties may fail to obtain the necessary financing
arrangements to consummate the acquisition and the failure to
satisfy the closing conditions; the diversion of management's
attention from ongoing business operations and opportunities as a
result of the acquisition; and the amount of acquisition-related
costs, fees and expenses; 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 interest; our leverage, which could adversely affect our ability
to raise additional capital to support our growth strategy; our
limited public float and therefore trading volume and other risks
described under the caption “Risk Factors” in Part I - Item 1A.,
“Risk Factors” in our Annual Report on Form 10-K for the year ended
June 30, 2016, filed with the Securities and Exchange Commission
(“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, and as may be revised in our future SEC filings. 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 release may not occur and actual
results could differ materially and adversely from those
anticipated or implied in the forward-looking statements. We
undertake no obligation to revise or publicly release the results
of any revision to these 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.
INTRAWEST RESORTS HOLDINGS, INC. Condensed
Consolidated Statements of Operations (In thousands, except
per share data)
Three Months EndedMarch
31,
Nine Months EndedMarch
31,
2017 2016 2017 2016
Revenue $ 334,892 $ 315,706 $ 536,533 $ 505,861 Operating expenses
162,981 157,909 380,965 378,231 Depreciation and amortization
14,450 15,264 43,840 44,802 Gain on sale of Intrawest Resort Club
Group — (40,481 ) — (40,481 ) (Gain) loss on disposal of assets
(1,637 ) 1,634 (498 ) (693 ) Income from operations 159,098
181,380 112,226 124,002 Interest expense, net (8,880 ) (9,860 )
(27,727 ) (28,478 ) Earnings from equity method investments 6,990
5,401 9,776 4,019 Loss on extinguishment of debt — — (820 ) — Other
income (expense), net 351 (1,184 ) 569 4,026
Income before income taxes 157,559 175,737 94,024 103,569 Income
tax expense 240 261 556 1,529 Net
income 157,319 175,476 93,468 102,040
Income attributable to noncontrolling interest 1,042 1,006
292 1,918 Net income attributable to Intrawest
Resorts Holdings, Inc. $ 156,277 $ 174,470 $ 93,176
$ 100,122 Weighted average shares of common
stock outstanding: Basic 39,803 42,705 39,776 44,395 Diluted 41,101
42,735 40,714 44,423 Net income attributable to Intrawest Resorts
Holdings, Inc. per share: Basic $ 3.93 $ 4.09 $ 2.34 $ 2.26 Diluted
$ 3.80 $ 4.08 $ 2.29 $ 2.25
Statement Concerning Non-GAAP Financial Measures
We use Adjusted EBITDA as a measure of our operating
performance. Adjusted EBITDA is a supplemental non-GAAP financial
measure.
Our board of directors and management team focus on Adjusted
EBITDA as a key performance and compensation measure. Adjusted
EBITDA assists us 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.
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.
There are limitations to using non-GAAP 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 GAAP results and using
Adjusted EBITDA as a supplemental measure.
Mountain Segment (dollars in thousands
except for Key Business Metrics)
Three Months EndedMarch
31,
Change
Nine Months EndedMarch
31,
Change 2017 2016 $
%
2017 2016 $
% Skier Visits
2,861,546 2,792,782 68,764 2.5 % 3,659,340 3,420,592 238,748 7.0 %
Revenue per Visit $ 94.40 $ 91.43 $ 2.97 3.2 % $ 97.87 $ 95.08 $
2.79 2.9 % ETP $ 49.97 $ 48.27 $ 1.70 3.5 % $ 50.17 $ 48.54 $ 1.63
3.4 % RevPAR $ 121.87 $ 108.11 $ 13.76 12.7 % $ 82.63 $ 71.26 $
11.37 16.0 % ADR $ 188.78 $ 176.12 $ 12.66 7.2 % $ 171.01 $ 156.5 $
14.51 9.3 % Mountain revenue: Lift $ 142,977 $ 134,813 $
8,164 6.1 % $ 189,255 $ 170,754 $ 18,501 10.8 % Lodging 26,220
