| 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 January 31, | | Six Months Ended January 31, | | 2016 | | 2015 | | 2016 | | 2015 | Net revenue: | | | | | | | | Lift | $ | 287,685 |
| | $ | 239,288 |
| | $ | 307,838 |
| | $ | 239,288 |
| Ski school | 62,040 |
| | 57,295 |
| | 65,424 |
| | 57,295 |
| Dining | 44,738 |
| | 38,619 |
| | 57,093 |
| | 46,658 |
| Retail/rental | 102,975 |
| | 95,012 |
| | 135,364 |
| | 124,485 |
| Other | 35,434 |
| | 32,817 |
| | 68,086 |
| | 55,691 |
| Total Mountain net revenue | 532,872 |
| | 463,031 |
| | 633,805 |
| | 523,417 |
| Lodging | 62,807 |
| | 59,364 |
| | 127,093 |
| | 117,857 |
| Total Resort net revenue | 595,679 |
| | 522,395 |
| | 760,898 |
| | 641,274 |
| Real estate | 3,684 |
| | 7,842 |
| | 13,032 |
| | 17,225 |
| Total net revenue | $ | 599,363 |
| | $ | 530,237 |
| | $ | 773,930 |
| | $ | 658,499 |
| Operating expense: | | | | | | | | Mountain | $ | 296,256 |
| | $ | 268,966 |
| | $ | 447,414 |
| | $ | 400,918 |
| Lodging | 57,311 |
| | 53,927 |
| | 118,748 |
| | 111,681 |
| Total Resort operating expense | 353,567 |
| | 322,893 |
| | 566,162 |
| | 512,599 |
| Real estate | 4,617 |
| | 9,871 |
| | 13,958 |
| | 21,485 |
| Total segment operating expense | $ | 358,184 |
| | $ | 332,764 |
| | $ | 580,120 |
| | $ | 534,084 |
| Gain on litigation settlement | $ | — |
| | $ | — |
| | — |
| | 16,400 |
| Gain on sale of real property | $ | 632 |
| | $ | — |
| | 1,791 |
| | — |
| Mountain equity investment (loss) income, net | $ | (61 | ) | | $ | 200 |
| | 781 |
| | 525 |
| Reported EBITDA: | | | | | | | | Mountain | $ | 236,555 |
| | $ | 194,265 |
| | $ | 187,172 |
| | $ | 139,424 |
| Lodging | 5,496 |
| | 5,437 |
| | 8,345 |
| | 6,176 |
| Resort | 242,051 |
| | 199,702 |
| | 195,517 |
| | 145,600 |
| Real estate | (301 | ) | | (2,029 | ) | | 865 |
| | (4,260 | ) | Total Reported EBITDA | $ | 241,750 |
| | $ | 197,673 |
| | $ | 196,382 |
| | $ | 141,340 |
| | | | | | | | | Real estate held for sale and investment | $ | 117,999 |
| | $ | 151,103 |
| | $ | 117,999 |
| | $ | 151,103 |
| | | | | | | | | Reconciliation to net income attributable to Vail Resorts, Inc.: | | | | | | | | Total Reported EBITDA | $ | 241,750 |
| | $ | 197,673 |
| | $ | 196,382 |
| | $ | 141,340 |
| Depreciation and amortization | (40,541 | ) | | (37,376 | ) | | (79,241 | ) | | (73,345 | ) | Change in fair value of Contingent Consideration | — |
| | — |
| | — |
| | 4,550 |
| Loss on disposal of fixed assets and other, net | (1,206 | ) | | (26 | ) | | (2,985 | ) | | (781 | ) | Investment income, net | 161 |
| | 62 |
| | 359 |
| | 36 |
| Interest expense | (10,910 | ) | | (13,807 | ) | | (21,505 | ) | | (27,375 | ) | Income before (provision) benefit from income taxes | 189,254 |
| | 146,526 |
| | 93,010 |
| | 44,425 |
| (Provision) benefit from income taxes | (72,383 | ) | | (30,826 | ) | | (35,809 | ) | | 6,951 |
| Net income | $ | 116,871 |
| | $ | 115,700 |
| | $ | 57,201 |
| | $ | 51,376 |
| Net loss attributable to noncontrolling interests | 111 |
| | 62 |
| | 194 |
| | 110 |
| Net income attributable to Vail Resorts, Inc. | $ | 116,982 |
| | $ | 115,762 |
| | $ | 57,395 |
| | $ | 51,486 |
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