Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Tables)

12 Months Ended

Jul. 31, 2011

Guarantor Subsidiaries And Non-Guarantor Subsidiaries

Supplemental Condensed Consolidating Balance Sheet

Supplemental Condensed Consolidating Balance Sheet

As of July 31, 2011

(in thousands)

	Parent Company		100% Owned Guarantor Subsidiaries		Other Subsidiaries		Eliminating Entries		Consolidated
Current assets:
Cash and cash equivalents	$	--	$	63,365	$	6,778	$	--	$	70,143
Restricted cash		--		11,781		657		--		12,438
Trade receivables, net		--		57,746		783		--		58,529
Inventories, net		--		53,775		232		--		54,007
Other current assets		29,167		21,063		277		--		50,507
Total current assets		29,167		207,730		8,727		--		245,624
Property, plant and equipment, net		--		972,963		48,773		--		1,021,736
Real estate held for sale and investment		--		273,663		--		--		273,663
Goodwill, net		--		268,058		--		--		268,058
Intangible assets, net		--		72,943		18,155		--		91,098
Other assets		8,060		33,296		4,701		--		46,057
Investments in subsidiaries		1,721,269		(3,862)		--		(1,717,407)		--
Advances		(349,144)		356,981		(7,837)		--		--
Total assets	$	1,409,352	$	2,181,772	$	72,519	$	(1,717,407)	$	1,946,236
Current liabilities:
Accounts payable and accrued liabilities	$	7,117	$	211,565	$	2,677	$	--	$	221,359
Income taxes payable		20,778		--		--		--		20,778
Long-term debt due within one year		--		848		197		--		1,045
Total current liabilities		27,895		212,413		2,874		--		243,182
Long-term debt		390,000		42,532		58,166		--		490,698
Other long-term liabilities		28,526		205,558		1,345		--		235,429
Deferred income taxes		133,208		--		--		--		133,208
Total Vail Resorts, Inc. stockholders' equity		829,723		1,721,269		(3,862)		(1,717,407)		829,723
Noncontrolling interests		--		--		13,996		--		13,996
Total stockholders' equity		829,723		1,721,269		10,134		(1,717,407)		843,719
Total liabilities and stockholders' equity	$	1,409,352	$	2,181,772	$	72,519	$	(1,717,407)	$	1,946,236

Supplemental Condensed Consolidating Balance Sheet

As of July 31, 2010

(in thousands)

	Parent Company			100% Owned Guarantor Subsidiaries		Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	--		$	11,315	$	3,430		$	--		$	14,745
Restricted cash		--			11,443		391			--			11,834
Trade receivables, net		--			53,013		609			--			53,622
Inventories, net		--			48,081		214			--			48,295
Other current assets		21,448			20,570		231			--			42,249
Total current assets		21,448			144,422		4,875			--			170,745
Property, plant and equipment, net		--			990,904		36,486			--			1,027,390
Real estate held for sale and investment		--			422,164		--			--			422,164
Goodwill, net		--			181,085		--			--			181,085
Intangible assets, net		--			71,118		18,155			--			89,273
Other assets		2,515			24,776		4,861			--			32,152
Investments in subsidiaries		1,631,824			(16,258)		--			(1,615,566	)		--
Advances		(294,189	)		298,798		(4,609)			--			--
Total assets	$	1,361,598		$	2,117,009	$	59,768		$	(1,615,566	)	$	1,922,809
Current liabilities:
Accounts payable and accrued liabilities	$	12,400		$	240,823	$	2,103		$	--		$	255,326
Income taxes payable		32,729			--		--			--			32,729
Long-term debt due within one year		--			1,682		187			--			1,869
Total current liabilities		45,129			242,505		2,290			--			289,924
Long-term debt		390,000			76,479		58,363			--			524,842
Other long-term liabilities		29,203			166,201		1,756			--			197,160
Deferred income taxes		108,496			--		--			--			108,496
Total Vail Resorts, Inc. stockholders' equity		788,770			1,631,824		(16,258	)		(1,615,566	)		788,770
Noncontrolling interests		--			--		13,617			--			13,617
Total stockholders' equity		788,770			1,631,824		(2,641	)		(1,615,566	)		802,387
Total liabilities and stockholders' equity	$	1,361,598		$	2,117,009	$	59,768		$	(1,615,566	)	$	1,922,809

