Thank you. Good morning everyone and welcome to the Intrawest Resorts Holdings Fiscal 2015 Third Quarter Earnings Conference Call. After our prepared remarks, there’ll be a brief question and answer session. I would like to remind you that some of the comments made by management during the conference call contain forward looking statements that are subject to risks and uncertainties that could cause actual results to vary, which are discussed in our public filing filed with the SEC including reports filed under the Securities Exchange Act of 1934. We caution you not to put undue reliance on forward looking statements. Forward looking statements made during this call speak only as of the date of this call and we undertake no duty to update or revise these statements. In addition, some of the comments made on this call may refer to certain measures such as adjusted EBITDA, which are non-GAAP measures. Although adjusted EBITDA is not a substitute for net income or other GAAP measures, management believes adjusted EBITDA is useful in measuring the operating performance of our business. For a full reconciliation of adjusted EBITDA to GAAP results in accordance with Regulation G, please see our press release furnished as an exhibit to our Form 8-K dated May 7, 2015. Additionally, please note that we have made immaterial revisions to prior period financial statements in the Form 10-Q filed this morning with the SEC. These filings and the presentation that accompanies today’s call are located in the Investor Relations area on our Web site at www.intrawest.com. Our call today will include remarks from Tom Marano, Chief Executive Officer, and Travis Mayer, Chief Financial Officer. I would now turn the call over to Intrawest’s CEO, Tom Marano.

Thank you Liz and welcome everyone. Our fiscal third quarter is by far the largest and most important quarter of our year and we’re very pleased with our result. We finished the quarter with total segment revenue of $320.3 million, up 12.7% relative to the prior year period and adjusted-EBITDA of $156.4 million, up 9.9% relative to the prior year period. Our growth was primary driven by the mountain segment, which enabled us to overcome headwind from the Canadian dollar. Based on preliminary industry report, we’ve successfully grown market share for our second season in a row. Through April, we drove skier visit growth of 1.2% versus a 5.2% decline in the industry average during a challenging season characterized by below average snowfall in most regions. This result demonstrates the power of our geographic diversity, the quality of our resorts and the importance of our season pass program. More specifically, our Colorado resorts helped skier visits flat compared to a 2.1% decline in the regional industry average and our eastern resorts increased skier visits 2.1% compared to 1% decline on average [indiscernible]. In September of this year, we acquired the 50% interest in Blue Mountain Resort that we previously did not own. During the third fiscal quarter, the Canadian dollar was 12.7% weaker relative to the U.S. dollar versus the prior year period. Given the substantial impact that FX and the acquisition of Blue had on our financials in the third fiscal quarter, I will reference several same-store metrics that were calculated on a constant currency basis and is 100% of Blue Mountain was owned during all period. For comparative purposes, we believe the same-store metrics are useful in analyzing the true underlying performance of our business. Mountain segment revenue grew by $43 million or 20% in the quarter, while…

Thanks Tom and good morning. As Tom mentioned, we had a very strong fiscal third quarter particularly when viewed on the constant currency basis, and approximately 40% of both our revenue and expenses are derived from our Canadian operations where our subject to foreign currency translation adjustment based on the U.S. to Canadian dollar exchange rate. During the third fiscal quarter this year U.S. to Canadian dollar exchange rate averaged 1.24 versus 1.1 average during the third fiscal quarter of last year. The weaken Canadian dollar and non-cash currency translation adjustments unfavorably impacted our fiscal third quarter total segmented revenue by $14.6 million and adjusted EBITDA by $6.5 million relative to prior year period. Also, since acquired the remaining 50% of Blue Mountain that we did not previously owned in September are result have included 100% of skier visit revenue and EBITDA from Blue Mountain whereas in the prior year period our then-50% interest in Blue Mountain was accounted for under the equity method and our results included only 50% of Blue’s EBITDA and none of Blue’s skier visits or revenue. Given the substantial impact that FX and the acquisition of Blue add on our financial, I will reference that several things to metrics that were calculated on a constant currency basis and is at 100% of Blue Mountain was owned during all period. In the fiscal third quarter, we had total segment of revenue at $320.3 million which represents 12.7% growth over the prior year period. On a same store basis, total segment of revenue grew 4.8%. Our revenue growth is driven by the Mountain segment and partially offset by lower revenues in the adventure and real estate segment. Our total adjusted EBITDA for the quarter was $156.4 million, which represents an increase of 9.9% over the prior year…

Thank you. At this time, we will conduct a question-and-answer session. [Operator Instructions] One moment please, while we pull for our first question. Our first question comes from Shaun Kelley with Bank of America Merrill Lynch. Please proceed with your question.

I just wanted to follow up Tom. I thought it was really interesting in your prepared remarks about preparing for some new development in Steamboat and Winter Park, so I guess the question first of all would be any sense of magnitude that you could provide as it relates to the development opportunity there. And then the second part to that would be, how would you think about financing such an opportunity as this something that we viewed as on balance sheet off balance sheet and are we thinking about capital partners here or something that would be the company would generally pursue on its own?

