Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Tables)

6 Months Ended

Jan. 31, 2015

Guarantor Subsidiaries And Non Guarantor Subsidiaries

Supplemental Condensed Consolidating Balance Sheet

Supplemental Consolidating Condensed Balance Sheet

As of January 31, 2015

(in thousands)

(Unaudited)

	Parent Company		100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	26,611		$	9,967		$	—		$	36,578
Restricted cash	—		10,650			2,214			—			12,864
Trade receivables, net	—		65,663			2,791			—			68,454
Inventories, net	—		72,687			218			—			72,905
Other current assets	32,396		34,259			346			—			67,001
Total current assets	32,396		209,870			15,536			—			257,802
Property, plant and equipment, net	—		1,243,595			40,620			—			1,284,215
Real estate held for sale and investment	—		151,103			—			—			151,103
Goodwill, net	—		468,353			1,325			—			469,678
Intangible assets, net	—		123,382			19,058			—			142,440
Other assets	2,471		43,352			5,071			(9,980		)	40,914
Investments in subsidiaries	1,977,105		(8,904		)	—			(1,968,201		)	—
Advances to affiliates	—		—			1,445			(1,445		)	—
Total assets	$	2,011,972	$	2,230,751		$	83,055		$	(1,979,626	)	$	2,346,152
Current liabilities:
Accounts payable and accrued liabilities	$	3,840	$	407,046		$	9,943		$	—		$	420,829
Income taxes payable	48,304		—			—			—			48,304
Long-term debt due within one year	—		952			244			—			1,196
Total current liabilities	52,144		407,998			10,187			—			470,329
Advances from affiliates	725,405		1,445			—			(726,850		)	—
Long-term debt	215,000		362,476			57,263			—			634,739
Other long-term liabilities	21,211		207,132			10,950			(9,980		)	229,313
Deferred income taxes	148,709		—			(400		)	—			148,309
Total Vail Resorts, Inc. stockholders’ equity (deficit)	849,503		1,977,105			(8,904		)	(1,968,201		)	849,503
Advances to Parent	—		(725,405		)	—			725,405			—
Noncontrolling interests	—		—			13,959			—			13,959
Total stockholders’ equity	849,503		1,251,700			5,055			(1,242,796		)	863,462
Total liabilities and stockholders’ equity	$	2,011,972	$	2,230,751		$	83,055		$	(1,979,626	)	$	2,346,152

Supplemental Consolidating Condensed Balance Sheet

As of July 31, 2014

(in thousands)

(Unaudited)

	Parent Company		100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	35,070		$	9,336		$	—		$	44,406
Restricted cash	—		11,321			1,860			—			13,181
Trade receivables, net	—		94,390			1,587			—			95,977
Inventories, net	—		66,988			195			—			67,183
Other current assets	29,249		24,736			314			—			54,299
Total current assets	29,249		232,505			13,292			—			275,046
Property, plant and equipment, net	—		1,105,830			42,160			—			1,147,990
Real estate held for sale and investment	—		157,858			—			—			157,858
Goodwill, net	—		376,491			1,657			—			378,148
Intangible assets, net	—		98,227			19,296			—			117,523
Other assets	2,762		100,365			4,137			(9,980		)	97,284
Investments in subsidiaries	1,945,001		(7,188		)	—			(1,937,813		)	—
Advances to affiliates	—		—			2,621			(2,621		)	—
Total assets	$	1,977,012	$	2,064,088		$	83,163		$	(1,950,414	)	$	2,173,849
Current liabilities:
Accounts payable and accrued liabilities	$	3,803	$	277,738		$	7,677		$	—		$	289,218
Income taxes payable	33,966		—			—			—			33,966
Long-term debt due within one year	—		791			231			—			1,022
Total current liabilities	37,769		278,529			7,908			—			324,206
Advances from affiliates	725,839		2,621			—			(728,460		)	—
Long-term debt	215,000		353,093			57,507			—			625,600
Other long-term liabilities	48,875		210,683			11,103			(9,980		)	260,681
Deferred income taxes	128,686		—			(124		)	—			128,562
Total Vail Resorts, Inc. stockholders’ equity (deficit)	820,843		1,945,001			(7,188		)	(1,937,813		)	820,843
Advances to Parent	—		(725,839		)	—			725,839			—
Noncontrolling interests	—		—			13,957			—			13,957
Total stockholders’ equity	820,843		1,219,162			6,769			(1,211,974		)	834,800
Total liabilities and stockholders’ equity	$	1,977,012	$	2,064,088		$	83,163		$	(1,950,414	)	$	2,173,849

