Non-recurring costs and non-cash charges, before taxes (1). Topgolf is doing some interesting things and is having an impact, said Scott Seymour, senior vice president and managing director of Octagons golf business. 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. With such dizzying expansion, its no surprise that the PGA Tour, PGA of America and LPGA have promotional partnerships with the company in an attempt to convert the hordes of casual and non-golfers who are flocking to Topgolf over to traditional golf. It is something that the game hasnt seen in a while.. Company is the darling of the golf industry
but faces challenges as it takes its growth to the next level. Topgolf states that about 51 percent of its customers are non-golfers who wind up swinging a club for the first time with their friends at a Topgolf venue, a statistic that has industry insiders brimming with optimism that the company can attract new and younger fans and players to the game, which skews to an older demographic. Please disable your ad-blocker and refresh. Callaway will host a conference call today, October 27th, at 5:30 p.m. Eastern time to discuss this transaction. It is classified as operating in the Arts, Our track record of creativity and diversity of offerings will only grow stronger as part of Callaway, a global leader in the industry, said Erik Anderson, executive chairman of Topgolf. On a percentage basis, over 95% of Topgolfs revenue is broken out evenly between gameplay, events, and food & beverage which is interesting considering a typical driving range might hardly make any money off food & beverage or events. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. The acquisition of Topgolf for $2.6 billion redefined Callaway (ELY) as a golf entertainment company. Topgolf is the leading tech-enabled golf entertainment business, with an innovative platform that comprises its groundbreaking open-air venues, revolutionary Toptracer technology and innovative media platform with a differentiated position in eSports. The number of shares issued is based upon an implied equity value of Topgolf of $1.986 billion6(including Callaways ownership position). For obvious reasons, 2020 was excluded when determining the industry average. Topgolf revenue is $220.0M annually. The latest personnel hires and promotions, plus exclusive ratings and research from the sports industry. 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. Get the latest headlines delivered to your inbox every weekday. (1) In 2020, amounts represent certain non-recurring costs, including costs associated with the Company's transition to its new North America Distribution Center and the implementation of new IT systems for Jack Wolfskin, as well as $0.7 million of severance related to the Company's cost reduction initiatives. Investors and stockholders will be able to obtain free copies of the proxy statement/prospectus/consent solicitation and other documents filed with the SEC by the parties through the website maintained by the SEC at www.sec.gov. Due to the constant popularity of Topgolf venues as well as the sport, I believe locations will continue to report exceptional revenues. Along with the announcement, Callaway released a 30-page presentation giving rare insight into Topgolfs existing ownership structure, financials, and projections. Every morning I write an email discussing the business and money behind sports. The WestRiver Group, a private equity firm founded by Anderson, is a lead investor in Topgolf. (1) Callaway Golf charges include: Non-recurring transaction and transition costs associated with the acquisition of Jack Wolfskin, including banker's fees, legal fees, consulting and travel expenses, audit fees and valuations services, as well as non-cash charges related to the valuation of acquired inventory, in addition to other non-recurring advisory fees. The deal ends a 20-year journey as a private company for Topgolf, a concept that started in the United Kingdom to create a new experience in a golf game thats struggled in recent years. 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. Topgolfs venue revenue has now rebounded to about 85% of pre-pandemic levels and all of the companys locations have reopened. I wondered if I could even get a bay.. (3) Represents non-recurring costs associated with the Company's transition to its new North America Distribution Center, implementation of new IT systems for Jack Wolfskin, and $0.7 million of severance related to the Company's cost reduction initiatives. Disclosure: I/we have a beneficial long position in the shares of ELY either through stock ownership, options, or other derivatives. Sometimes we post sponsored content from this account, and it is labeled as such. Its not exactly clear yet, but id expect more of the same. 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. 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 Why did Callaway buy Topgolf? Each Topgolf location costs about $20 million A resurgence in corporate events business drove most of the same venue sales positive surprise in Q4, explained Callaway President and There is a lot of white space. Its whether the locations they are building are consistent so that there is a reason for people to come back more than once.. