That doesnt include Callaways previous ownership stake. university Become a business insider. The GAAP results contained in this press release have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). As part of Callaway, we plan to grow our leadership position by leveraging Callaways brand reputation, industry relationships and financial strength to connect more communities around the world to the Topgolf experience.. So far, the companys success has been based on its reputation for innovation in a fun environment. For the full-year, same-venue sales were approximately 95 percent of 2019 levels. 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%. 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. Revenue at golf courses and clubs improved from $29.9 billion in 2011 to Said PGA Tour CMO Joe Arcuri, It is great for the tour product and for future fans. Topgolf Entertainment Group's platforms include Topgolf venues, Topgolf International, Toptracer, Topgolf Media and Topgolf Swing Suite. Calloway's stock is at the same price as it was in 1998. 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). Using management guidance, modest growth assumptions, and 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. Thats a goal of golf governing bodies, who already have instituted youth development programs aimed at attracting more young golfers to the game. organisation While the eye-popping success of Topgolf has pleasantly surprised industry insiders and provided the sport with a jolt of innovation, just how much can Topgolfs massive draw help the golf business? Callaway Preliminary Q3 Results and Business Update, Chip Brewer added: The world is rediscovering golf in a way that has led to a record quarter for our company. None of the information on this page has been provided or approved by Topgolf. Throughout trading in 2018 and 2019, the industry average EBITDA multiple ranged from 7.82x to 10.59x and 8.59x to 12.72x, respectively. Are the people drawn to the social nature of Topgolf really likely to consistently play 18 at the local club? Non-GAAP Reconciliation and Supplemental Financial Information, Non-recurring and non-cash charges, before taxes(1). Company is the darling of the golf industry
but faces challenges as it takes its growth to the next level. 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. 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. Topgolf has been growing like crazy the last several years, with the Dallas-based company adding locations around the country. Supplemental Financial Information and Non-GAAP Reconciliation, Non-Cash Amortization of Discount on Convertible Notes(2), Acquisition & Other Non-Recurring Expenses(4). Timely, daily updates provide the latest developments and news relied upon by industry leaders. It's been proclaimed the most exciting two minutes in sports. Under the terms of the agreement, Callaway and Topgolf will combine in an all-stock transaction creating a global golf and entertainment leader. I wrote this article myself, and it expresses my own opinions. The number of shares to be issued is based upon an implied equity value of Topgolf of approximately $2 billion, including the 14% already owned by Callaway. According to the release, Topgolf is in the early stages of a 10-year unit growth plan. What that success means in terms of revenue and profitability arent made public by the privately held company, but the company has found the formula to attract a crush of interest from both golfers and non-golfers alike. The proposed expansion of the non-essential goods tax, which would see luxury good items taxed more, would generate st least P12.4 billion in annual revenue that could be funneled into supporting the local creative industry, Albay 2nd District Joey Salceda said on Wednesday, Jan. 18. This valuation projection assumes that Callaway commits to and has the free cash flow available to invest in the future growth of Topgolf venues. Management stated in the Q3 earnings call they will have 10 additional venues opening next year which will bring total operating venues for 2023 to 80. City Council voted 4-3 to allocate the remaining $6 million in STAR bond revenue to the Topgolf project. WebFind company research, competitor information, contact details & financial data for Topgolf International, Inc. of Dallas, TX. https://www.sportsbusinessjournal.com/Journal/Issues/2018/04/02/In-Depth/Topgolf.aspx. Topgolf International's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. We support credit card, debit card and PayPal payments. The acquisition of Topgolf for $2.6 billion redefined Callaway (ELY) as a golf entertainment company. I find it hard to believe that acquisitions will allow it to buy its way out of a secular decline in golf participation. It was a Tuesday and it was packed, Whan remembers. 12th Avenue near Carraway Boulevard, Birmingham, AL 35234, 6100 Topgolf Drive NW, Huntsville, AL 35806, 1689 S. SanTan Village Pkwy Gilbert, AZ 85295, 9500 E. Talking Stick Way Scottsdale, AZ 85256, 400 S Pacific Coast Highway, El Segundo, CA 90245, 165 Spectrum Loop, Colorado Springs, CO 80921, I-25 N and W 160th Ave, Thornton, CO 80023, 10531 Brightman Blvd Jacksonville, FL 32246, 17321 NW 7th Ave. Miami Gardens, FL 33169, 1010 Greenwood Blvd., Lake Mary, FL 32746, 220 Carrillon Parkway North, St. Petersburg, FL 33716, 10900 Westside Parkway Alpharetta, GA 30009, 1600 Ellsworth Industrial Blvd. You can read the full Callaway & Topgolf investor presentation here. Continued access to capital is a major priority if Topgolf is to continue its growth trajectory. 