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Segment Information
 6 Months Ended
Jan. 31, 2014
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,
 
2014
 
2013
 
2014
 
2013
Net revenue:
 
 
 
 
 
 
 
Lift
$
195,357

 
$
175,658

 
$
195,357

 
$
175,658

Ski school
46,930

 
41,723

 
46,930

 
41,723

Dining
32,602

 
29,826

 
40,066

 
36,199

Retail/rental
85,717

 
83,748

 
114,616

 
110,473

Other
31,050

 
30,786

 
52,018

 
49,600

Total Mountain net revenue
391,656

 
361,741

 
448,987

 
413,653

Lodging
56,187

 
46,543

 
113,401

 
99,051

Total Resort net revenue
447,843

 
408,284

 
562,388

 
512,704

Real estate
4,877

 
14,167

 
13,723

 
26,097

Total net revenue
$
452,720

 
$
422,451

 
$
576,111

 
$
538,801

Operating expense:
 
 
 
 
 
 
 
Mountain
$
243,512

 
$
220,997

 
$
368,286

 
$
328,545

Lodging
53,259

 
44,803

 
110,164

 
96,609

Total Resort operating expense
296,771

 
265,800

 
478,450

 
425,154

Real estate
8,006

 
16,739

 
17,237

 
32,353

Total segment operating expense
$
304,777

 
$
282,539

 
$
495,687

 
$
457,507

Mountain equity investment income, net
$
14

 
$
99

 
$
617

 
$
533

Reported EBITDA:
 
 
 
 
 
 
 
Mountain
$
148,158

 
$
140,843

 
$
81,318

 
$
85,641

Lodging
2,928

 
1,740

 
3,237

 
2,442

Resort
151,086

 
142,583

 
84,555

 
88,083

Real estate
(3,129
)
 
(2,572
)
 
(3,514
)
 
(6,256
)
Total Reported EBITDA
$
147,957

 
$
140,011

 
$
81,041

 
$
81,827

 
 
 
 
 
 
 
 
Real estate held for sale and investment
$
184,101

 
$
216,815

 
$
184,101

 
$
216,815

 
 
 
 
 
 
 
 
Reconciliation to net income (loss) attributable to Vail Resorts, Inc.:
 
 
 
 
 
 
 
Total Reported EBITDA
$
147,957

 
$
140,011

 
$
81,041

 
$
81,827

Depreciation and amortization
(36,204
)
 
(33,418
)
 
(70,360
)
 
(65,097
)
Loss on disposal of fixed assets, net
(1,044
)
 
(531
)
 
(1,473
)
 
(533
)
Investment income, net
70

 
99

 
165

 
153

Interest expense
(16,239
)
 
(8,534
)
 
(32,337
)
 
(16,909
)
Income (loss) before (provision) benefit from income taxes
94,540

 
97,627

 
(22,964
)
 
(559
)
(Provision) benefit from income taxes
(35,340
)
 
(37,098
)
 
8,727

 
485

Net income (loss)
$
59,200

 
$
60,529

 
$
(14,237
)
 
$
(74
)
Net loss attributable to noncontrolling interests
63

 
22

 
124

 
45

Net income (loss) attributable to Vail Resorts, Inc.
$
59,263

 
$
60,551

 
$
(14,113
)
 
$
(29
)