Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Tables)

3 Months Ended

Oct. 31, 2014

Guarantor Subsidiaries And Non Guarantor Subsidiaries

Supplemental Condensed Consolidating Balance Sheet

Supplemental Consolidating Condensed Balance Sheet

As of October 31, 2014

(in thousands)

(Unaudited)



	Parent Company		100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	20,598		$	9,242		$	—		$	29,840
Restricted cash	—		11,304			1,978			—			13,282
Trade receivables, net	—		33,241			2,896			—			36,137
Inventories, net	—		88,079			200			—			88,279
Other current assets	30,857		33,256			339			—			64,452
Total current assets	30,857		186,478			14,655			—			231,990
Property, plant and equipment, net	—		1,254,155			41,375			—			1,295,530
Real estate held for sale and investment	—		170,182			—			—			170,182
Goodwill, net	—		455,348			1,544			—			456,892
Intangible assets, net	—		124,901			19,197			—			144,098
Other assets	2,617		45,551			3,988			(9,980		)	42,176
Investments in subsidiaries	1,882,979		(8,865		)	—			(1,874,114		)	—
Advances to affiliates	—		—			2,448			(2,448		)	—
Total assets	$	1,916,453	$	2,227,750		$	83,207		$	(1,886,542	)	$	2,340,868
Current liabilities:
Accounts payable and accrued liabilities	$	7,267	$	373,235		$	9,768		$	—		$	390,270
Income taxes payable	31,604		—			—			—			31,604
Long-term debt due within one year	—		778			244			—			1,022
Total current liabilities	38,871		374,013			10,012			—			422,896
Advances from affiliates	783,910		2,448			—			(786,358		)	—
Long-term debt	215,000		546,975			57,263			—			819,238
Other long-term liabilities	48,875		205,245			11,046			(9,980		)	255,186
Deferred income taxes	85,072		—			(210		)	—			84,862
Total Vail Resorts, Inc. stockholders’ equity (deficit)	744,725		1,882,979			(8,865		)	(1,874,114		)	744,725
Advances to Parent	—		(783,910		)	—			783,910			—
Noncontrolling interests	—		—			13,961			—			13,961
Total stockholders’ equity	744,725		1,099,069			5,096			(1,090,204		)	758,686
Total liabilities and stockholders’ equity	$	1,916,453	$	2,227,750		$	83,207		$	(1,886,542	)	$	2,340,868

Supplemental Consolidating Condensed Balance Sheet

As of July 31, 2014

(in thousands)

(Unaudited)



	Parent Company		100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	35,070		$	9,336		$	—		$	44,406
Restricted cash	—		11,321			1,860			—			13,181
Trade receivables, net	—		94,390			1,587			—			95,977
Inventories, net	—		66,988			195			—			67,183
Other current assets	29,249		24,736			314			—			54,299
Total current assets	29,249		232,505			13,292			—			275,046
Property, plant and equipment, net	—		1,105,830			42,160			—			1,147,990
Real estate held for sale and investment	—		157,858			—			—			157,858
Goodwill, net	—		376,491			1,657			—			378,148
Intangible assets, net	—		98,227			19,296			—			117,523
Other assets	2,762		100,365			4,137			(9,980		)	97,284
Investments in subsidiaries	1,945,001		(7,188		)	—			(1,937,813		)	—
Advances to affiliates	—		—			2,621			(2,621		)	—
Total assets	$	1,977,012	$	2,064,088		$	83,163		$	(1,950,414	)	$	2,173,849
Current liabilities:
Accounts payable and accrued liabilities	$	3,803	$	277,738		$	7,677		$	—		$	289,218
Income taxes payable	33,966		—			—			—			33,966
Long-term debt due within one year	—		791			231			—			1,022
Total current liabilities	37,769		278,529			7,908			—			324,206
Advances from affiliates	725,839		2,621			—			(728,460		)	—
Long-term debt	215,000		353,093			57,507			—			625,600
Other long-term liabilities	48,875		210,683			11,103			(9,980		)	260,681
Deferred income taxes	128,686		—			(124		)	—			128,562
Total Vail Resorts, Inc. stockholders’ equity (deficit)	820,843		1,945,001			(7,188		)	(1,937,813		)	820,843
Advances to Parent	—		(725,839		)	—			725,839			—
Noncontrolling interests	—		—			13,957			—			13,957
Total stockholders’ equity	820,843		1,219,162			6,769			(1,211,974		)	834,800
Total liabilities and stockholders’ equity	$	1,977,012	$	2,064,088		$	83,163		$	(1,950,414	)	$	2,173,849

