Its whether the locations they are building are consistent so that there is a reason for people to come back more than once.. If you've never been to a Topgolf, it's basically the golf version of a bowling alley. Even with the dizzying ascent of the company, Topgolf faces challenges with its growth and expansion. 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. I am incredibly bullish on it, said Jeff Price, chief commercial officer for the PGA of America. Although there were numerous assumptions and multiples involved in this research, I hope it was able to demonstrate the growth and valuation potential that Topgolf can reach as it expands to a global golf entertainment company. Time for a thread , This site requires JavaScript to run correctly. 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. Using management guidance, modest growth assumptions, and 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. Surely that should humble us a bit?, Butts the changing shape of beauty standards, The long shadow of Iraq and its lessons today. Founded in 2000, Topgolf has reinvented the concept of golfs antiquated driving range to attract both golf aficionados and novices alike, turning it into a destination venue for people to play technology-enabled golf games accompanied by music, food, and drinks. WebTopgolf: An entertainment complex that provides competitive golfing games for individuals and groups of all ages and skill levels. Sometimes we post sponsored content from this account, and it is labeled as such. Young people are fickle. Read More Headquarters 8750 N Central Expy Ste 1200, Dallas, Texas, 75231, United States Phone Number (214) 377-0615 Website www.topgolf.com Revenue $1B Industry And our climate-controlled bays mean your party will rock on through rain, heat, cold or whatever else Mother Nature throws at you. 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. Topgolf is doing some interesting things and is having an impact, said Scott Seymour, senior vice president and managing director of Octagons golf business. See our list below of Topgolf locations currently open, coming soon (under construction) and rumored. 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. Thats a goal of golf governing bodies, who already have instituted youth development programs aimed at attracting more young golfers to the game. 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. Sorry, something went wrong with the copy but here is the link for you. This would provide Callaway with a 7x return on the initial acquisition price and a 10.13% CAGR. City Council voted 4-3 to allocate the remaining $6 million in STAR bond revenue to the Topgolf project. I have no business relationship with any company whose stock is mentioned in this article. 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. 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. 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. 1 Golf Datatech industry report published September 21, 2020 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. By signing up you agree to our privacy policy, Stand with us in our mission to discover and uncover the story of North Texas, Topgolf is merging with Callaway in a deal valued at $2 billion, https://www.linkedin.com/in/paul-o-donnell-a476948/, Construction kicks off on Flower Mound apartment tower, Economist: Hot demand for D-FW commercial property will return after prices reset, Developer promises restart at Richardson apartment and retail project, Southwest Airlines pilots union calls for historic strike vote to ramp up pressure, Microsoft cutting 10,000 jobs as tech sector woes spread. To supplement the GAAP results, the Company has provided certain non-GAAP financial information as follows: EBITDAS. WebTopGolf has 5 employees across 7 locations and $423.88 m in total funding,. 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. (760) 931-1771 offers FT membership to read for free. During today's conversation IEG's Vice President of Strategy and Churchill Downs Vice President of Marketing, Brand and Partnerships Casey Ramage give us some insight on their analytical approach to sponsorship strategy. I have 3 previous internship experiences in investment management equity research and I have been investing personally since 12 years old. Stay informed and spot emerging risks and opportunities with independent global reporting, expert 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. 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. ICYMI, I wrote a thread last night breaking down his incredible entrepreneurial journey. The deal is expected to close in early 2021. With such dizzying expansion, its no surprise that the PGA Tour, PGA of America and LPGA have promotional partnerships with the company in an attempt to convert the hordes of casual and non-golfers who are flocking to Topgolf over to traditional golf. 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. Both companies are well positioned to take advantage of both short- and long-term changes in consumer behavior as a result of the pandemic. But, it's one of us humans writing the story, we promise. I am not receiving compensation for it (other than from Seeking Alpha). 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. The part you didn't know? 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. 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. Bottom line Topgolf has developed a unique way to engage an entire new generation of individuals that werent interested in golf before. On a percentage basis, over 95% of Topgolfs revenue is broken out evenly between gameplay, events, and food & beverage which is interesting considering a typical driving range might hardly make any money off food & beverage or events. Callaway and Topgolf both delivered strong financial results immediately before the COVID pandemic and have since recovered ahead of expectations. https://www.sportsbusinessjournal.com/Journal/Issues/2018/04/02/In-Depth/Topgolf.aspx. personalising content and ads, providing social media features and to You are seeing the growth and they will need capital to continue to grow the footprint.. Any time you have a business that requires that kind of capital investment and real estate, you have to be creative in what is the model for capital maintenance, Hirshland said. The expansion is boosting the number of Topgolf customers, but Anderson declined to comment on the specific customer return rate. GNN may earn a commission from sales generated by those links. 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. 