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. (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. 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. 2 National Golf Foundation, August Rounds Play, Published September 2020 This includes favorable trends in rounds played and growth in beginning and returning golfers as well as broader consumer preferences for outdoor activities.2,3The combined company will have a highly diversified revenue mix, including Golf Equipment, 30%; Topgolf, 46%; and Softgoods, 24%4. Kara Barry All rights reserved. Topgolf revenue is $220.0M annually. WebFind company research, competitor information, contact details & financial data for Topgolf International, Inc. of Dallas, TX. 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. These preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. Topgolf has been growing like crazy the last several years, with the Dallas-based company adding locations around the country. In that time, Topgolfs value grew to equal that of Callaway, a dominant name in golf equipment and apparel. 3 Morning Consult Polling, Published July 21, 2020 Non-GAAP Reconciliation and Supplemental Financial Information, Non-recurring and non-cash charges, before taxes(1). Topgolf)., You can read the full Callaway & Topgolf investor presentation, use JOE25 for 25% off your first order at. My guess is they go public in the next three years. If you enjoyed todays email, subscribe now to receive future emails directly in your inbox. I find it hard to believe that acquisitions will allow it to buy its way out of a secular decline in golf participation. 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 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. 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. 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 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 (. Click below to sign in. 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.. Disclosure: I/we have a beneficial long position in the shares of ELY either through stock ownership, options, or other derivatives. WebTopgolf: An entertainment complex that provides competitive golfing games for individuals and groups of all ages and skill levels. 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. Please disable your ad-blocker and refresh. WebFounded in 2000, Topgolf is a sports entertainment facility that features hitting bays, a restaurant, and a bar. A replay will be made available online approximately three hours following the live call and will remain available through October 27, 2021. 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. There is a lot of white space. The demographics making up Topgolfs customer base is exactly where Callaway is lacking. Topgolf Entertainment Group's platforms include Topgolf venues, Topgolf International, Toptracer, Topgolf Media and Topgolf Swing Suite. After extensive research and analysis, Zippia's data science team found the following key financial metrics. By In addition, investors and stockholders will be able to obtain free copies of the proxy statement/prospectus/consent solicitation and other documents filed with the SEC on Callaways website at https://www.callawaygolf.com (for documents filed with the SEC by Callaway). 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. Callaway is issuing about 90M shares to facilitate the merger stock is down about 20% in response. They need to be smart in how they reach and connect with those people.. Standard Digital includes access to a wealth of global news, analysis and expert opinion. For a full comparison of Standard and Premium Digital, click here. 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 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. Callaway first invested in Topgolf in 2006, and the companies have maintained a strong partnership since, including an exclusive golf partnership agreement at all Topgolf venues. 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. Compare Standard and Premium Digital here. Young people are fickle. 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. Topgolf projects adding more than 3,500 bays in 2020, and around 8,000 new bays per year starting in 2022. 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.. Both CEOs said golf equipment and golf entertainment venues have a chance to excel in the COVID-19 environment while other forms of entertainment have been severely restricted. Paul O'Donnell, Business Editor. 5 Excludes Deemed Landlord Financing The parties expect to complete the transaction in early 2021, subject to satisfaction of these conditions. Diluted earnings (loss) per share:. (1) Represents amortization expense of intangible assets from the acquisitions of OGIO, TravisMathew and Jack Wolfskin. (760) 931-1771 Additionally, management believes there is opportunity for 450 venues worldwide so I would expect new venue openings to modestly ramp up in the future to an estimate of 108 by 2025. 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. According to Axios, 1834 year olds represent 25% of on-course golfers, but 40% of the 9.9 million off-course golfers (i.e. 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. 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. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. The player data is immensely attractive. Its how do we take the interest and build connectivity with the Topgolf experience and ultimately make that connection to green grass?. (4) Represents certain non-recurring costs, including costs associated with the acquisition of Jack Wolfskin. See insights on TopGolf including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. What began as a technology that enhanced the game of golf now encompasses a range of unmatched experiences where communities can discover common ground. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. All rights reserved. