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Mar 31, 2021
Topgolf Callaway Q1 2021 Earnings Report
Callaway Golf Company's first quarter financial results were announced, revealing a record performance driven by strong demand and the Topgolf acquisition.
Key Takeaways
Callaway Golf Company reported record first-quarter financial results, with a 47% increase in net revenue to $652 million and a significant rise in net income to $272 million, boosted by the Topgolf acquisition and strong performance across its golf equipment and apparel segments.
Net revenue reached $652 million, a 47% increase compared to Q1 2020.
Net income soared to $272 million, a substantial increase from $29 million in Q1 2020.
Adjusted EBITDA increased by 113% to $128 million.
The Topgolf acquisition contributed $93 million to net revenue.
Topgolf Callaway
Topgolf Callaway
Topgolf Callaway Revenue by Segment
Topgolf Callaway Revenue by Geographic Location
Revenue by Segment
Topgolf Revenue
CapyFin.comGolf Equipment Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comEurope Revenue
CapyFin.comAsia Revenue
CapyFin.comRest of World Revenue
CapyFin.com Forward Guidance
Callaway anticipates that revenue and Adjusted EBITDA for full year 2021 for the legacy Callaway business will exceed 2019 levels and for the Topgolf business will meet or exceed the full twelve-month 2019 levels.
Positive Outlook
- Legacy Callaway business revenue and Adjusted EBITDA are expected to exceed 2019 levels.
- Topgolf business is expected to meet or exceed full twelve-month 2019 levels.
- Golf equipment business is experiencing unprecedented demand.
- Soft goods business is recovering from the pandemic faster than anticipated.
- Available liquidity is at an all-time high.
Challenges Ahead
- Continued uncertainty related to the COVID-19 pandemic globally.
- Unsettled market conditions.
- Potential disruptions to business operations from regulatory restrictions.
- Risk of production delays and supply chain issues.
- Uncertainty regarding global economic conditions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income