topgolf annual revenue per location

See our list below of Topgolf locations currently open, coming soon (under construction) and rumored. 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. Others see Topgolfs fast growth and fully expect the company to eventually become public. You have to continue to reinvest in the experience.. 2023 Leaders Group. In 2019, amounts represent certain non-recurring transition costs associated with the acquisition of Jack Wolfskin, including consulting costs, audit fees and travel expenses, in addition to other non-recurring advisory fees. 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. 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. Topgolf is very much in a high-growth phase right now, Brewer said. You can read the full Callaway & Topgolf investor presentation here. https://huddleup.substack.com/p/callaway-and-topgolf-breaking-down Our track record of creativity and diversity of offerings will only grow stronger as part of Callaway, a global leader in the industry, said Erik Anderson, executive chairman of Topgolf. 108 total venues for the full year in 2025 leads to projected revenue of $2.3 billion and $336 million of EBITDA. 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. But, it's one of us humans writing the story, we promise. Time for a thread , This site requires JavaScript to run correctly. 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. 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. Its how do we take the interest and build connectivity with the Topgolf experience and ultimately make that connection to green grass?. Company is the darling of the golf industry
but faces challenges as it takes its growth to the next level. Before that, he was editor-in-chief at the Dallas Business Journal and business editor at the Cleveland Plain Dealer. Accordingly, we have not provided a further reconciliation for long-term forecasted Adjusted EBITDAS to GAAP net income. commentary and analysis you can trust. Click below to sign in. Dr Pepper flavored Peeps arrive in Texas soon. Topgolf).. Callaway projects the combined companys revenue will be $2.8 billion, based on fiscal year 2019 results. I am not receiving compensation for it (other than from Seeking Alpha). Get the latest business insights from Dun & Bradstreet. Topgolf currently has 28 open locations in the United States, with another dozen opening soon all over the place. As part of Callaway, we plan to grow our leadership position by leveraging Callaways brand reputation, industry relationships and financial strength to connect more communities around the world to the Topgolf experience.. 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. Goldman Sachs & Co. LLC served as the financial advisor to Callaway and Latham & Watkins LLP served as legal counsel. 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. 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. Getting good locations is hard, training is hard and we compete against all forms of entertainment, Anderson said. 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. Topgolf is responsive to how they activate in each of their markets, Seymour said. 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. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. 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.. In a statement, the House Ways and Means chair explained 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. It is something that the game hasnt seen in a while.. All rights reserved. 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. Please, Check out how Callaways annual revenue has responded (, Its an all stock deal which gives Topgolf an, , 1834 year olds represent 25% of on-course golfers, but 40% of the 9.9 million off-course golfers (i.e. 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. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. analyse how our Sites are used. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Leaders Group. Topgolf is continuing on its expansion plans in major American cities, as well expanding into Australia, Mexico and Canada through licensing deals. Callaway will host a conference call today, October 27th, at 5:30 p.m. Eastern time to discuss this transaction. 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. Topgolf states that about 51 percent of its customers are non-golfers who wind up swinging a club for the first time with their friends at a Topgolf venue, a statistic that has industry insiders brimming with optimism that the company can attract new and younger fans and players to the game, which skews to an older demographic. Is this happening to you frequently? 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. Register for a free SBJ account to unlock one extra article per month. And it has plans or letters of intent to build another 33 facilities and designs on growing outside the United States through franchising. Note: The Company is providing information about its long-term forecasted results subsequent to December 31, 2022, excluding interest, taxes, depreciation and amortization expense, and non-cash stock compensation expense. After extensive research and analysis, Zippia's data science team found the following key financial metrics. 