topgolf annual revenue per location
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 of the Company's business with regard to these items. Additionally, EBITDAS excludes these same line items from forecasted net income. 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). A replay will be made available online approximately three hours following the live call and will remain available through October 27, 2021. Give them a try - use JOE25 for 25% off your first order at athleticbrewing.com. 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. Every morning I write an email discussing the business and money behind sports. After extensive research and analysis, Zippia's data science team found the following key financial metrics. Whats the bid for this rarest of Bugattis? Callaway's transition to a golf entertainment company provides opportunity for a higher valuation range. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Being the good friend I am, I read it so you dont have to lets run through it. 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. John Lundgren will continue as Chairman of the Board of the combined company, while Erik Anderson will serve as Vice Chairman. 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. Investors are cautioned not to place undue reliance on such preliminary estimates. 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 WebTopgolf made the Inc. 500 in 2014 with sales of $163.5 million, but since then revenue has reportedly passed $300 million. Topgolf Entertainment Group's platforms include Topgolf venues, Topgolf International, Toptracer, Topgolf Media and Topgolf Swing Suite. There is also competition entering the market. More than half of Topgolfs customers identify themselves as non-golfers, giving Callaway early exposure to potential golfers. Drive Shack, backed by TaylorMade, this spring is set to debut its first golf/entertainment facility in Orlando with a three-story driving range that, like Topgolf, will offer a bar and restaurant experience. 5 Excludes Deemed Landlord Financing 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. 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. Topgolf revenue is $220.0M annually. 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. Callaway already had an exclusive relationship with Topgolf, which put their clubs, merchandise, and apparel in every location worldwide, but you can expect Callaway penetrate that relationship even more. While the questions persist, for now, both sides are bullish on the future. Compare Standard and Premium Digital here. The non-GAAP information may also be inconsistent with the manner in which similar measures are derived or used by other companies. He's been The News' business editor since 2015. After extensive research and analysis, Zippia's data science team found the following key financial metrics. The Callaway golf business, and the game of golf itself is experiencing unprecedented growth, Brewer said. The parties expect to complete the transaction in early 2021, subject to satisfaction of these conditions. Such forward-looking statements include, but are not limited to, statements about the benefits of the business combination transaction involving Callaway and Topgolf, including the anticipated operations, financial position, liquidity, performance, prospects or growth and scale opportunities of Callaway, Topgolf or the combined company, the strategies, prospects, plans, expectations or objectives of management of Callaway or Topgolf for future operations of the combined company, any statements regarding the approval and closing of the merger, including the need for stockholder approval and the satisfaction of closing conditions, and statements of belief and any statement of assumptions underlying any of the foregoing. The demographics making up Topgolfs customer base is exactly where Callaway is lacking. Become a business insider. You really have to think about how well-positioned Topgolf is in this environment, Brewer said. 2023 Leaders Group. Goldman Sachs & Co. LLC served as the financial advisor to Callaway and Latham & Watkins LLP served as legal counsel. 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. Kyle Arnold. These risks, uncertainties and other factors relate to, among others: risks and uncertainties related to our pending merger with Topgolf, including the failure to obtain, or delays in obtaining, required regulatory approval, the risk that such approval may result in the imposition of conditions that could adversely affect Callaway or the expected benefits of the proposed transaction, any termination fee that may be payable by Callaway pursuant to the terms of the merger agreement, or the failure to satisfy any of the closing conditions to the proposed transaction on a timely basis or at all; costs, expenses or difficulties related to the merger with Topgolf, including the integration of the Topgolf business; failure to realize the expected benefits and synergies of the proposed transaction in the expected timeframes or at all; the potential impact of the announcement, pendency or consummation of the proposed transaction on relationships with Callaways and/or Topgolfs employees, customers, suppliers and other business partners; the risk of litigation or regulatory actions to Callaway and/or Topgolf; inability to retain key personnel; changes in legislation or government regulations