Form 8-K ClubCorp Holdings, Inc. For: Feb 24

February 24, 2016 4:23 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 24, 2016

ClubCorp Holdings, Inc.

(Exact name of registrant as specified in its charter)



Nevada	001-36074	20-5818205
(State or other	(Commission File Number)	(IRS Employer
jurisdiction of incorporation)		Identification No.)



3030 LBJ Freeway, Suite 600 Dallas, Texas		75234
(Address of Principal Executive Offices)		(Zip Code)

(972) 243-6191

Registrant’s Telephone Number, Including Area Code

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12(b))

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

This current report on Form 8-K is furnished by ClubCorp Holdings, Inc., a Nevada Corporation (the “Company”), in connection with the matters described herein.



Item 2.02	Results of Operations and Financial Condition.

On February 24, 2016, the Company issued a press release announcing the results of the Company’s operations for its fourth quarter and fiscal year ended December 29, 2015. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by this reference. On the same day, members of ClubCorp management will speak to investors via a teleconference. The presentation attached hereto as Exhibit 99.2, which is incorporated herein by this reference, will accompany management’s comments on the teleconference. The press release and the earnings presentation will also be posted on the Investor Relations section of the Company’s website located at http://ir.ClubCorp.com.

The information furnished in this Item 2.02 and Exhibits 99.1 and 99.2 shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933.



Item 7.01	Regulation FD Disclosure.

Members of ClubCorp management will use the information in the presentation attached hereto as Exhibit 99.2 in meetings with investors and analysts and at investor conferences.



Item 9.01	Financial Statements and Exhibits.



Exhibit Number		Description
99.1		Press release, dated February 24, 2016, of ClubCorp Holdings, Inc.
99.2		ClubCorp Holdings, Inc. presentation slides.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



Date: February 24, 2016	CLUBCORP HOLDINGS, INC.

	By:	/s/ Curtis D. McClellan
		Curtis D. McClellan
		Chief Financial Officer and Treasurer

Exhibit Index



Exhibit Number		Description
99.1		Press release, dated February 24, 2016, of ClubCorp Holdings, Inc.
99.2		ClubCorp Holdings, Inc. presentation slides.

Exhibit 99.1

ClubCorp Reports Record Full Year and Fourth Quarter Results, Publishes 2016 Outlook and Announces $50 Million Share Repurchase Program


•	Full-year revenue was $1.1 billion, up 19.1%, while adjusted EBITDA was $233.7 million, up 19.0%


•	Fourth quarter revenue was $331.7 million, up 9.6%, while adjusted EBITDA was $79.6 million, up 14.8%


•	ClubCorp anticipates 2016 adjusted EBITDA to be between $242 and $252 million


•	ClubCorp's Board of Directors has authorized the Company to repurchase up to $50 million of its common stock by December 31, 2017

DALLAS, Texas (February 25, 2016) - ClubCorp - The World Leader in Private Clubs® (NYSE: MYCC) - announces financial results for its fiscal-year 2015 fourth quarter ended December 29, 2015. The fourth quarter of fiscal 2015 and fiscal 2014 consisted of 16 weeks. Year-to-date results of fiscal 2015 and fiscal 2014 consisted of 52 weeks. All growth percentages refer to year-over-year progress.

Fourth Quarter Results:


•	Revenue increased $29.1 million, or 9.6%, to $331.7 million for the fourth quarter of 2015.


•	Adjusted EBITDA⁽¹⁾ increased $10.2 million to $79.6 million, up 14.8%, driven by higher revenue and improved margin performance across both same-store and new and recently acquired clubs.


•	Same Store Clubs. Same-store revenue was up $7.1 million, up 2.7%, driven primarily by higher dues revenue, record private events revenue, and improved golf operations revenue. Same-store adjusted EBITDA grew $5.9 million, up 8.0%, due to increased revenue and favorable operating expenses as a percentage of revenue.


•	New or Acquired Clubs.⁽²⁾ New clubs opened or acquired in 2014 and 2015 contributed revenue of $61.0 million and adjusted EBITDA of $18.4 million.

Full Year 2015 Results:


•	Revenue increased $168.7 million to $1,052.9 million, up 19.1%, reflecting solid same-store revenue growth, and the addition of Sequoia Golf and several other recently acquired clubs.


•	Adjusted EBITDA⁽¹⁾ increased $37.3 million to $233.7 million, up 19.0%, driven by an increase in dues and food & beverage revenue and favorable operating expenses as a percentage of revenue at same-store clubs, and additional revenue contribution from new and recently acquired clubs.

•

Same Store Clubs. Same-store revenue was up $20.5 million, up 2.5%, driven primarily by higher dues revenue up 3.7% and food & beverage revenue up 3.2%, offset by golf operations revenue down 0.2%. Same-store adjusted EBITDA grew $14.3 million, up 6.3%. For the full-year, same-store golf and country clubs (GCC) and business, sports and alumni clubs (BSA) adjusted EBITDA margins increased 110 basis points in each segment to 30.6% and 20.5%, respectively.


•	New or Acquired Clubs.⁽²⁾ New clubs opened or acquired in 2014 and 2015 contributed revenue $186.4 million and adjusted EBITDA of $44.6 million.




ClubCorp FY15 Q4 Earnings Release	1	Page

Exhibit 99.1

2015 Fourth Quarter and Year to Date Summary:

(Unaudited financial information)



	Fourth quarter ended								Year ended
(In thousands, except for membership data)	December 29, 2015 (16 weeks)			December 30, 2014 (16 weeks)			% Change		December 29, 2015 (52 weeks)			December 30, 2014 (52 weeks)			% Change

Total Revenue	$	331,688		$	302,539		9.6	%	$	1,052,867		$	884,155		19.1	%

Adjusted EBITDA ⁽¹⁾
Golf and Country Clubs	$	81,305		$	70,175		15.9	%	$	246,111		$	203,191		21.1	%
Business, Sports and Alumni Clubs	$	16,949		$	14,756		14.9	%	$	39,641		$	34,954		13.4	%
Other⁽³⁾	$	(18,615	)	$	(15,535	)	(19.8	)%	$	(52,090	)	$	(41,822	)	(24.6	)%
Adjusted EBITDA ⁽¹⁾	$	79,639		$	69,396		14.8	%	$	233,662		$	196,323		19.0	%

Total Club Memberships, excluding managed clubs									172,939			168,173			2.8	%

Quotes:

•

Eric Affeldt, president and chief executive officer: “We delivered another year of record revenues and adjusted EBITDA and are positioned for excellent results again in 2016. The fundamentals of our business remain intact and continue to support our growth and investment strategies, which have driven five consecutive years of solid growth in both revenue and adjusted EBITDA, with our investments in reinventions and acquisitions delivering positive NPV returns in 2015. Our Board and management remain dedicated to a balanced approach of capital allocation aligned with the Company's growth strategy and focused on building long-term shareholder value. This approach is reflected in our plans to continue investing in our business. To that end, our Board has authorized, for the first time, a share repurchase program of up to $50 million of our stock over the next two years.”

•

Curt McClellan, chief financial officer: “Our strong results not only speak to the stability of our membership model, but also the strength and steadiness of our cash flows. Since 2010, we’ve grown revenues by 53% and adjusted EBITDA by 56% and, in 2015, we delivered full-year revenue and adjusted EBITDA growth that was north of 19%, despite a 100-year rain event in Texas. During 2015, we acquired nine new clubs, signed two management contracts, and completed reinventions at 21 clubs, and we saw adoption of our O.N.E. offering increase to 50% and private events revenue reach an all-time record. We are pleased that the strength and stability of our cash flow is allowing us to support our growth strategies as well as the repurchase program and our current dividend of $0.52 a share, which represents an almost 5% dividend yield at today's stock price.”




ClubCorp FY15 Q4 Earnings Release	2	Page

Exhibit 99.1

Segment Highlights:

Golf and country clubs (GCC):


•	Fourth quarter, GCC revenue was up $24.8 million to $259.9 million, up 10.6%.


•	Fourth quarter, GCC adjusted EBITDA increased $11.1 million to $81.3 million, up 15.9%, and GCC adjusted EBITDA margin increased 140 basis points to 31.3%.


•	Fourth quarter, GCC same-store revenue increased $4.0 million, up 2.0%, driven by increases across all three major revenue streams: dues up 3.3%, food & beverage up 2.1%, and golf operations up 1.1%.


•	Fourth quarter, GCC same-store adjusted EBITDA increased $4.1 million, up 7.0%, due largely to increased revenue, and favorable cost of sales and variable payroll expenses as a percentage of revenue. Additionally, GCC same-store adjusted EBITDA margin improved 150 basis points to 31.5%.


•	Clubs acquired in 2014 and 2015 contributed fourth quarter, GCC revenue of $58.5 million and GCC adjusted EBITDA of $17.9 million.


•	Full-year 2015, GCC revenue was up 21.3% to $842.6 million, while GCC adjusted EBITDA was up 21.1% to $246.1 million. For the full-year, GCC adjusted EBITDA margin was flat at 29.2%.

Business, sports and alumni clubs (BSA):


•	Fourth quarter, BSA revenue was up $4.0 million to $67.8 million, up 6.2%.


•	Fourth quarter, BSA adjusted EBITDA increased $2.2 million to $16.9 million, up 14.9%, and BSA adjusted EBITDA margin increased 190 basis points to 25.0%.


•	Fourth quarter, BSA same-store revenue increased $3.1 million to $65.2 million, up 5.0%, driven by increases in dues revenue and record private events revenue.


