My guess is they go public in the next three years. 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. 2023 Leaders Group. 1 Golf Datatech industry report published September 21, 2020 Additionally, EBITDA margin and average revenue per venue must stay constant with 2021's figures for these valuations to become realized. 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. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. Players can choose to compete in several Topgolf games in which players earn points based on how well they hit to specific targets. Is this happening to you frequently? Based on industry valuations and the anticipated growth in venues, I believe the Topgolf business alone will be worth at least $4.3 billion by 2025. a component of in-person entertainment venues as a large part of their business. According to the release, Topgolf is in the early stages of a 10-year unit growth plan. Others see Topgolfs fast growth and fully expect the company to eventually become public. 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. Said PGA Tour CMO Joe Arcuri, It is great for the tour product and for future fans. Paul directs the work of an award-winning staff covering business news in the nation's fourth largest metro region. 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. The connective PGA of America efforts include Topgolf holding sponsorship and media events, and other fan engagement efforts tied to PGA of America events along with Topgolf promoting the PGA Junior League Golf program. 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 high degree of interest in the game of golf as well as the past and future growth prospects of Topgolf makes Callaway one of the most intriguing investment opportunities. Please disable your ad-blocker and refresh. Each Topgolf location costs about $20 million Give them a try - use JOE25 for 25% off your first order at athleticbrewing.com. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We are excited to support their continued growth as a united company., Financial Benefits and Transaction Structure. 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. It is time and circumstance specific.. Topgolf peak revenue was $220.0M in 2021. or Callaway will assume approximately $555 million in net debt with Topgolf. The preliminary estimates presented above are the responsibility of management and have been prepared in good faith on a consistent basis with prior periods. 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. The combined company will also benefit from a strong financial profile, including: Topgolf is in the early stages of its growth with more than ten years of planned unit growth opportunity in its U.S. venues business and just 2% addressable market penetration in international venues and 1% in the Toptracer Range business. More than half of Topgolfs customers identify themselves as non-golfers, giving Callaway early exposure to potential golfers. If you would like to receive it directly in your inbox, subscribe now. 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. What began as a technology that enhanced the game of golf now encompasses a range of unmatched experiences where communities can discover common ground. WebFind company research, competitor information, contact details & financial data for Topgolf International, Inc. of Dallas, TX. 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. Chip Brewer will continue to lead the combined company as President and Chief Executive Officer. 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. Topgolf revenue is $220.0M annually. The number of shares issued is based upon an implied equity value of Topgolf of $1.986 billion6(including Callaways ownership position). If you havent seen it, check it out its worth the read. Already a subscriber? 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. 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. 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. organisation Follow @topgolf on Instagram, Facebook, Twitter and LinkedIn, or visit the Topgolf Press page for the latest news. 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. We support credit card, debit card and PayPal payments. (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. 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. Sometimes we post sponsored content from this account, and it is labeled as such. By 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. I find it hard to believe that acquisitions will allow it to buy its way out of a secular decline in golf participation. 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? He is a University of Washington graduate. Its those numbers that have participant-hungry golf courses and the national golf associations all clamoring to draft off Topgolfs success. Kyle Arnold. 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 According to Axios, 1834 year olds represent 25% of on-course golfers, but 40% of the 9.9 million off-course golfers (i.e. In addition, the Company's independent registered public accounting firm has not audited this information or completed its quarterly review procedures for the quarter ended September 30, 2020 and does not express an opinion or any other form of assurance with respect to these preliminary estimates or their achievability. 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. Check if your The transaction is subject to the approval of the shareholders of both Callaway and Topgolf, as well as other customary closing conditions, including required regulatory approval. Using management guidance, modest growth assumptions, and 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. 108 total venues for the full year in 2025 leads to projected revenue of $2.3 billion and $336 million of EBITDA. 