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Segment Information | 12 Months Ended
--- | ---
Jul. 31, 2011
Segment Information |
Segment Information |
14. | Segment Information
The Company has three reportable segments: Mountain, Lodging and Real Estate. The Mountain segment includes the operations of the Company's ski resorts and related ancillary activities. The Lodging segment includes the operations of all of the Company's owned hotels, RockResorts, GTLC, condominium management, CME and golf operations. The Real Estate segment owns and develops 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 or minus segment equity investment income or loss, and for the Real Estate segment, plus gain on sale of real property) which is a non-GAAP financial measure. 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. Reported EBITDA is not a measure of financial performance under GAAP. 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 consolidated financial statements as indicators of financial performance or liquidity. Because Reported EBITDA is not a measurement determined in accordance with GAAP and thus is susceptible to varying calculations, Reported EBITDA as presented may not be comparable to other similarly titled measures of other companies. The Company utilizes Reported EBITDA in evaluating performance of the Company and in allocating resources to its segments. Mountain Reported EBITDA consists of Mountain net revenue less Mountain operating expense plus or minus 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 on sale of real property. All segment expenses include an allocation of corporate administrative expense. Assets are not allocated between segments, or 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. Following is key financial information by reportable segment which is used by management in evaluating performance and allocating resources (in thousands):
|  | Year Ended July 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Net revenue: |  |  |  |  |  |  |  |  |  |  |  |
Lift tickets |  | $ | 342,514 |  |  | $ | 289,289 |  |  | $ | 276,542 |
Ski school |  |  | 83,818 |  |  |  | 70,694 |  |  |  | 65,336 |
Dining |  |  | 68,052 |  |  |  | 53,322 |  |  |  | 52,259 |
Retail/rental |  |  | 174,339 |  |  |  | 154,846 |  |  |  | 147,415 |
Other |  |  | 83,468 |  |  |  | 70,344 |  |  |  | 73,045 |
Total Mountain net revenue |  |  | 752,191 |  |  |  | 638,495 |  |  |  | 614,597 |
Lodging |  |  | 214,658 |  |  |  | 195,301 |  |  |  | 203,606 |
Resort |  |  | 966,849 |  |  |  | 833,796 |  |  |  | 818,203 |
Real estate |  |  | 200,197 |  |  |  | 61,007 |  |  |  | 186,150 |
Total net revenue |  | $ | 1,167,046 |  |  | $ | 894,803 |  |  | $ | 1,004,353 |
Segment operating expense: |  |  |  |  |  |  |  |  |  |  |  |
Mountain |  | $ | 540,366 |  |  | $ | 456,017 |  |  | $ | 451,025 |
Lodging |  |  | 205,903 |  |  |  | 192,909 |  |  |  | 196,847 |
Resort |  |  | 746,269 |  |  |  | 648,926 |  |  |  | 647,872 |
Real estate |  |  | 205,232 |  |  |  | 71,402 |  |  |  | 142,070 |
Total segment operating expense |  | $ | 951,501 |  |  | $ | 720,328 |  |  | $ | 789,942 |
Gain on sale of real property |  | $ | -- |  |  | $ | 6,087 |  |  | $ | -- |
Mountain equity investment income, net |  | $ | 1,342 |  |  | $ | 1,558 |  |  | $ | 817 |
Reported EBITDA: |  |  |  |  |  |  |  |  |  |  |  |
Mountain |  | $ | 213,167 |  |  | $ | 184,036 |  |  | $ | 164,389 |
Lodging |  |  | 8,755 |  |  |  | 2,392 |  |  |  | 6,759 |
Resort |  |  | 221,922 |  |  |  | 186,428 |  |  |  | 171,148 |
Real estate |  |  | (5,035 | ) |  |  | (4,308 | ) |  |  | 44,080 |
Total Reported EBITDA |  | $ | 216,887 |  |  | $ | 182,120 |  |  | $ | 215,228 |
Real estate held for sale and investment |  | $ | 273,663 |  |  | $ | 422,164 |  |  | $ | 311,485 |
Reconciliation to net income attributable to Vail Resorts, Inc.: |  |  |  |  |  |  |  |  |  |  |  |
Total Reported EBITDA |  | $ | 216,887 |  |  | $ | 182,120 |  |  | $ | 215,228 |
Depreciation and amortization |  |  | (117,957 | ) |  |  | (110,638 | ) |  |  | (107,213) |
Loss on disposal of fixed assets, net |  |  | (555 | ) |  |  | (615 | ) |  |  | (1,064) |
Asset impairment charge |  |  | (2,561 | ) |  |  | -- |  |  |  | -- |
Investment income, net |  |  | 719 |  |  |  | 445 |  |  |  | 1,793 |
Interest expense, net |  |  | (33,641 | ) |  |  | (17,515 | ) |  |  | (27,548) |
Loss on extinguishment of debt |  |  | (7,372 | ) |  |  | -- |  |  |  | -- |
Income before provision for income taxes |  |  | 55,520 |  |  |  | 53,797 |  |  |  | 81,196 |
Provision for income taxes |  |  | (21,098 | ) |  |  | (18,022 | ) |  |  | (30,644) |
Net income |  |  | 34,422 |  |  |  | 35,775 |  |  |  | 50,552 |
Net loss (income) attributable to noncontrolling interests |  |  | 67 |  |  |  | (5,390 | ) |  |  | (1,602) |
Net income attributable to Vail Resorts, Inc. |  | $ | 34,489 |  |  | $ | 30,385 |  |  | $ | 48,950 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 + Details
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