TOPGOLF CALLAWAY BRANDS ANNOUNCES THIRD QUARTER 2024 RESULTS
Topgolf Callaway Brands (NYSE: MODG) reported Q3 2024 results with revenues of $1.01 billion, down 2.7% year-over-year, and Adjusted EBITDA of $119.8 million, down 26.6%. The company lowered its full-year 2024 revenue guidance to approximately $4.2 billion and Adjusted EBITDA to $560-570 million. Topgolf segment showed 1.2% revenue growth but experienced an 11% decline in same-venue sales. The company maintained its #1 position in U.S. golf clubs market share and achieved record U.S. golf ball market share. Available liquidity strengthened to $863 million, up $129 million year-over-year. The company continues to pursue plans to separate Topgolf from the core business to create shareholder value.
Topgolf Callaway Brands (NYSE: MODG) ha riportato i risultati del terzo trimestre del 2024 con entrate di 1,01 miliardi di dollari, in calo del 2,7% rispetto all'anno precedente, e Adjusted EBITDA di 119,8 milioni di dollari, in diminuzione del 26,6%. L'azienda ha abbassato le previsioni di entrate per l'intero anno 2024 a circa 4,2 miliardi di dollari e l'Adjusted EBITDA a 560-570 milioni di dollari. Il segmento Topgolf ha mostrato una crescita del fatturato dell'1,2% ma ha registrato un calo dell'11% nelle vendite nelle stesse sedi. L'azienda ha mantenuto la sua posizione numero 1 nella quota di mercato dei golf club negli Stati Uniti e ha raggiunto una quota di mercato record per le palline da golf negli Stati Uniti. La liquidità disponibile è aumentata a 863 milioni di dollari, con un incremento di 129 milioni di dollari rispetto all'anno precedente. L'azienda continua a perseguire piani per separare Topgolf dal business principale al fine di creare valore per gli azionisti.
Topgolf Callaway Brands (NYSE: MODG) reportó resultados del tercer trimestre de 2024 con ingresos de 1.01 mil millones de dólares, una disminución del 2.7% interanual, y EBITDA ajustado de 119.8 millones de dólares, en caída del 26.6%. La compañía redujo su guía de ingresos para todo el año 2024 a aproximadamente 4.2 mil millones de dólares y EBITDA ajustado a entre 560 y 570 millones de dólares. El segmento Topgolf mostró un crecimiento de ingresos del 1.2% pero experimentó una disminución del 11% en ventas en las mismas ubicaciones. La empresa mantuvo su posición número 1 en participación de mercado de clubes de golf en EE. UU. y alcanzó una cuota de mercado récord en pelotas de golf en EE. UU. La liquidez disponible se fortaleció a 863 millones de dólares, un aumento de 129 millones de dólares respecto al año anterior. La compañía continúa persiguiendo planes para separar Topgolf del negocio principal para crear valor para los accionistas.
톱골프 칼라웨이 브랜드(NYSE: MODG)는 2024년 3분기 실적을 보고하며 매출이 10억 1천만 달러로, 전년 대비 2.7% 감소했으며, 조정 EBITDA가 1억 1천9백80만 달러로 26.6% 감소했다고 발표했다. 회사는 2024년 전체 매출 전망을 약 42억 달러로 하향 조정했으며, 조정 EBITDA는 5억 6천만에서 5억 7천만 달러로 설정했다. 톱골프 부문은 1.2%의 매출 성장을 보였지만 같은 매장의 매출은 11% 감소했다. 회사는 미국 골프 클럽 시장 점유율에서 1위 자리를 유지하며, 미국 골프공 시장에서도 기록적인 점유율을 달성했다. 가용 유동성은 8억 6천3백만 달러로 강화되어, 전년 동기 대비 1억 2천9백만 달러 증가했다. 회사는 주주 가치를 창출하기 위해 톱골프를 핵심 사업에서 분리할 계획을 계속 추구하고 있다.
Topgolf Callaway Brands (NYSE: MODG) a annoncé les résultats du troisième trimestre 2024 avec des revenus de 1,01 milliard de dollars, en baisse de 2,7 % par rapport à l'année précédente, et un EBITDA ajusté de 119,8 millions de dollars, en baisse de 26,6 %. L'entreprise a revu à la baisse ses prévisions de revenus pour l'ensemble de l'année 2024 à environ 4,2 milliards de dollars et l'EBITDA ajusté à entre 560 et 570 millions de dollars. Le segment Topgolf a affiché une croissance des revenus de 1,2 %, mais a connu une baisse de 11 % des ventes dans les mêmes établissements. L'entreprise a maintenu sa position de n°1 sur le marché des clubs de golf aux États-Unis et a atteint une part de marché record pour les balles de golf aux États-Unis. La liquidité disponible s'est renforcée à 863 millions de dollars, en hausse de 129 millions de dollars par rapport à l'année précédente. L'entreprise continue de poursuivre des plans pour séparer Topgolf de son activité principale afin de créer de la valeur pour les actionnaires.
Topgolf Callaway Brands (NYSE: MODG) berichtete über die Ergebnisse des dritten Quartals 2024 mit Umsätzen von 1,01 Milliarden Dollar, ein Rückgang von 2,7 % im Vergleich zum Vorjahr, und bereinigtem EBITDA von 119,8 Millionen Dollar, ein Rückgang von 26,6 %. Das Unternehmen senkte seine Umsatzprognose für das Gesamtjahr 2024 auf etwa 4,2 Milliarden Dollar und das bereinigte EBITDA auf 560-570 Millionen Dollar. Das Topgolf-Segment wies ein Umsatzwachstum von 1,2 % auf, erlebte jedoch einen Rückgang der Verkaufszahlen an denselben Standorten um 11 %. Das Unternehmen behauptete seine #1-Position im Marktanteil der Golfclubs in den USA und erreichte einen Rekordmarktanteil bei Golfbällen in den USA. Die verfügbare Liquidität stieg auf 863 Millionen Dollar, ein Anstieg um 129 Millionen Dollar im Vergleich zum Vorjahr. Das Unternehmen verfolgt weiterhin Pläne, Topgolf vom Kerngeschäft zu trennen, um den Aktionärswert zu steigern.
