Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Apr. 30, 2021 | Jun. 03, 2021 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-09614 | |
Entity Registrant Name | Vail Resorts, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 51-0291762 | |
Entity Address, Address Line One | 390 Interlocken Crescent | |
Entity Address, City or Town | Broomfield, | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80021 | |
City Area Code | (303) | |
Local Phone Number | 404-1800 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | MTN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 40,268,257 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000812011 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Large Accelerated Filer |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2021 | Jul. 31, 2020 | Apr. 30, 2020 |
Assets | |||
Cash and cash equivalents | $ 1,344,702 | $ 390,980 | $ 482,656 |
Restricted cash | 11,684 | 11,106 | 10,459 |
Trade receivables, net | 208,132 | 106,664 | 100,225 |
Inventories, net | 73,044 | 101,856 | 101,748 |
Other current assets | 47,253 | 54,482 | 55,790 |
Total current assets | 1,684,815 | 665,088 | 750,878 |
Property, plant and equipment, net (Note 7) | 2,116,795 | 2,192,679 | 2,201,803 |
Real estate held for sale and investment | 96,259 | 96,844 | 96,565 |
Goodwill, net (Note 7) | 1,801,296 | 1,709,020 | 1,673,258 |
Intangible assets, net | 323,521 | 314,776 | 310,033 |
Operating right-of-use assets | 211,497 | 225,744 | 217,318 |
Other assets | 42,454 | 40,081 | 39,797 |
Total assets | 6,276,637 | 5,244,232 | 5,289,652 |
Liabilities | |||
Accounts payable and accrued liabilities (Note 7) | 567,264 | 499,108 | 449,274 |
Income taxes payable | 36,344 | 40,680 | 42,554 |
Long-term debt due within one year (Note 5) | 113,454 | 63,677 | 63,566 |
Total current liabilities | 717,062 | 603,465 | 555,394 |
Long-term debt, net (Note 5) | 2,739,981 | 2,387,122 | 2,365,372 |
Operating lease liabilities | 196,256 | 217,542 | 209,321 |
Other long-term liabilities (Note 7) | 252,451 | 270,245 | 251,464 |
Deferred income taxes, net | 344,190 | 234,191 | 277,841 |
Total liabilities | 4,249,940 | 3,712,565 | 3,659,392 |
Commitments and contingencies (Note 9) | |||
Stockholders' Equity | |||
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 |
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and 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 | 46,429,000 | 46,350,000 | 46,266,000 |
Common stock, $0.01 par value, 100,000 shares authorized, 46,429, 46,350 and 46,266 shares issued, respectively | $ 465 | $ 464 | $ 462 |
Exchangeable Shares Par Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Exchangeable Shares, Shares, Issued | 34,000 | 36,000 | 54,000 |
Exchangeable shares, $0.01 par value, 34, 36 and 54 shares issued and outstanding, respectively (Note 4) | $ 0 | $ 0 | $ 1 |
Additional paid-in capital | 1,220,942 | 1,131,624 | 1,136,139 |
Accumulated other comprehensive income (loss) | 50,643 | (56,837) | (109,576) |
Retained earnings | $ 914,563 | $ 645,902 | $ 799,508 |
Treasury stock, shares | 6,161,141 | 6,161,000 | 6,161,000 |
Treasury stock, at cost, 6,161, 6,161, and 6,161 shares, respectively (Note 11) | $ (404,411) | $ (404,411) | $ (404,411) |
Total Vail Resorts, Inc. stockholders’ equity | 1,782,202 | 1,316,742 | 1,422,123 |
Noncontrolling interests | 244,495 | 214,925 | 208,137 |
Total stockholders’ equity | 2,026,697 | 1,531,667 | 1,630,260 |
Total liabilities and stockholders’ equity | $ 6,276,637 | $ 5,244,232 | $ 5,289,652 |
Consolidated Condensed Statemen
Consolidated Condensed Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Net revenue: | ||||
Mountain and Lodging services and other | $ 794,393 | $ 582,890 | $ 1,495,777 | $ 1,516,679 |
Mountain and Lodging retail and dining | 93,885 | 110,799 | 208,362 | 365,032 |
Resort net revenue | 888,278 | 693,689 | 1,704,139 | 1,881,711 |
Real Estate Revenue | 800 | 398 | 1,369 | 4,784 |
Revenues | 889,078 | 694,087 | 1,705,508 | 1,886,495 |
Operating expense (exclusive of depreciation and amortization shown separately below): | ||||
Mountain and Lodging operating expense | 317,836 | 285,764 | 765,944 | 902,316 |
Mountain and Lodging retail and dining cost of products sold | 35,937 | 42,663 | 90,435 | 147,533 |
General and administrative | 73,294 | 60,818 | 210,444 | 227,175 |
Resort operating expense | 427,067 | 389,245 | 1,066,823 | 1,277,024 |
Real Estate operating expense | 2,023 | 1,128 | 5,088 | 7,926 |
Total segment operating expense | 429,090 | 390,373 | 1,071,911 | 1,284,950 |
Other operating (expense) income: | ||||
Depreciation and amortization | (64,071) | (64,730) | (189,362) | (186,387) |
Gain on sale of real property | 189 | 0 | 189 | 207 |
Asset Impairment Charges | 0 | (28,372) | 0 | (28,372) |
Change in estimated fair value of contingent consideration (Note 8) | (10,400) | 8,000 | (12,202) | 5,264 |
Gain (loss) on disposal of fixed assets and other, net | 1,999 | (380) | (762) | 1,178 |
Income from operations | 387,705 | 218,232 | 431,460 | 393,435 |
Mountain equity investment income (loss), net | 1,011 | (90) | 6,177 | 1,270 |
Investment income and other, net | 347 | 361 | 857 | 999 |
Foreign currency gain (loss) on intercompany loans (Note 5) | 4,157 | (7,753) | 9,832 | (8,191) |
Interest expense, net | (39,033) | (24,479) | (112,287) | (73,303) |
Income before provision for income taxes | 354,187 | 186,271 | 336,039 | 314,210 |
Provision for income taxes | (76,897) | (26,440) | (66,640) | (47,190) |
Net income | 277,290 | 159,831 | 269,399 | 267,020 |
Net income attributable to noncontrolling interests | (2,661) | (7,285) | (738) | (14,579) |
Net income attributable to Vail Resorts, Inc. | $ 274,629 | $ 152,546 | $ 268,661 | $ 252,441 |
Per share amounts (Note 4): | ||||
Basic net income per share attributable to Vail Resorts, Inc. | $ 6.82 | $ 3.79 | $ 6.67 | $ 6.26 |
Diluted net income per share attributable to Vail Resorts, Inc. | 6.72 | 3.74 | 6.58 | 6.17 |
Cash dividends declared per share | $ 0 | $ 1.76 | $ 0 | $ 5.28 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Net income | $ 277,290 | $ 159,831 | $ 269,399 | $ 267,020 |
Foreign currency translation adjustments, net of tax | 54,910 | (69,235) | 132,167 | (78,260) |
Change in estimated fair value of hedging instruments | 3,610 | (16,450) | 9,572 | (21,013) |
Comprehensive income | 335,810 | 74,146 | 411,138 | 167,747 |
Comprehensive (income) loss attributable to noncontrolling interests | (18,764) | 12,924 | (34,997) | 6,848 |
Comprehensive income attributable to Vail Resorts, Inc. | $ 317,046 | $ 87,070 | $ 376,141 | $ 174,595 |
Consolidated Condensed Statem_3
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 at Jul. 31, 2019 | $ 1,726,840 | $ 461 | $ 1 | $ 1,130,083 | $ (31,730) | $ 759,801 | $ (357,989) | $ 1,500,627 | $ 226,213 |
Net income attributable to Vail Resorts, Inc. | 252,441 | 252,441 | 252,441 | ||||||
Net (income) loss attributable to noncontrolling interests | 14,579 | 14,579 | |||||||
Net income | 267,020 | ||||||||
Foreign currency translation adjustments, net of tax | (78,260) | (56,833) | (56,833) | (21,427) | |||||
Change in estimated fair value of hedging instruments | (21,013) | (21,013) | (21,013) | ||||||
Comprehensive income attributable to Vail Resorts, Inc. | 174,595 | 174,595 | |||||||
Comprehensive (income) loss attributable to noncontrolling interests | (6,848) | (6,848) | |||||||
Total comprehensive income (loss) | 167,747 | ||||||||
Stock-based compensation expense | 16,127 | 16,127 | 16,127 | ||||||
Issuance of shares under share award plans, net of shares withheld for employee taxes | (10,070) | 1 | (10,071) | (10,070) | |||||
Repurchase of common stock (Note 11) | (46,422) | (46,422) | (46,422) | ||||||
Dividends (Note 4) | (212,734) | (212,734) | (212,734) | ||||||
Distributions to noncontrolling interests, net | (11,228) | (11,228) | |||||||
Balance at Apr. 30, 2020 | 1,630,260 | 462 | 1 | 1,136,139 | (109,576) | 799,508 | (404,411) | 1,422,123 | 208,137 |
Balance at Jan. 31, 2020 | 1,650,198 | 462 | 1 | 1,130,906 | (44,100) | 717,646 | (379,433) | 1,425,482 | 224,716 |
Net income attributable to Vail Resorts, Inc. | 152,546 | 152,546 | 152,546 | ||||||
Net (income) loss attributable to noncontrolling interests | 7,285 | 7,285 | |||||||
Net income | 159,831 | ||||||||
Foreign currency translation adjustments, net of tax | (69,235) | (49,026) | (49,026) | (20,209) | |||||
Change in estimated fair value of hedging instruments | (16,450) | (16,450) | (16,450) | ||||||
Comprehensive income attributable to Vail Resorts, Inc. | 87,070 | 87,070 | |||||||
Comprehensive (income) loss attributable to noncontrolling interests | (12,924) | (12,924) | |||||||
Total comprehensive income (loss) | 74,146 | ||||||||
Stock-based compensation expense | 5,338 | 5,338 | 5,338 | ||||||
Issuance of shares under share award plans, net of shares withheld for employee taxes | (105) | 0 | (105) | (105) | |||||
Repurchase of common stock (Note 11) | (24,978) | (24,978) | (24,978) | ||||||
Dividends (Note 4) | (70,684) | (70,684) | (70,684) | ||||||
Distributions to noncontrolling interests, net | (3,655) | (3,655) | |||||||
Balance at Apr. 30, 2020 | 1,630,260 | 462 | 1 | 1,136,139 | (109,576) | 799,508 | (404,411) | 1,422,123 | 208,137 |
Balance at Jul. 31, 2020 | 1,531,667 | 464 | 0 | 1,131,624 | (56,837) | 645,902 | (404,411) | 1,316,742 | 214,925 |
Net income attributable to Vail Resorts, Inc. | 268,661 | 268,661 | 268,661 | ||||||
Net (income) loss attributable to noncontrolling interests | 738 | 738 | |||||||
Net income | 269,399 | ||||||||
Foreign currency translation adjustments, net of tax | 132,167 | 97,908 | 97,908 | 34,259 | |||||
Change in estimated fair value of hedging instruments | 9,572 | 9,572 | 9,572 | ||||||
Comprehensive income attributable to Vail Resorts, Inc. | 376,141 | 376,141 | |||||||
Comprehensive (income) loss attributable to noncontrolling interests | 34,997 | 34,997 | |||||||
Total comprehensive income (loss) | 411,138 | ||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 80,066 | 80,066 | 80,066 | ||||||
Stock-based compensation expense | 18,517 | 18,517 | 18,517 | ||||||
Issuance of shares under share award plans, net of shares withheld for employee taxes | (9,264) | 1 | (9,265) | (9,264) | |||||
Distributions to noncontrolling interests, net | (5,427) | (5,427) | |||||||
Balance at Apr. 30, 2021 | 2,026,697 | 465 | 0 | 1,220,942 | 50,643 | 914,563 | (404,411) | 1,782,202 | 244,495 |
Balance at Jan. 31, 2021 | 1,686,446 | 465 | 0 | 1,216,489 | 8,226 | 639,934 | (404,411) | 1,460,703 | 225,743 |
Net income attributable to Vail Resorts, Inc. | 274,629 | 274,629 | 274,629 | ||||||
Net (income) loss attributable to noncontrolling interests | 2,661 | 2,661 | |||||||
Net income | 277,290 | ||||||||
Foreign currency translation adjustments, net of tax | 54,910 | 38,807 | 38,807 | 16,103 | |||||
Change in estimated fair value of hedging instruments | 3,610 | 3,610 | 3,610 | ||||||
Comprehensive income attributable to Vail Resorts, Inc. | 317,046 | 317,046 | |||||||
Comprehensive (income) loss attributable to noncontrolling interests | 18,764 | 18,764 | |||||||
Total comprehensive income (loss) | 335,810 | ||||||||
Stock-based compensation expense | 6,184 | 6,184 | 6,184 | ||||||
Issuance of shares under share award plans, net of shares withheld for employee taxes | (1,731) | 0 | (1,731) | (1,731) | |||||
Distributions to noncontrolling interests, net | (12) | (12) | |||||||
Balance at Apr. 30, 2021 | $ 2,026,697 | $ 465 | $ 0 | $ 1,220,942 | $ 50,643 | $ 914,563 | $ (404,411) | $ 1,782,202 | $ 244,495 |
Consolidated Condensed Statem_4
Consolidated Condensed Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 269,399 | $ 267,020 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 189,362 | 186,387 |
Asset Impairment Charges | 0 | 28,372 |
Stock-based compensation expense | 18,517 | 16,127 |
Deferred income taxes, net | 69,063 | 50,027 |
Other Noncash Expense | 580 | |
Other non-cash expense (income), net | (8,605) | |
Changes in assets and liabilities: | ||
Trade receivables, net | (99,727) | 172,735 |
Inventories, net | 30,680 | (3,160) |
Accounts payable and accrued liabilities | 86,278 | (85,346) |
Deferred revenue | (22,434) | (132,366) |
Income taxes payable - excess tax benefit from share award exercises | (2,423) | (2,837) |
Income taxes payable - other | (3,073) | (18,580) |
Other assets and liabilities, net | 14,915 | (2,795) |
Net cash provided by operating activities | 551,137 | 466,979 |
Cash flows from investing activities: | ||
Capital expenditures | (85,595) | (145,772) |
Acquisition of businesses, net of cash acquired | 0 | (327,555) |
Other investing activities, net | 10,579 | 6,849 |
Net cash used in investing activities | (75,016) | (466,478) |
Cash flows from financing activities: | ||
Proceeds from borrowings under Vail Holdings Credit Agreement | 0 | 892,625 |
Proceeds from borrowings under Whistler Credit Agreement | 21,144 | 202,304 |
Proceeds from Convertible Debt | 575,000 | 0 |
Repayments of borrowings under Vail Holdings Credit Agreement | (46,875) | (396,250) |
Repayments of borrowings under Whistler Credit Agreement | (44,050) | (39,044) |
Employee taxes paid for share award exercises | (9,265) | (10,071) |
Dividends paid | 0 | (212,734) |
Repurchases of common stock | 0 | (46,422) |
Other financing activities, net | (21,638) | (19,034) |
Net cash provided by financing activities | 474,316 | 371,374 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 3,863 | 2,851 |
Net increase in cash, cash equivalents and restricted cash | 954,300 | 374,726 |
Cash, cash equivalents and restricted cash: | ||
Beginning of period | 402,086 | 118,389 |
End of period | 1,356,386 | 493,115 |
