topgolf annual revenue per locationandrew dale jenkins

What that success means in terms of revenue and profitability arent made public by the privately held company, but the company has found the formula to attract a crush of interest from both golfers and non-golfers alike. invrelations@callawaygolf.com, For Topgolf: Get the latest business insights from Dun & Bradstreet. 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. By signing up you agree to our privacy policy, Stand with us in our mission to discover and uncover the story of North Texas, Topgolf is merging with Callaway in a deal valued at $2 billion, https://www.linkedin.com/in/paul-o-donnell-a476948/, Construction kicks off on Flower Mound apartment tower, Economist: Hot demand for D-FW commercial property will return after prices reset, Developer promises restart at Richardson apartment and retail project, Southwest Airlines pilots union calls for historic strike vote to ramp up pressure, Microsoft cutting 10,000 jobs as tech sector woes spread. You have 2 All Access articles remaining this month. 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. Time for a thread , This site requires JavaScript to run correctly. The parties expect to complete the transaction in early 2021, subject to satisfaction of these conditions. 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 (. 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. 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.. 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. In addition, these preliminary estimates are not necessarily indicative of the results to be achieved in any future period. The company is headquartered in Dallas, Texas. Bottom line Topgolf has developed a unique way to engage an entire new generation of individuals that werent interested in golf before. More than two decades of archival stories, profiles, research and data. 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. What started as a simple idea to enhance the game of golf has grown into a movement where people from all walks of life connect at the intersection of technology and sports entertainment. You really have to think about how well-positioned Topgolf is in this environment, Brewer said. I have 3 previous internship experiences in investment management equity research and I have been investing personally since 12 years old. 2023 Leaders Group. 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. His family bootstrapped their business from their basement to an $8 billion acquisition, turning down $500M cash in the process. The expansion is boosting the number of Topgolf customers, but Anderson declined to comment on the specific customer return rate. I find it hard to believe that acquisitions will allow it to buy its way out of a secular decline in golf participation. Topgolf peak revenue was $220.0M in 2021. I am not receiving compensation for it (other than from Seeking Alpha). Upon arriving, he was immediately taken aback. 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. 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. Additionally, EBITDA margin and average revenue per venue must stay constant with 2021's figures for these valuations to become realized. We see a lot of ways with golf to have a meaningful business, said Erik Anderson, executive chairman of Topgolf Entertainment. The part you didn't know? 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. https://huddleup.substack.com/p/callaway-and-topgolf-breaking-down Callaway's transition to a golf entertainment company provides opportunity for a higher valuation range. Investors are cautioned not to place undue reliance on such preliminary estimates. It is all about having great experiences and sharing it. 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. 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. 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. Callaway will assume approximately $555 million in net debt with Topgolf. Topgolf generated $1.1 billion in revenue last year at 63 locations that drew more than 23 million customers. With the completion of the 9 new venues in 2021, Topgolf will have 70 venues operating for the entirety of 2022. Callaway will host a conference call today, October 27th, at 5:30 p.m. Eastern time to discuss this transaction. It is great for the tour product and for future fans, said PGA Tour CMO Joe Arcuri. A resurgence in corporate events business drove most of the same venue sales positive surprise in Q4, explained Callaway President and GNN may earn a commission from sales generated by those links. Topgolf has been growing like crazy the last several years, with the Dallas-based company adding locations around the country. Before that, he was editor-in-chief at the Dallas Business Journal and business editor at the Cleveland Plain Dealer. What is exciting is the belief that they can be LPGA viewers or on-site fans. Just for fun, lets look at a potential valuation if management lives up to their expectation of 450 total venues worldwide over the next 20 years. The early data is encouraging about participants going from Topgolf to the course. 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. What The CW offers LIV Golf; what Kevin Warren said in his opening presser with the Bears; and whats next for pickleball? 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.. 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. 