- Maintained #1 U.S. market share position in golf clubs
- Achieved record U.S. market share in golf ball segment
- Increased available liquidity by $129 million to $863 million
- Raised Topgolf Adjusted EBITDA guidance to approximately $315 million
- Q3 revenue declined 2.7% to $1.01 billion
- Adjusted EBITDA decreased 26.6% to $119.8 million
- Lowered full-year 2024 revenue guidance to $4.2 billion
- Topgolf same-venue sales declined 11%
- Net income decreased to a loss of $3.6 million from $29.7 million profit year-over-year
Insights
The Q3 results show mixed performance with notable headwinds. Revenue declined -2.7% to
Key concerns include Topgolf's
Market positioning remains strong despite challenges. Callaway maintained its #1 U.S. market share in golf clubs and achieved record market share in golf balls, demonstrating brand strength. However, the Active Lifestyle segment shows weakness with
The
HIGHLIGHTS
- Q3 Consolidated Revenues and Adjusted EBITDA were ahead of expectations.
- The Callaway brand maintained its #1 position in U.S. market share in total golf clubs and achieved record U.S. market share in golf ball.
- The Company further strengthened its available liquidity position to
, increasing$863 million year-over-year.$129 million - The Company reaffirmed its expectation for full year positive Adjusted Free Cash Flow for the total Company and Topgolf.
- The Company lowered full year 2024 revenue guidance to approximately
and Adjusted EBITDA to a range of$4.2 billion to$560 . The Company maintained prior Topgolf revenue guidance of approximately$570 million and increased Topgolf Adjusted EBITDA guidance to approximately$1.79 billion .$315 million - The Company continues to believe that separating Topgolf from the core business will create shareholder value and is fully engaged in this work.
"We are pleased to announce results that exceeded our expectations for Q3 amid a challenging macroeconomic backdrop," commented Chip Brewer, President and Chief Executive Officer of Topgolf Callaway Brands. "Topgolf performed consistent with our revenue expectations and continued to show strong venue profitability despite the challenging sales environment. This allows us to maintain Topgolf's prior revenue guidance and raise its EBITDA outlook for the year. In our Golf Equipment segment, Callaway continues to lead, maintaining its overall #1 share in golf clubs and with 2024 trending to be the third consecutive year that Callaway has earned this top position. In our ball business, our strategic investments in this category and the rebranding of our premium golf ball line are delivering steady gains in both market share and manufacturing yield. Our
CONSOLIDATED RESULTS
The Company announced the following GAAP and non-GAAP financial results for the three and nine months ended September 30, 2024 and 2023:
GAAP RESULTS | |||||||||||||||
(in millions, except percentages | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2024 | 2023 | $ Change | % Change | 2024 | 2023 | $ Change | % Change | ||||||||
Net revenues | $ 1,012.9 | $ 1,040.6 | $ (27.7) | (2.7) % | $ 3,314.9 | $ 3,387.7 | $ (72.8) | (2.1) % | |||||||
Income from operations | 33.7 | 73.8 | (40.1) | (54.3) % | 203.6 | 270.3 | (66.7) | (24.7) % | |||||||
Other expense, net | (56.7) | (47.1) | (9.6) | 20.4 % | (162.7) | (151.2) | (11.5) | 7.6 % | |||||||
(Loss) income before taxes | (23.0) | 26.7 | (49.7) | (186.1) % | 40.9 | 119.1 | (78.2) | (65.7) % | |||||||
Income tax benefit | (19.4) | (3.0) | (16.4) | n/m | (24.1) | (53.0) | 28.9 | (54.5) % | |||||||
Net (loss) income | $ (3.6) | $ 29.7 | $ (33.3) | (112.1) % | $ 65.0 | $ 172.1 | $ (107.1) | (62.2) % | |||||||
(Loss) earnings per share - diluted | $ (0.02) | $ 0.16 | $ (0.18) | (112.5) % | $ 0.35 | $ 0.88 | $ (0.53) | (60.2) % | |||||||
Weighted-average common shares outstanding - diluted | 183.8 | 201.2 | (17.4) | (8.6) % | 199.3 | 201.3 | (2.0) | (1.0) % | |||||||
NON-GAAP RESULTS
Non-GAAP results exclude certain non-cash and non-recurring adjustments as defined in the Additional Information and Disclosures section of this release. The Company has also provided a reconciliation of the non-GAAP information to the most directly comparable GAAP information in the schedules to this release.