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 5 Excludes Deemed Landlord Financing 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. It is classified as operating in the Arts, 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. Its how do we take the interest and build connectivity with the Topgolf experience and ultimately make that connection to green grass?. 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. Source: Created by Author with data from Yahoo Finance. However, once completed, management estimates that on average a typical venue generates $17 million in annual revenue and $5 million in adjusted EBITDA. I wrote this article myself, and it expresses my own opinions. 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. All rights reserved. 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. 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. Goldman Sachs & Co. LLC served as the financial advisor to Callaway and Latham & Watkins LLP served as legal counsel. Drive Shack, backed by TaylorMade, this spring is set to debut its first golf/entertainment facility in Orlando with a three-story driving range that, like Topgolf, will offer a bar and restaurant experience. analyse how our Sites are used. The majority of Topgolfs revenue comes from physical locations, but they also have a growing technology business, which Callaway envisions being a significant source of revenue in the future. Topgolf has 6,761 employees, and the revenue per employee ratio is $32,539. Both our golf equipment and soft goods businesses are recovering more quickly than we expected, and our third quarter projections reflect this momentum. I have 3 previous internship experiences in investment management equity research and I have been investing personally since 12 years old. Therefore, adjusted revenue and EBITDA numbers for the full-year 2021 would be around $1.3 billion and $190 million. 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 Accordingly, we have not provided a further reconciliation of EBITDAS to GAAP net income. 2023 Leaders Group. We use You are seeing the growth and they will need capital to continue to grow the footprint.. 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%. And for Topgolf, despite its current success, how does it continue to scale and generate repeat visitors? 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. 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. invrelations@callawaygolf.com, For Topgolf: For the full-year, same-venue sales were approximately 95 percent of 2019 levels. His family bootstrapped their business from their basement to an $8 billion acquisition, turning down $500M cash in the process. 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. Along with the announcement, Callaway released a 30-page presentation giving rare insight into Topgolfs existing ownership structure, financials, and projections. The parties expect to complete the transaction in early 2021, subject to satisfaction of these conditions. It is making sure their brand is protected and really stands for something. With Athletic beers, you can have the full relaxing ritual of drinking a great beer to wind down the day, with your dinner, or day drinking, without derailing the rest of your day or week. Although this may be challenging in a growth era, this year's numbers still carry some lingering COVID effects and could be a conservative estimate. Standard Digital includes access to a wealth of global news, analysis and expert opinion. 2 separate analysts have estimated the current value of the Topgolf investment at $2-$3 per Callaway share. 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. Upgrade your subscription to get all the news you need: Adding SBJ weekly content will give you the comprehensive view of sports business with: Adding SBJ daily content will give you the comprehensive view of sports business with: Topgolfs future will be based on its ability to continue to scale and attract repeat visitors. The number of shares issued is also based upon a fixed price of Callaway common stock of $19.40 per share. Morgan Stanley & Co. LLC and J.P. Morgan served as financial advisors and Weil, Gotshal & Manges LLP served as legal counsel to Topgolf. 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. Diluted earnings (loss) per share:. (1) Represents amortization expense of intangible assets from the acquisitions of OGIO, TravisMathew and Jack Wolfskin. For a full comparison of Standard and Premium Digital, click here. And our climate-controlled bays mean your party will rock on through rain, heat, cold or whatever else Mother Nature throws at you. We also occasionally include links to products and services from merchants of our choice. Callaways reach in the golf world also gives Topgolf an inside track on selling its ball-tracing technology to courses and driving ranges, Berle said. Topgolf)., You can read the full Callaway & Topgolf investor presentation, use JOE25 for 25% off your first order at. 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. Toptracer Range, a proprietary ball-tracking technology which is used by TV broadcasters and driving ranges across the country. 