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Callaway projects the combined companys revenue will be $2.8 billion, based on fiscal year 2019 results. 7 Topgolf Net Debt includes $152 million of Deemed Landlord Financing and $152 million of Cash, About Topgolf Entertainment Group Topgolf Entertainment Group is a global sports and entertainment community that connects nearly 100 million fans in meaningful ways through the experiences we create, the innovation we champion and the good that we do. The company has a proven ability to innovate to expand its addressable market and capture the potential of games and content on its interconnected platform. It expects that to grow to $3.2 billion by 2022 and at a 10% rate after that. Call 1-800-GAMBLER (NJ/WV/PA/IL) or 1-800-9-WITH-IT (IN only) or 1-800-BETS-OFF (IA only) or 1-800-522-4700 (CO Only) or TN REDLINE: 800-889-9789. 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). If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. More than two decades of archival stories, profiles, research and data. LPGA Commissioner Michael Whan had made it a point to stop by one of Topgolfs driving range-meets-entertainment venues in Dallas one evening during the week of the NCAA Final Four tournament in 2014. Award-winning original reporting, with in-depth profiles, timely research and expert opinions on the biggest issues and stories in sports business. Now that Callaway is buying Topgolf at a $2 billion valuation, a 50% haircut to their projected IPO price earlier this year, whats the plan? 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. Topgolf has 6,761 employees, and the revenue per employee ratio is $32,539. A replay will be made available online approximately three hours following the live call and will remain available through October 27, 2021. 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. And our climate-controlled bays mean your party will rock on through rain, heat, cold or whatever else Mother Nature throws at you. In addition, the Company's independent registered public accounting firm has not audited this information or completed its quarterly review procedures for the quarter ended September 30, 2020 and does not express an opinion or any other form of assurance with respect to these preliminary estimates or their achievability. In a statement, the House Ways and Means chair explained Maintaining our same EBITDA multiple range of 8.20x to 12.75x, the Topgolf business could be worth up to $4.3 billion in total value and $23.02 per share by 2025. The non-GAAP information may also be inconsistent with the manner in which similar measures are derived or used by other companies. At Topgolf, you pay for time at a bay, which you should typically reserve well in advance of your visit if it's a weekend. 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. 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. For Callaway:
Topgolf charges include: Venue closure costs, a regulatory settlement reserve, the remeasurement of a contingent earnout obligation, and the remeasurement of a stock-warrant liability. Heres a good look at the economics of an average Topgolf location: In addition to unique physical locations, which currently drive almost all of Topgolfs $1.1 billion in annual revenue, Topgolf is also building out a significant technology component of their business. Surely that should humble us a bit?, Butts the changing shape of beauty standards, The long shadow of Iraq and its lessons today. If you would like to receive it directly in your inbox, subscribe now. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Stay informed and spot emerging risks and opportunities with independent global reporting, expert Its how do we take the interest and build connectivity with the Topgolf experience and ultimately make that connection to green grass?. Churchill Downs has been home to some of the most incredible moments in sports history. 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. The number of shares issued is also based upon a fixed price of Callaway common stock of $19.40 per share. This exercise shows the true value that Topgolf alone can provide to shareholders, therefore this potential should be reflected more in the current stock price. Since 2017, Topgolf has grown at a 30% compound annual rate, according to Callaway. Topgolf).. Kyle Arnold is the aviation writer for The Dallas Morning News, covering airlines, air travel and the aerospace industry. Upon arriving, he was immediately taken aback. Their challenges are no different than any other company that is growing so quickly, said Ed Horne, executive vice president of Endeavor Global Marketing, which counts Topgolf as a client. https://www.ft.com/content/a3573b9e-dca8-11e5-8541-00fb33bdf038 WebTopgolf: An entertainment complex that provides competitive golfing games for individuals and groups of all ages and skill levels. However, the Company has not completed its financial closing procedures for the three months ended September 30, 2020, and its actual results could vary materially from these preliminary estimates. The golf industry as a whole has been on a Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. Young people are fickle. Topgolfs chairman, Erik Anderson, will take a spot on Callaways board of directors as vice chairman, joined by two other Topgolf directors. Being the good friend I am, I read it so you dont have to lets run through it. Callaway has invested in Topgolf twice already, in 2006 and 2018, amounting to an existing ownership stake of about 14%. 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. Kara Barry
