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Jun 30, 2022
Topgolf Callaway Q2 2022 Earnings Report
Callaway Golf Company announced record financial results and increased full year guidance.
Key Takeaways
Callaway Golf Company reported a revenue increase of 22.1% to $1,115.7 million in Q2 2022, driven by strong demand across all segments. GAAP net income was $105.4 million, and non-GAAP net income was $93.5 million. The company raised its full year 2022 revenue outlook to $3,945 million - $3,970 million and Adjusted EBITDA outlook to $555 million - $565 million.
Q2 2022 consolidated net revenues increased $202.1 million to $1,115.7 million, an increase of 22.1% compared to Q2 2021
Topgolf Delivers 8% Growth in Same Venue Sales Compared to 2019
Q2 2022 GAAP net income of $105.4 million and non-GAAP net income of $93.5 million
Increased full year 2022 revenue outlook to $3,945 million - $3,970 million and Adjusted EBITDA outlook to $555 million - $565 million
Revenue by Geographic Location
Forward Guidance
Callaway Golf Company provided full year 2022 outlook. Net revenues are expected to be in the range of $3,945 million - $3,970 million. Adjusted EBITDA is expected to be in the range of $555 million - $565 million.
Positive Outlook
- Full year 2022 net revenue is estimated to increase over 20% compared to 2021.
- Company is increasing its full year 2022 Adjusted EBITDA guidance to $555 million - $565 million.
- The full year 2022 net revenue estimate assumes Topgolf segment revenue of approximately $1.56 billion, consistent with previous guidance.
- It also assumes Golf Equipment segment revenue growth of 12% or more, up from prior guidance of approximately 10%.
- The Active Lifestyle segment revenue reaching approximately $1 billion, consistent with previous guidance.
Challenges Ahead
- Full year 2022 net revenue will be within the range of $3,945 million - $3,970 million, which includes $129 million of negative foreign currency impact.
- Company expects consolidated Adjusted EBITDA to decrease in the third quarter but increase in the fourth quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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