Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Tables)

9 Months Ended

Apr. 30, 2015

Guarantor Subsidiaries And Non Guarantor Subsidiaries

Supplemental Condensed Consolidating Balance Sheet

Supplemental Consolidating Condensed Balance Sheet

As of April 30, 2015

(in thousands)

(Unaudited)



	Parent Company		100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	117,569		$	7,645		$	—		$	125,214
Restricted cash	—		10,672			2,467			—			13,139
Trade receivables, net	—		102,290			3,327			—			105,617
Inventories, net	—		62,007			160			—			62,167
Other current assets	33,732		30,016			306			—			64,054
Total current assets	33,732		322,554			13,905			—			370,191
Property, plant and equipment, net	—		1,219,273			39,820			—			1,259,093
Real estate held for sale and investment	—		137,740			—			—			137,740
Goodwill, net	—		468,922			1,364			—			470,286
Intangible assets, net	—		122,064			19,063			—			141,127
Other assets	2,374		43,639			5,036			(9,981		)	41,068
Investments in subsidiaries	2,112,937		(8,625		)	—			(2,104,312		)	—
Advances to affiliates	—		—			4,027			(4,027		)	—
Total assets	$	2,149,043	$	2,305,567		$	83,215		$	(2,118,320	)	$	2,419,505
Current liabilities:
Accounts payable and accrued liabilities	$	7,262	$	275,979		$	9,815		$	—		$	293,056
Income taxes payable	36,161		—			—			—			36,161
Long-term debt due within one year	215,000		41,709			244			—			256,953
Total current liabilities	258,423		317,688			10,059			—			586,170
Advances from affiliates	665,400		4,027			—			(669,427		)	—
Long-term debt	—		322,533			57,263			—			379,796
Other long-term liabilities	21,211		213,782			10,920			(9,981		)	235,932
Deferred income taxes	240,519		—			(386		)	—			240,133
Total Vail Resorts, Inc. stockholders’ equity (deficit)	963,490		2,112,937			(8,625		)	(2,104,312		)	963,490
Advances to Parent	—		(665,400		)	—			665,400			—
Noncontrolling interests	—		—			13,984			—			13,984
Total stockholders’ equity	963,490		1,447,537			5,359			(1,438,912		)	977,474
Total liabilities and stockholders’ equity	$	2,149,043	$	2,305,567		$	83,215		$	(2,118,320	)	$	2,419,505

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 April 30, 2014

(in thousands)

(Unaudited)



	Parent Company		100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	298,642		$	8,789		$	—		$	307,431
Restricted cash	—		11,285			1,772			—			13,057
Trade receivables, net	—		77,108			2,707			—			79,815
Inventories, net	—		60,229			180			—			60,409
Other current assets	29,217		28,961			518			—			58,696
Total current assets	29,217		476,225			13,966			—			519,408
Property, plant and equipment, net	—		1,121,251			43,136			—			1,164,387
Real estate held for sale and investment	—		170,818			—			—			170,818
Goodwill, net	—		376,491			1,729			—			378,220
Intangible assets, net	—		99,149			19,358			—			118,507
Other assets	5,274		97,136			4,154			(9,460		)	97,104
Investments in subsidiaries	2,046,019		(4,984		)	—			(2,041,035		)	—
Advances to affiliates	—		—			3,379			(3,379		)	—
Total assets	$	2,080,510	$	2,336,086		$	85,722		$	(2,053,874	)	$	2,448,444
Current liabilities:
Accounts payable and accrued liabilities	$	13,014	$	243,284		$	8,479		$	—		$	264,777
Income taxes payable	39,043		—			—			—			39,043
Long-term debt due within one year	—		648			231			—			879
Total current liabilities	52,057		243,932			8,710			—			304,699
Advances from affiliates	520,096		3,379			—			(523,475		)	—
Long-term debt	390,000		351,716			57,507			—			799,223
Other long-term liabilities	27,673		211,136			10,585			(9,460		)	239,934
Deferred income taxes	183,535		—			(62		)	—			183,473
Total Vail Resorts, Inc. stockholders’ equity (deficit)	907,149		2,046,019			(4,984		)	(2,041,035		)	907,149
Advances to Parent	—		(520,096		)	—			520,096			—
Noncontrolling interests	—		—			13,966			—			13,966
Total stockholders’ equity	907,149		1,525,923			8,982			(1,520,939		)	921,115
Total liabilities and stockholders’ equity	$	2,080,510	$	2,336,086		$	85,722		$	(2,053,874	)	$	2,448,444

Supplemental Condensed Consolidating Statement Of Operations

Supplemental Consolidating Condensed Statement of Operations

For the three months ended April 30, 2015

(in thousands)

(Unaudited)



