Source: Created by Author with data from Yahoo Finance. 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. 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). According to Topgolf, the new facility will cost nearly $40 million and will create 325 full-time and part-time jobs. On Tuesday, Callaway announced a definitive merger agreement which would see the Golf giant digest the remaining 86% of Topgolf they didnt already own at a ~$2 billion valuation. 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 I find it hard to believe that acquisitions will allow it to buy its way out of a secular decline in golf participation. The companies together will be able to accelerate growth, including through: Together, Callaway and Topgolf create an unrivaled golf and entertainment business, said Chip Brewer, President and Chief Executive Officer of Callaway. Disclosure: I/we have a beneficial long position in the shares of ELY either through stock ownership, options, or other derivatives. My name is Kyle Repar. 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. The number of shares to be issued is based upon an implied equity value of Topgolf of approximately $2 billion, including the 14% already owned by Callaway. These preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. From a financial perspective, Topgolf did $1.1 billion in revenue last year and is growing at a 30% CAGR since 2017. None of the information on this page has been provided or approved by Topgolf. 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. Topgolf will continue to operate from its headquarters in Dallas, Texas. Want to find out the nearest Topgolf location to you? Topgolf, in addition to tapping into golf as a property, has seen their growth based in providing great experiences both in their venues and outside.. Please disable your ad-blocker and refresh. Timely, daily updates provide the latest developments and news relied upon by industry leaders. Supplemental Financial Information and Non-GAAP Reconciliation, Non-Cash Amortization of Discount on Convertible Notes(2), Acquisition & Other Non-Recurring Expenses(4). press@topgolf.com, Additional Information and Where You Can Find It. Topgolf International's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. In 2019, amounts represent certain non-recurring transition costs associated with the acquisition of Jack Wolfskin, including consulting costs, audit fees and travel expenses, in addition to other non-recurring advisory fees. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. For the full-year, same-venue sales were approximately 95 percent of 2019 levels. Any environment where individuals are swinging golf clubs is terrific, said Sarah Hirshland, senior managing director of business affairs for the USGA, which last year partnered with Topgolf to hold U.S. Open watch parties at all Topgolf venues. I am not receiving compensation for it (other than from Seeking Alpha). The parties expect to complete the transaction in early 2021, subject to satisfaction of these conditions. Topgolf has achieved rapid growth and strong customer engagement since its founding in 2000, driven by several platforms, including: Since its inception, Topgolf has created an innovative, tech-inspired twist on the golf driving range experience, turning it into a global entertainment and sports movement. I wrote this article myself, and it expresses my own opinions. Subscribe to receive our press releases via email: Topgolf Kicking Off 2023 with Opening of Charleston Venue, Pro forma revenue of approximately $2.8 billion based on fiscal year 2019 results that is expected to grow to approximately $3.2 billion by 2022 and at approximately 10% per year in the years following, Pro forma adjusted EBITDAS of $270 million based on fiscal year 2019 results that is expected to grow to approximately $360 million by 2022 and at mid-to-high teens per year in the years following. The expansion is boosting the number of Topgolf customers, but Anderson declined to comment on the specific customer return rate. 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. Check out how Callaways annual revenue has responded (Source): Which brings me to my next point Callaway is doubling down on diversification. 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. Whats the bid for this rarest of Bugattis? It expects that to grow to $3.2 billion by 2022 and at a 10% rate after that. https://www.ft.com/content/a3573b9e-dca8-11e5-8541-00fb33bdf038 Topgolfs chairman, Erik Anderson, will take a spot on Callaways board of directors as vice chairman, joined by two other Topgolf directors. 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. 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. With the completion of the 9 new venues in 2021, Topgolf will have 70 venues operating for the entirety of 2022. What do legacy golf companies like Callaway plan to do about it? A lot of growth.. Kyle Arnold. Tech entrepreneur Ryan Smith purchased a majority stake in the Utah Jazz yesterday, which values the team at $1.6 billion. If you enjoyed todays email, subscribe now to receive future emails directly in your inbox. 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. 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. The demographics making up Topgolfs customer base is exactly where Callaway is lacking. It was a Tuesday and it was packed, Whan remembers. 108 total venues for the full year in 2025 leads to projected revenue of $2.3 billion and $336 million of EBITDA. Get the latest headlines delivered to your inbox every weekday. Access to easy-to-read digital editions of weekly issues. It is time and circumstance specific.. While the questions persist, for now, both sides are bullish on the future. Topgolf currently has 28 open locations in the United States, with another dozen opening soon all over the place. Additionally, EBITDA margin and average revenue per venue must stay constant with 2021's figures for these valuations to become realized. By Apart from Callaways previous 14% share in the golf-entertainment business, Topgolf also had major ownership stakes from Providence Equity Partners, WestRiver Group and Dundon Capital Partners, the Dallas-based investment arm of Carolina Hurricanes owner Tom Dundon. personalising content and ads, providing social media features and to Other lead investors include Callaway, which took a stake in the company in 2006; Carolina Hurricanes owner Thomas Dundon, who bought a stake in 2011; and Providence Equity, which took an undisclosed stake in 2016. 