Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Dec. 31, 2013 | Mar. 17, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Intrawest Resorts Holdings, Inc. | ' |
Entity Central Index Key | '0001587755 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 45,032,000 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $42,014 | $59,775 |
Restricted cash | 21,140 | 13,685 |
Receivables, net of allowances of $8,333 and $7,808 | 41,587 | 38,298 |
Inventories | 40,855 | 29,151 |
Prepaid expenses and other assets | 25,790 | 20,838 |
Total current assets | 171,386 | 161,747 |
Receivables, net of allowances of $6,264 and $5,854 | 33,793 | 37,779 |
Amounts due from related parties | ' | 6,262 |
Property, plant and equipment, net of accumulated depreciation of $347,364 and $361,642 | 501,094 | 475,856 |
Real estate held for development | 153,096 | 164,916 |
Deferred charges and other | 27,212 | 28,584 |
Equity method investments | 82,536 | 86,344 |
Intangible assets, net | 61,880 | 65,503 |
Goodwill | 94,609 | 94,609 |
Total assets | 1,125,606 | 1,121,600 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 88,677 | 62,196 |
Deferred revenue and deposits | 122,810 | 52,110 |
Long-term debt due within one year | 10,560 | 8,201 |
Total current liabilities | 222,047 | 122,507 |
Deferred revenue and deposits | 21,468 | 22,115 |
Long-term debt | 568,718 | 580,662 |
Notes payable to affiliates | ' | 1,358,695 |
Other long-term liabilities | 54,642 | 56,367 |
Total liabilities | 866,875 | 2,140,346 |
Commitments and contingencies (Note 13) | ' | ' |
Partnership units, unlimited number authorized | ' | ' |
General partner: 0 units outstanding at June 30, 2013 | ' | ' |
Limited partners: 1,352,253 units outstanding at June 30, 2013 | ' | -1,166,797 |
Stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value; 300,000,000 shares authorized; 0 issued and outstanding at December 31, 2013 | ' | ' |
Common stock, $0.01 par value; 2,000,000,000 shares authorized; 41,882,000 shares issued and outstanding at December 31, 2013 | 419 | ' |
Additional paid-in capital | 2,864,320 | ' |
Retained deficit | -2,805,726 | ' |
Accumulated other comprehensive income | 201,109 | 148,805 |
Total partner's (deficit)/ stockholders' equity | 260,122 | -1,017,992 |
Noncontrolling interest | -1,391 | -754 |
Total (deficit) equity | 258,731 | -1,018,746 |
Total liabilities and equity | $1,125,606 | $1,121,600 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheets [Abstract] | ' | ' |
Receivables, net of allowances, current | $7,808 | $8,333 |
Receivables, net of allowances, noncurrent | 5,854 | 6,264 |
Property, plant and equipment, net of accumulated depreciation | $361,642 | $347,364 |
General partner, units outstanding | ' | 0 |
Limited partners, units outstanding | ' | 1,352,253 |
Preferred stock, par value | $0.01 | ' |
Preferred stock, shares authorized | 300,000,000 | ' |
Preferred stock, shares issued | 0 | ' |
Preferred stock, shares outstanding | 0 | ' |
Common stock, par value | $0.01 | ' |
Common stock, shares authorized | 2,000,000,000 | ' |
Common stock, shares issued | 41,882,000 | ' |
Common stock, shares outstanding | 41,882,000 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Consolidated Statements of Operations [Abstract] | ' | ' | ' | ' |
Revenue | $102,106 | $104,269 | $182,667 | $183,464 |
Operating expenses | 106,726 | 109,038 | 210,922 | 210,217 |
Depreciation and amortization | 13,998 | 15,007 | 27,143 | 29,660 |
(Gain) loss on disposal of assets | 23 | -214 | -213 | 996 |
Impairment of real estate | ' | ' | 633 | 62 |
Loss from operations | -18,641 | -19,562 | -55,818 | -57,471 |
Interest income | 2,090 | 1,580 | 3,722 | 3,217 |
Interest expense on third party debt | -15,160 | -31,427 | -31,624 | -66,433 |
Interest expense on notes payable to affiliates | -52,753 | -58,197 | -119,858 | -113,568 |
Loss from equity method investments | -1,952 | -10,842 | -3,543 | -10,933 |
Gain on disposal of equity method investments | ' | 18,923 | ' | 18,923 |
Loss on extinguishment of debt | -35,480 | -11,152 | -35,480 | -11,152 |
Other income (expense), net | -715 | 696 | -887 | 1,098 |
Loss before income taxes | -122,611 | -109,981 | -243,488 | -236,319 |
Income tax (benefit) expense | -404 | -630 | 297 | 342 |
Net loss | -122,207 | -109,351 | -243,785 | -236,661 |
Loss attributable to noncontrolling interest | 1,090 | 374 | 654 | 408 |
Net loss attributable to Intrawest Resorts Holdings, Inc. | ($121,117) | ($108,977) | ($243,131) | ($236,253) |
Weighted average shares of common stock outstanding, basic and diluted | 41,882,000 | 41,882,000 | 41,882,000 | 41,882,000 |
Net loss attributable to Intrawest Resorts Holdings, Inc. per share, basic and diluted | ($2.89) | ($2.60) | ($5.81) | ($5.64) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Consolidated Statements of Comprehensive Loss [Abstract] | ' | ' | ' | ' |
Net loss | ($122,207) | ($109,351) | ($243,785) | ($236,661) |
Foreign currency translation adjustments | -10,972 | -5,209 | -2,747 | 13,535 |
Realized portion on cash flow hedge (net of tax of $0) | 1,082 | 1,132 | 2,683 | 2,102 |
Actuarial gain (loss) on pensions (net of tax of $0) | -142 | 74 | -285 | -141 |
Comprehensive loss | -132,239 | -113,354 | -244,134 | -221,165 |
Comprehensive loss attributable to noncontrolling interest | 1,061 | 373 | 637 | 409 |
Comprehensive loss attributable to Intrawest Resorts Holdings, Inc. | ($131,178) | ($112,981) | ($243,497) | ($220,756) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Consolidated Statements of Comprehensive Loss [Abstract] | ' | ' | ' | ' |
Realized portion on cash flow hedge, tax | $0 | $0 | $0 | $0 |
Actuarial gain (loss) on pensions, tax | $0 | $0 | $0 | $0 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Equity (Unaudited) (USD $) | Total | Restructuring | General Partner | General Partner | Limited Partners | Limited Partners | Common Stock | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital | Retained Deficit | Retained Deficit | Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income | Noncontrolling Interest |
In Thousands, unless otherwise specified | Restructuring | Restructuring | Restructuring | Restructuring | Restructuring | Restructuring | |||||||||
Beginning Balance at Jun. 30, 2012 | ($724,281) | ' | ' | ' | ($877,879) | ' | ' | ' | ' | ' | ' | ' | $153,598 | ' | ' |
Net loss | -236,661 | ' | ' | ' | -236,253 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -408 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | 13,535 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,536 | ' | -1 |
Realized portion on cash flow hedge (net of tax of $0) | 2,102 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,102 | ' | ' |
Actuarial loss on pensions (net of tax of $0) | -141 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -141 | ' | ' |
Contribution from affiliates | 2,667 | ' | ' | ' | 2,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unit-based compensation | 317 | ' | ' | ' | 317 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash settlement of unit-based compensation | -15 | ' | ' | ' | -15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2012 | -942,477 | ' | ' | ' | -1,111,163 | ' | ' | ' | ' | ' | ' | ' | 169,095 | ' | -409 |
Beginning Balance at Jun. 30, 2013 | -1,018,746 | ' | ' | ' | -1,166,797 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -754 |
Net loss | -224,865 | ' | ' | ' | -224,288 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -577 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution from affiliates | 1,675 | ' | ' | ' | 1,675 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance, Shares at Dec. 09, 2013 | ' | ' | ' | ' | ' | ' | ' | 41,882 | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Dec. 09, 2013 | ' | 1,519,936 | ' | ' | ' | 1,389,410 | ' | 419 | ' | 2,864,320 | ' | -2,786,883 | ' | 52,670 | ' |
Beginning Balance at Jun. 30, 2013 | -1,018,746 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148,805 | ' | -754 |
Net loss | -243,785 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | -2,747 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,764 | ' | 17 |
Realized portion on cash flow hedge (net of tax of $0) | 2,683 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,683 | ' | ' |
Actuarial loss on pensions (net of tax of $0) | -285 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -285 | ' | ' |
Ending Balance, Shares at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | 41,882 | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | 258,731 | ' | ' | ' | ' | ' | 419 | ' | 2,864,320 | ' | ' | ' | 201,109 | ' | -1,391 |
Beginning Balance, Shares at Dec. 09, 2013 | ' | ' | ' | ' | ' | ' | ' | 41,882 | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance at Dec. 09, 2013 | ' | 1,519,936 | ' | ' | ' | 1,389,410 | ' | 419 | ' | 2,864,320 | ' | -2,786,883 | ' | 52,670 | ' |
Net loss | -18,920 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,843 | ' | ' | ' | -77 |
Ending Balance, Shares at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | 41,882 | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | $258,731 | ' | ' | ' | ' | ' | $419 | ' | $2,864,320 | ' | ($2,805,726) | ' | ' | ' | ($1,391) |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Realized portion on cash flow hedge, tax | $0 | $0 |
Actuarial loss on pensions tax portion | 0 | 0 |
Accumulated Other Comprehensive Income | ' | ' |
Realized portion on cash flow hedge, tax | 0 | 0 |
Actuarial loss on pensions tax portion | $0 | $0 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | ' | ' |
Net loss | ($243,785) | ($236,661) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 27,143 | 29,660 |
Loss from equity method investments | 3,543 | 10,933 |
Distributions of earnings from equity method investments | 26 | 4,843 |
Provision for doubtful accounts | 1,218 | 1,428 |
Loss on extinguishment of debt | 35,480 | 11,152 |
Amortization of deferred financing costs | 2,026 | 2,838 |
Realized portion on cash flow hedge | 2,683 | 2,102 |
Amortization of facility fee and discount | 1,629 | 19,124 |
Gain on disposal of equity method investments and assets | -167 | -18,545 |
Accrued interest on notes payable to affiliates | 119,858 | 113,568 |
Other items, net | 465 | 64 |
Changes in assets and liabilities: | ' | ' |
Restricted cash | -7,461 | -6,253 |
Receivables | -914 | -1,380 |
Inventories | -11,889 | -5,912 |
Prepaid expenses and other assets | -6,432 | -3,591 |
Real estate held for development | 10,775 | 3,202 |
Accounts payable and accrued liabilities | 27,748 | 38,234 |
Deferred revenue and deposits | 70,478 | 71,946 |
Net cash provided by operating activities | 32,424 | 36,752 |
Investing activities: | ' | ' |
Capital expenditures | -32,910 | -21,165 |
Contributions to equity method investments | -571 | -43 |
Proceeds from the sale of equity method investments | ' | 117,868 |
Proceeds from the sale of assets | 145 | 767 |
Net cash provided by (used in) investing activities | -33,336 | 97,427 |
Financing activities: | ' | ' |
Proceeds from issuance of long-term debt | 534,600 | 565,125 |
Proceeds from restricted cash | ' | 60,656 |
Repayments of bank and other borrowings | -582,725 | -734,164 |
Financing costs paid | -17,985 | -19,727 |
Contributions from affiliates | 49,984 | 2,667 |
Net cash used in financing activities | -16,126 | -125,443 |
Effect of exchange rate changes on cash | -723 | 565 |
Increase (decrease) in cash and cash equivalents | -17,761 | 9,301 |
Cash and cash equivalents, beginning of period | 59,775 | 46,908 |
Cash and cash equivalents, end of period | 42,014 | 56,209 |
Supplemental information: | ' | ' |
Cash paid for interest | 21,565 | 27,136 |
Non-cash investing and financing activities | ' | ' |
Property, plant and equipment financed by capital lease obligations | 19,565 | ' |
Exchange of Tranche B Term Loans and Affiliate Loans for equity | $1,471,627 | ' |
Formation_and_Business
Formation and Business | 6 Months Ended | ||
Dec. 31, 2013 | |||
Formation and Business [Abstract] | ' | ||
Formation and Business | ' | ||
1 | Formation and Business | ||
Formation of the Company | |||
Intrawest Resorts Holdings, Inc. is a Delaware Corporation that was formed on August 30, 2013, and had not, prior to the completion of the restructuring transactions described below under “Restructuring”, conducted any activities other than those incident to its formation for the preparation of its initial public offering. | |||
Intrawest Cayman L.P. (the “Partnership”) was formed on February 22, 2007 as a holding company that operated through various subsidiaries primarily engaged in the operation of mountain resorts, adventure, and real estate businesses, principally throughout North America. The subsidiaries of the Partnership held substantially all of the historical assets and liabilities that were contributed pursuant to the restructuring transactions described below under “Restructuring”. | |||
Unless the context suggests otherwise, references in the condensed consolidated financial statements to the “Company”, “IRHI”, “our”, “us”, or “we” refer to the Partnership and its consolidated subsidiaries prior to the consummation of the restructuring transactions described below under “Restructuring” and to Intrawest Resorts Holdings, Inc. and its consolidated subsidiaries after the consummation of the restructuring transactions described below under “Restructuring”. | |||
Business Operations | |||
The Company conducts business through three reportable segments: Mountain, Adventure and Real Estate. The Mountain segment includes our mountain resorts 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 a 50% interest in Blue Mountain Ski Resort (“Blue Mountain”) in Ontario. The Mountain segment derives revenue mainly from sales of lift pass products, lodging management, ski school services, retail and rental merchandise, food and beverage, and other ancillary services. The Adventure segment includes Canadian Mountain Holidays (“CMH”), which provides heli-skiing, mountaineering and hiking at 11 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 in the United States and Canada and other commercial uses. Alpine Aerotech Ltd. 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 and derives revenue from Intrawest Resort Club Group (“IRCG”), a vacation club business, Intrawest Hospitality Management (“IHM”), which manages condominium hotel properties in Maui, Hawaii and in Mammoth Lakes, California, and Playground, a residential real estate sales and marketing business. The Real Estate segment is also comprised of ongoing real estate development activities, and includes costs associated with these activities, including planning activities and land carrying costs. The Company’s business is seasonal in nature generating the highest revenue in the third fiscal quarter. | |||
Restructuring | |||
On December 9, 2013, the Company was party to a series of transactions in which the Partnership caused its indirect subsidiaries to contribute 100% of their equity interest in both Intrawest U.S. Holdings Inc., a Delaware corporation (“Intrawest U.S.”), and Intrawest ULC, an unlimited liability company organized under the laws of the Province of Alberta (“Intrawest Canada”), to an indirect subsidiary of the Company. Concurrently, $1.1 billion of notes payable to affiliates, including $0.7 billion of accrued and unpaid interest thereon, were exchanged for 42,999,900 shares of the Company’s common stock (or 41,881,903 shares after giving effect to the 0.974 - for - 1 reverse stock split as discussed in Note 14, “Subsequent Events”) and subsequently cancelled. The Company’s subsidiaries were released from all obligations, including guaranty obligations, in respect of an additional $355.6 million of notes payable to affiliates (the Third Lien Loan), including $145.6 million of accrued and unpaid interest thereon. These transactions are collectively referred to as the “Restructuring.” The condensed consolidated statements of operations include interest expense related to the non-contributed notes payable to affiliates of $23.8 million and $24.4 million for the six month periods ended December 31, 2012 and 2013, respectively. | |||
