0000812011-19-000012.txt : 20190308 0000812011-19-000012.hdr.sgml : 20190308 20190308080329 ACCESSION NUMBER: 0000812011-19-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 65 CONFORMED PERIOD OF REPORT: 20190131 FILED AS OF DATE: 20190308 DATE AS OF CHANGE: 20190308 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VAIL RESORTS INC CENTRAL INDEX KEY: 0000812011 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990] IRS NUMBER: 510291762 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09614 FILM NUMBER: 19667626 BUSINESS ADDRESS: STREET 1: 390 INTERLOCKEN CRESCENT STREET 2: SUITE 1000 CITY: BROOMFIELD STATE: CO ZIP: 80021 BUSINESS PHONE: 303-404-1800 MAIL ADDRESS: STREET 1: 390 INTERLOCKEN CRESCENT STREET 2: SUITE 1000 CITY: BROOMFIELD STATE: CO ZIP: 80021 10-Q 1 mtn10-qq2191312019.htm 10-Q Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended January 31, 2019
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 001-09614
vaila07.jpg
Vail Resorts, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
 
51-0291762
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
 
 
390 Interlocken Crescent
Broomfield, Colorado
 
80021
(Address of Principal Executive Offices)
 
(Zip Code)
(303) 404-1800
(Registrant’s Telephone Number, Including Area Code) 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ý  Yes    ¨  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ý  Yes    ¨  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 
ý
  
Accelerated filer
 
¨
 
 
 
 
Non-accelerated filer
 
¨
  
Smaller reporting company
 
¨
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ¨  Yes    ý  No
As of March 4, 2019, 40,196,699 shares of the registrant’s common stock were outstanding.



Table of Contents
 
 
 
 
PART I
FINANCIAL INFORMATION
Page
 
 
 
Item 1.
Financial Statements (unaudited).
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
PART II
OTHER INFORMATION
 
 
 
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



Vail Resorts, Inc.
Consolidated Condensed Balance Sheets
(In thousands, except per share amounts)
(Unaudited)
 
 
 
January 31, 2019
 
July 31, 2018
 
January 31, 2018
Assets
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 
$
158,561

 
$
178,145

 
$
235,460

Restricted cash
 
20,762

 
6,895

 
23,566

Trade receivables, net
 
87,721

 
230,829

 
85,428

Inventories, net
 
103,010

 
85,588

 
97,480

Other current assets
 
45,212

 
37,279

 
39,075

Total current assets
 
415,266

 
538,736

 
481,009

Property, plant and equipment, net (Note 7)
 
1,831,087

 
1,627,219

 
1,702,213

Real estate held for sale and investment
 
101,730

 
99,385

 
103,212

Goodwill, net (Note 7)
 
1,547,084

 
1,475,686

 
1,533,980

Intangible assets, net
 
305,885

 
280,572

 
293,149

Other assets
 
43,870

 
43,386

 
43,243

Total assets
 
$
4,244,922

 
$
4,064,984

 
$
4,156,806

Liabilities and Stockholders’ Equity
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
Accounts payable and accrued liabilities (Note 7)
 
$
685,736

 
$
504,533

 
$
588,563

Income taxes payable
 
27,544

 
50,632

 
32,497

Long-term debt due within one year (Note 5)
 
48,493

 
38,455

 
38,433

Total current liabilities
 
761,773

 
593,620

 
659,493

Long-term debt, net (Note 5)
 
1,345,262

 
1,234,277

 
1,182,349

Other long-term liabilities (Note 7)
 
274,998

 
291,506

 
289,793

Deferred income taxes, net
 
179,794

 
133,918

 
144,393

Total liabilities
 
2,561,827

 
2,253,321

 
2,276,028

Commitments and contingencies (Note 9)
 


 


 


Stockholders’ equity:
 
 
 
 
 
 
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding
 
—

 
—

 
—

Common stock, $0.01 par value, 100,000 shares authorized, 46,101, 46,021 and 45,857 shares issued, respectively
 
461

 
460

 
458

Exchangeable shares, $0.01 par value, 57, 58 and 60 shares issued and outstanding, respectively (Note 4)
 
1

 
1

 
1

Additional paid-in capital
 
1,135,709

 
1,137,467

 
1,160,243

Accumulated other comprehensive (loss) income
 
(13,949
)
 
(2,227
)
 
58,750

Retained earnings
 
699,045

 
726,722

 
673,065

Treasury stock, at cost, 5,905, 5,552, and 5,436 shares, respectively (Note 11)
 
(357,989
)
 
(272,989
)
 
(247,189
)
Total Vail Resorts, Inc. stockholders’ equity
 
1,463,278

 
1,589,434

 
1,645,328

Noncontrolling interests
 
219,817

 
222,229

 
235,450

Total stockholders’ equity
 
1,683,095

 
1,811,663

 
1,880,778

Total liabilities and stockholders’ equity
 
$
4,244,922

 
$
4,064,984

 
$
4,156,806

The accompanying Notes are an integral part of these unaudited consolidated condensed financial statements.

2


Vail Resorts, Inc.
Consolidated Condensed Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
 
 
Three Months Ended January 31,
 
Six Months Ended January 31,
 
2019
 
2018
 
2019
 
2018
Net revenue:
 
 
 
 
 
 
 
Mountain and Lodging services and other
$
687,119

 
$
594,372

 
$
831,141

 
$
737,720

Mountain and Lodging retail and dining
162,203

 
140,069

 
238,087

 
216,935

Resort net revenue
849,322

 
734,441

 
1,069,228

 
954,655

Real Estate
256

 
134

 
354

 
770

Total net revenue
849,578

 
734,575

 
1,069,582


955,425

Operating expense (exclusive of depreciation and amortization shown separately below):
 
 
 
 
 
 
 
Mountain and Lodging operating expense
350,633

 
297,503

 
544,745

 
478,779

Mountain and Lodging retail and dining cost of products sold
63,505

 
57,237

 
98,381

 
92,916

General and administrative
77,362

 
70,736

 
141,741

 
128,599

Resort operating expense
491,500

 
425,476

 
784,867

 
700,294

Real Estate operating expense
1,389

 
1,207

 
2,759

 
2,898

Total segment operating expense
492,889

 
426,683

 
787,626

 
703,192

Other operating (expense) income:
 
 
 
 
 
 
 
Depreciation and amortization
(55,238
)
 
(51,404
)
 
(106,281
)
 
(100,028
)
Gain on sale of real property
—

 
515

 
—

 
515

Change in estimated fair value of contingent consideration (Note 8)
(700
)
 
—

 
(1,900
)
 
—

Gain on disposal of fixed assets and other, net
1,097

 
538

 
478

 
1,105

Income from operations
301,848

 
257,541

 
174,253

 
153,825

Mountain equity investment income (loss), net
160

 
(35
)
 
1,110

 
487

Investment income and other, net
507

 
397

 
970

 
780

Foreign currency gain (loss) on intercompany loans (Note 5)
450

 
10,337

 
(1,861
)
 
2,991

Interest expense, net
(21,002
)
 
(15,973
)
 
(39,640
)
 
(31,147
)
Income before (provision) benefit from income taxes
281,963

 
252,267

 
134,832

 
126,936

(Provision) benefit from income taxes
(63,973
)
 
(3,594
)
 
(27,568
)
 
89,810

Net income
217,990

 
248,673

 
107,264

 
216,746

Net income attributable to noncontrolling interests
(11,641
)
 
(12,982
)
 
(8,710
)
 
(9,440
)
Net income attributable to Vail Resorts, Inc.
$
206,349

 
$
235,691

 
$
98,554

 
$
207,306

Per share amounts (Note 4):
 
 
 
 
 
 
 
Basic net income per share attributable to Vail Resorts, Inc.
$
5.12

 
$
5.82

 
$
2.44

 
$
5.14

Diluted net income per share attributable to Vail Resorts, Inc.
$
5.02

 
$
5.67

 
$
2.39

 
$
4.97

Cash dividends declared per share
$
1.47

 
$
1.053

 
$
2.94

 
$
2.106

The accompanying Notes are an integral part of these unaudited consolidated condensed financial statements.

3



Vail Resorts, Inc.
Consolidated Condensed Statements of Comprehensive Income
(In thousands)
(Unaudited)

 
 
Three Months Ended
January 31,
 
Six Months Ended
January 31,
 
 
2019
 
2018
 
2019
 
2018
Net income
 
$
217,990

 
$
248,673

 
$
107,264

 
$
216,746

Foreign currency translation adjustments, net of tax
 
7,863

 
65,008

 
(14,773
)
 
19,603

Comprehensive income
 
225,853

 
313,681

 
92,491

 
236,349

Comprehensive income attributable to noncontrolling interests
 
(12,857
)
 
(29,831
)
 
(5,659
)
 
(14,688
)
Comprehensive income attributable to Vail Resorts, Inc.
 
$
212,996

 
$
283,850

 
$
86,832

 
$
221,661

The accompanying Notes are an integral part of these unaudited consolidated condensed financial statements.


4


Vail Resorts, Inc.
Consolidated Condensed Statements of Stockholders’ Equity
(In thousands)
(Unaudited)
 
Common Stock
Additional Paid in Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Treasury Stock
Total Vail Resorts, Inc. Stockholders’ Equity
Noncontrolling Interests
Total Stockholders’ Equity
 
Vail Resorts
Exchangeable
 
 
 
 
 
 
 
Balance, July 31, 2017
$
454

$
1

$
1,222,510

$
44,395

$
550,985

$
(247,189
)
$
1,571,156

$
227,803

$
1,798,959

Comprehensive income:
 
 
 
 
 
 
 
 
 
Net income
—

—

—

—

207,306

—

207,306

9,440

216,746

Foreign currency translation adjustments, net of tax
—

—

—

14,355

—

—

14,355

5,248

19,603

Total comprehensive income
 
 
 
 
 
 
221,661

14,688

236,349

Stock-based compensation expense
—

—

9,412

—

—

—

9,412

—

9,412

Measurement period adjustment
—

—

—

—

—

—

—

(1,776
)
(1,776
)
Issuance of shares under share award plans, net of shares withheld for employee taxes
4

—

(71,679
)
—

—

—

(71,675
)
—

(71,675
)
Dividends (Note 4)
—

—

—

—

(85,226
)
—

(85,226
)
—

(85,226
)
Distributions to noncontrolling interests, net
—

—

—

—

—

—

—

(5,265
)
(5,265
)
Balance, January 31, 2018
$
458

$
1

$
1,160,243

$
58,750

$
673,065

$
(247,189
)
$
1,645,328

$
235,450

$
1,880,778

 
 
 
 
 
 
 
 
 
 
Balance, July 31, 2018
$
460

$
1

$
1,137,467

$
(2,227
)
$
726,722

$
(272,989
)
$
1,589,434

$
222,229

$
1,811,663

Comprehensive income:
 
 
 
 
 
 
 
 
 
Net income
—

—

—

—

98,554

—

98,554

8,710

107,264

Foreign currency translation adjustments, net of tax
—

—

—

(11,722
)
—

—

(11,722
)
(3,051
)
(14,773
)
Total comprehensive income
 
 
 
 
 
 
86,832

5,659

92,491

Stock-based compensation expense
—

—

9,900

—

—

—

9,900

—

9,900

Cumulative effect for adoption of revenue standard (Notes 2 & 3)
—

—

—

—

(7,517
)
—

(7,517
)
—

(7,517
)
Issuance of shares under share award plans, net of shares withheld for employee taxes
1

—

(11,658
)
—

—

—

(11,657
)
—

(11,657
)
Repurchase of common stock (Note 11)
—

—

—

—

—

(85,000
)
(85,000
)
—

(85,000
)
Dividends (Note 4)
—

—

—

—

(118,714
)
—

(118,714
)
—

(118,714
)
Distributions to noncontrolling interests, net
—

—

—

—

—

—

—

(8,071
)
(8,071
)
Balance, January 31, 2019
$
461

$
1

$
1,135,709

$
(13,949
)
$
699,045

$
(357,989
)
$
1,463,278

$
219,817

$
1,683,095

The accompanying Notes are an integral part of these unaudited consolidated condensed financial statements.

5


Vail Resorts, Inc.
Consolidated Condensed Statements of Cash Flows
(In thousands)
(Unaudited)
 
 
Six Months Ended January 31,
 
 
2019
 
2018
Cash flows from operating activities:
 
 
 
 
Net income
 
$
107,264

 
$
216,746

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
106,281

 
100,028

Stock-based compensation expense
 
9,900

 
9,412

Deferred income taxes, net
 
32,279

 
(36,728
)
Other non-cash income, net
 
(345
)
 
(6,994
)
Changes in assets and liabilities:
 
 
 
 
Trade receivables, net
 
145,305

 
103,691

Inventories, net
 
(14,398
)
 
(11,541
)
Accounts payable and accrued liabilities
 
97,083

 
73,148

Deferred revenue
 
48,061

 
52,240

Income taxes payable - excess tax benefit from share award exercises
 
(4,711
)
 
(53,081
)
Income taxes payable - other
 
(18,000
)
 
(12,623
)
Other assets and liabilities, net
 
(2,538
)
 
(550
)
Net cash provided by operating activities
 
506,181

 
433,748

Cash flows from investing activities:
 

 
 
Capital expenditures
 
(113,531
)
 
(87,367
)
Acquisition of businesses, net of cash acquired
 
(292,610
)
 
(1,356
)
Cash received from the sale of real property
 
—

 
515

Other investing activities, net
 
1,817

 
6,443

Net cash used in investing activities
 
(404,324
)
 
(81,765
)
Cash flows from financing activities:
 

 
 
Proceeds from borrowings under Vail Holdings Credit Agreement
 
335,625

 
95,000

Proceeds from borrowings under Whistler Credit Agreement
 
7,667

 
11,920

Repayments of borrowings under Vail Holdings Credit Agreement
 
(211,875
)
 
(133,750
)
Repayments of borrowings under Whistler Credit Agreement
 
(11,193
)
 
(29,140
)
Employee taxes paid for share award exercises
 
(11,657
)
 
(71,675
)
Dividends paid
 
(118,714
)
 
(85,226
)
Repurchases of common stock
 
(85,000
)
 
—

Other financing activities, net
 
(9,864
)
 
(9,277
)
Net cash used in financing activities
 
(105,011
)
 
(222,148
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
 
(2,563
)
 
1,529

Net (decrease) increase in cash, cash equivalents and restricted cash
 
(5,717
)
 
131,364

Cash, cash equivalents and restricted cash:
 
 
 
 
Beginning of period
 
185,040

 
127,662

End of period
 
$
179,323

 
$
259,026

Non-cash investing activities:
 
 
 
 
Accrued capital expenditures
 
$
22,731

 
$
12,097

The accompanying Notes are an integral part of these unaudited consolidated condensed financial statements.

6


Vail Resorts, Inc.
Notes to Consolidated Condensed Financial Statements
(Unaudited)
 

1.
Organization and Business
Vail Resorts, Inc. (“Vail Resorts”) is organized as a holding company and operates through various subsidiaries. Vail Resorts and its subsidiaries (collectively, the “Company”) operate in three business segments: Mountain, Lodging and Real Estate. The Company refers to “Resort” as the combination of the Mountain and Lodging segments.

In the Mountain segment, the Company operates the following fifteen world-class mountain resort properties and three urban ski areas:
Mountain Resorts:
 
Location:
1.
Vail Mountain Resort (“Vail Mountain”)
 
Colorado
2.
Breckenridge Ski Resort (“Breckenridge”)
 
Colorado
3.
Keystone Resort (“Keystone”)
 
Colorado
4.
Beaver Creek Resort (“Beaver Creek”)
 
Colorado
5.
Crested Butte Mountain Resort (“Crested Butte”)
 
Colorado
6.
Heavenly Mountain Resort (“Heavenly”)
 
Lake Tahoe area of Nevada and California
7.
Northstar Resort (“Northstar”)
 
Lake Tahoe area of California
8.
Kirkwood Mountain Resort (“Kirkwood”)
 
Lake Tahoe area of California
9.
Mount Sunapee Mountain Resort (“Mount Sunapee”)
 
New Hampshire
10.
Park City Resort (“Park City”)
 
Utah
11.
Stowe Mountain Resort (“Stowe”)
 
Vermont
12.
Okemo Mountain Resort (“Okemo”)
 
Vermont
13.
Stevens Pass Mountain Resort (“Stevens Pass”)
 
Washington
14.
Whistler Blackcomb Resort (“Whistler Blackcomb”)
 
British Columbia, Canada
15.
Perisher Ski Resort (“Perisher”)
 
New South Wales, Australia
Urban Ski Areas:
 
Location:
1.
Afton Alps Ski Area (“Afton Alps”)
 
Minnesota
2.
Mount Brighton Ski Area (“Mt. Brighton”)
 
Michigan
3.
Wilmot Mountain (“Wilmot”)
 
Wisconsin

Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations, and for Perisher, including lodging and transportation operations. Several of the resorts located in the United States (“U.S.”) operate primarily on federal land under the terms of Special Use Permits granted by the U.S. Department of Agriculture Forest Service. The operations of Whistler Blackcomb are conducted on land owned by the government of the Province of British Columbia, Canada within the traditional territory of the Squamish and Lil’wat Nations. The operations of Perisher are conducted pursuant to a long-term lease and license on land owned by the government of New South Wales, Australia. Okemo, Mount Sunapee and Stowe operate on land leased from the respective states in which the resorts are located and on land owned by the Company.

In the Lodging segment, the Company owns and/or manages a collection of luxury hotels and condominiums under its RockResorts brand, as well as other strategic lodging properties and a large number of condominiums located in proximity to the Company’s North American mountain resorts, National Park Service (“NPS”) concessionaire properties including the Grand Teton Lodge Company (“GTLC”), which operates destination resorts in Grand Teton National Park, a Colorado resort ground transportation company and mountain resort golf courses.

Vail Resorts Development Company (“VRDC”), a wholly-owned subsidiary, conducts the operations of the Company’s Real Estate segment, which owns, develops and sells real estate in and around the Company’s resort communities.

The Company’s mountain business and its lodging properties at or around the Company’s mountain resorts are seasonal in nature with peak operating seasons primarily from mid-November through mid-April in North America. The Company’s operating season at Perisher, its NPS concessionaire properties and its golf courses generally occur from June to early October.


7


2.
Summary of Significant Accounting Policies
Basis of Presentation
Consolidated Condensed Financial Statements— In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year, particularly given the significant seasonality to the Company’s operating cycle. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2018. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2018 was derived from audited financial statements.

Use of Estimates— The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.

Revenue Recognition— The Company recognizes revenues from contracts with customers when or as control of goods or services promised in the contracts is transferred in an amount that reflects consideration to which it expects to be entitled to in exchange for those goods or services. The Company determines the appropriate revenue recognition for contracts with customers by analyzing the type, terms and conditions of contracts or arrangements with customers. Certain contracts with customers contain multiple performance obligations in which case revenue is allocated to each distinct and separate performance obligation based on its relative standalone selling price. See Note 3, Revenues, for more information.

Recently Issued Accounting Standards
Adopted Standards
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in Topic 605. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Subsequent to the issuance of ASU 2014-09, the FASB issued several amendments, which did not change the core principle of the guidance and were intended to clarify and improve understanding of certain topics included within the revenue standard. On August 1, 2018, the Company adopted this standard using the modified retrospective transition method for contracts which were not completed as of August 1, 2018. In accordance with this transition method, results for reporting periods beginning after August 1, 2018 are presented under Topic 606, while prior period amounts were not adjusted and continue to be reported in accordance with our historical accounting methodology under Topic 605. On August 1, 2018, as a result of adopting this standard, the Company recorded an approximate $7.5 million reduction of retained earnings with a corresponding increase in accounts payable and accrued liabilities, which was primarily associated with the measurement of the loyalty reward programs under the new standard at an estimated fair value of underlying products or services expected to be delivered to satisfy the Company’s obligations associated with such loyalty programs. The application of this standard had an immaterial impact on total net revenue and net income attributable to Vail Resorts, Inc. for the three and six months ended January 31, 2019.

8


In accordance with the new revenue recognition standard disclosure requirements, the impact of adoption of Topic 606 on the Consolidated Condensed Balance Sheet as of January 31, 2019 was as follows (in thousands):
 
As of January 31, 2019
Balance Sheet
Balances Without Adoption of Topic 606
Adjustments
As Reported
(Under Topic 606)
Liabilities
 
 
 
Accounts payable and accrued liabilities
$
677,683

$
8,053

$
685,736

Stockholders’ equity
 
 
 
Retained earnings
$
707,098

$
(8,053
)
$
699,045

 
 
 
 
In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” This standard provides guidance for eight targeted changes with respect to how cash receipts and cash payments are classified in the statements of cash flows, with the objective of reducing diversity in practice. The Company adopted this accounting standard on August 1, 2018, which did not have an impact on its consolidated condensed financial statements.

In November 2016, the FASB issued ASU No. 2016-18, “Restricted Cash,” which requires that a statement of cash flows present the change during a period for the total of cash, cash equivalents and restricted cash. Historically, under previous guidance, changes in restricted cash have been included within operating, investing or financing activities, which were eliminated under the new standard. The Company adopted this standard as of August 1, 2018, which required retrospective application to all periods presented. As a result, cash provided by operating activities during the six months ended January 31, 2018 increased by $12.8 million under the new guidance as compared to what was reported under the previously required guidance. Additionally, due to the inclusion of restricted cash in the beginning and end of period balances, cash, cash equivalents and restricted cash as of January 31, 2018 and July 31, 2017 increased $23.6 million and $10.3 million, respectively, as compared to what was reported under the previously required guidance. As of January 31, 2019, the Company’s restricted cash balance is primarily associated with customer reservations deposits that are required to be held in a trust pursuant to statutory requirements until such reservations are fulfilled.

Standards Being Evaluated
The authoritative guidance listed below is currently being evaluated for its impact to Company policies upon adoption as well as any significant implementation matters yet to be addressed.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which supersedes “Leases (Topic 840).” The standard requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet and disclose key information about leasing arrangements. The standard also allows for an accounting policy election not to recognize on the balance sheet lease assets and liabilities for leases with a term of 12 months or less. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset on their balance sheets, while lessor accounting will be largely unchanged. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those years (the Company’s first quarter of fiscal 2020), and must be applied using a modified retrospective transition approach to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows and related disclosures. Additionally, the Company is evaluating the impacts of the standard beyond accounting, including system, data and process changes required to comply with the standard and has selected an information system application that will centralize the Company’s lease information and be utilized for accounting under the new standard.

3.     Revenues
Revenue Recognition
The following provides information about the Company’s composition of revenue recognized from contracts with customers and other revenues, the performance obligations under those contracts, and the significant judgments made in accounting for those contracts:
•
Mountain revenue is derived from a wide variety of sources, including, among other things: lift revenue, which includes sales of lift tickets and season passes; ski school revenue, which includes the revenue derived from ski school operations; dining revenue, which includes both casual and fine dining on-mountain operations; retail sales and equipment rentals; and other on-mountain revenue, which includes private ski club revenue (which includes both club dues and amortization

9


of initiation fees), marketing and internet advertising revenue, municipal services and lodging and transportation operations at Perisher. Revenue is recognized over time as performance obligations are satisfied as control of the good or service (e.g. access to ski areas, provision of ski school services, etc.) is transferred to the customer, except for the Company’s retail sales and dining operations revenues which are recognized at a point in time when performance obligations are satisfied by transferring control of the underlying goods to the customer. The Company records deferred revenue primarily related to the sale of season passes. Deferred revenue is recognized throughout the ski season as the Company’s performance obligations are satisfied as control of the service (e.g. access to ski areas throughout the ski season) is transferred to the customer. Transfer of control is based on an estimated number of season pass holder visits relative to total expected visits. Total expected visits are estimated based on historical data, and the Company believes this estimate provides a faithful depiction of its customers’ season pass usage. When sufficient historical data to determine usage patterns is not available, deferred revenue is recognized on a straight-line basis throughout the ski season. The Company also includes other sources of revenue, mostly related to commercial leasing, and employee housing leasing arrangements within other mountain revenue.

•
Lodging revenue is derived from a wide variety of sources, including, among other things: revenue from owned hotel rooms and managed hotel rooms; revenue from hotel dining operations; transportation revenue which relates to the Company’s Colorado resort ground transportation operations; and other lodging revenue which includes property management services, managed properties other costs reimbursements, private golf club revenue (which includes both club dues and amortization of initiation fees), and golf course fees. Lodging revenue also includes managed hotel property payroll cost reimbursements related to payroll costs at managed properties where the Company is the employer, which are reimbursed by the owner with no added margin. Therefore, these revenues and corresponding expenses have no net effect on the Company’s operating income or net income. Other than revenue from dining operations, lodging revenue is mostly recognized over time as performance obligations are satisfied as control of the service (e.g. nightly hotel room access) is transferred to the customer.

•
Real estate revenue primarily relates to the sale of development land parcels. Real estate revenue is generally recognized at a point in time when performance obligations have been satisfied, which is usually upon closing of the sales transaction and in an amount that reflects the consideration to which the Company expects to be entitled.

For certain contracts that have an original term length of one year or less, the Company uses the practical expedient applicable to such contracts and does not consider the time value of money. For contracts with an expected term in excess of one year, the Company has considered the provisions of Topic 606 in determining whether contracts contain a financing component.
The Company presents revenues in the accompanying consolidated condensed statements of operations, net of taxes, when collected from its customers that are remitted or payable to government taxing authorities, except when products are inclusive of taxes where applicable.


10


Disaggregation of Revenues
The following table presents net revenues disaggregated by segment and major revenue type for the three and six months ended January 31, 2019 (in thousands):
 
 
Three Months Ended January 31,
 
Six Months Ended January 31,
 
 
2019
 
2018
 
2019
 
2018
Mountain net revenue:
 
 
 
 
 
 
 
 
Lift
 
$
447,558

 
$
381,912

 
$
472,243

 
$
407,380

Ski School
 
92,244

 
80,116

 
96,516

 
84,554

Dining
 
65,409

 
53,910

 
83,701

 
72,212

Retail/Rental
 
128,436

 
115,446

 
171,778

 
160,853

Other
 
42,426

 
39,518

 
96,841

 
94,028

Total Mountain net revenue
 
$
776,073

 
$
670,902

 
$
921,079

 
$
819,027

Lodging net revenue:
 
 
 
 
 
 
 
 
     Owned hotel rooms
 
$
11,548

 
$
11,353

 
$
31,147

 
$
30,988

Managed condominium rooms
 
28,046

 
23,358

 
39,164

 
33,529

Dining
 
10,189

 
7,869

 
26,318

 
23,749

Transportation
 
7,722

 
7,460

 
10,196

 
10,013

Golf
 
—

 
—

 
9,459

 
8,767

Other
 
12,120

 
9,914

 
24,588

 
21,688

 
 
69,625

 
59,954

 
140,872

 
128,734

Payroll cost reimbursements
 
3,624

 
3,585

 
7,277

 
6,894

Total Lodging net revenue
 
$
73,249

 
$
63,539

 
$
148,149

 
$
135,628

Total Resort net revenue
 
$
849,322

 
$
734,441

 
$
1,069,228

 
$
954,655

Total Real Estate net revenue
 
256

 
134

 
354

 
770

Total net revenue
 
$
849,578

 
$
734,575

 
$
1,069,582

 
$
955,425

 
 
 
Arrangements with Multiple Performance Obligations
Several of the Company’s contracts with customers include multiple performance obligations, primarily related to bundled services such as ski school packages, lodging packages and events (e.g. weddings and conferences). For such contracts, revenue is allocated to each distinct and separate performance obligation based on its relative standalone selling price. The standalone selling prices are generally based on observable prices charged to customers or estimated based on historical experience and information.

Contract Balances
Contract liabilities are recorded as deferred revenues when payments are received or due in advance of the Company’s performance, including amounts which may be refundable. The deferred revenue balance is primarily related to accounts receivable or cash payments received in advance of satisfying our performance obligations related to sales of season passes prior to the start of the ski season, private club initiation fees and other related advance purchase products, including advance purchase lift tickets, multiple-day lift tickets, ski school lessons, equipment rentals and lodging advance deposits. Due to the seasonality of the Company’s operations, its largest deferred revenue balances occur during the North American season pass selling window, which generally begins in the fourth quarter of its fiscal year. Deferred revenue balances of a short-term nature were $346.4 million and $282.1 million as of January 31, 2019 and July 31, 2018, respectively. Deferred revenue balances of a long-term nature, comprised primarily of long-term private club initiation fee revenue, were $125.4 million and $126.5 million as of January 31, 2019 and July 31, 2018, respectively. For the three and six months ended January 31, 2019, the Company recognized approximately $128.7 million and $155.2 million, respectively, of revenue that was included in the deferred revenue balance as of July 31, 2018. As of January 31, 2019, the weighted average remaining period over which revenue for unsatisfied performance obligations on long-term private club contracts will be recognized was approximately 17 years.
Contract assets are recorded as trade receivables when the right to consideration is unconditional. Trade receivable balances were $87.7 million and $230.8 million as of January 31, 2019 and July 31, 2018, respectively. Payments from customers are based on

11


billing terms established in the contracts with customers, which vary by the type of customer, the location and the products or services offered. The term between invoicing and when payment is due is not significant. For certain products or services and customer types, contracts require payment before the products are delivered or services are provided to the customer. Impairment losses related to contract assets are recognized through the Company’s allowance for doubtful accounts analysis. Contract asset write-offs are evaluated on an individual basis.

Costs to Obtain Contracts with Customers
The Company expects that credit card fees and sales commissions paid in order to obtain season ski pass products contracts are recoverable. Accordingly, the Company recognizes these amounts as assets when they are paid prior to the start of the ski season. As of January 31, 2019, $5.2 million of costs to obtain contracts with customers were recorded within other current assets on the Company’s Consolidated Condensed Balance Sheet. Deferred credit card fees and sales commissions are amortized commensurate with the recognition of season ski pass revenue. The Company recorded amortization of $5.4 million for these costs during the three months ended January 31, 2019, which were recorded within Mountain and Lodging operating expenses on the Company’s Consolidated Condensed Statement of Operations.
Utilizing the practical expedient provided for under Topic 606, the Company has elected to expense credit card fees and sales commissions related to non-season ski pass products and services as incurred, as the amortization period is generally one year or less for the time between customer purchase and utilization. These fees are recorded within Mountain and Lodging operating expenses on the Company’s Consolidated Condensed Statements of Operations.

4.
Net Income per Share
Earnings per Share
Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net income attributable to Vail Resorts stockholders by the weighted-average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then share in the earnings of Vail Resorts.

In connection with the Company’s acquisition of Whistler Blackcomb in October 2016, the Company issued consideration in the form of shares of Vail Resorts common stock (the “Vail Shares”) and shares of the Company’s wholly-owned Canadian subsidiary (“Exchangeco”). Whistler Blackcomb shareholders elected to receive 3,327,719 Vail Shares and 418,095 shares of Exchangeco (the “Exchangeco Shares”). Both Vail Shares and Exchangeco Shares have a par value of $0.01 per share, and Exchangeco Shares, while outstanding, are substantially the economic equivalent of Vail Shares and are exchangeable, at any time prior to the seventh anniversary of the closing of the acquisition, into Vail Shares. The Company’s calculation of weighted-average shares outstanding includes the Exchangeco Shares.

Presented below is basic and diluted EPS for the three months ended January 31, 2019 and 2018 (in thousands, except per share amounts):
 
 
Three Months Ended January 31,
 
 
2019
 
2018
 
 
Basic
 
Diluted
 
Basic
 
Diluted
Net income per share:
 
 
 
 
 
 
 
 
Net income attributable to Vail Resorts
 
$
206,349

 
$
206,349

 
$
235,691

 
$
235,691

Weighted-average Vail Shares outstanding
 
40,271

 
40,271

 
40,414

 
40,414

Weighted-average Exchangeco Shares outstanding
 
57

 
57

 
61

 
61

Total Weighted-average shares outstanding
 
40,328

 
40,328

 
40,475

 
40,475

Effect of dilutive securities
 
—

 
798

 
—

 
1,119

Total shares
 
40,328

 
41,126

 
40,475

 
41,594

Net income per share attributable to Vail Resorts
 
$
5.12

 
$
5.02

 
$
5.82

 
$
5.67


The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 56,000 and 5,000 for the three months ended January 31, 2019 and 2018, respectively.


12


Presented below is basic and diluted EPS for the six months ended January 31, 2019 and 2018 (in thousands, except per share amounts):
 
 
Six Months Ended January 31,
 
 
2019
 
2018
 
 
Basic
 
Diluted
 
Basic
 
Diluted
Net income per share:
 
 
 
 
 
 
 
 
Net income attributable to Vail Resorts
 
$
98,554

 
$
98,554

 
$
207,306

 
$
207,306

Weighted-average Vail Shares outstanding
 
40,359

 
40,359

 
40,281

 
40,281

Weighted-average Exchangeco Shares outstanding
 
57

 
57

 
62

 
62

Total Weighted-average shares outstanding
 
40,416

 
40,416

 
40,343

 
40,343

Effect of dilutive securities
 
—

 
870

 
—

 
1,346

Total shares
 
40,416

 
41,286

 
40,343

 
41,689

Net income per share attributable to Vail Resorts
 
$
2.44

 
$
2.39

 
$
5.14

 
$
4.97


The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 40,000 and 5,000 for the six months ended January 31, 2019 and 2018, respectively.

Net income attributable to Vail Resorts decreased by approximately $108.8 million for the six months ended January 31, 2019 compared to the prior year primarily due to a decrease in excess tax benefits of $48.4 million, which resulted primarily from employee exercises of in-the-money stock appreciation rights, and a one-time, provisional net tax benefit of approximately $64.6 million recorded during the three and six months ended January 31, 2018, which was the result of comprehensive U.S. tax legislation, commonly referred to as the “Tax Act,” which was enacted by the U.S. government on December 22, 2017. Both of these items were recorded within (provision) benefit from income taxes on the Company’s Consolidated Condensed Statement of Operations.

Dividends
During the three and six months ended January 31, 2019, the Company paid cash dividends of $1.47 and $2.94 per share, respectively ($59.2 million and $118.7 million, respectively, in the aggregate). During the three and six months ended January 31, 2018, the Company paid cash dividends of $1.053 and $2.106 per share, respectively ($42.6 million and $85.2 million, respectively, in the aggregate). On March 7, 2019, the Company’s Board of Directors declared a quarterly cash dividend of $1.76 per share for Vail Shares, payable on April 11, 2019 to stockholders of record as of March 27, 2019. Additionally, a Canadian dollar equivalent dividend on the Exchangeco Shares will be payable on April 11, 2019 to the shareholders of record on March 27, 2019.

5.    Long-Term Debt
Long-term debt, net as of January 31, 2019, July 31, 2018 and January 31, 2018 is summarized as follows (in thousands):
 
 
Maturity
 
January 31, 2019
 
July 31, 2018
 
January 31, 2018
Vail Holdings Credit Agreement term loan (a)
 
2023
 
$
938,125

 
$
684,375

 
$
703,125

Vail Holdings Credit Agreement revolver (a)
 
2023
 
—

 
130,000

 
30,000

Whistler Credit Agreement revolver (b)
 
2023
 
60,904

 
65,353

 
97,571

Employee housing bonds
 
2027-2039
 
52,575

 
52,575

 
52,575

Canyons obligation
 
2063
 
337,385

 
334,509

 
331,647

Other
 
2024-2028
 
8,656

 
9,270

 
9,590

Total debt
 
 
 
1,397,645

 
1,276,082

 
1,224,508

Less: Unamortized debt issuance costs
 
 
 
3,890

 
3,350

 
3,726

Less: Current maturities (c)
 
 
 
48,493

 
38,455

 
38,433

Long-term debt, net
 
 
 
$
1,345,262

 
$
1,234,277


$
1,182,349


(a)
On August 15, 2018, in order to fund the Stevens Pass and Triple Peaks acquisitions (see Note 6, Acquisitions), the Company’s wholly owned subsidiary, Vail Holdings, Inc. (“VHI”), entered into the Eighth Amended and Restated Credit Agreement (the “Vail Holdings Credit Agreement”), with Bank of America, N.A., as administrative agent, and other lenders named therein, through which these lenders agreed to provide an additional $265.6 million in incremental term loans and

13


agreed, on behalf of all lenders, to extend the maturity date for the outstanding term loans and revolver facility under the Vail Holdings Credit Agreement to August 15, 2023. The Vail Holdings Credit Agreement consists of a $400.0 million revolving credit facility and a $950.0 million term loan facility. VHI’s obligations under the Vail Holdings Credit Agreement are guaranteed by the Company and certain of its subsidiaries and are collateralized by a pledge of all the capital stock of VHI and substantially all of its subsidiaries (with certain additional exceptions for the pledge of the capital stock of foreign subsidiaries). In addition, pursuant to the terms of the Vail Holdings Credit Agreement, VHI has the ability to increase availability (under the revolver or in the form of term loans) to an aggregate principal amount not to exceed the greater of (i) $1.2 billion and (ii) the product of 2.75 and the trailing twelve-month Adjusted EBITDA, as defined in the Vail Holdings Credit Agreement. The term loan facility is subject to quarterly amortization of principal of approximately $11.9 million, which began on January 31, 2019, in equal installments, for a total of five percent of principal payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due in August 2023. The proceeds of the loans made under the Vail Holdings Credit Agreement may be used to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at LIBOR plus 1.50% as of January 31, 2019 (4.00% as of January 31, 2019). Interest rate margins may fluctuate based upon the ratio of the Company’s Net Funded Debt to Adjusted EBITDA on a trailing four-quarter basis. The Vail Holdings Credit Agreement also includes a quarterly unused commitment fee, which is equal to a percentage determined by the Net Funded Debt to Adjusted EBITDA ratio, as each such term is defined in the Vail Holdings Credit Agreement, multiplied by the daily amount by which the Vail Holdings Credit Agreement commitment exceeds the total of outstanding loans and outstanding letters of credit (0.3% as of January 31, 2019). The unused amounts are accessible to the extent that the Net Funded Debt to Adjusted EBITDA ratio does not exceed the maximum ratio allowed at quarter-ends and the ratio of Adjusted EBITDA to interest on Funded Debt (as defined in the Vail Holdings Credit Agreement) does not fall below the minimum ratio allowed at quarter-ends. The Vail Holdings Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the Company’s ability to incur indebtedness, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Vail Holdings Credit Agreement includes the following restrictive financial covenants: Net Funded Debt to Adjusted EBITDA ratio and Adjusted EBITDA to interest on Funded Debt ratio.
(b)
Whistler Mountain Resort Limited Partnership (“Whistler LP”) and Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP”), together “The WB Partnerships,” are party to a credit agreement, dated as of November 12, 2013 (as amended, the “Whistler Credit Agreement”), by and among Whistler LP, Blackcomb LP, certain subsidiaries of Whistler LP and Blackcomb LP party thereto as guarantors (the “Whistler Subsidiary Guarantors”), the financial institutions party thereto as lenders and The Toronto-Dominion Bank, as administrative agent. The Whistler Credit Agreement consists of a C$300.0 million revolving credit facility. During the three months ended January 31, 2019, the Company entered into an amendment of the Whistler Credit Agreement which extended the maturity date of the revolving credit facility to December 15, 2023. No other material terms of the Whistler Credit Agreement were altered. The WB Partnerships’ obligations under the Whistler Credit Agreement are guaranteed by the Whistler Subsidiary Guarantors and are collateralized by a pledge of the capital stock of the Whistler Subsidiary Guarantors and a pledge of substantially all of the assets of Whistler LP, Blackcomb LP and the Whistler Subsidiary Guarantors. In addition, pursuant to the terms of the Whistler Credit Agreement, the WB Partnerships have the ability to increase the commitment amount by up to C$75.0 million subject to lender approval. Borrowings under the Whistler Credit Agreement are available in Canadian or U.S. dollars and bear interest annually, subject to an applicable margin based on the WB Partnerships’ Consolidated Total Leverage Ratio (as defined in the Whistler Credit Agreement), with pricing as of January 31, 2019, in the case of borrowings (i) in Canadian dollars, at the WB Partnerships’ option, either (a) at the Canadian Prime Rate plus 0.75% per annum or (b) by way of the issuance of bankers’ acceptances plus 1.75% per annum; and (ii) in U.S. dollars, at the WB Partnerships option, either at (a) the U.S. Base Rate plus 0.75% per annum or (b) Bankers Acceptance Rate plus 1.75% per annum. As of January 31, 2019, all borrowings under the Whistler Credit Agreement were made in Canadian dollars and by way of the issuance of bankers’ acceptances plus 1.75% (approximately 3.92%). The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of January 31, 2019 is equal to 0.3937% per annum. The Whistler Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the WB Partnerships’ ability to incur indebtedness and liens, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Whistler Credit Agreement includes the restrictive financial covenants (leverage ratios and interest coverage ratios) customary for facilities of this type.
(c)
Current maturities represent principal payments due in the next 12 months.


14


Aggregate maturities of debt outstanding as of January 31, 2019 reflected by fiscal year (August 1 through July 31) are as follows (in thousands):
 
Total
2019 (February 2019 through July 2019)
$
24,091

2020
48,516

2021
48,580

2022
48,648

2023
48,719

Thereafter
1,179,091

Total debt
$
1,397,645


The Company recorded gross interest expense of $21.0 million and $16.0 million for the three months ended January 31, 2019 and 2018, respectively, of which $0.4 million and $0.3 million, respectively were amortization of deferred financing costs. The Company recorded gross interest expense of $39.6 million and $31.1 million for the six months ended January 31, 2019 and 2018, respectively, of which $0.7 million and $0.6 million, respectively, were amortization of deferred financing costs. The Company was in compliance with all of its financial and operating covenants required to be maintained under its debt instruments for all periods presented.

In connection with the acquisition of Whistler Blackcomb in October 2016, VHI funded a portion of the purchase price through an intercompany loan to Whistler Blackcomb of $210.0 million, which was effective as of November 1, 2016, and requires foreign currency remeasurement to Canadian dollars, the functional currency for Whistler Blackcomb. As a result, foreign currency fluctuations associated with the loan are recorded within the Company’s results of operations. The Company recognized approximately $0.5 million and $(1.9) million, respectively, of non-cash foreign currency gain (loss) on the intercompany loan to Whistler Blackcomb for the three and six months ended January 31, 2019 on the Company’s Consolidated Condensed Statements of Operations. The Company recognized approximately $10.3 million and $3.0 million, respectively, of non-cash foreign currency gains on the intercompany loan to Whistler Blackcomb for the three and six months ended January 31, 2018 on the Company’s Consolidated Condensed Statements of Operations. 

6.    Acquisitions
Stevens Pass Resort
On August 15, 2018, the Company, through a wholly-owned subsidiary, acquired Stevens Pass Resort in the State of Washington from Ski Resort Holdings, LLC, an affiliate of Oz Real Estate (“Ski Resort Holdings”), for total cash consideration of $64.0 million, after adjustments for certain agreed-upon terms. The Company borrowed $70.0 million on August 15, 2018 under its Vail Holdings Credit Agreement term loan (see Note 5, Long-Term Debt) to fund the transaction and associated acquisition related expenses. The acquisition included the mountain operations of the resort, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities).

The following summarizes the purchase consideration and the preliminary purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands):
 
Acquisition Date Estimated Fair Value
Current assets
$
752

Property, plant and equipment
34,865

Goodwill
28,878

Identifiable intangible assets
2,680

Deferred income taxes, net
886

Liabilities
(4,026
)
Net assets acquired
$
64,035


The excess of the purchase price over the aggregate estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Stevens Pass

15


and other factors, and is expected to be deductible for income tax purposes. The Company recognized $1.2 million of acquisition related expenses associated with the transaction within Mountain and Lodging operating expense in its Consolidated Condensed Statement of Operations for the six months ended January 31, 2019. The operating results of Stevens Pass are reported within the Mountain segment prospectively from the date of acquisition.

Okemo Mountain Resort, Crested Butte Resort and Mount Sunapee Resort
On September 27, 2018, the Company, through a wholly-owned subsidiary, acquired Triple Peaks, LLC (“Triple Peaks”), the parent company of Okemo Mountain Resort in Vermont, Crested Butte Mountain Resort in Colorado, and Mount Sunapee Resort in New Hampshire, for a cash purchase price of approximately $74.1 million, after adjustments for certain agreed-upon terms. In addition, contemporaneous with the closing of the transaction, Triple Peaks paid $155.0 million to pay the remaining obligations of the leases that all three resorts had with Ski Resort Holdings, with funds provided by the Company. Accordingly, the total purchase price, including the repayment of lease obligations, was $229.1 million, for which the Company utilized cash on hand and borrowed $195.6 million under the Vail Holdings Credit Agreement term loan (see Note 5, Long-Term Debt) to fund the transaction and associated acquisition related expenses. The Company obtained a new Special Use Permit from the U.S. Forest Service for Crested Butte, and assumed the state land leases for Okemo and Mount Sunapee. The acquisition included the mountain operations of the resorts, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities).

The following summarizes the purchase consideration and the preliminary purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands):
 
Acquisition Date Estimated Fair Value
Current assets
$
5,197

Property, plant and equipment
159,799

Goodwill
52,706

Identifiable intangible assets
27,661

Deferred income taxes, net
3,522

Liabilities
(19,792
)
Net assets acquired
$
229,093


Identifiable intangible assets acquired in the transaction were primarily related to property management contracts and trade names. The excess of the purchase price over the aggregate estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of the resorts and other factors, and is expected to be deductible for income tax purposes. The Company recognized $2.8 million of acquisition related expenses associated with the transaction within Mountain and Lodging operating expense in its Consolidated Condensed Statement of Operations for the six months ended January 31, 2019. The operating results of Triple Peaks are reported within the Mountain and Lodging segments prospectively from the date of acquisition.

The estimated fair values of assets acquired and liabilities assumed in the acquisitions of Stevens Pass and Triple Peaks are preliminary and are based on the information that was available as of the respective acquisition dates. The Company believes that this information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed; however, the Company is obtaining additional information necessary to finalize those estimated fair values. Therefore, the preliminary measurements of estimated fair values reflected are subject to change. The Company expects to finalize the valuation and complete the purchase consideration allocation no later than one year from the acquisition date.

Pro Forma Financial Information
The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisitions of Stevens Pass and Triple Peaks were completed on August 1, 2017, the beginning of the fiscal year preceding the fiscal year in which the acquisitions occurred. The following unaudited pro forma financial information includes adjustments for (i) depreciation on acquired property, plant and equipment; (ii) amortization of intangible assets recorded at the date of the transactions; (iii) lease expenses incurred by the prior owners which the Company will not be subject to; (iv) transaction and business integration related costs; and (v) interest expense associated with financing the transactions. This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on August 1, 2017 (in thousands, except per share amounts).

16


 
Three Months Ended January 31,
 
2018
Pro forma net revenue
$
788,466

Pro forma net income attributable to Vail Resorts, Inc.
$
242,039

Pro forma basic net income per share attributable to Vail Resorts, Inc.
$
5.98

Pro forma diluted net income per share attributable to Vail Resorts, Inc.
$
5.82


 
Six Months Ended January 31,
 
2019
2018
Pro forma net revenue
$
1,077,107

$
1,023,704

Pro forma net income attributable to Vail Resorts, Inc.
$
99,576

$
206,318

Pro forma basic net income per share attributable to Vail Resorts, Inc.
$
2.46

$
5.11

Pro forma diluted net income per share attributable to Vail Resorts, Inc.
$
2.41

$
4.95


7.    Supplementary Balance Sheet Information
The composition of property, plant and equipment follows (in thousands):
 
 
January 31, 2019
 
July 31, 2018
 
January 31, 2018
Land and land improvements
 
$
617,492

 
$
552,271

 
$
559,135

Buildings and building improvements
 
1,280,972

 
1,193,528

 
1,206,465

Machinery and equipment
 
1,139,443

 
1,007,250

 
1,046,134

Furniture and fixtures
 
323,406

 
283,694

 
298,932

Software
 
122,038

 
113,699

 
116,210

Vehicles
 
65,642

 
60,697

 
62,172

Construction in progress
 
23,342

 
59,579

 
25,556

Gross property, plant and equipment
 
3,572,335

 
3,270,718

 
3,314,604

Accumulated depreciation
 
(1,741,248
)
 
(1,643,499
)
 
(1,612,391
)
Property, plant and equipment, net
 
$
1,831,087

 
$
1,627,219

 
$
1,702,213


The composition of accounts payable and accrued liabilities follows (in thousands): 
 
 
January 31, 2019
 
July 31, 2018
 
January 31, 2018
Trade payables
 
$
106,183

 
$
80,793

 
$
94,680

Deferred revenue
 
346,356

 
282,103

 
292,336

Accrued salaries, wages and deferred compensation
 
66,090

 
40,034

 
52,329

Accrued benefits
 
37,991

 
33,963

 
35,109

Deposits
 
52,867

 
26,646

 
43,457

Other liabilities
 
76,249

 
40,994

 
70,652

Total accounts payable and accrued liabilities
 
$
685,736

 
$
504,533

 
$
588,563


The composition of other long-term liabilities follows (in thousands):
 
 
January 31, 2019
 
July 31, 2018
 
January 31, 2018
Private club deferred initiation fee revenue
 
$
112,065

 
$
114,319

 
$
116,726

Unfavorable lease obligation, net
 
20,450

 
21,839

 
23,309

Other long-term liabilities
 
142,483

 
155,348

 
149,758

Total other long-term liabilities
 
$
274,998

 
$
291,506

 
$
289,793



17


The changes in the net carrying amount of goodwill allocated between the Company’s segments for the six months ended January 31, 2019 are as follows (in thousands):
 
Mountain
Lodging
Goodwill, net
Balance at July 31, 2018
$
1,407,787

$
67,899

$
1,475,686

Acquisitions
81,584

—

81,584

Effects of changes in foreign currency exchange rates
(10,186
)
—

(10,186
)
Balance at January 31, 2019
$
1,479,185

$
67,899

$
1,547,084


8.    Fair Value Measurements
The FASB issued fair value guidance that establishes how reporting entities should measure fair value for measurement and disclosure purposes. The guidance establishes a common definition of fair value applicable to all assets and liabilities measured at fair value and prioritizes the inputs into valuation techniques used to measure fair value. Accordingly, the Company uses valuation techniques which maximize the use of observable inputs and minimize the use of unobservable inputs when determining fair value. The three levels of the hierarchy are as follows:

Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities;

Level 2: Inputs include quoted prices for similar assets and liabilities in active and inactive markets or that are observable for the asset or liability either directly or indirectly; and

Level 3: Unobservable inputs which are supported by little or no market activity.


18


The table below summarizes the Company’s cash equivalents and Contingent Consideration measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands). 
 
 
 
 
 
 
 
 
 
 
 
Estimated Fair Value Measurement as of January 31, 2019
Description
 
Total
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
Money Market
 
$
3,031

 
$
3,031

 
$
—

 
$
—

Commercial Paper
 
$
2,401

 
$
—

 
$
2,401

 
$
—

Certificates of Deposit
 
$
6,774

 
$
—

 
$
6,774

 
$
—

Liabilities:
 
 
 
 
 
 
 
 
Contingent Consideration
 
$
23,733

 
$
—

 
$
—

 
$
23,733

 
 
 
 
 
 
 
 
 
 
 
Estimated Fair Value Measurement as of July 31, 2018
Description
 
Total
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
Money Market
 
$
3,021

 
$
3,021

 
$
—

 
$
—

Commercial Paper
 
$
2,401

 
$
—

 
$
2,401

 
$
—

Certificates of Deposit
 
$
11,249

 
$
—

 
$
11,249

 
$
—

Liabilities:
 
 
 
 
 
 
 
 
Contingent Consideration
 
$
21,900

 
$
—

 
$
—

 
$
21,900

 
 
 
 
 
Estimated Fair Value Measurement as of January 31, 2018
Description
 
Total
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
Money Market
 
$
3,013

 
$
3,013

 
$
—

 
$
—

Commercial Paper
 
$
2,401

 
$
—

 
$
2,401

 
$
—

Certificates of Deposit
 
$
7,162

 
$
—

 
$
7,162

 
$
—

Liabilities:
 
 
 
 
 
 
 
 
Contingent Consideration
 
$
23,754

 
$
—

 
$
—

 
$
23,754


The Company’s cash equivalents are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data. 

The changes in Contingent Consideration during the six months ended January 31, 2019 and 2018 were as follows (in thousands):
 
 
 
 
 
Balance as of July 31, 2018 and 2017, respectively
 
$
21,900

 
$
27,400

Payments
 
(67
)
 
(3,646
)
Change in estimated fair value
 
1,900

 
—

Balance as of January 31, 2019 and 2018, respectively
 
$
23,733

 
$
23,754


The lease for Park City provides for participating contingent payments (the “Contingent Consideration”) to the landlord of 42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company. The estimated fair value of Contingent Consideration includes the future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed growth factor. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 11.3%, volatility of 17.5% and future period Park City EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs. The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent

19


year performance would result in a change in the estimated fair value within the range of approximately $3.9 million to $6.0 million.

