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Segment Information
 9 Months Ended
Apr. 30, 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 April 30,Nine Months Ended April 30,
 2024202320242023
Net revenue:
Mountain$1,196,058 $1,144,730 $2,368,494 $2,359,889 
Lodging87,055 93,546 246,693 251,740 
Total Resort net revenue1,283,113 1,238,276 2,615,187 2,611,629 
Real Estate169 155 4,618 7,967 
Total net revenue$1,283,282 $1,238,431 $2,619,805 $2,619,596 
Segment operating expense:
Mountain$558,564 $537,898 $1,450,465 $1,446,727 
Lodging71,271 77,150 226,439 243,754 
Total Resort operating expense629,835 615,048 1,676,904 1,690,481 
Real Estate1,258 1,679 8,115 9,371 
Total segment operating expense$631,093 $616,727 $1,685,019 $1,699,852 
Gain on sale of real property$— $88 $6,285 $845 
Mountain equity investment income, net$1,093 $94 $1,373 $482 
Reported EBITDA:
Mountain$638,587 $606,926 $919,402 $913,644 
Lodging15,784 16,396 20,254 7,986 
Resort654,371 623,322 939,656 921,630 
Real Estate(1,089)(1,436)2,788 (559)
Total Reported EBITDA$653,282 $621,886 $942,444 $921,071 
Real estate held for sale or investment$86,568 $90,078 $86,568 $90,078 
Reconciliation from net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.$361,995 $325,006 $405,782 $396,714 
Net income attributable to noncontrolling interests19,388 18,160 22,359 23,011 
Net income381,383 343,166 428,141 419,725 
Provision for income taxes129,280 124,289 151,606 145,315 
Income before provision for income taxes510,663 467,455 579,747 565,040 
Depreciation and amortization68,486 69,097 204,613 199,700 
Change in estimated fair value of contingent consideration36,500 45,900 42,957 47,636 
Loss on disposal of fixed assets and other, net571 6,269 3,372 8,055 
Investment income and other, net(5,096)(7,740)(13,643)(17,734)
Foreign currency loss on intercompany loans2,305 1,766 4,230 5,563 
Interest expense, net39,853 39,139 121,168 112,811 
Total Reported EBITDA$653,282 $621,886 $942,444 $921,071