The Pellucid Perspective - January 2024 - 14

INDUSTRY
SCORECARD
Nov Utilization declines but...weather (great),
Year-to-Date flat-to-slightly up
Industry Key Performance Indicators at-a-glance
9.0%
6.8%
4.5%
2.3%
0.0%
Rounds by Facility Type Nov 2023
___________________________________________
___________________________________________
___________________________________________
___________________________________________
___________________________________________
All Fac.
Types
8.2%
6.0%
3.6%
4.0%
1.9%
Public
Access
8.8%
Private
n Curr Month
n Curr YtD
Source: Golf Datatech
Looking at demand for November as reported by Golf Datatech,
we saw a big jump (+8%) vs. Year Ago (YA). That pushed
the already favorable YtD gain upward, now at +4% through 11
months of play. According to Datatech, the month's significant
gain was largely driven by the Public sector although Private did
also post a gain (half as much). 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 Nov 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.
Despite a strong gain in rounds demand, the stellar weather
underpinning it led to a decline in Utilization for the month
(which is why measuring weather impact matters as the " reality
check " for both ups and downs in demand). For the YtD period,
this only slightly dented our favorability as we maintained a +1
pt Utilization gain (clawing our way back from a Q1 deficit of
~5 pts). In the absolute, we continue to cling to our 60%+ Utilization
performance 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.
46.5%
____________________________
____________________________
0.0
62.0%
Curr.
Month
YtD
____________________________
____________________________
1.8
31.0%
____________________________
____________________________ -1.8
15.5%
____________________________
____________________________ -3.5
0.0%
____________________________
Source: Golf Datatech and Pellucid
____________________________ -5.3
14 The Pellucid PersPecTive
January 2024
54.2%
-6.1
61.4%
1.1
The Pellucid Perspective - January 2024

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