Contingent Consideration is classified as a liability, which is remeasured to fair value at each reporting date until the contingency is resolved. During the six months ended January 31, 2019, the Company made a payment to the landlord for Contingent Consideration of approximately $0.1 million and recorded an increase of $1.9 million primarily related to the estimated Contingent Consideration payment for the fiscal year ending July 31, 2019. These changes resulted in an estimated fair value of the Contingent Consideration of approximately $23.7 million, which is reflected in other long-term liabilities in the Consolidated Condensed Balance Sheet.

9.    Commitments and Contingencies
Metropolitan Districts
The Company credit-enhances $6.3 million of bonds issued by Holland Creek Metropolitan District (“HCMD”) through a $6.4 million letter of credit issued under the Vail Holdings Credit Agreement. HCMD’s bonds were issued and used to build infrastructure associated with the Company’s Red Sky Ranch residential development. The Company has agreed to pay capital improvement fees to the Red Sky Ranch Metropolitan District (“RSRMD”) until RSRMD’s revenue streams from property taxes are sufficient to meet debt service requirements under HCMD’s bonds. The Company has recorded a liability of $2.0 million primarily within other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets, as of January 31, 2019, July 31, 2018 and January 31, 2018, respectively, with respect to the estimated present value of future RSRMD capital improvement fees. The Company estimates it will make capital improvement fee payments under this arrangement through the fiscal year ending July 31, 2031.

Guarantees/Indemnifications
As of January 31, 2019, the Company had various letters of credit outstanding totaling $76.5 million, consisting of $53.4 million to support the Employee Housing Bonds, $18.1 million primarily for workers’ compensation, a wind energy purchase agreement and insurance-related deductibles, and $5.0 million related to the Stevens Pass acquisition. The Company also had surety bonds of $10.4 million as of January 31, 2019, primarily to provide collateral for its U.S. workers compensation self-insurance programs.

In addition to the guarantees noted above, the Company has entered into contracts in the normal course of business that include certain indemnifications under which it could be required to make payments to third parties upon the occurrence or non-occurrence of certain future events. These indemnities include indemnities related to licensees in connection with third-parties’ use of the Company’s trademarks and logos, liabilities associated with the infringement of other parties’ technology and software products, liabilities associated with the use of easements, liabilities associated with employment of contract workers and the Company’s use of trustees, and liabilities associated with the Company’s use of public lands and environmental matters. The duration of these indemnities generally is indefinite and generally do not limit the future payments the Company could be obligated to make.

As permitted under applicable law, the Company and certain of its subsidiaries have agreed to indemnify their directors and officers over their lifetimes for certain events or occurrences while the officer or director is, or was, serving the Company or its subsidiaries in such a capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that should enable the Company to recover a portion of any amounts paid.

Unless otherwise noted, the Company has not recorded any significant liabilities for the letters of credit, indemnities and other guarantees noted above in the accompanying Consolidated Condensed Financial Statements, either because the Company has recorded on its Consolidated Condensed Balance Sheets the underlying liability associated with the guarantee, the guarantee is with respect to the Company’s own performance and is therefore not subject to the measurement requirements as prescribed by GAAP, or because the Company has calculated the estimated fair value of the indemnification or guarantee to be immaterial based on the current facts and circumstances that would trigger a payment under the indemnification clause. In addition, with respect to certain indemnifications, it is not possible to determine the maximum potential amount of liability under these potential obligations due to the unique set of facts and circumstances likely to be involved in each particular claim and indemnification provision. Historically, payments made by the Company under these obligations have not been material.

As noted above, the Company makes certain indemnifications to licensees for their use of the Company’s trademarks and logos. The Company does not record any liabilities with respect to these indemnifications.

Additionally, the Company has entered into strategic long-term season pass alliance agreements with third-party mountain resorts in which the Company has committed to pay minimum revenue guarantees over the remaining terms of these agreements.

20



Self-Insurance
The Company is self-insured for claims under its U.S. health benefit plans and for the majority of workers’ compensation claims in the U.S. Workers compensation claims in the U.S. are subject to stop loss policies. The self-insurance liability related to workers’ compensation is determined actuarially based on claims filed. The self-insurance liability related to claims under the Company’s U.S. health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of accrued benefits in accounts payable and accrued liabilities (see Note 7, Supplementary Balance Sheet Information).

Legal
The Company is a party to various lawsuits arising in the ordinary course of business. Management believes the Company has adequate insurance coverage and/or has accrued for all loss contingencies for asserted and unasserted matters deemed to be probable losses and estimable. As of January 31, 2019, July 31, 2018 and January 31, 2018, the accruals for the above loss contingencies were not material individually or in the aggregate.

10.    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 concessionaire 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 or minus 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 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 or minus 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 allocated between segments, or used to evaluate performance, except as shown in the table below.


21


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,
 
2019
 
2018
 
2019
 
2018
Net revenue:
 
 
 
 
 
 
 
Lift
$
447,558

 
$
381,912

 
$
472,243

 
$
407,380

Ski school
92,244

 
80,116

 
96,516

 
84,554

Dining
65,409

 
53,910

 
83,701

 
72,212

Retail/rental
128,436

 
115,446

 
171,778

 
160,853

Other
42,426

 
39,518

 
96,841

 
94,028

Total Mountain net revenue
776,073

 
670,902

 
921,079

 
819,027

Lodging
73,249

 
63,539

 
148,149

 
135,628

Total Resort net revenue
849,322

 
734,441

 
1,069,228

 
954,655

Real Estate
256

 
134

 
354

 
770

Total net revenue
$
849,578

 
$
734,575

 
$
1,069,582

 
$
955,425

Segment operating expense:
 
 
 
 
 
 
 
Mountain
$
424,008

 
$
365,605

 
$
646,371

 
$
572,689

Lodging
67,492

 
59,871

 
138,496

 
127,605

Resort
491,500

 
425,476

 
784,867

 
700,294

Real Estate
1,389

 
1,207

 
2,759

 
2,898

Total segment operating expense
$
492,889

 
$
426,683

 
$
787,626

 
$
703,192

Gain on sale of real property
$
—

 
$
515

 
$
—

 
$
515

Mountain equity investment income (loss), net
$
160

 
$
(35
)
 
$
1,110

 
$
487

Reported EBITDA:
 
 
 
 
 
 
 
Mountain
$
352,225

 
$
305,262

 
$
275,818

 
$
246,825

Lodging
5,757

 
3,668

 
9,653

 
8,023

Resort
357,982


308,930


285,471

 
254,848

Real Estate
(1,133
)
 
(558
)
 
(2,405
)
 
(1,613
)
Total Reported EBITDA
$
356,849

 
$
308,372

 
$
283,066

 
$
253,235

Real estate held for sale and investment
$
101,730

 
$
103,212

 
$
101,730

 
$
103,212

Reconciliation to net income attributable to Vail Resorts, Inc.:
 
 
 
 
 
 
 
Total Reported EBITDA
$
356,849

 
$
308,372

 
$
283,066

 
$
253,235

Depreciation and amortization
(55,238
)
 
(51,404
)
 
(106,281
)
 
(100,028
)
Change in estimated fair value of contingent consideration
(700
)
 
—

 
(1,900
)
 
—

Gain on disposal of fixed assets and other, net
1,097

 
538

 
478

 
1,105

Investment income and other, net
507

 
397

 
970

 
780

Foreign currency gain (loss) on intercompany loans
450

 
10,337

 
(1,861
)
 
2,991

Interest expense, net
(21,002
)
 
(15,973
)
 
(39,640
)
 
(31,147
)
Income before (provision) benefit from income taxes
281,963

 
252,267

 
134,832

 
126,936

(Provision) benefit from income taxes
(63,973
)
 
(3,594
)
 
(27,568
)
 
89,810

Net income
217,990

 
248,673

 
107,264

 
216,746

Net income attributable to noncontrolling interests
(11,641
)
 
(12,982
)
 
(8,710
)
 
(9,440
)
Net income attributable to Vail Resorts, Inc.
$
206,349

 
$
235,691

 
$
98,554

 
$
207,306


22


11.     Share Repurchase Program
On March 9, 2006, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to 3,000,000 Vail Shares. On July 16, 2008, the Company’s Board of Directors increased the authorization by an additional 3,000,000 Vail Shares, and on December 4, 2015, the Company’s Board of Directors increased the authorization by an additional 1,500,000 Vail Shares for a total authorization to repurchase up to 7,500,000 Vail Shares. The Company repurchased 155,111 and 353,007 Vail Shares, respectively (at a total cost of approximately $35.0 million and $85.0 million, respectively), during the three and six months ended January 31, 2019. The Company did not repurchase any Vail Shares during the three or six months ended January 31, 2018. Since inception of its share repurchase program through January 31, 2019, the Company has repurchased 5,904,723 Vail Shares for approximately $358.0 million. As of January 31, 2019, 1,595,277 Vail Shares remained available to repurchase under the existing share repurchase program, which has no expiration date. Vail Shares purchased pursuant to the repurchase program will be held as treasury shares and may be used for the issuance of Vail Shares under the Company’s employee share award plan.

12.    Subsequent Event
On February 21, 2019, the Company, through a wholly-owned subsidiary, announced it had entered into an agreement to purchase the ski resorts at Falls Creek Alpine Resort ("Falls Creek") and Hotham Alpine Resort ("Hotham") in Victoria, Australia. The Company will purchase Australian Alpine Enterprises Holdings Pty. Ltd and all related corporate entities that operate the Falls Creek and Hotham resorts from Living and Leisure Australia Group, a subsidiary of Merlin Entertainments, for a purchase price of approximately AU$174 million, subject to certain adjustments at closing, including an increase (or reduction) in the purchase price for operating losses (or gains) incurred for the period from December 29, 2018 through closing. The acquisition includes the ski school, retail/rental, reservation and property management operations at both resort areas. The Company expects to record the transaction as a business combination which is expected to close prior to the commencement of the Australian ski season in June 2019, subject to certain closing conditions, including regulatory approvals. The Company expects to fund the cash purchase price through cash on-hand and/or incremental borrowings.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Vail Resorts, Inc., together with its subsidiaries, is referred to throughout this Quarterly Report on Form 10-Q for the period ended January 31, 2019 (“Form 10-Q”) as “we,” “us,” “our” or the “Company.”

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended July 31, 2018 (“Form 10-K”) and the Consolidated Condensed Financial Statements as of January 31, 2019 and 2018 and for the three and six months then ended, included in Part I, Item 1 of this Form 10-Q, which provide additional information regarding our financial position, results of operations and cash flows. To the extent that the following MD&A contains statements which are not of a historical nature, such statements are forward-looking statements, which involve risks and uncertainties. See “Forward-Looking Statements” below. These risks include, but are not limited to, those discussed in our filings with the Securities and Exchange Commission (“SEC”), including the risks described in Item 1A “Risk Factors” of Part I of our Form 10-K, which was filed on September 28, 2018.

The MD&A includes discussion of financial performance within each of our three segments. We have chosen to specifically include Reported EBITDA (defined as segment net revenue less segment operating expense, plus or minus segment equity investment income or loss and for the Real Estate segment, plus gain or loss on sale of real property) and Net Debt (defined as long-term debt, net plus long-term debt due within one year less cash and cash equivalents), in the following discussion because we consider these measurements to be significant indications of our financial performance and available capital resources. Resort Reported EBITDA, Total Reported EBITDA and Net Debt are not measures of financial performance or liquidity under United States generally accepted accounting principles (“GAAP”). We utilize segment Reported EBITDA in evaluating our performance and in allocating resources to our segments. We also believe that Net Debt is an important measurement as it is an indicator of our ability to obtain additional capital resources for our future cash needs. Refer to the end of the Results of Operations section for a reconciliation of Reported EBITDA to net income attributable to Vail Resorts, Inc. and Net Debt to long-term debt, net.

Items excluded from Reported EBITDA and Net Debt are significant components in understanding and assessing financial performance or liquidity. Reported EBITDA and Net Debt should not be considered in isolation or as an alternative to, or substitute for, net income (loss), net change in cash and cash equivalents or other financial statement data presented in the Consolidated Condensed Financial Statements as indicators of financial performance or liquidity. Because Resort Reported EBITDA, Total Reported EBITDA and Net Debt are not measurements determined in accordance with GAAP and are thus susceptible to varying calculations, Resort Reported EBITDA, Total Reported EBITDA and Net Debt, as presented herein, may not be comparable to other similarly titled measures of other companies. In addition, our segment Reported EBITDA (i.e. Mountain, Lodging and Real

23


Estate), the measure of segment profit or loss required to be disclosed in accordance with GAAP, may not be comparable to other similarly titled measures of other companies.

Overview
Our operations are grouped into three integrated and interdependent segments: Mountain, Lodging and Real Estate. We refer to “Resort” as the combination of the Mountain and Lodging segments.

Mountain Segment
The Mountain segment is comprised of the operations of the following fifteen mountain resort properties and three urban ski areas:
Mountain Resorts:
 
Location:
1.
Vail Mountain Resort (“Vail Mountain”)
 
Colorado
2.
Breckenridge Ski Resort (“Breckenridge”)
 
Colorado
3.
Keystone Resort (“Keystone”)
 
Colorado
4.
Beaver Creek Resort (“Beaver Creek”)
 
Colorado
5.
Crested Butte Mountain Resort (“Crested Butte”)
 
Colorado
6.
Heavenly Mountain Resort (“Heavenly”)
 
Lake Tahoe area of Nevada and California
7.
Northstar Resort (“Northstar”)
 
Lake Tahoe area of California
8.
Kirkwood Mountain Resort (“Kirkwood”)
 
Lake Tahoe area of California
9.
Mount Sunapee Mountain Resort (“Mount Sunapee”)
 
New Hampshire
10.
Park City Resort (“Park City”)
 
Utah
11.
Stowe Mountain Resort (“Stowe”)
 
Vermont
12.
Okemo Mountain Resort (“Okemo”)
 
Vermont
13.
Stevens Pass Mountain Resort (“Stevens Pass”)
 
Washington
14.
Whistler Blackcomb Resort (“Whistler Blackcomb”)
 
British Columbia, Canada
15.
Perisher Ski Resort (“Perisher”)
 
New South Wales, Australia
Urban Ski Areas:
 
Location:
1.
Afton Alps Ski Area (“Afton Alps”)
 
Minnesota
2.
Mount Brighton Ski Area (“Mt. Brighton”)
 
Michigan
3.
Wilmot Mountain (“Wilmot”)
 
Wisconsin

Additionally, we operate ancillary services, primarily including ski school, dining and retail/rental operations, and for Perisher, including lodging and transportation operations. Mountain segment revenue is seasonal, with the majority of revenue earned from our North American mountain resorts and ski areas occurring in our second and third fiscal quarters and the majority of revenue earned from Perisher occurring in our first and fourth fiscal quarters. Our North American mountain resorts are typically open for business from mid-November through mid-April, which is the peak operating season for the Mountain segment, and Perisher is typically open for business from June to early October. Consequently, our first fiscal quarter is a seasonally low period as our North American ski operations are generally not open for business until our second fiscal quarter, while the activity of Perisher’s peak season and our North American summer operating results are not sufficient to offset the losses incurred during the seasonally low periods at our North American mountain resorts and ski areas. Revenue of the Mountain segment during the first and fourth fiscal quarters are primarily generated from summer and group related visitation at our North American mountain resorts, retail/rental operations and peak season Perisher operations. Our largest source of Mountain segment revenue is the sale of lift tickets (including season passes), which represented approximately 58% and 57% of Mountain net revenue for the three months ended January 31, 2019 and 2018, respectively.

Lift revenue is driven by volume and pricing. Pricing is impacted by both absolute pricing, as well as the mix of resort visitation of guests, which impacts the price points at which various products are purchased. The demographic mix of guests that visit our North American mountain resorts is divided into two primary categories: (i) out-of-state and international (“Destination”) guests and (ii) in-state and local (“Local”) guests. For the three months ended January 31, 2019, Destination guests comprised approximately 53% of our North American mountain resort skier visits (excluding complimentary access), while Local guests comprised approximately 47% of our North American mountain resort skier visits (excluding complimentary access), which compares to 56% and 44%, respectively, for the three months ended January 31, 2018. Destination guests generally purchase our higher-priced lift ticket products and utilize more ancillary services such as ski school, dining and retail/rental, as well as lodging at or around our mountain resorts. Destination guest visitation is less likely to be impacted by changes in the weather during the

24


current season, but may be more impacted by adverse economic conditions, the global geopolitical climate or weather conditions in the immediately preceding ski season. Local guests tend to be more value-oriented and weather sensitive.

We offer a variety of season pass products for all of our mountain resorts and ski areas (collectively, “Resorts”), marketed towards both Destination and Local guests. Our season pass product offerings range from providing access to one or a combination of our Resorts to our Epic Season Pass, which allows pass holders unlimited and unrestricted access to all of our Resorts. Our season pass program provides a compelling value proposition to our guests, which in turn assists us in developing a loyal base of customers who commit to ski at our Resorts generally in advance of the ski season and typically ski more days each season at our Resorts than those guests who do not buy season passes. As such, our season pass program drives strong customer loyalty; mitigates exposure to more weather sensitive guests; generates additional ancillary spending; and provides cash flow in advance of winter season operations. In addition, our season pass program attracts new guests to our Resorts. All of our season pass products, including the Epic Pass, are predominately sold prior to the start of the ski season. Season pass revenue, although primarily collected prior to the ski season, is recognized in the Consolidated Condensed Statements of Operations throughout the ski season primarily based on historical visitation.

Lift revenue consists of season pass lift revenue (“pass revenue”) and non-season pass lift revenue (“non-pass revenue”). For the three months ended January 31, 2019 and 2018, approximately 53% and 56%, respectively, of our total lift revenue recognized was comprised of pass revenue. Pass revenue recognized in our second fiscal quarter represents approximately 51% and 53% of our total North American pass sales for the 2018/2019 and 2017/2018 North American ski seasons, respectively, with the remaining North American pass revenue almost entirely recognized as lift revenue in our third fiscal quarter ending April 30.

The cost structure of our mountain resort operations has a significant fixed component with variable expenses including, but not limited to, land use permit or lease fees, credit card fees, retail/rental cost of sales and labor, ski school labor and dining operations; as such, profit margins can fluctuate greatly based on the level of revenues.

Lodging Segment
Operations within the Lodging segment include: (i) ownership/management of a group of luxury hotels through the RockResorts brand proximate to our Colorado and Utah mountain resorts; (ii) ownership/management of non-RockResorts branded hotels and condominiums proximate to our North American mountain resorts; (iii) National Park Service (“NPS”) concessionaire properties including the Grand Teton Lodge Company (“GTLC”); (iv) a Colorado resort ground transportation company; and (v) mountain resort golf courses.

The performance of our lodging properties (including managed condominium units and our Colorado resort ground transportation company) proximate to our mountain resorts is closely aligned with the performance of the Mountain segment and generally experiences similar seasonal trends, particularly with respect to visitation by Destination guests. Revenues from such properties represented approximately 93% of Lodging segment net revenue (excluding Lodging segment revenue associated with reimbursement of payroll costs) for both the three months ended January 31, 2019 and 2018. Management primarily focuses on Lodging net revenue excluding payroll cost reimbursements and Lodging operating expense excluding reimbursed payroll costs (which are not measures of financial performance under GAAP) as the reimbursements are made based upon the costs incurred with no added margin; as such, the revenue and corresponding expense have no effect on our Lodging Reported EBITDA, which we use to evaluate Lodging segment performance. Revenue of the Lodging segment during our first and fourth fiscal quarters is generated primarily by the operations of our NPS concessionaire properties (as their operating season generally occurs from June to the end of September); mountain resort golf operations and seasonally lower volume from our other owned and managed properties and businesses.

Real Estate Segment
The principal activities of our Real Estate segment include the sale of land parcels to third-party developers and planning for future real estate development projects, including zoning and acquisition of applicable permits. We continue undertaking preliminary planning and design work on future projects and are pursuing opportunities with third-party developers rather than undertaking our own significant vertical development projects. Additionally, real estate development projects by third-party developers most often result in the creation of certain resort assets that provide additional benefit to the Mountain segment. We believe that, due to our low carrying cost of real estate land investments, we are well situated to promote future projects by third-party developers while limiting our financial risk. Our revenue from the Real Estate segment and associated expense can fluctuate significantly based upon the timing of closings and the type of real estate being sold, causing volatility in the Real Estate segment’s operating results from period to period.


25


Recent Trends, Risks and Uncertainties
Together with those risk factors we have identified in our Form 10-K, we have identified the following important factors (as well as risks and uncertainties associated with such factors) that could impact our future financial performance or condition:

•
The timing and amount of snowfall can have an impact on Mountain and Lodging revenue, particularly with regards to skier visits and the duration and frequency of guest visitation. To help mitigate this impact, we sell a variety of pass products prior to the beginning of the ski season which results in a more stabilized stream of lift revenue. Additionally, our pass products provide a compelling value proposition to our guests, which in turn create a guest commitment predominately prior to the start of the ski season. During fiscal year 2018, pass revenue represented approximately 47% of total lift revenue. Due to increased pass sales for the 2018/2019 North American ski season compared to the 2017/2018 North American ski season, pass revenue increased approximately $25.8 million, or 12.1%, for the three months ended January 31, 2019 compared to the same period in the prior year. Additionally, deferred revenue related to North American pass sales was approximately $234.0 million as of January 31, 2019 (compared to approximately $192.0 million as of January 31, 2018), which will be almost entirely recognized as lift revenue during our third fiscal quarter ending April 30, 2019, subject to final adjustments required under U.S. GAAP.

•
Destination guest visitation at our North American resorts was less than expected in the pre-holiday period. However, our Destination guest visitation was largely in line with expectations during the key holiday weeks and through the remainder of January. Throughout the quarter, with the favorable conditions at our U.S. resorts, we saw strong growth among our Local guests, who are primarily pass purchasers. Our Tahoe resorts and Whistler Blackcomb saw periods of strong visitation in the holiday and post-holiday periods, but were also impacted by increased weather variability at those resorts over the holidays and lower than expected Destination visitation. While weather conditions have generally remained positive or have improved at our U.S. resorts and at Whistler Blackcomb through January 31, 2019, we cannot predict the impact that the pre-holiday period results or future weather conditions will have on our skier visitation and results of operations for the remainder of the 2018/2019 North American ski season.

•
Key North American economic indicators have remained steady into calendar year 2019, including strong consumer confidence and declines in the unemployment rate. However, the growth in the North American economy may be impacted by economic challenges in North America or declining or slowing growth in economies outside of North America, accompanied by devaluation of currencies, rising inflation, trade tariffs and lower commodity prices. Given these economic uncertainties, we cannot predict what the impact of the overall North American or global economy will be on overall travel and leisure spending or more specifically, on our guest visitation, guest spending or other related trends for the remainder of the 2018/2019 North American ski season.

•
As of January 31, 2019, we had $317.9 million available under the revolver component of our Eighth Amended and Restated Credit Agreement, dated as of August 15, 2018 (the “Vail Holdings Credit Agreement”), which represents the total commitment of $400.0 million less certain letters of credit outstanding of $82.1 million. Additionally, we have a credit facility which supports the liquidity needs of Whistler Blackcomb (the “Whistler Credit Agreement”). As of January 31, 2019, we had C$219.1 million ($166.8 million) available under the revolver component of the Whistler Credit Agreement (which represents the total commitment of C$300.0 million ($228.4 million) less outstanding borrowings of C$80.0 million ($60.9 million) and a letter of credit outstanding of C$0.9 million ($0.7 million)).

We believe that the terms of our credit agreements allow for sufficient flexibility in our ability to make future acquisitions, investments, distributions to stockholders and incur additional debt. This, combined with the continued positive cash flow from operating activities of our Mountain and Lodging segments less resort capital expenditures, has and is anticipated to continue to provide us with significant liquidity. We believe our liquidity will allow us to consider strategic investments and other forms of returning value to our stockholders including additional share repurchases and the continued payment of a quarterly cash dividend.

•
On February 21, 2019, through a wholly-owned subsidiary, we announced we had entered into an agreement to purchase the ski resorts at Falls Creek Alpine Resort ("Falls Creek") and Hotham Alpine Resort ("Hotham") in Victoria, Australia. We will purchase Australian Alpine Enterprises Holdings Pty. Ltd and all related corporate entities that operate the Falls Creek and Hotham resorts from Living and Leisure Australia Group, a subsidiary of Merlin Entertainments, for a purchase price of approximately AU$174 million, subject to certain adjustments at closing, including an increase (or reduction) in the purchase price for operating losses (or gains) incurred for the period from December 29, 2018 through closing. The acquisition includes the ski school, retail/rental, reservation and property management operations at both resort areas. We expect to record the transaction as a business combination which is expected to close

26


prior to the commencement of the Australian ski season in June 2019, subject to certain closing conditions, including regulatory approvals. We expect to fund the cash purchase price through cash on-hand and/or incremental borrowings.

•
On August 15, 2018, through a wholly-owned subsidiary, we acquired Stevens Pass Resort in the State of Washington from Ski Resort Holdings, LLC, an affiliate of Oz Real Estate (“Ski Resort Holdings”), for a total purchase price of $64.0 million. We borrowed $70.0 million on August 15, 2018 under the term loan of our Vail Holdings Credit Agreement primarily to fund the acquisition of Stevens Pass. Additionally, on September 27, 2018, we acquired Triple Peaks, LLC (“Triple Peaks”), the parent company of Okemo Mountain Resort in Vermont, Crested Butte Mountain Resort in Colorado, and Mount Sunapee Resort in New Hampshire, for a cash purchase price of approximately $74.1 million, after adjustments for certain agreed-upon terms. In addition, contemporaneous with the closing of the transaction, Triple Peaks paid $155.0 million to satisfy the remaining obligations for the leases that all three resorts had with Ski Resort Holdings, with funds provided by the Company. Accordingly, the total purchase price, including the repayment of lease obligations, was $229.1 million, for which we utilized cash on hand and borrowed $195.6 million under the term loan of our Vail Holdings Credit Agreement to fund the transaction and associated acquisition related expenses. We expect that the acquisitions of Stevens Pass and Triple Peaks will positively contribute to our results of operations; however, we cannot predict whether we will realize all of the synergies expected from the operations of Stevens Pass and Triple Peaks and the ultimate impact the new resorts will have on our future results of operations.

RESULTS OF OPERATIONS

Summary
Below is a summary of operating results for the three and six months ended January 31, 2019, compared to the three and six months ended January 31, 2018 (in thousands):
 
 
 
Three Months Ended January 31,
 
Six Months Ended January 31,
 
 
2019
 
2018
 
2019
 
2018
Mountain Reported EBITDA
 
$
352,225

 
$
305,262

 
$
275,818

 
$
246,825

Lodging Reported EBITDA
 
5,757

 
3,668

 
9,653

 
8,023

Resort Reported EBITDA
 
$
357,982

 
$
308,930

 
$
285,471

 
$
254,848

Real Estate Reported EBITDA
 
$
(1,133
)
 
$
(558
)
 
$
(2,405
)
 
$
(1,613
)
Income before (provision) benefit from income taxes
 
$
281,963

 
$
252,267

 
$
134,832

 
$
126,936

Net income attributable to Vail Resorts, Inc.
 
$
206,349

 
$
235,691

 
$
98,554

 
$
207,306


Net income attributable to Vail Resorts, Inc. decreased by approximately $108.8 million for the six months ended January 31, 2019 compared to the prior year primarily due to a decrease in excess tax benefits of $48.4 million, which resulted primarily from employee exercises of in-the-money stock appreciation rights, and a one-time, provisional net tax benefit of approximately $64.6 million recorded during the three and six months ended January 31, 2018, which was the result of comprehensive U.S. tax legislation, commonly referred to as the “Tax Act,” which was enacted by the U.S. government on December 22, 2017. The consolidated condensed results of operations, including any consolidated financial metrics pertaining thereto, include the operations of Stevens Pass and Triple Peaks prospectively from the dates of acquisition of August 15, 2018 and September 27, 2018, respectively.


27


Mountain Segment
Three months ended January 31, 2019 compared to the three months ended January 31, 2018
Mountain segment operating results for the three months ended January 31, 2019 and 2018 are presented by category as follows (in thousands, except effective ticket price (“ETP”)). ETP is calculated as lift revenue divided by total skier visits for each applicable period presented.
 
 
Three Months Ended January 31,
 
Percentage
Increase
(Decrease)
 
 
2019
 
2018
 
Net Mountain revenue:
 
 
 
 
 
 
Lift
 
$
447,558

 
$
381,912

 
17.2
 %
Ski school
 
92,244

 
80,116

 
15.1
 %
Dining
 
65,409

 
53,910

 
21.3
 %
Retail/rental
 
128,436

 
115,446

 
11.3
 %
Other
 
42,426

 
39,518

 
7.4
 %
Total Mountain net revenue
 
776,073

 
670,902

 
15.7
 %
Mountain operating expense:
 
 
 
 
 
 
Labor and labor-related benefits
 
172,818

 
144,240

 
19.8
 %
Retail cost of sales
 
43,721

 
40,540

 
7.8
 %
Resort related fees
 
39,830

 
34,257

 
16.3
 %
General and administrative
 
65,847

 
59,609

 
10.5
 %
Other
 
101,792

 
86,959

 
17.1
 %
Total Mountain operating expense
 
424,008

 
365,605

 
16.0
 %
Mountain equity investment income (loss), net
 
160

 
(35
)
 
557.1
 %
Mountain Reported EBITDA
 
$
352,225

 
$
305,262

 
15.4
 %
 
 
 
 
 
 
 
Total skier visits
 
6,521

 
5,133

 
27.0
 %
ETP
 
$
68.63

 
$
74.40

 
(7.8
)%

Mountain Reported EBITDA includes $4.3 million and $4.0 million of stock-based compensation expense for the three months ended January 31, 2019 and 2018, respectively.

Mountain Reported EBITDA increased $47.0 million, or 15.4%. This increase was primarily the result of strong North American pass sales growth for the 2018/2019 North American ski season, the incremental operations of Triple Peaks and Stevens Pass (acquired in September 2018 and August 2018, respectively) and improved conditions across our western U.S. resorts, which helped drive a strong rebound in visitation and spending, particularly during the key holiday weeks. Although our Destination guest visitation was less than expected in the pre-holiday period, results over the holidays were generally in line with our expectations, which, when combined with incremental skier visits from Triple Peaks and Stevens Pass, resulted in an increase in total skier visitation of 27.0% for the three months ended January 31, 2019 compared to the three months ended January 31, 2018. Mountain segment results include $2.9 million and $1.4 million of acquisition and integration related expenses for the three months ended January 31, 2019 and 2018, respectively. Additionally, operating results from Whistler Blackcomb, which are translated from Canadian dollars to U.S. dollars, were adversely affected by a decrease in the Canadian dollar exchange rate as compared to the prior year.

Lift revenue increased $65.6 million, or 17.2%, due to increases in both pass revenue and non-pass revenue, and incremental revenue from Triple Peaks and Stevens Pass. Pass revenue increased 12.1%, which was driven by a combination of an increase in pricing and units sold and was also favorably impacted by increased pass sales to Destination guests as well as military guests through the introduction of the Military Epic Pass. Non-pass revenue increased 24.1% primarily due to increased non-pass visitation at our western U.S. resorts, which benefited from improved conditions as compared to the prior year and an increase in total non-pass ETP of 8.3%, as well as incremental non-pass skier visitation at Triple Peaks and Stevens Pass. Total ETP decreased $5.77, or 7.8%, primarily due to higher visitation by season pass holders during the three months ended January 31, 2019 as compared to the three months ended January 31, 2018, as well as the impact of the introduction of the new Military Epic Pass, partially offset by price increases in both our lift ticket and season pass products.


28


Ski school revenue increased $12.1 million, or 15.1%, and dining revenue increased $11.5 million, or 21.3%, primarily as a result of incremental revenue from Triple Peaks and Stevens Pass and increased revenue at our other U.S. resorts as a result of higher skier visitation.

Retail/rental revenue increased $13.0 million, or 11.3%, for which retail sales increased $8.2 million, or 10.5%, and rental revenue increased $4.8 million, or 12.8%. The increase in both retail revenue and rental revenue was primarily attributable to higher sales volumes at stores proximate to our western U.S. resorts and other stores in Colorado, as well as incremental revenue from Triple Peaks and Stevens Pass. However, these increases were partially offset by a decrease in sales at Whistler Blackcomb.

Other revenue mainly consists of other mountain activities revenue, employee housing revenue, guest services revenue, commercial leasing revenue, marketing and internet advertising revenue, private club revenue (which includes both club dues and amortization of initiation fees), municipal services revenue and other recreation activity revenue. Other revenue increased $2.9 million, or 7.4%, primarily attributable to increases in marketing revenue, mountain activities and services revenue and incremental revenue from Triple Peaks and Stevens Pass.

Operating expense increased $58.4 million, or 16.0%, which includes incremental operating expenses from Triple Peaks and Stevens Pass.

Labor and labor-related benefits increased 19.8% primarily due to incremental labor expenses from Triple Peaks and Stevens Pass and increased staffing levels at our western U.S. resorts as compared to the prior year due to historic low snowfall during the three months ended January 31, 2018, as well as wage increases associated with our minimum wage initiatives, which were in excess of our historical minimum wage increases, and higher variable compensation accruals. Retail cost of sales increased 7.8%, compared to an increase in retail sales of 10.5%. Resort related fees increased 16.3% primarily due to increases in revenue on which those fees are based and incremental expenses from Triple Peaks and Stevens Pass. General and administrative expense increased 10.5% due to incremental expenses from Triple Peaks and Stevens Pass, higher variable compensation accruals and an increase in allocated corporate overhead costs primarily associated with marketing. Other expense increased 17.1% primarily due to incremental expenses from Triple Peaks and Stevens Pass and an increase in pass partnership alliance expense, as well as increases in variable expenses associated with increases in revenue, partially offset by a decrease in professional services expense. Additionally, other expense includes $2.9 million and $1.4 million of acquisition and integration related expenses for the three months ended January 31, 2019 and 2018, respectively.

Mountain equity investment income (loss), net primarily includes our share of income from the operations of a real estate brokerage joint venture.


29


Six months ended January 31, 2019 compared to the six months ended January 31, 2018
Mountain segment operating results for the six months ended January 31, 2019 and 2018 are presented by category as follows (in thousands, except ETP):
 
 
Six Months Ended January 31,
 
Percentage
Increase
(Decrease)
 
 
2019
 
2018
 
Net Mountain revenue:
 
 
 
 
 
 
Lift
 
$
472,243

 
$
407,380

 
15.9
 %
Ski school
 
96,516

 
84,554

 
14.1
 %
Dining
 
83,701

 
72,212

 
15.9
 %
Retail/rental
 
171,778

 
160,853

 
6.8
 %
Other
 
96,841

 
94,028

 
3.0
 %
Total Mountain net revenue
 
921,079

 
819,027

 
12.5
 %
Mountain operating expense:
 
 
 
 
 
 
Labor and labor-related benefits
 
249,068

 
217,896

 
14.3
 %
Retail cost of sales
 
66,137

 
63,481

 
4.2
 %
Resort related fees
 
43,194

 
37,383

 
15.5
 %
General and administrative
 
120,550

 
108,933

 
10.7
 %
Other
 
167,422

 
144,996

 
15.5
 %
Total Mountain operating expense
 
646,371

 
572,689

 
12.9
 %
Mountain equity investment income, net
 
1,110

 
487

 
127.9
 %
Mountain Reported EBITDA
 
$
275,818

 
$
246,825

 
11.7
 %
 
 
 
 
 
 
 
Total skier visits
 
7,028

 
5,631

 
24.8
 %
ETP
 
$
67.19

 
$
72.35

 
(7.1
)%

Mountain Reported EBITDA includes $8.2 million and $7.8 million of stock-based compensation expense for the six months ended January 31, 2019 and 2018, respectively.

Mountain Reported EBITDA increased $29.0 million, or 11.7%. This increase was primarily the result of strong North American pass sales growth for the 2018/2019 North American ski season, the incremental operations of Triple Peaks and Stevens Pass (acquired in September 2018 and August 2018, respectively) and improved conditions across our western U.S. resorts, which helped drive a strong rebound in visitation and spending, particularly during the key holiday weeks, as discussed above. Total skier visitation increased 24.8% for the six months ended January 31, 2019 compared to the six months ended January 31, 2018. Mountain segment results include $9.5 million and $2.2 million of acquisition and integration related expenses for the six months ended January 31, 2019 and 2018, respectively. Additionally, operating results from Whistler Blackcomb, which are translated from Canadian dollars to U.S. dollars, were adversely affected by a decrease in the Canadian dollar exchange rate as compared to the prior year.

As our North American resorts opened for ski season operations during our second fiscal quarter, certain components of Mountain segment net revenue, such as North American lift and ski school revenues for the six months ended January 31, 2019 and 2018 are unchanged as compared to those same components for the three months ended January 31, 2019 and 2018. Accordingly, the primary basis for the changes to these components of our North American resorts for the six months ended January 31, 2019 as compared to the prior period are discussed under the section heading “Three months ended January 31, 2019 compared to the three months ended January 31, 2018.” Additionally, Perisher lift revenue decreased $0.8 million, or 3.1%, and ski school revenue decreased $0.2 million, or 3.7%, as a result of a decrease in the Australian dollar exchange rate as compared to the prior year, which negatively impacted the translation of Perisher’s results on a U.S. dollar basis. On an Australian dollar basis, Perisher generated increases of AU$1.8 million, or 5.5%, in lift revenue and AU$0.2 million, or 3.8%, in ski school revenue, primarily due to a 1.8% increase in skier visitation.

Dining revenue increased $11.5 million, or 15.9%, primarily as a result of incremental revenue at Triple Peaks and Stevens Pass and increased revenue at our other U.S. resorts as a result of higher skier visitation.


30


Retail/rental revenue increased $10.9 million, or 6.8%, for which retail revenue increased $7.0 million, or 6.0%, and rental revenue increased $3.9 million, or 8.9%. The increase in both retail revenue and rental revenue was primarily attributable to higher sales volumes at stores proximate to our western U.S. resorts and other stores in Colorado, as well as incremental revenue from Triple Peaks and Stevens Pass. However, these increases were partially offset by removing the low-margin golf product line, store closures and a decrease in sales at Whistler Blackcomb.

Other revenue mainly consists of summer visitation and mountain activities revenue, employee housing revenue, guest services revenue, commercial leasing revenue, marketing and internet advertising revenue, private club revenue (which includes both club dues and amortization of initiation fees), municipal services revenue and other recreation activity revenue. Other revenue is also comprised of Perisher lodging and transportation revenue. Other revenue increased $2.8 million, or 3.0%, primarily attributable to increases in marketing revenue, mountain activities and services revenue and incremental revenue from Triple Peaks and Stevens Pass.

Operating expense increased $73.7 million, or 12.9%, which includes incremental operating expenses from Stevens Pass and Triple Peaks, which were recorded prospectively from their dates of acquisition of August 15, 2018 and September 27, 2018, respectively. Additionally, operating expense includes $9.5 million and $2.2 million of acquisition and integration related expenses for the six months ended January 31, 2019 and 2018, respectively.

Labor and labor-related benefits increased 14.3% primarily due to incremental labor expenses from Triple Peaks and Stevens Pass and increased staffing levels at our western U.S. resorts as compared to the prior year due to historic low snowfall during the six months ended January 31, 2018, as well as wage increases associated with our minimum wage initiatives, which were in excess of our historical minimum wage increases, and higher variable compensation accruals. Retail cost of sales increased 4.2%, compared to an increase in retail sales of 6.0%. Resort related fees increased 15.5% primarily due to increases in revenue on which those fees are based and incremental expenses from Triple Peaks and Stevens Pass. General and administrative expense increased 10.7% primarily due to incremental expenses from Triple Peaks and Stevens Pass, an increase in variable compensation accruals and an increase in allocated corporate overhead costs primarily associated with marketing and information technology. Other expense increased 15.5% primarily due to incremental expenses from Triple Peaks and Stevens Pass, an increase in acquisition and integration related expenses and an increase in pass partnership alliance expense, as well as increases in variable expenses associated with increases in revenue, partially offset by a decrease in professional services expense.

Mountain equity investment income, net primarily includes our share of income from the operations of a real estate brokerage joint venture.


31


Lodging Segment

Three months ended January 31, 2019 compared to the three months ended January 31, 2018                    
Lodging segment operating results for the three months ended January 31, 2019 and 2018 are presented by category as follows (in thousands, except average daily rates (“ADR”) and revenue per available room (“RevPAR”)):
 
 
 
 
 
 
 
 
 
Three Months Ended January 31,
 
Percentage
Increase
(Decrease)
 
 
2019
 
2018
 
Lodging net revenue:
 
 
 
 
 
 
Owned hotel rooms
 
$
11,548

 
$
11,353

 
1.7
 %
Managed condominium rooms
 
28,046

 
23,358

 
20.1
 %
Dining
 
10,189

 
7,869

 
29.5
 %
Transportation
 
7,722

 
7,460

 
3.5
 %
Other
 
12,120

 
9,914

 
22.3
 %
 
 
69,625

 
59,954

 
16.1
 %
Payroll cost reimbursements
 
3,624

 
3,585

 
1.1
 %
Total Lodging net revenue
 
73,249

 
63,539

 
15.3
 %
Lodging operating expense:
 
 
 
 
 
 
Labor and labor-related benefits
 
32,173

 
27,556

 
16.8
 %
General and administrative
 
11,515

 
11,127

 
3.5
 %
Other
 
20,180

 
17,603

 
14.6
 %
 
 
63,868

 
56,286

 
13.5
 %
Reimbursed payroll costs
 
3,624

 
3,585

 
1.1
 %
Total Lodging operating expense
 
67,492

 
59,871

 
12.7
 %
Lodging Reported EBITDA
 
$
5,757

 
$
3,668

 
57.0
 %
 
 
 
 
 
 
 
Owned hotel statistics:
 
 
 
 
 
 
ADR
 
$
269.45

 
$
278.82

 
(3.4
)%
RevPAR
 
$
177.04

 
$
175.04

 
1.1
 %
Managed condominium statistics:
 
 
 
 
 
 
ADR
 
$
407.11

 
$
435.15

 
(6.4
)%
RevPAR
 
$
145.76

 
$
166.77

 
(12.6
)%
Owned hotel and managed condominium statistics (combined) (1):
 
 
 
 
 
 
ADR
 
$
372.43

 
$
389.35

 
(4.3
)%
RevPAR
 
$
150.61

 
$
168.43

 
(10.6
)%
(1) Owned hotel and managed condominium statistics (combined) for the three months ended January 31, 2019 declined from the prior comparative period primarily due to the inclusion of properties acquired through the Triple Peaks acquisition, prospectively from the date of acquisition, as well as a new property management contract for units proximate to our Tahoe resorts.

Lodging Reported EBITDA includes $0.8 million of stock-based compensation expense for both the three months ended January 31, 2019 and 2018. Lodging Reported EBITDA increased $2.1 million, or 57.0%, primarily due to the incremental operations of Triple Peaks.

Revenue from managed condominium rooms increased $4.7 million, or 20.1%, primarily due to incremental revenue from our managed lodging properties at Okemo and Crested Butte, as well as revenue from incremental managed Tahoe lodging properties that we did not manage in the prior year.

Dining revenue increased $2.3 million, or 29.5%, primarily due to incremental revenue from our Okemo and Crested Butte lodging properties, as well as increased dining revenue at our other Colorado lodging properties. Transportation revenue increased $0.3 million, or 3.5%, primarily due to increased passenger volume. Other revenue increased $2.2 million, or 22.3%, primarily due to incremental revenue from our lodging properties at Okemo and Crested Butte and an increase in revenue from our central reservations booking service.

32



Operating expense (excluding reimbursed payroll costs) increased 13.5%. Labor and labor related benefits increased 16.8% primarily due to incremental labor expenses from Okemo, Crested Butte and the incremental managed Tahoe lodging properties that we did not manage in the prior year, as well as wage increases associated with our minimum wage initiatives, which were in excess of our historical minimum wage increases. General and administrative expense increased 3.5% due to higher corporate overhead costs. Other expenses increased 14.6% primarily due to incremental costs from Okemo and Crested Butte.

Revenue from payroll cost reimbursement and the corresponding reimbursed payroll costs relate to payroll costs at managed hotel properties where we are the employer and all payroll costs are reimbursed by the owners of the properties under contractual arrangements. Since the reimbursements are made based upon the costs incurred with no added margin, the revenue and corresponding expense have no effect on our Lodging Reported EBITDA.

Six months ended January 31, 2019 compared to the six months ended January 31, 2018                    
Lodging segment operating results for the six months ended January 31, 2019 and 2018 are presented by category as follows (in thousands, except ADR and RevPAR):
 
 
Six Months Ended January 31,
 
Percentage
Increase
(Decrease)
 
 
2019
 
2018
 
Lodging net revenue:
 
 
 
 
 
 
Owned hotel rooms
 
$
31,147

 
$
30,988

 
0.5
 %
Managed condominium rooms
 
39,164

 
33,529

 
16.8
 %
Dining
 
26,318

 
23,749

 
10.8
 %
Transportation
 
10,196

 
10,013

 
1.8
 %
Golf
 
9,459

 
8,767

 
7.9
 %
Other
 
24,588

 
21,688

 
13.4
 %
 
 
140,872

 
128,734

 
9.4
 %
Payroll cost reimbursements
 
7,277

 
6,894

 
5.6
 %
Total Lodging net revenue
 
148,149

 
135,628

 
9.2
 %
Lodging operating expense:
 
 
 
 
 
 
Labor and labor-related benefits
 
65,624

 
59,648

 
10.0
 %
General and administrative
 
21,191

 
19,666

 
7.8
 %
Other
 
44,404

 
41,397

 
7.3
 %
 
 
131,219

 
120,711

 
8.7
 %
Reimbursed payroll costs
 
7,277

 
6,894

 
5.6
 %
Total Lodging operating expense
 
138,496

 
127,605

 
8.5
 %
Lodging Reported EBITDA
 
$
9,653

 
$
8,023

 
20.3
 %
 
 
 
 
 
 
 
Owned hotel statistics:
 
 
 
 
 
 
ADR
 
$
245.76

 
$
245.08

 
0.3
 %
RevPAR
 
$
167.47

 
$
167.54

 
—
 %
Managed condominium statistics:
 
 
 
 
 
 
ADR
 
$
323.44

 
$
331.95

 
(2.6
)%
RevPAR
 
$
103.33

 
$
110.45

 
(6.4
)%
Owned hotel and managed condominium statistics (combined) (1):
 
 
 
 
 
 
ADR
 
$
294.63

 
$
295.74

 
(0.4
)%
RevPAR
 
$
117.21

 
$
125.18

 
(6.4
)%
(1) Owned hotel and managed condominium statistics (combined) for the six months ended January 31, 2019 declined from the prior comparative period primarily due to the inclusion of properties acquired through the Triple Peaks acquisition, prospectively from the date of acquisition, as well as a new property management contract for units proximate to our Tahoe resorts.

Lodging Reported EBITDA includes $1.6 million of stock-based compensation expense for both the six months ended January 31, 2019 and 2018. Lodging Reported EBITDA increased $1.6 million, or 20.3%, primarily due to the incremental operations of Triple Peaks.

33



Revenue from managed condominium rooms increased $5.6 million, or 16.8%, primarily due to incremental revenue from Crested Butte and Okemo, as well as revenue from incremental managed Tahoe lodging properties that we did not manage in the prior year.

Dining revenue increased $2.6 million, or 10.8%, primarily due to incremental revenue from our Okemo and Crested Butte lodging properties, as well as increased dinning revenue at our other Colorado lodging properties. Golf revenue increased $0.7 million, or 7.9%, due to higher revenue at our golf courses in Beaver Creek and at GTLC, as well as incremental revenue from our golf course at Okemo. Other revenue increased $2.9 million, or 13.4%, primarily due to incremental revenue from our lodging properties at Okemo and Crested Butte and an increase in revenue from our central reservations booking service.

Operating expense (excluding reimbursed payroll costs) increased 8.7%. Labor and labor-related benefits increased 10.0%, primarily due to incremental labor expenses from Okemo, Crested Butte and the incremental managed Tahoe lodging properties that we did not manage in the prior year, as well as wage increases associated with our minimum wage initiatives, which were in excess of our historical minimum wage increases. General and administrative expense increased 7.8% due to higher corporate overhead costs. Other expense increased 7.3% primarily due to incremental expenses from Okemo and Crested Butte, as well as an increase in variable operating expenses.

Revenue from payroll cost reimbursement and the corresponding reimbursed payroll costs relate to payroll costs at managed hotel properties where we are the employer and all payroll costs are reimbursed by the owners of the properties under contractual arrangements. Since the reimbursements are made based upon the costs incurred with no added margin, the revenue and corresponding expense have no effect on our Lodging Reported EBITDA.

Real Estate Segment
Three months ended January 31, 2019 compared to the three months ended January 31, 2018
Real Estate segment operating results for the three months ended January 31, 2019 and 2018 are presented by category as follows (in thousands):
 
 
Three Months Ended January 31,
 
Percentage
Increase
(Decrease)
 
 
2019
 
2018
 
Total Real Estate net revenue
 
$
256

 
$
134

 
91.0
 %
Real Estate operating expense:
 
 
 
 
 
 
Other
 
1,389

 
1,207

 
15.1
 %
Total Real Estate operating expense
 
1,389

 
1,207

 
15.1
 %
Gain on sale of real property
 
—

 
515

 
(100.0
)%
Real Estate Reported EBITDA
 
$
(1,133
)
 
$
(558
)
 
(103.0
)%

Our Real Estate net revenue is primarily determined by the timing of closings and the mix of real estate sold in any given period. Different types of projects have different revenue and profit margins; therefore, as the real estate inventory mix changes it can greatly impact Real Estate segment net revenue, operating expense, gain on sale of real property and Real Estate Reported EBITDA.

Three months ended January 31, 2019
Other operating expense of $1.4 million was primarily comprised of general and administrative costs, such as labor and labor-related benefits, professional services and allocated corporate overhead costs.

Three months ended January 31, 2018
Real Estate Reported EBITDA included a gain on sale of real property of $0.5 million for the sale of a land parcel.

Other operating expense of $1.2 million was primarily comprised of general and administrative costs, such as labor and labor-related benefits, professional services and allocated corporate overhead costs.


34


Six months ended January 31, 2019 compared to the six months ended January 31, 2018
Real Estate segment operating results for the six months ended January 31, 2019 and 2018 are presented by category as follows (in thousands):
 
 
Six Months Ended January 31,
 
Percentage
Increase
(Decrease)
 
 
2019
 
2018
 
Total Real Estate net revenue
 
$
354

 
$
770

 
(54.0
)%
Real Estate operating expense:
 
 
 
 
 
 
Cost of sales (including sales commission)
 
—

 
511

 
(100.0
)%
Other
 
2,759

 
2,387

 
15.6
 %
Total Real Estate operating expense
 
2,759

 
2,898

 
(4.8
)%
Gain on sale of real property
 
—

 
515

 
(100.0
)%
Real Estate Reported EBITDA
 
$
(2,405
)
 
$
(1,613
)
 
(49.1
)%

Six months ended January 31, 2019
Other operating expense of $2.8 million was primarily comprised of general and administrative costs, such as labor and labor-related benefits, professional services and allocated corporate costs.

Six months ended January 31, 2018
During the six months ended January 31, 2018, we closed on the sale of a development land parcel for $0.5 million which was recorded within Real Estate net revenue. Additionally, Real Estate Reported EBITDA included a gain on sale of real property of $0.5 million for the sale of a land parcel.

Other operating expense of $2.4 million was primarily comprised of general and administrative costs, such as labor and labor-related benefits, professional services and allocated corporate costs.

Other Items
In addition to segment operating results, the following material items contributed to our overall financial results for the three and six months ended January 31, 2019 and 2018 (in thousands).
 
Three Months Ended
January 31,
 
 
Increase
(Decrease)
 
Six Months Ended
January 31,
 
Increase
(Decrease)
 
2019
 
2018
 
 
2019
 
2018
 
Depreciation and amortization
$
(55,238
)
 
$
(51,404
)
 
7.5
 %
 
$
(106,281
)
 
$
(100,028
)
 
6.3
 %
Foreign currency gain (loss) on intercompany loans
$
450

 
$
10,337

 
(95.6
)%
 
$
(1,861
)
 
$
2,991

 
(162.2
)%
Interest expense, net
$
(21,002
)
 
$
(15,973
)
 
31.5
 %
 
$
(39,640
)
 
$
(31,147
)
 
27.3
 %
(Provision) benefit from income taxes
$
(63,973
)
 
$
(3,594
)
 
1,680.0
 %
 
$
(27,568
)
 
$
89,810

 
130.7
 %
Effective tax rate (expense) benefit
(22.7
)%
 
(1.4
)%
 
21.3 pts

 
(20.4
)%
 
70.8
%
 
91.2 pts


Depreciation and amortization. Depreciation and amortization expense for the three and six months ended January 31, 2019 increased $3.8 million and $6.3 million, respectively, compared to the same period in the prior year, primarily due to assets acquired in the Stevens Pass and Triple Peaks acquisitions.

