The venue will be located at 560 Bielenberg Drive in Woodbury, MNDALLAS, Nov. 21, 2024 /PRNewswire/ -- Topgolf announced today it recently broke ground on a three-level venue in Woodbury, Minnesota, set to open in late 2025. This is the second venue in Minnesota in addition to an existing venue in Minneapolis – Brooklyn Center.The Basics Topgolf breaks ground on new venue in Woodbury, Minnesota. If you've never been to a Topgolf venue before, think of it as a modern golf experience where anyone – inc ...

Over the past few days, investors have not generally been willing to tee up with the stock of Topgolf Callaway Brands (MODG -1.98%). According to data compiled by S&P Global Market Intelligence, as of late Thursday, the golfing specialist's stock was down by almost 13% week to date. News of an uninspiring quarter for the company was the driving factor in the decline.A lousy day on the linksTopgolf unveiled its third-quarter results just after market close on Tuesday. Revenue for the period was slightly over ...

Topgolf Callaway Brands Corp. (MODG) reported third-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. However, the top and bottom lines declined on a year-over-year basis.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.MODG’s Q3 Earnings and RevenuesIn the quarter under review, the company reported an adjusted earnings per share (EPS) of 2 cents, beating the Zacks Consensus Estimate of loss of 18 cents per share. In the prior-year quarter, the co ...

Topgolf Callaway Brands Corp (NYSE:MODG) Q3 2024 Earnings Conference Call November 12, 2024 5:00 PM ET Company Participants Katina Metzidakis - Vice President of Investor Relations and Corporate Communications Chip Brewer - President and Chief Executive Officer Brian Lynch - Chief Financial Officer and Chief Legal Officer Conference Call Participants Matthew Boss - J.P. Morgan Michael Swartz - Truist Securities Joe Altobello - Raymond James Eric Wold - B. Riley Securities Megan Clark - Morgan Stanley Casey ...

For the quarter ended September 2024, Topgolf Callaway Brands (MODG) reported revenue of $1.01 billion, down 2.7% over the same period last year. EPS came in at $0.02, compared to $0.20 in the year-ago quarter.The reported revenue represents a surprise of +3.22% over the Zacks Consensus Estimate of $981.29 million. With the consensus EPS estimate being -$0.18, the EPS surprise was +111.11%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compar ...

Topgolf Callaway Brands (MODG) came out with quarterly earnings of $0.02 per share, beating the Zacks Consensus Estimate of a loss of $0.18 per share. This compares to earnings of $0.20 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 111.11%. A quarter ago, it was expected that this maker of golf equipment and accessories would post earnings of $0.28 per share when it actually produced earnings of $0.42, delivering a surprise ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-----------------------------|-------|-------------------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | Third Quarter 2024 Earnings | | | | | | | | | | | | Conference Call November 12, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | IMPORTANT NOTICES Forward-looking Statements. During the presentation, any comments made about future plans, events, financial results, performance, ...

