0000812011-24-000060 | 10-Q | XBRL Viewer

Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jul. 31, 2023	Apr. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Trade payables	$ 103,451	$ 148,521	$ 114,164
Deferred revenue	448,760	572,602	448,321
Accrued salaries, wages and deferred compensation	64,801	60,466	54,631
Accrued benefits	44,973	37,798	40,326
Deposits	52,604	38,908	50,931
Operating Lease, Liability, Current	39,207	36,904	37,046
Other liabilities	97,707	82,822	122,950
Total accounts payable and accrued liabilities	$ 851,503	$ 978,021	$ 868,369

Revenue Costs to Obtain Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Apr. 30, 2024	Apr. 30, 2024	Jul. 31, 2023	Apr. 30, 2023
Cost of Revenue [Abstract]
Capitalized Contract Cost, Net	$ 2.3	$ 2.3	$ 5.1	$ 3.0
Capitalized Contract Cost, Amortization	$ 13.9	$ 13.9

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023	Jul. 31, 2023
Accounts Receivable, after Allowance for Credit Loss, Current	$ 342,920	$ 351,597	$ 342,920	$ 351,597	$ 381,067
Deferred Revenue, Current	448,760	448,321	448,760	448,321	$ 572,602
Mountain Revenue Net	1,196,058	1,144,730	2,368,494	2,359,889
Lodging Revenue Net	87,055	93,546	246,693	251,740
Resort net revenue	1,283,113	1,238,276	2,615,187	2,611,629
Real Estate Revenue	169	155	4,618	7,967
Revenues	1,283,282	1,238,431	2,619,805	2,619,596
Contract with Customer, Liability, Revenue Recognized	233,900		529,000
Lift
Mountain Revenue Net	745,677	710,052	1,394,526	1,362,195
Ski School
Mountain Revenue Net	161,248	145,134	295,055	277,512
Dining
Mountain Revenue Net	109,471	101,683	209,608	206,953
Lodging Revenue Net	14,482	15,422	46,174	45,435
Retail/Rental
Mountain Revenue Net	123,262	135,008	292,892	335,284
Other
Mountain Revenue Net	56,400	52,853	176,413	177,945
Owned hotel rooms
Lodging Revenue Net	14,978	15,091	53,738	52,135
Managed condominium rooms
Lodging Revenue Net	35,390	38,409	75,701	82,604
Golf
Lodging Revenue Net	0	0	6,541	6,072
Other
Lodging Revenue Net	10,230	12,380	36,700	37,235
Lodging revenue (excluding payroll cost reimbursements) [Member]
Lodging Revenue Net	82,230	88,226	233,914	237,753
Payroll cost reimbursements
Lodging Revenue Net	4,825	5,320	12,779	13,987
Transportation
Lodging Revenue Net	$ 7,150	$ 6,924	$ 15,060	$ 14,272

Accounting Policies

9 Months Ended

Apr. 30, 2024

Accounting Policies [Abstract]

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 Value		Estimated 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

Accounting Standards Update and Change in Accounting Principle [Text Block]

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.

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.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Fair Value Measurements (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023	Jul. 31, 2023	Jul. 31, 2022
Contingent Consideration	$ 99,200	$ 71,100	$ 99,200	$ 71,100	$ 73,300	$ 42,400
Payments for Rent			17,057	18,936
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability			$ 42,957	47,636
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Adverse Change in Other Assumption, Description			The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance 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.
Contingent Consideration, Key Assumptions for Valuation			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.
Money Market	114,570	519,010	$ 114,570	519,010	170,872
Interest Rate Cash Flow Hedge Asset at Fair Value	6,268	16,707	6,268	16,707	17,229
Net loss attributable to Vail Resorts, Inc.	$ 361,995	$ 325,006	$ 405,782	$ 396,714
Weighted-average Vail Shares outstanding	37,839	39,620	37,974	40,081
Weighted-average Exchangeco Shares outstanding			0	1
Weighted Average Number of Shares Outstanding, Basic	37,839	39,620	37,974	40,082
Effect of dilutive securities	97	104	93	98
Total shares	37,936	39,724	38,067	40,180
Earnings Per Share, Basic	$ 9.57	$ 8.20	$ 10.69	$ 9.90
Earnings Per Share, Diluted	$ 9.54	$ 8.18	$ 10.66	$ 9.87
Canyons Obligation [Member]
Business Combination, Contingent Consideration Arrangements, Description			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.
Level 2 [Member]
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 6,268	$ 16,707	$ 6,268	$ 16,707	17,229
Fair Value, Inputs, Level 3 [Member]
Contingent Consideration	99,200	71,100	99,200	71,100	73,300
Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Commercial Paper	114,570	519,010	114,570	519,010	170,872
Commercial Paper [Member]
Commercial Paper	2,401	2,401	2,401	2,401	2,401
Commercial Paper [Member] \| Level 2 [Member]
Commercial Paper	2,401	2,401	2,401	2,401	2,401
Certificates of Deposit [Member]
Commercial Paper	136,533	107,590	136,533	107,590	144,365
Certificates of Deposit [Member] \| Level 2 [Member]
Commercial Paper	$ 136,533	$ 107,590	$ 136,533	$ 107,590	$ 144,365

Revenue (Notes)

9 Months Ended

Apr. 30, 2024

Revenue [Abstract]

Revenue from Contract with Customer [Text Block]

Disaggregation of Revenues

The following table presents net revenues disaggregated by segment and major revenue type for the three and nine months ended April 30, 2024 and 2023 (in thousands):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2023		2024		2023
Mountain net revenue:
Lift	$	745,677	$	710,052	$	1,394,526	$	1,362,195
Ski School	161,248		145,134		295,055		277,512
Dining	109,471		101,683		209,608		206,953
Retail/Rental	123,262		135,008		292,892		335,284
Other	56,400		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 rooms	35,390		38,409		75,701		82,604
Dining	14,482		15,422		46,174		45,435
Transportation	7,150		6,924		15,060		14,272
Golf	—		—		6,541		6,072
Other	10,230		12,380		36,700		37,235
	82,230		88,226		233,914		237,753
Payroll cost reimbursements	4,825		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 revenue	169		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

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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Fair Value Measurements (Tables)

9 Months Ended

Apr. 30, 2024

Fair Value Disclosures [Abstract]

Summary Of Cash Equivalents Measured At Fair Value

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
Description	Total		Level 1		Level 2		Level 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
Description	Total		Level 1		Level 2		Level 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
Description	Total		Level 1		Level 2		Level 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 value	42,957		47,636
Balance as of April 30, 2024 and 2023, respectively	$	99,200	$	71,100

Supplementary Balance Sheet Information

9 Months Ended

Apr. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Supplementary Balance Sheet Information

The composition of property, plant and equipment follows (in thousands):


