Mycc fy17 q1 earnings presentation

1. 1
1Q 2017 PERFORMANCE
April 12, 2017

2. 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, include, but are 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 27, 2016 which is on file with the Securities Exchange Commission (“SEC”) and in the Company’s Annual Report on Form 10-Q for the fiscal
quarter ended March 21, 2017 expected to be filed with the SEC on or before May 1, 2017.
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 included in this presentation to the most directly comparable GAAP measure because this cannot be done without
unreasonable effort due to the high variability, complexity and low visibility with respect to impairments and disposition of assets, income taxes and centralization
and transformation costs which are excluded from Adjusted EBITDA. We expect the variability of these charges to have a potentially unpredictable, and potentially
significant, impact on our future GAAP financial results.

3. 3
FIRST QUARTER 2017 PERFORMANCE
Continued to successfully execute our three-pronged growth strategy
• We delivered solid first quarter 2017 results:
» Q1 revenue up 3.0% year-over-year (y/y) to $221.3 million
» Q1 adjusted EBITDA(1) up 4.2% y/y to $43.7 million
» Q1 membership, excluding managed clubs, up 2.0% y/y to ~174k
• Same-store clubs revenue grew 2.6% y/y, while adjusted EBITDA was up 3.3%. Same-store
adjusted EBITDA margins improved 20 bps
• Approximately 54% of our members were enrolled in O.N.E. or similar upgrade offerings;
O.N.E. is available at 156 clubs(2)
• We acquired 4 clubs in 2017 YTD
• We completed 1 club reinvention in Q1 2017 and 12 reinvention projects still in progress in
2017
• On track to de-levering balance sheet below 4x by mid-2018 based on continued adjusted
EBITDA growth and continued strong free cash flow generation that is expected to be used to
pay down debt
• We own or operate(2) 162 golf & country clubs (GCC) and 45 business, sports & alumni clubs
(BSA)
3
(1) Adjusted EBITDA is a non-GAAP measure. See Appendix for reconciliation to the most comparable financial measure calculated in accordance with GAAP.
(2) As of March 21, 2017

4. 4
THE VALUE OF THE CLUBCORP NETWORK
Our O.N.E. offering is unparalleled in the industry
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 156 clubs(1)
» O.N.E. contributed to increases in revenue and yields high margin flow through
» O.N.E. drives increased club utilization
» Food and beverage revenues increased 44% from 2010 to 2016(2)
4
35%
43%
46%
39%
50%
54% 54%
2010 2013 2014
pre-Sequoia
2014
post-Sequoia
2015 2016 1Q 2017
(1) As of March 21, 2017
(2) Excluding Sequoia clubs
Member Penetration of O.N.E. and Other Upgrade Products

5. 5
REINVENTION

6. 6

7. 7
ACQUISITIONS

8. 8
ACQUISITIONS SINCE 2015
Sixteen new properties added since 2015
Bernardo Heights Country Club, San Diego, CA
Marsh Creek Country Club, St. Augustine, FL
2017 Acquisitions (YTD)(1)
» Oakhurst Golf and Country Club, Clarkson, MI (Detroit MSA) – 18-hole, private
» Norbeck Country Club, Rockville, MD – 18-hole, private
» North Hills Country Club, Glenside, PA (Philadelphia MSA) – 18-hole, private
» Eagle’s Nest Country Club, Phoenix, MD (Baltimore MSA) – 18-hole, private
2016 Acquisitions
» Heritage Golf Club, Hilliard, Ohio (Columbus MSA) – 18-hole, private
» Santa Rosa Country Club, Santa Rosa, California – 18-hole, private
» Marsh Creek Country Club, St. Augustine, Florida – 18-hole, private
2015 Acquisitions
» Bernardo Heights Country Club, San Diego, California – 18-hole, private
» Bermuda Run Country Club, Bermuda Run, North Carolina – 36-holes, private
» Brookfield Country Club, Roswell, Georgia – 18-hole, private
» Firethorne Country Club, Marvin, North Carolina – 18-hole, private
» Ford's Colony Country Club, Williamsburg, Virginia – 54-holes, semi-private
» Legacy Golf Club at Lakewood Ranch, Bradenton, Florida – 18-hole, public (subsequently
divested)
» Temple Hills Country Club, Franklin, Tennessee – 27-holes, private
» Rolling Green Country Club, Arlington Heights, Illinois – 18-hole, private
» Ravinia Green Country Club, Riverwoods, Illinois – 18-hole, private
Eagle’s Nest Country Club, Phoenix, MD
Santa Rosa Country Club, Santa Rosa, CA
(1) As of April 12, 2017