•	Fourth quarter, BSA same-store adjusted EBITDA increased $1.8 million to $16.5 million, up 11.9% due largely to increased dues and food & beverage revenue, and favorable cost of sales and variable payroll expenses as a percentage of revenue. Additionally, BSA same-store adjusted EBITDA margin improved 160 basis points to 25.3%.


•	New clubs opened in 2014 contributed fourth quarter, BSA revenue of $2.6 million and BSA adjusted EBITDA of $0.5 million.


•	Full-year 2015, BSA revenue was up 6.4% to $195.3 million, while BSA adjusted EBITDA was up 13.4% to $39.6 million. For the full-year, BSA adjusted EBITDA margin improved 130 basis points to 20.3%.

Other Data:


•	O.N.E. and Other Upgrades. As of December 29, 2015, approximately 50% of our memberships were enrolled in O.N.E. or similar upgrade programs, as compared to approximately 39% of our memberships that were enrolled in similar upgrade programs as of December 30, 2014. As of December 29, 2015, the Company offered O.N.E. at 152 clubs.


•	Reinvention. During 2015, the Company completed reinventions at 21 existing and recently acquired clubs. In total, for 2016, the Company expects ROI expansion capital to be approximately $41 million. In 2016,




ClubCorp FY15 Q4 Earnings Release	3	Page

Exhibit 99.1

ClubCorp plans to invest approximately $21 million on 11 same-store clubs and $20 million on recently acquired clubs.

•

Acquisitions. In 2015, ClubCorp acquired nine clubs, these include: Ravinia Green Country Club and Rolling Green Country Club, just north of Chicago, Illinois; Bermuda Run Country Club in Bermuda Run, North Carolina; Brookfield Country Club in Roswell, Georgia; Firethorne Country Club in Marvin, North Carolina; Ford's Colony Country Club in Williamsburg, Virginia; Temple Hills Country Club in Franklin, Tennessee; The Legacy Golf Club in Bradenton, Florida and Bernardo Heights Country Club in North Country San Diego, California. The Legacy Golf Club is a public golf course that was subsequently sold in November of 2015. Additionally, in 2016, ClubCorp recently purchased Marsh Creek Country Club in St. Augustine, Florida. As of December 29, 2015, ClubCorp owns or operates 158 golf and country clubs representing approximately 200 18-hole equivalents, of which 10 are managed clubs. Additionally, the Company owns or operates 49 business, sports and alumni clubs, of which three are managed clubs.


•	Membership. Membership totals exclude membership count from managed clubs. As of December 29, 2015, total memberships increased 4,766 to 172,939, up 2.8%, over memberships at December 30, 2014. Same-store GCC memberships increased 0.4%, and total GCC memberships increased 4.3%. Same-store BSA memberships declined 1.2%, while total BSA memberships decreased 0.1%.


•	Levered Free Cash Flow.⁽¹⁾ Levered free cash flow over the last four quarters was $104.9 million, a decrease from $109.8 million a year ago.


•	Texas. Additional data on clubs the Company owns and operates in Texas is available in the Company's earnings presentation that can be found online at ir.clubcorp.com.

Company Outlook:

The following guidance is based on current management expectations. All financial guidance amounts are estimates and subject to change, including as a result of matters discussed under the “Forward-Looking Statements” cautionary language which follows, and the Company undertakes no duty to update its guidance. For fiscal year 2016, the Company anticipates revenue in the range of $1,085 to $1,105 million and adjusted EBITDA in the range of $242 million to $252 million. The current outlook implies year-over-year revenue growth of 3-5% and year-over-year adjusted EBITDA growth of 4-8%.

Stock Repurchase:

The board of directors of ClubCorp has authorized the Company to repurchase up $50 million of its common stock, commencing the first quarter 2016. The repurchase program is expected to be executed over two years, and is expected to be executed from time to time, subject to general business and market conditions and other investment opportunities, through open market or privately negotiated transactions, including through Rule 10b5-1.




ClubCorp FY15 Q4 Earnings Release	4	Page

Exhibit 99.1

About ClubCorp Holdings:

Since its founding in 1957, Dallas-based ClubCorp has operated with the central purpose of Building Relationships and Enriching Lives®. ClubCorp is a leading owner-operator of private golf and country clubs and private business clubs in North America. ClubCorp owns or operates a portfolio of over 200 golf and country clubs, business clubs, sports clubs, and alumni clubs in 26 states, the District of Columbia and two foreign countries that serve over 430,000 members, with approximately 20,000 peak-season employees. ClubCorp Holdings, Inc. is a publicly traded company on the New York Stock Exchange (NYSE: MYCC). ClubCorp properties include: Firestone Country Club (Akron, Ohio); Mission Hills Country Club (Rancho Mirage, California); The Woodlands Country Club (The Woodlands, Texas); Capital Club Beijing; and Metropolitan Club Chicago. You can find ClubCorp on Facebook at facebook.com/clubcorp and on Twitter at @ClubCorp.

Conference Call:

The Company’s earnings presentation is available at ir.clubcorp.com. The Company will hold a conference call on Wednesday, February 24, 2016 at 4:30 p.m. CST (5:30 p.m. EST) to discuss its fourth quarter 2015 financial results. The conference call will be broadcast live and can be accessed via the Company's website at ir.clubcorp.com. To participate in the teleconference, please call in a few minutes before the start time: (877) 201-0168 for U.S. callers and (647) 788-4901 for international callers and reference the ClubCorp fourth quarter conference call (confirmation code 45960369) when prompted. For those unable to participate in the live call, a replay of the call will be available at ir.clubcorp.com.




ClubCorp FY15 Q4 Earnings Release	5	Page

Exhibit 99.1

Statement Regarding Non-GAAP Financial Measures

EBITDA is defined as net income before interest expense, income taxes, interest and investment income, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA plus or minus impairments, gain or loss on disposition and acquisition of assets, losses from discontinued operations, loss on extinguishment of debt, non-cash and other adjustments, equity-based compensation expense and an acquisition adjustment. The acquisition adjustment to revenues and Adjusted EBITDA within each segment represents estimated deferred revenue using current membership life estimates related to initiation payments that would have been recognized in the applicable period but for the application of purchase accounting. Adjusted EBITDA is based on the definition of Consolidated EBITDA as defined in the credit agreement governing the Secured Credit Facilities and may not be comparable to similarly titled measures reported by other companies.

In addition to Adjusted EBITDA, we are providing a Levered Free Cash Flow (FCF) metric as an additional non-GAAP measure. We believe a FCF metric aids investors in their evaluation of the Company's ability to generate cash, and determine the amount of capital available for general corporate purposes including, but not limited to discretionary growth CAPEX (e.g., reinventions or acquisitions), or cash dividends.

This earnings release and accompanying financial tables include supplemental non-GAAP financial measures titled Adjusted EBITDA and Levered Free Cash Flow. Adjusted EBITDA and Levered Free Cash Flow are not determined in accordance with GAAP and should not be considered in isolation, more meaningful than or as a substitute for a measure of performance prepared in accordance with GAAP and are not indicative of net income or loss as determined under GAAP. Non-GAAP financial measures have limitations that should be considered before used as measures to evaluate the Company's financial performance. Adjusted EBITDA and Levered Free Cash Flow, as presented, may not be comparable to similarly titled measures reported by other companies due to varying methods of calculation.

The financial statement tables that accompany this press release include a reconciliation of historical non-GAAP financial measures to the applicable and most comparable GAAP financial measure. The Company has not reconciled Adjusted EBITDA guidance included in this press release to the most directly comparable GAAP measure because this cannot be done without unreasonable effort.

Special Note on Forward-Looking Statements

In addition to historical information, this press release contains statements relating to future results (including certain projections and business trends) that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. These forward-looking statements can be identified by the fact that they do not relate strictly to current or historical facts and often include words such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or




ClubCorp FY15 Q4 Earnings Release	6	Page

Exhibit 99.1

“continue”, or the negatives of these terms or variations of them or similar terminology in this press release and any attachment to identify forward-looking statements. All statements, other than statements of historical facts included in this press release, including statements concerning plans, objectives, goals, beliefs, business strategies, future events, business conditions, results of operations, financial position and business outlook, earnings guidance, business trends and other information are forward-looking statements. The forward-looking statements are not historical facts, and are based upon current expectations, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control. All expectations, beliefs and projections are expressed in good faith and the Company believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this press release, including among others: various factors beyond management's control adversely affecting discretionary spending, membership count and facility usage and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the Company's Annual Report on Form 10-K for the fiscal year ended December 30, 2014 and “Risk Factors” and “Forward-Looking Statements” in its Quarterly Report on Form 10-Q for the period ended September 8, 2015.

Although the Company believes that these statements are based upon reasonable assumptions, it cannot guarantee future results and readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date of this press release. There can be no assurance that (i) the Company has correctly measured or identified all of the factors affecting its business or the extent of these factors' likely impact, (ii) the available information with respect to these factors on which such analysis is based is complete or accurate, (iii) such analysis is correct or (iv) the Company's strategy, which is based in part on this analysis, will be successful. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect new information or events or circumstances that occur after the date of this press release or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review the Company's filings with the SEC (which are available from the SEC's EDGAR database at www.sec.gov and via the Company's website at ir.clubcorp.com/SEC).

Statement Regarding Definitions and Financial Measures

The definitions and basis of presentation for financial measures used in this press release, including EBITDA, Adjusted EBITDA and same-store measures, are discussed more fully in the Company's Annual Report on Form 10-K for the fiscal year ended December 30, 2014 and in its Quarterly Report on Form 10-Q for the period ended September 8, 2015. This press release should be read in conjunction with such Annual Report and Quarterly Report.




