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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 2021
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 001-09614
https://cdn.kscope.io/618e0817f7b4205862cb570598f07e58-mtn-20210430_g1.jpg
Vail Resorts, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware51-0291762
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
390 Interlocken Crescent
Broomfield,Colorado80021
(Address of Principal Executive Offices)(Zip Code)
(303) 404-1800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par valueMTNNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes      No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes      No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes     No
As of June 3, 2021, 40,268,257 shares of the registrant’s common stock were outstanding.



Table of Contents
 
PART IFINANCIAL INFORMATIONPage
Item 1.Financial Statements (unaudited).
Item 2.
Item 3.
Item 4.
PART IIOTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.




Vail Resorts, Inc.
Consolidated Condensed Balance Sheets
(In thousands, except per share amounts)
(Unaudited)
April 30, 2021July 31, 2020April 30, 2020
Assets
Current assets:
Cash and cash equivalents$1,344,702 $390,980 $482,656 
Restricted cash11,684 11,106 10,459 
Trade receivables, net208,132 106,664 100,225 
Inventories, net73,044 101,856 101,748 
Other current assets47,253 54,482 55,790 
Total current assets1,684,815 665,088 750,878 
Property, plant and equipment, net (Note 7)2,116,795 2,192,679 2,201,803 
Real estate held for sale and investment96,259 96,844 96,565 
Goodwill, net (Note 7)1,801,296 1,709,020 1,673,258 
Intangible assets, net323,521 314,776 310,033 
Operating right-of-use assets211,497 225,744 217,318 
Other assets42,454 40,081 39,797 
Total assets$6,276,637 $5,244,232 $5,289,652 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities (Note 7)$567,264 $499,108 $449,274 
Income taxes payable36,344 40,680 42,554 
Long-term debt due within one year (Note 5)113,454 63,677 63,566 
Total current liabilities717,062 603,465 555,394 
Long-term debt, net (Note 5)2,739,981 2,387,122 2,365,372 
Operating lease liabilities196,256 217,542 209,321 
Other long-term liabilities (Note 7)252,451 270,245 251,464 
Deferred income taxes, net344,190 234,191 277,841 
Total liabilities4,249,940 3,712,565 3,659,392 
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding
   
Common stock, $0.01 par value, 100,000 shares authorized, 46,429, 46,350 and 46,266 shares issued, respectively
465 464 462 
Exchangeable shares, $0.01 par value, 34, 36 and 54 shares issued and outstanding, respectively (Note 4)
  1 
Additional paid-in capital1,220,942 1,131,624 1,136,139 
Accumulated other comprehensive income (loss)50,643 (56,837)(109,576)
Retained earnings914,563 645,902 799,508 
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’ equity1,782,202 1,316,742 1,422,123 
Noncontrolling interests244,495 214,925 208,137 
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 
The accompanying Notes are an integral part of these unaudited consolidated condensed financial statements.
2


Vail Resorts, Inc.
Consolidated Condensed Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
 
Three Months Ended April 30,Nine Months Ended April 30,
 2021202020212020
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 revenue888,278 693,689 1,704,139 1,881,711 
Real Estate800 398 1,369 4,784 
Total net revenue889,078 694,087 1,705,508 1,886,495 
Operating expense (exclusive of depreciation and amortization shown separately below):
Mountain and Lodging operating expense317,836 285,764 765,944 902,316 
Mountain and Lodging retail and dining cost of products sold35,937 42,663 90,435 147,533 
General and administrative73,294 60,818 210,444 227,175 
Resort operating expense427,067 389,245 1,066,823 1,277,024 
Real Estate operating expense2,023 1,128 5,088 7,926 
Total segment operating expense429,090 390,373 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 property189  189 207 
Asset impairments (Notes 2 & 7) (28,372) (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, net1,999 (380)(762)1,178 
Income from operations387,705 218,232 431,460 393,435 
Mountain equity investment income (loss), net1,011 (90)6,177 1,270 
Investment income and other, net347 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 taxes354,187 186,271 336,039 314,210 
Provision for income taxes(76,897)(26,440)(66,640)(47,190)
Net income277,290 159,831 269,399 267,020 
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 $6.17 
Cash dividends declared per share$ $1.76 $ $5.28 
The accompanying Notes are an integral part of these unaudited consolidated condensed financial statements.
3



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

Three Months Ended April 30,Nine Months Ended April 30,
 2021202020212020
Net income$277,290 $159,831 $269,399 $267,020 
Foreign currency translation adjustments, net of tax54,910 (69,235)132,167 (78,260)
Change in estimated fair value of hedging instruments3,610 (16,450)9,572 (21,013)
Comprehensive income335,810 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 
The accompanying Notes are an integral part of these unaudited consolidated condensed financial statements.
4


Vail Resorts, Inc.
Consolidated Condensed Statements of Stockholders’ Equity
(In thousands)
(Unaudited)
Common StockAdditional Paid in CapitalAccumulated Other Comprehensive (Loss) IncomeRetained EarningsTreasury StockTotal Vail Resorts, Inc. Stockholders’ EquityNoncontrolling InterestsTotal Stockholders’ Equity
Vail ResortsExchangeable
Balance, January 31, 2020$462 $1 $1,130,906 $(44,100)$717,646 $(379,433)$1,425,482 $224,716 $1,650,198 
Comprehensive income (loss):
Net income— — — — 152,546 — 152,546 7,285 159,831 
Foreign currency translation adjustments, net of tax— — — (49,026)— — (49,026)(20,209)(69,235)
Change in estimated fair value of hedging instruments— — — (16,450)— — (16,450)— (16,450)
Total comprehensive income (loss)87,070 (12,924)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)— — — (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, April 30, 2020$462 $1 $1,136,139 $(109,576)$799,508 $(404,411)$1,422,123 $208,137 $1,630,260 
Balance, January 31, 2021$465 $ $1,216,489 $8,226 $639,934 $(404,411)$1,460,703 $225,743 $1,686,446 
Comprehensive income:
Net income— — — — 274,629 — 274,629 2,661 277,290 
Foreign currency translation adjustments, net of tax— — — 38,807 — — 38,807 16,103 54,910 
Change in estimated fair value of hedging instruments— — — 3,610 — — 3,610 — 3,610 
Total comprehensive income317,046 18,764 335,810 
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)— — — (1,731)— (1,731)
Distributions to noncontrolling interests, net— — — — — — — (12)(12)
Balance, April 30, 2021$465 $ $1,220,942 $50,643 $914,563 $(404,411)$1,782,202 $244,495 $2,026,697 
5