The Restructuring was accounted for as a transaction among entities under common control as Intrawest Resorts Holdings, Inc. and the Partnership were, since August 30, 2013, and continue to be, under the common control of entities managed or controlled by Fortress Investment Group, LLC, (“Fortress”). The Company had no operations prior to the Restructuring. After the Restructuring, the Company continues to be indirectly wholly-owned by Fortress and is the parent holding company of the businesses conducted by Intrawest U.S. and Intrawest Canada and their respective subsidiaries. Due to the entities being under common control the assets, liabilities and equity contributed to the Company were recorded at their historical carrying values on the condensed consolidated balance sheet. The condensed consolidated statements of operations include the historical results of the Partnership combined with the results of the Company since the Restructuring. The condensed consolidated statements of equity include $2.8 billion of accumulated net losses attributable to the partners, converted to and reflected as an accumulated retained deficit of the Company, and the historical contributed capital from partners of $1.4 billion, combined with the debt to equity conversion from the Restructuring, converted to and reflected as additional paid in capital (“APIC”). The condensed consolidated statements of cash flows reflect the activity of the historical Partnership balances combined with those of the Company since the Restructuring. The European operations of the Partnership were not contributed to the Company in connection with the Restructuring. As a result, the condensed consolidated balance sheet as of December 31, 2013 reflects the removal of approximately $4.1 million in total assets. In addition, the condensed consolidated balance sheet as of December 31, 2013 reflects the conversion of the $1.1 billion of affiliate debt and the removal of the principal balance and accrued and unpaid interest related to the remaining $355.6 million of notes payable to affiliates that were not contributed to the Company, but from which the Company’s subsidiaries were released from all of their obligations, including guarantor obligations. The conversion of affiliate debt and removal of the Third Lien Loan resulted in the Company recording an additional $1.5 billion of APIC. | |||
The Company’s income tax net operating loss carryforwards were reduced due to the Restructuring. As of June 30, 2013, the Company had net operating loss carryforwards of approximately $4.0 billion, which included $2.1 billion pertaining to the European operations. Due to the Restructuring, the net operating loss carryforwards pertaining to the European operations are no longer part of the Company’s net operating loss carryforward balance. Additionally, the Restructuring resulted in cancellation of indebtedness income in the United States and Canada. In accordance with the applicable tax rules in each jurisdiction, the Company’s net operating loss carryfowards have been reduced by approximately $0.5 billion. The Company believes uncertainty exists with respect to the future realization of the remaining net operating loss carryforwards and continues to provide a full valuation allowance. As of December 31, 2013, after giving effect to the Restructuring, the Company had estimated remaining net operating loss carryforwards of approximately $1.4 billion. | |||
Following the completion of the Restructuring, Fortress indirectly owned 100% of the voting and economic equity interests of the Company. | |||
Refinancing | |||
In conjunction with the Restructuring on December 9, 2013, one of the Company’s subsidiaries, as borrower, entered into a new credit agreement (the “New Credit Agreement”) with a syndicate of lenders, Goldman Sachs Bank USA, as issuing bank, and Goldman Sachs Lending Partners LLC, as administrative agent, providing for a $540.0 million term loan facility (the “Term Loan’), a $25.0 million senior secured first-lien revolving loan facility (the “New Revolver”), and a $55.0 million senior secured first-lien letters of credit facility (the “New LC Facility”, together with the Term Loan and New Revolver, are collectively referred to herein as the “FY14 Loans”). | |||
The proceeds from the Term Loan, together with cash on hand and $48.3 million contributed to the Company by Fortress, were used to refinance and extinguish the existing debt under the First Lien Credit Agreement dated December 4, 2012 (the “FY13 First Lien Loans”) and the Second Lien Credit Agreement, also dated December 4, 2012 (the “FY13 Second Lien Loans”, collectively, the “FY13 Lien Loans”). The refinancing has been accounted for as an extinguishment of debt resulting in a non-cash, pre-tax loss of $35.5 million during the three and six months ended December 31, 2013. For a description of the New Credit Agreement see Note 6, “Long Term Debt and Notes Payable to Affiliates”. | |||
Initial Public Offering | |||
On February 5, 2014, the Company completed its initial public offering (“IPO”) and sold 3,125,000 shares of its common stock at an offering price of $12.00 per share. Fortress sold an additional 14,843,750 shares of the Company’s common stock, including 2,343,750 shares sold on February 18, 2014 upon exercise of an option granted to the underwriters. The Company did not receive any proceeds from the sale of common stock by Fortress. | |||
The Company received net proceeds of $29.0 million, after deducting $2.4 million of underwriting discounts and commissions and $6.1 million of offering expenses payable by the Company, of which $4.2 million was deferred as of December 31, 2013. The Company intends to use such proceeds for working capital and other general corporate purposes, which may include potential investments in, and acquisitions of, ski and adventure travel businesses and assets. | |||
Following the completion of the IPO, Fortress beneficially owns 60.1% of the voting and economic equity interests of the Company. |
Significant_Accounting_Policie
Significant Accounting Policies | 6 Months Ended | ||
Dec. 31, 2013 | |||
Significant Accounting Policies [Abstract] | ' | ||
Significant Accounting Policies | ' | ||
2 | Significant Accounting Policies | ||
Basis of Presentation | |||
The condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and related notes included in our prospectus filed with the Securities and Exchange Commission (“SEC”) pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on January 31, 2014 (“Prospectus”). The condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We believe the disclosures made herein are adequate to prevent the information presented from being misleading. The Company’s fiscal year end is June 30. | |||
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. | |||
The Fortress contribution of Intrawest U.S. and Intrawest Canada to the Company is treated as a reorganization of entities under common control. As required by GAAP for common control transactions, all assets and liabilities transferred to the Company as part of the Restructuring were recorded in the financial statements at carryover basis. The European operations held by a wholly-owned subsidiary of the Partnership were not contributed to the Company in connection with the Restructuring. See Note 1, “Formation and Business”. | |||
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 less distributions received. | |||
In January of 2013, the Canadian helicopter business was reorganized and Alpine Helicopters Inc. (“Alpine Helicopters”) was formed in which the Company owns a 20% equity interest. Alpine Helicopters employs all the pilots that fly the helicopters in the CMH land tenures. Alpine Helicopters leases 100% of its helicopters from Intrawest Canada, a consolidated subsidiary, creating economic dependence thus giving Intrawest Canada a variable interest in Alpine Helicopters. Alpine Helicopters is a variable interest entity for which the Company is the primary beneficiary and is consolidated in these financial statements. As of December 31, 2013, Alpine Helicopters had total assets of $6.0 million and total liabilities of $5.0 million. | |||
In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which include normal and recurring adjustments, necessary to present fairly the Company’s financial position as of December 31, 2013, and the results of operations and comprehensive income for the three and six months ended December 31, 2012 and 2013, and cash flows for the six months ended December 31, 2012 and 2013. Interim results are not necessarily indicative of full year performance because of the impact of seasonal and short-term variations. | |||
Derivative Financial Instruments | |||
The Company engages in activities that expose it to market risks including the effects of changes in interest rates and exchange rates. Financial exposures are managed as an integral part of the Company’s risk management activities, which seeks to reduce the potentially adverse effect that the volatility of interest rates or exchange rates may have on operating results. | |||
As of June 30, 2013 and December 31, 2013, the Company had no significant outstanding derivative instruments. Prior to October 2008, the Company had outstanding interest rate swaps that were accounted for as cash flow hedges. The outstanding swap contracts were terminated on October 11, 2008, and the deferred loss previously recorded in accumulated other comprehensive income is being recognized in earnings during the period that the hedge covered. The Company estimates that $2.5 million of deferred losses related to the terminated interest rate swaps will be amortized from accumulated other comprehensive income into interest expense in the next 12 months. | |||
Concentration of Credit Risk | |||
The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company places its cash and temporary cash investments in high quality credit institutions, but these investments may be in excess of regulatory insurance limits. The Company does not enter into financial instruments for trading or speculative purposes. Concentration of credit risk with respect to trade and notes receivables is limited due to the large number of customers and small transactions associated with the Company’s consumer and retail operations and the wide variety of customers and markets in which the Company transacts business. The Company performs ongoing credit evaluations of its customers and generally does not require collateral, but does require advance deposits on certain transactions. | |||
Receivables | |||
Trade receivables are stated at amounts due from customers for the Company’s goods and services net of an allowance for doubtful accounts. The allowance is based on a specific reserve analysis and considers such factors as the customer’s past repayment history, the economic environment and other factors that could affect collectability. Write-offs are evaluated on a case by case basis. | |||
For notes receivable from IRCG customers, interest income is recognized on an accrual basis when earned. Any deferred portion of contractual interest is recognized on methods that approximate the effective interest method over the term of the corresponding note. | |||
Foreign Currency Translation | |||
The condensed consolidated financial statements are presented in United States dollars (“USD”). The Company’s Canadian subsidiaries generally use the Canadian dollar (“CAD”) as their functional currency. | |||
The accounts of entities where the USD is not the functional currency are translated into USD using the exchange rate in effect at the balance sheet date for asset and liability amounts and at the average rate in effect for the period for amounts included in the determination of income. Cumulative unrealized gains or losses arising from the translation of the financial position of these subsidiaries into USD are included in the condensed consolidated statements of equity as a component of accumulated other comprehensive income (loss). | |||
Exchange gains or losses arising from transactions that are denominated in foreign currencies into the applicable functional currency are included in the determination of income. | |||
Income Taxes | |||
Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and the book basis reported in the condensed consolidated balance sheets and for operating loss and tax credit carryforwards. The change in deferred tax assets and liabilities for the period gives rise to the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to the tax provision or benefit in the period of enactment. To the extent that it is not considered to be more likely than not that some or all of the deferred tax assets will not be realized, a valuation allowance is provided. | |||
The Company recognizes interest related to uncertain tax positions as a component of income tax expense. Penalties, if incurred, are recorded in operating expenses in the condensed consolidated statements of operations. | |||
Recent Accounting Pronouncements | |||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The ASU does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the ASU requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. Specifically, the ASU requires the Company to present either in a single note or parenthetically on the face of the financial statements the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, the Company would instead cross- reference to the related note for additional information. The guidance included in ASU 2013-02 was effective for the Company beginning July 1, 2013 and was applied prospectively. The adoption of this authoritative guidance did not have an impact on the Company’s financial position, results of operations or cash flows. | |||
In July 2012, the FASB issued ASU 2012-02, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. This update amends ASU 2011-08, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment and permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles - Goodwill and Other - General Intangibles Other than Goodwill. The Company adopted the provisions of the ASU effective July 1, 2013. The adoption of ASU 2012-02 did not have a material impact on the Company’s financial position, results of operations or cash flows. |
Supplementary_Balance_Sheet_In
Supplementary Balance Sheet Information | 6 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Supplementary Balance Sheet Information [Abstract] | ' | ||||||||
Supplementary Balance Sheet Information | ' | ||||||||
3 | Supplementary Balance Sheet Information | ||||||||
Receivables | |||||||||
Receivables as of June 30, 2013 and December 31, 2013 consisted of the following (in thousands): | |||||||||
Fiscal Year End | 31-Dec-13 | ||||||||
30-Jun-13 | |||||||||
Receivables – current: | |||||||||
Trade receivables | $ | 14,522 | $ | 12,818 | |||||
Loans, mortgages and notes receivable | 10,467 | 10,762 | |||||||
Other amounts receivable | 21,642 | 25,815 | |||||||
Allowance for doubtful accounts | (8,333 | ) | (7,808 | ) | |||||
$ | 38,298 | $ | 41,587 | ||||||
Deferred charges and other | |||||||||
Deferred charges and other as of June 30, 2013 and December 31, 2013 consisted of the following (in thousands): | |||||||||
Fiscal Year End | 31-Dec-13 | ||||||||
30-Jun-13 | |||||||||
Long-term deferred financing costs, net | $ | 22,124 | $ | 18,648 | |||||
Deferred IPO costs(a) | — | 4,170 | |||||||
Other long-term assets | 6,460 | 4,394 | |||||||
$ | 28,584 | $ | 27,212 | ||||||
