Post by MoeGreenon Nov 01, 2021 10:35pm
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Post# 34075734
Early Q3 Earnings Takeaways
Early Q3 Earnings TakeawaysEarnings are out and here are the first things that jump out at me:
- Full privilege memberships are at 15,714 - up 7% y.o.y. from 14,671 this time last year. I think this offers the most clear picture of the continued value of the golf business, whereas NOI and net earnings are affected by revenue displacement, wage subsidies etc. The 1,000 new members are unlikely to leave as quickly as they joined, and should represent $5-10 million more in annual revenue for years to come with almost 0 added expenses. I met a lot of these new members this season, they're guys in their 20s and 30s and a lot are new to the sport entirely. Lots of courses have waiting lists for memberships, too.
- Quarterly EPS increased to $0.93 from $0.87 in Q3 2020, even though net earnings only increased 1.5% in the same period. This implies that roughly 5.1% of outstanding shares were repurchased for cancellation in the last year. It's a growing pie that we're getting a bigger slice of. Very encouraging.
You can see the earnings here:
https://financialpost.com/globe-newswire/twc-enterprises-limited-announces-third-quarter-2021-results-and-eligible-cash-dividend