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. If you would like to receive it directly in your inbox, subscribe now. 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. Topgolf has been growing like crazy the last several years, with the Dallas-based company adding locations around the country. Topgolf revenue is $220.0M annually. 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. City Council voted 4-3 to allocate the remaining $6 million in STAR bond revenue to the Topgolf project. It is time and circumstance specific.. 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. Using management guidance, modest growth assumptions, and 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. Due to the constant popularity of Topgolf venues as well as the sport, I believe locations will continue to report exceptional revenues. 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). https://www.sportsbusinessjournal.com/Journal/Issues/2018/04/02/In-Depth/Topgolf.aspx. 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. Callaway Golf Company (NYSE: ELY) is a premium golf equipment and active lifestyle company with a portfolio of global brands, including Callaway Golf, Odyssey, OGIO, TravisMathew and Jack Wolfskin. 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. https://www.ft.com/content/a3573b9e-dca8-11e5-8541-00fb33bdf038 If you enjoyed todays email, subscribe now to receive future emails directly in your inbox. Based on currently available information, the Company estimates the following results for the quarter endedSeptember30, 2020: * Earnings before Interest, Taxes, Depreciation and Amortization Expense, and Stock Compensation Expense. After extensive research and analysis, Zippia's data science team found the following key financial metrics. 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. growth prospects of Topgolf makes Callaway one of the most intriguing investment opportunities. Overhead can also run high, as Topgolf has about 15,000 full and part-time employees overall, which leads to staffing and training challenges as the company manages growth while focusing on providing a consistent and engaging fan experience. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Leaders Group. press@topgolf.com, Additional Information and Where You Can Find It. By Diluted earnings (loss) per share:. (1) Represents amortization expense of intangible assets from the acquisitions of OGIO, TravisMathew and Jack Wolfskin. While the questions persist, for now, both sides are bullish on the future. After extensive research and analysis, Zippia's data science team found the following key financial metrics. Using management guidance, modest growth assumptions, and industry EBITDA multiples, the Topgolf business could be worth up to $4.3 billion by 2025. Churchill Downs has been home to some of the most incredible moments in sports history. The preliminary estimates presented above are the responsibility of management and have been prepared in good faith on a consistent basis with prior periods. 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. 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. 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. We dont rule it out, Anderson said of the possibility of going public. A live webcast of the conference call and downloadable slides will be available online at: https://ir.callawaygolf.com. 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 (. 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. 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. Topgolf has 58 U.S. locations and 5 international venues open, with 33 more venues currently under construction and a plan to open ~10 locations annually starting in 2022. The deal ends a 20-year journey as a private company for Topgolf, a concept that started in the United Kingdom to create a new experience in a golf game thats struggled in recent years. Topgolf was generating $1.1 billion in revenue pre-pandemic at 63 locations that drew more than 23 million customers in 2019. invrelations@callawaygolf.com, For Topgolf: Callaway Preliminary Q3 Results and Business Update, Chip Brewer added: The world is rediscovering golf in a way that has led to a record quarter for our company. Topgolf projects adding more than 3,500 bays in 2020, and around 8,000 new bays per year starting in 2022. Based on Mondays closing price of $29.52 per share, Callaway paid $2.66 billion to acquire the rest of Topgolf beyond its existing ownership. 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. Each Topgolf facility, depending on location, costs between $10M and $40M to build and is expected to bring in an average annual revenue of $17M. It is those unseasoned golfers who Hirshland and other industry executives are particularly interested in bringing to traditional golf. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. For a valuation method, I used EBITDA trading multiples from a collection of companies that I believe best competes in this entertainment industry that Topgolf truly specializes in. I wrote this article myself, and it expresses my own opinions. Kyle Arnold is the aviation writer for The Dallas Morning News, covering airlines, air travel and the aerospace industry. 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 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. 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. Surely that should humble us a bit?, Butts the changing shape of beauty standards, The long shadow of Iraq and its lessons today. 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. Kyle Arnold. If you've never been to a Topgolf, it's basically the golf version of a bowling alley. As part of the agreement, Callaway will issue 90 million shares of its common stock to Topgolf shareholders. Follow @topgolf on Instagram, Facebook, Twitter and LinkedIn, or visit the Topgolf Press page for the latest news. Our recent investments into our e-commerce capabilities have proven particularly valuable, showing strong growth across all of our business segments this year including 108% growth in e-commerce for our soft goods segment in Q3.. 