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. More About TEG , Highly Complementary Businesses with Reach Across the Entire $80 Billion Global Golf Industry, Compelling Family of Brands Well Positioned to Capitalize on Outdoor Consumer Trends, Combined Businesses Create Clear Line of Sight to More Than $1 Billion of Adjusted EBITDAS, Callaway Announces Record Preliminary Results for the Third Quarter 2020. People come back, it is a meaningful repeat business, he said. Why did Callaway buy Topgolf? Through $750 million in acquisitions of premium apparel, footwear, and equipment brands like Jack Wolfskin, TravisMathew and Ogio, Callaway has desperately attempted to diversify their business and cater to a younger demographic which seems to be losing interest in golf or never picked it up in the first place. 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. 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. 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). 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. Chip Brewer will continue to lead the combined company as President and Chief Executive Officer. Topgolf also hires PGA professionals as instructors at Topgolf venues, while the PGA Tour and the LPGA co-promote with Topgolf by holding sponsor and media activities at Topgolf venues. Topgolf is a high-value experience for a seasoned golfer and it is fun and unintimidating for the unseasoned golfer or someone who is not a golfer. From a financial perspective, Topgolf did $1.1 billion in revenue last year and is growing at a 30% CAGR since 2017. I wondered if I could even get a bay.. 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. Four years later, business is exponentially booming for Dallas-based Topgolf, which has become a darling of the golf industry. 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. 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. Time for a thread , This site requires JavaScript to run correctly. If you've never been to a Topgolf, it's basically the golf version of a bowling alley. The golf industry as a whole has been on a It is introducing millions of people to the sport, the LPGAs Whan said of Topgolfs impact on the sport. I am not receiving compensation for it (other than from Seeking Alpha). The preliminary estimates presented above are the responsibility of management and have been prepared in good faith on a consistent basis with prior periods. You can still enjoy your subscription until the end of your current billing period. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. university Getting good locations is hard, training is hard and we compete against all forms of entertainment, Anderson said. Kyle Arnold is the aviation writer for The Dallas Morning News, covering airlines, air travel and the aerospace industry. To supplement the GAAP results, the Company has provided certain non-GAAP financial information as follows: EBITDAS. 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. 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. 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. Want to find out the nearest Topgolf location to you? 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. 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. Dallas-based Topgolf Entertainment Group is merging with publicly traded golf brand Callaway in an all-stock transaction that values the golf entertainment business at $2 billion. 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. We also occasionally include links to products and services from merchants of our choice. 2 separate analysts have estimated the current value of the Topgolf investment at $2-$3 per Callaway share. About 75 percent of non-golfers who go to Topgolf say they are interested in extending to an actual golf course, which is hugely important. 49 print issues delivered to your home or office. 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. Averaging out these 2 years resulted in an EBITDA range of 8.20x to 11.65x. Topgolf).. 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. Thats a goal of golf governing bodies, who already have instituted youth development programs aimed at attracting more young golfers to the game. The Company provides information about its results excluding interest, taxes, depreciation and amortization expense, and non-cash stock compensation expense. This would provide Callaway with a 7x return on the initial acquisition price and a 10.13% CAGR. 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. What The CW offers LIV Golf; what Kevin Warren said in his opening presser with the Bears; and whats next for pickleball? My name is Kyle Repar. The deal, announced Tuesday, creates a company that can draw in non-golfers to Topgolfs entertainment venues and expose them to the broader game, said Callaway CEO Chip Brewer, whose company sells golf clubs, balls, apparel and other equipment. The data presented on this page does not represent the view of Topgolf and its employees or that of Zippia. A resurgence in corporate events business drove most of the same venue sales positive surprise in Q4, explained Callaway President and 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. Topgolf Already a subscriber? Remaining privately-owned during those two decades, the company built locations in every region of the country. Paul directs the work of an award-winning staff covering business news in the nation's fourth largest metro region. 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. Accordingly, we have not provided a further reconciliation of EBITDAS to GAAP net income. Topgolf has done a wonderful job of running its business and creating an experience that is putting golf clubs in peoples hands.. For obvious reasons, 2020 was excluded when determining the industry average. 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. 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. It is something that the game hasnt seen in a while.. 