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Segment Information
 6 Months Ended
Jan. 31, 2023
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 concessioner 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 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 income, net change in cash and cash equivalents or other financial statement data presented in the accompanying 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 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 accounting policies specific to each segment are the same as those described in Note 2, Summary of Significant Accounting Policies.
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,
 2023202220232022
Net revenue:
Mountain$1,013,442 $834,375 1,215,159 943,675 
Lodging80,577 71,980 158,194 137,941 
Total Resort net revenue1,094,019 906,355 1,373,353 1,081,616 
Real Estate7,699 180 7,812 495 
Total net revenue$1,101,718 $906,535 $1,381,165 $1,082,111 
Segment operating expense:
Mountain$614,633 $446,700 $908,829 $668,478 
Lodging84,630 62,612 166,604 126,022 
Total Resort operating expense699,263 509,312 1,075,433 794,500 
Real Estate6,310 1,511 7,692 2,981 
Total segment operating expense$705,573 $510,823 $1,083,125 $797,481 
Gain on sale of real property$757 $931 $757 $962 
Mountain equity investment income, net$42 $818 $388 $2,332 
Reported EBITDA:
Mountain$398,851 $388,493 $306,718 $277,529 
Lodging(4,053)9,368 (8,410)11,919 
Resort394,798 397,861 298,308 289,448 
Real Estate2,146 (400)877 (1,524)
Total Reported EBITDA$396,944 $397,461 $299,185 $287,924 
Real estate held for sale or investment$90,354 $95,331 $90,354 $95,331 
Reconciliation from net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.$208,679 $223,391 $71,708 $84,059 
Net income attributable to noncontrolling interests11,440 10,539 4,851 7,350 
Net income220,119 233,930 76,559 91,409 
Provision for (benefit from) income taxes79,032 52,049 21,026 (7,804)
Income before provision for (benefit from) income taxes299,151 285,979 97,585 83,605 
Depreciation and amortization65,989 62,070 130,603 123,559 
Change in estimated fair value of contingent consideration1,100 16,780 1,736 18,780 
Loss (gain) on disposal of fixed assets and other, net1,780 (7,347)1,786 (16,214)
Investment income and other, net(7,108)(257)(9,994)(756)
Foreign currency (gain) loss on intercompany loans(2,338)2,870 3,797 2,039 
Interest expense, net38,370 37,366 73,672 76,911 
Total Reported EBITDA$396,944 $397,461 $299,185 $287,924