ClubCorp revenue was $1.09 b in FY, 2016 which is a 3.4% year over year increase from the previous period.

## Founding Date | 1957 |

ClubCorp is a subsidiary of Apollo Global Management

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|---|

## Revenue | 815.1m | 884.2m | 1.1b | 1.1b |

| 8% | 19% | 3% | |

## Cost of goods sold | 527.8m | 568.2m | 682.0m | 696.0m |

## Gross profit | 287.3m | 316.0m | 370.9m | 392.5m |

| 35% | 36% | 35% | 36% |

## General and administrative expense | 64.1m | 73.9m | 82.6m | 77.7m |

## Operating expense total | 226.1m | 250.0m | 311.1m | 300.5m |

## Depreciation and amortization | 72.1m | 80.8m | 103.9m | 107.2m |

## EBIT | 61.2m | 66.0m | 59.8m | 92.0m |

| 8% | 7% | 6% | 8% |

## Interest income | 345.0k | 2.6m | 5.5m | 608.0k |

## Pre tax profit | (39.0m) | (28.1m) | (7.9m) | 5.4m |

## Income tax expense | 1.7m | (41.5m) | 1.6m | 1.3m |

## Net Income | (40.7m) | 13.3m | (9.6m) | 3.6m |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q3, 2016 | Q2, 2016 | Q1, 2017 | Q2, 2017 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 194.8m | 165.7m | 211.4m | 204.5m | 202.1m | 263.7m | 255.4m | 214.9m | 259.3m | 269.0m | 221.3m | 276.4m |

## Cost of goods sold | 111.0m | 136.6m | 142.4m | 146.3m | ||||||||

## Gross profit | 54.7m | 65.4m | 72.5m | 75.0m | ||||||||

| 33% | 32% | 34% | 34% | ||||||||

## General and administrative expense | 11.3m | 11.5m | 15.7m | 13.6m | 15.4m | 19.2m | 15.3m | 19.7m | 15.4m | 17.5m | 21.3m | 24.7m |

## Operating expense total | 11.3m | 43.7m | 15.7m | 13.6m | 58.6m | 19.2m | 15.3m | 66.1m | 15.4m | 17.5m | 67.6m | 24.7m |

## Depreciation and amortization | 16.4m | 22.8m | 24.2m | 25.0m | ||||||||

## EBIT | 18.2m | 11.0m | 21.5m | 20.7m | 6.9m | 17.2m | 17.2m | 6.4m | 22.8m | 29.6m | 7.4m | 18.4m |

| 9% | 7% | 10% | 10% | 3% | 7% | 7% | 3% | 9% | 11% | 3% | 7% |

## Interest expense | 19.5m | 15.6m | 12.9m | 16.3m | 16.2m | 20.2m | 19.9m | 19.2m | ||||

## Interest income | 82.0k | 84.0k | 126.0k | 165.0k | ||||||||

## Investment income | (32.0k) | |||||||||||

## Pre tax profit | (1.2m) | (4.7m) | (25.4m) | 9.1m | (9.2m) | 2.5m | 3.2m | (13.8m) | 2.8m | 9.8m | (12.0m) | (708.0k) |

## Income tax expense | (3.8m) | (864.0k) | 8.0m | (5.8m) | (4.9m) | (2.7m) | (2.0m) | (5.5m) | (1.6m) | (4.1m) | (4.5m) | 1.5m |