Revenue Performance - Topgolf net revenues increased by $5.5 million (1.2%) for the three months and $48.4 million (3.7%) for the nine months ended September 30, 2024, driven by new venue openings and Toptracer bay installations, partially offset by lower same venue sales[118] - Golf Equipment net revenues remained flat with a $0.1 million increase for the three months ended September 30, 2024, but decreased by $30.9 million (2.6%) for the nine months, primarily due to softer market conditions in Korea and unfavorable foreign currency impacts in Asia[119] - Active Lifestyle net revenues declined by $33.3 million (11.1%) for the three months and $90.3 million (10.3%) for the nine months ended September 30, 2024, due to soft market conditions in Europe and Asia, and a decline in wholesale sales at TravisMathew[120] - Total net revenues decreased by $27.7 million (2.7%) for the three months and $72.8 million (2.1%) for the nine months ended September 30, 2024, primarily due to declines in Active Lifestyle and Golf Equipment segments[117] - Net revenues in the United States decreased by $12.7 million (1.7%) for the three months ended September 30, 2024, primarily due to a decline in wholesale sales at TravisMathew[123] - Net revenues in Europe decreased by $12.9 million (8.6%) for the three months ended September 30, 2024, primarily due to declines in wholesale sales at Jack Wolfskin[124] - Net revenues in Asia decreased by $3.7 million (2.8%) for the three months ended September 30, 2024, primarily due to soft market conditions in Korea and unfavorable foreign currency impacts in Japan and Korea[125] - Net revenues in Rest of World increased by $1.6 million (6.9%) for the three months ended September 30, 2024, primarily due to increased Golf Equipment and Active Lifestyle sales in Canada and Australia[126] - Total net revenues decreased by $27.7 million (2.7%) for the three months ended September 30, 2024, compared to the same period in 2023[122] - Topgolf net revenues increased by $5.5 million (1.2%) for the three months and $48.4 million (3.7%) for the nine months ended September 30, 2024, driven by new venue openings but offset by declines in same venue sales[148] - Total net revenues decreased by $27.7 million (2.7%) for the three months and $72.8 million (2.1%) for the nine months ended September 30, 2024, reflecting declines across multiple segments[147] Foreign Currency Impact - Foreign currency fluctuations had a favorable impact of $2.1 million on net revenues for the three months but an unfavorable impact of $16.5 million for the nine months ended September 30, 2024[115][120] - Other income, net decreased by $4.2 million (80.8%) for the three months ended September 30, 2024, due to higher foreign currency losses[140] - Other income, net increased by $8.4 million (350.0%) for the nine months ended September 30, 2024, driven by reduced foreign currency transaction losses and dividend income[140] - The company's sensitivity analysis model estimates a potential loss of $27.9 million from foreign currency forward contracts due to a 10% unfavorable movement in foreign currencies[164] Operating Expenses and Costs - Cost of products decreased by $8.6 million (2.6%) for the three months ended September 30, 2024, primarily due to decreased sales in the Active Lifestyle operating segment[130] - Other venue expenses increased by $13.5 million (4.3%) for the three months ended September 30, 2024, primarily due to the addition of new Company-operated Topgolf venues[133] - Selling, general and administrative expenses increased by $8.1 million (3.3%) for the three months ended September 30, 2024, primarily due to higher employee benefits and payroll-related costs[135] - Research and development expenses decreased by $0.6 million (2.7%) for the three months ended September 30, 2024, primarily due to reduced employee costs[136] - Venue pre-opening costs decreased by $3.0 million (43.5%) for the three months ended September 30, 2024, due to fewer planned venue openings in 2024[137] - Net interest expense increased by $5.4 million (10.3%) for the three months and $19.9 million (13.0%) for the nine months ended September 30, 2024, primarily due to new Topgolf venue financing[140] - A 10% increase in interest rates would result in an incremental expense of $4.6 million over the 12-month period ended September 30, 2024[166] Operating Income - Topgolf operating income decreased by $10.6 million (27.2%) for the three months but increased by $1.6 million (1.9%) for the nine months ended September 30, 2024, due to improved operational efficiencies and cost management[148] - Golf Equipment operating income decreased by $8.4 million (23.9%) for the three months and $26.9 million (12.6%) for the nine months ended September 30, 2024, due to higher freight costs and unfavorable foreign currency impacts[150] - Active Lifestyle operating income decreased by $20.6 million (51.5%) for the three months and $38.0 million (39.3%) for the nine months ended September 30, 2024, due to revenue declines and operating expense deleverage[151] - Total operating income decreased by $40.1 million (54.3%) for the three months and $66.7 million (24.7%) for the nine months ended September 30, 2024, primarily due to lower segment operating income[147] Net Income and Earnings - GAAP net loss for the three months ended September 30, 2024, was $3.6 million, compared to net income of $29.7 million in 2023, with diluted loss per share of $(0.02)[143] - Non-GAAP net income for the three months ended September 30, 2024, was $4.3 million, compared to $35.8 million in 2023, with diluted earnings per share of $0.02[143] - GAAP net income for the nine months ended September 30, 2024, decreased to $65.0 million from $172.1 million in 2023, with diluted earnings per share of $0.35[145] - Non-GAAP net income for the nine months ended September 30, 2024, was $101.8 million, compared to $141.8 million in 2023, with diluted earnings per share of $0.54[145] Cash and Financial Position - Cash and cash equivalents increased by $48.7 million to $447.5 million at September 30, 2024, driven by lease financings and used for operations, capital expenditures, and acquisitions[152] - Inventory decreased by $128.0 million to $666.4 million at September 30, 2024, reflecting seasonality and inventory reduction initiatives[154] - Cash and cash equivalents increased by $129.0 million to $863.0 million as of September 30, 2024, compared to September 30, 2023[155] - 38% of the company's cash is held in regions outside the United States as of September 30, 2024[155] - Total significant cash obligations as of September 30, 2024 amount to $10,740.7 million, including long-term debt of $1,500.3 million and interest payments of $594.5 million[158] - Estimated capital expenditures for the year ending December 31, 2024 are $190.0 million, with $130.0 million allocated to the Topgolf business[161] Strategic Initiatives - The company announced a strategic plan to separate into two independent companies: Callaway and Topgolf, with the spin-off expected to be completed in the second half of 2025[107] Key Performance Indicators - Same venue sales, a key performance indicator, declined due to slower walk-in traffic and a softer corporate events business[118] - The company uses non-GAAP measures, including constant currency adjustments and same venue sales, to evaluate business performance and provide additional insights to investors[108] Segment Performance - The Active Lifestyle segment includes brands like Callaway Golf, TravisMathew, Jack Wolfskin, and OGIO, with sales impacted by seasonal trends and market conditions[113] - The company operates 98 Company-operated venues, including 92 Topgolf venues and 2 BigShots venues in the U.S., and 4 venues in the U.K. as of September 30, 2024[110] Tax Impact - Income tax benefit for the three months ended September 30, 2024, was $19.4 million, compared to $3.0 million in the same period of 2023, with an effective tax rate of 84.3%[141] - Income tax benefit for the nine months ended September 30, 2024, was $24.1 million, compared to $53.0 million in 2023, with an effective tax rate of (58.9%)[141]

Exhibit 99.1 TOPGOL TOPGOLF CALLAWAY BRANDS ANNOUNCES THIRD QUARTER 2024 RESULTS HIGHLIGHTS • Q3 Consolidated Revenues and Adjusted EBITDA were ahead of expectations. • The Callaway brand maintained its #1 position in U.S. market share in total golf clubs and achieved record U.S. market share in golf ball. • The Company further strengthened its available liquidity position to $863 million, increasing $129 million year-over-year. • The Company reaffirmed its expectation for full year positive Adjusted Free C ...

HIGHLIGHTS Q3 Consolidated Revenues and Adjusted EBITDA were ahead of expectations. The Callaway brand maintained its #1 position in U.S. market share in total golf clubs and achieved record U.S. market share in golf ball. The Company further strengthened its available liquidity position to $863 million, increasing $129 million year-over-year. The Company reaffirmed its expectation for full year positive Adjusted Free Cash Flow for the total Company and Topgolf. The Company lowered full year 2024 revenue gu ...