Supplemental Consolidating Condensed Balance Sheet

As of October 31, 2013

(in thousands)

(Unaudited)



	Parent Company		100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	107,053		$	7,172		$	—		$	114,225
Restricted cash	—		10,846			1,557			—			12,403
Trade receivables, net	198		34,522			2,831			—			37,551
Inventories, net	—		89,317			214			—			89,531
Other current assets	26,524		29,674			1,136			—			57,334
Total current assets	26,722		271,412			12,910			—			311,044
Property, plant and equipment, net	—		1,140,942			44,571			—			1,185,513
Real estate held for sale and investment	—		188,205			—			—			188,205
Goodwill, net	—		377,740			1,760			—			379,500
Intangible assets, net	—		101,071			19,418			—			120,489
Other assets	5,796		97,473			4,188			(9,459		)	97,998
Investments in subsidiaries	1,751,058		(5,045		)	—			(1,746,013		)	—
Advances to affiliates	—		—			2,945			(2,945		)	—
Total assets	$	1,783,576	$	2,171,798		$	85,792		$	(1,758,417	)	$	2,282,749
Current liabilities:
Accounts payable and accrued liabilities	$	12,877	$	348,128		$	8,546		$	—		$	369,551
Income taxes payable	39,946		—			—			—			39,946
Long-term debt due within one year	—		772			231			—			1,003
Total current liabilities	52,823		348,900			8,777			—			410,500
Advances from affiliates	492,580		2,945			—			(495,525		)	—
Long-term debt	390,000		349,555			57,507			—			797,062
Other long-term liabilities	27,673		211,920			10,591			(9,459		)	240,725
Deferred income taxes	75,944		—			(34		)	—			75,910
Total Vail Resorts, Inc. stockholders’ equity (deficit)	744,556		1,751,058			(5,045		)	(1,746,013		)	744,556
Advances to Parent	—		(492,580		)	—			492,580			—
Noncontrolling interests	—		—			13,996			—			13,996
Total stockholders’ equity	744,556		1,258,478			8,951			(1,253,433		)	758,552
Total liabilities and stockholders’ equity	$	1,783,576	$	2,171,798		$	85,792		$	(1,758,417	)	$	2,282,749

Supplemental Condensed Consolidating Statement Of Operations

Supplemental Consolidating Condensed Statement of Operations

For the three months ended October 31, 2014

(in thousands)

(Unaudited)



	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	129,726		$	2,642		$	(4,106	)	$	128,262
Total operating expense	88			237,506			4,518			(4,068		)	238,044
Gain on litigation settlement	—			16,400			—			—			16,400
Change in fair value of contingent consideration	—			4,550			—			—			4,550
Loss from operations	(88		)	(86,830		)	(1,876		)	(38		)	(88,832		)
Other expense, net	(3,639		)	(9,671		)	(322		)	38			(13,594		)
Equity investment income, net	—			325			—			—			325
Loss before benefit from income taxes	(3,727		)	(96,176		)	(2,198		)	—			(102,101		)
Benefit from income taxes	1,333			36,207			237			—			37,777
Net loss before equity in loss of consolidated subsidiaries	(2,394		)	(59,969		)	(1,961		)	—			(64,324		)
Equity in loss of consolidated subsidiaries	(61,882		)	(1,913		)	—			63,795			—
Net loss	(64,276		)	(61,882		)	(1,961		)	63,795			(64,324		)
Net loss attributable to noncontrolling interests	—			—			48			—			48
Net loss attributable to Vail Resorts, Inc.	$	(64,276	)	$	(61,882	)	$	(1,913	)	$	63,795		$	(64,276	)

Supplemental Consolidating Condensed Statement of Operations

For the three months ended October 31, 2013

(in thousands)

(Unaudited)



	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	123,488		$	2,815		$	(2,912	)	$	123,391
Total operating expense	92			223,528			4,749			(2,874		)	225,495
Loss from operations	(92		)	(100,040		)	(1,934		)	(38		)	(102,104		)
Other expense, net	(6,601		)	(9,097		)	(343		)	38			(16,003		)
Equity investment income, net	—			603			—			—			603
Loss before benefit from income taxes	(6,693		)	(108,534		)	(2,277		)	—			(117,504		)
Benefit from income taxes	2,848			40,990			229			—			44,067
Net loss before equity in loss of consolidated subsidiaries	(3,845		)	(67,544		)	(2,048		)	—			(73,437		)
Equity in loss of consolidated subsidiaries	(69,531		)	(1,987		)	—			71,518			—
Net loss	(73,376		)	(69,531		)	(2,048		)	71,518			(73,437		)
Net loss attributable to noncontrolling interests	—			—			61			—			61
Net loss attributable to Vail Resorts, Inc.	$	(73,376	)	$	(69,531	)	$	(1,987	)	$	71,518		$	(73,376	)