(in millions, except | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2024 | 2023 | $ Change | % Change | Constant Currency vs. 2023(1) | 2024 | 2023 | $ Change | % Change | Constant Currency vs. 2023(1) | ||||||||||
Net revenues | $ (27.7) | (2.7) % | (2.9) % | $ (72.8) | (2.1) % | (1.7) % | |||||||||||||
Non-GAAP Income from operations | $ 43.0 | $ 82.2 | $ (39.2) | (47.7) % | (48.6) % | $ 237.4 | $ 297.9 | $ (60.5) | (20.3) % | (16.9) % | |||||||||
Non-GAAP Net income | $ 4.3 | $ 35.8 | $ (31.5) | (88.0) % | $ 101.8 | $ 141.8 | $ (40.0) | (28.2) % | |||||||||||
Non-GAAP Earnings per share - diluted | $ 0.02 | $ 0.19 | $ (0.17) | (87.7) % | $ 0.54 | $ 0.73 | $ (0.19) | (26.0) % | |||||||||||
Non-GAAP Adjusted EBITDA | $ 119.8 | $ 163.3 | $ (43.5) | (26.6) % | $ 486.3 | $ 526.8 | $ (40.5) | (7.7) % |
(1) See "Additional Information and Disclosures—Non-GAAP Information" for the calculation methodology of constant currency measures. | |||||||||||||||||||
THIRD QUARTER 2024 CONSOLIDATED RESULTS COMMENTARY
(All comparisons to prior periods are calculated on a year-over-year basis, unless otherwise noted)
The Company's net revenue of
Net income decreased
SEGMENT RESULTS
SEGMENT NET REVENUES
The table below provides net revenues by segment for the periods presented:
(in millions, except percentages) | Three Months Ended September 30, | Constant Currency vs. 2023(1) | Nine Months Ended September 30, | Constant Currency vs. 2023(1) | |||||||||||
2024 | 2023 | % Change | % Change | 2024 | 2023 | % Change | % Change | ||||||||
Topgolf | $ 453.2 | $ 447.7 | 1.2 % | 1.0 % | $ 1,370.4 | $ 1,322.0 | 3.7 % | 3.5 % | |||||||
Golf Equipment | 293.5 | 293.4 | — % | 0.1 % | 1,157.2 | 1,188.1 | (2.6) % | (1.5) % | |||||||
Active Lifestyle | 266.2 | 299.5 | (11.1) % | (11.6) % | 787.3 | 877.6 | (10.3) % | (9.7) % | |||||||
Net Revenues | $ 1,012.9 | $ 1,040.6 | (2.7) % | (2.9) % | $ 3,314.9 | $ 3,387.7 | (2.1) % | (1.7) % | |||||||
(1) See "Additional Information and Disclosures—Non-GAAP Information" for the calculation methodology of constant currency measures. | |||||||||||||||
SEGMENT OPERATING INCOME
The table below provides operating income by segment for the periods presented:
(in millions, except percentages) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||
Topgolf | $ 28.3 | $ 38.9 | (27.2) % | $ 87.3 | $ 85.7 | 1.9 % | |||||
% of segment revenue | 6.2 % | 8.7 % | (250) bps | 6.4 % | 6.5 % | (10) bps | |||||
Golf Equipment | 26.8 | 35.2 | (23.9) % | 186.3 | 213.2 | (12.6) % | |||||
% of segment revenue | 9.1 % | 12.0 % | (290) bps | 16.1 % | 17.9 % | (180) bps | |||||
Active Lifestyle | 19.4 | 40.0 | (51.5) % | 58.8 | 96.8 | (39.3) % | |||||
% of segment revenue | 7.3 % | 13.4 % | (610) bps | 7.5 % | 11.0 % | (350) bps | |||||
Total Segment Operating Income | $ 74.5 | $ 114.1 | (34.7) % | $ 332.4 | $ 395.7 | (16.0) % | |||||
% of total segment revenue | 7.4 % | 11.0 % | (360) bps | 10.0 % | 11.7 % | (170) bps | |||||
Constant Currency Total Segment Operating Income | (35.4) % | (13.4) % | |||||||||
THIRD QUARTER 2024 SEGMENT COMMENTARY
(All comparisons to prior periods are calculated on a year-over-year basis, unless otherwise noted)
Topgolf
- Segment revenue increased
or$5.5 million 1.2% , to , driven primarily by new venues.$453.2 million - Same venue sales declined
11% , which was roughly consistent with expectations. - Segment operating income decreased
, or (27.2)%, to$10.6 million due to increased depreciation related to new venues and lower same venue sales.$28.3 million - Segment Adjusted EBITDA decreased
, or (7.2)%, to$6.5 million , primarily due to lower same venue sales.$84.4 million
Golf Equipment
- Segment revenue increased
to$0.1 million , slightly ahead of expectations primarily due to the timing of shipments in the products businesses.$293.5 million - Segment operating income decreased
, which was in line with our expectations and primarily due to increased freight costs.$8.4 million
Active Lifestyle
- Segment revenue decreased
or$33.3 million 11.1% to , resulting primarily from lower European wholesale revenue at Jack Wolfskin, as expected.$266.2 million - Segment operating income decreased
due to the lower revenue and increased freight costs.$20.6 million
The following is a reconciliation of total segment operating income to income before income taxes for the periods presented:
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
(in millions) | 2024 | 2023 | $ Change | 2024 | 2023 | $ Change | |||||
Total segment operating income: | $ 74.5 | $ 114.1 | $ (39.6) | $ 332.4 | $ 395.7 | $ (63.3) | |||||
Reconciling items(1) | (40.8) | (40.3) | (0.5) | (128.8) | (125.4) | (3.4) | |||||
Income from operations | 33.7 | 73.8 | (40.1) | 203.6 | 270.3 | (66.7) | |||||
Interest expense, net | (57.7) | (52.3) | (5.4) | (173.5) | (153.6) | (19.9) | |||||
Other income, net | 1.0 | 5.2 | (4.2) | 10.8 | 2.4 | 8.4 | |||||
(Loss) income before income taxes | $ (23.0) | $ 26.7 | $ (49.7) | $ 40.9 | $ 119.1 | $ (78.2) | |||||
(1) Includes corporate overhead and certain non-recurring and non-cash items as described in the schedules to this release. | |||||||||||
2024 BALANCE SHEET HIGHLIGHTS
- Inventory decreased
year-over-year to$70.1 million , driven by decreases in both the Active Lifestyle and Golf Equipment segments.$666 million - Available liquidity, which is comprised of cash on hand plus availability under the Company's credit facilities, increased
, or approximately$129.0 million 18% , to compared to September 30, 2023.$863 million
BUSINESS OUTLOOK
2024 FULL YEAR OUTLOOK | |||
(in millions, except where noted otherwise and for percentages and per share data) | |||
2024 Current Estimate | 2024 Previous Estimate | 2023 As Reported | |
Consolidated Net Revenues | Approx. | ||
Topgolf Revenue | Approx. | Approx. | |
Topgolf Same Venue Sales Growth | Down very high single | Down very high single | 1 % |
Consolidated Adjusted EBITDA(1) | |||
Topgolf Adjusted EBITDA(1) | Approx. | Approx. | |
Non-GAAP Diluted Earnings per Share(1) | |||
Diluted Shares Outstanding | Approx. 185 | Approx. 185 | 201 |
(1) Non-GAAP measure. See "Additional Information and Disclosures—Non-GAAP Information" for more information and the schedules to this press release for reconciliations to the most directly comparable GAAP measure. |
2024 FOURTH QUARTER OUTLOOK | |||
(in millions) | |||
Q4 2024 Estimate | Q4 2023 As Reported | ||
Consolidated Net Revenues | Approx. | ||
Consolidated Adjusted EBITDA | |||
ADDITIONAL INFORMATION AND DISCLOSURES
Conference Call and Webcast
The Company will be holding a conference call at 2:00 p.m. Pacific time today, November 12, 2024, to discuss the Company's financial results, outlook and business. The call will be webcast live on our investor relations website at https://www.topgolfcallawaybrands.com/news-and-events/presentations. A replay of the conference call will be available approximately two hours after the call ends. The replay may be accessed through the Investor Relations section of the Company's website at https://www.topgolfcallawaybrands.com.