	April 30, 2024		July 31, 2023		April 30, 2023
Land and land improvements	$	797,472	$	796,730	$	791,854
Buildings and building improvements	1,643,890		1,643,517		1,636,957
Machinery and equipment	1,907,830		1,792,378		1,784,197
Furniture and fixtures	319,342		298,725		334,173
Software	165,189		152,033		153,651
Vehicles	92,282		87,298		87,110
Construction in progress	78,509		134,113		105,729
Gross property, plant and equipment	5,004,514		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

The composition of accounts payable and accrued liabilities follows (in thousands):


	April 30, 2024		July 31, 2023		April 30, 2023
Trade payables	$	103,451	$	148,521	$	114,164
Deferred revenue	448,760		572,602		448,321
Accrued salaries, wages and deferred compensation	52,604		38,908		50,931
Accrued benefits	64,801		60,466		54,631
Deposits	44,973		37,798		40,326
Operating lease liabilities	39,207		36,904		37,046
Other liabilities	97,707		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):


	Mountain		Lodging		Goodwill, 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

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023	Jul. 31, 2023
Mountain	$ 1,196,058	$ 1,144,730	$ 2,368,494	$ 2,359,889
Lodging Revenue Net	87,055	93,546	246,693	251,740
Total Resort net revenue	1,283,113	1,238,276	2,615,187	2,611,629
Real Estate Revenue	169	155	4,618	7,967
Revenues	1,283,282	1,238,431	2,619,805	2,619,596
Mountain	558,564	537,898	1,450,465	1,446,727
Lodging	71,271	77,150	226,439	243,754
Resort operating expense	629,835	615,048	1,676,904	1,690,481
Real Estate	1,258	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	0	88	6,285	845
Mountain equity investment income, net	1,093	94	1,373	482
Real estate held for sale or investment	86,568	90,078	86,568	90,078	$ 90,207
Net income attributable to Vail Resorts, Inc.	361,995	325,006	405,782	396,714
Net income attributable to noncontrolling interests	19,388	18,160	22,359	23,011
Net income	381,383	343,166	428,141	419,725
Provision for income taxes	129,280	124,289	151,606	145,315
Income before provision for income taxes	510,663	467,455	579,747	565,040
Depreciation and amortization	68,486	69,097	204,613	199,700
Change in Fair Value of Contingent Consideration	36,500	45,900	42,957	47,636
Loss on disposal of fixed assets and other, net	571	6,269	3,372	8,055
Investment income and other, net	(5,096)	(7,740)	(13,643)	(17,734)
Foreign currency loss on intercompany loans	2,305	1,766	4,230	5,563
Interest expense, net	39,853	39,139	121,168	112,811
Total Reported EBITDA	653,282	621,886	942,444	921,071
Resort [Member]
Total Reported EBITDA	654,371	623,322	939,656	921,630
Mountain [Member]
Total Reported EBITDA	638,587	606,926	919,402	913,644
Lodging [Member]
Total Reported EBITDA	15,784	16,396	20,254	7,986
Real Estate
Total Reported EBITDA	$ (1,089)	$ (1,436)	$ 2,788	$ (559)

Subsequent Events (Details) SFr in Millions, $ in Millions				9 Months Ended
Subsequent Events (Details) SFr in Millions, $ in Millions	May 08, 2024 USD ($)	May 02, 2024 USD ($)	May 02, 2024 CHF (SFr)	Apr. 30, 2024 USD ($)
Subsequent Event [Line Items]
Proceeds from Unsecured Notes Payable				$ 600.0
6.50% Notes
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				650.00%
Forecast
Subsequent Event [Line Items]
Business Combination, Consideration Transferred		$ 106.8	SFr 97.2
Forecast \| 6.50% Notes
Subsequent Event [Line Items]
Proceeds from Unsecured Notes Payable	$ 600.0
Debt Instrument, Interest Rate, Stated Percentage	6.50%
Debt Instrument, Redemption Price, Percentage	100.00%
Debt Instrument, Redemption, Description	In addition, prior to May 15, 2027, the Company may redeem up to 40% of the aggregate principal amount of the Notes with an amount not to exceed the net cash proceeds from certain equity offerings at the redemption price of 106.50% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

Net Income Per Common Share Net Income per Common Share (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands				3 Months Ended		9 Months Ended
	Jul. 10, 2024	Jun. 25, 2024	Jun. 05, 2024	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023	Jul. 31, 2023	Dec. 18, 2020
Anti-dilutive securities (in shares)				11	24	16	25
Common Stock, Dividends, Per Share, Cash Paid				$ 2.22	$ 2.06	$ 6.34	$ 5.88
Payments of Dividends						$ 240,469	$ 235,654
Preferred Stock, Par or Stated Value Per Share				$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Dividends, Cash				$ 83,800	$ 81,600	$ 240,500	$ 235,700
Debt Instrument, Face Amount									$ 575,000
Net loss attributable to Vail Resorts, Inc.				$ 361,995	$ 325,006	$ 405,782	$ 396,714
Weighted-average Vail Shares outstanding				37,839	39,620	37,974	40,081
Weighted-average Exchangeco Shares outstanding						0	1
Weighted Average Number of Shares Outstanding, Basic				37,839	39,620	37,974	40,082
Effect of dilutive securities				97	104	93	98
Total shares				37,936	39,724	38,067	40,180
Earnings Per Share, Basic				$ 9.57	$ 8.20	$ 10.69	$ 9.90
Earnings Per Share, Diluted				9.54	$ 8.18	10.66	$ 9.87
Exchangeable Shares Par Value Per Share				$ 0.01		$ 0.01
Subsequent Event
Cash dividends declared per share			$ 2.22
Convertible Debt [Member]
Debt Instrument, Face Amount									$ 575,000
Forecast
Dividends Payable, Date to be Paid	Jul. 10, 2024
Dividends Payable, Date of Record		Jun. 25, 2024
Dividends Payable, Date Declared			Jun. 05, 2024

Fair Value Measurements

9 Months Ended

Apr. 30, 2024

Fair Value Disclosures [Abstract]

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.


	Estimated Fair Value Measurement as of April 30, 2024
Description	Total		Level 1		Level 2		Level 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
Description	Total		Level 1		Level 2		Level 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
Description	Total		Level 1		Level 2		Level 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 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 value	42,957		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.

