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Segment Information
 3 Months Ended
Oct. 31, 2019
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has three reportable segments: Mountain, Lodging and Real Estate. The Company refers to “Resort” as the combination of the Mountain and Lodging segments. The Mountain segment includes the operations of the Company’s mountain resorts/ski areas and related ancillary activities. The Lodging segment includes the operations of the Company’s owned hotels, RockResorts, NPS concessionaire properties, condominium management, Colorado resort ground transportation operations and mountain resort golf operations. The Real Estate segment owns, develops and sells real estate in and around the Company’s resort communities. The Company’s reportable segments, although integral to the success of the others, offer distinctly different products and services and require different types of management focus. As such, these segments are managed separately.

The Company reports its segment results using Reported EBITDA (defined as segment net revenue less segment operating expenses, plus or minus segment equity investment income or loss, and for the Real Estate segment, plus gain or loss on sale of real property). The Company reports segment results in a manner consistent with management’s internal reporting of operating results to the chief operating decision maker (Chief Executive Officer) for purposes of evaluating segment performance.

Items excluded from Reported EBITDA are significant components in understanding and assessing financial performance. Reported EBITDA should not be considered in isolation or as an alternative to, or substitute for, net loss, net change in cash and cash equivalents or other financial statement data presented in the Consolidated Condensed Financial Statements as indicators of financial performance or liquidity.

The Company utilizes Reported EBITDA in evaluating the performance of the Company and in allocating resources to its segments. Mountain Reported EBITDA consists of Mountain net revenue less Mountain operating expense plus or minus Mountain equity investment income or loss. Lodging Reported EBITDA consists of Lodging net revenue less Lodging operating expense. Real Estate Reported EBITDA consists of Real Estate net revenue less Real Estate operating expense plus gain or loss on sale of real property. All segment expenses include an allocation of corporate administrative expense. Assets are not allocated between segments, or used to evaluate performance, except as shown in the table below.

The following table presents financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands):
 
Three Months Ended October 31,
 
2019
 
2018
Net revenue:
 
 
 
Lift
$
41,829

 
$
24,685

Ski school
8,534

 
4,272

Dining
21,629

 
18,292

Retail/rental
47,915

 
43,342

Other
60,925

 
54,415

Total Mountain net revenue
180,832

 
145,006

Lodging
82,758

 
74,900

Total Resort net revenue
263,590

 
219,906

Real Estate
4,180

 
98

Total net revenue
$
267,770

 
$
220,004

Segment operating expense:
 
 
 
Mountain
$
262,008

 
$
222,363

Lodging
79,492

 
71,004

Resort
341,500

 
293,367

Real Estate, net
5,293

 
1,370

Total segment operating expense
$
346,793

 
$
294,737

Gain on sale of real property
$
207

 
$
—

Mountain equity investment income, net
$
1,191

 
$
950

Reported EBITDA:
 
 
 
Mountain
$
(79,985
)
 
$
(76,407
)
Lodging
3,266

 
3,896

Resort
(76,719
)

(72,511
)
Real Estate
(906
)
 
(1,272
)
Total Reported EBITDA
$
(77,625
)
 
$
(73,783
)
Real estate held for sale and investment
$
96,938

 
$
101,743

Reconciliation to net loss attributable to Vail Resorts, Inc.:
 
 
 
Total Reported EBITDA
$
(77,625
)
 
$
(73,783
)
Depreciation and amortization
(57,845
)
 
(51,043
)
Change in estimated fair value of contingent consideration
(1,136
)
 
(1,200
)
Gain (loss) on disposal of fixed assets and other, net
2,267

 
(619
)
Investment income and other, net
277

 
463

Foreign currency gain (loss) on intercompany loans
360

 
(2,311
)
Interest expense, net
(22,690
)
 
(18,638
)
Loss before benefit from income taxes
(156,392
)
 
(147,131
)
Benefit from income taxes
46,563

 
36,405

Net loss
(109,829
)
 
(110,726
)
Net loss attributable to noncontrolling interests
3,354

 
2,931

Net loss attributable to Vail Resorts, Inc.
$
(106,475
)
 
$
(107,795
)