Non-GAAP Information
The GAAP results contained in this press release and the financial statement schedules attached to this press release have been prepared in accordance with accounting principles generally accepted in
Constant Currency Basis. The Company provided certain information regarding the Company's financial results or projected financial results on a "constant currency basis" or as "constant currency" results. This information estimates the impact of changes in foreign currency exchange rates on the translation of the Company's current or projected future period financial results as compared to the applicable comparable period. This impact is derived by taking the current or projected local currency results and translating them into
Non-Recurring and Non-cash Adjustments. The Company provided information excluding the non-cash amortization of purchase accounting adjustments associated with acquired intangible assets, including acquired customer and distributor relationships and acquired developed technology related to the Company's merger with Topgolf, acquisitions of Jack Wolfskin, TravisMathew and OGIO, and distribution rights in the
Adjusted EBITDA. The Company provides information about its results excluding interest, taxes, depreciation and amortization expenses, stock compensation expense, non-cash lease amortization expense, and the non-recurring and non-cash items referenced above.
Adjusted Free Cash Flow. The Company defines Adjusted Free Cash Flow as cash flows from operating activities, less capital expenditures net of proceeds from lease financing and net of proceeds from government grants.
In addition, the Company has included in the schedules attached to this release a reconciliation of certain non-GAAP information to the most directly comparable GAAP information. The non-GAAP information presented in this release and related schedules should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP. The non-GAAP information may also be inconsistent with the manner in which similar measures are derived or used by other companies. Management uses such non-GAAP information for financial and operational decision-making purposes and as a means to evaluate period-over-period comparisons and in forecasting the Company's business going forward. Management believes that the presentation of such non-GAAP information, when considered in conjunction with the most directly comparable GAAP information, provides additional useful comparative information for investors in their assessment of the underlying performance, and, in some cases, financial condition, of the Company's business with regard to these items.
For forward-looking Adjusted EBITDA, non-GAAP diluted earnings per share, and Topgolf Adjusted EBITDA (together, the "Projected Non-GAAP Measures") information provided in this release, reconciliation of such Projected Non-GAAP Measures to the most closely comparable GAAP financial measures are not provided because the Company is unable to provide such reconciliation without unreasonable efforts. The inability to provide a reconciliation is because the Company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact net income in the future but would not impact the Projected Non-GAAP measures. These items may include certain non-cash depreciation, which will fluctuate based on the Company's level of capital expenditures, non-cash amortization of intangibles related to the Company's acquisitions, income taxes, which can fluctuate based on changes in the other items noted and/or future forecasts, and other non-recurring costs and non-cash adjustments. Historically, the Company has excluded these items from the Projected Non-GAAP Measures. The Company currently expects to continue to exclude these items in future disclosures of the Projected Non-GAAP Measures and may also exclude other items that may arise. The events that typically lead to the recognition of such adjustments are inherently unpredictable as to if or when they may occur, and therefore actual results may differ materially. This unavailable information could have a significant impact on GAAP financial measures.
Definitions
Same venue sales. The Company defines same venue sales for its Topgolf business as sales for the comparable venue base, which is defined as the number of Company-operated venues with at least 24 full fiscal months of operations in the year of comparison.
Forward-Looking Statements
Statements used in this press release that relate to future plans, events, financial results, performance, prospects, or growth opportunities, including statements relating to the Company's (and its segments') fourth quarter and full year 2024 guidance (including net revenues, Topgolf revenues, Adjusted EBITDA, Topgolf Adjusted EBITDA, non-GAAP diluted earnings per share, same venue sales growth, cash generation, Adjusted Free Cash Flow and diluted shares outstanding), our plans to pursue a separation of our Topgolf business, the timing and method of the separation, strength and demand of the Company's products and services, continued brand momentum, demand for golf and outdoor activities and apparel, continued investments in the business, consumer trends and behavior, future industry and market conditions, foreign currency effects and their impacts, tax rates, the completion of any strategic transaction, and statements of belief and any statement of assumptions underlying any of the foregoing, are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "estimate," "could," "would," "should," "intend," "may," "plan," "seek," "anticipate," "project" and similar expressions, among others, generally identify forward-looking statements, which speak only as of the date the statements were made and are not guarantees of future performance. These statements are based upon current information and expectations. Accurately estimating the forward-looking statements is based upon various risks and unknowns, including uncertainty regarding global economic conditions, including relating to inflation, decreases in consumer demand and spending, and any severe or prolonged economic downturn; our ability to successfully execute planned and potential transactions, including our planned separation of Topgolf, and the potential to realize the expected benefits of such transactions in the expected timeframes or at all; our ability to satisfy the closing conditions to complete the separation on a timely basis or at all; our ability to satisfy the closing conditions to complete the separation on a timely basis, or at all; the Company's level of indebtedness; continued availability of credit facilities and liquidity and ability to comply with applicable debt covenants; effectiveness of capital allocation and cost/expense reduction efforts; continued brand momentum and product success; growth in the direct-to-consumer and e-commerce channels; ability to realize the benefits of the continued investments in the Company's business; consumer acceptance of and demand for the Company's and its subsidiaries' products and services; any changes in
About Topgolf Callaway Brands
Topgolf Callaway Brands Corp. (NYSE: MODG) is an unrivaled tech-enabled Modern Golf and active lifestyle company delivering leading golf equipment, apparel, and entertainment, with a portfolio of global brands including Topgolf, Callaway Golf, TravisMathew, Toptracer, Odyssey, OGIO, Jack Wolfskin, and World Golf Tour ("WGT"). "Modern Golf" is the dynamic and inclusive ecosystem that includes both on-course and off-course golf. For more information, please visit https://www.topgolfcallawaybrands.com.
