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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
Topgolf Callaway
Topgolf Callaway
Topgolf Callaway Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.comEurope Revenue
CapyFin.comAsia Revenue
CapyFin.comRest of World Revenue
CapyFin.com 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.
- Third quarter Adjusted EBITDA is estimated to be between $122 - $132 million in 2022 compared to $139 million in 2021.
- Second half 2022 net revenue will be within the range of $1,790 million - $1,815 million, which includes $69 million of negative foreign currency impact.
- Given foreign exchange headwinds and difference in timing of new golf equipment product launches compared to 2021
Revenue & Expenses
Visualization of income flow from segment revenue to net income