XML 23 R9.htm IDEA: XBRL DOCUMENT v3.21.2
Revenue (Notes)
 3 Months Ended
Oct. 31, 2021
Revenue [Abstract]  
Revenue from Contract with Customer [Text Block]
Disaggregation of Revenues
The following table presents net revenues disaggregated by segment and major revenue type for the three months ended October 31, 2021 and 2020 (in thousands):
Three Months Ended October 31,
 2021
2020 (1)
Mountain net revenue:
Lift (2)
$14,329 $33,091 
Ski School1,473 2,044 
Dining12,520 3,068 
Retail/Rental28,376 22,306 
Other52,602 38,970 
Total Mountain net revenue$109,300 $99,479 
Lodging net revenue:
     Owned hotel rooms$21,483 $7,365 
Managed condominium rooms13,084 9,329 
Dining 10,275 1,093 
Golf5,109 3,689 
Other14,269 9,374 
64,220 30,850 
Payroll cost reimbursements1,741 1,203 
Total Lodging net revenue $65,961 $32,053 
Total Resort net revenue$175,261 $131,532 
Total Real Estate net revenue315 254 
Total net revenue$175,576 $131,786 
(1) Segment results for the three months ended October 31, 2020 have been retrospectively adjusted to reflect current period presentation. See Note 9 for additional information.
(2) As a result of the COVID-19 pandemic, the Company closed its North American destination mountain resorts, regional ski areas and retail stores early for the 2019/2020 North American ski season in March 2020 and subsequently announced a credit offer for all existing 2019/2020 North American ski season pass product holders to purchase 2020/2021 North American ski season pass products at a discount (the “Credit Offer”). The Credit Offer represented a separate performance obligation to which the Company allocated a transaction price of approximately $120.9 million, $15.4 million of which was recognized during the three months ended October 31, 2020 for Credit Offer discounts which were not redeemed prior to their expiration.
Contract Balances
Deferred revenue balances of a short-term nature were $743.8 million and $456.5 million as of October 31, 2021 and July 31, 2021, respectively. Deferred revenue balances of a long-term nature, comprised primarily of long-term private club initiation fee revenue, was $121.0 million as of October 31, 2021 and July 31, 2021. For the three months ended October 31, 2021, the Company recognized approximately $45.4 million of revenue that was included in the deferred revenue balance as of July 31, 2021. As of October 31, 2021, the weighted average remaining period over which revenue for unsatisfied performance obligations on long-term private club contracts will be recognized was approximately 16 years. Trade receivable balances were $109.0 million and $345.4 million as of October 31, 2021 and July 31, 2021, respectively.

Costs to Obtain Contracts with Customers
As of October 31, 2021, $18.0 million of costs to obtain contracts with customers were recorded within other current assets on the Company’s Consolidated Condensed Balance Sheet. The amounts capitalized are subject to amortization generally beginning in the second quarter of fiscal 2022, commensurate with the revenue recognized for skier visits, and will be recorded within Mountain and Lodging operating expenses on the Company’s Consolidated Condensed Statement of Operations.