Foreign currency gain (loss) on intercompany loans.  Foreign currency gain (loss) on intercompany loans for the three and six months ended January 31, 2019 decreased $9.9 million and $4.9 million, respectively, and was associated with an intercompany loan from Vail Holdings, Inc. to Whistler Blackcomb in the amount of $210.0 million that was funded, effective as of November 1, 2016, in connection with the acquisition of Whistler Blackcomb. This intercompany loan requires foreign currency remeasurement to Canadian dollars, the functional currency for Whistler Blackcomb. As a result, foreign currency fluctuations associated with the loan are recorded within our results of operations.

Interest expense, net. Interest expense, net for the three and six months ended January 31, 2019 increased $5.0 million and $8.5 million, respectively, compared to the same period in the prior year, primarily due to interest expense associated with incremental term loan borrowings under the Vail Holdings Credit Agreement of $265.6 million, which were used to fund the Stevens Pass and Triple Peaks acquisitions, as well as an increase in interest rates.

35



(Provision) benefit from income taxes. The effective tax rate (provision) benefit for the three and six months ended January 31, 2019 was (22.7%) and (20.4%), respectively, compared to (1.4%) and 70.8%, respectively, for the three and six months ended January 31, 2018. The interim period effective tax rate is primarily driven by (i) anticipated pre-tax book income for the full fiscal year, adjusted for items that are deductible/non-deductible for tax purposes only (i.e., permanent items), (ii) excess tax benefits from employee share awards and enacted tax legislation, which are both recorded as discrete items, (iii) taxable income generated by state and foreign jurisdictions that varies from anticipated consolidated pre-tax book income and (iv) the amount of net income attributable to noncontrolling interests.

The increase in the effective tax rate provision during the three and six months ended January 31, 2019 compared to the three and six months ended January 31, 2018 was primarily due to a one-time, provisional net tax benefit of approximately $64.6 million recorded during the three and six months ended January 31, 2018 as a result of the Tax Act, as well as a reduction in excess tax benefits from employee share awards that were exercised (stock appreciation awards) and that vested (restricted stock awards), which are recorded within (provision) benefit from income taxes on the Company’s Consolidated Condensed Statements of Operations. Excess tax benefits totaled $4.7 million and $53.1 million, respectively, for the six months ended January 31, 2019 and 2018.

Reconciliation of Segment Earnings and Net Debt
The following table reconciles from segment Reported EBITDA to net income attributable to Vail Resorts, Inc. (in thousands):
 
 
Three Months Ended January 31,
 
Six Months Ended January 31,
 
2019
 
2018
 
2019
 
2018
Mountain Reported EBITDA
$
352,225

 
$
305,262

 
$
275,818

 
$
246,825

Lodging Reported EBITDA
5,757

 
3,668

 
9,653

 
8,023

Resort Reported EBITDA
357,982

 
308,930

 
285,471

 
254,848

Real Estate Reported EBITDA
(1,133
)
 
(558
)
 
(2,405
)
 
(1,613
)
Total Reported EBITDA
356,849

 
308,372

 
283,066

 
253,235

Depreciation and amortization
(55,238
)
 
(51,404
)
 
(106,281
)
 
(100,028
)
Gain on disposal of fixed assets and other, net
1,097

 
538

 
478

 
1,105

Change in estimated fair value of contingent consideration
(700
)
 
—

 
(1,900
)
 
—

Investment income and other, net
507

 
397

 
970

 
780

Foreign currency gain (loss) on intercompany loans
450

 
10,337

 
(1,861
)
 
2,991

Interest expense, net
(21,002
)
 
(15,973
)
 
(39,640
)
 
(31,147
)
Income before (provision) benefit from income taxes
281,963

 
252,267

 
134,832

 
126,936

(Provision) benefit from income taxes
(63,973
)
 
(3,594
)
 
(27,568
)
 
89,810

Net income
217,990

 
248,673

 
107,264

 
216,746

Net income attributable to noncontrolling interests
(11,641
)
 
(12,982
)
 
(8,710
)
 
(9,440
)
Net income attributable to Vail Resorts, Inc.
$
206,349

 
$
235,691

 
$
98,554

 
$
207,306

The following table reconciles Net Debt to long-term debt, net (in thousands):
 
 
 
January 31,
 
 
2019
 
2018
Long-term debt, net
 
$
1,345,262

 
$
1,182,349

Long-term debt due within one year
 
48,493

 
38,433

Total debt
 
1,393,755

 
1,220,782

Less: cash and cash equivalents
 
158,561

 
235,460

Net Debt
 
$
1,235,194

 
$
985,322



36


LIQUIDITY AND CAPITAL RESOURCES

Changes in significant sources of cash for the six months ended January 31, 2019 and 2018 are presented by categories as follows (in thousands).
 
Six Months Ended January 31,
 
2019
 
2018
Net cash provided by operating activities
$
506,181

 
$
433,748

Net cash used in investing activities
$
(404,324
)
 
$
(81,765
)
Net cash used in financing activities
$
(105,011
)
 
$
(222,148
)

Six months ended January 31, 2019 compared to the six months ended January 31, 2018
We generated $506.2 million of cash from operating activities during the six months ended January 31, 2019, an increase of $72.5 million compared to $433.7 million of cash generated during the six months ended January 31, 2018. The increase in operating cash flows was primarily a result of increased North American pass sales for the 2018/2019 North American ski season compared to the 2017/2018 North American ski season, of which only a portion has been reflected as lift revenue in operating results, as well as improved Mountain and Lodging segment operating results for the six months ended January 31, 2019 compared to the six months ended January 31, 2018 and an increase in accounts payable. These increases were partially offset by an increase in estimated foreign tax payments, as well as an increase in cash interest payments primarily associated with incremental term loan borrowings under our Vail Holdings Credit Agreement.

Cash used in investing activities for the six months ended January 31, 2018 increased by $322.6 million primarily due to cash payments related to the acquisitions of Triple Peaks and Stevens Pass during the six months ended January 31, 2019 of $292.6 million, net of cash acquired, as well as an increase in capital expenditures of $26.2 million during the six months ended January 31, 2019 compared to the six months ended January 31, 2018.

Cash used in financing activities decreased by $117.1 million during the six months ended January 31, 2019, compared to the six months ended January 31, 2018, primarily due to proceeds from incremental borrowings under the term loan portion of our Vail Holdings Credit Agreement of $265.6 million, which was used to fund the Triple Peaks and Stevens Pass acquisitions. Additionally, cash payments for employee taxes related to exercises of share awards decreased by $60.0 million and net proceeds from borrowings under our Whistler Credit Agreement increased by $13.7 million. These increases were partially offset by an increase in net payments under the revolver portion of our Vail Holdings Credit Agreement, repurchases of common stock of approximately $85.0 million and an increase in dividends paid of $33.5 million during the six months ended January 31, 2019 compared to the six months ended January 31, 2018.

Significant Sources of Cash
Our second and third fiscal quarters historically result in seasonally high cash on hand as our North American mountain resorts and urban ski areas are generally open for ski operations from mid-November to mid-April, from which we have historically generated a significant portion of our operating cash flows for the fiscal year.

We had $158.6 million of cash and cash equivalents as of January 31, 2019, compared to $235.5 million as of January 31, 2018. We currently anticipate that our Mountain and Lodging segment operating results will continue to provide a significant source of future operating cash flows (primarily those generated in our second and third fiscal quarters).

In addition to our $158.6 million of cash and cash equivalents at January 31, 2019, we had $317.9 million available under the revolver component of our Vail Holdings Credit Agreement as of January 31, 2019 (which represents the total commitment of $400.0 million less certain letters of credit outstanding of $82.1 million). Additionally, we had C$219.1 million ($166.8 million) available under the revolver component of our Whistler Credit Agreement (which represents the total commitment of C$300.0 million ($228.4 million) less outstanding borrowings of C$80.0 million ($60.9 million) and a letter of credit outstanding of C$0.9 million ($0.7 million)). We expect that our liquidity needs in the near term will be met by continued use of operating cash flows and borrowings under both the Vail Holdings Credit Agreement and Whistler Credit Agreement, if needed. The Vail Holdings Credit Agreement and the Whistler Credit Agreement provide adequate flexibility and are priced favorably with any new borrowings currently priced at LIBOR plus 1.25% and Bankers Acceptance Rate plus 1.75%, respectively.


37


Significant Uses of Cash
Capital Expenditures
We have historically invested significant amounts of cash in capital expenditures for our resort operations, and we expect to continue to do so, subject to operating performance particularly as it relates to discretionary projects. In addition, we may incur capital expenditures for retained ownership interests associated with third-party real estate development projects. Currently planned capital expenditures primarily include investments that will allow us to maintain our high-quality standards, as well as certain incremental discretionary improvements at our Resorts and throughout our owned hotels. We evaluate additional discretionary capital improvements based on an expected level of return on investment. We currently anticipate we will spend approximately $139 million to $143 million on resort capital expenditures during calendar year 2019, excluding one-time items associated with integrations, the one-time Triple Peaks and Stevens Pass transformation plan, summer capital, real estate related capital and reimbursable investments. We expect that our total capital plan will be approximately $180 million to $185 million, including items noted above for integration and acquisitions, summer capital, real estate related projects and approximately $13 million of reimbursable investments associated with insurance recoveries and tenant improvements. Included in these estimated capital expenditures are approximately $85 million to $90 million of maintenance capital expenditures, which are necessary to maintain appearance and level of service appropriate to our resort operations. Discretionary expenditures for calendar year 2019 include, among other projects, significant investments in our snowmaking systems in Colorado that will transform the early-season terrain experience at Vail, Keystone and Beaver Creek; technology investments to increase lift ticket express fulfillment capacity through new mobile technology across our 17 North American Resorts to allow skiers and snowboarders who purchased tickets in advance to bypass the ticket window entirely; and a new permanent Tombstone BBQ restaurant at Park City. We also plan to make significant one-time investments across the recently acquired resorts of Crested Butte, Okemo, Mount Sunapee and Stevens Pass, which will include replacing and upgrading the Daisy and Brooks lifts at Stevens Pass and the Teocalli Lift at Crested Butte and on-mountain restaurant upgrades at Okemo. We plan to spend approximately $14 million in the first phase of a two-year, $35 million investment program for these newly acquired resorts. Additionally, we plan to spend approximately $7 million in capital for the integration of Triple Peaks and Stevens Pass. Investments in additional summer activities will be approximately $4 million in calendar year 2019 as we complete work on a major zip line at Breckenridge. The calendar year 2019 capital plan also includes $3 million of investment related to our sustainability commitment focused on energy efficiency opportunities in snowmaking as well as other electrical and lighting applications. We currently plan to utilize cash on hand, borrowings available under our credit agreements and/or cash flow generated from future operations to provide the cash necessary to complete our capital plans.

Acquisitions of Stevens Pass, Okemo, Mount Sunapee and Crested Butte
On August 15, 2018, we borrowed $70.0 million under the term loan of our Vail Holdings Credit Agreement, primarily to fund the acquisition of Stevens Pass, which was acquired for a cash purchase price of $64.0 million. On September 27, 2018, we acquired Triple Peaks for a cash purchase price of approximately $74.1 million, after adjustments for certain agreed-upon terms. In addition, contemporaneous with the closing of the transaction, Triple Peaks paid $155.0 million to pay the remaining obligations for the leases that all three resorts had with Ski Resort Holdings, with funds provided by the Company. Accordingly, the total purchase price, including repayment of lease obligations, was $229.1 million, for which we utilized cash on hand and borrowed $195.6 million under the term loan of our Vail Holdings Credit Agreement to fund the transaction and associated acquisition related expenses.

Debt
As of January 31, 2019, principal payments on the majority of our long-term debt ($1,179.1 million of the total $1,397.6 million debt outstanding as of January 31, 2019) are not due until fiscal 2024 and beyond. As of January 31, 2019 and 2018, total long-term debt, net (including long-term debt due within one year) was $1,393.8 million and $1,220.8 million, respectively. Net Debt (defined as long-term debt, net plus long-term debt due within one year less cash and cash equivalents) increased from $985.3 million as of January 31, 2018 to $1,235.2 million as of January 31, 2019, primarily due to incremental borrowings outstanding under the term loan of our Vail Holdings Credit Agreement, as discussed above. On August 15, 2018, we amended and restated in its entirety our Vail Holdings Credit Agreement, which provides for (i) a revolving loan facility in an aggregate principal amount of $400.0 million and (ii) a term loan facility in an aggregate principal amount of up to $950.0 million. Additionally, key modifications to the Vail Holdings Credit Agreement included, among other things, the extension of the maturity date on the revolving credit facility to August 2023. During the three months ended January 31, 2019, we entered into an amendment of the Whistler Credit Agreement which extended the maturity date of the revolving credit facility to December 2023. No other material terms of the Whistler Credit Agreement were altered. We expect that our liquidity needs in the near term will be met by continued use of operating cash flows and borrowings under both the Vail Holdings Credit Agreement and Whistler Credit Agreement.

Our debt service requirements can be impacted by changing interest rates as we had approximately $1.1 billion of variable-rate debt outstanding as of January 31, 2019. A 100-basis point change in our borrowing rates would cause our annual interest payments

38


to change by approximately $10.5 million. Additionally, the annual payments associated with the financing of the Canyons Resort transaction increase by the greater of CPI less 1%, or 2%. The fluctuation in our debt service requirements, in addition to interest rate and inflation changes, may be impacted by future borrowings under our credit agreements or other alternative financing arrangements we may enter into. Our long term liquidity needs depend upon operating results that impact the borrowing capacity under our credit agreements, which can be mitigated by adjustments to capital expenditures, flexibility of investment activities and the ability to obtain favorable future financing. We can respond to liquidity impacts of changes in the business and economic environment by managing our capital expenditures, the timing of new real estate development activity and the payment of our regular quarterly cash dividend on our common stock.

Dividend Payments
In fiscal 2011, our Board of Directors approved the commencement of a regular quarterly cash dividend on our common stock at an annual rate of $0.60 per share, subject to quarterly declaration. Since the initial commencement of a regular quarterly cash dividend, our Board of Directors has annually approved an increase to our cash dividend on our common stock and on March 7, 2019, our Board of Directors approved a 20% increase to our quarterly cash dividend to $1.76 per share (or approximately $70.8 million per quarter based upon shares outstanding as of January 31, 2019). For the six months ended January 31, 2019, we paid cash dividends of $2.94 per share ($118.7 million in the aggregate). These dividends were funded through available cash on hand and borrowings under the revolving portion of our Vail Holdings Credit Agreement. Subject to the discretion of our Board of Directors, applicable law and contractual restrictions, we anticipate paying regular quarterly cash dividends on our common stock for the foreseeable future. The amount, if any, of the dividends to be paid in the future will depend on our available cash on hand, anticipated cash needs, overall financial condition, restrictions contained in our Vail Holdings Credit Agreement, future prospects for earnings and cash flows, as well as other factors considered relevant by our Board of Directors.
Share Repurchase Program
Our share repurchase program is conducted under authorizations made from time to time by our Board of Directors. On March 9, 2006, our Board of Directors initially authorized the repurchase of up to 3,000,000 shares of Vail Resorts common stock (“Vail Shares”) and later authorized additional repurchases of up to 3,000,000 Vail Shares (July 16, 2008) and 1,500,000 Vail Shares (December 4, 2015), for a total authorization to repurchase up to 7,500,000 Vail Shares. During the six months ended January 31, 2019, we repurchased 353,007 Vail Shares (at a total cost of approximately $85.0 million). We did not repurchase any Vail Shares during the six months ended January 31, 2018. Since inception of this stock repurchase program through January 31, 2019, we have repurchased 5,904,723 Vail Shares at a cost of approximately $358.0 million. As of January 31, 2019, 1,595,277 Vail Shares remained available to repurchase under the existing repurchase authorization. Vail Shares purchased pursuant to the repurchase program will be held as treasury shares and may be used for the issuance of shares under our share award plan. Repurchases under the program may be made from time to time at prevailing prices as permitted by applicable laws, and subject to market conditions and other factors. The timing as well as the number of Vail Shares that may be repurchased under the program will depend on several factors, including our future financial performance, our available cash resources and competing uses for cash that may arise in the future, the restrictions in our Vail Holdings Credit Agreement, prevailing prices of Vail Shares and the number of Vail Shares that become available for sale at prices that we believe are attractive. The share repurchase program has no expiration date.
Covenants and Limitations
We must abide by certain restrictive financial covenants under our credit agreements. The most restrictive of those covenants include the following covenants: for the Vail Holdings Credit Agreement, Net Funded Debt to Adjusted EBITDA ratio and the Interest Coverage ratio (each as defined in the Vail Holdings Credit Agreement); and for the Whistler Credit Agreement, Consolidated Total Leverage Ratio and Consolidated Interest Coverage Ratio (each as defined in the Whistler Credit Agreement). In addition, our financing arrangements limit our ability to make certain restricted payments, pay dividends on or redeem or repurchase stock, make certain investments, make certain affiliate transfers and may limit our ability to enter into certain mergers, consolidations or sales of assets and incur certain indebtedness. Our borrowing availability under the Vail Holdings Credit Agreement is primarily determined by the Net Funded Debt to Adjusted EBITDA ratio, which is based on our segment operating performance, as defined in the Vail Holdings Credit Agreement. Our borrowing availability under the Whistler Credit Agreement is primarily determined based on the commitment size of the credit facility and our compliance with the terms of the Whistler Credit Agreement.

We were in compliance with all restrictive financial covenants in our debt instruments as of January 31, 2019. We expect that we will meet all applicable financial maintenance covenants in our credit agreements throughout the fiscal year ending July 31, 2019. However, there can be no assurance we will meet such financial covenants. If such covenants are not met, we would be required to seek a waiver or amendment from the banks participating in the credit agreements. There can be no assurance that such waivers or amendments would be granted, which could have a material adverse impact on our liquidity.


39


OFF BALANCE SHEET ARRANGEMENTS

We do not have off balance sheet transactions that are expected to have a material effect on our financial condition, revenue, expenses, results of operations, liquidity, capital expenditures or capital resources.

FORWARD-LOOKING STATEMENTS

Except for any historical information contained herein, the matters discussed or incorporated by reference in this Form 10-Q contain certain forward-looking statements within the meaning of the federal securities laws. These statements relate to analyses and other information available as of the date hereof, which are based on forecasts of future results and estimates of amounts not yet determinable. These statements also relate to our contemplated future prospects, developments and business strategies.

These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will” and similar terms and phrases, including references to assumptions. Although we believe that our plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that such plans, intentions or expectations will be achieved. Important factors that could cause actual results to differ materially from our forward-looking statements include, but are not limited to:

•
prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries;
•
unfavorable weather conditions or the impact of natural disasters;
•
risks related to our reliance on information technology, including our failure to maintain the integrity of our customer or employee data;
•
risks related to cyber-attacks;
•
willingness of our guests to travel due to terrorism, the uncertainty of military conflicts or outbreaks of contagious diseases, and the cost and availability of travel options and changing consumer preferences;
•
the seasonality of our business combined with adverse events that occur during our peak operating periods;
•
competition in our mountain and lodging businesses;
•
the high fixed cost structure of our business;
•
our ability to fund resort capital expenditures;
•
risks related to a disruption in our water supply that would impact our snowmaking capabilities and operations;
•
our reliance on government permits or approvals for our use of public land or to make operational and capital improvements;
•
risks associated with obtaining governmental or third party approvals and the timing of closing for the pending acquisition of the Falls Creek and Hotham resorts;
•
risks related to federal, state, local and foreign government laws, rules and regulations;
•
risks related to changes in security and privacy laws and regulations which could increase our operating costs and adversely affect our ability to market our products and services effectively;
•
our ability to hire and retain a sufficient seasonal workforce;
•
risks related to our workforce, including increased labor costs;
•
loss of key personnel;
•
adverse consequences of current or future legal claims;
•
a deterioration in the quality or reputation of our brands, including our ability to protect our intellectual property and the risk of accidents at our mountain resorts;
•
our ability to successfully integrate acquired businesses, or that acquired businesses may fail to perform in accordance with expectations, including Okemo, Crested Butte, Stevens Pass, Mount Sunapee or future acquisitions;
•
our ability to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of 2002, with respect to acquired businesses;
•
risks associated with international operations;
•
fluctuations in foreign currency exchange rates where the Company has foreign currency exposure, primarily the Canadian and Australian dollars;
•
changes in accounting judgments and estimates, accounting principles, policies or guidelines or adverse determinations by taxing authorities;
•
risks associated with uncertainty of the impact of recently enacted tax reform legislation in the United States; and
•
a materially adverse change in our financial condition.

All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements.


40


If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, our actual results may vary materially from those expected, estimated or projected. Given these uncertainties, users of the information included in this Form 10-Q, including investors and prospective investors, are cautioned not to place undue reliance on such forward-looking statements. Actual results may differ materially from those suggested by the forward-looking statements that we make for a number of reasons, including those described in Part I, Item 1A “Risk Factors” of our Form 10-K. All forward-looking statements are made only as of the date hereof. Except as may be required by law, we do not intend to update these forward-looking statements, even if new information, future events or other circumstances have made them incorrect or misleading.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Interest Rate Risk. Our exposure to market risk is limited primarily to the fluctuating interest rates associated with variable rate indebtedness. As of January 31, 2019, we had approximately $1.1 billion of variable rate indebtedness, representing approximately 75.2% of our total debt outstanding, at an average interest rate during the three and six months ended January 31, 2019 of 3.9% and 3.6%, respectively. Based on variable-rate borrowings outstanding as of January 31, 2019, a 100-basis point (or 1.0%) change in our borrowing rates would result in our annual interest payments changing by approximately $10.5 million. Our market risk exposure fluctuates based on changes in underlying interest rates.

Foreign Currency Exchange Rate Risk. We are exposed to currency translation risk because the results of our international entities are reported in local currency, which we then translate to U.S. dollars for inclusion in our consolidated condensed financial statements. As a result, changes between the foreign exchange rates, in particular the Canadian dollar and Australian dollar compared to the U.S. dollar, affect the amounts we record for our foreign assets, liabilities, revenues and expenses, and could have a negative effect on our financial results. Additionally, we also have foreign currency transaction exposure from an intercompany loan to Whistler Blackcomb that is not deemed to be permanently invested, which have and could materially change due to fluctuations in the Canadian dollar exchange rate. The results of Whistler Blackcomb and Perisher are reported in Canadian dollars and Australian dollars, respectively, which we then translate to U.S. dollars for inclusion in our consolidated condensed financial statements. We do not currently enter into hedging arrangements to minimize the impact of foreign currency fluctuations on our operations.

The following table summarizes the amounts of foreign currency translation adjustments, net of tax, representing losses, and foreign currency (loss) gain on intercompany loans recognized, in comprehensive income (in thousands).
 
Six Months Ended January 31,
 
2019
 
2018
Foreign currency translation adjustments, net of tax
$
(14,773
)
 
$
19,603

Foreign currency (loss) gain on intercompany loans
$
(1,861
)
 
$
2,991


ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Management of the Company, under the supervision and with participation of the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), evaluated the effectiveness of the Company’s disclosure controls and procedures as such term is defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Act”) as of the end of the period covered by this report on Form 10-Q.
Based upon their evaluation of the Company’s disclosure controls and procedures, the CEO and the CFO concluded that the disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed by the Company in the reports that it files or submits under the Act is accumulated and communicated to management, including the CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure and are effective to provide reasonable assurance that such information is recorded, processed, summarized and reported within the time periods specified by the SEC’s rules and forms.
The Company, including its CEO and CFO, does not expect that the Company’s controls and procedures will prevent or detect all error and all fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.

PART II OTHER INFORMATION

41


ITEM 1. LEGAL PROCEEDINGS
In May 2016, Kirkwood received a Notice of Violation (“NOV”) from the State of California Central Valley Regional Water Quality Control Board (the “Regional Water Board”) regarding the disposition of asphalt grindings used in parking lot surfacing in and around Kirkwood Creek.  We have cooperated with the Regional Water Board staff and the California Department of Fish and Wildlife (“CDFW”) to satisfactorily resolve the matters identified in the NOV.

On December 13, 2017, Kirkwood entered into a Settlement Agreement and Stipulation for Entry of Administrative Liability Order (“Stipulated Order”) with the Regional Water Board and CDFW.   Under the Stipulated Order, Kirkwood agreed to be responsible for monetary penalties and agency costs totaling approximately $0.8 million, of which approximately half will be fulfilled by a supplemental environmental project run by the National Fish and Wildlife Foundation.  All of these amounts have been paid by third-party insurance.  The remaining remediation work required by the Stipulated Order and requested by the agencies should be completed in calendar year 2019, depending on permits and weather conditions.

We do not expect the resolution of the above item to have a material impact on our results of operations or cash flows.

We are a party to various lawsuits arising in the ordinary course of business. We believe that we have adequate insurance coverage and/or have accrued for all loss contingencies for asserted and unasserted matters and that, although the ultimate outcome of such claims cannot be ascertained, current pending and threatened claims are not expected, individually or in the aggregate, to have a material adverse impact on our financial position, results of operations and cash flows.

ITEM 1A. RISK FACTORS
There have been no material changes to the risk factors we previously disclosed in our Annual Report on Form 10-K, filed with the SEC on September 28, 2018, as of and for the year ended July 31, 2018.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Exchangeable Shares
As described elsewhere in this report, on October 17, 2016, the Company acquired all of the outstanding common shares of Whistler Blackcomb. Part of the consideration paid to Whistler Blackcomb shareholders consisted of 3,327,719 Vail Shares and 418,095 shares of the Company’s wholly-owned Canadian subsidiary (the “Exchangeco Shares”). Each Exchangeco Share is exchangeable by the holder thereof for one Vail Share (subject to customary adjustments for stock splits or other reorganizations). In addition, the Company may require all outstanding Exchangeco Shares to be exchanged into an equal number of Vail Shares upon the occurrence of certain events and at any time following the seventh anniversary of the closing of the transaction. Exchangeco Shares, while outstanding, are substantially the economic equivalent of the corresponding Vail Shares. As of January 31, 2019, 56,895 Exchangeco Shares had not yet been exchanged into Vail Shares.

The shares issued at closing of the Whistler Blackcomb acquisition were issued in reliance upon Section 3(a)(10) of the Securities Act of 1933, as amended (the “Securities Act”), which exempts from the registration requirements under the Securities Act any securities that are issued in exchange for one or more bona fide outstanding securities where the terms and conditions of such issuance and exchange are approved, after a hearing upon the fairness of such terms and conditions at which all persons to whom it is proposed to issue securities in such exchange shall have the right to appear, by any court expressly authorized by law to grant such approval. Although exempt from the registration requirements under the Securities Act, such shares are listed and freely tradeable on the New York Stock Exchange.

42


Repurchase of Equity Securities
The following table sets forth our purchases of shares of our common stock during the second quarter of fiscal 2019:
Period
Total Number of Shares Purchased
 
Average Price Paid per Share
 
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
 
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
November 1, 2018 - November 30, 2018
—

 
$
—

 
—

 
1,750,388

December 1, 2018 - December 31, 2018
155,111

 
$
225.64

 
155,111

 
1,595,277

January 1, 2019 - January 31, 2019
—

 
$
—

 
—

 
1,595,277

Total
155,111

 
$
225.64

 
155,111

 
1,595,277

(1)
The share repurchase program is conducted under authorizations made from time to time by our Board of Directors. The Board of Directors initially authorized the repurchase of up to 3,000,000 Vail Shares (March 9, 2006), and later authorized additional repurchases of up to 3,000,000 Vail Shares (July 16, 2008) and 1,500,000 Vail Shares (December 4, 2015), for a total authorization to repurchase up to 7,500,000 Vail Shares. As of January 31, 2019, 1,595,277 Vail Shares remained available to repurchase under the existing repurchase authorization. Repurchases under these authorizations may be made from time to time at prevailing prices as permitted by applicable laws, and subject to market conditions and other factors. These authorizations have no expiration date.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.

ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.

ITEM 5. OTHER INFORMATION
None.

ITEM 6. EXHIBITS
The following exhibits are either filed or furnished herewith or, if so indicated, incorporated by reference to the documents indicated in parentheses, which have previously been filed or furnished with the Securities and Exchange Commission.
Exhibit
Number
Description
 
 
10.1
 
 
31.1
 
 
31.2
 
 
32
 
 
101
The following information from the Company’s Quarterly Report on Form 10-Q for the three and six months ended January 31, 2019 formatted in eXtensible Business Reporting Language: (i) Unaudited Consolidated Condensed Balance Sheets as of January 31, 2019, July 31, 2018 and January 31, 2018; (ii) Unaudited Consolidated Condensed Statements of Operations for the three and six months ended January 31, 2019 and 2018; (iii) Unaudited Consolidated Condensed Statements of Comprehensive Income for the three and six months ended January 31, 2019 and 2018; (iv) Unaudited Consolidated Condensed Statements of Stockholders’ Equity for the six months ended January 31, 2019 and 2018; (v) Unaudited Consolidated Condensed Statements of Cash Flows for the six months ended January 31, 2019 and 2018; and (vi) Notes to the Consolidated Condensed Financial Statements.




43


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
 
 
Vail Resorts, Inc.
 
 
 
Date: March 8, 2019
By:
/s/ Michael Z. Barkin
 
 
Michael Z. Barkin
 
 
Executive Vice President and Chief Financial Officer
 
 
(Principal Financial Officer)
 
 
 
Date: March 8, 2019
By:
/s/ Ryan H. Siurek
 
 
Ryan H. Siurek
 
 
Senior Vice President, Controller and
Chief Accounting Officer
 
 
(Principal Accounting Officer)



44
 EX-10.1 2 exhibit1014thamendingagree.htm WB CREDIT AGREEMENT AMENDMENT Exhibit


Exhibit 10.1

FOURTH AMENDING AGREEMENT
THIS FOURTH AMENDING AGREEMENT (the “Amendment”) is dated as of November 30, 2018 and is entered into between Whistler Mountain Resort Limited Partnership (“Whistler LP”), by its general partner, Whistler Blackcomb Holdings Inc. (the “Parent GP”), and Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP” and together with Whistler LP, the “Borrowers”), by its general partner, Parent GP, the guarantors party hereto, the Continuing Lenders (as defined below) and The Toronto-Dominion Bank, as administrative agent (the “Administrative Agent”);
WHEREAS the Borrowers, the lenders from time to time party thereto (the “Lenders”), the guarantors from time to time party thereto (the “Guarantors”) and the Administrative Agent are parties to an Amended and Restated Credit Agreement dated as of November 12, 2013, as amended by a First Amending Agreement dated as of October 30, 2014, a Second Amending Agreement and Waiver dated as of October 14, 2016 and a Third Amending Agreement dated as of February 13, 2017 (as amended, restated, amended and restated, supplemented, extended or otherwise modified to but excluding the date hereof, the “Credit Agreement”);
AND WHEREAS the Borrowers have submitted an extension request (the “Extension Request”) to extend the Maturity Date under the Credit Agreement to December 15, 2023 (the “New Maturity Date”);
AND WHEREAS pursuant to Section 18.01 of the Credit Agreement, the Extension Request requires the approval of all of the affected Lenders;
AND WHEREAS one of the Lenders, Raymond James Finance Company of Canada Ltd. (the “Exiting Lender”), has agreed to assign in full its $20,000,000 Commitment under the Credit Agreement, and two of the Lenders, HSBC Bank Canada and Fédération des caisses Desjardins du Québec, have each agreed to acquire and assume $10,000,000 of the Exiting Lender’s Commitment, a corresponding portion of the Accommodations Outstanding and the Exiting Lender's rights and obligations under the Credit Agreement, in each case pursuant to Assignment and Assumptions in the form contemplated by the Credit Agreement (the “Exiting Lender Assignments and Assumptions”);
AND WHEREAS the parties hereto wish to amend the Credit Agreement to reflect the New Maturity Date and the revised allocation of the Commitments among the Lenders that will be party to the Credit Agreement after giving effect to the Exiting Lender Assignments and Assumptions (the “Continuing Lenders”), as of the date on which all conditions to the effectiveness of this Amendment have been satisfied;
NOW THEREFORE for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows:
ARTICLE 1
INTERPRETATION
Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.



- 2 -


ARTICLE 2
AMENDMENTS TO CREDIT AGREEMENT
Subject to the satisfaction of each of the conditions set forth in this Amendment, and in reliance on the representations, warranties and agreements contained in this Amendment, the Credit Agreement is hereby amended as follows:
2.1
Definition of Maturity Date
Section 1.01 of the Credit Agreement is hereby amended by deleting the definition of “Maturity Date” in its entirety and replacing it with the following:
““Maturity Date” means December 15, 2023, or any subsequent date to which the Maturity Date is extended in accordance with Section 2.11.”
2.2
Schedule 10
Schedule 10 of the Credit Agreement is hereby deleted in its entirety and replaced with the new form of Schedule 10 attached as Exhibit A hereto.
ARTICLE 3
REPRESENTATIONS AND WARRANTIES
3.1
Representations and Warranties
Each of the Parent GP and the Loan Parties represents and warrants that the representations and warranties contained in Section 7.01 of the Credit Agreement continue to be true and correct as if made on and as of the date hereof except for those changes to the representations and warranties which have been disclosed to and accepted by the Administrative Agent and the Lenders pursuant to section 18.01 of the Credit Agreement and any representation and warranty which is stated to be made only as of a certain date (and then as of such date). Each of the Parent GP and the Loan Parties further represents and warrants that:
(a)
no Default or Event of Default has occurred and is continuing or would exist after giving effect to the amendments contemplated hereto;
(b)
it has all requisite corporate, partnership or other power and authority to enter into and perform its obligations under this Amendment;
(c)
the execution, delivery and performance of this Amendment has been duly authorized by all corporate, partnership or other analogous actions required and this Amendment has been duly executed and delivered by it, and constitutes a legal, valid and binding obligation enforceable against it in accordance with its terms, subject only to any limitations under Laws relating to (i) bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally; and (ii) general equitable principles including the discretion that a court may exercise in granting of equitable remedies; and
(d)
the execution and delivery of this Amendment and the performance of its obligations hereunder and compliance with the terms, conditions and provisions hereof, will not


- 3 -


(i) conflict with or result in a breach of any of the material terms, conditions or provisions of (a) its partnership agreement or other constating documents, as applicable, or by‑laws, (b) any Law, (c) any Material Agreement or Material Permit, or (d) any judgment, injunction, determination or award which is binding on it; or (ii) result in, require or permit (x) the imposition of any Encumbrance in, on or with respect to the Assets now owned or hereafter acquired by it (other than pursuant to the Security Documents or which is a Permitted Encumbrance), (y) the acceleration of the maturity of any material Debt binding on or affecting it, or (z) any third party to terminate or acquire any rights materially adverse to Parent GP or the applicable Loan Party under any Material Agreement.

ARTICLE 4
CONFIRMATION OF SECURITY
4.1
Confirmation of Security Documents
Each of the Parent GP, the Borrowers and the other Loan Parties hereby acknowledges and confirms that each Security Document to which it is a party:
(a)
is and shall remain in full force and effect in all respects, notwithstanding the amendments and supplements to the Credit Agreement made pursuant to this Amendment, and has not been amended, terminated, discharged or released;
(b)
constitutes a legal, valid and binding obligation of the undersigned, enforceable against the undersigned in accordance with its terms; and
(c)
shall, together with that portion of the Security constituted thereby, continue to exist and apply to all of the Guaranteed Obligations and other obligations of the undersigned including, without limitation, any and all obligations, liabilities and indebtedness of the undersigned pursuant to Accommodations or otherwise outstanding under the Credit Agreement and the other Credit Documents to which it is a party.
4.2
Nature of Acknowledgements
The foregoing acknowledgements and confirmations (i) are in addition to and shall not limit, derogate from or otherwise affect any provisions of the Credit Agreement or the other Credit Documents, and (ii) do not serve as an acknowledgment by any of the Lenders or the Administrative Agent that, in the event of a future change to the constitution of any Loan Party, any material change to the terms of the Credit Agreement or the other Credit Documents or any other change of circumstances, a similar acknowledgment and confirmation need be entered into.
4.3
Further Assurances
The parties hereto shall from time to time do all such further acts and things and execute and deliver all such documents as are required in order to effect the full intent of and fully perform and carry out the terms of this Agreement.


- 4 -



ARTICLE 5
CONDITIONS
The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent:
(a)
the Administrative Agent shall have received a copy of this Amendment duly executed by all parties hereto;
(b)
the Administrative Agent shall have received a copy of each of the Exiting Lender Assignments and Assumptions duly executed by all parties thereto;
(c)
the Administrative Agent shall have received, on behalf of the Continuing Lenders, payment in full from the Borrowers of all fees relating to the Amendment;
(d)
the Administrative Agent shall have received an officer’s certificate of Parent GP (i) attaching the written resolutions of the directors of Parent GP, dated on or about November 12, 2013, approving, among other things, the execution and delivery of the Credit Agreement and related documents and agreements by Parent GP and the Borrowers, and the performance by them of their respective obligations thereunder (the “Resolutions”), and (ii) confirming that the Resolutions remain in full force and effect, unamended to the date hereof;
(e)
no Default or Event of Default shall have occurred and be continuing; and
(f)
all representations and warranties set out in the Credit Documents and this Amendment shall be true and correct as if made on and as of the date hereof except for those changes to the representations and warranties which have been disclosed to and accepted by the Administrative Agent and the Lenders pursuant to section 18.01 of the Credit Agreement and any representation and warranty which is stated to be made only as of a certain date (and then as of such date).
ARTICLE 6
MISCELLANEOUS
6.1
Benefits
This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors and assigns.
6.2
References to the Credit Agreement
As of and from the effective date of this Amendment, each reference to the “Credit Agreement” in any of the Credit Documents (including the Credit Agreement) shall be deemed to be a reference to the Credit Agreement, as amended by this Amendment.


- 5 -


6.3
Governing Law
This Amendment and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of the Province of British Columbia and the federal laws of Canada applicable therein.
6.4
Credit Document
This Amendment shall be a Credit Document.
6.5
Limited Effect
Except as expressly provided herein, all of the terms and provisions of the Credit Agreement are and shall remain in full force and effect and are hereby ratified and confirmed by the Borrowers.
6.6
Counterparts
This Amendment may be executed in any number of counterparts, including by facsimile or portable document format, each of which shall be deemed to be an original.
[Remainder of this page intentionally left blank]



IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date first above written.

 
 
WHISTLER MOUNTAIN RESORT LIMITED PARTNERSHIP, by its general partner, WHISTLER BLACKCOMB HOLDINGS INC., as Borrower
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 
 
 
 
 
BLACKCOMB SKIING ENTERPRISES LIMITED PARTNERSHIP, by its general partner, WHISTLER BLACKCOMB HOLDINGS INC., as Borrower
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 
 
 






 
 
THE TORONTO-DOMINION BANK, as Administrative Agent
By:
/s/ Feroz Haq
 
Feroz Haq
 
Director, Loan Syndications - Agency





 
 
THE TORONTO-DOMINION BANK, as Lender
By:
/s/ Rahim Kabani
 
Rahim Kabani
 
Managing Director
By:
/s/ Ben Montgomery
 
Ben Montgomery
 
 
 
Director
 
 
 
 
 
 
BANK OF AMERICA, N.A., CANADA BRANCH, as Lender
By:
/s/ David Rafferty
 
David Rafferty
 
Vice President
 
 
 
 
 
 
BANK OF MONTREAL, as Lender
By:
/s/ Tony Chong
 
Tony Chong
 
Director - Corporate Finance Division
By:
/s/ Doug Mills


Doug Mills
 
 
 
Managing Director - Corporate Finance Division
 
 
 
 
 
 
WELLS FARGO BANK, N.A., CANADIAN BRANCH, as Lender
By:
/s/ Chris Sheppard
 
Chris Sheppard
 
Senior Vice President
By:
/s/ John Davis
 
John Davis
 
 
 
Senior Vice-President
Regional Manager
 
 
 
 
 


ROYAL BANK OF CANADA, as Lender
By:
/s/ Andra Bosneaga
 
Andra Bosneaga
 
Vice-President




 
 
CANADIAN IMPERIAL BANK OF COMMERCE, as Lender
By:
/s/ Zee Noorani
 
Zee Noorani
By:
/s/ Thomas MacGregor
 
Thomas MacGregor
 
 
 
 
 
 
FÉDÉRATION DES CAISSES DESJARDINS DU QUÉBEC, as Lender
By:
/s/ Oliver Sumugod
 
Oliver Sumugod
 
Director
By:
/s/ Matt van Remmen
 
Matt van Remmen
 
 
 
Managing Director
 
 
 
 
 
 
HSBC BANK CANADA, as Lender
By:
/s/ Todd Patchell
 
Todd Patchell
 
Vice President
By:
/s/ Reid Hamilton
 
Reid Hamilton
 
 
 
Assistant Vice President - Corporate Banking





 
WHISTLER MOUNTAIN RESORT LIMITED PARTNERSHIP, by its general partner, WHISTLER BLACKCOMB HOLDINGS INC., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 


 
BLACKCOMB SKIING ENTERPRISES LIMITED PARTNERSHIP, by its general partner, WHISTLER BLACKCOMB HOLDINGS INC., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 


 
WHISTLER BLACKCOMB HOLDINGS INC., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 


 
WHISTLER & BLACKCOMB MOUNTAIN RESORTS LIMITED, as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 


 
PEAK TO CREEK LODGING COMPANY LTD., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 
 
 






 
BLACKCOMB MOUNTAIN DEVELOPMENT LTD., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 


 
GARIBALDI LIFTS LTD., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 


 
WHISTLER BLACKCOMB EMPLOYMENT CORP., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 


 
WHISTLER/BLACKCOMB MOUNTAIN EMPLOYEE HOUSING LTD., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 







 
WHISTLER SKI SCHOOL LTD., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 


 
CRANKWORX EVENTS INC., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 


 
WHISTLER HELI-SKIING LTD., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 
 
 







 
PEAK TO CREEK HOLDINGS CORP., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 


 
WB LAND INC., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 


 
WHISTLER BLACKCOMB GENERAL PARTNER LTD., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 






 
WB/T DEVELOPMENT LTD., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 


 
BLACKCOMB SKIING ENTERPRISES LTD., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 


 
AFFINITY SNOWSPORTS INC., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 
 
 






 
WHISTLER ALPINE CLUB INC., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 


 
WB LAND (CREEKSIDE SNOW SCHOOL) INC., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer
 
 
 
 


 
1016563 B.C. LTD., as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer


 
SUMMIT SKI LIMITED, as Guarantor
By:
/s/ Michael Z. Barkin
 
Name: Michael Z. Barkin
Title: Executive Vice President and Chief Financial Officer




Exhibit A
SCHEDULE 10
LENDERS AND COMMITMENTS
Lender
Address
Commitment ($)
The Toronto-Dominion Bank
700 West Georgia Street
Suite 1700
Vancouver, BC V7Y 1B6
50,000,000 1
Bank of America, N.A., Canada Branch
181 Bay Street, Suite 400, Toronto, ON M5J 2V8
40,000,000
Bank of Montreal
885 West Georgia Street, Suite 1700, Vancouver, BC V6C 3E8
40,000,000
Wells Fargo Bank, N.A., Canadian Branch
330 - 200 Burrard Street, Vancouver, BC V6C 3L6
40,000,000
Royal Bank of Canada
Suite 2100, 666 Burrard Street, Vancouver, BC V6C 3B1
40,000,000
Canadian Imperial Bank of Commerce
161 Bay Street, 8th Floor, Toronto, ON M5J 2S8
30,000,000 2
Fédération des caisses Desjardins du Québec
110 - 9th Avenue SW, Suite 410, Calgary, AB T2P 0T1
30,000,000
HSBC Bank Canada
Suite 200 - 885 West Georgia Street, Vancouver, BC V6C 3G1
30,000,000
TOTAL
 
300,000,000

                                                                


1A portion of the Commitment of The Toronto-Dominion Bank consisting of $20,000,000 (less the amount of all Existing Documentary Credits outstanding from time to time) will be represented by the Swing Line Commitment.
2A portion of the Commitment of Canadian Imperial Bank of Commerce will consist of the amount of all Existing Documentary Credits outstanding from time to time.


 EX-31.1 3 exhibit3112019-q2.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER Exhibit


Exhibit 31.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002

I, Robert A. Katz, certify that:

1.
I have reviewed this quarterly report on Form 10-Q of Vail Resorts, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 8, 2019
 
 
/s/ ROBERT A. KATZ
 
Robert A. Katz
 
Chief Executive Officer



 EX-31.2 4 exhibit3122019-q2.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER Exhibit


 Exhibit 31.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002

I, Michael Z. Barkin, certify that:

1.
I have reviewed this quarterly report on Form 10-Q of Vail Resorts, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: March 8, 2019
 
 
/s/ MICHAEL Z. BARKIN
 
Michael Z. Barkin
 
Executive Vice President and Chief Financial Officer




 EX-32 5 exhibit322019-q2.htm CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER Exhibit


Exhibit 32

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
AND THE CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT
TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned hereby certifies in his capacity as an officer of Vail Resorts, Inc. (the “Company”) that the Company's Quarterly Report on Form 10-Q for the quarter ended January 31, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such Report fairly presents, in all material respects, the financial condition and the results of operations of the Company at the end of and for the periods covered by such Report.
 
Date: March 8, 2019
 
 
/s/ ROBERT A. KATZ
 
Robert A. Katz
 
Chief Executive Officer
 
Date: March 8, 2019
 
 
/s/ MICHAEL Z. BARKIN
 
Michael Z. Barkin
 
Executive Vice President and Chief Financial Officer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is not a part of the Form 10-Q to which it refers, and is, to the extent permitted by law, provided by each of the above signatories to the extent of his respective knowledge. This certification is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Vail Resorts, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-Q), irrespective of any general incorporation language contained in such filing. A signed original of this written statement required by Section 906 has been provided to Vail Resorts, Inc. and will be furnished to the Securities and Exchange Commission or its staff upon request.