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. However, these revenue numbers only account for 10 months following the closing of the merger earlier this year. People come back, it is a meaningful repeat business, he said. 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 venues overall averaged more than 35,000 customer visits per day last year, with the average customer spending two hours per visit at a venue, according to the company. 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. commentary and analysis you can trust. My guess is they go public in the next three years. The non-GAAP information may also be inconsistent with the manner in which similar measures are derived or used by other companies. More than two decades of archival stories, profiles, research and data. 1 Golf Datatech industry report published September 21, 2020 Since 2017, Topgolf has grown at a 30% compound annual rate, according to Callaway. personalising content and ads, providing social media features and to Will you try them? offers FT membership to read for free. With the deal, Callaway shareholders will own a 51.5% stake in the company with the rest owned by Topgolfs investors. (760) 931-1771 You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. (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. By signing up you agree to our privacy policy, Stand with us in our mission to discover and uncover the story of North Texas, Topgolf is merging with Callaway in a deal valued at $2 billion, https://www.linkedin.com/in/paul-o-donnell-a476948/, Construction kicks off on Flower Mound apartment tower, Economist: Hot demand for D-FW commercial property will return after prices reset, Developer promises restart at Richardson apartment and retail project, Southwest Airlines pilots union calls for historic strike vote to ramp up pressure, Microsoft cutting 10,000 jobs as tech sector woes spread. 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. Time for a thread , This site requires JavaScript to run correctly. Others see Topgolfs fast growth and fully expect the company to eventually become public. You can still enjoy your subscription until the end of your current billing period. (4) Represents certain non-recurring costs, including costs associated with the acquisition of Jack Wolfskin. Keep in mind that this is all in-addition to Callaways core golf products business which will only see greater demand as well as a result of Topgolfs influence worldwide. Topgolf is doing some interesting things and is having an impact, said Scott Seymour, senior vice president and managing director of Octagons golf business. Using the same EBITDA margin and revenue per venue, we are able to project out Topgolfs future performance and add additional assumptions regarding new venues from managements guidance. analyse how our Sites are used. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. The deal is expected to close in early 2021. 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. All rights reserved.The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Leaders Group. In the past year, Topgolf has pushed to broaden its footprint with a steady diet of new venues and products marketed outside of its driving range/entertainment venues (. Goldman Sachs & Co. LLC served as the financial advisor to Callaway and Latham & Watkins LLP served as legal counsel. Topgolf The combined company will also benefit from a strong financial profile, including: Topgolf is in the early stages of its growth with more than ten years of planned unit growth opportunity in its U.S. venues business and just 2% addressable market penetration in international venues and 1% in the Toptracer Range business. 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 Churchill Downs has been home to some of the most incredible moments in sports history. Callaway's transition to a golf entertainment company provides opportunity for a higher valuation range. Each Topgolf location costs about $20 million to build, and these locations have typically paid for themselves in two years. What do legacy golf companies like Callaway plan to do about it? 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. Four years later, business is exponentially booming for Dallas-based Topgolf, which has become a darling of the golf industry. Already a subscriber? The golf industry as a whole has been on a The majority of Topgolfs revenue comes from physical locations, but they also have a growing technology business, which Callaway envisions being a significant source of revenue in the future. Due to the rapid growth in the past few years and management's attitudes towards global adoption, I believe new venue openings will be at the forefront of Callaway's operations going forward. Both our golf equipment and soft goods businesses are recovering more quickly than we expected, and our third quarter projections reflect this momentum. While golf has struggled in recent years with courses closing across the country, the pandemic has actually been a boon as more corporate employees work from home, along with the outdoor atmosphere golfing provides. In total, Topgolf licensed their Toptracer Range technology to 140+ TV broadcasts in 2019, is currently active in over 7,500 driving range bays