Common StockAdditional Paid in CapitalAccumulated Other Comprehensive (Loss) IncomeRetained EarningsTreasury StockTotal Vail Resorts, Inc. Stockholders’ EquityNoncontrolling InterestsTotal Stockholders’ Equity
Vail ResortsExchangeable
Balance, July 31, 2019$461 $1 $1,130,083 $(31,730)$759,801 $(357,989)$1,500,627 $226,213 $1,726,840 
Comprehensive income (loss):
Net income— — — — 252,441 — 252,441 14,579 267,020 
Foreign currency translation adjustments, net of tax— — — (56,833)— — (56,833)(21,427)(78,260)
Change in estimated fair value of hedging instruments— — — (21,013)— — (21,013)— (21,013)
Total comprehensive income (loss)174,595 (6,848)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 taxes1 — (10,071)— — — (10,070)— (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, April 30, 2020$462 $1 $1,136,139 $(109,576)$799,508 $(404,411)$1,422,123 $208,137 $1,630,260 
Balance, July 31, 2020$464 $ $1,131,624 $(56,837)$645,902 $(404,411)$1,316,742 $214,925 $1,531,667 
Comprehensive income:
Net income— — — — 268,661 — 268,661 738 269,399 
Foreign currency translation adjustments, net of tax— — — 97,908 — — 97,908 34,259 132,167 
Change in estimated fair value of hedging instruments— — — 9,572 — — 9,572 — 9,572 
Total comprehensive income376,141 34,997 411,138 
Equity component of 0.0% Convertible Notes, net (Note 5)— — 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 taxes1 — (9,265)— — — (9,264)— (9,264)
Distributions to noncontrolling interests, net— — — — — — — (5,427)(5,427)
Balance, April 30, 2021$465 $ $1,220,942 $50,643 $914,563 $(404,411)$1,782,202 $244,495 $2,026,697 
The accompanying Notes are an integral part of these unaudited consolidated condensed financial statements.
6


Vail Resorts, Inc.
Consolidated Condensed Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended April 30,
 20212020
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 amortization189,362 186,387 
Asset impairments 28,372 
Stock-based compensation expense18,517 16,127 
Deferred income taxes, net69,063 50,027 
Other non-cash expense (income), net580 (8,605)
Changes in assets and liabilities:
Trade receivables, net(99,727)172,735 
Inventories, net30,680 (3,160)
Accounts payable and accrued liabilities86,278 (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, net14,915 (2,795)
Net cash provided by operating activities551,137 466,979 
Cash flows from investing activities:
Capital expenditures(85,595)(145,772)
Acquisition of businesses, net of cash acquired (327,555)
Other investing activities, net10,579 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 892,625 
Proceeds from borrowings under Whistler Credit Agreement21,144 202,304 
Proceeds from borrowings under 0.0% Convertible Notes575,000  
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 (212,734)
Repurchases of common stock (46,422)
Other financing activities, net(21,638)(19,034)
Net cash provided by financing activities474,316 371,374 
Effect of exchange rate changes on cash, cash equivalents and restricted cash3,863 2,851 
Net increase in cash, cash equivalents and restricted cash954,300 374,726 
Cash, cash equivalents and restricted cash:
Beginning of period402,086 118,389 
End of period$1,356,386 $493,115 
Non-cash investing activities:
Accrued capital expenditures$7,299 $11,727 
The accompanying Notes are an integral part of these unaudited consolidated condensed financial statements.
7


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

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

The Company refers to “Resort” as the combination of the Mountain and Lodging segments. In the Mountain segment, the Company operates the following thirty-seven destination mountain resorts and regional ski areas:

https://cdn.kscope.io/618e0817f7b4205862cb570598f07e58-mtn-20210430_g2.jpg

*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.

8


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

2.     Summary of Significant Accounting Policies
Basis of Presentation
Consolidated Condensed Financial Statements — In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year, particularly given the significant seasonality to the Company’s operating cycle. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 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).
9


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 ValueEstimated 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.

3.     Revenues
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.
10


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,
 2021202020212020
Mountain net revenue:
Lift$577,680 $374,818 $1,041,546 $900,995 
Ski School80,390 76,563 138,824 187,840 
Dining45,294 61,632 80,172 158,980 
Retail/Rental91,286 78,133 203,718 259,761 
Other34,533 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 revenue800 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.

11


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.

4.    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,
 20212020
 BasicDilutedBasicDiluted
Net income per share:
Net income attributable to Vail Resorts$274,629 $274,629 $152,546 $152,546 
Weighted-average Vail Shares outstanding40,262 40,262 40,183 40,183 
Weighted-average Exchangeco Shares outstanding34 34 54 54 
Total Weighted-average shares outstanding40,296 40,296 40,237 40,237 
Effect of dilutive securities— 600 — 507 
Total shares40,296 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