 EX-101.INS 6 mtn-20190131.xml XBRL INSTANCE DOCUMENT 0000812011 2018-08-01 2019-01-31 0000812011 mtn:StevensPassMember 2018-08-01 2019-01-31 0000812011 mtn:TriplePeaksLLCMember 2018-08-01 2019-01-31 0000812011 2019-03-04 0000812011 2019-01-31 0000812011 2018-01-31 0000812011 2018-07-31 0000812011 2018-11-01 2019-01-31 0000812011 2017-08-01 2018-01-31 0000812011 2017-11-01 2018-01-31 0000812011 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-08-01 2019-01-31 0000812011 us-gaap:TreasuryStockMember 2017-07-31 0000812011 mtn:TotalVailResortsIncStockholdersEquityMember 2018-08-01 2019-01-31 0000812011 us-gaap:NoncontrollingInterestMember 2017-08-01 2018-01-31 0000812011 us-gaap:TreasuryStockMember 2018-01-31 0000812011 mtn:TotalVailResortsIncStockholdersEquityMember 2017-07-31 0000812011 us-gaap:NoncontrollingInterestMember 2018-08-01 2019-01-31 0000812011 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-31 0000812011 mtn:TotalVailResortsIncStockholdersEquityMember 2018-01-31 0000812011 us-gaap:AdditionalPaidInCapitalMember 2018-08-01 2019-01-31 0000812011 us-gaap:CommonStockMember 2017-07-31 0000812011 us-gaap:RetainedEarningsMember 2017-08-01 2018-01-31 0000812011 us-gaap:AdditionalPaidInCapitalMember 2017-07-31 0000812011 us-gaap:CommonStockMember 2017-08-01 2018-01-31 0000812011 us-gaap:CommonStockMember 2018-08-01 2019-01-31 0000812011 us-gaap:RetainedEarningsMember 2018-08-01 2019-01-31 0000812011 mtn:TotalVailResortsIncStockholdersEquityMember 2017-08-01 2018-01-31 0000812011 us-gaap:CommonStockMember 2018-01-31 0000812011 us-gaap:AdditionalPaidInCapitalMember 2018-01-31 0000812011 mtn:TotalVailResortsIncStockholdersEquityMember 2018-07-31 0000812011 2017-07-31 0000812011 us-gaap:AdditionalPaidInCapitalMember 2017-08-01 2018-01-31 0000812011 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-07-31 0000812011 us-gaap:TreasuryStockMember 2018-08-01 2019-01-31 0000812011 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-31 0000812011 mtn:TotalVailResortsIncStockholdersEquityMember 2019-01-31 0000812011 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-31 0000812011 us-gaap:NoncontrollingInterestMember 2017-07-31 0000812011 us-gaap:AdditionalPaidInCapitalMember 2018-07-31 0000812011 us-gaap:NoncontrollingInterestMember 2019-01-31 0000812011 us-gaap:TreasuryStockMember 2018-07-31 0000812011 us-gaap:TreasuryStockMember 2019-01-31 0000812011 us-gaap:RetainedEarningsMember 2017-07-31 0000812011 us-gaap:NoncontrollingInterestMember 2018-07-31 0000812011 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-08-01 2018-01-31 0000812011 us-gaap:CommonStockMember 2018-07-31 0000812011 mtn:ExchangeableSharesMember 2018-07-31 0000812011 us-gaap:RetainedEarningsMember 2018-01-31 0000812011 us-gaap:AdditionalPaidInCapitalMember 2019-01-31 0000812011 us-gaap:RetainedEarningsMember 2019-01-31 0000812011 us-gaap:NoncontrollingInterestMember 2018-01-31 0000812011 mtn:ExchangeableSharesMember 2019-01-31 0000812011 mtn:ExchangeableSharesMember 2018-01-31 0000812011 us-gaap:RetainedEarningsMember 2018-07-31 0000812011 us-gaap:CommonStockMember 2019-01-31 0000812011 mtn:ExchangeableSharesMember 2017-07-31 0000812011 us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2018-08-01 2019-01-31 0000812011 mtn:LodgingrevenueexcludingpayrollcostreimbursementsMember 2017-11-01 2018-01-31 0000812011 mtn:DiningMember 2017-11-01 2018-01-31 0000812011 mtn:RetailRentalMember 2018-11-01 2019-01-31 0000812011 mtn:ManagedcondominiumroomsMember 2018-08-01 2019-01-31 0000812011 mtn:ManagedcondominiumroomsMember 2018-11-01 2019-01-31 0000812011 mtn:LodgingrevenueexcludingpayrollcostreimbursementsMember 2018-11-01 2019-01-31 0000812011 mtn:GolfMember 2017-11-01 2018-01-31 0000812011 mtn:RetailRentalMember 2017-08-01 2018-01-31 0000812011 mtn:LiftTicketsMember 2018-11-01 2019-01-31 0000812011 mtn:DiningMember 2017-08-01 2018-01-31 0000812011 mtn:SkiSchoolMember 2017-11-01 2018-01-31 0000812011 mtn:TransportationMember 2018-08-01 2019-01-31 0000812011 mtn:LodgingrevenueexcludingpayrollcostreimbursementsMember 2018-08-01 2019-01-31 0000812011 mtn:OwnedHotelRevenueMember 2018-08-01 2019-01-31 0000812011 mtn:OtherMountainRevenueMember 2017-11-01 2018-01-31 0000812011 mtn:DiningMember 2018-11-01 2019-01-31 0000812011 mtn:GolfMember 2018-11-01 2019-01-31 0000812011 mtn:SkiSchoolMember 2017-08-01 2018-01-31 0000812011 mtn:OtherLodgingRevenueMember 2017-11-01 2018-01-31 0000812011 mtn:DiningMember 2018-08-01 2019-01-31 0000812011 mtn:OwnedHotelRevenueMember 2017-08-01 2018-01-31 0000812011 mtn:SkiSchoolMember 2018-11-01 2019-01-31 0000812011 mtn:GolfMember 2018-08-01 2019-01-31 0000812011 mtn:SkiSchoolMember 2018-08-01 2019-01-31 0000812011 mtn:OtherMountainRevenueMember 2018-11-01 2019-01-31 0000812011 mtn:OtherLodgingRevenueMember 2018-08-01 2019-01-31 0000812011 mtn:RetailRentalMember 2017-11-01 2018-01-31 0000812011 mtn:OtherMountainRevenueMember 2017-08-01 2018-01-31 0000812011 mtn:ManagedcondominiumroomsMember 2017-08-01 2018-01-31 0000812011 mtn:PayrollcostreimbursementsMember 2017-11-01 2018-01-31 0000812011 mtn:TransportationMember 2017-08-01 2018-01-31 0000812011 mtn:OtherLodgingRevenueMember 2018-11-01 2019-01-31 0000812011 mtn:PayrollcostreimbursementsMember 2017-08-01 2018-01-31 0000812011 mtn:TransportationMember 2018-11-01 2019-01-31 0000812011 mtn:LiftTicketsMember 2018-08-01 2019-01-31 0000812011 mtn:TransportationMember 2017-11-01 2018-01-31 0000812011 mtn:GolfMember 2017-08-01 2018-01-31 0000812011 mtn:LiftTicketsMember 2017-11-01 2018-01-31 0000812011 mtn:OwnedHotelRevenueMember 2018-11-01 2019-01-31 0000812011 mtn:LodgingrevenueexcludingpayrollcostreimbursementsMember 2017-08-01 2018-01-31 0000812011 mtn:OtherMountainRevenueMember 2018-08-01 2019-01-31 0000812011 mtn:PayrollcostreimbursementsMember 2018-11-01 2019-01-31 0000812011 mtn:OtherLodgingRevenueMember 2017-08-01 2018-01-31 0000812011 mtn:LiftTicketsMember 2017-08-01 2018-01-31 0000812011 mtn:PayrollcostreimbursementsMember 2018-08-01 2019-01-31 0000812011 mtn:RetailRentalMember 2018-08-01 2019-01-31 0000812011 mtn:ManagedcondominiumroomsMember 2017-11-01 2018-01-31 0000812011 mtn:OwnedHotelRevenueMember 2017-11-01 2018-01-31 0000812011 us-gaap:ScenarioForecastMember 2019-03-07 2019-03-07 0000812011 mtn:ExchangeableSharesMember 2018-08-01 2019-01-31 0000812011 us-gaap:ScenarioForecastMember 2019-03-27 2019-03-27 0000812011 us-gaap:ScenarioForecastMember 2019-04-11 2019-04-11 0000812011 mtn:WhistlerCreditAgreementrevolverMember 2018-08-01 2019-01-31 0000812011 mtn:WhistlerCreditAgreementrevolverMember 2018-01-31 0000812011 us-gaap:LineOfCreditMember 2019-01-31 0000812011 mtn:TermLoanMember 2019-01-31 0000812011 mtn:TermLoanMember 2018-01-31 0000812011 mtn:CanyonsObligationMember 2019-01-31 0000812011 mtn:OtherDebtMember 2018-07-31 0000812011 mtn:CanyonsObligationMember 2018-08-01 2019-01-31 0000812011 mtn:TermLoanMember 2018-08-01 2019-01-31 0000812011 mtn:WhistlerCreditAgreementrevolverMember 2018-07-31 0000812011 mtn:OtherDebtMember 2018-01-31 0000812011 mtn:WhistlerCreditAgreementrevolverMember 2019-01-31 0000812011 mtn:OtherDebtMember 2019-01-31 0000812011 us-gaap:LineOfCreditMember 2018-08-01 2019-01-31 0000812011 mtn:CanyonsObligationMember 2018-01-31 0000812011 mtn:CanyonsObligationMember 2018-07-31 0000812011 us-gaap:LineOfCreditMember 2018-01-31 0000812011 mtn:EmployeeHousingBondsMember 2018-01-31 0000812011 mtn:EmployeeHousingBondsMember 2019-01-31 0000812011 mtn:EmployeeHousingBondsMember 2018-07-31 0000812011 mtn:TermLoanMember 2018-07-31 0000812011 us-gaap:LineOfCreditMember 2018-07-31 0000812011 currency:CAD mtn:WhistlerCreditAgreementrevolverMember 2019-01-31 0000812011 mtn:TermLoanMember 2018-08-15 2018-08-15 0000812011 srt:MaximumMember mtn:EmployeeHousingBondsMember 2018-08-01 2019-01-31 0000812011 srt:MaximumMember mtn:OtherDebtMember 2018-08-01 2019-01-31 0000812011 srt:MinimumMember mtn:OtherDebtMember 2018-08-01 2019-01-31 0000812011 srt:MinimumMember mtn:EmployeeHousingBondsMember 2018-08-01 2019-01-31 0000812011 mtn:TriplePeaksLLCMember 2019-01-31 0000812011 mtn:StevensPassMember 2019-01-31 0000812011 mtn:MountainMember 2019-01-31 0000812011 mtn:MountainMember 2018-08-01 2019-01-31 0000812011 mtn:LodgingMember 2019-01-31 0000812011 mtn:LodgingMember 2018-07-31 0000812011 mtn:MountainMember 2018-07-31 0000812011 us-gaap:FairValueInputsLevel3Member 2018-01-31 0000812011 us-gaap:FairValueInputsLevel2Member us-gaap:CommercialPaperMember 2018-01-31 0000812011 us-gaap:FairValueInputsLevel1Member 2018-01-31 0000812011 us-gaap:FairValueInputsLevel2Member us-gaap:CertificatesOfDepositMember 2018-07-31 0000812011 us-gaap:FairValueInputsLevel2Member us-gaap:CertificatesOfDepositMember 2018-01-31 0000812011 us-gaap:FairValueInputsLevel3Member 2018-07-31 0000812011 us-gaap:CommercialPaperMember 2019-01-31 0000812011 us-gaap:FairValueInputsLevel1Member 2019-01-31 0000812011 us-gaap:CertificatesOfDepositMember 2019-01-31 0000812011 us-gaap:CertificatesOfDepositMember 2018-01-31 0000812011 us-gaap:CommercialPaperMember 2018-07-31 0000812011 us-gaap:CertificatesOfDepositMember 2018-07-31 0000812011 us-gaap:FairValueInputsLevel2Member us-gaap:CertificatesOfDepositMember 2019-01-31 0000812011 us-gaap:FairValueInputsLevel3Member 2019-01-31 0000812011 us-gaap:FairValueInputsLevel1Member 2018-07-31 0000812011 us-gaap:FairValueInputsLevel2Member us-gaap:CommercialPaperMember 2018-07-31 0000812011 us-gaap:CommercialPaperMember 2018-01-31 0000812011 us-gaap:FairValueInputsLevel2Member us-gaap:CommercialPaperMember 2019-01-31 0000812011 mtn:EmployeeHousingBondsMember 2019-01-31 0000812011 mtn:HollandCreekMetropolitanDistrictMember 2018-08-01 2019-01-31 0000812011 mtn:HollandCreekMetropolitanDistrictMember 2019-01-31 0000812011 mtn:WorkersCompensationAndGeneralLiabilityRelatedToConstructionAndDevelopmentActivitiesMember 2019-01-31 0000812011 mtn:RedSkyRanchMetropolitanDistrictMember 2018-08-01 2019-01-31 0000812011 mtn:RedSkyRanchMetropolitanDistrictMember 2019-01-31 0000812011 mtn:RedSkyRanchMetropolitanDistrictMember 2018-01-31 0000812011 mtn:RedSkyRanchMetropolitanDistrictMember 2018-07-31 0000812011 mtn:LiftTicketsMember 2018-11-01 2019-01-31 0000812011 mtn:DiningMember 2018-11-01 2019-01-31 0000812011 mtn:SkiSchoolMember 2017-11-01 2018-01-31 0000812011 mtn:MountainMember 2017-08-01 2018-01-31 0000812011 mtn:LiftTicketsMember 2017-11-01 2018-01-31 0000812011 mtn:SkiSchoolMember 2018-08-01 2019-01-31 0000812011 mtn:ResortMember 2017-08-01 2018-01-31 0000812011 mtn:OtherMountainRevenueMember 2017-11-01 2018-01-31 0000812011 mtn:LodgingMember 2017-11-01 2018-01-31 0000812011 mtn:ResortMember 2018-08-01 2019-01-31 0000812011 us-gaap:RealEstateMember 2017-11-01 2018-01-31 0000812011 mtn:LodgingMember 2018-11-01 2019-01-31 0000812011 mtn:LiftTicketsMember 2017-08-01 2018-01-31 0000812011 mtn:MountainMember 2017-11-01 2018-01-31 0000812011 mtn:DiningMember 2018-08-01 2019-01-31 0000812011 mtn:RetailRentalMember 2018-08-01 2019-01-31 0000812011 us-gaap:RealEstateMember 2018-11-01 2019-01-31 0000812011 mtn:ResortMember 2018-11-01 2019-01-31 0000812011 mtn:OtherMountainRevenueMember 2018-11-01 2019-01-31 0000812011 mtn:ResortMember 2017-11-01 2018-01-31 0000812011 mtn:RetailRentalMember 2017-08-01 2018-01-31 0000812011 mtn:SkiSchoolMember 2017-08-01 2018-01-31 0000812011 us-gaap:RealEstateMember 2018-08-01 2019-01-31 0000812011 mtn:DiningMember 2017-11-01 2018-01-31 0000812011 mtn:LodgingMember 2018-08-01 2019-01-31 0000812011 mtn:OtherMountainRevenueMember 2017-08-01 2018-01-31 0000812011 mtn:RetailRentalMember 2018-11-01 2019-01-31 0000812011 mtn:DiningMember 2017-08-01 2018-01-31 0000812011 mtn:OtherMountainRevenueMember 2018-08-01 2019-01-31 0000812011 mtn:LiftTicketsMember 2018-08-01 2019-01-31 0000812011 mtn:RetailRentalMember 2017-11-01 2018-01-31 0000812011 mtn:MountainMember 2018-11-01 2019-01-31 0000812011 mtn:SkiSchoolMember 2018-11-01 2019-01-31 0000812011 us-gaap:RealEstateMember 2017-08-01 2018-01-31 0000812011 mtn:LodgingMember 2017-08-01 2018-01-31 0000812011 2008-07-16 0000812011 2015-12-04 0000812011 2006-03-09 0000812011 mtn:FallsCreekandHothamMember us-gaap:ScenarioForecastMember 2018-08-01 2019-07-31 iso4217:USD xbrli:pure xbrli:shares iso4217:USD xbrli:shares iso4217:AUD false --07-31 Q2 2019 2019-01-31 10-Q 0000812011 40196699 Yes false Large Accelerated Filer VAIL RESORTS INC false MTN 588563000 504533000 685736000 64000000 74100000 515000 0 0 0 700000 1900000 The estimated fair value of Contingent Consideration includes the future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed growth factor. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 11.3%, volatility of 17.5% and future period Park City EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs. 6300000 2063 2023 2023 2023 308372000 3668000 305262000 308930000 -558000 253235000 8023000 246825000 254848000 -1613000 356849000 5757000 352225000 357982000 -1133000 283066000 9653000 275818000 285471000 -2405000 2031-07-31 0.01 0.01 0.01 60000 58000 57000 1000 1000 1000 515000 515000 0 0 559135000 552271000 617492000 59871000 127605000 67492000 138496000 63539000 7869000 0 59954000 23358000 9914000 11353000 3585000 7460000 135628000 23749000 8767000 128734000 33529000 21688000 30988000 6894000 10013000 73249000 10189000 0 69625000 28046000 12120000 11548000 3624000 7722000 148149000 26318000 9459000 140872000 39164000 24588000 31147000 7277000 10196000 -35000 487000 160000 1110000 365605000 572689000 424008000 646371000 670902000 53910000 381912000 39518000 115446000 80116000 53910000 381912000 39518000 115446000 80116000 819027000 72212000 407380000 94028000 160853000 84554000 72212000 407380000 94028000 160853000 84554000 776073000 65409000 447558000 42426000 128436000 92244000 65409000 447558000 42426000 128436000 92244000 921079000 83701000 472243000 96841000 171778000 96516000 83701000 472243000 96841000 171778000 96516000 57237000 92916000 63505000 98381000 70736000 128599000 77362000 141741000 297503000 478779000 350633000 544745000 140069000 216935000 162203000 238087000 594372000 737720000 687119000 831141000 426683000 703192000 492889000 787626000 75000000 289793000 291506000 274998000 5000000 116726000 114319000 112065000 11920000 7667000 1207000 2898000 1389000 2759000 134000 770000 256000 354000 29140000 11193000 425476000 700294000 491500000 784867000 734441000 954655000 849322000 1069228000 3000000 1500000 10400000 23309000 21839000 20450000 62172000 60697000 65642000 40414000 40281000 40271000 40359000 61000 62000 57000 57000 94680000 80793000 106183000 85428000 230829000 87721000 35109000 33963000 37991000 32497000 50632000 27544000 52329000 40034000 66090000 1612391000 1643499000 1741248000 58750000 -2227000 -13949000 1160243000 1137467000 1135709000 300000 600000 400000 700000 5000 5000 56000 40000 4156806000 4064984000 4244922000 481009000 538736000 415266000 1206465000 1193528000 1280972000 5.98 5.11 2.46 5.82 4.95 2.41 242039000 206318000 99576000 788466000 1023704000 1077107000 229100000 174000000 155000000 0 -1900000 42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company. 27400000 23754000 23754000 21900000 21900000 23733000 23733000 752000 5197000 886000 3522000 2680000 27661000 4026000 19792000 64035000 229093000 34865000 159799000 1200000 2800000 12097000 22731000 116210000 113699000 122038000 5400000 5200000 235460000 178145000 158561000 7162000 2401000 7162000 2401000 11249000 2401000 11249000 2401000 6774000 2401000 6774000 2401000 127662000 259026000 185040000 179323000 131364000 -5717000 1.05 2.11 1.47 2.940 1.76 1.053 2.106 1.47 2.940 0.01 0.01 0.01 100000000 100000000 100000000 45857000 46021000 46101000 458000 460000 461000 283850000 221661000 221661000 212996000 86832000 86832000 29831000 14688000 14688000 12857000 5659000 5659000 313681000 236349000 225853000 92491000 25556000 59579000 23342000 0.0400 0.0392 2023-08-15 2023-12-15 2039-12-31 2028-12-31 2027-12-31 2024-12-31 0.0030 -36728000 32279000 126500000 125400000 292336000 282103000 346356000 144393000 133918000 179794000 43457000 26646000 52867000 51404000 100028000 55238000 106281000 2019-04-11 85226000 85226000 85226000 118714000 118714000 118714000 2019-03-27 5.82 5.14 5.12 2.44 5.67 4.97 5.02 2.39 1529000 -2563000 53081000 4711000 10337000 2991000 450000 -1861000 298932000 283694000 323406000 538000 1105000 1097000 478000 1533980000 1475686000 67899000 1407787000 1547084000 67899000 1479185000 81584000 28878000 52706000 81584000 -10186000 -10186000 252267000 126936000 281963000 134832000 3594000 -89810000 63973000 27568000 73148000 97083000 -103691000 -145305000 -12623000 -18000000 52240000 48061000 11541000 14398000 550000 2538000 12800000 293149000 280572000 305885000 210000000 15973000 31147000 21002000 39640000 16000000 31100000 21000000 39600000 97480000 85588000 103010000 103212000 99385000 101730000 397000 780000 507000 970000 76500000 6400000 53400000 18100000 2276028000 2253321000 2561827000 4156806000 4064984000 4244922000 659493000 593620000 761773000 950000000 265600000 2018-08-15 2013-11-12 300000000 400000000 0.003937 1224508000 331647000 52575000 9590000 703125000 97571000 30000000 1276082000 334509000 52575000 9270000 684375000 65353000 130000000 1397645000 337385000 52575000 8656000 938125000 60904000 0 1182349000 1234277000 1345262000 38433000 38455000 48493000 In addition, pursuant to the terms of the Vail Holdings Credit Agreement, VHI has the ability to increase availability (under the revolver or in the form of term loans) to an aggregate principal amount not to exceed the greater of (i) $1.2 billion and (ii) the product of 2.75 and the trailing twelve-month Adjusted EBITDA, as defined in the Vail Holdings Credit Agreement. The term loan facility is subject to quarterly amortization of principal of approximately $11.9 million, which began on January 31, 2019, in equal installments, for a total of five percent of principal payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due in August 2023. Borrowings under the Whistler Credit Agreement are available in Canadian or U.S. dollars and bear interest annually, subject to an applicable margin based on the WB Partnerships’ Consolidated Total Leverage Ratio (as defined in the Whistler Credit Agreement), with pricing as of January 31, 2019, in the case of borrowings (i) in Canadian dollars, at the WB Partnerships’ option, either (a) at the Canadian Prime Rate plus 0.75% per annum or (b) by way of the issuance of bankers’ acceptances plus 1.75% per annum; and (ii) in U.S. dollars, at the WB Partnerships option, either at (a) the U.S. Base Rate plus 0.75% per annum or (b) Bankers Acceptance Rate plus 1.75% per annum 1179091000 48719000 48648000 48580000 48516000 24091000 1046134000 1007250000 1139443000 235450000 222229000 219817000 5265000 5265000 8071000 8071000 -1776000 -1776000 3013000 3013000 3021000 3021000 3031000 3031000 -222148000 -105011000 -81765000 -404324000 433748000 506181000 235691000 207306000 207306000 207306000 206349000 98554000 98554000 98554000 12982000 9440000 9440000 11641000 8710000 8710000 -7517000 8053000 -7517000 -7517000 -8053000 257541000 153825000 301848000 174253000 70652000 40994000 76249000 39075000 37279000 45212000 43243000 43386000 43870000 65008000 19603000 14355000 14355000 5248000 7863000 -14773000 -11722000 -11722000 -3051000 149758000 155348000 142483000 2000000 2000000 2000000 6994000 345000 -6443000 -1817000 3646000 67000 0 35000000 85000000 85000000 85000000 42600000 85226000 59170000 118714000 1356000 292610000 87367000 113531000 0.01 0.01 0.01 25000000 25000000 25000000 0 0 0 0 0 0 0 0 0 95000000 335625000 -9277000 -9864000 70000000 195600000 248673000 216746000 217990000 107264000 3314604000 3270718000 3572335000 1702213000 1627219000 1831087000 128700000 155200000 133750000 211875000 10300000 23566000 6895000 20762000 673065000 726722000 699045000 734575000 955425000 849578000 1069582000 The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance would result in a change in the estimated fair value within the range of approximately $3.9 million to $6.0 million 9412000 9900000 9412000 9412000 9412000 9900000 9900000 9900000 418095 3327719 71675000 71675000 71679000 -4000 11657000 11657000 11658000 -1000 7500000 3000000 1595277 1645328000 1589434000 1463278000 1798959000 1000 1571156000 44395000 1222510000 454000 227803000 550985000 -247189000 1880778000 1000 1645328000 58750000 1160243000 458000 235450000 673065000 -247189000 1811663000 1000 1589434000 -2227000 1137467000 460000 222229000 726722000 -272989000 1683095000 1000 1463278000 -13949000 1135709000 461000 219817000 699045000 -357989000 5436000 5552000 5905000 5905000 155111 353007 247189000 272989000 357989000 3726000 3350000 3890000 1119000 1346000 798000 870000 41594000 41689000 41126000 41286000 40475000 40343000 40328000 40416000 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Consolidated Condensed Financial Statements&#8212;</font><font style="font-family:inherit;font-size:10pt;"> In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company&#8217;s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year, particularly given the significant seasonality to the Company&#8217;s operating cycle. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended </font><font style="font-family:inherit;font-size:10pt;">July&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the U.S. (&#8220;GAAP&#8221;) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of </font><font style="font-family:inherit;font-size:10pt;">July&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> was derived from audited financial statements. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The composition of other long-term liabilities follows (in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:55%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">January 31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">July 31, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">January 31, 2018</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Private club deferred initiation fee revenue </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">112,065</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">114,319</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">116,726</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unfavorable lease obligation, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20,450</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,839</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,309</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other long-term liabilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">142,483</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">155,348</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">149,758</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total other long-term liabilities</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">274,998</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">291,506</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">289,793</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisitions of Stevens Pass and Triple Peaks were completed on August 1, 2017, the beginning of the fiscal year preceding the fiscal year in which the acquisitions occurred. The following unaudited pro forma financial information includes adjustments for (i) depreciation on acquired property, plant and equipment; (ii) amortization of intangible assets recorded at the date of the transactions; (iii) lease expenses incurred by the prior owners which the Company will not be subject to; (iv) transaction and business integration related costs; and (v) interest expense associated with financing the transactions. This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on August 1, 2017 (in thousands, except per share amounts).</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:75%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:23%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended January 31,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pro forma net revenue</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">788,466</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pro forma net income attributable to Vail Resorts, Inc.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">242,039</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pro forma basic net income per share attributable to Vail Resorts, Inc.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.98</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pro forma diluted net income per share attributable to Vail Resorts, Inc.</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.82</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="7" rowspan="1"></td></tr><tr><td style="width:60%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="6" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six Months Ended January 31,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pro forma net revenue</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,077,107</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,023,704</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pro forma net income attributable to Vail Resorts, Inc.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">99,576</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">206,318</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pro forma basic net income per share attributable to Vail Resorts, Inc.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.46</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.11</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pro forma diluted net income per share attributable to Vail Resorts, Inc.</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.41</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.95</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Acquisitions</font></div><div style="line-height:174%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Stevens Pass Resort</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On&#160;August&#160;15, 2018, the Company, through a wholly-owned subsidiary, acquired Stevens Pass Resort in the State of Washington from Ski Resort Holdings, LLC, an affiliate of Oz Real Estate (&#8220;Ski Resort Holdings&#8221;), for total cash consideration of </font><font style="font-family:inherit;font-size:10pt;">$64.0 million</font><font style="font-family:inherit;font-size:10pt;">, after adjustments for certain agreed-upon terms. The Company borrowed&#160;</font><font style="font-family:inherit;font-size:10pt;">$70.0 million</font><font style="font-family:inherit;font-size:10pt;">&#160;on August 15, 2018 under its Vail Holdings Credit Agreement term loan (see Note 5, Long-Term Debt) to fund the transaction and associated acquisition related expenses. The acquisition included the mountain operations of the resort, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities). </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following summarizes the purchase consideration and the preliminary purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:85%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Acquisition Date Estimated Fair Value</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Current assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">752</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Property, plant and equipment</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">34,865</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Goodwill</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,878</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Identifiable intangible assets</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,680</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred income taxes, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">886</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Liabilities</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,026</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net assets acquired</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">64,035</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The excess of the purchase price over the aggregate estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Stevens Pass and other factors, and is expected to be deductible for income tax purposes. The Company recognized&#160;</font><font style="font-family:inherit;font-size:10pt;">$1.2 million</font><font style="font-family:inherit;font-size:10pt;">&#160;of acquisition related expenses associated with the transaction within Mountain and Lodging operating expense in its Consolidated Condensed Statement of Operations for the six months ended January 31, 2019. The operating results of Stevens Pass are reported within the Mountain segment prospectively from the date of acquisition.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:174%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Okemo Mountain Resort, Crested Butte Resort and Mount Sunapee Resort</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On&#160;September&#160;27, 2018, the Company, through a wholly-owned subsidiary, acquired Triple Peaks, LLC (&#8220;Triple Peaks&#8221;), the parent company of Okemo Mountain Resort in Vermont, Crested Butte Mountain Resort in Colorado, and Mount Sunapee Resort in New Hampshire, for a cash purchase price of approximately&#160;</font><font style="font-family:inherit;font-size:10pt;">$74.1 million</font><font style="font-family:inherit;font-size:10pt;">, after adjustments for certain agreed-upon terms. In addition, contemporaneous with the closing of the transaction, Triple Peaks paid&#160;</font><font style="font-family:inherit;font-size:10pt;">$155.0 million</font><font style="font-family:inherit;font-size:10pt;">&#160;to pay the remaining obligations of the leases that all three resorts had with Ski Resort Holdings, with funds provided by the Company. Accordingly, the total purchase price, including the repayment of lease obligations, was </font><font style="font-family:inherit;font-size:10pt;">$229.1 million</font><font style="font-family:inherit;font-size:10pt;">, for which the Company utilized cash on hand and borrowed </font><font style="font-family:inherit;font-size:10pt;">$195.6 million</font><font style="font-family:inherit;font-size:10pt;"> under the Vail Holdings Credit Agreement term loan (see Note 5, Long-Term Debt) to fund the transaction and associated acquisition related expenses. The Company obtained a new Special Use Permit from the U.S. Forest Service for Crested Butte, and assumed the state land leases for Okemo and Mount Sunapee. The acquisition included the mountain operations of the resorts, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities). </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following summarizes the purchase consideration and the preliminary purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:85%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Acquisition Date Estimated Fair Value</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Current assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,197</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Property, plant and equipment</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">159,799</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Goodwill</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,706</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Identifiable intangible assets</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">27,661</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred income taxes, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,522</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Liabilities</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(19,792</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net assets acquired</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">229,093</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Identifiable intangible assets acquired in the transaction were primarily related to property management contracts and trade names. The excess of the purchase price over the aggregate estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of the resorts and other factors, and is expected to be deductible for income tax purposes. The Company recognized&#160;</font><font style="font-family:inherit;font-size:10pt;">$2.8 million</font><font style="font-family:inherit;font-size:10pt;"> of acquisition related expenses associated with the transaction within Mountain and Lodging operating expense in its Consolidated Condensed Statement of Operations for the six months ended January 31, 2019. The operating results of Triple Peaks are reported within the Mountain and Lodging segments prospectively from the date of acquisition.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The estimated fair values of assets acquired and liabilities assumed in the acquisitions of Stevens Pass and Triple Peaks are preliminary and are based on the information that was available as of the respective acquisition dates. The Company believes that this information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed; however, the Company is obtaining additional information necessary to finalize those estimated fair values. Therefore, the preliminary measurements of estimated fair values reflected are subject to change. The Company expects to finalize the valuation and complete the purchase consideration allocation no later than one year from the acquisition date.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;padding-top:4px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Pro Forma Financial Information</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisitions of Stevens Pass and Triple Peaks were completed on August 1, 2017, the beginning of the fiscal year preceding the fiscal year in which the acquisitions occurred. The following unaudited pro forma financial information includes adjustments for (i) depreciation on acquired property, plant and equipment; (ii) amortization of intangible assets recorded at the date of the transactions; (iii) lease expenses incurred by the prior owners which the Company will not be subject to; (iv) transaction and business integration related costs; and (v) interest expense associated with financing the transactions. This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on August 1, 2017 (in thousands, except per share amounts).</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:75%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:23%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended January 31,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pro forma net revenue</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">788,466</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pro forma net income attributable to Vail Resorts, Inc.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">242,039</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pro forma basic net income per share attributable to Vail Resorts, Inc.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.98</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pro forma diluted net income per share attributable to Vail Resorts, Inc.</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.82</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="7" rowspan="1"></td></tr><tr><td style="width:60%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="6" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six Months Ended January 31,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pro forma net revenue</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,077,107</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,023,704</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pro forma net income attributable to Vail Resorts, Inc.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">99,576</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">206,318</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pro forma basic net income per share attributable to Vail Resorts, Inc.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.46</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.11</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pro forma diluted net income per share attributable to Vail Resorts, Inc.</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.41</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.95</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Commitments and Contingencies</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Metropolitan Districts</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company credit-enhances </font><font style="font-family:inherit;font-size:10pt;">$6.3 million</font><font style="font-family:inherit;font-size:10pt;"> of bonds issued by Holland Creek Metropolitan District (&#8220;HCMD&#8221;) through a </font><font style="font-family:inherit;font-size:10pt;">$6.4 million</font><font style="font-family:inherit;font-size:10pt;"> letter of credit issued under the Vail Holdings Credit Agreement. HCMD&#8217;s bonds were issued and used to build infrastructure associated with the Company&#8217;s Red Sky Ranch residential development. The Company has agreed to pay capital improvement fees to the Red Sky Ranch Metropolitan District (&#8220;RSRMD&#8221;) until RSRMD&#8217;s revenue streams from property taxes are sufficient to meet debt service requirements under HCMD&#8217;s bonds. The Company has recorded a liability of </font><font style="font-family:inherit;font-size:10pt;">$2.0 million</font><font style="font-family:inherit;font-size:10pt;"> primarily within other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets, as of </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">,&#160;</font><font style="font-family:inherit;font-size:10pt;">July&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, respectively, with respect to the estimated present value of future RSRMD capital improvement fees. The Company estimates it will make capital improvement fee payments under this arrangement through the fiscal year ending </font><font style="font-family:inherit;font-size:10pt;">July&#160;31, 2031</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Guarantees/Indemnifications</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, the Company had various letters of credit outstanding totaling </font><font style="font-family:inherit;font-size:10pt;">$76.5 million</font><font style="font-family:inherit;font-size:10pt;">, consisting of </font><font style="font-family:inherit;font-size:10pt;">$53.4 million</font><font style="font-family:inherit;font-size:10pt;"> to support the Employee Housing Bonds, </font><font style="font-family:inherit;font-size:10pt;">$18.1 million</font><font style="font-family:inherit;font-size:10pt;"> primarily for workers&#8217; compensation, a wind energy purchase agreement and insurance-related deductibles, and </font><font style="font-family:inherit;font-size:10pt;">$5.0 million</font><font style="font-family:inherit;font-size:10pt;"> related to the Stevens Pass acquisition. The Company also had surety bonds of </font><font style="font-family:inherit;font-size:10pt;">$10.4 million</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, primarily to provide collateral for its U.S. workers compensation self-insurance programs.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition to the guarantees noted above, the Company has entered into contracts in the normal course of business that include certain indemnifications under which it could be required to make payments to third parties upon the occurrence or non-occurrence of certain future events. These indemnities include indemnities related to licensees in connection with third-parties&#8217; use of the Company&#8217;s trademarks and logos, liabilities associated with the infringement of other parties&#8217; technology and software products, liabilities associated with the use of easements, liabilities associated with employment of contract workers and the Company&#8217;s use of trustees, and liabilities associated with the Company&#8217;s use of public lands and environmental matters. The duration of these indemnities generally is indefinite and generally do not limit the future payments the Company could be obligated to make.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As permitted under applicable law, the Company and certain of its subsidiaries have agreed to indemnify their directors and officers over their lifetimes for certain events or occurrences while the officer or director is, or was, serving the Company or its subsidiaries in such a capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that should enable the Company to recover a portion of any amounts paid.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unless otherwise noted, the Company has not recorded any significant liabilities for the letters of credit, indemnities and other guarantees noted above in the accompanying Consolidated Condensed Financial Statements, either because the Company has recorded on its Consolidated Condensed Balance Sheets the underlying liability associated with the guarantee, the guarantee is with respect to the Company&#8217;s own performance and is therefore not subject to the measurement requirements as prescribed by GAAP, or because the Company has calculated the estimated fair value of the indemnification or guarantee to be immaterial based on the current facts and circumstances that would trigger a payment under the indemnification clause. In addition, with respect to certain indemnifications, it is not possible to determine the maximum potential amount of liability under these potential obligations due to the unique set of facts and circumstances likely to be involved in each particular claim and indemnification provision. Historically, payments made by the Company under these obligations have not been material.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As noted above, the Company makes certain indemnifications to licensees for their use of the Company&#8217;s trademarks and logos. The Company does not record any liabilities with respect to these indemnifications.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Additionally, the Company has entered into strategic long-term season pass alliance agreements with third-party mountain resorts in which the Company has committed to pay minimum revenue guarantees over the remaining terms of these agreements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Self-Insurance</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is self-insured for claims under its U.S. health benefit plans and for the majority of workers&#8217; compensation claims in the U.S. Workers compensation claims in the U.S. are subject to stop loss policies. The self-insurance liability related to workers&#8217; compensation is determined actuarially based on claims filed. The self-insurance liability related to claims under the Company&#8217;s U.S. health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of accrued benefits in accounts payable and accrued liabilities (see Note 7, Supplementary Balance Sheet Information).</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Legal</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is a party to various lawsuits arising in the ordinary course of business. Management believes the Company has adequate insurance coverage and/or has accrued for all loss contingencies for asserted and unasserted matters deemed to be probable losses and estimable. As of </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">,&#160;</font><font style="font-family:inherit;font-size:10pt;">July&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the accruals for the above loss contingencies were not material individually or in the aggregate.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Long-Term Debt</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-term debt, net as of </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">,&#160;</font><font style="font-family:inherit;font-size:10pt;">July&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> is summarized as follows (in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.90243902439025%;border-collapse:collapse;text-align:left;"><tr><td colspan="15" rowspan="1"></td></tr><tr><td style="width:41%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Maturity</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">January 31, 2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">July 31, 2018</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">January 31, 2018</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vail Holdings Credit Agreement term loan (a)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">938,125</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">684,375</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">703,125</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vail Holdings Credit Agreement revolver (a)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">130,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Whistler Credit Agreement revolver (b)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">60,904</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65,353</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">97,571</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Employee housing bonds</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2027-2039</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,575</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,575</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,575</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Canyons obligation</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2063</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">337,385</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">334,509</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">331,647</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2024-2028</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,656</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,270</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,590</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total debt</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,397,645</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,276,082</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,224,508</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: Unamortized debt issuance costs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,890</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,350</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,726</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: Current maturities (c)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">48,493</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">38,455</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">38,433</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-term debt, net</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,345,262</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,234,277</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,182,349</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-left:4px;padding-bottom:4px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:40px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:16px;"><font style="font-family:inherit;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">August 15, 2018</font><font style="font-family:inherit;font-size:10pt;">, in order to fund the Stevens Pass and Triple Peaks acquisitions (see Note 6, Acquisitions), the Company&#8217;s wholly owned subsidiary, Vail Holdings, Inc. (&#8220;VHI&#8221;), entered into the Eighth Amended&#160;and Restated Credit Agreement (the &#8220;Vail Holdings Credit Agreement&#8221;), with Bank of America, N.A., as administrative agent, and other lenders named therein, through which these lenders agreed to provide an additional </font><font style="font-family:inherit;font-size:10pt;">$265.6 million</font><font style="font-family:inherit;font-size:10pt;"> in incremental term loans and agreed, on behalf of all lenders, to extend the maturity date for the outstanding term loans and revolver facility under the Vail Holdings Credit Agreement to </font><font style="font-family:inherit;font-size:10pt;">August 15, 2023</font><font style="font-family:inherit;font-size:10pt;">. The Vail Holdings Credit Agreement consists of a </font><font style="font-family:inherit;font-size:10pt;">$400.0 million</font><font style="font-family:inherit;font-size:10pt;"> revolving credit facility and a </font><font style="font-family:inherit;font-size:10pt;">$950.0 million</font><font style="font-family:inherit;font-size:10pt;"> term loan facility. VHI&#8217;s obligations under the Vail Holdings Credit Agreement are guaranteed by the Company and certain of its subsidiaries and are collateralized by a pledge of all the capital stock of VHI and substantially all of its subsidiaries (with certain additional exceptions for the pledge of the capital stock of foreign subsidiaries).&#160;</font><font style="font-family:inherit;font-size:10pt;">In addition, pursuant to the terms of the Vail Holdings Credit Agreement, VHI has the ability to increase availability (under the revolver or in the form of term loans) to an aggregate principal amount not to exceed the greater of (i) $1.2 billion and (ii) the product of 2.75 and the trailing twelve-month Adjusted EBITDA, as defined in the Vail Holdings Credit Agreement. The term loan facility is subject to quarterly amortization of principal of approximately $11.9 million, which began on January&#160;31, 2019, in equal installments, for a total of five percent of principal payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due in August 2023.</font><font style="font-family:inherit;font-size:10pt;"> The proceeds of the loans made under the Vail Holdings Credit Agreement may be used to fund the Company&#8217;s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at LIBOR plus 1.50% as of January 31, 2019 (</font><font style="font-family:inherit;font-size:10pt;">4.00%</font><font style="font-family:inherit;font-size:10pt;"> as of January 31, 2019). Interest rate margins may fluctuate based upon the ratio of the Company&#8217;s Net Funded Debt to Adjusted EBITDA on a trailing four-quarter basis. The Vail Holdings Credit Agreement also includes a quarterly unused commitment fee, which is equal to a percentage determined by the Net Funded Debt to Adjusted EBITDA ratio, as each such term is defined in the Vail Holdings Credit Agreement, multiplied by the daily amount by which the Vail Holdings Credit Agreement commitment exceeds the total of outstanding loans and outstanding letters of credit (</font><font style="font-family:inherit;font-size:10pt;">0.3%</font><font style="font-family:inherit;font-size:10pt;"> as of January 31, 2019). The unused amounts are accessible to the extent that the Net Funded Debt to Adjusted EBITDA ratio does not exceed the maximum ratio allowed at quarter-ends and the ratio of Adjusted EBITDA to interest on Funded Debt (as defined in the Vail Holdings Credit Agreement) does not fall below the minimum ratio allowed at quarter-ends. The Vail Holdings Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the Company&#8217;s ability to incur indebtedness, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Vail Holdings Credit Agreement includes the following restrictive financial covenants: Net Funded Debt to Adjusted EBITDA ratio and Adjusted EBITDA to interest on Funded Debt ratio.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:40px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:16px;"><font style="font-family:inherit;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Whistler Mountain Resort Limited Partnership (&#8220;Whistler LP&#8221;) and Blackcomb Skiing Enterprises Limited Partnership (&#8220;Blackcomb LP&#8221;), together &#8220;The WB Partnerships,&#8221; are party to a credit agreement, dated as of </font><font style="font-family:inherit;font-size:10pt;">November&#160;12, 2013</font><font style="font-family:inherit;font-size:10pt;"> (as amended, the &#8220;Whistler Credit Agreement&#8221;), by and among Whistler LP, Blackcomb LP, certain subsidiaries of Whistler LP and Blackcomb LP party thereto as guarantors (the &#8220;Whistler Subsidiary Guarantors&#8221;), the financial institutions party thereto as lenders and The Toronto-Dominion Bank, as administrative agent. The Whistler Credit Agreement consists of a </font><font style="font-family:inherit;font-size:10pt;">C$300.0 million</font><font style="font-family:inherit;font-size:10pt;"> revolving credit facility. During the three months ended January 31, 2019, the Company entered into an amendment of the Whistler Credit Agreement which extended the maturity date of the revolving credit facility to </font><font style="font-family:inherit;font-size:10pt;">December&#160;15, 2023</font><font style="font-family:inherit;font-size:10pt;">. No other material terms of the Whistler Credit Agreement were altered. The WB Partnerships&#8217; obligations under the Whistler Credit Agreement are guaranteed by the Whistler Subsidiary Guarantors and are collateralized by a pledge of the capital stock of the Whistler Subsidiary Guarantors and a pledge of substantially all of the assets of Whistler LP, Blackcomb LP and the Whistler Subsidiary Guarantors. In addition, pursuant to the terms of the Whistler Credit Agreement, the WB Partnerships have the ability to increase the commitment amount by up to </font><font style="font-family:inherit;font-size:10pt;">C$75.0 million</font><font style="font-family:inherit;font-size:10pt;"> subject to lender approval. </font><font style="font-family:inherit;font-size:10pt;">Borrowings under the Whistler Credit Agreement are available in Canadian or U.S. dollars and bear interest annually, subject to an applicable margin based on the WB Partnerships&#8217; Consolidated Total Leverage Ratio (as defined in the Whistler Credit Agreement), with pricing as of January 31, 2019, in the case of borrowings (i)&#160;in Canadian dollars, at the WB Partnerships&#8217; option, either (a)&#160;at the Canadian Prime Rate plus 0.75% per annum or (b)&#160;by way of the issuance of bankers&#8217; acceptances plus 1.75% per annum; and (ii)&#160;in U.S. dollars, at the WB Partnerships option, either at (a)&#160;the U.S. Base Rate plus 0.75% per annum or (b)&#160;Bankers Acceptance Rate plus 1.75% per annum</font><font style="font-family:inherit;font-size:10pt;">. As of </font><font style="font-family:inherit;font-size:10pt;">January 31, 2019</font><font style="font-family:inherit;font-size:10pt;">, all borrowings under the Whistler Credit Agreement were made in Canadian dollars and by way of the issuance of bankers&#8217; acceptances plus </font><font style="font-family:inherit;font-size:10pt;">1.75%</font><font style="font-family:inherit;font-size:10pt;"> (approximately </font><font style="font-family:inherit;font-size:10pt;">3.92%</font><font style="font-family:inherit;font-size:10pt;">). The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of </font><font style="font-family:inherit;font-size:10pt;">January 31, 2019</font><font style="font-family:inherit;font-size:10pt;"> is equal to </font><font style="font-family:inherit;font-size:10pt;">0.3937%</font><font style="font-family:inherit;font-size:10pt;"> per annum.&#160;The Whistler Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the WB Partnerships&#8217; ability to incur indebtedness and liens, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Whistler Credit Agreement includes the restrictive financial covenants (leverage ratios and interest coverage ratios) customary for facilities of this type.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:42px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:18px;"><font style="font-family:inherit;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Current maturities represent principal payments due in the next 12 months. </font></div></td></tr></table><div style="line-height:120%;padding-left:4px;padding-bottom:4px;text-align:justify;padding-left:40px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Aggregate maturities of debt outstanding as of </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> reflected by fiscal year (August 1 through July 31) are as follows (in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:88%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2019 (February 2019 through July 2019)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,091</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2020</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">48,516</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2021</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">48,580</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2022</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">48,648</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">48,719</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Thereafter</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,179,091</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total debt</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,397,645</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company recorded gross interest expense of </font><font style="font-family:inherit;font-size:10pt;">$21.0 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$16.0 million</font><font style="font-family:inherit;font-size:10pt;"> for the three months ended </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">, respectively, of which </font><font style="font-family:inherit;font-size:10pt;">$0.4 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;">, respectively were amortization of deferred financing costs. The Company recorded gross interest expense of </font><font style="font-family:inherit;font-size:10pt;">$39.6 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$31.1 million</font><font style="font-family:inherit;font-size:10pt;"> for the six months ended January 31, 2019 and 2018, respectively, of which </font><font style="font-family:inherit;font-size:10pt;">$0.7 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.6 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, were amortization of deferred financing costs. The Company was in compliance with all of its financial and operating covenants required to be maintained under its debt instruments for all periods presented.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In connection with the acquisition of Whistler Blackcomb in October 2016, VHI funded a portion of the purchase price through an intercompany loan to Whistler Blackcomb of </font><font style="font-family:inherit;font-size:10pt;">$210.0 million</font><font style="font-family:inherit;font-size:10pt;">, which was effective as of November 1, 2016, and requires foreign currency remeasurement to Canadian dollars, the functional currency for Whistler Blackcomb. As a result, foreign currency fluctuations associated with the loan are recorded within the Company&#8217;s results of operations. The Company recognized approximately </font><font style="font-family:inherit;font-size:10pt;">$0.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$(1.9) million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of non-cash foreign currency gain (loss) on the intercompany loan to Whistler Blackcomb for the three and six months ended </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> on the Company&#8217;s Consolidated Condensed Statements of Operations. The Company recognized approximately&#160;</font><font style="font-family:inherit;font-size:10pt;">$10.3 million</font><font style="font-family:inherit;font-size:10pt;">&#160;and&#160;</font><font style="font-family:inherit;font-size:10pt;">$3.0 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of non-cash foreign currency gains on the intercompany loan to Whistler Blackcomb for the three and six months ended&#160;January&#160;31, 2018&#160;on the Company&#8217;s Consolidated Condensed Statements of Operations.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Standards Being Evaluated</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The authoritative guidance listed below is currently being evaluated for its impact to Company policies upon adoption as well as any significant implementation matters yet to be addressed.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016-02, &#8220;Leases (Topic 842),&#8221; which supersedes &#8220;Leases (Topic 840).&#8221; The standard requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet and disclose key information about leasing arrangements. The standard also allows for an accounting policy election not to recognize on the balance sheet lease assets and liabilities for leases with a term of 12 months or less. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset on their balance sheets, while lessor accounting will be largely unchanged. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those years (the Company&#8217;s first quarter of fiscal 2020), and must be applied using a modified retrospective transition approach to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company&#8217;s financial position or results of operations and cash flows and related disclosures. Additionally, the Company is evaluating the impacts of the standard beyond accounting, including system, data and process changes required to comply with the standard and has selected an information system application that will centralize the Company&#8217;s lease information and be utilized for accounting under the new standard.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Disaggregation of Revenues</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents net revenues disaggregated by segment and major revenue type for the three and six months ended January 31, 2019 (in thousands):</font></div><div style="line-height:120%;padding-bottom:10px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended January 31,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six Months Ended January 31,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain net revenue:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lift</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">447,558</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">381,912</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">472,243</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">407,380</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ski School</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">92,244</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">80,116</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">96,516</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">84,554</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dining</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65,409</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">53,910</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">83,701</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">72,212</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Retail/Rental</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">128,436</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">115,446</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">171,778</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">160,853</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">42,426</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">39,518</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">96,841</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">94,028</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Mountain net revenue</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">776,073</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">670,902</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">921,079</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">819,027</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lodging net revenue:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Owned hotel rooms</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,548</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,353</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31,147</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30,988</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Managed condominium rooms</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,046</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,358</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">39,164</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,529</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dining </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,189</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,869</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,318</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,749</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Transportation</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,722</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,460</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,196</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,013</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Golf</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,459</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,767</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,120</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,914</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,588</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,688</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69,625</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">59,954</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">140,872</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">128,734</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Payroll cost reimbursements</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,624</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,585</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,277</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,894</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Lodging net revenue </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">73,249</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63,539</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">148,149</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">135,628</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Resort net revenue</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">849,322</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">734,441</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,069,228</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">954,655</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Real Estate net revenue</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">256</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">134</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">354</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">770</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total net revenue</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">849,578</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">734,575</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,069,582</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">955,425</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3" rowspan="1"></td></tr><tr><td style="width:56%;" rowspan="1" colspan="1"></td><td style="width:22%;" rowspan="1" colspan="1"></td><td style="width:22%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Net Income per Share</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;padding-left:48px;text-indent:-48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Earnings per Share</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basic earnings per share (&#8220;EPS&#8221;) excludes dilution and is computed by dividing net income attributable to Vail Resorts stockholders by the weighted-average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then share in the earnings of Vail Resorts. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In connection with the Company&#8217;s acquisition of Whistler Blackcomb in October 2016, the Company issued consideration in the form of shares of Vail Resorts common stock (the &#8220;Vail Shares&#8221;) and shares of the Company&#8217;s wholly-owned Canadian subsidiary (&#8220;Exchangeco&#8221;). Whistler Blackcomb shareholders elected to receive </font><font style="font-family:inherit;font-size:10pt;">3,327,719</font><font style="font-family:inherit;font-size:10pt;"> Vail Shares and </font><font style="font-family:inherit;font-size:10pt;">418,095</font><font style="font-family:inherit;font-size:10pt;"> shares of Exchangeco (the &#8220;Exchangeco Shares&#8221;). Both Vail Shares and Exchangeco Shares have a par value of $</font><font style="font-family:inherit;font-size:10pt;">0.01</font><font style="font-family:inherit;font-size:10pt;"> per share, and Exchangeco Shares, while outstanding, are substantially the economic equivalent of Vail Shares and are exchangeable, at any time prior to the seventh anniversary of the closing of the acquisition, into Vail Shares. The Company&#8217;s calculation of weighted-average shares outstanding includes the Exchangeco Shares. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Presented below is basic and diluted EPS for the three months ended </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> (in thousands, except per share amounts):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended January 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Basic</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Diluted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Basic</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Diluted</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income per share:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to Vail Resorts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">206,349</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">206,349</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">235,691</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">235,691</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted-average Vail Shares outstanding</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,271</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,271</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,414</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,414</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted-average Exchangeco Shares outstanding</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">57</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">57</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">61</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">61</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Weighted-average shares outstanding</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,328</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,328</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,475</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,475</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effect of dilutive securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">798</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,119</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total shares</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,328</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">41,126</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,475</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">41,594</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income per share attributable to Vail Resorts</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.12</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.02</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.82</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.67</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period.&#160;The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately </font><font style="font-family:inherit;font-size:10pt;">56,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">5,000</font><font style="font-family:inherit;font-size:10pt;">&#160;for the three months ended January&#160;31, 2019 and 2018, respectively.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Presented below is basic and diluted EPS for the six months ended </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> (in thousands, except per share amounts):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six Months Ended January 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Basic</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Diluted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Basic</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Diluted</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income per share:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to Vail Resorts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">98,554</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">98,554</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">207,306</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">207,306</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted-average Vail Shares outstanding</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,359</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,359</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,281</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,281</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted-average Exchangeco Shares outstanding</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">57</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">57</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Weighted-average shares outstanding</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,416</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,416</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,343</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,343</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effect of dilutive securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">870</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,346</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total shares</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,416</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">41,286</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,343</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">41,689</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income per share attributable to Vail Resorts</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.44</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.39</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.14</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.97</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately </font><font style="font-family:inherit;font-size:10pt;">40,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">5,000</font><font style="font-family:inherit;font-size:10pt;"> for the six months ended </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to Vail Resorts decreased by approximately </font><font style="font-family:inherit;font-size:10pt;">$108.8 million</font><font style="font-family:inherit;font-size:10pt;"> for the six months ended January 31, 2019 compared to the prior year primarily due to a decrease in excess tax benefits of </font><font style="font-family:inherit;font-size:10pt;">$48.4 million</font><font style="font-family:inherit;font-size:10pt;">, which resulted primarily from employee exercises of in-the-money stock appreciation rights, and a one-time, provisional net tax benefit of approximately </font><font style="font-family:inherit;font-size:10pt;">$64.6 million</font><font style="font-family:inherit;font-size:10pt;"> recorded during the three and six months ended January 31, 2018, which was the result of comprehensive U.S. tax legislation, commonly referred to as the &#8220;Tax Act,&#8221; which was enacted by the U.S. government on December 22, 2017. Both of these items were recorded within (provision) benefit from income taxes on the Company&#8217;s Consolidated Condensed Statement of Operations.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Dividends</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the three and six months ended </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, the Company paid cash dividends of </font><font style="font-family:inherit;font-size:10pt;">$1.47</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$2.94</font><font style="font-family:inherit;font-size:10pt;"> per share, respectively (</font><font style="font-family:inherit;font-size:10pt;">$59.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$118.7 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, in the aggregate). During the three and six months ended January 31, 2018, the Company paid cash dividends of </font><font style="font-family:inherit;font-size:10pt;">$1.053</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$2.106</font><font style="font-family:inherit;font-size:10pt;"> per share, respectively (</font><font style="font-family:inherit;font-size:10pt;">$42.6 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$85.2 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, in the aggregate). On </font><font style="font-family:inherit;font-size:10pt;">March&#160;7, 2019</font><font style="font-family:inherit;font-size:10pt;">, the Company&#8217;s Board of Directors declared a quarterly cash dividend of&#160;</font><font style="font-family:inherit;font-size:10pt;">$1.76</font><font style="font-family:inherit;font-size:10pt;"> per share for Vail Shares, payable on&#160;</font><font style="font-family:inherit;font-size:10pt;">April&#160;11, 2019</font><font style="font-family:inherit;font-size:10pt;">&#160;to stockholders of record as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;27, 2019</font><font style="font-family:inherit;font-size:10pt;">. Additionally, a Canadian dollar equivalent dividend on the Exchangeco Shares will be payable on </font><font style="font-family:inherit;font-size:10pt;">April&#160;11, 2019</font><font style="font-family:inherit;font-size:10pt;"> to the shareholders of record on </font><font style="font-family:inherit;font-size:10pt;">March&#160;27, 2019</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The table below summarizes the Company&#8217;s cash equivalents and Contingent Consideration measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands).&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Estimated Fair Value Measurement as of January 31, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Description</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level&#160;3</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Assets:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Money Market</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,031</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,031</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Commercial Paper</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,401</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,401</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certificates of Deposit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,774</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,774</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Liabilities:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contingent Consideration </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,733</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,733</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Estimated Fair Value Measurement as of July 31, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Description</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 1</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 2</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 3</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Assets:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Money Market</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,021</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,021</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Commercial Paper</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,401</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,401</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certificates of Deposit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,249</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,249</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Liabilities:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contingent Consideration </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,900</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,900</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Estimated Fair Value Measurement as of January 31, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Description</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 3</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Assets:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Money Market</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,013</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,013</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Commercial Paper</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,401</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,401</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certificates of Deposit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,162</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,162</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Liabilities:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contingent Consideration </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,754</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,754</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Fair Value Measurements</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The FASB issued fair value guidance that establishes how reporting entities should measure fair value for measurement and disclosure purposes.&#160;The guidance establishes a common definition of fair value applicable to all assets and liabilities measured at fair value and prioritizes the inputs into valuation techniques used to measure fair value.&#160;Accordingly, the Company uses valuation techniques which maximize the use of observable inputs and minimize the use of unobservable inputs when determining fair value.&#160;The three levels of the hierarchy are as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 2: Inputs include quoted prices for similar assets and liabilities in active and inactive markets or that are observable for the asset or liability either directly or indirectly; and</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 3: Unobservable inputs which are supported by little or no market activity.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The table below summarizes the Company&#8217;s cash equivalents and Contingent Consideration measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands).&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Estimated Fair Value Measurement as of January 31, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Description</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level&#160;3</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Assets:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Money Market</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,031</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,031</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Commercial Paper</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,401</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,401</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certificates of Deposit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,774</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,774</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Liabilities:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contingent Consideration </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,733</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,733</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Estimated Fair Value Measurement as of July 31, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Description</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 1</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 2</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 3</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Assets:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Money Market</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,021</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,021</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Commercial Paper</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,401</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,401</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certificates of Deposit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,249</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,249</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Liabilities:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contingent Consideration </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,900</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,900</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Estimated Fair Value Measurement as of January 31, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Description</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 3</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Assets:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Money Market</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,013</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,013</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Commercial Paper</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,401</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,401</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certificates of Deposit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,162</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,162</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Liabilities:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contingent Consideration </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,754</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,754</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s cash equivalents are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data.&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The changes in Contingent Consideration during the </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> were as follows (in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:66%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance as of July 31, 2018 and 2017, respectively</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,900</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">27,400</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Payments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(67</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,646</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Change in estimated fair value</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,900</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance as of January 31, 2019 and 2018, respectively</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,733</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,754</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The lease for Park City provides for participating contingent payments (the &#8220;Contingent Consideration&#8221;) to the landlord of&#160;</font><font style="font-family:inherit;font-size:10pt;">42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company.</font><font style="font-family:inherit;font-size:10pt;">&#160;</font><font style="font-family:inherit;font-size:10pt;">The estimated fair value of Contingent Consideration includes the future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed growth factor. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 11.3%, volatility of 17.5% and future period Park City EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs.</font><font style="font-family:inherit;font-size:10pt;">&#160;</font><font style="font-family:inherit;font-size:10pt;">The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance would result in a change in the estimated fair value within the range of approximately $3.9 million to $6.0 million</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contingent Consideration is classified as a liability, which is remeasured to fair value at each reporting date until the contingency is resolved. During the </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, the Company made a payment to the landlord for Contingent Consideration of approximately </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> and recorded an increase of </font><font style="font-family:inherit;font-size:10pt;">$1.9 million</font><font style="font-family:inherit;font-size:10pt;"> primarily related to the estimated Contingent Consideration payment for the fiscal year ending July 31, 2019. These changes resulted in an estimated fair value of the Contingent Consideration of approximately </font><font style="font-family:inherit;font-size:10pt;">$23.7 million</font><font style="font-family:inherit;font-size:10pt;">, which is reflected in other long-term liabilities in the Consolidated Condensed Balance Sheet.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Issued Accounting Standards</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Adopted Standards</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606),&#8221; which supersedes the revenue recognition requirements in Topic 605. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Subsequent to the issuance of ASU 2014-09, the FASB issued several amendments, which did not change the core principle of the guidance and were intended to clarify and improve understanding of certain topics included within the revenue standard. On August 1, 2018, the Company adopted this standard using the modified retrospective transition method for contracts which were not completed as of August 1, 2018. In accordance with this transition method, results for reporting periods beginning after August 1, 2018 are presented under Topic 606, while prior period amounts were not adjusted and continue to be reported in accordance with our historical accounting methodology under Topic 605. On August 1, 2018, as a result of adopting this standard, the Company recorded an approximate </font><font style="font-family:inherit;font-size:10pt;">$7.5 million</font><font style="font-family:inherit;font-size:10pt;"> reduction of retained earnings with a corresponding increase in accounts payable and accrued liabilities, which was primarily associated with the measurement of the loyalty reward programs under the new standard at an estimated fair value of underlying products or services expected to be delivered to satisfy the Company&#8217;s obligations associated with such loyalty programs. The application of this standard had an immaterial impact on total net revenue and net income attributable to Vail Resorts, Inc. for the three and six months ended January 31, 2019.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with the new revenue recognition standard disclosure requirements, the impact of adoption of Topic 606 on the Consolidated Condensed Balance Sheet as of January 31, 2019 was as follows (in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.8046875%;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td style="width:37%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="9" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of January 31, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balance Sheet</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balances Without Adoption of Topic 606</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Adjustments</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As Reported </font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Under Topic 606)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Liabilities</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts payable and accrued liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">677,683</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,053</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">685,736</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Stockholders&#8217; equity</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Retained earnings</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">707,098</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,053</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">699,045</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.8046875%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:37%;" rowspan="1" colspan="1"></td><td style="width:21%;" rowspan="1" colspan="1"></td><td style="width:21%;" rowspan="1" colspan="1"></td><td style="width:21%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued ASU No. 2016-15, &#8220;Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.&#8221; This standard provides guidance for eight targeted changes with respect to how cash receipts and cash payments are classified in the statements of cash flows, with the objective of reducing diversity in practice. The Company adopted this accounting standard on August 1, 2018, which did not have an impact on its consolidated condensed financial statements.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2016, the FASB issued ASU No. 2016-18, &#8220;Restricted Cash,&#8221; which requires that a statement of cash flows present the change during a period for the total of cash, cash equivalents and restricted cash. Historically, under previous guidance, changes in restricted cash have been included within operating, investing or financing activities, which were eliminated under the new standard. The Company adopted this standard as of August 1, 2018, which required retrospective application to all periods presented. As a result, cash provided by operating activities during the six months ended January 31, 2018 increased by </font><font style="font-family:inherit;font-size:10pt;">$12.8 million</font><font style="font-family:inherit;font-size:10pt;"> under the new guidance as compared to what was reported under the previously required guidance. Additionally, due to the inclusion of restricted cash in the beginning and end of period balances, cash, cash equivalents and restricted cash as of January 31, 2018 and July 31, 2017 increased </font><font style="font-family:inherit;font-size:10pt;">$23.6 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$10.3 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, as compared to what was reported under the previously required guidance. As of January 31, 2019, the Company&#8217;s restricted cash balance is primarily associated with customer reservations deposits that are required to be held in a trust pursuant to statutory requirements until such reservations are fulfilled.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization and Business</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vail Resorts, Inc. (&#8220;Vail Resorts&#8221;) is organized as a holding company and operates through various subsidiaries. Vail Resorts and its subsidiaries (collectively, the &#8220;Company&#8221;) operate in three business segments: Mountain, Lodging and Real Estate. The Company refers to &#8220;Resort&#8221; as the combination of the Mountain and Lodging segments. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the Mountain segment, the Company operates the following fifteen world-class mountain resort properties and three urban ski areas:</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:4%;" rowspan="1" colspan="1"></td><td style="width:59%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:36%;" rowspan="1" colspan="1"></td></tr><tr><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Mountain Resorts:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Location:</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">1.</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Vail Mountain Resort (&#8220;Vail Mountain&#8221;)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Colorado</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">2.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Breckenridge Ski Resort (&#8220;Breckenridge&#8221;)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Colorado</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">3.</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Keystone Resort (&#8220;Keystone&#8221;)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Colorado</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">4.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Beaver Creek Resort (&#8220;Beaver Creek&#8221;)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Colorado</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">5.</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Crested Butte Mountain Resort (&#8220;Crested Butte&#8221;)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Colorado</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">6.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Heavenly Mountain Resort (&#8220;Heavenly&#8221;)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Lake Tahoe area of Nevada and California</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">7.</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Northstar Resort (&#8220;Northstar&#8221;)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Lake Tahoe area of California</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">8.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Kirkwood Mountain Resort (&#8220;Kirkwood&#8221;)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Lake Tahoe area of California</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">9.</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Mount Sunapee Mountain Resort (&#8220;Mount Sunapee&#8221;)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">New Hampshire</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">10.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Park City Resort (&#8220;Park City&#8221;)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Utah</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">11.</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Stowe Mountain Resort (&#8220;Stowe&#8221;)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Vermont</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">12.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Okemo Mountain Resort (&#8220;Okemo&#8221;)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Vermont</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">13.</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Stevens Pass Mountain Resort (&#8220;Stevens Pass&#8221;)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Washington</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">14.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Whistler Blackcomb Resort (&#8220;Whistler Blackcomb&#8221;)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">British Columbia, Canada</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">15.</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Perisher Ski Resort (&#8220;Perisher&#8221;)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">New South Wales, Australia</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Urban Ski Areas:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Location:</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">1.</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Afton Alps Ski Area (&#8220;Afton Alps&#8221;)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Minnesota</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">2.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Mount Brighton Ski Area (&#8220;Mt. Brighton&#8221;)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Michigan</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">3.</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Wilmot Mountain (&#8220;Wilmot&#8221;)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Wisconsin</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations, and for Perisher, including lodging and transportation operations. Several of the resorts located in the United States (&#8220;U.S.&#8221;) operate primarily on federal land under the terms of Special Use Permits granted by the U.S. Department of Agriculture Forest Service. The operations of Whistler Blackcomb are conducted on land owned by the government of the Province of British Columbia, Canada within the traditional territory of the Squamish and Lil&#8217;wat Nations. The operations of Perisher are conducted pursuant to a long-term lease and license on land owned by the government of New South Wales, Australia. Okemo, Mount Sunapee and Stowe operate on land leased from the respective states in which the resorts are located and on land owned by the Company.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the Lodging segment, the Company owns and/or manages a collection of luxury hotels and condominiums under its RockResorts brand, as well as other strategic lodging properties and a large number of condominiums located in proximity to the Company&#8217;s North American mountain resorts, National Park Service (&#8220;NPS&#8221;) concessionaire properties including the Grand Teton Lodge Company (&#8220;GTLC&#8221;), which operates destination resorts in Grand Teton National Park, a Colorado resort ground transportation company and mountain resort golf courses.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vail Resorts Development Company (&#8220;VRDC&#8221;), a wholly-owned subsidiary, conducts the operations of the Company&#8217;s Real Estate segment, which owns, develops and sells real estate in and around the Company&#8217;s resort communities.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s mountain business and its lodging properties at or around the Company&#8217;s mountain resorts are seasonal in nature with peak operating seasons primarily from mid-November through mid-April in North America. The Company&#8217;s operating season at Perisher, its NPS concessionaire properties and its golf courses generally occur from June to early October.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The composition of property, plant and equipment follows (in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:55%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">January 31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">July 31, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">January 31, 2018</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land and land improvements</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">617,492</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">552,271</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">559,135</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Buildings and building improvements</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,280,972</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,193,528</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,206,465</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Machinery and equipment</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,139,443</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,007,250</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,046,134</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Furniture and fixtures</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">323,406</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">283,694</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">298,932</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Software</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">122,038</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">113,699</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">116,210</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vehicles</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65,642</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">60,697</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62,172</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Construction in progress</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,342</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">59,579</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,556</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Gross property, plant and equipment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,572,335</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,270,718</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,314,604</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accumulated depreciation</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,741,248</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,643,499</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,612,391</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Property, plant and equipment, net</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,831,087</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,627,219</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,702,213</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition</font><font style="font-family:inherit;font-size:10pt;">&#8212; The Company recognizes revenues from contracts with customers when or as control of goods or services promised in the contracts is transferred in an amount that reflects consideration to which it expects to be entitled to in exchange for those goods or services. The Company determines the appropriate revenue recognition for contracts with customers by analyzing the type, terms and conditions of contracts or arrangements with customers. Certain contracts with customers contain multiple performance obligations in which case revenue is allocated to each distinct and separate performance obligation based on its relative standalone selling price. See Note 3, Revenues, for more information.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">3.&#160;&#160;&#160;&#160; Revenues</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following provides information about the Company&#8217;s composition of revenue recognized from contracts with customers and other revenues, the performance obligations under those contracts, and the significant judgments made in accounting for those contracts:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain revenue is derived from a wide variety of sources, including, among other things: lift revenue, which includes sales of lift tickets and season passes; ski school revenue, which includes the revenue derived from ski school operations; dining revenue, which includes both casual and fine dining on-mountain operations; retail sales and equipment rentals; and other on-mountain revenue, which includes private ski club revenue (which includes both club dues and amortization of initiation fees), marketing and internet advertising revenue, municipal services and lodging and transportation operations at Perisher. Revenue is recognized over time as performance obligations are satisfied as control of the good or service (e.g. access to ski areas, provision of ski school services, etc.) is transferred to the customer, except for the Company&#8217;s retail sales and dining operations revenues which are recognized at a point in time when performance obligations are satisfied by transferring control of the underlying goods to the customer. The Company records deferred revenue primarily related to the sale of season passes. Deferred revenue is recognized throughout the ski season as the Company&#8217;s performance obligations are satisfied as control of the service (e.g. access to ski areas throughout the ski season) is transferred to the customer. Transfer of control is based on an estimated number of season pass holder visits relative to total expected visits. Total expected visits are estimated based on historical data, and the Company believes this estimate provides a faithful depiction of its customers&#8217; season pass usage. When sufficient historical data to determine usage patterns is not available, deferred revenue is recognized on a straight-line basis throughout the ski season. The Company also includes other sources of revenue, mostly related to commercial leasing, and employee housing leasing arrangements within other mountain revenue.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lodging revenue is derived from a wide variety of sources, including, among other things: revenue from owned hotel rooms and managed hotel rooms; revenue from hotel dining operations; transportation revenue which relates to the Company&#8217;s Colorado resort ground transportation operations; and other lodging revenue which includes property management services, managed properties other costs reimbursements, private golf club revenue (which includes both club dues and amortization of initiation fees), and golf course fees. Lodging revenue also includes managed hotel property payroll cost reimbursements related to payroll costs at managed properties where the Company is the employer, which are reimbursed by the owner with no added margin. Therefore, these revenues and corresponding expenses have no net effect on the Company&#8217;s operating income or net income. Other than revenue from dining operations, lodging revenue is mostly recognized over time as performance obligations are satisfied as control of the service (e.g. nightly hotel room access) is transferred to the customer. </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate revenue primarily relates to the sale of development land parcels. Real estate revenue is generally recognized at a point in time when performance obligations have been satisfied, which is usually upon closing of the sales transaction and in an amount that reflects the consideration to which the Company expects to be entitled.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For certain contracts that have an original term length of one year or less, the Company uses the practical expedient applicable to such contracts and does not consider the time value of money. For contracts with an expected term in excess of one year, the Company has considered the provisions of Topic 606 in determining whether contracts contain a financing component. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company presents revenues in the accompanying consolidated condensed statements of operations, net of taxes, when collected from its customers that are remitted or payable to government taxing authorities, except when products are inclusive of taxes where applicable.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Disaggregation of Revenues</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents net revenues disaggregated by segment and major revenue type for the three and six months ended January 31, 2019 (in thousands):</font></div><div style="line-height:120%;padding-bottom:10px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended January 31,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six Months Ended January 31,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain net revenue:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lift</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">447,558</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">381,912</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">472,243</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">407,380</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ski School</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">92,244</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">80,116</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">96,516</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">84,554</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dining</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65,409</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">53,910</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">83,701</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">72,212</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Retail/Rental</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">128,436</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">115,446</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">171,778</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">160,853</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">42,426</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">39,518</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">96,841</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">94,028</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Mountain net revenue</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">776,073</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">670,902</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">921,079</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">819,027</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lodging net revenue:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Owned hotel rooms</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,548</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,353</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31,147</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30,988</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Managed condominium rooms</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,046</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,358</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">39,164</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,529</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dining </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,189</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,869</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,318</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,749</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Transportation</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,722</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,460</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,196</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,013</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Golf</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,459</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,767</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,120</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,914</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,588</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,688</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69,625</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">59,954</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">140,872</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">128,734</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Payroll cost reimbursements</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,624</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,585</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,277</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,894</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Lodging net revenue </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">73,249</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63,539</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">148,149</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">135,628</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Resort net revenue</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">849,322</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">734,441</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,069,228</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">954,655</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Real Estate net revenue</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">256</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">134</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">354</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">770</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total net revenue</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">849,578</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">734,575</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,069,582</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">955,425</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3" rowspan="1"></td></tr><tr><td style="width:56%;" rowspan="1" colspan="1"></td><td style="width:22%;" rowspan="1" colspan="1"></td><td style="width:22%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Arrangements with Multiple Performance Obligations</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Several of the Company&#8217;s contracts with customers include multiple performance obligations, primarily related to bundled services such as ski school packages, lodging packages and events (e.g. weddings and conferences). For such contracts, revenue is allocated to each distinct and separate performance obligation based on its relative standalone selling price. The standalone selling prices are generally based on observable prices charged to customers or estimated based on historical experience and information.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Contract Balances</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contract liabilities are recorded as deferred revenues when payments are received or due in advance of the Company&#8217;s performance, including amounts which may be refundable. The deferred revenue balance is primarily related to accounts receivable or cash payments received in advance of satisfying our performance obligations related to sales of season passes prior to the start of the ski season, private club initiation fees and other related advance purchase products, including advance purchase lift tickets, multiple-day lift tickets, ski school lessons, equipment rentals and lodging advance deposits. Due to the seasonality of the Company&#8217;s operations, its largest deferred revenue balances occur during the North American season pass selling window, which generally begins in the fourth quarter of its fiscal year. Deferred revenue balances of a short-term nature were </font><font style="font-family:inherit;font-size:10pt;">$346.4 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$282.1 million</font><font style="font-family:inherit;font-size:10pt;"> as of January 31, 2019 and July 31, 2018, respectively. Deferred revenue balances of a long-term nature, comprised primarily of long-term private club initiation fee revenue, were </font><font style="font-family:inherit;font-size:10pt;">$125.4 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$126.5 million</font><font style="font-family:inherit;font-size:10pt;"> as of January 31, 2019 and July 31, 2018, respectively. For the three and six months ended January 31, 2019, the Company recognized approximately </font><font style="font-family:inherit;font-size:10pt;">$128.7 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$155.2 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of revenue that was included in the deferred revenue balance as of July 31, 2018. As of January 31, 2019, the weighted average remaining period over which revenue for unsatisfied performance obligations on long-term private club contracts will be recognized was approximately 17 years. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contract assets are recorded as trade receivables when the right to consideration is unconditional. Trade receivable balances were </font><font style="font-family:inherit;font-size:10pt;">$87.7 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$230.8 million</font><font style="font-family:inherit;font-size:10pt;"> as of January 31, 2019 and July 31, 2018, respectively. Payments from customers are based on billing terms established in the contracts with customers, which vary by the type of customer, the location and the products or services offered. The term between invoicing and when payment is due is not significant. For certain products or services and customer types, contracts require payment before the products are delivered or services are provided to the customer. Impairment losses related to contract assets are recognized through the Company&#8217;s allowance for doubtful accounts analysis. Contract asset write-offs are evaluated on an individual basis.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Costs to Obtain Contracts with Customers</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company expects that credit card fees and sales commissions paid in order to obtain season ski pass products contracts are recoverable. Accordingly, the Company recognizes these amounts as assets when they are paid prior to the start of the ski season. As of January 31, 2019, </font><font style="font-family:inherit;font-size:10pt;">$5.2 million</font><font style="font-family:inherit;font-size:10pt;"> of costs to obtain contracts with customers were recorded within other current assets on the Company&#8217;s Consolidated Condensed Balance Sheet. Deferred credit card fees and sales commissions are amortized commensurate with the recognition of season ski pass revenue. The Company recorded amortization of </font><font style="font-family:inherit;font-size:10pt;">$5.4 million</font><font style="font-family:inherit;font-size:10pt;"> for these costs during the three months ended January 31, 2019, which were recorded within Mountain and Lodging operating expenses on the Company&#8217;s Consolidated Condensed Statement of Operations.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Utilizing the practical expedient provided for under Topic 606, the Company has elected to expense credit card fees and sales commissions related to non-season ski pass products and services as incurred, as the amortization period is generally one year or less for the time between customer purchase and utilization. These fees are recorded within Mountain and Lodging operating expenses on the Company&#8217;s Consolidated Condensed Statements of Operations.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The composition of accounts payable and accrued liabilities follows (in thousands):</font><font style="font-family:inherit;font-size:9pt;">&#160; </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:55%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">January 31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">July 31, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">January 31, 2018</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Trade payables</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">106,183</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">80,793</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">94,680</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred revenue</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">346,356</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">282,103</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">292,336</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued salaries, wages and deferred compensation</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">66,090</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,034</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,329</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued benefits</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">37,991</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,963</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,109</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deposits</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,867</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,646</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">43,457</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">76,249</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,994</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">70,652</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total accounts payable and accrued liabilities</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">685,736</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">504,533</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">588,563</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-term debt, net as of </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">,&#160;</font><font style="font-family:inherit;font-size:10pt;">July&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> is summarized as follows (in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.90243902439025%;border-collapse:collapse;text-align:left;"><tr><td colspan="15" rowspan="1"></td></tr><tr><td style="width:41%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Maturity</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">January 31, 2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">July 31, 2018</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">January 31, 2018</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vail Holdings Credit Agreement term loan (a)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">938,125</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">684,375</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">703,125</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vail Holdings Credit Agreement revolver (a)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">130,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Whistler Credit Agreement revolver (b)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">60,904</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65,353</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">97,571</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Employee housing bonds</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2027-2039</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,575</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,575</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,575</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Canyons obligation</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2063</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">337,385</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">334,509</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">331,647</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2024-2028</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,656</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,270</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,590</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total debt</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,397,645</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,276,082</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,224,508</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: Unamortized debt issuance costs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,890</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,350</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,726</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: Current maturities (c)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">48,493</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">38,455</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">38,433</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-term debt, net</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,345,262</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,234,277</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,182,349</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-left:4px;padding-bottom:4px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:40px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:16px;"><font style="font-family:inherit;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">August 15, 2018</font><font style="font-family:inherit;font-size:10pt;">, in order to fund the Stevens Pass and Triple Peaks acquisitions (see Note 6, Acquisitions), the Company&#8217;s wholly owned subsidiary, Vail Holdings, Inc. (&#8220;VHI&#8221;), entered into the Eighth Amended&#160;and Restated Credit Agreement (the &#8220;Vail Holdings Credit Agreement&#8221;), with Bank of America, N.A., as administrative agent, and other lenders named therein, through which these lenders agreed to provide an additional </font><font style="font-family:inherit;font-size:10pt;">$265.6 million</font><font style="font-family:inherit;font-size:10pt;"> in incremental term loans and agreed, on behalf of all lenders, to extend the maturity date for the outstanding term loans and revolver facility under the Vail Holdings Credit Agreement to </font><font style="font-family:inherit;font-size:10pt;">August 15, 2023</font><font style="font-family:inherit;font-size:10pt;">. The Vail Holdings Credit Agreement consists of a </font><font style="font-family:inherit;font-size:10pt;">$400.0 million</font><font style="font-family:inherit;font-size:10pt;"> revolving credit facility and a </font><font style="font-family:inherit;font-size:10pt;">$950.0 million</font><font style="font-family:inherit;font-size:10pt;"> term loan facility. VHI&#8217;s obligations under the Vail Holdings Credit Agreement are guaranteed by the Company and certain of its subsidiaries and are collateralized by a pledge of all the capital stock of VHI and substantially all of its subsidiaries (with certain additional exceptions for the pledge of the capital stock of foreign subsidiaries).&#160;</font><font style="font-family:inherit;font-size:10pt;">In addition, pursuant to the terms of the Vail Holdings Credit Agreement, VHI has the ability to increase availability (under the revolver or in the form of term loans) to an aggregate principal amount not to exceed the greater of (i) $1.2 billion and (ii) the product of 2.75 and the trailing twelve-month Adjusted EBITDA, as defined in the Vail Holdings Credit Agreement. The term loan facility is subject to quarterly amortization of principal of approximately $11.9 million, which began on January&#160;31, 2019, in equal installments, for a total of five percent of principal payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due in August 2023.</font><font style="font-family:inherit;font-size:10pt;"> The proceeds of the loans made under the Vail Holdings Credit Agreement may be used to fund the Company&#8217;s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at LIBOR plus 1.50% as of January 31, 2019 (</font><font style="font-family:inherit;font-size:10pt;">4.00%</font><font style="font-family:inherit;font-size:10pt;"> as of January 31, 2019). Interest rate margins may fluctuate based upon the ratio of the Company&#8217;s Net Funded Debt to Adjusted EBITDA on a trailing four-quarter basis. The Vail Holdings Credit Agreement also includes a quarterly unused commitment fee, which is equal to a percentage determined by the Net Funded Debt to Adjusted EBITDA ratio, as each such term is defined in the Vail Holdings Credit Agreement, multiplied by the daily amount by which the Vail Holdings Credit Agreement commitment exceeds the total of outstanding loans and outstanding letters of credit (</font><font style="font-family:inherit;font-size:10pt;">0.3%</font><font style="font-family:inherit;font-size:10pt;"> as of January 31, 2019). The unused amounts are accessible to the extent that the Net Funded Debt to Adjusted EBITDA ratio does not exceed the maximum ratio allowed at quarter-ends and the ratio of Adjusted EBITDA to interest on Funded Debt (as defined in the Vail Holdings Credit Agreement) does not fall below the minimum ratio allowed at quarter-ends. The Vail Holdings Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the Company&#8217;s ability to incur indebtedness, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Vail Holdings Credit Agreement includes the following restrictive financial covenants: Net Funded Debt to Adjusted EBITDA ratio and Adjusted EBITDA to interest on Funded Debt ratio.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:40px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:16px;"><font style="font-family:inherit;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Whistler Mountain Resort Limited Partnership (&#8220;Whistler LP&#8221;) and Blackcomb Skiing Enterprises Limited Partnership (&#8220;Blackcomb LP&#8221;), together &#8220;The WB Partnerships,&#8221; are party to a credit agreement, dated as of </font><font style="font-family:inherit;font-size:10pt;">November&#160;12, 2013</font><font style="font-family:inherit;font-size:10pt;"> (as amended, the &#8220;Whistler Credit Agreement&#8221;), by and among Whistler LP, Blackcomb LP, certain subsidiaries of Whistler LP and Blackcomb LP party thereto as guarantors (the &#8220;Whistler Subsidiary Guarantors&#8221;), the financial institutions party thereto as lenders and The Toronto-Dominion Bank, as administrative agent. The Whistler Credit Agreement consists of a </font><font style="font-family:inherit;font-size:10pt;">C$300.0 million</font><font style="font-family:inherit;font-size:10pt;"> revolving credit facility. During the three months ended January 31, 2019, the Company entered into an amendment of the Whistler Credit Agreement which extended the maturity date of the revolving credit facility to </font><font style="font-family:inherit;font-size:10pt;">December&#160;15, 2023</font><font style="font-family:inherit;font-size:10pt;">. No other material terms of the Whistler Credit Agreement were altered. The WB Partnerships&#8217; obligations under the Whistler Credit Agreement are guaranteed by the Whistler Subsidiary Guarantors and are collateralized by a pledge of the capital stock of the Whistler Subsidiary Guarantors and a pledge of substantially all of the assets of Whistler LP, Blackcomb LP and the Whistler Subsidiary Guarantors. In addition, pursuant to the terms of the Whistler Credit Agreement, the WB Partnerships have the ability to increase the commitment amount by up to </font><font style="font-family:inherit;font-size:10pt;">C$75.0 million</font><font style="font-family:inherit;font-size:10pt;"> subject to lender approval. </font><font style="font-family:inherit;font-size:10pt;">Borrowings under the Whistler Credit Agreement are available in Canadian or U.S. dollars and bear interest annually, subject to an applicable margin based on the WB Partnerships&#8217; Consolidated Total Leverage Ratio (as defined in the Whistler Credit Agreement), with pricing as of January 31, 2019, in the case of borrowings (i)&#160;in Canadian dollars, at the WB Partnerships&#8217; option, either (a)&#160;at the Canadian Prime Rate plus 0.75% per annum or (b)&#160;by way of the issuance of bankers&#8217; acceptances plus 1.75% per annum; and (ii)&#160;in U.S. dollars, at the WB Partnerships option, either at (a)&#160;the U.S. Base Rate plus 0.75% per annum or (b)&#160;Bankers Acceptance Rate plus 1.75% per annum</font><font style="font-family:inherit;font-size:10pt;">. As of </font><font style="font-family:inherit;font-size:10pt;">January 31, 2019</font><font style="font-family:inherit;font-size:10pt;">, all borrowings under the Whistler Credit Agreement were made in Canadian dollars and by way of the issuance of bankers&#8217; acceptances plus </font><font style="font-family:inherit;font-size:10pt;">1.75%</font><font style="font-family:inherit;font-size:10pt;"> (approximately </font><font style="font-family:inherit;font-size:10pt;">3.92%</font><font style="font-family:inherit;font-size:10pt;">). The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of </font><font style="font-family:inherit;font-size:10pt;">January 31, 2019</font><font style="font-family:inherit;font-size:10pt;"> is equal to </font><font style="font-family:inherit;font-size:10pt;">0.3937%</font><font style="font-family:inherit;font-size:10pt;"> per annum.&#160;The Whistler Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the WB Partnerships&#8217; ability to incur indebtedness and liens, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Whistler Credit Agreement includes the restrictive financial covenants (leverage ratios and interest coverage ratios) customary for facilities of this type.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:42px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:18px;"><font style="font-family:inherit;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Current maturities represent principal payments due in the next 12 months. </font></div></td></tr></table><div style="line-height:120%;padding-left:4px;padding-bottom:4px;text-align:justify;padding-left:40px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended January 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Basic</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Diluted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Basic</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Diluted</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income per share:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to Vail Resorts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">206,349</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">206,349</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">235,691</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">235,691</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted-average Vail Shares outstanding</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,271</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,271</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,414</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,414</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted-average Exchangeco Shares outstanding</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">57</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">57</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">61</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">61</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Weighted-average shares outstanding</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,328</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,328</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,475</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,475</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effect of dilutive securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">798</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,119</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total shares</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,328</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">41,126</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,475</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">41,594</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income per share attributable to Vail Resorts</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.12</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.02</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.82</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.67</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period.&#160;The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately </font><font style="font-family:inherit;font-size:10pt;">56,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">5,000</font><font style="font-family:inherit;font-size:10pt;">&#160;for the three months ended January&#160;31, 2019 and 2018, respectively.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Presented below is basic and diluted EPS for the six months ended </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> (in thousands, except per share amounts):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six Months Ended January 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Basic</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Diluted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Basic</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Diluted</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income per share:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to Vail Resorts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">98,554</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">98,554</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">207,306</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">207,306</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted-average Vail Shares outstanding</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,359</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,359</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,281</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,281</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted-average Exchangeco Shares outstanding</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">57</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">57</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Weighted-average shares outstanding</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,416</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,416</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,343</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,343</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effect of dilutive securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">870</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,346</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total shares</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,416</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">41,286</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,343</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">41,689</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income per share attributable to Vail Resorts</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.44</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.39</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.14</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.97</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately </font><font style="font-family:inherit;font-size:10pt;">40,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">5,000</font><font style="font-family:inherit;font-size:10pt;"> for the six months ended </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The changes in the net carrying amount of goodwill allocated between the Company&#8217;s segments for the six months ended January 31, 2019 are as follows (in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td style="width:46%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Mountain</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Lodging</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Goodwill, net</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance at July 31, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,407,787</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">67,899</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,475,686</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Acquisitions</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">81,584</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">81,584</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effects of changes in foreign currency exchange rates</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(10,186</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(10,186</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance at January 31, 2019</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,479,185</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">67,899</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,547,084</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Aggregate maturities of debt outstanding as of </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> reflected by fiscal year (August 1 through July 31) are as follows (in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:88%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2019 (February 2019 through July 2019)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,091</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2020</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">48,516</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2021</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">48,580</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2022</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">48,648</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">48,719</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Thereafter</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,179,091</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total debt</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,397,645</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:174%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Stevens Pass Resort</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On&#160;August&#160;15, 2018, the Company, through a wholly-owned subsidiary, acquired Stevens Pass Resort in the State of Washington from Ski Resort Holdings, LLC, an affiliate of Oz Real Estate (&#8220;Ski Resort Holdings&#8221;), for total cash consideration of </font><font style="font-family:inherit;font-size:10pt;">$64.0 million</font><font style="font-family:inherit;font-size:10pt;">, after adjustments for certain agreed-upon terms. The Company borrowed&#160;</font><font style="font-family:inherit;font-size:10pt;">$70.0 million</font><font style="font-family:inherit;font-size:10pt;">&#160;on August 15, 2018 under its Vail Holdings Credit Agreement term loan (see Note 5, Long-Term Debt) to fund the transaction and associated acquisition related expenses. The acquisition included the mountain operations of the resort, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities). </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following summarizes the purchase consideration and the preliminary purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:85%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Acquisition Date Estimated Fair Value</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Current assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">752</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Property, plant and equipment</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">34,865</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Goodwill</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,878</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Identifiable intangible assets</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,680</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred income taxes, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">886</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Liabilities</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,026</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net assets acquired</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">64,035</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The excess of the purchase price over the aggregate estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Stevens Pass and other factors, and is expected to be deductible for income tax purposes. The Company recognized&#160;</font><font style="font-family:inherit;font-size:10pt;">$1.2 million</font><font style="font-family:inherit;font-size:10pt;">&#160;of acquisition related expenses associated with the transaction within Mountain and Lodging operating expense in its Consolidated Condensed Statement of Operations for the six months ended January 31, 2019. The operating results of Stevens Pass are reported within the Mountain segment prospectively from the date of acquisition.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:174%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Okemo Mountain Resort, Crested Butte Resort and Mount Sunapee Resort</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On&#160;September&#160;27, 2018, the Company, through a wholly-owned subsidiary, acquired Triple Peaks, LLC (&#8220;Triple Peaks&#8221;), the parent company of Okemo Mountain Resort in Vermont, Crested Butte Mountain Resort in Colorado, and Mount Sunapee Resort in New Hampshire, for a cash purchase price of approximately&#160;</font><font style="font-family:inherit;font-size:10pt;">$74.1 million</font><font style="font-family:inherit;font-size:10pt;">, after adjustments for certain agreed-upon terms. In addition, contemporaneous with the closing of the transaction, Triple Peaks paid&#160;</font><font style="font-family:inherit;font-size:10pt;">$155.0 million</font><font style="font-family:inherit;font-size:10pt;">&#160;to pay the remaining obligations of the leases that all three resorts had with Ski Resort Holdings, with funds provided by the Company. Accordingly, the total purchase price, including the repayment of lease obligations, was </font><font style="font-family:inherit;font-size:10pt;">$229.1 million</font><font style="font-family:inherit;font-size:10pt;">, for which the Company utilized cash on hand and borrowed </font><font style="font-family:inherit;font-size:10pt;">$195.6 million</font><font style="font-family:inherit;font-size:10pt;"> under the Vail Holdings Credit Agreement term loan (see Note 5, Long-Term Debt) to fund the transaction and associated acquisition related expenses. The Company obtained a new Special Use Permit from the U.S. Forest Service for Crested Butte, and assumed the state land leases for Okemo and Mount Sunapee. The acquisition included the mountain operations of the resorts, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities). </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following summarizes the purchase consideration and the preliminary purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:85%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Acquisition Date Estimated Fair Value</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Current assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,197</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Property, plant and equipment</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">159,799</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Goodwill</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,706</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Identifiable intangible assets</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">27,661</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred income taxes, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,522</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Liabilities</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(19,792</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net assets acquired</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">229,093</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Identifiable intangible assets acquired in the transaction were primarily related to property management contracts and trade names. The excess of the purchase price over the aggregate estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of the resorts and other factors, and is expected to be deductible for income tax purposes. The Company recognized&#160;</font><font style="font-family:inherit;font-size:10pt;">$2.8 million</font><font style="font-family:inherit;font-size:10pt;"> of acquisition related expenses associated with the transaction within Mountain and Lodging operating expense in its Consolidated Condensed Statement of Operations for the six months ended January 31, 2019. The operating results of Triple Peaks are reported within the Mountain and Lodging segments prospectively from the date of acquisition.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The estimated fair values of assets acquired and liabilities assumed in the acquisitions of Stevens Pass and Triple Peaks are preliminary and are based on the information that was available as of the respective acquisition dates. The Company believes that this information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed; however, the Company is obtaining additional information necessary to finalize those estimated fair values. Therefore, the preliminary measurements of estimated fair values reflected are subject to change. The Company expects to finalize the valuation and complete the purchase consideration allocation no later than one year from the acquisition date.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended January 31,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six Months Ended January 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net revenue:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lift </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">447,558</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">381,912</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">472,243</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">407,380</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ski school</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">92,244</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">80,116</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">96,516</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">84,554</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dining</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65,409</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">53,910</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">83,701</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">72,212</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Retail/rental</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">128,436</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">115,446</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">171,778</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">160,853</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">42,426</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">39,518</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">96,841</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">94,028</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Mountain net revenue</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">776,073</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">670,902</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">921,079</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">819,027</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lodging</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">73,249</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63,539</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">148,149</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">135,628</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Resort net revenue</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">849,322</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">734,441</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,069,228</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">954,655</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real Estate</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">256</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">134</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">354</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">770</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total net revenue</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">849,578</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">734,575</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,069,582</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">955,425</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Segment operating expense:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">424,008</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">365,605</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">646,371</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">572,689</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lodging</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">67,492</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">59,871</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">138,496</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">127,605</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Resort </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">491,500</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">425,476</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">784,867</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">700,294</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real Estate</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,389</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,207</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,759</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,898</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total segment operating expense</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">492,889</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">426,683</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">787,626</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">703,192</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Gain on sale of real property</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">515</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">515</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain equity investment income (loss), net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">160</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(35</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,110</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">487</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Reported EBITDA:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">352,225</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">305,262</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">275,818</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">246,825</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lodging</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,757</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,668</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,653</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,023</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Resort</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">357,982</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">308,930</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">285,471</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">254,848</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real Estate</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,133</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(558</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,405</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,613</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Reported EBITDA</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">356,849</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">308,372</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">283,066</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">253,235</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate held for sale and investment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">101,730</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">103,212</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">101,730</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">103,212</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Reconciliation to net income attributable to Vail Resorts, Inc.:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Reported EBITDA</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">356,849</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">308,372</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">283,066</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">253,235</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(55,238</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(51,404</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(106,281</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(100,028</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Change in estimated fair value of contingent consideration</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(700</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,900</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Gain on disposal of fixed assets and other, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,097</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">538</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">478</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,105</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment income and other, net</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">507</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">397</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">970</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">780</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign currency gain (loss) on intercompany loans</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">450</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,337</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,861</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,991</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest expense, net</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(21,002</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(15,973</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(39,640</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(31,147</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income before (provision) benefit from income taxes</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">281,963</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">252,267</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">134,832</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">126,936</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Provision) benefit from income taxes</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(63,973</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,594</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(27,568</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">89,810</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">217,990</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">248,673</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">107,264</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">216,746</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to noncontrolling interests</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11,641</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12,982</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,710</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9,440</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to Vail Resorts, Inc.</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">206,349</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">235,691</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">98,554</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">207,306</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Share Repurchase Program</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On March&#160;9, 2006, the Company&#8217;s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to </font><font style="font-family:inherit;font-size:10pt;">3,000,000</font><font style="font-family:inherit;font-size:10pt;"> Vail Shares. On July&#160;16, 2008, the Company&#8217;s Board of Directors increased the authorization by an additional </font><font style="font-family:inherit;font-size:10pt;">3,000,000</font><font style="font-family:inherit;font-size:10pt;"> Vail Shares, and on December 4, 2015, the Company&#8217;s Board of Directors increased the authorization by an additional </font><font style="font-family:inherit;font-size:10pt;">1,500,000</font><font style="font-family:inherit;font-size:10pt;"> Vail Shares for a total authorization to repurchase up to </font><font style="font-family:inherit;font-size:10pt;">7,500,000</font><font style="font-family:inherit;font-size:10pt;"> Vail Shares. The Company repurchased </font><font style="font-family:inherit;font-size:10pt;">155,111</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">353,007</font><font style="font-family:inherit;font-size:10pt;"> Vail Shares, respectively (at a total cost of approximately </font><font style="font-family:inherit;font-size:10pt;">$35.0 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$85.0 million</font><font style="font-family:inherit;font-size:10pt;">, respectively), during the three and six months ended January 31, 2019. The Company did not repurchase any Vail Shares during the three or six months ended January 31, 2018. Since inception of its share repurchase program through </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, the Company has repurchased </font><font style="font-family:inherit;font-size:10pt;">5,904,723</font><font style="font-family:inherit;font-size:10pt;"> Vail Shares for approximately </font><font style="font-family:inherit;font-size:10pt;">$358.0 million</font><font style="font-family:inherit;font-size:10pt;">.&#160;As of </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">1,595,277</font><font style="font-family:inherit;font-size:10pt;"> Vail Shares remained available to repurchase under the existing share repurchase program, which has no expiration date.&#160;Vail Shares purchased pursuant to the repurchase program will be held as treasury shares and may be used for the issuance of Vail Shares under the Company&#8217;s employee share award plan.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Segment Information</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has three reportable segments: Mountain, Lodging and Real Estate. The Company refers to &#8220;Resort&#8221; as the combination of the Mountain and Lodging segments. The Mountain segment includes the operations of the Company&#8217;s mountain resorts/ski areas and related ancillary activities. The Lodging segment includes the operations of the Company&#8217;s owned hotels, RockResorts, NPS concessionaire 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&#8217;s resort communities. The Company&#8217;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.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company reports its segment results using Reported EBITDA (defined as segment net revenue less segment operating expenses, plus or minus 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&#8217;s internal reporting of operating results to the chief operating decision maker (Chief Executive Officer) for purposes of evaluating segment performance.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 consolidated condensed financial statements as indicators of financial performance or liquidity.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 or minus 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 allocated between segments, or used to evaluate performance, except as shown in the table below.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended January 31,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six Months Ended January 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net revenue:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lift </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">447,558</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">381,912</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">472,243</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">407,380</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ski school</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">92,244</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">80,116</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">96,516</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">84,554</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dining</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65,409</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">53,910</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">83,701</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">72,212</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Retail/rental</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">128,436</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">115,446</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">171,778</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">160,853</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">42,426</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">39,518</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">96,841</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">94,028</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Mountain net revenue</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">776,073</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">670,902</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">921,079</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">819,027</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lodging</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">73,249</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63,539</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">148,149</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">135,628</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Resort net revenue</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">849,322</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">734,441</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,069,228</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">954,655</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real Estate</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">256</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">134</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">354</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">770</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total net revenue</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">849,578</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">734,575</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,069,582</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">955,425</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Segment operating expense:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">424,008</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">365,605</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">646,371</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">572,689</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lodging</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">67,492</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">59,871</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">138,496</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">127,605</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Resort </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">491,500</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">425,476</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">784,867</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">700,294</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real Estate</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,389</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,207</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,759</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,898</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total segment operating expense</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">492,889</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">426,683</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">787,626</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">703,192</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Gain on sale of real property</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">515</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">515</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain equity investment income (loss), net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">160</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(35</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,110</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">487</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Reported EBITDA:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">352,225</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">305,262</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">275,818</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">246,825</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lodging</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,757</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,668</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,653</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,023</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Resort</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">357,982</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">308,930</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">285,471</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">254,848</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real Estate</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,133</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(558</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,405</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,613</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Reported EBITDA</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">356,849</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">308,372</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">283,066</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">253,235</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate held for sale and investment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">101,730</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">103,212</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">101,730</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">103,212</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Reconciliation to net income attributable to Vail Resorts, Inc.:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Reported EBITDA</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">356,849</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">308,372</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">283,066</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">253,235</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(55,238</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(51,404</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(106,281</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(100,028</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Change in estimated fair value of contingent consideration</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(700</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,900</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Gain on disposal of fixed assets and other, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,097</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">538</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">478</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,105</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment income and other, net</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">507</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">397</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">970</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">780</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign currency gain (loss) on intercompany loans</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">450</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,337</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,861</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,991</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest expense, net</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(21,002</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(15,973</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(39,640</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(31,147</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income before (provision) benefit from income taxes</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">281,963</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">252,267</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">134,832</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">126,936</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Provision) benefit from income taxes</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(63,973</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,594</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(27,568</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">89,810</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">217,990</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">248,673</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">107,264</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">216,746</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to noncontrolling interests</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11,641</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12,982</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,710</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9,440</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to Vail Resorts, Inc.</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">206,349</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">235,691</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">98,554</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">207,306</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Summary of Significant Accounting Policies</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Consolidated Condensed Financial Statements&#8212;</font><font style="font-family:inherit;font-size:10pt;"> In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company&#8217;s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year, particularly given the significant seasonality to the Company&#8217;s operating cycle. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended </font><font style="font-family:inherit;font-size:10pt;">July&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the U.S. (&#8220;GAAP&#8221;) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of </font><font style="font-family:inherit;font-size:10pt;">July&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> was derived from audited financial statements. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;">&#8212; The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition</font><font style="font-family:inherit;font-size:10pt;">&#8212; The Company recognizes revenues from contracts with customers when or as control of goods or services promised in the contracts is transferred in an amount that reflects consideration to which it expects to be entitled to in exchange for those goods or services. The Company determines the appropriate revenue recognition for contracts with customers by analyzing the type, terms and conditions of contracts or arrangements with customers. Certain contracts with customers contain multiple performance obligations in which case revenue is allocated to each distinct and separate performance obligation based on its relative standalone selling price. See Note 3, Revenues, for more information.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Issued Accounting Standards</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Adopted Standards</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606),&#8221; which supersedes the revenue recognition requirements in Topic 605. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Subsequent to the issuance of ASU 2014-09, the FASB issued several amendments, which did not change the core principle of the guidance and were intended to clarify and improve understanding of certain topics included within the revenue standard. On August 1, 2018, the Company adopted this standard using the modified retrospective transition method for contracts which were not completed as of August 1, 2018. In accordance with this transition method, results for reporting periods beginning after August 1, 2018 are presented under Topic 606, while prior period amounts were not adjusted and continue to be reported in accordance with our historical accounting methodology under Topic 605. On August 1, 2018, as a result of adopting this standard, the Company recorded an approximate </font><font style="font-family:inherit;font-size:10pt;">$7.5 million</font><font style="font-family:inherit;font-size:10pt;"> reduction of retained earnings with a corresponding increase in accounts payable and accrued liabilities, which was primarily associated with the measurement of the loyalty reward programs under the new standard at an estimated fair value of underlying products or services expected to be delivered to satisfy the Company&#8217;s obligations associated with such loyalty programs. The application of this standard had an immaterial impact on total net revenue and net income attributable to Vail Resorts, Inc. for the three and six months ended January 31, 2019.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with the new revenue recognition standard disclosure requirements, the impact of adoption of Topic 606 on the Consolidated Condensed Balance Sheet as of January 31, 2019 was as follows (in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.8046875%;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td style="width:37%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="9" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of January 31, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balance Sheet</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balances Without Adoption of Topic 606</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Adjustments</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As Reported </font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Under Topic 606)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Liabilities</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts payable and accrued liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">677,683</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,053</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">685,736</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Stockholders&#8217; equity</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Retained earnings</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">707,098</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,053</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">699,045</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.8046875%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:37%;" rowspan="1" colspan="1"></td><td style="width:21%;" rowspan="1" colspan="1"></td><td style="width:21%;" rowspan="1" colspan="1"></td><td style="width:21%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued ASU No. 2016-15, &#8220;Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.&#8221; This standard provides guidance for eight targeted changes with respect to how cash receipts and cash payments are classified in the statements of cash flows, with the objective of reducing diversity in practice. The Company adopted this accounting standard on August 1, 2018, which did not have an impact on its consolidated condensed financial statements.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2016, the FASB issued ASU No. 2016-18, &#8220;Restricted Cash,&#8221; which requires that a statement of cash flows present the change during a period for the total of cash, cash equivalents and restricted cash. Historically, under previous guidance, changes in restricted cash have been included within operating, investing or financing activities, which were eliminated under the new standard. The Company adopted this standard as of August 1, 2018, which required retrospective application to all periods presented. As a result, cash provided by operating activities during the six months ended January 31, 2018 increased by </font><font style="font-family:inherit;font-size:10pt;">$12.8 million</font><font style="font-family:inherit;font-size:10pt;"> under the new guidance as compared to what was reported under the previously required guidance. Additionally, due to the inclusion of restricted cash in the beginning and end of period balances, cash, cash equivalents and restricted cash as of January 31, 2018 and July 31, 2017 increased </font><font style="font-family:inherit;font-size:10pt;">$23.6 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$10.3 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, as compared to what was reported under the previously required guidance. As of January 31, 2019, the Company&#8217;s restricted cash balance is primarily associated with customer reservations deposits that are required to be held in a trust pursuant to statutory requirements until such reservations are fulfilled.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Standards Being Evaluated</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The authoritative guidance listed below is currently being evaluated for its impact to Company policies upon adoption as well as any significant implementation matters yet to be addressed.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016-02, &#8220;Leases (Topic 842),&#8221; which supersedes &#8220;Leases (Topic 840).&#8221; The standard requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet and disclose key information about leasing arrangements. The standard also allows for an accounting policy election not to recognize on the balance sheet lease assets and liabilities for leases with a term of 12 months or less. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset on their balance sheets, while lessor accounting will be largely unchanged. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those years (the Company&#8217;s first quarter of fiscal 2020), and must be applied using a modified retrospective transition approach to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company&#8217;s financial position or results of operations and cash flows and related disclosures. Additionally, the Company is evaluating the impacts of the standard beyond accounting, including system, data and process changes required to comply with the standard and has selected an information system application that will centralize the Company&#8217;s lease information and be utilized for accounting under the new standard.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">12.&#160;&#160;&#160;&#160;Subsequent Event</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On&#160;</font><font style="font-family:inherit;font-size:10pt;">February&#160;21, 2019</font><font style="font-family:inherit;font-size:10pt;">, the Company, through a wholly-owned subsidiary, announced it had entered into an agreement to&#160;purchase the ski resorts at&#160;Falls Creek Alpine Resort&#160;("Falls Creek") and&#160;Hotham Alpine Resort&#160;("Hotham") in&#160;Victoria, Australia.&#160;The Company will purchase Australian Alpine Enterprises Holdings Pty. Ltd and all related corporate entities that operate&#160;the Falls Creek&#160;and Hotham resorts from&#160;Living and Leisure Australia Group, a subsidiary of&#160;Merlin Entertainments, for a purchase price of approximately AU</font><font style="font-family:inherit;font-size:10pt;">$174 million</font><font style="font-family:inherit;font-size:10pt;">, subject to certain adjustments at closing, including an increase (or reduction) in the purchase price for operating losses (or gains) incurred for the period from&#160;</font><font style="font-family:inherit;font-size:10pt;">December&#160;29, 2018</font><font style="font-family:inherit;font-size:10pt;">&#160;through closing.&#160;The acquisition includes the ski school, retail/rental, reservation and property management operations at both resort areas. The Company expects to record the transaction as a business combination which is expected to close prior to the commencement of the Australian ski season in June 2019, subject to certain closing conditions, including regulatory approvals. The Company expects to fund the cash purchase price through cash on-hand and/or incremental borrowings.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Supplementary Balance Sheet Information </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The composition of property, plant and equipment follows (in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:55%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">January 31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">July 31, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">January 31, 2018</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land and land improvements</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">617,492</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">552,271</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">559,135</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Buildings and building improvements</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,280,972</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,193,528</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,206,465</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Machinery and equipment</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,139,443</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,007,250</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,046,134</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Furniture and fixtures</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">323,406</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">283,694</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">298,932</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Software</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">122,038</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">113,699</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">116,210</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vehicles</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65,642</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">60,697</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62,172</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Construction in progress</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,342</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">59,579</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,556</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Gross property, plant and equipment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,572,335</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,270,718</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,314,604</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accumulated depreciation</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,741,248</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,643,499</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,612,391</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Property, plant and equipment, net</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,831,087</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,627,219</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,702,213</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The composition of accounts payable and accrued liabilities follows (in thousands):</font><font style="font-family:inherit;font-size:9pt;">&#160; </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:55%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">January 31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">July 31, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">January 31, 2018</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Trade payables</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">106,183</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">80,793</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">94,680</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred revenue</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">346,356</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">282,103</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">292,336</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued salaries, wages and deferred compensation</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">66,090</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,034</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,329</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued benefits</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">37,991</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,963</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,109</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deposits</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,867</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,646</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">43,457</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">76,249</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,994</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">70,652</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total accounts payable and accrued liabilities</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">685,736</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">504,533</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">588,563</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The composition of other long-term liabilities follows (in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:55%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">January 31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">July 31, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">January 31, 2018</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Private club deferred initiation fee revenue </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">112,065</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">114,319</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">116,726</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unfavorable lease obligation, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20,450</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,839</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,309</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other long-term liabilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">142,483</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">155,348</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">149,758</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total other long-term liabilities</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">274,998</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">291,506</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">289,793</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The changes in the net carrying amount of goodwill allocated between the Company&#8217;s segments for the six months ended January 31, 2019 are as follows (in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td style="width:46%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Mountain</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Lodging</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Goodwill, net</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance at July 31, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,407,787</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">67,899</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,475,686</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Acquisitions</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">81,584</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">81,584</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effects of changes in foreign currency exchange rates</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(10,186</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(10,186</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance at January 31, 2019</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,479,185</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">67,899</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,547,084</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;">&#8212; The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</font></div></div> EX-101.SCH 7 mtn-20190131.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2106100 - Disclosure - Acquisitions link:presentationLink link:calculationLink link:definitionLink 2306301 - Disclosure - Acquisitions Acquisitions (Tables) link:presentationLink link:calculationLink link:definitionLink 2406402 - Disclosure - Acquisitions (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 2406403 - Disclosure - Acquisitions (Summary Of Estimate Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed) (Details) link:presentationLink link:calculationLink link:definitionLink 2406404 - Disclosure - Acquisitions (Summary Pro Forma Financial Information) (Details) link:presentationLink link:calculationLink link:definitionLink 2114100 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 2414402 - Disclosure - Commitments and Contingencies (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 1001000 - Statement - Consolidated Condensed Balance Sheets link:presentationLink link:calculationLink link:definitionLink 1001501 - Statement - Consolidated Condensed Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 1006000 - Statement - Consolidated Condensed Statements Of Cash Flows link:presentationLink link:calculationLink link:definitionLink 1004000 - Statement - Consolidated Condensed Statements of Comprehensive Income link:presentationLink link:calculationLink link:definitionLink 1002000 - Statement - Consolidated Condensed Statements Of Operations link:presentationLink link:calculationLink link:definitionLink 1005000 - Statement - Consolidated Condensed Statements of Stockholders' Equity Statement link:presentationLink link:calculationLink link:definitionLink 0001000 - Document - Document And Entity Information link:presentationLink link:calculationLink link:definitionLink 2113100 - Disclosure - Fair Value Measurements link:presentationLink link:calculationLink link:definitionLink 2413402 - Disclosure - Fair Value Measurements (Details) link:presentationLink link:calculationLink link:definitionLink 2313301 - Disclosure - Fair Value Measurements (Tables) link:presentationLink link:calculationLink link:definitionLink 2105100 - Disclosure - Long-Term Debt link:presentationLink link:calculationLink link:definitionLink 2405402 - Disclosure - Long-Term Debt Long-Term Debt (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 2405404 - Disclosure - Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) link:presentationLink link:calculationLink link:definitionLink 2405403 - Disclosure - Long-Term Debt (Schedule Of Debt Instruments) (Details) link:presentationLink link:calculationLink link:definitionLink 2305301 - Disclosure - Long-Term Debt (Tables) link:presentationLink link:calculationLink link:definitionLink 2104100 - Disclosure - Net Income Per Common Share link:presentationLink link:calculationLink link:definitionLink 2404402 - Disclosure - Net Income Per Common Share Net Income per Common Share (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 2404403 - Disclosure - Net Income Per Common Share (Summary of Calculation of Basic and Diluted EPS) (Details) link:presentationLink link:calculationLink link:definitionLink 2304301 - Disclosure - Net Income Per Common Share (Tables) link:presentationLink link:calculationLink link:definitionLink 2101100 - Disclosure - Organization and Business link:presentationLink link:calculationLink link:definitionLink 2403403 - Disclosure - Revenue Contract Balances (Details) link:presentationLink link:calculationLink link:definitionLink 2403404 - Disclosure - Revenue Costs to Obtain Contracts with Customers (Details) link:presentationLink link:calculationLink link:definitionLink 2403402 - Disclosure - Revenue (Details) link:presentationLink link:calculationLink link:definitionLink 2103100 - Disclosure - Revenue (Notes) link:presentationLink link:calculationLink link:definitionLink 2303301 - Disclosure - Revenue (Tables) link:presentationLink link:calculationLink link:definitionLink 2116100 - Disclosure - Segment Information link:presentationLink link:calculationLink link:definitionLink 2416402 - Disclosure - Segment Information (Details) link:presentationLink link:calculationLink link:definitionLink 2316301 - Disclosure - Segment Information (Tables) link:presentationLink link:calculationLink link:definitionLink 2118100 - Disclosure - Share Repurchase Program link:presentationLink link:calculationLink link:definitionLink 2418401 - Disclosure - Share Repurchase Program (Details) link:presentationLink link:calculationLink link:definitionLink 2419402 - Disclosure - Subsequent Event (Details) link:presentationLink link:calculationLink link:definitionLink 2119100 - Disclosure - Subsequent Event (Notes) link:presentationLink link:calculationLink link:definitionLink 2319301 - Disclosure - Subsequent Event (Tables) link:presentationLink link:calculationLink link:definitionLink 2102100 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 2202201 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 2402403 - Disclosure - Summary of Significant Accounting Policies Recently Issued Accounting Standards (Details) link:presentationLink link:calculationLink link:definitionLink 2302302 - Disclosure - Summary of Significant Accounting Policies (Tables) link:presentationLink link:calculationLink link:definitionLink 2109100 - Disclosure - Supplementary Balance Sheet Information link:presentationLink link:calculationLink link:definitionLink 2409405 - Disclosure - Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) link:presentationLink link:calculationLink link:definitionLink 2409406 - Disclosure - Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) link:presentationLink link:calculationLink link:definitionLink 2409403 - Disclosure - Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) link:presentationLink link:calculationLink link:definitionLink 2409407 - Disclosure - Supplementary Balance Sheet Information Schedule of Goodwill (Details) link:presentationLink link:calculationLink link:definitionLink 2309301 - Disclosure - Supplementary Balance Sheet Information (Tables) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 mtn-20190131_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 9 mtn-20190131_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 10 mtn-20190131_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Statement of Financial Position [Abstract] Statement [Table] Statement [Table] Statement, Scenario [Axis] Scenario [Axis] Scenario, Unspecified [Domain] Scenario, Unspecified [Domain] Class of Stock [Axis] Class of Stock [Axis] Class of Stock [Domain] Class of Stock [Domain] Statement [Line Items] Statement [Line Items] Preferred Stock, Par or Stated Value Per Share Preferred Stock, Par or Stated Value Per Share Preferred stock, shares authorized Preferred Stock, Shares Authorized Preferred stock, shares issued Preferred Stock, Shares Issued Preferred stock, shares outstanding Preferred Stock, Shares Outstanding Common stock, par value (in dollars per share) Common Stock, Par or Stated Value Per Share Common stock, shares authorized Common Stock, Shares Authorized Common stock, shares issued Common Stock, Shares, Issued Exchangeable Shares, Par Value Per Share Exchangeable Shares, Par Value Per Share Exchangeable Shares, Par Value Per Share Exchangeable Shares, Shares, Issued Exchangeable Shares, Shares, Issued Exchangeable Shares, Shares, Issued Treasury stock, shares Treasury Stock, Shares Revenue [Abstract] Revenue [Abstract] Disaggregation of Revenue [Table Text Block] Disaggregation of Revenue [Table Text Block] Business Combinations [Abstract] Acquisitions Business Combination Disclosure [Text Block] Debt Disclosure [Abstract] Long-Term Debt Debt Disclosure [Text Block] Statement of Comprehensive Income [Abstract] Net income Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Foreign currency translation adjustments, net of tax Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax Comprehensive income Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Comprehensive income attributable to noncontrolling interests Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest Comprehensive income attributable to Vail Resorts, Inc. Comprehensive Income (Loss), Net of Tax, Attributable to Parent Subsequent Event [Abstract] Subsequent Event [Abstract] Subsequent Event [Table] Subsequent Event [Table] Scenario, Forecast [Member] Scenario, Forecast [Member] Business Acquisition [Axis] Business Acquisition [Axis] Business Acquisition, Acquiree [Domain] Business Acquisition, Acquiree [Domain] Falls Creek and Hotham [Member] Falls Creek and Hotham [Member] Falls Creek and Hotham [Member] Subsequent Event Type [Axis] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Subsequent Event Type [Domain] Subsequent Event [Line Items] Subsequent Event [Line Items] Business Combination, Consideration Transferred Business Combination, Consideration Transferred Revenue from Contract with Customer [Text Block] Revenue from Contract with Customer [Text Block] Long-term Debt, Other Disclosures [Abstract] Schedule of Long-term Debt Instruments [Table] Schedule of Long-term Debt Instruments [Table] Range [Axis] Range [Axis] Range [Domain] Range [Domain] Maximum [Member] Maximum [Member] Minimum [Member] Minimum [Member] Long-term Debt, Type [Axis] Long-term Debt, Type [Axis] Long-term Debt, Type [Domain] Long-term Debt, Type [Domain] Credit Facility Revolver [Member] Line of Credit [Member] Whistler Credit Agreement revolver [Member] Whistler Credit Agreement revolver [Member] Whistler Credit Agreement revolver [Member] Term Loan [Member] Term Loan [Member] Term Loan [Member] Employee Housing Bonds [Member] Employee Housing Bonds [Member] Employee Housing Bonds [Member] Canyons Obligation [Member] Canyons Obligation [Member] Obligation to Talisker Corporation for operation of Canyons Resort Other [Member] Other Debt [Member] Other Debt [Member] Total debt Long-term Debt Unamortized Debt Issuance Expense Unamortized Debt Issuance Expense Long-term debt due within one year (Note 5) Long-term Debt and Capital Lease Obligations, Current Long-term debt, net (Note 5) Long-term Debt and Capital Lease Obligations Fiscal year maturity Debt Instrument, Year of Maturity Debt Instrument, Year of Maturity Fiscal year maturity, start Debt Instrument, Maturity Date Range, Start Fiscal year maturity, end Debt Instrument, Maturity Date Range, End Fair Value Disclosures [Abstract] Summary Of Cash Equivalents Measured At Fair Value Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] Schedule of Business Acquisitions, by Acquisition [Table] Schedule of Business Acquisitions, by Acquisition [Table] Stevens Pass [Member] Stevens Pass [Member] Stevens Pass [Member] Triple Peaks, LLC [Member] Triple Peaks, LLC [Member] Triple Peaks, LLC [Member] Business Combination, Cash Consideration Transferred Business Combination, Cash Consideration Transferred Business Combination, Cash Consideration Transferred Proceeds from (Repayments of) Debt Proceeds from (Repayments of) Debt Business Combination, Consideration Transferred, Other Business Combination, Consideration Transferred, Other Business Acquisition, Transaction Costs Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed Long-term Debt, Unclassified [Abstract] Currency [Axis] Currency [Axis] All Currencies [Domain] All Currencies [Domain] Canada, Dollars Canada, Dollars Line of Credit Facility, Initiation Date Line of Credit Facility, Initiation Date Line of Credit Facility, Remaining Borrowing Capacity Optional Commitment Increase Monetary amount for which a bank commitment can be extended. Line of Credit Facility, Maximum Borrowing Capacity Line of Credit Facility, Maximum Borrowing Capacity Line of Credit Facility, Increase (Decrease), Net Line of Credit Facility, Increase (Decrease), Net Debt Instrument, Maturity Date Debt Instrument, Maturity Date Long-term Line of Credit Long-term Line of Credit Gross interest expense Interest Expense, Debt Long-term Debt Amortization of deferred financing costs Amortization of Debt Issuance Costs Intercompany Foreign Currency Balance, Amount Intercompany Foreign Currency Balance, Amount Debt Instrument, Interest Rate, Stated Percentage Debt Instrument, Interest Rate, Stated Percentage Long-term Debt, Description Long-term Debt, Description Debt Instrument, Unused Borrowing Capacity, Fee Debt Instrument, Unused Borrowing Capacity, Fee Debt Instrument, Unused Borrowing Capacity, Fee Line of Credit Facility, Unused Capacity, Commitment Fee Percentage Foreign currency gain (loss) on intercompany loans (Note 5) Foreign Currency Transaction Gain (Loss), before Tax Payments for Repurchase of Equity [Abstract] Accelerated Share Repurchases [Table] Accelerated Share Repurchases [Table] Accelerated Share Repurchases, Date [Axis] Accelerated Share Repurchases, Date [Axis] Accelerated Share Repurchases, Date [Domain] Accelerated Share Repurchases, Date [Domain] Accelerated Share Repurchases [Line Items] Accelerated Share Repurchases [Line Items] Number of shares authorized to repurchase Stock Repurchase Program, Number of Shares Authorized to be Repurchased Treasury Stock, Shares, Acquired Treasury Stock, Shares, Acquired Additional number of shares authorized to repurchase Stock Repurchase Program, Additional Number of Shares Authorized to be Repurchased Stock Repurchase Program, Additional Number of Shares Authorized to be Repurchased Number of shares repurchased since inception Payments for Repurchase of Common Stock Payments for Repurchase of Common Stock Value of stock repurchased since inception Treasury Stock, Value Remaining shares available for repurchase under existing program Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased Earnings Per Share Reconciliation [Abstract] Summary of Calculation of Basic And Diluted EPS Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Net Income Per Common Share Earnings Per Share [Text Block] Business Acquisition [Line Items] Business Acquisition [Line Items] Business Acquisition, Pro Forma Information [Table Text Block] Business Acquisition, Pro Forma Information [Table Text Block] Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] Segment Reporting [Abstract] Schedule of Segment Reporting Information, by Segment [Table] Schedule of Segment Reporting Information, by Segment [Table] Segment Reporting Information, by Segment [Axis] Segments [Axis] Reporting Segment [Domain] Segments [Domain] Lift Tickets [Member] Lift Tickets [Member] Lift Tickets [Member] Ski School [Member] Ski School [Member] Ski School [Member] Dining [Member] Dining [Member] Dining [Member] Retail/Rental [Member] Retail Rental [Member] Retail Rental [Member] Other Mountain Revenue [Member] Other Mountain Revenue [Member] Other Mountain Revenue [Member] Resort [Member] Resort [Member] Resort [Member] Mountain [Member] Mountain [Member] Mountain [Member] Lodging [Member] Lodging [Member] Lodging [Member] Real Estate [Member] Real Estate [Member] Total Mountain net revenue Mountain Revenue Net Revenue mainly derived from the sale of lift tickets and season ski passes, ski school, food and beverage, retail/rental and other revenue associated with mountain operations. Lodging Revenue Net Lodging Revenue Net Revenue generated from owned and managed hotels and condominiums, transportation, golf and other activities. Total Resort net revenue Resort Revenue Net The sum of mountain and lodging segment revenue. Revenues Revenues Real Estate Revenue Real Estate Revenue Real Estate Revenue Mountain Mountain Expenses Net Costs incurred that are directly related to generating mountain revenue, including labor and labor-related benefits, retail cost of sales, resort related fees and general and administrative expenses. Lodging Lodging Expenses Net Costs incurred that are directly related to generating lodging revenues, including labor and labor-related benefits and general and administrative expenses. Resort Resort Expenses Net The sum of mountain and lodging segment operating expenses, net. Real Estate Real estate expense Costs incurred that are directly related to generating real estate revenues, including cost of sales (including sales commissions), labor and labor-related benefits, general and administrative expenses and other expenses. Total segment operating expense Operating Costs Expenses And Cost Of Sales Generally recurring costs associated with normal operations including costs of sales or services and General and Administrative Expense. Gain on sale of real property Gain on sale of real property The gains and losses included in results of operations resulting from the sale of land. Mountain equity investment income (loss), net Mountain Equity Investment Income Loss Net The Company's share of income (loss) from the operations of unconsolidated subsidiaries associated with the mountain segment. Total Reported EBITDA Earning Before Interest Taxes Depreciation and Amortization Earning Before Interest Taxes Depreciation and Amortization for the Segment presented. Real estate held for sale and investment Inventory, Real Estate Depreciation and amortization Depreciation, Depletion and Amortization, Nonproduction Change in estimated fair value of contingent consideration (Note 8) Change in Fair Value of Contingent Consideration Change in Fair Value of Contingent Consideration Gain on disposal of fixed assets and other, net Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property Investment income and other, net Investment Income, Interest Foreign currency gain (loss) on intercompany loans Interest expense, net Interest Expense Income before (provision) benefit from income taxes Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest (Provision) benefit from income taxes Income Tax Expense (Benefit) Net income attributable to noncontrolling interests Net Income (Loss) Attributable to Noncontrolling Interest Net income attributable to Vail Resorts, Inc. Net Income (Loss) Attributable to Parent Balance Sheet Related Disclosures [Abstract] Composition Of Property, Plant And Equipment Property, Plant and Equipment [Table Text Block] Components Of Accounts Payable And Accrued Liabilities Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] Components Of Other Long-Term Liabilities Schedule of Other Long-term Liabilities [Table Text Block] Schedule of Other Long-term Liabilities [Table Text Block] Schedule of Goodwill [Table Text Block] Schedule of Goodwill [Table Text Block] Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization and Business Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Debt Instrument [Axis] Debt Instrument [Axis] Debt Instrument, Name [Domain] Debt Instrument, Name [Domain] Debt Instrument [Line Items] Debt Instrument [Line Items] 2019 (February 2019 through July 2019) Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year 2020 Long-term Debt, Maturities, Repayments of Principal in Year Two 2021 Long-term Debt, Maturities, Repayments of Principal in Year Three 2022 Long-term Debt, Maturities, Repayments of Principal in Year Four 2023 Long-term Debt, Maturities, Repayments of Principal in Year Five Thereafter Long-term Debt, Maturities, Repayments of Principal after Year Five Assets Assets [Abstract] Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value Restricted cash Restricted Cash and Cash Equivalents, Current Trade receivables, net Accounts Receivable, Net, Current Inventories, net Inventory, Net Other current assets Other Assets, Current Total current assets Assets, Current Property, plant and equipment, net (Note 7) Property, Plant and Equipment, Net Goodwill, net (Note 7) Goodwill Intangible assets, net Intangible Assets, Net (Excluding Goodwill) Other assets Other Assets, Noncurrent Total assets Assets Liabilities and Stockholders’ Equity Liabilities and Equity [Abstract] Liabilities Liabilities [Abstract] Accounts payable and accrued liabilities (Note 7) Accounts Payable Accrued Liabilities Carrying amount as of the balance sheet date of liabilities incurred (of which invoices have been received and for which invoice have not yet been received or will not be rendered). Includes deferred revenue, accrued interest expense, deposits, accrued salaries, wages and benefits and other accrued liabilities. Income taxes payable Accrued Income Taxes, Current Total current liabilities Liabilities, Current Other long-term liabilities (Note 7) Other Long Term Liabilities Noncurrent Carrying amount as of the balance sheet date of noncurrent obligations which are expected to be settled after one year (or the normal operating cycle, if longer). Includes deferred revenue, unfavorable lease obligations and other long-term accrued liabilities. Deferred income taxes, net Deferred Tax Liabilities, Net, Noncurrent Total liabilities Liabilities Commitments and contingencies (Note 9) Commitments and Contingencies Stockholders' Equity Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding Preferred Stock, Value, Issued Common stock, $0.01 par value, 100,000 shares authorized, 46,101, 46,021 and 45,857 shares issued, respectively Common Stock, Value, Issued Exchangeable shares, $0.01 par value, 57, 58 and 60 shares issued and outstanding, respectively (Note 4) Exchangeable Shares, Value, Issued Aggregate par or stated value of issued Exchangeable shares. Additional paid-in capital Additional Paid in Capital, Common Stock Accumulated other comprehensive (loss) income Accumulated Other Comprehensive Income (Loss), Net of Tax Retained earnings Retained Earnings (Accumulated Deficit) Treasury stock, at cost, 5,905, 5,552, and 5,436 shares, respectively (Note 11) Total Vail Resorts, Inc. stockholders’ equity Stockholders' Equity Attributable to Parent Noncontrolling interests Stockholders' Equity Attributable to Noncontrolling Interest Total stockholders’ equity Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Total liabilities and stockholders’ equity Liabilities and Equity Fair Value, Assets Measured on Recurring Basis [Table] Fair Value Measurements, Recurring and Nonrecurring [Table] Restricted Cash and Cash Equivalents, Cash and Cash Equivalents [Axis] Restricted Cash and Cash Equivalents [Axis] Cash and Cash Equivalents [Domain] Cash and Cash Equivalents [Domain] Commercial Paper [Member] Commercial Paper [Member] Certificates of Deposit [Member] Certificates of Deposit [Member] Fair Value, Assets Measured on Recurring Basis, Disclosure Items [Axis] Fair Value Hierarchy and NAV [Axis] Fair Value, Assets Measured on Recurring Basis, Disclosure Items [Domain] Fair Value Hierarchy and NAV [Domain] Level 1 [Member] Fair Value, Inputs, Level 1 [Member] Level 2 [Member] Fair Value, Inputs, Level 2 [Member] Fair Value, Inputs, Level 3 [Member] Fair Value, Inputs, Level 3 [Member] Contingent Consideration Business Combination, Contingent Consideration, Liability Payments for Rent Payments for Rent Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability Business Combination, Contingent Consideration Arrangements, Description Business Combination, Contingent Consideration Arrangements, Description Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Adverse Change in Other Assumption, Description Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Adverse Change in Other Assumption, Description Contingent Consideration, Key Assumptions for Valuation Contingent Consideration, Key Assumptions for Valuation The key inputs of the arrangement and market participant assumptions considered when developing the assumptions used to determine the fair value of the arrangement. Money Market Money Market Funds, at Carrying Value Commercial Paper Cash and Cash Equivalents, Fair Value Disclosure Document And Entity Information [Abstract] Document And Entity Information [Abstract] Document Type Document Type Amendment Flag Amendment Flag Document Period End Date Document Period End Date Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Period Focus Document Fiscal Period Focus Trading Symbol Trading Symbol Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Current Fiscal Year End Date Current Fiscal Year End Date Entity Filer Category Entity Filer Category Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Entity Current Reporting Status Entity Current Reporting Status Entity Emerging Growth Company Entity Emerging Growth Company Entity Small Business Entity Small Business Commitments and Contingencies Disclosure [Abstract] Loss Contingencies [Table] Loss Contingencies [Table] Loss Contingencies by Nature of Contingency [Axis] Loss Contingency Nature [Axis] Loss Contingency, Nature [Domain] Loss Contingency, Nature [Domain] Workers' Compensation and General Liability Related to Construction and Development Activities [Member] Workers' Compensation and General Liability Related to Construction and Development Activities [Member] Workers Compensation and General Liability Related to Construction and Development Activities [Member] Legal Entity [Axis] Legal Entity [Axis] Entity [Domain] Entity [Domain] Holland Creek Metropolitan District [Member] Holland Creek Metropolitan District [Member] Holland Creek Metropolitan District [Member] Red Sky Ranch Metropolitan District [Member] Red Sky Ranch Metropolitan District [Member] Red Sky Ranch Metropolitan District [Member] Credit-enhanced bonds issued amount Debt Instrument, Third Party Credit Enhancements Debt Instrument, Third Party Credit Enhancements Amount outstanding in letters of credit Letters of Credit Outstanding, Amount Outstanding Letters of Credit for Acquisitions Outstanding Letters of Credit for Acquisitions Outstanding Letters of Credit for Acquisitions Other long-term liabilities Other Long-term Debt Estimated cessation date of capital improvement fee payment obligation Estimated Cessation Date Of Capital Improvement Fee Payments Estimated Cessation Date Of Capital Improvement Fee Payments Surety Bonds Outstanding Surety Bonds Outstanding Surety Bonds Outstanding Schedule of Goodwill [Abstract] Schedule of Goodwill [Abstract] Capitalized Contract Cost, Net Capitalized Contract Cost, Net Recognition of Deferred Revenue Recognition of Deferred Revenue Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Weighted-average Vail Shares outstanding Weighted Average Number of Shares Outstanding, Common Weighted Average Number of Shares Outstanding, Common Weighted-average Exchangeco Shares outstanding Weighted Average Number of Shares Outstanding, Exchangeable Weighted Average Number of Shares Outstanding, Exchangeable Total Weighted-average shares outstanding Weighted Average Number of Shares Outstanding, Basic Effect of dilutive securities Weighted Average Number Diluted Shares Outstanding Adjustment Total shares Weighted Average Number of Shares Outstanding, Diluted Basic net income per share attributable to Vail Resorts, Inc. Earnings Per Share, Basic Diluted net income per share attributable to Vail Resorts, Inc. Earnings Per Share, Diluted Product and Service [Axis] Product and Service [Axis] Product and Service [Domain] Product and Service [Domain] Owned Hotel Revenue [Member] Owned Hotel Revenue [Member] Owned Hotel Revenue [Member] Managed condominium rooms [Member] Managed condominium rooms [Member] Managed condominium rooms [Member] Transportation [Member] Transportation [Member] Transportation [Member] Golf [Member] Golf [Member] Golf [Member] Other Lodging Revenue [Member] Other Lodging Revenue [Member] Other Lodging Revenue [Member] Lodging revenue (excluding payroll cost reimbursements) [Member] Lodging revenue (excluding payroll cost reimbursements) [Member] Lodging revenue (excluding payroll cost reimbursements) [Member] Payroll cost reimbursements [Member] Payroll cost reimbursements [Member] Payroll cost reimbursements [Member] Mountain Revenue Net Resort net revenue Revenues Trade payables Accounts Payable, Trade, Current Deferred revenue Deferred Revenue, Current Accrued salaries, wages and deferred compensation Accrued Salaries, Current Accrued benefits Accrued Employee Benefits, Current Deposits Deposits Other liabilities Other Accrued Liabilities, Current Total accounts payable and accrued liabilities Pro Forma Financial Information [Table] Pro Forma Financial Information [Table] Pro Forma Financial Information [Table] Pro Forma Financial Information [Line Items] Pro Forma Financial Information [Line Items] [Line Items] for Pro Forma Financial Information [Table] Pro forma net revenue Business Acquisition, Pro Forma Revenue Pro forma net income attributable to Vail Resorts, Inc. Business Acquisition, Pro Forma Net Income (Loss) Pro forma basic net income per share attributable to Vail Resorts, Inc. Business Acquisition, Pro Forma Earnings Per Share, Basic Pro forma diluted net income per share attributable to Vail Resorts, Inc. Business Acquisition, Pro Forma Earnings Per Share, Diluted Income Statement [Abstract] Net revenue: Revenues [Abstract] Mountain and Lodging services and other Mountain and Lodging services and other revenue Mountain and Lodging services and other revenue Mountain and Lodging retail and dining Mountain and Lodging retail and dining revenue Mountain and Lodging retail and dining revenue Operating expense (exclusive of depreciation and amortization shown separately below): Operating Expenses [Abstract] Mountain and Lodging operating expense Mountain and Lodging operating expenses Mountain and Lodging operating expenses Mountain and Lodging retail and dining cost of products sold Mountain and Lodging cost of products sold Mountain and Lodging retail and dining cost of products sold General and administrative Mountain and Lodging general and administrative expense Mountain and Lodging general and administrative expense Resort operating expense Real Estate operating expense Other operating (expense) income: Other Operating Expenses And Income [Abstract] Other operating expenses and income abstract. Income from operations Operating Income (Loss) Per share amounts (Note 4): Earnings Per Share [Abstract] Cash dividends declared per share Common Stock, Dividends, Per Share, Declared Net Loss Per Common Share [Abstract] Net Loss Per Common Share [Abstract] Equity Components [Axis] Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] Common Stock [Member] Common Stock [Member] Exchangeable Shares [Member] Exchangeable Shares [Member] Exchangeable Shares [Member] Stock Issued During Period, Shares, New Issues Stock Issued During Period, Shares, New Issues Anti-dilutive securities (in shares) Income Tax Expense (Benefit) Common Stock, Dividends, Per Share, Cash Paid Common Stock, Dividends, Per Share, Cash Paid Payments of Dividends Payments of Dividends Dividends Payable, Date to be Paid Dividends Payable, Date to be Paid Dividends Payable, Date of Record Dividends Payable, Date of Record Accounting Policies [Abstract] Summary of Significant Accounting Policies Significant Accounting Policies [Text Block] Statement of Cash Flows [Abstract] Cash flows from operating activities: Net Cash Provided by (Used in) Operating Activities [Abstract] Net income Adjustments to reconcile net income to net cash provided by operating activities: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Depreciation and amortization Stock-based compensation expense Share-based Compensation Deferred income taxes, net Deferred Income Tax Expense (Benefit) Other non-cash income, net Other Noncash Income Changes in assets and liabilities: Increase (Decrease) in Operating Capital [Abstract] Trade receivables, net Increase (Decrease) in Accounts Receivable Inventories, net Increase (Decrease) in Inventories Accounts payable and accrued liabilities Increase (Decrease) in Accounts Payable and Accrued Liabilities Deferred revenue Increase (Decrease) in Deferred Revenue Income taxes payable - excess tax benefit from share award exercises Excess Tax Benefit from Share-based Compensation, Operating Activities Income taxes payable - other Increase (Decrease) in Income Taxes Payable Other assets and liabilities, net Increase (Decrease) in Other Operating Assets and Liabilities, Net Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities Cash flows from investing activities: Net Cash Provided by (Used in) Investing Activities [Abstract] Capital expenditures Payments to Acquire Productive Assets Acquisition of businesses, net of cash acquired Payments to Acquire Businesses, Net of Cash Acquired Cash Received From Sale Of Property Cash Received From Sale Of Property Cash received from sale of land. Other investing activities, net Payments for (Proceeds from) Other Investing Activities Net cash used in investing activities Net Cash Provided by (Used in) Investing Activities Cash flows from financing activities: Net Cash Provided by (Used in) Financing Activities [Abstract] Proceeds from borrowings under Vail Holdings Credit Agreement Proceeds from Loans Proceeds from borrowings under Whistler Credit Agreement Proceeds from Whistler Credit Agreement revolver Proceeds from Whistler Credit Agreement revolver Repayments of borrowings under Vail Holdings Credit Agreement Repayments of Lines of Credit Repayments of borrowings under Whistler Credit Agreement Repayments of Whistler Credit Agreement revolver Repayments of Whistler Credit Agreement revolver Issuance of shares under share award plans, net of shares withheld for employee taxes Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures Dividends paid Repurchases of common stock Other financing activities, net Proceeds from (Payments for) Other Financing Activities Net cash used in financing activities Net Cash Provided by (Used in) Financing Activities Effect of exchange rate changes on cash, cash equivalents and restricted cash Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Net (decrease) increase in cash, cash equivalents and restricted cash Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Cash, cash equivalents and restricted cash: Cash and Cash Equivalents, Period Increase (Decrease) [Abstract] Beginning of period Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents End of period Accrued capital expenditures Capital Expenditures Incurred but Not yet Paid Recently Issued Accounting Standards [Abstract] Recently Issued Accounting Standards [Abstract] Balance Sheet Location [Axis] Balance Sheet Location [Axis] Balance Sheet Location [Domain] Balance Sheet Location [Domain] Accounts Payable and Accrued Liabilities [Member] Accounts Payable and Accrued Liabilities [Member] Retained Earnings [Member] Retained Earnings [Member] New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income Cumulative effect for adoption of revenue standard (Notes 2 & 3) New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification Increase (Decrease) in Restricted Cash for Operating Activities Increase (Decrease) in Restricted Cash for Operating Activities Subsequent Events [Text Block] Subsequent Events [Text Block] Supplementary Balance Sheet Information Supplemental Balance Sheet Disclosures [Text Block] Schedule Of Long-Term Debt Schedule of Long-term Debt Instruments [Table Text Block] Schedule Of Aggregate Maturities For Debt Outstanding Schedule of Maturities of Long-term Debt [Table Text Block] Disaggregation of Revenue [Table] Disaggregation of Revenue [Table] Capitalized Contract Cost, Amortization Capitalized Contract Cost, Amortization Deferred Revenue and Credits, Noncurrent Deferred Revenue and Credits, Noncurrent Segment Information Segment Reporting Disclosure [Text Block] Statement of Stockholders' Equity [Abstract] Additional Paid-in Capital [Member] Additional Paid-in Capital [Member] Accumulated Other Comprehensive Loss [Member] AOCI Attributable to Parent [Member] Treasury Stock [Member] Treasury Stock [Member] Total Vail Resorts, Inc. Stockholders' Equity [Member] Total Vail Resorts, Inc. Stockholders' Equity [Member] Total Stockholders Equity Parent [Member] Noncontrolling Interests [Member] Noncontrolling Interest [Member] Balance Net (income) loss attributable to noncontrolling interests Foreign currency translation adjustments, net of tax Total comprehensive income Comprehensive (income) loss attributable to noncontrolling interests Total comprehensive income Stock-based compensation expense Stock Granted, Value, Share-based Compensation, Net of Forfeitures Measurement period adjustment Noncontrolling Interest, Period Increase (Decrease) Repurchase of common stock (Note 11) Dividends (Note 4) Dividends, Common Stock Distributions to noncontrolling interests, net Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders Share Repurchase Program Class of Treasury Stock [Table Text Block] Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent Goodwill Acquired During Period Goodwill, Acquired During Period Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Schedule of Goodwill [Table] Schedule of Goodwill [Table] Segments [Axis] Goodwill [Line Items] Goodwill [Line Items] Goodwill Goodwill, Acquired During Period Effects of changes in foreign currency exchange rates Goodwill, Foreign Currency Translation Gain (Loss) Consolidated Financial Statements Policy [Table Text Block] ConsolidatedFinancialStatementsPolicy [Table Text Block] ConsolidatedCondensedFinancialStatementsPolicy [Text Block] Use of Estimates Use of Estimates, Policy [Policy Text Block] Revenue from Contract with Customer [Policy Text Block] Revenue from Contract with Customer [Policy Text Block] New Accounting Pronouncements and Changes in Accounting Principles [Text Block] New Accounting Pronouncements and Changes in Accounting Principles [Text Block] Accounting Standards Being Evaluated Description of New Accounting Pronouncements Not yet Adopted [Text Block] Summary Of Financial Information By Reportable Segment Schedule of Segment Reporting Information, by Segment [Table Text Block] Schedule of Property, Plant and Equipment [Table] Property, Plant and Equipment [Table] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Type [Domain] Property, Plant and Equipment, Type [Domain] Property, Plant and Equipment [Line Items] Property, Plant and Equipment [Line Items] Land and land improvements Land And Land Improvements Gross Gross amount, as of the balance sheet date, of real estate held for productive use. This excludes land held for sale and alterations to land which improves its potential for use. Generally consisting of items having limited lives, such as walkways, driveways, fences, and parking lots, such improvements are depreciated over the useful lives of the subject assets. Buildings and building improvements Buildings and Improvements, Gross Machinery and equipment Machinery and Equipment, Gross Furniture and fixtures Furniture and Fixtures, Gross Software Capitalized Computer Software, Gross Vehicles Vehicles Gross Gross amount, as of the balance sheet date, of long-lived, depreciable assets that include automobiles and trucks. Construction in progress Construction in Progress, Gross Gross property, plant and equipment Property, Plant and Equipment, Gross Accumulated depreciation Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Property, plant and equipment, net Fair Value Measurements Fair Value Disclosures [Text Block] Commitments and Contingencies Commitments and Contingencies Disclosure [Text Block] Private club deferred initiation fee revenue Private Club Deferred Initiation Fees And Deposits Carrying amount as of the balance sheet date of prepayments by customers for private club initiation fees and deposits for services to be provided at a later date. Unfavorable lease obligation, net Unfavorable Lease Obligation Net Carrying amount as of the balance sheet date of unfavorable lease obligations. Other long-term liabilities Other Liabilities, Noncurrent Total other long-term liabilities EX-101.PRE 11 mtn-20190131_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT GRAPHIC 12 vaila07.jpg begin 644 vaila07.jpg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htm IDEA: XBRL DOCUMENT v3.10.0.1
Document And Entity Information - shares
 6 Months Ended
Jan. 31, 2019
Mar. 04, 2019
Document And Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jan. 31, 2019  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q2  
Trading Symbol MTN  
Entity Registrant Name VAIL RESORTS INC  
Entity Central Index Key 0000812011  
Current Fiscal Year End Date --07-31  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   40,196,699
Entity Current Reporting Status Yes  
Entity Emerging Growth Company false  
Entity Small Business false  

