our single largest source of mountain segment revenue is the sale of lift tickets ( including season passes ) , which represented approximately 51 % , 50 % and 49 % of mountain segment net revenue for fiscal 2017 , fiscal 2016 and fiscal 2015 , respectively . lift revenue is driven by volume and pricing . pricing is impacted by both absolute pricing , as well as the demographic mix of guests , which impacts the price points at which various products are purchased . the demographic mix of guests to our u.s. mountain resorts is divided into two primary categories : ( 1 ) out-of-state and international ( “ destination ” ) guests and ( 2 ) in-state and local ( “ local ” ) guests . for the 2016/2017 u.s. ski season , destination guests comprised approximately 61 % of our u.s. mountain resort skier visits , while local guests comprised approximately 39 % of our u.s. mountain resort skier visits , which compares to approximately 58 % and 42 % , respectively , for the 2015/2016 u.s. ski season and 59 % and 41 % , respectively , for the 2014/2015 u.s. ski season . destination guests generally purchase our higher-priced lift ticket products and utilize more ancillary services such as ski school , dining and retail/rental , as well as lodging at or around our mountain resorts . destination guest visitation is less likely to be impacted by changes in the weather but may be more impacted by adverse economic conditions or the global geopolitical climate . local guests tend to be more value-oriented and weather sensitive . we offer a variety of season pass products for all of our mountain resorts and urban ski areas ( collectively , “ resorts ” ) , marketed towards both destination and local guests . our season pass product offerings range from providing access to one or a combination of our resorts to our epic season pass , which allows pass holders unlimited and unrestricted access to all of our resorts . our season pass program provides a compelling value proposition to our guests , which in turn assists us in developing a loyal base of customers who commit to ski at our resorts generally in advance of the ski season and typically ski more days each season at our resorts than those guests who do not buy season passes . as such , our season pass program drives strong customer loyalty ; mitigates exposure to more weather sensitive guests ; generates additional ancillary spending ; and , provides cash flow in advance of winter season operations . in addition , our season pass program attracts new guests to our resorts . all of our season pass products , including the epic pass , are predominately sold prior to the start of the ski season . season pass revenue , although primarily collected prior to the ski season , is recognized in the consolidated statement of operations ratably throughout the ski season . as a result of the acquisition of whistler blackcomb , lift revenue includes certain products that were not available for sale in the prior comparative periods , primarily whistler blackcomb season passes and edge cards . edge cards are products , exclusively 38 available to canadian , washington state and oregon residents that allow these guests to purchase lift access in advance of visitation , usually at a discounted price , and are available for sale throughout the ski season unlike our epic season pass program , which generally requires a commitment in advance of the ski season . accordingly , lift revenue consists of season pass and certain edge card lift revenue ( “ pass revenue ” ) and non-season pass lift revenue ( “ non-pass revenue ” ) . approximately 43 % , 40 % and 40 % of total lift revenue was derived from pass revenue for fiscal 2017 , fiscal 2016 and fiscal 2015 , respectively . the cost structure of our mountain resort operations has a significant fixed component with variable expenses including , but not limited to , land use permit or lease fees , credit card fees , retail/rental cost of sales and labor , ski school labor and dining operations ; as such , profit margins can fluctuate greatly based on the level of revenues . lodging segment operations within the lodging segment include ( i ) ownership/management of a group of luxury hotels through the rockresorts brand proximate to our colorado mountain resorts ; ( ii ) ownership/management of non-rockresorts branded hotels and condominiums proximate to our north american mountain resorts ; ( iii ) national park service ( “ nps ” ) concessionaire properties including grand teton lodging company ( “ gtlc ” ) ; ( iv ) colorado mountain express ( “ cme ” ) , a colorado resort ground transportation company ; and , ( v ) mountain resort golf courses . the performance of our lodging properties ( including managed condominium units ) proximate to our mountain resorts as well as cme is closely aligned with the performance of the mountain segment and generally experiences similar seasonal trends , particularly with respect to visitation by destination guests . revenue from our lodging properties ( including managed condominium units ) proximate to our mountain resorts represented approximately 68 % , 69 % and 70 % of lodging segment net revenue ( excluding lodging segment revenue associated with reimbursement of payroll costs ) for fiscal 2017 , fiscal 2016 and fiscal 2015 , respectively . story_separator_special_tag other revenue mainly consists of summer visitation and mountain activities revenue , employee housing revenue , guest services revenue , commercial leasing revenue , marketing and internet advertising revenue , private club revenue ( which includes both club dues and amortization of initiation fees ) , municipal services revenue and other recreation activity revenue . other revenue also is comprised of perisher lodging and transportation revenue . for fiscal 2017 , other revenue increased $ 30.5 million , or 21.6 % , primarily attributable to incremental revenue from whistler blackcomb . excluding whistler blackcomb and stowe , other revenue increased 2.2 % primarily due to an increase in summer activities revenue from our u.s. mountain resorts , including the expansion of our on-mountain epic discovery summer activities offerings . operating expense for fiscal 2017 increased $ 165.9 million , or 18.8 % , which was primarily attributable to incremental operating expenses from whistler blackcomb , as well as $ 10.8 million of acquisition and integration related expenses . excluding incremental operating expenses of whistler blackcomb and stowe and acquisition and integration related activities , operating expense increased 1.7 % . the following discussion provides information about the changes in operating expenses for fiscal 2017 , excluding acquisition and integration related expenses and the operations of whistler blackcomb and stowe . labor and labor-related benefits increased 2.8 % primarily due to normal wage adjustments and increased staffing levels at our u.s. resorts to support the expansion of our on-mountain epic discovery summer activities offerings , partially offset by lower performance-based variable compensation . retail cost of sales increased 1.3 % , compared to an increase in retail sales of 2.0 % . resort related fees increased 3.5 % due to overall increases in revenue upon which those fees are based . general and administrative expense increased 1.3 % due to increased corporate overhead costs . other expense decreased 0.2 % primarily due to decreased professional services expense and repairs and maintenance expense , partially offset by increased rent expense and utilities expense . mountain equity investment income , net primarily includes our share of income from the operations of a real estate brokerage joint venture . fiscal 2016 compared to fiscal 2015 fiscal 2016 results reflect an increase in mountain reported ebitda of $ 80.3 million , or 23.3 % . this increase was primarily due to strong u.s. pass sales growth for the 2015/2016 u.s. ski season ; a strong rebound at our tahoe resorts ; continued growth at our colorado resorts and park city ; strong ancillary guest spending for ski school , dining and retail/rental operations ; as well as the addition of a full year of perisher results ( acquired in june 2015 ) . our tahoe resorts saw a significant increase in skier visitation during the 2015/2016 u.s. ski season , primarily as a result of improved weather conditions and snowfall in the tahoe region compared to fiscal 2015. our colorado resorts and park city realized strong increases in skier visitation during fiscal 2016 compared to fiscal 2015. we believe the increase at park city is due in part to the significant capital improvements we made at the resort , including connecting park city mountain resort and canyons into the largest resort in the u.s. , and our marketing efforts surrounding the investments and connection . mountain reported ebitda for fiscal 2016 was also positively impacted by the addition of perisher ( acquired in june 2015 ) , which has its operating season from june through early october ; increased summer activities revenue ; and the lack of acquisition and integration related expenses and litigation expenses incurred during fiscal 2015 related to park city and perisher . these favorable impacts were partially offset by a modest decline in international visitation to our u.s. mountain resorts during the 2015/2016 u.s. ski season and the $ 16.4 million non-cash gain on the park city litigation settlement recognized during fiscal 2015. the non-cash gain on the park city litigation ( which was recorded separately from our acquisition of park city mountain resort ) represents the estimated fair value of the settlement , which we obtained the right to in the acquisition of canyons resort in fiscal 2013 ( the “ canyons transaction ” ) , from the canyons transaction date of may 29 , 2013 to the park city mountain resort acquisition date . 