topgolf annual revenue per location

The company has a proven ability to innovate to expand its addressable market and capture the potential of games and content on its interconnected platform. A replay will be made available online approximately three hours following the live call and will remain available through October 27, 2021. 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. Young people are fickle. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. 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.. 2023 Leaders Group. 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. 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. Follow @topgolf on Instagram, Facebook, Twitter and LinkedIn, or visit the Topgolf Press page for the latest news. 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. 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. Source: Created by Author with data from Yahoo Finance. 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. Callaway will assume Topgolfs net debt, which is estimated to be $555 million at closing7, resulting in an estimated enterprise value for Topgolf of approximately $2.5 billion. (1) Callaway Golf charges include: Non-recurring transaction and transition costs associated with the acquisition of Jack Wolfskin, including banker's fees, legal fees, consulting and travel expenses, audit fees and valuations services, as well as non-cash charges related to the valuation of acquired inventory, in addition to other non-recurring advisory fees. The expansion is boosting the number of Topgolf customers, but Anderson declined to comment on the specific customer return rate. 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. Topgolf is very much in a high-growth phase right now, Brewer said. 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. You have 2 All Access articles remaining this month. Goldman Sachs & Co. LLC served as the financial advisor to Callaway and Latham & Watkins LLP served as legal counsel. 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. Averaging out these 2 years resulted in an EBITDA range of 8.20x to 11.65x. Investors and stockholders will be able to obtain free copies of the proxy statement/prospectus/consent solicitation and other documents filed with the SEC by the parties through the website maintained by the SEC at www.sec.gov. We value who they reach and their diversity.. 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). 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. Dr Pepper flavored Peeps arrive in Texas soon. Topgolf is expected to generate $1.06 billion in revenue and $158 million in EBITDA in 2021. For the full-year, same-venue sales were approximately 95 percent of 2019 levels. Dolf Berle will continue to lead the Topgolf business through a transition period following the close of the transaction, at which time he intends to step down to pursue other leadership opportunities. Accordingly, we have not provided a further reconciliation for long-term forecasted Adjusted EBITDAS to GAAP net income. Callaway's transition to a golf entertainment company provides opportunity for a higher valuation range. Topgolf is merging with Callaway in a deal valued at $2 billion 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. Upgrade your subscription to get all the news you need: Adding SBJ weekly content will give you the comprehensive view of sports business with: Adding SBJ daily content will give you the comprehensive view of sports business with: Topgolfs future will be based on its ability to continue to scale and attract repeat visitors. 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. 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. None of the information on this page has been provided or approved by Topgolf. It is all about having great experiences and sharing it. Non-fiction for kids: big books for little people are great news for publishers. The player data is immensely attractive. Topgolf is doing some interesting things and is having an impact, said Scott Seymour, senior vice president and managing director of Octagons golf business. Accordingly, we have not provided a further reconciliation of EBITDAS to GAAP net income. Check if your All rights reserved.The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Leaders Group. 5 Excludes Deemed Landlord Financing 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? Using management guidance, modest growth assumptions, and Due to the constant popularity of Topgolf venues as well as the sport, I believe locations will continue to report exceptional revenues. What is exciting is the belief that they can be LPGA viewers or on-site fans. Being the good friend I am, I read it so you dont have to lets run through it. Additionally, EBITDAS excludes these same line items from forecasted net income. What began as a technology that enhanced the game of golf now encompasses a range of unmatched experiences where communities can discover common ground. I am not receiving compensation for it (other than from Seeking Alpha). Sometimes we post sponsored content from this account, and it is labeled as such. 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? Information regarding Callaways directors and executive officers is contained in Callaways Annual Report on Form 10-K for the year ended December 31, 2019 and its Revised Definitive Proxy Statement on Schedule 14A, dated March 27, 2020, which are filed with the SEC and can be obtained free of charge from the sources indicated above. Topgolf)., You can read the full Callaway & Topgolf investor presentation, use JOE25 for 25% off your first order at. Source: Created by Author with data from Yahoo Finance and Q3 Earnings Call. He previously worked as a business journalist for the Orlando Sentinel, Tulsa World and The Monitor in McAllen. You really have to think about how well-positioned Topgolf is in this environment, Brewer said. Morgan Stanley & Co. LLC and J.P. Morgan served as financial advisors and Weil, Gotshal & Manges LLP served as legal counsel to Topgolf. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. I am not receiving compensation for it (other than from Seeking Alpha). Over the course of the initial 20-year ground lease, once construction is completed and Topgolf is open for business, the county will receive more than $625,000 in annual revenue, benefiting the San Bernardino County Regional Parks system, https://parks.sbcounty.gov/, which includes nine regional parks throughout the county and 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. 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. However, these revenue numbers only account for 10 months following the closing of the merger earlier this year. Company is the darling of the golf industry
but faces challenges as it takes its growth to the next level. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. A live webcast of the conference call and downloadable slides will be available online at: https://ir.callawaygolf.com. In addition, these preliminary estimates are not necessarily indicative of the results to be achieved in any future period. 12+ Lunar New Year food events and specials at D-FW restaurants, French bistro La Parisienne to open at The Star in Frisco, New Chick-fil-A opens in downtown Dallas this week, La Casita has become one of the biggest bakeries in D-FW, and its just getting started, New legislative push begins to end Confederate Heroes Day as an official Texas holiday, Dallas Cowboys signing kicker Tristan Vizcaino to practice squad, Dallas ranked among the most congested cities in the U.S. as work from home is phased out, Tax relief, border security, state worker pay raises among Texas Houses top wishes, The Dallas Morning News 2022 All-area teams, football awards and more, Prime Prosper corner just north of Universals future Frisco theme park hits the market, 5 things to know about Brett Maher, Cowboys kicking situation, New Frisco shopping center is moving ahead with developer funding. Topgolf is responsive to how they activate in each of their markets, Seymour said. You have to continue to reinvest in the experience.. It starts with the fact that the millennial audience is largely focused on experiences, Horne said. Topgolf has 58 U.S. locations and 5 international venues open, with 33 more venues currently under construction and a plan to open ~10 locations annually starting in 2022. A resurgence in corporate events business drove most of the same venue sales positive surprise in Q4, explained Callaway President and Callaways existing shareholders will own about 51.5% of the combined firm, with the remaining 48.5% going to Topgolfs own investors. Webguidance to $424 to $430 million as golf equipment and apparel revenue and Topgolf venue profitability continue to outperform prior expectations Earnings Per Share - diluted $0.14 $0.61 $(0.47) $1.01 $0.99 $0.02 one additional planned location expected to open in the fourth quarter of 2021 Topgolf began looking at an initial public offering in 2019. ICYMI, I wrote a thread last night breaking down his incredible entrepreneurial journey. Non-GAAP Reconciliation and Supplemental Financial Information, Non-recurring and non-cash charges, before taxes(1). 1 Golf Datatech industry report published September 21, 2020 During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. 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. 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. Topgolf projects adding more than 3,500 bays in 2020, and around 8,000 new bays per year starting in 2022. Weve long seen the value in Topgolf and we are confident that together, we can create a larger, higher growth, technology-enabled global golf and entertainment leader. Each location featuring a three-tiered driving range to accommodate about 100 bays, along with a sleek restaurant and lounge, requires an average capital investment of about $15 million depending on the location, according to various reports. Courses in 2019 LLP served as the financial advisor to Callaway and &! To place undue reliance on these forward-looking statements, which speak only as of the date hereof none the. 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