ClubCorp FY15 Q4 Earnings Release	7	Page

Exhibit 99.1

______________________

Notes:

(1)

This press release includes metrics entitled Adjusted EBITDA and Levered Free Cash Flow that are not calculated in accordance with accounting principles generally accepted in the U.S. (“GAAP”). See the “Statement Regarding Non-GAAP Financial Measures” section of this press release for the definition of Adjusted EBITDA and Levered Free Cash Flow and the reconciliation later in this press release to the most comparable financial measure calculated in accordance with GAAP.

(2)

New or Acquired Clubs include those clubs that the Company is currently operating as of December 29, 2015, that were opened, acquired or added under management agreements in the fiscal year ended December 29, 2015 and the fiscal year ended December 30, 2014 consisting of: The Clubs of Prestonwood, Tournament Players Club (“TPC”) Michigan, TPC Piper Glen, Baylor Club, Oro Valley Country Club, River Run Golf & Country Club, Sequoyah National Golf Club, Ravinia Green Country Club, Rolling Green Country Club, Bermuda Run Country Club, Brookfield Country Club, Firethorne Country Club, Temple Hills Country Club, Ford's Colony Country Club, Bernardo Heights Country Club, Santa Rosa Golf and Beach Club, West Lake Mansion at Meilu Legend Hotel and 30 owned golf and country clubs, three leased golf and country clubs, six managed golf and country clubs and one leased sports club acquired through the Sequoia Golf acquisition.


(3)	Other consists of other business activities including ancillary revenues related to alliance arrangements, a portion of the revenue associated with upgrade offerings, reimbursements for certain costs of operations at managed clubs, corporate overhead expenses and shared services.

# # #

(Financial Tables Follow)




ClubCorp FY15 Q4 Earnings Release	8	Page

Exhibit 99.1

CLUBCORP HOLDINGS, INC.

SELECTED FINANCIAL DATA—GOLF AND COUNTRY CLUBS (GCC)

(In thousands, except for memberships, dues per average same-store membership,

revenue per average same-store membership and percentages)

(Unaudited financial information)



	Fourth quarter ended								Year ended
GCC	December 29, 2015 (16 weeks)			December 30, 2014 (16 weeks)			% Change⁽¹⁾		December 29, 2015 (52 weeks)			December 30, 2014 (52 weeks)			% Change⁽¹⁾

Same Store Clubs
Revenue
Dues	$	98,365		$	95,192		3.3	%	$	316,939		$	305,790		3.6	%
Food and Beverage	48,568			47,546			2.1	%	152,617			149,374			2.2	%
Golf Operations	41,290			40,849			1.1	%	144,385			144,619			(0.2	)%
Other	13,175			13,783			(4.4	)%	48,267			49,756			(3.0	)%
Revenue	$	201,398		$	197,370		2.0	%	$	662,208		$	649,539		2.0	%
Club operating costs and expenses exclusive of depreciation	$	137,991		$	138,103		(0.1	)%	$	459,899		$	457,792		0.5	%
Adjusted EBITDA	$	63,407		$	59,267		7.0	%	$	202,309		$	191,747		5.5	%
Adjusted EBITDA Margin	31.5		%	30.0		%	150 bps		30.6		%	29.5		%	110 bps

New or Acquired Clubs ⁽²⁾
Revenue
Dues	$	29,231		$	16,657		NM		$	88,393		$	20,106		NM
Food and Beverage	12,626			7,404			NM		38,760			9,252			NM
Golf Operations	12,863			8,541			NM		41,778			10,459			NM
Other	3,737			5,041			NM		11,483			5,324			NM
Revenue	$	58,457		$	37,643		NM		$	180,414		$	45,141		NM
Club operating costs and expenses exclusive of depreciation	$	40,559		$	26,735		NM		$	136,612		$	33,697		NM
Adjusted EBITDA	$	17,898		$	10,908		NM		$	43,802		$	11,444		NM

Total Golf and Country Clubs
Revenue	$	259,855		$	235,013		10.6	%	$	842,622		$	694,680		21.3	%
Club operating costs and expenses exclusive of depreciation	$	178,550		$	164,838		8.3	%	$	596,511		$	491,489		21.4	%
Adjusted EBITDA	$	81,305		$	70,175		15.9	%	$	246,111		$	203,191		21.1	%
Adjusted EBITDA Margin	31.3		%	29.9		%	140 bps		29.2		%	29.2		%	0 bps

Same-store memberships, excluding managed club memberships	85,193			84,884			0.4	%	85,193			84,884			0.4	%
Same-store average membership, excluding managed club memberships ⁽³⁾	85,838			85,724			0.1	%	85,039			84,206			1.0	%
Dues per average same-store membership, excluding managed club memberships ⁽⁴⁾	$	1,146		$	1,110		3.2	%	$	3,727		$	3,631		2.6	%
Revenue per average same-store membership, excluding managed club memberships ⁽⁴⁾	$	2,346		$	2,302		1.9	%	$	7,787		$	7,714		0.9	%

____________________


(1)	Percentage changes that are not meaningful are denoted by “NM.”




ClubCorp FY15 Q4 Earnings Release	9	Page

Exhibit 99.1

(2)

New or Acquired Clubs include those clubs that the Company is currently operating as of December 29, 2015, that were acquired, opened or added under management agreements during the fiscal years ended December 29, 2015 and December 30, 2014 consisting of: The Clubs of Prestonwood, Tournament Players Club (“TPC”) Michigan, TPC Piper Glen, Oro Valley Country Club, River Run Golf & Country Club, Sequoyah National Golf Club, Ravinia Green Country Club, Rolling Green Country Club, Bermuda Run Country Club, Brookfield Country Club, Firethorne Country Club, Temple Hills Country Club, Ford's Colony Country Club, Bernardo Heights Country Club, Santa Rosa Golf and Beach Club and 30 owned golf and country clubs, three leased golf and country clubs and six managed golf and country clubs acquired through the Sequoia Golf acquisition.


(3)	Same-store average membership, excluding managed club memberships, is calculated using the same-store membership count, excluding managed clubs, at the beginning and end of the period indicated.


(4)	Same-store dues or revenue divided by same-store average membership, excluding managed club memberships.




ClubCorp FY15 Q4 Earnings Release	10	Page

Exhibit 99.1

CLUBCORP HOLDINGS, INC.

SELECTED FINANCIAL DATA—BUSINESS, SPORTS AND ALUMNI CLUBS (BSA)

(In thousands, except for memberships, dues per average same-store membership,

revenue per average same-store membership and percentages)

(Unaudited financial information)



	Fourth quarter ended								Year ended
BSA	December 29, 2015 (16 weeks)			December 30, 2014 (16 weeks)			% Change ⁽¹⁾		December 29, 2015 (52 weeks)			December 30, 2014 (52 weeks)			% Change ⁽¹⁾

Same Store Clubs
Revenue
Dues	$	24,886		$	24,148		3.1	%	$	80,753		$	77,779		3.8	%
Food and Beverage	37,041			34,727			6.7	%	97,479			92,905			4.9	%
Other	3,284			3,242			1.3	%	11,148			10,857			2.7	%
Revenue	$	65,211		$	62,117		5.0	%	$	189,380		$	181,541		4.3	%
Club operating costs and expenses exclusive of depreciation	$	48,740		$	47,398		2.8	%	$	150,494		$	146,347		2.8	%
Adjusted EBITDA	$	16,471		$	14,719		11.9	%	$	38,886		$	35,194		10.5	%
Adjusted EBITDA Margin	25.3		%	23.7		%	160 bps		20.5		%	19.4		%	110 bps

New or Acquired Clubs⁽²⁾
Revenue	$	2,578		$	1,711		NM		$	5,951		$	2,105		NM
Club operating costs and expenses exclusive of depreciation	$	2,100		$	1,674		NM		$	5,196		$	2,345		NM
Adjusted EBITDA	$	478		$	37		NM		$	755		$	(240	)	NM

Total Business, Sports and Alumni Clubs
Revenue	$	67,789		$	63,828		6.2	%	$	195,331		$	183,646		6.4	%
Club operating costs and expenses exclusive of depreciation	$	50,840		$	49,072		3.6	%	$	155,690		$	148,692		4.7	%
Adjusted EBITDA	$	16,949		$	14,756		14.9	%	$	39,641		$	34,954		13.4	%
Adjusted EBITDA Margin	25.0		%	23.1		%	190 bps		20.3		%	19.0		%	130 bps

Same-store memberships, excluding managed club memberships	54,402			55,064			(1.2	)%	54,402			55,064			(1.2	)%
Same-store average membership, excluding managed club memberships ⁽³⁾	54,446			55,173			(1.3	)%	54,733			54,899			(0.3	)%
Dues per average same-store membership, excluding managed club memberships ⁽⁴⁾	$	457		$	438		4.3	%	$	1,475		$	1,417		4.1	%
Revenue per average same-store membership, excluding managed club memberships⁽⁴⁾	$	1,198		$	1,126		6.4	%	$	3,460		$	3,307		4.6	%

______________________

(1) Percentage changes that are not meaningful are denoted by “NM.”


(2)	New or Acquired Clubs include those clubs that the Company is currently operating as of December 29, 2015, that were opened or added under management agreements during the fiscal years ended December 29, 2015 and December 30, 2014 consisting of Baylor Club, West Lake Mansion at Meilu Legend Hotel and one leased sports club which was acquired through the acquisition of Sequoia Golf.


(3)	Same-store average membership, excluding managed club memberships, is calculated using the same-store membership count, excluding managed clubs, at the beginning and end of the period indicated.


