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Segment Information | 6 Months Ended
--- | ---
Jan. 31, 2024
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 income, 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 January 31, |  | Six Months Ended January 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net revenue: |  |  |  |  |  |  |
Mountain | $ | 999,981 |  |  | $ | 1,013,442 |  |  | $ | 1,172,436 |  |  | $ | 1,215,159 |
Lodging | 77,817 |  |  | 80,577 |  |  | 159,638 |  |  | 158,194 |
Total Resort net revenue | 1,077,798 |  |  | 1,094,019 |  |  | 1,332,074 |  |  | 1,373,353 |
Real Estate | 160 |  |  | 7,699 |  |  | 4,449 |  |  | 7,812 |
Total net revenue | $ | 1,077,958 |  |  | $ | 1,101,718 |  |  | $ | 1,336,523 |  |  | $ | 1,381,165 |
Segment operating expense: |  |  |  |  |  |  |
Mountain | $ | 579,062 |  |  | $ | 614,633 |  |  | $ | 891,901 |  |  | $ | 908,829 |
Lodging | 73,111 |  |  | 84,630 |  |  | 155,168 |  |  | 166,604 |
Total Resort operating expense | 652,173 |  |  | 699,263 |  |  | 1,047,069 |  |  | 1,075,433 |
Real Estate | 1,676 |  |  | 6,310 |  |  | 6,857 |  |  | 7,692 |
Total segment operating expense | $ | 653,849 |  |  | $ | 705,573 |  |  | $ | 1,053,926 |  |  | $ | 1,083,125 |
Gain on sale of real property | $ | — |  |  | $ | 757 |  |  | $ | 6,285 |  |  | $ | 757 |
Mountain equity investment (loss) income, net | $ | (579) |  |  | $ | 42 |  |  | $ | 280 |  |  | $ | 388 |
Reported EBITDA: |  |  |  |  |  |  |
Mountain | $ | 420,340 |  |  | $ | 398,851 |  |  | $ | 280,815 |  |  | $ | 306,718 |
Lodging | 4,706 |  |  | (4,053) |  |  | 4,470 |  |  | (8,410) |
Resort | 425,046 |  |  | 394,798 |  |  | 285,285 |  |  | 298,308 |
Real Estate | (1,516) |  |  | 2,146 |  |  | 3,877 |  |  | 877 |
Total Reported EBITDA | $ | 423,530 |  |  | $ | 396,944 |  |  | $ | 289,162 |  |  | $ | 299,185 |
Real estate held for sale or investment | $ | 86,737 |  |  | $ | 90,354 |  |  | $ | 86,737 |  |  | $ | 90,354 |
Reconciliation from net income attributable to Vail Resorts, Inc. to Total Reported EBITDA: |  |  |  |  |  |  |
Net income attributable to Vail Resorts, Inc. | $ | 219,299 |  |  | $ | 208,679 |  |  | $ | 43,787 |  |  | $ | 71,708 |
Net income attributable to noncontrolling interests | 10,506 |  |  | 11,440 |  |  | 2,971 |  |  | 4,851 |
Net income | 229,805 |  |  | 220,119 |  |  | 46,758 |  |  | 76,559 |
Provision for income taxes | 87,486 |  |  | 79,032 |  |  | 22,326 |  |  | 21,026 |
Income before provision for income taxes | 317,291 |  |  | 299,151 |  |  | 69,084 |  |  | 97,585 |
Depreciation and amortization | 69,399 |  |  | 65,989 |  |  | 136,127 |  |  | 130,603 |
Change in estimated fair value of contingent consideration | 3,400 |  |  | 1,100 |  |  | 6,457 |  |  | 1,736 |
Loss on disposal of fixed assets and other, net | 758 |  |  | 1,780 |  |  | 2,801 |  |  | 1,786 |
Investment income and other, net | (4,863) |  |  | (7,108) |  |  | (8,547) |  |  | (9,994) |
Foreign currency (gain) loss on intercompany loans | (3,040) |  |  | (2,338) |  |  | 1,925 |  |  | 3,797 |
Interest expense, net | 40,585 |  |  | 38,370 |  |  | 81,315 |  |  | 73,672 |
Total Reported EBITDA | $ | 423,530 |  |  | $ | 396,944 |  |  | $ | 289,162 |  |  | $ | 299,185 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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