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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, 2024
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/4de6a6de75c763ec0c564fae5b2f8eec-vaila07.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, 2024, 37,624,016 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.

1


Vail Resorts, Inc.
Consolidated Condensed Balance Sheets
(In thousands, except per share amounts)
(Unaudited)
April 30, 2024July 31, 2023April 30, 2023
Assets
Current assets:
Cash and cash equivalents$705,429 $562,975 $896,089 
Restricted cash11,458 10,118 22,544 
Trade receivables, net342,920 381,067 351,597 
Inventories, net107,815 132,548 103,606 
Other current assets63,578 121,403 108,592 
Total current assets1,231,200 1,208,111 1,482,428 
Property, plant and equipment, net (Note 7)
2,288,755 2,371,557 2,370,273 
Real estate held for sale or investment86,568 90,207 90,078 
Goodwill, net (Note 7)
1,676,610 1,720,344 1,694,033 
Intangible assets, net299,347 309,345 306,519 
Operating right-of-use assets186,924 192,289 199,990 
Other assets39,332 55,901 56,130 
Total assets$5,808,736 $5,947,754 $6,199,451 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities (Note 7)
$851,503 $978,021 $868,369 
Income taxes payable120,706 83,514 49,022 
Long-term debt due within one year (Note 5)
68,470 69,160 68,970 
Total current liabilities1,040,679 1,130,695 986,361 
Long-term debt, net (Note 5)
2,700,257 2,750,675 2,773,747 
Operating lease liabilities154,880 168,326 174,363 
Other long-term liabilities306,223 286,261 264,243 
Deferred income taxes, net284,665 276,137 401,240 
Total liabilities4,486,704 4,612,094 4,599,954 
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, 46,855, 46,798 and 46,797 shares issued, respectively
469 468 468 
Additional paid-in capital1,139,089 1,124,433 1,118,221 
Accumulated other comprehensive loss(64,640)(10,358)(42,434)
Retained earnings1,039,023 873,710 1,080,972 
Treasury stock, at cost, 9,231, 8,648 and 8,243 shares, respectively (Note 11)
(1,110,433)(984,306)(883,309)
Total Vail Resorts, Inc. stockholders’ equity1,003,508 1,003,947 1,273,918 
Noncontrolling interests318,524 331,713 325,579 
Total stockholders’ equity 1,322,032 1,335,660 1,599,497 
Total liabilities and stockholders’ equity$5,808,736 $5,947,754 $6,199,451 
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,
 2024202320242023
Net revenue:
Mountain and Lodging services and other$1,098,619 $1,054,134 $2,186,506 $2,166,357 
Mountain and Lodging retail and dining 184,494 184,142 428,681 445,272 
Resort net revenue1,283,113 1,238,276 2,615,187 2,611,629 
Real Estate169 155 4,618 7,967 
Total net revenue1,283,282 1,238,431 2,619,805 2,619,596 
Operating expense (exclusive of depreciation and amortization shown separately below):
Mountain and Lodging operating expense471,182 462,613 1,200,928 1,212,115 
Mountain and Lodging retail and dining cost of products sold64,439 63,575 161,023 174,091 
General and administrative94,214 88,860 314,953 304,275 
Resort operating expense629,835 615,048 1,676,904 1,690,481 
Real Estate operating expense1,258 1,679 8,115 9,371 
Total segment operating expense631,093 616,727 1,685,019 1,699,852 
Other operating (expense) income:
Depreciation and amortization(68,486)(69,097)(204,613)(199,700)
Gain on sale of real property 88 6,285 845 
Change in estimated fair value of contingent consideration (Note 8)
(36,500)(45,900)(42,957)(47,636)
