The private club owner/operator reported that its full-year revenue is up 19.1% over last year, with adjusted EBITDA at $233.7 million, up 19%. The company’s Board of Directors has also authorized it to repurchase up to $50 million of its common stock by December 31, 2017.
ClubCorp has announced its financial results for its fiscal-year 2015 fourth quarter ended December 29, 2015. All growth percentages refer to year-over-year progress.
Fourth Quarter Results:
- Revenue increased $29.1 million, or 9.6%, to $331.7 million for the fourth quarter of 2015.
- Adjusted EBITDA increased $10.2 million to $79.6 million, up 14.8%, driven by higher revenue and improved margin performance across both same-store and new and recently acquired clubs.
- Same-store revenue was up $7.1 million, up 2.7%, driven primarily by higher dues revenue, record private events revenue, and improved golf operations revenue. Same-store adjusted EBITDA grew $5.9 million, up 8.0%, due to increased revenue and favorable operating expenses as a percentage of revenue.
- New clubs opened or acquired in 2014 and 2015 contributed revenue of $61.0 million and adjusted EBITDA of $18.4 million.
Full Year 2015 Results:
- Revenue increased $168.7 million to $1,052.9 million, up 19.1%, reflecting solid same-store revenue growth, and the addition of Sequoia Golf and several other recently acquired clubs.
- Adjusted EBITDA increased $37.3 million to $233.7 million, up 19.0%, driven by an increase in dues and food & beverage revenue and favorable operating expenses as a percentage of revenue at same-store clubs, and additional revenue contribution from new and recently acquired clubs.
- Same-store revenue was up $20.5 million, up 2.5%, driven primarily by higher dues revenue up 3.7% and food & beverage revenue up 3.2%, offset by golf operations revenue down 0.2%. Same-store adjusted EBITDA grew $14.3 million, up 6.3%. For the full-year, same-store golf and country clubs (GCC) and business, sports and alumni clubs (BSA) adjusted EBITDA margins increased 110 basis points in each segment to 30.6% and 20.5%, respectively.
- New clubs opened or acquired in 2014 and 2015 contributed revenue $186.4 million and adjusted EBITDA of $44.6 million.
The board of directors of ClubCorp has authorized the company to repurchase up $50 million of its common stock, commencing the first quarter 2016. The repurchase program is expected to be executed over two years, and is expected to be executed from time to time, subject to general business and market conditions and other investment opportunities, through open market or privately negotiated transactions.