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. Topgolf has done a wonderful job of running its business and creating an experience that is putting golf clubs in peoples hands.. 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. GNN may earn a commission from sales generated by those links. Information regarding the persons who are, under the rules of the SEC, participants in the solicitation of the stockholders of Callaway and Topgolf, respectively, in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement/prospectus/consent solicitation when it is filed with the SEC. Overhead can also run high, as Topgolf has about 15,000 full and part-time employees overall, which leads to staffing and training challenges as the company manages growth while focusing on providing a consistent and engaging fan experience. The preliminary estimates presented above are the responsibility of management and have been prepared in good faith on a consistent basis with prior periods. Disclosure: I/we have a beneficial long position in the shares of ELY either through stock ownership, options, or other derivatives. 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. 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. 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. For Callaway: Upon closing, the combined companys Board of Directors will consist of 13 directors, including three directors appointed by Topgolf shareholders. (2) Represents the non-cash amortization of the debt discount on the convertible notes issued in May 2020. 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.. Due to the constant popularity of Topgolf venues as well as the sport, I believe locations will continue to report exceptional revenues. 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? 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 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. Upon arriving, he was immediately taken aback. Topgolf is a global sports entertainment community headquartered in Dallas, Texas with locations in the United States, United Kingdom, and Australia. There are currently 58 Topgolf locations, 53 in the United States, 3 in the United Kingdom, and one in Australia. Cost of opening one TopGolf franchise is around Us $18 million. 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. Are the people drawn to the social nature of Topgolf really likely to consistently play 18 at the local club? 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. I am not receiving compensation for it (other than from Seeking Alpha). 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. 2023 Leaders Group. 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. We support credit card, debit card and PayPal payments. 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. We use 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. We are not nave to say we would never look at it. SBJ I Factor presented by Allied Sports features an interview with Orlando Magic CEO Alex Martins. 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. Its an all stock deal which gives Topgolf an implied equity value of ~$2 billion. I have 3 previous internship experiences in investment management equity research and I have been investing personally since 12 years old. 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. Accordingly, we have not provided a further reconciliation for long-term forecasted Adjusted EBITDAS to GAAP net income. Please. 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 (. Continued access to capital is a major priority if Topgolf is to continue its growth trajectory. Despite the US population increasing from 298M to 331M from 2006 to 2020an 11% increasethe number of golf participants in the United States hasnt followed suit, seeing a decline of about 20% during the same time period. Topgolf generated approximately $1.1 billion in revenue in 2019 and has grown at a 30% compound annual rate since 2017. The acquisition of Topgolf for $2.6 billion redefined Callaway (ELY) as a golf entertainment company. 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. 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. Capital is also needed to support the companys strategy to offer broader entertainment products either through acquisition or development. https://www.ft.com/content/a3573b9e-dca8-11e5-8541-00fb33bdf038 If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. 2023 Leaders Group. 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. In total, Topgolf licensed their Toptracer Range technology to 140+ TV broadcasts in 2019, is currently active in over 7,500 driving range bays across the world, and has reported revenue growth north of 230% since 2017. See insights on TopGolf including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. press@topgolf.com, Additional Information and Where You Can Find It. 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. 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. (3) Represents non-recurring costs associated with the Company's transition to its new North America Distribution Center, implementation of new IT systems for Jack Wolfskin, and $0.7 million of severance related to the Company's cost reduction initiatives. Said PGA Tour CMO Joe Arcuri, It is great for the tour product and for future fans. Callaway projects the combined companys revenue will be $2.8 billion, based on fiscal year 2019 results. Callaway will host a conference call today, October 27th, at 5:30 p.m. Eastern time to discuss this transaction. I am incredibly bullish on it, said Jeff Price, chief commercial officer for the PGA of America. Their CEOs explain the strat 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. 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. Callaway Golf Company (NYSE: ELY) is a premium golf equipment and active lifestyle company with a portfolio of global brands, including Callaway Golf, Odyssey, OGIO, TravisMathew and Jack Wolfskin. personalising content and ads, providing social media features and to It starts with the fact that the millennial audience is largely focused on experiences, Horne said. You really have to think about how well-positioned Topgolf is in this environment, Brewer said. 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. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. Topgolf has 6,761 employees, and the revenue per employee ratio is $32,539. 4 Based on 2022 projections There is also competition entering the market. So far, the companys success has been based on its reputation for innovation in a fun environment. Source: Created by Author with data from Yahoo Finance. They need to be smart in how they reach and connect with those people.. The Company has provided reconciling information in the attached schedules. The WestRiver Group, a private equity firm founded by Anderson, is a lead investor in Topgolf. Non-recurring costs and non-cash charges, before taxes (1). 