## Net Income | (5.0m) | (3.8m) | (17.5m) | 3.3m | (4.3m) | (223.0k) | 1.2m | (8.4m) | 1.2m | 5.8m | (7.5m) | 791.0k |

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|---|

## Cash | 53.8m | 75.0m | 116.3m | 84.6m |

## Accounts Receivable | 83.2m | 65.3m | 68.7m | 603.1m |

## Prepaid Expenses | 13.3m | 15.8m | 19.9m | |

## Inventories | 15.8m | 20.9m | 20.9m | 22.7m |

## Current Assets | 176.5m | 203.7m | 252.2m | 202.6m |

## PP&E | 1.2b | 1.5b | 1.5b | 1.6b |

## Goodwill | 258.5m | 312.8m | 312.8m | 312.8m |

## Total Assets | 1.7b | 2.1b | 2.2b | 2.1b |

## Accounts Payable | 26.8m | 31.9m | 39.5m | 39.3m |

## Short-term debt | 11.6m | 18.0m | 20.4m | |

## Current Liabilities | 287.1m | 311.4m | 335.0m | 361.9m |

## Long-term debt | 638.1m | 965.2m | 1.1b | 1.1b |

## Total Debt | 649.7m | 983.2m | 1.1b | 1.1b |

## Total Liabilities | 1.5b | 1.8b | 2.0b | 2.0b |

## Common Stock | 638.0k | 644.0k | 647.0k | |

## Additional Paid-in Capital | 320.3m | 293.0m | 263.9m | 235.9m |

## Retained Earnings | (92.7m) | (79.4m) | (89.0m) | (82.3m) |

## Total Equity | 238.0m | 220.9m | 178.8m | 142.4m |

## Debt to Equity Ratio | 2.7 x | 6.2 x | 7.5 x | |

## Debt to Assets Ratio | 0.4 x | 0.5 x | 0.5 x | |

## Financial Leverage | 7.3 x | 9.4 x | 12.1 x | 15 x |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q3, 2016 | Q2, 2016 | Q1, 2017 | Q2, 2017 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 43.3m | 60.1m | 78.9m | 65.8m | 72.5m | 50.4m | 47.1m | 97.3m | 92.1m | 104.6m | 53.9m | 52.0m |

## Accounts Receivable | 59.3m | 69.8m | 80.9m | 84.9m | ||||||||

## Prepaid Expenses | 15.1m | 19.3m | 20.9m | 23.6m | ||||||||

## Inventories | 16.4m | 17.6m | 19.1m | 18.2m | 23.4m | 25.4m | 23.7m | 23.9m | 24.2m | 25.4m | 25.4m | 26.4m |

## Current Assets | 167.0m | 159.8m | 195.4m | 190.0m | 212.6m | 202.5m | 216.2m | 223.0m | 245.4m | 253.1m | 187.9m | 208.3m |

## PP&E | 1.2b | 1.2b | 1.3b | 1.3b | 1.5b | 1.5b | 1.5b | 1.5b | 1.6b | 1.5b | 1.6b | 1.6b |

## Goodwill | 258.5m | 258.5m | 258.5m | 258.5m | 312.8m | 312.8m | 312.8m | 312.8m | 312.8m | 312.8m | 312.8m | 312.8m |

## Total Assets | 1.7b | 1.7b | 1.8b | 1.8b | 2.1b | 2.1b | 2.1b | 2.1b | 2.2b | 2.2b | 2.1b | 2.2b |

## Accounts Payable | 28.1m | 25.5m | 29.5m | 29.2m | 39.0m | 41.6m | 32.2m | 30.1m | 29.3m | 38.4m | 27.8m | 36.7m |

## Short-term debt | 11.6m | 18.3m | 20.6m | 19.8m | ||||||||

## Current Liabilities | 292.5m | 282.2m | 283.1m | 302.5m | 343.1m | 337.1m | 357.9m | 350.4m | 370.6m | 383.6m | 376.6m | 398.0m |

## Long-term debt | 785.8m | 648.2m | 716.8m | 720.2m | 971.0m | 1.0b | 1.0b | 1.1b | 1.1b | 1.1b | 1.1b | 1.1b |

## Total Debt | 785.8m | 648.2m | 716.8m | 720.2m | 971.0m | 1.0b | 1.0b | 1.1b | 1.1b | 1.1b | 1.1b | 1.1b |

## Total Liabilities | 1.6b | 1.5b | 1.6b | 1.6b | 1.9b | 1.9b | 1.9b | 2.0b | 2.0b | 2.0b | 2.0b | 2.0b |

## Common Stock | 642.0k | 646.0k | 655.0k | 658.0k | ||||||||

## Additional Paid-in Capital | 149.5m | 313.4m | 314.6m | 300.1m | 285.7m | 286.8m | 269.8m | 255.5m | 250.7m | 248.9m | 228.0m | 230.2m |

## Retained Earnings | (60.3m) | (96.4m) | (114.0m) | (110.8m) | (83.7m) | (83.9m) | (82.6m) | (94.3m) | (87.5m) | (88.7m) | (89.8m) | (89.1m) |

## Total Equity | 98.7m | 226.9m | 211.2m | 199.8m | 207.6m | 198.0m | 180.1m | 165.1m | 153.9m | 151.5m | 137.9m | 131.4m |