(a) | Deferred IPO costs consist principally of professional fees, printing and registration costs incurred in connection with the IPO. Such costs were deferred until the closing of the IPO on February 5, 2014, at which time the deferred costs will be offset against the offering proceeds. | ||||||||
Accounts payable and accrued liabilities | |||||||||
Accounts payable and accrued liabilities as of June 30, 2013 and December 31, 2013 consisted of the following (in thousands): | |||||||||
Fiscal Year End | 31-Dec-13 | ||||||||
30-Jun-13 | |||||||||
Trade payables | $ | 53,390 | $ | 83,975 | |||||
Other payables and accrued liabilities | 8,806 | 4,702 | |||||||
$ | 62,196 | $ | 88,677 | ||||||
Deferred revenue and deposits | |||||||||
Deferred revenue and deposits as of June 30, 2013 and December 31, 2013 consisted of the following (in thousands): | |||||||||
Fiscal Year End | 31-Dec-13 | ||||||||
30-Jun-13 | |||||||||
Deferred revenue and deposits – current: | |||||||||
Season pass and other | $ | 31,262 | $ | 72,458 | |||||
Lodging and tour deposits | 12,147 | 43,694 | |||||||
Deposits on real estate sales | 8,701 | 6,658 | |||||||
$ | 52,110 | $ | 122,810 | ||||||
Fiscal Year End | 31-Dec-13 | ||||||||
30-Jun-13 | |||||||||
Deferred revenue and deposits – long term: | |||||||||
Government grants | $ | 12,814 | $ | 12,079 | |||||
Club initiation deposits and other | 9,301 | 9,389 | |||||||
$ | 22,115 | $ | 21,468 | ||||||
Other long-term liabilities | |||||||||
Other long-term liabilities as of June 30, 2013 and December 31, 2013 consisted of the following (in thousands): | |||||||||
Fiscal Year End | 31-Dec-13 | ||||||||
30-Jun-13 | |||||||||
Other long-term liabilities: | |||||||||
Pension liability | $ | 34,456 | $ | 34,827 | |||||
Other long-term liabilities | 21,911 | 19,815 | |||||||
$ | 56,367 | $ | 54,642 |
Notes_Receivable
Notes Receivable | 6 Months Ended | ||
Dec. 31, 2013 | |||
Notes Receivable [Abstract] | ' | ||
Notes Receivable | ' | ||
4 | Notes Receivable | ||
IRCG, the Company’s vacation club business, allows deferred payment terms that exceed one year for customers purchasing vacation points. A note receivable exists when all contract documentation has been executed. Notes receivable primarily consist of nonrecourse installment loans. The Company performs a credit review of its notes receivable individually each reporting period to determine if an allowance for credit losses is required. As of June 30, 2013 and December 31, 2013, notes receivable were $42.1 million and $39.4 million, respectively, and are included in current receivables and long-term receivables on the condensed consolidated balance sheets. As of June 30, 2013 and December 31, 2013, the allowance for credit losses on the notes receivable was $3.4 million and $2.9 million, respectively. |
Intangible_Assets
Intangible Assets | 6 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Intangible Assets [Abstract] | ' | ||||||||||||
Intangible Assets | ' | ||||||||||||
5 | Intangible Assets | ||||||||||||
Finite-lived intangible assets as of June 30, 2013 and December 31, 2013 consisted of the following (in thousands): | |||||||||||||
Cost | Accumulated | Net book | |||||||||||
amortization | value | ||||||||||||
Fiscal Year End June 30, 2013 | |||||||||||||
Permits and licenses | $ | 15,747 | $ | 4,222 | $ | 11,525 | |||||||
Trademarks and trade names | 75,217 | 24,302 | 50,915 | ||||||||||
Customer relationships | 17,105 | 14,129 | 2,976 | ||||||||||
Other | 8,999 | 8,912 | 87 | ||||||||||
$ | 117,068 | $ | 51,565 | $ | 65,503 | ||||||||
Cost | Accumulated | Net book | |||||||||||
amortization | value | ||||||||||||
31-Dec-13 | |||||||||||||
Permits and licenses | $ | 15,573 | $ | 4,478 | $ | 11,095 | |||||||
Trademarks and trade names | 74,915 | 26,089 | 48,826 | ||||||||||
Customer relationships | 16,949 | 15,058 | 1,891 | ||||||||||
Other | 8,930 | 8,862 | 68 | ||||||||||
$ | 116,367 | $ | 54,487 | $ | 61,880 |
LongTerm_Debt_and_Notes_Payabl
Long-Term Debt and Notes Payable to Affiliates | 6 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Long-Term Debt and Notes Payable to Affiliates [Abstract] | ' | ||||||||||||
Long-Term Debt and Notes Payable to Affiliates | ' | ||||||||||||
6 | Long-Term Debt and Notes Payable to Affiliates | ||||||||||||
Long-term debt as of June 30, 2013 and December 31, 2013 consisted of the following (in thousands): | |||||||||||||
Maturity | Fiscal Year End | December 31, 2013 | |||||||||||
30-Jun-13 | |||||||||||||
FY14 First Lien Loans(a) | 2020 | $ | — | $ | 534,664 | ||||||||
FY13 First Lien Loans(b) | 2017 | 441,669 | — | ||||||||||
FY13 Second Lien Loans(b) | 2018 | 122,084 | — | ||||||||||
Obligations under capital leases(c) | 2021-2052 | 20,264 | 39,893 | ||||||||||
Other obligations(d) | 2014-2016 | 4,846 | 4,721 | ||||||||||
588,863 | 579,278 | ||||||||||||
Less current maturities(e) | 8,201 | 10,560 | |||||||||||
$ | 580,662 | $ | 568,718 | ||||||||||
(a) | As described in Note 1, “Formation and Business”, the Company entered into the New Credit Agreement providing for a $540.0 million Term Loan. The Company has the ability to increase the size of the Term Loan under certain circumstances in an aggregate amount of up to $100.0 million plus an additional amount such that, after giving effect to such additional amount, it does not exceed the total secured debt leverage ratio. The proceeds from the Term Loan, together with cash on hand and $48.3 million contributed to the Company by Fortress, were used to refinance and extinguish the existing debt under the FY13 Lien Loans. | ||||||||||||
The refinancing has been accounted for as an extinguishment of debt resulting in a non-cash, pre-tax loss of $35.5 million during the three and six months ended December 31, 2013, consisting of the difference between the principal value and fair value of the FY13 Lien Loans and the write-off of unamortized financing costs and unamortized original issue discount (“OID”). The following table provides detail of the calculation of the net loss on debt extinguishment for the three months ended December 31, 2013: | |||||||||||||
Three Months Ended | |||||||||||||
31-Dec-13 | |||||||||||||
FY13 First Lien Loans | $ | 446,625 | |||||||||||
FY13 Second Lien Loans | 125,000 | ||||||||||||
Total FY13 Lien Loans | 571,625 | ||||||||||||
Total fair value | (580,389 | ) | |||||||||||
Write off of unamortized discount and financing fees related to FY13 Lien Loans | (26,716 | ) | |||||||||||
Net loss on debt extinguishment | $ | (35,480 | ) | ||||||||||
The Term Loan has a maturity date of December 9, 2020 and bears interest at LIBOR + 4.50% with a LIBOR floor of 1.0% (rate of 5.50% at December 31, 2013). The credit agreement requires quarterly principal payments in the amount of $1.4 million commencing in March 2014 and periodic interest payments that commenced at the end of December 2013. The Company recorded interest expense of $1.8 million related to the Term Loan for the three and six months ended December 31, 2013. | |||||||||||||
The net cash proceeds from the Term Loan were reduced by an OID of 1%, or $5.4 million. The OID is amortized using a method which approximates the effective interest method over the term of the Term Loan. There was $5.3 million of unamortized OID remaining as of December 31, 2013. | |||||||||||||
The Company capitalized $18.0 million of costs in connection with the FY14 Loans included in deferred charges and other on the condensed consolidated balance sheets. These costs are amortized using a method which approximates the effective interest method over the term of the Term Loan. There was $17.8 million of unamortized costs remaining as of December 31, 2013. | |||||||||||||
The Company’s obligations under the New Credit Agreement are collateralized by guarantees of substantially all of its material U.S. subsidiaries. The guarantees are further supported by mortgages and other security interests in certain properties and assets held by U.S. subsidiaries of the Company. The collateral includes both general and specific assets. | |||||||||||||
The FY14 Loans provide for affirmative and negative covenants that restrict, among other things, the Company’s ability and the ability of its subsidiaries to incur indebtedness, dispose of property, or make investments or distributions. It also includes customary cross-default provisions with respect of certain other borrowings of the Company and its subsidiaries. | |||||||||||||
The Company was in compliance with the covenants of the New Credit Agreement at December 31, 2013. | |||||||||||||
(b) | As a result of entering into the FY14 Loans and refinancing and extinguishing the FY13 Lien Loans, the Company paid a call premium, totaling $4.4 million and $3.8 million related to the FY13 First Lien and FY13 Second Lien Loans, respectively, which is included in loss on extinguishment of debt on the condensed consolidated statements of operations during the three and six months ended December 31, 2013. | ||||||||||||
Additionally, the Company wrote off $8.3 million of unamortized discount and $18.4 million of unamortized financing costs related to the FY13 First Lien and FY13 Second Lien Loans which are included in loss on extinguishment of debt on the condensed consolidated statements of operations for the three and six months ended December 31, 2013. | |||||||||||||
(c) | Capital lease obligations are primarily for equipment except for the lease of Winter Park ski resort. As of September 30, 2013, the Winter Park capital lease was modified to remove a floor on a payment obligation in exchange for other concessions resulting in a $19.6 million increase to the capital lease obligation and related capital lease assets due to a change in the present value of the future minimum lease payments. | ||||||||||||
Amortization of assets under capital leases is included in depreciation and amortization expense in the condensed consolidated statements of operations. The leases have remaining terms ranging from 8 years to 39 years and have a weighted average interest rate of 10%. | |||||||||||||
(d) | In addition to various other lending agreements, a subsidiary of the Company has government loan agreements with a weighted average interest rate of 5.9%. | ||||||||||||
(e) | Current maturities represent principal payments due in the next twelve months. As of December 31, 2013, the long-term debt and capital lease obligation aggregate maturities for the twelve month periods are as follows (in thousands): | ||||||||||||
2014 | $ | 10,560 | |||||||||||
2015 | 8,939 | ||||||||||||
2016 | 22,377 | ||||||||||||
2017 | 5,677 | ||||||||||||
2018 | 5,696 | ||||||||||||
Thereafter | 526,029 | ||||||||||||
$ | 579,278 | ||||||||||||
Notes payable to affiliates as of June 30, 2013 and December 31, 2013 were as follows (in thousands): | |||||||||||||
Maturity | Fiscal Year End | December 31, 2013 | |||||||||||
30-Jun-13 | |||||||||||||
Third Lien Loan(f) | 2019 | $ | 196,991 | $ | — | ||||||||
Accrued interest on Third Lien Loan(f) | 2019 | 133,328 | — | ||||||||||
Tranche B Term Loans(g) | 2019 | 300,000 | — | ||||||||||
Accrued Interest on Tranche B Term Loans(g) | 2019 | 469,963 | — | ||||||||||
Affiliate Loan(g) | 2019 | 100,000 | — | ||||||||||
Accrued interest on Affiliate Loan(g) | 2019 | 158,413 | — | ||||||||||
$ | 1,358,695 | $ | — | ||||||||||
(f) | In connection with the Restructuring, the Third Lien Loan was amended to release the Company’s subsidiaries from their obligations in respect of the Third Lien Loan and accrued and unpaid interest thereon. | ||||||||||||
(g) | In connection with the Restructuring, the Tranche B Term Loans and Affiliate Loans, including accrued and unpaid interest thereon were exchanged for equity interests in the Company and subsequently cancelled. | ||||||||||||
In addition to the Term Loan, the New Credit Agreement provided a $55.0 million New LC Facility and a $25.0 million New Revolver. The New LC Facility and the New Revolver each have a maturity date of December 9, 2018. | |||||||||||||
The New LC Facility carries an interest rate equal to LIBOR + 4.50%, fronting fees of 25 basis points, and a commitment fee of 37.5 basis points on the first 15% of unutilized commitments. If the total secured debt leverage ratio is less than 4.50:1.00, the interest rate is adjusted to LIBOR + 4.25%. The letters of credit issued under the FY13 Lien Loans were deemed issued under the New LC Facility. There were $49.9 million of undrawn letters of credit outstanding under the New LC Facility at December 31, 2013. | |||||||||||||
The New Revolver carries an interest rate equal to LIBOR + 4.50% and commitment fees of 37.5 basis points. If the total secured debt leverage ratio is less than 4.50:1.00, the interest rate is adjusted to LIBOR + 4.25%. There were no outstanding borrowings under the New Revolver at December 31, 2013. The New Revolver includes a financial covenant, pursuant to which the Company cannot borrow under the New Revolver if the total secured debt leverage ratio is greater than or equal to 7.75:1.00 through the fiscal year ending June 30, 2014. The ratio decreases ratably until June 30, 2018 at which time it will remain at 4.50:1.00. | |||||||||||||
The Company recorded interest expense of $89.6 million and $180.0 million in the condensed consolidated statements of operations for the three and six months ended December 31, 2012, respectively, and $67.9 million and $151.5 million for the three and six months ended December 31, 2013, respectively, of which $1.3 million and $2.8 million was amortization of deferred financing costs for the three and six months ended December 31, 2012, respectively, and $1.0 million and $2.0 million was amortization of deferred financing costs for the three and six months ended December 31, 2013, respectively. | |||||||||||||
In October 2006, the Company entered into interest rate swap contracts to minimize the impact of changes in interest rates on its cash flows for certain of the Company’s floating bank rates and other indebtedness. The outstanding swap contracts were terminated on October 11, 2008. The fair value of the swap contracts at October 11, 2008 was a liability of $111.4 million. The terminated swap liability recorded in accumulated other comprehensive income is being recognized periodically as an adjustment to interest expense consistent with hedge accounting principles. The portion included in interest expense in the condensed consolidated statements of operations for the three and six months ended December 31, 2012 was $1.1 million and $2.1 million, respectively, and $1.1 million and $2.7 million for the three and six months ended December 31, 2013, respectively. |
Fair_Value_of_Measurements
Fair Value of Measurements | 6 Months Ended | ||
Dec. 31, 2013 | |||
Fair Value of Measurements [Abstract] | ' | ||
Fair Value of Measurements | ' | ||
7 | Fair Value of Measurements | ||
Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy, which is described below, prioritizes the inputs used in measuring fair value: | |||
• | Level 1 – Quoted prices for identical instruments in active markets. | ||
• | Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations, in which all significant inputs are observable in active markets. | ||
• | Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||
As of June 30, 2013 and December 31, 2013, the fair value of cash and cash equivalents, restricted cash, receivables, net and accounts payable and accrued liabilities approximated their carrying value based on the net 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 Company’s long-term debt obligations are not measured at fair value on a recurring basis. The Company’s debt is initially recorded based upon historical cost and is not actively traded. At June 30, 2013, fair value was estimated based on Level 3 inputs using discounted future contractual cash flows and a market interest rate based on published corporate borrowing rates for debt instruments with similar terms and average maturities, with adjustments for credit risk. The fair value of debt does not represent the amounts that will ultimately be paid upon the maturities of the loans. At December 31, 2013, the fair value of the long-term debt was considered a Level 2 measure and approximated the carrying value as the debt was incurred on December 9, 2013. | |||
