WebFind company research, competitor information, contact details & financial data for Topgolf International, Inc. of Dallas, TX. As Topgolf continues to expand, all eyes will be on whether Topgolf can play a major role in developing a new generation of golfers and enthusiasts of the game. Topgolf currently has 28 open locations in the United States, with another dozen opening soon all over the place. The part you didn't know? By Said PGA Tour CMO Joe Arcuri, It is great for the tour product and for future fans. 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. The latest personnel hires and promotions, plus exclusive ratings and research from the sports industry. More than half of Topgolfs customers identify themselves as non-golfers, giving Callaway early exposure to potential golfers. Topgolf).. 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. 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 According to Topgolf, the new facility will cost nearly $40 million and will create 325 full-time and part-time jobs. 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. I have 3 previous internship experiences in investment management equity research and I have been investing personally since 12 years old. 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. SBJ I Factor presented by Allied Sports features an interview with Orlando Magic CEO Alex Martins. Get the latest headlines delivered to your inbox every weekday. 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. Topgolf is continuing on its expansion plans in major American cities, as well expanding into Australia, Mexico and Canada through licensing deals. Will you try them? The replay may be accessed through the Internet at this link. However, once completed, management estimates that on average a typical venue generates $17 million in annual revenue and $5 million in adjusted EBITDA. (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. He's been The News' business editor since 2015. 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. 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. And it has plans or letters of intent to build another 33 facilities and designs on growing outside the United States through franchising. commentary and analysis you can trust. 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. https://www.ft.com/content/a3573b9e-dca8-11e5-8541-00fb33bdf038 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. 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. 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. Both our golf equipment and soft goods businesses are recovering more quickly than we expected, and our third quarter projections reflect this momentum. Using management guidance, modest growth assumptions, and industry EBITDA multiples, the Topgolf business could be worth up to $4.3 billion by 2025. Topgolf is expected to generate $1.06 billion in revenue and $158 million in EBITDA in 2021. 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. Their CEOs explain the strat It starts with the fact that the millennial audience is largely focused on experiences, Horne said. university 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. Whats the bid for this rarest of Bugattis? 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 (. Topgolf is doing some interesting things and is having an impact, said Scott Seymour, senior vice president and managing director of Octagons golf business. 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. 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. The words may, should, will, could, would, anticipate, plan, believe, project, estimate, expect, strategy, future, likely, and similar expressions, among others, generally identify forward-looking statements, which speak only as of the date the statements were made and are not guarantees of future performance. 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. Accordingly, we have not provided a further reconciliation of EBITDAS to GAAP net income. He is a University of Washington graduate. After extensive research and analysis, Zippia's data science team found the following key financial metrics. 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. What is exciting is the belief that they can be LPGA viewers or on-site fans. Its not exactly clear yet, but id expect more of the same. Compare Standard and Premium Digital here. He has been CEO since 2011, and was instrumental in the Amway Center winning a Sports Business Award for Facility of the Year in 2012. Keep abreast of significant corporate, financial and political developments around the world. Both companies are well positioned to take advantage of both short- and long-term changes in consumer behavior as a result of the pandemic. As part of the agreement, Callaway will issue 90 million shares of its common stock to Topgolf shareholders. The deal is expected to close in early 2021. What began as a technology that enhanced the game of golf now encompasses a range of unmatched experiences where communities can discover common ground. Itll be fun to see how creative Callaway gets in an attempt to funnel recreational driving range visitors into legitimate customers for their existing brand. But, it's one of us humans writing the story, we promise. 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. The Callaway golf business, and the game of golf itself is experiencing unprecedented growth, Brewer said. 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. 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The company is headquartered in Dallas, Texas. My name is Kyle Repar. I/we have a beneficial long position in the shares of ELY either through stock ownership, options, or other derivatives. I wondered if I could even get a bay.. Sometimes we post sponsored content from this account, and it is labeled as such. 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 City Council voted 4-3 to allocate the remaining $6 million in STAR bond revenue to the Topgolf project. ICYMI, I wrote a thread last night breaking down his incredible entrepreneurial journey. Callaway, Topgolf, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Callaway in connection with the proposed transaction. 