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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Snowflake Inc | NYSE:SNOW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-4.28 | -2.61% | 159.40 | 160.918 | 158.27 | 160.22 | 2,557,595 | 18:05:07 |
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
"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
Mountain Segment
Adventure Segment
Real Estate Segment
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 $ 2.25Statement 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,
ChangeNine 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,
ChangeNine 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,
ChangeNine 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,
ChangeNine 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
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