The carrying value and fair value of the FY13 Lien Loans as of June 30, 2013 were $563.8 million and $544.7 million, respectively. As described in Note 6, “Long-Term Debt and Notes Payable to Affiliates”, the FY13 Lien Loans were refinanced and extinguished with the proceeds from the Term Loan, together with cash on hand and $48.3 million contributed to the Company by Fortress on December 9, 2013. The carrying value and fair value of the Term Loan as of December 31, 2013 were $534.7 million and $534.6 million, respectively. | |||
Due to the debt terms received from affiliates, the Company determined that it was not practicable to estimate the fair value of the notes payable to affiliates because of the lack of market comparable terms and the inability to estimate the fair value without incurring excessive cost. None of these notes were outstanding following the Restructuring. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 6 Months Ended | ||||
Dec. 31, 2013 | |||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||
Accumulated Other Comprehensive Income | ' | ||||
8 | Accumulated Other Comprehensive Income | ||||
The following table presents the changes in accumulated other comprehensive income (“AOCI”), by component, for the six months ended December 31, 2013 (in thousands): | |||||
Six Months Ended | |||||
31-Dec-13 | |||||
Accumulated other comprehensive income, June 30, 2013 | $ | 148,805 | |||
Other comprehensive income (loss): | |||||
Restructuring transactions on December 9, 2013 | 52,670 | ||||
Foreign currency translation adjustments | (2,764 | ) | |||
Realized portion on cash flow hedge (net of tax of $0)(a) | 2,683 | ||||
Actuarial loss on pensions (net of tax of $0)(b) | (285 | ) | |||
Accumulated other comprehensive income, December 31, 2013 | $ | 201,109 | |||
(a) | Amount reclassified out of AOCI is included in interest expense on third party debt in the condensed consolidated statements of operations. | ||||
(b) | Amount reclassified out of AOCI is included in operating expenses in the condensed consolidated statements of operations. |
Income_Taxes
Income Taxes | 6 Months Ended | ||
Dec. 31, 2013 | |||
Income Taxes [Abstract] | ' | ||
Income Taxes | ' | ||
9 | 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 (benefit) expense attributable to the Company was ($0.6) million and $0.3 million for the three and six months ended December 31, 2012, respectively, and ($0.4) million and $0.3 million for the three and six months ended December 31, 2013, respectively. These amounts represent an effective tax rate of 0.57% and (0.14%) for the three and six months ended December 31, 2012, respectively, and 0.33% and (0.12%) for the three and six months ended December 31, 2013, respectively. |
Pension_Plans
Pension Plans | 6 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Pension Plans [Abstract] | ' | |||||||||||||||||
Pension Plans | ' | |||||||||||||||||
10 | Pension Plans | |||||||||||||||||
The Company has three closed noncontributory defined benefit pension plans, one registered and two nonregistered, covering certain of its executives, the majority of which are no longer employees of the Company. In addition to these plans, one of the Company’s mountain resorts has two defined benefit pension plans covering certain employees. There are no additional service costs to the Company on any of the plans. | ||||||||||||||||||
The following details the components of net pension expense, recorded in operating expense in the condensed consolidated statements of operations for the defined benefit plans for the three and six months ended December 31, 2012 and 2013 (in thousands): | ||||||||||||||||||
Executive plans | Employee plans | |||||||||||||||||
Three Months Ended December 31, | Three Months Ended December 31, | |||||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||||
Components of pension expense: | ||||||||||||||||||
Interest cost | $ | 393 | $ | 393 | $ | 111 | $ | 111 | ||||||||||
Expected return on plan assets | (33 | ) | (33 | ) | (96 | ) | (96 | ) | ||||||||||
Actuarial (gain) loss | (40 | ) | 76 | (34 | ) | 66 | ||||||||||||
Settlement loss | — | — | 111 | 111 | ||||||||||||||
Total pension expense | $ | 320 | $ | 436 | $ | 92 | $ | 192 | ||||||||||
Executive plans | Employee plans | |||||||||||||||||
Six Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||||
Components of pension expense: | ||||||||||||||||||
Interest cost | $ | 813 | $ | 786 | $ | 216 | $ | 222 | ||||||||||
Expected return on plan assets | (75 | ) | (66 | ) | (197 | ) | -192 | |||||||||||
Actuarial loss | 69 | 153 | 72 | 132 | ||||||||||||||
Settlement loss | — | — | 156 | 222 | ||||||||||||||
Total pension expense | $ | 807 | $ | 873 | $ | 247 | $ | 384 | ||||||||||
The Company expects to contribute $0.6 million to the pension plans in fiscal year 2014. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | ||
Dec. 31, 2013 | |||
Related Party Transactions [Abstract] | ' | ||
Related Party Transactions | ' | ||
11 | Related Party Transactions | ||
As of June 30, 2013, the Company had notes payable to affiliates with principal balances totaling $597.0 million and accrued interest of $761.7 million. In connection with the Restructuring, the Tranche B Term Loans and Affiliate Loans were exchanged for equity and subsequently cancelled. The Company’s subsidiary guarantors were released from their obligations in respect of the Third Lien Loan and accrued and unpaid interest thereon. | |||
As of June 30, 2013, the Company had a receivable due from a related entity with a principal balance of $5.5 million and accrued interest of $0.8 million. Interest accrued monthly at an annually adjusted rate based on LIBOR + 1%. In connection with the Restructuring, the principal balance and accrued interest of $6.3 million were repaid. | |||
As part of the refinancing on December 9, 2013, $48.3 million was contributed to the Company by Fortress. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Segment Information [Abstract] | ' | |||||||||||||||||
Segment Information | ' | |||||||||||||||||
12 | Segment Information | |||||||||||||||||
The Company currently manages and reports operating results through three reportable segments: Mountain, Adventure and Real Estate. The Mountain segment includes the operations of the Company’s mountain resorts and related ancillary activities, comprising Steamboat, Winter Park, Tremblant, Stratton, Snowshoe, as well as a 50% interest in Blue Mountain. The Adventure segment comprises CMH, which provides heli-skiing, mountaineering and hiking adventures, and ancillary aviation services, which include fire suppression, maintenance and repair of aircraft. 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. Each of the Company’s reportable segments, although integral to the success of the others, 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 its reportable segments on the basis of revenue and segment Adjusted EBITDA. Total segment Adjusted EBITDA equals Adjusted EBITDA. The Company also evaluates segment Adjusted EBITDA as a key compensation measure. The compensation committee determines the annual variable compensation for certain members of the management team based, in part, on Adjusted EBITDA or segment Adjusted EBITDA. Segment Adjusted EBITDA assists in comparing the segment performance over various reporting periods because it removes from the operating results the impact of items that our management believes do not reflect the core operating performance. | ||||||||||||||||||
The reportable segment measure of 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. Segment Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other entities may not calculate segment Adjusted EBITDA in the same manner. The Company defines Adjusted EBITDA as net income (loss) attributable to Intrawest Resorts Holdings, Inc. before interest expense, net (excluding interest income earned from receivables related to IRCG operations), 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 disposal 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 Intrawest Resorts Holdings, Inc. the pro rata share of EBITDA related to equity method investments included within the reportable segments and removes from Adjusted EBITDA the Adjusted EBITDA attributable to noncontrolling interests for entities consolidated within the reportable 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 monitoring of performance and, therefore, is not disclosed. | ||||||||||||||||||
Segment Adjusted EBITDA for all periods presented has been calculated using this definition. The following table presents revenue and Adjusted EBITDA for the reportable segments, reconciled to consolidated amounts (in thousands): | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
December 31, | December 31, | |||||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||||
Revenue: | ||||||||||||||||||
Mountain | $ | 72,038 | $ | 75,991 | $ | 105,297 | $ | 109,296 | ||||||||||
Adventure | 13,079 | 11,537 | 42,126 | 34,154 | ||||||||||||||
Real Estate | 17,144 | 13,922 | 32,292 | 27,172 | ||||||||||||||
Total reportable segment revenue | 102,261 | 101,450 | 179,715 | 170,622 | ||||||||||||||
Legacy, non-core and other revenue(a) | 2,008 | 656 | 3,749 | 12,045 | ||||||||||||||
Total revenue | $ | 104,269 | $ | 102,106 | $ | 183,464 | $ | 182,667 | ||||||||||
Segment Adjusted EBITDA | ||||||||||||||||||
Mountain(b) | $ | 1,234 | $ | 3,094 | $ | (18,354 | ) | $ | (18,996 | ) | ||||||||
Adventure(c) | (6,036 | ) | (3,083 | ) | 1,117 | 573 | ||||||||||||
Real Estate(d), (e) | 4,801 | 1,664 | 6,870 | 3,141 | ||||||||||||||
Total Segment Adjusted EBITDA | (1 | ) | 1,675 | (10,367 | ) | (15,282 | ) | |||||||||||
Legacy and other non-core expenses, net(f) | (2,905 | ) | (698 | ) | (11,774 | ) | (4,234 | ) | ||||||||||
Other operating expenses(g) | (750 | ) | (1,981 | ) | (1,204 | ) | (3,508 | ) | ||||||||||
Depreciation and amortization | (15,007 | ) | (13,998 | ) | (29,660 | ) | (27,143 | ) | ||||||||||
Gain (loss) on disposal of assets | 214 | (23 | ) | (996 | ) | 213 | ||||||||||||
Impairment of real estate | — | — | (62 | ) | (633 | ) | ||||||||||||
Interest income(e) | 437 | 956 | 918 | 1,405 | ||||||||||||||
Interest expense on third party debt | (31,427 | ) | (15,160 | ) | (66,433 | ) | (31,624 | ) | ||||||||||
Interest expense on notes payable to partners | (58,197 | ) | (52,753 | ) | (113,568 | ) | (119,858 | ) | ||||||||||
Loss from equity method investments(h) | (10,842 | ) | (1,952 | ) | (10,933 | ) | (3,543 | ) | ||||||||||
Pro rata share of EBITDA related to equity | ||||||||||||||||||
method investments(b), (d) | 30 | (1,016 | ) | (1,109 | ) | (2,083 | ) | |||||||||||
Gain on disposal of equity method investments | 18,923 | — | 18,923 | — | ||||||||||||||
Adjusted EBITDA attributable to noncontrolling interest(c) | — | (1,466 | ) | — | (831 | ) | ||||||||||||
Loss on extinguishment of debt | (11,152 | ) | (35,480 | ) | (11,152 | ) | (35,480 | ) | ||||||||||
Other income (expense), net | 696 | (715 | ) | 1,098 | (887 | ) | ||||||||||||
Income tax expense | 630 | 404 | (342 | ) | (297 | ) | ||||||||||||
Loss attributable to noncontrolling interest | 374 | 1,090 | 408 | 654 | ||||||||||||||
Net loss attributable to Intrawest Resorts Holdings, Inc. | $ | (108,977 | ) | $ | (121,117 | ) | $ | (236,253 | ) | $ | (243,131 | ) | ||||||
(a) | 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, non-core retail revenue and revenue from management of non-core commercial properties. For the six months ended December 31, 2013, it also includes $9.0 million of revenue from the sale of a parcel of real estate held for development in August 2013. | |||||||||||||||||
(b) | Includes the Company’s pro rata share of EBITDA from its equity method investment in Blue Mountain. The pro rata share of EBITDA represents the share of EBITDA from the equity method investment based on the Company’s economic ownership percentage. | |||||||||||||||||
(c) | Adventure segment Adjusted EBITDA excludes Adjusted EBITDA attributable to noncontrolling interest. | |||||||||||||||||
(d) | Includes the Company’s pro rata share of EBITDA from its equity method investments in Mammoth Hospitality Management, LLC and Chateau M.T. Inc. The pro rata share of EBITDA represents the Company’s share of EBITDA from these equity method investments based on the economic ownership percentage. | |||||||||||||||||
(e) | Real Estate segment Adjusted EBITDA includes interest income earned from receivables related to the IRCG operations, in the amount of $1.1 million for each of the three months ended December 31, 2012 and 2013 and $2.3 million for each of the six months ended December 31, 2012 and 2013. Interest income reflected in the reconciliation excludes the interest income earned from receivables related to the IRCG operations. | |||||||||||||||||
(f) | 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 income (loss) from the equity method investment in MMSA Holdings Inc., retail operations not located at the Company’s properties and management of non-core commercial properties owned by third parties. It also includes legacy litigation consisting of claims for damages related to alleged construction defects, purported disclosure violations and allegations that we failed to construct planned amenities. | |||||||||||||||||
(g) | Includes non-cash compensation, reduction in workforce severance and lease payments pursuant to the lease at Winter Park. | |||||||||||||||||
(h) | Represents the losses from equity method investments, including: Blue Mountain, Chateau M.T. Inc., Mammoth Hospitality Management, LLC, MMSA Holdings, Inc. and Whistler Blackcomb Holdings, Inc. | |||||||||||||||||
The following table presents capital expenditures for our reportable segments, reconciled to consolidated amounts for the three and six months ended December 31, 2012 and 2013 (in thousands): | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
December 31, | December 31, | |||||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||||
Capital Expenditures: | ||||||||||||||||||
Mountain | $ | 7,079 | $ | 13,991 | $ | 9,629 | $ | 24,302 | ||||||||||
Adventure | 5,425 | 4,215 | 6,074 | 6,523 | ||||||||||||||
Real Estate | 1,009 | 416 | 1,670 | 544 | ||||||||||||||
Total segment capital expenditures | 13,513 | 18,622 | 17,373 | 31,369 | ||||||||||||||
Corporate and other | 2,561 | 1,011 | 3,792 | 1,541 | ||||||||||||||
Total capital expenditures | $ | 16,074 | $ | 19,633 | $ | 21,165 | $ | 32,910 | ||||||||||
Geographic Data | ||||||||||||||||||
The Company’s revenue by geographic region for the three and six months ended December 31, 2012 and 2013 consisted of the following (in thousands): | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
December 31, | December 31, | |||||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||||
Revenue: | ||||||||||||||||||
United States | $ | 68,738 | $ | 68,180 | $ | 97,239 | $ | 98,342 | ||||||||||
International | 35,531 | 33,926 | 86,225 | 84,325 | ||||||||||||||
Revenue | $ | 104,269 | $ | 102,106 | $ | 183,464 | $ | 182,667 |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | ||
Dec. 31, 2013 | |||
Commitments and Contingencies [Abstract] | ' | ||
Commitments and Contingencies | ' | ||
13 | Commitments and Contingencies | ||
Letters of Credit | |||
The Company issued letters of credit of $52.4 million and $49.9 million at June 30, 2013 and December 31, 2013, respectively, mainly to secure its commitments under self-insurance claims and the closed executive pension plans. | |||