Thanks Shaun. First of all, I want to apologize everyone for the technical difficulties. Yes the music was interesting not necessarily my taste [indiscernible] I felt like I was back in high school. But as far as the development is concerned, I think there is a lot of opportunity both in the retail and F&B space to reanimate the central areas of all – many of our villages, but in particular what we’re going to be doing is we’re working with a design firm that is going to take into account the demographics of our visitors and help us rethink how we should be doing that given there’s been quite some time since we’ve approached it in the past. So I really want to let that work product get completed before I comment on what we’re going to do in particular, but again it’s going to be around retail F&B and [indiscernible]. We need to address all those issues. With respect to how we’re going to finance it, it’s really going to depend upon the product – pardon me, the project and the opportunity of a given project. My personal view is there’s a lot of money out there that if you put the right project out and seed it yourself with some of your own equity or seed it with the real-estate or do a combination of both, you can find investors who want to participate with the on the equity side. And as far as the capital structure, we’ll evaluate [indiscernible] the most efficient capital structures that are possible in the capital markets to get it done. So we’re going to be flexible. We are going to use our capital diligently and we’re going to act in a prudent way, but the goal is to frankly capture a high return if we can get it and as much of that is possible.

And then I guess, could you just remind us and I don’t know if this is – to what level you can give us detail on the call, but just I think we have a broad sense of how much raw land and opportunity that Intrawest has, but can you help us understand or maybe size those down a little bit for what is available either in Colorado or at those two mountains in particular?

Sure, there’s about 20 acres in Steamboat. There’s other land that we own. There’s other land that is available for sale in the Steamboat area. And Winter Park is actually quite a bit larger, I think it’s probably, last time I counted, I got it about 70?

I don’t know the exact acreage but we either owned or have option to purchase all of the adjoining land around the bay. I mean we carry roughly $140 million worth of land on the balance sheet and about half of is between Winter Park and Steamboat.

And I guess the last question, still stay on this topic then is if you mention retail on F&B upfront, why you kind of discussed residential and some of the pricing here, doesn’t sound like first and best use is like a pure residential opportunity, would that be a fair way to characterize what I’m hearing?

Not necessary at all. To be quite honest, the F&B and retail in some ways I think is easier to do and may happen first. But the residential is I think quite the opportunity. In Winter Park, you’ve got really, really good proximity to the Denver area and while some people think an hour and half is not staying up there over the weekend, there are a lot of people who want to do and we need to get more beds for that. So I think there is good opportunity for residential, I think there is good opportunity for hotels, quite frankly at Winter Park. And at Steamboat I would say, it would probably be a combination of residential and hotel, maybe you do condos on the top of the building and then you do hotel in the middle, kind of a typical modern project that you would see happening these days in the residential and mixed use development fields.

[Operator Instructions] Our next question comes from Joe Edelstein with Stephens. Please proceed with your question.

Great, thank you for taking the question this morning. You did mention the growth in skier visit that have been above the industry trend. Are you seeing those gains really as a result of your cross-selling efforts really leveraging the customer data base that you’ve been building up?

I think it’s coming from the frankly the season pass program we put out there. And also through an improved marketing strategy and leveraging our data base.

So still sounds to me that a lot of the customer data base and kind of… [Audio Gap]. … too early to tell, we’ve not going to give numbers yet on the M.A.X. pass sales stuff. It’s really targeted to each skiers and the vast majority of the past sign happens in the fall in that market anyway. As far as the five day limit, who knows what we might we doing in the future with certainly consider that. The roll at the five day limit plays a very important is that it protect the more expensive stand alone mountain passes, they’re particularly in each skiers, we sell lot of passes to second home owners for a $1000 or there about lot of days. I mean you can ski a lot on these passes, so we didn’t want to cannibalize those more expensive products with M.A.X. pass which is just at 99. So both side is future protected.

That said there is an upgrade from your standard resort pass, season pass and that upgrade feature in my opinion is actually very good value because if you think about someone who skies at their home resorts, they usually have friends at the nearby resorts. So, if you need to ski while you might be very loyal to Stratton, you definitely will wonder off and skiing in some of the other mountains in the area and for couple of hundred bucks you have the opportunity to do that and then go out west. So, it’s a really good deal for someone to upgrade too as well as should buyout rate as you’re not attached to home resort.

That’s definitely helpful and if I can ask one more, maybe shifting gears over to the adventure segment I was just hoping for some update in that business, there are opportunities with the helicopters support possibly this summer fire suppression activities or no pass without those contracts, I guess who we kind of consider the calendar 2015 timeframe is kind of the trough year for the business?

What I would say about that is I do think there will be opportunities this summer, obviously I can’t predict whether or not there is going to be fire but it was dry in a number of parts of country so that is good for our helicopter business. The other thing is that we’ve made some employee changes up in the portion of the business that we control and we are going to be much more flexible with how we use those aircraft. So, I’m very optimistic that we can make some progress there and get that to be a better business in the summer.

