Goldman Sachs analyst Steven Kent is as bullish as ever on ClubCorp Holdings Inc (NYSE: MYCC) following the company’s big Q1 numbers. The company topped Goldman’s estimates for both revenue ($215 million) and EBITDA ($42 million) in the quarter.

In a new report, Kent noted five key takeaways for ClubCorp investors:

• 1. Kent credits the company’s O.N.E. program with the 3.9 percent rise in dues revenue at golf and country clubs in the quarter.
• 2. Trends in the all-important Texas markets were strong, with 7.7 percent EBITDA growth in Houston clubs and 10.6 percent growth elsewhere in Texas.
• 3. Kent praises management’s renewed focus on ramping up dues revenue rather than membership counts.
• 4. ClubCorp acquired two additional clubs in Q1 and is dedicated to pursuing clubs that generate 17 percent ROIC.
• 5. Management reiterated fiscal 2016 adjusted EBTDA guidance of $242-252 million.

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“Given the strong flow through we saw in 1Q (incremental EBITDA margins of ~25 percent) and that 1Q is a seasonally slow quarter, we expect this guidance could be conservative,” Kent added.

Goldman Sachs maintains a Buy rating on ClubCorp but has lowered its price target from $20 to $17.25.

ClubCorp shares are down 35.0 percent so far in 2016.

Disclosure: The author holds no position in the stocks mentioned.