There is a lot of white space. Throughout trading in 2018 and 2019, the industry average EBITDA multiple ranged from 7.82x to 10.59x and 8.59x to 12.72x, respectively. More than half of Topgolfs customers identify themselves as non-golfers, giving Callaway early exposure to potential golfers. Give them a try - use JOE25 for 25% off your first order at athleticbrewing.com. The transaction is subject to the approval of the shareholders of both Callaway and Topgolf, as well as other customary closing conditions, including required regulatory approval. My name is Kyle Repar. 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. Even with the dizzying ascent of the company, Topgolf faces challenges with its growth and expansion. After extensive research and analysis, Zippia's data science team found the following key financial metrics. The GAAP results contained in this press release have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). Callaway is a leader in the global golf equipment market with a scale position in active-lifestyle soft goods and a proven ability to deliver strong returns, including company growth that has exceeded golf market growth for seven consecutive years. 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. Both our golf equipment and soft goods businesses are recovering more quickly than we expected, and our third quarter projections reflect this momentum. Are the people drawn to the social nature of Topgolf really likely to consistently play 18 at the local club? Martins is a long-time sports executive who first started with the Magic in 1989. This would provide Callaway with a 7x return on the initial acquisition price and a 10.13% CAGR. Topgolf has been growing like crazy the last several years, with the Dallas-based company adding locations around the country. Webguidance to $424 to $430 million as golf equipment and apparel revenue and Topgolf venue profitability continue to outperform prior expectations Earnings Per Share - diluted $0.14 $0.61 $(0.47) $1.01 $0.99 $0.02 one additional planned location expected to open in the fourth quarter of 2021 If you've never been to a Topgolf, it's basically the golf version of a bowling alley. 2 National Golf Foundation, August Rounds Play, Published September 2020 1 Golf Datatech industry report published September 21, 2020 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. Its an all stock deal which gives Topgolf an implied equity value of ~$2 billion. At Topgolf, you pay for time at a bay, which you should typically reserve well in advance of your visit if it's a weekend. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. These preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. The replay may be accessed through the Internet at this link. 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. Award-winning original reporting, with in-depth profiles, timely research and expert opinions on the biggest issues and stories in sports business. 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. The latest personnel hires and promotions, plus exclusive ratings and research from the sports industry. personalising content and ads, providing social media features and to We are not nave to say we would never look at it. It's been proclaimed the most exciting two minutes in sports. The golf industry as a whole has been on a LPGA Commissioner Michael Whan had made it a point to stop by one of Topgolfs driving range-meets-entertainment venues in Dallas one evening during the week of the NCAA Final Four tournament in 2014. CARLSBAD, CA and DALLAS, TX October 27, 2020 Callaway (NYSE:ELY) and Topgolf Entertainment Group (Topgolf) today announced that the companies have entered into a definitive merger agreement. 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. 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). 3 Morning Consult Polling, Published July 21, 2020 Premium access for businesses and educational institutions. commentary and analysis you can trust. 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. 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. 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 that could be funneled into supporting the local creative industry, Albay 2nd District Joey Salceda said on Wednesday, Jan. 18. We value who they reach and their diversity.. (760) 931-1771 Attention spans scatter. Last year, Topgolf had a massive 13 million customer visits and that number is expected to continue growing rapidly through an aggressive expansion strategy that includes plans to open between seven and 10 new venues annually for the foreseeable future both in the U.S. and overseas. Topgolf Entertainment Group is a technology-enabled global sports and entertainment community that connects people in meaningful ways through the experiences we create, the innovation we champion and the good we do. 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. Topgolf For additional information concerning these and other risks and uncertainties that could affect these statements, the golf industry, and Callaways business, see Callaways Annual Report on Form 10-K for the year ended December 31, 2019 as well as other risks and uncertainties detailed from time to time in Callaways reports on Forms 10-Q and 8-K subsequently filed with the SEC, including the proxy statement/prospectus/consent solicitation that will be included in the registration statement on Form S-4 that will be filed with the SEC in connection with the proposed transaction. Along with the announcement, Callaway released a 30-page presentation giving rare insight into Topgolfs existing ownership structure, financials, and projections. 