9. 9
ACQUISITION PERFORMANCE 2010 - 2016
Acquisitions post three years maturation are delivering ~18% cash-on-cash returns
(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
• 2010:
» Country Club
of the South
• 2011:
» Hamlet
» Willow Creek
» Wind Watch
» Canterwood
• 2012:
» Hartefeld National
• 2013:
» Oak Tree
» Cherry Valley
» Chantilly National
• 2014:
» Prestonwood
(2 clubs)
» TPC Piper Glen
» TPC Michigan
» Oro Valley
» Sequoia Golf
(37 clubs)
• 2015:
» Ravinia Green
» Rolling Green
» Southeast Portfolio
less Legacy (5
clubs)
» Bernardo Heights
• 2016:
» Marsh Creek
» Santa Rosa
» Heritage Golf Club
Year 0
Stub Period or
Partial Year
Acquisitions from:
• 2010
• 2011
• 2012
• 2013
• 2014
• 2015
• 2016
Year 1
1st Full Fiscal Year
of Operation
Acquisitions from:
• 2010
• 2011
• 2012
• 2013
• 2014
• 2015
Year 2
2nd Full Fiscal Year
of Operation
Acquisitions from:
• 2010
• 2011
• 2012
• 2013
• 2014
Year 3
3rd Full Fiscal Year
of Operation
Acquisitions from:
• 2010
• 2011
• 2012
• 2013
Year 4
4th Full Fiscal Year
of Operation
Acquisitions from:
• 2010
• 2011
• 2012
Year 5
5th Full Fiscal Year
of Operation
Acquisitions from:
• 2010
• 2011
• We underwrite acquisitions targeting 17-20% 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
4%
12%
15%
18% 19%
22%
Acquisition Performance
Cash-on-Cash Yield (%) = Adj. EBITDA(1) / Total Investment(2)
62 clubs 59 clubs 51 clubs 9 clubs 6 clubs 5 clubs
Acquisitions

10. 10
FINANCIAL OVERVIEW

11. 11
CLUBCORP CONSOLIDATED RESULTS
Delivering results consistent with our key growth objectives
$688 $720 $755 $815
$884
$1,053$1,088$1,095
2010 2011 2012 2013 2014 2015 2016 LTM
1Q17(53 weeks)
$148 $155 $164 $175
$196
$233 $248 $249
21.6% 21.6%
21.8%
21.5%
22.2% 22.1%
22.7% 22.8%
2010 2011 2012 2013 2014 2015 2016 LTM
1Q17(53 weeks)
11
Adj. EBITDA(1) $43.7M
+4.2% y/y
Major Projects(2)
13 Projects
Revenue
$221.3M
+3.0% y/y
Objective
1Q2017
Results
Acquisitions(3)
4 Single Clubs
(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 planned in 2017.
(3) Acquisitions as of April 12, 2017 includes three clubs acquired during Q1 2017 and Oakhurst Golf and Country Club subsequent to Q1 2017.
Revenue
$ millions
CAGR +7.7%
Adj. EBITDA(1)
$ millions
CAGR +8.7%

