ClubCorp Holdings, Inc.

CIK:0001577095|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 13, 2017	Jun. 14, 2016	Jun. 13, 2017	Jun. 14, 2016
REVENUES:
Club operations	$ 194,780	$ 189,203	$ 360,941	$ 349,892
Food and beverage	80,366	78,941	134,427	131,797
Other revenues	1,207	830	2,263	2,158
Total revenues	276,353	268,974	497,631	483,847
DIRECT AND SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:
Club operating costs exclusive of depreciation	175,953	170,157	322,250	312,511
Cost of food and beverage sales exclusive of depreciation	26,480	25,498	46,141	44,338
Depreciation and amortization	25,384	24,355	50,380	48,569
Provision for doubtful accounts	806	704	1,715	1,084
Loss on disposals of assets	1,957	2,738	4,891	5,655
Asset Impairment Charges	4,176	500	4,176	500
Equity in earnings from unconsolidated ventures	(1,448)	(2,118)	(3,629)	(2,103)
Selling, general and administrative	24,674	17,501	45,970	37,210
OPERATING INCOME	18,371	29,639	25,737	36,083
Interest and investment income	155	127	320	253
Interest expense	(19,234)	(19,938)	(38,784)	(40,358)
(LOSS) INCOME BEFORE INCOME TAXES	(708)	9,828	(12,727)	(4,022)
INCOME TAX BENEFIT (EXPENSE)	1,499	(4,078)	6,012	1,459
NET INCOME (LOSS)	791	5,750	(6,715)	(2,563)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(123)	(171)	(140)	(272)
NET INCOME (LOSS) ATTRIBUTABLE TO CLUBCORP	$ 668	$ 5,579	$ (6,855)	$ (2,835)
WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC	64,555	64,518	64,498	64,496
WEIGHTED AVERAGE SHARES OUTSTANDING, DILUTED	64,555	64,556	64,498	64,496
Net income (loss) attributable to ClubCorp, Basic	$ 0.01	$ 0.08	$ (0.11)	$ (0.05)
Net income (loss) attributable to ClubCorp, Diluted	0.01	0.08	(0.11)	(0.05)
Cash dividends declared per common share	$ 0.00	$ 0.13	$ 0.13	$ 0.26

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 13, 2017	Jun. 14, 2016
Statement of Cash Flows [Abstract]
Asset Impairment Charges	$ 4,176	$ 500
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	(6,715)	(2,563)
Adjustments to reconcile net loss to cash flows from operating activities:
Depreciation	50,069	47,490
Amortization	311	1,079
Bad debt expense	1,715	1,084
Equity in earnings from unconsolidated ventures	(3,629)	(2,103)
Proceeds from Equity Method Investment, Dividends or Distributions	1,321	1,524
Loss on disposals of assets, net	4,891	5,655
Debt issuance costs and term loan discount	2,400	2,620
Accretion of discount on member deposits	9,208	9,127
Equity-based compensation	4,077	3,000
Net change in deferred tax assets and liabilities	(4,630)	(1,544)
Net change in prepaid expenses and other assets	(7,182)	(6,975)
Net change in receivables and membership notes	(30,099)	(26,010)
Net change in accounts payable and accrued liabilities	7,496	13,824
Net change in other current liabilities	28,176	25,198
Net change in other long-term liabilities	801	(1,670)
Net cash provided by operating activities	62,386	70,236
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(52,487)	(47,031)
Acquisition of clubs	(15,265)	(6,600)
Proceeds from dispositions	16	24
Proceeds from insurance	2,862	471
Net change in restricted cash and capital reserve funds	(41)	(180)
Net cash used in investing activities	(64,915)	(53,316)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term debt	(8,915)	(8,755)
Debt issuance and modification costs	(795)	(1,093)
Dividends to owners	(17,089)	(16,979)
Payments for Repurchase of Common Stock	0	(1,235)
Share repurchases for tax withholdings related to certain equity-based awards	(1,264)	(226)
Payments to Noncontrolling Interests	(374)	0
Proceeds from new membership initiation deposits	57	72
Repayments of membership initiation deposits	(861)	(1,013)
Net cash used in financing activities	(29,241)	(29,229)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(811)	569
NET DECREASE IN CASH AND CASH EQUIVALENTS	(32,581)	(11,740)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	84,601	116,347
CASH AND CASH EQUIVALENTS - END OF PERIOD	52,020	104,607
Supplemental Cash Flow Information [Abstract]
Cash paid for interest	18,948	10,700
Cash paid for income taxes	$ 1,348	$ 3,046

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 13, 2017	Dec. 27, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 52,020	$ 84,601
Receivables, net of allowances of $4,946 and $5,111 at June 13, 2017 and December 27, 2016, respectively	110,175	79,115
Inventories	26,388	22,743
Prepaids and other assets	19,754	16,116
Total current assets	208,337	202,575
Investments	3,877	1,569
Property and equipment, net (includes $9,818 and $9,489 related to VIEs at June 13, 2017 and December 27, 2016, respectively)	1,570,689	1,553,382
Notes receivable, net of allowances of $594 and $618 at June 13, 2017 and December 27, 2016, respectively	8,255	8,161
Goodwill	312,811	312,811
Intangibles, net	28,793	29,348
Other assets	16,509	16,615
Long-term deferred tax asset	4,253	4,253
TOTAL ASSETS	2,153,524	2,128,714
CURRENT LIABILITIES:
Current maturities of long-term debt	20,079	19,422
Membership initiation deposits - current portion	178,086	170,355
Accounts payable	36,736	39,260
Accrued expenses	52,124	42,539
Accrued taxes	18,045	19,256
Other liabilities	92,897	71,092
Total current liabilities	397,967	361,924
Long-term debt (includes $12,829 and $13,035 related to VIEs at June 13, 2017 and December 27, 2016, respectively)	1,068,190	1,067,071
Membership initiation deposits	205,837	205,076
Deferred tax liability, net	204,717	209,347
Other liabilities (includes $24,837 and $24,351 related to VIEs at June 13, 2017 and December 27, 2016, respectively)	135,633	132,909
Total liabilities	2,012,344	1,976,327
Commitments and contingencies (See Note 15)
EQUITY
Common stock, $0.01 par value, 200,000,000 shares authorized; 65,721,817 and 65,498,897 issued and outstanding at June 13, 2017 and December 27, 2016, respectively	657	655
Additional paid-in capital	230,176	235,871
Accumulated other comprehensive loss	(8,063)	(9,638)
Accumulated deficit	(89,115)	(82,260)
Treasury Stock, Common, Value	2,258	2,258
Total stockholders’ equity	131,397	142,370
Noncontrolling interests in consolidated subsidiaries and variable interest entities	9,783	10,017
Total equity	141,180	152,387
TOTAL LIABILITIES AND EQUITY	$ 2,153,524	$ 2,128,714