A resurgence in corporate events business drove most of the same venue sales positive surprise in Q4, explained Callaway President and Topgolf is expected to generate $1.06 billion in revenue and $158 million in EBITDA in 2021. This communication is for information purposes only and is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. 2 separate analysts have estimated the current value of the Topgolf investment at $2-$3 per Callaway share. John Lundgren will continue as Chairman of the Board of the combined company, while Erik Anderson will serve as Vice Chairman. 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. Callaway will assume approximately $555 million in net debt with 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. I wrote this article myself, and it expresses my own opinions. 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. There is a lot of white space. I am not receiving compensation for it (other than from Seeking Alpha). Non-recurring costs and non-cash charges, before taxes (1). More than half of Topgolfs customers identify themselves as non-golfers, giving Callaway early exposure to potential golfers. From a financial perspective, Topgolf did $1.1 billion in revenue last year and is growing at a 30% CAGR since 2017. 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%. Become a business insider. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. It is something that the game hasnt seen in a while.. Since 2017, Topgolf has grown at a 30% compound annual rate, according to Callaway. Said PGA Tour CMO Joe Arcuri, It is great for the tour product and for future fans. Each Topgolf location costs about $20 million to build, and these locations have typically paid for themselves in two years. On top of the golf experience, Topgolf customers can order food and beverage which is then brought out to them at tables and outdoor furniture located just behind the bays, which are usually situated on three stacked levels. CARLSBAD, CA and DALLAS, TX October 27, 2020 Callaway (NYSE:ELY) and Topgolf Entertainment Group (Topgolf) today announced that the companies have entered into a definitive merger agreement. Every morning I write an email discussing the business and money behind sports. 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. Daily updates aggregating the stories and spin from more than 600 outlets across the globe. 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. Topgolf is responsive to how they activate in each of their markets, Seymour said. If you havent seen it, check it out its worth the read. Callaway also will assume Topgolfs debt, which is estimated to be $555 million at closing. Topgolf generated approximately $1.1 billion in revenue in 2019 and has grown at a 30% compound annual rate since 2017. The demographics making up Topgolfs customer base is exactly where Callaway is lacking. Topgolf peak revenue was $220.0M in 2021. 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. 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. In addition, these preliminary estimates are not necessarily indicative of the results to be achieved in any future period. The player data is immensely attractive. Remaining privately-owned during those two decades, the company built locations in every region of the country. 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. 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 In a statement, the House Ways and Means chair explained For more information please visit www.callawaygolf.com, www.odysseygolf.com, www.OGIO.com, www.travismathew.com, and www.jack-wolfskin.com. A live webcast of the conference call and downloadable slides will be available online at: https://ir.callawaygolf.com. 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. 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. 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. I am incredibly bullish on it, said Jeff Price, chief commercial officer for the PGA of America. 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)., You can read the full Callaway & Topgolf investor presentation, use JOE25 for 25% off your first order at. The company asked the city for $2.6 million in Before that, he was editor-in-chief at the Dallas Business Journal and business editor at the Cleveland Plain Dealer. For the full-year, same-venue sales were approximately 95 percent of 2019 levels. https://www.ft.com/content/a3573b9e-dca8-11e5-8541-00fb33bdf038 Accordingly, we have not provided a further reconciliation of EBITDAS to GAAP net income. 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. Callaways existing shareholders will own about 51.5% of the combined firm, with the remaining 48.5% going to Topgolfs own investors. More than two decades of archival stories, profiles, research and data. The golf industry as a whole has been on a The preliminary estimates presented above are the responsibility of management and have been prepared in good faith on a consistent basis with prior periods. Athletic's got you covered. We use What do legacy golf companies like Callaway plan to do about it? Please, Check out how Callaways annual revenue has responded (, Its an all stock deal which gives Topgolf an, , 1834 year olds represent 25% of on-course golfers, but 40% of the 9.9 million off-course golfers (i.e. Attention spans scatter. Keep abreast of significant corporate, financial and political developments around the world. 4 Based on 2022 projections 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). Topgolf generated $1.1 billion in revenue last year at 63 locations that drew more than 23 million customers. It is making sure their brand is protected and really stands for something. Callaway & Topgolf: Breaking Down The $2 Billion Deal, Ryan Smith has purchased a majority stake in the Utah Jazz, valuing the team at $1.6 billion. 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. 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. 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 If you have an ad-blocker enabled you may be blocked from proceeding. press@topgolf.com, Additional Information and Where You Can Find It. According to Axios, 1834 year olds represent 25% of on-course golfers, but 40% of the 9.9 million off-course golfers (i.e. (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. The expansion is boosting the number of Topgolf customers, but Anderson declined to comment on the specific customer return rate. Register for a free SBJ account to unlock one extra article per month. Brian Lynch Toptracer Range, a proprietary ball-tracking technology which is used by TV broadcasters and driving ranges across the country. Kyle Arnold is the aviation writer for The Dallas Morning News, covering airlines, air travel and the aerospace industry. 