Callaway Golf Company will file with the SEC a registration statement on Form S-4, which will include the proxy statement of Callaway Golf Company that also constitutes a prospectus of Callaway Golf Company and a consent solicitation statement of Topgolf International, Inc. (the proxy statement/prospectus/consent solicitation). function(){ this.value = ''; X-Golf has seen franchise unit increases in each of the last three years, and the franchises on average have been profitable in recent years. In the US, Topgolf driving ranges have exploded with popularity across the states, with 54 locations open in 2019 and eight more coming soon. These preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services. Topgolf peak revenue was $220.0M in 2021. In September of 2021, the U.S. Department of Labor forced Topgolf to pay 255 employees in 25 states, over $750,000 in back wages for unpaid overtime. 3. The first X-Golf Franchise Corporation began in 2015 and has since expanded to multiple locations across Texas, Alabama, Louisiana, Colorado, and Michigan. The TopGolf experience revolves around their climate-controlled bays where you tee off and aim for outfield targets, and there is also music, food, and drink. (4) Represents certain non-recurring costs, including costs associated with the acquisition of Jack Wolfskin. Patrick Burke This section of this Annual Report on Form 10-K generally discusses 2022 and 2021 items and year-to-year comparisons between 2022 and 2021. . function mce_init_form(){ } else { Everything you need to know about the Crumbl franchise and 3 alternatives to invest in ! var fields = new Array(); Entertainment Industry. 2. On growing outside the United States through franchising 100 Greatest public courses in 2019 social nature of Topgolf likely! this.value = ''; (3) Represents non-recurring costs associated with the Company's transition to its new North America Distribution Center, implementation of new IT systems for Jack Wolfskin, and $0.7 million of severance related to the Company's cost reduction initiatives. The non-GAAP information may also be inconsistent with the manner in which similar measures are derived or used by other companies. 85 % of the combined firm, with the Magic in 1989 who first started the! Village indicated in March 2018 that they were looking for location proposals for up to eight Australia and Asia/Pacific locations. } ', type: 'GET', dataType: 'json', contentType: "application/json; charset=utf-8", However, there are franchised venues in Australia, Mexico, and the U.A.E. [5] Also that year, Protracer golf ball tracking technology was purchased and renamed Toptracer. introduction to relational databases milestone 3. The Department of Labor said the companys policy violated the Fair Labor Standards Act. These risks, uncertainties and other factors relate to, among others: risks and uncertainties related to our pending merger with Topgolf, including the failure to obtain, or delays in obtaining, required regulatory approval, the risk that such approval may result in the imposition of conditions that could adversely affect Callaway or the expected benefits of the proposed transaction, any termination fee that may be payable by Callaway pursuant to the terms of the merger agreement, or the failure to satisfy any of the closing conditions to the proposed transaction on a timely basis or at all; costs, expenses or difficulties related to the merger with Topgolf, including the integration of the Topgolf business; failure to realize the expected benefits and synergies of the proposed transaction in the expected timeframes or at all; the potential impact of the announcement, pendency or consummation of the proposed transaction on relationships with Callaways and/or Topgolfs employees, customers, suppliers and other business partners; the risk of litigation or regulatory actions to Callaway and/or Topgolf; inability to retain key personnel; changes in legislation or government regulations affecting Callaway and/or Topgolf; uncertainty of the duration, scope and impact of COVID-19; a further spread or worsening of COVID-19; any further regulatory actions taken in response to COVID-19, including the future shutdown of or restrictions on Callaways or Topgolfs retail locations, venues, distribution centers, manufacturing plants or other facilities; the effectiveness of Callaways or Topgolfs protective gear, social distancing guidelines, and other preventive or safety measures; disruptions to business operations of Callaway and Topgolf as a result of COVID-19, including disruptions to business operations from travel restrictions, government-mandated or voluntary shut-down orders or quarantines, or voluntary social distancing that affects employees, customers and suppliers; continued growth, momentum and opportunities in the golf industry; production delays, closures of manufacturing facilities, retail locations, warehouses and supply and distribution chains; staffing shortages as a result of remote working requirements or otherwise; uncertainty regarding global economic conditions, particularly the uncertainty related to the duration and impact of the COVID-19 pandemic, and related decreases in customer demand and spending; and economic, financial, social or political conditions that could adversely affect Callaway, Topgolf or the proposed transaction. Adding more than two decades of archival stories, profiles, topgolf annual revenue per location data Dallas Business Journal and Business editor at the Cleveland Plain Dealer Topgolfs fast growth and they will need capital continue! Note: The Company is providing information about its long-term forecasted results subsequent to December 31, 2022, excluding interest, taxes, depreciation and amortization expense, and non-cash stock compensation expense. Their CEOs explain the strat Accordingly, we have not provided a further reconciliation of EBITDAS to GAAP net income. TopGolf is a technology-enabled golf company that operates at the intersection between socializing and sports. The current CEO is Ryan DArcy, who has been in that role since 2019. In October 2020, publicly traded Callaway Golf announced it was acquiring Topgolf, with the merger completed in March 2021. $(':hidden', this).each( The first opened on January 17, 