Accrued capital expenditures | $ 7,299 | $ 11,727 |
Organization and Business
Organization and Business | 9 Months Ended |
Apr. 30, 2021 | |
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 thirty-seven destination mountain resorts and regional ski areas: *Denotes a destination mountain resort, which generally receives a meaningful portion of skier visits from long-distance travelers, as opposed to the Company’s regional ski areas, which tend to generate skier visits predominantly from their respective local markets. Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations, and for the Company’s Australian ski areas, including lodging and transportation operations. In the Lodging segment, the Company owns and/or manages a collection of luxury hotels and condominiums under its RockResorts brand; 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. |
Accounting Policies
Accounting Policies | 9 Months Ended |
Apr. 30, 2021 | |
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, 2020. 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, 2020 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. Goodwill and Intangible Assets — The Company tests goodwill and indefinite-lived intangible assets for impairment annually (or more often, if necessary) as of May 1, and tests definite-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. As a result of the coronavirus (COVID-19) pandemic and the impact it had on the Company’s operations during the three and nine months ended April 30, 2020, the Company determined that it was appropriate to test certain assets within its Colorado resort ground transportation company for impairment as of April 30, 2020. The Company’s testing for goodwill and indefinite-lived intangible asset impairment consists of a comparison of the estimated fair value of those assets with their net carrying values. If the net carrying value of the assets exceed their estimated fair value, an impairment will be recognized for indefinite-lived intangibles, including goodwill, in an amount equal to that excess; otherwise, no impairment loss is recognized. As further discussed in Note 7, the Company recorded an impairment of approximately $28.4 million related to its Colorado resort ground transportation company during the three and nine months ended April 30, 2020, which was recorded within asset impairments on the Company’s Consolidated Condensed Statements of Operations, with corresponding reductions to goodwill, net of $25.7 million and to intangible assets, net and property, plant and equipment, net of $2.7 million. See Note 7, Supplementary Balance Sheet Information, for additional information. Fair Value of Financial Instruments — The recorded amounts for cash and cash equivalents, restricted cash, receivables, other current assets and accounts payable and accrued liabilities approximate fair value due to their short-term nature. The fair value of amounts outstanding under the Company’s credit agreements and the Employee Housing Bonds (as defined in Note 5, Long-Term Debt) approximate book value due to the variable nature of the interest rate associated with the debt. The estimated fair values of the 6.25% Notes and the 0.0% Convertible Notes (each as defined in Note 5, Long-Term Debt) are based on quoted market prices (a Level 2 input). The estimated fair value of the EPR Secured Notes and EB-5 Development Notes (each as defined in Note 5, Long-Term Debt), have been estimated using analyses based on current borrowing rates for debt with similar remaining maturities and ratings (a Level 2 input). The carrying values, including any unamortized premium or discount, and estimated fair values of the 6.25% Notes, 0.0% Convertible Notes, EPR Secured Notes and EB-5 Development Notes as of April 30, 2021 are presented below (in thousands): April 30, 2021 Carrying Value Estimated Fair Value 6.25% Notes $ 600,000 $ 638,592 0.0% Convertible Notes $ 472,757 $ 612,553 EPR Secured Notes $ 136,112 $ 199,426 EB-5 Development Notes $ 49,774 $ 51,069 Recently Issued Accounting Standards Standards Being Evaluated In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The ASU provides optional transition guidance, for a limited time, to companies that have contracts, hedging relationships or other transactions that reference the London Inter-bank Offered Rate (“LIBOR”) or another reference rate which is expected to be discontinued because of reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions if certain criteria are met. The amendments in this update are effective as of March 12, 2020 through December 31, 2022. The amendments in this update may be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. All other amendments should be applied on a prospective basis. The Company is in the process of evaluating the effect that the adoption of this standard will have on its Consolidated Condensed Financial Statements. In August 2020, the FASB issued ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” which simplifies the guidance in Accounting Standards Codifications (“ASC”) 470-20, “Debt – Debt with Conversion and Other Options” by reducing the number of accounting separation models for convertible instruments, amending the guidance in ASC 815-40, “Derivatives and Hedging – Contracts in Entity’s Own Equity” for certain contracts in an entity’s own equity that are currently accounted for as derivatives, and requiring entities to use the if-converted method for all convertible instruments in the diluted earnings per share (“EPS”) calculation. This standard will be effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years (the Company’s first quarter of the fiscal year ending July 31, 2023). Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years (the Company’s first quarter of the fiscal year ending July 31, 2022), and the guidance allows for a modified retrospective or fully retrospective method of transition. The Company is in the process of evaluating the effect that the adoption of this standard will have on its Consolidated Condensed Financial Statements, and expects to adopt this standard on August 1, 2022. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recently Issued Accounting Standards Standards Being Evaluated In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The ASU provides optional transition guidance, for a limited time, to companies that have contracts, hedging relationships or other transactions that reference the London Inter-bank Offered Rate (“LIBOR”) or another reference rate which is expected to be discontinued because of reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions if certain criteria are met. The amendments in this update are effective as of March 12, 2020 through December 31, 2022. The amendments in this update may be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. All other amendments should be applied on a prospective basis. The Company is in the process of evaluating the effect that the adoption of this standard will have on its Consolidated Condensed Financial Statements. In August 2020, the FASB issued ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” which simplifies the guidance in Accounting Standards Codifications (“ASC”) 470-20, “Debt – Debt with Conversion and Other Options” by reducing the number of accounting separation models for convertible instruments, amending the guidance in ASC 815-40, “Derivatives and Hedging – Contracts in Entity’s Own Equity” for certain contracts in an entity’s own equity that are currently accounted for as derivatives, and requiring entities to use the if-converted method for all convertible instruments in the diluted earnings per share (“EPS”) calculation. This standard will be effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years (the Company’s first quarter of the fiscal year ending July 31, 2023). Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years (the Company’s first quarter of the fiscal year ending July 31, 2022), and the guidance allows for a modified retrospective or fully retrospective method of transition. The Company is in the process of evaluating the effect that the adoption of this standard will have on its Consolidated Condensed Financial Statements, and expects to adopt this standard on August 1, 2022. |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Recently Issued Accounting Standards |
Revenue (Notes)
Revenue (Notes) | 9 Months Ended |
Apr. 30, 2021 | |
Revenue [Abstract] | |
Revenue from Contract with Customer [Text Block] | 2020/2021 North American Credit Offer and Epic Coverage As a result of the COVID-19 pandemic, the Company closed its North American destination mountain resorts, regional ski areas and retail stores early during the 2019/2020 North American ski season, beginning on March 15, 2020. Subsequently, the Company announced a credit offer for all existing 2019/2020 North American ski season pass product holders to purchase 2020/2021 North American ski season pass products at a discount (the “Credit Offer”). The Credit Offer discounts ranged from a minimum of 20% to a maximum of 80% for season pass holders, depending on the number of days the pass holder used their pass product during the 2019/2020 season and a credit, with no minimum, but up to 80% for multi-day pass products, such as the Epic Day Pass, based on total unused days. The Credit Offer was considered a contract modification which constituted a material right to 2019/2020 North American ski season guests and, as such, represents a separate performance obligation to which the Company allocated a transaction price of approximately $120.9 million. As a result, the Company deferred $120.9 million of pass product revenue, which would have otherwise been recognized as lift revenue during the year ended July 31, 2020. The Credit Offer expired on September 17, 2020 and the Company recorded $15.4 million as lift revenue during the three months ended October 31, 2020, which was the amount of Credit Offer discounts that were not redeemed. The remaining deferred revenue associated with the Credit Offer was recognized as lift revenue primarily during the 2020/2021 North American ski season, as the performance obligations were satisfied. In April 2020, the Company announced Epic Coverage, which is included with the purchase of all North American pass products for no additional charge. Epic Coverage offers refunds to North American pass product holders if certain qualifying personal or resort closure events occur before or during the North American ski season. The estimated amount of refunds reduce the amount of pass product revenue recognized by the Company. To estimate the amount of refunds under Epic Coverage, the Company considered (i) historical claims data for personal events, (ii) provincial, state, county and local COVID-19 regulations and public health orders, (iii) the ability for the Company’s pass holders to make reservations on their preferred days (for only the 2020/2021 North American ski season, during which the Company utilized a reservation system), and (iv) the Company’s operating plans for its resorts. The Company believes the estimates of refunds are reasonable; however, actual results could vary materially from such estimates, and such estimates will be remeasured at each reporting date. Additionally, for the 2020/2021 North American ski season, the Company introduced Epic Mountain Rewards, a program which provides pass product holders a discount of 20% off on-mountain food and beverage, lodging, group ski and ride school lessons, equipment rentals and more at the Company’s North American owned and operated Resorts. Epic Mountain Rewards constitutes a material right to pass product holders and as a result, the Company allocates a portion of the pass product transaction price to these other lines of business. Disaggregation of Revenues The following table presents net revenues disaggregated by segment and major revenue type for the three and nine months ended April 30, 2021 and 2020 (in thousands): Three Months Ended April 30, Nine Months Ended April 30, 2021 2020 2021 2020 Mountain net revenue: Lift $ 577,680 $ 374,818 $ 1,041,546 $ 900,995 Ski School 80,390 76,563 138,824 187,840 Dining 45,294 61,632 80,172 158,980 Retail/Rental 91,286 78,133 203,718 259,761 Other 34,533 44,158 101,092 154,105 Total Mountain net revenue $ 829,183 $ 635,304 $ 1,565,352 $ 1,661,681 Lodging net revenue: Owned hotel rooms $ 10,252 $ 8,126 $ 24,325 $ 39,323 Managed condominium rooms 28,726 23,744 58,391 69,984 Dining 4,849 8,099 8,807 37,353 Transportation 4,663 5,672 7,610 15,748 Golf — — 8,646 10,606 Other 8,652 9,775 25,834 37,411 57,142 55,416 133,613 210,425 Payroll cost reimbursements 1,953 2,969 5,174 9,605 Total Lodging net revenue $ 59,095 $ 58,385 $ 138,787 $ 220,030 Total Resort net revenue $ 888,278 $ 693,689 $ 1,704,139 $ 1,881,711 Total Real Estate net revenue 800 398 1,369 4,784 Total net revenue $ 889,078 $ 694,087 $ 1,705,508 $ 1,886,495 Contract Balances Deferred revenue balances of a short-term nature were $238.1 million and $256.4 million as of April 30, 2021 and July 31, 2020, respectively. Deferred revenue balances of a long-term nature, comprised primarily of long-term private club initiation fee revenue, were $120.8 million and $121.9 million as of April 30, 2021 and July 31, 2020, respectively. For the three and nine months ended April 30, 2021, the Company recognized approximately $89.8 million and $225.9 million, respectively, of revenue that was included in the deferred revenue balance as of July 31, 2020. As of April 30, 2021, the weighted average remaining period over which revenue for unsatisfied performance obligations on long-term private club contracts will be recognized was approximately 16 years. Trade receivables, net were $208.1 million and $106.7 million as of April 30, 2021 and July 31, 2020, respectively. Costs to Obtain Contracts with Customers As of April 30, 2021, $1.0 million of costs to obtain contracts with customers were recorded within other current assets on the Company’s Consolidated Condensed Balance Sheet. The amounts capitalized are subject to amortization commensurate with the revenue recognized for related skier visits. The Company recorded amortization of $8.6 million and $16.4 million, respectively, for these costs during the three and nine months ended April 30, 2021, which was recorded within Mountain and Lodging operating expenses on the Company’s Consolidated Condensed Statement of Operations. |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended | 9 Months Ended |
