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Segment Information
 9 Months Ended
Apr. 30, 2021
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 income (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 April 30,Nine Months Ended April 30,
 2021202020212020
Net revenue:
Lift $577,680 $374,818 $1,041,546 $900,995 
Ski school80,390 76,563 138,824 187,840 
Dining45,294 61,632 80,172 158,980 
Retail/rental91,286 78,133 203,718 259,761 
Other34,533 44,158 101,092 154,105 
Total Mountain net revenue829,183 635,304 1,565,352 1,661,681 
Lodging59,095 58,385 138,787 220,030 
Total Resort net revenue888,278 693,689 1,704,139 1,881,711 
Real Estate800 398 1,369 4,784 
Total net revenue$889,078 $694,087 $1,705,508 $1,886,495 
Segment operating expense:
Mountain$372,205 $333,785 $917,355 $1,068,479 
Lodging54,862 55,460 149,468 208,545 
Total Resort operating expense427,067 389,245 1,066,823 1,277,024 
Real Estate2,023 1,128 5,088 7,926 
Total segment operating expense$429,090 $390,373 $1,071,911 $1,284,950 
Gain on sale of real property$189 $— $189 $207 
Mountain equity investment income (loss), net$1,011 $(90)$6,177 $1,270 
Reported EBITDA:
Mountain$457,989 $301,429 $654,174 $594,472 
Lodging4,233 2,925 (10,681)11,485 
Resort462,222 304,354 643,493 605,957 
Real Estate(1,034)(730)(3,530)(2,935)
Total Reported EBITDA$461,188 $303,624 $639,963 $603,022 
Real estate held for sale and investment$96,259 $96,565 $96,259 $96,565 
Reconciliation from net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.$274,629 $152,546 $268,661 $252,441 
Net income attributable to noncontrolling interests2,661 7,285 738 14,579 
Net income277,290 159,831 269,399 267,020 
Provision for income taxes76,897 26,440 66,640 47,190 
Income before provision for income taxes354,187 186,271 336,039 314,210 
Depreciation and amortization64,071 64,730 189,362 186,387 
Asset impairments— 28,372 — 28,372 
Change in estimated fair value of contingent consideration10,400 (8,000)12,202 (5,264)
(Gain) loss on disposal of fixed assets and other, net(1,999)380 762 (1,178)
Investment income and other, net(347)(361)(857)(999)
Foreign currency (gain) loss on intercompany loans(4,157)7,753 (9,832)8,191 
Interest expense, net39,033 24,479 112,287 73,303 
Total Reported EBITDA$461,188 $303,624 $639,963 $603,022