43 lift revenue increased $ 121.6 million , or 22.7 % , which includes $ 24.0 million of incremental lift revenue from perisher . u.s. non-pass revenue increased $ 58.7 million , or 18.9 % , and u.s. pass revenue increased $ 38.9 million , or 18.1 % . the increase in u.s. non-pass revenue was primarily the result of an increase in the etp excluding season pass holders of 9.8 % , along with higher visitation at our tahoe resorts and park city . the increase in u.s. pass revenue was due to a combination of both an increase in units sold and pricing , and was favorably impacted by increased pass sales to destination guests . total etp increased $ 2.22 , or 3.5 % , due primarily to price increases in both our lift ticket products and season pass products , partially offset by higher average visitation by season pass holders during the 2015/2016 ski season as compared with the 2014/2015 ski season . ski school revenue increased $ 17.0 million , or 13.5 % , primarily as a result of increases in ski school revenue at our colorado , tahoe and park city resorts , which were attributable to overall increases in skier visitation and pricing , as well as incremental ski school revenue from perisher . dining revenue increased $ 20.0 million , or 19.8 % , which was primarily attributable to overall increases in skier and summer visitation at our u.s. mountain resorts combined with incremental perisher dining revenue . additionally , dining revenue benefited from the earlier opening

significant sources of cash historically , we have lower cash available at our fiscal year-end ( as well as at the end of our first fiscal quarter of each year ) as compared to our second and third fiscal quarter-ends , primarily due to the seasonality of our mountain segment operations . we had $ 117.4 million of cash and cash equivalents as of july 31 , 2017 , compared to $ 67.9 million as of july 31 , 2016. we generated $ 456.9 million of cash from operating activities during fiscal 2017 compared to $ 426.8 million and $ 303.7 million generated during fiscal 2016 and fiscal 2015 , respectively . we currently anticipate that our mountain and lodging segment operating results will continue to provide a significant source of future operating cash flows ( primarily those generated in our second and third fiscal quarters ) . in addition to our $ 117.4 million of cash and cash equivalents at july 31 , 2017 , we had $ 280.2 million available under the revolver component of our vail holdings credit agreement as of july 31 , 2017 ( which represents the total commitment of $ 400.0 million less outstanding borrowings of $ 50.0 million and certain letters of credit outstanding of $ 69.8 million ) . also , to further support the liquidity needs of whistler blackcomb , we had c $ 158.0 million ( $ 126.7 million ) available under the revolver component of our whistler credit agreement ( which represents the total commitment of c $ 300.0 million ( $ 240.7 million ) less outstanding borrowings of c $ 141.0 million ( $ 113.2 million ) and a letter of credit outstanding of c $ 1.0 million ( $ 0.8 million ) ) . we expect that our liquidity needs in the near term will be met by continued use of operating cash flows and borrowings under both the vail holdings credit agreement and whistler credit agreement .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```significant sources of cash historically , we have lower cash available at our fiscal year-end ( as well as at the end of our first fiscal quarter of each year ) as compared to our second and third fiscal quarter-ends , primarily due to the seasonality of our mountain segment operations . we had $ 117.4 million of cash and cash equivalents as of july 31 , 2017 , compared to $ 67.9 million as of july 31 , 2016. we generated $ 456.9 million of cash from operating activities during fiscal 2017 compared to $ 426.8 million and $ 303.7 million generated during fiscal 2016 and fiscal 2015 , respectively . we currently anticipate that our mountain and lodging segment operating results will continue to provide a significant source of future operating cash flows ( primarily those generated in our second and third fiscal quarters ) . in addition to our $ 117.4 million of cash and cash equivalents at july 31 , 2017 , we had $ 280.2 million available under the revolver component of our vail holdings credit agreement as of july 31 , 2017 ( which represents the total commitment of $ 400.0 million less outstanding borrowings of $ 50.0 million and certain letters of credit outstanding of $ 69.8 million ) . also , to further support the liquidity needs of whistler blackcomb , we had c $ 158.0 million ( $ 126.7 million ) available under the revolver component of our whistler credit agreement ( which represents the total commitment of c $ 300.0 million ( $ 240.7 million ) less outstanding borrowings of c $ 141.0 million ( $ 113.2 million ) and a letter of credit outstanding of c $ 1.0 million ( $ 0.8 million ) ) . we expect that our liquidity needs in the near term will be met by continued use of operating cash flows and borrowings under both the vail holdings credit agreement and whistler credit agreement .