Apr. 30, 2021 | Apr. 30, 2021 | |
Earnings Per Share Reconciliation [Abstract] | ||
Summary of Calculation of Basic And Diluted EPS | Presented below is basic and diluted EPS for the three months ended April 30, 2021 and 2020 (in thousands, except per share amounts): Three Months Ended April 30, 2021 2020 Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 274,629 $ 274,629 $ 152,546 $ 152,546 Weighted-average Vail Shares outstanding 40,262 40,262 40,183 40,183 Weighted-average Exchangeco Shares outstanding 34 34 54 54 Total Weighted-average shares outstanding 40,296 40,296 40,237 40,237 Effect of dilutive securities — 600 — 507 Total shares 40,296 40,896 40,237 40,744 Net income per share attributable to Vail Resorts $ 6.82 $ 6.72 $ 3.79 $ 3.74 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 1,000 and 4,000 for the three months ended April 30, 2021 and 2020, respectively. | Presented below is basic and diluted EPS for the nine months ended April 30, 2021 and 2020 (in thousands, except per share amounts): Nine Months Ended April 30, 2021 2020 Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 268,661 $ 268,661 $ 252,441 $ 252,441 Weighted-average Vail Shares outstanding 40,242 40,242 40,244 40,244 Weighted-average Exchangeco Shares outstanding 35 35 55 55 Total Weighted-average shares outstanding 40,277 40,277 40,299 40,299 Effect of dilutive securities — 530 — 601 Total shares 40,277 40,807 40,299 40,900 Net income per share attributable to Vail Resorts $ 6.67 $ 6.58 $ 6.26 $ 6.17 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 2,000 and 1,000 for the nine months ended April 30, 2021 and 2020, respectively. |
Net Income Per Common Share | Net Income per Share Earnings per Share Basic 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 April 30, 2021 and 2020 (in thousands, except per share amounts): Three Months Ended April 30, 2021 2020 Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 274,629 $ 274,629 $ 152,546 $ 152,546 Weighted-average Vail Shares outstanding 40,262 40,262 40,183 40,183 Weighted-average Exchangeco Shares outstanding 34 34 54 54 Total Weighted-average shares outstanding 40,296 40,296 40,237 40,237 Effect of dilutive securities — 600 — 507 Total shares 40,296 40,896 40,237 40,744 Net income per share attributable to Vail Resorts $ 6.82 $ 6.72 $ 3.79 $ 3.74 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 1,000 and 4,000 for the three months ended April 30, 2021 and 2020, respectively. Presented below is basic and diluted EPS for the nine months ended April 30, 2021 and 2020 (in thousands, except per share amounts): Nine Months Ended April 30, 2021 2020 Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 268,661 $ 268,661 $ 252,441 $ 252,441 Weighted-average Vail Shares outstanding 40,242 40,242 40,244 40,244 Weighted-average Exchangeco Shares outstanding 35 35 55 55 Total Weighted-average shares outstanding 40,277 40,277 40,299 40,299 Effect of dilutive securities — 530 — 601 Total shares 40,277 40,807 40,299 40,900 Net income per share attributable to Vail Resorts $ 6.67 $ 6.58 $ 6.26 $ 6.17 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 2,000 and 1,000 for the nine months ended April 30, 2021 and 2020, respectively. On December 18, 2020, the Company completed an offering of $575.0 million in aggregate principal amount of 0.0% Convertible Notes (as defined in Note 5, Long-Term Debt). The Company is required to settle the principal amount of the 0.0% Convertible Notes in cash and has the option to settle the conversion spread in cash or shares. The Company uses the treasury method to calculate diluted EPS, and if the conversion value of the 0.0% Convertible Notes exceeds their conversion price of $407.17 per share of common stock, then the Company will calculate its diluted EPS as if all the notes were converted and the Company issued shares of its common stock to settle the excess value over the conversion price. However, if reflecting the 0.0% Convertible Notes in diluted EPS in this manner is anti-dilutive, or if the conversion value of the notes does not exceed their initial conversion amount for a reporting period, then the shares underlying the notes will not be reflected in the Company’s calculation of diluted EPS. For the three and nine months ended April 30, 2021, the average price of Vail Shares did not exceed the conversion price and therefore there was no impact to diluted EPS during those periods. Dividends |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Apr. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt, net as of April 30, 2021, July 31, 2020 and April 30, 2020 is summarized as follows (in thousands): Maturity April 30, 2021 July 31, 2020 April 30, 2020 Vail Holdings Credit Agreement term loan (a) 2024 $ 1,156,250 $ 1,203,125 $ 1,218,750 Vail Holdings Credit Agreement revolver (a) 2024 — — 400,000 6.25% Notes 2025 600,000 600,000 — 0.0% Convertible Notes (b) 2026 575,000 — — Whistler Credit Agreement revolver (c) 2024 40,681 58,236 214,101 EPR Secured Notes (d) 2034-2036 114,162 114,162 114,162 EB-5 Development Notes 2021 51,500 51,500 51,500 Employee housing bonds 2027-2039 52,575 52,575 52,575 Canyons obligation 2063 350,373 346,034 344,591 Other 2021-2033 17,647 18,616 19,022 Total debt 2,958,188 2,444,248 2,414,701 Less: Unamortized premiums, discounts and debt issuance costs (b) 104,753 (6,551) (14,237) Less: Current maturities (e) 113,454 63,677 63,566 Long-term debt, net $ 2,739,981 $ 2,387,122 $ 2,365,372 (a) On December 18, 2020, Vail Holdings, Inc. (“VHI”), certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent, and certain Lenders entered into a Fourth Amendment to the Vail Holdings Credit Agreement (the “Fourth Amendment”). Pursuant to the Fourth Amendment, among other terms, VHI is exempt from complying with the Vail Holdings Credit Agreement’s maximum leverage ratio, senior secured leverage ratio and minimum interest coverage ratio financial maintenance covenants for each of the fiscal quarters ending through January 31, 2022 (unless VHI makes a one-time irrevocable election to terminate such exemption period prior to such date) (such period, the “Financial Covenants Temporary Waiver Period”), after which VHI will again be required to comply with such covenants starting with the fiscal quarter ending April 30, 2022 (or such earlier fiscal quarter as elected by VHI). After the expiration of the Financial Covenants Temporary Waiver Period: • the maximum ratio permitted under the maximum leverage ratio financial maintenance covenant shall be 6.25 to 1.00; • the maximum ratio permitted under the senior secured leverage ratio financial maintenance covenant shall be 4.00 to 1.00; and • the minimum ratio permitted under the minimum interest coverage ratio financial maintenance covenant will be 2.00 to 1.00. The Company will be prohibited from the following activities during the Financial Covenants Temporary Waiver Period (unless approval is obtained by a majority of the Lenders): • paying any dividends or making share repurchases, unless (x) no default or potential default exists under the Vail Holdings Credit Agreement and (y) the Company has liquidity (as defined below) of at least $300.0 million, and the aggregate amount of dividends paid and share repurchases made by the Company during the Financial Covenants Temporary Waiver Period may not exceed $38.2 million in any fiscal quarter; • incurring indebtedness secured by the collateral under the Vail Holdings Credit Agreement in an amount in excess of $1.75 billion; and • making certain non-ordinary course investments in similar businesses, joint ventures and unrestricted subsidiaries unless the Company has liquidity (as defined below) of at least $300.0 million. The Fourth Amendment also removed certain restrictions under the Financial Covenants Temporary Waiver Period, including (i) removing the restriction on acquisitions so long as the Company has liquidity (as defined below) of at least $300.0 million and (ii) removing the $200.0 million annual limit on capital expenditures. In addition, VHI is required to comply with a monthly minimum liquidity test (liquidity is defined as unrestricted cash and temporary cash investments of VHI and its restricted subsidiaries and available commitments under the Vail Holdings Credit Agreement revolver) of not less than $150.0 million until the date which VHI delivers a compliance certificate for the Company and its subsidiaries’ first fiscal quarter following the end of the Financial Covenants Temporary Waiver Period. During the Financial Covenants Temporary Waiver Period, borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at LIBOR plus 2.50% and, for amounts in excess of $400.0 million, LIBOR is subject to a floor of 0.25% (which has decreased from the floor of 0.75% that was in effect prior to the Fourth Amendment). As of April 30, 2021, the Vail Holdings Credit Agreement consists of a $500.0 million revolving credit facility and a $1.2 billion outstanding term loan facility. The term loan facility is subject to quarterly amortization of principal of approximately $15.6 million (which began in January 2020), in equal installments, for a total of 5% of principal payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due in September 2024. 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, subject to the Financial Covenants Temporary Waiver Period limitations. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at LIBOR plus 2.50% as of April 30, 2021 (2.61% for the first $400.0 million of borrowings, and for amounts in excess of $400.0 million for which LIBOR is subject to a floor of 0.25% during the Financial Covenants Temporary Waiver Period, 2.75%). Other than as impacted by the provisions in place during the Financial Covenants Temporary Waiver Period, 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 (0.4% as of April 30, 2021). (b) On December 18, 2020, the Company completed an offering of $575.0 million in aggregate principal amount of 0.0% Convertible Notes due 2026 in a private placement conducted pursuant to Rule 144A of the Securities Act of 1933, as amended. The 0.0% Convertible Notes were issued under an Indenture dated December 18, 2020 (the “Indenture”) between the Company and U.S. Bank National Association, as Trustee. The 0.0% Convertible Notes do not bear regular interest and the principal amount does not accrete. The 0.0% Convertible Notes mature on January 1, 2026, unless earlier repurchased, redeemed or converted. The 0.0% Convertible Notes are general senior unsecured obligations of the Company. The 0.0% Convertible Notes rank senior in right of payment to any future debt that is expressly subordinated, equal in right of payment with the Company’s existing and future liabilities that are not so subordinated, and are subordinated to all of the Company’s existing and future secured debt to the extent of the value of the assets securing such debt. The 0.0% Convertible Notes will also be structurally subordinated to all of the existing and future liabilities and obligations of the Company’s subsidiaries, including such subsidiaries’ guarantees of the 6.25% Notes. The initial conversion rate was 2.4560 shares per $1,000 principal amount of notes (the “Conversion Rate”), which represents an initial conversion price of approximately $407.17 per share (the “Conversion Price”), and is subject to adjustment upon the occurrence of certain specified events as described in the Indenture. The principal amount of the 0.0% Convertible Notes is required to be settled in cash. The Company will settle conversions by paying cash, delivering shares of its common stock, or a combination of the two, at its option. Holders may convert their notes, at their option, only under the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on March 31, 2021 if the last reported sale price per share of our common stock exceeds 130% of the Conversion Price for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; • during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “Measurement Period”) in which the trading price per $1,000 principal amount of notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the Conversion Rate on such trading day; • upon the occurrence of certain corporate events or distributions on our common stock, as described in the Indenture; • if the Company calls the 0.0% Convertible Notes for redemption; or • at any time from, and including, July 1, 2025 until the close of business on the scheduled trading day immediately before the maturity date. The 0.0% Convertible Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after January 1, 2024 and on or before the 25th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the notes to be redeemed, plus accrued and unpaid special and additional interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the Conversion Price for a specified period of