Carlsbad, Calif.-based Callaway also said its $630 million in cash and liquidity could help Topgolf grow in coming years after being financed in its early years through private equity investment. Topgolf was generating $1.1 billion in revenue pre-pandemic at 63 locations that drew more than 23 million customers in 2019. Zippia gives an in-depth look into the details of Topgolf, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Topgolf. Before that, he was editor-in-chief at the Dallas Business Journal and business editor at the Cleveland Plain Dealer. Paul directs the work of an award-winning staff covering business news in the nation's fourth largest metro region. More private investment is possible and Topgolf also could go public as one way to meet additional capital demands. These preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. In their Q3 earnings call, Callaway projected 2021 revenue and EBITDA from Topgolf will be $1.06 billion and $158 million; this provides an EBITDA margin of 14.91%. Get the latest headlines delivered to your inbox every weekday. SBJ I Factor presented by Allied Sports features an interview with Orlando Magic CEO Alex Martins. This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The replay may be accessed through the Internet at this link. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Topgolf has achieved rapid growth and strong customer engagement since its founding in 2000, driven by several platforms, including: Since its inception, Topgolf has created an innovative, tech-inspired twist on the golf driving range experience, turning it into a global entertainment and sports movement. A replay will be made available online approximately three hours following the live call and will remain available through October 27, 2021. Award-winning original reporting, with in-depth profiles, timely research and expert opinions on the biggest issues and stories in sports business. Although this may be challenging in a growth era, this year's numbers still carry some lingering COVID effects and could be a conservative estimate. Attention spans scatter. Topgolf also hires PGA professionals as instructors at Topgolf venues, while the PGA Tour and the LPGA co-promote with Topgolf by holding sponsor and media activities at Topgolf venues. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Topgolf generated approximately $1.1 billion in revenue in 2019 and has grown at a 30% compound annual rate since 2017. Topgolf International's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. You really have to think about how well-positioned Topgolf is in this environment, Brewer said. It's been proclaimed the most exciting two minutes in sports. Even with the dizzying ascent of the company, Topgolf faces challenges with its growth and expansion. Dont sacrifice your ability to be healthy, active, and at your best to enjoy a great beer - Athletic Brewing has created an innovative lineup of refreshing, non-alcoholic craft beers. Topgolf is broadening and deepening and driving a younger demographic to be aware of golf, said Andy Pierce, global president of golf and consulting for Lagardre Sports and Entertainment. What is exciting is the belief that they can be LPGA viewers or on-site fans. Each Topgolf location costs about $20 million to build, and these locations have typically paid for themselves in two years. See more in GNN's affiliate disclosure. Kara Barry Source: Created by Author with data from Yahoo Finance and Q3 Earnings Call. The GAAP results contained in this press release have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). The early data is encouraging about participants going from Topgolf to the course. According to Topgolf, the new facility will cost nearly $40 million and will create 325 full-time and part-time jobs. Just for fun, lets look at a potential valuation if management lives up to their expectation of 450 total venues worldwide over the next 20 years. Keep abreast of significant corporate, financial and political developments around the world. Callaway has invested in Topgolf twice already, in 2006 and 2018, amounting to an existing ownership stake of about 14%. 108 total venues for the full year in 2025 leads to projected revenue of $2.3 billion and $336 million of EBITDA. A resurgence in corporate events business drove most of the same venue sales positive surprise in Q4, explained Callaway President and This suggests that based on the current industry multiples and Topgolfs performance coming out of COVID, Callaway did not drastically overpay in the merger when you look towards the higher range of the valuation. There is also competition entering the market. Any environment where individuals are swinging golf clubs is terrific, said Sarah Hirshland, senior managing director of business affairs for the USGA, which last year partnered with Topgolf to hold U.S. Open watch parties at all Topgolf venues. For obvious reasons, 2020 was excluded when determining the industry average. I wrote this article myself, and it expresses my own opinions. My name is Kyle Repar. Callaway will assume Topgolfs net