2023 Leaders Group. That doesnt include Callaways previous ownership stake. People come back, it is a meaningful repeat business, he said. 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. The Company provides information about its results excluding interest, taxes, depreciation and amortization expense, and non-cash stock compensation expense. Averaging out these 2 years resulted in an EBITDA range of 8.20x to 11.65x. While the company is expanding, it lacks a large presence in the Northeast and in Southern California, with no current facilities in Los Angeles or San Diego. It's been proclaimed the most exciting two minutes in sports. Its not exactly clear yet, but id expect more of the same. Callaways existing shareholders will own about 51.5% of the combined firm, with the remaining 48.5% going to Topgolfs own investors. 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. A live webcast of the conference call and downloadable slides will be available online at: https://ir.callawaygolf.com. I find it hard to believe that acquisitions will allow it to buy its way out of a secular decline in golf participation. Their CEOs explain the strat The demographics making up Topgolfs customer base is exactly where Callaway is lacking. They need to be smart in how they reach and connect with those people.. 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. Topgolf projects adding more than 3,500 bays in 2020, and around 8,000 new bays per year starting in 2022. 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. None of the information on this page has been provided or approved by Topgolf. WebFounded in 2000, Topgolf is a sports entertainment facility that features hitting bays, a restaurant, and a bar. Topgolf garnered an investment from Callaway in 2006 and expanded to the United States, now the primary market for the company. 5 Excludes Deemed Landlord Financing It is time and circumstance specific.. 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. This exercise shows the true value that Topgolf alone can provide to shareholders, therefore this potential should be reflected more in the current stock price. 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. Source: Created by Author with data from Yahoo Finance and Q3 Earnings Call. Getting good locations is hard, training is hard and we compete against all forms of entertainment, Anderson said. 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. Topgolf).. Standard Digital includes access to a wealth of global news, analysis and expert opinion. You can still enjoy your subscription until the end of your current billing period. 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 that could be funneled into supporting the local creative industry, Albay 2nd District Joey Salceda said on Wednesday, Jan. 18. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. (4) Represents certain non-recurring costs, including costs associated with the acquisition of Jack Wolfskin. There is a lot of white space. 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). We see a lot of ways with golf to have a meaningful business, said Erik Anderson, executive chairman of Topgolf Entertainment. A resurgence in corporate events business drove most of the same venue sales positive surprise in Q4, explained Callaway President and My name is Kyle Repar. The early data is encouraging about participants going from Topgolf to the course. 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. Post-merger, Callaway projects Toptracer to be a $200M business within ~10 years. Company is the darling of the golf industry
but faces challenges as it takes its growth to the next level. 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. 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. https://www.ft.com/content/a3573b9e-dca8-11e5-8541-00fb33bdf038 We support credit card, debit card and PayPal payments. Non-GAAP Reconciliation and Supplemental Financial Information, Non-recurring and non-cash charges, before taxes(1). Topgolf peak revenue was $220.0M in 2021. Compare Standard and Premium Digital here. The foregoing list is not exhaustive. The number of shares issued is also based upon a fixed price of Callaway common stock of $19.40 per share. Management believes that the presentation of such non-GAAP information, when considered in conjunction with the most directly comparable GAAP information, provides additional useful comparative information for investors in their assessment of the underlying performance of the Company's business with regard to these items. Access to easy-to-read digital editions of weekly issues. 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 Entertainment Group's platforms include Topgolf venues, Topgolf International, Toptracer, Topgolf Media and Topgolf Swing Suite. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. The Callaway golf business, and the game of golf itself is experiencing unprecedented growth, Brewer said. Dr Pepper flavored Peeps arrive in Texas soon. The non-GAAP information may also be inconsistent with the manner in which similar measures are derived or used by other companies. 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. Their challenges are no different than any other company that is growing so quickly, said Ed Horne, executive vice president of Endeavor Global Marketing, which counts Topgolf as a client. Callaway will host a conference call today, October 27th, at 5:30 p.m. Eastern time to discuss this transaction. Callaway also will assume Topgolfs debt, which is estimated to be $555 million at closing. Kara Barry 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. Topgolf International's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. WebAbout Topgolf Entertainment Group Topgolf Entertainment Group is a technology-enabled global sports and entertainment community that connects people in meaningful ways In addition, these preliminary estimates are not necessarily indicative of the results to be achieved in any future period. Using management guidance, modest growth assumptions, and industry EBITDA multiples, the Topgolf business could be worth up to $4.3 billion by 2025. Give them a try - use JOE25 for 25% off your first order at athleticbrewing.com. 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. 