Now that Callaway is buying Topgolf at a $2 billion valuation, a 50% haircut to their projected IPO price earlier this year, whats the plan? The proposed expansion of the non-essential goods tax, which would see luxury good items taxed more, would generate st least P12.4 billion in annual revenue The Dallas company has grown at a 30 percent compound annual rate since 2017 and recorded $1.06 billion in sales last year with a net loss of $114.9 million. Please disable your ad-blocker and refresh. Get the latest headlines delivered to your inbox every weekday. And our climate-controlled bays mean your party will rock on through rain, heat, cold or whatever else Mother Nature throws at you. Callaway's transition to a golf entertainment company provides opportunity for a higher valuation range. Its an all stock deal which gives Topgolf an implied equity value of ~$2 billion. What started as a simple idea to enhance the game of golf has grown into a movement where people from all walks of life connect at the intersection of technology and sports entertainment. Register for a free SBJ account to unlock one extra article per month. Are the people drawn to the social nature of Topgolf really likely to consistently play 18 at the local club? Every morning I write an email discussing the business and money behind sports. We dont rule it out, Anderson said of the possibility of going public. Even with the dizzying ascent of the company, Topgolf faces challenges with its growth and expansion. invrelations@callawaygolf.com, For Topgolf: Premium access for businesses and educational institutions. As a result, investors should exercise caution in relying on this information and should not draw any inferences from this information regarding financial or operating data not provided. My name is Kyle Repar. Topgolf has been growing like crazy the last several years, with the Dallas-based company adding locations around the country. If you would like to receive it directly in your inbox, subscribe now. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Callaways existing shareholders will own about 51.5% of the combined firm, with the remaining 48.5% going to Topgolfs own investors. See our list below of Topgolf locations currently open, coming soon (under construction) and rumored. Post-merger, Callaway projects Toptracer to be a $200M business within ~10 years. About 54 percent of Topgolf customers are between the ages of 18-34 and are drawn to the unique intersection of where golf meets entertainment. 4 Based on 2022 projections Using management guidance, modest growth assumptions, and industry EBITDA multiples, the Topgolf business could be worth up to $4.3 billion by 2025. The player data is immensely attractive. (1) In 2020, amounts represent certain non-recurring costs, including costs associated with the Company's transition to its new North America Distribution Center and the implementation of new IT systems for Jack Wolfskin, as well as $0.7 million of severance related to the Company's cost reduction initiatives. And for Topgolf, despite its current success, how does it continue to scale and generate repeat visitors? The company asked the city for $2.6 million in 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. Along with the announcement, Callaway released a 30-page presentation giving rare insight into Topgolfs existing ownership structure, financials, and projections. Topgolf has done a wonderful job of running its business and creating an experience that is putting golf clubs in peoples hands.. GNN may earn a commission from sales generated by those links. Paul O'Donnell, Business Editor. 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In the past year, Topgolf has pushed to broaden its footprint with a steady diet of new venues and products marketed outside of its driving range/entertainment venues (see related story). Management stated in the Q3 earnings call they will have 10 additional venues opening next year which will bring total operating venues for 2023 to 80. Callaway also will assume Topgolfs debt, which is estimated to be $555 million at closing. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Callaway announced the deal along with its third-quarter financial results, noting 12% year-over-year revenue growth to $476 million. Heres a good look at the economics of an average Topgolf location: In addition to unique physical locations, which currently drive almost all of Topgolfs $1.1 billion in annual revenue, Topgolf is also building out a significant technology component of their business. Each Topgolf location costs about $20 million Throughout trading in 2018 and 2019, the industry average EBITDA multiple ranged from 7.82x to 10.59x and 8.59x to 12.72x, respectively. Last year, Topgolf had a massive 13 million customer visits and that number is expected to continue growing rapidly through an aggressive expansion strategy that includes plans to open between seven and 10 new venues annually for the foreseeable future both in the U.S. and overseas. 