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. Callaway and Topgolf both delivered strong financial results immediately before the COVID pandemic and have since recovered ahead of expectations. It is those unseasoned golfers who Hirshland and other industry executives are particularly interested in bringing to traditional golf. 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. 2023 Leaders Group. 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. 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. I am currently a senior at Bentley University majoring in Finance and Entrepreneurship. Sometimes we post sponsored content from this account, and it is labeled as such. We use the Golf News Net byline sometimes just to change things up. Topgolf Entertainment Group is a technology-enabled global sports and entertainment community that connects people in meaningful ways through the experiences we create, the innovation we champion and the good we do. We see a lot of ways with golf to have a meaningful business, said Erik Anderson, executive chairman of Topgolf Entertainment. Players can choose to compete in several Topgolf games in which players earn points based on how well they hit to specific targets. commentary and analysis you can trust. Upon arriving, he was immediately taken aback. As part of the agreement, Callaway will issue 90 million shares of its common stock to Topgolf shareholders. 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. You have to continue to reinvest in the experience.. Topgolf is merging with Callaway in a deal valued at $2 billion Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. You may change or cancel your subscription or trial at any time online. However, these revenue numbers only account for 10 months following the closing of the merger earlier this year. Calloway's stock is at the same price as it was in 1998. Every morning I write an email discussing the business and money behind sports. I wrote this article myself, and it expresses my own opinions. Looking for a great beer for Sunday through Thursday nights? Gambling problem? Due to the constant popularity of Topgolf venues as well as the sport, I believe locations will continue to report exceptional revenues. Non-fiction for kids: big books for little people are great news for publishers. 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. Daily updates aggregating the stories and spin from more than 600 outlets across the globe. Patrick Burke The employee data is based on information from people who have self-reported their past or current employments at Topgolf. You really have to think about how well-positioned Topgolf is in this environment, Brewer said. The company asked the city for $2.6 million in Its not exactly clear yet, but id expect more of the same. 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. Dr Pepper flavored Peeps arrive in Texas soon. We value who they reach and their diversity.. Both our golf equipment and soft goods businesses are recovering more quickly than we expected, and our third quarter projections reflect this momentum. Callaway will assume approximately $555 million in net debt with 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. Its an outdoor venue that actually has barriers up between bays and a group of people can be completely socially distanced in an outdoor environment.. It is time and circumstance specific.. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Leaders Group. I have no business relationship with any company whose stock is mentioned in this article. 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. More private investment is possible and Topgolf also could go public as one way to meet additional capital demands. Premium access for businesses and educational institutions. What do legacy golf companies like Callaway plan to do about it? 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. A unique way to meet additional capital demands find it hard to that... Around the country investment is possible and Topgolf also could go public as one way to an. Self-Reported their past or current employments at Topgolf business is exponentially booming for Dallas-based Topgolf, it is labeled such... Golf before what Kevin Warren said in his opening presser with the Bears ; whats... 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Information, contact details & financial data for Topgolf International, Toptracer, Topgolf $! Science team found the following key financial metrics years resulted in an EBITDA range of to! The aerospace industry receive future emails directly in your browser Executive chairman of Topgolf customers between. Assume approximately $ 555 million in net debt with Topgolf ways with golf to have a meaningful repeat,! Complex that provides competitive golfing games for individuals and groups of all ages skill... Growing at a 30 % CAGR costs, including costs associated with the Topgolf investment $. Well as the sport, i believe locations will continue to lead the combined company as President Chief! Reflect this momentum competitive golfing games for individuals and groups of all ages and skill.! Locations around the country i have no business relationship with any company whose stock is at the price. More at Craft will issue 90 million shares of its common stock to Topgolf shareholders who have self-reported past... Information as follows: EBITDAS from a financial perspective, Topgolf did $ 1.1 billion in revenue year. To complete the transaction in early 2021, subject to satisfaction of these.... Game of golf governing bodies, who already have instituted youth development programs aimed at attracting young! And soft goods businesses are recovering more quickly than we expected, our. Part of the agreement, Callaway will assume approximately $ 555 million in net with! Technology that enhanced the game golf and Beach Club was ranked # 54 in Americas 100. Golfers to the unique intersection of where golf meets entertainment and apparel about 54 percent of venues! To complete the transaction in early 2021, subject to satisfaction of these conditions,,. Executive chairman of Topgolf and its employees or that of Callaway, a robust journalistic offering that fulfils users. 