Topgolf Callaway Brands Corp (MODG) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Callaway Golf Company Fourth Quarter 2021 Earnings Call.

美好的一天，感謝您的支持。歡迎參加卡拉威高爾夫公司 2021 年第四季度財報電話會議。

(Operator Instructions)

（操作員說明）

And I would now like to hand the conference over to your speaker for today, Lauren Scott, Director of Investor Relations. Thank you. Please go ahead.

我現在想把會議交給你今天的演講者，投資者關係總監勞倫斯科特。謝謝你。請繼續。

Thank you, operator, and good afternoon, everyone. First, I'd like to thank you all for your patience. We're having a technical difficulty on our end, and we'll be extending the call by 15 minutes to be sure that we make up for any of the lost time. So thank you very much for your patience.

謝謝接線員，大家下午好。首先，我要感謝大家的耐心等待。我們遇到了技術難題，我們會將通話時間延長 15 分鐘，以確保我們能夠彌補任何損失的時間。非常感謝您的耐心等待。

As the operator said, I'm Lauren Scott, the company's Director of Investor Relations. Joining me as speakers on today's call are Chip Brewer, our President and Chief Executive Officer; and Brian Lynch, our Chief Financial Officer. Patrick Burke, Callaway's SVP of Global Finance; and Jennifer Thomas, our Chief Accounting Officer, are also in the room today for Q&A.

正如接線員所說，我是公司投資者關係總監勞倫·斯科特。和我一起在今天的電話會議上發言的是我們的總裁兼首席執行官 Chip Brewer；和我們的首席財務官 Brian Lynch。帕特里克·伯克，卡拉威全球金融高級副總裁；我們的首席會計官詹妮弗·托馬斯今天也在會議室進行問答。

Earlier today, the company issued a press release announcing its fourth quarter and full year 2021 financial results. In addition, there is a presentation that accompanies today's prepared remarks that may make it easier for you to follow the call. This earnings presentation as well as the earnings press release are both available on the company's Investor Relations website under the Financial Results tab.

今天早些時候，該公司發布了一份新聞稿，宣布了其 2021 年第四季度和全年的財務業績。此外，今天準備好的評論附帶一個演示文稿，可以讓您更輕鬆地跟進電話會議。這份收益報告和收益新聞稿都可以在公司投資者關係網站的“財務結果”選項卡下找到。

Most of the financial numbers reported and discussed on today's call are based on U.S. Generally Accepted Accounting Principles. In the instances where we report non-GAAP measures, we have reconciled the non-GAAP measures to the corresponding GAAP measures at the back of the presentation in coordination -- in accordance with Regulation G.

今天電話會議上報告和討論的大多數財務數據均基於美國公認會計原則。在我們報告非 GAAP 措施的情況下，我們已根據 G 條例，將非 GAAP 措施與演示文稿後面的相應 GAAP 措施協調一致。

Please note that this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from Management's current expectations.

請注意，本次電話會議將包括涉及風險和不確定性的前瞻性陳述，這些風險和不確定性可能導致實際結果與管理層當前的預期存在重大差異。

We encourage you to review the safe harbor is contained in the presentation and press release for a more complete description. And with that, I'd now like to turn the call over to Chip Brewer.

我們鼓勵您查看演示文稿和新聞稿中包含的安全港，以獲得更完整的描述。有了這個，我現在想把電話轉給 Chip Brewer。

Thank you, Lauren, and happy birthday this week, by the way. Good afternoon to everyone on the call. Thank you for joining us today, and also thank you for your patience. We apologize for the late start.

謝謝你，勞倫，順便說一句，這週生日快樂。大家下午好。感謝您今天加入我們，也感謝您的耐心等待。對於遲到的開始，我們深表歉意。

I'm pleased to report another quarter of strong results, and look forward to providing more detail around our outlook for the year ahead. But first, I want to take a moment to acknowledge the incredible year we just concluded. 2021 was a pivotal year for Callaway marked by exceptional results significant growth and strong momentum across all our business segments.

我很高興地報告另一個季度的強勁業績，並期待提供更多關於我們對未來一年的展望的詳細信息。但首先，我想花點時間承認我們剛剛結束的令人難以置信的一年。 2021 年對 Callaway 來說是關鍵的一年，其標誌是我們所有業務部門都取得了顯著的增長和強勁的勢頭。

We closed on the acquisition of Topgolf in Q1, transforming our company into the unrivaled leader in the modern golf and lifestyle apparel space. Over the past 5 years, we've combined a traditional Golf Equipment business with select lifestyle apparel brands and the world's leading tech-enabled Golf entertainment company to deliver a truly differentiated business model.

我們在第一季度完成了對 Topgolf 的收購，將我們的公司轉變為現代高爾夫和生活方式服裝領域無與倫比的領導者。在過去的 5 年中，我們將傳統的高爾夫設備業務與精選的生活方式服裝品牌和世界領先的技術型高爾夫娛樂公司相結合，以提供真正差異化的商業模式。

Amid continued high demand for our Golf Equipment and Lifestyle products. Our global sales and operations teams worked tirelessly delivering quarter after quarter of impressive results despite significant global COVID-related operating challenges.

在對我們的高爾夫設備和生活方式產品的持續高需求中。儘管全球面臨與新冠病毒相關的重大運營挑戰，我們的全球銷售和運營團隊仍孜孜不倦地工作，季復一季取得了令人矚目的成果。

The team has proven itself to be an impressive and battle-hardened asset for (technical difficulty). In addition, we've increasingly made key investments in infrastructure and people to support a larger business and to set us up for continued growth and financial success.

該團隊已證明自己是（技術難度）令人印象深刻且久經沙場的資產。此外，我們越來越多地對基礎設施和人員進行關鍵投資，以支持更大的業務，並為我們的持續增長和財務成功做好準備。

I want to personally thank all of our global employees for their hard work throughout the year. Our positive results would not be possible without your dedication and passion for this business.

我要親自感謝我們所有的全球員工一年來的辛勤工作。如果沒有您對這項業務的奉獻和熱情，我們就不可能取得積極的成果。

Shifting to Q4. Our results came in better than expected, led by another quarter of exceptional results from Topgolf and continued high demand for both Golf Equipment and Lifestyle Apparel and Gear.

轉向第四季度。我們的業績好於預期，這得益於 Topgolf 又一個季度的出色業績，以及對高爾夫設備和生活方式服裝和裝備的持續高需求。

Total net revenue was $712 million, up 90% year-over-year, and adjusted EBITDA was $14 million, up $27 million. Turning to Topgolf, for the quarter, both walk-in traffic and event sales surpassed our expectations, driving same venue sales to an impressive increase of 6% over 2019 levels.

