UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period to | Title of Each Class | Trading Symbol(s) | Name of Each Exchange on which Registered | | --- | --- | --- | | Common Stock, $0.01 par value per share | MODG | The New Y ...

Six Months Ended June 30, (1) Includes amortization and depreciation of acquired intangible assets and purchase accounting adjustments. (3) Related to the release of tax valuation allowances recorded in connection with the merger with Topgolf. 27 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------|--------------------------|------------|--------------------------------|------------------------------------------------- ...

Financial Data and Key Metrics Changes - Q2 2023 net revenue was $1.2 billion, an increase of 5.7% year-over-year or 6.5% on a constant currency basis, driven by Topgolf's robust 6.6% revenue growth [65] - Q2 non-GAAP operating income was $130.5 million, down approximately 3% year-over-year, while Q2 adjusted EBITDA was $206.2 million, down 0.5% compared to last year [34][35] - Q2 non-GAAP net income was $77.8 million, a decrease of $15.7 million compared to Q2 2022, primarily due to a $20.3 million increase in interest expense [66] Business Segment Data and Key Metrics Changes - Topgolf revenue increased by $67.1 million to $471 million, a year-over-year increase of 16.6%, driven by the addition of 11 new venues and approximately 1% same venue sales growth [67] - Golf Equipment net revenue was $451 million, flat year-over-year, but up 1% in constant currency, supported by increased market share gains in golf clubs and strong golf ball sales [69] - Active Lifestyle segment revenue was $258 million, slightly down or flat on a constant currency basis compared to Q2 2022, primarily due to a shift in timing of wholesale shipments [70] Market Data and Key Metrics Changes - The U.S. hard goods market for golf is down just 1.6% year-to-date through June, consistent with expectations, while U.S. rounds played are up 5.5% year-over-year [14] - The brand achieved strong market share gains in every category in both on- and off-course channels, with the Paradigm line of clubs being a primary driver of success [26][27] Company Strategy and Development Direction - The company is focused on expanding its Topgolf venues, with plans to open 11 new venues in 2023, which are expected to drive growth across the modern golf ecosystem [8][12] - The company aims to achieve a 35% 4-wall adjusted EBITDAR margin by 2025, indicating a strong focus on improving profitability [68] - The company is also investing in digital initiatives and marketing campaigns to enhance customer engagement and drive sales growth [24][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering strong EBITDA growth for the full year and transitioning to being cash flow positive [19] - The company anticipates that the second half of 2023 will see improved same venue sales growth, driven by easier year-over-year comparisons and new initiatives [11][47] - Management noted that the modern golf consumer remains healthy and engaged, with expectations for double-digit revenue and EBITDA growth this year [79] Other Important Information - The company reported a reduction of $119 million in inventory levels in the first half of 2023, indicating effective inventory management [42] - A small acquisition of the Swing Suite business for approximately $12 million was made, which is expected to be immediately cash flow positive [44] - The company completed a significant debt refinancing in March 2023, adding approximately $300 million of additional liquidity [71] Q&A Session All Questions and Answers Question: Can you elaborate on the progression of Topgolf same venue sales through the second quarter? - Management indicated that same venue sales growth was 1% for Q2, with expectations for 1% to 3% growth in Q3, supported by various initiatives [81][104] Question: How is the corporate events business performing compared to walk-in traffic? - Corporate events are down year-over-year but performing well compared to 2019 levels, while consumer business remains strong [113] Question: What are the expectations for the Golf Equipment business for the rest of the year? - The Golf Equipment segment is expected to grow in the second half, with a more heavily weighted launch schedule in Q4 compared to Q3 [116]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period to Commission file number 001-10962 Topgolf Callaway Brands Corp. (Exact name of registrant as specified in its charter) Delaware 95-3797580 (State or other jurisdiction of inc ...

For forward-looking Adjusted EBITDA, earnings per share, Segment Adjusted EBITDA, non-GAAP diluted earnings per share, Adjusted EBITDAR, 4-Wall Adjusted EBITDAR margin, return on gross investment and cash-on-cash return information (collectively, the "Non-GAAP Projections") provided in this presentation, reconciliation of such Non-GAAP Projections to the most closely comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliation without unreasonable efforts. T ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period to Commission file number 001-10962 Topgolf Callaway Brands Corp. (Exact name of registrant as specified in its charter) Delaware 95-3797580 (State or other jurisdiction of in ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number 1-10962 Topgolf Callaway Brands Corp. (Exact name of registrant as specified in its charter) Delaware 95-3797580 (State or other jurisdiction of i ...

Topgolf Callaway Brands Corp. (NYSE:MODG) Q4 2022 Earnings Conference Call February 9, 2023 5:00 PM ET Company Participants Lauren Scott - Director of Investor Relations Chip Brewer - President and Chief Executive Officer Brian Lynch - Chief Financial Officer Patrick Burke - Senior Vice President of Global Finance Conference Call Participants Randal Konik - Jefferies Alex Perry - Bank of America Merrill Lynch Daniel Imbro - Stephens Inc. Joseph Altobello - Raymond James Michael Swartz - Truist Securities Ca ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2022 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period to Commission file number 001-10962 Topgolf Callaway Brands Corp. (Exact name of registrant as specified in its charter) Delaware 95-3797580 (State or other jurisdiction o ...

Callaway Golf Company (ELY) Q2 2022 Earnings Conference Call August 4, 2022 5:00 PM ET Company Participants Patrick Burke - SVP, Global Finance Chip Brewer - President and CEO Brian Lynch - CFO Conference Call Participants Alex Perry - Bank of America Joe Altobello - Raymond James Daniel Imbro - Stephens Kevin Heenan - JPMorgan Brett Andress - KeyBanc Susan Anderson - B. Riley Operator Good day and welcome to the Q2 2022 Callaway Golf Company Earnings Call. Today's conference is being recorded. At this time ...