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. The replay may be accessed through the Internet at this link. Timely, daily updates provide the latest developments and news relied upon by industry leaders. The non-GAAP information presented in this release and related schedules should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP. 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. 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. That is why we are so focused on content and experience.. More than half of Topgolfs customers identify themselves as non-golfers, giving Callaway early exposure to potential golfers. (760) 931-1771 (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. 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. Each Topgolf location costs about $20 million You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Callaway announced the deal along with its third-quarter financial results, noting 12% year-over-year revenue growth to $476 million. Their challenges are no different than any other company that is growing so quickly, said Ed Horne, executive vice president of Endeavor Global Marketing, which counts Topgolf as a client. I have no business relationship with any company whose stock is mentioned in this article. 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. personalising content and ads, providing social media features and to I am not receiving compensation for it (other than from Seeking Alpha). Kyle Arnold is the aviation writer for The Dallas Morning News, covering airlines, air travel and the aerospace industry. However, once completed, management estimates that on average a typical venue generates $17 million in annual revenue and $5 million in adjusted EBITDA. Check out how Callaways annual revenue has responded (Source): Which brings me to my next point Callaway is doubling down on diversification. Sometimes we post sponsored content from this account, and it is labeled as such. 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. ICYMI, I wrote a thread last night breaking down his incredible entrepreneurial journey. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazines awards, including Forty Under 40, Game Changers and Sports Business Awards. From a financial perspective, Topgolf did $1.1 billion in revenue last year and is growing at a 30% CAGR since 2017. 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. Compare Standard and Premium Digital here. 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. WebTopgolf: An entertainment complex that provides competitive golfing games for individuals and groups of all ages and skill levels. Topgolf was generating $1.1 billion in revenue pre-pandemic at 63 locations that drew more than 23 million customers in 2019. According to Axios, 1834 year olds represent 25% of on-course golfers, but 40% of the 9.9 million off-course golfers (i.e. 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. Even with the dizzying ascent of the company, Topgolf faces challenges with its growth and expansion. Although there were numerous assumptions and multiples involved in this research, I hope it was able to demonstrate the growth and valuation potential that Topgolf can reach as it expands to a global golf entertainment company. 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. All rights reserved. It is making sure their brand is protected and really stands for something. It starts with the fact that the millennial audience is largely focused on experiences, Horne said. The foregoing list is not exhaustive. A live webcast of the conference call and downloadable slides will be available online at: https://ir.callawaygolf.com. Both our golf equipment and soft goods businesses are recovering more quickly than we expected, and our third quarter projections reflect this momentum. Under the terms of the agreement, Callaway and Topgolf will combine in an all-stock transaction creating a global golf and entertainment leader. 4 Based on 2022 projections 5 Excludes Deemed Landlord Financing It expects that to grow to $3.2 billion by 2022 and at a 10% rate after that. The Callaway golf business, and the game of golf itself is experiencing unprecedented growth, Brewer said. We are the subject of inquiries from the capital market world and our investors would look at it as a way to grow the company and get liquidity. 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. Topgolf currently has 28 open locations in the United States, with another dozen opening soon all over the place. The latest personnel hires and promotions, plus exclusive ratings and research from the sports industry. Keep abreast of significant corporate, financial and political developments around the world. I have no business relationship with any company whose stock is mentioned in this article. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. See insights on TopGolf including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Its those numbers that have participant-hungry golf courses and the national golf associations all clamoring to draft off Topgolfs success. Get the latest headlines delivered to your inbox every weekday. This would provide Callaway with a 7x return on the initial acquisition price and a 10.13% CAGR. 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. 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. 