XML 14 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Condensed Balance Sheets - USD ($)
$ in Thousands
Jan. 31, 2019
Jul. 31, 2018
Jan. 31, 2018
Assets      
Cash and cash equivalents $ 158,561 $ 178,145 $ 235,460
Restricted cash 20,762 6,895 23,566
Trade receivables, net 87,721 230,829 85,428
Inventories, net 103,010 85,588 97,480
Other current assets 45,212 37,279 39,075
Total current assets 415,266 538,736 481,009
Property, plant and equipment, net (Note 7) 1,831,087 1,627,219 1,702,213
Real estate held for sale and investment 101,730 99,385 103,212
Goodwill, net (Note 7) 1,547,084 1,475,686 1,533,980
Intangible assets, net 305,885 280,572 293,149
Other assets 43,870 43,386 43,243
Total assets 4,244,922 4,064,984 4,156,806
Liabilities      
Accounts payable and accrued liabilities (Note 7) 685,736 504,533 588,563
Income taxes payable 27,544 50,632 32,497
Long-term debt due within one year (Note 5) 48,493 38,455 38,433
Total current liabilities 761,773 593,620 659,493
Long-term debt, net (Note 5) 1,345,262 1,234,277 1,182,349
Other long-term liabilities (Note 7) 274,998 291,506 289,793
Deferred income taxes, net 179,794 133,918 144,393
Total liabilities 2,561,827 2,253,321 2,276,028
Commitments and contingencies (Note 9)
Stockholders' Equity      
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding 0 0 0
Common stock, $0.01 par value, 100,000 shares authorized, 46,101, 46,021 and 45,857 shares issued, respectively 461 460 458
Exchangeable shares, $0.01 par value, 57, 58 and 60 shares issued and outstanding, respectively (Note 4) 1 1 1
Additional paid-in capital 1,135,709 1,137,467 1,160,243
Accumulated other comprehensive (loss) income (13,949) (2,227) 58,750
Retained earnings 699,045 726,722 673,065
Treasury stock, at cost, 5,905, 5,552, and 5,436 shares, respectively (Note 11) (357,989) (272,989) (247,189)
Total Vail Resorts, Inc. stockholders’ equity 1,463,278 1,589,434 1,645,328
Noncontrolling interests 219,817 222,229 235,450
Total stockholders’ equity 1,683,095 1,811,663 1,880,778
Total liabilities and stockholders’ equity $ 4,244,922 $ 4,064,984 $ 4,156,806
XML 15 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares
Jan. 31, 2019
Jul. 31, 2018
Jan. 31, 2018
Preferred Stock, Par or Stated Value Per Share $ 0.01 $ 0.01 $ 0.01
Preferred stock, shares authorized 25,000,000 25,000,000 25,000,000
Preferred stock, shares issued 0 0 0
Preferred stock, shares outstanding 0 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01
Common stock, shares authorized 100,000,000 100,000,000 100,000,000
Common stock, shares issued 46,101,000 46,021,000 45,857,000
Exchangeable Shares, Par Value Per Share $ 0.01 $ 0.01 $ 0.01
Exchangeable Shares, Shares, Issued 57,000 58,000 60,000
Treasury stock, shares 5,905,000 5,552,000 5,436,000
XML 16 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Condensed Statements Of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2019
Jan. 31, 2018
Jan. 31, 2019
Jan. 31, 2018
Net revenue:        
Mountain and Lodging services and other $ 687,119 $ 594,372 $ 831,141 $ 737,720
Mountain and Lodging retail and dining 162,203 140,069 238,087 216,935
Resort net revenue 849,322 734,441 1,069,228 954,655
Real Estate Revenue 256 134 354 770
Revenues 849,578 734,575 1,069,582 955,425
Operating expense (exclusive of depreciation and amortization shown separately below):        
Mountain and Lodging operating expense 350,633 297,503 544,745 478,779
Mountain and Lodging retail and dining cost of products sold 63,505 57,237 98,381 92,916
General and administrative 77,362 70,736 141,741 128,599
Resort operating expense 491,500 425,476 784,867 700,294
Real Estate operating expense 1,389 1,207 2,759 2,898
Total segment operating expense 492,889 426,683 787,626 703,192
Other operating (expense) income:        
Depreciation and amortization (55,238) (51,404) (106,281) (100,028)
Gain on sale of real property 0 515 0 515
Change in estimated fair value of contingent consideration (Note 8) (700) 0 (1,900) 0
Gain on disposal of fixed assets and other, net 1,097 538 478 1,105
Income from operations 301,848 257,541 174,253 153,825
Mountain equity investment income (loss), net 160 (35) 1,110 487
Investment income and other, net 507 397 970 780
Foreign currency gain (loss) on intercompany loans (Note 5) 450 10,337 (1,861) 2,991
Interest expense, net (21,002) (15,973) (39,640) (31,147)
Income before (provision) benefit from income taxes 281,963 252,267 134,832 126,936
(Provision) benefit from income taxes (63,973) (3,594) (27,568) 89,810
Net income 217,990 248,673 107,264 216,746
Net income attributable to noncontrolling interests (11,641) (12,982) (8,710) (9,440)
Net income attributable to Vail Resorts, Inc. $ 206,349 $ 235,691 $ 98,554 $ 207,306
Per share amounts (Note 4):        
Basic net income per share attributable to Vail Resorts, Inc. $ 5.12 $ 5.82 $ 2.44 $ 5.14
Diluted net income per share attributable to Vail Resorts, Inc. 5.02 5.67 2.39 4.97
Cash dividends declared per share $ 1.47 $ 1.053 $ 2.940 $ 2.106
XML 17 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Condensed Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2019
Jan. 31, 2018
Jan. 31, 2019
Jan. 31, 2018
Net income $ 217,990 $ 248,673 $ 107,264 $ 216,746
Foreign currency translation adjustments, net of tax 7,863 65,008 (14,773) 19,603
Comprehensive income 225,853 313,681 92,491 236,349
Comprehensive income attributable to noncontrolling interests (12,857) (29,831) (5,659) (14,688)
Comprehensive income attributable to Vail Resorts, Inc. $ 212,996 $ 283,850 $ 86,832 $ 221,661
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Condensed Statements of Stockholders' Equity Statement - USD ($)
$ in Thousands
Total
Common Stock [Member]
Exchangeable Shares [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Loss [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Total Vail Resorts, Inc. Stockholders' Equity [Member]
Noncontrolling Interests [Member]
Balance $ 1,798,959 $ 454 $ 1 $ 1,222,510 $ 44,395 $ 550,985 $ (247,189) $ 1,571,156 $ 227,803
Net income attributable to Vail Resorts, Inc. 207,306         207,306   207,306  
Net (income) loss attributable to noncontrolling interests 9,440               9,440
Net income 216,746                
Foreign currency translation adjustments, net of tax 19,603       14,355     14,355 5,248
Total comprehensive income 221,661             221,661  
Comprehensive (income) loss attributable to noncontrolling interests 14,688               14,688
Total comprehensive income 236,349                
Stock-based compensation expense 9,412     9,412       9,412  
Measurement period adjustment (1,776)               (1,776)
Issuance of shares under share award plans, net of shares withheld for employee taxes (71,675) 4   (71,679)       (71,675)  
Repurchase of common stock (Note 11) 0                
Dividends (Note 4) (85,226)         (85,226)   (85,226)  
Distributions to noncontrolling interests, net (5,265)               (5,265)
Balance 1,880,778 458 1 1,160,243 58,750 673,065 (247,189) 1,645,328 235,450
Balance 1,811,663 460 1 1,137,467 (2,227) 726,722 (272,989) 1,589,434 222,229
Net income attributable to Vail Resorts, Inc. 98,554         98,554   98,554  
Net (income) loss attributable to noncontrolling interests 8,710               8,710
Net income 107,264                
Foreign currency translation adjustments, net of tax (14,773)       (11,722)     (11,722) (3,051)
Total comprehensive income 86,832             86,832  
Comprehensive (income) loss attributable to noncontrolling interests 5,659               5,659
Total comprehensive income 92,491                
Stock-based compensation expense 9,900     9,900       9,900  
Cumulative effect for adoption of revenue standard (Notes 2 & 3) (7,517)         (7,517)   (7,517)  
Issuance of shares under share award plans, net of shares withheld for employee taxes (11,657) 1   (11,658)       (11,657)  
Repurchase of common stock (Note 11) (85,000)           (85,000) (85,000)  
Dividends (Note 4) (118,714)         (118,714)   (118,714)  
Distributions to noncontrolling interests, net (8,071)               (8,071)
Balance $ 1,683,095 $ 461 $ 1 $ 1,135,709 $ (13,949) $ 699,045 $ (357,989) $ 1,463,278 $ 219,817
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Condensed Statements Of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jan. 31, 2019
Jan. 31, 2018
Cash flows from operating activities:    
Net income $ 107,264 $ 216,746
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 106,281 100,028
Stock-based compensation expense 9,900 9,412
Deferred income taxes, net 32,279 (36,728)
Other non-cash income, net (345) (6,994)
Changes in assets and liabilities:    
Trade receivables, net 145,305 103,691
Inventories, net (14,398) (11,541)
Accounts payable and accrued liabilities 97,083 73,148
Deferred revenue 48,061 52,240
Income taxes payable - excess tax benefit from share award exercises (4,711) (53,081)
Income taxes payable - other (18,000) (12,623)
Other assets and liabilities, net (2,538) (550)
Net cash provided by operating activities 506,181 433,748
Cash flows from investing activities:    
Capital expenditures (113,531) (87,367)
Acquisition of businesses, net of cash acquired (292,610) (1,356)
Cash Received From Sale Of Property 0 515
Other investing activities, net 1,817 6,443
Net cash used in investing activities (404,324) (81,765)
Cash flows from financing activities:    
Proceeds from borrowings under Vail Holdings Credit Agreement 335,625 95,000
Proceeds from borrowings under Whistler Credit Agreement 7,667 11,920
Repayments of borrowings under Vail Holdings Credit Agreement (211,875) (133,750)
Repayments of borrowings under Whistler Credit Agreement (11,193) (29,140)
Issuance of shares under share award plans, net of shares withheld for employee taxes (11,657) (71,675)
Dividends paid (118,714) (85,226)
Repurchases of common stock (85,000) 0
Other financing activities, net (9,864) (9,277)
Net cash used in financing activities (105,011) (222,148)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2,563) 1,529
Net (decrease) increase in cash, cash equivalents and restricted cash (5,717) 131,364
Cash, cash equivalents and restricted cash:    
Beginning of period 185,040 127,662
End of period 179,323 259,026
Accrued capital expenditures $ 22,731 $ 12,097
XML 20 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Organization and Business
 6 Months Ended
Jan. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Business
Organization and Business
Vail Resorts, Inc. (“Vail Resorts”) is organized as a holding company and operates through various subsidiaries. Vail Resorts and its subsidiaries (collectively, the “Company”) operate in three business segments: Mountain, Lodging and Real Estate. The Company refers to “Resort” as the combination of the Mountain and Lodging segments.

