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Segment Information
 6 Months Ended
Jan. 31, 2017
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 or loss 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 January 31,
 
Six Months Ended January 31,
 
2017
 
2016
 
2017
 
2016
Net revenue:
 
 
 
 
 
 
 
Lift
$
358,251

 
$
287,685

 
$
379,677

 
$
307,838

Ski school
78,119

 
62,040

 
81,970

 
65,424

Dining
54,366

 
44,738

 
67,734

 
57,093

Retail/rental
123,233

 
102,975

 
159,712

 
135,364

Other
40,130

 
35,434

 
75,773

 
68,086

Total Mountain net revenue
654,099

 
532,872

 
764,866

 
633,805

Lodging
65,884

 
62,807

 
133,286

 
127,093

Total Resort net revenue
719,983

 
595,679

 
898,152

 
760,898

Real estate
5,215

 
3,684

 
5,311

 
13,032

Total net revenue
$
725,198

 
$
599,363

 
$
903,463

 
$
773,930

Operating expense:
 
 
 
 
 
 
 
Mountain
$
355,239

 
$
296,256

 
$
523,492

 
$
447,414

Lodging
59,683

 
57,311

 
123,763

 
118,748

Total Resort operating expense
414,922

 
353,567

 
647,255

 
566,162

Real estate
5,841

 
4,617

 
7,326

 
13,958

Total segment operating expense
$
420,763

 
$
358,184

 
$
654,581

 
$
580,120

 
 
 
 
 
 
 
 
Gain on sale of real property
$
—

 
$
632

 
$
6,466

 
$
1,791

Mountain equity investment income (loss), net
$
157

 
$
(61
)
 
$
989

 
$
781

Reported EBITDA:
 
 
 
 
 
 
 
Mountain
$
299,017

 
$
236,555

 
$
242,363

 
$
187,172

Lodging
6,201

 
5,496

 
9,523

 
8,345

Resort
305,218

 
242,051

 
251,886

 
195,517

Real estate
(626
)
 
(301
)
 
4,451

 
865

Total Reported EBITDA
$
304,592

 
$
241,750

 
$
256,337

 
$
196,382

 
 
 
 
 
 
 
 
Real estate held for sale and investment
$
112,633

 
$
117,999

 
$
112,633

 
$
117,999

 
 
 
 
 
 
 
 
Reconciliation to net income attributable to Vail Resorts, Inc.:
 
 
 
 
 
 
 
Total Reported EBITDA
$
304,592

 
$
241,750

 
$
256,337

 
$
196,382

Depreciation and amortization
(49,626
)
 
(40,541
)
 
(90,207
)
 
(79,241
)
Change in estimated fair value of contingent consideration
(300
)
 
—

 
(600
)
 
—

Loss on disposal of fixed assets and other, net
(2,231
)
 
(1,206
)
 
(2,781
)
 
(2,985
)
Investment income and other, net
1,148

 
161

 
5,671

 
359

Interest expense and other, net
(9,048
)
 
(10,910
)
 
(21,012
)
 
(21,505
)
Income before provision for income taxes
244,535

 
189,254

 
147,408

 
93,010

Provision for income taxes
(84,807
)
 
(72,383
)
 
(51,298
)
 
(35,809
)
Net income
159,728

 
116,871

 
96,110

 
57,201

Net (income) loss attributable to noncontrolling interests
(10,549
)
 
111

 
(9,518
)
 
194

Net income attributable to Vail Resorts, Inc.
$
149,179

 
$
116,982

 
$
86,592

 
$
57,395