Revenue (Notes)

9 Months Ended

Apr. 30, 2024

Revenue [Abstract]

Revenue from Contract with Customer [Text Block]

Disaggregation of Revenues

The following table presents net revenues disaggregated by segment and major revenue type for the three and nine months ended April 30, 2024 and 2023 (in thousands):

	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2023		2024		2023
Mountain net revenue:
Lift	$	745,677	$	710,052	$	1,394,526	$	1,362,195
Ski School	161,248		145,134		295,055		277,512
Dining	109,471		101,683		209,608		206,953
Retail/Rental	123,262		135,008		292,892		335,284
Other	56,400		52,853		176,413		177,945
Total Mountain net revenue	$	1,196,058	$	1,144,730	$	2,368,494	$	2,359,889
Lodging net revenue:
Owned hotel rooms	$	14,978	$	15,091	$	53,738	$	52,135
Managed condominium rooms	35,390		38,409		75,701		82,604
Dining	14,482		15,422		46,174		45,435
Transportation	7,150		6,924		15,060		14,272
Golf	—		—		6,541		6,072
Other	10,230		12,380		36,700		37,235
	82,230		88,226		233,914		237,753
Payroll cost reimbursements	4,825		5,320		12,779		13,987
Total Lodging net revenue	$	87,055	$	93,546	$	246,693	$	251,740
Total Resort net revenue	$	1,283,113	$	1,238,276	$	2,615,187	$	2,611,629
Total Real Estate net revenue	169		155		4,618		7,967
Total net revenue	$	1,283,282	$	1,238,431	$	2,619,805	$	2,619,596

Contract Balances

Deferred revenue balances of a short-term nature were $448.8 million and $572.6 million as of April 30, 2024 and July 31, 2023, respectively. For the three and nine months ended April 30, 2024, the Company recognized approximately $233.9 million and $529.0 million, respectively, of revenue that was included in the deferred revenue balance as of July 31, 2023. Deferred revenue balances of a long-term nature, comprised primarily of long-term private club initiation fee revenue, were $106.7 million, $109.7 million and $111.4 million as of April 30, 2024, July 31, 2023 and April 30, 2023, respectively. As of April 30, 2024, the weighted average remaining period over which revenue for unsatisfied performance obligations on long-term private club contracts will be recognized was approximately 15 years.

Costs to Obtain Contracts with Customers

Costs to obtain contracts with customers are recorded within other current assets on the Company’s Consolidated Condensed Balance Sheets, and were $2.3 million, $5.1 million and $3.0 million as of April 30, 2024, July 31, 2023 and April 30, 2023, respectively. The amounts capitalized are subject to amortization commensurate with the recognition of revenue for related pass products. The Company recorded amortization of $13.9 million and $27.8 million, respectively, for these costs during the three and nine months ended April 30, 2024, which was recorded within Mountain and Lodging operating expense on the Company’s

Consolidated Condensed Statements of Operations. The Company recorded amortization of $12.3 million and $24.6 million, respectively, for these costs during the three and nine months ended April 30, 2023.