debt, which is estimated to be $555 million at closing7, resulting in an estimated enterprise value for Topgolf of approximately $2.5 billion. WebView Nutritional Information Versatile and all-weather venue Our flexible private party and event spaces can accommodate anywhere from seven of your best buddies to 1,000 of your companys employees. Topgolf Entertainment Group is a technology-enabled global sports and entertainment community that connects people in meaningful ways through the experiences we create, the innovation we champion and the good we do. Is this happening to you frequently? organisation Myrtle Beach, South CarolinaPlaces to Play. With over 100 different venues, its hard to narrow down just a few but here are some of the top rated by Golf Digest and Golf Magazine.Dunes Golf and Beach Club. The Dunes Golf and Beach Club was ranked #54 in Americas Top 100 Greatest public courses in 2019. Caledonia Golf and Fish Club. True Blue Golf Club. The WestRiver Group, a private equity firm founded by Anderson, is a lead investor in Topgolf. INVESTORS AND STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT/PROSPECTUS/ CONSENT SOLICITATION, AND OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC, IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CALLAWAY GOLF COMPANY, TOPGOLF INTERNATIONAL, INC., THE PROPOSED TRANSACTION AND RELATED MATTERS. See insights on TopGolf including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Check if your All rights reserved. I wrote this article myself, and it expresses my own opinions. 2 National Golf Foundation, August Rounds Play, Published September 2020 From a financial perspective, Topgolf did $1.1 billion in revenue last year and is growing at a 30% CAGR since 2017. The Company has provided reconciling information in the attached schedules. https://huddleup.substack.com/p/callaway-and-topgolf-breaking-down Continued access to capital is a major priority if Topgolf is to continue its growth trajectory. Subscribe to receive our press releases via email: Topgolf Kicking Off 2023 with Opening of Charleston Venue, Pro forma revenue of approximately $2.8 billion based on fiscal year 2019 results that is expected to grow to approximately $3.2 billion by 2022 and at approximately 10% per year in the years following, Pro forma adjusted EBITDAS of $270 million based on fiscal year 2019 results that is expected to grow to approximately $360 million by 2022 and at mid-to-high teens per year in the years following. Information regarding Callaways directors and executive officers is contained in Callaways Annual Report on Form 10-K for the year ended December 31, 2019 and its Revised Definitive Proxy Statement on Schedule 14A, dated March 27, 2020, which are filed with the SEC and can be obtained free of charge from the sources indicated above. Surely that should humble us a bit?, Butts the changing shape of beauty standards, The long shadow of Iraq and its lessons today. cookies Based on industry valuations and the anticipated growth in venues, I believe the Topgolf business alone will be worth at least $4.3 billion by 2025. a component of in-person entertainment venues as a large part of their business. Callaway and Topgolf both delivered strong financial results immediately before the COVID pandemic and have since recovered ahead of expectations. 1 Golf Datatech industry report published September 21, 2020 Follow @topgolf on Instagram, Facebook, Twitter and LinkedIn, or visit the Topgolf Press page for the latest news. The average Topgolf hourly pay ranges from approximately $15 per hour for a Bay Host to $133 per hour for a Maintenance Associate. Topgolf employees rate the overall compensation and benefits package 3.5/5 stars. Topgolf Entertainment Group's platforms include Topgolf venues, Topgolf International, Toptracer, Topgolf Media and Topgolf Swing Suite. Based on currently available information, the Company estimates the following results for the quarter endedSeptember30, 2020: * Earnings before Interest, Taxes, Depreciation and Amortization Expense, and Stock Compensation Expense. Through $750 million in acquisitions of premium apparel, footwear, and equipment brands like Jack Wolfskin, TravisMathew and Ogio, Callaway has desperately attempted to diversify their business and cater to a younger demographic which seems to be losing interest in golf or never picked it up in the first place. A recent survey conducted for Topgolf by the National Golf Foundation shows that 23 percent of new golfers started playing after their first Topgolf experience, while 75 percent of non-golfers said they were interested in playing on a traditional course after playing Topgolf. In addition, investors and stockholders will be able to obtain free copies of the proxy statement/prospectus/consent solicitation and other documents filed with the SEC on Callaways website at https://www.callawaygolf.com (for documents filed with the SEC by Callaway). Revenue at golf courses and clubs improved from $29.9 billion in 2011 to It's a driving range where players of all skill levels can hit balls, each with an RFID chip in them, to different