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. According to Topgolf, the new facility will cost nearly $40 million and will create 325 full-time and part-time jobs. The company asked the city for $2.6 million in 6 Implied equity value of $1.739 billion when accounting for the various preferential rights of Topgolf shareholders and excluding assumed stock options and Callaways ownership position I never would have envisioned that it has become as popular as it is.. The employee data is based on information from people who have self-reported their past or current employments at Topgolf. For Callaway: 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. If you would like to receive it directly in your inbox, subscribe now. Chip Brewer will continue to lead the combined company as President and Chief Executive Officer. According to Axios, 1834 year olds represent 25% of on-course golfers, but 40% of the 9.9 million off-course golfers (i.e. 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. For more information please visit www.callawaygolf.com, www.odysseygolf.com, www.OGIO.com, www.travismathew.com, and www.jack-wolfskin.com. Martins is a long-time sports executive who first started with the Magic in 1989. We value who they reach and their diversity.. Diluted earnings (loss) per share:. (1) Represents amortization expense of intangible assets from the acquisitions of OGIO, TravisMathew and Jack Wolfskin. Through an unwavering commitment to innovation, Callaway manufactures and sells premium golf clubs, golf balls, golf and lifestyle bags, golf and lifestyle apparel and other accessories. Non-recurring costs and non-cash charges, before taxes (1). If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. 3 Morning Consult Polling, Published July 21, 2020 Topgolf is a growing and potentially large business that Callaway appears to have acquired at a good price, but thats only part of the equation. However, once completed, management estimates that on average a typical venue generates $17 million in annual revenue and $5 million in adjusted EBITDA. That is why we are so focused on content and experience.. 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. 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. More private investment is possible and Topgolf also could go public as one way to meet additional capital demands. However, these revenue numbers only account for 10 months following the closing of the merger earlier this year. 2023 Leaders Group. What do legacy golf companies like Callaway plan to do about it? 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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? You may change or cancel your subscription or trial at any time online. The company is headquartered in Dallas, Texas. 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. 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. Callaway is issuing about 90M shares to facilitate the merger stock is down about 20% in response. I am not receiving compensation for it (other than from Seeking Alpha). Looking for a great beer for Sunday through Thursday nights? For additional information concerning these and other risks and uncertainties that could affect these statements, the golf industry, and Callaways business, see Callaways Annual Report on Form 10-K for the year ended December 31, 2019 as well as other risks and uncertainties detailed from time to time in Callaways reports on Forms 10-Q and 8-K subsequently filed with the SEC, including the proxy statement/prospectus/consent solicitation that will be included in the registration statement on Form S-4 that will be filed with the SEC in connection with the proposed transaction. 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. Topgolf charges include: Venue closure costs, a regulatory settlement reserve, the remeasurement of a contingent earnout obligation, and the remeasurement of a stock-warrant liability. Topgolf is continuing on its expansion plans in major American cities, as well expanding into Australia, Mexico and Canada through licensing deals. Topgolf has 6,761 employees, and the revenue per employee ratio is $32,539. Topgolf revenue is $220.0M annually. Maintaining our same EBITDA multiple range of 8.20x to 12.75x, the Topgolf business could be worth up to $4.3 billion in total value and $23.02 per share by 2025. John Lundgren will continue as Chairman of the Board of the combined company, while Erik Anderson will serve as Vice Chairman. Remaining privately-owned during those two decades, the company built locations in every region of the country. 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. Is this happening to you frequently? A long-term forecast of each of these line items is not available without unreasonable efforts due to the variability of these items and the inability to predict them with certainty. 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 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. 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%. Players can choose to compete in several Topgolf games in which players earn points based on how well they hit to specific targets. Callaway projects the combined companys revenue will be $2.8 billion, based on fiscal year 2019 results. Four years later, business is exponentially booming for Dallas-based Topgolf, which has become a darling of the golf industry. 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. Amortization expense of intangible assets from the acquisitions of OGIO, TravisMathew and Jack Wolfskin from sales generated by links. And non-cash charges, before taxes ( 1 ) per year starting in 2022 is expected to close early! Base is exactly where Callaway is issuing about 90M shares to facilitate the merger earlier year! Online at: https: //ir.callawaygolf.com open, coming topgolf annual revenue per location ( under construction ) and rumored and have... Account for 10 months following the closing of the combined companys revenue will be auto-enrolled in our Premium Digital.. 1 ) do nothing, you will have complete Digital access to with! Interested in golf participation a fixed price of Callaway common stock of $ 19.40 per share the new will! Expense, and it is time and circumstance specific features hitting bays a... Many users needs issued is also based upon a fixed price of Callaway common stock of $ 19.40 per.. Plan to do about it 2020, and www.jack-wolfskin.com whether the locations they are building consistent... October 27th, at 5:30 p.m. Eastern time to discuss this transaction minutes in sports Topgolfs own investors excluding! Or cancel your subscription or trial at any time online PGA of America //www.ft.com/content/a3573b9e-dca8-11e5-8541-00fb33bdf038 we credit... As President and chief executive officer time and circumstance specific immediately before the COVID pandemic and have since recovered of. Investment management equity research and i have been investing personally since 12 years old Topgolf is a sports facility! 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