Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2015 | 5-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Intrawest Resorts Holdings, Inc. | |
Entity Central Index Key | 1587755 | |
Current Fiscal Year End Date | -24 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 45,199,349 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $133,703 | $56,020 |
Restricted cash | 14,163 | 12,154 |
Receivables, net of allowances of $1,925 and $4,183 | 33,383 | 40,408 |
Other current assets | 60,226 | 60,789 |
Total current assets | 241,475 | 169,371 |
Property, plant and equipment, net of accumulated depreciation of $391,304 and $388,729 | 530,018 | 490,138 |
Real estate held for development | 144,276 | 152,949 |
Intangible assets, net of accumulated amortization of $57,746 and $59,015 | 57,298 | 58,521 |
Goodwill | 106,268 | 94,609 |
Other long-term assets, net of allowances of $1,062 and $2,442 | 62,738 | 130,457 |
Total assets | 1,142,073 | 1,096,045 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 82,945 | 62,534 |
Deferred revenue and deposits | 47,956 | 55,688 |
Capital lease obligations due within one year | 3,525 | 3,929 |
Long-term debt due within one year | 7,002 | 6,644 |
Total current liabilities | 141,428 | 128,795 |
Long-term capital lease obligations | 34,802 | 35,597 |
Long-term debt | 569,266 | 513,864 |
Other long-term liabilities | 71,911 | 85,895 |
Total liabilities | 817,407 | 764,151 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value; 300,000,000 shares authorized; 0 issued and outstanding at each of March 31, 2015 and June 30, 2014 | 0 | 0 |
Common stock, $0.01 par value; 2,000,000,000 shares authorized; 45,026,124 shares issued and outstanding at March 31, 2015 and June 30, 2014 | 452 | 450 |
Additional paid-in capital | 2,896,408 | 2,894,072 |
Accumulated deficit | -2,713,381 | -2,760,027 |
Accumulated other comprehensive income | 140,635 | 197,723 |
Total stockholders' equity | 324,114 | 332,218 |
Noncontrolling interest | 552 | -324 |
Total equity | 324,666 | 331,894 |
Total liabilities and equity | $1,142,073 | $1,096,045 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ||
Receivables, allowance | $1,925 | $4,183 |
Property, plant and equipment, accumulated depreciation | 391,304 | 388,729 |
Intangible assets, accumulated amortization | 57,746 | 59,015 |
Other long-term assets, allowance | $1,062 | $2,442 |
Stockholders' equity: | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock, shares outstanding (in shares) | 45,182,677 | 45,026,124 |
Common stock, shares issued (in shares) | 45,182,677 | 45,026,124 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Statements of Operations | ||||
Revenue | $321,824 | $285,852 | $516,999 | $468,341 |
Operating expenses | 169,523 | 157,474 | 395,864 | 369,478 |
Depreciation and amortization | 14,767 | 13,969 | 44,065 | 41,111 |
(Gain) loss on disposal of assets and impairment of real estate | -1,083 | 212 | -1,126 | 632 |
Loss on remeasurement of equity method investment | 0 | 0 | 1,454 | 0 |
Income from operations | 138,617 | 114,197 | 76,742 | 57,120 |
Interest expense, net | -10,731 | -10,134 | -30,547 | -157,413 |
Earnings (loss) from equity method investments | 2,452 | 6,670 | -305 | 3,127 |
Loss on extinguishment of debt | 0 | 0 | 0 | -35,480 |
Other (expense) income, net | -315 | 336 | -770 | -644 |
Income (loss) before income taxes | 130,023 | 111,069 | 45,120 | -133,290 |
Income tax expense (benefit) | 230 | 77 | -2,386 | 374 |
Net income (loss) | 129,793 | 110,992 | 47,506 | -133,664 |
Income attributable to noncontrolling interest | 1,099 | 1,514 | 860 | 860 |
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. | 128,694 | 109,478 | 46,646 | -134,524 |
Weighted average shares of common stock outstanding: | ||||
Basic (in shares) | 45,143,142 | 43,791,722 | 45,070,917 | 42,509,281 |
Diluted (in shares) | 45,143,142 | 43,896,000 | 45,144,260 | 42,509,281 |
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. per share: | ||||
Basic (in dollars per share) | $2.85 | $2.50 | $1.03 | ($3.16) |
Diluted (in dollars per share) | $2.85 | $2.49 | $1.03 | ($3.16) |
Statements of Comprehensive Income (Loss) | ||||
Net income (loss) | 129,793 | 110,992 | 47,506 | -133,664 |
Other comprehensive loss (net of tax of $0) | -28,228 | -11,998 | -57,072 | -12,216 |
Comprehensive income (loss) | 101,565 | 98,994 | -9,566 | -145,880 |
Comprehensive income attributable to noncontrolling interest | 1,121 | 1,563 | 876 | 926 |
Comprehensive income (loss) attributable to Intrawest Resorts Holdings, Inc. | $100,444 | $97,431 | ($10,442) | ($146,806) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Statements of Comprehensive Income (Loss) | ||||
Other comprehensive (loss) income, tax | $0 | $0 | $0 | $0 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net income (loss) | $47,506 | ($133,664) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 44,065 | 41,111 |
Loss on extinguishment of debt | 0 | 35,480 |
Accrued interest on notes payable to affiliates | 0 | 119,858 |
Funding of pension plans | -2,646 | -258 |
Other non-cash expense, net | 4,577 | 9,451 |
Changes in assets and liabilities, net of Blue Mountain acquisition: | ||
Receivables | 8,516 | 789 |
Inventories | 266 | -6,186 |
Real estate held for development | 762 | 11,675 |
Accounts payable and accrued liabilities | 13,909 | 13,916 |
Deferred revenue and deposits | -8,495 | -10,542 |
Other assets and liabilities, net | -3,240 | -5,076 |
Net cash provided by operating activities | 105,220 | 76,554 |
Investing activities: | ||
Capital expenditures | -34,521 | -36,929 |
Purchase of land for development | 0 | -2,941 |
Acquisition of Blue Mountain, net of cash received | -41,467 | 0 |
Other investing activities, net | -634 | -2,560 |
Net cash used in investing activities | -76,622 | -42,430 |
Financing activities: | ||
Proceeds from issuance of long-term debt | 59,925 | 534,600 |
Repayments of bank and other borrowings | -7,787 | -585,766 |
Net proceeds from initial public offering | 0 | 28,480 |
Financing costs paid | -1,234 | -17,985 |
Contributions from affiliates | 0 | 49,984 |
Net cash provided by financing activities | 50,904 | 9,313 |
Effect of exchange rate changes on cash | -1,819 | -1,331 |
Increase in cash and cash equivalents | 77,683 | 42,106 |
Cash and cash equivalents, beginning of period | 56,020 | 59,775 |
Cash and cash equivalents, end of period | 133,703 | 101,881 |
Supplemental information: | ||
Cash paid for interest | 26,441 | 31,247 |
Non-cash investing and financing activities: | ||
Property, plant and equipment financed by capital lease obligations | 107 | 19,565 |
Exchange of Tranche B Term Loans and Affiliate Loans for equity interest | $0 | $1,471,627 |
Organization_and_Business
Organization and Business | 9 Months Ended | |
Mar. 31, 2015 | ||
Organization and Business [Abstract] | ||
Organization and Business | ||
1 | Organization 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 in which it acquired substantially all of the assets, liabilities and operations of Intrawest Cayman L.P. (the "Partnership"), which is described below under “Restructuring”, conducted any activities other than those incident to its formation for the preparation of its initial public offering, which was consummated on February 5, 2014. | ||
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. | ||
Unless the context suggests otherwise, references in the notes to condensed consolidated financial statements to the “Company”, “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 the Company's mountain resorts and lodging operations at Steamboat Ski & Resort and Winter Park Resort (“Winter Park”) in Colorado, Stratton Mountain Resort in Vermont, Snowshoe Mountain Resort in West Virginia, Mont Tremblant Resort (“Tremblant”) in Quebec, and Blue Mountain Ski Resort (“Blue Mountain”) in Ontario, of which the Company owned a 50.0% equity interest for all relevant periods prior to the Company's acquisition of the remaining 50.0% equity interest on September 19, 2014 (the "Blue Mountain Acquisition"). The Mountain segment derives revenue mainly from sales of lift products, lodging, 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 eleven 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 activities in the United States and Canada and other commercial uses. The Company's subsidiary, Alpine Aerotech L.P., 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, Inc., which principally manages condominium hotel properties in Maui, Hawaii and in Mammoth Lakes, California, and Playground, a residential real estate sales and marketing business, as well as the Company’s 50.0% interest in Mammoth Hospitality Management L.L.C. and 57.1% interest in Chateau M.T. Inc. The Real Estate segment is also comprised of ongoing real estate development activities and includes costs associated with these activities, such as planning activities and land carrying costs. | ||
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 ULC”), 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) and subsequently canceled. The Company's subsidiaries were released from all obligations, including guarantor 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 accompanying condensed consolidated statements of operations include interest expense related to the notes payable to affiliates of zero and $119.9 million for the nine months ended March 31, 2015 and 2014, 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, (collectively “Fortress”). Intrawest Resorts Holdings, Inc. had no operations prior to the Restructuring. After the Restructuring and prior to the completion of the Company's initial public offering in February 2014, Fortress indirectly owned 100% of the voting and economic equity interests of the Company. The Company is the parent holding company of the businesses conducted by Intrawest U.S. and Intrawest ULC 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 consolidated balance sheet. The accompanying condensed consolidated statements of operations include the historical results of the Partnership combined with the results 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 of the Restructuring, the accompanying condensed consolidated balance sheet as of June 30, 2014 reflects the removal of approximately $4.1 million in total assets. In addition, the accompanying condensed consolidated balance sheet as of June 30, 2014 reflects an additional $1.5 billion of additional paid-in capital related to the conversion of the $1.1 billion of affiliate debt and the removal of the principal balance and accrued and unpaid interest of the Third Lien Loan. |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Significant Accounting Policies [Abstract] | |||||||||||||||||
Significant Accounting Policies | |||||||||||||||||
2 | Significant Accounting Policies | ||||||||||||||||
Basis of Presentation and Use of Estimates | |||||||||||||||||
The accompanying condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required for complete financial statements prepared in accordance with GAAP. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Our results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. | |||||||||||||||||
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. | |||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and all variable interest entities ("VIEs") for which the Company is the primary beneficiary. 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 2013, the Company's Canadian helicopter business was reorganized and Alpine Helicopters Inc. (“Alpine Helicopters”), in which the Company owns a 20.0% equity interest, was formed. Alpine Helicopters employs all the pilots that fly the helicopters in the CMH land tenures. Alpine Helicopters leases 100% of its helicopters from Intrawest ULC, a consolidated subsidiary of the Company, creating economic dependence and therefore giving Intrawest ULC a variable interest in Alpine Helicopters. Alpine Helicopters is a VIE for which the Company is the primary beneficiary and is consolidated in the accompanying condensed consolidated financial statements. The remaining 80.0% equity interest in Alpine Helicopters is held by the employees of Alpine Helicopters and is reflected as a noncontrolling interest in the accompanying condensed consolidated financial statements. As of March 31, 2015, Alpine Helicopters had total assets of $7.9 million and total liabilities of $5.0 million. | |||||||||||||||||
On September 19, 2014 (the "Acquisition Date"), the Company acquired the remaining 50.0% equity interest in Blue Mountain that the Company did not already own from Blue Mountain Resorts Holdings Inc. (“Blue Mountain Holdings”) as described in Note 10, "Blue Mountain Acquisition". The accompanying condensed consolidated financial statements reflect the Company's equity method investment in Blue Mountain prior to the Blue Mountain Acquisition and the consolidated results for the period from the Acquisition Date through March 31, 2015. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The Company has various short term financial instruments, including cash and cash equivalents, restricted cash, receivables, accounts payable and accrued liabilities. Due to their short-term nature, instruments’ book value approximates fair value, or, in the case of notes receivable, market comparable interest rates. | |||||||||||||||||
The fair value of the Senior Debt (as defined in Note 6, “Long-Term Debt”) was estimated using quoted prices for the Company's instruments in markets that are not active and was considered a Level 2 measure. The fair value of other debt obligations was estimated based on Level 3 inputs using discounted cash flow analyses based on assumptions that management believes are consistent with market participant assumptions. | |||||||||||||||||
31-Mar-15 | 30-Jun-14 | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Senior Debt | $ | 573,321 | $ | 598,726 | $ | 516,924 | $ | 548,046 | |||||||||
Other debt obligations | 2,947 | 2,555 | 3,584 | 3,114 | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement ("ASU 2015-05"). This update is intended to reduce diversity in practice by providing explicit guidance to customers about whether a cloud computing arrangement includes a software license. For public business entities the guidance is effective for annual periods beginning after December 15, 2015, with early adoption permitted. The Company has not yet selected a transition method and is currently in the process of evaluating the impact that ASU 2015-05 will have on its consolidated financial statements and related disclosures. | |||||||||||||||||
In April 2015, the FASB issued ASU 2015-03, Interest- Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"), which requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct reduction of the carrying value of the related debt, consistent with debt discounts and premiums. The standard is effective for all periods beginning on or after December 15, 2015, with early adoption permitted for financial statements that have not been previously issued. The Company adopted ASU 2015-03 effective March 31, 2015 on a retrospective basis. As a result of adopting this guidance, the Company has presented debt issuance costs as a direct reduction of the related debt liability, as appropriate, in the condensed consolidated balance sheets for all periods presented. This resulted in an adjustment of $15.0 million and $15.4 million from other long-term assets, net to long-term debt in the accompanying condensed consolidated balance sheets as of March 31, 2015 and June 30, 2014, respectively. | |||||||||||||||||
