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Segment Information
 6 Months Ended
Jan. 31, 2022
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.

On August 1, 2021, the Company revised its segment reporting to move certain dining and golf operations from the Lodging segment to the Mountain segment. Segment reporting results for the prior year periods have been adjusted retrospectively to conform to the current period presentation.

The Company reports its segment results using Reported EBITDA (defined as segment net revenue less segment operating expenses, plus 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 loss, 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 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,
 2022
2021 (1)
2022
2021 (1)
Net revenue:
Mountain$834,375 $641,978 943,675 741,457 
Lodging71,980 42,351 137,941 74,404 
Total Resort net revenue906,355 684,329 1,081,616 815,861 
Real Estate180 315 495 569 
Total net revenue$906,535 $684,644 $1,082,111 $816,430 
Segment operating expense:
Mountain$446,700 $360,629 $668,478 $549,254 
Lodging62,612 48,829 126,022 90,502 
Total Resort operating expense509,312 409,458 794,500 639,756 
Real Estate1,511 1,615 2,981 3,065 
Total segment operating expense$510,823 $411,073 $797,481 $642,821 
Gain on sale of real property$931 $— $962 $— 
Mountain equity investment income, net$818 $1,180 $2,332 $5,166 
Reported EBITDA:
Mountain$388,493 $282,529 $277,529 $197,369 
Lodging9,368 (6,478)11,919 (16,098)
Resort397,861 276,051 289,448 181,271 
Real Estate(400)(1,300)(1,524)(2,496)
Total Reported EBITDA$397,461 $274,751 $287,924 $178,775 
Real estate held for sale or investment$95,331 $96,801 $95,331 $96,801 
Reconciliation from net income (loss) attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income (loss) attributable to Vail Resorts, Inc.$223,391 $147,798 $84,059 $(5,968)
Net income (loss) attributable to noncontrolling interests10,539 1,332 7,350 (1,923)
Net income (loss)233,930 149,130 91,409 (7,891)
Provision (benefit) from income taxes52,049 27,221 (7,804)(10,257)
Income (loss) before provision (benefit) from income taxes285,979 176,351 83,605 (18,148)
Depreciation and amortization62,070 62,663 123,559 125,291 
Change in estimated fair value of contingent consideration16,780 1,000 18,780 1,802 
(Gain) loss on disposal of fixed assets and other, net(7,347)2,192 (16,214)2,761 
Investment income and other, net(257)(167)(756)(510)
Foreign currency loss (gain) on intercompany loans2,870 (5,135)2,039 (5,675)
Interest expense, net37,366 37,847 76,911 73,254 
Total Reported EBITDA$397,461 $274,751 $287,924 $178,775 
(1) Segment results for the three and six months ended January 31, 2021 have been retrospectively adjusted to reflect current period presentation.