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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Consolidated Condensed Statements Of Cash Flows $ in Thousands, SFr in Millions	9 Months Ended
	Apr. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)
Statement of Cash Flows [Abstract]
Net income	$ 428,141	$ 419,725
Cash flows from operating activities:
Depreciation and amortization	204,613	199,700
Stock-based compensation expense	20,251	19,062
Provision for income taxes	151,606	145,315
Change in estimated fair value of contingent consideration	42,957	47,636
Other non-cash income, net	(3,526)	(6,270)
Changes in assets and liabilities:
Trade receivables, net	36,904	32,665
Inventories, net	23,607	4,850
Accounts payable and accrued liabilities	1,463	(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 activities	681,014	726,883
Cash flows from investing activities:
Capital expenditures	(155,111)	(261,259)
Return of deposit for acquisition of business	0	114,506
Acquisition of business, net of cash acquired	0	(38,567)
Investments in short-term deposits	0	(86,756)
Maturity of short-term deposits	57,647	37,978
Other investing activities, net	6,577	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 cash	143,794	(207,474)
Cash, Cash Equivalents and Restricted Cash:
Beginning of period	573,093	1,126,107
End of period	716,887	918,633
Accrued capital expenditures	$ 13,631	$ 20,099

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Apr. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. 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.

Long-Term Debt (Schedule Of Debt Instruments) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023	Jul. 31, 2023	Dec. 18, 2020
Amortization of Debt Issuance Costs	$ 1,600,000	$ 1,700,000	$ 4,900,000	$ 4,900,000
Debt Instrument, Unused Borrowing Capacity, Fee			0.0030
Total debt	2,772,635,000	2,849,581,000	2,772,635,000	2,849,581,000	$ 2,825,649,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	3,908,000	6,864,000	3,908,000	6,864,000	5,814,000
Long-term Debt, Excluding Current Maturities	68,470,000	68,970,000	68,470,000	68,970,000	69,160,000
Long-term Debt, Excluding Current Maturities	2,700,257,000	2,773,747,000	2,700,257,000	2,773,747,000	2,750,675,000
Debt Instrument, Face Amount						$ 575,000,000
Term Loan [Member]
Debt Instrument, Periodic Payment			15,600,000
Total debt	$ 968,750,000	1,031,250,000	$ 968,750,000	1,031,250,000	1,015,625,000
Fiscal year maturity			2029
Debt Instrument, Interest Rate, Stated Percentage	6.92%		6.92%
Credit Facility Revolver [Member]
Total debt	$ 0	0	$ 0	0	0
Fiscal year maturity			2029
6.25% Notes [Member]
Fiscal year maturity			2025
Convertible Notes Payable
Fiscal year maturity			2026
Whistler Credit Agreement revolver [Member]
Total debt	0	11,075,000	$ 0	11,075,000	0
EPR Secured Notes [Member]
Total debt	114,162,000	114,162,000	$ 114,162,000	114,162,000	114,162,000
EPR Secured Notes [Member] \| Minimum [Member]
Fiscal year maturity			2034
EPR Secured Notes [Member] \| Maximum [Member]
Fiscal year maturity			2036
Employee Housing Bonds [Member]
Total debt	52,575,000	52,575,000	$ 52,575,000	52,575,000	52,575,000
Employee Housing Bonds [Member] \| Minimum [Member]
Fiscal year maturity			2027
Employee Housing Bonds [Member] \| Maximum [Member]
Fiscal year maturity			2039
Canyons Obligation [Member]
Total debt	367,704,000	361,941,000	$ 367,704,000	361,941,000	363,386,000
Fiscal year maturity			2063
Other [Member]
Total debt	30,970,000	35,371,000	$ 30,970,000	35,371,000	35,011,000
Other [Member] \| Minimum [Member]
Fiscal year maturity			2024
Other [Member] \| Maximum [Member]
Fiscal year maturity			2036
Andermatt-Sedrun
Fiscal year maturity			2036
Whistler Employee Housing Leases
Total debt	28,045,000	28,770,000	$ 28,045,000	28,770,000	29,491,000
Fiscal year maturity			2042
6.25% Notes [Member]
Total debt	$ 600,000,000	600,000,000	$ 600,000,000	600,000,000	600,000,000
Debt Instrument, Interest Rate, Stated Percentage	625.00%		625.00%
Convertible Debt [Member]
Debt Instrument, Face Amount						$ 575,000,000
Whistler Credit Agreement revolver [Member]
Fiscal year maturity			2028
Andermatt-Sedrun
Total debt	$ 35,429,000	$ 39,437,000	$ 35,429,000	$ 39,437,000	$ 40,399,000

Net Income Per Common Share

9 Months Ended

Apr. 30, 2024

Earnings Per Share Reconciliation [Abstract]

Summary of Calculation of Basic And Diluted EPS

Presented below is basic and diluted EPS for the three months ended April 30, 2024 and 2023 (in thousands, except per share amounts):



	Three Months Ended April 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	361,995	$	361,995	$	325,006	$	325,006
Weighted-average Vail Shares outstanding	37,839		37,839		39,620		39,620

Effect of dilutive securities	—		97		—		104
Total shares	37,839		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,
	2024				2023
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	405,782	$	405,782	$	396,714	$	396,714
Weighted-average Vail Shares outstanding	37,974		37,974		40,081		40,081
Weighted-average Exchangeco Shares outstanding	—		—		1		1
Total Weighted-average shares outstanding	37,974		37,974		40,082		40,082
Effect of dilutive securities	—		93		—		98
Total shares	37,974		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.

Net Income Per Common Share

Net Income per Share

Earnings per Share

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

In connection with the Company’s acquisition of Whistler Blackcomb in October 2016, the Company issued consideration in the form of shares of Vail Resorts common stock (the “Vail Shares”), 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,
	2024				2023
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	361,995	$	361,995	$	325,006	$	325,006
Weighted-average Vail Shares outstanding	37,839		37,839		39,620		39,620

Effect of dilutive securities	—		97		—		104
Total shares	37,839		37,936		39,620		39,724
Net income per share attributable to Vail Resorts	$	9.57	$	9.54	$	8.20	$	8.18

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,
	2024				2023
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	405,782	$	405,782	$	396,714	$	396,714
Weighted-average Vail Shares outstanding	37,974		37,974		40,081		40,081
Weighted-average Exchangeco Shares outstanding	—		—		1		1
Total Weighted-average shares outstanding	37,974		37,974		40,082		40,082
Effect of dilutive securities	—		93		—		98
Total shares	37,974		38,067		40,082		40,180
Net income per share attributable to Vail Resorts	$	10.69	$	10.66	$	9.90	$	9.87

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.

