ClubCorp Holdings, Inc. (MYCC) 10-Year Financial Performance & Capital Metrics

MYCC • • Industrial / General

Consumer CyclicalLeisureGolf Equipment & FacilitiesGolf Course Operators

AboutClubCorp Holdings, Inc., now operating as Invited, is a leading owner and operator of private clubs in North America. The company manages a diverse portfolio of golf and country clubs, business clubs, sports clubs, and alumni clubs. With a focus on providing exceptional experiences, Invited offers amenities such as golf courses, dining facilities, fitness centers, and event spaces.Show more

Revenue $1.09B +3.4%
EBITDA $204M +13.9%
Net Income $4M +137.6%
EPS (Diluted) 0.06 +136.9%
Gross Margin 90.77% -0.1%
EBITDA Margin 18.77% +10.2%
Operating Margin 8.45% +48.7%
Net Margin 0.33% +136.4%
ROE 2.3% +145.8%
ROIC 5.97% +52.0%
Debt/Equity 7.63 +15.5%
Interest Coverage 1.05 +24.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗High debt to equity ratio of 7.6x
✗Weak 3Y average ROE of 1.1%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y10.12%

TTM2.93%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM90.49%

EPS CAGR

10Y-

5Y-

3Y-

TTM85.41%

ROCE

10Y Avg4.2%

5Y Avg4.2%

3Y Avg4.19%

Latest5.1%

Peer Comparison

Golf Course Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MYCCClubCorp Holdings, Inc.		17.10	308.66	3.38%	-0.04%	-0.32%		7.63
AGHAureus Greenway Holdings Inc.	58.64M	3.90	-230.47	-7.21%	-95.22%	-8.25%		3.00

Profit & Loss

	Dec 2013	Dec 2014	Dec 2015	Dec 2016
Sales/Revenue+	815.08M	884.15M	1.05B	1.09B
Revenue Growth %	-	0.08%	0.19%	0.03%
Cost of Goods Sold+	74.61M	81.17M	96.1M	100.49M
COGS % of Revenue	0.09%	0.09%	0.09%	0.09%
Gross Profit+	740.47M	802.99M	956.76M	987.99M
Gross Margin %	0.91%	0.91%	0.91%	0.91%
Gross Profit Growth %	-	0.08%	0.19%	0.03%
Operating Expenses+	64.07M	73.87M	82.62M	77.75M
OpEx % of Revenue	0.08%	0.08%	0.08%	0.07%
Selling, General & Admin	64.07M	73.87M	82.62M	77.75M
SG&A % of Revenue	0.08%	0.08%	0.08%	0.07%
Research & Development	0	0	0	0
R&D % of Revenue	-	-	-	-
Other Operating Expenses	0	0	0	0
Operating Income+	61.19M	65.98M	59.81M	91.95M
Operating Margin %	0.08%	0.07%	0.06%	0.08%
Operating Income Growth %	-	0.08%	-0.09%	0.54%
EBITDA+	138.49M	160.1M	179.35M	204.36M
EBITDA Margin %	0.17%	0.18%	0.17%	0.19%
EBITDA Growth %	-	0.16%	0.12%	0.14%
D&A (Non-Cash Add-back)	77.3M	94.11M	119.54M	112.4M
EBIT	44.68M	37.07M	62.73M	92.56M
Net Interest Income+	0	0	0	0
Interest Income	0	0	0	0
Interest Expense	83.67M	65.21M	70.67M	87.19M
Other Income/Expense	-100.18M	-94.12M	-67.75M	-86.58M
Pretax Income+	-38.99M	-28.14M	-7.94M	5.37M
Pretax Margin %	-0.05%	-0.03%	-0.01%	0%
Income Tax+	1.68M	-41.47M	1.63M	1.35M
Effective Tax Rate %	1.05%	-0.47%	1.2%	0.67%
Net Income+	-40.89M	13.23M	-9.51M	3.58M
Net Margin %	-0.05%	0.01%	-0.01%	0%
Net Income Growth %	-	1.32%	-1.72%	1.38%
Net Income (Continuing)	-40.89M	13.23M	-9.51M	3.58M
Discontinued Operations	0	0	0	0
Minority Interest	0	0	0	0
EPS (Diluted)+	-0.75	0.21	-0.15	0.06
EPS Growth %	-	1.28%	-1.71%	1.37%
EPS (Basic)	-0.75	0.21	-0.15	0.06
Diluted Shares Outstanding	54.6M	64.32M	64.36M	64.58M
Basic Shares Outstanding	54.17M	63.94M	64.36M	64.52M
Dividend Payout Ratio	-	-	-	-