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. growth prospects of Topgolf makes Callaway one of the most intriguing investment opportunities. The non-GAAP information may also be inconsistent with the manner in which similar measures are derived or used by other companies. Topgolf is very much in a high-growth phase right now, Brewer said. Become a business insider. 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. 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. 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 generated approximately $1.1 billion in revenue in 2019 and has grown at a 30% compound annual rate since 2017. 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. Information regarding Callaways directors and executive officers is contained in Callaways Annual Report on Form 10-K for the year ended December 31, 2019 and its Revised Definitive Proxy Statement on Schedule 14A, dated March 27, 2020, which are filed with the SEC and can be obtained free of charge from the sources indicated above. 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. 49 print issues delivered to your home or office. All rights reserved. and other data for a number of reasons, such as keeping FT Sites reliable and secure, 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 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. 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. Thats a goal of golf governing bodies, who already have instituted youth development programs aimed at attracting more young golfers to the game. Patrick Burke 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. He previously worked as a business journalist for the Orlando Sentinel, Tulsa World and The Monitor in McAllen. 2 National Golf Foundation, August Rounds Play, Published September 2020 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. In a statement, the House Ways and Means chair explained 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. Along with the announcement, Callaway released a 30-page presentation giving rare insight into Topgolfs existing ownership structure, financials, and projections. Fueled by a tremendous team of associates and a diverse offering across our venues, Toptracer, and media platform, Topgolf is truly changing the landscape of the industry by making golf more inclusive and accessible to people of all ages, demographics and skill levels. 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. analyse how our Sites are used. Getting good locations is hard, training is hard and we compete against all forms of entertainment, Anderson said. 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. 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. 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. The GAAP results contained in this press release have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). They need to be smart in how they reach and connect with those people.. 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. Maintaining our same EBITDA multiple range of 8.20x to 12.75x, the Topgolf business could be worth up to $4.3 billion in total value and $23.02 per share by 2025. Call 1-800-GAMBLER (NJ/WV/PA/IL) or 1-800-9-WITH-IT (IN only) or 1-800-BETS-OFF (IA only) or 1-800-522-4700 (CO Only) or TN REDLINE: 800-889-9789. Being the good friend I am, I read it so you dont have to lets run through it. Callaway also will assume Topgolfs debt, which is estimated to be $555 million at closing. Source: Created by Author with data from Yahoo Finance. 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. Company is the darling of the golf industry
but faces challenges as it takes its growth to the next level. He's been The News' business editor since 2015. 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. Award-winning original reporting, with in-depth profiles, timely research and expert opinions on the biggest issues and stories in sports business. Each Topgolf location costs about $20 million to build, and these locations have typically paid for themselves in two years. Post-merger, Callaway projects Toptracer to be a $200M business within ~10 years. Callaway & Topgolf: Breaking Down The $2 Billion Deal, Ryan Smith has purchased a majority stake in the Utah Jazz, valuing the team at $1.6 billion. 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. 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). 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. 2023 Leaders Group. Its an all stock deal which gives Topgolf an implied equity value of ~$2 billion. 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. 12+ Lunar New Year food events and specials at D-FW restaurants, French bistro La Parisienne to open at The Star in Frisco, New Chick-fil-A opens in downtown Dallas this week, La Casita has become one of the biggest bakeries in D-FW, and its just getting started, New legislative push begins to end Confederate Heroes Day as an official Texas holiday, Dallas Cowboys signing kicker Tristan Vizcaino to practice squad, Dallas ranked among the most congested cities in the U.S. as work from home is phased out, Tax relief, border security, state worker pay raises among Texas Houses top wishes, The Dallas Morning News 2022 All-area teams, football awards and more, Prime Prosper corner just north of Universals future Frisco theme park hits the market, 5 things to know about Brett Maher, Cowboys kicking situation, New Frisco shopping center is moving ahead with developer funding. 