Legal | |||
The Company and its subsidiaries are involved in various lawsuits arising in the ordinary course of business. In addition, the Company’s pre-2010 legacy real estate development activities, combined with the downward shift in real estate asset values that occurred in 2007 and 2008, resulted in claims being filed against the Company by owners and prospective purchasers of residences of the Company’s real estate developments. The Company was named as a defendant in lawsuits alleging construction defects at certain of the Company’s existing developments. 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 that require providing purchasers with certain mandated disclosures. | |||
The Company believes that it has adequate insurance coverage or has 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. | |||
Government Grants | |||
The federal government of Canada and the provincial government of Quebec have granted financial assistance to a subsidiary of the Company in the form of interest-free loans and forgivable grants for the construction of specified four-season tourist facilities at Tremblant. Loans totaling CAD $3.5 million (equivalent to $3.3 million USD) as of December 31, 2013 are repayable over seven years starting in 2010. The Company is authorized to receive grants totalling CAD $118.6 million (equivalent to $111.5 million USD), of which the Company has received CAD $85.7 million (equivalent to $80.6 million USD) as of December 31, 2013. Nonrepayable government assistance relating to capital expenditures is reflected as a reduction of the cost of such assets. Reimbursable government loans are presented as long-term debt. | |||
Capital Leases | |||
The Company operates Winter Park under a capital lease that 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. |
Subsequent_Events
Subsequent Events | 6 Months Ended | ||
Dec. 31, 2013 | |||
Subsequent Events [Abstract] | ' | ||
Subsequent Events | ' | ||
14 | Subsequent Events | ||
Reverse stock split | |||
On January 21, 2014, the Company effected a 0.974-for-1 reverse stock split with no change in par value. This transaction is treated as a stock split for accounting purposes and all share and per share data is presented as if the reverse stock split occurred at the beginning of all periods presented. | |||
Basic and diluted net loss per share attributable to common stockholders for the three and six months ended December 31, 2012 and 2013 were computed using the number of shares outstanding after giving effect to the Restructuring and the 0.974-for-1 reverse stock split. | |||
Employee Incentive Plan | |||
On January 30, 2014, the Company’s board of directors approved the terms of the 2014 Omnibus Incentive Plan (the “Plan”). In connection with the Company’s IPO, 4,500,700 shares of the Company’s common stock were reserved for issuance under the Plan upon the exercise of awards that were or will be issued to the Company’s employees, non-employee directors, independent contractors and consultants. In addition, on January 30, 2014, the Company’s board of directors approved the grant to the Company’s non-employee directors of 25,000 shares of restricted stock and approved the grant to the Company’s officers and employees of 833,339 restricted stock units to be settled in shares of the Company’s common stock or cash, at the Company’s election. | |||
The Plan provides for awards of options, stock appreciation rights, restricted stock, restricted stock units, stock bonuses, other stock-based awards and cash awards as part of the Company’s long-term incentive compensation program. Typically, awards granted under the Plan vest one-third on the first anniversary of the grant date, one-third on the second anniversary of the grant date, and one-third on the third anniversary of the grant date. Unless otherwise determined or evidenced in an award agreement, in the event that (i) a change in control occurs, as defined in the Plan, and (ii) a participant’s employment or service is terminated without cause within 12 months following the change in control, then (a) any unvested or unexercisable portion of any award carrying a right to exercise shall become fully vested and exercisable, and (b) the restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to any award will lapse and such unvested awards will be deemed fully vested and any performance conditions imposed with respect to such awards will be deemed to be fully achieved. | |||
Initial Public Offering | |||
On February 5, 2014, the Company completed its IPO and sold 3,125,000 shares of its common stock at an offering price of $12.00 per share. Fortress sold an additional 14,843,750 shares of common stock, including 2,343,750 shares sold on February 18, 2014 upon exercise of an option granted to the underwriters. The Company did not receive any proceeds from the sale of common stock by Fortress. See Note 1, “Formation and Business”. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and related notes included in our prospectus filed with the Securities and Exchange Commission (“SEC”) pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on January 31, 2014 (“Prospectus”). The condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We believe the disclosures made herein are adequate to prevent the information presented from being misleading. The Company’s fiscal year end is June 30. | |
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. | |
The Fortress contribution of Intrawest U.S. and Intrawest Canada to the Company is treated as a reorganization of entities under common control. As required by GAAP for common control transactions, all assets and liabilities transferred to the Company as part of the Restructuring were recorded in the financial statements at carryover basis. The European operations held by a wholly-owned subsidiary of the Partnership were not contributed to the Company in connection with the Restructuring. See Note 1, “Formation and Business”. | |
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 less distributions received. | |
In January of 2013, the Canadian helicopter business was reorganized and Alpine Helicopters Inc. (“Alpine Helicopters”) was formed in which the Company owns a 20% equity interest. Alpine Helicopters employs all the pilots that fly the helicopters in the CMH land tenures. Alpine Helicopters leases 100% of its helicopters from Intrawest Canada, a consolidated subsidiary, creating economic dependence thus giving Intrawest Canada a variable interest in Alpine Helicopters. Alpine Helicopters is a variable interest entity for which the Company is the primary beneficiary and is consolidated in these financial statements. As of December 31, 2013, Alpine Helicopters had total assets of $6.0 million and total liabilities of $5.0 million. | |
In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which include normal and recurring adjustments, necessary to present fairly the Company’s financial position as of December 31, 2013, and the results of operations and comprehensive income for the three and six months ended December 31, 2012 and 2013, and cash flows for the six months ended December 31, 2012 and 2013. Interim results are not necessarily indicative of full year performance because of the impact of seasonal and short-term variations. | |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | |
The Company engages in activities that expose it to market risks including the effects of changes in interest rates and exchange rates. Financial exposures are managed as an integral part of the Company’s risk management activities, which seeks to reduce the potentially adverse effect that the volatility of interest rates or exchange rates may have on operating results. | |
As of June 30, 2013 and December 31, 2013, the Company had no significant outstanding derivative instruments. Prior to October 2008, the Company had outstanding interest rate swaps that were accounted for as cash flow hedges. The outstanding swap contracts were terminated on October 11, 2008, and the deferred loss previously recorded in accumulated other comprehensive income is being recognized in earnings during the period that the hedge covered. The Company estimates that $2.5 million of deferred losses related to the terminated interest rate swaps will be amortized from accumulated other comprehensive income into interest expense in the next 12 months. | |
Concentration of Credit Risk | ' |
Concentration of Credit Risk | |
The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company places its cash and temporary cash investments in high quality credit institutions, but these investments may be in excess of regulatory insurance limits. The Company does not enter into financial instruments for trading or speculative purposes. Concentration of credit risk with respect to trade and notes receivables is limited due to the large number of customers and small transactions associated with the Company’s consumer and retail operations and the wide variety of customers and markets in which the Company transacts business. The Company performs ongoing credit evaluations of its customers and generally does not require collateral, but does require advance deposits on certain transactions. | |
Receivables | ' |
Receivables | |
Trade receivables are stated at amounts due from customers for the Company’s goods and services net of an allowance for doubtful accounts. The allowance is based on a specific reserve analysis and considers such factors as the customer’s past repayment history, the economic environment and other factors that could affect collectability. Write-offs are evaluated on a case by case basis. | |
For notes receivable from IRCG customers, interest income is recognized on an accrual basis when earned. Any deferred portion of contractual interest is recognized on methods that approximate the effective interest method over the term of the corresponding note. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
The condensed consolidated financial statements are presented in United States dollars (“USD”). The Company’s Canadian subsidiaries generally use the Canadian dollar (“CAD”) as their functional currency. | |
The accounts of entities where the USD is not the functional currency are translated into USD using the exchange rate in effect at the balance sheet date for asset and liability amounts and at the average rate in effect for the period for amounts included in the determination of income. Cumulative unrealized gains or losses arising from the translation of the financial position of these subsidiaries into USD are included in the condensed consolidated statements of equity as a component of accumulated other comprehensive income (loss). | |
Exchange gains or losses arising from transactions that are denominated in foreign currencies into the applicable functional currency are included in the determination of income. | |
Income Taxes | ' |
Income Taxes | |
Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and the book basis reported in the condensed consolidated balance sheets and for operating loss and tax credit carryforwards. The change in deferred tax assets and liabilities for the period gives rise to the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to the tax provision or benefit in the period of enactment. To the extent that it is not considered to be more likely than not that some or all of the deferred tax assets will not be realized, a valuation allowance is provided. | |
The Company recognizes interest related to uncertain tax positions as a component of income tax expense. Penalties, if incurred, are recorded in operating expenses in the condensed consolidated statements of operations. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The ASU does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the ASU requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. Specifically, the ASU requires the Company to present either in a single note or parenthetically on the face of the financial statements the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, the Company would instead cross- reference to the related note for additional information. The guidance included in ASU 2013-02 was effective for the Company beginning July 1, 2013 and was applied prospectively. The adoption of this authoritative guidance did not have an impact on the Company’s financial position, results of operations or cash flows. | |
In July 2012, the FASB issued ASU 2012-02, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. This update amends ASU 2011-08, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment and permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles - Goodwill and Other - General Intangibles Other than Goodwill. The Company adopted the provisions of the ASU effective July 1, 2013. The adoption of ASU 2012-02 did not have a material impact on the Company’s financial position, results of operations or cash flows. |
Supplementary_Balance_Sheet_In1
Supplementary Balance Sheet Information (Tables) | 6 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Supplementary Balance Sheet Information [Abstract] | ' | ||||||||
Summary of receivables | ' | ||||||||
Receivables as of June 30, 2013 and December 31, 2013 consisted of the following (in thousands): | |||||||||
Fiscal Year End | December 31, | ||||||||
30-Jun-13 | 2013 | ||||||||
Receivables – current: | |||||||||
Trade receivables | $ | 14,522 | $ | 12,818 | |||||
Loans, mortgages and notes receivable | 10,467 | 10,762 | |||||||
Other amounts receivable | 21,642 | 25,815 | |||||||
Allowance for doubtful accounts | (8,333 | ) | (7,808 | ) | |||||
$ | 38,298 | $ | 41,587 | ||||||
Summary of deferred charges and other | ' | ||||||||
Deferred charges and other as of June 30, 2013 and December 31, 2013 consisted of the following (in thousands): | |||||||||
Fiscal Year End | 31-Dec-13 | ||||||||
30-Jun-13 | |||||||||
Long-term deferred financing costs, net | $ | 22,124 | $ | 18,648 | |||||
Deferred IPO costs(a) | — | 4,170 | |||||||
Other long-term assets | 6,460 | 4,394 | |||||||
$ | 28,584 | $ | 27,212 | ||||||
(a) | Deferred IPO costs consist principally of professional fees, printing and registration costs incurred in connection with the IPO. Such costs were deferred until the closing of the IPO on February 5, 2014, at which time the deferred costs will be offset against the offering proceeds. | ||||||||
Summary of accounts payable and accrued liabilities | ' | ||||||||
Accounts payable and accrued liabilities as of June 30, 2013 and December 31, 2013 consisted of the following (in thousands): | |||||||||
Fiscal Year End | December 31, | ||||||||
30-Jun-13 | 2013 | ||||||||
Trade payables | $ | 53,390 | $ | 83,975 | |||||
Other payables and accrued liabilities | 8,806 | 4,702 | |||||||
$ | 62,196 | $ | 88,677 | ||||||
Summary of deferred revenue and deposits | ' | ||||||||
Deferred revenue and deposits as of June 30, 2013 and December 31, 2013 consisted of the following (in thousands): | |||||||||
Fiscal Year End | 31-Dec-13 | ||||||||
30-Jun-13 | |||||||||
Deferred revenue and deposits – current: | |||||||||
Season pass and other | $ | 31,262 | $ | 72,458 | |||||
Lodging and tour deposits | 12,147 | 43,694 | |||||||
Deposits on real estate sales | 8,701 | 6,658 | |||||||
$ | 52,110 | $ | 122,810 | ||||||
Fiscal Year End | December 31, | ||||||||
30-Jun-13 | 2013 | ||||||||
Deferred revenue and deposits – long term: | |||||||||
Government grants | $ | 12,814 | $ | 12,079 | |||||
Club initiation deposits and other | 9,301 | 9,389 | |||||||
$ | 22,115 | $ | 21,468 | ||||||
Summary of other long-term liabilities | ' | ||||||||
Other long-term liabilities as of June 30, 2013 and December 31, 2013 consisted of the following (in thousands): | |||||||||
Fiscal Year End | December 31, | ||||||||
30-Jun-13 | 2013 | ||||||||
