v3.26.1
Fair Value Measurements
 9 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company uses valuation techniques which maximize the use of observable inputs and minimize the use of unobservable inputs when determining fair value. The three levels of the hierarchy are as follows:

Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities;

Level 2: Inputs include quoted prices for similar assets and liabilities in active and inactive markets or that are observable for the asset or liability either directly or indirectly; and

Level 3: Unobservable inputs which are supported by little or no market activity.
The table below summarizes the Company’s cash equivalents, restricted cash, other current assets 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, 2026
DescriptionTotalLevel 1Level 2Level 3
Assets:
Money Market$50,000 $50,000 $— $— 
Commercial Paper$2,401 $— $2,401 $— 
Certificates of Deposit$43,742 $— $43,742 $— 
Liabilities:
Contingent Consideration $93,000 $— $— $93,000 
 Estimated Fair Value Measurement as of July 31, 2025
DescriptionTotalLevel 1Level 2Level 3
Assets:
Money Market$80,576 $80,576 $— $— 
Commercial Paper$2,401 $— $2,401 $— 
Certificates of Deposit$65,962 $— $65,962 $— 
Liabilities:
Contingent Consideration $93,300 $— $— $93,300 
 Estimated Fair Value Measurement as of April 30, 2025
DescriptionTotalLevel 1Level 2Level 3
Assets:
Money Market$52,213 $52,213 $— $— 
Commercial Paper$2,401 $— $2,401 $— 
Certificates of Deposit$87,505 $— $87,505 $— 
Liabilities:
Contingent Consideration$88,000 $— $— $88,000 
The Company’s cash equivalents, restricted cash equivalents and other current assets are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data.
The changes in Contingent Consideration during the nine months ended April 30, 2026 and 2025 were as follows (in thousands):
Balance as of July 31, 2025 and 2024, respectively$93,300 $104,200 
Payments(14,739)(20,279)
Change in estimated fair value14,439 4,079 
Balance as of April 30, 2026 and 2025, respectively$93,000 $88,000 
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 an inflation linked threshold 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 liability using an option pricing valuation model. The estimated fair value of the Contingent Consideration is determined on the basis of estimated future year performance of Park City, on which participating contingent payments are made, which is increased by an assumed annual growth factor and discounted to present value. Other significant assumptions included a discount rate of 10.5% and volatility of 15.0%, which together with future period Park City EBITDA, are all unobservable inputs. The Company prepared a sensitivity analysis to
evaluate the effect that changes on certain key assumptions would have on the fair value of the Contingent Consideration. A change in the discount rate of 100 basis points, a change in volatility of 100 basis points, or a 5% change in estimated subsequent year performance of the resort would result in a change in the fair value within the range of approximately $5.3 million to $24.3 million.
During the nine months ended April 30, 2026, the Company made a payment to the landlord for Contingent Consideration of approximately $14.7 million and recorded an increase in the liability of approximately $14.4 million, which was primarily driven by updates to key market inputs, including a lower discount rate and increased volatility assumptions, partially offset by the impact of updated company performance for fiscal 2026, which lowered EBITDA for the current fiscal year and resulted in the expectation that no payment will be made to the landlord in the next period. These changes resulted in an estimated fair value of the Contingent Consideration of approximately $93.0 million, which is included in other long-term liabilities in the Company’s Consolidated Condensed Balance Sheet as of April 30, 2026.