Supplementary Balance Sheet Information Schedule of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended
	Apr. 30, 2024	Jul. 31, 2023	Apr. 30, 2023
Goodwill [Line Items]
Goodwill	$ 1,676,610	$ 1,720,344	$ 1,694,033
Effects of changes in foreign currency exchange rates	(43,734)
Mountain [Member]
Goodwill [Line Items]
Goodwill	1,631,604	1,675,338
Effects of changes in foreign currency exchange rates	(43,734)
Lodging [Member]
Goodwill [Line Items]
Goodwill	45,006	$ 45,006
Effects of changes in foreign currency exchange rates	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Supplementary Balance Sheet Information (Tables)

9 Months Ended

Apr. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Composition Of Property, Plant And Equipment

The composition of property, plant and equipment follows (in thousands):


	April 30, 2024		July 31, 2023		April 30, 2023
Land and land improvements	$	797,472	$	796,730	$	791,854
Buildings and building improvements	1,643,890		1,643,517		1,636,957
Machinery and equipment	1,907,830		1,792,378		1,784,197
Furniture and fixtures	319,342		298,725		334,173
Software	165,189		152,033		153,651
Vehicles	92,282		87,298		87,110
Construction in progress	78,509		134,113		105,729
Gross property, plant and equipment	5,004,514		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

Components Of Accounts Payable And Accrued Liabilities

The composition of accounts payable and accrued liabilities follows (in thousands):


	April 30, 2024		July 31, 2023		April 30, 2023
Trade payables	$	103,451	$	148,521	$	114,164
Deferred revenue	448,760		572,602		448,321
Accrued salaries, wages and deferred compensation	52,604		38,908		50,931
Accrued benefits	64,801		60,466		54,631
Deposits	44,973		37,798		40,326
Operating lease liabilities	39,207		36,904		37,046
Other liabilities	97,707		82,822		122,950
Total accounts payable and accrued liabilities	$	851,503	$	978,021	$	868,369

Schedule of Goodwill [Table Text Block]

The changes in the net carrying amount of goodwill by segment for the nine months ended April 30, 2024 are as follows (in thousands):


	Mountain		Lodging		Goodwill, 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

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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+ Details

Net Income Per Common Share (Tables)

9 Months Ended

Apr. 30, 2024

Earnings Per Share Reconciliation [Abstract]

Summary of Calculation of Basic And Diluted EPS

Presented below is basic and diluted EPS for the three months ended April 30, 2024 and 2023 (in thousands, except per share amounts):



	Three Months Ended April 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	361,995	$	361,995	$	325,006	$	325,006
Weighted-average Vail Shares outstanding	37,839		37,839		39,620		39,620

Effect of dilutive securities	—		97		—		104
Total shares	37,839		37,936		39,620		39,724
Net income per share attributable to Vail Resorts	$	9.57	$	9.54	$	8.20	$	8.18

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,
	2024				2023
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	405,782	$	405,782	$	396,714	$	396,714
Weighted-average Vail Shares outstanding	37,974		37,974		40,081		40,081
Weighted-average Exchangeco Shares outstanding	—		—		1		1
Total Weighted-average shares outstanding	37,974		37,974		40,082		40,082
Effect of dilutive securities	—		93		—		98
Total shares	37,974		38,067		40,082		40,180
Net income per share attributable to Vail Resorts	$	10.69	$	10.66	$	9.90	$	9.87

Long-Term Debt Long-Term Debt (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Apr. 30, 2024 USD ($) $ / shares	Apr. 30, 2023 USD ($)	Apr. 30, 2024 USD ($) $ / shares	Apr. 30, 2023 USD ($)	Apr. 30, 2024 CAD ($)	Jul. 31, 2023 USD ($)	Dec. 18, 2020 USD ($)
Gross interest expense	$ 39,900,000	$ 39,100,000	$ 121,200,000	$ 112,800,000
Amortization of Debt Issuance Costs	1,600,000	1,700,000	4,900,000	4,900,000
Foreign currency gain on intercompany loans	(2,305,000)	(1,766,000)	(4,230,000)	(5,563,000)
Long-term Debt	2,772,635,000	2,849,581,000	2,772,635,000	2,849,581,000		$ 2,825,649,000
Debt Instrument, Face Amount							$ 575,000,000
Interest Rate Swap, Notional Amount	$ 400,000,000		$ 400,000,000
Derivative, Fixed Interest Rate	1.38%		1.38%		1.38%
Debt Instrument, Unused Borrowing Capacity, Fee			$ 0.0030
Proceeds from Unsecured Notes Payable			$ 600,000,000
Term Loan [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.92%		6.92%		6.92%
Long-term Debt	$ 968,750,000	1,031,250,000	$ 968,750,000	1,031,250,000		1,015,625,000
Long-term Line of Credit	968,800,000		968,800,000
Credit Facility Revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity	500,000,000		500,000,000
Long-term Debt	$ 0	0	$ 0	0		0
Debt Instrument, Basis Spread on Variable Rate	1.60%
Whistler Credit Agreement revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 300.0
Debt Instrument, Unused Borrowing Capacity, Fee			0.39%
Long-term Debt	$ 0	11,075,000	$ 0	11,075,000		0
Alpine Valley Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.90%		11.90%		11.90%
Long-term Debt	$ 4,600,000		$ 4,600,000
Boston Mills Brandywine Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.41%		11.41%		11.41%
Long-term Debt	$ 23,300,000		$ 23,300,000
Jack Frost Big Boulder Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.41%		11.41%		11.41%
Long-term Debt	$ 14,300,000		$ 14,300,000
Mount Snow Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	12.50%		12.50%		12.50%
Long-term Debt	$ 51,100,000		$ 51,100,000
Hunter Mountain Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	9.19%		9.19%		9.19%
Long-term Debt	$ 21,000,000		$ 21,000,000
Convertible Notes Payable
Long-term Debt	$ 575,000,000	575,000,000	$ 575,000,000	575,000,000		575,000,000
Debt Instrument, Convertible, Conversion Price \| $ / shares	$ 373.92		$ 373.92
6.25% Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	625.00%		625.00%		625.00%
Long-term Debt	$ 600,000,000	$ 600,000,000	$ 600,000,000	$ 600,000,000		$ 600,000,000
6.50% Notes
Debt Instrument, Interest Rate, Stated Percentage	650.00%		650.00%		650.00%

Business Combinations and Asset Acquisitions

9 Months Ended

Apr. 30, 2024

Business Combination and Asset Acquisition [Abstract]

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.

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 interests	91,524
Total estimated purchase consideration	$	246,889

Allocation of total estimated purchase consideration:
Current assets	$	119,867
Property, plant and equipment	176,805
Goodwill	3,368
Identifiable intangible assets and other assets	7,476
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.