總淨收入為 7.12 億美元，同比增長 90%，調整後的 EBITDA 為 1400 萬美元，增長 2700 萬美元。談到 Topgolf，本季度的步入式客流量和活動銷售額都超出了我們的預期，推動同場館銷售額比 2019 年的水平顯著增長了 6%。

For the full year, same venue sales were approximately 95% of 2019 levels, meaningfully higher than projected and an encouraging and very strong result given the operating environment. A resurgence in corporate events business drove most of the same venue sales positive surprise in Q4.

全年，相同場地的銷售額約為 2019 年水平的 95%，明顯高於預期，鑑於運營環境，這是一個令人鼓舞且非常強勁的結果。企業活動業務的複蘇推動了第四季度大部分相同場地銷售的積極驚喜。

Walk-in sales in smaller social events have been strong for some time and continued their trends. Having said this, as one would expect, in the last week of December and continuing into January, we have seen some softness in same venue sales as the rise in Omicron has resulted in a decline in group events and increased short-term staffing challenges.

一段時間以來，小型社交活動中的步入式銷售一直很強勁，並延續了它們的趨勢。話雖如此，正如人們所預料的那樣，在 12 月的最後一周並持續到 1 月，我們看到同一場館的銷售出現了一些疲軟，因為 Omicron 的增長導致團體活動的減少和短期人員配備的挑戰增加。

While this will have an impact on Q1 results, it was promising to see that our U.K. venues, which experienced Omicron impacts approximately a month ahead of our U.S. venues bounce back very quickly and are now once again performing quite well.

雖然這將對第一季度的業績產生影響，但我們很有希望看到我們的英國場館在我們的美國場館之前大約一個月經歷了 Omicron 的影響，並迅速反彈，現在再次表現良好。

This is a good indicator of the resiliency we expect in the U.S. business through the remainder of Q1 and we are already starting to see some signs of this anticipated improvement. For the first quarter of 2022, we're expecting same venue sales to be down slightly compared to 2019.

這很好地表明了我們對第一季度剩餘時間內美國業務的彈性的預期，我們已經開始看到這種預期改善的一些跡象。對於 2022 年第一季度，我們預計同場館銷售額將比 2019 年略有下降。

And for the full year, we anticipate low single-digit growth over 2019 levels. New venue openings continued on pace with our 72 Bay Fort Myers, Florida location opening strongly in mid-November.

對於全年，我們預計比 2019 年的低個位數增長水平。隨著我們位於佛羅里達州邁爾斯堡灣 72 號的地點在 11 月中旬強勢開業，新場館的開業繼續保持同步。

While we're on venues, I want to remind everyone on the success rate we're consistently delivering here. We had 9 very successful openings in 2021, and the financial performance of this group is on track to exceed our expectations despite the challenging operating environment. I've had a ringside seat watching Topgolf open venues for nearly 10 years now. And in my opinion, we are uniquely good here.

當我們在場館時，我想提醒大家我們一直在這裡提供的成功率。我們在 2021 年有 9 次非常成功的開業，儘管經營環境充滿挑戰，但該集團的財務業績有望超出我們的預期。近 10 年來，我一直坐在馬戲團旁觀看 Topgolf 開放場地。在我看來，我們在這裡是獨一無二的。

As a result of increasing brand strength, competency of our real estate team and our operating team's expertise, this is now a proven and repeatable model, a fact I believe the financial community may not fully appreciate yet.

由於品牌實力、我們的房地產團隊的能力和我們的運營團隊的專業知識不斷提高，這現在是一種經過驗證且可重複的模式，我相信金融界可能還沒有完全理解這一事實。

For 2022, we are confident in our ability to deliver at least 10 new venues with the potential of adding an 11th in very late Q4. We're also extremely excited about the lineup for this year, with the first 2 Southern California locations opening in the Los Angeles area in Q1 and Q2.

對於 2022 年，我們有信心提供至少 10 個新場館，並有可能在第四季度末增加第 11 個場館。我們也對今年的陣容感到非常興奮，第一季度和第二季度在洛杉磯地區開設了前 2 個南加州分店。

One in Ontario, which is just East of LA, and the other in El Segundo, near SoFi Stadium. The El Segundo location is particularly intriguing as is the first venue to include an on-course element. And in true Topgolf fashion, this will not be your typical golf course.

一個位於洛杉磯東部的安大略省，另一個位於 SoFi 體育場附近的 El Segundo。 El Segundo 的位置特別有趣，因為它是第一個包含球場元素的場地。在真正的 Topgolf 時尚中，這將不是您的典型高爾夫球場。

It will be a 10-hole lighted course perfect for night-time rounds, incorporating elements of entertainment and our Toptracer technology to create a truly unique guest experience. Additional locations of note include Seattle and Baltimore, both of which will feature our latest premium venue enhancements as well as Callaway fitting base.

這將是一個 10 洞燈光球場，非常適合夜間巡迴賽，結合娛樂元素和我們的 Toptracer 技術，創造真正獨特的賓客體驗。其他值得注意的地點包括西雅圖和巴爾的摩，這兩個地點都將採用我們最新的高級場地增強功能以及卡拉威試衣間。

It's important to note that due to the disruption of the development activities in 2020, the timing of this year's venue openings will be heavily weighted toward the back half of the year with 5 expected to open in Q4.

值得注意的是，由於 2020 年的開發活動受到干擾，今年的場館開放時間將嚴重影響到下半年，預計 5 家將在第四季度開放。

This timing will impact this year's contribution from new venues. Shifting to Toptracer. During (technical difficulty) we installed over 1,700 new bays, bringing our total for the year to just under 7,000 new bay installations.

這一時機將影響今年新場館的貢獻。轉移到 Toptracer。在（技術難度）期間，我們安裝了超過 1,700 個新托架，使我們今年的總安裝量接近 7,000 個新托架。

We remain encouraged by continued strong demand and expect to install 8,000 bays or more in 2022. Lastly, within the Topgolf media business, I'm pleased to announce that we are leveraging our mobile game development expertise from World Golf Tour to launch a new game later this year that caters to the younger, more traditional gamer, whereas existing game focuses more on the traditional golfer.

我們仍然對持續強勁的需求感到鼓舞，並預計在 2022 年安裝 8,000 個或更多球位。最後，在 Topgolf 媒體業務中，我很高興地宣布，我們正在利用我們在 World Golf Tour 的手機遊戲開發專業知識推出一款新遊戲今年晚些時候，它迎合了更年輕、更傳統的遊戲玩家，而現有的遊戲更關注傳統的高爾夫球手。

While we expect the game to have minimal contribution to our financial results in 2022, we believe that it will provide future upside as our community of digital customers continues to grow. In addition, in due time, we'll integrate this new game into our digital offerings at both our venues and Toptracer ranges. Thus driving synergies from our game development capabilities.

雖然我們預計該遊戲對我們 2022 年的財務業績的貢獻微乎其微，但我們相信，隨著我們數字客戶社區的不斷發展，它將為未來帶來上行空間。此外，在適當的時候，我們將把這款新遊戲整合到我們的場館和 Toptracer 系列的數字產品中。從而推動我們遊戲開發能力的協同效應。

Moving to our Golf Equipment segment. We're pleased to report that demand remains very high for our clubs and balls and trade inventory remains low across the industry.