In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). This update (i) amends the criteria for determining which entities are considered VIEs or voting interest entities, (ii) amends the criteria for evaluating fees paid to a decision maker or service provider as a variable interest, (iii) amends the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) ends the deferral previously granted to certain investment companies for application of the VIE consolidation model. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The Company is currently in the process of evaluating the impact that ASU 2015-02 will have on its consolidated financial statements and related disclosures. | |||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for us beginning July 1, 2017 and early adoption is not permitted. On April 1, 2015, the FASB proposed a one-year deferral to the effective date with an option that would permit adoption as early as the original effective date. A final decision on the effective date is expected in 2015. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently in the process of evaluating the impact that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |||||||||||||||||
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"). This update raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures for discontinued operations as well as certain other disposals that do not meet the definition of a discontinued operation. The guidance is effective for annual periods beginning on or after December 15, 2014, with early adoption permitted only for disposals that have not been previously reported. The Company will adopt ASU 2014-08 effective July 1, 2015 and does not anticipate that the adoption will have a material impact on the Company's financial position, results of operations or cash flows. |
Revisions_of_Previously_Issued
Revisions of Previously Issued Financial Statements | 9 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Revisions of Previously Issued Financial Statements [Abstract] | |||||||||||||
Revisions of Previously Issued Financial Statements | |||||||||||||
3 | Revision of Previously Issued Financial Statements | ||||||||||||
In the third quarter of fiscal year 2015, the Company identified errors primarily related to the accounting for initiation fees associated with the sale of memberships in a private club. The errors impacted prior reporting periods, starting in fiscal year 2003. The Company has assessed the cumulative impact of these errors on each period impacted under the guidance of Accounting Standards Codification Topic 250-10, Accounting Changes and Error Corrections, related to SEC Staff Accounting Bulletin ("SAB") No.99, Materiality, and has determined that the impact of the errors was not material, both individually and in the aggregate, to any previously issued financial statements. The Company has elected to revise its previously issued financial statements to facilitate comparisons across periods. In addition, the Company corrected other immaterial previously out-of-period adjustments to reflect those items in the periods in which the transactions originated. | |||||||||||||
The following is a description of the nature of the errors: | |||||||||||||
• | The Company incorrectly recognized revenue on initiation fees related to memberships in a private club. The revenue should have been recognized over the expected useful life of the private club. The impact of this error was a decrease in revenue of $0.4 million for each of the three and nine months ended March 31, 2014 and an increase in deferred revenue of $3.1 million for the year ended June 30, 2014. | ||||||||||||
• | The Company did not properly record the present value of its future liability for initiation fee refunds. The impact of this error was an increase to other long-term liabilities of $5.5 million for the year ended June 30, 2014 and a corresponding increase in interest expense of $0.2 million and $0.5 million for the three and nine months ended March 31, 2014, respectively. | ||||||||||||
• | The Company also corrected other immaterial errors including (i) timing of certain helicopter depreciation expense, (ii) amortization of deferred losses related to a terminated interest rate hedge, (iii) classification of discounts and complimentary usage on heli-skiing trips, and (iv) timing of expenses associated with a self-insurance liability. | ||||||||||||
The Company has revised the Consolidated Balance Sheets as of June 30, 2014 and the Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended March 31, 2014. The Company has also revised the Consolidated Statements of Cash Flows for the nine months ended March 31, 2014. | |||||||||||||
Selected Items | As Previously Reported | Revision Adjustment | As Revised | ||||||||||
Consolidated Balance Sheet | |||||||||||||
(in thousands) | Presentation as of June 30, 2014 | ||||||||||||
Total current liabilities | $ | 128,096 | $ | 699 | $ | 128,795 | |||||||
Total liabilities | 770,696 | (6,545 | ) | 764,151 | |||||||||
Total equity | 340,774 | (8,880 | ) | 331,894 | |||||||||
Consolidated Statement of Operations and Comprehensive Income | |||||||||||||
(in thousands) | Presentation as of the three months ended March 31, 2014 | ||||||||||||
Revenue | $ | 287,216 | $ | (1,364 | ) | $ | 285,852 | ||||||
Operating expenses | 158,469 | (995 | ) | 157,474 | |||||||||
Depreciation and amortization | 15,122 | (1,153 | ) | 13,969 | |||||||||
Income from operations | 113,413 | 784 | 114,197 | ||||||||||
Net income | 110,400 | 592 | 110,992 | ||||||||||
Selected Items | As Previously Reported | Revision Adjustment | As Revised | ||||||||||
Consolidated Statement of Operations and Comprehensive Loss | |||||||||||||
(in thousands) | Presentation as of the nine months ended March 31, 2014 | ||||||||||||
Revenue | $ | 469,883 | $ | (1,542 | ) | $ | 468,341 | ||||||
Operating expenses | 369,391 | 87 | 369,478 | ||||||||||
Depreciation and amortization | 42,265 | (1,154 | ) | 41,111 | |||||||||
Income from operations | 57,595 | (475 | ) | 57,120 | |||||||||
Net loss | (133,385 | ) | (279 | ) | (133,664 | ) | |||||||
Consolidated Statement of Cash Flows | |||||||||||||
(in thousands) | Presentation as of the nine months ended March 31, 2014 | ||||||||||||
Net cash provided by operating activities | $ | 76,604 | $ | (50 | ) | $ | 76,554 | ||||||
Effect of exchange rate changes on cash | (1,381 | ) | 50 | (1,331 | ) |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Earnings (Loss) Per Share [Abstract] | |||||||||||||||||
Earnings (Loss) Per Share | |||||||||||||||||
4 | Earnings (Loss) Per Share | ||||||||||||||||
Basic earnings (loss) per share ("EPS") is calculated by dividing net income (loss) attributable to the Company by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing net income (loss) attributable to the Company by the weighted average number of shares of common stock outstanding, plus potentially dilutive securities. Potentially dilutive securities include unvested restricted common stock, restricted stock units, and stock options, the dilutive effect of which is calculated using the treasury stock method. | |||||||||||||||||
The Restructuring was accounted for as a transaction among entities under common control. As a result, the Company retrospectively presented the shares outstanding for all periods prior to the Restructuring. | |||||||||||||||||
Due to the Company's reported net loss for the nine months ended March 31, 2014, the effect of 0.1 million stock awards was not included in the calculation of EPS as the effect would be anti-dilutive. For the three and nine months ended March 31, 2015, the effect of 1.3 million and 1.1 million stock awards, respectively, was not included in the calculation of EPS as the effect would be anti-dilutive. The calculation of basic and diluted EPS is presented below (in thousands, except per share data). | |||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Basic EPS | |||||||||||||||||
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. | $ | 128,694 | $ | 109,478 | $ | 46,646 | $ | (134,524 | ) | ||||||||
Weighted average common shares outstanding | 45,143 | 43,792 | 45,071 | 42,509 | |||||||||||||
Basic EPS | $ | 2.85 | $ | 2.5 | $ | 1.03 | $ | (3.16 | ) | ||||||||
Diluted EPS | |||||||||||||||||
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. | $ | 128,694 | $ | 109,478 | $ | 46,646 | $ | (134,524 | ) | ||||||||
Weighted average common shares outstanding | 45,143 | 43,792 | 45,071 | 42,509 | |||||||||||||
Dilutive effect of stock awards | — | 104 | 73 | — | |||||||||||||
Weighted average dilutive shares outstanding | 45,143 | 43,896 | 45,144 | 42,509 | |||||||||||||
Diluted EPS | $ | 2.85 | $ | 2.49 | $ | 1.03 | $ | (3.16 | ) |
Supplementary_Balance_Sheet_In
Supplementary Balance Sheet Information | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Supplementary Balance Sheet Information [Abstract] | |||||||||
Supplementary Balance Sheet Information | 5. Supplementary Balance Sheet Information | ||||||||
Current receivables | |||||||||
Current receivables as of March 31, 2015 and June 30, 2014 consisted of the following (in thousands): | |||||||||
31-Mar-15 | Fiscal Year End June 30, 2014 | ||||||||
Trade receivables | $ | 29,743 | $ | 37,988 | |||||
Loans, mortgages and notes receivable | 5,565 | 6,603 | |||||||
Allowance for doubtful accounts | (1,925 | ) | (4,183 | ) | |||||
Total current receivables | $ | 33,383 | $ | 40,408 | |||||
Other current assets | |||||||||
Other current assets as of March 31, 2015 and June 30, 2014 consisted of the following (in thousands): | |||||||||
31-Mar-15 | Fiscal Year End June 30, 2014 | ||||||||
Inventories | $ | 35,195 | $ | 37,282 | |||||
Capital spares | 11,115 | 11,160 | |||||||
Prepaid expenses | 8,713 | 8,469 | |||||||
Prepaid insurance | 4,745 | 3,721 | |||||||
Other assets | 458 | 157 | |||||||
Total other current assets | $ | 60,226 | $ | 60,789 | |||||
Other long-term assets | |||||||||
Other long-term assets as of March 31, 2015 and June 30, 2014 consisted of the following (in thousands): | |||||||||
31-Mar-15 | Fiscal Year End June 30, 2014 | ||||||||
Equity method investments | $ | 28,370 | $ | 87,282 | |||||
Long-term receivables | 27,505 | 36,406 | |||||||
Other long-term assets | 7,925 | 9,211 | |||||||
Allowance for doubtful accounts | (1,062 | ) | (2,442 | ) | |||||
Total other long-term assets | $ | 62,738 | $ | 130,457 | |||||
Accounts payable and accrued liabilities | |||||||||
Accounts payable and accrued liabilities as of March 31, 2015 and June 30, 2014 consisted of the following (in thousands): | |||||||||
31-Mar-15 | Fiscal Year End June 30, 2014 | ||||||||
Trade payables | $ | 73,720 | $ | 54,151 | |||||
Other payables and accrued liabilities | 9,225 | 8,383 | |||||||
Total accounts payable and accrued liabilities | $ | 82,945 | $ | 62,534 | |||||
Current deferred revenue and deposits | |||||||||
Current deferred revenue and deposits as of March 31, 2015 and June 30, 2014 consisted of the following (in thousands): | |||||||||
31-Mar-15 | Fiscal Year End June 30, 2014 | ||||||||
Season pass and other deferred revenue | $ | 24,120 | $ | 32,204 | |||||
Lodging and tour deposits | 20,064 | 15,171 | |||||||
Deposits on real estate sales | 3,772 | 8,313 | |||||||
Total current deferred revenue and deposits | $ | 47,956 | $ | 55,688 | |||||
Other long-term liabilities | |||||||||
Other long-term liabilities as of March 31, 2015 and June 30, 2014 consisted of the following (in thousands): | |||||||||
31-Mar-15 | Fiscal Year End June 30, 2014 | ||||||||
Pension liability, net of funded assets | $ | 32,181 | $ | 39,098 | |||||
Forgivable government grants | 9,019 | 11,460 | |||||||
Deferred revenue and deposits | 9,269 | 10,934 | |||||||
Other long-term liabilities | 21,442 | 24,403 | |||||||
Total other long-term liabilities | $ | 71,911 | $ | 85,895 |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Long-Term Debt [Abstract] | ||||||||||||
Long-Term Debt | ||||||||||||
6 | Long-Term Debt | |||||||||||
Long-term debt as of March 31, 2015 and June 30, 2014 consisted of the following (in thousands): | ||||||||||||
Maturity | 31-Mar-15 | Fiscal Year End June 30, 2014 | ||||||||||
Senior Debt | 2020 | $ | 573,321 | $ | 516,924 | |||||||
Other debt obligations | 2015-2023 | 2,947 | 3,584 | |||||||||
Total | 576,268 | 520,508 | ||||||||||
Less: Long-term debt due within one year | 7,002 | 6,644 | ||||||||||
Total long-term debt | $ | 569,266 | $ | 513,864 | ||||||||
Senior Debt | ||||||||||||
In conjunction with the Restructuring on December 9, 2013, one of the Company’s subsidiaries, as borrower, and several of the Company's U.S. subsidiaries, as guarantors, entered into a credit agreement (the “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 “Revolver”), and a $55.0 million senior secured first-lien letters of credit facility (the “LC Facility” and, together with the Term Loan and Revolver, collectively referred to herein as the “Senior Debt”). Pursuant to an Incremental Amendment to the Credit Agreement, dated September 19, 2014 (the "Incremental Amendment"), the Company borrowed an incremental $60.0 million under the Term Loan, primarily to finance the Blue Mountain Acquisition described in Note 10, "Blue Mountain Acquisition". The proceeds were also used to pay certain fees, commissions and expenses related to the Blue Mountain Acquisition and for working capital. The Incremental Amendment has the same terms and maturity date as the original Term Loan. The Company has the ability to increase the size of the Term Loan under certain circumstances by an aggregate amount of up to $40.0 million after giving effect to the incremental borrowing in connection with the Blue Mountain Acquisition, plus an additional amount, if any, such that, after giving effect to such additional amount, it does not exceed the borrower's total secured debt leverage ratio as required by the Credit Agreement. | ||||||||||||
The Term Loan has a maturity date of December 9, 2020. Borrowings under the Credit Agreement, including the Term Loan, LC Facility and Revolver, bear interest, at the Company's option, at a rate equal to either an adjusted LIBOR rate or a base rate, in each case plus the applicable margin. The applicable margin for borrowings under the Credit Agreement is 4.5% for adjusted LIBOR loans or 3.5% for base rate loans. The applicable margin for borrowings under the LC Facility and Revolver may change depending on the Company's total secured debt leverage ratio, and may not exceed 4.5%. The Company's current applicable margin is 4.5%. The Term Loan currently bears interest based upon the LIBOR-based rate. The Credit Agreement requires quarterly principal payments in the amount of $1.5 million. | ||||||||||||
The net cash proceeds from the Term Loan were reduced by an original issue discount ("OID") of 0.9%, or $5.5 million, after giving effect to the Blue Mountain Acquisition. The OID is amortized using the effective interest method. There was $4.5 million and $4.9 million of unamortized OID remaining as of March 31, 2015 and June 30, 2014, respectively. | ||||||||||||
The Company incurred $16.9 million and $1.2 million of debt issuance costs in connection with the Senior Debt and the Blue Mountain Acquisition, respectively, which is presented as a direct reduction of the carrying value of the long-term debt on the accompanying condensed consolidated balance sheets following the adoption of ASU 2015-03. These costs are amortized using the effective interest method. There was $15.0 million and $15.4 million of unamortized costs remaining as of March 31, 2015 and June 30, 2014, respectively. | ||||||||||||
The borrower's obligations under the Credit Agreement are supported by guarantees of substantially all of the Company's material U.S. subsidiaries. The guarantees are further collateralized 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 Credit Agreement provides for affirmative and negative covenants that the Company believes are usual and customary for a senior secured credit agreement. The negative covenants restrict, among other things, the ability of the Company's subsidiaries to incur indebtedness, dispose of property, or make investments or distributions. It also includes customary cross-default provisions with respect to certain other borrowings of the Company's subsidiaries. Additionally, the Credit Agreement requires the borrower to comply with a total secured debt leverage ratio to the extent that more than 30.0% of the Revolver is outstanding (including outstanding swingline loans and letters of credit) on the last day of each fiscal quarter. The Company was in compliance with the covenants of the Credit Agreement at March 31, 2015. | ||||||||||||