Share Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Share Repurchase Program (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2024	Apr. 30, 2023	Jul. 31, 2023	Mar. 07, 2023	Dec. 04, 2015	Jul. 16, 2008	Mar. 09, 2006
Accelerated Share Repurchases [Line Items]
Number of shares authorized to repurchase	10,000,000	10,000,000						3,000,000
Additional number of shares authorized to repurchase					2,500,000	1,500,000	3,000,000
Number of shares repurchased since inception	9,231,090	9,231,090	8,243,000	8,648,000
Value of stock repurchased since inception	$ 1,104,500	$ 1,104,500
Remaining shares available for repurchase under existing program	768,910	768,910
Treasury Stock, Shares, Acquired	345,732	582,788
Payments for Repurchase of Common Stock	$ 75,000	$ 125,000	$ 400,000

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
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 income	328,502	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

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Business Combinations and Asset Acquisitions (Tables)

Aug. 03, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]


	Acquisition Date Estimated Fair Value
Total cash consideration paid by Vail Resorts, Inc.	$	155,365
Estimated fair value of noncontrolling interests	91,524
Total estimated purchase consideration	$	246,889

Allocation of total estimated purchase consideration:
Current assets	$	119,867
Property, plant and equipment	176,805
Goodwill	3,368
Identifiable intangible assets and other assets	7,476
Assumed long-term debt	(44,130)
Other liabilities	(16,497)
Net assets acquired	$	246,889

Revenue (Tables)

9 Months Ended

Apr. 30, 2024

Revenue [Abstract]

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenues

The following table presents net revenues disaggregated by segment and major revenue type for the three and nine months ended April 30, 2024 and 2023 (in thousands):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2023		2024		2023
Mountain net revenue:
Lift	$	745,677	$	710,052	$	1,394,526	$	1,362,195
Ski School	161,248		145,134		295,055		277,512
Dining	109,471		101,683		209,608		206,953
Retail/Rental	123,262		135,008		292,892		335,284
Other	56,400		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 rooms	35,390		38,409		75,701		82,604
Dining	14,482		15,422		46,174		45,435
Transportation	7,150		6,924		15,060		14,272
Golf	—		—		6,541		6,072
Other	10,230		12,380		36,700		37,235
	82,230		88,226		233,914		237,753
Payroll cost reimbursements	4,825		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 revenue	169		155		4,618		7,967
Total net revenue	$	1,283,282	$	1,238,431	$	2,619,805	$	2,619,596

Commitments and Contingencies (Narrative) (Details) $ in Millions	Apr. 30, 2024 USD ($)
Amount outstanding in letters of credit	$ 94.6
Surety Bonds Outstanding	9.5
Holland Creek Metropolitan District [Member]
Amount outstanding in letters of credit	6.4
Employee Housing Bonds [Member]
Amount outstanding in letters of credit	53.4
Holland Creek Metropolitan District [Member]
Amount outstanding in letters of credit	$ 34.8

Business Combinations and Asset Acquisitions (Details)
$ in Thousands, SFr in Millions

6 Months Ended

9 Months Ended

Aug. 03, 2022

USD ($)

Aug. 03, 2022

CHF (SFr)

Jan. 31, 2024

USD ($)

Jan. 31, 2024

CHF (SFr)

Apr. 30, 2024

USD ($)

Apr. 30, 2023

USD ($)

Aug. 03, 2022

CHF (SFr)

Asset Acquisition [Line Items]

Business Combination Deposits

$ 114,400

SFr 110.0

$ 0

$ (114,506)

Business Combination Remainder Payment

$ 41,300

SFr 39.3

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]


	Acquisition Date Estimated Fair Value
Total cash consideration paid by Vail Resorts, Inc.	$	155,365
Estimated fair value of noncontrolling interests	91,524
Total estimated purchase consideration	$	246,889

Allocation of total estimated purchase consideration:
Current assets	$	119,867
Property, plant and equipment	176,805
Goodwill	3,368
Identifiable intangible assets and other assets	7,476
Assumed long-term debt	(44,130)
Other liabilities	(16,497)
Net assets acquired	$	246,889


	Acquisition Date Estimated Fair Value
Total cash consideration paid by Vail Resorts, Inc.	$	155,365
Estimated fair value of noncontrolling interests	91,524
Total estimated purchase consideration	$	246,889

Allocation of total estimated purchase consideration:
Current assets	$	119,867
Property, plant and equipment	176,805
Goodwill	3,368
Identifiable intangible assets and other assets	7,476
Assumed long-term debt	(44,130)
Other liabilities	(16,497)
Net assets acquired	$	246,889

Andermatt-Sedrun

Asset Acquisition [Line Items]

Business Combination, Consideration Transferred

$ 155,365

SFr 149.3

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables

119,867

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment

176,805

Goodwill, Acquired During Period

3,368

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill

7,476

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities

(16,497)

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

246,889

Business Acquisition [Line Items]

Business Combination, Consideration Transferred

155,365

SFr 149.3

Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value

91,524

Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination [Abstract]

246,889

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables

119,867

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment

176,805

Goodwill, Acquired During Period

3,368

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill

7,476

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt

44,130

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities

16,497

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 246,889

Business Acquisition, Percentage of Voting Interests Acquired

55.00%

Long-Term Debt

9 Months Ended

Apr. 30, 2024

Debt Disclosure [Abstract]

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):


	Maturity	April 30, 2024		July 31, 2023		April 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)	2025	600,000		600,000		600,000
0.0% Convertible Notes (c)	2026	575,000		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 Loan	2036	35,429		40,399		39,437
Employee housing bonds	2027-2039	52,575		52,575		52,575
Canyons obligation	2063	367,704		363,386		361,941
Whistler Blackcomb employee housing leases	2042	28,045		29,491		28,770
Other	2024-2036	30,970		35,011		35,371
Total debt		2,772,635		2,825,649		2,849,581
Less: Unamortized premiums, discounts and debt issuance costs		3,908		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

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.

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
2026	643,492
2027	85,476
2028	67,110
Thereafter	1,284,234
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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Revenue Contract Balances (Details) $ in Thousands	3 Months Ended	9 Months Ended
Revenue Contract Balances (Details) $ in Thousands	Apr. 30, 2024 USD ($)	Apr. 30, 2024 USD ($)	Jul. 31, 2023 USD ($)	Apr. 30, 2023 USD ($)
Disaggregation of Revenue [Abstract]
Deferred revenue	$ 448,760	$ 448,760	$ 572,602	$ 448,321
Private Club Recognized Initiation Fees Average Remaining Period	15	15
Trade receivables, net	$ 342,920	$ 342,920	381,067	351,597
Disaggregation of Revenue [Line Items]
Deferred revenue	448,760	448,760	572,602	448,321
Contract with Customer, Liability, Revenue Recognized	$ 233,900	$ 529,000
Private Club Recognized Initiation Fees Average Remaining Period	15	15
Trade receivables, net	$ 342,920	$ 342,920	381,067	351,597
Capitalized Contract Cost, Net	2,300	2,300	5,100	3,000
Contract with Customer, Liability, Noncurrent	106,700	106,700	109,700	$ 111,400
Contract with Customer, Liability, Current	$ 448,800	$ 448,800	$ 572,600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Apr. 30, 2024

Accounting Policies [Abstract]

Consolidated Condensed Financial Statements

Use of Estimates

Fair Value of Financial Instruments


	April 30, 2024
	Carrying Value		Estimated 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.