Supplemental Consolidating Condensed Balance Sheet

As of January 31, 2014

(in thousands)

(Unaudited)

	Parent Company		100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	197,363		$	7,913		$	—		$	205,276
Restricted cash	—		11,188			1,754			—			12,942
Trade receivables, net	—		53,833			3,840			—			57,673
Inventories, net	—		72,233			270			—			72,503
Other current assets	27,885		26,090			526			—			54,501
Total current assets	27,885		360,707			14,303			—			402,895
Property, plant and equipment, net	—		1,143,884			43,905			—			1,187,789
Real estate held for sale and investment	—		184,101			—			—			184,101
Goodwill, net	—		377,490			1,671			—			379,161
Intangible assets, net	—		100,116			19,344			—			119,460
Other assets	5,529		101,201			4,172			(9,459		)	101,443
Investments in subsidiaries	1,851,623		(5,134		)	—			(1,846,489		)	—
Advances to affiliates	—		—			3,116			(3,116		)	—
Total assets	$	1,885,037	$	2,262,365		$	86,511		$	(1,859,064	)	$	2,374,849
Current liabilities:
Accounts payable and accrued liabilities	$	6,549	$	353,215		$	9,444		$	—		$	369,208
Income taxes payable	39,543		—			—			—			39,543
Long-term debt due within one year	—		734			231			—			965
Total current liabilities	46,092		353,949			9,675			—			409,716
Advances from affiliates	508,559		3,116			—			(511,675		)	—
Long-term debt	390,000		350,812			57,507			—			798,319
Other long-term liabilities	27,673		211,424			10,588			(9,459		)	240,226
Deferred income taxes	112,646		—			(115		)	—			112,531
Total Vail Resorts, Inc. stockholders’ equity (deficit)	800,067		1,851,623			(5,134		)	(1,846,489		)	800,067
Advances to Parent	—		(508,559		)	—			508,559			—
Noncontrolling interests	—		—			13,990			—			13,990
Total stockholders’ equity	800,067		1,343,064			8,856			(1,337,930		)	814,057
Total liabilities and stockholders’ equity	$	1,885,037	$	2,262,365		$	86,511		$	(1,859,064	)	$	2,374,849

Supplemental Condensed Consolidating Statement Of Operations

Supplemental Consolidating Condensed Statement of Operations

For the three months ended January 31, 2015

(in thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	528,525		$	6,575		$	(4,863	)	$	530,237
Total operating expense	133			368,931			5,927			(4,825		)	370,166
(Loss) income from operations	(133		)	159,594			648			(38		)	160,071
Other expense, net	(3,639		)	(9,783		)	(361		)	38			(13,745		)
Equity investment income, net	—			200			—			—			200
(Loss) income before benefit (provision) for income taxes	(3,772		)	150,011			287			—			146,526
Benefit (provision) for income taxes	25,101			(55,790		)	(137		)	—			(30,826		)
Net income before equity in income of consolidated subsidiaries	21,329			94,221			150			—			115,700
Equity in income of consolidated subsidiaries	94,433			212			—			(94,645		)	—
Net income	115,762			94,433			150			(94,645		)	115,700
Net loss attributable to noncontrolling interests	—			—			62			—			62
Net income attributable to Vail Resorts, Inc.	$	115,762		$	94,433		$	212		$	(94,645	)	$	115,762

