XML 38 R26.htm IDEA: XBRL DOCUMENT v3.19.1
Segment Information (Tables)
 9 Months Ended
Apr. 30, 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 April 30,
 
Nine Months Ended April 30,
 
2019
 
2018
 
2019
 
2018
Net revenue:
 
 
 
 
 
 
 
Lift
$
526,881

 
$
452,723

 
$
999,124

 
$
860,103

Ski school
110,755

 
101,213

 
207,271

 
185,767

Dining
78,928

 
70,678

 
162,629

 
142,890

Retail/rental
114,082

 
104,162

 
285,860

 
265,015

Other
47,252

 
43,748

 
144,093

 
137,776

Total Mountain net revenue
877,898

 
772,524

 
1,798,977

 
1,591,551

Lodging
79,848

 
68,827

 
227,997

 
204,455

Total Resort net revenue
957,746

 
841,351

 
2,026,974

 
1,796,006

Real Estate
241

 
3,140

 
595

 
3,910

Total net revenue
$
957,987

 
$
844,491

 
$
2,027,569

 
$
1,799,916

Segment operating expense:
 
 
 
 
 
 
 
Mountain
$
410,254

 
$
363,878

 
$
1,056,625

 
$
936,567

Lodging
67,221

 
58,352

 
205,717

 
185,957

Resort
477,475

 
422,230

 
1,262,342

 
1,122,524

Real Estate, net
1,382

 
(597
)
 
4,141

 
2,301

Total segment operating expense
$
478,857

 
$
421,633

 
$
1,266,483

 
$
1,124,825

Gain on sale of real property
$
268

 
$
—

 
$
268

 
$
515

Mountain equity investment income, net
$
445

 
$
607

 
$
1,555

 
$
1,094

Reported EBITDA:
 
 
 
 
 
 
 
Mountain
$
468,089

 
$
409,253

 
$
743,907

 
$
656,078

Lodging
12,627

 
10,475

 
22,280

 
18,498

Resort
480,716


419,728


766,187

 
674,576

Real Estate
(873
)
 
3,737

 
(3,278
)
 
2,124

Total Reported EBITDA
$
479,843

 
$
423,465

 
$
762,909

 
$
676,700

Real estate held for sale and investment
$
101,251

 
$
99,623

 
$
101,251

 
$
99,623

Reconciliation to net income attributable to Vail Resorts, Inc.:
 
 
 
 
 
 
 
Total Reported EBITDA
$
479,843

 
$
423,465

 
$
762,909

 
$
676,700

Depreciation and amortization
(55,260
)
 
(54,104
)
 
(161,541
)
 
(154,132
)
Change in estimated fair value of contingent consideration
(1,567
)
 
2,454

 
(3,467
)
 
2,454

Gain (loss) on disposal of fixed assets and other, net
27

 
(3,230
)
 
505

 
(2,125
)
Investment income and other, net
1,727

 
736

 
2,697

 
1,516

Foreign currency loss on intercompany loans
(3,319
)
 
(9,502
)
 
(5,180
)
 
(6,511
)
Interest expense, net
(19,575
)
 
(15,648
)
 
(59,215
)
 
(46,795
)
Income before (provision) benefit from income taxes
401,876

 
344,171

 
536,708

 
471,107

(Provision) benefit from income taxes
(93,346
)
 
(71,896
)
 
(120,914
)
 
17,914

Net income
308,530

 
272,275

 
415,794

 
489,021

Net income attributable to noncontrolling interests
(16,396
)
 
(16,023
)
 
(25,106
)
 
(25,463
)
Net income attributable to Vail Resorts, Inc.
$
292,134

 
$
256,252

 
$
390,688

 
$
463,558