In the Mountain segment, the Company operates the following fifteen world-class mountain resort properties and three urban ski areas:
Mountain Resorts:
 
Location:
1.
Vail Mountain Resort (“Vail Mountain”)
 
Colorado
2.
Breckenridge Ski Resort (“Breckenridge”)
 
Colorado
3.
Keystone Resort (“Keystone”)
 
Colorado
4.
Beaver Creek Resort (“Beaver Creek”)
 
Colorado
5.
Crested Butte Mountain Resort (“Crested Butte”)
 
Colorado
6.
Heavenly Mountain Resort (“Heavenly”)
 
Lake Tahoe area of Nevada and California
7.
Northstar Resort (“Northstar”)
 
Lake Tahoe area of California
8.
Kirkwood Mountain Resort (“Kirkwood”)
 
Lake Tahoe area of California
9.
Mount Sunapee Mountain Resort (“Mount Sunapee”)
 
New Hampshire
10.
Park City Resort (“Park City”)
 
Utah
11.
Stowe Mountain Resort (“Stowe”)
 
Vermont
12.
Okemo Mountain Resort (“Okemo”)
 
Vermont
13.
Stevens Pass Mountain Resort (“Stevens Pass”)
 
Washington
14.
Whistler Blackcomb Resort (“Whistler Blackcomb”)
 
British Columbia, Canada
15.
Perisher Ski Resort (“Perisher”)
 
New South Wales, Australia
Urban Ski Areas:
 
Location:
1.
Afton Alps Ski Area (“Afton Alps”)
 
Minnesota
2.
Mount Brighton Ski Area (“Mt. Brighton”)
 
Michigan
3.
Wilmot Mountain (“Wilmot”)
 
Wisconsin

Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations, and for Perisher, including lodging and transportation operations. Several of the resorts located in the United States (“U.S.”) operate primarily on federal land under the terms of Special Use Permits granted by the U.S. Department of Agriculture Forest Service. The operations of Whistler Blackcomb are conducted on land owned by the government of the Province of British Columbia, Canada within the traditional territory of the Squamish and Lil’wat Nations. The operations of Perisher are conducted pursuant to a long-term lease and license on land owned by the government of New South Wales, Australia. Okemo, Mount Sunapee and Stowe operate on land leased from the respective states in which the resorts are located and on land owned by the Company.

In the Lodging segment, the Company owns and/or manages a collection of luxury hotels and condominiums under its RockResorts brand, as well as other strategic lodging properties and a large number of condominiums located in proximity to the Company’s North American mountain resorts, National Park Service (“NPS”) concessionaire properties including the Grand Teton Lodge Company (“GTLC”), which operates destination resorts in Grand Teton National Park, a Colorado resort ground transportation company and mountain resort golf courses.

Vail Resorts Development Company (“VRDC”), a wholly-owned subsidiary, conducts the operations of the Company’s Real Estate segment, which owns, develops and sells real estate in and around the Company’s resort communities.

The Company’s mountain business and its lodging properties at or around the Company’s mountain resorts are seasonal in nature with peak operating seasons primarily from mid-November through mid-April in North America. The Company’s operating season at Perisher, its NPS concessionaire properties and its golf courses generally occur from June to early October.
XML 21 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies
 6 Months Ended
Jan. 31, 2019
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
Basis of Presentation
Consolidated Condensed Financial Statements— In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year, particularly given the significant seasonality to the Company’s operating cycle. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2018. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2018 was derived from audited financial statements.

Use of Estimates— The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.

Revenue Recognition— The Company recognizes revenues from contracts with customers when or as control of goods or services promised in the contracts is transferred in an amount that reflects consideration to which it expects to be entitled to in exchange for those goods or services. The Company determines the appropriate revenue recognition for contracts with customers by analyzing the type, terms and conditions of contracts or arrangements with customers. Certain contracts with customers contain multiple performance obligations in which case revenue is allocated to each distinct and separate performance obligation based on its relative standalone selling price. See Note 3, Revenues, for more information.

Recently Issued Accounting Standards
Adopted Standards
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in Topic 605. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Subsequent to the issuance of ASU 2014-09, the FASB issued several amendments, which did not change the core principle of the guidance and were intended to clarify and improve understanding of certain topics included within the revenue standard. On August 1, 2018, the Company adopted this standard using the modified retrospective transition method for contracts which were not completed as of August 1, 2018. In accordance with this transition method, results for reporting periods beginning after August 1, 2018 are presented under Topic 606, while prior period amounts were not adjusted and continue to be reported in accordance with our historical accounting methodology under Topic 605. On August 1, 2018, as a result of adopting this standard, the Company recorded an approximate $7.5 million reduction of retained earnings with a corresponding increase in accounts payable and accrued liabilities, which was primarily associated with the measurement of the loyalty reward programs under the new standard at an estimated fair value of underlying products or services expected to be delivered to satisfy the Company’s obligations associated with such loyalty programs. The application of this standard had an immaterial impact on total net revenue and net income attributable to Vail Resorts, Inc. for the three and six months ended January 31, 2019.
In accordance with the new revenue recognition standard disclosure requirements, the impact of adoption of Topic 606 on the Consolidated Condensed Balance Sheet as of January 31, 2019 was as follows (in thousands):
 
As of January 31, 2019
Balance Sheet
Balances Without Adoption of Topic 606
Adjustments
As Reported
(Under Topic 606)
Liabilities
 
 
 
Accounts payable and accrued liabilities
$
677,683

$
8,053

$
685,736

Stockholders’ equity
 
 
 
Retained earnings
$
707,098

$
(8,053
)
$
699,045

 
 
 
 
In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” This standard provides guidance for eight targeted changes with respect to how cash receipts and cash payments are classified in the statements of cash flows, with the objective of reducing diversity in practice. The Company adopted this accounting standard on August 1, 2018, which did not have an impact on its consolidated condensed financial statements.

In November 2016, the FASB issued ASU No. 2016-18, “Restricted Cash,” which requires that a statement of cash flows present the change during a period for the total of cash, cash equivalents and restricted cash. Historically, under previous guidance, changes in restricted cash have been included within operating, investing or financing activities, which were eliminated under the new standard. The Company adopted this standard as of August 1, 2018, which required retrospective application to all periods presented. As a result, cash provided by operating activities during the six months ended January 31, 2018 increased by $12.8 million under the new guidance as compared to what was reported under the previously required guidance. Additionally, due to the inclusion of restricted cash in the beginning and end of period balances, cash, cash equivalents and restricted cash as of January 31, 2018 and July 31, 2017 increased $23.6 million and $10.3 million, respectively, as compared to what was reported under the previously required guidance. As of January 31, 2019, the Company’s restricted cash balance is primarily associated with customer reservations deposits that are required to be held in a trust pursuant to statutory requirements until such reservations are fulfilled.

Standards Being Evaluated
The authoritative guidance listed below is currently being evaluated for its impact to Company policies upon adoption as well as any significant implementation matters yet to be addressed.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which supersedes “Leases (Topic 840).” The standard requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet and disclose key information about leasing arrangements. The standard also allows for an accounting policy election not to recognize on the balance sheet lease assets and liabilities for leases with a term of 12 months or less. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset on their balance sheets, while lessor accounting will be largely unchanged. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those years (the Company’s first quarter of fiscal 2020), and must be applied using a modified retrospective transition approach to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows and related disclosures. Additionally, the Company is evaluating the impacts of the standard beyond accounting, including system, data and process changes required to comply with the standard and has selected an information system application that will centralize the Company’s lease information and be utilized for accounting under the new standard.
XML 22 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Revenue (Notes)
 6 Months Ended
Jan. 31, 2019
Revenue [Abstract]  
Revenue from Contract with Customer [Text Block]
3.     Revenues
Revenue Recognition
The following provides information about the Company’s composition of revenue recognized from contracts with customers and other revenues, the performance obligations under those contracts, and the significant judgments made in accounting for those contracts:
•
Mountain revenue is derived from a wide variety of sources, including, among other things: lift revenue, which includes sales of lift tickets and season passes; ski school revenue, which includes the revenue derived from ski school operations; dining revenue, which includes both casual and fine dining on-mountain operations; retail sales and equipment rentals; and other on-mountain revenue, which includes private ski club revenue (which includes both club dues and amortization of initiation fees), marketing and internet advertising revenue, municipal services and lodging and transportation operations at Perisher. Revenue is recognized over time as performance obligations are satisfied as control of the good or service (e.g. access to ski areas, provision of ski school services, etc.) is transferred to the customer, except for the Company’s retail sales and dining operations revenues which are recognized at a point in time when performance obligations are satisfied by transferring control of the underlying goods to the customer. The Company records deferred revenue primarily related to the sale of season passes. Deferred revenue is recognized throughout the ski season as the Company’s performance obligations are satisfied as control of the service (e.g. access to ski areas throughout the ski season) is transferred to the customer. Transfer of control is based on an estimated number of season pass holder visits relative to total expected visits. Total expected visits are estimated based on historical data, and the Company believes this estimate provides a faithful depiction of its customers’ season pass usage. When sufficient historical data to determine usage patterns is not available, deferred revenue is recognized on a straight-line basis throughout the ski season. The Company also includes other sources of revenue, mostly related to commercial leasing, and employee housing leasing arrangements within other mountain revenue.

