Segment Information (Tables)

6 Months Ended

Jan. 31, 2023

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 January 31,				Six Months Ended January 31,
	2023		2022		2023		2022
Net revenue:





Mountain	$	1,013,442	$	834,375	1,215,159		943,675
Lodging	80,577		71,980		158,194		137,941
Total Resort net revenue	1,094,019		906,355		1,373,353		1,081,616
Real Estate	7,699		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
Lodging	84,630		62,612		166,604		126,022
Total Resort operating expense	699,263		509,312		1,075,433		794,500
Real Estate	6,310		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
Resort	394,798		397,861		298,308		289,448
Real Estate	2,146		(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 interests	11,440		10,539		4,851		7,350
Net income	220,119		233,930		76,559		91,409
Provision for (benefit from) income taxes	79,032		52,049		21,026		(7,804)
Income before provision for (benefit from) income taxes	299,151		285,979		97,585		83,605
Depreciation and amortization	65,989		62,070		130,603		123,559

Change in estimated fair value of contingent consideration	1,100		16,780		1,736		18,780
Loss (gain) on disposal of fixed assets and other, net	1,780		(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, net	38,370		37,366		73,672		76,911
Total Reported EBITDA	$	396,944	$	397,461	$	299,185	$	287,924