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Segment Information
 3 Months Ended
Oct. 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, other indicators of financial performance or liquidity presented in the Consolidated Condensed Financial Statements, such as net loss or net change in cash and cash equivalents.

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 October 31,
 
2020
 
2019
Net revenue:
 
 
 
Lift
$
33,091

 
$
41,829

Ski school
2,044

 
8,534

Dining
3,068

 
21,629

Retail/rental
22,306

 
47,915

Other
34,205

 
60,925

Total Mountain net revenue
94,714

 
180,832

Lodging
36,818

 
82,758

Total Resort net revenue
131,532

 
263,590

Real Estate
254

 
4,180

Total net revenue
$
131,786

 
$
267,770

Segment operating expense:
 
 
 
Mountain
$
186,092

 
$
262,008

Lodging
44,206

 
79,492

Total Resort operating expense
230,298

 
341,500

Real Estate
1,450

 
5,293

Total segment operating expense
$
231,748

 
$
346,793

Gain on sale of real property
$
—

 
$
207

Mountain equity investment income, net
$
3,986

 
$
1,191

Reported EBITDA:
 
 
 
Mountain
$
(87,392
)
 
$
(79,985
)
Lodging
(7,388
)
 
3,266

Resort
(94,780
)

(76,719
)
Real Estate
(1,196
)
 
(906
)
Total Reported EBITDA
$
(95,976
)
 
$
(77,625
)
Real estate held for sale and investment
$
96,668

 
$
96,938

Reconciliation from net loss attributable to Vail Resorts, Inc. to Total Reported EBITDA:
 
 
 
Net loss attributable to Vail Resorts, Inc.
$
(153,766
)
 
$
(106,475
)
Net loss attributable to noncontrolling interests
(3,255
)
 
(3,354
)
Net loss
(157,021
)
 
(109,829
)
Benefit from income taxes
(37,478
)
 
(46,563
)
Loss before benefit from income taxes
(194,499
)
 
(156,392
)
Depreciation and amortization
62,628

 
57,845

Change in estimated fair value of contingent consideration
802

 
1,136

Loss (gain) on disposal of fixed assets and other, net
569

 
(2,267
)
Investment income and other, net
(343
)
 
(277
)
Foreign currency gain on intercompany loans
(540
)
 
(360
)
Interest expense, net
35,407

 
22,690

Total Reported EBITDA
$
(95,976
)
 
$
(77,625
)