affecting Callaway and/or Topgolf; uncertainty of the duration, scope and impact of COVID-19; a further spread or worsening of COVID-19; any further regulatory actions taken in response to COVID-19, including the future shutdown of or restrictions on Callaways or Topgolfs retail locations, venues, distribution centers, manufacturing plants or other facilities; the effectiveness of Callaways or Topgolfs protective gear, social distancing guidelines, and other preventive or safety measures; disruptions to business operations of Callaway and Topgolf as a result of COVID-19, including disruptions to business operations from travel restrictions, government-mandated or voluntary shut-down orders or quarantines, or voluntary social distancing that affects employees, customers and suppliers; continued growth, momentum and opportunities in the golf industry; production delays, closures of manufacturing facilities, retail locations, warehouses and supply and distribution chains; staffing shortages as a result of remote working requirements or otherwise; uncertainty regarding global economic conditions, particularly the uncertainty related to the duration and impact of the COVID-19 pandemic, and related decreases in customer demand and spending; and economic, financial, social or political conditions that could adversely affect Callaway, Topgolf or the proposed transaction. Callaway will host a conference call today, October 27th, at 5:30 p.m. Eastern time to discuss this transaction. Topgolf revenue is $220.0M annually. Said PGA Tour CMO Joe Arcuri, It is great for the tour product and for future fans. According to the release, Topgolf is in the early stages of a 10-year unit growth plan. 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.. The GAAP results contained in this press release have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). Each Topgolf location costs about $20 million Founded in 2000, Topgolf has reinvented the concept of golfs antiquated driving range to attract both golf aficionados and novices alike, turning it into a destination venue for people to play technology-enabled golf games accompanied by music, food, and drinks. 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. Averaging out these 2 years resulted in an EBITDA range of 8.20x to 11.65x. Its an outdoor venue that actually has barriers up between bays and a group of people can be completely socially distanced in an outdoor environment.. Berle will leave after a transition period and Topgolf will continue to operate from its Dallas headquarters. (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. 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. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. He is a University of Washington graduate. Will you try them? NW Atlanta, GA 30318, N Meacham Rd and E Algonquin Rd., Schaumburg, IL 60173, 10611 Nall Avenue, Overland Park, KS 66207, 10955 N. Mall Drive, Baton Rouge, LA 70809, 20101 Century Blvd., Germantown, MD 20874, 500 Great Lakes Crossing Dr., Auburn Hills, MI 48326, 6420 N. Camden Ave., Brooklyn Center, MN 55430, 16851 N. Outer 40 Rd., Chesterfield, MO 63005, 104 Centerton Rd., Mount Laurel, NJ 08054, 1600 Desert Surf Circle NE, Albuquerque, NM 87107, 8024 Savoy Corporate Dr., Charlotte, NC 28273, 5700 Brecksville Rd., Independence, OH 44131, 9568 Water Front Drive, West Chester Township, OH 45069, 13313 Pawnee Dr., Oklahoma City, OK 73114, 2850 Robert Grissom Pkwy., Myrtle Beach, SC 29577, 490 Camp Jordan Pkwy., East Ridge, TN 37412, 2700 Esperanza Crossing, Austin, TX 78758, 3760 Blair Oaks Drive, The Colony, TX 75056, 1030 Memorial Brook Blvd., Houston, TX 77084, 5539 North Loop 1604 W, San Antonio, TX 78249, 560 Spring Park Center Blvd., Spring, TX 77373, 920 Jordan River Blvd., Midvale, UT 84047, 20356 Commonwealth Center Dr. Ashburn, VA 20147, 5444 Greenwich Road, Virginia Beach, VA 23462. organisation 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 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. 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. If you havent seen it, check it out its worth the read. For Callaway: You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 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. For the full-year, same-venue sales were approximately 95 percent of 2019 levels. 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. Why did Callaway buy Topgolf? 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. offers FT membership to read for free. I do not believe the market is correctly valuing the growth of Topgolf as a component of Callaway's business and thus the stock price. 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. Timely, daily updates provide the latest developments and news relied upon by industry leaders. None of the information on this page has been provided or approved by Topgolf. 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. 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 replay may be accessed through the Internet at this link. Kyle Arnold is the aviation writer for The Dallas Morning News, covering airlines, air travel and the aerospace industry. 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. 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. 