Revenue (Notes)

3 Months Ended

Oct. 31, 2019

Revenue from Contract with Customer [Text Block]

3. Revenues

Disaggregation of Revenues

The following table presents net revenues disaggregated by segment and major revenue type for the three months ended October 31, 2019 and 2018 (in thousands):



	Three Months Ended October 31,
	2019		2018
Mountain net revenue:
Lift	$	41,829	$	24,685
Ski School	8,534		4,272
Dining	21,629		18,292
Retail/Rental	47,915		43,342
Other	60,925		54,415
Total Mountain net revenue	$	180,832	$	145,006
Lodging net revenue:
Owned hotel rooms	$	19,946	$	19,599
Managed condominium rooms	14,740		11,118
Dining	18,143		16,129
Transportation	2,351		2,474
Golf	10,221		9,150
Other	14,166		12,777
	79,567		71,247
Payroll cost reimbursements	3,191		3,653
Total Lodging net revenue	$	82,758	$	74,900
Total Resort net revenue	$	263,590	$	219,906
Total Real Estate net revenue	4,180		98
Total net revenue	$	267,770	$	220,004

Contract Balances

Deferred revenue balances of a short-term nature were $549.1 million and $335.7 million as of October 31, 2019 and July 31, 2019, respectively. Deferred revenue balances of a long-term nature, comprised primarily of long-term private club initiation fee revenue, were $125.3 million and $124.3 million as of October 31, 2019 and July 31, 2019, respectively. For the three months ended October 31, 2019, the Company recognized approximately $34.6 million of revenue that was included in the deferred revenue balance as of July 31, 2019. As of October 31, 2019, the weighted average remaining period over which revenue for unsatisfied performance obligations on long-term private club contracts will be recognized was approximately 16 years. Trade receivable balances were $87.3 million and $270.9 million as of October 31, 2019 and July 31, 2019, respectively.

Costs to Obtain Contracts with Customers

As of October 31, 2019, $11.1 million of costs to obtain contracts with customers were recorded within other current assets on the Company’s Consolidated Condensed Balance Sheet. The amounts capitalized will be subject to amortization generally beginning in the second quarter of fiscal 2020, commensurate with the revenue recognized for skier visits, and will be recorded within Mountain and Lodging operating expenses on the Company’s Consolidated Condensed Statement of Operations.