Balance Sheet

	Dec 2013	Dec 2014	Dec 2015	Dec 2016
Total Current Assets+	176.5M	203.66M	252.19M	202.57M
Cash & Short-Term Investments	61.81M	80.82M	119.35M	86.17M
Cash Only	53.78M	75.05M	116.35M	84.6M
Short-Term Investments	8.03M	5.77M	3M	1.57M
Accounts Receivable	0	0	0	0
Days Sales Outstanding	-	-	-	-
Inventory	15.82M	20.93M	20.93M	22.74M
Days Inventory Outstanding	77.39	94.13	79.49	82.61
Other Current Assets	98.87M	101.91M	111.91M	93.66M
Total Non-Current Assets+	1.56B	1.86B	1.92B	1.93B
Property, Plant & Equipment	1.23B	1.47B	1.53B	1.55B
Fixed Asset Turnover	0.66x	0.60x	0.69x	0.70x
Goodwill	258.46M	312.81M	312.81M	312.81M
Intangible Assets	27.23M	34.96M	31.25M	29.35M
Long-Term Investments	8.03M	5.77M	3M	1.57M
Other Non-Current Assets	20.68M	6.52M	10.74M	24.78M
Total Assets+	1.74B	2.07B	2.17B	2.13B
Asset Turnover	0.47x	0.43x	0.49x	0.51x
Asset Growth %	-	0.19%	0.05%	-0.02%
Total Current Liabilities+	287.07M	311.43M	335M	361.92M
Accounts Payable	26.76M	31.95M	39.49M	39.26M
Days Payables Outstanding	130.94	143.67	149.97	142.6
Short-Term Debt	11.57M	18.02M	20.41M	19.42M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K
Other Current Liabilities	237.86M	250.52M	262.93M	291.16M
Current Ratio	0.61x	0.65x	0.75x	0.56x
Quick Ratio	0.56x	0.59x	0.69x	0.50x
Cash Conversion Cycle	-	-	-	-
Total Non-Current Liabilities+	1.05B	1.37B	1.5B	1.46B
Long-Term Debt	638.11M	965.19M	1.09B	1.07B
Capital Lease Obligations	0	0	0	0
Deferred Tax Liabilities	210.99M	244.11M	236.79M	209.35M
Other Non-Current Liabilities	157.94M	120.42M	123.66M	132.91M
Total Liabilities	1.51B	1.86B	2B	1.99B
Total Debt+	649.68M	983.21M	1.11B	1.09B
Net Debt	595.9M	908.16M	996.39M	1B
Debt / Equity	2.86x	4.68x	6.61x	7.63x
Debt / EBITDA	4.69x	6.14x	6.20x	5.32x
Net Debt / EBITDA	4.30x	5.67x	5.56x	4.90x
Interest Coverage	0.73x	1.01x	0.85x	1.05x
Total Equity+	227.17M	209.92M	168.36M	142.37M
Equity Growth %	-	-0.08%	-0.2%	-0.15%
Book Value per Share	4.16	3.26	2.62	2.20
Total Shareholders' Equity	227.17M	209.92M	168.36M	142.37M
Common Stock	638K	644K	647K	655K
Retained Earnings	237.95M	-79.44M	-88.95M	-82.26M
Treasury Stock	0	0	0	0
Accumulated OCI	-1.07M	-4.29M	-7.25M	-9.64M
Minority Interest	0	0	0	0

