Topgolf Callaway Brands (US:MODG)2023-05-11 15:06Financial Highlights - Net revenues increased by 122% from $10402 million in Q1 2022 to $11674 million in Q1 2023[33, 49] - Adjusted EBITDA decreased by 74% from $1698 million in Q1 2022 to $1573 million in Q1 2023[55] - Diluted earnings per share decreased by 528% from $036 in Q1 2022 to $017 in Q1 2023[38] Segment Performance - Topgolf segment net revenue increased from $322 million to $404 million[78] - Topgolf same venue sales (SVS) grew by 11%[43] - Active Lifestyle segment net revenues were up 28% year-over-year[23] 2023 Outlook - Full year 2023 net revenue is projected to be between $4420 million and $4470 million[60] - Full year 2023 Adjusted EBITDA is projected to be between $625 million and $640 million[60] - Topgolf segment revenue is expected to be approximately $19 billion for FY2023[60] Topgolf Venue Economics - Target year-5 venue revenue is projected to be $13 million to $18 million for small to medium venues and $20 million to $28 million for medium to large venues[65] - Target cash-on-cash returns are projected to be ~50%-60%[65] - Target return on gross investment is projected to be ~18%-22%[65] Market Trends - Total golf participation exceeded 40 million for the first time in history[14] - Off-course participation surpassed on-course participation[14] - Off-course participation is expanding the demographics of golf, attracting younger, more female, and non-white participants[28]