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Segment Information
 6 Months Ended
Jan. 31, 2021
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, other indicators of financial performance or liquidity presented in the Consolidated Condensed Financial Statements, such as net income (loss) or net change in cash and cash equivalents.

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 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 January 31,Six Months Ended January 31,
 2021202020212020
Net revenue:
Lift $430,775 $484,348 $463,866 $526,177 
Ski school56,390 102,743 58,434 111,277 
Dining31,810 75,719 34,878 97,348 
Retail/rental90,126 133,713 112,432 181,628 
Other32,354 49,022 66,559 109,947 
Total Mountain net revenue641,455 845,545 736,169 1,026,377 
Lodging42,874 78,887 79,692 161,645 
Total Resort net revenue684,329 924,432 815,861 1,188,022 
Real Estate315 206 569 4,386 
Total net revenue$684,644 $924,638 $816,430 $1,192,408 
Segment operating expense:
Mountain$359,058 $472,686 $545,150 $734,694 
Lodging50,400 73,593 94,606 153,085 
Total Resort operating expense409,458 546,279 639,756 887,779 
Real Estate1,615 1,505 3,065 6,798 
Total segment operating expense$411,073 $547,784 $642,821 $894,577 
Gain on sale of real property$— $— $— $207 
Mountain equity investment income, net$1,180 $169 $5,166 $1,360 
Reported EBITDA:
Mountain$283,577 $373,028 $196,185 $293,043 
Lodging(7,526)5,294 (14,914)8,560 
Resort276,051 378,322 181,271 301,603 
Real Estate(1,300)(1,299)(2,496)(2,205)
Total Reported EBITDA$274,751 $377,023 $178,775 $299,398 
Real estate held for sale and investment$96,801 $96,944 $96,801 $96,944 
Reconciliation from net income (loss) attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income (loss) attributable to Vail Resorts, Inc.$147,798 $206,370 $(5,968)$99,895 
Net income (loss) attributable to noncontrolling interests1,332 10,648 (1,923)7,294 
Net income (loss)149,130 217,018 (7,891)107,189 
Provision (benefit) from income taxes27,221 67,313 (10,257)20,750 
Income (loss) before provision (benefit) from income taxes176,351 284,331 (18,148)127,939 
Depreciation and amortization62,663 63,812 125,291 121,657 
Change in estimated fair value of contingent consideration1,000 1,600 1,802 2,736 
Loss (gain) on disposal of fixed assets and other, net2,192 709 2,761 (1,558)
Investment income and other, net(167)(361)(510)(638)
Foreign currency (gain) loss on intercompany loans(5,135)798 (5,675)438 
Interest expense, net37,847 26,134 73,254 48,824 
Total Reported EBITDA$274,751 $377,023 $178,775 $299,398