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Segment Information

6 Months Ended

Jan. 31, 2020

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company has three reportable segments: Mountain, Lodging and Real Estate. The Company refers to “Resort” as the combination of the Mountain and Lodging segments. 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, Colorado resort ground transportation operations 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, 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 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 January 31,								Six Months Ended January 31,
	2020				2019				2020				2019
Net revenue:
Lift	$	484,348			$	447,558			$	526,177			$	472,243
Ski school	102,743				92,244				111,277				96,516
Dining	75,719				65,409				97,348				83,701
Retail/rental	133,713				128,436				181,628				171,778
Other	49,022				42,426				109,947				96,841
Total Mountain net revenue	845,545				776,073				1,026,377				921,079
Lodging	78,887				73,249				161,645				148,149
Total Resort net revenue	924,432				849,322				1,188,022				1,069,228
Real Estate	206				256				4,386				354
Total net revenue	$	924,638			$	849,578			$	1,192,408			$	1,069,582
Segment operating expense:
Mountain	$	472,686			$	424,008			$	734,694			$	646,371
Lodging	73,593				67,492				153,085				138,496
Resort	546,279				491,500				887,779				784,867
Real Estate	1,505				1,389				6,798				2,759
Total segment operating expense	$	547,784			$	492,889			$	894,577			$	787,626
Gain on sale of real property	$	—			$	—			$	207			$	—
Mountain equity investment income, net	$	169			$	160			$	1,360			$	1,110
Reported EBITDA:
Mountain	$	373,028			$	352,225			$	293,043			$	275,818
Lodging	5,294				5,757				8,560				9,653
Resort	378,322				357,982				301,603				285,471
Real Estate	(1,299		)		(1,133		)		(2,205		)		(2,405		)
Total Reported EBITDA	$	377,023			$	356,849			$	299,398			$	283,066
Real estate held for sale and investment	$	96,944			$	101,730			$	96,944			$	101,730
Reconciliation from net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.	$	206,370			$	206,349			$	99,895			$	98,554
Net income attributable to noncontrolling interests	10,648				11,641				7,294				8,710
Net income	217,018				217,990				107,189				107,264
Provision for income taxes	67,313				63,973				20,750				27,568
Income before provision for income taxes	284,331				281,963				127,939				134,832
Depreciation and amortization	63,812				55,238				121,657				106,281
Change in estimated fair value of contingent consideration	1,600				700				2,736				1,900
Loss (gain) on disposal of fixed assets and other, net	709				(1,097		)		(1,558		)		(478		)
Investment income and other, net	(361		)		(507		)		(638		)		(970		)
Foreign currency loss (gain) on intercompany loans	798				(450		)		438				1,861
Interest expense, net	26,134				21,002				48,824				39,640
Total Reported EBITDA	$	377,023			$	356,849			$	299,398			$	283,066

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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