SupplementalCondensedStatementofComprehensiveIncome [Text Block]

Statement of Comprehensive Income (Loss)

For the three months ended October 31, 2014

(In thousands)

(Unaudited)



	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries		Consolidated
Net loss	$	(64,276	)	$	(61,882	)	$	(1,961	)	$	63,795	$	(64,324	)
Foreign currency translation adjustments, net of tax	(140		)	(140		)	(140		)	280		(140		)
Comprehensive loss	(64,416		)	(62,022		)	(2,101		)	64,075		(64,464		)
Comprehensive loss attributable to noncontrolling interests	—			—			48			—		48
Comprehensive loss attributable to Vail Resorts, Inc.	$	(64,416	)	$	(62,022	)	$	(2,053	)	$	64,075	$	(64,416	)

Supplemental Consolidating Condensed Statement of Comprehensive Income (Loss)

For the three months ended October 31, 2013

(In thousands)

(Unaudited)



	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Net loss	$	(73,376	)	$	(69,531	)	$	(2,048	)	$	71,518		$	(73,437	)
Foreign currency translation adjustments, net of tax	11			11			11			(22		)	11
Comprehensive loss	(73,365		)	(69,520		)	(2,037		)	71,496			(73,426		)
Comprehensive loss attributable to noncontrolling interests	—			—			61			—			61
Comprehensive loss attributable to Vail Resorts, Inc.	$	(73,365	)	$	(69,520	)	$	(1,976	)	$	71,496		$	(73,365	)

Supplemental Condensed Consolidating Statement Of Cash Flows

Supplemental Consolidating Condensed Statement of Cash Flows

For the three months ended October 31, 2014

(in thousands)

(Unaudited)



	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Consolidated
Net cash (used in) provided by operating activities	$	(38,937	)	$	63,073		$	343		$	24,479
Cash flows from investing activities:
Capital expenditures	—			(27,471		)	(285		)	(27,756		)
Acquisition of business	—			(182,500		)	—			(182,500		)
Other investing activities, net	—			617			12			629
Net cash used in investing activities	—			(209,354		)	(273		)	(209,627		)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt	—			213,000			—			213,000
Payments of other long-term debt	—			(30,022		)	(231		)	(30,253		)
Dividends paid	(15,061		)	—			—			(15,061		)
Other financing activities, net	2,355			392			165			2,912
Advances	51,643			(51,643		)	—			—
Net cash provided by (used in) financing activities	38,937			131,727			(66		)	170,598
Effect of exchange rate changes on cash and cash equivalents	—			82			(98		)	(16		)
Net decrease in cash and cash equivalents	—			(14,472		)	(94		)	(14,566		)
Cash and cash equivalents:
Beginning of period	—			35,070			9,336			44,406
End of period	$	—		$	20,598		$	9,242		$	29,840

Supplemental Consolidating Condensed Statement of Cash Flows

For the three months ended October 31, 2013

(in thousands)

(Unaudited)



	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Consolidated
Net cash (used in) provided by operating activities	$	(44,375	)	$	61,344		$	(623	)	$	16,346
Cash flows from investing activities:
Capital expenditures	—			(33,530		)	(274		)	(33,804		)
Other investing activities, net	—			93			7			100
Net cash used in investing activities	—			(33,437		)	(267		)	(33,704		)
Cash flows from financing activities:
Dividends paid	(7,489		)	—			—			(7,489		)
Other financing activities, net	2,969			(2,858		)	334			445
Advances	48,895			(48,895		)	—			—
Net cash provided by (used in) financing activities	44,375			(51,753		)	334			(7,044		)
Effect of exchange rate changes on cash and cash equivalents	—			(71		)	94			23
Net decrease in cash and cash equivalents	—			(23,917		)	(462		)	(24,379		)
Cash and cash equivalents:
Beginning of period	—			130,970			7,634			138,604
End of period	$	—		$	107,053		$	7,172		$	114,225