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Segment Information
 6 Months Ended
Jan. 31, 2013
Segment Reporting [Abstract]  
Segment Information
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/areas and related ancillary services. The Lodging segment includes the operations of all of the Company’s owned hotels, RockResorts, NPS concessionaire properties, condominium management, CME and mountain resort 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 each other, 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), 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 (the 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 (loss), net change in cash and cash equivalents or other financial statement data presented in the Consolidated Condensed 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. All segment expenses include an allocation of corporate administrative expenses. Assets are not allocated between segments, or used to evaluate performance, except as shown in the table below.
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,
 
 
2013
 
2012
 
2013
 
2012
Net revenue:
 
 
 
 
 
 
 
 
Lift tickets
 
$
175,658

 
$
153,699

 
$
175,658

 
$
153,699

Ski school
 
41,723

 
37,252

 
41,723

 
37,252

Dining
 
29,826

 
24,722

 
36,199

 
30,369

Retail/rental
 
83,748

 
73,850

 
110,473

 
100,814

Other
 
30,786

 
26,415

 
49,600

 
43,474

Total Mountain net revenue
 
361,741

 
315,938

 
413,653

 
365,608

Lodging
 
46,543

 
48,306

 
99,051

 
101,900

Total Resort net revenue
 
408,284

 
364,244

 
512,704

 
467,508

Real estate
 
14,167

 
9,088

 
26,097

 
22,197

Total net revenue
 
$
422,451

 
$
373,332

 
$
538,801

 
$
489,705

Operating expense:
 
 
 
 
 
 
 
 
Mountain
 
$
220,997

 
$
195,489

 
$
328,545

 
$
294,044

Lodging
 
44,803

 
47,093

 
96,609

 
102,394

Total Resort operating expense
 
265,800

 
242,582

 
425,154

 
396,438

Real estate
 
16,739

 
12,563

 
32,353

 
30,410

Total segment operating expense
 
$
282,539

 
$
255,145

 
$
457,507

 
$
426,848

Mountain equity investment income, net
 
$
99

 
$
178

 
$
533

 
$
608

Reported EBITDA:
 
 
 
 
 
 
 
 
Mountain
 
$
140,843

 
$
120,627

 
$
85,641

 
$
72,172

Lodging
 
1,740

 
1,213

 
2,442

 
(494
)
Resort
 
142,583

 
121,840

 
88,083

 
71,678

Real estate
 
(2,572
)
 
(3,475
)
 
(6,256
)
 
(8,213
)
Total Reported EBITDA
 
$
140,011

 
$
118,365

 
$
81,827

 
$
63,465

 
 
 
 
 
 
 
 
 
Real estate held for sale and investment
 
$
216,815

 
$
257,169

 
$
216,815

 
$
257,169

 
 
 
 
 
 
 
 
 
Reconciliation to net income (loss) attributable to Vail Resorts, Inc.:
 
 
 
 
 
 
 
 
Total Reported EBITDA
 
$
140,011

 
$
118,365

 
$
81,827

 
$
63,465

Depreciation and amortization
 
(33,418
)
 
(33,050
)
 
(65,097
)
 
(61,980
)
Loss on disposal of fixed assets, net
 
(531
)
 
(919
)
 
(533
)
 
(1,033
)
Investment income, net
 
99

 
310

 
153

 
374

Interest expense, net
 
(8,534
)
 
(8,542
)
 
(16,909
)
 
(16,783
)
Income (loss) before (provision) benefit from income taxes
 
97,627

 
76,164

 
(559
)
 
(15,957
)
(Provision) benefit from income taxes
 
(37,098
)
 
(29,743
)
 
485

 
6,644

Net income (loss)
 
$
60,529

 
$
46,421

 
$
(74
)
 
$
(9,313
)
Net loss (income) attributable to noncontrolling interests
 
22

 
(32
)
 
45

 
(7
)
Net income (loss) attributable to Vail Resorts, Inc.
 
$
60,551

 
$
46,389

 
$
(29
)
 
$
(9,320
)