轉到我們的高爾夫設備部門。我們很高興地報告，我們的球桿和球的需求仍然很高，整個行業的貿易庫存仍然很低。

According to the National Golf Foundation's annual report, the number of on-course golfers increased by approximately 300,000 in 2021 to 25.1 million players, marking the fourth straight year of increased participation in traditional golf.

根據美國國家高爾夫基金會的年度報告，到 2021 年，球場上的高爾夫球手數量增加了約 30 萬，達到 2510 萬，這標誌著傳統高爾夫的參與度連續第四年增加。

Off-course participation also continued to grow, with 24.8 million people visiting non-traditional venues such as Topgolf and 5-Iron and approximately half of those playing exclusively off course. Looking out over the next 12-months and beyond, as Topgolf venues continue to expand, we expect even more new players to be introduced to the sport, both on and off course.

場外參與度也繼續增長，有 2480 萬人參觀了 Topgolf 和 5-Iron 等非傳統場地，其中大約一半的人只在場外打球。展望未來 12 個月及以後，隨著 Topgolf 場館的不斷擴大，我們預計將有更多的新球員加入這項運動，無論是場內還是場外。

For Q4, our Golf Equipment results were in line with our expectations. As we explained last quarter, we anticipated some softness in Q4 revenues as we made the decision to shift production to build 2022 new launch product.

對於第四季度，我們的高爾夫設備業績符合我們的預期。正如我們上個季度所解釋的那樣，我們預計第四季度收入會出現一些疲軟，因為我們決定將生產轉移到 2022 年推出新產品。

In addition, we launched several new products in the comparable fourth quarter of 2020, thus creating an uneven year-over-year comparison. As we look ahead to Q1 and the full year 2022, we are seeing promising momentum with the launch of our new Rogue ST family of Woods & Irons and new Chrome Soft golf balls.

此外，我們在 2020 年第四季度推出了幾款新產品，因此形成了不均衡的同比比較。當我們展望第一季度和 2022 年全年時，我們看到了新的 Rogue ST 系列木桿和鐵桿以及新的 Chrome Soft 高爾夫球的推出充滿希望的勢頭。

The reception has been very positive so far. Pre-books are up significantly and feedback on the product has been outstanding, with Rogue ST being the #1 driver on tour in its first week on tour at the tournament of Champions, and Callaway receiving more gold metals than any other manufacturer in Golf Digest's Recent Hot list.

到目前為止，接待情況非常積極。預訂量顯著增加，對產品的反饋也非常出色，Rogue ST 在冠軍錦標賽巡迴賽的第一周就成為巡迴賽的第一車手，卡拉威在《高爾夫文摘》中獲得的金金屬比任何其他製造商都多最近的熱門列表。

The new launch product will be available at retailers starting next week. For the full year, we are reiterating our Golf Equipment business will grow based on continued strong demand from consumers, price increases on our new launch product and the opportunity for a restocking at retail.

新推出的產品將於下週開始在零售商處發售。對於全年，我們重申我們的高爾夫設備業務將基於消費者持續強勁的需求、我們新推出的產品價格上漲以及零售補貨的機會而增長。

Turning to our Apparel and Gear. In our Apparel and Gear segment, revenue was up 33% year-over-year in Q4, led by a 40% increase in Apparel and a 19% increase in Gear. TravisMathew continued to grow at a roaring pace, with our own retail comp store sales up over 67% versus 2020.

轉向我們的服裝和裝備。在我們的服裝和裝備部門，第四季度收入同比增長 33%，其中服裝增長 40%，裝備增長 19%。 TravisMathew 繼續以迅猛的速度增長，我們自己的零售店銷售額與 2020 年相比增長了 67% 以上。

E-commerce sales were also up a healthy 30% versus 2020. The team also signed a high-profile new ambassador, actor Chris Pratt, during Q4, who helped further increase brand visibility and raise awareness for a multi-day charity flash sale benefiting the Special Olympics.

與 2020 年相比，電子商務銷售額也增長了 30%。該團隊還在第四季度簽下了一位備受矚目的新大使演員 Chris Pratt，他幫助進一步提高了品牌知名度並提高了為期數天的慈善閃購的知名度，從而受益特奧會。

The event was very successful with TravisMathew contributing over $1 million in donations to this very worthy cost. On the product side, TravisMathew expanded its product range to include women's apparel as part the His & Her Cloud Collection launched in December as well as more cold weather gear within their outerwear collection.

此次活動非常成功，TravisMathew 為這項非常值得的費用捐款超過 100 萬美元。在產品方面，TravisMathew 擴大了其產品範圍，將女裝作為其在 12 月推出的 His & Her Cloud 系列的一部分，以及在其外套系列中加入更多寒冷天氣裝備。

Both additions performed very well with the women's product selling out predominantly in the first 48 hours, and jackets and pants accounting for 37% of direct-to-consumer sales.

這兩項新增產品的表現都非常出色，女裝產品主要在前 48 小時內銷售一空，夾克和褲子佔直接面向消費者的銷售額的 37%。

Jack Wolfskin sales were up in the quarter as compared to both [2020 and 2019] as the public relaunch of the brand's fresh new image was positively received by consumers. Feedback on prebooks has been outstanding, and we're excited for the year ahead.

與 [2020 年和 2019 年] 相比，本季度 Jack Wolfskin 的銷售額有所增長，因為該品牌全新形象的公開重新發布受到了消費者的積極歡迎。對預科書的反饋非常好，我們為來年感到興奮。

On the sustainability front, Jack Wolfskin launched a new initiative in Q4 called the Nature Counts campaign, which is dedicated to forestry, re-wilding and conservation efforts. In place of Black Friday and Cyber Monday sales discounts, the brand decided to donate EUR 2 from every purchase made during the week to Peter Rowland's Forest Academy. We love to see the brand stay true to its roots and continue to be an ambassador for environmentalism.

在可持續發展方面，Jack Wolfskin 在第四季度發起了一項名為 Nature Counts 活動的新舉措，該活動致力於林業、野化和保護工作。代替黑色星期五和網絡星期一的銷售折扣，該品牌決定將一周內每次購買的 2 歐元捐贈給彼得羅蘭的森林學院。我們很高興看到該品牌忠於其根源，並繼續成為環保大使。

Lastly, our Callaway Apparel business in Asia continued to thrive. The Callaway Golf brand in Japan have the #1 share in the wholesale channel during the quarter and direct-to-consumer efforts paid off with strong sales in our owned retail stores as foot traffic in the region increased.