time. If the Company elects to redeem less than all of the 0.0% Convertible Notes, at least $50.0 million aggregate principal amount of notes must be outstanding and not subject to redemption as of the relevant redemption notice date. Calling any 0.0% Convertible Notes for redemption will constitute a make-whole fundamental change with respect to such notes, in which case the Conversion Rate applicable to the conversion of such notes will be increased in certain circumstances if such notes are converted after they are called for redemption. In addition, upon the occurrence of a fundamental change (as defined in the Indenture), holders of the 0.0% Convertible Notes may require the Company to repurchase all or a portion of their notes at a cash repurchase price equal to the principal amount of the notes to be repurchased, plus any accrued and unpaid special and additional interest, if any, to, but excluding, the applicable repurchase date. If certain fundamental changes referred to as make-whole fundamental changes (as defined in the Indenture) occur, the Conversion Rate for the 0.0% Convertible Notes may be increased for a specified period of time. The Indenture includes customary events of default, including failure to make payment, failure to comply with the obligations set forth in the Indenture, certain defaults on certain other indebtedness, and certain events of bankruptcy, insolvency or reorganization. The Company may elect, at its option, that the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture will consist exclusively of the right of the holders of the 0.0% Convertible Notes to receive additional interest on the notes for up to 360 days following such failure. The Company separately accounts for the liability and equity components of the 0.0% Convertible Notes. The liability component at issuance was recognized at estimated fair value based on the fair value of a similar debt instrument that does not have an embedded convertible feature, and was determined to be $465.3 million and was recorded within long-term debt, net on the Company’s Consolidated Condensed Balance Sheet. The excess of the principal amount of the 0.0% Convertible Notes over the initial fair value of the liability component represents a debt discount of $109.7 million and will be amortized to interest expense, net over the term. The balance of the unamortized debt discount was $102.2 million as of April 30, 2021. The carrying amount of the equity component representing the conversion option was approximately $109.7 million and was determined by deducting the initial fair value of the liability component from the total proceeds of the 0.0% Convertible Notes of $575.0 million. Additionally, the Company recorded deferred tax liabilities of approximately $27.5 million related to the equity component of the 0.0% Convertible Notes on the date of issuance, which decreased the recorded value of the equity component. The equity component is recorded within additional paid-in capital on the Company’s Consolidated Condensed Balance Sheet and is not remeasured as long as it continues to meet the conditions for equity classification. Deferred financing costs related to the 0.0% Convertible Notes of approximately $14.9 million were allocated between the liability and equity components of the 0.0% Convertible Notes based on the proportion of the total proceeds allocated to the debt and equity components. (c) 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. As of April 30, 2021, 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 2.21% as of April 30, 2021). The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of April 30, 2021 is equal to 0.4% per annum. (d) On September 24, 2019, in conjunction with the acquisition of Peak Resorts (see Note 6, Acquisitions), the Company assumed various secured borrowings (the “EPR Secured Notes”) under the master credit and security agreements and other related agreements, as amended, (collectively, the “EPR Agreements”) with EPT Ski Properties, Inc. and its affiliates (“EPR”). The EPR Secured Notes include the following: i. The Alpine Valley Secured Note. The $4.6 million Alpine Valley Secured Note provides for interest payments through its maturity on December 1, 2034. As of April 30, 2021, interest on this note accrued at a rate of 11.38%. ii. The Boston Mills/Brandywine Secured Note. The $23.3 million Boston Mills/Brandywine Secured Note provides for interest payments through its maturity on December 1, 2034. As of April 30, 2021, interest on this note accrued at a rate of 10.91%. iii. The Jack Frost/Big Boulder Secured Note. The $14.3 million Jack Frost/Big Boulder Secured Note provides for interest payments through its maturity on December 1, 2034. As of April 30, 2021, interest on this note accrued at a rate of 10.91%. iv. The Mount Snow Secured Note. The $51.1 million Mount Snow Secured Note provides for interest payments through its maturity on December 1, 2034. As of April 30, 2021, interest on this note accrued at a rate of 11.96%. v. The Hunter Mountain Secured Note. The $21.0 million Hunter Mountain Secured Note provides for interest payments through its maturity on January 5, 2036. As of April 30, 2021, interest on this note accrued at a rate of 8.72%. In addition, Peak Resorts is required to maintain a debt service reserve account which amounts are applied to fund interest payments and other amounts due and payable to EPR. As of April 30, 2021 the Company had funded the EPR debt service reserve account in an amount equal to approximately $8.4 million, which was included in other current assets in the Company’s Consolidated Balance Sheet. (e) Current maturities represent principal payments due in the next 12 months. Aggregate maturities of debt outstanding as of April 30, 2021 reflected by fiscal year (August 1 through July 31) are as follows (in thousands): Total 2021 (May 2021 through July 2021) $ 15,832 2022 121,345 2023 63,740 2024 63,798 2025 1,594,564 Thereafter 1,098,909 Total debt $ 2,958,188 |
Acquisitions
Acquisitions | 9 Months Ended |
Apr. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Peak Resorts On September 24, 2019, the Company, through a wholly-owned subsidiary, acquired 100 percent of the outstanding stock of Peak Resorts, Inc. (“Peak Resorts”) at a purchase price of $11.00 per share or approximately $264.5 million. In addition, contemporaneous with the closing of the transaction, Peak Resorts was required to pay approximately $70.2 million of certain outstanding debt instruments and lease obligations in order to complete the transaction. Accordingly, the total purchase price, including the repayment of certain outstanding debt instruments and lease obligations, was approximately $334.7 million, for which the Company borrowed approximately $335.6 million under the Vail Holdings Credit Agreement (see Note 5, Long-Term Debt) to fund the acquisition, repayment of debt instruments and lease obligations, and associated acquisition related expenses. The newly acquired resorts include: Mount Snow in Vermont; Hunter Mountain in New York; Attitash Mountain Resort, Wildcat Mountain and Crotched Mountain in New Hampshire; Liberty Mountain Resort, Roundtop Mountain Resort, Whitetail Resort, Jack Frost and Big Boulder in Pennsylvania; Alpine Valley, Boston Mills, Brandywine and Mad River Mountain in Ohio; Hidden Valley and Snow Creek in Missouri; and Paoli Peaks in Indiana. The Company assumed the Special Use Permits from the U.S. Forest Service for Attitash, Mount Snow and Wildcat Mountain, and assumed the land leases for Mad River and Paoli Peaks. 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), as well as lodging operations at certain resorts. The following summarizes the purchase consideration and the 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 $ 19,578 Property, plant and equipment 427,793 Goodwill 135,879 Identifiable intangible assets 19,221 Other assets 16,203 Assumed long-term debt (184,668) Other liabilities (99,275) Net assets acquired $ 334,731 Identifiable intangible assets acquired in the transaction were primarily related to trade names and property management contracts, which had acquisition date estimated fair values of approximately $15.8 million and $3.1 million, respectively. The process of estimating the fair value of the property, plant, and equipment includes the use of certain estimates and assumptions related to replacement cost and physical condition at the time of acquisition. The excess of the purchase price over the aggregate estimated fair values of the 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 not expected to be deductible for income tax purposes. The Company assumed various debt obligations of Peak Resorts, which were recorded at their respective estimated fair values as of the acquisition date (see Note 5, Long-Term Debt). 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 nine months ended April 30, 2020. The operating results of Peak Resorts are reported within the Mountain and Lodging segments prospectively from the date of acquisition. Pro Forma Financial Information The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisition of Peak Resorts was completed on August 1, 2019. 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 transaction; (iii) transaction and business integration related costs; and (iv) interest expense associated with financing the transaction. 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, 2019 (in thousands, except per share amounts). Nine Months Ended April 30, 2020 Pro forma net revenue $ 1,893,154 Pro forma net income attributable to Vail Resorts, Inc. $ 253,170 Pro forma basic net income per share attributable to Vail Resorts, Inc. $ 6.28 Pro forma diluted net income per share attributable to Vail Resorts, Inc. $ 6.19 |
Supplementary Balance Sheet Inf
Supplementary Balance Sheet Information | 9 Months Ended |
Apr. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplementary Balance Sheet Information | Supplementary Balance Sheet Information The composition of property, plant and equipment follows (in thousands): April 30, 2021 July 31, 2020 April 30, 2020 Land and land improvements $ 761,367 $ 750,714 $ 745,275 Buildings and building improvements 1,502,828 1,475,661 1,466,113 Machinery and equipment 1,432,137 1,361,178 1,351,491 Furniture and fixtures 330,530 308,267 335,827 Software 122,586 104,223 130,354 Vehicles 82,375 80,510 81,408 Construction in progress 46,703 81,967 57,462 Gross property, plant and equipment 4,278,526 4,162,520 4,167,930 Accumulated depreciation (2,161,731) (1,969,841) (1,966,127) Property, plant and equipment, net $ 2,116,795 $ 2,192,679 $ 2,201,803 The composition of accounts payable and accrued liabilities follows (in thousands): April 30, 2021 July 31, 2020 April 30, 2020 Trade payables $ 64,412 $ 59,692 $ 62,101 Deferred revenue 238,075 256,402 219,395 Accrued salaries, wages and deferred compensation 69,821 25,588 16,184 Accrued benefits 49,958 43,704 44,536 Deposits 35,263 20,070 27,053 Operating lease liability 37,687 36,604 34,996 Other liabilities 72,048 57,048 45,009 Total accounts payable and accrued liabilities $ 567,264 $ 499,108 $ 449,274 The composition of other long-term liabilities follows (in thousands): April 30, 2021 July 31, 2020 April 30, 2020 Private club deferred initiation fee revenue $ 104,747 $ 105,108 $ 107,500 Other long-term liabilities 147,704 165,137 143,964 Total other long-term liabilities $ 252,451 $ 270,245 $ 251,464 The changes in the net carrying amount of goodwill allocated between the Company’s segments for the nine months ended April 30, 2021 are as follows (in thousands): Mountain Lodging Goodwill, net Balance at July 31, 2020 1,666,809 42,211 1,709,020 Effects of changes in foreign currency exchange rates 92,276 — 92,276 Balance at April 30, 2021 $ 1,759,085 $ 42,211 $ 1,801,296 Asset Impairments The Company recorded asset impairments related to its Colorado resort ground transportation company during the three and nine months ended April 30, 2020 of $28.4 million, with corresponding reductions to goodwill, net of $25.7 million and intangible assets, net and property, plant and equipment, net of $2.7 million. The Company’s non-financial assets, such as property, plant and equipment, goodwill and intangible assets, are adjusted when an asset impairment is recognized. These asset impairments encompassed various estimates and assumptions about fair value, which were based predominately on significant unobservable inputs. As a result of the COVID-19 pandemic and the impact it has had on the Company’s operations during the three and nine months ended April 30, 2020, and the expectation at that time of the continuing impact of the pandemic on future operations, the Company determined that the estimated fair value of its Colorado resort ground transportation company reporting unit within its Lodging segment no longer exceeded its carrying value. Additionally, the Company determined that certain long-lived assets of its Colorado resort ground transportation company were not recoverable. As a result, the Company recognized impairments of goodwill and long-lived assets of approximately $25.7 million and $2.7 million, respectively, which were recorded within asset impairments on the Company’s Consolidated Condensed Statements of Operations during the three and nine months ended April 30, 2020. Corresponding reductions were made to goodwill, net of $25.7 million and intangible assets, net and property, plant and equipment, net of $2.7 million. The Company estimated the fair value of its Colorado resort ground transportation company reporting unit based on an analysis of the present value of future cash flows (an income approach). The significant estimates used in the discounted cash flow model included the Company’s weighted average cost of capital for the reporting unit, projected cash flows and the long-term rate of growth, all of which are significant unobservable (Level 3) inputs. The Company’s assumptions were based on the actual historical performance of the reporting unit, taking into account the recent weakening of operating results and the expected continuation of operating results for transportation services. As a result of this impairment, the Company’s Colorado ground transportation company had no remaining goodwill recorded as of April 30, 2020. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Apr. 30, 2021 | |