Supplemental Consolidating Condensed Statement of Operations

For the three months ended January 31, 2014

(in thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	449,949		$	6,531		$	(3,760	)	$	452,720
Total operating expense	88			339,480			6,179			(3,722		)	342,025
(Loss) income from operations	(88		)	110,469			352			(38		)	110,695
Other expense, net	(6,601		)	(9,202		)	(404		)	38			(16,169		)
Equity investment income, net	—			14			—			—			14
(Loss) income before benefit (provision) for income taxes	(6,689		)	101,281			(52		)	—			94,540
Benefit (provision) for income taxes	2,398			(37,666		)	(72		)	—			(35,340		)
Net (loss) income before equity in income (loss) of consolidated subsidiaries	(4,291		)	63,615			(124		)	—			59,200
Equity in income (loss) of consolidated subsidiaries	63,554			(61		)	—			(63,493		)	—
Net income (loss)	59,263			63,554			(124		)	(63,493		)	59,200
Net loss attributable to noncontrolling interests	—			—			63			—			63
Net income (loss) attributable to Vail Resorts, Inc.	$	59,263		$	63,554		$	(61	)	$	(63,493	)	$	59,263

Supplemental Consolidating Condensed Statement of Operations

For the six months ended January 31, 2015

(in thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	658,251		$	9,217		$	(8,969	)	$	658,499
Total operating expense	221			606,437			10,445			(8,893		)	608,210
Gain on litigation settlement	—			16,400			—			—			16,400
Change in fair value of contingent consideration	—			4,550			—			—			4,550
(Loss) income from operations	(221		)	72,764			(1,228		)	(76		)	71,239
Other expense, net	(7,278		)	(19,454		)	(683		)	76			(27,339		)
Equity investment income, net	—			525			—			—			525
(Loss) income before benefit (provision) for income taxes	(7,499		)	53,835			(1,911		)	—			44,425
Benefit (provision) for income taxes	26,434			(19,583		)	100			—			6,951
Net income (loss) before equity in income (loss) of consolidated subsidiaries	18,935			34,252			(1,811		)	—			51,376
Equity in income (loss) of consolidated subsidiaries	32,551			(1,701		)	—			(30,850		)	—
Net income (loss)	51,486			32,551			(1,811		)	(30,850		)	51,376
Net loss attributable to noncontrolling interests	—			—			110			—			110
Net income (loss) attributable to Vail Resorts, Inc.	$	51,486		$	32,551		$	(1,701	)	$	(30,850	)	$	51,486

Supplemental Consolidating Condensed Statement of Operations

For the six months ended January 31, 2014

(in thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	573,437		$	9,346		$	(6,672	)	$	576,111
Total operating expense	180			563,008			10,928			(6,596		)	567,520
(Loss) income from operations	(180		)	10,429			(1,582		)	(76		)	8,591
Other expense, net	(13,202		)	(18,299		)	(747		)	76			(32,172		)
Equity investment income, net	—			617			—			—			617
Loss before benefit from income taxes	(13,382		)	(7,253		)	(2,329		)	—			(22,964		)
Benefit from income taxes	5,246			3,324			157			—			8,727
Net loss before equity in loss of consolidated subsidiaries	(8,136		)	(3,929		)	(2,172		)	—			(14,237		)
Equity in loss of consolidated subsidiaries	(5,977		)	(2,048		)	—			8,025			—
Net loss	(14,113		)	(5,977		)	(2,172		)	8,025			(14,237		)
Net loss attributable to noncontrolling interests	—			—			124			—			124
Net loss attributable to Vail Resorts, Inc.	$	(14,113	)	$	(5,977	)	$	(2,048	)	$	8,025		$	(14,113	)

SupplementalCondensedStatementofComprehensiveIncome [Text Block]

Statement of Comprehensive Income (Loss)

For the three months ended January 31, 2015

(In thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Net income	$	115,762		$	94,433		$	150		$	(94,645	)	$	115,700
Foreign currency translation adjustments, net of tax	(307		)	(307		)	(307		)	614			(307		)
Comprehensive income (loss)	115,455			94,126			(157		)	(94,031		)	115,393
Comprehensive loss attributable to noncontrolling interests	—			—			62			—			62
Comprehensive income (loss) attributable to Vail Resorts, Inc.	$	115,455		$	94,126		$	(95	)	$	(94,031	)	$	115,455

Supplemental Consolidating Condensed Statement of Comprehensive Income (Loss)