It’s good to hear Tom, and good luck on all the projects this summer.

Thank you.

[Operator Instructions] Our final question comes from Asua Ahwoi with Goldman Sachs. Please proceed with your questions.

Hi, it’s actually Steven Kent coloring for her. So, two questions, one can you just broadly talk about the acquisition markets, how many resorts are you in conversation with and could you even do something before the ’15 – ’16 winter season. And then another question would just be on international travel towards the end of the season and expectations for next year, did you see FX having any impact on your pay on as desire to come to the U.S. because of the FX?

So, the acquisition question first, we continue to be in discussions with a lot of folks and I personally cannot put my finger on the policy what’s going on throughout the industry. We’re not going to disclose kind of the trackers or the number people are talking to our LOIs, I mean that’s -- but, we’re certainly very active with that in conjunction with the strategic alliance strategy on the pass side which I kind of uses together and on the FX front, we make a pretty conservative effort to highlight that roughly 20% discount that international travelers would get come CMH this winter and I think that’s one of the things that help mitigate incredibly challenging year up there and that’s something if the Canadian dollar stays price how it is that will continue to be for next season and try to take advantage of that with respect to both CMH and Tremblant.

I think in particular with respect to Tremblant that was leveraged not only on the cost -- the value of staying up in Tremblant but it was leveraged throughout the resort in the retail area as well. So it’s hard to point to exact statistics, but we did see some improvement in Tremblant and I believe it was related to the [indiscernible].

Thank you. Our next question comes from Bob LaFleur with JMP Securities. Please proceed with your question.

It’s probably a simple explanation to this, but I’m looking at the same-store RevPAR growth 9.5% and then same-store lodging revenues up 2.9%, so obviously there was some leakage there. Just wondering, what’s going on there? Stun silence.

We’re checking. Yes I think that the difference Bob is because we run so many condominium hotels. The RevPAR was up a little bit and we had interesting mix issues with between the owned properties and the condo hotels, but I want to dig a little bit more on that one. I’ll get back to you.

And then I have a different question, can you just go over for us again the economics of multi-owner season passes, so if you sell a season pass for just makeup a number $100 and half the visits are used at your resorts and half are used at another resorts, is that split based on usage or is it preordained or just walk us through how that works please?

Yes, most of our agreements are the revenue share based on usage. There’s a couple minor obsessions, but that’s generally the real. So on your example, if someone paid $100 basically 10 days, five in each person will get 50 bucks.

So you kind of then have to sort of wait till the end of the season to divvy up the revenues, right because you don’t really know how many times that person’s going to ski, correct?

In the product, there we have a lot of historical experience. We have a pretty good sense to how many times a person’s going to ski between years, it doesn’t deviate that much maybe a couple of visits. I mean we have a pretty good sense of the split between resorts, so those who want, we gave it up cost time then we may be true it a little bit at the end of the year.

Our last question will come from Chris Woronka with Deutsche Bank. Please proceed with your question.

I want to ask you about go back to the real-estate development. I don’t know if you mentioned time share all that much at this time and I wanted to see your thoughts are regarding potentially partnering with some of the established companies and then also in terms of how much capital you might be going to make on balance sheet, is there some kind of maybe strike zone where you’re lot of over serving out or above that amount you need a partner? Just trying to get some parameters around that. Thanks.

Sure, first of all, on the time share space. I would tell you that I have with me a number of calls from people who are in the time share industry. They’re running other companies and one of the things they frequently ask about is would we consider time share at our resorts from them in addition to our own product. And my view is, yes I would and but I believe is happening is there’s basically not enough time share units for some of these companies as few resorts. They have lots of stuff in one weather destination, but I think the reason why a number of them are asking us is they have customers who want to have access to the ski resorts. So, with the right deal, I would absolutely do that with someone else in addition to our team as far as the second part of your question on how we would do the real-estate development or how we would finance it we have access to a lot of cash okay and there is also a lot of engineering going on in the capital market to finance hotel projects and other real-estate projects, So I would honestly wait until I make my decision on which product and then I will weigh how many products I want to do at the same time and distribute the capital according to return and towards whatever financing alternative I can get at the time which is best. So I’d like to have any answer for you now but I think it’s going to depend upon what happens with the market over the next year or so.

And then a quick one on your I guess customer profile, do you guys have a number of what percentage of visits your Colorado resorts are from folks that reside in the East?

We don’t, we haven’t put out the origin data by resort or by region. We try to avoid giving out level of granularity for competitive reasons.

Thank you. At this time, I would like to turn the call back over to Mr. Marano for any closing comments.

I just would like to again apologize for the difficulties we had in the beginning and I want to thank everyone for joining us. I know we kept you longer than you probably wanted to, so with that I’ll let everybody go. So thank you again and appreciate your interest in the company.

Thank you. That does conclude today’s teleconference. You may disconnect your lines at this time and have a great day.