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 Suspicious Activity Report : our single largest source of mountain segment revenue is the sale of lift tickets ( including season passes ) , which represented approximately 51 % , 50 % and 49 % of mountain segment net revenue for fiscal 2017 , fiscal 2016 and fiscal 2015 , respectively . lift revenue is driven by volume and pricing . pricing is impacted by both absolute pricing , as well as the demographic mix of guests , which impacts the price points at which various products are purchased . the demographic mix of guests to our u.s. mountain resorts is divided into two primary categories : ( 1 ) out-of-state and international ( “ destination ” ) guests and ( 2 ) in-state and local ( “ local ” ) guests . for the 2016/2017 u.s. ski season , destination guests comprised approximately 61 % of our u.s. mountain resort skier visits , while local guests comprised approximately 39 % of our u.s. mountain resort skier visits , which compares to approximately 58 % and 42 % , respectively , for the 2015/2016 u.s. ski season and 59 % and 41 % , respectively , for the 2014/2015 u.s. ski season . destination guests generally purchase our higher-priced lift ticket products and utilize more ancillary services such as ski school , dining and retail/rental , as well as lodging at or around our mountain resorts . destination guest visitation is less likely to be impacted by changes in the weather but may be more impacted by adverse economic conditions or the global geopolitical climate . local guests tend to be more value-oriented and weather sensitive . we offer a variety of season pass products for all of our mountain resorts and urban ski areas ( collectively , “ resorts ” ) , marketed towards both destination and local guests . our season pass product offerings range from providing access to one or a combination of our resorts to our epic season pass , which allows pass holders unlimited and unrestricted access to all of our resorts . our season pass program provides a compelling value proposition to our guests , which in turn assists us in developing a loyal base of customers who commit to ski at our resorts generally in advance of the ski season and typically ski more days each season at our resorts than those guests who do not buy season passes . as such , our season pass program drives strong customer loyalty ; mitigates exposure to more weather sensitive guests ; generates additional ancillary spending ; and , provides cash flow in advance of winter season operations . in addition , our season pass program attracts new guests to our resorts . all of our season pass products , including the epic pass , are predominately sold prior to the start of the ski season . season pass revenue , although primarily collected prior to the ski season , is recognized in the consolidated statement of operations ratably throughout the ski season . as a result of the acquisition of whistler blackcomb , lift revenue includes certain products that were not available for sale in the prior comparative periods , primarily whistler blackcomb season passes and edge cards . edge cards are products , exclusively 38 available to canadian , washington state and oregon residents that allow these guests to purchase lift access in advance of visitation , usually at a discounted price , and are available for sale throughout the ski season unlike our epic season pass program , which generally requires a commitment in advance of the ski season . accordingly , lift revenue consists of season pass and certain edge card lift revenue ( “ pass revenue ” ) and non-season pass lift revenue ( “ non-pass revenue ” ) . approximately 43 % , 40 % and 40 % of total lift revenue was derived from pass revenue for fiscal 2017 , fiscal 2016 and fiscal 2015 , respectively . the cost structure of our mountain resort operations has a significant fixed component with variable expenses including , but not limited to , land use permit or lease fees , credit card fees , retail/rental cost of sales and labor , ski school labor and dining operations ; as such , profit margins can fluctuate greatly based on the level of revenues . lodging segment operations within the lodging segment include ( i ) ownership/management of a group of luxury hotels through the rockresorts brand proximate to our colorado mountain resorts ; ( ii ) ownership/management of non-rockresorts branded hotels and condominiums proximate to our north american mountain resorts ; ( iii ) national park service ( “ nps ” ) concessionaire properties including grand teton lodging company ( “ gtlc ” ) ; ( iv ) colorado mountain express ( “ cme ” ) , a colorado resort ground transportation company ; and , ( v ) mountain resort golf courses . the performance of our lodging properties ( including managed condominium units ) proximate to our mountain resorts as well as cme is closely aligned with the performance of the mountain segment and generally experiences similar seasonal trends , particularly with respect to visitation by destination guests . revenue from our lodging properties ( including managed condominium units ) proximate to our mountain resorts represented approximately 68 % , 69 % and 70 % of lodging segment net revenue ( excluding lodging segment revenue associated with reimbursement of payroll costs ) for fiscal 2017 , fiscal 2016 and fiscal 2015 , respectively . story_separator_special_tag other revenue mainly consists of summer visitation and mountain activities revenue , employee housing revenue , guest services revenue , commercial leasing revenue , marketing and internet advertising revenue , private club revenue ( which includes both club dues and amortization of initiation fees ) , municipal services revenue and other recreation activity revenue . other revenue also is comprised of perisher lodging and transportation revenue . for fiscal 2017 , other revenue increased $ 30.5 million , or 21.6 % , primarily attributable to incremental revenue from whistler blackcomb . excluding whistler blackcomb and stowe , other revenue increased 2.2 % primarily due to an increase in summer activities revenue from our u.s. mountain resorts , including the expansion of our on-mountain epic discovery summer activities offerings . operating expense for fiscal 2017 increased $ 165.9 million , or 18.8 % , which was primarily attributable to incremental operating expenses from whistler blackcomb , as well as $ 10.8 million of acquisition and integration related expenses . excluding incremental operating expenses of whistler blackcomb and stowe and acquisition and integration related activities , operating expense increased 1.7 % . the following discussion provides information about the changes in operating expenses for fiscal 2017 , excluding acquisition and integration related expenses and the operations of whistler blackcomb and stowe . labor and labor-related benefits increased 2.8 % primarily due to normal wage adjustments and increased staffing levels at our u.s. resorts to support the expansion of our on-mountain epic discovery summer activities offerings , partially offset by lower performance-based variable compensation . retail cost of sales increased 1.3 % , compared to an increase in retail sales of 2.0 % . resort related fees increased 3.5 % due to overall increases in revenue upon which those fees are based . general and administrative expense increased 1.3 % due to increased corporate overhead costs . other expense decreased 0.2 % primarily due to decreased professional services expense and repairs and maintenance expense , partially offset by increased rent expense and utilities expense . mountain equity investment income , net primarily includes our share of income from the operations of a real estate brokerage joint venture . fiscal 2016 compared to fiscal 2015 fiscal 2016 results reflect an increase in mountain reported ebitda of $ 80.3 million , or 23.3 % . this increase was primarily due to strong u.s. pass sales growth for the 2015/2016 u.s. ski season ; a strong rebound at our tahoe resorts ; continued growth at our colorado resorts and park city ; strong ancillary guest spending for ski school , dining and retail/rental operations ; as well as the addition of a full year of perisher results ( acquired in june 2015 ) . our tahoe resorts saw a significant increase in skier visitation during the 2015/2016 u.s. ski season , primarily as a result of improved weather conditions and snowfall in the tahoe region compared to fiscal 2015. our colorado resorts and park city realized strong increases in skier visitation during fiscal 2016 compared to fiscal 2015. we believe the increase at park city is due in part to the significant capital improvements we made at the resort , including connecting park city mountain resort and canyons into the largest resort in the u.s. , and our marketing efforts surrounding the investments and connection . mountain reported ebitda for fiscal 2016 was also positively impacted by the addition of perisher ( acquired in june 2015 ) , which has its operating season from june through early october ; increased summer activities revenue ; and the lack of acquisition and integration related expenses and litigation expenses incurred during fiscal 2015 related to park city and perisher . these favorable impacts were partially offset by a modest decline in international visitation to our u.s. mountain resorts during the 2015/2016 u.s. ski season and the $ 16.4 million non-cash gain on the park city litigation settlement recognized during fiscal 2015. the non-cash gain on the park city litigation ( which was recorded separately from our acquisition of park city mountain resort ) represents the estimated fair value of the settlement , which we obtained the right to in the acquisition of canyons resort in fiscal 2013 ( the “ canyons transaction ” ) , from the canyons transaction date of may 29 , 2013 to the park city mountain resort acquisition date . 43 lift revenue increased $ 121.6 million , or 22.7 % , which includes $ 24.0 million of incremental lift revenue from perisher . u.s. non-pass revenue increased $ 58.7 million , or 18.9 % , and u.s. pass revenue increased $ 38.9 million , or 18.1 % . the increase in u.s. non-pass revenue was primarily the result of an increase in the etp excluding season pass holders of 9.8 % , along with higher visitation at our tahoe resorts and park city . the increase in u.s. pass revenue was due to a combination of both an increase in units sold and pricing , and was favorably impacted by increased pass sales to destination guests . total etp increased $ 2.22 , or 3.5 % , due primarily to price increases in both our lift ticket products and season pass products , partially offset by higher average visitation by season pass holders during the 2015/2016 ski season as compared with the 2014/2015 ski season . ski school revenue increased $ 17.0 million , or 13.5 % , primarily as a result of increases in ski school revenue at our colorado , tahoe and park city resorts , which were attributable to overall increases in skier visitation and pricing , as well as incremental ski school revenue from perisher . dining revenue increased $ 20.0 million , or 19.8 % , which was primarily attributable to overall increases in skier and summer visitation at our u.s. mountain resorts combined with incremental perisher dining revenue . additionally , dining revenue benefited from the earlier opening