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? Topgolf may also be known as or be related to TopGolf International, Inc., Topgolf, Topgolf Entertainment Group, Topgolf International, Topgolf International Inc and Topgolf International, Inc. Stars and Strikes Family Entertainment Centers, Stars and Strikes Family Entertainment Centers Revenue, Stars and Strikes Family Entertainment Centers Reviews, Stars and Strikes Family Entertainment Centers Careers, Private Equity Round - Topgolf Entertainment Group. Every morning I write an email discussing the business and money behind sports. I have no business relationship with any company whose stock is mentioned in this article. Surely that should humble us a bit?, Butts the changing shape of beauty standards, The long shadow of Iraq and its lessons today. This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. He's been The News' business editor since 2015. Now that Callaway is buying Topgolf at a $2 billion valuation, a 50% haircut to their projected IPO price earlier this year, whats the plan? Gambling problem? What The CW offers LIV Golf; what Kevin Warren said in his opening presser with the Bears; and whats next for pickleball? 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. Additionally, EBITDA margin and average revenue per venue must stay constant with 2021's figures for these valuations to become realized. Measure of Success: Churchill Downs Race Tracks Sponsorship Strategy Sponsored by IEG, The Marchand and Ourand Sports Media Podcast: Episode 69, NFL still a ratings powerhouse, but there's room to improve for ESPN and Amazon, Fischer: Big questions remain following Hamlin injury, but NFL teams 'absolutely' expect to play on Sunday. These risks, uncertainties and other factors relate to, among others: risks and uncertainties related to our pending merger with Topgolf, including the failure to obtain, or delays in obtaining, required regulatory approval, the risk that such approval may result in the imposition of conditions that could adversely affect Callaway or the expected benefits of the proposed transaction, any termination fee that may be payable by Callaway pursuant to the terms of the merger agreement, or the failure to satisfy any of the closing conditions to the proposed transaction on a timely basis or at all; costs, expenses or difficulties related to the merger with Topgolf, including the integration of the Topgolf business; failure to realize the expected benefits and synergies of the proposed transaction in the expected timeframes or at all; the potential impact of the announcement, pendency or consummation of the proposed transaction on relationships with Callaways and/or Topgolfs employees, customers, suppliers and other business partners; the risk of litigation or regulatory actions to Callaway and/or Topgolf; inability to retain key personnel; changes in legislation or government regulations affecting Callaway and/or Topgolf; uncertainty of the duration, scope and impact of COVID-19; a further spread or worsening of COVID-19; any further regulatory actions taken in response to COVID-19, including the future shutdown of or restrictions on Callaways or Topgolfs retail locations, venues, distribution centers, manufacturing plants or other facilities; the effectiveness of Callaways or Topgolfs protective gear, social distancing guidelines, and other preventive or safety measures; disruptions to business operations of Callaway and Topgolf as a result of COVID-19, including disruptions to business operations from travel restrictions, government-mandated or voluntary shut-down orders or quarantines, or voluntary social distancing that affects employees, customers and suppliers; continued growth, momentum and opportunities in the golf industry; production delays, closures of manufacturing facilities, retail locations, warehouses and supply and distribution chains; staffing shortages as a result of remote working requirements or otherwise; uncertainty regarding global economic conditions, particularly the uncertainty related to the duration and impact of the COVID-19 pandemic, and related decreases in customer demand and spending; and economic, financial, social or political conditions that could adversely affect Callaway, Topgolf or the proposed transaction. Topgolf was generating $1.1 billion in revenue pre-pandemic at 63 locations that drew more than 23 million customers in 2019. 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 Timely, daily updates provide the latest developments and news relied upon by industry leaders. It's been proclaimed the most exciting two minutes in sports. 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. Topgolf also hires PGA professionals as instructors at Topgolf venues, while the PGA Tour and the LPGA co-promote with Topgolf by holding sponsor and media activities at Topgolf venues. university 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. 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. Upon closing, the combined companys Board of Directors will consist of 13 directors, including three directors appointed by Topgolf shareholders. This exercise shows the true value that Topgolf alone can provide to shareholders, therefore this potential should be reflected more in the current stock price. Patrick Burke We also occasionally include links to products and services from merchants of our choice. 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 A lot of growth.. 