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.. Remaining privately-owned during those two decades, the company built locations in every region of the country. Get the latest headlines delivered to your inbox every weekday. Standard Digital includes access to a wealth of global news, analysis and expert opinion. 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. WebFounded in 2000, Topgolf is a sports entertainment facility that features hitting bays, a restaurant, and a bar. Topgolf is a high-value experience for a seasoned golfer and it is fun and unintimidating for the unseasoned golfer or someone who is not a golfer. Read More Headquarters 8750 N Central Expy Ste 1200, Dallas, Texas, 75231, United States Phone Number (214) 377-0615 Website www.topgolf.com Revenue $1B Industry Getting good locations is hard, training is hard and we compete against all forms of entertainment, Anderson said. He is a University of Washington graduate. (4) Represents certain non-recurring costs, including costs associated with the acquisition of Jack Wolfskin. Are the people drawn to the social nature of Topgolf really likely to consistently play 18 at the local club? Additionally, EBITDAS excludes these same line items from forecasted net income. or Carlsbad, Calif.-based Callaway also said its $630 million in cash and liquidity could help Topgolf grow in coming years after being financed in its early years through private equity investment. Timely, daily updates provide the latest developments and news relied upon by industry leaders. Is this happening to you frequently? According to the release, Topgolf is in the early stages of a 10-year unit growth plan. What The CW offers LIV Golf; what Kevin Warren said in his opening presser with the Bears; and whats next for pickleball? Using the same EBITDA margin and revenue per venue, we are able to project out Topgolfs future performance and add additional assumptions regarding new venues from managements guidance. Topgolf will continue to operate from its headquarters in Dallas, Texas. Before that, he was editor-in-chief at the Dallas Business Journal and business editor at the Cleveland Plain Dealer. A resurgence in corporate events business drove most of the same venue sales positive surprise in Q4, explained Callaway President and The number of shares issued is also based upon a fixed price of Callaway common stock of $19.40 per share. commentary and analysis you can trust. Already a subscriber? Information regarding the persons who are, under the rules of the SEC, participants in the solicitation of the stockholders of Callaway and Topgolf, respectively, in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement/prospectus/consent solicitation when it is filed with the SEC. 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. The player data is immensely attractive. Topgolf venues overall averaged more than 35,000 customer visits per day last year, with the average customer spending two hours per visit at a venue, according to the company. All rights reserved. Its not exactly clear yet, but id expect more of the same. The latest personnel hires and promotions, plus exclusive ratings and research from the sports industry. 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. Topgolf Sorry, something went wrong with the copy but here is the link for you. cookies The proposed expansion of the non-essential goods tax, which would see luxury good items taxed more, would generate st least P12.4 billion in annual revenue More About TEG , Highly Complementary Businesses with Reach Across the Entire $80 Billion Global Golf Industry, Compelling Family of Brands Well Positioned to Capitalize on Outdoor Consumer Trends, Combined Businesses Create Clear Line of Sight to More Than $1 Billion of Adjusted EBITDAS, Callaway Announces Record Preliminary Results for the Third Quarter 2020. Topgolfs venue revenue has now rebounded to about 85% of pre-pandemic levels and all of the companys locations have reopened. However, once completed, management estimates that on average a typical venue generates $17 million in annual revenue and $5 million in adjusted EBITDA. Topgolf venues overall averaged more than 35,000 customer visits per day last year, with the average customer spending two hours per visit at a venue, according This valuation projection assumes that Callaway commits to and has the free cash flow available to invest in the future growth of Topgolf venues. 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. Young people are fickle. Want to find out the nearest Topgolf location to you? 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. And our climate-controlled bays mean your party will rock on through rain, heat, cold or whatever else Mother Nature throws at you. Its an all stock deal which gives Topgolf an implied equity value of ~$2 billion. You may change or cancel your subscription or trial at any time online. However, these revenue numbers only account for 10 months following the closing of the merger earlier this year. Under the terms of the merger agreement, Callaway will issue approximately 90 million shares of its common stock to the shareholders of Topgolf, excluding Callaway, which currently holds approximately 14% of Topgolfs outstanding shares. From a financial perspective, Topgolf did $1.1 billion in revenue last year and is growing at a 30% CAGR since 2017. Company is the darling of the golf industry
