The Pellucid Perspective - February 2022 - 14

INDUSTRY
SCORECARD
December Utilization another double-digit decline,
Year finishes above 60%!
Industry Key Performance Indicators at-a-glance
Rounds by Facility Type Dec 2021
All Fac.
Types
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
Public
Access
6.7%
Private
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5.5%
1.9%
1.9%
2.0%
1.1%
Source: Golf Datatech
n Curr Month
n Curr YtD
Looking at demand for December as reported by Golf Datatech,
we saw an (underwhelming) increase as reported rounds registered
+2% vs. Year Ago (YA) vs. a healthy '20 baseline but aided
by incredibly favorable weather (see below). That basically stabilized
our Year-to-Date (YtD) gain to +6% to finish the year.
For the YtD period, we continued the trend of the Public sector
leading the gains at +7% (part of that is due to the fact that in
'20 Private didn't dip as much so they're playing against a higher
base). That finish was the cap to an unexpectedly good encore for
the " roaring '20s " (so far). That leads us to the monthly question
of " How much of the decline was due to weather vs. changes in
golfer engagement? " For the answer, we'll need to look at the
month via Pellucid's unique view of Utilization.
n %Utilization
n Pt. Chng vs. FY '20
Utilization & Point Change Dec 2021
For reference, Utilization and Point Change vs. Year Ago (YA)
tracks rounds demand after factoring for weather.
The comparative
benchmark is the Year End (YE) '20 value of 59%.
For those not familiar with Pellucid's Weather Impact tracking,
the underlying concept is relatively simple. In a theoretical
world where rounds follow weather, a 5% increase in Available
Rounds would produce a 5% gain in Played Rounds. By comparing
Played Rounds to Available Rounds, we can determine
the weather-neutral performance of the average facility and
how it's changing during the year vs. the benchmark.
The unfortunate news for December is that the modest increase
in demand was against phenomenally good weather producing
a Utilization Rate of 46%, down 12 points vs. CY '20
yearend. That accelerates the recent pattern of Utilization drops
vs. the '20 elevated rounds base remembering that weather is
indifferent to pandemics and related closures and restrictions.
On the positive side, YtD Utilization finished at +3 pts and 62%
in the absolute, a nice increment above our historical averages
which traded in the 52-54% range pre-COVID.
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
Curr.
Month
YtD
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Source: Golf Datatech and Pellucid
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4.0
2.0
0.0
-2.0
-4.0
-6.0
-8.0
-10.0
-12.0
-14.0
14 The Pellucid PersPecTive
February 2022
46.1%
-12.4
61.2%
2.7
The Pellucid Perspective - February 2022

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