The LC Facility and the Revolver provided for under the terms of the Credit Agreement each have a maturity date of December 9, 2018. The LC Facility includes fronting fees of 25 basis points and a commitment fee of 37.5 basis points on the first 15% of unutilized commitments. There were $44.9 million and $47.6 million of irrevocable standby letters of credit outstanding under the LC Facility at March 31, 2015 and June 30, 2014, respectively. The Revolver includes commitment fees of 37.5 basis points. There were no outstanding borrowings under the Revolver at either March 31, 2015 or June 30, 2014. | ||||||||||||
Other Obligations | ||||||||||||
Other obligations include various lending agreements, including a government loan agreement and a bank loan related to employee housing. The weighted average interest rate for other obligations is 5.7% for the nine months ended March 31, 2015. | ||||||||||||
Maturities | ||||||||||||
Current maturities represent principal payments due in the next 12 months. As of March 31, 2015, the long-term debt aggregate maturities for the 12 month period ended March 31 of each of the following years are set forth below (in thousands): | ||||||||||||
2016 | $ | 7,002 | ||||||||||
2017 | 7,056 | |||||||||||
2018 | 6,131 | |||||||||||
2019 | 6,138 | |||||||||||
2020 | 6,145 | |||||||||||
Thereafter | 563,273 | |||||||||||
Interest Expense | ||||||||||||
The Company recorded interest expense of $11.7 million and $11.0 million in the accompanying condensed consolidated statements of operations for the three months ended March 31, 2015 and 2014, respectively, of which $0.6 million and $0.8 million, respectively, was amortization of deferred financing costs. The Company recorded interest expense of $33.7 million and $162.0 million in the accompanying condensed consolidated statements of operations for the nine months ended March 31, 2015 and 2014, respectively, of which $1.8 million and $2.8 million, respectively, was amortization of deferred financing costs. | ||||||||||||
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 remaining terminated swap liability of $2.8 million as of March 31, 2015 is recorded in accumulated other comprehensive income ("AOCI") and will be recognized periodically through March 31, 2017 as an adjustment to interest expense. Approximately $1.3 million of deferred losses related to the terminated interest rate swaps will be amortized from AOCI into interest expense in the next 12 months. The portion included in interest expense in the accompanying condensed consolidated statements of operations for the three and nine months ended March 31, 2015 was $0.6 million and $1.5 million, respectively, and for the three and nine months ended March 31, 2014 was $0.8 million and $2.7 million, respectively. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||
Accumulated Other Comprehensive Income | |||||||||
7 | Accumulated Other Comprehensive Income | ||||||||
The following table presents the changes in AOCI, by component, for the nine months ended March 31, 2015 and 2014 (in thousands): | |||||||||
Nine Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Accumulated other comprehensive income, June 30 | $ | 197,723 | $ | 148,570 | |||||
Restructuring transactions on December 9, 2013 | — | 52,670 | |||||||
Other comprehensive income (loss): | |||||||||
Foreign currency translation adjustments | (57,957 | ) | (14,592 | ) | |||||
Realized portion on cash flow hedge (net of tax of $0) (a) | 1,458 | 2,737 | |||||||
Actuarial loss on pensions (net of tax of $0) (b) | (589 | ) | (427 | ) | |||||
Accumulated other comprehensive income, March 31 | $ | 140,635 | $ | 188,958 | |||||
(a) | Amount reclassified out of AOCI is included in interest expense in the accompanying condensed consolidated statements of operations. | ||||||||
(b) | Amount reclassified out of AOCI is included in operating expenses in the accompanying condensed consolidated statements of operations. | ||||||||
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Share-Based Compensation [Abstract] | |||||||||
Share-Based Compensation | |||||||||
8 | Share-Based Compensation | ||||||||
In connection with the Company’s initial public offering, 4,500,700 shares of the Company’s common stock were reserved for issuance under the Intrawest Resorts Holdings, Inc. 2014 Omnibus Incentive Plan (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. The Plan allows share-based compensation awards to be granted in a variety of forms including options, stock appreciation rights, restricted stock, restricted stock units, stock bonuses, other stock-based awards and cash awards. The terms and conditions of the awards granted are established by the Compensation Committee of the Board of Directors of the Company (the "Board of Directors"), who administers the Plan. | |||||||||
A total of 1,186,845 shares of common stock were available for future grant under the Plan at March 31, 2015. | |||||||||
Restricted Stock Awards | |||||||||
As of March 31, 2015, the Board of Directors had granted 879,173 restricted stock units to the Company’s officers and employees, and 25,000 shares of restricted stock to the Company’s non-employee directors (collectively referred to herein as the "Restricted Stock Awards"). Additionally, the Board of Directors approved the grant of 25,000 restricted stock units to a currently open executive position; however, these restricted stock units were not granted as of March 31, 2015. Restricted Stock Awards generally vest ratably upon the satisfaction of a defined service condition. The restricted stock is legally outstanding upon grant subject to restrictions that lapse as the award vests. Upon vesting, each restricted stock unit is exchanged for one share of the Company’s common stock or cash, at the Company’s discretion. The grant date fair values of these awards are determined based on the closing price of the Company’s common stock on the grant date. The related compensation expense is recognized over the applicable requisite service period. | |||||||||
A summary of Restricted Stock Awards activity during the nine months ended March 31, 2015 is as follows: | |||||||||
Number of Awards | Weighted Average | ||||||||
Grant Date Fair Value | |||||||||
Total unvested awards - July 1, 2014 | 784,727 | $ | 11.97 | ||||||
Granted | 45,834 | 8.72 | |||||||
Vested | (219,282 | ) | 12 | ||||||
Forfeited | (269,484 | ) | 12 | ||||||
Total unvested awards - March 31, 2015 | 341,795 | $ | 11.49 | ||||||
Stock Options | |||||||||
During the nine months ended March 31, 2015, the Board of Directors granted the Company's current Chief Executive Officer ("CEO") an option to purchase 2,700,000 shares (the "Options") under the Plan with a contractual term of 10 years. The Options have a weighted average exercise price of $11.25 and will become vested and exercisable over a three year period, provided that the CEO remains in continuous employment with the Company. The related compensation expense is recognized over the applicable requisite service period. | |||||||||
The fair value of the Options was estimated at the grant date using a Black-Scholes option pricing model with the following assumptions: | |||||||||
Expected stock price volatility | 32.5 | % | |||||||
Expected term (in years) | 6.3 | ||||||||
Risk-free interest rate | 1.8 | % | |||||||
Dividend yield | 0 | % | |||||||
Weighted average fair value per option | $ | 3.46 | |||||||
Share-Based Compensation Expense | |||||||||
For the three and nine months ended March 31, 2015, there was $0.6 million and $2.2 million, respectively, of compensation expense related to the Restricted Stock Awards and for the three and nine months ended March 31, 2015 there was $0.6 million and $0.9 million, respectively, related to the Options. For each of the three and nine months ended March 31, 2014, there was $0.6 million of compensation expense related to the Restricted Stock Awards. These amounts are included in operating expenses in the condensed consolidated statements of operations. | |||||||||
As of March 31, 2015, there was $2.4 million and $6.0 million of unrecognized compensation expense related to the unvested Restricted Stock Awards and the Options, respectively, which is expected to be recognized over a weighted average period of approximately 1.9 years and 2.6 years, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended | |
Mar. 31, 2015 | ||
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 provision attributable to the Company was $0.2 million of expense and $2.4 million of benefit for the three and nine months ended March 31, 2015, respectively; and $0.1 million of expense and $0.4 million of expense for the three and nine months ended March 31, 2014, respectively. These amounts represent an effective tax rate of 0.2% and (5.4%) for the three and nine months ended March 31, 2015, respectively; and an effective tax rate of 0.1% and (0.3%) for the three and nine months ended March 31, 2014, respectively. The net $2.4 million tax benefit for the nine months ended March 31, 2015 was comprised of $0.7 million of tax expense related to taxable Canadian operations and a $3.1 million tax benefit. The one-time $3.1 million tax benefit was due to a restructuring, in association with the Blue Mountain Acquisition, which enabled the Company to utilize a portion of its Canadian deferred tax assets, resulting in a corresponding release of the valuation allowance. The $0.4 million tax expense for the nine months ended March 31, 2014 primarily related to taxable Canadian operations. The federal blended statutory rate for the three months ended March 31, 2015 and 2014 was 31.6% and 31.4%, respectively. The federal blended statutory rate for the nine months ended March 31, 2015 and 2014 was 32.6% and 26.5%, respectively. The effective tax rates for the periods presented differ from the federal blended statutory rates due to changes in recorded valuation allowance for entities in the United States and Canada. |
Blue_Mountain_Acquisition
Blue Mountain Acquisition | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Blue Mountain Acquisition [Abstract] | |||||||||||||||||
Blue Mountain Acquisition | 10. Blue Mountain Acquisition | ||||||||||||||||
On September 19, 2014, the Company acquired the remaining 50.0% equity interest in Blue Mountain that the Company did not already own from Blue Mountain Resorts Holdings. Blue Mountain is a year-round resort, located in Ontario, approximately 90 miles northwest of Toronto. The Company financed the Blue Mountain Acquisition with incremental Term Loan proceeds and existing cash. The Company expects the Blue Mountain Acquisition to result in incremental cash flow. In connection with the Blue Mountain Acquisition, the shareholders’ agreement between the Company and Blue Mountain Holdings was terminated. | |||||||||||||||||
The Blue Mountain Acquisition was accounted for as a business combination. Costs related to the Blue Mountain Acquisition of approximately $0.7 million were expensed during the nine months ended March 31, 2015 and were included within other expense, net in the accompanying condensed consolidated statements of operations. | |||||||||||||||||
Consideration Transferred | |||||||||||||||||
The following table summarizes the consideration transferred to acquire Blue Mountain and the fair value of the Company's previously held equity interest in Blue Mountain (in thousands): | |||||||||||||||||
As of September 19, 2014 | |||||||||||||||||
Consideration transferred: | |||||||||||||||||
Cash paid for purchase price | $ | 51,786 | |||||||||||||||
Cash paid for working capital adjustment | 2,989 | ||||||||||||||||
Previously held equity interest: | |||||||||||||||||
Fair value of previously held equity interest on date of acquisition | 54,775 | ||||||||||||||||
Total consideration transferred | $ | 109,550 | |||||||||||||||
Prior to the Blue Mountain Acquisition, the Company held a 50.0% equity interest in Blue Mountain. The guidance on accounting for business combinations requires that an acquirer remeasure its previously held equity interest in the acquiree at its acquisition date fair value and recognize the resulting gain or loss in earnings. The Company valued its previously held equity interest at $54.8 million, which was determined by management with the assistance of a third party valuation firm, based on information available at the acquisition date, current assumptions as to future operations and the per share value issued as of the date the Company obtained control. This valuation resulted in a loss of $1.5 million included within loss on remeasurement of equity method investments and disposal of other assets in the accompanying condensed consolidated statements of operations for the nine months ended March 31, 2015. | |||||||||||||||||
Net Assets Acquired | |||||||||||||||||
The following table shows the preliminary amounts recognized as of the Acquisition Date for each major class of assets acquired and liabilities assumed and the resulting purchase price allocation (in thousands): | |||||||||||||||||
As of September 19, 2014 | |||||||||||||||||
Assets acquired: | |||||||||||||||||
Cash and cash equivalents | $ | 13,308 | |||||||||||||||
Receivables | 1,931 | ||||||||||||||||
Other current assets | 5,516 | ||||||||||||||||
Property, plant and equipment | 85,751 | ||||||||||||||||
Intangibles | 8,661 | ||||||||||||||||
Goodwill | 13,201 | ||||||||||||||||
Other long-term assets | 5 | ||||||||||||||||
Total assets acquired | 128,373 | ||||||||||||||||
Liabilities assumed: | |||||||||||||||||
Accounts payable and accrued liabilities | 13,777 | ||||||||||||||||
Deferred revenue and deposits | 5,046 | ||||||||||||||||
Net identifiable assets acquired | $ | 109,550 | |||||||||||||||
The assets acquired and liabilities assumed, as well as the results of operations from the Acquisition Date through the period ended March 31, 2015, are included within our Mountain segment. Once the Company completes its final determination of the fair market value of the assets and liabilities assumed, further adjustments and allocations may be recorded. Goodwill of $13.2 million is calculated as the excess of the purchase price paid over the net assets acquired. The goodwill recorded is primarily attributable to economies of scale, opportunities for synergies and any intangible assets that do not qualify for separate recognition. None of the goodwill is deductible for tax purposes. | |||||||||||||||||
Acquired identifiable intangible assets and their estimated useful life in years are as follows (in thousands): | |||||||||||||||||
Purchase Price | Estimated Useful Life in Years | ||||||||||||||||
Intangible assets: | |||||||||||||||||
Trademarks and trade names | $ | 4,107 | 20 | ||||||||||||||
Customer relationships | 4,554 | 4 | |||||||||||||||
Total intangible assets | $ | 8,661 | |||||||||||||||
Actual and Pro Forma Results | |||||||||||||||||
The following table shows the revenue and net income included in the Company's condensed consolidated statements of operations resulting from the Blue Mountain Acquisition since the Acquisition Date (in thousands): | |||||||||||||||||
Three Months Ended March 31, 2015 | Nine Months Ended March 31, 2015 | ||||||||||||||||
Revenue | $ | 33,014 | $ | 49,388 | |||||||||||||
Net income attributable to Intrawest Resorts Holdings, Inc. | $ | 13,603 | $ | 13,763 | |||||||||||||
The following unaudited pro forma consolidated results of operations have been prepared as if the Blue Mountain Acquisition occurred on July 1, 2013. The pro forma information does not necessarily reflect the actual results of operations had the Blue Mountain Acquisition been consummated at the beginning of the fiscal period indicated nor is it indicative of future operating results. The pro forma information does not include any adjustment for (i) potential revenue enhancements, cost synergies or other operating efficiencies that could result from the Blue Mountain Acquisition or (ii) transaction or integration costs related to the Blue Mountain Acquisition (in thousands, except per share data): | |||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Revenue | $ | 321,824 | $ | 321,081 | $ | 530,160 | $ | 535,206 | |||||||||
