XML 27 R16.htm IDEA: XBRL DOCUMENT v3.24.0.1
Segment Information
 6 Months Ended
Jan. 31, 2024
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,
 2024202320242023
Net revenue:
Mountain$999,981 $1,013,442 $1,172,436 $1,215,159 
Lodging77,817 80,577 159,638 158,194 
Total Resort net revenue1,077,798 1,094,019 1,332,074 1,373,353 
Real Estate160 7,699 4,449 7,812 
Total net revenue$1,077,958 $1,101,718 $1,336,523 $1,381,165 
Segment operating expense:
Mountain$579,062 $614,633 $891,901 $908,829 
Lodging73,111 84,630 155,168 166,604 
Total Resort operating expense652,173 699,263 1,047,069 1,075,433 
Real Estate1,676 6,310 6,857 7,692 
Total segment operating expense$653,849 $705,573 $1,053,926 $1,083,125 
Gain on sale of real property$— $757 $6,285 $757 
Mountain equity investment (loss) income, net$(579)$42 $280 $388 
Reported EBITDA:
Mountain$420,340 $398,851 $280,815 $306,718 
Lodging4,706 (4,053)4,470 (8,410)
Resort425,046 394,798 285,285 298,308 
Real Estate(1,516)2,146 3,877 877 
Total Reported EBITDA$423,530 $396,944 $289,162 $299,185 
Real estate held for sale or investment$86,737 $90,354 $86,737 $90,354 
Reconciliation from net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.$219,299 $208,679 $43,787 $71,708 
Net income attributable to noncontrolling interests10,506 11,440 2,971 4,851 
Net income229,805 220,119 46,758 76,559 
Provision for income taxes87,486 79,032 22,326 21,026 
Income before provision for income taxes317,291 299,151 69,084 97,585 
Depreciation and amortization69,399 65,989 136,127 130,603 
Change in estimated fair value of contingent consideration3,400 1,100 6,457 1,736 
Loss on disposal of fixed assets and other, net758 1,780 2,801 1,786 
Investment income and other, net(4,863)(7,108)(8,547)(9,994)
Foreign currency (gain) loss on intercompany loans(3,040)(2,338)1,925 3,797 
Interest expense, net40,585 38,370 81,315 73,672 
Total Reported EBITDA$423,530 $396,944 $289,162 $299,185