12. 12
1Q 2017 GOLF & COUNTRY CLUBS (GCC)
Continued revenue and adjusted EBITDA growth with increasing operating leverage
80,035 80,916 83,528
111,458
116,303
120,804122,117
2011
Total
2012
Total
2013
Total
2014
Total
2015
Total
2016
Total
1Q17
Total
56% Dues
19% F&B
18% Golf Ops
7% Other
1Q17
$179.9M
Revenue Mix
Memberships(2)
1.1%(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) Total memberships includes same-store, and new and acquired clubs, but excludes managed clubs.
(3) Change in memberships from previous year-end to current quarter.
$531 $554 $585 $627
$693
$841 $879 $886
2010 2011 2012 2013 2014 2015 2016 LTM
1Q17
GCC Revenue
$ millions
CAGR +8.6% Key operating metrics (y/y %)
• Total GCC Results:
» Revenue $179.9M,  4.2%
» Adj. EBITDA $52.8M,  5.4%
» Adj. EBITDA 29.4%,  40 bps
• Same-store GCC Results:
» Revenue $177.2M,  3.0%
» Adj. EBITDA $52.6M,  5.1%
» Adj. EBITDA 29.7%,  60 bps
• Same-store Revenue Growth by
Revenue Type:
» Dues  3.5%
» Food & Beverage  1.9%
» Golf Ops  4.7%
• New or Acquired GCC Results:
» Revenue $2.7M
» Adj. EBITDA $0.2M
(53 weeks)
$151 $156 $168 $180
$203
$246 $261
$29328.4% 28.1% 28.7% 28.7% 29.3% 29.2% 29.6%
33.1%
2010 2011 2012 2013 2014 2015 2016 LTM
1Q17
GCC Adj. EBITDA(1)
$ millions
(53 weeks)
CAGR +11.2%

13. 13
1Q 2017 GCC RESULTS
Positive 1Q growth in all major revenue streams
3.0%
5.1%
1Q Same-Store
Revenue
1Q Same-store
Adj. EBITDA (2)
Same-store GCC Growth(1)
Year-over-year %
(1) See our annual report on Form 10-K for the period ended December 27, 2016 at “Basis of Presentation – Same Store Analysis” for more information on how we measure same store results.
(2) Adjusted EBITDA is a non-GAAP measure. See Appendix for reconciliation to the most comparable financial measure calculated in accordance with GAAP.
3.5%
1.9%
4.7%
1Q Same-Store Dues 1Q Same-Store F&B 1Q Same-Store Golf Ops
Same-store GCC Revenue Growth
by Revenue Type(1)
Year-over-year %
13
4.2%
5.4%
1Q Total
Revenue
1Q Total
Adj. EBITDA (2)
Total GCC Growth
Year-over-year %
4.7%
3.6%
5.4%
Q1 Total Dues Q1 Total F&B Q1 Total Golf Ops
Total GCC Revenue Growth
by Revenue Type
Year-over-year %

14. 14
1Q 2017 BUSINESS, SPORTS & ALUMNI CLUBS (BSA)
Continued revenue growth in Q1
52,074
51,262 51,173
53,306
53,586
52,244
51,893
2011
Total
2012
Total
2013
Total
2014
Total
2015
Total
2016
Total
1Q17
Total
46% Dues
47% F&B
7% Other
1Q17
$39.9M
Revenue Mix
Memberships(2)
(0.7%)(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) Total memberships includes same-store, and new and acquired clubs, but excludes managed clubs.
(3) Change in memberships from previous year-end to current quarter.
$157
$191
$164 $170 $175 $187 $189 $189
2010 2011 2012 2013 2014 2015 2016 LTM
1Q17
BSA Revenue
$ millions
(53 weeks)
$29 $31 $33 $33 $35
$39 $41 $41
18.5%
16.4%
20.1% 19.5% 20.0%
21.1% 21.9% 21.6%
2010 2011 2012 2013 2014 2015 2016 LTM
1Q17
BSA Adj. EBITDA(1)
$ millions
(53 weeks)
CAGR +3.0%
CAGR +5.6%
Key operating metrics (y/y
%)
• Total BSA Results:
» Revenue $39.9M,  0.6%
» Adj. EBITDA $6.7M,  (8.4%)
» Adj. EBITDA 16.7%,  160 bps
• Same-store Revenue Growth by
Revenue Type:
» Dues  (0.3%)
» Food & Beverage  2.2%
» Other  (4.0%)