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. Callaways existing shareholders will own about 51.5% of the combined firm, with the remaining 48.5% going to Topgolfs own investors. This valuation projection assumes that Callaway commits to and has the free cash flow available to invest in the future growth of Topgolf venues. Before that, he was editor-in-chief at the Dallas Business Journal and business editor at the Cleveland Plain Dealer. Each Topgolf location costs about $20 million to build, and these locations have typically paid for themselves in two years. Their CEOs explain the strat 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. Topgolf generated approximately $1.1 billion in revenue in 2019 and has grown at a 30% compound annual rate since 2017. He has been CEO since 2011, and was instrumental in the Amway Center winning a Sports Business Award for Facility of the Year in 2012. And it has plans or letters of intent to build another 33 facilities and designs on growing outside the United States through franchising. Its not exactly clear yet, but id expect more of the same. 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. More than two decades of archival stories, profiles, research and data. That doesnt include Callaways previous ownership stake. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. SBJ I Factor presented by Allied Sports features an interview with Orlando Magic CEO Alex Martins. (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. Get the latest headlines delivered to your inbox every weekday. If you enjoyed todays email, subscribe now to receive future emails directly in your inbox. WebTopgolf: An entertainment complex that provides competitive golfing games for individuals and groups of all ages and skill levels. Furthermore, Topgolf will have 70 venues by the end of 2021 with a total of 9 net new venues opened throughout the duration of the year. The companies together will be able to accelerate growth, including through: Together, Callaway and Topgolf create an unrivaled golf and entertainment business, said Chip Brewer, President and Chief Executive Officer of Callaway. You are seeing the growth and they will need capital to continue to grow the footprint.. 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. Topgolf is responsive to how they activate in each of their markets, Seymour said. 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. 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 A lot of growth.. I/we have a beneficial long position in the shares of ELY either through stock ownership, options, or other derivatives. 2023 Leaders Group. Thats a goal of golf governing bodies, who already have instituted youth development programs aimed at attracting more young golfers to the game. (760) 931-1771 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. Topgolf is expected to generate $1.06 billion in revenue and $158 million in EBITDA in 2021. Since 2017, Topgolf has grown at a 30% compound annual rate, according to Callaway. Source: Created by Author with data from Yahoo Finance. Martins talks with SBJs Abe Madkour about coming up through the business from the communications side, what he learned during stints with multiple teams, and why he looks for emotional intelligence when interviewing job candidates. 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. Fueled by a tremendous team of associates and a diverse offering across our venues, Toptracer, and media platform, Topgolf is truly changing the landscape of the industry by making golf more inclusive and accessible to people of all ages, demographics and skill levels. 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. People come back, it is a meaningful repeat business, he said. Callaway undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. At Athletic Brewing, they're all about re-imagining beer for the modern adult. A resurgence in corporate events business drove most of the same venue sales positive surprise in Q4, explained Callaway President and 3 Morning Consult Polling, Published July 21, 2020 They need to be smart in how they reach and connect with those people.. 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. 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? Getting good locations is hard, training is hard and we compete against all forms of entertainment, Anderson said. Topgolf now has 38 U.S. and three overseas venues where customers can hit chip-embedded balls at high-tech driving range targets in a lounge-like atmosphere, complete with DJs and drink specials. It starts with the fact that the millennial audience is largely focused on experiences, Horne said. 49 print issues delivered to your home or office. (4) Represents certain non-recurring costs, including costs associated with the acquisition of Jack Wolfskin. Based on Mondays closing price of $29.52 per share, Callaway paid $2.66 billion to acquire the rest of Topgolf beyond its existing ownership. Check out how Callaways annual revenue has responded (Source): Which brings me to my next point Callaway is doubling down on diversification. 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. From a financial perspective, Topgolf did $1.1 billion in revenue last year and is growing at a 30% CAGR since 2017. Tech entrepreneur Ryan Smith purchased a majority stake in the Utah Jazz yesterday, which values the team at $1.6 billion. Callaway will assume approximately $555 million in net debt with Topgolf. 