Loss on disposal of fixed assets and other, net(571)(6,269)(3,372)(8,055)
Income from operations546,632 500,526 690,129 665,198 
Mountain equity investment income, net1,093 94 1,373 482 
Investment income and other, net5,096 7,740 13,643 17,734 
Foreign currency loss on intercompany loans (Note 5)
(2,305)(1,766)(4,230)(5,563)
Interest expense, net(39,853)(39,139)(121,168)(112,811)
Income before provision for income taxes510,663 467,455 579,747 565,040 
Provision for income taxes(129,280)(124,289)(151,606)(145,315)
Net income381,383 343,166 428,141 419,725 
Net income attributable to noncontrolling interests(19,388)(18,160)(22,359)(23,011)
Net income attributable to Vail Resorts, Inc.$361,995 $325,006 $405,782 $396,714 
Per share amounts (Note 4):
Basic net income per share attributable to Vail Resorts, Inc.$9.57 $8.20 $10.69 $9.90 
Diluted net income per share attributable to Vail Resorts, Inc.$9.54 $8.18 $10.66 $9.87 
Cash dividends declared per share$2.22 $2.06 $6.34 $5.88 
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,
 2024202320242023
Net income$381,383 $343,166 $428,141 $419,725 
Foreign currency translation adjustments, net of tax(50,734)(36,633)(71,946)(71,973)
Change in estimated fair value of hedging instruments, net of tax(2,147)(1,920)(8,209)3,300 
Comprehensive income328,502 304,613 347,986 351,052 
Comprehensive (income) loss attributable to noncontrolling interests(1,309)(13,476)3,514 (7,695)
Comprehensive income attributable to Vail Resorts, Inc.$327,193 $291,137 $351,500 $343,357 
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 LossRetained EarningsTreasury StockTotal Vail Resorts, Inc. Stockholders’ EquityNoncontrolling InterestsTotal Stockholders’ Equity
Vail Resorts
Balance, January 31, 2023$468 $1,112,519 $(8,565)$837,573 $(479,417)$1,462,578 $314,773 $1,777,351 
Comprehensive income:
Net income— — — 325,006 — 325,006 18,160 343,166 
Foreign currency translation adjustments, net of tax— — (31,949)— — (31,949)(4,684)(36,633)
Change in estimated fair value of hedging instruments, net of tax— — (1,920)— — (1,920)— (1,920)
Total comprehensive income291,137 13,476 304,613 
Stock-based compensation expense— 5,873 — — — 5,873 — 5,873 
Issuance of shares under share award plans, net of shares withheld for employee taxes (171)— — — (171)— (171)
Repurchases of common stock (Note 11)— — — — (403,892)(403,892)— (403,892)
Dividends (Note 4)— — — (81,607)— (81,607)— (81,607)
Distributions to noncontrolling interests, net— — — — — — (2,670)(2,670)
Balance, April 30, 2023$468 $1,118,221 $(42,434)$1,080,972 $(883,309)$1,273,918 $325,579 $1,599,497 
Balance, January 31, 2024$469 $1,133,275 $(29,838)$760,820 $(1,034,822)$829,904 $320,761 $1,150,665 
Comprehensive income:
Net income— — — 361,995 — 361,995 19,388 381,383 
Foreign currency translation adjustments, net of tax— — (32,655)— — (32,655)(18,079)(50,734)
Change in estimated fair value of hedging instruments, net of tax— — (2,147)— — (2,147)— (2,147)
Total comprehensive income327,193 1,309 328,502 
Stock-based compensation expense— 6,119 — — — 6,119 — 6,119 
Issuance of shares under share award plans, net of shares withheld for employee taxes (305)— — — (305)— (305)
Repurchases of common stock (Note 11)— — — — (75,611)(75,611)— (75,611)
Dividends (Note 4)— — — (83,792)— (83,792)— (83,792)
Distributions to noncontrolling interests, net— — — — — — (3,546)(3,546)
Balance, April 30, 2024$469 $1,139,089 $(64,640)$1,039,023 $(1,110,433)$1,003,508 $318,524 $1,322,032 


