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Segment Information
 9 Months Ended
Apr. 30, 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 April 30,Nine Months Ended April 30,
 2023202220232022
Net revenue:
Mountain$1,144,730 $1,084,635 $2,359,889 $2,028,310 
Lodging93,546 91,901 251,740 229,842 
Total Resort net revenue1,238,276 1,176,536 2,611,629 2,258,152 
Real Estate155 129 7,967 624 
Total net revenue$1,238,431 $1,176,665 $2,619,596 $2,258,776 
Segment operating expense:
Mountain$537,898 $488,998 $1,446,727 $1,157,476 
Lodging77,150 77,362 243,754 203,384 
Total Resort operating expense615,048 566,360 1,690,481 1,360,860 
Real Estate1,679 1,609 9,371 4,590 
Total segment operating expense$616,727 $567,969 $1,699,852 $1,365,450 
Gain on sale of real property$88 $189 $845 $1,151 
Mountain equity investment income, net$94 $363 $482 $2,695 
Reported EBITDA:
Mountain$606,926 $596,000 $913,644 $873,529 
Lodging16,396 14,539 7,986 26,458 
Resort623,322 610,539 921,630 899,987 
Real Estate(1,436)(1,291)(559)(2,815)
Total Reported EBITDA$621,886 $609,248 $921,071 $897,172 
Real estate held for sale or investment$90,078 $95,519 $90,078 $95,519 
Reconciliation from net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.$325,006 $372,550 $396,714 $456,609 
Net income attributable to noncontrolling interests18,160 14,033 23,011 21,383 
Net income343,166 386,583 419,725 477,992 
Provision for income taxes124,289 118,211 145,315 110,407 
Income before income taxes467,455 504,794 565,040 588,399 
Depreciation and amortization69,097 65,655 199,700 189,214 
Change in estimated fair value of contingent consideration45,900 2,800 47,636 21,580 
Loss (gain) on disposal of fixed assets and other, net6,269 51 8,055 (16,163)
Investment income and other, net(7,740)(224)(17,734)(980)
Foreign currency loss on intercompany loans1,766 1,040 5,563 3,079 
Interest expense, net39,139 35,132 112,811 112,043 
Total Reported EBITDA$621,886 $609,248 $921,071 $897,172