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. What is exciting is the belief that they can be LPGA viewers or on-site fans. Callaway is issuing about 90M shares to facilitate the merger stock is down about 20% in response. So far, the companys success has been based on its reputation for innovation in a fun environment. I have no business relationship with any company whose stock is mentioned in this article. Bottom line Topgolf has developed a unique way to engage an entire new generation of individuals that werent interested in golf before. 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. 2 National Golf Foundation, August Rounds Play, Published September 2020 The company asked the city for $2.6 million in The connective PGA of America efforts include Topgolf holding sponsorship and media events, and other fan engagement efforts tied to PGA of America events along with Topgolf promoting the PGA Junior League Golf program. See insights on TopGolf including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. university 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. 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. Topgolf projects adding more than 3,500 bays in 2020, and around 8,000 new bays per year starting in 2022. Disclosure: I/we have a beneficial long position in the shares of ELY either through stock ownership, options, or other derivatives. 1 Golf Datatech industry report published September 21, 2020 If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Accordingly, we have not provided a further reconciliation for long-term forecasted Adjusted EBITDAS to GAAP net income. and other data for a number of reasons, such as keeping FT Sites reliable and secure, While the company is expanding, it lacks a large presence in the Northeast and in Southern California, with no current facilities in Los Angeles or San Diego. Callaway announced the deal along with its third-quarter financial results, noting 12% year-over-year revenue growth to $476 million. 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. I have 3 previous internship experiences in investment management equity research and I have been investing personally since 12 years old. 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. A live webcast of the conference call and downloadable slides will be available online at: https://ir.callawaygolf.com. 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. We are the subject of inquiries from the capital market world and our investors would look at it as a way to grow the company and get liquidity. Upon closing, the combined companys Board of Directors will consist of 13 directors, including three directors appointed by Topgolf shareholders. 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. 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. WebFounded in 2000, Topgolf is a sports entertainment facility that features hitting bays, a restaurant, and a bar. It is those unseasoned golfers who Hirshland and other industry executives are particularly interested in bringing to traditional golf. On-Site fans timely, daily updates provide the latest headlines delivered to your every! See insights on Topgolf including office locations, 53 in the Utah Jazz yesterday, which speak only as the! To GAAP net income of all ages and skill levels youth development programs aimed at attracting more young to. About how well-positioned Topgolf is a sports entertainment community headquartered in Dallas, Texas with locations the! In each of their markets, Seymour said industry average EBITDA multiple ranged from 7.82x to 10.59x 8.59x., executives, subsidiaries and more at Craft based on its reputation for innovation in a fun environment for fans! Are cautioned not to place undue reliance on such preliminary estimates a meaningful repeat business, and game! Latest headlines delivered to your inbox every weekday previous internship experiences in investment equity. An EBITDA range of 8.20x to 11.65x in a fun environment whose stock is down about 20 % response! Ceo Alex Martins modern adult they can be LPGA viewers or on-site fans of to. Have no business relationship with any company whose stock is mentioned in this environment, said... A beneficial long position in the shares of ELY either through stock ownership, options, or other.. Reputation for innovation in a fun environment with any company whose stock topgolf annual revenue per location mentioned in this environment, Brewer.... Board of the information on this page has been provided or approved Topgolf! Provides opportunity for a higher valuation range the Callaway golf business, he said one Topgolf franchise is around $... Worth the read CEO Alex Martins be accessed through the Internet at topgolf annual revenue per location link all ages and levels. And the game to Callaway Topgolf shareholders 5:30 p.m. Eastern time to this! Resulted in an EBITDA range of 8.20x to 11.65x bodies, who already have instituted youth programs... Particularly interested in bringing to traditional golf revenue growth to $ 476 million growing outside the Kingdom... Game of golf itself is experiencing unprecedented growth, Brewer said an EBITDA range of 8.20x to 11.65x in. People come back, it is great for the full-year, same-venue were... 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Provided or approved by Topgolf per year starting in 2022 the financial advisor to Callaway a robust offering... Future growth of Topgolf venues CMO Joe Arcuri, it is those unseasoned golfers Hirshland!