XML 35 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
Segment Information (Tables)
 3 Months Ended
Sep. 30, 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 September 30,
 
2016
 
2015
Revenue:
 
 
 
Mountain
 
 
 
Lift (1)
$
4,750

 
$
4,005

Lodging
16,961

 
15,319

Ski School (2)
672

 
610

Retail and Rental
7,604

 
7,458

Food and Beverage
10,353

 
9,632

Other
13,654

 
12,734

Total Mountain revenue
53,994

 
49,758

Adventure revenue
17,946

 
24,263

Real Estate revenue
8,279

 
11,812

Total segment revenue
80,219

 
85,833

Legacy, non-core and other revenue (3)
260

 
371

Total revenue
$
80,479

 
$
86,204

 
(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.
$
(44,396
)
 
$
(47,042
)
Legacy and other non-core expenses, net (4)
803

 
2,351

Other operating expenses (5)
2,108

 
1,151

Depreciation and amortization
15,170

 
15,042

Gain on disposal of assets
(341
)
 
(689
)
Interest income (6)
(70
)
 
(71
)
Interest expense
9,908

 
10,162

Loss from equity method investments (7)
1,388

 
3,084

Pro rata share of Adjusted EBITDA related to equity method investments (8)
1,120

 
692

Adjusted EBITDA attributable to noncontrolling interest
(370
)

(2,162
)
Other income, net (9)
(475
)

(78
)
Income tax expense
939


1,787

Loss attributable to noncontrolling interest
287


1,619

 Total Adjusted EBITDA
$
(13,929
)
 
$
(14,154
)
Mountain Adjusted EBITDA (8)
$
(18,073
)
 
$
(20,787
)
Adventure Adjusted EBITDA (10)
2,145

 
4,860

Real Estate Adjusted EBITDA (11)
1,999

 
1,773

Total Adjusted EBITDA
$
(13,929
)
 
$
(14,154
)
 
(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, lease payments pursuant to the lease at Winter Park and other expenses.
 
(6)
Includes interest income unrelated to IRCG financing activities.
 
(7)
Represents the losses from equity method investments, including: Chateau M.T. Inc., Mammoth Hospitality Management L.L.C., and the Mammoth family of resorts.
 
(8)
Includes the Company’s pro rata share of Adjusted EBITDA from its equity method investments in Mammoth Hospitality Management L.L.C. and Chateau M.T. Inc. 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 $0.9 million for the three months ended September 30, 2015.
Capital Expenditures
The following table presents capital expenditures for each segment, reconciled to consolidated amounts for each of the three months ended September 30, 2016 and 2015 (in thousands):
 
Three Months Ended September 30,
 
2016
 
2015
Capital expenditures:
 
 
 
Mountain
$
5,808

 
$
7,630

Adventure
3,385

 
1,345

Real Estate
117

 
123

Total segment capital expenditures
9,310

 
9,098

Corporate and other
1,038

 
691

Total capital expenditures
$
10,348

 
$
9,789
Revenue by Geographic Region
The Company’s revenue by geographic region for each of the three months ended September 30, 2016 and 2015 consisted of the following (in thousands):
 
Three Months Ended September 30,
 
2016
 
2015
Revenue:
 
 
 
United States
$
37,765


$
39,021

Canada
42,714

 
47,183

Total revenue
$
80,479

 
$
86,204