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. More than two decades of archival stories, profiles, research and data. Topgolf now has 38 U.S. and three overseas venues where customers can hit chip-embedded balls at high-tech driving range targets in a lounge-like atmosphere, complete with DJs and drink specials. Follow @topgolf on Instagram, Facebook, Twitter and LinkedIn, or visit the Topgolf Press page for the latest news. Investors are cautioned not to place undue reliance on such preliminary estimates. However, the Company has not completed its financial closing procedures for the three months ended September 30, 2020, and its actual results could vary materially from these preliminary estimates. Check if your The venues include golf driving bays that use its ball-tracing technology to make games out of the experience, along with food, music and golf retail. 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. I have 3 previous internship experiences in investment management equity research and I have been investing personally since 12 years old. Under the terms of the merger agreement, Callaway will issue approximately 90 million shares of its common stock to the shareholders of Topgolf, excluding Callaway, which currently holds approximately 14% of Topgolfs outstanding shares. 5 Excludes Deemed Landlord Financing
Our track record of creativity and diversity of offerings will only grow stronger as part of Callaway, a global leader in the industry, said Erik Anderson, executive chairman of Topgolf. 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. Athletic's got you covered. 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. 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. Topgolf contributed $336 million in revenue in Q4, which represented a 6 percent increase over the 2019 comp quarter. Upon closing, the combined companys Board of Directors will consist of 13 directors, including three directors appointed by Topgolf shareholders. Topgolf is very much in a high-growth phase right now, Brewer said. Callaway is issuing about 90M shares to facilitate the merger stock is down about 20% in response. Callaway announced the deal along with its third-quarter financial results, noting 12% year-over-year revenue growth to $476 million. Callaway Preliminary Q3 Results and Business Update, Chip Brewer added: The world is rediscovering golf in a way that has led to a record quarter for our company. This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Kara Barry
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. Call 1-800-GAMBLER (NJ/WV/PA/IL) or 1-800-9-WITH-IT (IN only) or 1-800-BETS-OFF (IA only) or 1-800-522-4700 (CO Only) or TN REDLINE: 800-889-9789. Callaway has invested in Topgolf twice already, in 2006 and 2018, amounting to an existing ownership stake of about 14%. We value who they reach and their diversity.. Keep in mind that this is all in-addition to Callaways core golf products business which will only see greater demand as well as a result of Topgolfs influence worldwide. All of us are looking forward to building new experiences, reaching new audiences and solidifying our digital infrastructure as we connect communities around the globe., In addition to Callaway, the current Topgolf ownership includes Providence Equity Partners, WestRiver Group and Dundon Capital Partners, which added: This is a natural combination that brings together two complementary businesses at the center of one of the most dynamic sports and entertainment experiences available today. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We use the Golf News Net byline sometimes just to change things up. Each Topgolf location costs about $20 million to build, and these locations have typically paid for themselves in two years. Topgolf has been growing like crazy the last several years, with the Dallas-based company adding locations around the country. Toptracer Range, a proprietary ball-tracking technology which is used by TV broadcasters and driving ranges across the country. 3 Morning Consult Polling, Published July 21, 2020
The transaction is subject to the approval of the shareholders of both Callaway and Topgolf, as well as other customary closing conditions, including required regulatory approval. With the deal, Callaway shareholders will own a 51.5% stake in the company with the rest owned by Topgolfs investors. This suggests that based on the current industry multiples and Topgolfs performance coming out of COVID, Callaway did not drastically overpay in the merger when you look towards the higher range of the valuation. analyse how our Sites are used. You can still enjoy your subscription until the end of your current billing period. 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? The high degree of interest in the game of golf as well as the past and future growth prospects of Topgolf makes Callaway one of the most intriguing investment opportunities. That doesnt include Callaways previous ownership stake. On top of the golf experience, Topgolf customers can order food and beverage which is then brought out to them at tables and outdoor furniture located just behind the bays, which are usually situated on three stacked levels. Using management guidance, modest growth assumptions, and industry EBITDA multiples, the Topgolf business could be worth up to $4.3 billion by 2025. Get the latest business insights from Dun & Bradstreet. Why did Callaway buy Topgolf? NW Atlanta, GA 30318, N Meacham Rd and E Algonquin Rd., Schaumburg, IL 60173, 10611 Nall Avenue, Overland Park, KS 66207, 10955 N. Mall Drive, Baton Rouge, LA 70809, 20101 Century Blvd., Germantown, MD 20874, 500 Great Lakes Crossing Dr., Auburn Hills, MI 48326, 6420 N. Camden Ave., Brooklyn Center, MN 55430, 16851 N. Outer 40 Rd., Chesterfield, MO 63005, 104 Centerton Rd., Mount Laurel, NJ 08054, 1600 Desert Surf Circle NE, Albuquerque, NM 87107, 8024 Savoy Corporate Dr., Charlotte, NC 28273, 5700 Brecksville Rd., Independence, OH 44131, 9568 Water Front Drive, West Chester Township, OH 45069, 13313 Pawnee Dr., Oklahoma City, OK 73114, 2850 Robert Grissom Pkwy., Myrtle Beach, SC 29577, 490 Camp Jordan Pkwy., East Ridge, TN 37412, 2700 Esperanza Crossing, Austin, TX 78758, 3760 Blair Oaks Drive, The Colony, TX 75056, 1030 Memorial Brook Blvd., Houston, TX 77084, 5539 North Loop 1604 W, San Antonio, TX 78249, 560 Spring Park Center Blvd., Spring, TX 77373, 920 Jordan River Blvd., Midvale, UT 84047, 20356 Commonwealth Center Dr. Ashburn, VA 20147, 5444 Greenwich Road, Virginia Beach, VA 23462. The acquisition of Topgolf for $2.6 billion redefined Callaway (ELY) as a golf entertainment company. 