	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	577,461		$	6,493		$	(4,611	)	$	579,343
Total operating expense	64			350,193			5,907			(4,573		)	351,591
(Loss) income from operations	(64		)	227,268			586			(38		)	227,752
Other expense, net	(3,593		)	(9,743		)	(318		)	38			(13,616		)
Equity investment loss, net	—			(129		)	—			—			(129		)
(Loss) income before benefit (provision) for income taxes	(3,657		)	217,396			268			—			214,007
Benefit (provision) for income taxes	1,257			(81,823		)	(39		)	—			(80,605		)
Net (loss) income before equity in income of consolidated subsidiaries	(2,400		)	135,573			229			—			133,402
Equity in income of consolidated subsidiaries	135,810			237			—			(136,047		)	—
Net income	133,410			135,810			229			(136,047		)	133,402
Net loss attributable to noncontrolling interests	—			—			8			—			8
Net income attributable to Vail Resorts, Inc.	$	133,410		$	135,810		$	237		$	(136,047	)	$	133,410

Supplemental Consolidating Condensed Statement of Operations

For the three months ended April 30, 2014

(in thousands)

(Unaudited)



	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	539,704		$	6,494		$	(3,151	)	$	543,047
Total operating expense	106			336,623			6,266			(3,113		)	339,882
(Loss) income from operations	(106		)	203,081			228			(38		)	203,165
Other expense, net	(6,600		)	(9,331		)	(391		)	38			(16,284		)
Equity investment income, net	—			665			—			—			665
(Loss) income before benefit (provision) for income taxes	(6,706		)	194,415			(163		)	—			187,546
Benefit (provision) for income taxes	2,564			(72,295		)	51			—			(69,680		)
Net (loss) income before equity in income (loss) of consolidated subsidiaries	(4,142		)	122,120			(112		)	—			117,866
Equity in income (loss) of consolidated subsidiaries	122,088			(32		)	—			(122,056		)	—
Net income (loss)	117,946			122,088			(112		)	(122,056		)	117,866
Net loss attributable to noncontrolling interests	—			—			80			—			80
Net income (loss) attributable to Vail Resorts, Inc.	$	117,946		$	122,088		$	(32	)	$	(122,056	)	$	117,946

Supplemental Consolidating Condensed Statement of Operations

For the nine months ended April 30, 2015

(in thousands)

(Unaudited)



	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	1,235,712		$	15,710		$	(13,580	)	$	1,237,842
Total operating expense	285			956,630			16,352			(13,466		)	959,801
Gain on litigation settlement	—			16,400			—			—			16,400
Change in fair value of contingent consideration	—			4,550			—			—			4,550
(Loss) income from operations	(285		)	300,032			(642		)	(114		)	298,991
Other expense, net	(10,871		)	(29,197		)	(1,001		)	114			(40,955		)
Equity investment income, net	—			396			—			—			396
(Loss) income before benefit (provision) for income taxes	(11,156		)	271,231			(1,643		)	—			258,432
Benefit (provision) for income taxes	27,691			(101,406		)	61			—			(73,654		)
Net income (loss) before equity in income (loss) of consolidated subsidiaries	16,535			169,825			(1,582		)	—			184,778
Equity in income (loss) of consolidated subsidiaries	168,361			(1,464		)	—			(166,897		)	—
Net income (loss)	184,896			168,361			(1,582		)	(166,897		)	184,778
Net loss attributable to noncontrolling interests	—			—			118			—			118
Net income (loss) attributable to Vail Resorts, Inc.	$	184,896		$	168,361		$	(1,464	)	$	(166,897	)	$	184,896

Supplemental Consolidating Condensed Statement of Operations

For the nine months ended April 30, 2014

(in thousands)

(Unaudited)



	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	1,113,141		$	15,840		$	(9,823	)	$	1,119,158
Total operating expense	286			899,631			17,194			(9,709		)	907,402
(Loss) income from operations	(286		)	213,510			(1,354		)	(114		)	211,756
Other expense, net	(19,802		)	(27,630		)	(1,138		)	114			(48,456		)
Equity investment income, net	—			1,282			—			—			1,282
(Loss) income before benefit (provision) for income taxes	(20,088		)	187,162			(2,492		)	—			164,582
Benefit (provision) for income taxes	7,810			(68,971		)	208			—			(60,953		)
Net (loss) income before equity in income (loss) of consolidated subsidiaries	(12,278		)	118,191			(2,284		)	—			103,629
Equity in income (loss) of consolidated subsidiaries	116,111			(2,080		)	—			(114,031		)	—
Net income (loss)	103,833			116,111			(2,284		)	(114,031		)	103,629
Net loss attributable to noncontrolling interests	—			—			204			—			204
Net income (loss) attributable to Vail Resorts, Inc.	$	103,833		$	116,111		$	(2,080	)	$	(114,031	)	$	103,833

SupplementalCondensedStatementofComprehensiveIncome [Text Block]

Statement of Comprehensive Income

For the three months ended April 30, 2015

(In thousands)

(Unaudited)



	Parent Company		100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Net income	$	133,410	$	135,810		$	229		$	(136,047	)	$	133,402
Foreign currency translation adjustments, net of tax	23		(23		)	(23		)	46			23
Comprehensive income	133,433		135,787			206			(136,001		)	133,425
Comprehensive loss attributable to noncontrolling interests	—		—			8			—			8
Comprehensive income attributable to Vail Resorts, Inc.	$	133,433	$	135,787		$	214		$	(136,001	)	$	133,433