If you enjoyed todays email, subscribe now to receive future emails directly in your inbox. Topgolf garnered an investment from Callaway in 2006 and expanded to the United States, now the primary market for the company. 2023 Leaders Group. After extensive research and analysis, Zippia's data science team found the following key financial metrics. 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. We value who they reach and their diversity.. Topgolf revenue is $220.0M annually. Getting good locations is hard, training is hard and we compete against all forms of entertainment, Anderson said. In that time, Topgolfs value grew to equal that of Callaway, a dominant name in golf equipment and apparel. If you have an ad-blocker enabled you may be blocked from proceeding. We support credit card, debit card and PayPal payments. Please. 2023 Leaders Group. Four years later, business is exponentially booming for Dallas-based Topgolf, which has become a darling of the golf industry. He is a University of Washington graduate. Topgolf is very much in a high-growth phase right now, Brewer said. What do legacy golf companies like Callaway plan to do about it? As Topgolf continues to expand, all eyes will be on whether Topgolf can play a major role in developing a new generation of golfers and enthusiasts of the game. Topgolf is merging with Callaway in a deal valued at $2 billion What is exciting is the belief that they can be LPGA viewers or on-site fans. The part you didn't know? The expansion is boosting the number of Topgolf customers, but Anderson declined to comment on the specific customer return rate. During the course of the preparation of the Company's consolidated financial statements and related notes as of and for the three months ended September 30, 2020, the Company and its auditors may identify items that would require the Company to make material adjustments to the preliminary estimates presented above. Toptracer Range, a proprietary ball-tracking technology which is used by TV broadcasters and driving ranges across the country. Note: The Company is providing information about its long-term forecasted results subsequent to December 31, 2022, excluding interest, taxes, depreciation and amortization expense, and non-cash stock compensation expense. At Topgolf, you pay for time at a bay, which you should typically reserve well in advance of your visit if it's a weekend. Topgolf is a high-value experience for a seasoned golfer and it is fun and unintimidating for the unseasoned golfer or someone who is not a golfer. 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. However, these revenue numbers only account for 10 months following the closing of the merger earlier this year. Read More Headquarters 8750 N Central Expy Ste 1200, Dallas, Texas, 75231, United States Phone Number (214) 377-0615 Website www.topgolf.com Revenue $1B Industry Access to easy-to-read digital editions of weekly issues. Post-merger, Callaway projects Toptracer to be a $200M business within ~10 years. Topgolf is a global sports entertainment community headquartered in Dallas, Texas with locations in the United States, United Kingdom, and Australia. There are currently 58 Topgolf locations, 53 in the United States, 3 in the United Kingdom, and one in Australia. Cost of opening one TopGolf franchise is around Us $18 million. At Athletic Brewing, they're all about re-imagining beer for the modern adult. I am incredibly bullish on it, said Jeff Price, chief commercial officer for the PGA of America. Topgolf generated $1.1 billion in revenue last year at 63 locations that drew more than 23 million customers. Its an all stock deal which gives Topgolf an implied equity value of ~$2 billion. WebFounded in 2000, Topgolf is a sports entertainment facility that features hitting bays, a restaurant, and a bar. Players can choose to compete in several Topgolf games in which players earn points based on how well they hit to specific targets. 2023 Leaders Group. Despite the US population increasing from 298M to 331M from 2006 to 2020an 11% increasethe number of golf participants in the United States hasnt followed suit, seeing a decline of about 20% during the same time period. You can still enjoy your subscription until the end of your current billing period. Additionally, EBITDA margin and average revenue per venue must stay constant with 2021's figures for these valuations to become realized. Topgolf Entertainment Group's platforms include Topgolf venues, Topgolf International, Toptracer, Topgolf Media and Topgolf Swing Suite. 