5



Common StockAdditional Paid in CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal Vail Resorts, Inc. Stockholders’ EquityNoncontrolling InterestsTotal Stockholders’ Equity
Vail Resorts
Balance, July 31, 2022$467 $1,184,577 $10,923 $895,889 $(479,417)$1,612,439 $235,045 $1,847,484 
Comprehensive income:
Net income— — — 396,714 — 396,714 23,011 419,725 
Foreign currency translation adjustments, net of tax— — (56,657)— — (56,657)(15,316)(71,973)
Change in estimated fair value of hedging instruments, net of tax— — 3,300 — — 3,300 — 3,300 
Total comprehensive income343,357 7,695 351,052 
Stock-based compensation expense— 19,062 — — — 19,062 — 19,062 
Issuance of shares under share award plans, net of shares withheld for employee taxes1 (5,352)— — — (5,351)— (5,351)
Repurchases of common stock (Note 11)
— — — — (403,892)(403,892)— (403,892)
Dividends (Note 4)— — — (235,654)— (235,654)— (235,654)
Cumulative effect of adoption of ASU 2020-06— (80,066)— 24,023 — (56,043)— (56,043)
Estimated acquisition date fair value of noncontrolling interests (Note 6)— — — — — — 91,524 91,524 
Distributions to noncontrolling interests, net— — — — — — (8,685)(8,685)
Balance, April 30, 2023$468 $1,118,221 $(42,434)$1,080,972 $(883,309)$1,273,918 $325,579 $1,599,497 
Balance, July 31, 2023$468 $1,124,433 $(10,358)$873,710 $(984,306)$1,003,947 $331,713 $1,335,660 
Comprehensive income (loss):
Net income— — — 405,782 — 405,782 22,359 428,141 
Foreign currency translation adjustments, net of tax— — (46,073)— — (46,073)(25,873)(71,946)
Change in estimated fair value of hedging instruments, net of tax— — (8,209)— — (8,209)— (8,209)
Total comprehensive income (loss)351,500 (3,514)347,986 
Stock-based compensation expense— 20,251 — — — 20,251 — 20,251 
Issuance of shares under share award plans, net of shares withheld for employee taxes1 (5,595)— — — (5,594)— (5,594)
Repurchases of common stock (Note 11)
— — — — (126,127)(126,127)— (126,127)
Dividends (Note 4)
— — — (240,469)— (240,469)— (240,469)
Distributions to noncontrolling interests, net— — — — — — (9,675)(9,675)
Balance, April 30, 2024$469 $1,139,089 $(64,640)$1,039,023 $(1,110,433)$1,003,508 $318,524 $1,322,032 
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,
 20242023
Cash flows from operating activities:
Net income$428,141 $419,725 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization204,613 199,700 
Stock-based compensation expense20,251 19,062 
Provision for income taxes151,606 145,315 
Change in estimated fair value of contingent consideration42,957 47,636 
Other non-cash income, net(3,526)(6,270)
Changes in assets and liabilities:
Trade receivables, net36,904 32,665 
Inventories, net23,607 4,850 
Accounts payable and accrued liabilities1,463 (2,183)
Deferred revenue(121,612)(62,017)
Income taxes payable(95,771)(63,551)
Other assets and liabilities, net(7,619)(8,049)
Net cash provided by operating activities681,014 726,883 
Cash flows from investing activities:
Capital expenditures(155,111)(261,259)
Return of deposit for acquisition of business 114,506 
Acquisition of business, net of cash acquired (38,567)
Investments in short-term deposits (86,756)
Maturity of short-term deposits57,647 37,978 
Other investing activities, net6,577 12,838 
Net cash used in investing activities(90,887)(221,260)
Cash flows from financing activities:
Repayments of borrowings under Vail Holdings Credit Agreement(46,875)(46,875)
Employee taxes paid for share award exercises(5,594)(5,352)
Dividends paid(240,469)(235,654)
Repurchases of common stock(125,000)(400,000)
Other financing activities, net(15,497)(15,295)
Net cash used in financing activities(433,435)(703,176)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(12,898)(9,921)
Net increase (decrease) in cash, cash equivalents and restricted cash143,794 (207,474)
Cash, cash equivalents and restricted cash:
Beginning of period573,093 1,126,107 
End of period$716,887 $918,633 
Non-cash investing activities:
Accrued capital expenditures$13,631 $20,099 
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 reportable 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 42 destination mountain resorts and regional ski areas, including Crans-Montana Mountain Resort, which was acquired subsequent to April 30, 2024, as discussed below.

MAPUPDATE_20240510 (1).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”) concessioner properties including the Grand Teton Lodge Company, which operates destination resorts in Grand Teton National Park; a Colorado resort ground transportation company and mountain resort golf courses.

The Company’s Real Estate segment primarily owns, develops and sells real estate in and around the Company’s resort communities.
The Company’s mountain business and its lodging properties at or around the Company’s mountain resorts are seasonal in nature, and typically experience their peak operating seasons primarily from mid-December through mid-April in North America and Europe. The peak operating season at the Company’s Australian resorts, NPS concessioner properties and golf courses generally occurs from June to early October.

Acquisition of Crans-Montana Mountain Resort
On May 2, 2024, the Company acquired Crans-Montana Mountain Resort (“Crans-Montana”) in Switzerland from CPI Property Group. The Company acquired (i) an 84% ownership stake in Remontées Mécaniques Crans Montana Aminona SA, which controls and operates all of the lifts and supporting mountain operations, including four retail and rental locations; (ii)
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100% ownership of SportLife AG (increased from the previously announced ownership stake of 80%), which operates one of the ski schools located at the resort; and (iii) 100% ownership of 11 restaurants located on and around the mountain. See Note 12, Subsequent Events for additional information.

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, 2023. 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, 2023 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.
Fair Value of Financial Instruments — 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 the NRP Loan (both as defined in Note 5, Long-Term Debt) have been estimated using analyses based on current borrowing rates for comparable debt instruments with similar maturity dates (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 NRP Loan as of April 30, 2024 are presented below (in thousands):
April 30, 2024
Carrying ValueEstimated Fair Value
6.25% Notes$600,000 $600,678 
0.0% Convertible Notes$575,000 $522,600 
EPR Secured Notes$131,300 $173,636 
NRP Loan$35,623 $29,043 
The carrying values for all other financial instruments not included in the above table approximate their respective fair value due to their short-term nature or the variable nature of their associated interest rates.
Recently Issued Accounting Standards
Standards Being Evaluated
In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosures, primarily through incorporating enhanced segment disclosure requirements set forth by the Securities and Exchange Commission into U.S. GAAP. The enhanced disclosures will primarily require public entities to include specific disclosures regarding “significant expenses” that are regularly provided to or easily computed from information provided to the chief operating decision maker (“CODM”) and included within segment profit and loss. This ASU also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 (the Company’s fiscal year ending July 31, 2025), and interim periods within fiscal years beginning after December 15, 2024 (the Company’s fiscal quarter ending October 31, 2025), with early adoption permitted. The Company will adopt the standard during the fourth quarter of its fiscal year ending July 31, 2025 and is in the process of evaluating the effect that the adoption of this standard will have on its Consolidated Condensed Financial Statements.