49 print issues delivered to your home or office. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. 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. 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. Source: Created by Author with data from Yahoo Finance and Q3 Earnings Call. Under the terms of the agreement, Callaway and Topgolf will combine in an all-stock transaction creating a global golf and entertainment leader. 2023 Leaders Group. Patrick Burke We are not nave to say we would never look at it. 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. Bottom line Topgolf has developed a unique way to engage an entire new generation of individuals that werent interested in golf before. Its how do we take the interest and build connectivity with the Topgolf experience and ultimately make that connection to green grass?. However, once completed, management estimates that on average a typical venue generates $17 million in annual revenue and $5 million in adjusted EBITDA. 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. Even with the dizzying ascent of the company, Topgolf faces challenges with its growth and expansion. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Leaders Group. 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. 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. 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. Before that, he was editor-in-chief at the Dallas Business Journal and business editor at the Cleveland Plain Dealer. Topgolf has done a wonderful job of running its business and creating an experience that is putting golf clubs in peoples hands.. Topgolf generated approximately $1.1 billion in revenue in 2019 and has grown at a 30% compound annual rate since 2017. Its those numbers that have participant-hungry golf courses and the national golf associations all clamoring to draft off Topgolfs success. and other data for a number of reasons, such as keeping FT Sites reliable and secure, This would provide Callaway with a 7x return on the initial acquisition price and a 10.13% CAGR. 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. Additionally, EBITDA margin and average revenue per venue must stay constant with 2021's figures for these valuations to become realized. Daily updates aggregating the stories and spin from more than 600 outlets across the globe. The Company has provided reconciling information in the attached schedules. The demographics making up Topgolfs customer base is exactly where Callaway is lacking. You may change or cancel your subscription or trial at any time online. 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 golf industry as a whole has been on a I am not receiving compensation for it (other than from Seeking Alpha). I never would have envisioned that it has become as popular as it is.. Simply log into Settings & Account and select "Cancel" on the right-hand side. Upon closing, the combined companys Board of Directors will consist of 13 directors, including three directors appointed by Topgolf shareholders. In a statement, the House Ways and Means chair explained 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. Topgolf revenue is $220.0M annually. If you have an ad-blocker enabled you may be blocked from proceeding. It was a Tuesday and it was packed, Whan remembers. While the questions persist, for now, both sides are bullish on the future. Source: Created by Author with data from Yahoo Finance. The employee data is based on information from people who have self-reported their past or current employments at Topgolf. If you would like to participate in the call, please dial 1-877-879-1183 or 1-412-902-6703, if calling internationally, approximately 15 minutes prior to the start of the call (access code: 5543896). 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. 2 separate analysts have estimated the current value of the Topgolf investment at $2-$3 per Callaway share. Topgolf peak revenue was $220.0M in 2021. Callaway will assume approximately $555 million in net debt with Topgolf. Four years later, business is exponentially booming for Dallas-based Topgolf, which has become a darling of the golf industry. You can still enjoy your subscription until the end of your current billing period. It is time and circumstance specific.. For more information please visit www.callawaygolf.com, www.odysseygolf.com, www.OGIO.com, www.travismathew.com, and www.jack-wolfskin.com. We also occasionally include links to products and services from merchants of our choice. This valuation projection assumes that Callaway commits to and has the free cash flow available to invest in the future growth of Topgolf venues. 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. 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. Players can choose to compete in several Topgolf games in which players earn points based on how well they hit to specific targets. 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 Holding all other assumptions constant, Topgolf could be worth $17.9 billion and $95.91 per share if Callaway can effectively expand internationally. The challenge is balancing Topgolfs position as a young, hip, social scene geared to drinking, eating and meeting people with the golf groups interest in growing the game. 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? Access to easy-to-read digital editions of weekly issues. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. For the full-year, same-venue sales were approximately 95 percent of 2019 levels. 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. (2) Represents the non-cash amortization of the debt discount on the convertible notes issued in May 2020. 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. 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. 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.. Additionally, EBITDAS excludes these same line items from forecasted net income. 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