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. Both companies are well positioned to take advantage of both short- and long-term changes in consumer behavior as a result of the pandemic. The Callaway golf business, and the game of golf itself is experiencing unprecedented growth, Brewer said. Another literal connective effort is Topgolfs latest plan to build a new venue on the site of a West Palm Beach, Fla., public golf course. 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. Company is the darling of the golf industry
but faces challenges as it takes its growth to the next level. Topgolf may also be known as or be related to TopGolf International, Inc., Topgolf, Topgolf Entertainment Group, Topgolf International, Topgolf International Inc and Topgolf International, Inc. Stars and Strikes Family Entertainment Centers, Stars and Strikes Family Entertainment Centers Revenue, Stars and Strikes Family Entertainment Centers Reviews, Stars and Strikes Family Entertainment Centers Careers, Private Equity Round - Topgolf Entertainment Group. 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. (2) Represents the non-cash amortization of the debt discount on the convertible notes issued in May 2020. (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. 2 National Golf Foundation, August Rounds Play, Published September 2020
Four years later, business is exponentially booming for Dallas-based Topgolf, which has become a darling of the golf industry. Register for a free SBJ account to unlock one extra article per month. In addition, the Company has included in the schedules to this release a reconciliation of non-GAAP information to the most directly comparable GAAP information. Already a subscriber? Martins talks with SBJs Abe Madkour about coming up through the business from the communications side, what he learned during stints with multiple teams, and why he looks for emotional intelligence when interviewing job candidates. I have no business relationship with any company whose stock is mentioned in this article. 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. 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. And our climate-controlled bays mean your party will rock on through rain, heat, cold or whatever else Mother Nature throws at you. 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. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. The company is headquartered in Dallas, Texas. These selected companies were Dave & Buster's (PLAY), Live Nation (LYV), Drive Shack (DS), Cinemark (CNK), and Disney (DIS) who all have a component of in-person entertainment venues as a large part of their business. Patrick Burke
All rights reserved. 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. a component of in-person entertainment venues as a large part of their business. While golf has struggled in recent years with courses closing across the country, the pandemic has actually been a boon as more corporate employees work from home, along with the outdoor atmosphere golfing provides. Martins is a long-time sports executive who first started with the Magic in 1989. Getting good locations is hard, training is hard and we compete against all forms of entertainment, Anderson said. Looking for a great beer for Sunday through Thursday nights? Upon arriving, he was immediately taken aback. 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. The Company has provided reconciling information in the attached schedules. This valuation projection assumes that Callaway commits to and has the free cash flow available to invest in the future growth of Topgolf venues. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. You have to continue to reinvest in the experience.. We dont rule it out, Anderson said of the possibility of going public. It is making sure their brand is protected and really stands for something. I do not believe the market is correctly valuing the growth of Topgolf as a component of Callaway's business and thus the stock price. 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. 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. growth prospects of Topgolf makes Callaway one of the most intriguing investment opportunities. He previously worked as a business journalist for the Orlando Sentinel, Tulsa World and The Monitor in McAllen. In their Q3 earnings call, Callaway projected 2021 revenue and EBITDA from Topgolf will be $1.06 billion and $158 million; this provides an EBITDA margin of 14.91%. Will you try them? Callaway's transition to a golf entertainment company provides opportunity for a higher valuation range. Each Topgolf location costs about $20 million Chip Brewer will continue to lead the combined company as President and Chief Executive Officer. Just for fun, lets look at a potential valuation if management lives up to their expectation of 450 total venues worldwide over the next 20 years. 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. https://www.sportsbusinessjournal.com/Journal/Issues/2018/04/02/In-Depth/Topgolf.aspx. LPGA Commissioner Michael Whan had made it a point to stop by one of Topgolfs driving range-meets-entertainment venues in Dallas one evening during the week of the NCAA Final Four tournament in 2014. The Utah Jazz yesterday, which values the team at $ 1.6 billion a Tuesday and it was,. In revenue in Q4, which represented a 6 percent increase over the comp. By industry leaders is boosting the number of Topgolf for $ 2.6 billion redefined Callaway ( ELY as... Your subscription until the end of your current billing period higher valuation.... Much in a high-growth phase right now, both sides are bullish on the.... Additional information topgolf annual revenue per location where you Can still enjoy your subscription until the end of your current period! 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