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, other current assets, Interest Rate Swaps 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 April 30, 2021 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 253,809 $ 253,809 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 259,111 $ — $ 259,111 $ — Liabilities: Interest Rate Swaps $ 12,938 $ — $ 12,938 $ — Contingent Consideration $ 27,400 $ — $ — $ 27,400 Estimated Fair Value Measurement as of July 31, 2020 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 203,158 $ 203,158 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 8,208 $ — $ 8,208 $ — Liabilities: Interest Rate Swaps $ 22,510 $ — $ 22,510 $ — Contingent Consideration $ 17,800 $ — $ — $ 17,800 Estimated Fair Value Measurement as of April 30, 2020 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 3,054 $ 3,054 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 7,718 $ — $ 7,718 $ — Liabilities: Interest Rate Swaps $ 21,013 $ — $ 21,013 $ — Contingent Consideration $ 15,500 $ — $ — $ 15,500 The Company’s cash equivalents, other current assets and Interest Rate Swaps are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data. The estimated fair value of the Interest Rate Swaps are included within other long-term liabilities and accumulated other comprehensive income (loss) on the Company’s Consolidated Condensed Balance Sheet as of April 30, 2021. The changes in Contingent Consideration during the nine months ended April 30, 2021 and 2020 were as follows (in thousands): Balance as of July 31, 2020 and 2019, respectively $ 17,800 $ 27,200 Payments (2,602) (6,436) Change in estimated fair value 12,202 (5,264) Balance as of April 30, 2021 and 2020, respectively $ 27,400 $ 15,500 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 approximately 11.0%, volatility of 17.0% and future period Park City EBITDA, 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 $5.3 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 nine months ended April 30, 2021, the Company made a payment to the landlord for Contingent Consideration of approximately $2.6 million and recorded an increase of approximately $12.2 million which was primarily associated (i) with the estimated Contingent Consideration payment for the fiscal year ending July 31, 2021 and (ii) changes in market factors primarily associated with an increase in the risk-free interest rate. These changes resulted in an estimated fair value of the Contingent Consideration of approximately $27.4 million, which is reflected in accounts payable and accrued liabilities and other long-term liabilities in the Company’s Consolidated Condensed Balance Sheet. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Apr. 30, 2021 | |
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, $2.1 million and $2.0 million primarily within other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets, as of April 30, 2021, July 31, 2020 and April 30, 2020, respectively, for 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 April 30, 2021, the Company had various letters of credit outstanding totaling $75.8 million, consisting of $53.4 million to support the Employee Housing Bonds and $22.4 million primarily for workers’ compensation, a wind energy purchase agreement and insurance-related deductibles. The Company also had surety bonds of $14.3 million as of April 30, 2021, 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 and estimable losses. As of April 30, 2021, July 31, 2020 and April 30, 2020, the accruals for the above loss contingencies were not material individually or in the aggregate. |
Segment Information
Segment Information | 9 Months Ended |
Apr. 30, 2021 | |
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, other indicators of financial performance or liquidity presented in the Consolidated Condensed Financial Statements, such as net income (loss) or net change in cash and cash equivalents. 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 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 April 30, Nine Months Ended April 30, 2021 2020 2021 2020 Net revenue: Lift $ 577,680 $ 374,818 $ 1,041,546 $ 900,995 Ski school 80,390 76,563 138,824 187,840 Dining 45,294 61,632 80,172 158,980 Retail/rental 91,286 78,133 203,718 259,761 Other 34,533 44,158 101,092 154,105 Total Mountain net revenue 829,183 635,304 1,565,352 1,661,681 Lodging 59,095 58,385 138,787 220,030 Total Resort net revenue 888,278 693,689 1,704,139 1,881,711 Real Estate 800 398 1,369 4,784 Total net revenue $ 889,078 $ 694,087 $ 1,705,508 $ 1,886,495 Segment operating expense: Mountain $ 372,205 $ 333,785 $ 917,355 $ 1,068,479 Lodging 54,862 55,460 149,468 208,545 Total Resort operating expense 427,067 389,245 1,066,823 1,277,024 Real Estate 2,023 1,128 5,088 7,926 Total segment operating expense $ 429,090 $ 390,373 $ 1,071,911 $ 1,284,950 Gain on sale of real property $ 189 $ — $ 189 $ 207 Mountain equity investment income (loss), net $ 1,011 $ (90) $ 6,177 $ 1,270 Reported EBITDA: Mountain $ 457,989 $ 301,429 $ 654,174 $ 594,472 Lodging 4,233 2,925 (10,681) 11,485 Resort 462,222 304,354 643,493 605,957 Real Estate (1,034) (730) (3,530) (2,935) Total Reported EBITDA $ 461,188 $ 303,624 $ 639,963 $ 603,022 Real estate held for sale and investment $ 96,259 $ 96,565 $ 96,259 $ 96,565 Reconciliation from net income attributable to Vail Resorts, Inc. to Total Reported EBITDA: Net income attributable to Vail Resorts, Inc. $ 274,629 $ 152,546 $ 268,661 $ 252,441 Net income attributable to noncontrolling interests 2,661 7,285 738 14,579 Net income 277,290 159,831 269,399 267,020 Provision for income taxes 76,897 26,440 66,640 47,190 Income before provision for income taxes 354,187 186,271 336,039 314,210 Depreciation and amortization 64,071 64,730 189,362 186,387 Asset impairments — 28,372 — 28,372 Change in estimated fair value of contingent consideration 10,400 (8,000) 12,202 (5,264) (Gain) loss on disposal of fixed assets and other, net (1,999) 380 762 (1,178) Investment income and other, net (347) (361) (857) (999) Foreign currency (gain) loss on intercompany loans (4,157) 7,753 (9,832) 8,191 Interest expense, net 39,033 24,479 112,287 73,303 Total Reported EBITDA $ 461,188 $ 303,624 $ 639,963 $ 603,022 |
Share Repurchase Program
Share Repurchase Program | 9 Months Ended |
Apr. 30, 2021 | |
Payments for Repurchase of Equity [Abstract] | |
Share Repurchase Program | Share Repurchase ProgramOn 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 did not repurchase any Vail Shares during the three and nine months ended April 30, 2021. The Company repurchased 160,800 and 256,418 Vail Shares, respectively (at a total cost of approximately $25.0 million and $46.4 million, respectively), during the three and nine months ended April 30, 2020. Since inception of its share repurchase program through April 30, 2021, the Company has repurchased 6,161,141 Vail Shares for approximately $404.4 million. As of April 30, 2021, 1,338,859 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Apr. 30, 2021 | |
Accounting Policies [Abstract] | |
Consolidated Condensed Financial Statements | 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, 2020. 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, 2020 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. |
Goodwill and Intangible Assets, Policy | Goodwill and Intangible Assets — The Company tests goodwill and indefinite-lived intangible assets for impairment annually (or more often, if necessary) as of May 1, and tests definite-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. As a result of the coronavirus (COVID-19) pandemic and the impact it had on the Company’s operations during the three and nine months ended April 30, 2020, the Company determined that it was appropriate to test certain assets within its Colorado resort ground transportation company for impairment as of April 30, 2020. The Company’s testing for goodwill and indefinite-lived intangible asset impairment consists of a comparison of the estimated fair value of those assets with their net carrying values. If the net carrying value of the assets exceed their estimated fair value, an impairment will be recognized for indefinite-lived intangibles, including goodwill, in an amount equal to that excess; otherwise, no impairment loss is recognized. As further discussed in Note 7, the Company recorded an impairment of approximately $28.4 million related to its Colorado resort ground transportation company during the three and nine months ended April 30, 2020, which was recorded within asset impairments on the Company’s Consolidated Condensed Statements of Operations, with corresponding reductions to goodwill, net of $25.7 million and to intangible assets, net and property, plant and equipment, net of $2.7 million. See Note 7, Supplementary Balance Sheet Information, for additional information. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments — The recorded amounts for cash and cash equivalents, restricted cash, receivables, other current assets and accounts payable and accrued liabilities approximate fair value due to their short-term nature. The fair value of amounts outstanding under the Company’s credit agreements and the Employee Housing Bonds (as defined in Note 5, Long-Term Debt) approximate book value due to the variable nature of the interest rate associated with the debt. The estimated fair values of the 6.25% Notes and the 0.0% Convertible Notes (each as defined in Note 5, Long-Term Debt) are based on quoted market prices (a Level 2 input). The estimated fair value of the EPR Secured Notes and EB-5 Development Notes (each as defined in Note 5, Long-Term Debt), have been estimated using analyses based on current borrowing rates for debt with similar remaining maturities and ratings (a Level 2 input). The carrying values, including any unamortized premium or discount, and estimated fair values of the 6.25% Notes, 0.0% Convertible Notes, EPR Secured Notes and EB-5 Development Notes as of April 30, 2021 are presented below (in thousands): April 30, 2021 Carrying Value Estimated Fair Value 6.25% Notes $ 600,000 $ 638,592 0.0% Convertible Notes $ 472,757 $ 612,553 EPR Secured Notes $ 136,112 $ 199,426 EB-5 Development Notes $ 49,774 $ 51,069 |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recently Issued Accounting Standards Standards Being Evaluated In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The ASU provides optional transition guidance, for a limited time, to companies that have contracts, hedging relationships or other transactions that reference the London Inter-bank Offered Rate (“LIBOR”) or another reference rate which is expected to be discontinued because of reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions if certain criteria are met. The amendments in this update are effective as of March 12, 2020 through December 31, 2022. The amendments in this update may be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. All other amendments should be applied on a prospective basis. The Company is in the process of evaluating the effect that the adoption of this standard will have on its Consolidated Condensed Financial Statements. In August 2020, the FASB issued ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” which simplifies the guidance in Accounting Standards Codifications (“ASC”) 470-20, “Debt – Debt with Conversion and Other Options” by reducing the number of accounting separation models for convertible instruments, amending the guidance in ASC 815-40, “Derivatives and Hedging – Contracts in Entity’s Own Equity” for certain contracts in an entity’s own equity that are currently accounted for as derivatives, and requiring entities to use the if-converted method for all convertible instruments in the diluted earnings per share (“EPS”) calculation. This standard will be effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years (the Company’s first quarter of the fiscal year ending July 31, 2023). Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years (the Company’s first quarter of the fiscal year ending July 31, 2022), and the guidance allows for a modified retrospective or fully retrospective method of transition. The Company is in the process of evaluating the effect that the adoption of this standard will have on its Consolidated Condensed Financial Statements, and expects to adopt this standard on August 1, 2022. |
Revenue Revenues (Policies)
Revenue Revenues (Policies) | 9 Months Ended |