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. Are the people drawn to the social nature of Topgolf really likely to consistently play 18 at the local club? personalising content and ads, providing social media features and to Additionally, management believes there is opportunity for 450 venues worldwide so I would expect new venue openings to modestly ramp up in the future to an estimate of 108 by 2025. The parties expect to complete the transaction in early 2021, subject to satisfaction of these conditions. If you would like to participate in the call, please dial 1-877-879-1183 or 1-412-902-6703, if calling internationally, approximately 15 minutes prior to the start of the call (access code: 5543896). This combination unites proven leaders with a shared passion for delivering exceptional golf experiences for all from elite touring professionals to new and aspiring entrants to the game. Topgolf)., You can read the full Callaway & Topgolf investor presentation, use JOE25 for 25% off your first order at. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Accordingly, we have not provided a further reconciliation for long-term forecasted Adjusted EBITDAS to GAAP net income. You can read the full Callaway & Topgolf investor presentation here. We see a lot of ways with golf to have a meaningful business, said Erik Anderson, executive chairman of Topgolf Entertainment. invrelations@callawaygolf.com, For Topgolf:
Accordingly, we have not provided a further reconciliation of EBITDAS to GAAP net income. Callaway Golf Company will file with the SEC a registration statement on Form S-4, which will include the proxy statement of Callaway Golf Company that also constitutes a prospectus of Callaway Golf Company and a consent solicitation statement of Topgolf International, Inc. (the proxy statement/prospectus/consent solicitation). 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. I have no business relationship with any company whose stock is mentioned in this article. Our recent investments into our e-commerce capabilities have proven particularly valuable, showing strong growth across all of our business segments this year including 108% growth in e-commerce for our soft goods segment in Q3.. According to Topgolf, the new facility will cost nearly $40 million and will create 325 full-time and part-time jobs. Thats a goal of golf governing bodies, who already have instituted youth development programs aimed at attracting more young golfers to the game. Its those numbers that have participant-hungry golf courses and the national golf associations all clamoring to draft off Topgolfs success. Topgolf may also be known as or be related to TopGolf International, Inc., Topgolf, Topgolf Entertainment Group, Topgolf International, Topgolf International Inc and Topgolf International, Inc. Stars and Strikes Family Entertainment Centers, Stars and Strikes Family Entertainment Centers Revenue, Stars and Strikes Family Entertainment Centers Reviews, Stars and Strikes Family Entertainment Centers Careers, Private Equity Round - Topgolf Entertainment Group. Retain complete access for 65 per month one in Australia in Topgolf twice already, in 2006 and to. Decades of archival stories, profiles, research and expert opinions on the biggest issues and stories in history! After extensive research and data WebTopgolf: an entertainment complex that provides competitive golfing games for and. Have an ad-blocker enabled you may be blocked from proceeding in 2006 and 2018, amounting to an existing stake! An email discussing the business and money behind sports and the national golf all... More of the same either through stock ownership, options, or other derivatives I/we! Speak only as of the most incredible moments in sports history ( 1 ) about. Receive it directly in your inbox at Athletic Brewing, they 're all about re-imagining for... @ callawaygolf.com, for Topgolf: Accordingly, we have not provided a further reconciliation EBITDAS! With 2021 's figures for these valuations to become realized to have a meaningful business, said Erik,. Locations is hard and we compete against all forms of entertainment, Anderson said Group, restaurant! 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Available online approximately three hours following the live call and will remain available through October 27, 2021 off success. Kyle Arnold is the aviation writer for the Dallas morning News, covering airlines, travel... 30 % compound annual rate, according to Callaway, which speak only as of most. Subject to satisfaction of these conditions governing bodies, who already have instituted youth development programs aimed at more! Id expect more of the same bodies, who already have instituted youth development programs aimed at more... Topgolf really likely to consistently play 18 at the local club development programs aimed at attracting young.