targets up and down the range. A long-term forecast of each of these line items is not available without unreasonable efforts due to the variability of these items and the inability to predict them with certainty. In 2019, amounts represent certain non-recurring transition costs associated with the acquisition of Jack Wolfskin, including consulting costs, audit fees and travel expenses, in addition to other non-recurring advisory fees. Each Topgolf location costs about $20 million Last year, Topgolf had a massive 13 million customer visits and that number is expected to continue growing rapidly through an aggressive expansion strategy that includes plans to open between seven and 10 new venues annually for the foreseeable future both in the U.S. and overseas. For a full comparison of Standard and Premium Digital, click here. My guess is they go public in the next three years. We use the Golf News Net byline sometimes just to change things up. They need to be smart in how they reach and connect with those people.. Bottom line Topgolf has developed a unique way to engage an entire new generation of individuals that werent interested in golf before. Stay informed and spot emerging risks and opportunities with independent global reporting, expert Said PGA Tour CMO Joe Arcuri, It is great for the tour product and for future fans. Both companies are well positioned to take advantage of both short- and long-term changes in consumer behavior as a result of the pandemic. A lot of growth.. Daily updates aggregating the stories and spin from more than 600 outlets across the globe. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. WebTopgolf: An entertainment complex that provides competitive golfing games for individuals and groups of all ages and skill levels. Callaway projects the combined companys revenue will be $2.8 billion, based on fiscal year 2019 results. Upon arriving, he was immediately taken aback. Sorry, something went wrong with the copy but here is the link for you. 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. GNN may earn a commission from sales generated by those links. After extensive research and analysis, Zippia's data science team found the following key financial metrics. With Athletic beers, you can have the full relaxing ritual of drinking a great beer to wind down the day, with your dinner, or day drinking, without derailing the rest of your day or week. invrelations@callawaygolf.com, For Topgolf: Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Leaders Group. This would provide Callaway with a 7x return on the initial acquisition price and a 10.13% CAGR. This means that Topgolf had 61 venues that were operating the entire year for an estimated revenue per venue around $21 million. Callaway first invested in Topgolf in 2006, and the companies have maintained a strong partnership since, including an exclusive golf partnership agreement at all Topgolf venues. About 54 percent of Topgolf customers are between the ages of 18-34 and are drawn to the unique intersection of where golf meets entertainment. Topgolf is very much in a high-growth phase right now, Brewer said. We are excited to support their continued growth as a united company., Financial Benefits and Transaction Structure. Topgolf is merging with Callaway in a deal valued at $2 billion You may change or cancel your subscription or trial at any time online. Will you try them? All of us are looking forward to building new experiences, reaching new audiences and solidifying our digital infrastructure as we connect communities around the globe., In addition to Callaway, the current Topgolf ownership includes Providence Equity Partners, WestRiver Group and Dundon Capital Partners, which added: This is a natural combination that brings together two complementary businesses at the center of one of the most dynamic sports and entertainment experiences available today. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. It is making sure their brand is protected and really stands for something. press@topgolf.com, Additional Information and Where You Can Find It. Using management guidance, modest growth assumptions, and industry EBITDA multiples, the Topgolf business could be worth up to $4.3 billion by 2025. Topgolf is a growing and potentially large business that Callaway appears to have acquired at a good price, but thats only part of the equation. We also occasionally include links to products and services from merchants of our choice. Through an unwavering commitment to innovation, Callaway manufactures and sells premium golf clubs, golf balls, golf and lifestyle bags, golf and lifestyle apparel and other accessories. Remaining privately-owned during those two decades, the company built locations in every region of the country. And it has plans or letters of intent to build another 33 facilities and designs on growing outside the United States through franchising. I find it hard to believe that acquisitions will allow it to buy its way out of a secular decline in golf participation. offers FT membership to read for free. Diluted earnings (loss) per share:. (1) Represents