Supplemental Condensed Consolidating Statement Of Operations

Supplemental Condensed Consolidating Statement of Operations

For the year ended July 31, 2011

(in thousands)

	Parent Company			100% Owned Guarantor Subsidiaries		Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	--		$	1,166,706	$	12,212		$	(11,872	)	$	1,167,046
Total operating expense		522			1,070,054		13,718			(11,720	)		1,072,574
(Loss) income from operations		(522	)		96,652		(1,506	)		(152	)		94,472
Other (expense) income, net		(34,244	)		(4,908)		(1,294	)		152			(40,294	)
Equity investment income, net		--			1,342		--			--			1,342
(Loss) income before benefit (provision) for income taxes		(34,766	)		93,086		(2,800	)		--			55,520
Benefit (provision) for income taxes		14,235			(35,333)		--			--			(21,098	)
Net (loss) income before equity in income (loss) of consolidated subsidiaries		(20,531	)		57,753		(2,800	)		--			34,422
Equity in income (loss) of consolidated subsidiaries		55,020			(2,733)		--			(52,287	)		--
Net income (loss)		34,489			55,020		(2,800	)		(52,287	)		34,422
Net loss attributable to noncontrolling interests		--			--		67			--			67
Net income (loss) attributable to Vail Resorts, Inc.	$	34,489		$	55,020	$	(2,733	)	$	(52,287	)	$	34,489

Supplemental Condensed Consolidating Statement of Operations

For the year ended July 31, 2010

(in thousands)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	--		$	894,409		$	11,041		$	(10,647	)	$	894,803
Total operating expense		792			821,318			13,879			(10,495	)		825,494
(Loss) income from operations		(792	)		73,091			(2,838	)		(152	)		69,309
Other (expense) income, net		(27,034	)		10,885			(1,073	)		152			(17,070	)
Equity investment income, net		--			1,558			--			--			1,558
(Loss) income before benefit (provision) for income taxes		(27,826	)		85,534			(3,911	)		--			53,797
Benefit (provision) for income taxes		9,457			(27,479	)		--			--			(18,022	)
Net (loss) income before equity in income (loss) of consolidated subsidiaries		(18,369	)		58,055			(3,911	)		--			35,775
Equity in income (loss) of consolidated subsidiaries		48,754			(3,580	)		--			(45,174	)		--
Net income (loss)		30,385			54,475			(3,911	)		(45,174	)		35,775
Net (income) loss attributable to noncontrolling interests		--			(5,721	)		331			--			(5,390)
Net income (loss) attributable to Vail Resorts, Inc.	$	30,385		$	48,754		$	(3,580	)	$	(45,174	)	$	30,385

Supplemental Condensed Consolidating Statement of Operations

For the year ended July 31, 2009

(in thousands)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	--		$	1,003,079		$	10,602		$	(9,328	)	$	1,004,353
Total operating expense		498			895,941			10,956			(9,176	)		898,219
(Loss) income from operations		(498	)		107,138			(354	)		(152	)		106,134
Other (expense) income, net		(27,035	)		3,663			(2,535	)		152			(25,755	)
Equity investment income, net		--			817			--			--			817
(Loss) income before benefit (provision) for income taxes		(27,533	)		111,618			(2,889	)		--			81,196
Benefit (provision) for income taxes		10,600			(41,244	)		--			--			(30,644	)
Net (loss) income before equity in income (loss) of consolidated subsidiaries		(16,933	)		70,374			(2,889	)		--			50,552
Equity in income (loss) of consolidated subsidiaries		65,883			(3,364	)		--			(62,519	)		--
Net income (loss)		48,950			67,010			(2,889	)		(62,519	)		50,552
Net income attributable to noncontrolling interests		--			(1,127	)		(475	)		--			(1,602	)
Net income (loss) attributable to Vail Resorts, Inc.	$	48,950		$	65,883		$	(3,364	)	$	(62,519	)	$	48,950