•
Lodging revenue is derived from a wide variety of sources, including, among other things: revenue from owned hotel rooms and managed hotel rooms; revenue from hotel dining operations; transportation revenue which relates to the Company’s Colorado resort ground transportation operations; and other lodging revenue which includes property management services, managed properties other costs reimbursements, private golf club revenue (which includes both club dues and amortization of initiation fees), and golf course fees. Lodging revenue also includes managed hotel property payroll cost reimbursements related to payroll costs at managed properties where the Company is the employer, which are reimbursed by the owner with no added margin. Therefore, these revenues and corresponding expenses have no net effect on the Company’s operating income or net income. Other than revenue from dining operations, lodging revenue is mostly recognized over time as performance obligations are satisfied as control of the service (e.g. nightly hotel room access) is transferred to the customer.

•
Real estate revenue primarily relates to the sale of development land parcels. Real estate revenue is generally recognized at a point in time when performance obligations have been satisfied, which is usually upon closing of the sales transaction and in an amount that reflects the consideration to which the Company expects to be entitled.

For certain contracts that have an original term length of one year or less, the Company uses the practical expedient applicable to such contracts and does not consider the time value of money. For contracts with an expected term in excess of one year, the Company has considered the provisions of Topic 606 in determining whether contracts contain a financing component.
The Company presents revenues in the accompanying consolidated condensed statements of operations, net of taxes, when collected from its customers that are remitted or payable to government taxing authorities, except when products are inclusive of taxes where applicable.

Disaggregation of Revenues
The following table presents net revenues disaggregated by segment and major revenue type for the three and six months ended January 31, 2019 (in thousands):
 
 
Three Months Ended January 31,
 
Six Months Ended January 31,
 
 
2019
 
2018
 
2019
 
2018
Mountain net revenue:
 
 
 
 
 
 
 
 
Lift
 
$
447,558

 
$
381,912

 
$
472,243

 
$
407,380

Ski School
 
92,244

 
80,116

 
96,516

 
84,554

Dining
 
65,409

 
53,910

 
83,701

 
72,212

Retail/Rental
 
128,436

 
115,446

 
171,778

 
160,853

Other
 
42,426

 
39,518

 
96,841

 
94,028

Total Mountain net revenue
 
$
776,073

 
$
670,902

 
$
921,079

 
$
819,027

Lodging net revenue:
 
 
 
 
 
 
 
 
     Owned hotel rooms
 
$
11,548

 
$
11,353

 
$
31,147

 
$
30,988

Managed condominium rooms
 
28,046

 
23,358

 
39,164

 
33,529

Dining
 
10,189

 
7,869

 
26,318

 
23,749

Transportation
 
7,722

 
7,460

 
10,196

 
10,013

Golf
 
—

 
—

 
9,459

 
8,767

Other
 
12,120

 
9,914

 
24,588

 
21,688

 
 
69,625

 
59,954

 
140,872

 
128,734

Payroll cost reimbursements
 
3,624

 
3,585

 
7,277

 
6,894

Total Lodging net revenue
 
$
73,249

 
$
63,539

 
$
148,149

 
$
135,628

Total Resort net revenue
 
$
849,322

 
$
734,441

 
$
1,069,228

 
$
954,655

Total Real Estate net revenue
 
256

 
134

 
354

 
770

Total net revenue
 
$
849,578

 
$
734,575

 
$
1,069,582

 
$
955,425

 
 
 

Arrangements with Multiple Performance Obligations
Several of the Company’s contracts with customers include multiple performance obligations, primarily related to bundled services such as ski school packages, lodging packages and events (e.g. weddings and conferences). For such contracts, revenue is allocated to each distinct and separate performance obligation based on its relative standalone selling price. The standalone selling prices are generally based on observable prices charged to customers or estimated based on historical experience and information.

Contract Balances
Contract liabilities are recorded as deferred revenues when payments are received or due in advance of the Company’s performance, including amounts which may be refundable. The deferred revenue balance is primarily related to accounts receivable or cash payments received in advance of satisfying our performance obligations related to sales of season passes prior to the start of the ski season, private club initiation fees and other related advance purchase products, including advance purchase lift tickets, multiple-day lift tickets, ski school lessons, equipment rentals and lodging advance deposits. Due to the seasonality of the Company’s operations, its largest deferred revenue balances occur during the North American season pass selling window, which generally begins in the fourth quarter of its fiscal year. Deferred revenue balances of a short-term nature were $346.4 million and $282.1 million as of January 31, 2019 and July 31, 2018, respectively. Deferred revenue balances of a long-term nature, comprised primarily of long-term private club initiation fee revenue, were $125.4 million and $126.5 million as of January 31, 2019 and July 31, 2018, respectively. For the three and six months ended January 31, 2019, the Company recognized approximately $128.7 million and $155.2 million, respectively, of revenue that was included in the deferred revenue balance as of July 31, 2018. As of January 31, 2019, the weighted average remaining period over which revenue for unsatisfied performance obligations on long-term private club contracts will be recognized was approximately 17 years.
Contract assets are recorded as trade receivables when the right to consideration is unconditional. Trade receivable balances were $87.7 million and $230.8 million as of January 31, 2019 and July 31, 2018, respectively. Payments from customers are based on billing terms established in the contracts with customers, which vary by the type of customer, the location and the products or services offered. The term between invoicing and when payment is due is not significant. For certain products or services and customer types, contracts require payment before the products are delivered or services are provided to the customer. Impairment losses related to contract assets are recognized through the Company’s allowance for doubtful accounts analysis. Contract asset write-offs are evaluated on an individual basis.

Costs to Obtain Contracts with Customers
The Company expects that credit card fees and sales commissions paid in order to obtain season ski pass products contracts are recoverable. Accordingly, the Company recognizes these amounts as assets when they are paid prior to the start of the ski season. As of January 31, 2019, $5.2 million of costs to obtain contracts with customers were recorded within other current assets on the Company’s Consolidated Condensed Balance Sheet. Deferred credit card fees and sales commissions are amortized commensurate with the recognition of season ski pass revenue. The Company recorded amortization of $5.4 million for these costs during the three months ended January 31, 2019, which were recorded within Mountain and Lodging operating expenses on the Company’s Consolidated Condensed Statement of Operations.
Utilizing the practical expedient provided for under Topic 606, the Company has elected to expense credit card fees and sales commissions related to non-season ski pass products and services as incurred, as the amortization period is generally one year or less for the time between customer purchase and utilization. These fees are recorded within Mountain and Lodging operating expenses on the Company’s Consolidated Condensed Statements of Operations.
XML 23 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Net Income Per Common Share
 6 Months Ended
Jan. 31, 2019
Earnings Per Share Reconciliation [Abstract]  
Summary of Calculation of Basic And Diluted EPS
 
 
Three Months Ended January 31,
 
 
2019
 
2018
 
 
Basic
 
Diluted
 
Basic
 
Diluted
Net income per share:
 
 
 
 
 
 
 
 
Net income attributable to Vail Resorts
 
$
206,349

 
$
206,349

 
$
235,691

 
$
235,691

Weighted-average Vail Shares outstanding
 
40,271

 
40,271

 
40,414

 
40,414

Weighted-average Exchangeco Shares outstanding
 
57

 
57

 
61

 
61

Total Weighted-average shares outstanding
 
40,328

 
40,328

 
40,475

 
40,475

Effect of dilutive securities
 
—

 
798

 
—

 
1,119

Total shares
 
40,328

 
41,126

 
40,475

 
41,594

Net income per share attributable to Vail Resorts
 
$
5.12

 
$
5.02

 
$
5.82

 
$
5.67



The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 56,000 and 5,000 for the three months ended January 31, 2019 and 2018, respectively.

Presented below is basic and diluted EPS for the six months ended January 31, 2019 and 2018 (in thousands, except per share amounts):
 
 
Six Months Ended January 31,
 
 
2019
 
2018
 
 
Basic
 
Diluted
 
Basic
 
Diluted
Net income per share:
 
 
 
 
 
 
 
 
Net income attributable to Vail Resorts
 
$
98,554

 
$
98,554

 
$
207,306

 
$
207,306

Weighted-average Vail Shares outstanding
 
40,359

 
40,359

 
40,281

 
40,281

Weighted-average Exchangeco Shares outstanding
 
57

 
57

 
62

 
62

Total Weighted-average shares outstanding
 
40,416

 
40,416

 
40,343

 
40,343

Effect of dilutive securities
 
—

 
870

 
—

 
1,346

Total shares
 
40,416

 
41,286

 
40,343

 
41,689

Net income per share attributable to Vail Resorts
 
$
2.44

 
$
2.39

 
$
5.14

 
$
4.97



The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 40,000 and 5,000 for the six months ended January 31, 2019 and 2018, respectively.
Net Income Per Common Share
Net Income per Share
Earnings per Share
Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net income attributable to Vail Resorts stockholders by the weighted-average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then share in the earnings of Vail Resorts.

In connection with the Company’s acquisition of Whistler Blackcomb in October 2016, the Company issued consideration in the form of shares of Vail Resorts common stock (the “Vail Shares”) and shares of the Company’s wholly-owned Canadian subsidiary (“Exchangeco”). Whistler Blackcomb shareholders elected to receive 3,327,719 Vail Shares and 418,095 shares of Exchangeco (the “Exchangeco Shares”). Both Vail Shares and Exchangeco Shares have a par value of $0.01 per share, and Exchangeco Shares, while outstanding, are substantially the economic equivalent of Vail Shares and are exchangeable, at any time prior to the seventh anniversary of the closing of the acquisition, into Vail Shares. The Company’s calculation of weighted-average shares outstanding includes the Exchangeco Shares.

Presented below is basic and diluted EPS for the three months ended January 31, 2019 and 2018 (in thousands, except per share amounts):
 
 
Three Months Ended January 31,
 
 
2019
 
2018
 
 
Basic
 
Diluted
 
Basic
 
Diluted
Net income per share:
 
 
 
 
 
 
 
 
Net income attributable to Vail Resorts
 
$
206,349

 
$
206,349

 
$
235,691

 
$
235,691

Weighted-average Vail Shares outstanding
 
40,271

 
40,271

 
40,414

 
40,414

Weighted-average Exchangeco Shares outstanding
 
57

 
57

 
61

 
61

Total Weighted-average shares outstanding
 
40,328

 
40,328

 
40,475

 
40,475

Effect of dilutive securities
 
—

 
798

 
—

 
1,119

Total shares
 
40,328

 
41,126

 
40,475

 
41,594

Net income per share attributable to Vail Resorts
 
$
5.12

 
$
5.02

 
$
5.82

 
$
5.67



The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 56,000 and 5,000 for the three months ended January 31, 2019 and 2018, respectively.

Presented below is basic and diluted EPS for the six months ended January 31, 2019 and 2018 (in thousands, except per share amounts):
 
 
Six Months Ended January 31,
 
 
2019
 
2018
 
 
Basic
 
Diluted
 
Basic
 
Diluted
Net income per share:
 
 
 
 
 
 
 
 
Net income attributable to Vail Resorts
 
$
98,554

 
$
98,554

 
$
207,306

 
$
207,306

Weighted-average Vail Shares outstanding
 
40,359

 
40,359

 
40,281

 
40,281

Weighted-average Exchangeco Shares outstanding
 
57

 
57

 
62

 
62

Total Weighted-average shares outstanding
 
40,416

 
40,416

 
40,343

 
40,343

Effect of dilutive securities
 
—

 
870

 
—

 
1,346

Total shares
 
40,416

 
41,286

 
40,343

 
41,689

Net income per share attributable to Vail Resorts
 
$
2.44

 
$
2.39

 
$
5.14

 
$
4.97



The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 40,000 and 5,000 for the six months ended January 31, 2019 and 2018, respectively.

Net income attributable to Vail Resorts decreased by approximately $108.8 million for the six months ended January 31, 2019 compared to the prior year primarily due to a decrease in excess tax benefits of $48.4 million, which resulted primarily from employee exercises of in-the-money stock appreciation rights, and a one-time, provisional net tax benefit of approximately $64.6 million recorded during the three and six months ended January 31, 2018, which was the result of comprehensive U.S. tax legislation, commonly referred to as the “Tax Act,” which was enacted by the U.S. government on December 22, 2017. Both of these items were recorded within (provision) benefit from income taxes on the Company’s Consolidated Condensed Statement of Operations.

Dividends
During the three and six months ended January 31, 2019, the Company paid cash dividends of $1.47 and $2.94 per share, respectively ($59.2 million and $118.7 million, respectively, in the aggregate). During the three and six months ended January 31, 2018, the Company paid cash dividends of $1.053 and $2.106 per share, respectively ($42.6 million and $85.2 million, respectively, in the aggregate). On March 7, 2019, the Company’s Board of Directors declared a quarterly cash dividend of $1.76 per share for Vail Shares, payable on April 11, 2019 to stockholders of record as of March 27, 2019. Additionally, a Canadian dollar equivalent dividend on the Exchangeco Shares will be payable on April 11, 2019 to the shareholders of record on March 27, 2019.
XML 24 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Long-Term Debt
 6 Months Ended
Jan. 31, 2019
Debt Disclosure [Abstract]  
Long-Term Debt
Long-Term Debt
Long-term debt, net as of January 31, 2019, July 31, 2018 and January 31, 2018 is summarized as follows (in thousands):
 
 
Maturity
 
January 31, 2019
 
July 31, 2018
 
January 31, 2018
Vail Holdings Credit Agreement term loan (a)
 
2023
 
$
938,125

 
$
684,375

 
$
703,125

Vail Holdings Credit Agreement revolver (a)
 
2023
 
—

 
130,000

 
30,000

Whistler Credit Agreement revolver (b)
 
2023
 
60,904

 
65,353

 
97,571

Employee housing bonds
 
2027-2039
 
52,575

 
52,575

 
52,575

Canyons obligation
 
2063
 
337,385

 
334,509

 
331,647

Other
 
2024-2028
 
8,656

 
9,270

 
9,590

Total debt
 
 
 
1,397,645

 
1,276,082

 
1,224,508

Less: Unamortized debt issuance costs
 
 
 
3,890

 
3,350

 
3,726

Less: Current maturities (c)
 
 
 
48,493

 
38,455

 
38,433

Long-term debt, net
 
 
 
$
1,345,262

 
$
1,234,277


$
1,182,349



(a)
On August 15, 2018, in order to fund the Stevens Pass and Triple Peaks acquisitions (see Note 6, Acquisitions), the Company’s wholly owned subsidiary, Vail Holdings, Inc. (“VHI”), entered into the Eighth Amended and Restated Credit Agreement (the “Vail Holdings Credit Agreement”), with Bank of America, N.A., as administrative agent, and other lenders named therein, through which these lenders agreed to provide an additional $265.6 million in incremental term loans and agreed, on behalf of all lenders, to extend the maturity date for the outstanding term loans and revolver facility under the Vail Holdings Credit Agreement to August 15, 2023. The Vail Holdings Credit Agreement consists of a $400.0 million revolving credit facility and a $950.0 million term loan facility. VHI’s obligations under the Vail Holdings Credit Agreement are guaranteed by the Company and certain of its subsidiaries and are collateralized by a pledge of all the capital stock of VHI and substantially all of its subsidiaries (with certain additional exceptions for the pledge of the capital stock of foreign subsidiaries). In addition, pursuant to the terms of the Vail Holdings Credit Agreement, VHI has the ability to increase availability (under the revolver or in the form of term loans) to an aggregate principal amount not to exceed the greater of (i) $1.2 billion and (ii) the product of 2.75 and the trailing twelve-month Adjusted EBITDA, as defined in the Vail Holdings Credit Agreement. The term loan facility is subject to quarterly amortization of principal of approximately $11.9 million, which began on January 31, 2019, in equal installments, for a total of five percent of principal payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due in August 2023. The proceeds of the loans made under the Vail Holdings Credit Agreement may be used to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at LIBOR plus 1.50% as of January 31, 2019 (4.00% as of January 31, 2019). Interest rate margins may fluctuate based upon the ratio of the Company’s Net Funded Debt to Adjusted EBITDA on a trailing four-quarter basis. The Vail Holdings Credit Agreement also includes a quarterly unused commitment fee, which is equal to a percentage determined by the Net Funded Debt to Adjusted EBITDA ratio, as each such term is defined in the Vail Holdings Credit Agreement, multiplied by the daily amount by which the Vail Holdings Credit Agreement commitment exceeds the total of outstanding loans and outstanding letters of credit (0.3% as of January 31, 2019). The unused amounts are accessible to the extent that the Net Funded Debt to Adjusted EBITDA ratio does not exceed the maximum ratio allowed at quarter-ends and the ratio of Adjusted EBITDA to interest on Funded Debt (as defined in the Vail Holdings Credit Agreement) does not fall below the minimum ratio allowed at quarter-ends. The Vail Holdings Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the Company’s ability to incur indebtedness, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Vail Holdings Credit Agreement includes the following restrictive financial covenants: Net Funded Debt to Adjusted EBITDA ratio and Adjusted EBITDA to interest on Funded Debt ratio.
(b)
Whistler Mountain Resort Limited Partnership (“Whistler LP”) and Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP”), together “The WB Partnerships,” are party to a credit agreement, dated as of November 12, 2013 (as amended, the “Whistler Credit Agreement”), by and among Whistler LP, Blackcomb LP, certain subsidiaries of Whistler LP and Blackcomb LP party thereto as guarantors (the “Whistler Subsidiary Guarantors”), the financial institutions party thereto as lenders and The Toronto-Dominion Bank, as administrative agent. The Whistler Credit Agreement consists of a C$300.0 million revolving credit facility. During the three months ended January 31, 2019, the Company entered into an amendment of the Whistler Credit Agreement which extended the maturity date of the revolving credit facility to December 15, 2023. No other material terms of the Whistler Credit Agreement were altered. The WB Partnerships’ obligations under the Whistler Credit Agreement are guaranteed by the Whistler Subsidiary Guarantors and are collateralized by a pledge of the capital stock of the Whistler Subsidiary Guarantors and a pledge of substantially all of the assets of Whistler LP, Blackcomb LP and the Whistler Subsidiary Guarantors. In addition, pursuant to the terms of the Whistler Credit Agreement, the WB Partnerships have the ability to increase the commitment amount by up to C$75.0 million subject to lender approval. Borrowings under the Whistler Credit Agreement are available in Canadian or U.S. dollars and bear interest annually, subject to an applicable margin based on the WB Partnerships’ Consolidated Total Leverage Ratio (as defined in the Whistler Credit Agreement), with pricing as of January 31, 2019, in the case of borrowings (i) in Canadian dollars, at the WB Partnerships’ option, either (a) at the Canadian Prime Rate plus 0.75% per annum or (b) by way of the issuance of bankers’ acceptances plus 1.75% per annum; and (ii) in U.S. dollars, at the WB Partnerships option, either at (a) the U.S. Base Rate plus 0.75% per annum or (b) Bankers Acceptance Rate plus 1.75% per annum. As of January 31, 2019, all borrowings under the Whistler Credit Agreement were made in Canadian dollars and by way of the issuance of bankers’ acceptances plus 1.75% (approximately 3.92%). The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of January 31, 2019 is equal to 0.3937% per annum. The Whistler Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the WB Partnerships’ ability to incur indebtedness and liens, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Whistler Credit Agreement includes the restrictive financial covenants (leverage ratios and interest coverage ratios) customary for facilities of this type.
(c)
Current maturities represent principal payments due in the next 12 months.

Aggregate maturities of debt outstanding as of January 31, 2019 reflected by fiscal year (August 1 through July 31) are as follows (in thousands):
 
Total
2019 (February 2019 through July 2019)
$
24,091

2020
48,516

2021
48,580

2022
48,648

2023
48,719

Thereafter
1,179,091

Total debt
$
1,397,645


The Company recorded gross interest expense of $21.0 million and $16.0 million for the three months ended January 31, 2019 and 2018, respectively, of which $0.4 million and $0.3 million, respectively were amortization of deferred financing costs. The Company recorded gross interest expense of $39.6 million and $31.1 million for the six months ended January 31, 2019 and 2018, respectively, of which $0.7 million and $0.6 million, respectively, were amortization of deferred financing costs. The Company was in compliance with all of its financial and operating covenants required to be maintained under its debt instruments for all periods presented.

In connection with the acquisition of Whistler Blackcomb in October 2016, VHI funded a portion of the purchase price through an intercompany loan to Whistler Blackcomb of $210.0 million, which was effective as of November 1, 2016, and requires foreign currency remeasurement to Canadian dollars, the functional currency for Whistler Blackcomb. As a result, foreign currency fluctuations associated with the loan are recorded within the Company’s results of operations. The Company recognized approximately $0.5 million and $(1.9) million, respectively, of non-cash foreign currency gain (loss) on the intercompany loan to Whistler Blackcomb for the three and six months ended January 31, 2019 on the Company’s Consolidated Condensed Statements of Operations. The Company recognized approximately $10.3 million and $3.0 million, respectively, of non-cash foreign currency gains on the intercompany loan to Whistler Blackcomb for the three and six months ended January 31, 2018 on the Company’s Consolidated Condensed Statements of Operations.
XML 25 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Acquisitions
 6 Months Ended
Jan. 31, 2019
Business Combinations [Abstract]  
Acquisitions
Acquisitions
Stevens Pass Resort
On August 15, 2018, the Company, through a wholly-owned subsidiary, acquired Stevens Pass Resort in the State of Washington from Ski Resort Holdings, LLC, an affiliate of Oz Real Estate (“Ski Resort Holdings”), for total cash consideration of $64.0 million, after adjustments for certain agreed-upon terms. The Company borrowed $70.0 million on August 15, 2018 under its Vail Holdings Credit Agreement term loan (see Note 5, Long-Term Debt) to fund the transaction and associated acquisition related expenses. The acquisition included the mountain operations of the resort, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities).

The following summarizes the purchase consideration and the preliminary purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands):
 
Acquisition Date Estimated Fair Value
Current assets
$
752

Property, plant and equipment
34,865

Goodwill
28,878

Identifiable intangible assets
2,680

Deferred income taxes, net
886

Liabilities
(4,026
)
Net assets acquired
$
64,035


The excess of the purchase price over the aggregate estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Stevens Pass and other factors, and is expected to be deductible for income tax purposes. The Company recognized $1.2 million of acquisition related expenses associated with the transaction within Mountain and Lodging operating expense in its Consolidated Condensed Statement of Operations for the six months ended January 31, 2019. The operating results of Stevens Pass are reported within the Mountain segment prospectively from the date of acquisition.

Okemo Mountain Resort, Crested Butte Resort and Mount Sunapee Resort
On September 27, 2018, the Company, through a wholly-owned subsidiary, acquired Triple Peaks, LLC (“Triple Peaks”), the parent company of Okemo Mountain Resort in Vermont, Crested Butte Mountain Resort in Colorado, and Mount Sunapee Resort in New Hampshire, for a cash purchase price of approximately $74.1 million, after adjustments for certain agreed-upon terms. In addition, contemporaneous with the closing of the transaction, Triple Peaks paid $155.0 million to pay the remaining obligations of the leases that all three resorts had with Ski Resort Holdings, with funds provided by the Company. Accordingly, the total purchase price, including the repayment of lease obligations, was $229.1 million, for which the Company utilized cash on hand and borrowed $195.6 million under the Vail Holdings Credit Agreement term loan (see Note 5, Long-Term Debt) to fund the transaction and associated acquisition related expenses. The Company obtained a new Special Use Permit from the U.S. Forest Service for Crested Butte, and assumed the state land leases for Okemo and Mount Sunapee. The acquisition included the mountain operations of the resorts, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities).

The following summarizes the purchase consideration and the preliminary purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands):
 
Acquisition Date Estimated Fair Value
Current assets
$
5,197

Property, plant and equipment
159,799

Goodwill
52,706

Identifiable intangible assets
27,661

Deferred income taxes, net
3,522

Liabilities
(19,792
)
Net assets acquired
$
229,093


Identifiable intangible assets acquired in the transaction were primarily related to property management contracts and trade names. The excess of the purchase price over the aggregate estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of the resorts and other factors, and is expected to be deductible for income tax purposes. The Company recognized $2.8 million of acquisition related expenses associated with the transaction within Mountain and Lodging operating expense in its Consolidated Condensed Statement of Operations for the six months ended January 31, 2019. The operating results of Triple Peaks are reported within the Mountain and Lodging segments prospectively from the date of acquisition.

The estimated fair values of assets acquired and liabilities assumed in the acquisitions of Stevens Pass and Triple Peaks are preliminary and are based on the information that was available as of the respective acquisition dates. The Company believes that this information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed; however, the Company is obtaining additional information necessary to finalize those estimated fair values. Therefore, the preliminary measurements of estimated fair values reflected are subject to change. The Company expects to finalize the valuation and complete the purchase consideration allocation no later than one year from the acquisition date.

Pro Forma Financial Information
The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisitions of Stevens Pass and Triple Peaks were completed on August 1, 2017, the beginning of the fiscal year preceding the fiscal year in which the acquisitions occurred. The following unaudited pro forma financial information includes adjustments for (i) depreciation on acquired property, plant and equipment; (ii) amortization of intangible assets recorded at the date of the transactions; (iii) lease expenses incurred by the prior owners which the Company will not be subject to; (iv) transaction and business integration related costs; and (v) interest expense associated with financing the transactions. This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on August 1, 2017 (in thousands, except per share amounts).
 
Three Months Ended January 31,
 
2018
Pro forma net revenue
$
788,466

Pro forma net income attributable to Vail Resorts, Inc.
$
242,039

Pro forma basic net income per share attributable to Vail Resorts, Inc.
$
5.98

Pro forma diluted net income per share attributable to Vail Resorts, Inc.
$
5.82


 
Six Months Ended January 31,
 
2019
2018
Pro forma net revenue
$
1,077,107

$
1,023,704

Pro forma net income attributable to Vail Resorts, Inc.
$
99,576

$
206,318

Pro forma basic net income per share attributable to Vail Resorts, Inc.
$
2.46

$
5.11

Pro forma diluted net income per share attributable to Vail Resorts, Inc.
$
2.41

$
4.95
XML 26 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Supplementary Balance Sheet Information
 6 Months Ended
Jan. 31, 2019
Balance Sheet Related Disclosures [Abstract]  
Supplementary Balance Sheet Information
Supplementary Balance Sheet Information
The composition of property, plant and equipment follows (in thousands):
 
 
January 31, 2019
 
July 31, 2018
 
January 31, 2018
Land and land improvements
 
$
617,492

 
$
552,271

 
$
559,135

Buildings and building improvements
 
1,280,972

 
1,193,528

 
1,206,465

Machinery and equipment
 
1,139,443

 
1,007,250

 
1,046,134

Furniture and fixtures
 
323,406

 
283,694

 
298,932

Software
 
122,038

 
113,699

 
116,210

Vehicles
 
65,642

 
60,697

 
62,172

Construction in progress
 
23,342

 
59,579

 
25,556

Gross property, plant and equipment
 
3,572,335

 
3,270,718

 
3,314,604

Accumulated depreciation
 
(1,741,248
)
 
(1,643,499
)
 
(1,612,391
)
Property, plant and equipment, net
 
$
1,831,087

 
$
1,627,219

 
$
1,702,213



The composition of accounts payable and accrued liabilities follows (in thousands): 
 
 
January 31, 2019
 
July 31, 2018
 
January 31, 2018
Trade payables
 
$
106,183

 
$
80,793

 
$
94,680

Deferred revenue
 
346,356

 
282,103

 
292,336

Accrued salaries, wages and deferred compensation
 
66,090

 
40,034

 
52,329

Accrued benefits
 
37,991

 
33,963

 
35,109

Deposits
 
52,867

 
26,646

 
43,457

Other liabilities
 
76,249

 
40,994

 
70,652

Total accounts payable and accrued liabilities
 
$
685,736

 
$
504,533

 
$
588,563



The composition of other long-term liabilities follows (in thousands):
 
 
January 31, 2019
 
July 31, 2018
 
January 31, 2018
Private club deferred initiation fee revenue
 
$
112,065

 
$
114,319

 
$
116,726

Unfavorable lease obligation, net
 
20,450

 
21,839

 
23,309

Other long-term liabilities
 
142,483

 
155,348

 
149,758

Total other long-term liabilities
 
$
274,998

 
$
291,506

 
$
289,793



The changes in the net carrying amount of goodwill allocated between the Company’s segments for the six months ended January 31, 2019 are as follows (in thousands):
 
Mountain
Lodging
Goodwill, net
Balance at July 31, 2018
$
1,407,787

$
67,899

$
1,475,686

Acquisitions
81,584

—

81,584

Effects of changes in foreign currency exchange rates
(10,186
)
—

(10,186
)
Balance at January 31, 2019
$
1,479,185

$
67,899

$
1,547,084
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements
 6 Months Ended
Jan. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Fair Value Measurements
The FASB issued fair value guidance that establishes how reporting entities should measure fair value for measurement and disclosure purposes. The guidance establishes a common definition of fair value applicable to all assets and liabilities measured at fair value and prioritizes the inputs into valuation techniques used to measure fair value. Accordingly, the Company uses valuation techniques which maximize the use of observable inputs and minimize the use of unobservable inputs when determining fair value. The three levels of the hierarchy are as follows:

Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities;

Level 2: Inputs include quoted prices for similar assets and liabilities in active and inactive markets or that are observable for the asset or liability either directly or indirectly; and

Level 3: Unobservable inputs which are supported by little or no market activity.

The table below summarizes the Company’s cash equivalents and Contingent Consideration measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands). 
 
 
 
 
 
 
 
 
 
 
 
Estimated Fair Value Measurement as of January 31, 2019
Description
 
Total
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
Money Market
 
$
3,031

 
$
3,031

 
$
—

 
$
—

Commercial Paper
 
$
2,401

 
$
—

 
$
2,401

 
$
—

Certificates of Deposit
 
$
6,774

 
$
—

 
$
6,774

 
$
—

Liabilities:
 
 
 
 
 
 
 
 
Contingent Consideration
 
$
23,733

 
$
—

 
$
—

 
$
23,733

 
 
 
 
 
 
 
 
 
 
 
Estimated Fair Value Measurement as of July 31, 2018
Description
 
Total
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
Money Market
 
$
3,021

 
$
3,021

 
$
—

 
$
—

Commercial Paper
 
$
2,401

 
$
—

 
$
2,401

 
$
—

Certificates of Deposit
 
$
11,249

 
$
—

 
$
11,249

 
$
—

Liabilities:
 
 
 
 
 
 
 
 
Contingent Consideration
 
$
21,900

 
$
—

 
$
—

 
$
21,900

 
 
 
 
 
Estimated Fair Value Measurement as of January 31, 2018
Description
 
Total
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
Money Market
 
$
3,013

 
$
3,013

 
$
—

 
$
—

Commercial Paper
 
$
2,401

 
$
—

 
$
2,401

 
$
—

Certificates of Deposit
 
$
7,162

 
$
—

 
$
7,162

 
$
—

Liabilities:
 
 
 
 
 
 
 
 
Contingent Consideration
 
$
23,754

 
$
—

 
$
—

 
$
23,754



The Company’s cash equivalents are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data. 

The changes in Contingent Consideration during the six months ended January 31, 2019 and 2018 were as follows (in thousands):
 
 
 
 
 
Balance as of July 31, 2018 and 2017, respectively
 
$
21,900

 
$
27,400

Payments
 
(67
)
 
(3,646
)
Change in estimated fair value
 
1,900

 
—

Balance as of January 31, 2019 and 2018, respectively
 
$
23,733

 
$
23,754


The lease for Park City provides for participating contingent payments (the “Contingent Consideration”) to the landlord of 42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company. The estimated fair value of Contingent Consideration includes the future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed growth factor. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 11.3%, volatility of 17.5% and future period Park City EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs. The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance would result in a change in the estimated fair value within the range of approximately $3.9 million to $6.0 million.

Contingent Consideration is classified as a liability, which is remeasured to fair value at each reporting date until the contingency is resolved. During the six months ended January 31, 2019, the Company made a payment to the landlord for Contingent Consideration of approximately $0.1 million and recorded an increase of $1.9 million primarily related to the estimated Contingent Consideration payment for the fiscal year ending July 31, 2019. These changes resulted in an estimated fair value of the Contingent Consideration of approximately $23.7 million, which is reflected in other long-term liabilities in the Consolidated Condensed Balance Sheet.
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies
 6 Months Ended
Jan. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Commitments and Contingencies
Metropolitan Districts
The Company credit-enhances $6.3 million of bonds issued by Holland Creek Metropolitan District (“HCMD”) through a $6.4 million letter of credit issued under the Vail Holdings Credit Agreement. HCMD’s bonds were issued and used to build infrastructure associated with the Company’s Red Sky Ranch residential development. The Company has agreed to pay capital improvement fees to the Red Sky Ranch Metropolitan District (“RSRMD”) until RSRMD’s revenue streams from property taxes are sufficient to meet debt service requirements under HCMD’s bonds. The Company has recorded a liability of $2.0 million primarily within other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets, as of January 31, 2019, July 31, 2018 and January 31, 2018, respectively, with respect to the estimated present value of future RSRMD capital improvement fees. The Company estimates it will make capital improvement fee payments under this arrangement through the fiscal year ending July 31, 2031.

Guarantees/Indemnifications
As of January 31, 2019, the Company had various letters of credit outstanding totaling $76.5 million, consisting of $53.4 million to support the Employee Housing Bonds, $18.1 million primarily for workers’ compensation, a wind energy purchase agreement and insurance-related deductibles, and $5.0 million related to the Stevens Pass acquisition. The Company also had surety bonds of $10.4 million as of January 31, 2019, primarily to provide collateral for its U.S. workers compensation self-insurance programs.

In addition to the guarantees noted above, the Company has entered into contracts in the normal course of business that include certain indemnifications under which it could be required to make payments to third parties upon the occurrence or non-occurrence of certain future events. These indemnities include indemnities related to licensees in connection with third-parties’ use of the Company’s trademarks and logos, liabilities associated with the infringement of other parties’ technology and software products, liabilities associated with the use of easements, liabilities associated with employment of contract workers and the Company’s use of trustees, and liabilities associated with the Company’s use of public lands and environmental matters. The duration of these indemnities generally is indefinite and generally do not limit the future payments the Company could be obligated to make.

As permitted under applicable law, the Company and certain of its subsidiaries have agreed to indemnify their directors and officers over their lifetimes for certain events or occurrences while the officer or director is, or was, serving the Company or its subsidiaries in such a capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that should enable the Company to recover a portion of any amounts paid.

Unless otherwise noted, the Company has not recorded any significant liabilities for the letters of credit, indemnities and other guarantees noted above in the accompanying Consolidated Condensed Financial Statements, either because the Company has recorded on its Consolidated Condensed Balance Sheets the underlying liability associated with the guarantee, the guarantee is with respect to the Company’s own performance and is therefore not subject to the measurement requirements as prescribed by GAAP, or because the Company has calculated the estimated fair value of the indemnification or guarantee to be immaterial based on the current facts and circumstances that would trigger a payment under the indemnification clause. In addition, with respect to certain indemnifications, it is not possible to determine the maximum potential amount of liability under these potential obligations due to the unique set of facts and circumstances likely to be involved in each particular claim and indemnification provision. Historically, payments made by the Company under these obligations have not been material.

As noted above, the Company makes certain indemnifications to licensees for their use of the Company’s trademarks and logos. The Company does not record any liabilities with respect to these indemnifications.

Additionally, the Company has entered into strategic long-term season pass alliance agreements with third-party mountain resorts in which the Company has committed to pay minimum revenue guarantees over the remaining terms of these agreements.

Self-Insurance
The Company is self-insured for claims under its U.S. health benefit plans and for the majority of workers’ compensation claims in the U.S. Workers compensation claims in the U.S. are subject to stop loss policies. The self-insurance liability related to workers’ compensation is determined actuarially based on claims filed. The self-insurance liability related to claims under the Company’s U.S. health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of accrued benefits in accounts payable and accrued liabilities (see Note 7, Supplementary Balance Sheet Information).

Legal
The Company is a party to various lawsuits arising in the ordinary course of business. Management believes the Company has adequate insurance coverage and/or has accrued for all loss contingencies for asserted and unasserted matters deemed to be probable losses and estimable. As of January 31, 2019, July 31, 2018 and January 31, 2018, the accruals for the above loss contingencies were not material individually or in the aggregate.
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Information
 6 Months Ended
Jan. 31, 2019
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 concessionaire 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 or minus 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 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 or minus 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 allocated between segments, or used to evaluate performance, except as shown in the table below.

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,
 
2019
 
2018
 
2019
 
2018
Net revenue:
 
 
 
 
 
 
 
Lift
$
447,558

 
$
381,912

 
$
472,243

 
$
407,380

Ski school
92,244

 
80,116

 
96,516

 
84,554

Dining
65,409

 
53,910

 
83,701

 
72,212

Retail/rental
128,436

 
115,446

 
171,778

 
160,853

Other
42,426

 
39,518

 
96,841

 
94,028

Total Mountain net revenue
776,073

 
670,902

 
921,079

 
819,027

Lodging
73,249

 
63,539

 
148,149

 
135,628

Total Resort net revenue
849,322

 
734,441

 
1,069,228

 
954,655

Real Estate
256

 
134

 
354

 
770

Total net revenue
$
849,578

 
$
734,575

 
$
1,069,582

 
$
955,425

Segment operating expense:
 
 
 
 
 
 
 
Mountain
$
424,008

 
$
365,605

 
$
646,371

 
$
572,689

Lodging
67,492

 
59,871

 
138,496

 
127,605

Resort
491,500

 
425,476

 
784,867

 
700,294

Real Estate
1,389

 
1,207

 
2,759

 
2,898

Total segment operating expense
$
492,889

 
$
426,683

 
$
787,626

 
$
703,192

Gain on sale of real property
$
—

 
$
515

 
$
—

 
$
515

Mountain equity investment income (loss), net
$
160

 
$
(35
)
 
$
1,110

 
$
487

Reported EBITDA:
 
 
 
 
 
 
 
Mountain
$
352,225

 
$
305,262

 
$
275,818

 
$
246,825

Lodging
5,757

 
3,668

 
9,653

 
8,023

Resort
357,982


308,930


285,471

 
254,848

Real Estate
(1,133
)
 
(558
)
 
(2,405
)
 
(1,613
)
Total Reported EBITDA
$
356,849

 
$
308,372

 
$
283,066

 
$
253,235

Real estate held for sale and investment
$
101,730

 
$
103,212

 
$
101,730

 
$
103,212

Reconciliation to net income attributable to Vail Resorts, Inc.:
 
 
 
 
 
 
 
Total Reported EBITDA
$
356,849

 
$
308,372

 
$
283,066

 
$
253,235

Depreciation and amortization
(55,238
)
 
(51,404
)
 
(106,281
)
 
(100,028
)
Change in estimated fair value of contingent consideration
(700
)
 
—

 
(1,900
)
 
—

Gain on disposal of fixed assets and other, net
1,097

 
538

 
478

 
1,105

Investment income and other, net
507

 
397

 
970

 
780

Foreign currency gain (loss) on intercompany loans
450

 
10,337

 
(1,861
)
 
2,991

Interest expense, net
(21,002
)
 
(15,973
)
 
(39,640
)
 
(31,147
)
Income before (provision) benefit from income taxes
281,963

 
252,267

 
134,832

 
126,936

(Provision) benefit from income taxes
(63,973
)
 
(3,594
)
 
(27,568
)
 
89,810

Net income
217,990

 
248,673

 
107,264

 
216,746

Net income attributable to noncontrolling interests
(11,641
)
 
(12,982
)
 
(8,710
)
 
(9,440
)
Net income attributable to Vail Resorts, Inc.
$
206,349

 
$
235,691

 
$
98,554

 
$
207,306
XML 30 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Share Repurchase Program
 6 Months Ended
Jan. 31, 2019
Payments for Repurchase of Equity [Abstract]  
Share Repurchase Program
Share Repurchase Program
On March 9, 2006, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to 3,000,000 Vail Shares. On July 16, 2008, the Company’s Board of Directors increased the authorization by an additional 3,000,000 Vail Shares, and on December 4, 2015, the Company’s Board of Directors increased the authorization by an additional 1,500,000 Vail Shares for a total authorization to repurchase up to 7,500,000 Vail Shares. The Company repurchased 155,111 and 353,007 Vail Shares, respectively (at a total cost of approximately $35.0 million and $85.0 million, respectively), during the three and six months ended January 31, 2019. The Company did not repurchase any Vail Shares during the three or six months ended January 31, 2018. Since inception of its share repurchase program through January 31, 2019, the Company has repurchased 5,904,723 Vail Shares for approximately $358.0 million. As of January 31, 2019, 1,595,277 Vail Shares remained available to repurchase under the existing share repurchase program, which has no expiration date. Vail Shares purchased pursuant to the repurchase program will be held as treasury shares and may be used for the issuance of Vail Shares under the Company’s employee share award plan.
XML 31 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Event (Notes)
 6 Months Ended
Jan. 31, 2019
Subsequent Event [Abstract]  
Subsequent Events [Text Block]
12.    Subsequent Event
On February 21, 2019, the Company, through a wholly-owned subsidiary, announced it had entered into an agreement to purchase the ski resorts at Falls Creek Alpine Resort ("Falls Creek") and Hotham Alpine Resort ("Hotham") in Victoria, Australia. The Company will purchase Australian Alpine Enterprises Holdings Pty. Ltd and all related corporate entities that operate the Falls Creek and Hotham resorts from Living and Leisure Australia Group, a subsidiary of Merlin Entertainments, for a purchase price of approximately AU$174 million, subject to certain adjustments at closing, including an increase (or reduction) in the purchase price for operating losses (or gains) incurred for the period from December 29, 2018 through closing. The acquisition includes the ski school, retail/rental, reservation and property management operations at both resort areas. The Company expects to record the transaction as a business combination which is expected to close prior to the commencement of the Australian ski season in June 2019, subject to certain closing conditions, including regulatory approvals. The Company expects to fund the cash purchase price through cash on-hand and/or incremental borrowings.
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jan. 31, 2019
Accounting Policies [Abstract]  
Consolidated Financial Statements Policy [Table Text Block]
Consolidated Condensed Financial Statements— In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year, particularly given the significant seasonality to the Company’s operating cycle. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2018. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2018 was derived from audited financial statements.

Use of Estimates
Use of Estimates— The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Revenue from Contract with Customer [Policy Text Block]
Revenue Recognition— The Company recognizes revenues from contracts with customers when or as control of goods or services promised in the contracts is transferred in an amount that reflects consideration to which it expects to be entitled to in exchange for those goods or services. The Company determines the appropriate revenue recognition for contracts with customers by analyzing the type, terms and conditions of contracts or arrangements with customers. Certain contracts with customers contain multiple performance obligations in which case revenue is allocated to each distinct and separate performance obligation based on its relative standalone selling price. See Note 3, Revenues, for more information.
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
Recently Issued Accounting Standards
Adopted Standards
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in Topic 605. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Subsequent to the issuance of ASU 2014-09, the FASB issued several amendments, which did not change the core principle of the guidance and were intended to clarify and improve understanding of certain topics included within the revenue standard. On August 1, 2018, the Company adopted this standard using the modified retrospective transition method for contracts which were not completed as of August 1, 2018. In accordance with this transition method, results for reporting periods beginning after August 1, 2018 are presented under Topic 606, while prior period amounts were not adjusted and continue to be reported in accordance with our historical accounting methodology under Topic 605. On August 1, 2018, as a result of adopting this standard, the Company recorded an approximate $7.5 million reduction of retained earnings with a corresponding increase in accounts payable and accrued liabilities, which was primarily associated with the measurement of the loyalty reward programs under the new standard at an estimated fair value of underlying products or services expected to be delivered to satisfy the Company’s obligations associated with such loyalty programs. The application of this standard had an immaterial impact on total net revenue and net income attributable to Vail Resorts, Inc. for the three and six months ended January 31, 2019.
In accordance with the new revenue recognition standard disclosure requirements, the impact of adoption of Topic 606 on the Consolidated Condensed Balance Sheet as of January 31, 2019 was as follows (in thousands):
 
As of January 31, 2019
Balance Sheet
Balances Without Adoption of Topic 606
Adjustments
As Reported
(Under Topic 606)
Liabilities
 
 
 
Accounts payable and accrued liabilities
$
677,683

$
8,053

$
685,736

Stockholders’ equity
 
 
 
Retained earnings
$
707,098

$
(8,053
)
$
699,045

 
 
 
 
In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” This standard provides guidance for eight targeted changes with respect to how cash receipts and cash payments are classified in the statements of cash flows, with the objective of reducing diversity in practice. The Company adopted this accounting standard on August 1, 2018, which did not have an impact on its consolidated condensed financial statements.

In November 2016, the FASB issued ASU No. 2016-18, “Restricted Cash,” which requires that a statement of cash flows present the change during a period for the total of cash, cash equivalents and restricted cash. Historically, under previous guidance, changes in restricted cash have been included within operating, investing or financing activities, which were eliminated under the new standard. The Company adopted this standard as of August 1, 2018, which required retrospective application to all periods presented. As a result, cash provided by operating activities during the six months ended January 31, 2018 increased by $12.8 million under the new guidance as compared to what was reported under the previously required guidance. Additionally, due to the inclusion of restricted cash in the beginning and end of period balances, cash, cash equivalents and restricted cash as of January 31, 2018 and July 31, 2017 increased $23.6 million and $10.3 million, respectively, as compared to what was reported under the previously required guidance. As of January 31, 2019, the Company’s restricted cash balance is primarily associated with customer reservations deposits that are required to be held in a trust pursuant to statutory requirements until such reservations are fulfilled.
Accounting Standards Being Evaluated
Standards Being Evaluated
The authoritative guidance listed below is currently being evaluated for its impact to Company policies upon adoption as well as any significant implementation matters yet to be addressed.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which supersedes “Leases (Topic 840).” The standard requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet and disclose key information about leasing arrangements. The standard also allows for an accounting policy election not to recognize on the balance sheet lease assets and liabilities for leases with a term of 12 months or less. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset on their balance sheets, while lessor accounting will be largely unchanged. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those years (the Company’s first quarter of fiscal 2020), and must be applied using a modified retrospective transition approach to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows and related disclosures. Additionally, the Company is evaluating the impacts of the standard beyond accounting, including system, data and process changes required to comply with the standard and has selected an information system application that will centralize the Company’s lease information and be utilized for accounting under the new standard.
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Revenue (Tables)
 6 Months Ended
Jan. 31, 2019
Revenue [Abstract]  
Disaggregation of Revenue [Table Text Block]
Disaggregation of Revenues
The following table presents net revenues disaggregated by segment and major revenue type for the three and six months ended January 31, 2019 (in thousands):
 
 
Three Months Ended January 31,
 
Six Months Ended January 31,
 
 
2019
 
2018
 
2019
 
2018
Mountain net revenue:
 
 
 
 
 
 
 
 
Lift
 
$
447,558

 
$
381,912

 
$
472,243

 
$
407,380

Ski School
 
92,244

 
80,116

 
96,516

 
84,554

Dining
 
65,409

 
53,910

 
83,701

 
72,212

Retail/Rental
 
128,436

 
115,446

 
171,778

 
160,853

Other
 
42,426

 
39,518

 
96,841

 
94,028

Total Mountain net revenue
 
$
776,073

 
$
670,902

 
$
921,079

 
$
819,027

Lodging net revenue:
 
 
 
 
 
 
 
 
     Owned hotel rooms
 
$
11,548

 
$
11,353

 
$
31,147

 
$
30,988

Managed condominium rooms
 
28,046

 
23,358

 
39,164

 
33,529

Dining
 
10,189

 
7,869

 
26,318

 
23,749

Transportation
 
7,722

 
7,460

 
10,196

 
10,013

Golf
 
—

 
—

 
9,459

 
8,767

Other
 
12,120

 
9,914

 
24,588

 
21,688

 
 
69,625

 
59,954

 
140,872

 
128,734

Payroll cost reimbursements
 
3,624

 
3,585

 
7,277

 
6,894

Total Lodging net revenue
 
$
73,249

 
$
63,539

 
$
148,149

 
$
135,628

Total Resort net revenue
 
$
849,322

 
$
734,441

 
$
1,069,228

 
$
954,655

Total Real Estate net revenue
 
256

 
134

 
354

 
770

Total net revenue
 
$
849,578

 
$
734,575

 
$
1,069,582

 
$
955,425

 
 
 
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Net Income Per Common Share (Tables)
 6 Months Ended
Jan. 31, 2019
Earnings Per Share Reconciliation [Abstract]  
Summary of Calculation of Basic And Diluted EPS
 
 
Three Months Ended January 31,
 
 
2019
 
2018
 
 
Basic
 
Diluted
 
Basic
 
Diluted
Net income per share:
 
 
 
 
 
 
 
 
Net income attributable to Vail Resorts
 
$
206,349

 
$
206,349

 
$
235,691

 
$
235,691

Weighted-average Vail Shares outstanding
 
40,271

 
40,271

 
40,414

 
40,414

Weighted-average Exchangeco Shares outstanding
 
57

 
57

 
61

 
61

Total Weighted-average shares outstanding
 
40,328

 
40,328

 
40,475

 
40,475

Effect of dilutive securities
 
—

 
798

 
—

 
1,119

Total shares
 
40,328

 
41,126

 
40,475

 
41,594

Net income per share attributable to Vail Resorts
 
$
5.12

 
$
5.02

 
$
5.82

 
$
5.67



The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 56,000 and 5,000 for the three months ended January 31, 2019 and 2018, respectively.