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. | $ | 128,694 | $ | 112,734 | $ | 45,526 | $ | (134,378 | ) | ||||||||
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. per share: | |||||||||||||||||
Basic | $ | 2.85 | $ | 2.57 | $ | 1.01 | $ | (3.16 | ) | ||||||||
Diluted | $ | 2.85 | $ | 2.57 | $ | 1.01 | $ | (3.16 | ) |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Commitments and Contingencies [Abstract] | |||||||||||||||||
Commitments and Contingencies | |||||||||||||||||
11 | Commitments and Contingencies | ||||||||||||||||
Letters of Credit | |||||||||||||||||
There were $44.9 million and $47.6 million of irrevocable standby letters of credit outstanding under the LC Facility at March 31, 2015 and June 30, 2014, respectively, mainly to secure the Company's commitments under the three closed noncontributory defined benefit pension plans covering certain of the Company's former executives and self-insurance claims. These outstanding letters of credit will expire in November 2018. | |||||||||||||||||
Legal | |||||||||||||||||
The Company is involved in various lawsuits and claims arising in the ordinary course of business and others arising from legacy real estate development. These lawsuits and claims may include, among other things, claims or litigation relating to personal injury and wrongful death, allegations of violations of laws and regulations relating to real estate activities and labor and employment, intellectual property and environmental matters and commercial contract disputes. The Company operates in multiple jurisdictions and, as a result, a claim in one jurisdiction may lead to claims or regulatory penalties in other jurisdictions. | |||||||||||||||||
Due to the nature of the activities at the Company's mountain resorts and CMH, the Company is exposed to the risk that customers or employees may be involved in accidents during the use, operation or maintenance of our trails, lifts, helicopters and facilities. As a result, the Company is, from time to time, subject to various lawsuits and claims in the ordinary course of business related to injuries occurring at the Company's properties. | |||||||||||||||||
In addition, the Company's pre-2010 legacy real estate development and sales activities, combined with the significant downward shift in real estate asset values that occurred in 2007 and 2008, resulted in claims arising in the ordinary course of business being filed against the Company by owners and prospective purchasers of residences of the Company's real estate developments. In some instances, the Company has been named as a defendant in lawsuits alleging construction defects at certain of the Company's existing developments or that the Company failed to construct planned amenities. 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 disclosures mandated under the Interstate Land Sales Act and similar state laws. | |||||||||||||||||
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. However, regardless of their merits or their ultimate outcomes, such matters are costly, divert management’s attention and may affect the Company's reputation, even if resolved in the Company's favor. | |||||||||||||||||
Government Grants and Loans | |||||||||||||||||
The federal government of Canada and the provincial government of Quebec have granted financial assistance to certain subsidiaries of the Company in the form of reimbursable loans and forgivable grants for the construction of specified tourist facilities at Tremblant. The unamortized balance of forgivable government grants received is included in other long-term liabilities in the accompanying condensed consolidated balance sheets and recorded as a reduction in depreciation expense of the related fixed asset or a reduction in cost of sales for property under development at the time a sale is recognized. Reimbursable government loans are included in long-term debt and long-term debt due within one year in the accompanying condensed consolidated balance sheets. The reimbursable government loans have a weighted average borrowing rate of 6.1%. | |||||||||||||||||
Reimbursable government loans and forgivable grants as of March 31, 2015 and June 30, 2014 in CAD and USD equivalent are as follows (in thousands): | |||||||||||||||||
31-Mar-15 | Fiscal Year End June 30, 2014 | ||||||||||||||||
CAD | USD Equivalent | CAD | USD Equivalent | ||||||||||||||
Loans | $ | 2,303 | $ | 1,816 | $ | 2,358 | $ | 2,210 | |||||||||
Grants | |||||||||||||||||
Received | 89,298 | 70,408 | 89,298 | 83,691 | |||||||||||||
Future advances | 31,421 | 24,774 | 31,421 | 29,448 | |||||||||||||
Total grants | $ | 120,719 | $ | 95,182 | $ | 120,719 | $ | 113,139 | |||||||||
Capital Leases | |||||||||||||||||
Capital lease obligations are primarily for equipment except for the lease of Winter Park. In the first quarter of fiscal 2014, 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 in the capital lease obligation and related capital lease assets due to a change in the present value of the future minimum lease payments. The Winter Park lease 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 recordedas a capital lease. | |||||||||||||||||
Amortization of assets under capital leases is included in depreciation and amortization expense in the accompanying condensed consolidated statements of operations. The capital leases have remaining terms ranging from 3 years to 37 years and have a weighted average interest rate of 10.0%. | |||||||||||||||||
Other | |||||||||||||||||
The Company holds forestry licenses and land leases with respect to certain of its resort operations. These leases expire at various times between 2017 and 2047 and provide for annual payments of approximately 2.0% of defined gross revenue. Payments for forestry licenses and land leases were $2.2 million and $2.0 million for the three months ended March 31, 2015 and 2014, respectively, and $3.0 million and $2.7 million for the nine months ended March 31, 2015 and 2014, respectively. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |
Mar. 31, 2015 | ||
Related Party Transactions [Abstract] | ||
Related Party Transactions | ||
12 | Related Party Transactions | |
For the three and nine months ended March 31, 2015, the Company recorded $0.2 million of expenses paid on behalf of Fortress related to the Restructuring. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Information [Abstract] | |||||||||||||||||
Segment Information | |||||||||||||||||
13 | 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. The Mountain segment earns revenue from a variety of activities, including lift revenue, lodging revenue, ski school revenue, retail and rental revenue, food and beverage revenue, and other revenue. The Adventure segment generates revenue from the sale of heli-skiing, mountaineering and hiking adventure packages, and ancillary services, such as fire suppression services, leasing, and maintenance, repair and overhaul of aircraft. The Real Estate segment includes a vacation club business, management of condominium hotel properties and real estate management, including marketing and sales activities, as well as real estate development activities. | |||||||||||||||||
Each of the Company’s reportable segments 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 the Company's reportable segments on the basis of revenue and segment earnings, which are adjusted for certain items set forth in the reconciliation below, including interest, taxes, depreciation and amortization (“Adjusted EBITDA”). The Company also evaluates Adjusted EBITDA as a key compensation measure. The Compensation Committee of the Board of Directors determines the annual variable compensation for certain members of the management team based, in part, on Adjusted EBITDA. Adjusted EBITDA is useful when comparing the segment performance over various reporting periods because it removes from the operating results the impact of items that the Company's management believes do not reflect the core operating performance. | |||||||||||||||||
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. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other entities may not calculate Adjusted EBITDA in the same manner as the Company. The Company's definition of Adjusted EBITDA is generally consistent with the definition of Consolidated EBITDA in the Credit Agreement, with exceptions related to not adjusting for recurring public company costs and foreign currency translation adjustments related to operational activities and adjusting for executive management restructuring costs. | |||||||||||||||||
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 remeasurement 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 Adjusted EBITDA related to equity method investments included within the segments and removes from Adjusted EBITDA the Adjusted EBITDA attributable to noncontrolling interests for entities consolidated within the 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. | |||||||||||||||||
The following table presents consolidated revenue and net loss reconciled to Adjusted EBITDA and Adjusted EBITDA by segment (in thousands): | |||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Revenue: | |||||||||||||||||
Mountain | |||||||||||||||||
Lift (1) | $ | 133,550 | $ | 110,291 | $ | 173,091 | $ | 144,898 | |||||||||
Lodging | 25,065 | 19,210 | 48,538 | 36,667 | |||||||||||||
Ski School (2) | 23,391 | 20,825 | 31,762 | 27,950 | |||||||||||||
Retail and Rental | 30,599 | 25,038 | 51,796 | 41,944 | |||||||||||||
Food and Beverage | 31,426 | 27,469 | 50,294 | 42,490 | |||||||||||||
Other | 14,061 | 12,251 | 33,579 | 30,374 | |||||||||||||
Total Mountain revenue | 258,092 | 215,084 | 389,060 | 324,323 | |||||||||||||
Adventure revenue | 44,579 | 50,376 | 77,437 | 84,409 | |||||||||||||
Real Estate revenue | 17,635 | 18,876 | 47,858 | 46,047 | |||||||||||||
Total reportable segment revenue | 320,306 | 284,336 | 514,355 | 454,779 | |||||||||||||
Legacy, non-core and other revenue (3) | 1,518 | 1,516 | 2,644 | 13,562 | |||||||||||||
Total revenue | $ | 321,824 | $ | 285,852 | $ | 516,999 | $ | 468,341 | |||||||||
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. | $ | 128,694 | $ | 109,478 | $ | 46,646 | $ | (134,524 | ) | ||||||||
Legacy and other non-core expenses, net (4) | 837 | 1,103 | 2,744 | 5,342 | |||||||||||||
Other operating expenses (5) | 2,464 | 4,569 | 7,462 | 8,070 | |||||||||||||
Depreciation and amortization | 14,767 | 13,969 | 44,065 | 41,111 | |||||||||||||
(Gain) loss on disposal of assets and impairment of real estate | (1,083 | ) | 212 | (1,126 | ) | 632 | |||||||||||
Loss on remeasurement of equity method investment | — | — | 1,454 | — | |||||||||||||
Interest income, net (6) | (84 | ) | 136 | (172 | ) | (1,268 | ) | ||||||||||
Interest expense on third party debt | 11,742 | 11,031 | 33,723 | 42,174 | |||||||||||||
Interest expense on notes payable to affiliates | — | — | — | 119,858 | |||||||||||||
(Earnings) loss from equity method investments (7) | (2,452 | ) | (6,670 | ) | 305 | (3,127 | ) | ||||||||||
Pro rata share of Adjusted EBITDA related to equity method investments (8), (9) | 1,386 | 9,327 | 3,337 | 11,410 | |||||||||||||
Adjusted EBITDA attributable to noncontrolling interest | (1,420 | ) | (2,108 | ) | (1,160 | ) | (1,276 | ) | |||||||||
Loss on extinguishment of debt | — | — | — | 35,480 | |||||||||||||
Other expense (income), net | 211 | (373 | ) | 666 | 514 | ||||||||||||
Income tax expense (benefit) | 230 | 77 | (2,386 | ) | 374 | ||||||||||||
Income attributable to noncontrolling interest | 1,099 | 1,514 | 860 | 860 | |||||||||||||
Total Adjusted EBITDA | $ | 156,391 | $ | 142,265 | $ | 136,418 | $ | 125,630 | |||||||||
Mountain Adjusted EBITDA (8) | $ | 135,721 | $ | 119,173 | $ | 114,194 | $ | 100,027 | |||||||||
Adventure Adjusted EBITDA (10) | 15,449 | 18,815 | 12,767 | 18,183 | |||||||||||||
Real Estate Adjusted EBITDA (11) | 5,221 | 4,277 | 9,457 | 7,420 | |||||||||||||
Total Adjusted EBITDA | $ | 156,391 | $ | 142,265 | $ | 136,418 | $ | 125,630 | |||||||||
-1 | Lift revenue during the summer is derived from mountain biking and sightseeing lift products. | ||||||||||||||||
-2 | Ski School revenue during the summer is derived from mountain bike instruction at various resorts. | ||||||||||||||||
-3 | Legacy, non-core and other revenue represents legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. It includes legacy real estate asset sales, non-core retail revenue and revenue from management of non-core commercial properties. Included in the nine months ended March 31, 2014 was $10.9 million of revenue from sales of non-core real estate held for development. | ||||||||||||||||
-4 | Legacy and other non-core expenses, net represents revenue and expenses of legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. Revenue and expenses related to legacy and other non-core operations include retail operations not located at the Company’s properties and 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 in real estate sales and marketing documents, and allegations that the Company failed to construct planned amenities. | ||||||||||||||||
-5 | Includes costs related to the Company's initial public offering, non-cash compensation, reduction in workforce severance, executive management restructuring costs, lease payments pursuant to the lease at Winter Park and other expenses. | ||||||||||||||||
-6 | Includes interest income unrelated to IRCG financing activities. | ||||||||||||||||
-7 | Represents the losses from equity method investments, including: Chateau M.T. Inc., Mammoth Hospitality Management L.L.C., the Mammoth family of resorts, and Blue Mountain prior to the Blue Mountain Acquisition. | ||||||||||||||||
-8 | Includes the Company’s pro rata share of Adjusted EBITDA from its equity method investment in Blue Mountain prior to the Blue Mountain Acquisition. The pro rata share of Adjusted EBITDA represents the share of Adjusted EBITDA from the equity method investment based on the Company’s economic ownership percentage. | ||||||||||||||||
-9 | Includes the Company’s pro rata share of EBITDA from its equity method investments in Mammoth Hospitality Management L.L.C. and Chateau M.T. Inc. The pro rata share of Adjusted EBITDA represents the Company’s share of Adjusted EBITDA from these equity method investments based on the Company's economic ownership percentages. | ||||||||||||||||
-10 | Adventure segment Adjusted EBITDA excludes Adjusted EBITDA attributable to noncontrolling interest. | ||||||||||||||||
-11 | Real Estate segment Adjusted EBITDA includes interest income earned from receivables related to the IRCG operations, in the amount of $0.9 million and $1.0 million for the three months ended March 31, 2015 and 2014, respectively, and $3.0 million and $3.4 million for the nine months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||
Capital Expenditures | |||||||||||||||||
The following table presents capital expenditures for our segments, reconciled to consolidated amounts for the three and nine months ended March 31, 2015 and 2014 (in thousands): | |||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Capital expenditures: | |||||||||||||||||
Mountain | $ | 1,696 | $ | 2,412 | $ | 27,687 | $ | 26,714 | |||||||||
Adventure | 645 | 369 | 3,419 | 6,892 | |||||||||||||
Real Estate | 18 | 20 | 245 | 564 | |||||||||||||
Total segment capital expenditures | 2,359 | 2,801 | 31,351 | 34,170 | |||||||||||||
Corporate and other | 471 | 1,218 | 3,170 | 2,759 | |||||||||||||
Total capital expenditures | $ | 2,830 | $ | 4,019 | $ | 34,521 | $ | 36,929 | |||||||||
Geographic Data | |||||||||||||||||
The Company’s revenue by geographic region for the three and nine months ended March 31, 2015 and 2014 consisted of the following (in thousands): | |||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Revenue: | |||||||||||||||||