New Accounting Pronouncements, Policy

Recently Issued Accounting Standards

Standards Being Evaluated

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2024	Jul. 31, 2023	Apr. 30, 2023
Assets
Cash and cash equivalents	$ 705,429	$ 562,975	$ 896,089
Restricted cash	11,458	10,118	22,544
Trade receivables, net	342,920	381,067	351,597
Inventories, net	107,815	132,548	103,606
Other current assets	63,578	121,403	108,592
Total current assets	1,231,200	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 investment	86,568	90,207	90,078
Goodwill, net (Note 7)	1,676,610	1,720,344	1,694,033
Intangible assets, net	299,347	309,345	306,519
Operating right-of-use assets	186,924	192,289	199,990
Other assets	39,332	55,901	56,130
Total assets	5,808,736	5,947,754	6,199,451
Liabilities
Accounts payable and accrued liabilities (Note 7)	851,503	978,021	868,369
Income taxes payable	120,706	83,514	49,022
Long-term debt due within one year (Note 5)	68,470	69,160	68,970
Total current liabilities	1,040,679	1,130,695	986,361
Long-term debt, net (Note 5)	2,700,257	2,750,675	2,773,747
Operating lease liabilities	154,880	168,326	174,363
Other long-term liabilities	306,223	286,261	264,243
Deferred income taxes, net	284,665	276,137	401,240
Total liabilities	4,486,704	4,612,094	4,599,954
Commitments and contingencies (Note 9)
Stockholders' Equity
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000	25,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding	$ 0	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000	100,000,000
Common stock, shares issued	46,855,000	46,798,000	46,797,000
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 capital	1,139,089	1,124,433	1,118,221
Accumulated other comprehensive loss	(64,640)	(10,358)	(42,434)
Retained earnings	$ 1,039,023	$ 873,710	$ 1,080,972
Treasury stock, shares	9,231,090	8,648,000	8,243,000
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’ equity	1,003,508	1,003,947	1,273,918
Noncontrolling interests	318,524	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

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Apr. 30, 2024

Accounting Policies [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]


	April 30, 2024
	Carrying Value		Estimated 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

Consolidated Condensed Statements of Stockholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Treasury Stock, Common	Total Vail Resorts, Inc. Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Balance (Start) at Jul. 31, 2022	$ 1,847,484	$ 467	$ 1,184,577	$ 10,923	$ 895,889	$ (479,417)	$ 1,612,439	$ 235,045
Net loss attributable to Vail Resorts, Inc.	396,714				396,714		396,714
Net income attributable to noncontrolling interests	23,011							23,011
Net income	419,725
Foreign currency translation adjustments, net of tax	(71,973)			(56,657)			(56,657)	(15,316)
Change in estimated fair value of hedging instruments, net of tax	3,300			3,300			3,300
Comprehensive income attributable to Vail Resorts, Inc.	343,357						343,357
Comprehensive loss attributable to noncontrolling interests	7,695							7,695
Total comprehensive income	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 taxes	(5,351)	1	(5,352)				(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	(56,043)		(80,066)		24,023		(56,043)
Estimated acquisition date fair value of noncontrolling interests (Note 6)	91,524							91,524
Distributions to noncontrolling interest, net								(8,685)
Noncontrolling interest, period increase (decrease)	(8,685)
Balance (End) at Apr. 30, 2023	1,599,497	468	1,118,221	(42,434)	1,080,972	(883,309)	1,273,918	325,579
Balance (Start) at Jan. 31, 2023	1,777,351	468	1,112,519	(8,565)	837,573	(479,417)	1,462,578	314,773
Net loss attributable to Vail Resorts, Inc.	325,006				325,006		325,006
Net income attributable to noncontrolling interests	18,160							18,160
Net income	343,166
Foreign currency translation adjustments, net of tax	(36,633)			(31,949)			(31,949)	(4,684)
Change in estimated fair value of hedging instruments, net of tax	(1,920)			(1,920)			(1,920)
Comprehensive income attributable to Vail Resorts, Inc.	291,137						291,137
Comprehensive loss attributable to noncontrolling interests	13,476							13,476
Total comprehensive income	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)	0	(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 interest, net								(2,670)
Noncontrolling interest, period increase (decrease)	(2,670)
Balance (End) at Apr. 30, 2023	1,599,497	468	1,118,221	(42,434)	1,080,972	(883,309)	1,273,918	325,579
Balance (Start) at Jul. 31, 2023	1,335,660	468	1,124,433	(10,358)	873,710	(984,306)	1,003,947	331,713
Net loss attributable to Vail Resorts, Inc.	405,782				405,782		405,782
Net income attributable to noncontrolling interests	22,359							22,359
Net income	428,141
Foreign currency translation adjustments, net of tax	(71,946)			(46,073)			(46,073)	(25,873)
Change in estimated fair value of hedging instruments, net of tax	(8,209)			(8,209)			(8,209)
Comprehensive income attributable to Vail Resorts, Inc.	351,500						351,500
Comprehensive loss attributable to noncontrolling interests	(3,514)							(3,514)
Total comprehensive income	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 taxes	(5,594)	1	(5,595)				(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 interest, net								(9,675)
Noncontrolling interest, period increase (decrease)	(9,675)
Balance (End) at Apr. 30, 2024	1,322,032	469	1,139,089	(64,640)	1,039,023	(1,110,433)	1,003,508	318,524
Balance (Start) at Jan. 31, 2024	1,150,665	469	1,133,275	(29,838)	760,820	(1,034,822)	829,904	320,761
Net loss attributable to Vail Resorts, Inc.	361,995				361,995		361,995
Net income attributable to noncontrolling interests	19,388							19,388
Net income	381,383
Foreign currency translation adjustments, net of tax	(50,734)			(32,655)			(32,655)	(18,079)
Change in estimated fair value of hedging instruments, net of tax	(2,147)			(2,147)			(2,147)
Comprehensive income attributable to Vail Resorts, Inc.	327,193						327,193
Comprehensive loss attributable to noncontrolling interests	1,309							1,309
Total comprehensive income	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)	0	(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 interest, net								(3,546)
Noncontrolling interest, period increase (decrease)	(3,546)
Balance (End) at Apr. 30, 2024	$ 1,322,032	$ 469	$ 1,139,089	$ (64,640)	$ 1,039,023	$ (1,110,433)	$ 1,003,508	$ 318,524

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Apr. 30, 2024	Jun. 03, 2024
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2024
Document Transition Report	false
Entity File Number	001-09614
Entity Registrant Name	Vail Resorts, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0291762
Entity Address, Address Line One	390 Interlocken Crescent
Entity Address, City or Town	Broomfield,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80021
City Area Code	(303)
Local Phone Number	404-1800
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	MTN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,624,016
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000812011
Current Fiscal Year End Date	--07-31
Entity Filer Category	Large Accelerated Filer