15. 15
MAINTENANCE CAPEX
24.9 25.1
16.7
23.8
29.1
53.1
55.5(1)
2010 2011 2012 2013 2014 2015 2016 1Q17
Maintenance Capex (2010 – 2017)
in $ millions
FY17 Maintenance Capex
• FY17 anticipate spending $60.1
million in maintenance capex net of
insurance proceeds
• 1Q17 maintenance capex was $20.1
million, net of insurance proceeds,
and includes $7.3 million of
information technology project capital
(1) Net of insurance proceeds
(2) 2016 is based on actual revenue of $1,088.5 million; 2017 is based on the midpoint of the revenue range disclosed in the 2017 outlook
20.1(1)

16. 16
ROI EXPANSION CAPEX
FY17 ROI Expansion Capital
• FY17 ROI expansion capital expected to
be $43.6 million
• 1Q17 ROI expansion capital was $3.3
million
FY17 Acquisition Capital
• FY17 acquisition capital was $9.3 million
as of March 21, 2017
» $2.5 million assumed debt to
purchase Eagle's Nest
» $2.5 million to purchase North Hills
» $6.8 million to purchase Norbeck
8.1 10.9
18.0
27.2
22.6
13.8
20.9
2.2
9.8 11.9
19.5
8.5
21.0
38.4
20.2
1.1
2010 2011 2012 2013 2014 2015 2016 1Q17
ROI Expansion Capital (2010 – 2017)
in $ millions
ROI - Same-store Clubs ROI - Recent Acquisitions

17. 17
1Q17 LEVERED FREE CASH FLOW
Attractive FCF generation
$110.4 $112.0 $107.9 $104.3 $100.7 $102.6 $105.4 $103.7
$96.1
1Q15
LTM
2Q15
LTM
3Q15
LTM
4Q15
LTM
1Q16
LTM
2Q16
LTM
3Q16
LTM
4Q16
LTM
1Q17
LTM
Liquidity & Capital Structure
• As of March 21, 2017, cash and cash equivalents
of $53.9 million and total liquidity of $198.9 million
• In fiscal year 2016, voluntary prepayment of Term
Loan B of $24 million
• ClubCorp Term B loans of $651 million were
repriced in September 2016 at L+300 basis points
with a 1% LIBOR floor
• ClubCorp Unsecured Senior Notes of $350 million
have a 8.25% coupon
• As of March 21, 2017, Sr. Secured Leverage Ratio
was 2.88x and Total Leverage Ratio was 4.27x
• No material near term maturities (Term B loans
mature 2022, Senior Notes mature 2023)
Levered FCF(1)
$ millions
(1) Levered Free Cash Flow is not calculated in accordance with GAAP. A reconciliation of Levered Free Cash Flow to Adjusted EBITDA 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”.
Levered Free Cash Flow
• (4.6%) y/y decrease in 1Q17 levered FCF
• 1Q17 LTM cash interest expense(2) was $60.1 million
• 1Q17 LTM cash tax was $6.3 million
• 1Q17 LTM paid $34 million in dividends; the Company
currently pays annual dividends of $0.52/share

18. 18
CAPITAL STRUCTURE
Strong balance sheet
35
651
350
2017 2018 2019 2020 2021 2022 2023
Debt Maturities(4)
$ millions
Senior
Notes
Mortgage
Loan
Term
Loan
766 767 764
604
939
1,058 1,043 1,073
5.03 4.85
4.59
3.41
4.28 4.50
4.20 4.27
2010 2011 2012 2013 2014 2015 2016 1Q17
Historical Debt & Liquidity Profile
$ millions
Adjusted Net Debt Total Leverage Ratio

19. 19
2017 OUTLOOK
Based on current management expectations and maybe subject to change
19
Keys to achieving 2017 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 remains strong
» Reinvention continues to drive dues revenue, member usage and ancillary spend
» Continued execution of our cost and revenue synergies at newly acquired clubs
$1,095M -
$1,135M
Revenue
$255M -
$265M
Adj. EBITDA
~$44M
ROI Capital
Annualized
$0.52 / share
(~3.0% yield)
Dividend