United States | $ | 201,516 | $ | 189,543 | $ | 313,838 | $ | 296,613 | |||||||||
Canada | 120,308 | 96,309 | 203,161 | 171,728 | |||||||||||||
Total revenue | $ | 321,824 | $ | 285,852 | $ | 516,999 | $ | 468,341 |
Subsequent_Events
Subsequent Events | 9 Months Ended | |
Mar. 31, 2015 | ||
Subsequent Events [Abstract] | ||
Subsequent Events | ||
14 | Subsequent Events | |
On April 29, 2015, the Company and certain of the Company’s subsidiaries that guarantee the Company’s Senior Debt executed the second amendment (the “Second Amendment”) to the Company’s existing Credit Agreement. The Second Amendment adjusted the Company’s Term Loan to reduce the applicable margin for borrowings under the Term Loan from 4.5% to 3.75% for adjusted LIBOR loans. The applicable margin for borrowings under the LC Facility and Revolver did not change from the Company's current applicable margin of 4.5%. | ||
In addition to the re-pricing of the applicable margin, the terms of the Second Amendment also provide a twelve month “soft call” protection for lenders at a price of 101, or 101% of the then current Term Loan principal amount. All other terms and conditions of the Second Amendment are consistent with the Credit Agreement. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Significant Accounting Policies [Abstract] | |||||||||||||||||
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates | ||||||||||||||||
The accompanying condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required for complete financial statements prepared in accordance with GAAP. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Our results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. | |||||||||||||||||
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. | |||||||||||||||||
Principles of Consolidation | Principles of Consolidation | ||||||||||||||||
The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and all variable interest entities ("VIEs") for which the Company is the primary beneficiary. 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 2013, the Company's Canadian helicopter business was reorganized and Alpine Helicopters Inc. (“Alpine Helicopters”), in which the Company owns a 20.0% equity interest, was formed. Alpine Helicopters employs all the pilots that fly the helicopters in the CMH land tenures. Alpine Helicopters leases 100% of its helicopters from Intrawest ULC, a consolidated subsidiary of the Company, creating economic dependence and therefore giving Intrawest ULC a variable interest in Alpine Helicopters. Alpine Helicopters is a VIE for which the Company is the primary beneficiary and is consolidated in the accompanying condensed consolidated financial statements. The remaining 80.0% equity interest in Alpine Helicopters is held by the employees of Alpine Helicopters and is reflected as a noncontrolling interest in the accompanying condensed consolidated financial statements. As of March 31, 2015, Alpine Helicopters had total assets of $7.9 million and total liabilities of $5.0 million. | |||||||||||||||||
On September 19, 2014 (the "Acquisition Date"), the Company acquired the remaining 50.0% equity interest in Blue Mountain that the Company did not already own from Blue Mountain Resorts Holdings Inc. (“Blue Mountain Holdings”) as described in Note 10, "Blue Mountain Acquisition". The accompanying condensed consolidated financial statements reflect the Company's equity method investment in Blue Mountain prior to the Blue Mountain Acquisition and the consolidated results for the period from the Acquisition Date through March 31, 2015. | |||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||||||||||||||||
The Company has various short term financial instruments, including cash and cash equivalents, restricted cash, receivables, accounts payable and accrued liabilities. Due to their short-term nature, instruments’ book value approximates fair value, or, in the case of notes receivable, market comparable interest rates. | |||||||||||||||||
The fair value of the Senior Debt (as defined in Note 6, “Long-Term Debt”) was estimated using quoted prices for the Company's instruments in markets that are not active and was considered a Level 2 measure. The fair value of other debt obligations was estimated based on Level 3 inputs using discounted cash flow analyses based on assumptions that management believes are consistent with market participant assumptions. | |||||||||||||||||
31-Mar-15 | 30-Jun-14 | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Senior Debt | $ | 573,321 | $ | 598,726 | $ | 516,924 | $ | 548,046 | |||||||||
Other debt obligations | 2,947 | 2,555 | 3,584 | 3,114 | |||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||||||||||
In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement ("ASU 2015-05"). This update is intended to reduce diversity in practice by providing explicit guidance to customers about whether a cloud computing arrangement includes a software license. For public business entities the guidance is effective for annual periods beginning after December 15, 2015, with early adoption permitted. The Company has not yet selected a transition method and is currently in the process of evaluating the impact that ASU 2015-05 will have on its consolidated financial statements and related disclosures. | |||||||||||||||||
In April 2015, the FASB issued ASU 2015-03, Interest- Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"), which requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct reduction of the carrying value of the related debt, consistent with debt discounts and premiums. The standard is effective for all periods beginning on or after December 15, 2015, with early adoption permitted for financial statements that have not been previously issued. The Company adopted ASU 2015-03 effective March 31, 2015 on a retrospective basis. As a result of adopting this guidance, the Company has presented debt issuance costs as a direct reduction of the related debt liability, as appropriate, in the condensed consolidated balance sheets for all periods presented. This resulted in an adjustment of $15.0 million and $15.4 million from other long-term assets, net to long-term debt in the accompanying condensed consolidated balance sheets as of March 31, 2015 and June 30, 2014, respectively. | |||||||||||||||||
In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). This update (i) amends the criteria for determining which entities are considered VIEs or voting interest entities, (ii) amends the criteria for evaluating fees paid to a decision maker or service provider as a variable interest, (iii) amends the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) ends the deferral previously granted to certain investment companies for application of the VIE consolidation model. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The Company is currently in the process of evaluating the impact that ASU 2015-02 will have on its consolidated financial statements and related disclosures. | |||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for us beginning July 1, 2017 and early adoption is not permitted. On April 1, 2015, the FASB proposed a one-year deferral to the effective date with an option that would permit adoption as early as the original effective date. A final decision on the effective date is expected in 2015. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently in the process of evaluating the impact that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |||||||||||||||||
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"). This update raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures for discontinued operations as well as certain other disposals that do not meet the definition of a discontinued operation. The guidance is effective for annual periods beginning on or after December 15, 2014, with early adoption permitted only for disposals that have not been previously reported. The Company will adopt ASU 2014-08 effective July 1, 2015 and does not anticipate that the adoption will have a material impact on the Company's financial position, results of operations or cash flows. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Significant Accounting Policies [Abstract] | |||||||||||||||||
Carrying value and fair value of financial instruments | The fair value of the Senior Debt (as defined in Note 6, “Long-Term Debt”) was estimated using quoted prices for the Company's instruments in markets that are not active and was considered a Level 2 measure. The fair value of other debt obligations was estimated based on Level 3 inputs using discounted cash flow analyses based on assumptions that management believes are consistent with market participant assumptions. | ||||||||||||||||
31-Mar-15 | 30-Jun-14 | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Senior Debt | $ | 573,321 | $ | 598,726 | $ | 516,924 | $ | 548,046 | |||||||||
Other debt obligations | 2,947 | 2,555 | 3,584 | 3,114 | |||||||||||||
Revisions_of_Previously_Issued1
Revisions of Previously Issued Financial Statements (Tables) | 9 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Revisions of Previously Issued Financial Statements [Abstract] | |||||||||||||
Revised financial statements | The Company has revised the Consolidated Balance Sheets as of June 30, 2014 and the Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended March 31, 2014. The Company has also revised the Consolidated Statements of Cash Flows for the nine months ended March 31, 2014. | ||||||||||||
Selected Items | As Previously Reported | Revision Adjustment | As Revised | ||||||||||
Consolidated Balance Sheet | |||||||||||||
(in thousands) | Presentation as of June 30, 2014 | ||||||||||||
Total current liabilities | $ | 128,096 | $ | 699 | $ | 128,795 | |||||||
Total liabilities | 770,696 | (6,545 | ) | 764,151 | |||||||||
Total equity | 340,774 | (8,880 | ) | 331,894 | |||||||||
Consolidated Statement of Operations and Comprehensive Income | |||||||||||||
(in thousands) | Presentation as of the three months ended March 31, 2014 | ||||||||||||
Revenue | $ | 287,216 | $ | (1,364 | ) | $ | 285,852 | ||||||
Operating expenses | 158,469 | (995 | ) | 157,474 | |||||||||
Depreciation and amortization | 15,122 | (1,153 | ) | 13,969 | |||||||||
Income from operations | 113,413 | 784 | 114,197 | ||||||||||
Net income | 110,400 | 592 | 110,992 | ||||||||||
Selected Items | As Previously Reported | Revision Adjustment | As Revised | ||||||||||
Consolidated Statement of Operations and Comprehensive Loss | |||||||||||||
(in thousands) | Presentation as of the nine months ended March 31, 2014 | ||||||||||||
Revenue | $ | 469,883 | $ | (1,542 | ) | $ | 468,341 | ||||||
Operating expenses | 369,391 | 87 | 369,478 | ||||||||||
Depreciation and amortization | 42,265 | (1,154 | ) | 41,111 | |||||||||
Income from operations | 57,595 | (475 | ) | 57,120 | |||||||||
Net loss | (133,385 | ) | (279 | ) | (133,664 | ) | |||||||
Consolidated Statement of Cash Flows | |||||||||||||
(in thousands) | Presentation as of the nine months ended March 31, 2014 | ||||||||||||
Net cash provided by operating activities | $ | 76,604 | $ | (50 | ) | $ | 76,554 | ||||||
Effect of exchange rate changes on cash | (1,381 | ) | 50 | (1,331 | ) |
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Earnings (Loss) Per Share [Abstract] | |||||||||||||||||
Calculation of basic and diluted EPS | The calculation of basic and diluted EPS is presented below (in thousands, except per share data). | ||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Basic EPS | |||||||||||||||||
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. | $ | 128,694 | $ | 109,478 | $ | 46,646 | $ | (134,524 | ) | ||||||||
Weighted average common shares outstanding | 45,143 | 43,792 | 45,071 | 42,509 | |||||||||||||
Basic EPS | $ | 2.85 | $ | 2.5 | $ | 1.03 | $ | (3.16 | ) | ||||||||
Diluted EPS | |||||||||||||||||
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. | $ | 128,694 | $ | 109,478 | $ | 46,646 | $ | (134,524 | ) | ||||||||
Weighted average common shares outstanding | 45,143 | 43,792 | 45,071 | 42,509 | |||||||||||||
Dilutive effect of stock awards | — | 104 | 73 | — | |||||||||||||
Weighted average dilutive shares outstanding | 45,143 | 43,896 | 45,144 | 42,509 | |||||||||||||
Diluted EPS | $ | 2.85 | $ | 2.49 | $ | 1.03 | $ | (3.16 | ) |
Supplementary_Balance_Sheet_In1
Supplementary Balance Sheet Information (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Supplementary Balance Sheet Information [Abstract] | |||||||||
Current receivables | Current receivables as of March 31, 2015 and June 30, 2014 consisted of the following (in thousands): | ||||||||
31-Mar-15 | Fiscal Year End June 30, 2014 | ||||||||
Trade receivables | $ | 29,743 | $ | 37,988 | |||||
Loans, mortgages and notes receivable | 5,565 | 6,603 | |||||||
Allowance for doubtful accounts | (1,925 | ) | (4,183 | ) | |||||
Total current receivables | $ | 33,383 | $ | 40,408 | |||||
Other current assets | Other current assets as of March 31, 2015 and June 30, 2014 consisted of the following (in thousands): | ||||||||
31-Mar-15 | Fiscal Year End June 30, 2014 | ||||||||
Inventories | $ | 35,195 | $ | 37,282 | |||||
Capital spares | 11,115 | 11,160 | |||||||
Prepaid expenses | 8,713 | 8,469 | |||||||
Prepaid insurance | 4,745 | 3,721 | |||||||
Other assets | 458 | 157 | |||||||
Total other current assets | $ | 60,226 | $ | 60,789 | |||||
Other long-term assets | Other long-term assets as of March 31, 2015 and June 30, 2014 consisted of the following (in thousands): | ||||||||
31-Mar-15 | Fiscal Year End June 30, 2014 | ||||||||
Equity method investments | $ | 28,370 | $ | 87,282 | |||||
Long-term receivables | 27,505 | 36,406 | |||||||
Other long-term assets | 7,925 | 9,211 | |||||||
Allowance for doubtful accounts | (1,062 | ) | (2,442 | ) | |||||
Total other long-term assets | $ | 62,738 | $ | 130,457 | |||||
Accounts payable and accrued liabilities | Accounts payable and accrued liabilities as of March 31, 2015 and June 30, 2014 consisted of the following (in thousands): | ||||||||
31-Mar-15 | Fiscal Year End June 30, 2014 | ||||||||
Trade payables | $ | 73,720 | $ | 54,151 | |||||
Other payables and accrued liabilities | 9,225 | 8,383 | |||||||
Total accounts payable and accrued liabilities | $ | 82,945 | $ | 62,534 | |||||
Current deferred revenue and deposits | Current deferred revenue and deposits as of March 31, 2015 and June 30, 2014 consisted of the following (in thousands): | ||||||||
31-Mar-15 | Fiscal Year End June 30, 2014 | ||||||||
Season pass and other deferred revenue | $ | 24,120 | $ | 32,204 | |||||
Lodging and tour deposits | 20,064 | 15,171 | |||||||
Deposits on real estate sales | 3,772 | 8,313 | |||||||
Total current deferred revenue and deposits | $ | 47,956 | $ | 55,688 | |||||
Other long-term liabilities | Other long-term liabilities as of March 31, 2015 and June 30, 2014 consisted of the following (in thousands): | ||||||||
31-Mar-15 | Fiscal Year End June 30, 2014 | ||||||||
Pension liability, net of funded assets | $ | 32,181 | $ | 39,098 | |||||
Forgivable government grants | 9,019 | 11,460 | |||||||
Deferred revenue and deposits | 9,269 | 10,934 | |||||||
Other long-term liabilities | 21,442 | 24,403 | |||||||
Total other long-term liabilities | $ | 71,911 | $ | 85,895 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Long-Term Debt [Abstract] | ||||||||||||
Long-term debt | Long-term debt as of March 31, 2015 and June 30, 2014 consisted of the following (in thousands): | |||||||||||
Maturity | 31-Mar-15 | Fiscal Year End June 30, 2014 | ||||||||||
Senior Debt | 2020 | $ | 573,321 | $ | 516,924 | |||||||
Other debt obligations | 2015-2023 | 2,947 | 3,584 | |||||||||
Total | 576,268 | 520,508 | ||||||||||
Less: Long-term debt due within one year | 7,002 | 6,644 | ||||||||||
Total long-term debt | $ | 569,266 | $ | 513,864 | ||||||||
Long-term debt aggregate maturities | Current maturities represent principal payments due in the next 12 months. As of March 31, 2015, the long-term debt aggregate maturities for the 12 month period ended March 31 of each of the following years are set forth below (in thousands): | |||||||||||