最後，我們在亞洲的卡拉威服裝業務繼續蓬勃發展。本季度，日本的 Callaway Golf 品牌在批發渠道中佔有第一大份額，隨著該地區客流量的增加，我們自有零售店的銷售強勁，直接面向消費者的努力得到了回報。

Looking ahead to 2022 and the consolidated company, we believe revenue will increase approximately 21%, and we expect adjusted EBITDA will be between $490 million and $515 million. This strong outlook is underpinned by our belief that our Golf Equipment business will continue to grow as participation remains high and supply continues to scales up to match exceptional consumer demand.

展望 2022 年和合併後的公司，我們認為收入將增長約 21%，我們預計調整後的 EBITDA 將在 4.9 億美元至 5.15 億美元之間。這種強勁的前景是基於我們的信念，即我們的高爾夫設備業務將繼續增長，因為參與度仍然很高並且供應繼續擴大以滿足特殊的消費者需求。

Our strong prebooks and demand trends for (inaudible) Apparel and Gear brands and embedded growth in the Topgolf business through new venue openings and year-over-year growth in same venue sales.

我們對（聽不清）服裝和裝備品牌的強勁預售和需求趨勢，以及通過新場館開業和同場館銷售額同比增長在 Topgolf 業務中的嵌入增長。

Longer term, we remain excited and confident about the direction of the business. While macro trends over the past 2 years have provided favorable tailwinds for golf, we believe there has also been a more sustainable structural shift in the market that will support all of Callaway's businesses.

從長遠來看，我們對業務的發展方向保持興奮和信心。雖然過去 2 年的宏觀趨勢為高爾夫提供了有利的順風，但我們相信市場也出現了更可持續的結構轉變，這將支持卡拉威的所有業務。

These structural shifts include what we believe are long-term increases in remote and hybrid work. The increase desire to get out in the nature. The momentum behind Casual Lifestyle Apparel brands, the growth of new golfers with waiting list to get into golf courses, and the growth and positive impact of off-course golf.

這些結構性轉變包括我們認為遠程和混合工作的長期增長。在大自然中外出的願望增加。 Casual Lifestyle Apparel 品牌背後的動力、等待進入高爾夫球場的新高爾夫球手的增長，以及場外高爾夫的增長和積極影響。

Off-course golf experiences such as Topgolf are both growing rapidly in their own right and at the same time, changing the way people are introduced to the sport of golf, creating increased interest in more new entrants.

Topgolf 等場外高爾夫體驗本身正在迅速增長，同時改變了人們接觸高爾夫運動的方式，增加了對更多新進入者的興趣。

We believe Callaway is uniquely positioned to engage with these consumers through our differentiated portfolio of brands and look forward to unlocking the embedded growth within this business for years to come. In conclusion and before handing the call off to Brian, I want to call out 2 additional items.

我們相信，Callaway 具有獨特的優勢，可以通過我們差異化的品牌組合與這些消費者互動，並期待在未來幾年釋放該業務的嵌入式增長。總之，在將電話交給布賴恩之前，我想再提兩個項目。

First, I'm pleased to announce that we're planning to publish our first comprehensive sustainability report next month. As a company, we were (inaudible) Callaway's view that good ethics is good business, and we continue to operate with this ethos at our core today.

首先，我很高興地宣布，我們計劃在下個月發布我們的第一份綜合可持續發展報告。作為一家公司，我們（聽不清）Callaway 的觀點，即良好的道德就是良好的業務，我們今天繼續以這種精神為核心開展業務。

You will see this theme carried out through the report and through the 4 strategic pillars of our sustainability strategy: people, planet, product and procurement. I encourage you to review the report and when it comes out and engage with the team to discuss the content is an important component of our long-term business strategy.

您將通過報告和我們可持續發展戰略的 4 個戰略支柱：人員、地球、產品和採購來看到這一主題。我鼓勵您查看報告，並在報告發佈時與團隊一起討論內容，這是我們長期業務戰略的重要組成部分。

Second, I'm very excited to announce our plan to hold an Investor Day in Q2, where you have the opportunity to hear more from senior executives across each of our businesses and learn more about our medium- and long-term vision for the company.

其次，我很高興地宣布我們計劃在第二季度舉辦投資者日，屆時您將有機會聽到我們各個業務部門高級管理人員的更多信息，並更多地了解我們對公司的中長期願景.

More details for this event will be provided by the IR team in the coming weeks, and we hope you can participate. And with that, I'd like to turn the call over to Brian Lynch to discuss our financial results in more detail.

IR 團隊將在未來幾週內提供此活動的更多詳細信息，我們希望您能參與。有了這個，我想把電話轉給布賴恩·林奇，更詳細地討論我們的財務業績。

Thank you, Chip. 2021 was an outstanding and transformational year for Callaway, which is clearly highlighted in our financial results. The Topgolf business recovered from COVID more quickly and significantly than we expected and demand for our Golf Equipment and Apparel products remain strong throughout the year and has continued so far in 2022.

謝謝你，奇普。 2021 年對 Callaway 來說是傑出且具有變革性的一年，這在我們的財務業績中得到了明確的強調。 Topgolf 業務從 COVID 中恢復的速度比我們預期的要快得多，而且對我們的高爾夫設備和服裝產品的需求全年保持強勁，並且一直持續到 2022 年。

As Chip mentioned, we believe there has been a structural shift in the market that will benefit each of our businesses including increased interest and participation in golf, momentum behind Casual Lifestyle or Power brands and an increased desire for leisure and entertainment, such as Topgolf, hiking and camping.

正如 Chip 所說，我們相信市場的結構性轉變將有利於我們的每項業務，包括對高爾夫的興趣和參與度的增加、休閒生活方式或 Power 品牌的發展勢頭以及對休閒和娛樂的需求增加，例如 Topgolf、遠足和露營。

As a result, we expect continued high demand and growth across each of our businesses into 2022 and beyond. Shifting to our financial results. As shown on Slides 10 and 11, consolidated net revenue for the full year 2021 was $3.1 billion, a 97% increase compared to full year 2020 revenue of $1.6 billion.

因此，我們預計到 2022 年及以後，我們每項業務的需求和增長將持續保持高位。轉向我們的財務業績。如幻燈片 10 和 11 所示，2021 年全年合併淨收入為 31 億美元，與 2020 年全年 16 億美元的收入相比增長了 97%。

Full year 2021 adjusted EBITDA was $445 million, an increase of 170% over full year 2020 adjusted EBITDA of $165 million. The outperformance versus our guidance was related to Topgolf and resurgence in corporate events during the quarter, as Chip mentioned earlier.

2021 年全年調整後 EBITDA 為 4.45 億美元，比 2020 年全年調整後 EBITDA 1.65 億美元增長 170%。正如 Chip 之前提到的，與我們的指導相比，業績優於我們的預期與 Topgolf 和本季度公司活動的複蘇有關。

The Golf Equipment and soft goods businesses were in line with our guidance. When you look at a breakdown of our 2021 revenue, Golf Equipment represented 39% of total revenue. Topgolf was 35%, and Apparel, Gear & Other represented 26%.

