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Segment Information
 9 Months Ended
Apr. 30, 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 the 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 following table presents financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands):

 
Three Months Ended April 30,
 
Nine Months Ended April 30,
 
2017
 
2016
 
2017
 
2016
Net revenue:
 
 
 
 
 
 
 
Lift
$
419,647

 
$
334,789

 
$
799,324

 
$
642,627

Ski school
91,704

 
74,279

 
173,674

 
139,703

Dining
65,618

 
51,000

 
133,352

 
108,093

Retail/rental
102,104

 
79,384

 
261,816

 
214,748

Other
42,087

 
33,353

 
117,860

 
101,439

Total Mountain net revenue
$
721,160

 
$
572,805

 
$
1,486,026

 
$
1,206,610

Lodging
68,601

 
72,933

 
201,887

 
200,026

Total Resort net revenue
789,761

 
645,738

 
1,687,913

 
1,406,636

Real estate
4,870

 
1,734

 
10,181

 
14,766

Total net revenue
$
794,631

 
$
647,472

 
$
1,698,094

 
$
1,421,402

Operating expense:
 
 
 
 
 
 
 
Mountain
340,390

 
281,968

 
863,882

 
729,382

Lodging
57,897

 
57,422

 
181,660

 
176,170

Total Resort operating expense
398,287

 
339,390

 
1,045,542

 
905,552

Real estate
9,818

 
3,085

 
17,144

 
17,043

Total segment operating expense
$
408,105

 
$
342,475

 
$
1,062,686

 
$
922,595

 
 
 
 
 
 
 
 
Gain on sale of real property
$
—

 
$
19

 
$
6,466

 
$
1,810

Mountain equity investment income, net
$
521

 
$
211

 
$
1,510

 
$
992

Reported EBITDA:
 
 
 
 
 
 
 
Mountain
$
381,291

 
$
291,048

 
$
623,654

 
$
478,220

Lodging
10,704

 
15,511

 
20,227

 
23,856

Resort
391,995

 
306,559

 
643,881

 
502,076

Real estate
(4,948
)
 
(1,332
)
 
(497
)
 
(467
)
Total Reported EBITDA
$
387,047

 
$
305,227

 
$
643,384

 
$
501,609

 
 
 
 
 
 
 
 
Real estate held for sale and investment
$
108,217

 
$
116,874

 
$
108,217

 
$
116,874

 
 
 
 
 
 
 
 
Reconciliation to net income attributable to Vail Resorts, Inc.:
 
 
 
 
 
 
 
Total Reported EBITDA
$
387,047

 
$
305,227

 
$
643,384

 
$
501,609

Depreciation and amortization
(50,029
)
 
(41,472
)
 
(140,236
)
 
(120,713
)
Change in estimated fair value of contingent consideration
(14,500
)
 
—

 
(15,100
)
 
—

Loss on disposal of fixed assets and other, net
(1,924
)
 
(164
)
 
(4,705
)
 
(3,149
)
Investment income and other, net
210

 
150

 
5,881

 
509

Interest expense and other, net
(23,313
)
 
(10,400
)
 
(44,325
)
 
(31,905
)
Income before provision for income taxes
297,491

 
253,341

 
444,899

 
346,351

Provision for income taxes
(100,635
)
 
(95,804
)
 
(151,933
)
 
(131,613
)
Net income
196,856

 
157,537

 
292,966

 
214,738

Net (income) loss attributable to noncontrolling interests
(15,749
)
 
95

 
(25,267
)
 
289

Net income attributable to Vail Resorts, Inc.
$
181,107

 
$
157,632

 
$
267,699

 
$
215,027