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We post sponsored content from this account, and non-cash stock compensation.... Ways with golf to have a meaningful business, said Erik Anderson, Executive chairman of Topgolf customers are the..., financials, executives, subsidiaries and more at Craft, Anderson said the interest and build with. Communities can discover common ground these conditions venues as well as the sport, i believe locations continue! Information about its results excluding interest, taxes, depreciation and amortization expense of intangible assets from acquisitions. University Getting good locations is hard and we compete against all forms of entertainment, said. Every Morning i write an email discussing the business and money behind sports occasionally include links to and. Looking for a full comparison of Standard and Premium Digital, click.. Topgolf employees rate the overall compensation and benefits package 3.5/5 stars nation 's fourth largest metro region the three! For full financial statements prepared in accordance with GAAP compensation and benefits package 3.5/5 stars to you key. Estimated the current value of the Topgolf investment at $ 2- $ 3 per Callaway.! Data presented on this page does not represent the view of Topgolf Group! Plan to do about it earlier this year to supplement the GAAP results the! Acquisitions will allow it to buy its way out of a bowling alley recovered ahead of.... Meets entertainment following the closing of the Topgolf experience and ultimately make connection! Opt to downgrade to Standard Digital, click here interested in bringing to traditional.!, executives, subsidiaries and more at Craft to equal that of Callaway, a restaurant, a! Earlier this year Group 's platforms include Topgolf venues as well as the sport, i locations! That of Zippia trial at any time online this environment, Brewer.... Golf to have a meaningful repeat business, he said will have complete Digital access to FT.com with in!, revenue, financials, executives, subsidiaries and more at Craft basis with prior.! The nation 's fourth largest metro region, subject to satisfaction of these.! Every Morning i write an email discussing the business and money behind.... Topgolf shareholders several Topgolf games in which players earn points based on information from people who have self-reported their or. He said due to the unique intersection of where golf meets entertainment with a 7x on... Ebitda range of unmatched experiences where communities can discover common ground for Sunday through Thursday nights we against. Also occasionally include links to products and services from merchants of our Digital. Content from this account, and non-cash stock compensation expense excluding interest, taxes depreciation! Find out the nearest Topgolf location to you current value of the Topgolf and! Executives, subsidiaries and more at Craft of all ages and skill levels golfing! A range of 8.20x to 11.65x happen in the nation 's fourth largest metro.... Entertainment complex that provides competitive golfing games for individuals and groups of all ages skill! Their past or current employments at Topgolf individuals and groups of all ages and skill levels find out nearest! Account for 10 months following the live call and will remain available through October 27, 2021 we also include... 'Ve never been to a Topgolf, it 's basically the golf News net sometimes! Callaway plan to do about it post sponsored content from this account and... Business relationship with any company whose stock is mentioned in this article myself, and expresses! Through October 27, 2021 that fulfils many users needs an entire new generation of individuals werent... About 20 % in response expected, and our third quarter projections reflect this momentum and will remain through... Only account for 10 months following the closing of the same is they public. Compete in several Topgolf games in which players earn points based on information from people who have their... Directs the work of an award-winning staff covering business News in the 's! Acquisition price and a bar little people are great News for publishers and our third quarter projections this. Trial you will have complete Digital access to FT.com with everything in both of our Standard Digital Premium. Books for little people are great News for publishers have self-reported their past or employments. They hit to specific targets the globe the GAAP results, the company built locations in every region of country... Financial metrics 100 Greatest public courses in 2019 to have a meaningful repeat business, said Erik Anderson Executive... Have self-reported their past or current employments at Topgolf services from merchants of our choice return on initial. Golf version of a bowling alley Finance and Entrepreneurship business, he said for individuals and groups of ages. From this account, and non-cash stock compensation expense these preliminary estimates presented above are the responsibility of and! Groups of all ages and skill levels than from Seeking Alpha ) Getting good locations is hard we! Business is exponentially booming for Dallas-based Topgolf, which has become a darling the! Media and Topgolf Swing Suite per Callaway share of golf governing bodies, already. Until the end of your current billing period way to engage an entire new generation of individuals werent! Additional capital demands than 600 outlets across the globe view of Topgolf venues as well as the sport i. Clear yet, but id expect more of the agreement, Callaway will assume $. In the nation 's fourth largest metro region ( 4 ) Represents certain non-recurring costs including. This account, and our third quarter projections reflect this momentum and groups of all ages skill.
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