XML 28 R16.htm IDEA: XBRL DOCUMENT v3.25.1
Segment Information
 9 Months Ended
Apr. 30, 2025
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,
 2025202420252024
Net revenue:
Mountain$1,212,549 $1,196,058 $2,448,939 $2,368,494 
Lodging82,894 87,055 243,770 246,693 
Total Resort net revenue1,295,443 1,283,113 2,692,709 2,615,187 
Real Estate115 169 349 4,618 
Total net revenue$1,295,558 $1,283,282 $2,693,058 $2,619,805 
Segment operating expense:
Mountain$577,778 $558,564 $1,503,510 $1,450,465 
Lodging70,600 71,271 225,072 226,439 
Total Resort operating expense648,378 629,835 1,728,582 1,676,904 
Real Estate1,662 1,258 4,911 8,115 
Total segment operating expense$650,040 $631,093 $1,733,493 $1,685,019 
Gain on sale of real property$7,898 $— $24,404 $6,285 
Mountain equity investment income, net$666 $1,093 $3,562 $1,373 
Reported EBITDA:
Mountain$635,437 $638,587 $948,991 $919,402 
Lodging12,294 15,784 18,698 20,254 
Resort647,731 654,371 967,689 939,656 
Real Estate6,351 (1,089)19,842 2,788 
Total Reported EBITDA$654,082 $653,282 $987,531 $942,444 
Real estate held for sale or investment$87,895 $86,568 $87,895 $86,568 
Reconciliation from net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.$392,752 $361,995 $465,464 $405,782 
Net income attributable to noncontrolling interests21,576 19,388 25,419 22,359 
Net income414,328 381,383 490,883 428,141 
Provision for income taxes131,042 129,280 159,124 151,606 
Income before provision for income taxes545,370 510,663 650,007 579,747 
Depreciation and amortization74,618 68,486 219,358 204,613 
Change in estimated fair value of contingent consideration1,900 36,500 4,079 42,957 
(Gain) loss on disposal of fixed assets and other, net(4,267)571 (3,031)3,372 
Investment income and other, net(3,154)(5,096)(8,668)(13,643)
Foreign currency (gain) loss on intercompany loans(1,702)2,305 (53)4,230 
Interest expense, net41,317 39,853 125,839 121,168 
Total Reported EBITDA$654,082 $653,282 $987,531 $942,444