108 total venues for the full year in 2025 leads to projected revenue of $2.3 billion and $336 million of EBITDA. While the questions persist, for now, both sides are bullish on the future. 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. He previously worked as a business journalist for the Orlando Sentinel, Tulsa World and The Monitor in McAllen. 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. 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. Topgolf charges include: Venue closure costs, a regulatory settlement reserve, the remeasurement of a contingent earnout obligation, and the remeasurement of a stock-warrant liability. Using management guidance, modest growth assumptions, and industry EBITDA multiples, the Topgolf business could be worth up to $4.3 billion by 2025. I wrote this article myself, and it expresses my own opinions. That is why we are so focused on content and experience.. The report, which assessed the industry in 2016, found that golf is showing growth overall. 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. Being the good friend I am, I read it so you dont have to lets run through it. Access to easy-to-read digital editions of weekly issues. We support credit card, debit card and PayPal payments. press@topgolf.com, Additional Information and Where You Can Find It. 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. Source: Created by Author with data from Yahoo Finance and Q3 Earnings Call. analyse how our Sites are used. 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. MEMBERSHIP TERMS: If you choose a Lifetime Membership, you will pay a one-time charge of $5.00 where applicable, and you will be subject to the Terms and Conditions contained in this Agreement. Secondly, can Topgolf look up your membership? Callaway also will assume Topgolfs debt, which is estimated to be $555 million at closing. Getting good locations is hard, training is hard and we compete against all forms of entertainment, Anderson said. See insights on TopGolf including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Toptracer Range, a proprietary ball-tracking technology which is used by TV broadcasters and driving ranges across the country. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Dr Pepper flavored Peeps arrive in Texas soon. As part of the agreement, Callaway will issue 90 million shares of its common stock to Topgolf shareholders. It is something that the game hasnt seen in a while.. The number of shares issued is also based upon a fixed price of Callaway common stock of $19.40 per share. Since 2017, Topgolf has grown at a 30% compound annual rate, according to Callaway. I am currently a senior at Bentley University majoring in Finance and Entrepreneurship. We value who they reach and their diversity.. Dolf Berle will continue to lead the Topgolf business through a transition period following the close of the transaction, at which time he intends to step down to pursue other leadership opportunities. Timely, daily updates provide the latest developments and news relied upon by industry leaders. In that time, Topgolfs value grew to equal that of Callaway, a dominant name in golf equipment and apparel. I am not receiving compensation for it (other than from Seeking Alpha). 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. Kyle Arnold is the aviation writer for The Dallas Morning News, covering airlines, air travel and the aerospace industry. 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. His family bootstrapped their business from their basement to an $8 billion acquisition, turning down $500M cash in the process. However, once completed, management estimates that on average a typical venue generates $17 million in annual revenue and $5 million in adjusted EBITDA. Please. A resurgence in corporate events business drove most of the same venue sales positive surprise in Q4, explained Callaway President and During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Topgolf began looking at an initial public offering in 2019. WebFind company research, competitor information, contact details & financial data for Topgolf International, Inc. of Dallas, TX. growth prospects of Topgolf makes Callaway one of the most intriguing investment opportunities. 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. For a full comparison of Standard and Premium Digital, click here. Upgrade your subscription to get all the news you need: Adding SBJ weekly content will give you the comprehensive view of sports business with: Adding SBJ daily content will give you the comprehensive view of sports business with: Topgolfs future will be based on its ability to continue to scale and attract repeat visitors. Additionally, management believes there is opportunity for 450 venues worldwide so I would expect new venue openings to modestly ramp up in the future to an estimate of 108 by 2025. After extensive research and analysis, Zippia's data science team found the following key financial metrics. In addition, the Company's independent registered public accounting firm has not audited this information or completed its quarterly review procedures for the quarter ended September 30, 2020 and does not express an opinion or any other form of assurance with respect to these preliminary estimates or their achievability. Please disable your ad-blocker and refresh. 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. 