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In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which includes amendments that further enhance the transparency and decision usefulness of income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This update is effective for annual periods beginning after December 15, 2024 (the Company’s fiscal year ending July 31, 2026), though early adoption is permitted. The Company is in the process of evaluating the effect that the adoption of this standard will have on its Consolidated Condensed Financial Statements, including determining the timing of adoption.

3.     Revenues
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, 2024 and 2023 (in thousands):
Three Months Ended April 30,Nine Months Ended April 30,
 2024202320242023
Mountain net revenue:
Lift$745,677 $710,052 $1,394,526 $1,362,195 
Ski School161,248 145,134 295,055 277,512 
Dining109,471 101,683 209,608 206,953 
Retail/Rental123,262 135,008 292,892 335,284 
Other56,400 52,853 176,413 177,945 
Total Mountain net revenue$1,196,058 $1,144,730 $2,368,494 $2,359,889 
Lodging net revenue:
Owned hotel rooms$14,978 $15,091 $53,738 $52,135 
Managed condominium rooms35,390 38,409 75,701 82,604 
Dining 14,482 15,422 46,174 45,435 
Transportation7,150 6,924 15,060 14,272 
Golf  6,541 6,072 
Other10,230 12,380 36,700 37,235 
82,230 88,226 233,914 237,753 
Payroll cost reimbursements4,825 5,320 12,779 13,987 
Total Lodging net revenue $87,055 $93,546 $246,693 $251,740 
Total Resort net revenue$1,283,113 $1,238,276 $2,615,187 $2,611,629 
Total Real Estate net revenue169 155 4,618 7,967 
Total net revenue$1,283,282 $1,238,431 $2,619,805 $2,619,596 

Contract Balances
Deferred revenue balances of a short-term nature were $448.8 million and $572.6 million as of April 30, 2024 and July 31, 2023, respectively. For the three and nine months ended April 30, 2024, the Company recognized approximately $233.9 million and $529.0 million, respectively, of revenue that was included in the deferred revenue balance as of July 31, 2023. Deferred revenue balances of a long-term nature, comprised primarily of long-term private club initiation fee revenue, were $106.7 million, $109.7 million and $111.4 million as of April 30, 2024, July 31, 2023 and April 30, 2023, respectively. As of April 30, 2024, the weighted average remaining period over which revenue for unsatisfied performance obligations on long-term private club contracts will be recognized was approximately 15 years.

Costs to Obtain Contracts with Customers
Costs to obtain contracts with customers are recorded within other current assets on the Company’s Consolidated Condensed Balance Sheets, and were $2.3 million, $5.1 million and $3.0 million as of April 30, 2024, July 31, 2023 and April 30, 2023, respectively. The amounts capitalized are subject to amortization commensurate with the recognition of revenue for related pass products. The Company recorded amortization of $13.9 million and $27.8 million, respectively, for these costs during the three and nine months ended April 30, 2024, which was recorded within Mountain and Lodging operating expense on the Company’s
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Consolidated Condensed Statements of Operations. The Company recorded amortization of $12.3 million and $24.6 million, respectively, for these costs during the three and nine months ended April 30, 2023.

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”), redeemable preferred shares of the Company’s wholly-owned Canadian subsidiary Whistler Blackcomb Holdings Inc. (“Exchangeco Shares”) or cash (or a combination thereof). Effective September 26, 2022, all Exchangeco Shares had been exchanged for Vail Shares. Both Vail Shares and Exchangeco Shares have a par value of $0.01 per share, and Exchangeco Shares, while they were outstanding, were substantially the economic equivalent of the Vail Shares. The Company’s calculation of weighted-average shares outstanding as of April 30, 2023 included the Exchangeco Shares, but there were no Exchangeco Shares that remained outstanding as of April 30, 2023.

Presented below is basic and diluted EPS for the three months ended April 30, 2024 and 2023 (in thousands, except per share amounts):
 Three Months Ended April 30,
 20242023
 BasicDilutedBasicDiluted
Net income per share:
Net income attributable to Vail Resorts$361,995 $361,995 $325,006 $325,006 
Weighted-average Vail Shares outstanding37,839 37,839 39,620 39,620 
Effect of dilutive securities— 97 — 104 
Total shares37,839 37,936 39,620 39,724 
Net income per share attributable to Vail Resorts$9.57 $9.54 $8.20 $8.18 
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 11,000 and 24,000 for the three months ended April 30, 2024 and 2023, respectively.

