Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Tables)

12 Months Ended

Jul. 31, 2012

Guarantor Subsidiaries And Non Guarantor Subsidiaries

Supplemental Condensed Consolidating Balance Sheet

Supplemental Condensed Consolidating Balance Sheet

As of July 31, 2012

(in thousands)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—		$	38,380		$	7,673		$	—		$	46,053
Restricted cash	—			13,300			984			—			14,284
Trade receivables, net	—			64,185			1,558			—			65,743
Inventories, net	—			65,673			200			—			65,873
Other current assets	24,458			15,522			437			—			40,417
Total current assets	24,458			197,060			10,852			—			232,370
Property, plant and equipment, net	—			1,000,767			48,440			—			1,049,207
Real estate held for sale and investment	—			237,668			—			—			237,668
Goodwill, net	—			268,058			1,711			—			269,769
Intangible assets, net	—			72,751			19,319			—			92,070
Other assets	7,113			42,939			5,937			(9,459		)	46,530
Investments in subsidiaries	1,775,195			(553		)	—			(1,774,642		)	—
Advances	(421,115		)	418,001			3,114			—			—
Total assets	$	1,385,651		$	2,236,691		$	89,373		$	(1,784,101	)	$	1,927,614
Current liabilities:
Accounts payable and accrued liabilities	$	6,542		$	215,308		$	5,688		$	—		$	227,538
Income taxes payable	20,721			—			—			—			20,721
Long-term debt due within one year	—			782			208			—			990
Total current liabilities	27,263			216,090			5,896			—			249,249
Long-term debt	390,000			41,817			57,958			—			489,775
Other long-term liabilities	28,104			203,589			10,635			(9,459		)	232,869
Deferred income taxes	137,973			—			1,420			—			139,393
Total Vail Resorts, Inc. stockholders’ equity	802,311			1,775,195			(553		)	(1,774,642		)	802,311
Noncontrolling interests	—			—			14,017			—			14,017
Total stockholders’ equity	802,311			1,775,195			13,464			(1,774,642		)	816,328
Total liabilities and stockholders’ equity	$	1,385,651		$	2,236,691		$	89,373		$	(1,784,101	)	$	1,927,614

Supplemental Condensed Consolidating Balance Sheet

As of July 31, 2011

(in thousands)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—		$	63,365		$	6,778		$	—		$	70,143
Restricted cash	—			11,781			657			—			12,438
Trade receivables, net	—			57,746			783			—			58,529
Inventories, net	—			53,775			232			—			54,007
Other current assets	29,167			21,063			277			—			50,507
Total current assets	29,167			207,730			8,727			—			245,624
Property, plant and equipment, net	—			972,963			48,773			—			1,021,736
Real estate held for sale and investment	—			273,663			—			—			273,663
Goodwill, net	—			268,058			—			—			268,058
Intangible assets, net	—			72,943			18,155			—			91,098
Other assets	8,060			33,296			4,701			—			46,057
Investments in subsidiaries	1,721,269			(3,862		)	—			(1,717,407		)	—
Advances	(349,144		)	356,981			(7,837		)	—			—
Total assets	$	1,409,352		$	2,181,772		$	72,519		$	(1,717,407	)	$	1,946,236
Current liabilities:
Accounts payable and accrued liabilities	$	7,117		$	211,565		$	2,677		$	—		$	221,359
Income taxes payable	20,778			—			—			—			20,778
Long-term debt due within one year	—			848			197			—			1,045
Total current liabilities	27,895			212,413			2,874			—			243,182
Long-term debt	390,000			42,532			58,166			—			490,698
Other long-term liabilities	28,526			205,558			1,345			—			235,429
Deferred income taxes	133,208			—			—			—			133,208
Total Vail Resorts, Inc. stockholders’ equity	829,723			1,721,269			(3,862		)	(1,717,407		)	829,723
Noncontrolling interests	—			—			13,996			—			13,996
Total stockholders’ equity	829,723			1,721,269			10,134			(1,717,407		)	843,719
Total liabilities and stockholders’ equity	$	1,409,352		$	2,181,772		$	72,519		$	(1,717,407	)	$	1,946,236