23,910 2,310 9.7 % 57,187 50,776 6,411 12.6 % Ski School 23,439
22,775 664 2.9 % 32,060 30,046 2,014 6.7 % Retail and Rental 30,987
29,581 1,406 4.8 % 53,640 48,234 5,406 11.2 % Food and Beverage
32,797 30,792 2,005 6.5 % 55,506 50,762 4,744 9.3 % Other 13,701
13,486 215 1.6 % 35,514 33,979
1,535 4.5 % Total Mountain revenue $ 270,121 $
255,357 $ 14,764 5.8 % $ 423,162 $ 384,551
$ 38,611 10.0 % Mountain Adjusted EBITDA $ 148,357 $
136,704 $ 11,653 8.5 % $ 138,767 $ 110,781 $ 27,986 25.3 %
Adventure Segment (dollars in
thousands)
Three Months EndedMarch
31,
Change
Nine Months EndedMarch
31,
Change 2017 2016 $
% 2017 2016 $ %
Adventure revenue $ 53,664 $ 48,835 $ 4,829 9.9 % $ 84,901 $ 85,465
$ (564 ) (0.7 )% Adventure Adjusted EBITDA $ 24,592 $ 21,246 $
3,346 15.7 % $ 23,870 $ 22,616 $ 1,254 5.5 %
Real Estate Segment (dollars in
thousands)
Three Months EndedMarch
31,
Change
Nine Months EndedMarch
31,
Change 2017 2016 $
% 2017 2016 $ %
Real Estate revenue $ 9,620 $ 9,973 $ (353 ) (3.5 )% $ 26,124 $
33,190 $ (7,066 ) (21.3 )% Real Estate Adjusted EBITDA $ 4,041 $
3,346 $ 695 20.8 % $ 7,508 $ 6,815 $ 693 10.2 %
Total Segment Revenue and Adjusted
EBITDA (dollars in thousands)
Three Months EndedMarch
31,
Change
Nine Months EndedMarch
31,
Change 2017 2016 $
% 2017 2016 $ %
Total segment revenue $ 333,405 $ 314,165 $ 19,240 6.1 % $ 534,187
$ 503,206 $ 30,981 6.2 % Total Adjusted EBITDA $ 176,990 $ 161,296
$ 15,694 9.7 % $ 170,145 $ 140,212 $ 29,933 21.3 %
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 EndedMarch
31,
Nine Months EndedMarch
31,
2017 2016 2017 2016
Revenue: Mountain Lift $ 142,977 $ 134,813 $ 189,255 $ 170,754
Lodging 26,220 23,910 57,187 50,776 Ski School 23,439 22,775 32,060
30,046 Retail and Rental 30,987 29,581 53,640 48,234 Food and
Beverage 32,797 30,792 55,506 50,762 Other 13,701 13,486
35,514 33,979 Total Mountain revenue 270,121
255,357 423,162 384,551 Adventure revenue 53,664 48,835 84,901
85,465 Real Estate revenue 9,620 9,973 26,124
33,190 Total segment revenue 333,405 314,165 534,187 503,206
Legacy, non-core and other revenue 1,487 1,541 2,346
2,655 Total revenue $ 334,892 $ 315,706
$ 536,533 $ 505,861 Net income attributable to
Intrawest Resorts Holdings, Inc. $ 156,277 $ 174,470 $ 93,176 $
100,122 Legacy and other non-core (income) expenses, net (803 ) 16
814 4,458 Other operating expenses 5,131 2,601 10,179 5,153
Depreciation and amortization 14,450 15,264 43,840 44,802 Gain on
sale of Intrawest Resort Club Group — (40,481 ) — (40,481 ) (Gain)
loss on disposal of assets (1,637 ) 1,634 (498 ) (693 ) Interest
income (84 ) (99 ) (204 ) (235 ) Interest expense 8,964 10,208
27,931 30,639 Earnings from equity method investments (6,990 )
(5,401 ) (9,776 ) (4,019 ) Loss on extinguishment of debt — — 820 —
Pro rata share of Adjusted EBITDA related to equity method
investments 2,214 2,119 4,049 3,664 Adjusted EBITDA attributable to
noncontrolling interest (1,463 ) (1,486 ) (465 ) (2,619 ) Other
(income) expense, net (351 ) 1,184 (569 ) (4,026 ) Income tax
expense 240 261 556 1,529 Income attributable to noncontrolling
interest 1,042 1,006 292 1,918 Total
Adjusted EBITDA $ 176,990 $ 161,296 $ 170,145
$ 140,212 Mountain Adjusted EBITDA $ 148,357 $
136,704 $ 138,767 $ 110,781 Adventure Adjusted EBITDA 24,592 21,246
23,870 22,616 Real Estate Adjusted EBITDA 4,041 3,346
7,508 6,815 Total Adjusted EBITDA $ 176,990 $
161,296 $ 170,145 $ 140,212
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170504005531/en/
Intrawest Resorts Holdings, Inc.Investor
Relations303-749-8370InvestorRelations@intrawest.com
Snowflake (NYSE:SNOW)
Historical Stock Chart
From Mar 2024 to Apr 2024
Snowflake (NYSE:SNOW)
Historical Stock Chart
From Apr 2023 to Apr 2024