Investor Contact
Katina Metzidakis
invrelations@tcbrands.com
TOPGOLF CALLAWAY BRANDS CORP. | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(In millions) | |||
(Unaudited) | |||
September 30, | December 31, | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 441.9 | $ 393.5 | |
Restricted cash | 0.7 | 0.8 | |
Accounts receivable, net | 286.4 | 200.5 | |
Inventories | 666.4 | 794.4 | |
Other current assets | 228.5 | 238.9 | |
Total current assets | 1,623.9 | 1,628.1 | |
Property, plant and equipment, net | 2,215.5 | 2,156.5 | |
Operating lease right-of-use assets, net | 1,367.4 | 1,410.1 | |
Goodwill and intangible assets, net | 3,499.8 | 3,494.2 | |
Other assets, net | 451.5 | 431.7 | |
Total assets | $ 9,158.1 | $ 9,120.6 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable and accrued expenses | $ 453.4 | $ 480.5 | |
Accrued employee compensation and benefits | 120.3 | 113.1 | |
Asset-based credit facilities | 41.0 | 54.7 | |
Operating lease liabilities, short-term | 88.9 | 86.4 | |
Construction advances | 8.0 | 59.3 | |
Deferred revenue | 96.1 | 110.9 | |
Other current liabilities | 34.8 | 42.7 | |
Total current liabilities | 842.5 | 947.6 | |
Long-term debt, net | 1,461.2 | 1,518.2 | |
Operating lease liabilities, long-term | 1,402.0 | 1,433.4 | |
Deemed landlord financing obligations | 1,147.3 | 980.0 | |
Deferred taxes, net | 32.3 | 36.7 | |
Other long-term liabilities | 337.2 | 326.5 | |
Total shareholders' equity | 3,935.6 | 3,878.2 | |
Total liabilities and shareholders' equity | $ 9,158.1 | $ 9,120.6 |
TOPGOLF CALLAWAY BRANDS CORP. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(In millions, except per share data) | |||||||
(Unaudited) | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net revenues: | |||||||
Products | $ 564.1 | $ 597.1 | $ 1,958.7 | $ 2,078.2 | |||
Services | 448.8 | 443.5 | 1,356.2 | 1,309.5 | |||
Total net revenues | 1,012.9 | 1,040.6 | 3,314.9 | 3,387.7 | |||
Costs and expenses: | |||||||
Cost of products | 328.5 | 337.1 | 1,116.8 | 1,167.0 | |||
Cost of services, excluding depreciation and amortization | 48.6 | 45.6 | 140.9 | 141.4 | |||
Other venue expense | 325.6 | 312.1 | 988.4 | 934.7 | |||
Selling, general and administrative expense | 250.6 | 242.5 | 783.1 | 790.6 | |||
Research and development expense | 22.0 | 22.6 | 72.2 | 67.4 | |||
Venue pre-opening costs | 3.9 | 6.9 | 9.9 | 16.3 | |||
Total costs and expenses | 979.2 | 966.8 | 3,111.3 | 3,117.4 | |||
Income from operations | 33.7 | 73.8 | 203.6 | 270.3 | |||
Interest expense, net | (57.7) | (52.3) | (173.5) | (153.6) | |||
Other income, net | 1.0 | 5.2 | 10.8 | 2.4 | |||
(Loss) income before taxes | (23.0) | 26.7 | 40.9 | 119.1 | |||
Income tax benefit | (19.4) | (3.0) | (24.1) | (53.0) | |||
Net (loss) income | $ (3.6) | $ 29.7 | $ 65.0 | $ 172.1 | |||
(Loss) earnings per common share: | |||||||
Basic | $ (0.02) | $ 0.16 | $ 0.35 | $ 0.93 | |||
Diluted | $ (0.02) | $ 0.16 | $ 0.35 | $ 0.88 | |||
Weighted-average common shares outstanding: | |||||||
Basic | 183.8 | 185.2 | 183.7 | 185.2 | |||
Diluted | 183.8 | 201.2 | 199.3 | 201.3 |
TOPGOLF CALLAWAY BRANDS CORP. | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW | |||
(In millions) | |||
(Unaudited) | |||
Nine Months Ended September 30, | |||
2024 | 2023 | ||
Cash flows from operating activities: | |||
Net income | $ 65.0 | $ 172.1 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 199.3 | 175.7 | |
Non-cash interest on financing and deemed landlord financed leases | 23.7 | 17.1 | |
Loss on disposal of long-lived assets and other | 6.7 | — | |
Amortization of debt discount and issuance costs | 4.3 | 4.9 | |
Impairment loss | 6.3 | — | |
Deferred taxes, net | (23.3) | (54.4) | |
Share-based compensation | 27.9 | 38.4 | |
Unrealized net (gains) losses on hedging instruments and foreign currency | (4.2) | 7.2 | |
Loss on debt modification | 4.7 | 10.5 | |
Other | 0.7 | 1.5 | |
Changes in assets and liabilities, net of impacts from business combinations | 27.6 | (145.3) | |
Net cash provided by operating activities | 338.7 | 227.7 | |
Cash flows from investing activities, net of impacts of business combinations: | |||
Capital expenditures | (227.1) | (388.7) | |
Asset acquisitions, net of cash acquired | — | (31.2) | |
Business combinations, net of cash acquired | (23.3) | — | |
Proceeds from government grants | 1.0 | 3.0 | |
Investment in golf-related ventures | (2.4) | (2.5) | |
Acquisition of intangible assets | (3.1) | (0.8) | |
Proceeds from sale of property and equipment | 0.3 | 0.3 | |
Net cash used in investing activities | (254.6) | (419.9) | |
Cash flows from financing activities: | |||
Repayments of long-term debt and DLF obligations | (74.5) | (788.2) | |
Proceeds from borrowings on long-term debt | — | 1,224.8 | |
Repayments of credit facilities, net | (13.0) | (245.4) | |
Debt issuance costs | (0.2) | (1.8) | |
Repayments of financing leases | (3.0) | (2.2) | |
Proceeds from lease financing | 87.6 | 184.3 | |
Exercise of stock options | 0.1 | 3.9 | |
Acquisition of treasury stock | (31.4) | (44.0) | |
Net cash (used in) provided by financing activities | (34.4) | 331.4 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1.0) | (7.3) | |