Supplemental Consolidating Condensed Statement of Comprehensive Income (Loss)

For the three months ended April 30, 2014

(In thousands)

(Unaudited)



	Parent Company		100% Owned Guarantor Subsidiaries		Other Subsidiaries			Eliminating Entries			Consolidated
Net income (loss)	$	117,946	$	122,088	$	(112	)	$	(122,056	)	$	117,866
Foreign currency translation adjustments, net of tax	85		85		85			(170		)	85
Comprehensive income (loss)	118,031		122,173		(27		)	(122,226		)	117,951
Comprehensive loss attributable to noncontrolling interests	—		—		80			—			80
Comprehensive income attributable to Vail Resorts, Inc.	$	118,031	$	122,173	$	53		$	(122,226	)	$	118,031

Supplemental Consolidating Condensed Statement of Comprehensive Income (Loss)

For the nine months ended April 30, 2015

(In thousands)

(Unaudited)



	Parent Company			100% Owned Guarantor Subsidiaries		Other Subsidiaries			Eliminating Entries			Consolidated
Net income (loss)	$	184,896		$	168,361	$	(1,582	)	$	(166,897	)	$	184,778
Foreign currency translation adjustments, net of tax	(424		)	424		424			(848		)	(424		)
Comprehensive income (loss)	184,472			168,785		(1,158		)	(167,745		)	184,354
Comprehensive loss attributable to noncontrolling interests	—			—		118			—			118
Comprehensive income (loss) attributable to Vail Resorts, Inc.	$	184,472		$	168,785	$	(1,040	)	$	(167,745	)	$	184,472

Supplemental Consolidating Condensed Statement of Comprehensive Income (Loss)

For the nine months ended April 30, 2014

(In thousands)

(Unaudited)



	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Net income (loss)	$	103,833		$	116,111		$	(2,284	)	$	(114,031	)	$	103,629
Foreign currency translation adjustments, net of tax	(34		)	(34		)	(34		)	68			(34		)
Comprehensive income (loss)	103,799			116,077			(2,318		)	(113,963		)	103,595
Comprehensive loss attributable to noncontrolling interests	—			—			204			—			204
Comprehensive income (loss) attributable to Vail Resorts, Inc.	$	103,799		$	116,077		$	(2,114	)	$	(113,963	)	$	103,799

Supplemental Condensed Consolidating Statement Of Cash Flows

Supplemental Consolidating Condensed Statement of Cash Flows

For the nine months ended April 30, 2015

(in thousands)

(Unaudited)



	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Consolidated
Net cash provided by (used in) operating activities	$	109,692		$	285,406		$	(622	)	$	394,476
Cash flows from investing activities:
Capital expenditures	—			(84,941		)	(642		)	(85,583		)
Acquisition of business	—			(182,500		)	—			(182,500		)
Other investing activities, net	—			3,288			(14		)	3,274
Net cash used in investing activities	—			(264,153		)	(656		)	(264,809		)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt	—			253,000			—			253,000
Payments of other long-term debt	—			(253,782		)	(231		)	(254,013		)
Dividends paid	(52,778		)	—			—			(52,778		)
Other financing activities, net	3,878			1,018			145			5,041
Advances	(60,792		)	60,792			—			—
Net cash (used in) provided by financing activities	(109,692		)	61,028			(86		)	(48,750		)
Effect of exchange rate changes on cash and cash equivalents	—			218			(327		)	(109		)
Net increase (decrease) in cash and cash equivalents	—			82,499			(1,691		)	80,808
Cash and cash equivalents:
Beginning of period	—			35,070			9,336			44,406
End of period	$	—		$	117,569		$	7,645		$	125,214

Supplemental Consolidating Condensed Statement of Cash Flows

For the nine months ended April 30, 2014

(in thousands)

(Unaudited)



	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Consolidated
Net cash provided by operating activities	$	52,146		$	252,610		$	1,441		$	306,197
Cash flows from investing activities:
Capital expenditures	—			(107,208		)	(892		)	(108,100		)
Other investing activities, net	—			912			8			920
Net cash used in investing activities	—			(106,296		)	(884		)	(107,180		)
Cash flows from financing activities:
Payments of other long-term debt	—			(758		)	(219		)	(977		)
Dividends paid	(29,998		)	—			—			(29,998		)
Other financing activities, net	3,880			(3,891		)	743			732
Advances	(26,028		)	26,028			—			—
Net cash (used in) provided by financing activities	(52,146		)	21,379			524			(30,243		)
Effect of exchange rate changes on cash and cash equivalents	—			(21		)	74			53
Net increase in cash and cash equivalents	—			167,672			1,155			168,827
Cash and cash equivalents:
Beginning of period	—			130,970			7,634			138,604
End of period	$	—		$	298,642		$	8,789		$	307,431