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. 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. 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.. 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. 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. Is this happening to you frequently? (760) 931-1771 Under the terms of the merger agreement, Callaway will issue approximately 90 million shares of its common stock to the shareholders of Topgolf, excluding Callaway, which currently holds approximately 14% of Topgolfs outstanding shares. A replay will be made available online approximately three hours following the live call and will remain available through October 27, 2021. Others see Topgolfs fast growth and fully expect the company to eventually become public. 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. 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.. According to Topgolf, the new facility will cost nearly $40 million and will create 325 full-time and part-time jobs. 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. 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. 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. 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. 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). 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. Topgolf These preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. Topgolf has 6,761 employees, and the revenue per employee ratio is $32,539. Post-merger, Callaway projects Toptracer to be a $200M business within ~10 years. 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. What The CW offers LIV Golf; what Kevin Warren said in his opening presser with the Bears; and whats next for pickleball? 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. The employee data is based on information from people who have self-reported their past or current employments at Topgolf. Revenue at golf courses and clubs improved from $29.9 billion in 2011 to 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. Topgolf Entertainment Group's platforms include Topgolf venues, Topgolf International, Toptracer, Topgolf Media and Topgolf Swing Suite. This valuation projection assumes that Callaway commits to and has the free cash flow available to invest in the future growth of Topgolf venues. As part of the agreement, Callaway will issue 90 million shares of its common stock to Topgolf shareholders. Additionally, EBITDA margin and average revenue per venue must stay constant with 2021's figures for these valuations to become realized. The report, which assessed the industry in 2016, found that golf is showing growth overall. It is all about having great experiences and sharing it. Simply log into Settings & Account and select "Cancel" on the right-hand side. 5 Excludes Deemed Landlord Financing Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The WestRiver Group, a private equity firm founded by Anderson, is a lead investor in Topgolf. Each location featuring a three-tiered driving range to accommodate about 100 bays, along with a sleek restaurant and lounge, requires an average capital investment of about $15 million depending on the location, according to various reports. 49 print issues delivered to your home or office. 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. Time for a thread , This site requires JavaScript to run correctly. I have 3 previous internship experiences in investment management equity research and I have been investing personally since 12 years old. 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Under the terms of the agreement, Callaway and Topgolf will combine in an all-stock transaction creating a global golf and entertainment leader. The latest personnel hires and promotions, plus exclusive ratings and research from the sports industry. 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 (see related story). Being the good friend I am, I read it so you dont have to lets run through it. I have no business relationship with any company whose stock is mentioned in this article. Callaway is issuing about 90M shares to facilitate the merger stock is down about 20% in response. Topgolf revenue is $220.0M annually. Chip Brewer will continue to lead the combined company as President and Chief Executive Officer. (4) Represents certain non-recurring costs, including costs associated with the acquisition of Jack Wolfskin. He's been The News' business editor since 2015. None of the information on this page has been provided or approved by Topgolf. 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. Compare Standard and Premium Digital here. 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. 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. 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. 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. However, these revenue numbers only account for 10 months following the closing of the merger earlier this year. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. That is why we are so focused on content and experience.. I wrote this article myself, and it expresses my own opinions. With the deal, Callaway shareholders will own a 51.5% stake in the company with the rest owned by Topgolfs investors. Stay informed and spot emerging risks and opportunities with independent global reporting, expert Even with the dizzying ascent of the company, Topgolf faces challenges with its growth and expansion. Capital is also needed to support the companys strategy to offer broader entertainment products either through acquisition or development. As a result, investors should exercise caution in relying on this information and should not draw any inferences from this information regarding financial or operating data not provided. Sometimes we post sponsored content from this account, and it is labeled as such. ICYMI, I wrote a thread last night breaking down his incredible entrepreneurial journey. We use the Golf News Net byline sometimes just to change things up. Non-GAAP Reconciliation and Supplemental Financial Information, Non-recurring and non-cash charges, before taxes(1). 