Apr. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue [Policy Text Block] | 2020/2021 North American Credit Offer and Epic Coverage As a result of the COVID-19 pandemic, the Company closed its North American destination mountain resorts, regional ski areas and retail stores early during the 2019/2020 North American ski season, beginning on March 15, 2020. Subsequently, the Company announced a credit offer for all existing 2019/2020 North American ski season pass product holders to purchase 2020/2021 North American ski season pass products at a discount (the “Credit Offer”). The Credit Offer discounts ranged from a minimum of 20% to a maximum of 80% for season pass holders, depending on the number of days the pass holder used their pass product during the 2019/2020 season and a credit, with no minimum, but up to 80% for multi-day pass products, such as the Epic Day Pass, based on total unused days. The Credit Offer was considered a contract modification which constituted a material right to 2019/2020 North American ski season guests and, as such, represents a separate performance obligation to which the Company allocated a transaction price of approximately $120.9 million. As a result, the Company deferred $120.9 million of pass product revenue, which would have otherwise been recognized as lift revenue during the year ended July 31, 2020. The Credit Offer expired on September 17, 2020 and the Company recorded $15.4 million as lift revenue during the three months ended October 31, 2020, which was the amount of Credit Offer discounts that were not redeemed. The remaining deferred revenue associated with the Credit Offer was recognized as lift revenue primarily during the 2020/2021 North American ski season, as the performance obligations were satisfied. In April 2020, the Company announced Epic Coverage, which is included with the purchase of all North American pass products for no additional charge. Epic Coverage offers refunds to North American pass product holders if certain qualifying personal or resort closure events occur before or during the North American ski season. The estimated amount of refunds reduce the amount of pass product revenue recognized by the Company. To estimate the amount of refunds under Epic Coverage, the Company considered (i) historical claims data for personal events, (ii) provincial, state, county and local COVID-19 regulations and public health orders, (iii) the ability for the Company’s pass holders to make reservations on their preferred days (for only the 2020/2021 North American ski season, during which the Company utilized a reservation system), and (iv) the Company’s operating plans for its resorts. The Company believes the estimates of refunds are reasonable; however, actual results could vary materially from such estimates, and such estimates will be remeasured at each reporting date. Additionally, for the 2020/2021 North American ski season, the Company introduced Epic Mountain Rewards, a program which provides pass product holders a discount of 20% off on-mountain food and beverage, lodging, group ski and ride school lessons, equipment rentals and more at the Company’s North American owned and operated Resorts. Epic Mountain Rewards constitutes a material right to pass product holders and as a result, the Company allocates a portion of the pass product transaction price to these other lines of business. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Apr. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | April 30, 2021 Carrying Value Estimated Fair Value 6.25% Notes $ 600,000 $ 638,592 0.0% Convertible Notes $ 472,757 $ 612,553 EPR Secured Notes $ 136,112 $ 199,426 EB-5 Development Notes $ 49,774 $ 51,069 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Apr. 30, 2021 | |
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 nine months ended April 30, 2021 and 2020 (in thousands): Three Months Ended April 30, Nine Months Ended April 30, 2021 2020 2021 2020 Mountain net revenue: Lift $ 577,680 $ 374,818 $ 1,041,546 $ 900,995 Ski School 80,390 76,563 138,824 187,840 Dining 45,294 61,632 80,172 158,980 Retail/Rental 91,286 78,133 203,718 259,761 Other 34,533 44,158 101,092 154,105 Total Mountain net revenue $ 829,183 $ 635,304 $ 1,565,352 $ 1,661,681 Lodging net revenue: Owned hotel rooms $ 10,252 $ 8,126 $ 24,325 $ 39,323 Managed condominium rooms 28,726 23,744 58,391 69,984 Dining 4,849 8,099 8,807 37,353 Transportation 4,663 5,672 7,610 15,748 Golf — — 8,646 10,606 Other 8,652 9,775 25,834 37,411 57,142 55,416 133,613 210,425 Payroll cost reimbursements 1,953 2,969 5,174 9,605 Total Lodging net revenue $ 59,095 $ 58,385 $ 138,787 $ 220,030 Total Resort net revenue $ 888,278 $ 693,689 $ 1,704,139 $ 1,881,711 Total Real Estate net revenue 800 398 1,369 4,784 Total net revenue $ 889,078 $ 694,087 $ 1,705,508 $ 1,886,495 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended | 9 Months Ended |
Apr. 30, 2021 | Apr. 30, 2021 | |
Earnings Per Share Reconciliation [Abstract] | ||
Summary of Calculation of Basic And Diluted EPS | Presented below is basic and diluted EPS for the three months ended April 30, 2021 and 2020 (in thousands, except per share amounts): Three Months Ended April 30, 2021 2020 Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 274,629 $ 274,629 $ 152,546 $ 152,546 Weighted-average Vail Shares outstanding 40,262 40,262 40,183 40,183 Weighted-average Exchangeco Shares outstanding 34 34 54 54 Total Weighted-average shares outstanding 40,296 40,296 40,237 40,237 Effect of dilutive securities — 600 — 507 Total shares 40,296 40,896 40,237 40,744 Net income per share attributable to Vail Resorts $ 6.82 $ 6.72 $ 3.79 $ 3.74 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 1,000 and 4,000 for the three months ended April 30, 2021 and 2020, respectively. | Presented below is basic and diluted EPS for the nine months ended April 30, 2021 and 2020 (in thousands, except per share amounts): Nine Months Ended April 30, 2021 2020 Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 268,661 $ 268,661 $ 252,441 $ 252,441 Weighted-average Vail Shares outstanding 40,242 40,242 40,244 40,244 Weighted-average Exchangeco Shares outstanding 35 35 55 55 Total Weighted-average shares outstanding 40,277 40,277 40,299 40,299 Effect of dilutive securities — 530 — 601 Total shares 40,277 40,807 40,299 40,900 Net income per share attributable to Vail Resorts $ 6.67 $ 6.58 $ 6.26 $ 6.17 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 2,000 and 1,000 for the nine months ended April 30, 2021 and 2020, respectively. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Apr. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | Long-term debt, net as of April 30, 2021, July 31, 2020 and April 30, 2020 is summarized as follows (in thousands): Maturity April 30, 2021 July 31, 2020 April 30, 2020 Vail Holdings Credit Agreement term loan (a) 2024 $ 1,156,250 $ 1,203,125 $ 1,218,750 Vail Holdings Credit Agreement revolver (a) 2024 — — 400,000 6.25% Notes 2025 600,000 600,000 — 0.0% Convertible Notes (b) 2026 575,000 — — Whistler Credit Agreement revolver (c) 2024 40,681 58,236 214,101 EPR Secured Notes (d) 2034-2036 114,162 114,162 114,162 EB-5 Development Notes 2021 51,500 51,500 51,500 Employee housing bonds 2027-2039 52,575 52,575 52,575 Canyons obligation 2063 350,373 346,034 344,591 Other 2021-2033 17,647 18,616 19,022 Total debt 2,958,188 2,444,248 2,414,701 Less: Unamortized premiums, discounts and debt issuance costs (b) 104,753 (6,551) (14,237) Less: Current maturities (e) 113,454 63,677 63,566 Long-term debt, net $ 2,739,981 $ 2,387,122 $ 2,365,372 |
Schedule Of Aggregate Maturities For Debt Outstanding | Aggregate maturities of debt outstanding as of April 30, 2021 reflected by fiscal year (August 1 through July 31) are as follows (in thousands): Total 2021 (May 2021 through July 2021) $ 15,832 2022 121,345 2023 63,740 2024 63,798 2025 1,594,564 Thereafter 1,098,909 Total debt $ 2,958,188 |
Acquisitions Acquisitions (Tabl
Acquisitions Acquisitions (Tables) | 9 Months Ended |
Apr. 30, 2021 | |
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 acquisition of Peak Resorts was completed on August 1, 2019. 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 transaction; (iii) transaction and business integration related costs; and (iv) interest expense associated with financing the transaction. 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, 2019 (in thousands, except per share amounts). Nine Months Ended April 30, 2020 Pro forma net revenue $ 1,893,154 Pro forma net income attributable to Vail Resorts, Inc. $ 253,170 Pro forma basic net income per share attributable to Vail Resorts, Inc. $ 6.28 Pro forma diluted net income per share attributable to Vail Resorts, Inc. $ 6.19 |
Peak Resorts [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Peak Resorts On September 24, 2019, the Company, through a wholly-owned subsidiary, acquired 100 percent of the outstanding stock of Peak Resorts, Inc. (“Peak Resorts”) at a purchase price of $11.00 per share or approximately $264.5 million. In addition, contemporaneous with the closing of the transaction, Peak Resorts was required to pay approximately $70.2 million of certain outstanding debt instruments and lease obligations in order to complete the transaction. Accordingly, the total purchase price, including the repayment of certain outstanding debt instruments and lease obligations, was approximately $334.7 million, for which the Company borrowed approximately $335.6 million under the Vail Holdings Credit Agreement (see Note 5, Long-Term Debt) to fund the acquisition, repayment of debt instruments and lease obligations, and associated acquisition related expenses. The newly acquired resorts include: Mount Snow in Vermont; Hunter Mountain in New York; Attitash Mountain Resort, Wildcat Mountain and Crotched Mountain in New Hampshire; Liberty Mountain Resort, Roundtop Mountain Resort, Whitetail Resort, Jack Frost and Big Boulder in Pennsylvania; Alpine Valley, Boston Mills, Brandywine and Mad River Mountain in Ohio; Hidden Valley and Snow Creek in Missouri; and Paoli Peaks in Indiana. The Company assumed the Special Use Permits from the U.S. Forest Service for Attitash, Mount Snow and Wildcat Mountain, and assumed the land leases for Mad River and Paoli Peaks. 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), as well as lodging operations at certain resorts. The following summarizes the purchase consideration and the 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 $ 19,578 Property, plant and equipment 427,793 Goodwill 135,879 Identifiable intangible assets 19,221 Other assets 16,203 Assumed long-term debt (184,668) Other liabilities (99,275) Net assets acquired $ 334,731 |
Supplementary Balance Sheet I_2
Supplementary Balance Sheet Information (Tables) | 9 Months Ended |
Apr. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Composition Of Property, Plant And Equipment | The composition of property, plant and equipment follows (in thousands): April 30, 2021 July 31, 2020 April 30, 2020 Land and land improvements $ 761,367 $ 750,714 $ 745,275 Buildings and building improvements 1,502,828 1,475,661 1,466,113 Machinery and equipment 1,432,137 1,361,178 1,351,491 Furniture and fixtures 330,530 308,267 335,827 Software 122,586 104,223 130,354 Vehicles 82,375 80,510 81,408 Construction in progress 46,703 81,967 57,462 Gross property, plant and equipment 4,278,526 4,162,520 4,167,930 Accumulated depreciation (2,161,731) (1,969,841) (1,966,127) Property, plant and equipment, net $ 2,116,795 $ 2,192,679 $ 2,201,803 |
Components Of Accounts Payable And Accrued Liabilities | The composition of accounts payable and accrued liabilities follows (in thousands): April 30, 2021 July 31, 2020 April 30, 2020 Trade payables $ 64,412 $ 59,692 $ 62,101 Deferred revenue 238,075 256,402 219,395 Accrued salaries, wages and deferred compensation 69,821 25,588 16,184 Accrued benefits 49,958 43,704 44,536 Deposits 35,263 20,070 27,053 Operating lease liability 37,687 36,604 34,996 Other liabilities 72,048 57,048 45,009 Total accounts payable and accrued liabilities $ 567,264 $ 499,108 $ 449,274 |
Components Of Other Long-Term Liabilities | The composition of other long-term liabilities follows (in thousands): April 30, 2021 July 31, 2020 April 30, 2020 Private club deferred initiation fee revenue $ 104,747 $ 105,108 $ 107,500 Other long-term liabilities 147,704 165,137 143,964 Total other long-term liabilities $ 252,451 $ 270,245 $ 251,464 |
Schedule of Goodwill [Table Text Block] | The changes in the net carrying amount of goodwill allocated between the Company’s segments for the nine months ended April 30, 2021 are as follows (in thousands): Mountain Lodging Goodwill, net Balance at July 31, 2020 1,666,809 42,211 1,709,020 Effects of changes in foreign currency exchange rates 92,276 — 92,276 Balance at April 30, 2021 $ 1,759,085 $ 42,211 $ 1,801,296 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Apr. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary Of Cash Equivalents Measured At Fair Value | The table below summarizes the Company’s cash equivalents, other current assets, Interest Rate Swaps 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 April 30, 2021 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 253,809 $ 253,809 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 259,111 $ — $ 259,111 $ — Liabilities: Interest Rate Swaps $ 12,938 $ — $ 12,938 $ — Contingent Consideration $ 27,400 $ — $ — $ 27,400 Estimated Fair Value Measurement as of July 31, 2020 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 203,158 $ 203,158 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 8,208 $ — $ 8,208 $ — Liabilities: Interest Rate Swaps $ 22,510 $ — $ 22,510 $ — Contingent Consideration $ 17,800 $ — $ — $ 17,800 Estimated Fair Value Measurement as of April 30, 2020 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 3,054 $ 3,054 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 7,718 $ — $ 7,718 $ — Liabilities: Interest Rate Swaps $ 21,013 $ — $ 21,013 $ — Contingent Consideration $ 15,500 $ — $ — $ 15,500 The Company’s cash equivalents, other current assets and Interest Rate Swaps are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data. The estimated fair value of the Interest Rate Swaps are included within other long-term liabilities and accumulated other comprehensive income (loss) on the Company’s Consolidated Condensed Balance Sheet as of April 30, 2021. The changes in Contingent Consideration during the nine months ended April 30, 2021 and 2020 were as follows (in thousands): Balance as of July 31, 2020 and 2019, respectively $ 17,800 $ 27,200 Payments (2,602) (6,436) Change in estimated fair value 12,202 (5,264) Balance as of April 30, 2021 and 2020, respectively $ 27,400 $ 15,500 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Apr. 30, 2021 | |
