The Vol. 14, No. 5 May 2023 INDUSTRY PROJECTIONS 2 7 10 12 14 16 Horizon for '23 found in Capacity Rounds forecast By Stuart Lindsay GOLF CONSUMER BASE Endemic COVID continues to favor golf By Jim Koppenhaver COMINGS & GOINGS 11 Activities; It's (nearly) all about the Transactions WEATHER IMPACT Apr GPH shines at +12%; Year-to-Date holds at +10% BY-THE-NUMBERS Mar Utilization gains; Year-to-Date still lags MARKET FOCUS Denver is new #1, unseating San Diego www.PellucidcorP.com The Pellucid PersPecTive 1http://www.PellucidcorP.com