For the three months ended January 31, 2014

(In thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Net income (loss)	$	59,263		$	63,554		$	(124	)	$	(63,493	)	$	59,200
Foreign currency translation adjustments, net of tax	(130		)	(130		)	(130		)	260			(130		)
Comprehensive income (loss)	59,133			63,424			(254		)	(63,233		)	59,070
Comprehensive loss attributable to noncontrolling interests	—			—			63			—			63
Comprehensive income (loss) attributable to Vail Resorts, Inc.	$	59,133		$	63,424		$	(191	)	$	(63,233	)	$	59,133

Supplemental Consolidating Condensed Statement of Comprehensive Income (Loss)

For the six months ended January 31, 2015

(In thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Net income (loss)	$	51,486		$	32,551		$	(1,811	)	$	(30,850	)	$	51,376
Foreign currency translation adjustments, net of tax	(447		)	(447		)	(447		)	894			(447		)
Comprehensive income (loss)	51,039			32,104			(2,258		)	(29,956		)	50,929
Comprehensive loss attributable to noncontrolling interests	—			—			110			—			110
Comprehensive income (loss) attributable to Vail Resorts, Inc.	$	51,039		$	32,104		$	(2,148	)	$	(29,956	)	$	51,039

Supplemental Consolidating Condensed Statement of Comprehensive Income (Loss)

For the six months ended January 31, 2014

(In thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries		Consolidated
Net loss	$	(14,113	)	$	(5,977	)	$	(2,172	)	$	8,025	$	(14,237	)
Foreign currency translation adjustments, net of tax	(119		)	(119		)	(119		)	238		(119		)
Comprehensive loss	(14,232		)	(6,096		)	(2,291		)	8,263		(14,356		)
Comprehensive loss attributable to noncontrolling interests	—			—			124			—		124
Comprehensive loss attributable to Vail Resorts, Inc.	$	(14,232	)	$	(6,096	)	$	(2,167	)	$	8,263	$	(14,232	)

Supplemental Condensed Consolidating Statement Of Cash Flows

Supplemental Consolidating Condensed Statement of Cash Flows

For the six months ended January 31, 2015

(in thousands)

(Unaudited)

	Parent Company			100%  Owned Guarantor Subsidiaries			Other Subsidiaries			Consolidated
Net cash provided by operating activities	$	30,244		$	242,353		$	1,588		$	274,185
Cash flows from investing activities:
Capital expenditures	—			(73,424		)	(596		)	(74,020		)
Acquisition of business	—			(182,500		)	—			(182,500		)
Other investing activities, net	—			693			11			704
Net cash used in investing activities	—			(255,231		)	(585		)	(255,816		)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt	—			243,000			—			243,000
Payments of other long-term debt	—			(243,305		)	(231		)	(243,536		)
Dividends paid	(30,141		)	—			—			(30,141		)
Other financing activities, net	3,255			1,132			206			4,593
Advances	(3,358		)	3,358			—			—
Net cash (used in) provided by financing activities	(30,244		)	4,185			(25		)	(26,084		)
Effect of exchange rate changes on cash and cash equivalents	—			234			(347		)	(113		)
Net (decrease) increase in cash and cash equivalents	—			(8,459		)	631			(7,828		)
Cash and cash equivalents:
Beginning of period	—			35,070			9,336			44,406
End of period	$	—		$	26,611		$	9,967		$	36,578

Supplemental Consolidating Condensed Statement of Cash Flows

For the six months ended January 31, 2014

(in thousands)

(Unaudited)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Consolidated
Net cash (used in) provided by operating activities	$	(19,616	)	$	193,841		$	396		$	174,621
Cash flows from investing activities:
Capital expenditures	—			(93,095		)	(676		)	(93,771		)
Other investing activities, net	—			142			7			149
Net cash used in investing activities	—			(92,953		)	(669		)	(93,622		)
Cash flows from financing activities:
Dividends paid	(14,986		)	—			—			(14,986		)
Other financing activities, net	3,390			(3,265		)	496			621
Advances	31,212			(31,212		)	—			—
Net cash provided by (used in) financing activities	19,616			(34,477		)	496			(14,365		)
Effect of exchange rate changes on cash and cash equivalents	—			(18		)	56			38
Net increase in cash and cash equivalents	—			66,393			279			66,672
Cash and cash equivalents:
Beginning of period	—			130,970			7,634			138,604
End of period	$	—		$	197,363		$	7,913		$	205,276