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, 2021 2020 2021 2020 Net revenue: Lift $ 577,680 $ 374,818 $ 1,041,546 $ 900,995 Ski school 80,390 76,563 138,824 187,840 Dining 45,294 61,632 80,172 158,980 Retail/rental 91,286 78,133 203,718 259,761 Other 34,533 44,158 101,092 154,105 Total Mountain net revenue 829,183 635,304 1,565,352 1,661,681 Lodging 59,095 58,385 138,787 220,030 Total Resort net revenue 888,278 693,689 1,704,139 1,881,711 Real Estate 800 398 1,369 4,784 Total net revenue $ 889,078 $ 694,087 $ 1,705,508 $ 1,886,495 Segment operating expense: Mountain $ 372,205 $ 333,785 $ 917,355 $ 1,068,479 Lodging 54,862 55,460 149,468 208,545 Total Resort operating expense 427,067 389,245 1,066,823 1,277,024 Real Estate 2,023 1,128 5,088 7,926 Total segment operating expense $ 429,090 $ 390,373 $ 1,071,911 $ 1,284,950 Gain on sale of real property $ 189 $ — $ 189 $ 207 Mountain equity investment income (loss), net $ 1,011 $ (90) $ 6,177 $ 1,270 Reported EBITDA: Mountain $ 457,989 $ 301,429 $ 654,174 $ 594,472 Lodging 4,233 2,925 (10,681) 11,485 Resort 462,222 304,354 643,493 605,957 Real Estate (1,034) (730) (3,530) (2,935) Total Reported EBITDA $ 461,188 $ 303,624 $ 639,963 $ 603,022 Real estate held for sale and investment $ 96,259 $ 96,565 $ 96,259 $ 96,565 Reconciliation from net income attributable to Vail Resorts, Inc. to Total Reported EBITDA: Net income attributable to Vail Resorts, Inc. $ 274,629 $ 152,546 $ 268,661 $ 252,441 Net income attributable to noncontrolling interests 2,661 7,285 738 14,579 Net income 277,290 159,831 269,399 267,020 Provision for income taxes 76,897 26,440 66,640 47,190 Income before provision for income taxes 354,187 186,271 336,039 314,210 Depreciation and amortization 64,071 64,730 189,362 186,387 Asset impairments — 28,372 — 28,372 Change in estimated fair value of contingent consideration 10,400 (8,000) 12,202 (5,264) (Gain) loss on disposal of fixed assets and other, net (1,999) 380 762 (1,178) Investment income and other, net (347) (361) (857) (999) Foreign currency (gain) loss on intercompany loans (4,157) 7,753 (9,832) 8,191 Interest expense, net 39,033 24,479 112,287 73,303 Total Reported EBITDA $ 461,188 $ 303,624 $ 639,963 $ 603,022 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | Dec. 18, 2020 | Jul. 31, 2020 | |
Long-term Debt | $ 2,958,188 | $ 2,414,701 | $ 2,958,188 | $ 2,414,701 | $ 2,444,248 | |
Operating Lease, Right-of-Use Asset | 211,497 | 217,318 | 211,497 | 217,318 | 225,744 | |
Operating Lease, Liability, Noncurrent | 196,256 | 209,321 | 196,256 | 209,321 | 217,542 | |
Operating Lease, Liability, Current | 37,687 | 34,996 | 37,687 | 34,996 | 36,604 | |
Interest Rate Cash Flow Hedge Liability at Fair Value | 12,938 | 21,013 | 12,938 | 21,013 | 22,510 | |
Debt Instrument, Face Amount | $ 575,000 | |||||
Asset Impairment Charges | 0 | 28,372 | 0 | 28,372 | ||
Goodwill | ||||||
Asset Impairment Charges | 25,700 | |||||
Finite-Lived Intangible Assets | ||||||
Asset Impairment Charges | 2,700 | |||||
EPR Secured Notes [Member] | ||||||
Long-term Debt | 114,162 | 114,162 | 114,162 | 114,162 | 114,162 | |
Notes and Loans Payable | 136,112 | 136,112 | ||||
Debt Instrument, Fair Value Disclosure | 199,426 | 199,426 | ||||
EB-5 Development Notes [Member] | ||||||
Long-term Debt | 51,500 | 51,500 | 51,500 | 51,500 | 51,500 | |
Notes and Loans Payable | 49,774 | 49,774 | ||||
Debt Instrument, Fair Value Disclosure | 51,069 | 51,069 | ||||
6.25% Notes [Member] | ||||||
Long-term Debt | 600,000 | $ 0 | 600,000 | $ 0 | $ 600,000 | |
Debt Instrument, Fair Value Disclosure | 638,592 | 638,592 | ||||
0.0% Convertible Notes | ||||||
Long-term Debt | 472,757 | 472,757 | ||||
Debt Instrument, Fair Value Disclosure | $ 612,553 | $ 612,553 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2021 | Oct. 31, 2020 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | Jul. 31, 2020 | |
Season Pass Credit Deferral Revenue | $ 120,900 | $ 15,400 | ||||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 208,132 | $ 100,225 | 208,132 | $ 100,225 | $ 106,664 | |
Deferred Revenue, Current | 238,075 | 219,395 | 238,075 | 219,395 | $ 256,402 | |
Mountain Revenue Net | 829,183 | 635,304 | 1,565,352 | 1,661,681 | ||
Lodging Revenue Net | 59,095 | 58,385 | 138,787 | 220,030 | ||
Resort net revenue | 888,278 | 693,689 | 1,704,139 | 1,881,711 | ||
Real Estate Revenue | 800 | 398 | 1,369 | 4,784 | ||
Revenues | 889,078 | 694,087 | 1,705,508 | 1,886,495 | ||
Contract with Customer, Liability, Revenue Recognized | 89,800 | 225,900 | ||||
Lift | ||||||
Mountain Revenue Net | 577,680 | 374,818 | 1,041,546 | 900,995 | ||
Ski School | ||||||
Mountain Revenue Net | 80,390 | 76,563 | 138,824 | 187,840 | ||
Dining | ||||||
Mountain Revenue Net | 45,294 | 61,632 | 80,172 | 158,980 | ||
Lodging Revenue Net | 4,849 | 8,099 | 8,807 | 37,353 | ||
Retail/Rental | ||||||
Mountain Revenue Net | 91,286 | 78,133 | 203,718 | 259,761 | ||
Other | ||||||
Mountain Revenue Net | 34,533 | 44,158 | 101,092 | 154,105 | ||
Owned hotel rooms | ||||||
Lodging Revenue Net | 10,252 | 8,126 | 24,325 | 39,323 | ||
Managed condominium rooms | ||||||
Lodging Revenue Net | 28,726 | 23,744 | 58,391 | 69,984 | ||
Transportation | ||||||
Lodging Revenue Net | 4,663 | 5,672 | 7,610 | 15,748 | ||
Golf | ||||||
Lodging Revenue Net | 0 | 0 | 8,646 | 10,606 | ||
Other | ||||||
Lodging Revenue Net | 8,652 | 9,775 | 25,834 | 37,411 | ||
Lodging revenue (excluding payroll cost reimbursements) [Member] | ||||||
Lodging Revenue Net | 57,142 | 55,416 | 133,613 | 210,425 | ||
Payroll cost reimbursements | ||||||
Lodging Revenue Net | $ 1,953 | $ 2,969 | $ 5,174 | $ 9,605 |
Revenue Contract Balances (Deta
Revenue Contract Balances (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2021USD ($) | Apr. 30, 2021USD ($) | Jul. 31, 2020USD ($) | Apr. 30, 2020USD ($) | |
Disaggregation of Revenue [Abstract] | ||||
Deferred revenue | $ 238,075 | $ 238,075 | $ 256,402 | $ 219,395 |
Private Club Recognized Initiation Fees Average Remaining Period | 16 | 16 | ||
Trade receivables, net | $ 208,132 | $ 208,132 | 106,664 | 100,225 |
Disaggregation of Revenue [Line Items] | ||||
Deferred revenue | 238,075 | 238,075 | 256,402 | 219,395 |
Contract with Customer, Liability, Revenue Recognized | $ 89,800 | $ 225,900 | ||
Private Club Recognized Initiation Fees Average Remaining Period | 16 | 16 | ||
Trade receivables, net | $ 208,132 | $ 208,132 | 106,664 | $ 100,225 |
Capitalized Contract Cost, Net | 1,000 | 1,000 | ||
Contract with Customer, Liability, Noncurrent | 120,800 | 120,800 | 121,900 | |
Contract with Customer, Liability, Current | $ 238,100 | $ 238,100 | $ 256,400 |
Revenue Costs to Obtain Contrac
Revenue Costs to Obtain Contracts with Customers (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Apr. 30, 2021USD ($) | Apr. 30, 2021USD ($) | |
Cost of Revenue [Abstract] | ||
Capitalized Contract Cost, Net | $ 1 | $ 1 |
Capitalized Contract Cost, Amortization | $ 8.6 | $ 16.4 |
Net Income Per Common Share Net
Net Income Per Common Share Net Income per Common Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 17, 2016 | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | Dec. 18, 2020 | Jul. 31, 2020 |
Anti-dilutive securities (in shares) | 1,000 | 4,000 | 2,000 | 1,000 | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.76 | $ 5.28 | |||||
Cash dividends declared per share | $ 0 | 1.76 | $ 0 | $ 5.28 | |||
Payments of Dividends | $ 0 | $ 212,734 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Dividends, Cash | $ 70,700 | $ 212,700 | |||||
Debt Instrument, Face Amount | $ 575,000 | ||||||
Convertible Debt [Member] | |||||||
Debt Instrument, Face Amount | $ 575,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | ||||||
Debt Instrument, Convertible, Conversion Price | $ 407.17 | $ 407.17 | |||||
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 |
Net Income Per Common Share (Su
Net Income Per Common Share (Summary of Calculation of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1 | 4 | 2 | 1 |
Net income attributable to Vail Resorts, Inc. | $ 274,629 | $ 152,546 | $ 268,661 | $ 252,441 |
Weighted-average Vail Shares outstanding | 40,262 | 40,183 | 40,242 | 40,244 |
Weighted-average Exchangeco Shares outstanding | 34 | 54 | 35 | 55 |
Total Weighted-average shares outstanding | 40,296 | 40,237 | 40,277 | 40,299 |
Effect of dilutive securities | 600 | 507 | 530 | 601 |
Total shares | 40,896 | 40,744 | 40,807 | 40,900 |
Basic net income per share attributable to Vail Resorts, Inc. | $ 6.82 | $ 3.79 | $ 6.67 | $ 6.26 |
Diluted net income per share attributable to Vail Resorts, Inc. | $ 6.72 | $ 3.74 | $ 6.58 | $ 6.17 |
Long-Term Debt Long-Term Debt (
Long-Term Debt Long-Term Debt (Narrative) (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Apr. 30, 2021USD ($)$ / shares | Apr. 30, 2020USD ($) | Apr. 30, 2021USD ($)d$ / shares | Apr. 30, 2020USD ($) | Apr. 30, 2021CAD ($) | Dec. 18, 2020USD ($) | Jul. 31, 2020USD ($) | |
Convertible Debt Partial Redemption Minimum Remaining Balance [Abstract] | $ 50,000,000 | ||||||
VHI Credit Agreement Waiver Period Minimum Liquidity | 150,000,000 | ||||||
Gross interest expense | $ 39,000,000 | $ 24,500,000 | 112,300,000 | $ 73,300,000 | |||
Amortization of Debt Issuance Costs | 1,500,000 | 300,000 | 3,400,000 | 1,000,000 | |||
Intercompany Foreign Currency Balance, Amount | 210,000,000 | 210,000,000 | |||||
Foreign currency gain on intercompany loans | (4,157,000) | 7,753,000 | (9,832,000) | 8,191,000 | |||
Long-term Debt | 2,958,188,000 | 2,414,701,000 | 2,958,188,000 | 2,414,701,000 | $ 2,444,248,000 | ||
Debt Instrument, Face Amount | $ 575,000,000 | ||||||
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | 27,500,000 | ||||||
Red Sky Ranch Metropolitan District [Member] | |||||||
Other long-term liabilities | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,100,000 | ||
Term Loan [Member] | |||||||
Long-term Line of Credit | $ 1,200,000,000 | $ 1,200,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.61% | 2.61% | 2.61% | ||||
Long-term Debt | $ 1,156,250,000 | 1,218,750,000 | $ 1,156,250,000 | 1,218,750,000 | 1,203,125,000 | ||
Term Loan, Unhedged Portion [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% | ||||
Credit Facility Revolver [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000,000 | $ 500,000,000 | |||||
Long-term Debt | $ 0 | 400,000,000 | $ 0 | 400,000,000 | 0 | ||
Whistler Credit Agreement revolver [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.21% | 2.21% | 2.21% | ||||
Debt Instrument, Unused Borrowing Capacity, Fee | 0.40% | ||||||
Long-term Debt | $ 40,681,000 | 214,101,000 | $ 40,681,000 | 214,101,000 | 58,236,000 | ||
Alpine Valley Secured Note [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 11.38% | 11.38% | 11.38% | ||||
Long-term Debt | $ 4,600,000 | $ 4,600,000 | |||||
Boston Mills Brandywine Secured Note [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.91% | 10.91% | 10.91% | ||||
Long-term Debt | $ 23,300,000 | $ 23,300,000 | |||||
Jack Frost Big Boulder Secured Note [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.91% | 10.91% | 10.91% | ||||
Long-term Debt | $ 14,300,000 | $ 14,300,000 | |||||
Mount Snow Secured Note [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 11.96% | 11.96% | 11.96% | ||||
Long-term Debt | $ 51,100,000 | $ 51,100,000 | |||||
Hunter Mountain Secured Note [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.72% | 8.72% | 8.72% | ||||
Long-term Debt | $ 21,000,000 | $ 21,000,000 | |||||
EB-5 Development Notes [Member] | |||||||
Long-term Debt | 51,500,000 | 51,500,000 | 51,500,000 | 51,500,000 | 51,500,000 | ||
EPR Secured Notes [Member] | |||||||
Debt Service Reserve | 8,400,000 | ||||||
Convertible Notes Payable | |||||||
Long-term Debt | $ 575,000,000 | $ 0 | $ 575,000,000 | $ 0 | $ 0 | ||
Debt Instrument, Convertible, Threshold Trading Days | d | 20 | ||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 407.17 | $ 407.17 | |||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130.00% | ||||||
Debt Instrument, Face Amount | $ 575,000,000 | ||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 10 | ||||||
Long-term Debt, Fair Value | $ 465,300,000 | $ 465,300,000 | |||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 109,700,000 | 109,700,000 | |||||
Debt Issuance Costs, Net | 14,900,000 | 14,900,000 | |||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 102,200,000 | $ 102,200,000 | |||||
Debt Instrument Convertible Threshold Percentage of Stock Price Trigger 1 | 98.00% |
Long-Term Debt (Schedule Of Deb
Long-Term Debt (Schedule Of Debt Instruments) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | Dec. 18, 2020 | Jul. 31, 2020 | |
Amortization of Debt Issuance Costs | $ 1,500,000 | $ 300,000 | $ 3,400,000 | $ 1,000,000 | ||
Debt Instrument, Unused Borrowing Capacity, Fee | 0.004 | |||||
Total debt | 2,958,188,000 | 2,414,701,000 | 2,958,188,000 | 2,414,701,000 | $ 2,444,248,000 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 104,753,000 | (14,237,000) | 104,753,000 | (14,237,000) | (6,551,000) | |