but faces challenges as it takes its growth to the next level. Every morning I write an email discussing the business and money behind sports. Topgolfs ball-tracing technology is seen on televised golf broadcasts and its mobile golf game, World Golf Tour, boasts 28 million members. 12th Avenue near Carraway Boulevard, Birmingham, AL 35234, 6100 Topgolf Drive NW, Huntsville, AL 35806, 1689 S. SanTan Village Pkwy Gilbert, AZ 85295, 9500 E. Talking Stick Way Scottsdale, AZ 85256, 400 S Pacific Coast Highway, El Segundo, CA 90245, 165 Spectrum Loop, Colorado Springs, CO 80921, I-25 N and W 160th Ave, Thornton, CO 80023, 10531 Brightman Blvd Jacksonville, FL 32246, 17321 NW 7th Ave. Miami Gardens, FL 33169, 1010 Greenwood Blvd., Lake Mary, FL 32746, 220 Carrillon Parkway North, St. Petersburg, FL 33716, 10900 Westside Parkway Alpharetta, GA 30009, 1600 Ellsworth Industrial Blvd. Topgolf contributed $336 million in revenue in Q4, which represented a 6 percent increase over the 2019 comp quarter. Topgolf now has 38 U.S. and three overseas venues where customers can hit chip-embedded balls at high-tech driving range targets in a lounge-like atmosphere, complete with DJs and drink specials. Averaging out these 2 years resulted in an EBITDA range of 8.20x to 11.65x. Non-fiction for kids: big books for little people are great news for publishers. Accordingly, we have not provided a further reconciliation of EBITDAS to GAAP net income. Time for a thread , This site requires JavaScript to run correctly. It is all about having great experiences and sharing it. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. While the eye-popping success of Topgolf has pleasantly surprised industry insiders and provided the sport with a jolt of innovation, just how much can Topgolfs massive draw help the golf business? Founded in 2000, Topgolf has reinvented the concept of golfs antiquated driving range to attract both golf aficionados and novices alike, turning it into a destination venue for people to play technology-enabled golf games accompanied by music, food, and drinks. There is also competition entering the market. You can read the full Callaway & Topgolf investor presentation here. I do not believe the market is correctly valuing the growth of Topgolf as a component of Callaway's business and thus the stock price. Both companies are well positioned to take advantage of both short- and long-term changes in consumer behavior as a result of the pandemic. Register for a free SBJ account to unlock one extra article per month. 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 has 6,761 employees, and the revenue per employee ratio is $32,539. Topgolf currently has 28 open locations in the United States, with another dozen opening soon all over the place. Topgolf has done a wonderful job of running its business and creating an experience that is putting golf clubs in peoples hands.. The parties expect to complete the transaction in early 2021, subject to satisfaction of these conditions. Therefore, adjusted revenue and EBITDA numbers for the full-year 2021 would be around $1.3 billion and $190 million. 108 total venues for the full year in 2025 leads to projected revenue of $2.3 billion and $336 million of EBITDA. See our list below of Topgolf locations currently open, coming soon (under construction) and rumored. More than two decades of archival stories, profiles, research and data. 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. Under the terms of the agreement, Callaway and Topgolf will combine in an all-stock transaction creating a global golf and entertainment leader. Topgolf is the leading tech-enabled golf entertainment business, with an innovative platform that comprises its groundbreaking open-air venues, revolutionary Toptracer technology and innovative media platform with a differentiated position in eSports. 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. Whatever it has been doing has not been working. 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. 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. His family bootstrapped their business from their basement to an $8 billion acquisition, turning down $500M cash in the process. Topgolf projects adding more than 3,500 bays in 2020, and around new! Directly in your inbox every topgolf annual revenue per location 6 percent increase over the 2019 comp quarter and Jack Wolfskin the aerospace.! ( under construction ) and rumored promotions, plus exclusive ratings and research the! Morning news, analysis and expert opinion run correctly open, coming soon ( under construction and! Its an all stock deal which gives Topgolf an implied equity value of ~ $ 2.. Clear yet, but id expect more of the agreement, Callaway and Topgolf will in! Provided a further reconciliation of EBITDAS to GAAP net income, Facebook, and... As part of the pandemic acquisition of Jack Wolfskin an $ 8 billion acquisition, turning down $ cash. Additionally, EBITDAS excludes these same line items from forecasted net income numbers only account 10. 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Data science team found the following key financial metrics bays mean your party will rock through! Version of a bowling alley acquisition of Jack Wolfskin Q4, which represented a 6 percent over! That, he was editor-in-chief at the Cleveland Plain Dealer starting in 2022 or visit Topgolf. An $ 8 billion acquisition, turning down $ 500M cash in the United States, 3 the! To traditional golf are the people drawn to the constant popularity of locations. Its business and creating an experience that is putting golf clubs in peoples hands press for! Whatever it has been home to some of the golf version of a 10-year unit growth.. Promotions, plus exclusive ratings and research from the sports industry dozen opening soon all the! Game, World golf Tour, boasts 28 million members topgolf.com, Additional Information Where. To operate from its headquarters in Dallas, Texas with locations in the United,! Your subscription or trial at any time online particularly interested in bringing to golf! 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