Cash Flow

	Dec 2013	Dec 2014	Dec 2015	Dec 2016
Cash from Operations+	93.69M	129.16M	152.27M	157.65M
Operating CF Margin %	0.11%	0.15%	0.14%	0.14%
Operating CF Growth %	-	0.38%	0.18%	0.04%
Net Income	-40.89M	13.23M	-9.51M	3.58M
Depreciation & Amortization	77.3M	94.11M	119.54M	112.4M
Stock-Based Compensation	0	0	0	0
Deferred Taxes	-4.55M	2.11M	-7.08M	-3.05M
Other Non-Cash Items	185.92M	12.61M	19.39M	114.25M
Working Capital Changes	-138.31M	2.8M	24.96M	-76.54M
Change in Receivables	-26.93M	29.74M	6.62M	-3.93M
Change in Inventory	0	79.8M	98.65M	89.32M
Change in Payables	-815K	1.03M	2.5M	-2.58M
Cash from Investing+	-72.73M	-352.69M	-160.25M	-105.37M
Capital Expenditures	-59.54M	-72.65M	-105.24M	-108.77M
CapEx % of Revenue	0.07%	0.08%	0.1%	0.1%
Acquisitions	-	-	-	-
Investments	-	-	-	-
Other Investing	-13.19M	-259.79M	3.58M	15.45M
Cash from Financing+	-49.1M	245M	48.49M	-85.03M
Debt Issued (Net)	-	-	-	-
Equity Issued (Net)	-	-	-	-
Dividends Paid	0	0	0	0
Share Repurchases	-	-	-	-
Other Financing	-49.1M	245M	48.49M	-85.03M
Net Change in Cash	-	-	-	-
Free Cash Flow+	34.15M	56.51M	47.03M	48.88M
FCF Margin %	0.04%	0.06%	0.04%	0.04%
FCF Growth %	-	0.65%	-0.17%	0.04%
FCF per Share	0.63	0.88	0.73	0.76
FCF Conversion (FCF/Net Income)	-2.29x	9.77x	-16.01x	44.07x
Interest Paid	0	0	0	0
Taxes Paid	0	0	0	0

Key Ratios

Metric	2013	2014	2015	2016
Return on Equity (ROE)	-18%	6.05%	-5.03%	2.3%
Return on Invested Capital (ROIC)	5.58%	5.1%	3.93%	5.97%
Gross Margin	90.85%	90.82%	90.87%	90.77%
Net Margin	-5.02%	1.5%	-0.9%	0.33%
Debt / Equity	2.86x	4.68x	6.61x	7.63x
Interest Coverage	0.73x	1.01x	0.85x	1.05x
FCF Conversion	-2.29x	9.77x	-16.01x	44.07x
Revenue Growth	-	8.47%	19.08%	3.38%

Revenue by Segment

	2013	2014	2015	2016
Membership Dues Revenue	-	408.35M	492.56M	517.89M
Membership Dues Revenue Growth	-	-	20.62%	5.14%
Food and Beverage Revenue	-	251.84M	291.58M	302.51M
Food and Beverage Revenue Growth	-	-	15.78%	3.75%
Golf Operations Revenue	-	144.14M	173.98M	174.76M
Golf Operations Revenue Growth	-	-	20.70%	0.44%
Other Revenue Type	-	79.83M	94.74M	93.33M
Other Revenue Type Growth	-	-	18.68%	-1.49%
Golf And Country Club	627.32M	-	-	-
Golf And Country Club Growth	-	-	-	-
Business Sports And Alumni Club	180.43M	-	-	-
Business Sports And Alumni Club Growth	-	-	-	-
Others	13.51M	-	-	-
Others Growth	-	-	-	-
Intersegment Eliminations	-6.18M	-	-	-
Intersegment Eliminations Growth	-	-	-	-

Revenue by Geography

	2013	2014	2015	2016
UNITED STATES	808.21M	877.78M	1.05B	1.08B
UNITED STATES Growth	-	8.61%	19.23%	3.49%
Geographical All Foreign	6.87M	6.38M	6.31M	5.41M
Geographical All Foreign Growth	-	-7.23%	-1.08%	-14.18%

Frequently Asked Questions

Valuation & Price

ClubCorp Holdings, Inc. (MYCC) has a price-to-earnings (P/E) ratio of 308.7x. This suggests investors expect higher future growth.

Growth & Financials

ClubCorp Holdings, Inc. (MYCC) reported $1.10B in revenue for fiscal year 2016. This represents a 35% increase from $815.1M in 2013.

ClubCorp Holdings, Inc. (MYCC) grew revenue by 3.4% over the past year. Growth has been modest.

ClubCorp Holdings, Inc. (MYCC) reported a net loss of $0.4M for fiscal year 2016.

Dividend & Returns

ClubCorp Holdings, Inc. (MYCC) has a return on equity (ROE) of 2.3%. This is below average, suggesting room for improvement.

ClubCorp Holdings, Inc. (MYCC) generated $35.6M in free cash flow for fiscal year 2016. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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