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Dec 31, 2022
Topgolf Callaway Q4 2022 Earnings Report
Topgolf Callaway Brands reported record revenue and improved operating loss for Q4 2022.
Key Takeaways
Topgolf Callaway Brands Corp. announced strong Q4 2022 results with a 19.6% increase in revenue year-over-year to $851.3 million. The company reported a net loss of $72.7 million, or $50.8 million on a non-GAAP basis. Adjusted EBITDA increased 155.9% to $36.6 million.
Q4 net revenue increased 19.6% compared to 2021.
Q4 seasonal operating loss improved 36.6% compared to 2021, or 42.4% on a non-GAAP basis.
Topgolf delivered same venue sales growth of 11% compared to 2019.
The Company posted another strong quarter with a 19.6% increase in revenue year-over-year to $851.3 million, reflecting growth in each operating segment, major product category and region.
Topgolf Callaway
Topgolf Callaway
Topgolf Callaway Revenue by Segment
Topgolf Callaway Revenue by Geographic Location
Revenue by Segment
Golf 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 company provided full year 2023 outlook with revenue of $4,415 - $4,470 million and Adjusted EBITDA of $620 - $640 million.
Positive Outlook
- Revenue of $4,415 - $4,470 million, representing growth of 10% - 12% compared to 2022
- Adjusted EBITDA of $620 - $640 million, representing growth of 11% - 15% compared to 2022
- Topgolf segment revenue of approximately $1.9 billion
- Active Lifestyle segment revenue to grow at a low teens percent compared to 2022
- Topgolf expected to generate approximately 50% of the Company's total Adjusted EBITDA
Challenges Ahead
- Includes a $15 million negative foreign currency impact based on exchange rates as of the end of December 2022 and early January 2023
- Golf Equipment segment revenue to be approximately flat compared to 2022
- Non-GAAP diluted earnings per share estimated to be $0.70 - $0.78 on approximately 200 million shares outstanding
- Includes a $20 million negative foreign currency impact based on exchange rates as of the end of December 2022 and early January 2023
- Topgolf segment Adjusted EBITDA to be slightly below the $41.6 million generated last year, driven by higher marketing expenditures and a return to full staffing levels at the venues
Revenue & Expenses
Visualization of income flow from segment revenue to net income