Presented below is basic and diluted EPS for the nine months ended April 30, 2024 and 2023 (in thousands, except per share amounts):
 Nine Months Ended April 30,
 20242023
 BasicDilutedBasicDiluted
Net income per share:
Net income attributable to Vail Resorts$405,782 $405,782 $396,714 $396,714 
Weighted-average Vail Shares outstanding37,974 37,974 40,081 40,081 
Weighted-average Exchangeco Shares outstanding  1 1 
Total Weighted-average shares outstanding37,974 37,974 40,082 40,082 
Effect of dilutive securities— 93 — 98 
Total shares37,974 38,067 40,082 40,180 
Net income per share attributable to Vail Resorts$10.69 $10.66 $9.90 $9.87 
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 16,000 and 25,000 for the nine months ended April 30, 2024 and 2023 respectively.

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In December 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 if-converted method to calculate the impact of convertible instruments on diluted EPS when the instruments may be settled in cash or shares. If the conversion value of the 0.0% Convertible Notes exceeds their conversion price, then the Company will calculate its diluted EPS as if all the notes were converted into common stock at the beginning of the period. 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 conversion price 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, 2024 and 2023, the price of Vail Shares did not exceed the conversion price and therefore there was no impact to diluted EPS during those periods.

Dividends
During the three and nine months ended April 30, 2024, the Company paid cash dividends of $2.22 and $6.34 per share, respectively ($83.8 million and $240.5 million, respectively). During the three and nine months ended April 30, 2023, the Company paid cash dividends of $2.06 and $5.88 per share, respectively ($81.6 million and $235.7 million), respectively. On June 5, 2024, the Company’s Board of Directors approved a cash dividend of $2.22 per share payable on July 10, 2024 to stockholders of record as of June 25, 2024.

5.    Long-Term Debt
Long-term debt, net as of April 30, 2024, July 31, 2023 and April 30, 2023 is summarized as follows (in thousands):
MaturityApril 30, 2024July 31, 2023April 30, 2023
Vail Holdings Credit Agreement term loan (a)
2029$968,750 $1,015,625 $1,031,250 
Vail Holdings Credit Agreement revolver (a)
2029   
6.25% Notes (b)
2025600,000 600,000 600,000 
0.0% Convertible Notes (c)
2026575,000 575,000 575,000 
Whistler Credit Agreement revolver (d)
2028  11,075 
EPR Secured Notes (e)
2034-2036
114,162 114,162 114,162 
NRP Loan203635,429 40,399 39,437 
Employee housing bonds
2027-2039
52,575 52,575 52,575 
Canyons obligation2063367,704 363,386 361,941 
Whistler Blackcomb employee housing leases204228,045 29,491 28,770 
Other
2024-2036
30,970 35,011 35,371 
Total debt2,772,635 2,825,649 2,849,581 
Less: Unamortized premiums, discounts and debt issuance costs3,908 5,814 6,864 
Less: Current maturities (f)
68,470 69,160 68,970 
Long-term debt, net$2,700,257 $2,750,675 $2,773,747 

(a)On April 24, 2024, Vail Holdings, Inc., which is a wholly-owned subsidiary of the Company, along with other certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent, and certain Lenders entered into the Ninth Amended and Restated Credit Agreement (the “Vail Holdings Credit Agreement”). The amended Vail Holdings Credit Agreement extended the maturity date for the outstanding term loan and currently undrawn revolver facility to the earlier of (i) April 24, 2029 and (ii) the date that is ninety days prior to the maturity of the Company’s 6.25% Notes due 2025, so long as such notes remain outstanding. As described below, the Company’s 6.25% Notes were repaid on May 15, 2024, and as a result, the maturity date under the amended Vail Holdings Credit Agreement is April 24, 2029. No other material terms of the Vail Holdings Credit Agreement were altered.

As of April 30, 2024, the Vail Holdings Credit Agreement consists of a $500.0 million revolving credit facility and a $968.8 million outstanding term loan. The term loan is subject to quarterly amortization of principal of approximately $15.6 million, 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 is due upon maturity in April 2029. The proceeds of the loans made under the Vail Holdings Credit Agreement may be used to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. Borrowings under the Vail Holdings Credit Agreement, including the term loan, bear interest annually at the Secured
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Overnight Financing Rate (“SOFR”) plus a spread of 1.60% as of April 30, 2024 (6.92% as of April 30, 2024). 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 (0.30% as of April 30, 2024). The Company is party to various interest rate swap agreements which hedge the cash flows associated with the SOFR-based variable interest rate component of $400.0 million in principal amount of its Vail Holdings Credit Agreement until September 23, 2024, at an effective rate of 1.38%.