高爾夫設備和軟商品業務符合我們的指導。當您查看我們 2021 年收入的細分時，高爾夫設備佔總收入的 39%。 Topgolf 佔 35%，服裝、裝備和其他佔 26%。

We believe Golf Equipment continued to grow at a steady pace and be an important component of our strategy moving forward. But as Topgolf venues continue to expand at the rate of 10-plus new openings per year, and the strong momentum of TravisMathew and Jack Wolfskin continues, we see a larger portion of our revenue more towards these high-growth segments.

我們相信高爾夫設備將繼續以穩定的速度增長，並成為我們前進戰略的重要組成部分。但隨著 Topgolf 場地以每年 10 多個新開張的速度繼續擴張，以及 TravisMathew 和 Jack Wolfskin 的強勁勢頭仍在繼續，我們看到我們收入的很大一部分更多地用於這些高增長領域。

For the fourth quarter, consolidated net revenue was $712 million, an increase of 90% compared to Q4 2020. Topgolf was the largest contributor by segment, generating $336 million. Our strong social events, strengthening corporate events and continued robust demand from walking guests collectively delivered 6% same venue sales growth over 2019.

第四季度，合併淨收入為 7.12 億美元，與 2020 年第四季度相比增長 90%。Topgolf 是細分市場的最大貢獻者，創造了 3.36 億美元。 2019 年，我們強大的社交活動、加強的企業活動以及步行客人的持續強勁需求共同推動了 6% 的同場館銷售額增長。

Apparel, Gear & Other also performed very well during the quarter with revenue up 33% year-over-year as strong brand momentum, recovery from COVID and well-positioned products translated to strong sales growth in the quarter. Consistent with our guidance, and as Chip highlighted earlier, the Golf Equipment segment was down year-over-year due to third quarter supply chain disruptions and a shift to prioritizing 2022 new launch inventory over fourth quarter 2021 sales.

Apparel, Gear & Other 在本季度也表現出色，收入同比增長 33%，原因是強勁的品牌勢頭、從 COVID 中復蘇以及定位良好的產品轉化為本季度強勁的銷售增長。與我們的指導一致，並且正如 Chip 早些時候強調的那樣，由於第三季度供應鏈中斷以及將 2022 年新發布庫存優先於 2021 年第四季度銷售的轉變，高爾夫設備部門同比下降。

We also launched several new products in Q4 2020, thus creating an uneven year-over-year comparison. Changes in foreign currency rates had a $6 million negative impact on fourth quarter 2021 revenues.

我們還在 2020 年第四季度推出了幾款新產品，因此形成了不均衡的同比比較。外匯匯率的變化對 2021 年第四季度的收入產生了 600 萬美元的負面影響。

Total costs and expenses were $755 million on a non-GAAP basis in the fourth quarter of 2021 compared to $397 million in the fourth quarter of 2020. Of the $358 million increase, Topgolf added an incremental $330 million of total costs and expenses. The remaining $28 million increase includes moving spending levels back toward normal levels, increased corporate costs to support a larger organization, investments in growth initiatives, including TravisMathew expansion and the Korea apparel business, and increased freight costs and inflation.

按非公認會計原則計算，2021 年第四季度的總成本和費用為 7.55 億美元，而 2020 年第四季度為 3.97 億美元。在增加的 3.58 億美元中，Topgolf 增加了 3.3 億美元的總成本和費用。其餘 2800 萬美元的增長包括將支出水平恢復到正常水平、增加企業成本以支持更大的組織、對增長計劃的投資，包括 TravisMathew 的擴張和韓國服裝業務，以及運費成本和通貨膨脹的增加。

As we move into 2022, we continue to believe that higher sales volumes and select price increases will balance out inflationary pressures. Fourth quarter 2021 non-GAAP operating income was a loss of $43 million, down $21 million compared to a loss of $22 million in the fourth quarter of 2020 due to the previously mentioned planned shift in Golf Equipment supply to 2022 launch products as well as the increased costs previously mentioned.

隨著我們進入 2022 年，我們仍然相信更高的銷量和精選的價格上漲將抵消通脹壓力。 2021 年第四季度非 GAAP 營業收入虧損 4300 萬美元，與 2020 年第四季度的虧損 2200 萬美元相比減少了 2100 萬美元，原因是之前提到的高爾夫設備供應計劃轉移到 2022 年推出的產品以及增加了前面提到的成本。

Non-GAAP other expense was $37 million in the fourth quarter compared to other expense of $13 million in Q4 2020. The increase was primarily related to a $28 million increase in interest expense related to the addition of Topgolf.

第四季度非美國通用會計準則其他費用為 3700 萬美元，而 2020 年第四季度其他費用為 1300 萬美元。這一增長主要與增加 Topgolf 相關的利息費用增加 2800 萬美元有關。

Non-GAAP loss per share was $0.19 on approximately 186 million shares in the fourth quarter of 2021 compared to a loss of $0.33 per share on approximately 94 million shares in the fourth quarter of 2020.

2021 年第四季度約 1.86 億股的非 GAAP 每股虧損為 0.19 美元，而 2020 年第四季度約 9400 萬股每股虧損 0.33 美元。

Lastly, fourth quarter 2021 adjusted EBITDA was $14 million compared to negative $13 million in the fourth quarter of 2020. The $27 million increase was driven by a $46 million contribution from the Topgolf business.

最後，2021 年第四季度調整後的 EBITDA 為 1400 萬美元，而 2020 年第四季度為負 1300 萬美元。2700 萬美元的增長是由 Topgolf 業務貢獻的 4600 萬美元推動的。

Turning to certain balance sheet items on Slide 13. I am pleased to report that we are in a strong financial position with ample liquidity. As of December 31, 2021, available liquidity, which is comprised of cash on hand and availability under our credit facilities was $753 million compared to $632 million at December 31, 2021, an increase of 19%.

轉向幻燈片 13 上的某些資產負債表項目。我很高興地報告，我們的財務狀況良好，流動性充足。截至 2021 年 12 月 31 日，可用流動資金（包括手頭現金和我們信貸額度下的可用資金）為 7.53 億美元，而 2021 年 12 月 31 日為 6.32 億美元，增長了 19%。

In addition, the Topgolf funding requirements from Callaway have improved compared to our initial expectations. When we announced the merger over a year ago, the funding needs for Topgolf were estimated at $325 million. As of year-end, their need for funding was significantly lower due to its faster-than-expected recovery and strong 2021 performance.

此外，與我們最初的預期相比，Callaway 的 Topgolf 資金需求有所改善。一年多前我們宣布合併時，Topgolf 的資金需求估計為 3.25 億美元。截至年底，由於復蘇快於預期和 2021 年的強勁表現，他們對資金的需求顯著降低。

At this point, we estimate that Topgolf will need almost $200 million less funding than we originally anticipated. And going forward, we estimate Topgolf will only need incremental funding from Callaway of less than $70 million, which would be used for future venue growth.