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 number of shares issued is based upon an implied equity value of Topgolf of $1.986 billion6(including Callaways ownership position). We value who they reach and their diversity.. The early data is encouraging about participants going from Topgolf to the course. Follow @topgolf on Instagram, Facebook, Twitter and LinkedIn, or visit the Topgolf Press page for the latest news. There is a lot of white space. Its those numbers that have participant-hungry golf courses and the national golf associations all clamoring to draft off Topgolfs success. We see a lot of ways with golf to have a meaningful business, said Erik Anderson, executive chairman of Topgolf Entertainment. 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. 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. You can read the full Callaway & Topgolf investor presentation here. Topgolf began looking at an initial public offering in 2019. Non-fiction for kids: big books for little people are great news for publishers. WebFind company research, competitor information, contact details & financial data for Topgolf International, Inc. of Dallas, TX. 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Get the latest headlines delivered to your inbox every weekday. The report, which assessed the industry in 2016, found that golf is showing growth overall. 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. That doesnt include Callaways previous ownership stake. INVESTORS AND STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT/PROSPECTUS/ CONSENT SOLICITATION, AND OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC, IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CALLAWAY GOLF COMPANY, TOPGOLF INTERNATIONAL, INC., THE PROPOSED TRANSACTION AND RELATED MATTERS. The data presented on this page does not represent the view of Topgolf and its employees or that of Zippia. 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. Callaway also will assume Topgolfs debt, which is estimated to be $555 million at closing. 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 latest personnel hires and promotions, plus exclusive ratings and research from the sports industry. commentary and analysis you can trust. 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. I have no business relationship with any company whose stock is mentioned in this article. Compare Standard and Premium Digital here. He's been The News' business editor since 2015. 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 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. 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. 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 and Topgolf both delivered strong financial results immediately before the COVID pandemic and have since recovered ahead of expectations. Topgolf is the leading tech-enabled golf entertainment business, with an innovative platform that comprises its groundbreaking open-air venues, revolutionary Toptracer technology and innovative media platform with a differentiated position in eSports. It expects that to grow to $3.2 billion by 2022 and at a 10% rate after that. 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. 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. Each Topgolf location costs about $20 million As part of the agreement, Callaway will issue 90 million shares of its common stock to Topgolf shareholders. Dr Pepper flavored Peeps arrive in Texas soon. 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. None of the information on this page has been provided or approved by Topgolf. After extensive research and analysis, Zippia's data science team found the following key financial metrics. The player data is immensely attractive. 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 Its how do we take the interest and build connectivity with the Topgolf experience and ultimately make that connection to green grass?. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. Why did Callaway buy Topgolf? It is introducing millions of people to the sport, the LPGAs Whan said of Topgolfs impact on the sport. Topgolf currently has 28 open locations in the United States, with another dozen opening soon all over the place. Get the latest business insights from Dun & Bradstreet. WebTopGolf has 5 employees across 7 locations and $423.88 m in total funding,. Topgolfs ball-tracing technology is seen on televised golf broadcasts and its mobile golf game, World Golf Tour, boasts 28 million members. If you enjoyed todays email, subscribe now to receive future emails directly in your inbox. The average Topgolf hourly pay ranges from approximately $15 per hour for a Bay Host to $133 per hour for a Maintenance Associate. Topgolf employees rate the overall compensation and benefits package 3.5/5 stars. 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 demographics making up Topgolfs customer base is exactly where Callaway is lacking. Sorry, something went wrong with the copy but here is the link for you. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. 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. https://huddleup.substack.com/p/callaway-and-topgolf-breaking-down It is classified as operating in the Arts, 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. Using management guidance, modest growth assumptions, and I have no business relationship with any company whose stock is mentioned in this article. Both companies are well positioned to take advantage of both short- and long-term changes in consumer behavior as a result of the pandemic. A live webcast of the conference call and downloadable slides will be available online at: https://ir.callawaygolf.com. 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. 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. Gambling problem? Callaway has invested in Topgolf twice already, in 2006 and 2018, amounting to an existing ownership stake of about 14%. You have 2 All Access articles remaining this month. I find it hard to believe that acquisitions will allow it to buy its way out of a secular decline in golf participation. 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 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. Anderson would not disclose any company financial information or the cost of building Topgolf venues, but building between seven and 10 new venues annually would require a hefty dose of capital. What The CW offers LIV Golf; what Kevin Warren said in his opening presser with the Bears; and whats next for pickleball? 5 Excludes Deemed Landlord Financing Revenue at golf courses and clubs improved from $29.9 billion in 2011 to The company asked the city for $2.6 million in Callaways existing shareholders will own about 51.5% of the combined firm, with the remaining 48.5% going to Topgolfs own investors. Players can choose to compete in several Topgolf games in which players earn points based on how well they hit to specific targets. 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 will assume approximately $555 million in net debt with Topgolf. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 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