Intrawest Reports Fiscal 2017 Third Quarter Results

DENVER--- Intrawest Resorts Holdings, Inc. reported results for the three and nine months ended March 31, 2017.�

Third Quarter Highlights�

Net income attributable to Intrawest Resorts Holdings, Inc. was $156.3 million compared to $174.5 million in the third quarter of fiscal 2016.�
Excluding the $40.5 million gain on the sale of Intrawest Resort Club Group ("IRCG") in the prior year period, net income attributable to Intrawest Resorts Holdings, Inc. improved by $22.3 million.�
Adjusted EBITDA grew 9.7% to $177.0 million from $161.3 million in the prior year period.�
Total segment revenue increased 6.1% to $333.4 million from $314.2 million in the prior year period.�

"Third quarter results reflect our continued focus on growing pre-committed revenue streams, increases in yields, our ability to manage costs, and the impact of our growth capital investments," stated Tom Marano, Chief Executive Officer. "I want to thank all of our guests and our employees for another outstanding ski season."

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Three Months Ended March 31, 2017�

Below are the Company's results for the three months ended March 31, 2017 as compared to the prior year period:�

Consolidated Results�

Consolidated revenue increased by $19.2 million, or 6.1%, to $334.9 million, primarily driven by a $14.8 million increase in Mountain revenue.�
Net income attributable to Intrawest Resorts Holdings, Inc. decreased by $18.2 million, or 10.4%, to $156.3 million, or $3.80 per diluted share. This decrease was primarily attributable to a $40.5 million gain on the sale of Intrawest Resort Club Group ("IRCG") recognized in the prior year period, partially offset by the increase in Mountain revenue in the current period.�
Total Adjusted EBITDA improved by $15.7 million, or 9.7%, to $177.0 million. The increase was largely driven by the Mountain Segment due to increased yields and Skier Visits.�

Mountain Segment�

Mountain revenue increased by $14.8 million, or 5.8%, to $270.1 million, primarily due to increases across all of our major lines of revenue driven by yield improvements across our resorts and increased skier visits in the East with the return to historical average conditions.�
Skier Visits increased 2.5%, ETP increased 3.5%, and Revenue per Visit increased 3.2%.�
Mountain Adjusted EBITDA improved by $11.7 million, or 8.5%, to $148.4 million, primarily due to a $14.8 million increase in Mountain revenue, partially offset by a $3.1 million increase in Mountain operating expenses primarily related to variable costs associated with higher visitation volume.�

Adventure Segment�

Adventure revenue grew by $4.8 million, or 9.9%, to $53.7 million, primarily due to increased yields on heli-ski trips at CMH.�
Adventure Adjusted EBITDA improved by $3.3 million, or 15.7%, to $24.6 million, primarily due to the $4.8 million increase in Adventure revenue, partially offset by a $1.5 million increase in Adventure operating expenses. Excluding an unfavorable foreign currency adjustment of $1.0 million, Adventure operating expenses increased $0.5 million, or 2.1%, primarily due to higher variable expenses at CMH.�
Overall, CMH Adjusted EBITDA increased $3.5 million while Alpine Aerotech Adjusted EBITDA decreased $0.1 million.�

Real Estate Segment�

Real Estate revenue decreased by $0.4 million, or 3.5%, to $9.6 million. Excluding IRCG, which was sold on January 29, 2016, Real Estate revenue increased by $1.1 million, or 12.3%, primarily due to higher occupancy and higher ADR at our Intrawest Hospitality Management properties.�
Real Estate Adjusted EBITDA increased by 20.8%, to $4.0 million, primarily due to a $1.2 million decrease in Real Estate operating expenses, partially offset by a $0.4 million decrease in Real Estate revenue. Excluding IRCG, Real Estate Adjusted EBITDA grew by $1.0 million, or 33.7%.�

Additional Company Matters�

As announced on April 10, 2017, the Company has entered into a definitive agreement to be acquired by a newly-formed entity controlled by affiliates of the Aspen Skiing Company, L.L.C. (�Aspen�) and KSL Capital Partners, LLC (�KSL�). The Company has filed the merger agreement with the Securities and Exchange Commission ("SEC") and plans to file Intrawest�s preliminary information statement shortly. The Company recommends that all stockholders of Intrawest read the materials related to the proposed merger transaction filed with the SEC, which are or will be available on both the SEC�s website at www.SEC.gov and Intrawest�s website at ir.intrawest.com.�

Webcast and Earnings Conference Call�

The Company will host a conference call via live webcast for investors and other interested parties beginning at 9:00 a.m. Eastern Time on Thursday, May 4, 2017. Participants may access the live webcast by visiting the Company�s investor relations website at ir.intrawest.com. The call can also be accessed by dialing (855) 750-6787, or (631) 891-4304 for international participants.�

The replay of the call will be available from approximately 12:00 p.m. Eastern Time on May 4, 2017 through midnight Eastern Time on May 18, 2017. To access the replay, the domestic dial-in number is (844) 512-2921, the international dial-in number is (412) 317-6671, and the passcode is 10002926. The archive of the webcast will be available on the Company�s website for a limited time.�

About Intrawest Resorts Holdings, Inc.�

Intrawest is a North American mountain resort and adventure company, delivering distinctive vacation and travel experiences to its customers for over three decades. The Company wholly owns and/or operates six four-season mountain resorts with approximately 8,000 skiable acres and over 1,100 acres of land available for real estate development. Intrawest�s mountain resorts are geographically diversified across most of North America�s major ski regions, including the Eastern United States, the Rocky Mountains, and Canada. The Company also operates an adventure travel business, the cornerstone of which is Canadian Mountain Holidays, a leading heli-skiing adventure company in North America. Additionally, the Company operates a comprehensive real estate business through which it manages condominium hotel properties and sells and markets residential real estate. Intrawest Resorts Holdings, Inc. common stock is traded on the New York Stock Exchange (NYSE: SNOW). For more information, visit www.intrawest.com.