Net increase in cash, cash equivalents and restricted cash | 48.7 | 131.9 | |
Cash, cash equivalents and restricted cash at beginning of period | 398.8 | 203.4 | |
Cash, cash equivalents and restricted cash at end of period | 447.5 | 335.3 | |
Less: restricted cash(1) | (5.6) | (5.0) | |
Cash and cash equivalents at end of period | $ 441.9 | $ 330.3 |
(1) Includes |
TOPGOLF CALLAWAY BRANDS CORP. | |||||||||
CONSOLIDATED NET REVENUES AND OPERATING SEGMENT INFORMATION | |||||||||
(In millions) | |||||||||
(Unaudited) | |||||||||
Net Revenues by Category | |||||||||
Three Months Ended September 30, | Growth/(Decline) | Constant vs. 2023(1) | |||||||
2024 | 2023 | Dollars | Percent | Percent | |||||
Net revenues: | |||||||||
Venues | $ 428.9 | $ 430.5 | $ (1.6) | (0.4 %) | (0.4 %) | ||||
Topgolf other business lines | 24.3 | 17.2 | 7.1 | 41.3 % | 38.4 % | ||||
Golf Clubs | 226.0 | 222.2 | 3.8 | 1.7 % | 1.7 % | ||||
Golf Balls | 67.5 | 71.2 | (3.7) | (5.2 %) | (5.1 %) | ||||
Apparel | 180.6 | 211.7 | (31.1) | (14.7 %) | (15.2 %) | ||||
Gear, Accessories & Other | 85.6 | 87.8 | (2.2) | (2.5 %) | (2.8 %) | ||||
Total net revenues | $ 1,012.9 | $ 1,040.6 | $ (27.7) | (2.7 %) | (2.9 %) | ||||
(1) See "Additional Information and Disclosures—Non-GAAP Information" for the calculation methodology of constant currency measures. | |||||||||
Net Revenues by Region | |||||||||
Three Months Ended September 30, | Growth/(Decline) | Constant Currency vs. 2023(1) | |||||||
2024 | 2023 | Dollars | Percent | Percent | |||||
Net revenues: | |||||||||
$ 724.6 | $ 737.3 | $ (12.7) | (1.7 %) | (1.7 %) | |||||
136.6 | 149.5 | (12.9) | (8.6 %) | (10.4 %) | |||||
127.0 | 130.7 | (3.7) | (2.8 %) | (2.2 %) | |||||
Rest of world | 24.7 | 23.1 | 1.6 | 6.9 % | 6.1 % | ||||
Total net revenues | $ 1,012.9 | $ 1,040.6 | $ (27.7) | (2.7 %) | (2.9 %) | ||||
(1) See "Additional Information and Disclosures—Non-GAAP Information" for the calculation methodology of constant currency measures. | |||||||||
Operating Segment Information | |||||||||
Three Months Ended September 30, | Growth/(Decline) | Constant Currency vs. 2023(1) | |||||||
2024 | 2023 | Dollars | Percent | Percent | |||||
Net revenues: | |||||||||
Topgolf | $ 453.2 | $ 447.7 | $ 5.5 | 1.2 % | 1.0 % | ||||
Golf Equipment | 293.5 | 293.4 | 0.1 | — % | 0.1 % | ||||
Active Lifestyle | 266.2 | 299.5 | (33.3) | (11.1 %) | (11.6 %) | ||||
Total net revenues | $ 1,012.9 | $ 1,040.6 | $ (27.7) | (2.7 %) | (2.9 %) | ||||
Segment operating income: | |||||||||
Topgolf | $ 28.3 | $ 38.9 | $ (10.6) | (27.2 %) | |||||
Golf Equipment | 26.8 | 35.2 | (8.4) | (23.9 %) | |||||
Active Lifestyle | 19.4 | 40.0 | (20.6) | (51.5 %) | |||||
Total segment operating income | 74.5 | 114.1 | (39.6) | (34.7 %) | |||||
Corporate G&A and other(2) | (40.8) | (40.3) | (0.5) | 1.2 % | |||||
Total operating income | 33.7 | 73.8 | (40.1) | (54.3 %) | |||||
Interest expense, net | (57.7) | (52.3) | (5.4) | 10.3 % | |||||
Other income, net | 1.0 | 5.2 | (4.2) | (80.8 %) | |||||
Total (loss) income before income taxes | $ (23.0) | $ 26.7 | $ (49.7) | (186.1 %) | |||||
(1) See "Additional Information and Disclosures—Non-GAAP Information" for the calculation methodology of constant currency measures. | |||||||||
(2) Amount includes corporate general and administrative expenses not utilized by management in determining segment profitability, in addition to certain non-cash and non-recurring items described in the Supplemental Financial Information and Non-GAAP Reconciliation table below. |
TOPGOLF CALLAWAY BRANDS CORP. | |||||||||
CONSOLIDATED NET REVENUES AND OPERATING SEGMENT INFORMATION | |||||||||
(In millions) | |||||||||
(Unaudited) | |||||||||
Net Revenues by Category | |||||||||
Nine Months Ended September 30, | Growth/(Decline) | Constant Currency vs. 2023(1) | |||||||
2024 | 2023 | Dollars | Percent | Percent | |||||
Net revenues: | |||||||||
Venues | $ 1,308.3 | $ 1,270.4 | $ 37.9 | 3.0 % | 2.9 % | ||||
Topgolf other business lines | 62.1 | 51.6 | 10.5 | 20.3 % | 19.2 % | ||||
Golf Clubs | 882.1 | 913.3 | (31.2) | (3.4 %) | (2.1 %) | ||||
Golf Balls | 275.1 | 274.8 | 0.3 | 0.1 % | 0.5 % | ||||
Apparel | 485.2 | 531.3 | (46.1) | (8.7 %) | (8.0 %) | ||||
Gear, Accessories & Other | 302.1 | 346.3 | (44.2) | (12.8 %) | (12.3 %) | ||||
Total net revenues | $ 3,314.9 | $ 3,387.7 | $ (72.8) | (2.1 %) | (1.7 %) | ||||
(1) See "Additional Information and Disclosures—Non-GAAP Information" for the calculation methodology of constant currency measures. | |||||||||
Net Revenues by Region | |||||||||
Nine Months Ended September 30, | Growth/(Decline) | Constant Currency vs. 2023(1) | |||||||
2024 | 2023 | Dollars | Percent | Percent | |||||
Net revenues: | |||||||||
$ 2,444.9 | $ 2,435.1 | $ 9.8 | 0.4 % | 0.4 % | |||||
392.1 | 423.3 | (31.2) | (7.4 %) | (8.7 %) | |||||
363.7 | 419.1 | (55.4) | (13.2 %) | (8.1 %) | |||||
Rest of world | 114.2 | 110.2 | 4.0 | 3.6 % | 4.5 % | ||||
Total net revenues | $ 3,314.9 | $ 3,387.7 | $ (72.8) | (2.1 %) | (1.7 %) | ||||
(1) See "Additional Information and Disclosures—Non-GAAP Information" for the calculation methodology of constant currency measures. | |||||||||
Operating Segment Information | |||||||||