## Debt to Equity Ratio | 2.9 x | 4.7 x | 6.5 x | 7.7 x | ||||||||

## Debt to Assets Ratio | 0.4 x | 0.5 x | 0.5 x | 0.5 x | ||||||||

## Financial Leverage | 17.6 x | 7.6 x | 8.4 x | 9 x | 10 x | 10.7 x | 11.8 x | 12.9 x | 14.1 x | 14.3 x | 15.4 x | 16.4 x |

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|---|

## Net Income | (40.7m) | 13.3m | (9.6m) | 4.0m |

## Depreciation and Amortization | 69.2m | 79.4m | 103.9m | 107.2m |

## Accounts Receivable | (26.9m) | 29.7m | 6.6m | (3.9m) |

## Accounts Payable | (815.0k) | 1.0m | 2.5m | (2.6m) |

## Cash From Operating Activities | 93.7m | 129.2m | 152.3m | 157.7m |

## Purchases of PP&E | (59.5m) | (72.6m) | (105.2m) | (108.8m) |

## Cash From Investing Activities | (72.7m) | (352.7m) | (160.2m) | (105.4m) |

## Short-term Borrowings | (11.2m) | (57.0m) | ||

## Long-term Borrowings | (170.9m) | (283.4m) | (247.3m) | (79.6m) |

## Dividends Paid | (31.6m) | (33.6m) | (34.0m) | |

## Cash From Financing Activities | (49.1m) | 245.0m | 48.5m | (85.0m) |

## Net Change in Cash | 41.3m | (31.7m) | ||

## Interest Paid | 61.4m | 35.9m | 51.4m | 56.9m |

## Income Taxes Paid | 3.2m | 2.7m | 11.3m | 5.7m |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q3, 2016 | Q2, 2016 | Q1, 2017 | Q2, 2017 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | (8.4m) | (3.8m) | (21.3m) | (18.0m) | (4.3m) | (4.5m) | (3.3m) | (8.3m) | (1.4m) | (2.6m) | (7.5m) | (6.7m) |

## Depreciation and Amortization | 47.5m | 16.3m | 33.0m | 50.1m | 22.8m | 45.7m | 69.6m | 24.2m | 72.4m | 47.5m | 25.0m | 50.1m |

## Accounts Receivable | 24.8m | (828.0k) | (6.4m) | (5.9m) | ||||||||

## Accounts Payable | (52.0k) | 5.7m | (4.4m) | (6.0m) | ||||||||

## Cash From Operating Activities | 66.8m | 29.5m | 50.9m | 78.4m | 40.5m | 62.0m | 98.6m | 22.3m | 97.9m | 70.2m | 17.7m | 62.4m |

## Purchases of PP&E | (42.1m) | (12.4m) | (35.5m) | (55.1m) | (20.8m) | (50.9m) | (76.1m) | (20.3m) | (73.5m) | (47.0m) | (23.4m) | (52.5m) |

## Cash From Investing Activities | (52.1m) | (23.3m) | (52.7m) | (82.1m) | (35.1m) | (106.3m) | (131.5m) | (26.8m) | (78.4m) | (53.3m) | (32.6m) | (64.9m) |

## Long-term Borrowings | (22.0m) | (3.1m) | (275.6m) | (278.7m) | (4.0m) | (7.6m) | (12.0m) | (4.7m) | (49.3m) | (8.8m) | (5.1m) | (8.9m) |

## Dividends Paid | (7.7m) | (8.4m) | (8.5m) | (8.6m) | ||||||||

## Cash From Financing Activities | (53.2m) | 112.0k | 26.9m | 15.8m | (7.8m) | 19.7m | 5.2m | (14.7m) | (44.2m) | (29.2m) | (15.4m) | (29.2m) |

## Net Change in Cash | (2.5m) | (19.1m) | (30.7m) | |||||||||

## Interest Paid | 1.0m | 18.7m | 28.7m | 8.2m | 26.3m | 31.4m | 2.4m | 33.5m | 10.7m | 7.8m | 18.9m | |

## Income Taxes Paid | 202.0k | 2.7m | 2.0m | 162.0k | 4.4m | 4.5m | 407.0k | 3.4m | 3.0m | 1.0m | 1.3m |

USD | Q3, 2013 |
---|---|

## Financial Leverage | 17.6 x |