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Segment Information
 3 Months Ended
Oct. 31, 2023
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 concessioner 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 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 accompanying 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 accounting policies specific to each segment are the same as those described in Note 2, Summary of Significant Accounting Policies.
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,
 20232022
Net revenue:
Mountain$172,455 $201,717 
Lodging81,821 77,617 
Total Resort net revenue254,276 279,334 
Real Estate4,289 113 
Total net revenue$258,565 $279,447 
Segment operating expense:
Mountain$312,839 $294,196 
Lodging82,057 81,974 
Total Resort operating expense394,896 376,170 
Real Estate5,181 1,382 
Total segment operating expense$400,077 $377,552 
Gain on sale of real property$6,285 $— 
Mountain equity investment income, net$859 $346 
Reported EBITDA:
Mountain$(139,525)$(92,133)
Lodging(236)(4,357)
Resort(139,761)(96,490)
Real Estate5,393 (1,269)
Total Reported EBITDA$(134,368)$(97,759)
Real estate held for sale or investment$86,465 $95,608 
Reconciliation from net loss attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net loss attributable to Vail Resorts, Inc.$(175,512)$(136,971)
Net loss attributable to noncontrolling interests(7,535)(6,589)
Net loss(183,047)(143,560)
Benefit from income taxes(65,160)(58,006)
Loss before benefit from income taxes(248,207)(201,566)
Depreciation and amortization66,728 64,614 
Change in estimated fair value of contingent consideration3,057 636 
Loss on disposal of fixed assets and other, net2,043 6 
Investment income and other, net(3,684)(2,886)
Foreign currency loss on intercompany loans4,965 6,135 
Interest expense, net40,730 35,302 
Total Reported EBITDA$(134,368)$(97,759)