Summary of Significant Accounting Policies Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jul. 31, 2023	Apr. 30, 2023	Dec. 18, 2020
Long-term Debt	$ 2,772,635	$ 2,825,649	$ 2,849,581
Operating Lease, Right-of-Use Asset	186,924	192,289	199,990
Operating Lease, Liability, Noncurrent	154,880	168,326	174,363
Operating Lease, Liability, Current	39,207	36,904	37,046
Debt Instrument, Face Amount				$ 575,000
Long-term debt, net (Note 5)	2,700,257	2,750,675	2,773,747
Deferred income taxes, net	284,665	276,137	401,240
Additional paid-in capital	1,139,089	1,124,433	1,118,221
Retained earnings	1,039,023	873,710	1,080,972
EPR Secured Notes [Member]
Long-term Debt	114,162	114,162	114,162
Notes and Loans Payable	131,300
Debt Instrument, Fair Value Disclosure	173,636
Andermatt-Sedrun
Notes and Loans Payable	35,623
Debt Instrument, Fair Value Disclosure	29,043
6.25% Notes [Member]
Long-term Debt	600,000	600,000	600,000
Debt Instrument, Fair Value Disclosure	$ 600,678
Debt Instrument, Interest Rate, Stated Percentage	625.00%
0.0% Convertible Notes
Long-term Debt	$ 575,000
Debt Instrument, Fair Value Disclosure	522,600
Convertible Notes Payable
Long-term Debt	$ 575,000	$ 575,000	$ 575,000

Subsequent Events	9 Months Ended
Subsequent Events	Apr. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events On May 2, 2024, the Company, through a wholly-owned subsidiary, acquired Crans-Montana from CPI Property Group for a cash purchase price of CHF 97.2 million ($106.8 million), after adjustments for certain agreed-upon items. 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) 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. The acquisition was funded with cash on hand. Initial accounting for the acquisition is not yet complete, including the determination of the acquisition-date fair value of assets acquired and liabilities assumed, as the Company is currently in the process of completing the assessment of valuation inputs and assumptions. On May 8, 2024, the Company completed its offering of $600 million aggregate principal amount of 6.50% senior notes due 2032 at par (the “Notes”), with the net proceeds used to fund the redemption of all $600 million of its outstanding 6.25% Notes due 2025 at par. The Notes are unsecured senior obligations of the Company and are guaranteed by certain of the Company’s domestic subsidiaries. The Company will pay interest on the Notes on May 15 and November 15 of each year commencing on November 15, 2024. The Notes will mature on May 15, 2032. The Notes are redeemable, in whole or in part, at any time on or after May 15, 2027 at the redemption prices specified in a 2024 Indenture dated as of May 8, 2024 (the “2024 Indenture”) plus accrued and unpaid interest. Prior to May 15, 2027, the Company may redeem some or all of the Notes at a redemption price of 100% of the principal amount, plus accrued and unpaid interest, plus a “make-whole” premium as specified in the 2024 Indenture. In addition, prior to May 15, 2027, the Company may redeem up to 40% of the aggregate principal amount of the Notes with an amount not to exceed the net cash proceeds from certain equity offerings at the redemption price of 106.50% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Notes are senior unsecured obligations of the Company and rank equally in right of payment with existing and future senior indebtedness of the Company and the guarantors (as defined in the 2024 Indenture). The 2024 Indenture requires that, upon the occurrence of a Change of Control Repurchase Event (as defined in the 2024 Indenture), the Company shall offer to purchase all of the outstanding Notes at a purchase price in cash equal to 101% of the outstanding principal amount of the Notes, plus accrued and unpaid interest. If the Company or certain of its subsidiaries dispose of assets, under certain circumstances, the Company will be required to either invest the net cash proceeds from such assets sales in its business within a specified period of time, repay certain senior secured debt or debt of its non-guarantor subsidiaries, or make an offer to purchase a principal amount of the Notes equal to the excess net cash proceeds at a purchase price of 100% of their principal amount, plus accrued and unpaid interest. The 2024 Indenture contains covenants that, among other things, restrict the ability of the Company and the guarantors to incur liens on assets; merge or consolidate with another company or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Company’s assets or engage in Sale and Leaseback Transactions (as defined in the 2024 Indenture). The 2024 Indenture does not contain any financial maintenance covenants. Certain of the covenants will not apply to the Notes so long as the Notes have investment grade ratings from two specified rating agencies and no event of default has occurred and is continuing under the 2024 Indenture. The 2024 Indenture includes customary events of default, including failure to make payment, failure to comply with the obligations set forth in the 2024 Indenture, certain defaults on certain other indebtedness, certain events of bankruptcy, insolvency or reorganization, and invalidity of the guarantees of the Notes issued pursuant to the 2024 Indenture.

Long-Term Debt (Tables)

9 Months Ended

Apr. 30, 2024

Debt Disclosure [Abstract]

Schedule Of 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):


	Maturity	April 30, 2024		July 31, 2023		April 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)	2025	600,000		600,000		600,000
0.0% Convertible Notes (c)	2026	575,000		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 Loan	2036	35,429		40,399		39,437
Employee housing bonds	2027-2039	52,575		52,575		52,575
Canyons obligation	2063	367,704		363,386		361,941
Whistler Blackcomb employee housing leases	2042	28,045		29,491		28,770
Other	2024-2036	30,970		35,011		35,371
Total debt		2,772,635		2,825,649		2,849,581
Less: Unamortized premiums, discounts and debt issuance costs		3,908		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

Schedule Of Aggregate Maturities For Debt Outstanding

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
2026	643,492
2027	85,476
2028	67,110
Thereafter	1,284,234
Total debt	$	2,772,635

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Net Income Per Common Share (Summary of Calculation of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	11	24	16	25
Net income attributable to Vail Resorts, Inc.	$ 361,995	$ 325,006	$ 405,782	$ 396,714
Weighted-average Vail Shares outstanding	37,839	39,620	37,974	40,081
Weighted-average Exchangeco Shares outstanding			0	1
Total Weighted-average shares outstanding	37,839	39,620	37,974	40,082
Effect of dilutive securities	97	104	93	98
Total shares	37,936	39,724	38,067	40,180
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

- Definition

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+ Details

Segment Information (Tables)

9 Months Ended

Apr. 30, 2024

Segment Reporting [Abstract]

Summary Of Financial Information By Reportable Segment

The following table presents financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2023		2024		2023
Net revenue:





Mountain	$	1,196,058	$	1,144,730	$	2,368,494	$	2,359,889
Lodging	87,055		93,546		246,693		251,740
Total Resort net revenue	1,283,113		1,238,276		2,615,187		2,611,629
Real Estate	169		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
Lodging	71,271		77,150		226,439		243,754
Total Resort operating expense	629,835		615,048		1,676,904		1,690,481
Real Estate	1,258		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	$	845
Mountain equity investment income, net	$	1,093	$	94	$	1,373	$	482
Reported EBITDA:
Mountain	$	638,587	$	606,926	$	919,402	$	913,644
Lodging	15,784		16,396		20,254		7,986
Resort	654,371		623,322		939,656		921,630
Real Estate	(1,089)		(1,436)		2,788		(559)
Total Reported EBITDA	$	653,282	$	621,886	$	942,444	$	921,071