Other long-term liabilities: | |||||||||
Pension liability | $ | 34,456 | $ | 34,827 | |||||
Other long-term liabilities | 21,911 | 19,815 | |||||||
$ | 56,367 | $ | 54,642 |
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Intangible Assets [Abstract] | ' | ||||||||||||
Summary of finite-lived intangible assets | ' | ||||||||||||
Finite-lived intangible assets as of June 30, 2013 and December 31, 2013 consisted of the following (in thousands): | |||||||||||||
Cost | Accumulated | Net book | |||||||||||
amortization | value | ||||||||||||
Fiscal Year End June 30, 2013 | |||||||||||||
Permits and licenses | $ | 15,747 | $ | 4,222 | $ | 11,525 | |||||||
Trademarks and trade names | 75,217 | 24,302 | 50,915 | ||||||||||
Customer relationships | 17,105 | 14,129 | 2,976 | ||||||||||
Other | 8,999 | 8,912 | 87 | ||||||||||
$ | 117,068 | $ | 51,565 | $ | 65,503 | ||||||||
Cost | Accumulated | Net book | |||||||||||
amortization | value | ||||||||||||
31-Dec-13 | |||||||||||||
Permits and licenses | $ | 15,573 | $ | 4,478 | $ | 11,095 | |||||||
Trademarks and trade names | 74,915 | 26,089 | 48,826 | ||||||||||
Customer relationships | 16,949 | 15,058 | 1,891 | ||||||||||
Other | 8,930 | 8,862 | 68 | ||||||||||
$ | 116,367 | $ | 54,487 | $ | 61,880 |
LongTerm_Debt_and_Notes_Payabl1
Long-Term Debt and Notes Payable to Affiliates (Tables) | 6 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Long-Term Debt and Notes Payable to Affiliates [Abstract] | ' | ||||||||||||
Long-term debt | ' | ||||||||||||
Long-term debt as of June 30, 2013 and December 31, 2013 consisted of the following (in thousands): | |||||||||||||
Maturity | Fiscal Year End | December 31, 2013 | |||||||||||
30-Jun-13 | |||||||||||||
FY14 First Lien Loans(a) | 2020 | $ | — | $ | 534,664 | ||||||||
FY13 First Lien Loans(b) | 2017 | 441,669 | — | ||||||||||
FY13 Second Lien Loans(b) | 2018 | 122,084 | — | ||||||||||
Obligations under capital leases(c) | 2021-2052 | 20,264 | 39,893 | ||||||||||
Other obligations(d) | 2014-2016 | 4,846 | 4,721 | ||||||||||
588,863 | 579,278 | ||||||||||||
Less current maturities(e) | 8,201 | 10,560 | |||||||||||
$ | 580,662 | $ | 568,718 | ||||||||||
(a) | As described in Note 1, “Formation and Business”, the Company entered into the New Credit Agreement providing for a $540.0 million Term Loan. The Company has the ability to increase the size of the Term Loan under certain circumstances in an aggregate amount of up to $100.0 million plus an additional amount such that, after giving effect to such additional amount, it does not exceed the total secured debt leverage ratio. The proceeds from the Term Loan, together with cash on hand and $48.3 million contributed to the Company by Fortress, were used to refinance and extinguish the existing debt under the FY13 Lien Loans. | ||||||||||||
The refinancing has been accounted for as an extinguishment of debt resulting in a non-cash, pre-tax loss of $35.5 million during the three and six months ended December 31, 2013, consisting of the difference between the principal value and fair value of the FY13 Lien Loans and the write-off of unamortized financing costs and unamortized original issue discount (“OID”). The following table provides detail of the calculation of the net loss on debt extinguishment for the three months ended December 31, 2013: | |||||||||||||
Three Months Ended | |||||||||||||
31-Dec-13 | |||||||||||||
FY13 First Lien Loans | $ | 446,625 | |||||||||||
FY13 Second Lien Loans | 125,000 | ||||||||||||
Total FY13 Lien Loans | 571,625 | ||||||||||||
Total fair value | (580,389 | ) | |||||||||||
Write off of unamortized discount and financing fees related to FY13 Lien Loans | (26,716 | ) | |||||||||||
Net loss on debt extinguishment | $ | (35,480 | ) | ||||||||||
The Term Loan has a maturity date of December 9, 2020 and bears interest at LIBOR + 4.50% with a LIBOR floor of 1.0% (rate of 5.50% at December 31, 2013). The credit agreement requires quarterly principal payments in the amount of $1.4 million commencing in March 2014 and periodic interest payments that commenced at the end of December 2013. The Company recorded interest expense of $1.8 million related to the Term Loan for the three and six months ended December 31, 2013. | |||||||||||||
The net cash proceeds from the Term Loan were reduced by an OID of 1%, or $5.4 million. The OID is amortized using a method which approximates the effective interest method over the term of the Term Loan. There was $5.3 million of unamortized OID remaining as of December 31, 2013. | |||||||||||||
The Company capitalized $18.0 million of costs in connection with the FY14 Loans included in deferred charges and other on the condensed consolidated balance sheets. These costs are amortized using a method which approximates the effective interest method over the term of the Term Loan. There was $17.8 million of unamortized costs remaining as of December 31, 2013. | |||||||||||||
The Company’s obligations under the New Credit Agreement are collateralized by guarantees of substantially all of its material U.S. subsidiaries. The guarantees are further supported by mortgages and other security interests in certain properties and assets held by U.S. subsidiaries of the Company. The collateral includes both general and specific assets. | |||||||||||||
The FY14 Loans provide for affirmative and negative covenants that restrict, among other things, the Company’s ability and the ability of its subsidiaries to incur indebtedness, dispose of property, or make investments or distributions. It also includes customary cross-default provisions with respect of certain other borrowings of the Company and its subsidiaries. | |||||||||||||
The Company was in compliance with the covenants of the New Credit Agreement at December 31, 2013. | |||||||||||||
(b) | As a result of entering into the FY14 Loans and refinancing and extinguishing the FY13 Lien Loans, the Company paid a call premium, totaling $4.4 million and $3.8 million related to the FY13 First Lien and FY13 Second Lien Loans, respectively, which is included in loss on extinguishment of debt on the condensed consolidated statements of operations during the three and six months ended December 31, 2013. | ||||||||||||
Additionally, the Company wrote off $8.3 million of unamortized discount and $18.4 million of unamortized financing costs related to the FY13 First Lien and FY13 Second Lien Loans which are included in loss on extinguishment of debt on the condensed consolidated statements of operations for the three and six months ended December 31, 2013. | |||||||||||||
(c) | Capital lease obligations are primarily for equipment except for the lease of Winter Park ski resort. As of September 30, 2013, the Winter Park capital lease was modified to remove a floor on a payment obligation in exchange for other concessions resulting in a $19.6 million increase to the capital lease obligation and related capital lease assets due to a change in the present value of the future minimum lease payments. | ||||||||||||
Amortization of assets under capital leases is included in depreciation and amortization expense in the condensed consolidated statements of operations. The leases have remaining terms ranging from 8 years to 39 years and have a weighted average interest rate of 10%. | |||||||||||||
(d) | In addition to various other lending agreements, a subsidiary of the Company has government loan agreements with a weighted average interest rate of 5.9%. | ||||||||||||
(e) | Current maturities represent principal payments due in the next twelve months. As of December 31, 2013, the long-term debt and capital lease obligation aggregate maturities for the twelve month periods are as follows (in thousands): | ||||||||||||
2014 | $ | 10,560 | |||||||||||
2015 | 8,939 | ||||||||||||
2016 | 22,377 | ||||||||||||
2017 | 5,677 | ||||||||||||
2018 | 5,696 | ||||||||||||
Thereafter | 526,029 | ||||||||||||
$ | 579,278 | ||||||||||||
Detail of calculation of net loss on debt extinguishment | ' | ||||||||||||
The following table provides detail of the calculation of the net loss on debt extinguishment for the three months ended December 31, 2013: | |||||||||||||
Three Months Ended | |||||||||||||
31-Dec-13 | |||||||||||||
FY13 First Lien Loans | $ | 446,625 | |||||||||||
FY13 Second Lien Loans | 125,000 | ||||||||||||
Total FY13 Lien Loans | 571,625 | ||||||||||||
Total fair value | (580,389 | ) | |||||||||||
Write off of unamortized discount and financing fees related to FY13 Lien Loans | (26,716 | ) | |||||||||||
Net loss on debt extinguishment | $ | (35,480 | ) | ||||||||||
Summary of long term debt and capital lease obligation aggregate maturities | ' | ||||||||||||
As of December 31, 2013, the long-term debt and capital lease obligation aggregate maturities for the twelve month periods are as follows (in thousands): | |||||||||||||
2014 | $ | 10,560 | |||||||||||
2015 | 8,939 | ||||||||||||
2016 | 22,377 | ||||||||||||
2017 | 5,677 | ||||||||||||
2018 | 5,696 | ||||||||||||
Thereafter | 526,029 | ||||||||||||
$ | 579,278 | ||||||||||||
Notes payable to affiliates | ' | ||||||||||||
Notes payable to affiliates as of June 30, 2013 and December 31, 2013 were as follows (in thousands): | |||||||||||||
Maturity | Fiscal Year End | December 31, 2013 | |||||||||||
30-Jun-13 | |||||||||||||
Third Lien Loan(f) | 2019 | $ | 196,991 | $ | — | ||||||||
Accrued interest on Third Lien Loan(f) | 2019 | 133,328 | — | ||||||||||
Tranche B Term Loans(g) | 2019 | 300,000 | — | ||||||||||
Accrued Interest on Tranche B Term Loans(g) | 2019 | 469,963 | — | ||||||||||
Affiliate Loan(g) | 2019 | 100,000 | — | ||||||||||
Accrued interest on Affiliate Loan(g) | 2019 | 158,413 | — | ||||||||||
$ | 1,358,695 | $ | — | ||||||||||
(f) | In connection with the Restructuring, the Third Lien Loan was amended to release the Company’s subsidiaries from their obligations in respect of the Third Lien Loan and accrued and unpaid interest thereon. | ||||||||||||
(g) | In connection with the Restructuring, the Tranche B Term Loans and Affiliate Loans, including accrued and unpaid interest thereon were exchanged for equity interests in the Company and subsequently cancelled. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | ||||
Dec. 31, 2013 | |||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||
Summary of changes in accumulated other comprehensive income | ' | ||||
The following table presents the changes in accumulated other comprehensive income (“AOCI”), by component, for the six months ended December 31, 2013 (in thousands): | |||||
Six Months Ended | |||||
31-Dec-13 | |||||
Accumulated other comprehensive income, June 30, 2013 | $ | 148,805 | |||
Other comprehensive income (loss): | |||||
Restructuring transactions on December 9, 2013 | 52,670 | ||||
Foreign currency translation adjustments | (2,764 | ) | |||
Realized portion on cash flow hedge (net of tax of $0)(a) | 2,683 | ||||
Actuarial loss on pensions (net of tax of $0)(b) | (285 | ) | |||
Accumulated other comprehensive income, December 31, 2013 | $ | 201,109 | |||
(a) | Amount reclassified out of AOCI is included in interest expense on third party debt in the condensed consolidated statements of operations. | ||||
(b) | Amount reclassified out of AOCI is included in operating expenses in the condensed consolidated statements of operations. |
Pension_Plans_Tables
Pension Plans (Tables) | 6 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Pension Plans [Abstract] | ' | |||||||||||||||||
Components of net pension expense | ' | |||||||||||||||||
The following details the components of net pension expense, recorded in operating expense in the condensed consolidated statements of operations for the defined benefit plans for the three and six months ended December 31, 2012 and 2013 (in thousands): | ||||||||||||||||||
Executive plans | Employee plans | |||||||||||||||||
Three Months Ended December 31, | Three Months Ended December 31, | |||||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||||
Components of pension expense: | ||||||||||||||||||
Interest cost | $ | 393 | $ | 393 | $ | 111 | $ | 111 | ||||||||||
Expected return on plan assets | (33 | ) | (33 | ) | (96 | ) | (96 | ) | ||||||||||
Actuarial (gain) loss | (40 | ) | 76 | (34 | ) | 66 | ||||||||||||
Settlement loss | — | — | 111 | 111 | ||||||||||||||
Total pension expense | $ | 320 | $ | 436 | $ | 92 | $ | 192 | ||||||||||
Executive plans | Employee plans | |||||||||||||||||
Six Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||||
Components of pension expense: | ||||||||||||||||||
Interest cost | $ | 813 | $ | 786 | $ | 216 | $ | 222 | ||||||||||
Expected return on plan assets | (75 | ) | (66 | ) | (197 | ) | -192 | |||||||||||
Actuarial loss | 69 | 153 | 72 | 132 | ||||||||||||||
Settlement loss | — | — | 156 | 222 | ||||||||||||||
Total pension expense | $ | 807 | $ | 873 | $ | 247 | $ | 384 |
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Segment Information [Abstract] | ' | |||||||||||||||||
Summary of financial information by reportable segment | ' | |||||||||||||||||
Segment Adjusted EBITDA for all periods presented has been calculated using this definition. The following table presents revenue and Adjusted EBITDA for the reportable segments, reconciled to consolidated amounts (in thousands): | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
December 31, | December 31, | |||||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||||
Revenue: | ||||||||||||||||||
Mountain | $ | 72,038 | $ | 75,991 | $ | 105,297 | $ | 109,296 | ||||||||||
Adventure | 13,079 | 11,537 | 42,126 | 34,154 | ||||||||||||||
Real Estate | 17,144 | 13,922 | 32,292 | 27,172 | ||||||||||||||
Total reportable segment revenue | 102,261 | 101,450 | 179,715 | 170,622 | ||||||||||||||
Legacy, non-core and other revenue(a) | 2,008 | 656 | 3,749 | 12,045 | ||||||||||||||
Total revenue | $ | 104,269 | $ | 102,106 | $ | 183,464 | $ | 182,667 | ||||||||||
Segment Adjusted EBITDA | ||||||||||||||||||
Mountain(b) | $ | 1,234 | $ | 3,094 | $ | (18,354 | ) | $ | (18,996 | ) | ||||||||
Adventure(c) | (6,036 | ) | (3,083 | ) | 1,117 | 573 | ||||||||||||
Real Estate(d), (e) | 4,801 | 1,664 | 6,870 | 3,141 | ||||||||||||||
Total Segment Adjusted EBITDA | (1 | ) | 1,675 | (10,367 | ) | (15,282 | ) | |||||||||||
Legacy and other non-core expenses, net(f) | (2,905 | ) | (698 | ) | (11,774 | ) | (4,234 | ) | ||||||||||
Other operating expenses(g) | (750 | ) | (1,981 | ) | (1,204 | ) | (3,508 | ) | ||||||||||
Depreciation and amortization | (15,007 | ) | (13,998 | ) | (29,660 | ) | (27,143 | ) | ||||||||||
Gain (loss) on disposal of assets | 214 | (23 | ) | (996 | ) | 213 | ||||||||||||
Impairment of real estate | — | — | (62 | ) | (633 | ) | ||||||||||||
Interest income(e) | 437 | 956 | 918 | 1,405 | ||||||||||||||
Interest expense on third party debt | (31,427 | ) | (15,160 | ) | (66,433 | ) | (31,624 | ) | ||||||||||
Interest expense on notes payable to partners | (58,197 | ) | (52,753 | ) | (113,568 | ) | (119,858 | ) | ||||||||||
Loss from equity method investments(h) | (10,842 | ) | (1,952 | ) | (10,933 | ) | (3,543 | ) | ||||||||||
Pro rata share of EBITDA related to equity | ||||||||||||||||||
method investments(b), (d) | 30 | (1,016 | ) | (1,109 | ) | (2,083 | ) | |||||||||||
Gain on disposal of equity method investments | 18,923 | — | 18,923 | — | ||||||||||||||
Adjusted EBITDA attributable to noncontrolling interest(c) | — | (1,466 | ) | — | (831 | ) | ||||||||||||
Loss on extinguishment of debt | (11,152 | ) | (35,480 | ) | (11,152 | ) | (35,480 | ) | ||||||||||
Other income (expense), net | 696 | (715 | ) | 1,098 | (887 | ) | ||||||||||||
Income tax expense | 630 | 404 | (342 | ) | (297 | ) | ||||||||||||
Loss attributable to noncontrolling interest | 374 | 1,090 | 408 | 654 | ||||||||||||||
Net loss attributable to Intrawest Resorts Holdings, Inc. | $ | (108,977 | ) | $ | (121,117 | ) | $ | (236,253 | ) | $ | (243,131 | ) | ||||||
