The Pellucid Perspective - September 2023 - 14

INDUSTRY
SCORECARD
Jul Utilization a big gain, Year-to-Date improves
as rounds beat poor weather!
Industry Key Performance Indicators at-a-glance
Rounds by Facility Type Jul 2023
All Fac.
Types
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
-1.0%
-2.0%
5.0%
Public
Access
5.5%
4.3%
Private
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3.2%
2.9%
-1.3%
Source: Golf Datatech
n Curr Month
n Curr YtD
Looking at demand for July as reported by Golf Datatech, we saw
a monthly gain of +3% vs. Year Ago (YA). That extended the YtD
gain at +5% through 7 months of play. According to Datatech,
the month's gain was driven by the Public sector with the Private
sector offsetting part of that gain with a -1% decline. That leads
us to the monthly question of " How much of the demand change
was due to weather vs. changes in golfer engagement? " For the
answer, we'll need to look at the month via Pellucid's unique Utilization
view.
n %Utilization
n Pt. Chng vs. FY '22
Utilization & Point Change Jul 2023
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) '21 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 July demand increase was counter to the previously-reported
GPH loss resulting in a healthy 6 point Utilization gain
for the month. For the YtD period, that solid month's gain
extended our outperformance vs. weather to +2 pts on Utilization
(clawing our way back from a Q1 deficit of ~5 pts). In the
absolute, we've extended the metric north of the 60% level YtD
which suggests that demand is still healthy net-of-weather and
continues its elevated state relative to our pre-COVID trading
range of 52-55% for the decade 2010-2019.
80.0%
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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7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
14 The Pellucid PersPecTive
September 2023
66.7%
6.4
62.7%
2.4
The Pellucid Perspective - September 2023

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