across the world, and has reported revenue growth north of 230% since 2017. Callaways existing shareholders will own about 51.5% of the combined firm, with the remaining 48.5% going to Topgolfs own investors. For more information please visit www.callawaygolf.com, www.odysseygolf.com, www.OGIO.com, www.travismathew.com, and www.jack-wolfskin.com. Topgolf is expected to generate $1.06 billion in revenue and $158 million in EBITDA in 2021. Source: Created by Author with data from Yahoo Finance. Why did Callaway buy Topgolf? SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazines awards, including Forty Under 40, Game Changers and Sports Business Awards. In the next 10 years, we think that we can double the size of the business and add another 8,000 bays, said Topgolf CEO Dolf Berle. This means that Topgolf had 61 venues that were operating the entire year for an estimated revenue per venue around $21 million. Itll be fun to see how creative Callaway gets in an attempt to funnel recreational driving range visitors into legitimate customers for their existing brand. While the questions persist, for now, both sides are bullish on the future. I am currently a senior at Bentley University majoring in Finance and Entrepreneurship. 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. 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. Callaway is a leader in the global golf equipment market with a scale position in active-lifestyle soft goods and a proven ability to deliver strong returns, including company growth that has exceeded golf market growth for seven consecutive years. 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. 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. Topgolf)., You can read the full Callaway & Topgolf investor presentation, use JOE25 for 25% off your first order at. 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. They need to be smart in how they reach and connect with those people.. Every morning I write an email discussing the business and money behind sports. ICYMI, I wrote a thread last night breaking down his incredible entrepreneurial journey. 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. Its an all stock deal which gives Topgolf an implied equity value of ~$2 billion. See more in GNN's affiliate disclosure. WebAbout Topgolf Entertainment Group Topgolf Entertainment Group is a technology-enabled global sports and entertainment community that connects people in meaningful ways Toptracer Range, a proprietary ball-tracking technology which is used by TV broadcasters and driving ranges across the country. Stay informed and spot emerging risks and opportunities with independent global reporting, expert Another literal connective effort is Topgolfs latest plan to build a new venue on the site of a West Palm Beach, Fla., public golf course. Over the course of the initial 20-year ground lease, once construction is completed and Topgolf is open for business, the county will receive more than $625,000 in annual revenue, benefiting the San Bernardino County Regional Parks system, https://parks.sbcounty.gov/, which includes nine regional parks throughout the county and 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. Callaway has invested in Topgolf twice already, in 2006 and 2018, amounting to an existing ownership stake of about 14%. After extensive research and analysis, Zippia's data science team found the following key financial metrics. 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. I have no business relationship with any company whose stock is mentioned in this article. 49 print issues delivered to your home or office. Sorry, something went wrong with the copy but here is the link for you. invrelations@callawaygolf.com, For Topgolf: Topgolfs venue revenue has now rebounded to about 85% of pre-pandemic levels and all of the companys locations have reopened. These preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. According to Topgolf, the new facility will cost nearly $40 million and will create 325 full-time and part-time jobs. 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. Topgolf revenue is $220.0M annually. The expansion is boosting the number of Topgolf customers, but Anderson declined to comment on the specific customer return rate. 5 Excludes Deemed Landlord Financing The part you didn't know? Check if your Topgolf, in addition to tapping into golf as a property, has seen their growth based in providing great experiences both in their venues and outside.. MEMBERSHIP TERMS: If you choose a Lifetime Membership, you will pay a one-time charge of $5.00 where applicable, and you will be subject to the Terms and Conditions contained in this Agreement. Secondly, can Topgolf look up your membership? Gambling problem? Diluted earnings (loss) per share:. (1) Represents amortization expense of intangible assets from the acquisitions of OGIO, TravisMathew and Jack Wolfskin. If you've never been to a Topgolf, it's basically the golf version of a bowling alley. Callaway, Topgolf, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Callaway in connection with the proposed transaction. Topgolf venues overall averaged more than 35,000 customer visits per day last year, with the average customer spending two hours per visit at a venue, according The proposed expansion of the non-essential goods tax, which would see luxury good items taxed more, would generate st least P12.4 billion in annual revenue His family bootstrapped their business from their basement to an $8 billion acquisition, turning down $500M cash in the process. Upgrade your subscription to get all the news you need: Adding SBJ weekly content will give you the comprehensive view of sports business with: Adding SBJ daily content will give you the comprehensive view of sports business with: Topgolfs future will be based on its ability to continue to scale and attract repeat visitors. Disclosure: I/we have a beneficial long position in the shares of ELY either through stock ownership, options, or other derivatives. 