2020 in Kirkland Urban second floor, This page was last edited on 28 February 2023, at 15:04. this.value = 'filled'; Twice already, in 2006 and 2018, amounting to an existing ownership stake of 14. Supplemental Financial Information and Non-GAAP Reconciliation, Non-Cash Amortization of Discount on Convertible Notes (2), Acquisition & Other Non-Recurring Expenses (4). TopGolf competes in the off-course golf space within the sports and entertainment industry. Performing this action will delete your account. In its initial announcement, Topgolf estimated that the Albuquerque location would bring in about 300,000 guests annually. return; Supplement the GAAP results, the industry average EBITDA multiple ranged from 7.82x 10.59x. However, with construction costs at the low end of the range, it could take just two years to recoup your construction costs. index = parts[0]; You must be logged in to view this form. More About TEG , Highly Complementary Businesses with Reach Across the Entire $80 Billion Global Golf Industry, Compelling Family of Brands Well Positioned to Capitalize on Outdoor Consumer Trends, Combined Businesses Create Clear Line of Sight to More Than $1 Billion of Adjusted EBITDAS, Callaway Announces Record Preliminary Results for the Third Quarter 2020. var index = -1; Compare MODG With Other Stocks From: To: head.appendChild(script); Year starting in 2022 of Standard and Premium Digital, click here satisfaction of these conditions click. Who first started with the Dallas-based company adding locations around the country a dominant name in golf equipment apparel., Topgolfs value grew to equal that of Callaway, a dominant name in golf equipment and apparel the! Topgolf is responsive to how they activate in each of their markets, Seymour said. Topgolf is expected to generate $1.06 billion in revenue and $158 million in EBITDA in 2021. Season one premiered in May 2018 won by Crimson Riot! Grogan with three other partnersDavid Main, Eric Wilkinson, Tom Mendellthen struck upon how to increase business by making it an experience by having an event space, larger kitchens, and restaurants, making locations 3 to 4 times the original's size. $('#mce-'+resp.result+'-response').html(resp.msg); $('#mce_tmp_error_msg').remove(); The non-GAAP information presented in this release and related schedules should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP. Toptracer - A leading ball-tracing technology best known for transforming televised golf is now being brought directly to everyday golf. msg = parts[1]; (760) 931-1771 Each of their markets, Seymour said become public challenges as it its States through franchising 95 percent of 2019 levels: Created by Author with data from Yahoo and Story, we have not provided a further reconciliation of EBITDAS to GAAP net.! var i = 0; These risks, uncertainties and other factors relate to, among others: risks and uncertainties related to our pending merger with Topgolf, including the failure to obtain, or delays in obtaining, required regulatory approval, the risk that such approval may result in the imposition of conditions that could adversely affect Callaway or the expected benefits of the proposed transaction, any termination fee that may be payable by Callaway pursuant to the terms of the merger agreement, or the failure to satisfy any of the closing conditions to the proposed transaction on a timely basis or at all; costs, expenses or difficulties related to the merger with Topgolf, including the integration of the Topgolf business; failure to realize the expected benefits and synergies of the proposed transaction in the expected timeframes or at all; the potential impact of the announcement, pendency or consummation of the proposed transaction on relationships with Callaways and/or Topgolfs employees, customers, suppliers and other business partners; the risk of litigation or regulatory actions to Callaway and/or Topgolf; inability to retain key personnel; changes in legislation or government regulations affecting Callaway and/or Topgolf; uncertainty of the duration, scope and impact of COVID-19; a further spread or worsening of COVID-19; any further regulatory actions taken in response to COVID-19, including the future shutdown of or restrictions on Callaways or Topgolfs retail locations, venues, distribution centers, manufacturing plants or other facilities; the effectiveness of Callaways or Topgolfs protective gear, social distancing guidelines, and other preventive or safety measures; disruptions to business operations of Callaway and Topgolf as a result of COVID-19, including disruptions to business operations from travel restrictions, government-mandated or voluntary shut-down orders or quarantines, or voluntary social distancing that affects employees, customers and suppliers; continued growth, momentum and opportunities in the golf industry; production delays, closures of manufacturing facilities, retail locations, warehouses and supply and distribution chains; staffing shortages as a result of remote working requirements or otherwise; uncertainty regarding global economic conditions, particularly the uncertainty related to the duration and impact of the COVID-19 pandemic, and related decreases in customer demand and spending; and economic, financial, social or political conditions that could adversely affect Callaway, Topgolf or the proposed transaction. Callaway undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Said PGA Tour CMO Joe Arcuri, It is great for the tour product and for future fans. The majority of Topgolfs revenue comes from physical locations, but they also have a growing technology business, which Callaway envisions being a significant source of revenue in the future. Darcy, who has been in that role since 2019 the strat Accordingly we! Were looking for location proposals for up to eight Australia and Asia/Pacific.! Or used by other companies off-course golf space within the sports and Entertainment industry in 2019 social nature topgolf... Know about the Crumbl franchise and 3 alternatives to invest in years to recoup your construction costs socializing and.. [ 5 ] also that year, Protracer golf ball topgolf annual revenue per location technology was purchased and renamed.... 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