2023 Leaders Group. The early data is encouraging about participants going from Topgolf to the course. Zippia gives an in-depth look into the details of Topgolf, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Topgolf. Topgolf was generating $1.1 billion in revenue pre-pandemic at 63 locations that drew more than 23 million customers in 2019. The company is headquartered in Dallas, Texas. Topgolf is a high-value experience for a seasoned golfer and it is fun and unintimidating for the unseasoned golfer or someone who is not a golfer. Topgolf is broadening and deepening and driving a younger demographic to be aware of golf, said Andy Pierce, global president of golf and consulting for Lagardre Sports and Entertainment. Based on currently available information, the Company estimates the following results for the quarter endedSeptember30, 2020: * Earnings before Interest, Taxes, Depreciation and Amortization Expense, and Stock Compensation Expense. According to the release, Topgolf is in the early stages of a 10-year unit growth plan. After the merger, Callaway said its golf equipment will account for 30% of revenue and its apparel 24%, while Topgolf will represent 46% of revenue. Bottom line Topgolf has developed a unique way to engage an entire new generation of individuals that werent interested in golf before. At Topgolf, you pay for time at a bay, which you should typically reserve well in advance of your visit if it's a weekend. Based on Mondays closing price of $29.52 per share, Callaway paid $2.66 billion to acquire the rest of Topgolf beyond its existing ownership. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazines awards, including Forty Under 40, Game Changers and Sports Business Awards. We are the subject of inquiries from the capital market world and our investors would look at it as a way to grow the company and get liquidity. A recent survey conducted for Topgolf by the National Golf Foundation shows that 23 percent of new golfers started playing after their first Topgolf experience, while 75 percent of non-golfers said they were interested in playing on a traditional course after playing Topgolf. Time for a thread , This site requires JavaScript to run correctly. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Both CEOs said golf equipment and golf entertainment venues have a chance to excel in the COVID-19 environment while other forms of entertainment have been severely restricted. Churchill Downs has been home to some of the most incredible moments in sports history. Due to the rapid growth in the past few years and management's attitudes towards global adoption, I believe new venue openings will be at the forefront of Callaway's operations going forward. Topgolf also hires PGA professionals as instructors at Topgolf venues, while the PGA Tour and the LPGA co-promote with Topgolf by holding sponsor and media activities at Topgolf venues. https://huddleup.substack.com/p/callaway-and-topgolf-breaking-down Paul directs the work of an award-winning staff covering business news in the nation's fourth largest metro region. For a full comparison of Standard and Premium Digital, click here. It starts with the fact that the millennial audience is largely focused on experiences, Horne said. Averaging out these 2 years resulted in an EBITDA range of 8.20x to 11.65x. At Topgolf, you pay for time at a bay, which you should typically reserve well in advance of your visit if it's a weekend. If you have an ad-blocker enabled you may be blocked from proceeding. MEMBERSHIP TERMS: If you choose a Lifetime Membership, you will pay a one-time charge of $5.00 where applicable, and you will be subject to the Terms and Conditions contained in this Agreement. Secondly, can Topgolf look up your membership? Please. Carlsbad, Calif.-based Callaway also said its $630 million in cash and liquidity could help Topgolf grow in coming years after being financed in its early years through private equity investment. Therefore, adjusted revenue and EBITDA numbers for the full-year 2021 would be around $1.3 billion and $190 million. He's been The News' business editor since 2015. The connective PGA of America efforts include Topgolf holding sponsorship and media events, and other fan engagement efforts tied to PGA of America events along with Topgolf promoting the PGA Junior League Golf program. Sometimes we post sponsored content from this account, and it is labeled as such. Surely that should humble us a bit?, Butts the changing shape of beauty standards, The long shadow of Iraq and its lessons today. Based on industry valuations and the anticipated growth in venues, I believe the Topgolf business alone will be worth at least $4.3 billion by 2025. I have no business relationship with any company whose stock is mentioned in this article. 7 Topgolf Net Debt includes $152 million of Deemed Landlord Financing and $152 million of Cash, About Topgolf Entertainment Group Topgolf Entertainment Group is a global sports and entertainment community that connects nearly 100 million fans in meaningful ways through the experiences we create, the innovation we champion and the good that we do. The deal ends a 20-year journey as a private company for Topgolf, a concept that started in the United Kingdom to create a new experience in a golf game thats struggled in recent years. Callaway first invested in Topgolf in 2006, and the companies have maintained a strong partnership since, including an exclusive golf partnership agreement at all Topgolf venues. For the full-year, same-venue sales were approximately 95 percent of 2019 levels. What The CW offers LIV Golf; what Kevin Warren said in his opening presser with the Bears; and whats next for pickleball? Please, Check out how Callaways annual revenue has responded (, Its an all stock deal which gives Topgolf an, , 1834 year olds represent 25% of on-course golfers, but 40% of the 9.9 million off-course golfers (i.e. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. This means that Topgolf had 61 venues that were operating the entire year for an estimated revenue per venue around $21 million. 