2016 | $ | 7,002 | ||||||||||
2017 | 7,056 | |||||||||||
2018 | 6,131 | |||||||||||
2019 | 6,138 | |||||||||||
2020 | 6,145 | |||||||||||
Thereafter | 563,273 | |||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||
Changes in accumulated other comprehensive income | The following table presents the changes in AOCI, by component, for the nine months ended March 31, 2015 and 2014 (in thousands): | ||||||||
Nine Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Accumulated other comprehensive income, June 30 | $ | 197,723 | $ | 148,570 | |||||
Restructuring transactions on December 9, 2013 | — | 52,670 | |||||||
Other comprehensive income (loss): | |||||||||
Foreign currency translation adjustments | (57,957 | ) | (14,592 | ) | |||||
Realized portion on cash flow hedge (net of tax of $0) (a) | 1,458 | 2,737 | |||||||
Actuarial loss on pensions (net of tax of $0) (b) | (589 | ) | (427 | ) | |||||
Accumulated other comprehensive income, March 31 | $ | 140,635 | $ | 188,958 | |||||
(a) | Amount reclassified out of AOCI is included in interest expense in the accompanying condensed consolidated statements of operations. | ||||||||
(b) | Amount reclassified out of AOCI is included in operating expenses in the accompanying condensed consolidated statements of operations. | ||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Share-Based Compensation [Abstract] | |||||||||
Summary of restricted stock awards activity | A summary of Restricted Stock Awards activity during the nine months ended March 31, 2015 is as follows: | ||||||||
Number of Awards | Weighted Average | ||||||||
Grant Date Fair Value | |||||||||
Total unvested awards - July 1, 2014 | 784,727 | $ | 11.97 | ||||||
Granted | 45,834 | 8.72 | |||||||
Vested | (219,282 | ) | 12 | ||||||
Forfeited | (269,484 | ) | 12 | ||||||
Total unvested awards - March 31, 2015 | 341,795 | $ | 11.49 | ||||||
Assumptions used to calculate fair value of stock options granted | The fair value of the Options was estimated at the grant date using a Black-Scholes option pricing model with the following assumptions: | ||||||||
Expected stock price volatility | 32.5 | % | |||||||
Expected term (in years) | 6.3 | ||||||||
Risk-free interest rate | 1.8 | % | |||||||
Dividend yield | 0 | % | |||||||
Weighted average fair value per option | $ | 3.46 |
Blue_Mountain_Acquisition_Tabl
Blue Mountain Acquisition (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Blue Mountain Acquisition [Abstract] | |||||||||||||||||
Consideration transferred | The following table summarizes the consideration transferred to acquire Blue Mountain and the fair value of the Company's previously held equity interest in Blue Mountain (in thousands): | ||||||||||||||||
As of September 19, 2014 | |||||||||||||||||
Consideration transferred: | |||||||||||||||||
Cash paid for purchase price | $ | 51,786 | |||||||||||||||
Cash paid for working capital adjustment | 2,989 | ||||||||||||||||
Previously held equity interest: | |||||||||||||||||
Fair value of previously held equity interest on date of acquisition | 54,775 | ||||||||||||||||
Total consideration transferred | $ | 109,550 | |||||||||||||||
Net identifiable assets acquired | The following table shows the preliminary amounts recognized as of the Acquisition Date for each major class of assets acquired and liabilities assumed and the resulting purchase price allocation (in thousands): | ||||||||||||||||
As of September 19, 2014 | |||||||||||||||||
Assets acquired: | |||||||||||||||||
Cash and cash equivalents | $ | 13,308 | |||||||||||||||
Receivables | 1,931 | ||||||||||||||||
Other current assets | 5,516 | ||||||||||||||||
Property, plant and equipment | 85,751 | ||||||||||||||||
Intangibles | 8,661 | ||||||||||||||||
Goodwill | 13,201 | ||||||||||||||||
Other long-term assets | 5 | ||||||||||||||||
Total assets acquired | 128,373 | ||||||||||||||||
Liabilities assumed: | |||||||||||||||||
Accounts payable and accrued liabilities | 13,777 | ||||||||||||||||
Deferred revenue and deposits | 5,046 | ||||||||||||||||
Net identifiable assets acquired | $ | 109,550 | |||||||||||||||
Acquired identifiable intangible assets | Acquired identifiable intangible assets and their estimated useful life in years are as follows (in thousands): | ||||||||||||||||
Purchase Price | Estimated Useful Life in Years | ||||||||||||||||
Intangible assets: | |||||||||||||||||
Trademarks and trade names | $ | 4,107 | 20 | ||||||||||||||
Customer relationships | 4,554 | 4 | |||||||||||||||
Total intangible assets | $ | 8,661 | |||||||||||||||
Actual financial results since acquisition date | The following table shows the revenue and net income included in the Company's condensed consolidated statements of operations resulting from the Blue Mountain Acquisition since the Acquisition Date (in thousands): | ||||||||||||||||
Three Months Ended March 31, 2015 | Nine Months Ended March 31, 2015 | ||||||||||||||||
Revenue | $ | 33,014 | $ | 49,388 | |||||||||||||
Net income attributable to Intrawest Resorts Holdings, Inc. | $ | 13,603 | $ | 13,763 | |||||||||||||
Pro forma consolidated results of operations | The following unaudited pro forma consolidated results of operations have been prepared as if the Blue Mountain Acquisition occurred on July 1, 2013. The pro forma information does not necessarily reflect the actual results of operations had the Blue Mountain Acquisition been consummated at the beginning of the fiscal period indicated nor is it indicative of future operating results. The pro forma information does not include any adjustment for (i) potential revenue enhancements, cost synergies or other operating efficiencies that could result from the Blue Mountain Acquisition or (ii) transaction or integration costs related to the Blue Mountain Acquisition (in thousands, except per share data): | ||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Revenue | $ | 321,824 | $ | 321,081 | $ | 530,160 | $ | 535,206 | |||||||||
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. | $ | 128,694 | $ | 112,734 | $ | 45,526 | $ | (134,378 | ) | ||||||||
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. per share: | |||||||||||||||||
Basic | $ | 2.85 | $ | 2.57 | $ | 1.01 | $ | (3.16 | ) | ||||||||
Diluted | $ | 2.85 | $ | 2.57 | $ | 1.01 | $ | (3.16 | ) |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Commitments and Contingencies [Abstract] | |||||||||||||||||
Reimbursable government loans and forgivable grants | Reimbursable government loans and forgivable grants as of March 31, 2015 and June 30, 2014 in CAD and USD equivalent are as follows (in thousands): | ||||||||||||||||
31-Mar-15 | Fiscal Year End June 30, 2014 | ||||||||||||||||
CAD | USD Equivalent | CAD | USD Equivalent | ||||||||||||||
Loans | $ | 2,303 | $ | 1,816 | $ | 2,358 | $ | 2,210 | |||||||||
Grants | |||||||||||||||||
Received | 89,298 | 70,408 | 89,298 | 83,691 | |||||||||||||
Future advances | 31,421 | 24,774 | 31,421 | 29,448 | |||||||||||||
Total grants | $ | 120,719 | $ | 95,182 | $ | 120,719 | $ | 113,139 | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Information [Abstract] | |||||||||||||||||
Consolidated revenue | The following table presents consolidated revenue and net loss reconciled to Adjusted EBITDA and Adjusted EBITDA by segment (in thousands): | ||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Revenue: | |||||||||||||||||
Mountain | |||||||||||||||||
Lift (1) | $ | 133,550 | $ | 110,291 | $ | 173,091 | $ | 144,898 | |||||||||
Lodging | 25,065 | 19,210 | 48,538 | 36,667 | |||||||||||||
Ski School (2) | 23,391 | 20,825 | 31,762 | 27,950 | |||||||||||||
Retail and Rental | 30,599 | 25,038 | 51,796 | 41,944 | |||||||||||||
Food and Beverage | 31,426 | 27,469 | 50,294 | 42,490 | |||||||||||||
Other | 14,061 | 12,251 | 33,579 | 30,374 | |||||||||||||
Total Mountain revenue | 258,092 | 215,084 | 389,060 | 324,323 | |||||||||||||
Adventure revenue | 44,579 | 50,376 | 77,437 | 84,409 | |||||||||||||
Real Estate revenue | 17,635 | 18,876 | 47,858 | 46,047 | |||||||||||||
Total reportable segment revenue | 320,306 | 284,336 | 514,355 | 454,779 | |||||||||||||
Legacy, non-core and other revenue (3) | 1,518 | 1,516 | 2,644 | 13,562 | |||||||||||||
Total revenue | $ | 321,824 | $ | 285,852 | $ | 516,999 | $ | 468,341 | |||||||||
Net loss reconciled to segment adjusted EBITDA | |||||||||||||||||
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. | $ | 128,694 | $ | 109,478 | $ | 46,646 | $ | (134,524 | ) | ||||||||
Legacy and other non-core expenses, net (4) | 837 | 1,103 | 2,744 | 5,342 | |||||||||||||
Other operating expenses (5) | 2,464 | 4,569 | 7,462 | 8,070 | |||||||||||||
Depreciation and amortization | 14,767 | 13,969 | 44,065 | 41,111 | |||||||||||||
(Gain) loss on disposal of assets and impairment of real estate | (1,083 | ) | 212 | (1,126 | ) | 632 | |||||||||||
Loss on remeasurement of equity method investment | — | — | 1,454 | — | |||||||||||||
Interest income, net (6) | (84 | ) | 136 | (172 | ) | (1,268 | ) | ||||||||||
Interest expense on third party debt | 11,742 | 11,031 | 33,723 | 42,174 | |||||||||||||
Interest expense on notes payable to affiliates | — | — | — | 119,858 | |||||||||||||
(Earnings) loss from equity method investments (7) | (2,452 | ) | (6,670 | ) | 305 | (3,127 | ) | ||||||||||
Pro rata share of Adjusted EBITDA related to equity method investments (8), (9) | 1,386 | 9,327 | 3,337 | 11,410 | |||||||||||||
Adjusted EBITDA attributable to noncontrolling interest | (1,420 | ) | (2,108 | ) | (1,160 | ) | (1,276 | ) | |||||||||
Loss on extinguishment of debt | — | — | — | 35,480 | |||||||||||||
Other expense (income), net | 211 | (373 | ) | 666 | 514 | ||||||||||||
Income tax expense (benefit) | 230 | 77 | (2,386 | ) | 374 | ||||||||||||
Income attributable to noncontrolling interest | 1,099 | 1,514 | 860 | 860 | |||||||||||||
Total Adjusted EBITDA | $ | 156,391 | $ | 142,265 | $ | 136,418 | $ | 125,630 | |||||||||
Mountain Adjusted EBITDA (8) | $ | 135,721 | $ | 119,173 | $ | 114,194 | $ | 100,027 | |||||||||
Adventure Adjusted EBITDA (10) | 15,449 | 18,815 | 12,767 | 18,183 | |||||||||||||
Real Estate Adjusted EBITDA (11) | 5,221 | 4,277 | 9,457 | 7,420 | |||||||||||||
Total Adjusted EBITDA | $ | 156,391 | $ | 142,265 | $ | 136,418 | $ | 125,630 | |||||||||
-1 | Lift revenue during the summer is derived from mountain biking and sightseeing lift products. | ||||||||||||||||
-2 | Ski School revenue during the summer is derived from mountain bike instruction at various resorts. | ||||||||||||||||
-3 | Legacy, non-core and other revenue represents legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. It includes legacy real estate asset sales, non-core retail revenue and revenue from management of non-core commercial properties. Included in the nine months ended March 31, 2014 was $10.9 million of revenue from sales of non-core real estate held for development. | ||||||||||||||||
-4 | Legacy and other non-core expenses, net represents revenue and expenses of legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. Revenue and expenses related to legacy and other non-core operations include retail operations not located at the Company’s properties and 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 in real estate sales and marketing documents, and allegations that the Company failed to construct planned amenities. | ||||||||||||||||
-5 | Includes costs related to the Company's initial public offering, non-cash compensation, reduction in workforce severance, executive management restructuring costs, lease payments pursuant to the lease at Winter Park and other expenses. | ||||||||||||||||
-6 | Includes interest income unrelated to IRCG financing activities. | ||||||||||||||||
-7 | Represents the losses from equity method investments, including: Chateau M.T. Inc., Mammoth Hospitality Management L.L.C., the Mammoth family of resorts, and Blue Mountain prior to the Blue Mountain Acquisition. | ||||||||||||||||
-8 | Includes the Company’s pro rata share of Adjusted EBITDA from its equity method investment in Blue Mountain prior to the Blue Mountain Acquisition. The pro rata share of Adjusted EBITDA represents the share of Adjusted EBITDA from the equity method investment based on the Company’s economic ownership percentage. | ||||||||||||||||
-9 | Includes the Company’s pro rata share of EBITDA from its equity method investments in Mammoth Hospitality Management L.L.C. and Chateau M.T. Inc. The pro rata share of Adjusted EBITDA represents the Company’s share of Adjusted EBITDA from these equity method investments based on the Company's economic ownership percentages. | ||||||||||||||||
-10 | Adventure segment Adjusted EBITDA excludes Adjusted EBITDA attributable to noncontrolling interest. | ||||||||||||||||
-11 | Real Estate segment Adjusted EBITDA includes interest income earned from receivables related to the IRCG operations, in the amount of $0.9 million and $1.0 million for the three months ended March 31, 2015 and 2014, respectively, and $3.0 million and $3.4 million for the nine months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||
Capital expenditures for reportable segments | The following table presents capital expenditures for our segments, reconciled to consolidated amounts for the three and nine months ended March 31, 2015 and 2014 (in thousands): | ||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Capital expenditures: | |||||||||||||||||
Mountain | $ | 1,696 | $ | 2,412 | $ | 27,687 | $ | 26,714 | |||||||||
Adventure | 645 | 369 | 3,419 | 6,892 | |||||||||||||
Real Estate | 18 | 20 | 245 | 564 | |||||||||||||
Total segment capital expenditures | 2,359 | 2,801 | 31,351 | 34,170 | |||||||||||||
Corporate and other | 471 | 1,218 | 3,170 | 2,759 | |||||||||||||
Total capital expenditures | $ | 2,830 | $ | 4,019 | $ | 34,521 | $ | 36,929 | |||||||||
Revenue by geographic region | The Company’s revenue by geographic region for the three and nine months ended March 31, 2015 and 2014 consisted of the following (in thousands): | ||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Revenue: | |||||||||||||||||
United States | $ | 201,516 | $ | 189,543 | $ | 313,838 | $ | 296,613 | |||||||||
Canada | 120,308 | 96,309 | 203,161 | 171,728 | |||||||||||||
Total revenue | $ | 321,824 | $ | 285,852 | $ | 516,999 | $ | 468,341 |
Organization_and_Business_Deta
Organization and Business (Details) (USD $) | 9 Months Ended | 0 Months Ended | 1 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 09, 2013 | Feb. 28, 2014 | Jun. 30, 2014 | Sep. 19, 2014 | |
Segment | ||||||
Business Operations [Abstract] | ||||||
Number of reportable segments | 3 | |||||
Restructuring [Abstract] | ||||||
Interest expense related to the non-contributed notes payable to affiliates | $0 | $119,900,000 | ||||
Restructuring [Member] | ||||||
Restructuring [Abstract] | ||||||
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 (in shares) | 42,999,900 | |||||
Number of shares of common stock issued (in shares) | 41,881,903 | |||||
Reverse stock split, conversion ratio | 0.974 | |||||
Effect of restructuring activity on assets | 4,100,000 | |||||
Conversion of affiliate debt and removal of the Third Lien Loan | 1,500,000,000 | |||||
Fortress [Member] | Restructuring [Member] | ||||||
Restructuring [Abstract] | ||||||
Percentage of equity interests (in hundredths) | 100.00% | |||||
Third Lien Loan [Member] | Restructuring [Member] | ||||||
Restructuring [Abstract] | ||||||
Additional notes payable to affiliates identified as released portion from all obligation | 355,600,000 | |||||
Accrued and unpaid interest included in additional notes payable to affiliates | $145,600,000 | |||||
British Columbia [Member] | ||||||
Business Operations [Abstract] | ||||||
Number of lodges | 11 | |||||
Blue Mountain [Member] | ||||||
Business Operations [Abstract] | ||||||
Original ownership percentage (in hundredths) | 50.00% | |||||
Ownership percentage (in hundredths) | 50.00% | |||||
Mammoth Hospitality Management, L.L.C. [Member] | ||||||
Business Operations [Abstract] | ||||||