Presented below is basic and diluted EPS for the six months ended January 31, 2019 and 2018 (in thousands, except per share amounts):
 
 
Six Months Ended January 31,
 
 
2019
 
2018
 
 
Basic
 
Diluted
 
Basic
 
Diluted
Net income per share:
 
 
 
 
 
 
 
 
Net income attributable to Vail Resorts
 
$
98,554

 
$
98,554

 
$
207,306

 
$
207,306

Weighted-average Vail Shares outstanding
 
40,359

 
40,359

 
40,281

 
40,281

Weighted-average Exchangeco Shares outstanding
 
57

 
57

 
62

 
62

Total Weighted-average shares outstanding
 
40,416

 
40,416

 
40,343

 
40,343

Effect of dilutive securities
 
—

 
870

 
—

 
1,346

Total shares
 
40,416

 
41,286

 
40,343

 
41,689

Net income per share attributable to Vail Resorts
 
$
2.44

 
$
2.39

 
$
5.14

 
$
4.97



The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 40,000 and 5,000 for the six months ended January 31, 2019 and 2018, respectively.
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Long-Term Debt (Tables)
 6 Months Ended
Jan. 31, 2019
Debt Disclosure [Abstract]  
Schedule Of Long-Term Debt
Long-term debt, net as of January 31, 2019, July 31, 2018 and January 31, 2018 is summarized as follows (in thousands):
 
 
Maturity
 
January 31, 2019
 
July 31, 2018
 
January 31, 2018
Vail Holdings Credit Agreement term loan (a)
 
2023
 
$
938,125

 
$
684,375

 
$
703,125

Vail Holdings Credit Agreement revolver (a)
 
2023
 
—

 
130,000

 
30,000

Whistler Credit Agreement revolver (b)
 
2023
 
60,904

 
65,353

 
97,571

Employee housing bonds
 
2027-2039
 
52,575

 
52,575

 
52,575

Canyons obligation
 
2063
 
337,385

 
334,509

 
331,647

Other
 
2024-2028
 
8,656

 
9,270

 
9,590

Total debt
 
 
 
1,397,645

 
1,276,082

 
1,224,508

Less: Unamortized debt issuance costs
 
 
 
3,890

 
3,350

 
3,726

Less: Current maturities (c)
 
 
 
48,493

 
38,455

 
38,433

Long-term debt, net
 
 
 
$
1,345,262

 
$
1,234,277


$
1,182,349



(a)
On August 15, 2018, in order to fund the Stevens Pass and Triple Peaks acquisitions (see Note 6, Acquisitions), the Company’s wholly owned subsidiary, Vail Holdings, Inc. (“VHI”), entered into the Eighth Amended and Restated Credit Agreement (the “Vail Holdings Credit Agreement”), with Bank of America, N.A., as administrative agent, and other lenders named therein, through which these lenders agreed to provide an additional $265.6 million in incremental term loans and agreed, on behalf of all lenders, to extend the maturity date for the outstanding term loans and revolver facility under the Vail Holdings Credit Agreement to August 15, 2023. The Vail Holdings Credit Agreement consists of a $400.0 million revolving credit facility and a $950.0 million term loan facility. VHI’s obligations under the Vail Holdings Credit Agreement are guaranteed by the Company and certain of its subsidiaries and are collateralized by a pledge of all the capital stock of VHI and substantially all of its subsidiaries (with certain additional exceptions for the pledge of the capital stock of foreign subsidiaries). In addition, pursuant to the terms of the Vail Holdings Credit Agreement, VHI has the ability to increase availability (under the revolver or in the form of term loans) to an aggregate principal amount not to exceed the greater of (i) $1.2 billion and (ii) the product of 2.75 and the trailing twelve-month Adjusted EBITDA, as defined in the Vail Holdings Credit Agreement. The term loan facility is subject to quarterly amortization of principal of approximately $11.9 million, which began on January 31, 2019, in equal installments, for a total of five percent of principal payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due in August 2023. The proceeds of the loans made under the Vail Holdings Credit Agreement may be used to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at LIBOR plus 1.50% as of January 31, 2019 (4.00% as of January 31, 2019). Interest rate margins may fluctuate based upon the ratio of the Company’s Net Funded Debt to Adjusted EBITDA on a trailing four-quarter basis. The Vail Holdings Credit Agreement also includes a quarterly unused commitment fee, which is equal to a percentage determined by the Net Funded Debt to Adjusted EBITDA ratio, as each such term is defined in the Vail Holdings Credit Agreement, multiplied by the daily amount by which the Vail Holdings Credit Agreement commitment exceeds the total of outstanding loans and outstanding letters of credit (0.3% as of January 31, 2019). The unused amounts are accessible to the extent that the Net Funded Debt to Adjusted EBITDA ratio does not exceed the maximum ratio allowed at quarter-ends and the ratio of Adjusted EBITDA to interest on Funded Debt (as defined in the Vail Holdings Credit Agreement) does not fall below the minimum ratio allowed at quarter-ends. The Vail Holdings Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the Company’s ability to incur indebtedness, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Vail Holdings Credit Agreement includes the following restrictive financial covenants: Net Funded Debt to Adjusted EBITDA ratio and Adjusted EBITDA to interest on Funded Debt ratio.
(b)
Whistler Mountain Resort Limited Partnership (“Whistler LP”) and Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP”), together “The WB Partnerships,” are party to a credit agreement, dated as of November 12, 2013 (as amended, the “Whistler Credit Agreement”), by and among Whistler LP, Blackcomb LP, certain subsidiaries of Whistler LP and Blackcomb LP party thereto as guarantors (the “Whistler Subsidiary Guarantors”), the financial institutions party thereto as lenders and The Toronto-Dominion Bank, as administrative agent. The Whistler Credit Agreement consists of a C$300.0 million revolving credit facility. During the three months ended January 31, 2019, the Company entered into an amendment of the Whistler Credit Agreement which extended the maturity date of the revolving credit facility to December 15, 2023. No other material terms of the Whistler Credit Agreement were altered. The WB Partnerships’ obligations under the Whistler Credit Agreement are guaranteed by the Whistler Subsidiary Guarantors and are collateralized by a pledge of the capital stock of the Whistler Subsidiary Guarantors and a pledge of substantially all of the assets of Whistler LP, Blackcomb LP and the Whistler Subsidiary Guarantors. In addition, pursuant to the terms of the Whistler Credit Agreement, the WB Partnerships have the ability to increase the commitment amount by up to C$75.0 million subject to lender approval. Borrowings under the Whistler Credit Agreement are available in Canadian or U.S. dollars and bear interest annually, subject to an applicable margin based on the WB Partnerships’ Consolidated Total Leverage Ratio (as defined in the Whistler Credit Agreement), with pricing as of January 31, 2019, in the case of borrowings (i) in Canadian dollars, at the WB Partnerships’ option, either (a) at the Canadian Prime Rate plus 0.75% per annum or (b) by way of the issuance of bankers’ acceptances plus 1.75% per annum; and (ii) in U.S. dollars, at the WB Partnerships option, either at (a) the U.S. Base Rate plus 0.75% per annum or (b) Bankers Acceptance Rate plus 1.75% per annum. As of January 31, 2019, all borrowings under the Whistler Credit Agreement were made in Canadian dollars and by way of the issuance of bankers’ acceptances plus 1.75% (approximately 3.92%). The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of January 31, 2019 is equal to 0.3937% per annum. The Whistler Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the WB Partnerships’ ability to incur indebtedness and liens, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Whistler Credit Agreement includes the restrictive financial covenants (leverage ratios and interest coverage ratios) customary for facilities of this type.
(c)
Current maturities represent principal payments due in the next 12 months.

Schedule Of Aggregate Maturities For Debt Outstanding
Aggregate maturities of debt outstanding as of January 31, 2019 reflected by fiscal year (August 1 through July 31) are as follows (in thousands):
 
Total
2019 (February 2019 through July 2019)
$
24,091

2020
48,516

2021
48,580

2022
48,648

2023
48,719

Thereafter
1,179,091

Total debt
$
1,397,645
XML 36 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Acquisitions Acquisitions (Tables)
 6 Months Ended
Jan. 31, 2019
Business Acquisition [Line Items]  
Business Acquisition, Pro Forma Information [Table Text Block]
The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisitions of Stevens Pass and Triple Peaks were completed on August 1, 2017, the beginning of the fiscal year preceding the fiscal year in which the acquisitions occurred. The following unaudited pro forma financial information includes adjustments for (i) depreciation on acquired property, plant and equipment; (ii) amortization of intangible assets recorded at the date of the transactions; (iii) lease expenses incurred by the prior owners which the Company will not be subject to; (iv) transaction and business integration related costs; and (v) interest expense associated with financing the transactions. This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on August 1, 2017 (in thousands, except per share amounts).
 
Three Months Ended January 31,
 
2018
Pro forma net revenue
$
788,466

Pro forma net income attributable to Vail Resorts, Inc.
$
242,039

Pro forma basic net income per share attributable to Vail Resorts, Inc.
$
5.98

Pro forma diluted net income per share attributable to Vail Resorts, Inc.
$
5.82


 
Six Months Ended January 31,
 
2019
2018
Pro forma net revenue
$
1,077,107

$
1,023,704

Pro forma net income attributable to Vail Resorts, Inc.
$
99,576

$
206,318

Pro forma basic net income per share attributable to Vail Resorts, Inc.
$
2.46

$
5.11

Pro forma diluted net income per share attributable to Vail Resorts, Inc.
$
2.41

$
4.95
Stevens Pass [Member]  
Business Acquisition [Line Items]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]
Stevens Pass Resort
On August 15, 2018, the Company, through a wholly-owned subsidiary, acquired Stevens Pass Resort in the State of Washington from Ski Resort Holdings, LLC, an affiliate of Oz Real Estate (“Ski Resort Holdings”), for total cash consideration of $64.0 million, after adjustments for certain agreed-upon terms. The Company borrowed $70.0 million on August 15, 2018 under its Vail Holdings Credit Agreement term loan (see Note 5, Long-Term Debt) to fund the transaction and associated acquisition related expenses. The acquisition included the mountain operations of the resort, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities).

The following summarizes the purchase consideration and the preliminary purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands):
 
Acquisition Date Estimated Fair Value
Current assets
$
752

Property, plant and equipment
34,865

Goodwill
28,878

Identifiable intangible assets
2,680

Deferred income taxes, net
886

Liabilities
(4,026
)
Net assets acquired
$
64,035


The excess of the purchase price over the aggregate estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Stevens Pass and other factors, and is expected to be deductible for income tax purposes. The Company recognized $1.2 million of acquisition related expenses associated with the transaction within Mountain and Lodging operating expense in its Consolidated Condensed Statement of Operations for the six months ended January 31, 2019. The operating results of Stevens Pass are reported within the Mountain segment prospectively from the date of acquisition.
Triple Peaks, LLC [Member]  
Business Acquisition [Line Items]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]
Okemo Mountain Resort, Crested Butte Resort and Mount Sunapee Resort
On September 27, 2018, the Company, through a wholly-owned subsidiary, acquired Triple Peaks, LLC (“Triple Peaks”), the parent company of Okemo Mountain Resort in Vermont, Crested Butte Mountain Resort in Colorado, and Mount Sunapee Resort in New Hampshire, for a cash purchase price of approximately $74.1 million, after adjustments for certain agreed-upon terms. In addition, contemporaneous with the closing of the transaction, Triple Peaks paid $155.0 million to pay the remaining obligations of the leases that all three resorts had with Ski Resort Holdings, with funds provided by the Company. Accordingly, the total purchase price, including the repayment of lease obligations, was $229.1 million, for which the Company utilized cash on hand and borrowed $195.6 million under the Vail Holdings Credit Agreement term loan (see Note 5, Long-Term Debt) to fund the transaction and associated acquisition related expenses. The Company obtained a new Special Use Permit from the U.S. Forest Service for Crested Butte, and assumed the state land leases for Okemo and Mount Sunapee. The acquisition included the mountain operations of the resorts, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities).

The following summarizes the purchase consideration and the preliminary purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands):
 
Acquisition Date Estimated Fair Value
Current assets
$
5,197

Property, plant and equipment
159,799

Goodwill
52,706

Identifiable intangible assets
27,661

Deferred income taxes, net
3,522

Liabilities
(19,792
)
Net assets acquired
$
229,093


Identifiable intangible assets acquired in the transaction were primarily related to property management contracts and trade names. The excess of the purchase price over the aggregate estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of the resorts and other factors, and is expected to be deductible for income tax purposes. The Company recognized $2.8 million of acquisition related expenses associated with the transaction within Mountain and Lodging operating expense in its Consolidated Condensed Statement of Operations for the six months ended January 31, 2019. The operating results of Triple Peaks are reported within the Mountain and Lodging segments prospectively from the date of acquisition.

The estimated fair values of assets acquired and liabilities assumed in the acquisitions of Stevens Pass and Triple Peaks are preliminary and are based on the information that was available as of the respective acquisition dates. The Company believes that this information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed; however, the Company is obtaining additional information necessary to finalize those estimated fair values. Therefore, the preliminary measurements of estimated fair values reflected are subject to change. The Company expects to finalize the valuation and complete the purchase consideration allocation no later than one year from the acquisition date.
XML 37 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Supplementary Balance Sheet Information (Tables)
 6 Months Ended
Jan. 31, 2019
Balance Sheet Related Disclosures [Abstract]  
Composition Of Property, Plant And Equipment
The composition of property, plant and equipment follows (in thousands):
 
 
January 31, 2019
 
July 31, 2018
 
January 31, 2018
Land and land improvements
 
$
617,492

 
$
552,271

 
$
559,135

Buildings and building improvements
 
1,280,972

 
1,193,528

 
1,206,465

Machinery and equipment
 
1,139,443

 
1,007,250

 
1,046,134

Furniture and fixtures
 
323,406

 
283,694

 
298,932

Software
 
122,038

 
113,699

 
116,210

Vehicles
 
65,642

 
60,697

 
62,172

Construction in progress
 
23,342

 
59,579

 
25,556

Gross property, plant and equipment
 
3,572,335

 
3,270,718

 
3,314,604

Accumulated depreciation
 
(1,741,248
)
 
(1,643,499
)
 
(1,612,391
)
Property, plant and equipment, net
 
$
1,831,087

 
$
1,627,219

 
$
1,702,213
Components Of Accounts Payable And Accrued Liabilities
The composition of accounts payable and accrued liabilities follows (in thousands): 
 
 
January 31, 2019
 
July 31, 2018
 
January 31, 2018
Trade payables
 
$
106,183

 
$
80,793

 
$
94,680

Deferred revenue
 
346,356

 
282,103

 
292,336

Accrued salaries, wages and deferred compensation
 
66,090

 
40,034

 
52,329

Accrued benefits
 
37,991

 
33,963

 
35,109

Deposits
 
52,867

 
26,646

 
43,457

Other liabilities
 
76,249

 
40,994

 
70,652

Total accounts payable and accrued liabilities
 
$
685,736

 
$
504,533

 
$
588,563
Components Of Other Long-Term Liabilities
The composition of other long-term liabilities follows (in thousands):
 
 
January 31, 2019
 
July 31, 2018
 
January 31, 2018
Private club deferred initiation fee revenue
 
$
112,065

 
$
114,319

 
$
116,726

Unfavorable lease obligation, net
 
20,450

 
21,839

 
23,309

Other long-term liabilities
 
142,483

 
155,348

 
149,758

Total other long-term liabilities
 
$
274,998

 
$
291,506

 
$
289,793
Schedule of Goodwill [Table Text Block]
The changes in the net carrying amount of goodwill allocated between the Company’s segments for the six months ended January 31, 2019 are as follows (in thousands):
 
Mountain
Lodging
Goodwill, net
Balance at July 31, 2018
$
1,407,787

$
67,899

$
1,475,686

Acquisitions
81,584

—

81,584

Effects of changes in foreign currency exchange rates
(10,186
)
—

(10,186
)
Balance at January 31, 2019
$
1,479,185

$
67,899

$
1,547,084
XML 38 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements (Tables)
 6 Months Ended
Jan. 31, 2019
Fair Value Disclosures [Abstract]  
Summary Of Cash Equivalents Measured At Fair Value
The table below summarizes the Company’s cash equivalents and Contingent Consideration measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands). 
 
 
 
 
 
 
 
 
 
 
 
Estimated Fair Value Measurement as of January 31, 2019
Description
 
Total
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
Money Market
 
$
3,031

 
$
3,031

 
$
—

 
$
—

Commercial Paper
 
$
2,401

 
$
—

 
$
2,401

 
$
—

Certificates of Deposit
 
$
6,774

 
$
—

 
$
6,774

 
$
—

Liabilities:
 
 
 
 
 
 
 
 
Contingent Consideration
 
$
23,733

 
$
—

 
$
—

 
$
23,733

 
 
 
 
 
 
 
 
 
 
 
Estimated Fair Value Measurement as of July 31, 2018
Description
 
Total
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
Money Market
 
$
3,021

 
$
3,021

 
$
—

 
$
—

Commercial Paper
 
$
2,401

 
$
—

 
$
2,401

 
$
—

Certificates of Deposit
 
$
11,249

 
$
—

 
$
11,249

 
$
—

Liabilities:
 
 
 
 
 
 
 
 
Contingent Consideration
 
$
21,900

 
$
—

 
$
—

 
$
21,900

 
 
 
 
 
Estimated Fair Value Measurement as of January 31, 2018
Description
 
Total
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
Money Market
 
$
3,013

 
$
3,013

 
$
—

 
$
—

Commercial Paper
 
$
2,401

 
$
—

 
$
2,401

 
$
—

Certificates of Deposit
 
$
7,162

 
$
—

 
$
7,162

 
$
—

Liabilities:
 
 
 
 
 
 
 
 
Contingent Consideration
 
$
23,754

 
$
—

 
$
—

 
$
23,754
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Information (Tables)
 6 Months Ended
Jan. 31, 2019
Segment Reporting [Abstract]  
Summary Of Financial Information By Reportable Segment
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,
 
2019
 
2018
 
2019
 
2018
Net revenue:
 
 
 
 
 
 
 
Lift
$
447,558

 
$
381,912

 
$
472,243

 
$
407,380

Ski school
92,244

 
80,116

 
96,516

 
84,554

Dining
65,409

 
53,910

 
83,701

 
72,212

Retail/rental
128,436

 
115,446

 
171,778

 
160,853

Other
42,426

 
39,518

 
96,841

 
94,028

Total Mountain net revenue
776,073

 
670,902

 
921,079

 
819,027

Lodging
73,249

 
63,539

 
148,149

 
135,628

Total Resort net revenue
849,322

 
734,441

 
1,069,228

 
954,655

Real Estate
256

 
134

 
354

 
770

Total net revenue
$
849,578

 
$
734,575

 
$
1,069,582

 
$
955,425

Segment operating expense:
 
 
 
 
 
 
 
Mountain
$
424,008

 
$
365,605

 
$
646,371

 
$
572,689

Lodging
67,492

 
59,871

 
138,496

 
127,605

Resort
491,500

 
425,476

 
784,867

 
700,294

Real Estate
1,389

 
1,207

 
2,759

 
2,898

Total segment operating expense
$
492,889

 
$
426,683

 
$
787,626

 
$
703,192

Gain on sale of real property
$
—

 
$
515

 
$
—

 
$
515

Mountain equity investment income (loss), net
$
160

 
$
(35
)
 
$
1,110

 
$
487

Reported EBITDA:
 
 
 
 
 
 
 
Mountain
$
352,225

 
$
305,262

 
$
275,818

 
$
246,825

Lodging
5,757

 
3,668

 
9,653

 
8,023

Resort
357,982


308,930


285,471

 
254,848

Real Estate
(1,133
)
 
(558
)
 
(2,405
)
 
(1,613
)
Total Reported EBITDA
$
356,849

 
$
308,372

 
$
283,066

 
$
253,235

Real estate held for sale and investment
$
101,730

 
$
103,212

 
$
101,730

 
$
103,212

Reconciliation to net income attributable to Vail Resorts, Inc.:
 
 
 
 
 
 
 
Total Reported EBITDA
$
356,849

 
$
308,372

 
$
283,066

 
$
253,235

Depreciation and amortization
(55,238
)
 
(51,404
)
 
(106,281
)
 
(100,028
)
Change in estimated fair value of contingent consideration
(700
)
 
—

 
(1,900
)
 
—

Gain on disposal of fixed assets and other, net
1,097

 
538

 
478

 
1,105

Investment income and other, net
507

 
397

 
970

 
780

Foreign currency gain (loss) on intercompany loans
450

 
10,337

 
(1,861
)
 
2,991

Interest expense, net
(21,002
)
 
(15,973
)
 
(39,640
)
 
(31,147
)
Income before (provision) benefit from income taxes
281,963

 
252,267

 
134,832

 
126,936

(Provision) benefit from income taxes
(63,973
)
 
(3,594
)
 
(27,568
)
 
89,810

Net income
217,990

 
248,673

 
107,264

 
216,746

Net income attributable to noncontrolling interests
(11,641
)
 
(12,982
)
 
(8,710
)
 
(9,440
)
Net income attributable to Vail Resorts, Inc.
$
206,349

 
$
235,691

 
$
98,554

 
$
207,306
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies Recently Issued Accounting Standards (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jan. 31, 2019
Jan. 31, 2018
Jul. 31, 2018
Jul. 31, 2017
Cumulative effect for adoption of revenue standard (Notes 2 & 3) $ (7,517)      
Increase (Decrease) in Restricted Cash for Operating Activities   $ 12,800    
Restricted cash 20,762 $ 23,566 $ 6,895 $ 10,300
Retained Earnings [Member]        
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income (8,053)      
Cumulative effect for adoption of revenue standard (Notes 2 & 3) (7,517)      
Accounts Payable and Accrued Liabilities [Member]        
Cumulative effect for adoption of revenue standard (Notes 2 & 3) $ 8,053      
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2019
Jan. 31, 2018
Jan. 31, 2019
Jan. 31, 2018
Jul. 31, 2018
Capitalized Contract Cost, Amortization $ 5,400        
Deferred revenue 346,356 $ 292,336 $ 346,356 $ 292,336 $ 282,103
Deferred Revenue and Credits, Noncurrent 125,400   125,400   $ 126,500
Mountain Revenue Net 776,073 670,902 921,079 819,027  
Lodging Revenue Net 73,249 63,539 148,149 135,628  
Resort net revenue 849,322 734,441 1,069,228 954,655  
Real Estate Revenue 256 134 354 770  
Revenues 849,578 734,575 1,069,582 955,425  
Recognition of Deferred Revenue 128,700   155,200    
Lift Tickets [Member]          
Mountain Revenue Net 447,558 381,912 472,243 407,380  
Ski School [Member]          
Mountain Revenue Net 92,244 80,116 96,516 84,554  
Dining [Member]          
Mountain Revenue Net 65,409 53,910 83,701 72,212  
Lodging Revenue Net 10,189 7,869 26,318 23,749  
Retail/Rental [Member]          
Mountain Revenue Net 128,436 115,446 171,778 160,853  
Other Mountain Revenue [Member]          
Mountain Revenue Net 42,426 39,518 96,841 94,028  
Owned Hotel Revenue [Member]          
Lodging Revenue Net 11,548 11,353 31,147 30,988  
Managed condominium rooms [Member]          
Lodging Revenue Net 28,046 23,358 39,164 33,529  
Transportation [Member]          
Lodging Revenue Net 7,722 7,460 10,196 10,013  
Golf [Member]          
Lodging Revenue Net 0 0 9,459 8,767  
Other Lodging Revenue [Member]          
Lodging Revenue Net 12,120 9,914 24,588 21,688  
Lodging revenue (excluding payroll cost reimbursements) [Member]          
Lodging Revenue Net 69,625 59,954 140,872 128,734  
Payroll cost reimbursements [Member]          
Lodging Revenue Net $ 3,624 $ 3,585 $ 7,277 $ 6,894  
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Revenue Contract Balances (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 31, 2019
USD ($)
Jan. 31, 2019
USD ($)
Schedule of Goodwill [Abstract]    
Capitalized Contract Cost, Net $ 5.2 $ 5.2
Recognition of Deferred Revenue $ 128.7 $ 155.2
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Revenue Costs to Obtain Contracts with Customers (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2019
Jan. 31, 2018
Jan. 31, 2019
Jan. 31, 2018
Mountain Revenue Net $ 776,073 $ 670,902 $ 921,079 $ 819,027
Lodging Revenue Net 73,249 63,539 148,149 135,628
Resort net revenue 849,322 734,441 1,069,228 954,655
Revenues 849,578 734,575 1,069,582 955,425
Real Estate Revenue 256 134 354 770
Capitalized Contract Cost, Net 5,200   5,200  
Lift Tickets [Member]        
Mountain Revenue Net 447,558 381,912 472,243 407,380
Ski School [Member]        
Mountain Revenue Net 92,244 80,116 96,516 84,554
Dining [Member]        
Mountain Revenue Net 65,409 53,910 83,701 72,212
Lodging Revenue Net 10,189 7,869 26,318 23,749
Retail/Rental [Member]        
Mountain Revenue Net 128,436 115,446 171,778 160,853
Other Mountain Revenue [Member]        
Mountain Revenue Net 42,426 39,518 96,841 94,028
Owned Hotel Revenue [Member]        
Lodging Revenue Net 11,548 11,353 31,147 30,988
Managed condominium rooms [Member]        
Lodging Revenue Net 28,046 23,358 39,164 33,529
Transportation [Member]        
Lodging Revenue Net 7,722 7,460 10,196 10,013
Golf [Member]        
Lodging Revenue Net 0 0 9,459 8,767
Other Lodging Revenue [Member]        
Lodging Revenue Net 12,120 9,914 24,588 21,688
Lodging revenue (excluding payroll cost reimbursements) [Member]        
Lodging Revenue Net 69,625 59,954 140,872 128,734
Payroll cost reimbursements [Member]        
Lodging Revenue Net $ 3,624 $ 3,585 $ 7,277 $ 6,894
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Net Income Per Common Share Net Income per Common Share (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Apr. 11, 2019
Mar. 27, 2019
Mar. 07, 2019
Jan. 31, 2019
Jan. 31, 2018
Jan. 31, 2019
Jan. 31, 2018
Jul. 31, 2018
Anti-dilutive securities (in shares)       56,000 5,000 40,000 5,000  
Income Tax Expense (Benefit)       $ 63,973 $ 3,594 $ 27,568 $ (89,810)  
Common Stock, Dividends, Per Share, Cash Paid       $ 1.47 $ 1.05 $ 2.940 $ 2.11  
Cash dividends declared per share       $ 1.47 $ 1.053 $ 2.940 $ 2.106  
Payments of Dividends       $ 59,170 $ 42,600 $ 118,714 $ 85,226  
Preferred Stock, Par or Stated Value Per Share       $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01
Scenario, Forecast [Member]                
Cash dividends declared per share     $ 1.76          
Dividends Payable, Date to be Paid Apr. 11, 2019              
Dividends Payable, Date of Record   Mar. 27, 2019            
Common Stock [Member]                
Stock Issued During Period, Shares, New Issues           3,327,719    
Exchangeable Shares [Member]                
Stock Issued During Period, Shares, New Issues           418,095    
XML 45 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Net Income Per Common Share (Summary of Calculation of Basic and Diluted EPS) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2019
Jan. 31, 2018
Jan. 31, 2019
Jan. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 56,000 5,000 40,000 5,000
Net income attributable to Vail Resorts, Inc. $ 206,349 $ 235,691 $ 98,554 $ 207,306
Weighted-average Vail Shares outstanding 40,271,000 40,414,000 40,359,000 40,281,000
Weighted-average Exchangeco Shares outstanding 57,000 61,000 57,000 62,000
Total Weighted-average shares outstanding 40,328,000 40,475,000 40,416,000 40,343,000
Effect of dilutive securities 798,000 1,119,000 870,000 1,346,000
Total shares 41,126,000 41,594,000 41,286,000 41,689,000
Basic net income per share attributable to Vail Resorts, Inc. $ 5.12 $ 5.82 $ 2.44 $ 5.14
Diluted net income per share attributable to Vail Resorts, Inc. $ 5.02 $ 5.67 $ 2.39 $ 4.97
XML 46 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Long-Term Debt Long-Term Debt (Narrative) (Details) - USD ($)
 3 Months Ended 6 Months Ended
Aug. 15, 2018
Jan. 31, 2019
Jan. 31, 2018
Jan. 31, 2019
Jan. 31, 2018
Jul. 31, 2018
Gross interest expense   $ 21,000,000 $ 16,000,000 $ 39,600,000 $ 31,100,000  
Long-term Debt   1,397,645,000 1,224,508,000 1,397,645,000 1,224,508,000 $ 1,276,082,000
Amortization of deferred financing costs   400,000 300,000 700,000 600,000  
Intercompany Foreign Currency Balance, Amount   210,000,000   210,000,000    
Debt Instrument, Unused Borrowing Capacity, Fee       0.0030    
Unamortized Debt Issuance Expense   3,890,000 3,726,000 3,890,000 3,726,000 3,350,000
Foreign currency gain (loss) on intercompany loans (Note 5)   450,000 10,337,000 (1,861,000) 2,991,000  
Term Loan [Member]            
Line of Credit Facility, Initiation Date Aug. 15, 2018          
Line of Credit Facility, Increase (Decrease), Net       $ 265,600,000    
Debt Instrument, Maturity Date       Aug. 15, 2023    
Long-term Line of Credit   950,000,000   $ 950,000,000    
Long-term Debt   938,125,000 $ 703,125,000 $ 938,125,000 $ 703,125,000 684,375,000
Debt Instrument, Interest Rate, Stated Percentage     4.00%   4.00%  
Long-term Debt, Description       In addition, pursuant to the terms of the Vail Holdings Credit Agreement, VHI has the ability to increase availability (under the revolver or in the form of term loans) to an aggregate principal amount not to exceed the greater of (i) $1.2 billion and (ii) the product of 2.75 and the trailing twelve-month Adjusted EBITDA, as defined in the Vail Holdings Credit Agreement. The term loan facility is subject to quarterly amortization of principal of approximately $11.9 million, which began on January 31, 2019, in equal installments, for a total of five percent of principal payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due in August 2023.    
Credit Facility Revolver [Member]            
Line of Credit Facility, Maximum Borrowing Capacity   400,000,000   $ 400,000,000    
Long-term Debt   0 $ 30,000,000 $ 0 $ 30,000,000 130,000,000
Whistler Credit Agreement revolver [Member]            
Line of Credit Facility, Initiation Date       Nov. 12, 2013    
Debt Instrument, Maturity Date       Dec. 15, 2023    
Long-term Debt   $ 60,904,000 $ 97,571,000 $ 60,904,000 $ 97,571,000 $ 65,353,000
Debt Instrument, Interest Rate, Stated Percentage   3.92%   3.92%    
Long-term Debt, Description       Borrowings under the Whistler Credit Agreement are available in Canadian or U.S. dollars and bear interest annually, subject to an applicable margin based on the WB Partnerships’ Consolidated Total Leverage Ratio (as defined in the Whistler Credit Agreement), with pricing as of January 31, 2019, in the case of borrowings (i) in Canadian dollars, at the WB Partnerships’ option, either (a) at the Canadian Prime Rate plus 0.75% per annum or (b) by way of the issuance of bankers’ acceptances plus 1.75% per annum; and (ii) in U.S. dollars, at the WB Partnerships option, either at (a) the U.S. Base Rate plus 0.75% per annum or (b) Bankers Acceptance Rate plus 1.75% per annum    
Debt Instrument, Unused Borrowing Capacity, Fee       0.3937%    
Canada, Dollars | Whistler Credit Agreement revolver [Member]            
Line of Credit Facility, Remaining Borrowing Capacity   $ 75,000,000   $ 75,000,000    
Line of Credit Facility, Maximum Borrowing Capacity   $ 300,000,000   $ 300,000,000    
XML 47 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Long-Term Debt (Schedule Of Debt Instruments) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jan. 31, 2019
Jul. 31, 2018
Jan. 31, 2018
Total debt $ 1,397,645 $ 1,276,082 $ 1,224,508
Unamortized Debt Issuance Expense 3,890 3,350 3,726
Long-term debt due within one year (Note 5) 48,493 38,455 38,433
Long-term debt, net (Note 5) 1,345,262 1,234,277 1,182,349
Credit Facility Revolver [Member]      
Total debt $ 0 130,000 30,000
Fiscal year maturity 2023    
Whistler Credit Agreement revolver [Member]      
Total debt $ 60,904 65,353 97,571
Fiscal year maturity 2023    
Term Loan [Member]      
Total debt $ 938,125 684,375 703,125
Fiscal year maturity 2023    
Employee Housing Bonds [Member]      
Total debt $ 52,575 52,575 52,575
Canyons Obligation [Member]      
Total debt $ 337,385 334,509 331,647
Fiscal year maturity 2063    
Other [Member]      
Total debt $ 8,656 $ 9,270 $ 9,590
Maximum [Member] | Employee Housing Bonds [Member]      
Fiscal year maturity, end Dec. 31, 2039    
Maximum [Member] | Other [Member]      
Fiscal year maturity, end Dec. 31, 2028    
Minimum [Member] | Employee Housing Bonds [Member]      
Fiscal year maturity, start Dec. 31, 2027    
Minimum [Member] | Other [Member]      
Fiscal year maturity, start Dec. 31, 2024    
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) - USD ($)
$ in Thousands
Jan. 31, 2019
Jul. 31, 2018
Jan. 31, 2018
Debt Instrument [Line Items]      
2019 (February 2019 through July 2019) $ 24,091    
2020 48,516    
2021 48,580    
2022 48,648    
2023 48,719    
Thereafter 1,179,091    
Total debt $ 1,397,645 $ 1,276,082 $ 1,224,508
XML 49 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Acquisitions (Narrative) (Details)
$ in Thousands
 6 Months Ended
Jan. 31, 2019
USD ($)
Stevens Pass [Member]  
Business Combination, Cash Consideration Transferred $ 64,000
Proceeds from (Repayments of) Debt 70,000
Business Acquisition, Transaction Costs 1,200
Triple Peaks, LLC [Member]  
Business Combination, Consideration Transferred 229,100
Business Combination, Cash Consideration Transferred 74,100
Proceeds from (Repayments of) Debt 195,600
Business Combination, Consideration Transferred, Other 155,000
Business Acquisition, Transaction Costs $ 2,800
XML 50 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Acquisitions (Summary Of Estimate Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed) (Details)
$ in Thousands
 6 Months Ended
Jan. 31, 2019
USD ($)
Business Acquisition [Line Items]  
Goodwill Acquired During Period $ 81,584
Triple Peaks, LLC [Member]  
Business Acquisition [Line Items]  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables 5,197
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment 159,799
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 27,661
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent 3,522
Goodwill Acquired During Period 52,706
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities (19,792)
Business Combination, Consideration Transferred 229,100
Business Combination, Cash Consideration Transferred 74,100
Business Combination, Consideration Transferred, Other 155,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net 229,093
Stevens Pass [Member]  
Business Acquisition [Line Items]  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables 752
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment 34,865
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 2,680
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent 886
Goodwill Acquired During Period 28,878
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities (4,026)
Business Combination, Cash Consideration Transferred 64,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net $ 64,035
XML 51 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Acquisitions (Summary Pro Forma Financial Information) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2018
Jan. 31, 2019
Jan. 31, 2018
Pro Forma Financial Information [Line Items]      
Pro forma net revenue $ 788,466 $ 1,077,107 $ 1,023,704
Pro forma net income attributable to Vail Resorts, Inc. $ 242,039 $ 99,576 $ 206,318
Pro forma basic net income per share attributable to Vail Resorts, Inc. $ 5.98 $ 2.46 $ 5.11
Pro forma diluted net income per share attributable to Vail Resorts, Inc. $ 5.82 $ 2.41 $ 4.95
XML 52 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($)
$ in Thousands
Jan. 31, 2019
Jul. 31, 2018
Jan. 31, 2018
Property, Plant and Equipment [Line Items]      
Land and land improvements $ 617,492 $ 552,271 $ 559,135
Buildings and building improvements 1,280,972 1,193,528 1,206,465
Machinery and equipment 1,139,443 1,007,250 1,046,134
Furniture and fixtures 323,406 283,694 298,932
Software 122,038 113,699 116,210
Vehicles 65,642 60,697 62,172
Construction in progress 23,342 59,579 25,556
Gross property, plant and equipment 3,572,335 3,270,718 3,314,604
Accumulated depreciation (1,741,248) (1,643,499) (1,612,391)
Property, plant and equipment, net $ 1,831,087 $ 1,627,219 $ 1,702,213
XML 53 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($)
$ in Thousands
Jan. 31, 2019
Jul. 31, 2018
Jan. 31, 2018
Balance Sheet Related Disclosures [Abstract]      
Trade payables $ 106,183 $ 80,793 $ 94,680
Deferred revenue 346,356 282,103 292,336
Accrued salaries, wages and deferred compensation 66,090 40,034 52,329
Accrued benefits 37,991 33,963 35,109
Deposits 52,867 26,646 43,457
Other liabilities 76,249 40,994 70,652
Total accounts payable and accrued liabilities $ 685,736 $ 504,533 $ 588,563
XML 54 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) - USD ($)
$ in Thousands
Jan. 31, 2019
Jul. 31, 2018
Jan. 31, 2018
Balance Sheet Related Disclosures [Abstract]      
Private club deferred initiation fee revenue $ 112,065 $ 114,319 $ 116,726
Unfavorable lease obligation, net 20,450 21,839 23,309
Other long-term liabilities 142,483 155,348 149,758
Total other long-term liabilities $ 274,998 $ 291,506 $ 289,793
XML 55 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
Supplementary Balance Sheet Information Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jan. 31, 2019
Jul. 31, 2018
Jan. 31, 2018
Goodwill [Line Items]      
Goodwill $ 1,547,084 $ 1,475,686 $ 1,533,980
Goodwill, Acquired During Period 81,584    
Effects of changes in foreign currency exchange rates (10,186)    
Mountain [Member]      
Goodwill [Line Items]      
Goodwill 1,479,185 1,407,787  
Goodwill, Acquired During Period 81,584    
Effects of changes in foreign currency exchange rates (10,186)    
Lodging [Member]      
Goodwill [Line Items]      
Goodwill $ 67,899 $ 67,899  
XML 56 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jan. 31, 2019
Jan. 31, 2018
Jul. 31, 2018
Jul. 31, 2017
Contingent Consideration $ 23,733 $ 23,754 $ 21,900 $ 27,400
Payments for Rent (67) (3,646)    
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability $ 1,900 0    
Business Combination, Contingent Consideration Arrangements, Description 42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company.      
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Adverse Change in Other Assumption, Description The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance would result in a change in the estimated fair value within the range of approximately $3.9 million to $6.0 million      
Contingent Consideration, Key Assumptions for Valuation The estimated fair value of Contingent Consideration includes the future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed growth factor. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 11.3%, volatility of 17.5% and future period Park City EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs.      
Money Market $ 3,031 3,013 3,021  
Level 1 [Member]        
Money Market 3,031 3,013 3,021  
Fair Value, Inputs, Level 3 [Member]        
Contingent Consideration 23,733 23,754 21,900  
Commercial Paper [Member]        
Commercial Paper 2,401 2,401 2,401  
Commercial Paper [Member] | Level 2 [Member]        
Commercial Paper 2,401 2,401 2,401  
Certificates of Deposit [Member]        
Commercial Paper 6,774 7,162 11,249  
Certificates of Deposit [Member] | Level 2 [Member]        
Commercial Paper $ 6,774 $ 7,162 $ 11,249  
XML 57 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Narrative) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jan. 31, 2019
Jul. 31, 2018
Jan. 31, 2018
Amount outstanding in letters of credit $ 76,500    
Outstanding Letters of Credit for Acquisitions 5,000    
Surety Bonds Outstanding 10,400    
Holland Creek Metropolitan District [Member]      
Credit-enhanced bonds issued amount 6,300    
Amount outstanding in letters of credit 6,400    
Red Sky Ranch Metropolitan District [Member]      
Other long-term liabilities $ 2,000 $ 2,000 $ 2,000
Estimated cessation date of capital improvement fee payment obligation Jul. 31, 2031    
Employee Housing Bonds [Member]      
Amount outstanding in letters of credit $ 53,400    
Workers' Compensation and General Liability Related to Construction and Development Activities [Member]      
Amount outstanding in letters of credit $ 18,100    
XML 58 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2019
Jan. 31, 2018
Jan. 31, 2019
Jan. 31, 2018
Jul. 31, 2018
Total Mountain net revenue $ 776,073 $ 670,902 $ 921,079 $ 819,027  
Lodging Revenue Net 73,249 63,539 148,149 135,628  
Total Resort net revenue 849,322 734,441 1,069,228 954,655  
Revenues 849,578 734,575 1,069,582 955,425  
Real Estate Revenue 256 134 354 770  
Mountain 424,008 365,605 646,371 572,689  
Lodging 67,492 59,871 138,496 127,605  
Resort 491,500 425,476 784,867 700,294  
Real Estate 1,389 1,207 2,759 2,898  
Total segment operating expense 492,889 426,683 787,626 703,192  
Gain on sale of real property 0 515 0 515  
Mountain equity investment income (loss), net 160 (35) 1,110 487  
Total Reported EBITDA 356,849 308,372 283,066 253,235  
Real estate held for sale and investment 101,730 103,212 101,730 103,212 $ 99,385
Depreciation and amortization (55,238) (51,404) (106,281) (100,028)  
Change in estimated fair value of contingent consideration (Note 8) (700) 0 (1,900) 0  
Gain on disposal of fixed assets and other, net 1,097 538 478 1,105  
Investment income and other, net 507 397 970 780  
Foreign currency gain (loss) on intercompany loans 450 10,337 (1,861) 2,991  
Interest expense, net (21,002) (15,973) (39,640) (31,147)  
Income before (provision) benefit from income taxes 281,963 252,267 134,832 126,936  
(Provision) benefit from income taxes (63,973) (3,594) (27,568) 89,810  
Net income 217,990 248,673 107,264 216,746  
Net income attributable to noncontrolling interests (11,641) (12,982) (8,710) (9,440)  
Net income attributable to Vail Resorts, Inc. 206,349 235,691 98,554 207,306  
Lift Tickets [Member]          
Total Mountain net revenue 447,558 381,912 472,243 407,380  
Ski School [Member]          
Total Mountain net revenue 92,244 80,116 96,516 84,554  
Dining [Member]          
Total Mountain net revenue 65,409 53,910 83,701 72,212  
Retail/Rental [Member]          
Total Mountain net revenue 128,436 115,446 171,778 160,853  
Other Mountain Revenue [Member]          
Total Mountain net revenue 42,426 39,518 96,841 94,028  
Resort [Member]          
Total Reported EBITDA 357,982 308,930 285,471 254,848  
Mountain [Member]          
Total Reported EBITDA 352,225 305,262 275,818 246,825  
Lodging [Member]          
Total Reported EBITDA 5,757 3,668 9,653 8,023  
Real Estate [Member]          
Total Reported EBITDA $ (1,133) $ (558) $ (2,405) $ (1,613)  
XML 59 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
Share Repurchase Program (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2019
Jan. 31, 2019
Jan. 31, 2018
Jul. 31, 2018
Dec. 04, 2015
Jul. 16, 2008
Mar. 09, 2006
Accelerated Share Repurchases [Line Items]              
Number of shares authorized to repurchase 7,500,000 7,500,000         3,000,000
Treasury Stock, Shares, Acquired 155,111 353,007          
Additional number of shares authorized to repurchase         1,500,000 3,000,000  
Number of shares repurchased since inception 5,905,000 5,905,000 5,436,000 5,552,000      
Payments for Repurchase of Common Stock $ 35,000 $ 85,000 $ 0        
Value of stock repurchased since inception $ 357,989 $ 357,989 $ 247,189 $ 272,989      
Remaining shares available for repurchase under existing program 1,595,277 1,595,277          
XML 60 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Event (Details)
$ in Thousands
 12 Months Ended
Jul. 31, 2019
AUD ($)
Scenario, Forecast [Member] | Falls Creek and Hotham [Member]  
Subsequent Event [Line Items]  
Business Combination, Consideration Transferred $ 174,000
XML 61 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} EXCEL 62 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end

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end XML 63 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 65 FilingSummary.xml IDEA: XBRL DOCUMENT 3.10.0.1 html 209 249 1 false 52 0 false 5 false false R1.htm 0001000 - Document - Document And Entity Information Sheet http://www.vailresorts.com/role/DocumentAndEntityInformation Document And Entity Information Cover 1 false false R2.htm 1001000 - Statement - Consolidated Condensed Balance Sheets Sheet http://www.vailresorts.com/role/ConsolidatedCondensedBalanceSheets Consolidated Condensed Balance Sheets Statements 2 false false R3.htm 1001501 - Statement - Consolidated Condensed Balance Sheets (Parenthetical) Sheet http://www.vailresorts.com/role/ConsolidatedCondensedBalanceSheetsParenthetical Consolidated Condensed Balance Sheets (Parenthetical) Statements 3 false false R4.htm 1002000 - Statement - Consolidated Condensed Statements Of Operations Sheet http://www.vailresorts.com/role/ConsolidatedCondensedStatementsOfOperations Consolidated Condensed Statements Of Operations Statements 4 false false R5.htm 1004000 - Statement - Consolidated Condensed Statements of Comprehensive Income Sheet http://www.vailresorts.com/role/ConsolidatedCondensedStatementsOfComprehensiveIncome Consolidated Condensed Statements of Comprehensive Income Statements 5 false false R6.htm 1005000 - Statement - Consolidated Condensed Statements of Stockholders' Equity Statement Sheet http://www.vailresorts.com/role/ConsolidatedCondensedStatementsOfStockholdersEquityStatement Consolidated Condensed Statements of Stockholders' Equity Statement Statements 6 false false R7.htm 1006000 - Statement - Consolidated Condensed Statements Of Cash Flows Sheet http://www.vailresorts.com/role/ConsolidatedCondensedStatementsOfCashFlows Consolidated Condensed Statements Of Cash Flows Statements 7 false false R8.htm 2101100 - Disclosure - Organization and Business Sheet http://www.vailresorts.com/role/OrganizationAndBusiness Organization and Business Notes 8 false false R9.htm 2102100 - Disclosure - Summary of Significant Accounting Policies Sheet http://www.vailresorts.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 9 false false R10.htm 2103100 - Disclosure - Revenue (Notes) Notes http://www.vailresorts.com/role/RevenueNotes Revenue (Notes) Notes 10 false false R11.htm 2104100 - Disclosure - Net Income Per Common Share Sheet http://www.vailresorts.com/role/NetIncomePerCommonShare Net Income Per Common Share Notes 11 false false R12.htm 2105100 - Disclosure - Long-Term Debt Sheet http://www.vailresorts.com/role/LongTermDebt Long-Term Debt Notes 12 false false R13.htm 2106100 - Disclosure - Acquisitions Sheet http://www.vailresorts.com/role/Acquisitions Acquisitions Notes 13 false false R14.htm 2109100 - Disclosure - Supplementary Balance Sheet Information Sheet http://www.vailresorts.com/role/SupplementaryBalanceSheetInformation Supplementary Balance Sheet Information Notes 14 false false R15.htm 2113100 - Disclosure - Fair Value Measurements Sheet http://www.vailresorts.com/role/FairValueMeasurements Fair Value Measurements Notes 15 false false R16.htm 2114100 - Disclosure - Commitments and Contingencies Sheet http://www.vailresorts.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 16 false false R17.htm 2116100 - Disclosure - Segment Information Sheet http://www.vailresorts.com/role/SegmentInformation Segment Information Notes 17 false false R18.htm 2118100 - Disclosure - Share Repurchase Program Sheet http://www.vailresorts.com/role/ShareRepurchaseProgram Share Repurchase Program Notes 18 false false R19.htm 2119100 - Disclosure - Subsequent Event (Notes) Notes http://www.vailresorts.com/role/SubsequentEventNotes Subsequent Event (Notes) Notes 19 false false R20.htm 2202201 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://www.vailresorts.com/role/SummaryOfSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) Policies http://www.vailresorts.com/role/SummaryOfSignificantAccountingPolicies 20 false false R21.htm 2303301 - Disclosure - Revenue (Tables) Sheet http://www.vailresorts.com/role/RevenueTables Revenue (Tables) Tables http://www.vailresorts.com/role/RevenueNotes 21 false false R22.htm 2304301 - Disclosure - Net Income Per Common Share (Tables) Sheet http://www.vailresorts.com/role/NetIncomePerCommonShareTables Net Income Per Common Share (Tables) Tables http://www.vailresorts.com/role/NetIncomePerCommonShare 22 false false R23.htm 2305301 - Disclosure - Long-Term Debt (Tables) Sheet http://www.vailresorts.com/role/LongTermDebtTables Long-Term Debt (Tables) Tables http://www.vailresorts.com/role/LongTermDebt 23 false false R24.htm 2306301 - Disclosure - Acquisitions Acquisitions (Tables) Sheet http://www.vailresorts.com/role/AcquisitionsAcquisitionsTables Acquisitions Acquisitions (Tables) Tables 24 false false R25.htm 2309301 - Disclosure - Supplementary Balance Sheet Information (Tables) Sheet http://www.vailresorts.com/role/SupplementaryBalanceSheetInformationTables Supplementary Balance Sheet Information (Tables) Tables http://www.vailresorts.com/role/SupplementaryBalanceSheetInformation 25 false false R26.htm 2313301 - Disclosure - Fair Value Measurements (Tables) Sheet http://www.vailresorts.com/role/FairValueMeasurementsTables Fair Value Measurements (Tables) Tables http://www.vailresorts.com/role/FairValueMeasurements 26 false false R27.htm 2316301 - Disclosure - Segment Information (Tables) Sheet http://www.vailresorts.com/role/SegmentInformationTables Segment Information (Tables) Tables http://www.vailresorts.com/role/SegmentInformation 27 false false R28.htm 2402403 - Disclosure - Summary of Significant Accounting Policies Recently Issued Accounting Standards (Details) Sheet http://www.vailresorts.com/role/SummaryOfSignificantAccountingPoliciesRecentlyIssuedAccountingStandardsDetails Summary of Significant Accounting Policies Recently Issued Accounting Standards (Details) Details 28 false false R29.htm 2403402 - Disclosure - Revenue (Details) Sheet http://www.vailresorts.com/role/RevenueDetails Revenue (Details) Details http://www.vailresorts.com/role/RevenueTables 29 false false R30.htm 2403403 - Disclosure - Revenue Contract Balances (Details) Sheet http://www.vailresorts.com/role/RevenueContractBalancesDetails Revenue Contract Balances (Details) Details 30 false false R31.htm 2403404 - Disclosure - Revenue Costs to Obtain Contracts with Customers (Details) Sheet http://www.vailresorts.com/role/RevenueCostsToObtainContractsWithCustomersDetails Revenue Costs to Obtain Contracts with Customers (Details) Details 31 false false R32.htm 2404402 - Disclosure - Net Income Per Common Share Net Income per Common Share (Narrative) (Details) Sheet http://www.vailresorts.com/role/NetIncomePerCommonShareNetIncomePerCommonShareNarrativeDetails Net Income Per Common Share Net Income per Common Share (Narrative) (Details) Details 32 false false R33.htm 2404403 - Disclosure - Net Income Per Common Share (Summary of Calculation of Basic and Diluted EPS) (Details) Sheet http://www.vailresorts.com/role/NetIncomePerCommonShareSummaryOfCalculationOfBasicAndDilutedEpsDetails Net Income Per Common Share (Summary of Calculation of Basic and Diluted EPS) (Details) Details http://www.vailresorts.com/role/NetIncomePerCommonShareTables 33 false false R34.htm 2405402 - Disclosure - Long-Term Debt Long-Term Debt (Narrative) (Details) Sheet http://www.vailresorts.com/role/LongTermDebtLongTermDebtNarrativeDetails Long-Term Debt Long-Term Debt (Narrative) (Details) Details 34 false false R35.htm 2405403 - Disclosure - Long-Term Debt (Schedule Of Debt Instruments) (Details) Sheet http://www.vailresorts.com/role/LongTermDebtScheduleOfDebtInstrumentsDetails Long-Term Debt (Schedule Of Debt Instruments) (Details) Details http://www.vailresorts.com/role/LongTermDebtTables 35 false false R36.htm 2405404 - Disclosure - Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) Sheet http://www.vailresorts.com/role/LongTermDebtScheduleOfAggregateMaturitiesForDebtOutstandingDetails Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) Details http://www.vailresorts.com/role/LongTermDebtTables 36 false false R37.htm 2406402 - Disclosure - Acquisitions (Narrative) (Details) Sheet http://www.vailresorts.com/role/AcquisitionsNarrativeDetails Acquisitions (Narrative) (Details) Details http://www.vailresorts.com/role/AcquisitionsAcquisitionsTables 37 false false R38.htm 2406403 - Disclosure - Acquisitions (Summary Of Estimate Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed) (Details) Sheet http://www.vailresorts.com/role/AcquisitionsSummaryOfEstimateOfFairValueOfIdentifiableAssetsAcquiredAndLiabilitiesAssumedDetails Acquisitions (Summary Of Estimate Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed) (Details) Details http://www.vailresorts.com/role/AcquisitionsAcquisitionsTables 38 false false R39.htm 2406404 - Disclosure - Acquisitions (Summary Pro Forma Financial Information) (Details) Sheet http://www.vailresorts.com/role/AcquisitionsSummaryProFormaFinancialInformationDetails Acquisitions (Summary Pro Forma Financial Information) (Details) Details http://www.vailresorts.com/role/AcquisitionsAcquisitionsTables 39 false false R40.htm 2409403 - Disclosure - Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) Sheet http://www.vailresorts.com/role/SupplementaryBalanceSheetInformationCompositionOfPropertyPlantAndEquipmentDetails Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) Details http://www.vailresorts.com/role/SupplementaryBalanceSheetInformationTables 40 false false R41.htm 2409405 - Disclosure - Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) Sheet http://www.vailresorts.com/role/SupplementaryBalanceSheetInformationComponentsOfAccountsPayableAndAccruedLiabilitiesDetails Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) Details http://www.vailresorts.com/role/SupplementaryBalanceSheetInformationTables 41 false false R42.htm 2409406 - Disclosure - Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) Sheet http://www.vailresorts.com/role/SupplementaryBalanceSheetInformationComponentsOfOtherLongTermLiabilitiesDetails Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) Details http://www.vailresorts.com/role/SupplementaryBalanceSheetInformationTables 42 false false R43.htm 2409407 - Disclosure - Supplementary Balance Sheet Information Schedule of Goodwill (Details) Sheet http://www.vailresorts.com/role/SupplementaryBalanceSheetInformationScheduleOfGoodwillDetails Supplementary Balance Sheet Information Schedule of Goodwill (Details) Details 43 false false R44.htm 2413402 - Disclosure - Fair Value Measurements (Details) Sheet http://www.vailresorts.com/role/FairValueMeasurementsDetails Fair Value Measurements (Details) Details http://www.vailresorts.com/role/FairValueMeasurementsTables 44 false false R45.htm 2414402 - Disclosure - Commitments and Contingencies (Narrative) (Details) Sheet http://www.vailresorts.com/role/CommitmentsAndContingenciesNarrativeDetails Commitments and Contingencies (Narrative) (Details) Details http://www.vailresorts.com/role/CommitmentsAndContingencies 45 false false R46.htm 2416402 - Disclosure - Segment Information (Details) Sheet http://www.vailresorts.com/role/SegmentInformationDetails Segment Information (Details) Details http://www.vailresorts.com/role/SegmentInformationTables 46 false false R47.htm 2418401 - Disclosure - Share Repurchase Program (Details) Sheet http://www.vailresorts.com/role/ShareRepurchaseProgramDetails Share Repurchase Program (Details) Details http://www.vailresorts.com/role/ShareRepurchaseProgram 47 false false R48.htm 2419402 - Disclosure - Subsequent Event (Details) Sheet http://www.vailresorts.com/role/SubsequentEventDetails Subsequent Event (Details) Details http://www.vailresorts.com/role/SubsequentEventNotes 48 false false All Reports Book All Reports mtn-20190131.xml mtn-20190131.xsd mtn-20190131_cal.xml mtn-20190131_def.xml mtn-20190131_lab.xml mtn-20190131_pre.xml http://fasb.org/us-gaap/2018-01-31 http://xbrl.sec.gov/currency/2017-01-31 http://fasb.org/srt/2018-01-31 http://xbrl.sec.gov/dei/2018-01-31 true true ZIP 67 0000812011-19-000012-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000812011-19-000012-xbrl.zip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