Real estate held for sale or investment	$	86,568	$	90,078	$	86,568	$	90,078

Reconciliation from net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.	$	361,995	$	325,006	$	405,782	$	396,714
Net income attributable to noncontrolling interests	19,388		18,160		22,359		23,011
Net income	381,383		343,166		428,141		419,725
Provision for income taxes	129,280		124,289		151,606		145,315
Income before provision for income taxes	510,663		467,455		579,747		565,040
Depreciation and amortization	68,486		69,097		204,613		199,700

Change in estimated fair value of contingent consideration	36,500		45,900		42,957		47,636
Loss on disposal of fixed assets and other, net	571		6,269		3,372		8,055
Investment income and other, net	(5,096)		(7,740)		(13,643)		(17,734)
Foreign currency loss on intercompany loans	2,305		1,766		4,230		5,563
Interest expense, net	39,853		39,139		121,168		112,811
Total Reported EBITDA	$	653,282	$	621,886	$	942,444	$	921,071

Share Repurchase Program	9 Months Ended
Share Repurchase Program	Apr. 30, 2024
Payments for Repurchase of Equity [Abstract]
Share Repurchase Program	Share Repurchase Program On March 9, 2006, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to 3,000,000 Vail Shares. On July 16, 2008, December 4, 2015 and March 7, 2023, the Company’s Board of Directors increased the authorization by an additional 3,000,000, 1,500,000 and 2,500,000 Vail Shares, respectively, for a total authorization to repurchase up to 10,000,000 Vail Shares. During the three and nine months ended April 30, 2024, the Company repurchased 345,732 and 582,788 Vail Shares, respectively (at a total cost of approximately $75.0 million and $125.0 million, respectively, excluding excise tax). The Company repurchased 1,777,730 Vail Shares during the three and nine months ended April 30, 2023 (at a total cost of $400.0 million, excluding excise tax). Since inception of its share repurchase program through April 30, 2024, the Company has repurchased 9,231,090 Vail Shares for approximately $1,104.5 million. As of April 30, 2024, 768,910 Vail Shares remained available to repurchase under the existing share repurchase program, which has no expiration date. Vail Shares purchased pursuant to the repurchase program will be held as treasury shares and may be used for the issuance of Vail Shares under the Company’s employee share award plan.

Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jul. 31, 2023	Apr. 30, 2023
Debt Instrument [Line Items]
2024 (May 2024 through July 2024)	$ 16,622
2025 (1)	675,701
2026	643,492
2027	85,476
2028	67,110
Thereafter	1,284,234
Total debt	$ 2,772,635	$ 2,825,649	$ 2,849,581

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Consolidated Condensed Statements Of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
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 revenue	1,283,113	1,238,276	2,615,187	2,611,629
Real Estate Revenue	169	155	4,618	7,967
Revenues	1,283,282	1,238,431	2,619,805	2,619,596
Operating expense (exclusive of depreciation and amortization shown separately below):
Mountain and Lodging operating expense	471,182	462,613	1,200,928	1,212,115
Mountain and Lodging retail and dining cost of products sold	64,439	63,575	161,023	174,091
General and administrative	94,214	88,860	314,953	304,275
Resort operating expense	629,835	615,048	1,676,904	1,690,481
Real Estate operating expense	1,258	1,679	8,115	9,371
Total segment operating expense	631,093	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	0	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 operations	546,632	500,526	690,129	665,198
Mountain equity investment income, net	1,093	94	1,373	482
Investment income and other, net	5,096	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 taxes	510,663	467,455	579,747	565,040
Provision for income taxes	(129,280)	(124,289)	(151,606)	(145,315)
Net income	381,383	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

Organization and Business	9 Months Ended
Organization and Business	Apr. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Vail Resorts, Inc. (“Vail Resorts”) is organized as a holding company and operates through various subsidiaries. Vail Resorts and its subsidiaries (collectively, the “Company”) operate in three 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. *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) 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.

Segment Information

9 Months Ended

Apr. 30, 2024

Segment Reporting [Abstract]

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.

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,
	2024		2023		2024		2023
Net revenue:





Mountain	$	1,196,058	$	1,144,730	$	2,368,494	$	2,359,889
Lodging	87,055		93,546		246,693		251,740
Total Resort net revenue	1,283,113		1,238,276		2,615,187		2,611,629
Real Estate	169		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
Lodging	71,271		77,150		226,439		243,754
Total Resort operating expense	629,835		615,048		1,676,904		1,690,481
Real Estate	1,258		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	$	845
Mountain equity investment income, net	$	1,093	$	94	$	1,373	$	482
Reported EBITDA:
Mountain	$	638,587	$	606,926	$	919,402	$	913,644
Lodging	15,784		16,396		20,254		7,986
Resort	654,371		623,322		939,656		921,630
Real Estate	(1,089)		(1,436)		2,788		(559)
Total Reported EBITDA	$	653,282	$	621,886	$	942,444	$	921,071

Real estate held for sale or investment	$	86,568	$	90,078	$	86,568	$	90,078

Reconciliation from net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.	$	361,995	$	325,006	$	405,782	$	396,714
Net income attributable to noncontrolling interests	19,388		18,160		22,359		23,011
Net income	381,383		343,166		428,141		419,725
Provision for income taxes	129,280		124,289		151,606		145,315
Income before provision for income taxes	510,663		467,455		579,747		565,040
Depreciation and amortization	68,486		69,097		204,613		199,700

Change in estimated fair value of contingent consideration	36,500		45,900		42,957		47,636
Loss on disposal of fixed assets and other, net	571		6,269		3,372		8,055
Investment income and other, net	(5,096)		(7,740)		(13,643)		(17,734)
Foreign currency loss on intercompany loans	2,305		1,766		4,230		5,563
Interest expense, net	39,853		39,139		121,168		112,811
Total Reported EBITDA	$	653,282	$	621,886	$	942,444	$	921,071

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 32
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jul. 31, 2023	Apr. 30, 2023
Property, Plant and Equipment [Line Items]
Land and land improvements	$ 797,472	$ 796,730	$ 791,854
Buildings and building improvements	1,643,890	1,643,517	1,636,957
Machinery and equipment	1,907,830	1,792,378	1,784,197
Furniture and fixtures	319,342	298,725	334,173
Software	165,189	152,033	153,651
Vehicles	92,282	87,298	87,110
Construction in progress	78,509	134,113	105,729
Gross property, plant and equipment	5,004,514	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