Nine Months Ended September 30, | Growth/(Decline) | Constant Currency vs. 2023(1) | |||||||
2024 | 2023 | Dollars | Percent | Percent | |||||
Net revenues: | |||||||||
Topgolf | $ 1,370.4 | $ 1,322.0 | $ 48.4 | 3.7 % | 3.5 % | ||||
Golf Equipment | 1,157.2 | 1,188.1 | (30.9) | (2.6 %) | (1.5 %) | ||||
Active Lifestyle | 787.3 | 877.6 | (90.3) | (10.3 %) | (9.7 %) | ||||
Total net revenues | $ 3,314.9 | $ 3,387.7 | $ (72.8) | (2.1 %) | (1.7 %) | ||||
Segment operating income: | |||||||||
Topgolf | $ 87.3 | $ 85.7 | $ 1.6 | 1.9 % | |||||
Golf Equipment | 186.3 | 213.2 | (26.9) | (12.6) % | |||||
Active Lifestyle | 58.8 | 96.8 | (38.0) | (39.3) % | |||||
Total segment operating income | 332.4 | 395.7 | (63.3) | (16.0) % | |||||
Corporate costs and expenses(2) | (128.8) | (125.4) | (3.4) | 2.7 % | |||||
Total operating income | 203.6 | 270.3 | (66.7) | (24.7) % | |||||
Interest expense, net | (173.5) | (153.6) | (19.9) | 13.0 % | |||||
Other income, net | 10.8 | 2.4 | 8.4 | n/m | |||||
Total income before income taxes | $ 40.9 | $ 119.1 | $ (78.2) | (65.7) % | |||||
(1) See "Additional Information and Disclosures—Non-GAAP Information" for the calculation methodology of constant currency measures. | |||||||||
(2) Amount includes corporate general and administrative expenses not utilized by management in determining segment profitability, in addition to certain non-cash and non-recurring items described in the Supplemental Financial Information and Non-GAAP Reconciliation table below. |
Three Months Ended September 30, | |||||||||||||||||||
2024 | 2023 | ||||||||||||||||||
GAAP | Non-Cash | Non- | Tax | Non- GAAP | GAAP | Non-Cash | Non- | Tax | Non- GAAP | ||||||||||
Income from operations | $ 33.7 | $ (2.9) | $ (6.4) | $ — | $ 43.0 | $ 73.8 | $ (2.8) | $ (5.6) | $ — | $ 82.2 | |||||||||
Net (loss) income | $ (3.6) | $ (2.9) | $ (5.0) | $ — | $ 4.3 | $ 29.7 | $ (2.1) | $ (4.3) | $ 0.3 | $ 35.8 | |||||||||
(Loss) earnings per share - diluted (5) (6) | $ (0.02) | $ (0.02) | $ (0.03) | $ — | $ 0.02 | $ 0.16 | $ (0.01) | $ (0.02) | $ — | $ 0.19 |
(1) Includes the non-cash amortization of purchase accounting adjustments associated with acquired intangible assets stemming from our Acquisitions, including acquired customer and distributor relationships and acquired developed technology. See "Non-GAAP Information" above for further information. Starting in the second quarter of 2024, the depreciation and amortization of all other purchase accounting adjustments associated with our Acquisitions will be excluded from our non-GAAP adjustments. As such, prior period amounts have been recast in order to conform with the current period presentation. For the three months ended September 30, 2024 and 2023, non-cash depreciation and amortization related to these excluded purchase accounting adjustments was | |||||||||||||||||||
(2) Primarily includes | |||||||||||||||||||
(3) Primarily includes | |||||||||||||||||||
(4) Release of tax valuation allowances recorded in connection with the merger with Topgolf. | |||||||||||||||||||
(5) For 2024, on a GAAP basis, Diluted loss per share and Diluted weighted average common shares outstanding are the same as Basic loss per share and Basic weighted average common shares outstanding due to a net loss position. For 2024, on a Non-GAAP basis, Diluted earnings per share and Diluted weighted average common shares outstanding exclude the impact of the 2020 convertible notes due to the notes being anti-dilutive. For 2023, the impact of the 2020 convertible notes is included in the calculation of Diluted earnings per share using the if-converted method. | |||||||||||||||||||
(6) When aggregated, earnings per share amounts may not add across due to rounding. |
Nine months ended September 30, | |||||||||||||||||||
2024 | 2023 | ||||||||||||||||||
GAAP | Non-Cash | Non- | Tax | Non- GAAP | GAAP | Non-Cash | Non- | Tax | Non- GAAP | ||||||||||
Income from operations | $ 203.6 | $ (8.7) | $ (25.1) | $ — | $ 237.4 | $ 270.3 | $ (11.2) | $ (16.4) | $ — | $ 297.9 | |||||||||
Net income | $ 65.0 | $ (7.3) | $ (29.5) | $ — | $ 101.8 | $ 172.1 | $ (8.5) | $ (20.6) | $ 59.4 | $ 141.8 | |||||||||
Earnings per share - diluted (5) (6) | $ 0.35 | $ (0.04) | $ (0.15) | $ — | $ 0.54 | $ 0.88 | $ (0.04) | $ (0.10) | $ 0.29 | $ 0.73 |
(1) Includes the non-cash amortization of purchase accounting adjustments associated with acquired intangible assets stemming from our Acquisitions, including acquired customer and distributor relationships and acquired developed technology. See "Non-GAAP Information" above for further information. Starting in the second quarter of 2024, the depreciation and amortization of all other purchase accounting adjustments associated with our Acquisitions will be excluded from our non-GAAP adjustments. As such, prior period amounts have been recast in order to conform with the current period presentation. For the nine months ended September 30, 2024 and 2023, non-cash depreciation and amortization related to these excluded purchase accounting adjustments was | |||||||||||||||||||
(2) Primarily includes | |||||||||||||||||||
(3) Related to the release of tax valuation allowances recorded in connection with the merger with Topgolf. | |||||||||||||||||||