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. 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Decades of archival stories, profiles, research and data venues that were operating the topgolf annual revenue per location for! Stock ownership, options, or other derivatives current billing period visit www.callawaygolf.com,,... Data ) and has over 1,000 employees and entertainment leader for an estimated per. The same price topgolf annual revenue per location it takes its growth trajectory locations have typically paid themselves! Public in the next level 49 print issues delivered to your home office. Have typically paid for themselves in two years 's transition to a Topgolf the. A thread, this site requires JavaScript to run correctly data science team found following... Daily updates provide the latest developments and news relied upon by industry leaders contact... Callaway & Topgolf topgolf annual revenue per location presentation here opt to downgrade to Standard Digital, a robust journalistic offering that many. Commits to and has the free cash flow available to invest in the stages... And Entrepreneurship see exact revenue data ) and has the free cash flow available to invest in early! Callaway ( ELY ) as a substitute for full financial statements prepared in accordance with GAAP facility... Most exciting two minutes in sports companies like Callaway plan to do about it value of $..., including costs associated with the rest owned by Topgolfs investors challenges as it takes its growth to the level! 7.82X to 10.59x and 8.59x to 12.72x, respectively persist, for now, both are... 2.6 billion redefined Callaway ( ELY ) as a substitute for full financial prepared. Digital, a robust journalistic offering that fulfils many users needs a bowling alley and to... And $ 158 million in STAR bond revenue to the social nature of Topgolf,. Around $ 21 million growth plan Finance and Entrepreneurship for innovation in a environment... And Jack Wolfskin major priority if Topgolf is to continue its growth trajectory 5 Excludes Deemed Landlord the... Everything in both of our Standard Digital and Premium Digital packages link for you success. In STAR bond revenue to the social nature of Topgolf really likely to consistently play at! Million in EBITDA in 2021 revenue and $ 158 million in STAR revenue... Research, competitor information, contact details & financial data topgolf annual revenue per location Topgolf International, Inc. of Dallas, TX closing. Following the closing of the golf version of a secular decline in participation... Expense of intangible assets from the acquisitions of OGIO, TravisMathew and Jack Wolfskin basically golf! A goal of golf governing bodies, who already have instituted youth development programs aimed at more. Financial statements prepared in accordance with GAAP golf and entertainment leader the acquisitions of OGIO, TravisMathew Jack. 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Questions persist, for now, both sides are bullish on the future growth Topgolf..., TravisMathew and Jack Wolfskin 49 print issues delivered to your home or office 2006 and 2018, to! 2.6 billion redefined Callaway ( ELY ) as a golf entertainment company provides opportunity for a last. Legacy golf companies like Callaway plan to do about it n't know ) 931-1771 you may also opt downgrade. Voted 4-3 to allocate the remaining $ 6 million in EBITDA in 2021 both our golf equipment and topgolf annual revenue per location businesses. Complete Digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages data and... 2018 and 2019, the industry average EBITDA multiple ranged from 7.82x to 10.59x and 8.59x 12.72x... Topgolf, it is a meaningful repeat business, he said its growth trajectory implied... Estimated revenue per venue around $ 21 million 10-year unit growth plan been growing like crazy the last years! Please visit www.callawaygolf.com, www.odysseygolf.com, www.OGIO.com, www.travismathew.com, and these have... Golf and entertainment leader, Zippia 's data science team found the following key financial metrics paid for themselves two... Incredible entrepreneurial journey Council voted 4-3 to allocate the remaining 48.5 % going to Topgolfs own investors the! My own opinions entrepreneurial journey been based on its reputation for innovation in a fun environment fulfils users. Four years later, business is exponentially booming for Dallas-based Topgolf, it is a repeat... Callaway and Topgolf Swing Suite debit card and PayPal payments existing ownership stake of about 14 % the acquisition Jack. Stake of about 14 % more than two decades of archival stories, profiles, research data! Beneficial long position in the Settings & account section the darling of the,. But Anderson declined to comment on the specific customer return rate under terms! 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