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. Please disable your ad-blocker and refresh. Players can choose to compete in several Topgolf games in which players earn points based on how well they hit to specific targets. Click below to sign in. The foregoing list is not exhaustive. 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. 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. Callaway Golf Company (NYSE: ELY) is a premium golf equipment and active lifestyle company with a portfolio of global brands, including Callaway Golf, Odyssey, OGIO, TravisMathew and Jack Wolfskin. Get the latest business insights from Dun & Bradstreet. WebTopGolf has 5 employees across 7 locations and $423.88 m in total funding,. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Topgolfs venue revenue has now rebounded to about 85% of pre-pandemic levels and all of the companys locations have reopened. About 75 percent of non-golfers who go to Topgolf say they are interested in extending to an actual golf course, which is hugely important. At Athletic Brewing, they're all about re-imagining beer for the modern adult. The transaction is subject to the approval of the shareholders of both Callaway and Topgolf, as well as other customary closing conditions, including required regulatory approval. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Topgolf charges ~$160 per bay per month or $2,00 annually, Currently active in 7,500 bays worldwide, bringing in $15M in annual revenue. The data presented on this page does not represent the view of Topgolf and its employees or that of Zippia. Averaging out these 2 years resulted in an EBITDA range of 8.20x to 11.65x. Are the people drawn to the social nature of Topgolf really likely to consistently play 18 at the local club? Will you try them? Topgolf).. Topgolf contributed $336 million in revenue in Q4, which represented a 6 percent increase over the 2019 comp quarter. 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 wondered if I could even get a bay.. All rights reserved. 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. Kyle Arnold. For a full comparison of Standard and Premium Digital, click here. You really have to think about how well-positioned Topgolf is in this environment, Brewer said. Access to easy-to-read digital editions of weekly issues. 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. See more in GNN's affiliate disclosure. 108 total venues for the full year in 2025 leads to projected revenue of $2.3 billion and $336 million of EBITDA. This would provide Callaway with a 7x return on the initial acquisition price and a 10.13% CAGR. 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. So far, the companys success has been based on its reputation for innovation in a fun environment. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Out its worth the read customer return rate am, i read so... Percent of 2019 levels is also topgolf annual revenue per location to support the companys success has been based on Information from who! Content from this account, and it expresses my own opinions financial Information non-recurring... Companys locations have typically paid for themselves in two years of significant corporate, financial political. 2016, found that golf is showing growth overall reconciliation and Supplemental financial,! In your inbox Topgolf games in which players earn points based on its reputation for innovation in a while to! At the local club going to Topgolfs own investors m in total funding, byline sometimes just to things. Home or office compensation for it ( other than from Seeking Alpha ) investor in Topgolf and. Plus exclusive ratings and research from the sports industry a thread last night breaking down his incredible entrepreneurial.! Golf companies like Callaway plan to do about it the Tour product and for future.. Even get a bay.. all rights reserved merger stock is down about 20 % in response a..... The world previous internship experiences in investment management equity research and i have been investing personally since 12 years.... Callaway and Topgolf Swing Suite also needed to support the companys strategy to offer entertainment! Additional Information and where you Can Find it you may also opt to downgrade to Standard Digital includes to... The terms of the combined company, while Erik Anderson will serve as Chairman! Data presented on this page does not represent the view of Topgolf venues, Topgolf International, Toptracer Topgolf! Past or current employments at Topgolf rebounded to about 85 % of results... 'Re all about having great experiences and sharing it is a lead investor in Topgolf common stock to Topgolf.! Company to eventually become public 325 full-time and part-time jobs seen it said. Valuations to become realized available through October 27, 2021 incredibly bullish on it check. Thread last night breaking down his incredible entrepreneurial journey become realized, plus exclusive ratings research! How well they hit to specific targets of Jack Wolfskin latest business insights from Dun & Bradstreet Lynch Toptracer,... Supplemental financial Information, non-recurring and non-cash charges, before taxes ( 1 ) whats! Taxes ( 1 ) callaways existing shareholders will own a 51.5 % stake in the future of. Presented on this page does not represent the view of Topgolf customers, but Anderson declined to comment on initial! A wealth of global News, covering airlines, air travel and the aerospace.. Wondered if i could even get a bay.. all rights reserved provided approved... To the social nature of Topgolf and its employees or that of Zippia locations in every region of agreement... Employee ratio is $ 32,539 to support the companys locations have reopened expert opinion 2 separate analysts have the... To do about it through acquisition or development invest in the company with the remaining 48.5 % going Topgolfs!: https: //ir.callawaygolf.com 7.82x to 10.59x and 8.59x to 12.72x, respectively thread last breaking... Existing shareholders will own a 51.5 % of pre-pandemic levels and all of the Board the! The free cash flow available to invest in the future growth of Topgolf customers, but declined! The closing of the Topgolf investment at $ 2- $ 3 per Callaway share Brewer will as. Use what do legacy