Ownership percentage (in hundredths) | 50.00% | |||||
Chateau M.T. Inc [Member] | ||||||
Business Operations [Abstract] | ||||||
Ownership percentage (in hundredths) | 57.10% | |||||
Intrawest U.S. and Intrawest ULC [Member] | Restructuring [Member] | ||||||
Restructuring [Abstract] | ||||||
Percentage of equity interests (in hundredths) | 100.00% |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) (USD $) | 9 Months Ended | ||
Mar. 31, 2015 | Jun. 30, 2014 | Sep. 19, 2014 | |
Recent Accounting Pronouncements [Abstract] | |||
Other long-term assets | $62,738,000 | $130,457,000 | |
Long-term debt | 569,266,000 | 513,864,000 | |
Carrying Value [Member] | Senior Debt [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | 573,321,000 | 516,924,000 | |
Carrying Value [Member] | Other Debt Obligations [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | 2,947,000 | 3,584,000 | |
Fair Value [Member] | Senior Debt [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | 598,726,000 | 548,046,000 | |
Fair Value [Member] | Other Debt Obligations [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | 2,555,000 | 3,114,000 | |
ASU 2015-03 [Member] | Restatement Adjustment [Member] | |||
Recent Accounting Pronouncements [Abstract] | |||
Other long-term assets | -15,000,000 | -15,400,000 | |
Long-term debt | -15,000,000 | -15,400,000 | |
Blue Mountain [Member] | |||
Principles of Consolidation [Abstract] | |||
Additional ownership percentage acquired (in hundredths) | 50.00% | ||
Alpine Helicopters [Member] | |||
Principles of Consolidation [Abstract] | |||
Ownership interest in VIE (in hundredths) | 20.00% | ||
Noncontrolling interest held by employees (in hundredths) | 80.00% | ||
Total assets | 7,900,000 | ||
Total liabilities | $5,000,000 | ||
Alpine Helicopters [Member] | Intrawest ULC [Member] | |||
Principles of Consolidation [Abstract] | |||
Percentage of helicopters leased from consolidated subsidiary (in hundredths) | 100.00% |
Revisions_of_Previously_Issued2
Revisions of Previously Issued Financial Statements (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | |
Consolidated Balance Sheet [Abstract] | |||||
Total current liabilities | $141,428,000 | $141,428,000 | $128,795,000 | ||
Total liabilities | 817,407,000 | 817,407,000 | 764,151,000 | ||
Total equity (deficit) | 324,666,000 | 324,666,000 | 331,894,000 | ||
Consolidated Statements of Operations and Comprehensive Income [Abstract] | |||||
Revenue | 321,824,000 | 285,852,000 | 516,999,000 | 468,341,000 | |
Operating expenses | 169,523,000 | 157,474,000 | 395,864,000 | 369,478,000 | |
Depreciation and amortization | 14,767,000 | 13,969,000 | 44,065,000 | 41,111,000 | |
Income from operations | 138,617,000 | 114,197,000 | 76,742,000 | 57,120,000 | |
Net income (loss) | 129,793,000 | 110,992,000 | 47,506,000 | -133,664,000 | |
Consolidated Statements of Cash Flows [Abstract] | |||||
Net cash provided by operating activities | 105,220,000 | 76,554,000 | |||
Effect of exchange rate changes on cash | -1,819,000 | -1,331,000 | |||
As Previously Reported [Member] | |||||
Consolidated Balance Sheet [Abstract] | |||||
Total current liabilities | 128,096,000 | ||||
Total liabilities | 770,696,000 | ||||
Total equity (deficit) | 340,774,000 | ||||
Consolidated Statements of Operations and Comprehensive Income [Abstract] | |||||
Revenue | 287,216,000 | 469,883,000 | |||
Operating expenses | 158,469,000 | 369,391,000 | |||
Depreciation and amortization | 15,122,000 | 42,265,000 | |||
Income from operations | 113,413,000 | 57,595,000 | |||
Net income (loss) | 110,400,000 | -133,385,000 | |||
Consolidated Statements of Cash Flows [Abstract] | |||||
Net cash provided by operating activities | 76,604,000 | ||||
Effect of exchange rate changes on cash | -1,381,000 | ||||
Revision Adjustment [Member] | |||||
Consolidated Balance Sheet [Abstract] | |||||
Total current liabilities | 699,000 | ||||
Total liabilities | -6,545,000 | ||||
Total equity (deficit) | -8,880,000 | ||||
Consolidated Statements of Operations and Comprehensive Income [Abstract] | |||||
Revenue | -1,364,000 | -1,542,000 | |||
Operating expenses | -995,000 | 87,000 | |||
Depreciation and amortization | -1,153,000 | -1,154,000 | |||
Income from operations | 784,000 | -475,000 | |||
Net income (loss) | 592,000 | -279,000 | |||
Consolidated Statements of Cash Flows [Abstract] | |||||
Net cash provided by operating activities | -50,000 | ||||
Effect of exchange rate changes on cash | 50,000 | ||||
Recognition of Revenue on Incremental Initial Fees [Member] | Revision Adjustment [Member] | |||||
Consolidated Balance Sheet [Abstract] | |||||
Deferred revenue | 3,100,000 | ||||
Consolidated Statements of Operations and Comprehensive Income [Abstract] | |||||
Revenue | -400,000 | -400,000 | |||
Present Value of Future Liability for Initial Fee Refunds [Member] | Revision Adjustment [Member] | |||||
Consolidated Balance Sheet [Abstract] | |||||
Other long-term liabilities | 5,500,000 | ||||
Consolidated Statements of Operations and Comprehensive Income [Abstract] | |||||
Interest expense | $200,000 | $500,000 |
Earnings_Loss_Per_Share_Detail
Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings (Loss) Per Share [Abstract] | ||||
Anti-dilutive stock awards not included in calculation of EPS (in shares) | 1,300,000 | 1,100,000 | 100,000 | |
Basic EPS [Abstract] | ||||
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. | $128,694 | $109,478 | $46,646 | ($134,524) |
Weighted average common shares outstanding (in shares) | 45,143,142 | 43,791,722 | 45,070,917 | 42,509,281 |
Basic EPS (in dollars per share) | $2.85 | $2.50 | $1.03 | ($3.16) |
Diluted EPS [Abstract] | ||||
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. | $128,694 | $109,478 | $46,646 | ($134,524) |
Weighted average common shares outstanding (in shares) | 45,143,142 | 43,791,722 | 45,070,917 | 42,509,281 |
Dilutive effect of stock awards (in shares) | 0 | 104,000 | 73,000 | 0 |
Weighted average common shares outstanding | 45,143,142 | 43,896,000 | 45,144,260 | 42,509,281 |
Diluted EPS (in dollars per share) | $2.85 | $2.49 | $1.03 | ($3.16) |
Supplementary_Balance_Sheet_In2
Supplementary Balance Sheet Information, Current Receivables (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current Receivables [Abstract] | ||
Trade receivables | $29,743 | $37,988 |
Loans, mortgages and notes receivable | 5,565 | 6,603 |
Allowance for doubtful accounts | -1,925 | -4,183 |
Total current receivables | $33,383 | $40,408 |
Supplementary_Balance_Sheet_In3
Supplementary Balance Sheet Information, Other Current Assets (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Other Current Assets [Abstract] | ||
Inventories | $35,195 | $37,282 |
Capital spares | 11,115 | 11,160 |
Prepaid expenses | 8,713 | 8,469 |
Prepaid insurance | 4,745 | 3,721 |
Other assets | 458 | 157 |
Total other current assets | $60,226 | $60,789 |
Supplementary_Balance_Sheet_In4
Supplementary Balance Sheet Information, Other Long-Term Assets (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Other Long-Term Assets [Abstract] | ||
Equity method investments | $28,370 | $87,282 |
Long-term receivables | 27,505 | 36,406 |
Other long-term assets | 7,925 | 9,211 |
Allowance for doubtful accounts | -1,062 | -2,442 |
Total other long-term assets | $62,738 | $130,457 |
Supplementary_Balance_Sheet_In5
Supplementary Balance Sheet Information, Accounts Payable and Accrued Liabilities (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities [Abstract] | ||
Trade payables | $73,720 | $54,151 |
Other payables and accrued liabilities | 9,225 | 8,383 |
Total accounts payable and accrued liabilities | $82,945 | $62,534 |
Supplementary_Balance_Sheet_In6
Supplementary Balance Sheet Information, Current Deferred Revenue and Deposits (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current Deferred Revenue and Deposits [Abstract] | ||
Season pass and other deferred revenue | $24,120 | $32,204 |
Lodging and tour deposits | 20,064 | 15,171 |
Deposits on real estate sales | 3,772 | 8,313 |
Total current deferred revenue and deposits | $47,956 | $55,688 |
Supplementary_Balance_Sheet_In7
Supplementary Balance Sheet Information, Other Long-Term Liabilities (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Other Long-Term Liabilities [Abstract] | ||
Pension liability, net of funded assets | $32,181 | $39,098 |
Forgivable government grants | 9,019 | 11,460 |
Deferred revenue and deposits | 9,269 | 10,934 |
Other long-term liabilities | 21,442 | 24,403 |
Total other long-term liabilities | $71,911 | $85,895 |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt, Long-Term Debt (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Jun. 30, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt | $576,268 | $520,508 |
Less: Long-term debt due within one year | 7,002 | 6,644 |
Total long-term debt | 569,266 | 513,864 |
Senior Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | 2020 | |
Long-term debt | 573,321 | 516,924 |
Other Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $2,947 | $3,584 |
Other Debt Obligations [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | 2015 | |
Other Debt Obligations [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | 2023 |
LongTerm_Debt_Senior_Debt_and_
Long-Term Debt, Senior Debt and Other Obligations (Details) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | ||
Dec. 09, 2013 | Sep. 30, 2014 | Mar. 31, 2015 | Jun. 30, 2014 | Dec. 09, 2013 | |
Debt Instrument [Line Items] | |||||
Remaining unamortized costs | $15,000,000 | $15,400,000 | |||
Senior Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt issuance costs, net | 16,900,000 | ||||
Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Term loan | 540,000,000 | 540,000,000 | |||
Proceeds from additional term loan | 60,000,000 | ||||
Additional term loan | 40,000,000 | 40,000,000 | |||
Debt, maturity date | 9-Dec-20 | ||||
Margin rate (in hundredths) | 4.50% | ||||
Quarterly principal payment | 1,500,000 | ||||
Original issue discount percentage (in hundredths) | 0.90% | ||||
Original issue discount | 5,500,000 | ||||
Unamortized original issue discount | 4,500,000 | 4,900,000 | |||
Term Loan [Member] | Blue Mountain [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt issuance costs, net | 1,200,000 | ||||
Term Loan [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Margin rate (in hundredths) | 4.50% | ||||
Interest rate, description | LIBOR | ||||
Term Loan [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Margin rate (in hundredths) | 3.50% | ||||
Interest rate, description | Base Rate | ||||
Revolver [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 25,000,000 | 25,000,000 | |||
Debt, maturity date | 9-Dec-18 | ||||
Margin rate (in hundredths) | 4.50% | ||||
Percentage of outstanding amount (in hundredths) | 30.00% | ||||
Commitment fee, basis point (in hundredths) | 0.38% | ||||
Borrowings outstanding | 0 | 0 | |||
LC Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 55,000,000 | 55,000,000 | |||
Debt, maturity date | 9-Dec-18 | ||||
Margin rate (in hundredths) | 4.50% | ||||
Fronting fees, basis point (in hundredths) | 0.25% | ||||
Commitment fee, basis point (in hundredths) | 0.38% | ||||
Commitment fee, unutilized commitments (in hundredths) | 15.00% | ||||
Letters of credit outstanding | $44,900,000 | $47,600,000 | |||
Other Obligations [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate (in hundredths) | 5.70% |
LongTerm_Debt_Maturities_Detai
Long-Term Debt, Maturities (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Long-Term Debt Aggregate Maturities [Abstract] | |
2016 | $7,002 |
2017 | 7,056 |
2018 | 6,131 |
2019 | 6,138 |
2020 | 6,145 |
Thereafter | $563,273 |
LongTerm_Debt_Interest_Expense
Long-Term Debt, Interest Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Oct. 11, 2008 |
Debt Instrument [Line Items] | |||||
Interest expense | $11.70 | $11 | $33.70 | $162 | |
Amortization of deferred financing costs | 0.6 | 0.8 | 1.8 | 2.8 | |
Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Fair value of swap contracts on conversion | 2.8 | 2.8 | 111.4 | ||
Deferred losses to be amortized from AOCI into interest expense | 1.3 | 1.3 | |||
Interest Rate Swap [Member] | Reclassification from AOCI [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest expense | $0.60 | $0.80 | $1.50 | $2.70 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive income, beginning balance | $197,723 | $148,570 | ||||
Other comprehensive (loss) income | -28,228 | -11,998 | -57,072 | -12,216 | ||
Accumulated other comprehensive income, ending balance | 140,635 | 188,958 | 140,635 | 188,958 | ||
Other comprehensive (loss) income, tax | 0 | 0 | 0 | 0 | ||
Restructuring Transactions [Member] | ||||||
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward] | ||||||
Other comprehensive (loss) income | 0 | 52,670 | ||||
Foreign Currency Translation Adjustments [Member] | ||||||
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward] | ||||||
Other comprehensive (loss) income | -57,957 | -14,592 | ||||
Realized Portion on Cash Flow Hedge [Member] | ||||||
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward] | ||||||
Other comprehensive (loss) income | 1,458 | [1] | 2,737 | [1] | ||
Other comprehensive (loss) income, tax | 0 | |||||
Actuarial Loss on Pensions [Member] | ||||||
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward] | ||||||
Other comprehensive (loss) income | -589 | [2] | -427 | [2] | ||
Other comprehensive (loss) income, tax | $0 | |||||
[1] | Amount reclassified out of AOCI is included in interest expense in the accompanying condensed consolidated statements of operations. | |||||
[2] | Amount reclassified out of AOCI is included in operating expenses in the accompanying condensed consolidated statements of operations. |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 9 Months Ended | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Feb. 05, 2014 |
Restricted Stock [Member] | |||
Share-Based Compensation Expense [Abstract] | |||
Unrecognized compensation expense | $2.40 | $2.40 | |
Unvested awards, weighted average period for recognition | 1 year 10 months 24 days | ||
Restricted Stock [Member] | Operating Expenses [Member] | |||
Share-Based Compensation Expense [Abstract] | |||
Compensation expense | 2.2 | 0.6 | |
Stock Options [Member] | |||
Share-Based Compensation Expense [Abstract] | |||
Unrecognized compensation expense | 6 | 6 | |
Unvested awards, weighted average period for recognition | 2 years 7 months 6 days | ||
Stock Options [Member] | Operating Expenses [Member] | |||
Share-Based Compensation Expense [Abstract] | |||
Compensation expense | $0.90 | $0.60 | |
2014 Omnibus Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock shares available for future grant (in shares) | 1,186,845 | 1,186,845 | 4,500,700 |
2014 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock received for each restricted stock unit exchanged (in shares) | 1 | ||
Restricted Stock Awards, Number of Awards [Roll Forward] | |||
Beginning balance (in shares) | 784,727 | ||
Granted (in shares) | 45,834 | ||
Vested (in shares) | -219,282 | ||
Forfeited (in shares) | -269,484 | ||
Ending balance (in shares) | 341,795 | 341,795 | |
Restricted Stock Awards, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Beginning balance (in dollars per share) | $11.97 | ||
Granted (in dollars per share) | $8.72 | ||
Vested (in dollars per share) | $12 | ||
Forfeited (in dollars per share) | $12 | ||
Ending balance (in dollars per share) | $11.49 | $11.49 | |
2014 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | Officers and Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants approved, but shares not issued (in shares) | 25,000 | 25,000 | |
Restricted Stock Awards, Number of Awards [Roll Forward] | |||
Granted (in shares) | 879,173 | ||
2014 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | Non-Employee Directors [Member] | |||
Restricted Stock Awards, Number of Awards [Roll Forward] | |||
Granted (in shares) | 25,000 | ||
2014 Omnibus Incentive Plan [Member] | Stock Options [Member] | |||
Stock Options [Abstract] | |||