Long-term Debt, Excluding Current Maturities | 113,454,000 | 63,566,000 | 113,454,000 | 63,566,000 | 63,677,000 | |
Long-term Debt, Excluding Current Maturities | 2,739,981,000 | 2,365,372,000 | 2,739,981,000 | 2,365,372,000 | 2,387,122,000 | |
Debt Instrument, Face Amount | $ 575,000,000 | |||||
Hunter Mountain Secured Note [Member] | ||||||
Total debt | $ 21,000,000 | $ 21,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.72% | 8.72% | ||||
Credit Facility Revolver [Member] | ||||||
Total debt | $ 0 | 400,000,000 | $ 0 | 400,000,000 | 0 | |
Fiscal year maturity | 2024 | |||||
Whistler Credit Agreement revolver [Member] | ||||||
Total debt | $ 40,681,000 | 214,101,000 | $ 40,681,000 | 214,101,000 | 58,236,000 | |
Fiscal year maturity | 2024 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.21% | 2.21% | ||||
EPR Secured Notes [Member] | ||||||
Total debt | $ 114,162,000 | 114,162,000 | $ 114,162,000 | 114,162,000 | 114,162,000 | |
EPR Secured Notes [Member] | Minimum [Member] | ||||||
Fiscal year maturity | 2034 | |||||
EPR Secured Notes [Member] | Maximum [Member] | ||||||
Fiscal year maturity | 2036 | |||||
EB-5 Development Notes [Member] | ||||||
Total debt | 51,500,000 | 51,500,000 | $ 51,500,000 | 51,500,000 | 51,500,000 | |
Fiscal year maturity | 2021 | |||||
Term Loan [Member] | ||||||
Debt Instrument, Periodic Payment | $ 15,600,000 | |||||
Total debt | $ 1,156,250,000 | 1,218,750,000 | $ 1,156,250,000 | 1,218,750,000 | 1,203,125,000 | |
Fiscal year maturity | 2024 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.61% | 2.61% | ||||
Employee Housing Bonds [Member] | ||||||
Total debt | $ 52,575,000 | 52,575,000 | $ 52,575,000 | 52,575,000 | 52,575,000 | |
Employee Housing Bonds [Member] | Minimum [Member] | ||||||
Fiscal year maturity | 2027 | |||||
Employee Housing Bonds [Member] | Maximum [Member] | ||||||
Fiscal year maturity | 2039 | |||||
Canyons Obligation [Member] | ||||||
Total debt | 350,373,000 | 344,591,000 | $ 350,373,000 | 344,591,000 | 346,034,000 | |
Fiscal year maturity | 2063 | |||||
Other [Member] | ||||||
Total debt | 17,647,000 | 19,022,000 | $ 17,647,000 | 19,022,000 | 18,616,000 | |
Other [Member] | Minimum [Member] | ||||||
Fiscal year maturity | 2021 | |||||
Other [Member] | Maximum [Member] | ||||||
Fiscal year maturity | 2033 | |||||
Convertible Debt [Member] | ||||||
Fiscal year maturity | 2026 | |||||
Boston Mills Brandywine Secured Note [Member] | ||||||
Total debt | $ 23,300,000 | $ 23,300,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 10.91% | 10.91% | ||||
Term Loan, Unhedged Portion [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | ||||
Alpine Valley Secured Note [Member] | ||||||
Total debt | $ 4,600,000 | $ 4,600,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 11.38% | 11.38% | ||||
Jack Frost Big Boulder Secured Note [Member] | ||||||
Total debt | $ 14,300,000 | $ 14,300,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 10.91% | 10.91% | ||||
6.25% Notes [Member] | ||||||
Total debt | $ 600,000,000 | 0 | $ 600,000,000 | 0 | 600,000,000 | |
Fiscal year maturity | 2025 | |||||
Convertible Notes Payable | ||||||
Total debt | $ 575,000,000 | $ 0 | $ 575,000,000 | $ 0 | $ 0 | |
Debt Instrument, Convertible, Conversion Price | $ 407.17 | $ 407.17 | ||||
Debt Instrument, Face Amount | $ 575,000,000 |
Long-Term Debt (Schedule Of Agg
Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Jul. 31, 2020 | Apr. 30, 2020 |
Debt Instrument [Line Items] | |||
2021 (May 2021 through July 2021) | $ 15,832 | ||
2022 | 121,345 | ||
2023 | 63,740 | ||
2024 | 63,798 | ||
2025 | 1,594,564 | ||
Thereafter | 1,098,909 | ||
Total debt | $ 2,958,188 | $ 2,444,248 | $ 2,414,701 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 24, 2019 | Apr. 30, 2020 |
Peak Resorts [Member] | ||
Business Acquisition, Share Price | $ 11 | |
Business Combination, Cash Consideration Transferred | $ 264,500 | |
Business Combination, Consideration Transferred, Other | 70,200 | |
Business Combination, Consideration Transferred | 334,700 | |
Proceeds from (Repayments of) Debt | $ 335,600 | |
Indefinite-Lived Trade Names | $ 15,800 | |
Indefinite Lived Property Management Contracts | 3,100 | |
Peak Resorts, Inc. [Member] | ||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | $ 2,800 |
Acquisitions (Summary Of Estima
Acquisitions (Summary Of Estimate Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed) (Details) - Peak Resorts [Member] $ in Thousands | Sep. 24, 2019USD ($) |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 19,578 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 427,793 |
Goodwill Acquired During Period | 135,879 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 19,221 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 16,203 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (184,668) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (99,275) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 334,731 |
Acquisitions (Summary Pro Forma
Acquisitions (Summary Pro Forma Financial Information) (Details) $ / shares in Units, $ in Thousands | 9 Months Ended |
Apr. 30, 2020USD ($)$ / shares | |
Pro Forma Financial Information [Line Items] | |
Pro forma net revenue | $ | $ 1,893,154 |
Pro forma net income attributable to Vail Resorts, Inc. | $ | $ 253,170 |
Pro forma basic net income per share attributable to Vail Resorts, Inc. | $ / shares | $ 6.28 |
Pro forma diluted net income per share attributable to Vail Resorts, Inc. | $ / shares | $ 6.19 |
Supplementary Balance Sheet I_3
Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Jul. 31, 2020 | Apr. 30, 2020 |
Property, Plant and Equipment [Line Items] | |||
Land and land improvements | $ 761,367 | $ 750,714 | $ 745,275 |
Buildings and building improvements | 1,502,828 | 1,475,661 | 1,466,113 |
Machinery and equipment | 1,432,137 | 1,361,178 | 1,351,491 |
Furniture and fixtures | 330,530 | 308,267 | 335,827 |
Software | 122,586 | 104,223 | 130,354 |
Vehicles | 82,375 | 80,510 | 81,408 |
Construction in progress | 46,703 | 81,967 | 57,462 |
Gross property, plant and equipment | 4,278,526 | 4,162,520 | 4,167,930 |
Accumulated depreciation | (2,161,731) | (1,969,841) | (1,966,127) |
Property, plant and equipment, net | $ 2,116,795 | $ 2,192,679 | $ 2,201,803 |
Supplementary Balance Sheet I_4
Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Jul. 31, 2020 | Apr. 30, 2020 |
Balance Sheet Related Disclosures [Abstract] | |||
Trade payables | $ 64,412 | $ 59,692 | $ 62,101 |
Deferred revenue | 238,075 | 256,402 | 219,395 |
Accrued salaries, wages and deferred compensation | 69,821 | 25,588 | 16,184 |
Accrued benefits | 49,958 | 43,704 | 44,536 |
Deposits | 35,263 | 20,070 | 27,053 |
Operating Lease, Liability, Current | 37,687 | 36,604 | 34,996 |
Other liabilities | 72,048 | 57,048 | 45,009 |
Total accounts payable and accrued liabilities | $ 567,264 | $ 499,108 | $ 449,274 |
Supplementary Balance Sheet I_5
Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Jul. 31, 2020 | Apr. 30, 2020 |
Balance Sheet Related Disclosures [Abstract] | |||
Private club deferred initiation fee revenue | $ 104,747 | $ 105,108 | $ 107,500 |
Other long-term liabilities | 147,704 | 165,137 | 143,964 |
Total other long-term liabilities | $ 252,451 | $ 270,245 | $ 251,464 |
Supplementary Balance Sheet I_6
Supplementary Balance Sheet Information Schedule of Goodwill (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Apr. 30, 2021 | Jul. 31, 2020 | Apr. 30, 2020 | |
Goodwill [Line Items] | |||
Goodwill | $ 1,801,296 | $ 1,709,020 | $ 1,673,258 |
Mountain [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 1,759,085 | 1,666,809 | |
Effects of changes in foreign currency exchange rates | 92,276 | ||
Lodging [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 42,211 | $ 42,211 |
Asset Impairments (Details)
Asset Impairments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Impairment Effects on Earnings Per Share [Line Items] | ||||
Asset Impairment Charges | $ 0 | $ 28,372 | $ 0 | $ 28,372 |
Goodwill | ||||
Impairment Effects on Earnings Per Share [Line Items] | ||||
Asset Impairment Charges | 25,700 | |||
Finite-Lived Intangible Assets | ||||
Impairment Effects on Earnings Per Share [Line Items] | ||||
Asset Impairment Charges | $ 2,700 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Apr. 30, 2021 | Apr. 30, 2020 | Jul. 31, 2020 | Jul. 31, 2019 | |
Contingent Consideration | $ 27,400 | $ 15,500 | $ 17,800 | $ 27,200 |
Payments for Rent | (2,602) | (6,436) | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 12,202 | (5,264) | ||
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 $5.3 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 approximately 11.0%, volatility of 17.0% and future period Park City EBITDA, which are unobservable inputs and thus are considered Level 3 inputs. | |||
Money Market | $ 253,809 | 3,054 | 203,158 | |
Fair Value Hedge Liabilities | 12,938 | 21,013 | 22,510 | |
Level 2 [Member] | ||||
Fair Value Hedge Liabilities | 12,938 | 21,013 | 22,510 | |
Fair Value, Inputs, Level 3 [Member] | ||||
Contingent Consideration | 27,400 | 15,500 | 17,800 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Money Market | 3,054 | |||
Commercial Paper | 253,809 | 203,158 | ||
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 | 259,111 | 7,718 | 8,208 | |
Certificates of Deposit [Member] | Level 2 [Member] | ||||
Commercial Paper | $ 259,111 | $ 7,718 | $ 8,208 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Apr. 30, 2021 | Jul. 31, 2020 | Apr. 30, 2020 | |
Amount outstanding in letters of credit | $ 75.8 | ||
Surety Bonds Outstanding | 14.3 | ||
Holland Creek Metropolitan District [Member] | |||
Credit-enhanced bonds issued amount | 6.3 | ||
Amount outstanding in letters of credit | 6.4 | ||
Red Sky Ranch Metropolitan District [Member] | |||
Other long-term liabilities | $ 2 | $ 2.1 | $ 2 |
Estimated cessation date of capital improvement fee payment obligation | Jul. 31, 2031 | ||
Employee Housing Bonds [Member] | |||
Amount outstanding in letters of credit | $ 53.4 | ||
Workers' Compensation and General Liability Related to Construction and Development Activities [Member] | |||
Amount outstanding in letters of credit | $ 22.4 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | Jul. 31, 2020 | |
Total Mountain net revenue | $ 829,183 | $ 635,304 | $ 1,565,352 | $ 1,661,681 | |
Lodging Revenue Net | 59,095 | 58,385 | 138,787 | 220,030 | |
Total Resort net revenue | 888,278 | 693,689 | 1,704,139 | 1,881,711 | |
Real Estate Revenue | 800 | 398 | 1,369 | 4,784 | |
Revenues | 889,078 | 694,087 | 1,705,508 | 1,886,495 | |
Mountain | 372,205 | 333,785 | 917,355 | 1,068,479 | |
Lodging | 54,862 | 55,460 | 149,468 | 208,545 | |
Resort operating expense | 427,067 | 389,245 | 1,066,823 | 1,277,024 | |
Real Estate | 2,023 | 1,128 | 5,088 | 7,926 | |
Total segment operating expense | 429,090 | 390,373 | 1,071,911 | 1,284,950 | |
Gain on sale of real property | 189 | 0 | 189 | 207 | |
Mountain equity investment income (loss), net | 1,011 | (90) | 6,177 | 1,270 | |
Real estate held for sale and investment | 96,259 | 96,565 | 96,259 | 96,565 | $ 96,844 |
Net income attributable to Vail Resorts, Inc. | 274,629 | 152,546 | 268,661 | 252,441 | |
Net income attributable to noncontrolling interests | 2,661 | 7,285 | 738 | 14,579 | |
Net income | 277,290 | 159,831 | 269,399 | 267,020 | |
Provision for income taxes | 76,897 | 26,440 | 66,640 | 47,190 | |
Income before provision for income taxes | 354,187 | 186,271 | 336,039 | 314,210 | |
Depreciation and amortization | 64,071 | 64,730 | 189,362 | 186,387 | |
Asset Impairment Charges | 0 | 28,372 | 0 | 28,372 | |
Change in Fair Value of Contingent Consideration | 10,400 | (8,000) | 12,202 | (5,264) | |
(Gain) loss on disposal of fixed assets and other, net | (1,999) | 380 | 762 | (1,178) | |
Investment income and other, net | (347) | (361) | (857) | (999) | |
Foreign currency (gain) loss on intercompany loans | (4,157) | 7,753 | (9,832) | 8,191 | |
Interest expense, net | 39,033 | 24,479 | 112,287 | 73,303 | |
Total Reported EBITDA | 461,188 | 303,624 | 639,963 | 603,022 | |
Lift Tickets [Member] | |||||
Total Mountain net revenue | 577,680 | 374,818 | 1,041,546 | 900,995 | |
Ski School [Member] | |||||
Total Mountain net revenue | 80,390 | 76,563 | 138,824 | 187,840 | |
Dining [Member] | |||||
Total Mountain net revenue | 45,294 | 61,632 | 80,172 | 158,980 | |
Retail/Rental [Member] | |||||
Total Mountain net revenue | 91,286 | 78,133 | 203,718 | 259,761 | |
Other Mountain Revenue [Member] | |||||
Total Mountain net revenue | 34,533 | 44,158 | 101,092 | 154,105 | |
Resort [Member] | |||||
Total Reported EBITDA | 462,222 | 304,354 | 643,493 | 605,957 | |
Mountain [Member] | |||||
Total Reported EBITDA | 457,989 | 301,429 | 654,174 | 594,472 | |
Lodging [Member] | |||||
Total Reported EBITDA | 4,233 | 2,925 | (10,681) | 11,485 | |
Real Estate | |||||
Total Reported EBITDA | $ (1,034) | $ (730) | $ (3,530) | $ (2,935) |
Share Repurchase Program (Detai
Share Repurchase Program (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | Jul. 31, 2020 | Dec. 04, 2015 | Jul. 16, 2008 | Mar. 09, 2006 | |
Accelerated Share Repurchases [Line Items] | |||||||
Number of shares authorized to repurchase | 7,500,000 | 3,000,000 | |||||
Treasury Stock, Shares, Acquired | 160,800 | 256,418 | |||||
Additional number of shares authorized to repurchase | 1,500,000 | 3,000,000 | |||||
Number of shares repurchased since inception | 6,161,000 | 6,161,141 | 6,161,000 | 6,161,000 | |||
Payments for Repurchase of Common Stock | $ 25,000 | $ 0 | $ 46,422 | ||||
Value of stock repurchased since inception | $ 404,411 | $ 404,411 | $ 404,411 | $ 404,411 | |||
Remaining shares available for repurchase under existing program | 1,338,859 |