(a) | 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, non-core retail revenue and revenue from management of non-core commercial properties. For the six months ended December 31, 2013, it also includes $9.0 million of revenue from the sale of a parcel of real estate held for development in August 2013. | |||||||||||||||||
(b) | Includes the Company’s pro rata share of EBITDA from its equity method investment in Blue Mountain. The pro rata share of EBITDA represents the share of EBITDA from the equity method investment based on the Company’s economic ownership percentage. | |||||||||||||||||
(c) | Adventure segment Adjusted EBITDA excludes Adjusted EBITDA attributable to noncontrolling interest. | |||||||||||||||||
(d) | Includes the Company’s pro rata share of EBITDA from its equity method investments in Mammoth Hospitality Management, LLC and Chateau M.T. Inc. The pro rata share of EBITDA represents the Company’s share of EBITDA from these equity method investments based on the economic ownership percentage. | |||||||||||||||||
(e) | Real Estate segment Adjusted EBITDA includes interest income earned from receivables related to the IRCG operations, in the amount of $1.1 million for each of the three months ended December 31, 2012 and 2013 and $2.3 million for each of the six months ended December 31, 2012 and 2013. Interest income reflected in the reconciliation excludes the interest income earned from receivables related to the IRCG operations. | |||||||||||||||||
(f) | 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 income (loss) from the equity method investment in MMSA Holdings Inc., retail operations not located at the Company’s properties and management of non-core commercial properties owned by third parties. It also includes legacy litigation consisting of claims for damages related to alleged construction defects, purported disclosure violations and allegations that we failed to construct planned amenities. | |||||||||||||||||
(g) | Includes non-cash compensation, reduction in workforce severance and lease payments pursuant to the lease at Winter Park. | |||||||||||||||||
(h) | Represents the losses from equity method investments, including: Blue Mountain, Chateau M.T. Inc., Mammoth Hospitality Management, LLC, MMSA Holdings, Inc. and Whistler Blackcomb Holdings, Inc. | |||||||||||||||||
Capital expenditures for reportable segments | ' | |||||||||||||||||
The following table presents capital expenditures for our reportable segments, reconciled to consolidated amounts for the three and six months ended December 31, 2012 and 2013 (in thousands): | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
December 31, | December 31, | |||||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||||
Capital Expenditures: | ||||||||||||||||||
Mountain | $ | 7,079 | $ | 13,991 | $ | 9,629 | $ | 24,302 | ||||||||||
Adventure | 5,425 | 4,215 | 6,074 | 6,523 | ||||||||||||||
Real Estate | 1,009 | 416 | 1,670 | 544 | ||||||||||||||
Total segment capital expenditures | 13,513 | 18,622 | 17,373 | 31,369 | ||||||||||||||
Corporate and other | 2,561 | 1,011 | 3,792 | 1,541 | ||||||||||||||
Total capital expenditures | $ | 16,074 | $ | 19,633 | $ | 21,165 | $ | 32,910 | ||||||||||
Summary of Company's revenue by geographic region | ' | |||||||||||||||||
The Company’s revenue by geographic region for the three and six months ended December 31, 2012 and 2013 consisted of the following (in thousands): | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
December 31, | December 31, | |||||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||||
Revenue: | ||||||||||||||||||
United States | $ | 68,738 | $ | 68,180 | $ | 97,239 | $ | 98,342 | ||||||||||
International | 35,531 | 33,926 | 86,225 | 84,325 | ||||||||||||||
Revenue | $ | 104,269 | $ | 102,106 | $ | 183,464 | $ | 182,667 |
Formation_and_Business_Details
Formation and Business (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 09, 2013 | Feb. 18, 2014 | Feb. 05, 2014 | Jan. 21, 2014 | Dec. 31, 2013 | Dec. 09, 2013 | Dec. 04, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 09, 2013 | Jun. 30, 2013 | Feb. 18, 2014 | Dec. 09, 2013 | Dec. 09, 2013 | Dec. 31, 2013 | Dec. 09, 2013 | Dec. 09, 2013 | Dec. 09, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | |
Segment | Restructuring [Member] | Subsequent event [Member] | Subsequent event [Member] | Subsequent event [Member] | Fortress [Member] | Fortress [Member] | Fortress [Member] | Fortress [Member] | Fortress [Member] | Fortress [Member] | Fortress [Member] | Fortress [Member] | New Revolver [Member] | New LC Facility [Member] | Term Loan [Member] | Term Loan [Member] | Third Lien Loan [Member] | Intrawest U.S. and Intrawest ULC [Member] | Intrawest U.S. and Intrawest ULC [Member] | British Columbia [Member] | Europe [Member] | Blue Mountain [Member] | ||||
Restructuring [Member] | Restructuring [Member] | Restructuring [Member] | Restructuring [Member] | Subsequent event [Member] | Restructuring [Member] | Restructuring [Member] | Fortress [Member] | Lodges | Fortress [Member] | |||||||||||||||||
Restructuring [Member] | Restructuring [Member] | |||||||||||||||||||||||||
Organization and Business (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | 60.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Number of lodges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' |
Percentage of equity interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' |
Notes payable to affiliates | ' | ' | ' | ' | $1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued and unpaid interest included in notes payable to affiliates | ' | ' | ' | ' | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock in exchange for acquisition | ' | ' | ' | ' | 42,999,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock issued | ' | ' | ' | ' | 41,881,903 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse stock split, conversion ratio | ' | ' | ' | ' | 0.974 | ' | ' | 0.974 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional notes payable to affiliates identified as released portion from all obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 355,600,000 | ' | ' | ' | ' | ' |
Interest expense related to the non-contributed notes payable to affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,400,000 | 23,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued and unpaid interest included in additional notes payable to affiliates | ' | ' | ' | ' | 145,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retained deficit | 2,805,726,000 | ' | 2,805,726,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributed capital from partners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of Restructuring Activity Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of notes payable to affiliate due to restructuring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of affiliate debt and removal of the Third Lien Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' |
Operating loss carryforwards, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000,000 | ' |
Decrease in operating loss carryforwards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated remaining net operating loss carryforwards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 540,000,000 | 540,000,000 | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Date of refinancing | ' | ' | 9-Dec-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution to company by Fortress | ' | ' | ' | ' | ' | ' | ' | ' | 48,300,000 | 48,300,000 | 48,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of debt resulting in a non-cash, pre-tax loss | -35,480,000 | -11,152,000 | -35,480,000 | -11,152,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share price of common stock offered under initial public offering | ' | ' | ' | ' | ' | ' | $12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock sold | ' | ' | ' | ' | ' | ' | 3,125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional shares of common stock sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,843,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares sold upon exercise of option granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,343,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds by the sale of common stock by Fortress | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds after deducting underwriting discounts and commissions | ' | ' | ' | ' | ' | 29,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriting discounts and commissions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering expenses payable by company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred offering expenses payable | $4,170,000 | ' | $4,170,000 | ' | ' | ' | ' | ' | $4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity ownership | ' | ' | ' | ' | ' | ' | ' | ' | 60.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Significant_Accounting_Policie2
Significant Accounting Policies (Details Textual) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 | Jan. 31, 2013 | Dec. 31, 2013 |
Alpine Helicopters [Member] | Alpine Helicopters [Member] | |||
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Percentage of equity interest reorganization of business | ' | ' | 20.00% | ' |
Percentage of leased helicopters | ' | ' | 100.00% | ' |
Total assets | $1,125,606,000 | $1,121,600,000 | ' | $6,000,000 |
Total liabilities | 866,875,000 | 2,140,346,000 | ' | 5,000,000 |
Estimated deferred losses related to terminated interest rate swap | $2,500,000 | ' | ' | ' |
Supplementary_Balance_Sheet_In2
Supplementary Balance Sheet Information (Details1) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Receivables - current: | ' | ' |
Trade receivables | $12,818 | $14,522 |
Loans, mortgages and notes receivable | 10,762 | 10,467 |
Other amounts receivable | 25,815 | 21,642 |
Allowance for doubtful accounts | -7,808 | -8,333 |
Total receivables, current | $41,587 | $38,298 |
Supplementary_Balance_Sheet_In3
Supplementary Balance Sheet Information (Details2) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Summary of deferred charges and other | ' | ' |
Long-term deferred financing costs, net | $18,648 | $22,124 |
Deferred IPO costs | 4,170 | ' |
Other long-term assets | 4,394 | 6,460 |
Total deferred charges and other | $27,212 | $28,584 |
Supplementary_Balance_Sheet_In4
Supplementary Balance Sheet Information (Details3) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Summary of accounts payable and accrued liabilities | ' | ' |
Trade payables | $83,975 | $53,390 |
Other payables and accrued liabilities | 4,702 | 8,806 |
Total accounts payable and accrued liabilities | $88,677 | $62,196 |
Supplementary_Balance_Sheet_In5
Supplementary Balance Sheet Information (Details4) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred revenue and deposits - current: | ' | ' |
Season pass and other | $72,458 | $31,262 |
Lodging and tour deposits | 43,694 | 12,147 |
Deposits on real estate sales | 6,658 | 8,701 |
Deferred revenue and deposits, current | 122,810 | 52,110 |
Deferred revenue and deposits - long term: | ' | ' |
Government grants | 12,079 | 12,814 |
Club initiation deposits and other | 9,389 | 9,301 |
Deferred revenue and deposits, long term | $21,468 | $22,115 |
Supplementary_Balance_Sheet_In6
Supplementary Balance Sheet Information (Details5) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Other long-term liabilities: | ' | ' |
Pension liability | $34,827 | $34,456 |
Other long-term liabilities | 19,815 | 21,911 |
Total other long-term liabilities | $54,642 | $56,367 |
Notes_Receivable_Details_Textu
Notes Receivable (Details Textual) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Notes Receivable (Textual) [Abstract] | ' | ' |
Notes receivable | $39.40 | $42.10 |
Allowance for credit losses on notes receivable | $2.90 | $3.40 |
Intangible_Assets_Details1
Intangible Assets (Details1) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Summary of finite-lived intangible assets | ' | ' |
Cost | $116,367 | $117,068 |
Accumulated amortization | 54,487 | 51,565 |
Net book value | 61,880 | 65,503 |
Permits and licenses [Member] | ' | ' |
Summary of finite-lived intangible assets | ' | ' |
Cost | 15,573 | 15,747 |
Accumulated amortization | 4,478 | 4,222 |
Net book value | 11,095 | 11,525 |
Trademarks and trade names [Member] | ' | ' |
Summary of finite-lived intangible assets | ' | ' |
Cost | 74,915 | 75,217 |
Accumulated amortization | 26,089 | 24,302 |
Net book value | 48,826 | 50,915 |
Customer relationships [Member] | ' | ' |
Summary of finite-lived intangible assets | ' | ' |
Cost | 16,949 | 17,105 |
Accumulated amortization | 15,058 | 14,129 |
Net book value | 1,891 | 2,976 |
Other [Member] | ' | ' |
Summary of finite-lived intangible assets | ' | ' |
Cost | 8,930 | 8,999 |
Accumulated amortization | 8,862 | 8,912 |
Net book value | $68 | $87 |
LongTerm_Debt_and_Notes_Payabl2
Long-Term Debt and Notes Payable to Affiliates (Details1) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 |
Long-Term Debt | ' | ' |
Long-term debt | $579,278 | $588,863 |
Less current maturities | 10,560 | 8,201 |
Long-term debt, Noncurrent | 568,718 | 580,662 |
FY14 First Lien Loans [Member] | ' | ' |
Long-Term Debt | ' | ' |
Long-term debt, Maturity | '2020 | ' |
Long-term debt | 534,664 | ' |
FY13 First Lien Loans [Member] | ' | ' |
Long-Term Debt | ' | ' |
Long-term debt, Maturity | '2017 | ' |
Long-term debt | ' | 441,669 |
FY13 Second Lien Loans [Member] | ' | ' |
Long-Term Debt | ' | ' |
Long-term debt, Maturity | '2018 | ' |
Long-term debt | ' | 122,084 |
Obligations under capital leases [Member] | ' | ' |
Long-Term Debt | ' | ' |
Long-term debt | 39,893 | 20,264 |
Obligations under capital leases [Member] | Minimum [Member] | ' | ' |
Long-Term Debt | ' | ' |
Long-term debt, Maturity | '2021 | ' |
Obligations under capital leases [Member] | Maximum [Member] | ' | ' |
Long-Term Debt | ' | ' |
Long-term debt, Maturity | '2052 | ' |
Other obligations [Member] | ' | ' |
Long-Term Debt | ' | ' |
Long-term debt | $4,721 | $4,846 |
Other obligations [Member] | Minimum [Member] | ' | ' |
Long-Term Debt | ' | ' |
Long-term debt, Maturity | '2014 | ' |
Other obligations [Member] | Maximum [Member] | ' | ' |
Long-Term Debt | ' | ' |
Long-term debt, Maturity | '2016 | ' |
LongTerm_Debt_and_Notes_Payabl3
Long-Term Debt and Notes Payable to Affiliates (Details2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Detail of calculation of net loss on debt extinguishment | ' | ' | ' | ' |
Total FY13 Lien Loans | $571,625 | ' | ' | ' |
Total fair value | -580,389 | ' | ' | ' |
Write off of unamortized discount and financing fees related to FY13 Lien Loans | -26,716 | ' | ' | ' |
Net loss on debt extinguishment | -35,480 | -11,152 | -35,480 | -11,152 |
FY13 First Lien Loans [Member] | ' | ' | ' | ' |
Detail of calculation of net loss on debt extinguishment | ' | ' | ' | ' |
Total FY13 Lien Loans | 446,625 | ' | ' | ' |
FY13 Second Lien Loans [Member] | ' | ' | ' | ' |
Detail of calculation of net loss on debt extinguishment | ' | ' | ' | ' |
Total FY13 Lien Loans | $125,000 | ' | ' | ' |
LongTerm_Debt_and_Notes_Payabl4
Long-Term Debt and Notes Payable to Affiliates (Details3) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Summary of long term debt and capital lease obligation aggregate maturity | ' | ' |
2014 | $10,560 | ' |
2015 | 8,939 | ' |
2016 | 22,377 | ' |
2017 | 5,677 | ' |
2018 | 5,696 | ' |
Thereafter | 526,029 | ' |
Long-term debt | $579,278 | $588,863 |
LongTerm_Debt_and_Notes_Payabl5
Long-Term Debt and Notes Payable to Affiliates (Details4) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 |
Notes payable to affiliates | ' | ' |
Notes payable to affiliates | ' | $1,358,695 |
Third Lien Loan [Member] | ' | ' |
Notes payable to affiliates | ' | ' |
Notes payable, Maturity | '2019 | ' |
