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Segment Information
 3 Months Ended
Oct. 31, 2016
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 mountain resorts/ski areas and related ancillary activities. The Lodging segment includes the operations of the Company’s owned hotels, RockResorts, NPS concessionaire properties, condominium management, CME and mountain resort golf operations. The Real Estate segment owns, develops and sells 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). 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.

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.

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 or loss 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.

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 October 31,
 
2016
 
2015
Net revenue:
 
 
 
Lift
$
21,426

 
$
20,153

Ski school
3,851

 
3,384

Dining
13,368

 
12,355

Retail/rental
36,479

 
32,389

Other
35,643

 
32,652

Total Mountain net revenue
110,767

 
100,933

Lodging
67,402

 
64,286

Total Resort net revenue
178,169

 
165,219

Real estate
96

 
9,348

Total net revenue
$
178,265

 
$
174,567

Operating expense:
 
 
 
Mountain
$
168,253

 
$
151,158

Lodging
64,080

 
61,437

Total Resort operating expense
232,333

 
212,595

Real estate
1,485

 
9,341

Total segment operating expense
$
233,818

 
$
221,936

 
 
 
 
Gain on sale of real property
$
6,466

 
$
1,159

Mountain equity investment income, net
$
832

 
$
842

Reported EBITDA:
 
 
 
Mountain
$
(56,654
)
 
$
(49,383
)
Lodging
3,322

 
2,849

Resort
(53,332
)
 
(46,534
)
Real estate
5,077

 
1,166

Total Reported EBITDA
$
(48,255
)
 
$
(45,368
)
 
 
 
 
Real estate held for sale and investment
$
116,852

 
$
120,769

 
 
 
 
Reconciliation to net loss attributable to Vail Resorts, Inc.:
 
 
 
Total Reported EBITDA
$
(48,255
)
 
$
(45,368
)
Depreciation and amortization
(40,581
)
 
(38,700
)
Change in estimated fair value of Contingent Consideration
(300
)
 
—

Loss on disposal of fixed assets and other, net
(550
)
 
(1,779
)
Investment income and other, net
4,523

 
198

Interest expense
(11,964
)
 
(10,595
)
Loss before benefit from income taxes
(97,127
)
 
(96,244
)
Benefit from income taxes
33,509

 
36,574

Net loss
$
(63,618
)
 
$
(59,670
)
Net loss attributable to noncontrolling interests
1,031

 
83

Net loss attributable to Vail Resorts, Inc.
$
(62,587
)
 
$
(59,587
)