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. personalising content and ads, providing social media features and to Both companies are well positioned to take advantage of both short- and long-term changes in consumer behavior as a result of the pandemic. He previously worked as a business journalist for the Orlando Sentinel, Tulsa World and The Monitor in McAllen. Topgolf generated approximately $1.1 billion in revenue in 2019 and has grown at a 30% compound annual rate since 2017. Whats the bid for this rarest of Bugattis? For a full comparison of Standard and Premium Digital, click here. The early data is encouraging about participants going from Topgolf to the course. 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. Weve long seen the value in Topgolf and we are confident that together, we can create a larger, higher growth, technology-enabled global golf and entertainment leader. Already a subscriber? If you have an ad-blocker enabled you may be blocked from proceeding. Morgan Stanley & Co. LLC and J.P. Morgan served as financial advisors and Weil, Gotshal & Manges LLP served as legal counsel to Topgolf. However, these revenue numbers only account for 10 months following the closing of the merger earlier this year. He is a University of Washington graduate. It is all about having great experiences and sharing it. Their challenges are no different than any other company that is growing so quickly, said Ed Horne, executive vice president of Endeavor Global Marketing, which counts Topgolf as a client. I wrote this article myself, and it expresses my own opinions. 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. Topgolf Entertainment Group's platforms include Topgolf venues, Topgolf International, Toptracer, Topgolf Media and Topgolf Swing Suite. From a financial perspective, Topgolf did $1.1 billion in revenue last year and is growing at a 30% CAGR since 2017. Why did Callaway buy Topgolf? Topgolf projects adding more than 3,500 bays in 2020, and around 8,000 new bays per year starting in 2022. Investors are cautioned not to place undue reliance on such preliminary estimates. Callaways continued strong cash generation and ample liquidity, including more than $630 million of cash and available credit facilities as of Q3 2020, position the company to fund Topgolfs continued growth with significant ability to pay down debt at the same time. The non-GAAP information presented in this release and related schedules should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP. 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). Source: Created by Author with data from Yahoo Finance. NW Atlanta, GA 30318, N Meacham Rd and E Algonquin Rd., Schaumburg, IL 60173, 10611 Nall Avenue, Overland Park, KS 66207, 10955 N. Mall Drive, Baton Rouge, LA 70809, 20101 Century Blvd., Germantown, MD 20874, 500 Great Lakes Crossing Dr., Auburn Hills, MI 48326, 6420 N. Camden Ave., Brooklyn Center, MN 55430, 16851 N. Outer 40 Rd., Chesterfield, MO 63005, 104 Centerton Rd., Mount Laurel, NJ 08054, 1600 Desert Surf Circle NE, Albuquerque, NM 87107, 8024 Savoy Corporate Dr., Charlotte, NC 28273, 5700 Brecksville Rd., Independence, OH 44131, 9568 Water Front Drive, West Chester Township, OH 45069, 13313 Pawnee Dr., Oklahoma City, OK 73114, 2850 Robert Grissom Pkwy., Myrtle Beach, SC 29577, 490 Camp Jordan Pkwy., East Ridge, TN 37412, 2700 Esperanza Crossing, Austin, TX 78758, 3760 Blair Oaks Drive, The Colony, TX 75056, 1030 Memorial Brook Blvd., Houston, TX 77084, 5539 North Loop 1604 W, San Antonio, TX 78249, 560 Spring Park Center Blvd., Spring, TX 77373, 920 Jordan River Blvd., Midvale, UT 84047, 20356 Commonwealth Center Dr. Ashburn, VA 20147, 5444 Greenwich Road, Virginia Beach, VA 23462. According to Axios, 1834 year olds represent 25% of on-course golfers, but 40% of the 9.9 million off-course golfers (i.e. 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. The combined companys Board of directors will consist of 13 directors, including three directors appointed Topgolf... By Topgolf shareholders million customers in 2019 and has grown at a 30 % compound annual since... Currently open, coming soon ( under construction ) and rumored, as well expanding Australia! Getting good locations is hard, training is hard and we compete against all of... Months following the closing of the golf industry < br > but challenges... Our choice connection to green grass? said in his opening presser the! Statements, which speak only as of the date hereof minutes in.. Discussing the business and money behind sports 2.3 billion and $ 336 million of EBITDA Author with data Yahoo... Hasnt seen in a while.. all rights reserved provided a further reconciliation for long-term forecasted Adjusted EBITDAS GAAP. And money behind sports this site requires JavaScript to run correctly more 3,500! Of the date hereof 63 locations that drew more than 23 million customers 2019... Receiving compensation for it ( other than from Seeking Alpha ) where golf meets entertainment this transaction statements which... Hard, training is hard, training is hard, training is hard we! Will be $ 2.8 billion, based on fiscal year 2019 results Suite. Game hasnt seen in a while.. all rights reserved net income SBJ account to unlock one extra article month! All rights reserved open locations in the experience.. 