(b)On April 29, 2024, the Company provided a notice of redemption to the trustee and holders of the 6.25% Notes of its election to redeem the full amount of the $600.0 million outstanding 6.25% Notes on May 15, 2024 at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest. The redemption was funded with the net proceeds from the Company’s offering of $600.0 million aggregate principal amount of 6.50% senior notes due 2032, which closed on May 8, 2024, in addition to cash on hand (see Note 13, Subsequent Events, for additional information). As of April 30, 2024, the obligation for the 6.25% Notes is excluded from current maturities as the Company had the intent and ability to refinance the short-term obligation to a long-term obligation, as demonstrated by the successful closing of the 6.50% senior notes due 2032, which closed on May 8, 2024.

(c)The Company issued $575.0 million in aggregate principal amount of 0.0% Convertible Notes due 2026 (the “0.0% Convertible Notes) under an indenture dated December 18, 2020. As of April 30, 2024, the conversion price of the 0.0% Convertible Notes, adjusted for cash dividends paid since the issuance date, was $373.92.

(d)Whistler Mountain Resort Limited Partnership (“Whistler LP”) and Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP” and together with Whistler LP, the “WB Partnerships”) are party to a credit agreement consisting of a C$300.0 million credit facility which was most recently amended on April 14, 2023, by and among Whistler LP, Blackcomb LP, certain subsidiaries of Whistler LP and Blackcomb LP party thereto as guarantors, the financial institutions party thereto as lenders and The Toronto-Dominion Bank, as administrative agent. The Whistler Credit Agreement has a maturity date of April 14, 2028 and uses rates based on SOFR with regard to borrowings under the facility made in U.S. dollars. As of April 30, 2024, there were no borrowings under the Whistler Credit Agreement. The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of April 30, 2024 is equal to 0.39% per annum.

(e)In September 2019, in conjunction with the acquisition of Peak Resorts, Inc. (“Peak Resorts”), 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, 2024, interest on this note accrued at a rate of 11.90%.
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, 2024, interest on this note accrued at a rate of 11.41%.
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, 2024, interest on this note accrued at a rate of 11.41%.
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, 2024, interest on this note accrued at a rate of 12.50%.
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, 2024, interest on this note accrued at a rate of 9.19%.
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.

(f)Current maturities represent principal payments due in the next 12 months.
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Aggregate maturities of debt outstanding as of April 30, 2024 reflected by fiscal year (August 1 through July 31) are as follows (in thousands):
Total
2024 (May 2024 through July 2024)$16,622 
2025 (1)
675,701 
2026643,492 
202785,476 
202867,110 
Thereafter1,284,234 
Total debt
$2,772,635 
(1) The 6.25% Notes were redeemed on May 15, 2024 at a price equal to 100% of their principal amount primarily utilizing net proceeds from the Company’s offering of $600.0 million aggregate principal amount of 6.50% senior notes due 2032, which closed on May 8, 2024.

The Company recorded interest expense of $39.9 million and $39.1 million for the three months ended April 30, 2024 and 2023, respectively, of which $1.6 million and $1.7 million, respectively, was amortization of deferred financing costs. The Company recorded interest expense of $121.2 million and $112.8 million for the nine months ended April 30, 2024 and 2023, respectively, of which $4.9 million was amortization of deferred financing costs in both periods. The Company was in compliance with all of its financial and operating covenants required to be maintained under its debt instruments for all periods presented.

In connection with the acquisition of Whistler Blackcomb, VHI funded a portion of the purchase price through an intercompany loan to Whistler Blackcomb, which was effective as of November 1, 2016, and requires foreign currency remeasurement to Canadian dollars, the functional currency for Whistler Blackcomb. As a result, foreign currency fluctuations associated with the loan are recorded within the Company’s results of operations. The Company recognized approximately $2.3 million and $4.2 million of non-cash foreign currency losses on the intercompany loan to Whistler Blackcomb for the three and nine months ended April 30, 2024, respectively, on the Company’s Consolidated Condensed Statements of Operations. The Company recognized approximately $1.8 million and $5.6 million of non-cash foreign currency losses on the intercompany loan to Whistler Blackcomb for the three and nine months ended April 30, 2023, respectively, on the Company’s Consolidated Condensed Statements of Operations.