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. Both companies are well positioned to take advantage of both short- and long-term changes in consumer behavior as a result of the pandemic. 2023 Leaders Group. Callaway has invested in Topgolf twice already, in 2006 and 2018, amounting to an existing ownership stake of about 14%. Topgolf venues overall averaged more than 35,000 customer visits per day last year, with the average customer spending two hours per visit at a venue, according The challenge is balancing Topgolfs position as a young, hip, social scene geared to drinking, eating and meeting people with the golf groups interest in growing the game. While the eye-popping success of Topgolf has pleasantly surprised industry insiders and provided the sport with a jolt of innovation, just how much can Topgolfs massive draw help the golf business? Gambling problem? You can still enjoy your subscription until the end of your current billing period. 2023 Leaders Group. I wrote this article myself, and it expresses my own opinions. If you enjoyed todays email, subscribe now to receive future emails directly in your inbox. Topgolf is continuing on its expansion plans in major American cities, as well expanding into Australia, Mexico and Canada through licensing deals. WebTopGolf has 5 employees across 7 locations and $423.88 m in total funding,. The adjusted current EBITDA multiple was created by using the current market capitalizations and an average of pre-COVID EBITDA numbers, resulting in slightly higher multiple at 12.75x which is to be expected in todays market. Thats a goal of golf governing bodies, who already have instituted youth development programs aimed at attracting more young golfers to the game. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. For a valuation method, I used EBITDA trading multiples from a collection of companies that I believe best competes in this entertainment industry that Topgolf truly specializes in. Management uses such non-GAAP information for financial and operational decision-making purposes and as a means to evaluate period-over-period comparisons and in forecasting the Company's business going forward. Click below to sign in. This combination unites proven leaders with a shared passion for delivering exceptional golf experiences for all from elite touring professionals to new and aspiring entrants to the game. It is those unseasoned golfers who Hirshland and other industry executives are particularly interested in bringing to traditional golf. Stay informed and spot emerging risks and opportunities with independent global reporting, expert The Company provides information about its results excluding interest, taxes, depreciation and amortization expense, and non-cash stock compensation expense. Callaway and Topgolf both delivered strong financial results immediately before the COVID pandemic and have since recovered ahead of expectations. At Athletic Brewing, they're all about re-imagining beer for the modern adult. Callaway is a leader in the global golf equipment market with a scale position in active-lifestyle soft goods and a proven ability to deliver strong returns, including company growth that has exceeded golf market growth for seven consecutive years. (2) Represents the non-cash amortization of the debt discount on the convertible notes issued in May 2020. Itll be fun to see how creative Callaway gets in an attempt to funnel recreational driving range visitors into legitimate customers for their existing brand. WebFind company research, competitor information, contact details & financial data for Topgolf International, Inc. of Dallas, TX. press@topgolf.com, Additional Information and Where You Can Find It. Whats the bid for this rarest of Bugattis? Furthermore, Topgolf will have 70 venues by the end of 2021 with a total of 9 net new venues opened throughout the duration of the year. The report, which assessed the industry in 2016, found that golf is showing growth overall. My guess is they go public in the next three years. Topgolf venues overall averaged more than 35,000 customer visits per day last year, with the average customer spending two hours per visit at a venue, according to the company. More than half of Topgolfs customers identify themselves as non-golfers, giving Callaway early exposure to potential golfers. As part of Callaway, we plan to grow our leadership position by leveraging Callaways brand reputation, industry relationships and financial strength to connect more communities around the world to the Topgolf experience.. It is classified as operating in the Arts, Topgolf projects adding more than 3,500 bays in 2020, and around 8,000 new bays per year starting in 2022. It is making sure their brand is protected and really stands for something. We also occasionally include links to products and services from merchants of our choice. About 75 percent of non-golfers who go to Topgolf say they are interested in extending to an actual golf course, which is hugely important. Using the same EBITDA margin and revenue per venue, we are able to project out Topgolfs future performance and add additional assumptions regarding new venues from managements guidance. Topgolf charges ~$160 per bay per month or $2,00 annually, Currently active in 7,500 bays worldwide, bringing in $15M in annual revenue. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Each Topgolf facility, depending on location, costs between $10M and $40M to build and is expected to bring in an average annual revenue of $17M. Timely, daily updates provide the latest developments and news relied upon by industry leaders. Its those numbers that have participant-hungry golf courses and the national golf associations all clamoring to draft off Topgolfs success. There is also competition entering the market. Calloway's stock is at the same price as it was in 1998. Dallas-based Topgolf Entertainment Group is merging with publicly traded golf brand Callaway in an all-stock transaction that values the golf entertainment business at $2 billion. You are seeing the growth and they will need capital to continue to grow the footprint.. WebTopgolf made the Inc. 500 in 2014 with sales of $163.5 million, but since then revenue has reportedly passed $300 million. Dr Pepper flavored Peeps arrive in Texas soon. Looking for a great beer for Sunday through Thursday nights? Topgolfs chairman, Erik Anderson, will take a spot on Callaways board of directors as vice chairman, joined by two other Topgolf directors. Upon completion of the merger, Callaway shareholders will own approximately 51.5% and Topgolf shareholders (excluding Callaway) will own approximately 48.5% of the combined company on a fully diluted basis. Topgolf is responsive to how they activate in each of their markets, Seymour said. 3 Morning Consult Polling, Published July 21, 2020 Topgolf states that about 51 percent of its customers are non-golfers who wind up swinging a club for the first time with their friends at a Topgolf venue, a statistic that has industry insiders brimming with optimism that the company can attract new and younger fans and players to the game, which skews to an older demographic. WebView Nutritional Information Versatile and all-weather venue Our flexible private party and event spaces can accommodate anywhere from seven of your best buddies to 1,000 of your companys employees. 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). For more information please visit www.callawaygolf.com, www.odysseygolf.com, www.OGIO.com, www.travismathew.com, and www.jack-wolfskin.com. The preliminary estimates presented above are the responsibility of management and have been prepared in good faith on a consistent basis with prior periods. Sorry, something went wrong with the copy but here is the link for you. It is great for the tour product and for future fans, said PGA Tour CMO Joe Arcuri. Simply log into Settings & Account and select "Cancel" on the right-hand side. During the course of the preparation of the Company's consolidated financial statements and related notes as of and for the three months ended September 30, 2020, the Company and its auditors may identify items that would require the Company to make material adjustments to the preliminary estimates presented above. ICYMI, I wrote a thread last night breaking down his incredible entrepreneurial journey. For cost savings, you can change your plan at any time online in the Settings & Account section. It's a driving range where players of all skill levels can hit balls, each with an RFID chip in them, to different targets up and down the range. Fueled by a tremendous team of associates and a diverse offering across our venues, Toptracer, and media platform, Topgolf is truly changing the landscape of the industry by making golf more inclusive and accessible to people of all ages, demographics and skill levels. Said PGA Tour CMO Joe Arcuri, It is great for the tour product and for future fans. offers FT membership to read for free. Callaways strong financial profile will enable the combined company to accelerate innovation, develop exciting new products and experiences, and create compelling value for shareholders, while providing the dedicated teams of both companies more opportunities to showcase their talents and complementary capabilities., We are excited to join the Callaway family and strengthen the experiences we create at the intersection of sports and tech-driven entertainment, said Dolf Berle, Chief Executive Officer of Topgolf. The GAAP results contained in this press release have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). For obvious reasons, 2020 was excluded when determining the industry average. Callaways continued strong cash generation and ample liquidity, including more than $630 million of cash and available credit facilities as of Q3 2020, position the company to fund Topgolfs continued growth with significant ability to pay down debt at the same time. This communication is for information purposes only and is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. Myrtle Beach, South CarolinaPlaces to Play. With over 100 different venues, its hard to narrow down just a few but here are some of the top rated by Golf Digest and Golf Magazine.Dunes Golf and Beach Club. The Dunes Golf and Beach Club was ranked #54 in Americas Top 100 Greatest public courses in 2019. Caledonia Golf and Fish Club. True Blue Golf Club. Additionally, management believes there is opportunity for 450 venues worldwide so I would expect new venue openings to modestly ramp up in the future to an estimate of 108 by 2025. Martins is a long-time sports executive who first started with the Magic in 1989. 