(4) Primarily includes | |||||||||||||||||||
(5) The impact of 2020 convertible notes is included in the calculation of Diluted earnings per share using the if-converted method. | |||||||||||||||||||
(6) When aggregated, earnings per share amounts may not add across due to rounding. |
2024 Trailing Twelve Month Adjusted EBITDA | 2023 Trailing Twelve Month Adjusted EBITDA | ||||||||||||||||||
Quarter Ended | Quarter Ended | ||||||||||||||||||
December 31, | March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | September 30, | ||||||||||||
2023 | 2024 | 2024 | 2024 | Total | 2022 | 2023 | 2023 | 2023 | Total | ||||||||||
Net (loss) income | $ (77.1) | $ 6.5 | $ 62.1 | $ (3.6) | $ (12.1) | $ (72.7) | $ 25.0 | $ 117.4 | $ 29.7 | $ 99.4 | |||||||||
Interest expense, net | 56.6 | 58.8 | 57.0 | 57.7 | 230.1 | 42.5 | 49.6 | 51.7 | 52.3 | 196.1 | |||||||||
Income tax (benefit) provision | (7.2) | 5.0 | (9.7) | (19.4) | (31.3) | (3.5) | (4.2) | (45.8) | (3.0) | (56.5) | |||||||||
Non-cash depreciation and amortization expense | 64.0 | 65.4 | 65.8 | 68.1 | 263.3 | 53.0 | 56.1 | 58.6 | 61.0 | 228.7 | |||||||||
Non-cash stock compensation and stock warrant expense, net | 8.4 | 14.2 | 7.0 | 7.8 | 37.4 | 9.7 | 12.5 | 12.3 | 13.2 | 47.7 | |||||||||
Non-cash lease amortization expense | 4.4 | 3.5 | 3.6 | 2.8 | 14.3 | 4.5 | 4.6 | 4.4 | 4.5 | 18.0 | |||||||||
Non-recurring items, before taxes(1) | 20.7 | 7.5 | 19.8 | 6.4 | 54.4 | 3.1 | 13.7 | 7.6 | 5.6 | 30.0 | |||||||||
Adjusted EBITDA | $ 69.8 | $ 160.9 | $ 205.6 | $ 119.8 | $ 556.1 | $ 36.6 | $ 157.3 | $ 206.2 | $ 163.3 | $ 563.4 | |||||||||
(1) In 2024, amounts include restructuring and reorganization charges in our Active Lifestyle segment, charges related to the 2024 debt repricing, currency translation adjustments reclassified into earnings due to the dissolution of the Jack Wolfskin Russia entity, charges related to the impairment and abandonment of the Shankstars media game, costs incurred related to the separation of Topgolf, IT costs related to a 2023 cybersecurity incident, and IT integration and implementation costs associated with the implementation of a new cloud based HRM system. In 2023, amounts include charges related to the impairment and abandonment of the Shankstars media game, charges in connection with the 2023 debt modification, IT integration and implementation costs stemming primarily from the merger with Topgolf, restructuring and reorganization charges in our Topgolf and Active Lifestyle segments, and costs related to a cybersecurity incident. In 2022, amounts include costs associated with the implementation of new IT systems for Topgolf, and legal costs and credit agency fees related to a postponed debt refinancing. |
Reconciliation of Consolidated Non-GAAP Adjusted Free Cash Flow | Nine Months Ended September 30, | ||
2024 | 2023 | ||
GAAP cash flows provided by operations (1) | $ 338.7 | $ 227.7 | |
Less: capital expenditures (1) | (227.1) | (388.7) | |
Add: proceeds from lease financing & government grants(1) | 88.6 | 187.3 | |
Consolidated Non-GAAP Adjusted Free Cash Flow | $ 200.2 | $ 26.3 |
(1) Source: Condensed consolidated statement of cash flows within the Company's quarterly report on Form 10-Q. |
Reconciliation of Topgolf Adjusted Segment EBITDA | Three Months Ended September 30, | Nine Months Ended September 30, | |||||
2024 | 2023 | 2024 | 2023 | ||||
Topgolf Segment operating income(1): | $ 28.3 | $ 38.9 | $ 87.3 | $ 85.7 | |||
Non-GAAP depreciation and amortization expense | 50.8 | 43.2 | 148.4 | 119.5 | |||
Non-cash stock compensation expense | 2.0 | 4.1 | 8.4 | 12.4 | |||
Non-cash lease amortization expense | 2.8 | 4.3 | 9.1 | 13.1 | |||
Other expense, net | 0.5 | 0.4 | 0.5 | 0.4 | |||
Topgolf Adjusted Segment EBITDA | $ 84.4 | $ 90.9 | $ 253.7 | $ 231.1 | |||
(1) We do not calculate GAAP net income at the operating segment level, but have provided Topgolf's segment income from operations as a relevant measurement of profitability. Segment income from operations does not include interest expense and taxes as well as other non-cash and non-recurring items. Segment operating income is reconciled to the Company's consolidated pre-tax income in the Segment Results section of this release. |
Reconciliation of Topgolf Adjusted Segment EBITDA | Twelve |
2023 | |
Topgolf Segment operating income(1): | $ 108.8 |
Non-GAAP depreciation and amortization expense | 164.9 |
Non-cash stock compensation expense | 12.9 |
Non-cash lease amortization expense | 17.1 |
Other expense, net | 0.6 |
Topgolf Adjusted Segment EBITDA | $ 304.3 |
(1) We do not calculate GAAP net income at the operating segment level, but have provided Topgolf's segment income from operations as a relevant measurement of profitability. Segment income from operations does not include interest expense and taxes as well as other non-cash and non-recurring items. Segment operating income is reconciled to the Company's consolidated pre-tax income in the Segment Results section of this release. |
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SOURCE Topgolf Callaway Brands Corp.
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