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Topgolf Callaway Brands Corp. (NYSE: MODG) is a leader in the modern golf and active lifestyle sector. The company creates premium golf equipment, provides world-class golf entertainment, and sells golf and active lifestyle apparel through its renowned brands, including Topgolf, Callaway Golf, Odyssey, TravisMathew, Jack Wolfskin, OGIO, and Toptracer. The company's core segments include Topgolf, which generates the majority of its revenue through service revenues from Topgolf venues and Toptracer technology, and Golf Equipment and Active Lifestyle.
Topgolf Callaway Brands is renowned for pushing the limits of performance and innovation, offering products designed to improve the game for golfers of all skill levels. Notably, the company recently announced stellar financial results for the fourth quarter of 2023, with a significant increase in consolidated revenue and Adjusted EBITDA. Their latest golf equipment line has received accolades from consumers and trade alike, further establishing their dominance in the market.
The company also made headlines with its digital transformation initiatives, including the launch of a new cross-brand consumer data platform. In addition, Topgolf has expanded its reach by opening new venues and acquiring the BigShots franchise, enhancing venue-level margins.
Despite potential economic challenges, Topgolf Callaway Brands remains optimistic about 2024, expecting further revenue growth and solid cash flow generation. Their strategic partnerships and focus on operational efficiencies are pivotal to their sustained success in the rapidly evolving golf and active lifestyle market.
Topgolf has launched a new iteration of its 'Come Play Around' campaign on June 6, 2024, featuring quirky puppet announcers, Chaz Mulligan and Birdie Baker, created in collaboration with Jim Henson's Creature Shop. This campaign, developed with Topgolf's agency Anomaly, aims to highlight Topgolf's value offers and summer promotions in a fun, relatable manner.
The campaign's main 30-second spot showcases the 'Free:30' promotion, giving players an extra 30 minutes of game play on weekdays when they book a reservation. Additionally, Chaz and Birdie will promote Topgolf's new game, 'Block Party,' through various digital, audio, and broadcast channels.
The 'Come Play Around' campaign began in 2022, focusing on player inclusivity and experiences at Topgolf. The 2023 sequel emphasized the diverse emotions players feel at Topgolf. The 2024 campaign continues this theme with Chaz and Birdie bringing a playful tone to highlight special offers and new games.
Topgolf is launching a summer campaign with several exciting offers for players. Key features include Free:30, offering 30 minutes of free gameplay with every reservation on weekdays, and the Block Party Challenge with a $50,000 grand prize. Players can enjoy free ice cream and PepsiCo beverages from the Ice Cream Delivery Truck, which will tour select venues starting June 16. Fathers can benefit from special Father's Day offers, including discounted golf gloves and bonus gift cards. -time menu items will be available, featuring unique beverages and food options. The promotions aim to enhance the player experience throughout the summer.
SCORE Sports has appointed Joe Flannery as its new Chief Executive Officer. Flannery, who was previously Executive Vice President at Topgolf Callaway Brands (NYSE: MODG), brings over three decades of experience from prominent companies including Adidas and Nike.
Outgoing CEO Kevin Mahoney will stay on temporarily for a smooth transition. Mahoney, who joined SCORE Sports in 2019, helped the company navigate the pandemic and achieve unprecedented revenue growth.
The announcement comes as SCORE Sports relocates its headquarters to Torrance, California, and forms new partnerships with Babe Ruth League Softball and GoFundMe.
Topgolf announced the appointment of Maryam Morse as its new Chief People Officer, effective May 27, 2024. Morse joins from Andrews Distributing, where she served as EVP of Human Resources and Communications. At Topgolf, Morse will oversee recruitment, retention, leadership development, training, compliance, and employee experience. CEO Artie Starrs praised Morse's background in enhancing employee experiences and her alignment with Topgolf's culture. Morse has over 17 years of experience at Korn Ferry and has worked as a change management consultant for Accenture. She is also involved in academia and local business communities in Dallas.
On May 20, 2024, Xander Schauffele clinched his first major victory at the PGA Championship with a record-breaking 21-under score at Valhalla Golf Club. Using Callaway's Paradym Ai Smoke Driver and Chrome Tour Golf Ball, Schauffele led from start to finish, tying the lowest round ever in a major with an opening 62. His equipment, including Callaway clubs and an Odyssey Putter, played a pivotal role in his historic win. Schauffele's success highlights Callaway's market-leading position, with the Paradym Ai Smoke being the #1 Driver in the U.S. market for Q1 and Odyssey ranking as the top putter on Tour.
Topgolf announced an eight-year partnership with PepsiCo, starting May 15, 2024, to supply beverages across its U.S. venues. The rollout will be completed by June 2024. Topgolf players will get access to a variety of PepsiCo beverages, including Pepsi, MTN DEW, and Gatorade.
The partnership includes unique player experiences and a major giveaway: one person will win eight years of free Topgolf play and PepsiCo beverages, and 100 others will win $25 game play cards and Pepsi-Cola product credits.
This summer, a Topgolf Summer of Play Delivery Truck will travel the country, offering prizes and Pepsi-branded swag at key stops. The partnership aims to deliver exclusive crafted beverages and unforgettable experiences for players.
Topgolf Callaway Brands Corp. announced strong Q1 2024 results with revenue of $1.144 billion, net income of $7 million, and Adjusted EBITDA of $161 million. The company achieved #1 market share in Ai Smoke clubs and Chrome Tour golf balls. Additionally, they repriced term loans, repurchased shares, and plan to pay down $50 million debt. Despite revenue guidance adjustment due to currency volatility, the company is confident in bottom-line improvement and increased EPS and cash flow.
Topgolf Callaway Brands Corp. (NYSE: MODG) will release its first quarter 2024 financial results on May 8, 2024. Management will discuss the results and business outlook in a conference call. The Company's management team will also participate in upcoming conferences, including the KeyBanc Capital Markets Virtual Consumer Leisure Spotlight on May 20 and the B. Riley Annual Institutional Investor Conference on May 22.
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