Segment Information (Tables)

9 Months Ended

Apr. 30, 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 April 30,				Nine Months Ended April 30,
	2023		2022		2023		2022
Net revenue:





Mountain	$	1,144,730	$	1,084,635	$	2,359,889	$	2,028,310
Lodging	93,546		91,901		251,740		229,842
Total Resort net revenue	1,238,276		1,176,536		2,611,629		2,258,152
Real Estate	155		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
Lodging	77,150		77,362		243,754		203,384
Total Resort operating expense	615,048		566,360		1,690,481		1,360,860
Real Estate	1,679		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
Lodging	16,396		14,539		7,986		26,458
Resort	623,322		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 interests	18,160		14,033		23,011		21,383
Net income	343,166		386,583		419,725		477,992
Provision for income taxes	124,289		118,211		145,315		110,407
Income before income taxes	467,455		504,794		565,040		588,399
Depreciation and amortization	69,097		65,655		199,700		189,214

Change in estimated fair value of contingent consideration	45,900		2,800		47,636		21,580
Loss (gain) on disposal of fixed assets and other, net	6,269		51		8,055		(16,163)
Investment income and other, net	(7,740)		(224)		(17,734)		(980)
Foreign currency loss on intercompany loans	1,766		1,040		5,563		3,079
Interest expense, net	39,139		35,132		112,811		112,043
Total Reported EBITDA	$	621,886	$	609,248	$	921,071	$	897,172