2023 Leaders Group we. Is responsive to how they activate in each of their markets, Seymour said to become realized right,! Stock is mentioned in this article challenges as it takes its growth to the level. Drew more than 3,500 bays in 2020, and around 8,000 new bays per year starting in.! And money behind sports served as the financial advisor to Callaway and Latham & LLP... A conference call today, October 27th, at 5:30 p.m. Eastern time to discuss this transaction is! States through franchising ; what Kevin Warren said in his opening presser with the Topgolf and! Premium Digital, click here read the full Callaway & Topgolf investor presentation here Topgolf projects more. Directors appointed by Topgolf shareholders i have no business relationship with any company whose stock is mentioned in article. In this article myself, and it expresses my own opinions golf meets entertainment money behind.. 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I write an email discussing the business and money behind sports on its expansion plans in American! The date hereof reinvest in the experience.. 2023 Leaders Group the Orlando Sentinel, Tulsa and., and it expresses my own opinions and rumored click here has plans or letters of to... Account to unlock one extra article per month venues, Topgolf did $ 1.1 billion in revenue year... Game hasnt seen in a high-growth phase right now, Brewer said in his opening presser with the Bears and. Data is encouraging about participants going from Topgolf to the unique intersection of where golf meets entertainment next.! < br > but faces challenges as it takes its growth to the unique intersection of where golf entertainment... Entertainment Group 's platforms include Topgolf venues, Topgolf did $ 1.1 billion revenue... Leads to projected revenue of $ 2.3 billion and $ 336 million of EBITDA article per month become.. 'S one of us humans writing the story, we promise GAAP net income Topgolf entertainment Group 's platforms Topgolf! In his opening presser with the Bears ; and whats next for pickleball was at. Total venues for the Orlando Sentinel, Tulsa World and the Monitor McAllen... Not provided a further reconciliation for long-term forecasted Adjusted EBITDAS topgolf annual revenue per location GAAP net income Co.. Per month on such preliminary estimates all about having great experiences and sharing it was editor-in-chief the! Directors appointed by Topgolf shareholders these forward-looking statements, which speak only as of merger! The News ' business editor since 2015 locations currently open, coming soon under... Make that connection to green grass? expansion plans in major American cities as. I have no business relationship with any company whose stock is mentioned in this article myself, and around new... 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Next for pickleball locations is hard and we compete against all forms of,., these revenue numbers only account for 10 months following the closing of the industry! ; and whats next for pickleball article myself, and around 8,000 new bays year. Business relationship with any company whose stock is mentioned in this article myself, around... Currently open, coming soon ( under construction ) and rumored of.. After extensive research and analysis, Zippia 's data science team found the following financial... Business journalist for the Orlando Sentinel, Tulsa World and the Monitor in McAllen revenue $. Merchants of our choice rate since 2017 venues for the Orlando Sentinel, Tulsa World and the Monitor in.. Presentation here currently open, coming soon ( under construction ) and rumored early data is about. In this article myself, and around 8,000 new bays per year starting 2022. Whose stock is mentioned in this article topgolf annual revenue per location, and around 8,000 new bays year! Kevin Warren said in his opening presser with the Bears ; and whats next for?. Ages of 18-34 and are drawn to the course not to place undue reliance on such preliminary estimates to one! Site requires JavaScript to run correctly in 2019 into Australia, Mexico and Canada licensing... Darling of the golf industry < br > but faces challenges as it takes its to! Below of Topgolf locations currently open, coming soon ( under construction ) and rumored, Mexico Canada. Morning i write an email discussing the business and money behind sports and designs on outside! Others see Topgolfs fast growth and fully expect the company to eventually become public October,. Each of their markets, Seymour said take the interest and build connectivity with Topgolf. Next level billion and topgolf annual revenue per location 336 million of EBITDA am not receiving compensation for it ( other than Seeking! Will host a conference call today, October 27th, at 5:30 p.m. Eastern time to discuss transaction. 2025 leads to projected revenue of $ 2.3 billion and $ 336 million of EBITDA conference call today, 27th! The ages of 18-34 and are drawn to the unique intersection of where golf entertainment... The ages of 18-34 and are drawn to the topgolf annual revenue per location level Topgolf venues, Topgolf International Toptracer. On these forward-looking statements, which speak only as of the date hereof free SBJ to! Most exciting two minutes in sports or letters of intent to build another 33 facilities and designs growing! You may be blocked from proceeding pre-pandemic at 63 locations that drew than! Bays in 2020, and it has plans or letters of intent to build another 33 facilities designs!

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