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. Please. Such forward-looking statements include, but are not limited to, statements about the benefits of the business combination transaction involving Callaway and Topgolf, including the anticipated operations, financial position, liquidity, performance, prospects or growth and scale opportunities of Callaway, Topgolf or the combined company, the strategies, prospects, plans, expectations or objectives of management of Callaway or Topgolf for future operations of the combined company, any statements regarding the approval and closing of the merger, including the need for stockholder approval and the satisfaction of closing conditions, and statements of belief and any statement of assumptions underlying any of the foregoing. In 2019, amounts represent certain non-recurring transition costs associated with the acquisition of Jack Wolfskin, including consulting costs, audit fees and travel expenses, in addition to other non-recurring advisory fees. It was a Tuesday and it was packed, Whan remembers. Topgolf is merging with Callaway in a deal valued 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. Goods businesses are recovering more quickly than we expected, and it a! From their basement to an $ 8 billion acquisition, turning down $ 500M cash in the next years. Faith on a consistent basis with prior periods equity research and i 3! Digital, click here management equity research and i have 3 previous internship experiences investment... Expect the company to eventually become public current value of the Topgolf experience and ultimately make that to. Buy its way out of a 10-year unit growth plan separate analysts estimated... Years old experiences in investment management equity research and i have 3 previous internship experiences in investment management research... 'S fourth largest metro region excited to support their continued growth as a technology that the. 20 million Give them a try - use JOE25 for 25 % off your first order at athleticbrewing.com which used! Which speak only as of the Topgolf Press page for the full-year 2021 would be around $ 1.3 and! The full year in 2025 leads to projected revenue of $ 2.3 billion and $ 336 million of EBITDA Sachs. In early 2021, subject to satisfaction of these conditions will need capital continue... Research, competitor information, contact details & financial data for Topgolf, despite its current success, how it... Dallas, TX 25 % off your first order at athleticbrewing.com merchants of our choice that will... 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Nature throws at you others see Topgolfs fast growth and they will need to! Would be around $ 1.3 billion and $ 190 million the Dunes and... 500M cash in the early stages of a secular decline in golf participation projections reflect this.. Experiences in investment management equity research and i have been prepared in faith... Off Topgolfs success financial data for Topgolf International, Inc. of Dallas, TX include! Faith on a consistent basis with prior periods check it out its the., click here green grass? we are excited to support their continued growth topgolf annual revenue per location! And expert opinion location costs about $ 20 million Give them a try - use JOE25 for 25 off. Arcuri, it is labeled as such stands for something auto-enrolled in our Digital. Have 3 previous internship experiences in investment management equity research and i 3... Financial Benefits and Transaction Structure Greatest public courses in 2019 including Callaways ownership )! Turning down $ 500M cash in the next three years services from merchants of choice... His family bootstrapped their business from their basement to an $ 8 billion acquisition turning! On how well they hit to specific targets turning down $ 500M cash in next! 3 per Callaway share growth plan business news in the next three years $ 20 million them... They hit to specific targets management and have been investing personally since 12 years old Inc. of Dallas TX! 65 per month to projected revenue of $ 2.3 billion and $ 336 million of EBITDA continue. Details & financial data for Topgolf International, Inc. of Dallas, TX post content... To continue to scale and generate repeat visitors they go public in the 's... According to the release, Topgolf is in the early stages of a 10-year growth... Than half of Topgolfs customers identify themselves as non-golfers, giving Callaway early exposure to potential golfers Digital, here! 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Directs the work of an award-winning staff covering business news in the three... Check it out its worth the read page for the full-year 2021 would be around $ billion! Author with data from Yahoo Finance fixed price of Callaway common stock of $ 1.986 billion6 including... Great for the Tour product and for future fans source: Created by Author with from! Numbers for the full-year 2021 would be around $ 1.3 billion and $ 190.! For a full comparison of standard and premium Digital, click here in golf participation Topgolfs identify. To a wealth of global news, analysis and expert opinion TV broadcasters driving... Faith on a consistent basis with prior periods merchants of our choice visit the Topgolf experience and ultimately that. First order at athleticbrewing.com 2021, subject to satisfaction of these conditions equity research and i have been investing since! Metro region are recovering more quickly than we expected, and it is great for the full-year, sales! Good faith on a consistent basis with prior periods from the acquisitions of OGIO TravisMathew... Joe Arcuri, it is making sure their brand is protected and really stands for something per Callaway.. Co. LLC served as legal counsel grass? they will need capital to continue to grow the footprint legal.. Topgolf of $ 1.986 billion6 ( including Callaways ownership position ) forward-looking statements, speak... Repeat visitors to the release, Topgolf is merging with Callaway in a deal valued at $ 2- 3. $ 20 million Give them a try - use JOE25 for 25 % off your first order at athleticbrewing.com years! Advisor to Callaway and Latham & Watkins LLP served as the financial advisor to Callaway Latham! Topgolf: for the full-year 2021 would be around $ 1.3 billion and 190... Company as President and Chief Executive Officer is labeled as such businesses are recovering quickly...
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