(4)	Same-store dues or revenue divided by same-store average membership, excluding managed club memberships.




ClubCorp FY15 Q4 Earnings Release	11	Page

Exhibit 99.1

CLUBCORP HOLDINGS, INC.

RECONCILIATION OF NON-GAAP MEASURES TO CLOSEST GAAP MEASURE

(In thousands)

(Unaudited financial information)



	Fourth quarter ended						Year ended
	December 29, 2015 (16 weeks)			December 30, 2014 (16 weeks)			December 29, 2015 (52 weeks)			December 30, 2014 (52 weeks)
Net (loss) income	$	(6,259	)	$	31,321		$	(9,573	)	$	13,329
Interest expense	22,085			20,967			70,672			65,209
Income tax expense (benefit)	1,816			(38,441		)	1,629			(41,469		)
Interest and investment income	(1,701		)	(1,050		)	(5,519		)	(2,585		)
Depreciation and amortization	32,328			30,387			103,944			80,792
EBITDA	$	48,269		$	43,184		$	161,153		$	115,276
Impairments and disposition of assets⁽¹⁾	9,123			5,601			24,546			12,843
Loss (income) from discontinued operations and divested clubs⁽²⁾	117			(140		)	363			(563		)
Loss on extinguishment of debt ⁽³⁾	2,599			—			2,599			31,498
Non-cash adjustments ⁽⁴⁾	619			618			2,008			2,007
Acquisition transaction costs⁽⁵⁾	1,268			8,380			4,965			10,568
Capital structure costs⁽⁶⁾	8,196			5,298			10,047			8,785
Centralization and transformation costs ⁽⁷⁾	3,705			643			8,495			1,330
Other adjustments ⁽⁸⁾	2,316			1,930			7,405			4,632
Equity-based compensation expense ⁽⁹⁾	1,460			1,266			4,970			4,303
Acquisition adjustment ⁽¹⁰⁾	1,967			2,616			7,111			5,644
Adjusted EBITDA	$	79,639		$	69,396		$	233,662		$	196,323

______________________


(1)	Includes non-cash impairment charges related to property and equipment and intangible assets and loss on disposals of assets (including property and equipment disposed of in connection with renovations).


(2)	Net loss or income from discontinued operations and divested clubs that do not qualify as discontinued operations in accordance with GAAP.


(3)	Includes loss on extinguishment of debt calculated in accordance with GAAP.


(4)	Includes non-cash items related to purchase accounting associated with the acquisition of ClubCorp, Inc. (“CCI”) in 2006 by affiliates of KSL Capital Partners, LLC (“KSL”) and expense recognized for our long-term incentive plan related to fiscal years 2011 through 2013.


(5)	Represents legal and professional fees related to the acquisition of clubs, including the acquisition of Sequoia Golf on September 30, 2014.


(6)	Represents legal and professional fees related to our capital structure, including debt issuance and amendment costs and equity offering costs.


(7)	Includes fees and expenses associated with readiness efforts for Section 404(b) of the Sarbanes-Oxley Act and related centralization and transformation of administrative processes, finance processes and related IT systems.


(8)	Represents adjustments permitted by the credit agreement governing the Secured Credit Facilities including cash distributions from equity method investments less equity in earnings recognized for said investments, income or loss attributable to non-controlling equity interests of continuing operations and management fees, termination fee and expenses paid to an affiliate of KSL.


(9)	Includes equity-based compensation expense, calculated in accordance with GAAP, related to awards held by certain employees, executives and directors.


(10)	Represents estimated deferred revenue using current membership life estimates related to initiation payments that would have been recognized in the applicable period but for the application of purchase accounting in connection with the acquisition of CCI in 2006 and the acquisition of Sequoia Golf on September 30, 2014.




ClubCorp FY15 Q4 Earnings Release	12	Page

Exhibit 99.1

CLUBCORP HOLDINGS, INC.

CALCULATION OF LEVERED FREE CASH FLOW

(In thousands)

(Unaudited financial information)



	Year ended
	December 29, 2015 (52 weeks)		December 30, 2014 (52 weeks)
Adjusted EBITDA⁽¹⁾	$	233,662	$	196,323
LESS:
Interest expense and principal amortization on long-term debt⁽²⁾	46,270		40,912
Cash paid for income taxes	11,297		2,723
Maintenance capital expenditures	53,090		29,067
Capital lease principal & interest expense	18,123		13,799
Levered Free Cash Flow	$	104,882	$	109,822

_____________________


(1)	See the Adjusted EBITDA reconciliation in the preceding “Reconciliation of Non-GAAP Measures to Closest GAAP Measure” table.


(2)	Interest on long-term debt excludes accretion of discount on member deposits, amortization of debt issuance costs, amortization of term loan discount and interest on notes payable related to certain realty interests which we define as “Non-Core Development Entities”.




ClubCorp FY15 Q4 Earnings Release	13	Page

Exhibit 99.1

CLUBCORP HOLDINGS, INC.

SELECTED FINANCIAL DATA—GOLF AND COUNTRY CLUBS (GCC)

2015 DATA PRESENTED USING 2016 SAME STORE BASIS

(In thousands, except for percentages)

(Unaudited financial information)



	First Quarter Ended			Second Quarter Ended			Third Quarter Ended			Fourth Quarter Ended			Year Ended
GCC	March 24, 2015 (12 weeks)			June 16, 2015 (12 weeks)			September 8, 2015 (12 weeks)			December 29, 2015 (16 weeks)			December 29, 2015 (52 weeks)

Same Store Clubs
Revenue
Dues	$	87,185		$	90,221		$	91,948		$	121,853		$	391,207
Food and Beverage	29,689			50,793			44,024			58,041			182,547
Golf Operations	28,603			50,128			49,105			52,241			180,077
Other	12,494			13,958			15,769			16,539			58,760
Revenue	$	157,971		$	205,100		$	200,846		$	248,674		$	812,591
Club operating costs and expenses exclusive of depreciation	$	112,791		$	143,949		$	143,506		$	169,773		$	570,019
Adjusted EBITDA	$	45,180		$	61,151		$	57,340		$	78,901		$	242,572
Adjusted EBITDA Margin	28.6		%	29.8		%	28.5		%	31.7		%	29.9		%

New or Acquired Clubs ⁽¹⁾
Revenue
Dues	$	688		$	3,388		$	4,306		$	5,743		$	14,125
Food and Beverage	204			2,675			2,798			3,152			8,829
Golf Operations	1			1,780			2,393			1,912			6,086
Other	34			247			336			374			991
Revenue	$	927		$	8,090		$	9,833		$	11,181		$	30,031
Club operating costs and expenses exclusive of depreciation	$	1,172		$	7,596		$	8,947		$	8,777		$	26,492
Adjusted EBITDA	$	(245	)	$	494		$	886		$	2,404		$	3,539

Total Golf and Country Clubs
Revenue	$	158,898		$	213,190		$	210,679		$	259,855		$	842,622
Club operating costs and expenses exclusive of depreciation	$	113,963		$	151,545		$	152,453		$	178,550		$	596,511
Adjusted EBITDA	$	44,935		$	61,645		$	58,226		$	81,305		$	246,111
Adjusted EBITDA Margin	28.3		%	28.9		%	27.6		%	31.3		%	29.2		%

____________________

(1)

New or Acquired Clubs include those clubs that the Company is currently operating as of December 29, 2015, that were acquired, opened or added under management agreements during the fiscal year ended December 29, 2015 consisting of: Ravinia Green Country Club, Rolling Green Country Club, Bermuda Run Country Club, Brookfield Country Club, Firethorne Country Club, Temple Hills Country Club, Ford's Colony Country Club, Bernardo Heights Country Club and Santa Rosa Golf and Beach Club.




ClubCorp FY15 Q4 Earnings Release	14	Page

Exhibit 99.1

CLUBCORP HOLDINGS, INC.

SELECTED FINANCIAL DATA—BUSINESS, SPORTS AND ALUMNI CLUBS (BSA)

2015 DATA PRESENTED USING 2016 SAME STORE BASIS

(In thousands, except for percentages)

(Unaudited financial information)



	First Quarter Ended			Second Quarter Ended			Third Quarter Ended			Fourth Quarter Ended			Year Ended
BSA	March 24, 2015 (12 weeks)			June 16, 2015 (12 weeks)			September 8, 2015 (12 weeks)			December 29, 2015 (16 weeks)			December 29, 2015 (52 weeks)

Same Store Clubs
Revenue
Dues	$	18,956		$	18,768		$	18,956		$	25,373		$	82,053
Food and Beverage	19,192			24,407			18,718			38,818			101,135
Other	2,851			2,812			2,882			3,573			12,118
Revenue	$	40,999		$	45,987		$	40,556		$	67,764		$	195,306
Club operating costs and expenses exclusive of depreciation	$	33,487		$	36,778		$	34,562		$	50,824		$	155,651
Adjusted EBITDA	$	7,512		$	9,209		$	5,994		$	16,940		$	39,655
Adjusted EBITDA Margin	18.3		%	20.0		%	14.8		%	25.0		%	20.3		%

New or Acquired Clubs⁽¹⁾
Revenue	$	—		$	—		$	—		$	25		$	25
Club operating costs and expenses exclusive of depreciation	$	12		$	6		$	5		$	16		$	39
Adjusted EBITDA	$	(12	)	$	(6	)	$	(5	)	$	9		$	(14	)

Total Business, Sports and Alumni Clubs
Revenue	$	40,999		$	45,987		$	40,556		$	67,789		$	195,331
Club operating costs and expenses exclusive of depreciation	$	33,499		$	36,784		$	34,567		$	50,840		$	155,690
Adjusted EBITDA	$	7,500		$	9,203		$	5,989		$	16,949		$	39,641
Adjusted EBITDA Margin	18.3		%	20.0		%	14.8		%	25.0		%	20.3		%

______________________


(1)	New or Acquired Clubs include those clubs that the Company is currently operating as of December 29, 2015, which were opened or added under management agreements during the fiscal year ended December 29, 2015 consisting of West Lake Mansion at Meilu Legend Hotel




ClubCorp FY15 Q4 Earnings Release	15	Page

Exhibit 99.1

CLUBCORP HOLDINGS, INC.

UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE (LOSS) INCOME

For the Fiscal Years Ended December 29, 2015 and December 30, 2014

(In thousands of dollars)

(Unaudited financial information)



	Fourth quarter ended								Year ended
	December 29, 2015 (16 weeks)			December 30, 2014 (16 weeks)			% Change		December 29, 2015 (52 weeks)			December 30, 2014 (52 weeks)			% Change
REVENUES:
Club operations	$	230,506		$	210,737		9.4	%	$	757,472		$	629,180		20.4	%
Food and beverage	99,797			90,793			9.9	%	291,582			251,838			15.8	%
Other revenues	1,385			1,009			37.3	%	3,813			3,137			21.5	%
Total revenues	331,688			302,539			9.6	%	1,052,867			884,155			19.1	%

DIRECT AND SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:
Club operating costs exclusive of depreciation	207,215			190,967			8.5	%	681,989			568,171			20.0	%
Cost of food and beverage sales exclusive of depreciation	30,786			27,827			10.6	%	96,103			81,165			18.4	%
Depreciation and amortization	32,328			30,387			6.4	%	103,944			80,792			28.7	%
Provision for doubtful accounts	675			1,737			(61.1	)%	2,551			2,733			(6.7	)%
Loss on disposals of assets	6,093			4,171			46.1	%	19,402			10,518			84.5	%
Impairment of assets	3,030			1,430			111.9	%	5,144			2,325			121.2	%
Equity in loss (earnings) from unconsolidated ventures	374			89			320.2	%	1,308			(1,404		)	193.2	%
Selling, general and administrative	32,647			33,133			(1.5	)%	82,616			73,870			11.8	%
OPERATING INCOME	18,540			12,798			44.9	%	59,810			65,985			(9.4	)%

Interest and investment income	1,701			1,050			62.0	%	5,519			2,585			113.5	%
Interest expense	(22,085		)	(20,967		)	(5.3	)%	(70,672		)	(65,209		)	(8.4	)%
Loss on extinguishment of debt	(2,599		)	—			100.0	%	(2,599		)	(31,498		)	91.7	%
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(4,443		)	(7,119		)	37.6	%	(7,942		)	(28,137		)	71.8	%
INCOME TAX (EXPENSE) BENEFIT	(1,816		)	38,441			(104.7	)%	(1,629		)	41,469			(103.9	)%
(LOSS) INCOME FROM CONTINUING OPERATIONS	(6,259		)	31,322			(120.0	)%	(9,571		)	13,332			(171.8	)%
Loss from discontinued clubs, net of income tax benefit	—			(1		)	100.0	%	(2		)	(3		)	33.3	%
NET (LOSS) INCOME	(6,259		)	31,321			(120.0	)%	(9,573		)	13,329			(171.8	)%
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(87		)	34			(355.9	)%	61			(103		)	159.2	%
NET (LOSS) INCOME ATTRIBUTABLE TO CLUBCORP	$	(6,346	)	$	31,355		(120.2	)%	$	(9,512	)	$	13,226		(171.9	)%

NET (LOSS) INCOME	$	(6,259	)	$	31,321		(120.0	)%	$	(9,573	)	$	13,329		(171.8	)%
Foreign currency translation	504			(3,227		)	115.6	%	(2,959		)	(3,220		)	8.1	%
OTHER COMPREHENSIVE INCOME (LOSS)	504			(3,227		)	115.6	%	(2,959		)	(3,220		)	8.1	%
COMPREHENSIVE (LOSS) INCOME	(5,755		)	28,094			(120.5	)%	(12,532		)	10,109			(224.0	)%
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(87		)	34			(355.9	)%	61			(103		)	159.2	%
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO CLUBCORP	$	(5,842	)	$	28,128		(120.8	)%	$	(12,471	)	$	10,006		(224.6	)%




ClubCorp FY15 Q4 Earnings Release	16	Page

Exhibit 99.1

CLUBCORP HOLDINGS, INC.

UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS

As of December 29, 2015 and December 30, 2014

(In thousands of dollars, except share and per share amounts)

(Unaudited financial information)



	December 29, 2015			December 30, 2014
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	116,347		$	75,047
Receivables, net of allowances	68,671			65,337
Inventories	20,929			20,931
Prepaids and other assets	19,907			15,776
Deferred tax assets, net	26,338			26,574
Total current assets	252,192			203,665
Investments	3,005			5,774
Property and equipment, net	1,534,520			1,474,763
Notes receivable, net of allowances	7,448			8,262
Goodwill	312,811			312,811
Intangibles, net	31,252			34,960
Other assets	29,634			24,836
TOTAL ASSETS	$	2,170,862		$	2,065,071

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt	$	20,414		$	18,025
Membership initiation deposits - current portion	152,996			135,583
Accounts payable	39,487			31,948
Accrued expenses	37,441			44,424
Accrued taxes	15,473			21,903
Other liabilities	69,192			59,550
Total current liabilities	335,003			311,433
Long-term debt	1,092,320			965,187
Membership initiation deposits	204,305			203,062
Deferred tax liability, net	236,795			244,113
Other liabilities	123,657			120,417
Total liabilities	1,992,080			1,844,212

EQUITY
Common stock, $0.01 par value, 200,000,000 shares authorized; 64,740,736 and 64,443,332 issued and outstanding at December 29, 2015 and December 30, 2014, respectively	647			644
Additional paid-in capital	263,921			293,006
Accumulated other comprehensive loss	(7,249		)	(4,290		)
Accumulated deficit	(88,955		)	(79,443		)
Total stockholders’ equity	168,364			209,917
Noncontrolling interests in consolidated subsidiaries and variable interest entities	10,418			10,942
Total equity	178,782			220,859
TOTAL LIABILITIES AND EQUITY	$	2,170,862		$	2,065,071




ClubCorp FY15 Q4 Earnings Release	17	Page

Exhibit 99.1

CLUBCORP HOLDINGS, INC.

UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

For the Fiscal Year Ended December 29, 2015 and December 30, 2014

(In thousands of dollars)

(Unaudited financial information)



	Fourth quarter ended						Year ended
	December 29, 2015 (16 weeks)			December 30, 2014 (16 weeks)			December 29, 2015 (52 weeks)			December 30, 2014 (52 weeks)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$	(6,259	)	$	31,321		$	(9,573	)	$	13,329
Adjustments to reconcile net (loss) income to cash flows from operating activities:
Depreciation	31,460			29,291			101,037			79,394
Amortization	867			1,096			2,907			1,398
Asset impairments	3,030			1,430			5,144			2,325
Bad debt expense	668			1,748			2,605			2,760
Equity in loss (earnings) from unconsolidated ventures	374			89			1,308			(1,404		)
Gain on investment in unconsolidated ventures	(1,575		)	(927		)	(5,082		)	(2,203		)
Distribution from investment in unconsolidated ventures	1,810			1,450			5,845			5,740
Loss on disposals of assets	6,090			4,171			19,399			10,514
Debt issuance costs and term loan discount	12,316			7,903			15,600			13,687
Accretion of discount on member deposits	6,244			6,512			20,307			20,723
Equity-based compensation	1,460			1,266			4,970			4,303
Redemption premium payment included in loss on extinguishment of debt	—			—			—			27,452
Net change in deferred tax assets and liabilities	(2,344		)	10,208			(7,082		)	2,110
Net change in prepaid expenses and other assets	(4,185		)	609			(7,636		)	(4,017		)
Net change in receivables and membership notes	35,888			26,279			6,619			29,741
Net change in accounts payable and accrued liabilities	4,466			9,231			2,499			1,027
Net change in other current liabilities	(35,110		)	(32,333		)	(555		)	(32,776		)
Net change in other long-term liabilities	(1,544		)	(48,539		)	(6,042		)	(44,945		)
Net cash provided by operating activities	53,656			50,805			152,270			129,158
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(29,134		)	(17,560		)	(105,244		)	(72,647		)
Acquisition of clubs	(2,705		)	(3,068		)	(58,582		)	(20,255		)
Acquisition of Sequoia Golf, net of cash acquired	—			(250,007		)	—			(260,007		)
Proceeds from dispositions	3,186			133			3,764			447
Net change in restricted cash and capital reserve funds	(120		)	(68		)	(183		)	(355		)
Return of capital in equity investments	—			—			—			126
Net cash used in investing activities	(28,773		)	(270,570		)	(160,245		)	(352,691		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term debt	(235,267		)	(4,719		)	(247,313		)	(283,387		)
Proceeds from new debt borrowings, net of loan discount	350,000			248,125			350,000			596,375
Repayments of revolving credit facility borrowings	(47,000		)	—			(57,000		)	(11,200		)
Proceeds from revolving credit facility borrowings	—			—			57,000			11,200
Redemption premium payment	—			—			—			(27,452		)
Debt issuance and modification costs	(16,032		)	(5,324		)	(17,525		)	(8,254		)
Dividends to owners	(8,400		)	(7,785		)	(33,583		)	(30,765		)
Equity offering costs	(887		)	(777		)	(887		)	(777		)
Share repurchases for tax withholdings related to certain equity-based awards	—			—			(1,443		)	—
Excess tax benefit from equity-based awards	1,055			—			1,055			—
Distributions to noncontrolling interest	—			(27		)	(1,071		)	(27		)
Proceeds from new membership initiation deposits	229			218			749			853
Repayments of membership initiation deposits	(418		)	(492		)	(1,496		)	(1,567		)
Net cash provided by financing activities	43,280			229,219			48,486			244,999
EFFECT OF EXCHANGE RATE CHANGES ON CASH	1,051			(208		)	789			(200		)
NET INCREASE IN CASH AND CASH EQUIVALENTS	69,214			9,246			41,300			21,266
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	47,133			65,801			75,047			53,781
CASH AND CASH EQUIVALENTS - END OF PERIOD	$	116,347		$	75,047		$	116,347		$	75,047
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	$	19,936		$	35,930		$	51,368		$	35,930
Cash paid for income taxes	$	6,782		$	2,723		$	11,297		$	2,723