在這一點上，我們估計 Topgolf 需要的資金將比我們最初預期的少近 2 億美元。展望未來，我們估計 Topgolf 將只需要從 Callaway 獲得不到 7000 萬美元的增量資金，這些資金將用於未來的場地增長。

Topgolf is already operating cash flow positive (technical difficulty). And we expect Topgolf to be able to fund its own growth and be free cash flow positive in 2024. At quarter end, we had a total net debt of $1.4 billion, including venue financing obligations of $593 million related to the development of Topgolf venues.

Topgolf 的現金流已經為正（技術難度）。我們預計 Topgolf 能夠為自己的增長提供資金，並在 2024 年實現正的自由現金流。在季度末，我們的淨債務總額為 14 億美元，其中包括與 Topgolf 場地開發相關的 5.93 億美元的場地融資義務。

Since the merger, our leverage ratios have improved significantly. Our net debt leverage ratio was 3.1x at December 31, 2021, compared to 5x at March 31, 2021. Consolidated net accounts receivable was $105 million, a decrease of 24% compared to $138 million at the end of the fourth quarter of 2020. Days sales outstanding for our Golf Equipment and Apparel businesses improved to 35 days as of December 31, 2021, compared to 45 days as of December 31, 2020.

自合併以來，我們的槓桿率顯著提高。截至 2021 年 12 月 31 日，我們的淨債務槓桿率為 3.1 倍，而 2021 年 3 月 31 日為 5 倍。合併淨應收賬款為 1.05 億美元，與 2020 年第四季度末的 1.38 億美元相比下降 24%。與截至 2020 年 12 月 31 日的 45 天相比，截至 2021 年 12 月 31 日，我們的高爾夫設備和服裝業務的未結銷售天數增加到 35 天。

Our inventory balance increased to $523 million at the end of the fourth quarter of 2021 compared to $353 million at the end of the fourth quarter 2020 as we built supply for our new products within the Golf Equipment and Apparel businesses.

我們的庫存餘額在 2021 年第四季度末增加到 5.23 億美元，而 2020 年第四季度末為 3.53 億美元，因為我們在高爾夫設備和服裝業務中為我們的新產品建立了供應。

In addition, Topgolf added $22 million in inventory. Capital expenditures for the full year 2021 were $234 million, net of REIT reimbursements. This includes $173 million related to Topgolf, primarily for new openings for the 10 months since the merger. This does not include $12 million of CapEx for January and February of 2021 prior to the merger.

此外，Topgolf 增加了 2200 萬美元的庫存。扣除 REIT 報銷後，2021 年全年的資本支出為 2.34 億美元。這包括與 Topgolf 相關的 1.73 億美元，主要用於合併後 10 個月的新開業。這不包括合併前 2021 年 1 月和 2 月的 1200 萬美元資本支出。

The full year 2022 forecast for Callaway and Topgolf is approximately $310 million, net of REIT reimbursements, including approximately $230 million for Topgolf. This increase in capital expenditures is due to the timing of REIT reimbursements and investment in systems integration and growth within the Golf Equipment and Apparel businesses.

Callaway 和 Topgolf 的 2022 年全年預測約為 3.1 億美元，扣除 REIT 的報銷，其中包括 Topgolf 的約 2.3 億美元。資本支出的增加是由於 REIT 報銷的時機以及對高爾夫設備和服裝業務的系統集成和增長的投資。

Lastly, on December 13, we announced that our Board of Directors approved a $50 million stock repurchase program. We repurchased a total of approximately 947,000 shares at an average price of $26.41 during the quarter and now have approximately $25 million authorization remaining under that program.

最後，在 12 月 13 日，我們宣布我們的董事會批准了 5000 萬美元的股票回購計劃。我們在本季度以平均 26.41 美元的價格回購了總計約 947,000 股股票，現在該計劃下剩餘的授權約為 2500 萬美元。

Now turning to our full year and first quarter 2022 outlook on Slide 14 and 15. For the full year, we expect revenue to be approximately $3.8 billion. That compares to $3.13 billion in 2021.

現在轉向我們對幻燈片 14 和 15 的全年和 2022 年第一季度的展望。全年，我們預計收入約為 38 億美元。相比之下，2021 年為 31.3 億美元。

Our full year 2022 net revenue estimate assumes continued positive demand for our Golf Equipment and soft goods segments and no significant supply chain or retail shutdowns due to any COVID resurgence. It also assumes approximately $1.5 billion in net revenue from Topgolf for the year.

我們對 2022 年全年淨收入的估計假設對我們的高爾夫設備和軟商品部門的持續積極需求，並且沒有因任何 COVID 死灰復燃而導致重大供應鍊或零售關閉。它還假設 Topgolf 當年的淨收入約為 15 億美元。

Full year adjusted EBITDA is projected to be $490 million to $515 million, which assumes approximately to $210 million to $220 million from Topgolf. As Chip stated, we plan to add at least 10 new Topgolf venues in 2022, although the venue openings will be heavily weighted toward the back half of the year with 5 expected to open in the fourth quarter.

全年調整後的 EBITDA 預計為 4.9 億至 5.15 億美元，假設 Topgolf 約為 2.1 億至 2.2 億美元。正如 Chip 所說，我們計劃在 2022 年增加至少 10 個新的 Topgolf 場地，儘管場地的開放將在今年下半年佔很大比重，預計將在第四季度開放 5 個。

From a profitability perspective, this means our 2022 venues will have a more limited impact to adjusted EBITDA in 2022 as we will incur full preopening costs for those venues with limited revenue. From a cost perspective, we will be making investments in personnel and infrastructure to support an overall larger business and future growth.

從盈利能力的角度來看，這意味著我們 2022 年的場館對 2022 年調整後的 EBITDA 的影響將更加有限，因為我們將為那些收入有限的場館承擔全部的開業前成本。從成本的角度來看，我們將對人員和基礎設施進行投資，以支持整體更大的業務和未來的增長。

We also anticipate continued cost pressure from increased freight cost and inflation including labor and commodity prices. Lastly, we anticipate a negative impact from changes in foreign currency rates of approximately $54 million on revenue and $38 million on pretax income due to a strengthening U.S. dollar and $8 million in hedge gains that are not expected to repeat.

我們還預計貨運成本增加和包括勞動力和商品價格在內的通貨膨脹將繼續帶來成本壓力。最後，由於美元走強和預計不會重複出現的 800 萬美元對沖收益，我們預計外匯匯率變化會對收入產生約 5400 萬美元的負面影響，對稅前收入產生約 3800 萬美元的負面影響。

Despite these headwinds, we continue to believe strong demand, sales volumes and select price increases across our business segments will balance out these pressures, and we expect all businesses to grow this year.

儘管存在這些不利因素，但我們仍然相信，我們業務部門的強勁需求、銷量和精選價格上漲將抵消這些壓力，我們預計今年所有業務都將增長。

Lastly, looking at the share count for full year 2022, want to note an accounting change taking effect this year that will cause our share count to increase to approximately 204 million shares.