Supplemental Condensed Consolidating Statement Of Operations

Supplemental Condensed Consolidating Statement of Operations

For the year ended July 31, 2012

(in thousands)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	1,020,847		$	14,997		$	(11,450	)	$	1,024,394
Total operating expense	181			959,038			17,142			(11,298		)	965,063
(Loss) income from operations	(181		)	61,809			(2,145		)	(152		)	59,331
Other expense, net	(26,520		)	(5,372		)	(1,377		)	152			(33,117		)
Equity investment income, net	—			878			—			—			878
(Loss) income before benefit (provision) for income taxes	(26,701		)	57,315			(3,522		)	—			27,092
Benefit (provision) for income taxes	10,968			(21,669		)	—			—			(10,701		)
Net (loss) income before equity in income (loss) of consolidated subsidiaries	(15,733		)	35,646			(3,522		)	—			16,391
Equity in income (loss) of consolidated subsidiaries	32,186			(3,460		)	—			(28,726		)	—
Net income (loss)	16,453			32,186			(3,522		)	(28,726		)	16,391
Net loss attributable to noncontrolling interests	—			—			62			—			62
Net income (loss) attributable to Vail Resorts, Inc.	$	16,453		$	32,186		$	(3,460	)	$	(28,726	)	$	16,453

Supplemental Condensed Consolidating Statement of Operations

For the year ended July 31, 2011

(in thousands)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	1,166,706		$	12,212		$	(11,872	)	$	1,167,046
Total operating expense	522			1,070,054			13,718			(11,720		)	1,072,574
(Loss) income from operations	(522		)	96,652			(1,506		)	(152		)	94,472
Other expense, net	(34,244		)	(4,908		)	(1,294		)	152			(40,294		)
Equity investment income, net	—			1,342			—			—			1,342
(Loss) income before benefit (provision) for income taxes	(34,766		)	93,086			(2,800		)	—			55,520
Benefit (provision) for income taxes	14,235			(35,333		)	—			—			(21,098		)
Net (loss) income before equity in income (loss) of consolidated subsidiaries	(20,531		)	57,753			(2,800		)	—			34,422
Equity in income (loss) of consolidated subsidiaries	55,020			(2,733		)	—			(52,287		)	—
Net income (loss)	34,489			55,020			(2,800		)	(52,287		)	34,422
Net loss attributable to noncontrolling interests	—			—			67			—			67
Net income (loss) attributable to Vail Resorts, Inc.	$	34,489		$	55,020		$	(2,733	)	$	(52,287	)	$	34,489

Supplemental Condensed Consolidating Statement of Operations

For the year ended July 31, 2010

(in thousands)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Total net revenue	$	—		$	894,409		$	11,041		$	(10,647	)	$	894,803
Total operating expense	792			821,318			13,879			(10,495		)	825,494
(Loss) income from operations	(792		)	73,091			(2,838		)	(152		)	69,309
Other (expense) income, net	(27,034		)	10,885			(1,073		)	152			(17,070		)
Equity investment income, net	—			1,558			—			—			1,558
(Loss) income before benefit (provision) for income taxes	(27,826		)	85,534			(3,911		)	—			53,797
Benefit (provision) for income taxes	9,457			(27,479		)	—			—			(18,022		)
Net (loss) income before equity in income (loss) of consolidated subsidiaries	(18,369		)	58,055			(3,911		)	—			35,775
Equity in income (loss) of consolidated subsidiaries	48,754			(3,580		)	—			(45,174		)	—
Net income (loss)	30,385			54,475			(3,911		)	(45,174		)	35,775
Net (income) loss attributable to noncontrolling interests	—			(5,721		)	331			—			(5,390		)
Net income (loss) attributable to Vail Resorts, Inc.	$	30,385		$	48,754		$	(3,580	)	$	(45,174	)	$	30,385