ClubCorp FY15 Q4 Earnings Release	18	Page

1 FISCAL 2015 Q4 PERFORMANCE February 24, 2016

2 CAUTIONARY STATEMENTS Forward-Looking Statements Certain statements in this presentation may be considered forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations, including, but not limited to, various factors beyond management's control adversely affecting discretionary spending, membership count and facility usage and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the Company's Annual Report on Form 10-K for the fiscal year ended December 30, 2014 and “Risk Factors” and “Forward- Looking Statements” in its Quarterly Report on Form 10-Q for the period ended September 8, 2015. Nothing in this presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no duty to update these forward-looking statements. Non-GAAP Financial Measures In our presentation, we may refer to certain non-GAAP financial measures. To the extent we disclose non-GAAP financial measures, please refer to footnotes where presented on each page of this presentation or to the appendix found at the end of this presentation for a reconciliation of these measures to what we believe are the most directly comparable measure evaluated in accordance with generally accepted accounting principles in the U.S. (“GAAP”). The Company has not reconciled Adjusted EBITDA guidance in this presentation to the most directly comparable GAAP measure because this cannot be done without unreasonable effort.

3 BUSINESS OVERVIEW Eric Affeldt, President and CEO

4 FISCAL YEAR 2015 PERFORMANCE Continued to execute our three-pronged growth strategy • We delivered record fiscal year 2015 results: » FY15 revenue up 19% year-over-year (y/y) to $1,053 million » FY15 adjusted EBITDA(1) up 19% y/y to $234 million » FY15 membership, excluding managed clubs, up 2.8% y/y to ~173k • Same-store revenue grew 3% y/y, while adjusted EBITDA up 6%. Same-store adjusted EBITDA margins improved 100 bps • Approximately 50% of our members were enrolled in O.N.E. or similar upgrade offerings; O.N.E. is now available at 152 clubs • Fiscal year 2015, we acquired nine clubs(2) • Fiscal year 2015, we completed reinvention at 21 clubs • We operate(3) 158 golf & country clubs (GCC) and 49 business, sports & alumni clubs (BSA) (1) Adjusted EBITDA is a non-GAAP measure. See Appendix for reconciliation to the most comparable financial measure calculated in accordance with GAAP (2) Including Legacy Golf Club that was subsequently divested (3) As of December 29, 2015

5 EXECUTING OUR GROWTH STRATEGY Three-pronged growth strategy focused on increasing long-term shareholder value Organic Growth • Best-in-class, multi-functional clubs attract highly affluent member base • Sticky membership product creates highly stable, highly resilient revenue base • O.N.E. (Optimal Network Experiences) offering leverages network as distinct value proposition – upgrade penetration now at 50%(1) Reinvention • Highly fragmented industry with abundance of member-owned and individually-owned golf courses at compelling valuations presents roll-up opportunities • $340 million spent to acquire 64 clubs in 2014 and 2015(3) with two year ROI and expansion capital plan of ~$58 million to reinvent acquired clubs • Now underwriting acquisitions at 17-20% cash-on-cash returns by year 3 Acquisitions (1) Member penetration of O.N.E. and other upgrade products (2) Includes ROI and expansion capital at existing portfolio and recently acquired clubs; Also includes one club acquired with the Southeast portfolio which was subsequently divested (3) Includes Sequoia Golf properties owned or operated as of September 30, 2014. Purchase price of $260.0 million net of $5.6 million cash received and before customary closing adjustments • Significant opportunities to deploy ROI and expansion capital to reinvent, modernize and add new and relevant amenities to existing portfolio of clubs • More than $586 million total capital invested from fiscal year 2007 to fiscal year 2015 • Invested approximately $52 million of capital in 2015(2)

6 THE VALUE OF THE CLUBCORP NETWORK Our O.N.E. offering is unparalleled in the industry Increased adoption of the O.N.E. offering … generates favorable economics » Introduced O.N.E. in 2010 and rolling out at new and recently acquired clubs » O.N.E. is offered at 152 clubs(1) » O.N.E. increases revenue without increasing fixed costs » O.N.E. drives increased club utilization » We experienced the highest level of O.N.E. membership penetration in the company’s history 35% 43% 46% 39% 50% 2010 2013 2014 pre-Sequoia 2014 post-Sequoia 2015 (1) As of December 29, 2015 Member Penetration of O.N.E. and Other Upgrade Products

7 FY2015 SAME-STORE COMBINED CLUB RESULTS Texas full-year results impacted by extensive wet weather during spring 2015 FY2015 Results (y/y %) • Total Same-store Combined Clubs: » Revenue $851.6M, bup 2.5% » Adj. EBITDA $241.2M, bup 6.3% • Texas Same-store Combined Clubs: » Revenue $267.5M, bup 2.0% » Adj. EBITDA $87.5M, bup 4.1% » Texas contributes 31% of full-year combined club revenue and 36% of full-year combined club Adj. EBITDA • Houston Same-store Combined Clubs: » Revenue $69.9M, bdown (0.4%) » Adj. EBITDA $18.8M, bdown (4.5%) (1) Adjusted EBITDA is a non-GAAP measure. See Appendix for a reconciliation to the most comparable financial measure calculated in accordance with GAAP. 8% 23% 69% 2015 Revenue Same-store Combined Clubs Houston Texas ex Houston Non-Texas 8% 28% 64% 2015 Adj. EBITDA Same-store Combined Clubs Houston Texas ex Houston Non-Texas (0.4%) 2.9% 2.7% Houston Texas ex Houston Non-Texas 2015 Revenue Growth Same-store Combined Clubs Houston Texas ex Houston Non-Texas (4.5%) 6.7% 7.6% Houston Texas ex Houston Non-Texas 2015 Adj. EBITDA Growth Same-store Combined Clubs Houston Texas ex Houston Non-Texas

8 2015 TEXAS WEATHER El niño created a 100-year rain event affecting ClubCorp results in Texas in 2015 Texas Precipitation • Dallas experienced more than 2x the normal rainfall with 64 inches of precipitation in 2015 • Houston experienced almost 80% above average rainfall with 75 inches of precipitation in 2015 • Moreover, rainfall materially impacted results in Q2 where above average rainfall was at its peak at the end of April and the whole month of May • Dallas and Houston were also impacted by above average rainfall in the fall in the months of October and November (1) Source: www.usclimatedata.com 4.2 2.8 5.1 4.6 18.6 3.3 0.1 0.1 1.0 10.7 9.8 4.03.1 1.7 2.3 2.5 3.8 2.6 1.5 1.6 3.9 3.4 1.5 2.5 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Dallas Precipitation (inches) 2015 2010-2014 Average 3.2 0.6 5.3 9.8 20.4 3.3 0.4 7.2 5.8 11.7 2.8 4.23.3 2.9 2.6 3.0 5.7 3.6 5.8 2.9 4.3 2.9 2.2 2.8 0.0 5.0 10.0 15.0 20.0 25.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Houston Precipitation (inches) 2015 2010-2014 Average

9 4Q15 SAME-STORE COMBINED CLUB RESULTS Ex-Houston, revenue and adj. EBITDA growth accelerated in Texas during the 4Q 4Q15 Results (y/y %) • Total Same-store Combined Clubs: » Revenue $266.6M, bup 2.7% » Adj. EBITDA $79.9M, bup 8.0% • Texas Same-store Combined Clubs: » Revenue $86.9M, bup 3.1% » Adj. EBITDA $30.7M, bup 7.6% » Texas contributes 33% of 4Q combined club revenue and 38% of 4Q combined club Adj. EBITDA • Houston Same-store Combined Clubs: » Revenue $22.6M, bdown (0.7%) » Adj. EBITDA $6.8M, bdown (0.1%) (1) Adjusted EBITDA is a non-GAAP measure. See Appendix for a reconciliation to the most comparable financial measure calculated in accordance with GAAP. 9% 24% 67% 2015 4Q Revenue Same-store Combined Clubs Houston Texas ex Houston Non-Texas 8% 30% 62% 2015 4Q Adj. EBITDA Same-store Combined Clubs Houston Texas ex Houston Non-Texas (0.7%) 4.5% 2.6% Houston Texas ex Houston Non-Texas 2015 4Q Revenue Growth Same-store Combined Clubs Houston Texas ex Houston Non-Texas (0.1%) 9.9% 8.2% Houston Texas ex Houston Non-Texas 2015 4Q Adj. EBITDA Growth Same-store Combined Clubs Houston Texas ex Houston Non-Texas