最後，查看 2022 年全年的股票數量，想注意今年生效的會計變更，這將導致我們的股票數量增加到約 2.04 億股。

This change relates to the accounting for our convertible bond. This new role will require us to account for the bond, assuming it has been converted for calculating earnings per share. When calculating EPS, we will eliminate the interest paid related to the bond, and we will add 14.7 million shares to the EPS calculation as if the bond had been converted.

這一變化與我們的可轉換債券的會計處理有關。這個新角色將要求我們對債券進行會計處理，假設它已被轉換為計算每股收益。在計算每股收益時，我們將扣除與債券相關的支付利息，我們將在每股收益計算中增加 1470 萬股，如同債券已被轉換。

For purposes of this calculation, we do not include the benefit of the (inaudible) transaction we entered into at the time of the bond issuance, which at maturity would reduce the number of new shares issued by us (inaudible) conversion by approximately 4 to 5 million shares at current prices.

出於此計算的目的，我們不包括我們在債券發行時進行的（聽不清）交易的收益，該交易將在到期時將我們（聽不清）轉換發行的新股數量減少約 4 到按當前價格500萬股。

Moving to the first quarter 2022 outlook. Our revenue guidance is just over $1 billion. Adjusted EBITDA guidance is $130 million to $145 million. This includes a negative foreign currency impact of approximately $21 million on revenue and $21 million in pretax income. Again, including the $8 million hedge gains in Q1 2021 that are not expected to repeat.

轉向 2022 年第一季度的展望。我們的收入指引剛剛超過 10 億美元。調整後的 EBITDA 指導為 1.3 億美元至 1.45 億美元。這包括對收入約 2100 萬美元的負面外匯影響和 2100 萬美元的稅前收入。同樣，包括預計不會重複的 2021 年第一季度 800 萬美元的對沖收益。

I want to emphasize that there are several factors which could cause a positive or negative shift in our financial results between Q1 and Q2. Some of these factors include the timing of when we receive supply in the Golf Equipment or soft goods segments and whether products scheduled to be shipped at the end of March or beginning of April, are deferred to Q2 or accelerated into Q1 as our Q1 guidance reflects our assumption that COVID continues to lessen during Q1 and that the Topgolf business including corporate events, returns close to 2019 levels.

我想強調的是，有幾個因素可能導致我們的財務業績在第一季度和第二季度之間發生積極或消極的轉變。其中一些因素包括我們在高爾夫設備或軟商品領域收到供應的時間，以及計劃在 3 月底或 4 月初發貨的產品是推遲到第二季度還是加速到第一季度，正如我們的第一季度指導所反映的那樣我們假設 COVID 在第一季度繼續減少，包括公司活動在內的 Topgolf 業務將返回接近 2019 年的水平。

The pace at which happens will affect our first quarter results. We feel good about our full year guidance. In closing, we are proud of the performance of our business in 2021 and are excited to share our continued progress throughout 2022. That concludes our prepared remarks today, and we will now open the call for questions. Operator, over to you.

發生的速度將影響我們第一季度的業績。我們對全年的指導感覺良好。最後，我們為 2021 年的業務表現感到自豪，並很高興與大家分享我們在 2022 年的持續進展。今天我們準備好的發言到此結束，我們現在開始提問。接線員，交給你。

(Operator Instructions)

（操作員說明）

We have our first question from Randy Konik.

Randy Konik 提出了第一個問題。

So first, I want to focus on the Topgolf venue business. The numbers keep coming in better than expected from a revenue perspective. And if I recall, you have the Vegas unit that's probably accounting for a disproportionate amount of revenue and EBITDA, but it's probably not at peak kind of prior peak revenues or what have you. So I guess I'm just curious if -- on the strength that you're seeing and that you're talking about, have you thought about kind of 2 things?

所以首先，我想專注於 Topgolf 場地業務。從收入的角度來看，這些數字一直好於預期。如果我記得，你的維加斯部門可能佔了不成比例的收入和 EBITDA，但它可能不是以前的峰值收入或你有什麼的峰值。所以我想我只是好奇——根據你所看到的和你正在談論的力量，你有沒有想過兩件事？

One, what mature revenues would look like at the venue maybe being higher than you anticipate? And/or two, do you think about the density levels that can change from a unit perspective, i.e., you could potentially have more units in the U.S. market than you originally kind of thought? Just curious on how you're thinking.

一，場館的成熟收入可能比您預期的要高？和/或兩個，您是否考慮過從單位角度來看可能發生變化的密度水平，即您在美國市場上的單位數量可能比您最初想像的要多？只是好奇你是怎麼想的。

Sure, Randy. Those are good questions. So we have been wildly pleased with the performance of Topgolf and I want to congratulate that team on just terrific results. So -- and the Vegas is a -- the Vegas venue is one of our biggest venues, so it does have a significant impact. But we have a lot of venues now. So I don't want to overfocus on any one venue.

當然，蘭迪。這些都是好問題。所以我們對 Topgolf 的表現非常滿意，我想祝賀這支球隊取得了非常好的成績。所以 - 維加斯是一個 - 維加斯場地是我們最大的場地之一，所以它確實產生了重大影響。但是我們現在有很多場地。所以我不想過分關注任何一個場地。

I do want to call out that even with this great result that we delivered last year, we do think we have gas in the tank. I mean, we saw throughout last year that business recover and built momentum and walk-in sales and social events were strong for most of the year, continued that way, with the only wildcard being the corporate events.

我確實想指出，即使我們去年取得瞭如此出色的成績，我們確實認為我們的油箱裡還有油。我的意思是，我們在去年全年看到業務復甦並建立勢頭，並且在一年的大部分時間裡，步入式銷售和社交活動都很強勁，一直如此，唯一的通配符是公司活動。

The corporate events started the quarter slow in Q4, and that's where we sat as we spoke to you on that Q3 earnings call. It seems like a long time away, but that -- we were actually in the middle of a surge in Delta at that time.

公司活動在第四季度開始緩慢，這就是我們在第三季度財報電話會議上與您交談的地方。這似乎是很久以後的事了，但那——當時我們實際上正處於三角洲的激增之中。

Nobody talks about Delta, but Delta was -- had surged, and we were seeing some concerning results on corporate, and then they really picked up in mid (technical difficulty) through end of December. But we have gas in the tank left because corporate events hasn't completely recovered yet. But we've got every belief and sign that it will, and we saw great evidence of that.

沒有人談論達美航空，但達美航空已經飆升，我們看到了一些令人擔憂的企業業績，然後它們在中旬（技術難度）到 12 月底真正回升。但是我們的油箱裡還有油，因為公司活動還沒有完全恢復。但我們有充分的信念和跡象表明它會，而且我們看到了很好的證據。

At the Analyst Day that we'll be in Q2, we'll talk to you a little bit about the potential of these venues, which is clearly much higher than what we originally anticipated. And also confidence, if not increasing view, on number of venues that we believe we can build. But -- all systems go. All systems positive, as you can tell on the Topgolf venue business.