Supplemental Condensed Consolidating Statement Of Cash Flows

Supplemental Condensed Consolidating Statement of Cash Flows

For the year ended July 31, 2012

(in thousands)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Consolidated
Net cash (used in) provided by operating activities	$	(6,789	)	$	191,831		$	377		$	185,419
Cash flows from investing activities:
Capital expenditures	—			(132,025		)	(600		)	(132,625		)
Acquisition of businesses	—			(24,311		)	832			(23,479		)
Other investing activities, net	—			150			—			150
Net cash (used in) provided by investing activities	—			(156,186		)	232			(155,954		)
Cash flows from financing activities:
Proceeds from borrowings under other long-term debt	—			56,000			—			56,000
Payments of other long-term debt	—			(56,855		)	(197		)	(57,052		)
Repurchases of common stock	(30,365		)	—			—			(30,365		)
Dividends paid	(24,249		)	—			—			(24,249		)
Other financing activities, net	1,637			400			107			2,144
Advances	59,766			(60,175		)	409			—
Net cash provided by (used in) financing activities	6,789			(60,630		)	319			(53,522		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(33		)	(33		)
Net (decrease) increase in cash and cash equivalents	—			(24,985		)	895			(24,090		)
Cash and cash equivalents:
Beginning of period	—			63,365			6,778			70,143
End of period	$	—		$	38,380		$	7,673		$	46,053

Supplemental Condensed Consolidating Statement of Cash Flows

For the year ended July 31, 2011

(in thousands)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Consolidated
Net cash (used in) provided by operating activities	$	(2,659	)	$	268,602		$	1,344		$	267,287
Cash flows from investing activities:
Capital expenditures	—			(95,568		)	(72		)	(95,640		)
Acquisition of business	—			(62,344		)	—			(62,344		)
Other investing activities, net	—			(204		)	—			(204		)
Net cash used in investing activities	—			(158,116		)	(72		)	(158,188		)
Cash flows from financing activities:
Proceeds from borrowings under other long-term debt	—			189,000			—			189,000
Payments of other long-term debt	—			(226,674		)	(187		)	(226,861		)
Proceeds from borrowings under the 6.50% Notes	390,000			—			—			390,000
Payment of tender of 6.75% Notes	(390,000		)	—			—			(390,000		)
Payment of financing costs	(9,331		)	(3,069		)	—			(12,400		)
Dividends paid	(5,411		)	—			—			(5,411		)
Other financing activities, net	1,319			(1,055		)	1,707			1,971
Advances	16,082			(16,638		)	556			—
Net cash provided by (used in) financing activities	2,659			(58,436		)	2,076			(53,701		)
Net increase in cash and cash equivalents	—			52,050			3,348			55,398
Cash and cash equivalents:
Beginning of period	—			11,315			3,430			14,745
End of period	$	—		$	63,365		$	6,778		$	70,143

Supplemental Condensed Consolidating Statement of Cash Flows

For the year ended July 31, 2010

(in thousands)

	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Consolidated
Net cash provided by (used in ) operating activities	$	4,428		$	31,943		$	(421	)	$	35,950
Cash flows from investing activities:
Capital expenditures	—			(67,544		)	(1,413		)	(68,957		)
Acquisition of business	2,193			(18,063		)	—			(15,870		)
Cash received from sale of real property	—			8,920			—			8,920
Other investing activities, net	—			(145		)	(7,500		)	(7,645		)
Net cash provided by (used in) investing activities	2,193			(76,832		)	(8,913		)	(83,552		)
Cash flows from financing activities:
Acquisition of noncontrolling interest	—			(31,000		)	—			(31,000		)
Repurchases of common stock	(14,999		)	—			—			(14,999		)
Proceeds from borrowings under other long-term debt	—			140,962			—			140,962
Payments of other long-term debt	—			(106,132		)	(177		)	(106,309		)
Other financing activities, net	1,109			(7,042		)	10,328			4,395
Advances	7,269			(7,269		)	—			—
Net cash (used in) provided by financing activities	(6,621		)	(10,481		)	10,151			(6,951		)
Net (decrease) increase in cash and cash equivalents	—			(55,370		)	817			(54,553		)
Cash and cash equivalents:
Beginning of period	—			66,685			2,613			69,298
End of period	$	—		$	11,315		$	3,430		$	14,745