10 ACQUISITION PERFORMANCE Acquisitions are delivering ~17% cash-on-cash returns; EBITDA multiple less than 6x (1) Adjusted EBITDA is a non-GAAP measure. See Appendix for a reconciliation to the most comparable financial measure calculated in accordance with GAAP. (2) Total Investment equals purchase price plus one-time reinvention capital committed to acquired properties (3) As of December 29, 2015 Acquisitions • 2010: » CC of the South • 2011: » Long Island Portfolio (3 clubs) » Canterwood CC • 2012: » Hartefeld National • 2013: » Oak Tree CC » Cherry Valley CC » Chantilly National • 2014: » Clubs of Prestonwood (2 clubs) » TPC Piper Glen » TPC Michigan » Oro Valley CC » Sequoia Golf (34 owned or leased, 6 managed)(3) • 2015: » Ravinia Green CC » Rolling Green CC » Southeast Portfolio less Legacy (5 clubs) » Bernardo Heights CC 4% 13% 17% 16% 18% 24% Acquisition Performance (Cash-on-Cash Yield (%) = Adj. EBITDA(1) / Total Investment(2)) Year 0 Stub Period or Partial Year Acquisitions from: • 2010 • 2011 • 2012 • 2013 • 2014 • 2015 Total of 62 clubs Year 1 1st Full Fiscal Year of Operation Acquisitions from: • 2010 • 2011 • 2012 • 2013 • 2014 Total of 54 clubs Year 2 2nd Full Fiscal Year of Operation Acquisitions from: • 2010 • 2011 • 2012 • 2013 Total of 9 clubs Year 3 3rd Full Fiscal Year of Operation Acquisitions from: • 2010 • 2011 • 2012 Total of 6 clubs Year 4 4th Full Fiscal Year of Operation Acquisitions from: • 2010 • 2011 Total of 5 clubs Year 5 5th Full Fiscal Year of Operation Acquisitions from: • 2010 Total of 1 club • Historically, projects were underwritten at 10-15% cash-on-cash returns by year 3 • We are now increasing hurdle rate to 17-20% on cash-on-cash returns by year 3 • Continue to build operational track record on acquisitions • Portfolio acquisitions (e.g. Sequoia) yield lower % returns, but bring larger adj. EBITDA contribution

11 POSITIONED FOR EXCELLENT RESULTS AGAIN IN 2016 Our growth strategy continues to drive long-term shareholder value • The fundamentals of our business remain intact and continue to support our growth and investment strategies • We are well positioned in the markets that we serve and our clubs are located in close proximity to mass affluent communities where we expect to see continued growth • Our growth strategies have delivered five consecutive years of solid growth, with total adjusted EBITDA having grown at a compound annual growth rate above 9% since 2010 • We continue to believe that strategically investing in growth options such as reinvention and acquisitions help build and maximize long-term shareholder value • Our board believes ClubCorp’s current valuation makes our stock a truly compelling investment, and has authorized a $50 million share repurchase program over the next two years • We are proud that the strength and stability of our cash flow is allowing us to support our growth strategies

12 REINVENTION Mark Burnett, COO

21 FINANCIAL OVERVIEW Curt McClellan, CFO

22 FY2015 CLUBCORP CONSOLIDATED RESULTS Delivering results consistent with our key growth objectives $688 $720 $755 $815 $884 $1,053 2010 2011 2012 2013 (53wks) 2014 2015 $150 $157 $166 $177 $196 $234 21.8% 21.8% 21.9% 21.7% 22.2% 22.2% 2010 2011 2012 2013 (53wks) 2014 2015 Adj. EBITDA(1) $233.7M +19.0% y/y Reinvention(2) 21 completed 19 GCC 2 BSA Revenue $1,052.9M, +19.1% y/y Objective FY2015Results Acquisitions(3) 9 clubs 3 single store 1 small portfolio (1) Adjusted EBITDA is a non-GAAP measure. See Appendix for reconciliation to the most comparable financial measure calculated in accordance with GAAP. (2) Reinventions completed in 2015. (3) Acquisitions closed in Fiscal 2015, including Legacy Golf Club that was subsequently divested. Revenue $ millions CAGR +8.9% Adj. EBITDA(1) $ millions CAGR +9.3%

23 FY2015 CLUBCORP CONSOLIDATED RESULTS Consolidated revenue growth up +19.1% and adj. EBITDA growth up +19.0% 2.0% 5.5% 21.3% 21.1% Same-Store Revenue Same-store Adj. EBITDA Total Revenue Total Adj. EBITDA GCC Growth Year-over-year % 139,948 139,595 168,173 172,939 2014 Same-store 2015 Same-store 2014 Total 2015 Total Combined Clubs Memberships(2) bdown (0.3%) bup 2.8% (1) Adjusted EBITDA is a non-GAAP measure. See Appendix for a reconciliation to the most comparable financial measure calculated in accordance with GAAP. (2) Memberships excludes managed clubs. Total memberships includes Same-store, and new or acquired clubs, but excludes managed clubs. 4.3% 10.5% 6.4% 13.4% Same-Store Revenue Same-store Adj. EBITDA Total Revenue Total Adj. EBITDA BSA Growth Year-over-year % 20.6% 15.8% 20.7% Dues F&B Golf Ops Combined Clubs Revenue Growth by Revenue Type Year-over-year %

24 FY2015 GOLF & COUNTRY CLUBS (GCC) Solid growth across key operating metrics 80,035 80,916 83,528 111,458 116,303 2011 Total 2012 Total 2013 Total 2014 Total 2015 Total Key operating metrics (y/y %) • Total GCC Results: » Revenue $842.6M, bup 21.3% » Adj. EBITDA $246.1M, bup 21.1% » Adj. EBITDA 29.2%, flat • Same-store GCC Results: » Revenue $662.2M, bup 2.0% » Adj. EBITDA $202.3M, bup 5.5% » Adj. EBITDA 30.6%, bup 110 bps • Same-store Revenue Growth by Revenue Type: » Dues bup 3.6% » Food & Beverage bup 2.2% » Golf Ops bdown (0.2%) • New or Acquired GCC Results: » Revenue $180.4M » Adj. EBITDA $43.8M 48% Dues 23% F&B 22% Golf Ops 7% Other FY15 $843M Revenue Mix Memberships(2) bup 4.3% (1) Adjusted EBITDA is a non-GAAP measure. See Appendix for a reconciliation to the most comparable financial measure calculated in accordance with GAAP. (2) Same-store memberships excludes managed clubs. Total memberships includes Same-store, and new or acquired clubs, but excludes managed clubs. $532 $556 $586 $628 $695 $843 2010 2011 2012 2013 (53wks) 2014 2015 GCC Revenue $ millions $151 $156 $168 $180 $203 $246 28.4% 28.1% 28.7% 28.7% 29.2% 29.2% 2010 2011 2012 2013 (53wks) 2014 2015 GCC Adj. EBITDA(1) $ millions CAGR +10.3% CAGR +9.6%

25 4Q15 GOLF & COUNTRY CLUBS (GCC) Solid growth across key operating metrics Key operating metrics (y/y %) • Total GCC Results: » Revenue $259.9M, bup 10.6% » Adj. EBITDA $81.3M, bup 15.9% » Adj. EBITDA 31.3%, bup 140 bps • Same-store GCC Results: » Revenue $201.4M, bup 2.0% » Adj. EBITDA $63.4M, bup 7.0% » Adj. EBITDA 31.5%, bup 150 bps • Same-store Revenue Growth by Revenue Type: » Dues bup 3.3% » Food & Beverage bup 2.1% » Golf Ops bup 1.1% • New or Acquired GCC Results: » Revenue $58.5M » Adj. EBITDA $17.9M 49% Dues 24% F&B 21% Golf Ops 7% Other 4Q15 $260M Revenue Mix Memberships(2) (1) Adjusted EBITDA is a non-GAAP measure. See Appendix for a reconciliation to the most comparable financial measure calculated in accordance with GAAP. (2) Same-store memberships excludes managed clubs. Total memberships includes Same-store, and new or acquired clubs, but excludes managed clubs. $235.0 $259.93.2 1.0 0.4 20.8 (0.6) 4Q14 SS Dues SS F&B SS Golf SS Other Acq 4Q15 GCC Revenue $ millions $70.2 $81.3 4.1 7.0 4Q14 Same Store Acquisitions 4Q15 GCC Adj. EBITDA(1) $ millions 84,884 85,193 111,458 116,303 4Q14 Same-store 4Q15 Same-store 4Q14 Total 4Q15 Total bup 0.4% bup 4.3%

26 FY15 BUSINESS, SPORTS & ALUMNI CLUBS (BSA) Solid growth across key operating metrics 56,058 55,190 54,733 56,715 56,636 2011 Total 2012 Total 2013 Total 2014 Total 2015 Total Key operating metrics (y/y %) • Total BSA Results: » Revenue $195.3M, bup 6.4% » Adj. EBITDA $39.6M, bup 13.4% » Adj. EBITDA 20.3%, bup 130 bps • Same-store BSA Results: » Revenue $189.4M, bup 4.3% » Adj. EBITDA $38.9M, bup 10.5% » Adj. EBITDA 20.5%, bup 110 bps • Same-store Revenue Growth by Revenue Type: » Dues bup 3.8% » Food & Beverage bup 4.9% • New or Acquired BSA Results: » Revenue $6.0M » Adj. EBITDA $0.8M 42% Dues 52% F&B 6% Other FY15 $195M Revenue Mix Memberships(2) bdown (0.1%) (1) Adjusted EBITDA is a non-GAAP measure. See Appendix for a reconciliation to the most comparable financial measure calculated in accordance with GAAP. (2) Memberships excludes managed clubs. Total memberships includes Same-store, and new or acquired clubs, but excludes managed clubs. $168 $171 $174 $180 $184 $195 2010 2011 2012 2013 (53wks) 2014 2015 BSA Revenue $ millions $30 $32 $34 $34 $35 $4017.9% 18.9% 19.5% 19.0% 19.0% 20.3% 2010 2011 2012 2013 (53wks) 2014 2015 BSA Adj. EBITDA(1) $ millions CAGR +3.1% CAGR +5.7%