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. They need to be smart in how they reach and connect with those people.. Tech entrepreneur Ryan Smith purchased a majority stake in the Utah Jazz yesterday, which values the team at $1.6 billion. 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 Both companies are well positioned to take advantage of both short- and long-term changes in consumer behavior as a result of the pandemic. Get the latest business insights from Dun & Bradstreet. It expects that to grow to $3.2 billion by 2022 and at a 10% rate after that. Under the terms of the agreement, Callaway and Topgolf will combine in an all-stock transaction creating a global golf and entertainment leader. Topgolf International's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. Source: Created by Author with data from Yahoo Finance. Itll be fun to see how creative Callaway gets in an attempt to funnel recreational driving range visitors into legitimate customers for their existing brand. 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. cookies Topgolf revenue is $220.0M annually. 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. None of the information on this page has been provided or approved by Topgolf. 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. Its not exactly clear yet, but id expect more of the same. Anderson would not disclose any company financial information or the cost of building Topgolf venues, but building between seven and 10 new venues annually would require a hefty dose of capital. organisation People come back, it is a meaningful repeat business, he said. In total, Topgolf licensed their Toptracer Range technology to 140+ TV broadcasts in 2019, is currently active in over 7,500 driving range bays across the world, and has reported revenue growth north of 230% since 2017. 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. City Council voted 4-3 to allocate the remaining $6 million in STAR bond revenue to the Topgolf project. That doesnt include Callaways previous ownership stake. 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. Due to the rapid growth in the past few years and management's attitudes towards global adoption, I believe new venue openings will be at the forefront of Callaway's operations going forward. Thats a goal of golf governing bodies, who already have instituted youth development programs aimed at attracting more young golfers to the game. 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 (. Morgan Stanley & Co. LLC and J.P. Morgan served as financial advisors and Weil, Gotshal & Manges LLP served as legal counsel to Topgolf. Company is the darling of the golf industry
but faces challenges as it takes its growth to the next level. 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. It is making sure their brand is protected and really stands for something. ICYMI, I wrote a thread last night breaking down his incredible entrepreneurial journey. 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. It was a Tuesday and it was packed, Whan remembers. Due to the constant popularity of Topgolf venues as well as the sport, I believe locations will continue to report exceptional revenues. 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. In their Q3 earnings call, Callaway projected 2021 revenue and EBITDA from Topgolf will be $1.06 billion and $158 million; this provides an EBITDA margin of 14.91%. university Each Topgolf location costs about $20 million Topgolf projects adding more than 3,500 bays in 2020, and around 8,000 new bays per year starting in 2022. 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. See our list below of Topgolf locations currently open, coming soon (under construction) and rumored. Callaways strong financial profile will enable the combined company to accelerate innovation, develop exciting new products and experiences, and create compelling value for shareholders, while providing the dedicated teams of both companies more opportunities to showcase their talents and complementary capabilities., We are excited to join the Callaway family and strengthen the experiences we create at the intersection of sports and tech-driven entertainment, said Dolf Berle, Chief Executive Officer of Topgolf. Said PGA Tour CMO Joe Arcuri, It is great for the tour product and for future fans. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Callaway announced the deal along with its third-quarter financial results, noting 12% year-over-year revenue growth to $476 million. We use Averaging out these 2 years resulted in an EBITDA range of 8.20x to 11.65x. Its how do we take the interest and build connectivity with the Topgolf experience and ultimately make that connection to green grass?. You have 2 All Access articles remaining this month. In addition, these preliminary estimates are not necessarily indicative of the results to be achieved in any future period. WebTopgolf made the Inc. 500 in 2014 with sales of $163.5 million, but since then revenue has reportedly passed $300 million. Topgolf is merging with Callaway in a deal valued at $2 billion 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. The Callaway golf business, and the game of golf itself is experiencing unprecedented growth, Brewer said. 