Segment Information (Tables)

9 Months Ended

Apr. 30, 2021

Summary Of Financial Information By Reportable Segment

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 April 30,				Nine Months Ended April 30,
	2021		2020		2021		2020
Net revenue:
Lift	$	577,680	$	374,818	$	1,041,546	$	900,995
Ski school	80,390		76,563		138,824		187,840
Dining	45,294		61,632		80,172		158,980
Retail/rental	91,286		78,133		203,718		259,761
Other	34,533		44,158		101,092		154,105
Total Mountain net revenue	829,183		635,304		1,565,352		1,661,681
Lodging	59,095		58,385		138,787		220,030
Total Resort net revenue	888,278		693,689		1,704,139		1,881,711
Real Estate	800		398		1,369		4,784
Total net revenue	$	889,078	$	694,087	$	1,705,508	$	1,886,495
Segment operating expense:
Mountain	$	372,205	$	333,785	$	917,355	$	1,068,479
Lodging	54,862		55,460		149,468		208,545
Total Resort operating expense	427,067		389,245		1,066,823		1,277,024
Real Estate	2,023		1,128		5,088		7,926
Total segment operating expense	$	429,090	$	390,373	$	1,071,911	$	1,284,950

Gain on sale of real property	$	189	$	—	$	189	$	207
Mountain equity investment income (loss), net	$	1,011	$	(90)	$	6,177	$	1,270
Reported EBITDA:
Mountain	$	457,989	$	301,429	$	654,174	$	594,472
Lodging	4,233		2,925		(10,681)		11,485
Resort	462,222		304,354		643,493		605,957
Real Estate	(1,034)		(730)		(3,530)		(2,935)
Total Reported EBITDA	$	461,188	$	303,624	$	639,963	$	603,022

Real estate held for sale and investment	$	96,259	$	96,565	$	96,259	$	96,565

Reconciliation from net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.	$	274,629	$	152,546	$	268,661	$	252,441
Net income attributable to noncontrolling interests	2,661		7,285		738		14,579
Net income	277,290		159,831		269,399		267,020
Provision for income taxes	76,897		26,440		66,640		47,190
Income before provision for income taxes	354,187		186,271		336,039		314,210
Depreciation and amortization	64,071		64,730		189,362		186,387
Asset impairments	—		28,372		—		28,372
Change in estimated fair value of contingent consideration	10,400		(8,000)		12,202		(5,264)
(Gain) loss on disposal of fixed assets and other, net	(1,999)		380		762		(1,178)
Investment income and other, net	(347)		(361)		(857)		(999)
Foreign currency (gain) loss on intercompany loans	(4,157)		7,753		(9,832)		8,191
Interest expense, net	39,033		24,479		112,287		73,303
Total Reported EBITDA	$	461,188	$	303,624	$	639,963	$	603,022