First Quarter 2022 Consolidated Operating Highlights
As required by IFRS, ClubLink recognizes its annual dues revenue on a straight-line basis throughout the year based on when its properties are allowed to open and services are provided. As a result of COVID-19 lockdowns in 2021, annual dues revenue was not recognized during certain periods. There was an average of 39 days in the first quarter of 2021 that ClubLink was allowed to operate in Canada. There have been no COVID-19 lockdowns to date in 2022. Canadian annual dues revenue increased 132.5% to $15,114,000 for the three-month period ended March 31, 2022 from $6,501,000 in 2021 due to this policy. This deferral in 2021 was recognized into revenue throughout the remainder of the year on a straight-line basis.
Operating revenue increased 168.8% to $37,932,000 for the three-month period ended March 31, 2022 from $14,109,000 in 2021 due to closures in 2021 as a result of COVID-19 lockdowns and the revenue from the eight Highland Gate home sales.
Direct operating expenses increased 101.4% to $32,954,000 for the three-month period ended March 31, 2022 from $16,366,000 in 2021 due to the fact that certain activities were reduced in 2021 due to lockdowns and the cost of sales from the eight Highland Gate home sales.
Net operating income for the Canadian golf club operations segment increased to $3,908,000 for the three-month period ended March 31, 2022 from a loss of $2,887,000 in 2021 due to the shift in the recognition of annual dues revenue in 2021.
Net operating income for the US golf club operations increased to US$2,436,000 for the three-month period ended March 31, 2022 from US$1,131,000 in 2021 due to increased rounds and better yield per round.
Amortization of membership fees decreased 2.0% to $939,000 from $958,000 in 2021