6.    Acquisitions
Andermatt-Sedrun
On August 3, 2022, through a wholly-owned subsidiary, the Company acquired a 55% controlling interest in Andermatt-Sedrun Sport AG (“Andermatt-Sedrun”) from Andermatt Swiss Alps AG (“ASA”). The consideration paid consisted of an investment of $114.4 million (CHF 110.0 million) into Andermatt-Sedrun for use in capital investments to enhance the guest experience on mountain (which was prepaid to fund the acquisition and was recorded in other current assets on the Company’s Consolidated Condensed Balance Sheet as of July 31, 2022) and $41.3 million (CHF 39.3 million) paid to ASA (which was paid on August 3, 2022, commensurate with closing). As of August 3, 2022 the total fair value of the consideration paid was $155.4 million (CHF 149.3 million).
Andermatt-Sedrun operates mountain and ski-related assets, including lifts, most of the restaurants and a ski school operation at the ski area. Ski operations are conducted on land owned by ASA as freehold or leasehold properties, land owned by Usern Corporation, land owned by the municipality of Tujetsch and land owned by private property owners. ASA retained a 40% ownership stake, with a group of existing shareholders comprising the remaining 5% ownership stake. ASA and the other noncontrolling economic interests contain certain protective rights pursuant to a shareholder agreement (the “Andermatt Agreement”) and no ability to participate in the day-to-day operations of Andermatt-Sedrun. The Andermatt Agreement provides that no dividend distributions be made by Andermatt-Sedrun until the end of the fiscal year ending July 31, 2026, after which time there shall be annual distributions of 50% of the available cash (as defined in the Andermatt Agreement) for the most recently completed fiscal year. In addition, the distribution rights are non-transferable and transfer of the noncontrolling interests are limited.
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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
Total cash consideration paid by Vail Resorts, Inc.$155,365 
Estimated fair value of noncontrolling interests91,524 
Total estimated purchase consideration$246,889 
Allocation of total estimated purchase consideration:
Current assets$119,867 
Property, plant and equipment176,805 
Goodwill3,368 
Identifiable intangible assets and other assets7,476 
Assumed long-term debt(44,130)
Other liabilities(16,497)
Net assets acquired$246,889 
Identifiable intangible assets acquired in the transaction were primarily related to a trade name. 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 resort and other factors, and is not expected to be deductible for income tax purposes. The operating results of Andermatt-Sedrun are reported within the Mountain segment prospectively from the date of acquisition.

7.    Supplementary Balance Sheet Information
The composition of property, plant and equipment follows (in thousands):
April 30, 2024July 31, 2023April 30, 2023
Land and land improvements$797,472 $796,730 $791,854 
Buildings and building improvements1,643,890 1,643,517 1,636,957 
Machinery and equipment1,907,830 1,792,378 1,784,197 
Furniture and fixtures319,342 298,725 334,173 
Software165,189 152,033 153,651 
Vehicles92,282 87,298 87,110 
Construction in progress78,509 134,113 105,729 
Gross property, plant and equipment5,004,514 4,904,794 4,893,671 
Accumulated depreciation(2,715,759)(2,533,237)(2,523,398)
Property, plant and equipment, net$2,288,755 $2,371,557 $2,370,273 

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The composition of accounts payable and accrued liabilities follows (in thousands):
April 30, 2024July 31, 2023April 30, 2023
Trade payables$103,451 $148,521 $114,164 
Deferred revenue448,760 572,602 448,321 
Accrued salaries, wages and deferred compensation52,604 38,908 50,931 
Accrued benefits64,801 60,466 54,631 
Deposits44,973 37,798 40,326 
Operating lease liabilities39,207 36,904 37,046 
Other liabilities97,707 82,822 122,950 
Total accounts payable and accrued liabilities$851,503 $978,021 $868,369 

The changes in the net carrying amount of goodwill by segment for the nine months ended April 30, 2024 are as follows (in thousands):
MountainLodgingGoodwill, net
Balance at July 31, 2023$1,675,338 $45,006 $1,720,344 
Effects of changes in foreign currency exchange rates(43,734) (43,734)
Balance at April 30, 2024$1,631,604 $45,006 $1,676,610 

8.    Fair Value Measurements
The Company utilizes 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.

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The table below summarizes the Company’s cash equivalents, restricted cash, other current assets, interest rate swaps and Contingent Consideration (defined below) 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, 2024
DescriptionTotalLevel 1Level 2Level 3
Assets:
Money Market$114,570 $114,570 $— $— 
Commercial Paper$2,401 $— $2,401 $— 
Certificates of Deposit$136,533 $— $136,533 $— 
Interest Rate Swaps$6,268 $— $6,268 $— 
Liabilities:
Contingent Consideration $99,200 $— $— $99,200 
 Estimated Fair Value Measurement as of July 31, 2023
DescriptionTotalLevel 1Level 2Level 3
Assets:
Money Market$170,872 $170,872 $— $— 
Commercial Paper$2,401 $— $2,401 $— 
Certificates of Deposit$144,365 $— $144,365 $— 
Interest Rate Swaps$17,229 $— $17,229 $— 
Liabilities:
Contingent Consideration $73,300 $— $— $73,300 
 Estimated Fair Value Measurement as of April 30, 2023
DescriptionTotalLevel 1Level 2Level 3
Assets:
Money Market$519,010 $519,010 $— $— 
Commercial Paper$2,401 $— $2,401 $— 
Certificates of Deposit$107,590 $— $107,590 $— 
Interest Rate Swaps$16,707 $— $16,707 $— 
Liabilities:
Contingent Consideration$71,100 $— $— $71,100 

The Company’s cash equivalents, restricted cash, 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 current assets on the Company’s Consolidated Condensed Balance Sheet as of April 30, 2024 and included within other assets as of July 31, 2023 and April 30, 2023.

