Topgolf revenue is $220.0M annually. In a statement, the House Ways and Means chair explained Topgolf Entertainment Group's platforms include Topgolf venues, Topgolf International, Toptracer, Topgolf Media and Topgolf Swing Suite. 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. 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. We use the Golf News Net byline sometimes just to change things up. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. invrelations@callawaygolf.com, For Topgolf: Revenue at golf courses and clubs improved from $29.9 billion in 2011 to 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. 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. If you would like to receive it directly in your inbox, subscribe now. From a financial perspective, Topgolf did $1.1 billion in revenue last year and is growing at a 30% CAGR since 2017. Non-recurring costs and non-cash charges, before taxes (1). I have no business relationship with any company whose stock is mentioned in this article. For a valuation method, I used EBITDA trading multiples from a collection of companies that I believe best competes in this entertainment industry that Topgolf truly specializes in. Topgolf was generating $1.1 billion in revenue pre-pandemic at 63 locations that drew more than 23 million customers in 2019. I never would have envisioned that it has become as popular as it is.. Chip Brewer will continue to lead the combined company as President and Chief Executive Officer. It starts with the fact that the millennial audience is largely focused on experiences, Horne said. Paul O'Donnell, Business Editor. 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. ICYMI, I wrote a thread last night breaking down his incredible entrepreneurial journey. 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. 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. (2) Represents the non-cash amortization of the debt discount on the convertible notes issued in May 2020. Topgolf International's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. The words may, should, will, could, would, anticipate, plan, believe, project, estimate, expect, strategy, future, likely, and similar expressions, among others, generally identify forward-looking statements, which speak only as of the date the statements were made and are not guarantees of future performance. 2023 Leaders Group. Whatever it has been doing has not been working. 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. Whats the bid for this rarest of Bugattis? https://www.sportsbusinessjournal.com/Journal/Issues/2018/04/02/In-Depth/Topgolf.aspx. None of the information on this page has been provided or approved by Topgolf. 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. Please disable your ad-blocker and refresh. Goldman Sachs & Co. LLC served as the financial advisor to Callaway and Latham & Watkins LLP served as legal counsel. 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. More than two decades of archival stories, profiles, research and data. Get the latest headlines delivered to your inbox every weekday. 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. Although this may be challenging in a growth era, this year's numbers still carry some lingering COVID effects and could be a conservative estimate. According to Topgolf, the new facility will cost nearly $40 million and will create 325 full-time and part-time jobs. A lot of growth.. Topgolfs ball-tracing technology is seen on televised golf broadcasts and its mobile golf game, World Golf Tour, boasts 28 million members. Callaway will assume approximately $555 million in net debt with Topgolf. The employee data is based on information from people who have self-reported their past or current employments at Topgolf. 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. You have 2 All Access articles remaining this month. 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. Players can choose to compete in several Topgolf games in which players earn points based on how well they hit to specific targets. You really have to think about how well-positioned Topgolf is in this environment, Brewer said. A resurgence in corporate events business drove most of the same venue sales positive surprise in Q4, explained Callaway President and And our climate-controlled bays mean your party will rock on through rain, heat, cold or whatever else Mother Nature throws at you. Topgolf generated $1.1 billion in revenue last year at 63 locations that drew more than 23 million customers. Topgolfs chairman, Erik Anderson, will take a spot on Callaways board of directors as vice chairman, joined by two other Topgolf directors. Will you try them? 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. Calloway's stock is at the same price as it was in 1998. Keep abreast of significant corporate, financial and political developments around the world. 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. I/we have a beneficial long position in the shares of ELY either through stock ownership, options, or other derivatives. To supplement the GAAP results, the Company has provided certain non-GAAP financial information as follows: EBITDAS. 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. The preliminary estimates presented above are the responsibility of management and have been prepared in good faith on a consistent basis with prior periods. Every morning I write an email discussing the business and money behind sports. For obvious reasons, 2020 was excluded when determining the industry average. 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. You can read the full Callaway & Topgolf investor presentation here. Supplemental Financial Information and Non-GAAP Reconciliation, Non-Cash Amortization of Discount on Convertible Notes(2), Acquisition & Other Non-Recurring Expenses(4). Premium access for businesses and educational institutions. 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. 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. 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. analyse how our Sites are used. Their challenges are no different than any other company that is growing so quickly, said Ed Horne, executive vice president of Endeavor Global Marketing, which counts Topgolf as a client. 5 Excludes Deemed Landlord Financing 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? More About TEG , Highly Complementary Businesses with Reach Across the Entire $80 Billion Global Golf Industry, Compelling Family of Brands Well Positioned to Capitalize on Outdoor Consumer Trends, Combined Businesses Create Clear Line of Sight to More Than $1 Billion of Adjusted EBITDAS, Callaway Announces Record Preliminary Results for the Third Quarter 2020. It is classified as operating in the Arts, Dr Pepper flavored Peeps arrive in Texas soon. Stay informed and spot emerging risks and opportunities with independent global reporting, expert 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. However, these revenue numbers only account for 10 months following the closing of the merger earlier this year. 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 revenue is $220.0M annually. (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. https://www.ft.com/content/a3573b9e-dca8-11e5-8541-00fb33bdf038 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. I am incredibly bullish on it, said Jeff Price, chief commercial officer for the PGA of America. Give them a try - use JOE25 for 25% off your first order at athleticbrewing.com. He previously worked as a business journalist for the Orlando Sentinel, Tulsa World and The Monitor in McAllen. I am not receiving compensation for it (other than from Seeking Alpha). 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. (4) Represents certain non-recurring costs, including costs associated with the acquisition of Jack Wolfskin. For more information please visit www.callawaygolf.com, www.odysseygolf.com, www.OGIO.com, www.travismathew.com, and www.jack-wolfskin.com. 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. Using management guidance, modest growth assumptions, and industry EBITDA multiples, the Topgolf business could be worth up to $4.3 billion by 2025. Topgolf currently has 28 open locations in the United States, with another dozen opening soon all over the place. 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. 6 Implied equity value of $1.739 billion when accounting for the various preferential rights of Topgolf shareholders and excluding assumed stock options and Callaways ownership position 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. 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. 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. Financial and political developments around the world fact that the millennial audience is largely focused on experiences Horne... Management and have been prepared in good faith on a consistent basis with prior periods Sentinel... Sometimes just to change things up, subscribe now the PGA of America & Topgolf investor presentation.... Over $ 500 million ( see exact revenue data ) and has over 1,000 employees 10 months the!, subscribe now it starts with the fact that the millennial audience is largely focused on experiences, Horne.... 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