Notes payable to affiliates | ' | 196,991 |
Accrued interest on Third Lien Loan [Member] | ' | ' |
Notes payable to affiliates | ' | ' |
Notes payable, Maturity | '2019 | ' |
Notes payable to affiliates | ' | 133,328 |
Tranche B Term Loans [Member] | ' | ' |
Notes payable to affiliates | ' | ' |
Notes payable, Maturity | '2019 | ' |
Notes payable to affiliates | ' | 300,000 |
Accrued Interest on Tranche B Term Loans [Member] | ' | ' |
Notes payable to affiliates | ' | ' |
Notes payable, Maturity | '2019 | ' |
Notes payable to affiliates | ' | 469,963 |
Affiliate Loan [Member] | ' | ' |
Notes payable to affiliates | ' | ' |
Notes payable, Maturity | '2019 | ' |
Notes payable to affiliates | ' | 100,000 |
Accrued interest on Affiliate Loan [Member] | ' | ' |
Notes payable to affiliates | ' | ' |
Notes payable, Maturity | '2019 | ' |
Notes payable to affiliates | ' | $158,413 |
LongTerm_Debt_and_Notes_Payabl6
Long-Term Debt and Notes Payable to Affiliates (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Oct. 11, 2008 | Dec. 31, 2013 | Dec. 09, 2013 | Dec. 04, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 09, 2013 | Dec. 31, 2013 | |
Fortress [Member] | Fortress [Member] | Fortress [Member] | Winter Park [Member] | Interest rate swap [Member] | Interest rate swap [Member] | Interest rate swap [Member] | Interest rate swap [Member] | Maximum [Member] | Minimum [Member] | New LC Facility [Member] | New LC Facility [Member] | New LC Facility [Member] | New Revolver [Member] | New Revolver [Member] | New Revolver [Member] | FY14 First Lien Loans [Member] | FY13 First Lien Loans [Member] | FY13 Second Lien Loans [Member] | FY13 Lien Loans [Member] | FY13 Lien Loans [Member] | Government Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | |||||||
Adjustable [Member] | Maximum [Member] | Adjustable [Member] | Maximum [Member] | LIBOR [Member] | ||||||||||||||||||||||||||||
Long-term Debt and Notes Payable to Affiliates (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $540,000,000 | $540,000,000 | $540,000,000 | ' |
Additional term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | 100,000,000 | ' | ' |
Contribution to company by Fortress | ' | ' | ' | ' | ' | ' | 48,300,000 | 48,300,000 | 48,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | -35,480,000 | -11,152,000 | -35,480,000 | -11,152,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,500,000 | 35,500,000 | ' | ' | ' | ' | ' |
Debt, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9-Dec-18 | ' | ' | 9-Dec-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9-Dec-20 | ' | ' |
Minimum base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% |
Debt instrument rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | 5.50% | ' | ' |
Principal payments amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' |
Debt instrument period of first required payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2014-03 | ' | ' |
Debt instrument issue discount, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' |
Debt instrument issue discount, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,400,000 | ' | ' |
Debt instrument, unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000 | 5,300,000 | ' | ' |
Long-term deferred financing costs, net | 18,648,000 | ' | 18,648,000 | ' | 22,124,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining unamortized costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,800,000 | 17,800,000 | ' | ' |
Extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | 3,800,000 | ' | ' | ' | ' | ' | ' | ' |
Unamortized financing costs write off | 26,716,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,300,000 | 18,400,000 | ' | ' | ' | ' | ' |
Increase to capital lease obligation and related capital lease assets | ' | ' | 19,565,000 | ' | ' | ' | ' | ' | ' | 19,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leases remaining terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '39 years | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leases, weighted average interest rate percentage | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate on government loan agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.90% | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000,000 | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR + 4.50% | 'LIBOR + 4.25% | ' | 'LIBOR + 4.50% | 'LIBOR + 4.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on LIBOR rate one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR margin rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' | 4.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% |
Fronting fees, basis point | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee, basis point | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee, unutilized commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured debt leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.5 | 4.5 | ' | 4.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | 49,900,000 | ' | 49,900,000 | ' | 52,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,900,000 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR floor leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | 67,900,000 | 89,600,000 | 151,500,000 | 180,000,000 | ' | ' | ' | ' | ' | ' | 1,100,000 | 1,100,000 | 2,700,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | 1,800,000 | ' | ' |
Amortization of deferred financing costs | 1,000,000 | 1,300,000 | 2,026,000 | 2,838,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the swap contracts on conversion, liability | ' | ' | ' | ' | ' | $111,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Measurements_Det
Fair Value of Measurements (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 09, 2013 | Dec. 04, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Fortress [Member] | Fortress [Member] | Fortress [Member] | Carrying value [Member] | Carrying value [Member] | Fair value [Member] | Fair value [Member] |
FY13 Lien Loans [Member] | Term Loan [Member] | FY13 Lien Loans [Member] | Term Loan [Member] | ||||
Fair Value of Measurements (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | $563.80 | $534.70 | $544.70 | $534.60 |
Contribution to company by Fortress | $48.30 | $48.30 | $48.30 | ' | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of changes in accumulated other comprehensive income | ' | ' | ' | ' |
Accumulated other comprehensive income, Beginning Balance | ' | ' | $148,805 | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Restructuring transactions on December 9, 2013 | ' | ' | 52,670 | ' |
Foreign currency translation adjustments | ' | ' | -2,764 | ' |
Realized portion on cash flow hedge (net of tax of $0) | ' | ' | 2,683 | ' |
Actuarial loss on pensions (net of tax of $0) | -142 | 74 | -285 | -141 |
Accumulated other comprehensive income, Ending Balance | $201,109 | ' | $201,109 | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Textual) [Abstract] | ' | ' | ' | ' |
Realized portion on cash flow hedge tax portion | ' | ' | $0 | ' |
Actuarial loss on pensions tax portion | $0 | $0 | $0 | $0 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes (Textual) [Abstract] | ' | ' | ' | ' |
Income tax (benefit) expense | ($404) | ($630) | $297 | $342 |
Effective tax rate | 0.33% | 0.57% | -0.12% | -0.14% |
Pension_Plans_Details1
Pension Plans (Details1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Executive plans [Member] | ' | ' | ' | ' |
Components of net pension expense | ' | ' | ' | ' |
Interest cost | $393 | $393 | $786 | $813 |
Expected return on plan assets | -33 | -33 | -66 | -75 |
Actuarial (gain) loss | 76 | -40 | 153 | 69 |
Total pension expense | 436 | 320 | 873 | 807 |
Employee plans [Member] | ' | ' | ' | ' |
Components of net pension expense | ' | ' | ' | ' |
Interest cost | 111 | 111 | 222 | 216 |
Expected return on plan assets | -96 | -96 | -192 | -197 |
Actuarial (gain) loss | 66 | -34 | 132 | 72 |
Settlement loss | 111 | 111 | 222 | 156 |
Total pension expense | $192 | $92 | $384 | $247 |
Pension_Plans_Details_Textual
Pension Plans (Details Textual) (USD $) | 6 Months Ended |
Dec. 31, 2013 | |
PensionPlans | |
Pension Plans (Textual) [Abstract] | ' |
Number of defined benefit pension plans | 3 |
Number of defined registered benefit pension plans | 1 |
Number of defined nonregistered benefit pension plans | 2 |
Service costs | $0 |
Expected contribution in pension plan | $600,000 |
Mountain Resorts [Member] | ' |
Pension Plans (Textual) [Abstract] | ' |
Number of defined benefit pension plans | 2 |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 09, 2013 | Dec. 04, 2012 |
Fortress [Member] | Fortress [Member] | Fortress [Member] | |||
Related Party Transactions (Textual) [Abstract] | ' | ' | ' | ' | ' |
Notes payable to affiliates, principal balance | ' | $597 | ' | ' | ' |
Notes payable to affiliates, accrued interest | ' | 761.7 | ' | ' | ' |
Receivable due from a related entity, principal balance | ' | 5.5 | ' | ' | ' |
Receivable due from a related entity, accrued interest | ' | 0.8 | ' | ' | ' |
Annually adjusted rate on accrued interest | ' | 'LIBOR + 1% | ' | ' | ' |
Repayment of principal balance and accrued interest in connection with restructuring | ' | 6.3 | ' | ' | ' |
Date of refinancing | 9-Dec-13 | ' | ' | ' | ' |
Contribution to company by Fortress | ' | ' | $48.30 | $48.30 | $48.30 |
Segment_Information_Details1
Segment Information (Details1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue: | ' | ' | ' | ' |
Total revenue | $102,106 | $104,269 | $182,667 | $183,464 |
Segment Adjusted EBITDA | ' | ' | ' | ' |
Legacy and other non-core expenses, net | -698 | -2,905 | -4,234 | -11,774 |
Other operating expenses | -1,981 | -750 | -3,508 | -1,204 |
Depreciation and amortization | -13,998 | -15,007 | -27,143 | -29,660 |
Gain (loss) on disposal of assets | -23 | 214 | 213 | -996 |
Impairment of real estate | ' | ' | -633 | -62 |
Interest income | 956 | 437 | 1,405 | 918 |
Interest expense on third party debt | -15,160 | -31,427 | -31,624 | -66,433 |
Interest expense on notes payable to affiliates | -52,753 | -58,197 | -119,858 | -113,568 |
Loss from equity method investments | -1,952 | -10,842 | -3,543 | -10,933 |
Pro rata share of EBITDA related to equity method investments | -1,016 | 30 | -2,083 | -1,109 |
Gain on disposal of equity method investments | ' | 18,923 | ' | 18,923 |
Adjusted EBITDA attributable to noncontrolling interest | -1,466 | ' | -831 | ' |
Loss on extinguishment of debt | -35,480 | -11,152 | -35,480 | -11,152 |
Other income (expense), net | -715 | 696 | -887 | 1,098 |
Income tax expense | 404 | 630 | -297 | -342 |
Loss attributable to noncontrolling interest | 1,090 | 374 | 654 | 408 |
Net loss attributable to Intrawest Resorts Holdings, Inc. | -121,117 | -108,977 | -243,131 | -236,253 |
Legacy, non-core and other revenue [Member] | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total revenue | 656 | 2,008 | 12,045 | 3,749 |
Operating segments [Member] | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total revenue | 101,450 | 102,261 | 170,622 | 179,715 |
Segment Adjusted EBITDA | ' | ' | ' | ' |
Total Segment Adjusted EBITDA | 1,675 | -1 | -15,282 | -10,367 |
Mountain [Member] | Operating segments [Member] | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total revenue | 75,991 | 72,038 | 109,296 | 105,297 |
Segment Adjusted EBITDA | ' | ' | ' | ' |
Total Segment Adjusted EBITDA | 3,094 | 1,234 | -18,996 | -18,354 |
Adventure [Member] | Operating segments [Member] | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total revenue | 11,537 | 13,079 | 34,154 | 42,126 |
Segment Adjusted EBITDA | ' | ' | ' | ' |
Total Segment Adjusted EBITDA | -3,083 | -6,036 | 573 | 1,117 |
Real Estate [Member] | Operating segments [Member] | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total revenue | 13,922 | 17,144 | 27,172 | 32,292 |
Segment Adjusted EBITDA | ' | ' | ' | ' |
Total Segment Adjusted EBITDA | $1,664 | $4,801 | $3,141 | $6,870 |
Segment_Information_Details2
Segment Information (Details2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Capital Expenditures: | ' | ' | ' | ' |
Total capital expenditures | $19,633 | $16,074 | $32,910 | $21,165 |
Operating segments [Member] | ' | ' | ' | ' |
Capital Expenditures: | ' | ' | ' | ' |
Total capital expenditures | 18,622 | 13,513 | 31,369 | 17,373 |
Corporate and other [Member] | ' | ' | ' | ' |
Capital Expenditures: | ' | ' | ' | ' |
Total capital expenditures | 1,011 | 2,561 | 1,541 | 3,792 |
Mountain [Member] | Operating segments [Member] | ' | ' | ' | ' |
Capital Expenditures: | ' | ' | ' | ' |
Total capital expenditures | 13,991 | 7,079 | 24,302 | 9,629 |
Adventure [Member] | Operating segments [Member] | ' | ' | ' | ' |
Capital Expenditures: | ' | ' | ' | ' |
Total capital expenditures | 4,215 | 5,425 | 6,523 | 6,074 |
Real Estate [Member] | Operating segments [Member] | ' | ' | ' | ' |
Capital Expenditures: | ' | ' | ' | ' |
Total capital expenditures | $416 | $1,009 | $544 | $1,670 |
Segment_Information_Details3
Segment Information (Details3) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue: | ' | ' | ' | ' |
Total revenue | $102,106 | $104,269 | $182,667 | $183,464 |
United States [Member] | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total revenue | 68,180 | 68,738 | 98,342 | 97,239 |
International [Member] | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total revenue | $33,926 | $35,531 | $84,325 | $86,225 |
Segment_Information_Details_Te
Segment Information (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment | ||||
Segment Information (Textual) [Abstract] | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 3 | ' |
Revenue from the sale of a parcel of real estate held for development | ' | ' | $9,000,000 | ' |
Interest income | 2,090,000 | 1,580,000 | 3,722,000 | 3,217,000 |
Blue Mountain [Member] | ' | ' | ' | ' |
Segment Information (Textual) [Abstract] | ' | ' | ' | ' |
Ownership percentage | 50.00% | ' | 50.00% | ' |
IRCG operation [Member] | ' | ' | ' | ' |
Segment Information (Textual) [Abstract] | ' | ' | ' | ' |
Interest income | $1,100,000 | $1,100,000 | $2,300,000 | $2,300,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) | 6 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 |
USD ($) | CAD | USD ($) | |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' |
Issuance of letters of credit | $49.90 | ' | $52.40 |
Interest-free government loans for construction of specified four-season tourist facilities at Tremblant | 3.3 | 3.5 | ' |
Repayable period of loan | '7 years | '7 years | ' |
Authorized amount of government grants to be received | 111.5 | 118.6 | ' |
Government grants received | $80.60 | 85.7 | ' |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (Subsequent Event [Member], USD $) | 0 Months Ended | |||||
Feb. 05, 2014 | Jan. 21, 2014 | Jan. 30, 2014 | Jan. 30, 2014 | Jan. 30, 2014 | Feb. 18, 2014 | |
Restricted stock [Member] | Restricted stock [Member] | 2014 Omnibus Incentive Plan [Member] | Fortress [Member] | |||
Non-employee directors [Member] | Officers and employees [Member] | |||||
Subsequent Events (Textual) [Abstract] | ' | ' | ' | ' | ' | ' |
Reverse stock split, conversion ratio | ' | 0.974 | ' | ' | ' | ' |
Common stock reserved for issuance under the plan upon the exercise of awards | ' | ' | ' | ' | 4,500,700 | ' |
Percentage of vested awards granted under the plan | ' | ' | ' | ' | 0.33% | ' |
Number of shares granted | ' | ' | 25,000 | 833,339 | ' | ' |
Number of common stock sold | 3,125,000 | ' | ' | ' | ' | ' |
Number of additional shares of common stock sold | ' | ' | ' | ' | ' | 14,843,750 |
Share price of common stock offered under initial public offering | $12 | ' | ' | ' | ' | ' |
Number of shares sold upon exercise of option granted | ' | ' | ' | ' | ' | 2,343,750 |
Proceeds by the sale of common stock by Fortress | ' | ' | ' | ' | ' | $0 |