20. 20
APPENDIX

21. 21
1Q 2017 CONSOLIDATED RESULTS
Combined Same-store clubs and combined new or acquired clubs performance
21
(1) Change compares first quarter ended March 21, 2017 (12 weeks) to first quarter ended March 22, 2016 (12 weeks)
(2) When clubs are divested, the associated revenues are excluded from segment results for all periods presented

22. 22
1Q 2017 GOLF & COUNTRY CLUBS (GCC)
GCC Same-store clubs and GCC new or acquired clubs performance
22
(1) Change compares first quarter ended March 21, 2017 (12 weeks) to first quarter ended March 22, 2016 (12 weeks)

23. 23
1Q 2017 BUSINESS, SPORTS & ALUMNI CLUBS (BSA)
BSA Same-store clubs and BSA new or acquired clubs performance
23
(1) Change compares first quarter ended March 21, 2017 (12 weeks) to first quarter ended March 22, 2016 (12 weeks)

24. 24
RECONCILIATION OF NON-GAAP MEASURES TO CLOSEST GAAP MEASURES
NET INCOME (LOSS) TO ADJUSTED EBITDA

25. 25
RECONCILIATION OF NON-GAAP MEASURES TO CLOSEST GAAP MEASURES
NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED EBITDA
(See footnotes on following page)

26. 26
The following footnotes relate to the three proceeding tables:
(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) Net income or loss from divested clubs that do not qualify as discontinued operations in accordance with GAAP.
(4) Includes loss on extinguishment of debt calculated in accordance with GAAP.
(5) 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.
(6) Represents legal and professional fees related to the acquisition of clubs, including the acquisition of Sequoia Golf on September 30,
2014.
(7) 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 reorganization of CCI, which was effective as of November 30, 2010
("ClubCorp Formation.")
(8) Includes fees and expenses associated with initial compliance with Section 404(b) of the Sarbanes-Oxley Act, which were primarily
incurred in fiscal year 2015 and the twelve weeks ended March 22, 2016, and related centralization and transformation of
administrative processes, finance processes and related IT systems.
(9) 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 and management fees, termination fee and expenses paid to an affiliate of KSL.
(10) Includes equity-based compensation expense, calculated in accordance with GAAP, related to awards held by certain employees,
executives and directors.
(11) Represents estimated deferred revenue, calculated 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.
(12) Includes the following adjustments to reconcile net income (loss) to net cash provided by operating activities from our Consolidated
Statements of Cash Flows: Net change in prepaid expenses and other assets, net change in receivables and membership notes, net
change in accounts payable and accrued liabilities, net change in other current liabilities, bad debt expense, equity in loss (earnings)
from unconsolidated ventures, gain on investment in unconsolidated ventures, distribution from investment in unconsolidated ventures,
debt issuance costs and term loan discount, accretion of discount on member deposits, net change in deferred tax assets and
liabilities and net change in other long-term liabilities. Certain other adjustments to reconcile net income (loss) to net cash provided by
operating activities are not included as they are excluded from both net cash provided by operating activities and Adjusted EBITDA.
(13) Includes other business activities including ancillary revenues related to alliance arrangements, a portion of the revenue associated
with upgrade offerings, costs of operations at managed clubs, corporate overhead expenses and shared services expenses.
RECONCILIATION OF NON-GAAP MEASURES TO CLOSEST GAAP MEASURES
SEGMENT ADJUSTED EBITDA TO INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAX

27. 27
CALCULATION OF LEVERED FREE CASH FLOW
RECONCILIATION OF LEVERED FREE CASH FLOW TO ADJUSTED EBITDA
(1) See the Adjusted EBITDA reconciliation in the preceding "Reconciliation of Non-GAAP Measures to Closest GAAP Measures" tables.
(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”.
(3) Maintenance capital expenditures are net of insurance proceeds and include investments to upgrade information technology systems.

28. 28