amortization expense of intangible assets from the acquisitions of OGIO, TravisMathew and Jack Wolfskin. The high degree of interest in the game of golf as well as the past and future growth prospects of Topgolf makes Callaway one of the most intriguing investment opportunities. Toptracer Range, a proprietary ball-tracking technology which is used by TV broadcasters and driving ranges across the country. Non-GAAP Reconciliation and Supplemental Financial Information, Non-recurring and non-cash charges, before taxes(1). Premium access for businesses and educational institutions. The player data is immensely attractive. Topgolf has done a wonderful job of running its business and creating an experience that is putting golf clubs in peoples hands.. The company is headquartered in Dallas, Texas. Callaways reach in the golf world also gives Topgolf an inside track on selling its ball-tracing technology to courses and driving ranges, Berle said. The preliminary estimates presented above are the responsibility of management and have been prepared in good faith on a consistent basis with prior periods. For additional information concerning these and other risks and uncertainties that could affect these statements, the golf industry, and Callaways business, see Callaways Annual Report on Form 10-K for the year ended December 31, 2019 as well as other risks and uncertainties detailed from time to time in Callaways reports on Forms 10-Q and 8-K subsequently filed with the SEC, including the proxy statement/prospectus/consent solicitation that will be included in the registration statement on Form S-4 that will be filed with the SEC in connection with the proposed transaction. Callaway will host a conference call today, October 27th, at 5:30 p.m. Eastern time to discuss this transaction. During today's conversation IEG's Vice President of Strategy and Churchill Downs Vice President of Marketing, Brand and Partnerships Casey Ramage give us some insight on their analytical approach to sponsorship strategy. Topgolf garnered an investment from Callaway in 2006 and expanded to the United States, now the primary market for the company. Berle will leave after a transition period and Topgolf will continue to operate from its Dallas headquarters. Information regarding the persons who are, under the rules of the SEC, participants in the solicitation of the stockholders of Callaway and Topgolf, respectively, in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement/prospectus/consent solicitation when it is filed with the SEC. By Additionally, EBITDA margin and average revenue per venue must stay constant with 2021's figures for these valuations to become realized. It starts with the fact that the millennial audience is largely focused on experiences, Horne said. Athletic's got you covered. The latest personnel hires and promotions, plus exclusive ratings and research from the sports industry. In addition, these preliminary estimates are not necessarily indicative of the results to be achieved in any future period. Its those numbers that have participant-hungry golf courses and the national golf associations all clamoring to draft off Topgolfs success. Webguidance to $424 to $430 million as golf equipment and apparel revenue and Topgolf venue profitability continue to outperform prior expectations Earnings Per Share - diluted $0.14 $0.61 $(0.47) $1.01 $0.99 $0.02 one additional planned location expected to open in the fourth quarter of 2021 The demographics making up Topgolfs customer base is exactly where Callaway is lacking. A long-term forecast of each of these line items is not available without unreasonable efforts due to the variability of these items and the inability to predict them with certainty. For more information please visit www.callawaygolf.com, www.odysseygolf.com, www.OGIO.com, www.travismathew.com, and www.jack-wolfskin.com. I wondered if I could even get a bay.. Dallas-based Topgolf Entertainment Group is merging with publicly traded golf brand Callaway in an all-stock transaction that values the golf entertainment business at $2 billion. Topgolf is expected to generate $1.06 billion in revenue and $158 million in EBITDA in 2021. All rights reserved. Upon completion of the merger, Callaway shareholders will own approximately 51.5% and Topgolf shareholders (excluding Callaway) will own approximately 48.5% of the combined company on a fully diluted basis. We see a lot of ways with golf to have a meaningful business, said Erik Anderson, executive chairman of Topgolf Entertainment. A meaningful business, said Erik Anderson, executive chairman of Topgolf customers are the... Sbj i Factor presented by Allied sports features an interview with Orlando Magic CEO Alex.! 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Timely research and analysis, Zippia 's data science team found the following key financial metrics to,... Benefits and Transaction Structure a lead investor in Topgolf twice already, 2006. Financial and political developments around the world costs about $ 20 million to build another 33 and...
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