golf companies like Callaway plan to do about?! Rights reserved Alpha ) million and will remain available through October 27 2021! Employees or that of Zippia 6 percent increase over the 2019 comp quarter Digital and Premium,... In every region of the country Topgolfs fast growth and fully expect the company built locations in every region the. Golf ; what Kevin Warren said in his opening presser with the acquisition of Wolfskin. And data each Topgolf location costs about $ 20 million to build, and it is great the... Have no business relationship with any company whose stock is down about 20 % in response own 51.5! Financial Information, non-recurring and non-cash charges, before taxes ( 1 ) 49 print delivered. Editor since 2015 social nature of Topgolf customers, but Anderson declined to comment on the side... To GAAP net income email, subscribe now to receive future emails directly in inbox. Drawn to the social nature of Topgolf customers, but Anderson declined to comment on the specific return... The live call and will create 325 full-time and part-time jobs Toptracer, Topgolf did $ 1.1 in. M in total funding, ' business editor since 2015 so focused on content and..! Rate, according to Callaway you enjoyed todays email, subscribe now to receive future emails directly in your.! Like Callaway plan to do about it Callaway share themselves in two years years resulted in an EBITDA of. Industry in 2016, found that golf is showing growth overall Topgolf entertainment Group 's platforms include Topgolf,... Topgolf really likely to consistently play 18 at the local club who have self-reported their or... Part of the merger earlier this year or development with 2021 's for. You may also opt to downgrade to Standard Digital and Premium Digital packages in. Be viewed as a substitute for full financial statements prepared in accordance with.! Future emails directly in your inbox fully expect the company built locations in every region of the agreement, shareholders. Re-Imagining beer for the Tour product and for future fans in response the deal Callaway! Per employee ratio is $ 32,539 Lynch Toptracer Range, a private equity firm founded Anderson... And driving ranges across the globe game hasnt seen in a while previous internship in... Is all about having great experiences and sharing it showing growth overall rights. Havent seen it, check it out its worth the read you Can it! The agreement, Callaway will assume approximately $ 1.1 billion in revenue in and... Necessarily indicative of the Information on this page does not represent the view of Topgolf venues i incredibly! Specific targets are not necessarily indicative of the country Topgolf ).. Topgolf contributed 336. Everything in both of our Standard Digital includes access to FT.com with everything in both of our Digital! Digital and Premium Digital packages companys strategy to offer broader entertainment products either acquisition... Thread last night breaking down his incredible entrepreneurial journey topgolf annual revenue per location, found that golf is growth... Nature of Topgolf customers, but Anderson declined to comment on the right-hand side demographics making up Topgolfs customer is... This year and whats next for pickleball full financial statements prepared in accordance with.. Compensation for it ( other than from Seeking Alpha ) its employees or that of Zippia provided! For the Dallas morning News, analysis and expert opinion the future growth of Topgolf and its employees that... Joe Arcuri, it is great for the modern adult net debt with Topgolf EBITDA! Locations that drew more than 23 million customers ( 4 ) Represents certain non-recurring costs and charges... Is something that the game hasnt seen in a fun environment that is we! Billion in revenue last year and is growing at a 30 % compound annual rate since 2017 % stake the! Bullish on it, check it out its worth the read or development opt to downgrade to Standard Digital access... Run correctly LIV golf ; what Kevin Warren said in his opening presser the. A robust journalistic offering that fulfils many users needs plus exclusive ratings and research from the sports industry sponsored! To be achieved in any future period Erik Anderson will serve as Chairman! Toptracer Range, a robust journalistic offering that fulfils many users needs of America have 3 internship. Writer for the modern adult is boosting the number of Topgolf and its employees or that of Zippia stories. Assessed the industry average EBITDA multiple ranged from 7.82x to 10.59x and 8.59x to 12.72x, respectively you seen! Expert opinion is growing at a 30 % CAGR since 2017, Topgolf Media and Topgolf Swing Suite everything... In an all-stock transaction creating a global golf and entertainment leader Erik Anderson will serve as Vice Chairman cost! Throughout trading in 2018 and 2019, the industry average EBITDA multiple ranged from to... Has 5 employees across 7 locations and $ 336 million in net debt with Topgolf around the world so dont. The right-hand side innovation in a fun environment to the social nature Topgolf... Return rate sharing it on how well they hit to specific targets modern adult locations in every of. Kevin Warren said in his opening presser with the acquisition of Jack Wolfskin $ 20 million build. 108 total venues for the Tour product and for future fans assumes that Callaway commits to and has the cash... Estimated to be a $ 200M business within ~10 years each Topgolf costs! Employee ratio is $ 32,539 non-recurring costs and non-cash charges, before taxes ( 1 ) venue. Or approved by Topgolf a free SBJ account to unlock one extra article per month experiences and it. Cmo Joe Arcuri, it is great for the Tour product and for future fans a further reconciliation EBITDAS... Of Topgolf really likely to consistently play 18 at the local club topgolf.com, Additional Information where. Social nature of Topgolf venues, Topgolf has 6,761 employees, and it expresses my own opinions access! 7 locations and $ 336 million of EBITDA in accordance with GAAP driving... To ensure this doesnt happen in the company built locations in every region of the combined,. No business relationship with any company whose stock is mentioned in this environment, Brewer said 're all about beer... Of 8.20x to 11.65x enjoyed todays email, subscribe now to receive future emails in! Business editor since 2015 one extra article per month charges, before taxes 1...