Topgolf Callaway Q3 2022 Earnings Report
Key Takeaways
Topgolf Callaway Brands Corp. reported a 15.4% increase in consolidated net revenues to $988.5 million for Q3 2022. GAAP net income increased by 340.6% to $38.5 million, and Adjusted EBITDA increased by 4.0% to $144.4 million.
Net revenues increased by 15.4%, or 21.3% on a constant currency basis, compared to Q3 2021.
GAAP net income increased by 340.6% compared to Q3 2021.
Adjusted EBITDA increased by 4.0%, or 22.7% on a constant currency basis, compared to Q3 2021.
Full year 2022 revenue outlook increased to $3,965 million - $3,985 million and Adjusted EBITDA outlook to $560 million - $570 million.
Topgolf Callaway
Topgolf Callaway
Topgolf Callaway Revenue by Segment
Topgolf Callaway Revenue by Geographic Location
Forward Guidance
The Company expects net revenues to grow approximately 10% year-over-year (13% constant currency) for full year 2023, including approximately $110 million of negative foreign currency translation impacts. The Company also expects to deliver approximately $600 million in Adjusted EBITDA, which includes a $65 million translation impact based on foreign currency exchange rates as of late October 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income