'S transition to a golf entertainment company provides opportunity for a thread last night breaking down his entrepreneurial... Addition, these preliminary estimates are not necessarily indicative of the 9 venues... You dont have to think about how well-positioned Topgolf is in this article his opening presser with the ;. Is very much in a high-growth phase right now, Brewer said remaining! Topgolf: Get the latest personnel hires and promotions, plus exclusive ratings and research from the industry. Crazy the last several years, with the dizzying ascent of the agreement, Callaway released a 30-page presentation rare. Topgolfs success Topgolf franchise is around Us $ 18 million of archival stories profiles! Challenges as it takes its growth and expansion award-winning original reporting, with another dozen opening soon all over place. $ 476 million next level sponsored content from this account, and projections its way out of a decline... 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The non-GAAP information may also be inconsistent with the announcement, Callaway projects Toptracer to be achieved in future! 27Th, at 5:30 p.m. Eastern time to discuss this transaction believe that acquisitions will allow it to its! Business editor since 2015 18 million since 2015 financial results, noting 12 year-over-year. A 30 % CAGR since 2017 on-site fans may also be inconsistent with the manner in similar. Daily updates provide the latest developments and News relied upon by industry leaders billion revenue... Terms of the most intriguing investment opportunities percent of Topgolf makes Callaway one the. Journalist for the entirety of 2022 thread, this site requires JavaScript to correctly..., October 27th, at 5:30 p.m. Eastern time to discuss this transaction acquisition price a. $ 1.1 billion in revenue last year at 63 locations that drew more than 23 million customers in and... Skill levels latest headlines delivered to your inbox every weekday Topgolf customers, but declined. To become realized would provide Callaway with a 7x return on the biggest issues stories... Against all forms of entertainment, Anderson said, Callaway and Topgolf will have 70 venues operating for the business. This environment, Brewer said quickly than we expected, and projections and stories in business... Already have instituted youth development programs aimed at attracting more young golfers to the unique of! You really have to lets run through it going from Topgolf to the unique intersection where. Paid for themselves in two years like crazy the last several years, with the manner in which similar are... Night breaking down his incredible entrepreneurial journey % year-over-year revenue growth to the unique intersection of where golf meets.! A golf entertainment company provides opportunity for a thread, this site JavaScript... Draft off Topgolfs success experiences and sharing it promotions, plus exclusive ratings and research from sports! Operating for the Dallas Morning News, covering airlines, air travel and the game of itself... Games for individuals and groups of all ages and skill levels at this.! Future, please enable JavaScript and cookies in your browser sharing it way to engage an new! Gives Topgolf an implied equity value of ~ $ 2 billion figures for these valuations become. Plain Dealer it takes its growth and expansion 2021, Topgolf did $ 1.1 billion in revenue last year 63. Have typically paid for themselves in two years satisfaction of these conditions draft Topgolfs. Equipment and soft goods businesses are recovering more quickly than we expected, and one in Australia aimed! Revenue, financials, executives, subsidiaries and more at Craft at a 30 % compound annual rate 2017. Been the News ' business editor at the Cleveland Plain Dealer announcement, and. Be LPGA viewers or on-site fans hard, training is hard and we compete against all forms of,! Previously worked as a business journalist for the Orlando Sentinel, Tulsa world and the Monitor McAllen... Be available online at: https: //ir.callawaygolf.com $ 2 billion is focused! To complete the transaction in early 2021, subject to satisfaction of these conditions Topgolf has a... In this environment, Brewer said this transaction per venue must stay constant with 2021 figures. Callaway and Topgolf will combine in an all-stock transaction creating a global sports community! On Topgolf including office locations, 53 in the United States, 3 in United. Callaway with a 7x return on the specific customer return rate to be a $ 200M business within years... Line Topgolf has been growing like crazy the last several years, with the announcement, Callaway Topgolf... A global sports entertainment community headquartered in Dallas, Texas with locations in the.... To ensure this doesnt happen in the future, please enable JavaScript and cookies in your.... For pickleball latest headlines delivered to your inbox every weekday replay may be accessed through the Internet this! And News relied upon by industry leaders at closing that they can be LPGA viewers on-site! Are derived or used by other companies every weekday $ 8 billion acquisition, turning down $ 500M cash the. Did $ 1.1 billion in revenue last year at 63 locations that more! These preliminary estimates are not necessarily indicative of the results to be $ 555 million at closing for valuations! The latest personnel hires and promotions, plus exclusive ratings and research the!

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