27 4Q15 BUSINESS, SPORTS & ALUMNI CLUBS (BSA) Solid growth across key operating metrics Key operating metrics (y/y %) • Total BSA Results: » Revenue $67.8M, bup 6.2% » Adj. EBITDA $16.9M, bup 14.9% » Adj. EBITDA 25.0%, bup 190 bps • Same-store BSA Results: » Revenue $65.2M, bup 5.0% » Adj. EBITDA $16.4M, bup 11.9% » Adj. EBITDA 25.3%, bup 160 bps • Same-store Revenue Growth by Revenue Type: » Dues bup 3.1% » Food & Beverage bup 6.7% • New or Acquired BSA Results: » Revenue $2.6M » Adj. EBITDA $0.5M 38% Dues 57% F&B 5% Other 4Q15 $68M Revenue Mix Memberships(2) (1) Adjusted EBITDA is a non-GAAP measure. See Appendix for a reconciliation to the most comparable financial measure calculated in accordance with GAAP. (2) Same-store memberships excludes managed clubs. Total memberships includes Same-store, and new or acquired clubs, but excludes managed clubs. $63.8 $67.8 0.7 2.3 0.0 0.9 4Q14 SS Dues SS F&B SS Other New 4Q15 BSA Revenue $ millions $14.8 $16.9 1.8 0.4 4Q14 Same Store New 4Q15 BSA Adj. EBITDA(1) $ millions 55,064 54,402 56,715 56,636 4Q14 Same-store 4Q15 Same-store 4Q14 Total 4Q15 Total bdown (1.2%) bdown (0.1%)

28 FY2015 CAPEX Continued investment in business … 2016 Capital Expenditures • 2016 maintenance capex: ~$57 million, ~5% of consolidated revenue » Plan to spend $39 million on maintenance of clubs » Intend to spend $18 million on corporate and IT related systems • 2016 expansion capital: ~$41 million » Anticipate investing ~$21 million on 11 same-store clubs » Anticipate investing ~$20 million on recently acquired clubs $24.9 $25.1 $16.7 $23.8 $29.1 $53.1 $18.0 $22.8 $37.5 $35.7 $43.5 $52.1 2010 2011 2012 2013 2014 2015 Maintenance Capex ROI Capex Capital Expenditures $ millions 2015 Capital Expenditures • 2015 maintenance capex $53.1 million » Includes $17.3 million of corporate and IT related systems • 2015 expansion capital: » Invested $52.1 million in ROI and expansion capital and completed reinvention on 21 clubs » Acquisition capital $58.6 million invested on nine clubs

29 FY15 LEVERED FREE CASH FLOW Attractive FCF generation … $82.7 $87.2 $99.2 $109.8 $110.7 $112.5 $108.4 $104.9 1Q14 LTM 2Q14 LTM 3Q14 LTM 4Q14 LTM 1Q15 LTM 2Q15 LTM 3Q15 LTM 4Q15 LTM Levered Free Cash Flow • (4.5%) y/y decrease in LTM levered FCF • 4Q15 LTM cash interest expense(2) was $46.3 million • 4Q15 LTM cash tax expense was $11.3 million • 4Q15 LTM paid $33.6 million in dividends; the Company currently pays annual dividends of $0.52/share Liquidity & Capital Structure • As of December 29, 2015, cash and cash equivalents and total liquidity of $221.6 million • ClubCorp Term B loans of $675 million are priced at L+325 basis points with a 1% LIBOR floor • ClubCorp Unsecured Senior Notes of $350 million are priced at 8.25% • As of December 29, 2015, Sr. Secured Leverage Ratio was 3.01x Levered FCF(1) $ millions (1) Levered Free Cash Flow is not calculated in accordance with GAAP. A reconciliation of Free Cash Flow to the most comparable financial measure calculated in accordance with GAAP can be found in the appendix of this presentation. (2) Interest on long-term debt excludes accretion of discount on member initiation deposits, amortization of debt issuance costs, amortization of term loan discount and interest on notes payable related to certain realty interests which we define as “Non-Core Development Entities”.

30 2016 OUTLOOK The Company is positioned for excellent results again in 2016 Keys to achieving 2016 outlook … » Solid Same-store growth and operational execution » Strong revenue growth across all three primary revenue streams: dues, F&B and golf operations » Economy continues to grow, with no significant macroeconomic event » Acceptance of our O.N.E. offering continues to climb » Reinvention continues to drive dues revenue, member usage and ancillary spend » Continued execution of our cost and revenue synergies at newly acquired clubs $1,085M - $1,105M (+3-5% y/y) Revenue $242M - $252M (+4-8% y/y) Adj. EBITDA ~$41M (11 same-store clubs, plus acquired clubs) ROI Capital Annualized $0.52 / share (~5% yield) Dividend

31 APPENDIX

32 FY2015 CONSOLIDATED RESULTS Combined Same-store clubs and combined new or acquired clubs performance (1) Change compares fourth quarter ended December 29, 2015 (16 weeks) to fourth quarter ended December 30, 2014 (16 weeks) (2) Change compares fiscal year ended December 29, 2015 (52 weeks) to fiscal year ended December 30, 2014 (52 weeks) (3) When clubs are divested, the associated revenues are excluded from segment results for all periods presented

33 FY2015 GOLF & COUNTRY CLUBS (GCC) GCC Same-store clubs and GCC new or acquired clubs performance (1) Change compares fourth quarter ended December 29, 2015 (16 weeks) to fourth quarter ended December 30, 2014 (16 weeks) (2) Change compares fiscal year ended December 29, 2015 (52 weeks) to fiscal year ended December 30, 2014 (52 weeks)

34 FY2015 BUSINESS, SPORTS & ALUMNI CLUBS (BSA) BSA Same-store clubs and BSA new or acquired clubs performance (1) Change compares fourth quarter ended December 29, 2015 (16 weeks) to fourth quarter ended December 30, 2014 (16 weeks) (2) Change compares fiscal year ended December 29, 2015 (52 weeks) to fiscal year ended December 30, 2014 (52 weeks)

35 NET INCOME TO ADJUSTED EBITDA RECONCILIATION OF NON-GAAP MEASURES TO CLOSEST GAAP MEASURE (1) Includes non-cash impairment charges related to property and equipment and intangible assets and loss on disposals of assets (including property and equipment disposed of in connection with renovations). (2) Net income or loss from discontinued operations and divested clubs that do not qualify as discontinued operations in accordance with GAAP. (3) Includes loss on extinguishment of debt calculated in accordance with GAAP. (4) Includes non-cash items related to purchase accounting associated with the acquisition of CCI in 2006 by affiliates of KSL Capital Partners, LLC (“KSL”) and expense recognized for our long-term incentive plan related to fiscal years 2011 through 2013. (5) Represents legal and professional fees related to the acquisition of clubs, including the acquisition of Sequoia Golf on September 30, 2014.(6) Represents legal and professional fees related to our capital structure, including debt issuance and amendment costs, equity offering costs and other charges incurred in connection with the ClubCorp Formation. (7) Includes fees and expenses associated with readiness efforts for Section 404(b) of the Sarbanes-Oxley Act and related centralization of administrative processes, finance processes and related IT systems. (8) Represents adjustments permitted by the credit agreement governing the Secured Credit Facilities including cash distributions from equity method investments less equity in earnings recognized for said investments, income or loss attributable to non-controlling equity interests of continuing operations and management fees, termination fee and expenses paid to an affiliate of KSL. (9) Includes equity-based compensation expense, calculated in accordance with GAAP, related to awards held by certain employees, executives and directors. (10) Represents estimated deferred revenue using current membership life estimates related to initiation payments that would have been recognized in the applicable period but for the application of purchase accounting in connection with the acquisition of CCI in 2006 and the acquisition of Sequoia Golf on September 30, 2014.

36 HOUSTON AND TEXAS SAME-STORE ADJUSTED EBITDA RECONCILIATION OF HOUSTON AND TEXAS SS ADJ. EBITDA TO TOTAL ADJ. EBITDA (1) Includes same-store and new & acquired Golf and Country clubs and same-store and new & acquired Business Sports and Alumni clubs, other than the same-store clubs located in Texas. (2) Other consists of other business activities including ancillary revenues related to alliance arrangements, a portion of the revenue associated with upgrade offerings, reimbursements for certain costs of operations at managed clubs, corporate overhead expenses and shared services.

37 CALCULATION OF LEVERED FREE CASH FLOW RECONCILIATION OF NON-GAAP MEASURES TO CLOSEST GAAP MEASURE (1) See the Adjusted EBITDA reconciliation in the preceding "Reconciliation of Non-GAAP Measures to Closest GAAP Measure" table. (2) Interest on long-term debt excludes accretion of discount on member deposits, amortization of debt issuance costs, amortization of term loan discount and interest on notes payable related to certain realty interests which we define as “Non-Core Development Entities”.

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Form 8-K ClubCorp Holdings, Inc. For: Feb 24

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