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We own and operate two public golf country clubs in Florida that each feature a golf-club, consisting of over 289 acres of multi-service recreational property. Our golf country clubs include two golf-courses with over 13,000 yards of combined fairways, clubhouses boasting food and beverage options, aquatic golf ranges, and pro shops to assist any level of golfer.
The business is unprofitable at the operating level (-148.64% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 10.1% YoY. Margins deteriorated 143.1pp alongside, both lines moving the wrong way.
ROIC dropped from -6.17% to -19.46%, capital efficiency is deteriorating. Negative free cash flow of -$3M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$3M
▼ -10.1% YoY
Net Income (TTM)
-$5M
▼ -1901.6% YoY
Op. Margin
-200.24%
▼ -143.1pp YoY
ROIC
-16.08%
▼ -13.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$3M
▼ -8284.1% YoY
Op. Cash Flow (TTM)
-$2M
▼ -2361.9% YoY
Net Debt
-$37M
Net Cash Position
Cash & Equiv.
$38M
3Y CAGR: -0.5%
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