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Segment Information
 12 Months Ended
Jul. 31, 2021
Segment Reporting [Abstract]  
Segment Information Segment and Geographic Area 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 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 accounting policies specific to each segment are the same as those described in Note 2, Summary of Significant Accounting Policies.
Following is key financial information by reportable segment which is used by management in evaluating performance and allocating resources (in thousands):
 Year ended July 31,
  
202120202019
Net revenue:
Mountain$1,689,878 $1,710,443 $1,956,201 
Lodging218,062 248,414 314,662 
Total Resort net revenue1,907,940 1,958,857 2,270,863 
Real Estate1,770 4,847 712 
Total net revenue$1,909,710 $1,963,704 $2,271,575 
Segment operating expense:
Mountain$1,146,187 $1,212,053 $1,279,567 
Lodging223,795 245,145 286,562 
Total Resort operating expense1,369,982 1,457,198 1,566,129 
Real Estate6,676 9,182 5,609 
Total segment operating expense$1,376,658 $1,466,380 $1,571,738 
Gain on sale of real property$324 $207 $580 
Mountain equity investment income, net$6,698 $1,690 $1,960 
Reported EBITDA:
Mountain$550,389 $500,080 $678,594 
Lodging(5,733)3,269 28,100 
Resort544,656 503,349 706,694 
Real Estate(4,582)(4,128)(4,317)
Total Reported EBITDA$540,074 $499,221 $702,377 
Real estate held for sale or investment$95,615 $96,844 $101,021 
Reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:   
Net income attributable to Vail Resorts, Inc.$127,850 $98,833 $301,163 
Net (loss) income attributable to noncontrolling interests(3,393)10,222 22,330 
Net income124,457 109,055 323,493 
Provision for income taxes726 7,378 75,472 
Income before provision for income taxes125,183 116,433 398,965 
Depreciation and amortization252,585 249,572 218,117 
Asset impairments— 28,372 — 
Loss (gain) on disposal of fixed assets and other, net5,373 (838)664 
Change in fair value of contingent consideration14,402 (2,964)5,367 
Investment income and other, net(586)(1,305)(3,086)
Foreign currency (gain) loss on intercompany loans(8,282)3,230 2,854 
Interest expense, net151,399 106,721 79,496 
Total Reported EBITDA$540,074 $499,221 $702,377 
Geographic Information
Net revenue and property, plant and equipment, net by geographic region are as follows (in thousands):
Year ended July 31,
Net revenue202120202019
U.S.$1,717,270 $1,655,961 $1,865,062 
International (1)
192,440 307,743 406,513 
Total net revenue$1,909,710 $1,963,704 $2,271,575 
July 31,
Property, plant and equipment, net20212020
U.S.$1,646,097 $1,759,692 
International (2)
421,779 432,987 
Total property, plant and equipment, net$2,067,876 $2,192,679 
(1) No individual international country (i.e. except the U.S.) accounted for more than 10% of the Company’s revenue for the year ended July 31, 2021. The only individual international country to account for more than 10% of the Company’s revenue for the years ended July 31, 2020 and 2019 was Canada. Canada accounted for $223.3 million and $308.1 million of revenue for the years ended July 31, 2020 and 2019, respectively.
(2) The only individual international country to account for more than 10% of the Company’s property plant and equipment, net was Canada. Canada accounted for $288.4 million and $291.7 million of property, plant and equipment, net as of July 31, 2021 and 2020, respectively.