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Sep 30, 2023
Topgolf Callaway Q3 2023 Earnings Report
Topgolf Callaway Brands reported solid operating results across all segments, with Golf Equipment and Active Lifestyle showing strength. Topgolf expanded venue margins despite lower-than-expected same venue sales.
Key Takeaways
Topgolf Callaway Brands Corp. announced its financial results for the third quarter ended September 30, 2023. Net revenues grew 5.3%, driven by Topgolf and Active Lifestyle. Income from operations increased 8.2% on a GAAP basis. The company is lowering its forward guidance and taking decisive action to lower costs and capital expenditures.
Topgolf continues to drive efficiencies and delivered strong venue-level margins.
On-course golf participation and engagement remain strong; and Callaway sustained its strong U.S. market share including #1 year-to-date in Woods, Drivers, Fairway Woods, Hybrids, and Irons, as well as its brand position as a leader in Technology and Innovation.
Topgolf remains on plan to open 11 new venues in the U.S. this year, with 7 venues open year-to-date.
TravisMathew and Jack Wolfskin delivered solid growth.
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.comActive Lifestyle Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comEurope Revenue
CapyFin.comAsia Revenue
CapyFin.comRest of World Revenue
CapyFin.com Forward Guidance
The 2023 projections are based on the Company’s best estimates at this time. Consolidated Net Revenues are estimated to be $4,235 - $4,260 million. Consolidated Adjusted EBITDA is estimated to be $575 - $585 million. Non-GAAP Diluted Earnings per Share are expected to be $0.39 - $0.43.
Revenue & Expenses
Visualization of income flow from segment revenue to net income