The changes in Contingent Consideration during the nine months ended April 30, 2024 and 2023 were as follows (in thousands):
Balance as of July 31, 2023 and 2022, respectively$73,300 $42,400 
Payments(17,057)(18,936)
Change in estimated fair value42,957 47,636 
Balance as of April 30, 2024 and 2023, respectively$99,200 $71,100 
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 upon the Company’s acquisition of the resort, with such threshold amount subsequently increased annually by an inflation linked index and an adjustment equal to 10% of any capital improvements or investments made under the lease by the Company. Contingent Consideration is classified as a liability, which is remeasured to fair value at each reporting date until the contingency is resolved.
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The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. The estimated fair value of Contingent Consideration includes 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 annual growth factor and discounted to present value. Other significant assumptions included a discount rate of 11.1%, and volatility of 14.5%, which together with future period Park City EBITDA, are all unobservable inputs and thus are considered Level 3 inputs. During the nine months ended April 30, 2024, the Company made a payment to the landlord for Contingent Consideration of approximately $17.1 million.
During the nine months ended April 30, 2024, the Company observed a continued trend of improved performance relative to expectations, which were based on an average of historical results that the Company calculated in the prior year. Accordingly, the Company performed a reassessment of its long-term EBITDA assumptions used to estimate the fair value of the liability by updating the average of historical results used to estimate future year EBITDA performance, to include forecasted results for the year ending July 31, 2024. As a result, the Company recorded an increase in the liability of approximately $43.0 million which was primarily related to an increase in expected long-term EBITDA performance for Park City as well as the expected payment to be made in October 2024 for the resort’s performance for the year ending July 31, 2024. Future period EBITDA performance for Park City may differ significantly from these estimates, which could have a material impact on the estimated fair value of the Contingent Consideration liability.
The estimated fair value of the Contingent Consideration is approximately $99.2 million, which is reflected in accounts payable and other long-term liabilities in the Company’s Consolidated Condensed Balance Sheet as of April 30, 2024. 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 of the resort would result in a change in the estimated fair value within the range of approximately $14.6 million to $20.1 million.

9.    Commitments and Contingencies
Guarantees/Indemnifications
As of April 30, 2024, the Company had various letters of credit outstanding totaling $94.6 million, consisting of $53.4 million to support the Employee Housing Bonds; $6.4 million to support bonds issued by Holland Creek Metropolitan District; and $34.8 million primarily for workers’ compensation, a wind energy purchase agreement and insurance-related deductibles. The Company also had surety bonds of $9.5 million as of April 30, 2024, 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.
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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, 2024, July 31, 2023 and April 30, 2023, the accruals for the above loss contingencies were not material individually or in the aggregate.

10.    Segment Information
The Company has three reportable segments: Mountain, Lodging and Real Estate. The Company refers to “Resort” as the combination of the Mountain and Lodging segments. The Mountain segment includes the operations of the Company’s mountain resorts/ski areas and related ancillary activities. The Lodging segment includes the operations of the Company’s owned hotels, RockResorts, NPS concessioner 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 segment equity investment income or loss, and for the Real Estate segment, plus gain or loss on sale of real property). The Company reports segment results in a manner consistent with management’s internal reporting of operating results to the chief operating decision maker (Chief Executive Officer) for purposes of evaluating segment performance.
Items excluded from Reported EBITDA are significant components in understanding and assessing financial performance. Reported EBITDA should not be considered in isolation or as an alternative to, or substitute for, net income, net change in cash and cash equivalents or other financial statement data presented in the accompanying Consolidated Condensed Financial Statements as indicators of financial performance or liquidity.
The Company utilizes Reported EBITDA in evaluating the performance of the Company and in allocating resources to its segments. Mountain Reported EBITDA consists of Mountain net revenue less Mountain operating expense plus 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 accounting policies specific to each segment are the same as those described in Note 2, Summary of Significant Accounting Policies.

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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,
 2024202320242023
Net revenue:
Mountain$1,196,058 $1,144,730 $2,368,494 $2,359,889 
Lodging87,055 93,546 246,693 251,740 
Total Resort net revenue1,283,113 1,238,276 2,615,187 2,611,629 
Real Estate169 155 4,618 7,967 
Total net revenue$1,283,282 $1,238,431 $2,619,805 $2,619,596 
Segment operating expense:
Mountain$558,564 $537,898 $1,450,465 $1,446,727 
Lodging71,271 77,150 226,439 243,754 
Total Resort operating expense629,835 615,048 1,676,904 1,690,481 
Real Estate1,258 1,679 8,115 9,371 
Total segment operating expense$631,093 $616,727 $1,685,019 $1,699,852 
Gain on sale of real property$ $88 $6,285