Options granted (in shares) | 2,700,000 | ||
Contractual term | 10 years | ||
Options granted, weighted average exercise price (in dollars per share) | $11.25 | ||
Vesting period | 3 years | ||
Assumptions Used to Calculate the Fair Value of Stock Option Awards Granted [Abstract] | |||
Expected stock price volatility (in hundredths) | 32.50% | ||
Expected term | 6 years 3 months 18 days | ||
Risk-free interest rate (in hundredths) | 1.80% | ||
Dividend yield (in hundredths) | 0.00% | ||
Weighted average fair value per option (in dollars per share) | $3.46 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Taxes [Abstract] | ||||
Income tax expense (benefit) | $230,000 | $77,000 | ($2,386,000) | $374,000 |
Effective tax rate (in hundredths) | 0.20% | 0.10% | -5.40% | -0.30% |
Tax expense, Canadian operations | 700,000 | 400,000 | ||
One-time tax benefit due to restructuring | ($3,100,000) | |||
Federal blended statutory rate (in hundredths) | 31.60% | 31.40% | 32.60% | 26.50% |
Blue_Mountain_Acquisition_Deta
Blue Mountain Acquisition (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 19, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | |
mi | ||||||
Assets acquired [Abstract] | ||||||
Goodwill | $106,268,000 | $106,268,000 | $94,609,000 | |||
Blue Mountain [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Additional ownership percentage acquired (in hundredths) | 50.00% | |||||
Distance of ski resort from Greater Toronto area | 90 | |||||
Costs related to the acquisition | 700,000 | |||||
Consideration transferred [Abstract] | ||||||
Cash paid for purchase price | 51,786,000 | |||||
Cash paid for working capital adjustment | 2,989,000 | |||||
Fair value of previously held equity interest on date of acquisition | 54,775,000 | |||||
Total consideration transferred | 109,550,000 | |||||
Original ownership percentage (in hundredths) | 50.00% | |||||
Loss on disposal of equity method investments | -1,500,000 | |||||
Assets acquired [Abstract] | ||||||
Cash and cash equivalents | 13,308,000 | |||||
Receivables | 1,931,000 | |||||
Other current assets | 5,516,000 | |||||
Property, plant and equipment | 85,751,000 | |||||
Intangibles | 8,661,000 | |||||
Goodwill | 13,201,000 | |||||
Other long-term assets | 5,000 | |||||
Total assets acquired | 128,373,000 | |||||
Liabilities assumed [Abstract] | ||||||
Accounts payable and accrued liabilities | 13,777,000 | |||||
Deferred revenue and deposits | 5,046,000 | |||||
Net identifiable assets acquired | 109,550,000 | |||||
Acquired identifiable intangible assets [Abstract] | ||||||
Purchase price | 8,661,000 | |||||
Actual and Pro Forma Results [Abstract] | ||||||
Revenue | 33,014,000 | 49,388,000 | ||||
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. | 13,603,000 | 13,763,000 | ||||
Revenue | 321,824,000 | 321,081,000 | 530,160,000 | 535,206,000 | ||
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. | 128,694,000 | 112,734,000 | 45,526,000 | -134,378,000 | ||
Basic net income (loss) attributable to Intrawest Resorts Holdings, Inc. per share (in dollars per share) | $2.85 | $2.57 | $1.01 | ($3.16) | ||
Diluted net income (loss) attributable to Intrawest Resorts Holdings, Inc. per share (in dollars per share) | $2.85 | $2.57 | $1.01 | ($3.16) | ||
Blue Mountain [Member] | Trademarks and Trade Names [Member] | ||||||
Acquired identifiable intangible assets [Abstract] | ||||||
Purchase price | 4,107,000 | |||||
Estimated useful life in years | 20 years | |||||
Blue Mountain [Member] | Customer Relationships [Member] | ||||||
Acquired identifiable intangible assets [Abstract] | ||||||
Purchase price | $4,554,000 | |||||
Estimated useful life in years | 4 years |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) | 3 Months Ended | 9 Months Ended | ||||||||
Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2015 | Jun. 30, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | CAD | LC Facility [Member] | LC Facility [Member] | |
Plan | USD ($) | USD ($) | ||||||||
Letters of Credit [Abstract] | ||||||||||
Letters of credit outstanding | $44,900,000 | $47,600,000 | ||||||||
Number of closed noncontributory defined benefit pension plans | 3 | |||||||||
Government Grants and Loans [Abstract] | ||||||||||
Loans | 1,816,000 | 1,816,000 | 2,303,000 | 2,210,000 | 2,358,000 | |||||
Grants - Received | 70,408,000 | 70,408,000 | 89,298,000 | 83,691,000 | 89,298,000 | |||||
Grants - Future advances | 24,774,000 | 24,774,000 | 31,421,000 | 29,448,000 | 31,421,000 | |||||
Total grants | 95,182,000 | 95,182,000 | 120,719,000 | 113,139,000 | 120,719,000 | |||||
Weighted average borrowing rate of government loans (in hundredths) | 6.10% | 6.10% | ||||||||
Capital Leases [Abstract] | ||||||||||
Increase to capital lease obligation | 19,600,000 | |||||||||
Remaining term of contract, minimum | 3 years | |||||||||
Remaining term of contract, maximum | 37 years | |||||||||
Weighted average interest rate (in hundredths) | 10.00% | |||||||||
Other [Abstract] | ||||||||||
Percentage of defined gross revenue (in hundredths) | 2.00% | |||||||||
Payments for forestry licenses and land leases | $2,200,000 | $2,000,000 | $3,000,000 | $2,700,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (Fortress [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 |
Fortress [Member] | ||
Related Party Transaction [Line Items] | ||
Expenses related to Restructuring | $0.20 | $0.20 |
Segment_Information_Revenue_fo
Segment Information, Revenue for Reportable Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |||||
Segment | ||||||||
Segment Information [Abstract] | ||||||||
Number of reportable segments | 3 | |||||||
Revenue [Abstract] | ||||||||
Revenue | $321,824,000 | $285,852,000 | $516,999,000 | $468,341,000 | ||||
Revenue from the sale of a parcel of real estate held for development | 10,900,000 | |||||||
Reportable Segment [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenue | 320,306,000 | 284,336,000 | 514,355,000 | 454,779,000 | ||||
Reportable Segment [Member] | Mountain [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenue | 258,092,000 | 215,084,000 | 389,060,000 | 324,323,000 | ||||
Reportable Segment [Member] | Mountain [Member] | Lift [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenue | 133,550,000 | [1] | 110,291,000 | [1] | 173,091,000 | [1] | 144,898,000 | [1] |
Reportable Segment [Member] | Mountain [Member] | Lodging [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenue | 25,065,000 | 19,210,000 | 48,538,000 | 36,667,000 | ||||
Reportable Segment [Member] | Mountain [Member] | Ski School [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenue | 23,391,000 | [2] | 20,825,000 | [2] | 31,762,000 | [2] | 27,950,000 | [2] |
Reportable Segment [Member] | Mountain [Member] | Retail and Rental [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenue | 30,599,000 | 25,038,000 | 51,796,000 | 41,944,000 | ||||
Reportable Segment [Member] | Mountain [Member] | Food and Beverage [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenue | 31,426,000 | 27,469,000 | 50,294,000 | 42,490,000 | ||||
Reportable Segment [Member] | Mountain [Member] | Other [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenue | 14,061,000 | 12,251,000 | 33,579,000 | 30,374,000 | ||||
Reportable Segment [Member] | Adventure [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenue | 44,579,000 | 50,376,000 | 77,437,000 | 84,409,000 | ||||
Reportable Segment [Member] | Real Estate [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenue | 17,635,000 | 18,876,000 | 47,858,000 | 46,047,000 | ||||
Legacy, non-core and other revenue [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenue | $1,518,000 | [3] | $1,516,000 | [3] | $2,644,000 | [3] | $13,562,000 | [3] |
[1] | Lift revenue during the summer is derived from mountain biking and sightseeing lift products. | |||||||
[2] | Ski School revenue during the summer is derived from mountain bike instruction at various resorts. | |||||||
[3] | Legacy, non-core and other revenue represents legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. It includes legacy real estate asset sales, non-core retail revenue and revenue from management of non-core commercial properties. Included in the nine months ended March 31, 2014 was $10.9 million of revenue from sales of non-core real estate held for development. |
Segment_Information_Net_Loss_R
Segment Information, Net Loss Reconciled to Segment Adjusted EBITDA (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Segment Reporting Information [Line Items] | ||||||||
Net income (loss) attributable to Intrawest Resorts Holdings, Inc. | $128,694 | $109,478 | $46,646 | ($134,524) | ||||
Depreciation and amortization | 14,767 | 13,969 | 44,065 | 41,111 | ||||
(Gain) loss on disposal of assets and impairment of real estate | -1,083 | 212 | -1,126 | 632 | ||||
Loss on remeasurement of equity method investment | 0 | 0 | 1,454 | 0 | ||||
(Earnings) loss from equity method investments | -2,452 | -6,670 | 305 | -3,127 | ||||
Loss on extinguishment of debt | 0 | 0 | 0 | 35,480 | ||||
Other expense (income), net | 315 | -336 | 770 | 644 | ||||
Income tax expense (benefit) | 230 | 77 | -2,386 | 374 | ||||
Income attributable to noncontrolling interest | 1,099 | 1,514 | 860 | 860 | ||||
Reportable Segment [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total Adjusted EBITDA | 156,391 | 142,265 | 136,418 | 125,630 | ||||
Reportable Segment [Member] | Mountain [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total Adjusted EBITDA | 135,721 | [1] | 119,173 | [1] | 114,194 | [1] | 100,027 | [1] |
Reportable Segment [Member] | Adventure [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total Adjusted EBITDA | 15,449 | [2] | 18,815 | [2] | 12,767 | [2] | 18,183 | [2] |
Reportable Segment [Member] | Real Estate [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total Adjusted EBITDA | 5,221 | [3] | 4,277 | [3] | 9,457 | [3] | 7,420 | [3] |
Reportable Segment [Member] | Real Estate [Member] | IRCG Operations [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Interest income, net | 900 | 1,000 | 3,000 | 3,400 | ||||
Segment Reconciling Items [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Legacy and other non-core expenses, net | 837 | [4] | 1,103 | [4] | 2,744 | [4] | 5,342 | [4] |
Other operating expenses | 2,464 | [5] | 4,569 | [5] | 7,462 | [5] | 8,070 | [5] |
Depreciation and amortization | 14,767 | 13,969 | 44,065 | 41,111 | ||||
(Gain) loss on disposal of assets and impairment of real estate | -1,083 | 212 | -1,126 | 632 | ||||
Loss on remeasurement of equity method investment | 0 | 0 | 1,454 | 0 | ||||
Interest income, net | -84 | [6] | 136 | [6] | -172 | [6] | -1,268 | [6] |
Interest expense on third party debt | 11,742 | 11,031 | 33,723 | 42,174 | ||||
Interest expense on notes payable to affiliates | 0 | 0 | 0 | 119,858 | ||||
(Earnings) loss from equity method investments | -2,452 | [7] | -6,670 | [7] | 305 | [7] | -3,127 | [7] |
Pro rata share of Adjusted EBITDA related to equity method investments | 1,386 | [1],[8] | 9,327 | [1],[8] | 3,337 | [1],[8] | 11,410 | [1],[8] |
Adjusted EBITDA attributable to noncontrolling interest | -1,420 | -2,108 | -1,160 | -1,276 | ||||
Loss on extinguishment of debt | 0 | 0 | 0 | 35,480 | ||||
Other expense (income), net | 211 | -373 | 666 | 514 | ||||
Income tax expense (benefit) | 230 | 77 | -2,386 | 374 | ||||
Income attributable to noncontrolling interest | $1,099 | $1,514 | $860 | $860 | ||||
[1] | Includes the Companys pro rata share of Adjusted EBITDA from its equity method investment in Blue Mountain prior to the Blue Mountain Acquisition. The pro rata share of Adjusted EBITDA represents the share of Adjusted EBITDA from the equity method investment based on the Company's economic ownership percentage. | |||||||
[2] | Adventure segment Adjusted EBITDA excludes Adjusted EBITDA attributable to noncontrolling interest. | |||||||
[3] | Real Estate segment Adjusted EBITDA includes interest income earned from receivables related to the IRCG operations, in the amount of $0.9 million and $1.0 million for the three months ended March 31, 2015 and 2014, respectively, and $3.0 million and $3.4 million for the nine months ended March 31, 2015 and 2014, respectively. | |||||||
[4] | Legacy and other non-core expenses, net represents revenue and expenses of legacy and other non-core operations that are not reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. Revenue and expenses related to legacy and other non-core operations include retail operations not located at the Companys 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 in real estate sales and marketing documents, and allegations that the Company failed to construct planned amenities. | |||||||
[5] | Includes costs related to the Company's initial public offering, non-cash compensation, reduction in workforce severance, executive management restructuring costs, lease payments pursuant to the lease at Winter Park and other expenses. | |||||||
[6] | Includes interest income unrelated to IRCG financing activities. | |||||||
[7] | Represents the losses from equity method investments, including: Chateau M.T. Inc., Mammoth Hospitality Management L.L.C., the Mammoth family of resorts, and Blue Mountain prior to the Blue Mountain Acquisition. | |||||||
[8] | Includes the Companys pro rata share of EBITDA from its equity method investments in Mammoth Hospitality Management L.L.C. and Chateau M.T. Inc. The pro rata share of Adjusted EBITDA represents the Company's share of Adjusted EBITDA from these equity method investments based on the Company's economic ownership percentages. |
Segment_Information_Capital_Ex
Segment Information, Capital Expenditures (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Capital Expenditures: | ||||
Total capital expenditures | $2,830 | $4,019 | $34,521 | $36,929 |
Reportable Segment [Member] | ||||
Capital Expenditures: | ||||
Total capital expenditures | 2,359 | 2,801 | 31,351 | 34,170 |
Reportable Segment [Member] | Mountain [Member] | ||||
Capital Expenditures: | ||||
Total capital expenditures | 1,696 | 2,412 | 27,687 | 26,714 |
Reportable Segment [Member] | Adventure [Member] | ||||
Capital Expenditures: | ||||
Total capital expenditures | 645 | 369 | 3,419 | 6,892 |
Reportable Segment [Member] | Real Estate [Member] | ||||
Capital Expenditures: | ||||
Total capital expenditures | 18 | 20 | 245 | 564 |
Corporate and Other [Member] | ||||
Capital Expenditures: | ||||
Total capital expenditures | $471 | $1,218 | $3,170 | $2,759 |
Segment_Information_Geographic
Segment Information, Geographic Data (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||||
Revenue | $321,824 | $285,852 | $516,999 | $468,341 |
Reportable Geographical Component [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 321,824 | 285,852 | 516,999 | 468,341 |
Reportable Geographical Component [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 201,516 | 189,563 | 313,838 | 296,613 |
Reportable Geographical Component [Member] | Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $120,308 | $96,309 | $203,161 | $171,728 |
Subsequent_Events_Details
Subsequent Events (Details) | 9 Months Ended | 0 Months Ended |
Mar. 31, 2015 | Apr. 29, 2015 | |
Term Loan [Member] | ||
Second Amendment to Credit Agreement [Abstract] | ||
Margin rate (in hundredths) | 4.50% | |
Term Loan [Member] | LIBOR [Member] | ||
Second Amendment to Credit Agreement [Abstract] | ||
Margin rate (in hundredths) | 4.50% | |
LC Facility [Member] | ||
Second Amendment to Credit Agreement [Abstract] | ||
Margin rate (in hundredths) | 4.50% | |
Revolver [Member] | ||
Second Amendment to Credit Agreement [Abstract] | ||
Margin rate (in hundredths) | 4.50% | |
Subsequent Event [Member] | Term Loan [Member] | ||
Second Amendment to Credit Agreement [Abstract] | ||
Term of "soft call" protection for lenders | 12 months | |
Percentage of principal amount to be paid as premium under "soft call" protection terms (in hundredths) | 101.00% | |
Subsequent Event [Member] | Term Loan [Member] | LIBOR [Member] | ||
Second Amendment to Credit Agreement [Abstract] | ||
Margin rate (in hundredths) | 3.75% |