Supplemental Condensed Consolidating Statement Of Cash Flows

Supplemental Condensed Consolidating Statement of Cash Flows

For the year ended July 31, 2011

(in thousands)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Consolidated
Net cash (used in) provided by operating activities	$	(2,659	)	$	268,602		$	1,344		$	267,287
Cash flows from investing activities:
Capital expenditures		--			(95,568	)		(72	)		(95,640	)
Acquisition of businesses		--			(62,344	)		--			(62,344	)
Other investing activities, net		--			(204	)		--			(204	)
Net cash used in investing activities		--			(158,116	)		(72	)		(158,188	)
Cash flows from financing activities:
Proceeds from borrowings under other long-term debt		--			189,000			--			189,000
Payments of other long-term debt		--			(226,674	)		(187	)		(226,861	)
Proceeds from borrowings under the 6.50% notes		390,000			--			--			390,000
Payment of tender of 6.75% notes		(390,000	)		--			--			(390,000	)
Payment of financing costs		(9,331	)		(3,069	)		--			(12,400	)
Dividends paid		(5,411	)		--			--			(5,411	)
Other financing activities, net		1,319			(1,055	)		1,707			1,971
Advances		16,082			(16,638	)		556			--
Net cash provided by (used in) financing activities		2,659			(58,436	)		2,076			(53,701	)
Net increase in cash and cash equivalents		--			52,050			3,348			55,398
Cash and cash equivalents
Beginning of period		--			11,315			3,430			14,745
End of period	$	--		$	63,365		$	6,778		$	70,143

Supplemental Condensed Consolidating Statement of Cash Flows

For the year ended July 31, 2010

(in thousands)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Consolidated
Net cash provided by (used in) operating activities	$	4,428		$	31,943		$	(421	)	$	35,950
Cash flows from investing activities:
Capital expenditures		--			(67,544	)		(1,413	)		(68,957	)
Acquisition of business		2,193			(18,063	)		--			(15,870	)
Cash received from sale of real property		--			8,920			--			8,920
Other investing activities, net		--			(145	)		(7,500	)		(7,645	)
Net cash provided by (used in) investing activities		2,193			(76,832	)		(8,913	)		(83,552	)
Cash flows from financing activities:
Acquisition of noncontrolling interest		--			(31,000	)		--			(31,000	)
Repurchase of common stock		(14,999	)		--			--			(14,999	)
Proceeds from borrowings under other long-term debt		--			140,962			--			140,962
Payments of other long-term debt		--			(106,132	)		(177	)		(106,309	)
Other financing activities, net		1,109			(7,042	)		10,328			4,395
Advances		7,269			(7,269	)		--			--
Net cash (used in) provided by financing activities		(6,621	)		(10,481	)		10,151			(6,951	)
Net (decrease) increase in cash and cash equivalents		--			(55,370	)		817			(54,553	)
Cash and cash equivalents
Beginning of period		--			66,685			2,613			69,298
End of period	$	--		$	11,315		$	3,430		$	14,745

Supplemental Condensed Consolidating Statement of Cash Flows

For the year ended July 31, 2009

(in thousands)

	Parent Company		100% Owned Guarantor Subsidiaries		Other Subsidiaries		Consolidated
Net cash (used in ) provided by operating activities	$	(11,385)	$	148,703	$	(3,042)	$	134,276
Cash flows from investing activities:
Capital expenditures		--		(106,145)		(346)		(106,491)
Acquisition of business		--		(38,170)		--		(38,170)
Other investing activities, net		--		36		--		36
Net cash used in investing activities		--		(144,279)		(346)		(144,625)
Cash flows from financing activities:
Repurchase of common stock		(22,367)		--		--		(22,367)
Proceeds from borrowings under non-recourse real estate financings		--		9,013		--		9,013
Payments of Non-Recourse Real Estate Financings		--		(58,407)		--		(58,407)
Proceeds from borrowings under other long-term debt		--		67,280		--		67,280
Payments of other long-term debt		--		(82,464)		(168)		(82,632)
Other financing activities, net		742		2,582		1,091		4,415
Advances		33,010		(33,010)		--		--
Net cash provided by (used in) financing activities		11,385		(95,006)		923		(82,698)
Net decrease in cash and cash equivalents		--		(90,582)		(2,465)		(93,047)
Cash and cash equivalents
Beginning of period		--		157,267		5,078		162,345
End of period	$	--	$	66,685	$	2,613	$	69,298