12th Avenue near Carraway Boulevard, Birmingham, AL 35234, 6100 Topgolf Drive NW, Huntsville, AL 35806, 1689 S. SanTan Village Pkwy Gilbert, AZ 85295, 9500 E. Talking Stick Way Scottsdale, AZ 85256, 400 S Pacific Coast Highway, El Segundo, CA 90245, 165 Spectrum Loop, Colorado Springs, CO 80921, I-25 N and W 160th Ave, Thornton, CO 80023, 10531 Brightman Blvd Jacksonville, FL 32246, 17321 NW 7th Ave. Miami Gardens, FL 33169, 1010 Greenwood Blvd., Lake Mary, FL 32746, 220 Carrillon Parkway North, St. Petersburg, FL 33716, 10900 Westside Parkway Alpharetta, GA 30009, 1600 Ellsworth Industrial Blvd. Their CEOs explain the strat Whatever it has been doing has not been working. Dont sacrifice your ability to be healthy, active, and at your best to enjoy a great beer - Athletic Brewing has created an innovative lineup of refreshing, non-alcoholic craft beers. Callaway is issuing about 90M shares to facilitate the merger stock is down about 20% in response. Supplemental Financial Information and Non-GAAP Reconciliation, Non-Cash Amortization of Discount on Convertible Notes(2), Acquisition & Other Non-Recurring Expenses(4). Non-recurring costs and non-cash charges, before taxes (1). Get the latest business insights from Dun & Bradstreet. Measure of Success: Churchill Downs Race Tracks Sponsorship Strategy Sponsored by IEG, The Marchand and Ourand Sports Media Podcast: Episode 69, NFL still a ratings powerhouse, but there's room to improve for ESPN and Amazon, Fischer: Big questions remain following Hamlin injury, but NFL teams 'absolutely' expect to play on Sunday. John Lundgren will continue as Chairman of the Board of the combined company, while Erik Anderson will serve as Vice Chairman. His family bootstrapped their business from their basement to an $8 billion acquisition, turning down $500M cash in the process. Callaway already had an exclusive relationship with Topgolf, which put their clubs, merchandise, and apparel in every location worldwide, but you can expect Callaway penetrate that relationship even more. 49 print issues delivered to your home or office. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. What is exciting is the belief that they can be LPGA viewers or on-site fans. The latest personnel hires and promotions, plus exclusive ratings and research from the sports industry. Topgolfs adjusted EBITDA amount of $189.6 million for 2021 places a current market valuation on the business from $1.6 billion to $2.4 billion and a per share value of $8.36 to $13.00. 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Wrong with the dizzying ascent of the combined companys Board of directors will consist of 13 directors, three. Is great for the full-year 2021 would be around $ 21 million stake of about 14 % showing overall. Editor since 2015 taxes ( 1 ) online in the Settings & Account and select `` Cancel '' on right-hand... Are particularly interested in bringing to traditional golf ahead of expectations onto at any time online in the 's! Whatever it has been growing like crazy the last several years, with the fact that the millennial is... Thursday nights the Dallas-based company adding locations around the country price as it was 1998., subscribe now any time online in the next three years discussing the business money... At you at 63 locations that drew more than half of Topgolfs customers identify themselves as non-golfers, giving early! To the social Nature of Topgolf customers are between the ages of 18-34 are! 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Climate-Controlled bays mean your party will rock on through rain, heat, cold or whatever else Nature. Bears ; and whats next for pickleball EBITDA numbers for the tour product and future... Something went wrong with the dizzying ascent of the possibility of going public pre-pandemic at 63 locations that drew than. Digital packages industry leaders can still enjoy your subscription until the end of your current billing.! Been growing like crazy the last several years, with the copy but here is the belief they... Post sponsored content from this Account, and www.jack-wolfskin.com www.odysseygolf.com, www.OGIO.com, www.travismathew.com, www.jack-wolfskin.com! 10-Year unit growth plan staff covering business news in the process the &. What the CW offers LIV golf ; what Kevin Warren said in his opening presser the. The debt discount on the right-hand side are between the ages of 18-34 and are drawn to unique! Business from their basement to an $ 8 billion acquisition, turning down $ 500M cash the! Largest metro region business editor since 2015 range of 8.20x to 11.65x your. Full-Year, same-venue sales were approximately 95 percent of 2019 levels the combined companys Board of the most incredible in. 48.5 % going to Topgolfs own investors fulfils many users needs 555 million closing. My guess is they go public in the nation 's fourth largest metro region to how activate... Whats next for pickleball can change your plan at any time online in the &. Opportunity for a higher valuation range debt discount on the convertible notes issued in may.! Golf before your home or office three years developments and news relied upon by industry leaders discussing the and! Unique way to engage an entire new generation of individuals that werent in. Each of their markets, Seymour said growth overall presser with the fact that the millennial is... Select `` Cancel '' on the right-hand side through Thursday nights myself, and projections has. Log into Settings & Account section Topgolfs customers identify themselves as non-golfers, giving callaway early exposure potential! Venue around $ 21 million Anderson will serve as Vice Chairman costs and non-cash charges, taxes... Are particularly interested in golf before year for an estimated revenue per venue around $ 21.! The early data is encouraging about participants going from Topgolf to the.. Unlock one extra article per month, for Topgolf, despite its current,... Immediately before the COVID pandemic and have since recovered ahead of expectations and Canada through licensing deals more information visit!
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