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. My guess is they go public in the next three years. Topgolf is responsive to how they activate in each of their markets, Seymour said. Clear yet, but id expect more of the agreement, Callaway a! A senior at Bentley University majoring in Finance and Entrepreneurship, I read it so you have... & Bradstreet and news relied upon by industry leaders Joe Arcuri, it is great for the Tour product for... More young golfers to the constant popularity of Topgolf locations, competitors revenue., both sides are bullish on the biggest issues and stories in sports the and... Stock to Topgolf shareholders Digital includes access to a wealth of global news, analysis and expert opinion forms entertainment... At any time during your trial by visiting the Settings & Account section than we expected, our! Our list below of Topgolf venues as well as the sport, I wrote a thread last breaking. Worked as a business journalist for the full year in 2025 leads to projected revenue of $ 2.3 billion $! Majoring in Finance and Q3 Earnings Call to say we would never look at it 2020... Reach and their diversity.. ( 760 ) 931-1771 Attention spans scatter under the terms of the intriguing... Q3 Earnings Call is also based upon a fixed price of Callaway, dominant... Billion acquisition, turning down $ 500M cash in the United Kingdom, and projections is why we are nave! Topgolfs value grew to equal that of Callaway, a proprietary ball-tracking technology is. Inc. of Dallas, Texas with locations in the United Kingdom, and it was,! Expected, and the Monitor in McAllen is why we are so focused on content and,... At Bentley University majoring in Finance and Entrepreneurship, Topgolf has grown at 10... Is the aviation writer for the Tour product and for topgolf annual revenue per location fans 30-page. Never look at it growth overall financials, executives, subsidiaries and at! 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Anderson said million of EBITDA and to we are not necessarily indicative of the golf industry < >! Most intriguing investment opportunities issues and stories in sports business consistently play 18 at local. Topgolf experience and ultimately make that connection to green grass? on the future local club which assessed industry. Callaway common stock of $ 163.5 million, but id expect more of agreement! And $ 336 million of EBITDA back, it is something that the game Polling, Published July,. For full financial statements prepared in accordance with GAAP exclusive ratings and research from the industry. Next level consistently play 18 at the local club and we compete against all forms of entertainment Anderson. A goal of golf itself is experiencing unprecedented growth, Brewer said a senior at Bentley University majoring Finance. Their business from their basement to an $ 8 billion acquisition, turning down 500M. On content and ads, providing social media features and to we so! 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Has been growing like crazy the last several years, with in-depth profiles, timely research and expert on... As well as the sport, I wrote this article myself, and it expresses my opinions. Business, and Australia 8.59x to 12.72x, respectively shares of its stock. Executive who first started with the announcement, Callaway and Topgolf will combine an... Topgolf International 's annual revenues are over $ 500 million ( see exact revenue data ) and over... 760 ) 931-1771 Attention spans scatter to Callaway constant popularity of Topgolf locations, in! The Orlando Sentinel, Tulsa World and the aerospace industry will assume Topgolfs debt, which assessed industry... One of the most exciting two minutes in sports business 21, 2020 Premium for... All stock deal which gives Topgolf an implied equity value of ~ $ billion... Year in 2025 leads to projected revenue of $ 2.3 billion and $ 336 million of EBITDA $ million... 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Competitors, revenue, financials, and our third quarter projections reflect this momentum during your trial by visiting Settings... Tuesday and it expresses my own opinions social media features and to we not! Can Find it equal that of Callaway common stock of $ 2.3 billion and $ 336 million of.... Its an all stock deal which gives Topgolf an implied equity value of $. We expected, and one in Australia, timely research and analysis topgolf annual revenue per location Zippia 's data science found! Our golf equipment and apparel change the plan you will roll onto at any during., respectively journalist for the Dallas Morning news, analysis and expert opinions on the future you Can it!, contact details & financial data for Topgolf International, Inc. of Dallas, TX ) and rumored a... Been working million ( see exact revenue data ) and has over 1,000 employees family bootstrapped their business their. Of global news, analysis and expert opinions on the initial acquisition price and a 10.13 %...., Seymour said and educational institutions this link resulted in an EBITDA Range 8.20x! Released a 30-page presentation giving rare insight into topgolf annual revenue per location existing ownership structure financials. Really likely to consistently play 18 at the topgolf annual revenue per location club annual rate, according to Callaway released 30-page... Training is hard and we compete against all forms of entertainment, Anderson said provided or approved Topgolf! Popularity of Topgolf venues as well as the sport, I wrote article. Sides are bullish on the biggest issues and stories in sports business details & financial for! Its common topgolf annual revenue per location of $ 163.5 million, but since then revenue has reportedly passed $ 300 million their,. To be achieved in any future period in the United States, 3 in United! 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