在我們將在第二季度舉行的分析師日上，我們將與您討論這些場所的潛力，這顯然比我們最初預期的要高得多。還有信心，如果不是增加觀點，我們相信我們可以建造的場館數量。但是——所有系統都運行了。正如您在 Topgolf 場地業務中所看到的那樣，所有系統都是積極的。

Super helpful. And I guess my last question is -- when I think about kind of pitching the idea to investors, it's this ecosystem opportunity with revenue synergy opportunity across different kind of businesses within the portfolio, I think I've asked this question in the past where, as a user of the Topgolf app, the Toptracer app, I've bought products from TravisMathew and so on and so forth, it appears to be -- there's opportunity to kind of get databases that you may -- or information you may have on select customers across these different businesses to kind of come together, if you will, and have these customers utilize different parts of the ecosystem more regularly or engage more with it.

超級有幫助。我想我的最後一個問題是——當我考慮向投資者推銷這個想法時，這是一個生態系統機會，在投資組合中的不同類型的業務之間有收入協同機會，我想我過去問過這個問題在哪裡，作為 Topgolf 應用程序、Toptracer 應用程序的用戶，我從 TravisMathew 等處購買過產品，這似乎是 - 有機會獲得您可能擁有的數據庫 - 或您可能擁有的信息如果您願意，可以將這些不同業務中的精選客戶聚集在一起，並讓這些客戶更經常地使用生態系統的不同部分或更多地參與其中。

So I'm just curious on what you're trying to do, if anything, on the kind of software side, back end kind of side of things to kind of connect the businesses more for these customers that are currently using different aspects of your ecosystem that could kind of just come together more to give you more data insights on how to kind of get them more engaged even further within that ecosystem?

所以我只是好奇你想做什麼，如果有的話，在軟件方面，後端方面的事情，以便為這些目前正在使用你的不同方面的客戶更多地連接業務生態系統可以更多地聚集在一起，為您提供更多關於如何讓他們在該生態系統中更進一步參與的數據見解？

Yes, Randy, that's another interesting and on-topic question, but it's also a long-term potential opportunity. That is not something that we would expect to realize overnight. But -- over time, we will have a significant competitive advantage over the overall reach to golfers of all types.

是的，蘭迪，這是另一個有趣的話題，但這也是一個長期的潛在機會。這不是我們期望在一夜之間實現的。但是——隨著時間的推移，我們將在所有類型的高爾夫球手的整體範圍內擁有顯著的競爭優勢。

And it will take technology, consumer data platforms, other types of technologies and offerings that will fit very well within our ecosystems to unlock that. It's something that we have been studying and putting in the early stages of investments on now.

它將需要技術、消費者數據平台、其他類型的技術和產品，這些技術和產品將非常適合我們的生態系統來解鎖它。這是我們現在一直在研究和投資的早期階段的東西。

And you're seeing some of the earlier low-hanging fruits on synergies already starting to materialize. You will continue to hear us increasingly talk about those types of opportunities that you're mentioning, but they are a little further down field. And we're taking care of the bigger things first and then those more strategic things are going to be more on point and more in the conversation set as we move forward.

你會看到一些早期的協同效應已經開始實現。您將繼續聽到我們越來越多地談論您提到的那些類型的機會，但它們在更遠的領域。我們首先處理更大的事情，然後隨著我們前進，那些更具戰略性的事情將更加重要，並且在對話中更多。

We have our next question from Alex Perry.

我們有來自亞歷克斯佩里的下一個問題。

Congrats on the strong quarter. I just wanted to ask a little bit about the Topgolf venue profitability assumptions embedded within the guidance since they were, it seems, very elevated these past 2 quarters? And then maybe within that, talk about your outlook for labor costs and availability within Topgolf?

祝賀強勁的季度。我只是想問一些關於指南中嵌入的 Topgolf 場地盈利能力假設，因為它們似乎在過去兩個季度中非常高？然後也許在其中，談談您對 Topgolf 的勞動力成本和可用性的展望？

And then just one clarifying question on the guidance for Topgolf for 2022. I think the presentation maybe said up mid-singles versus 2019. I think maybe you mentioned up low singles on the call. Just wanted to clarify that for everyone.

然後只是一個關於 2022 年 Topgolf 指導的澄清問題。我認為演示文稿可能會提到中單打與 2019 年相比。我想也許你在電話會議上提到了低單打。只是想為大家澄清一下。

Sure. The -- so on the venue profitability, yes, we have been delighted with the profitability that the venues have driven the consistency with which we (inaudible) open these successfully. As I mentioned, I think it's a proven and repeatable model.

當然。 - 所以關於場地盈利能力，是的，我們對場地推動我們（聽不清）成功打開這些場地的一致性感到高興。正如我所提到的，我認為這是一個經過驗證且可重複的模型。

But then also that the profitability that flow through from the venues, the EBITDAR margin, if you would, has been better than we originally expected, and we're going to give you a little more (technical difficulty) on that at that Analyst Day, but certainly pleasant results there, and a positive story.

但是，從場館流出的盈利能力，EBITDAR 利潤率，如果你願意的話，比我們最初預期的要好，我們將在那個分析師日給你更多（技術難度） ，但肯定有令人愉快的結果，以及一個積極的故事。

Like most businesses, the labor cost and availability has been a challenge over the last year. And we've had -- we haven't been immune from that. At different points of time, labor has been a constraint. It varies by market, by season, et cetera.

像大多數企業一樣，勞動力成本和可用性在過去一年中一直是一個挑戰。而且我們已經 - 我們並沒有倖免於難。在不同的時間點，勞動力一直是一個制約因素。它因市場、季節等而異。

And labor is increasing in cost. We are fortunate with our business that we're able to absorb that pay competitive wages. We were fortunate Topgolf just got named one of the most admired employers by Forbes, of large employers.

勞動力成本也在增加。我們很幸運，我們的業務能夠吸收具有競爭力的工資。我們很幸運，Topgolf 剛剛被福布斯評為大型雇主中最受尊敬的雇主之一。

And so we're able to attract and retain labor effectively. And we're able to absorb any costs there and deliver what has been obviously increasing profitability and margins. And then the expectation for same venue sales, I believe I said low single digit was the expectation for 2022 full year despite starting very slow here out of the chute.

因此，我們能夠有效地吸引和留住勞動力。我們能夠吸收那裡的任何成本，並提供明顯增加的盈利能力和利潤率。然後是對相同場地銷售的預期，我相信我說低個位數是對 2022 年全年的預期，儘管這裡起步非常緩慢。

But we've shown our ability to grow these businesses (technical difficulty) in venue sales basis, and we're very excited about the outlook.

但我們已經展示了我們在場地銷售基礎上發展這些業務的能力（技術難度），我們對前景感到非常興奮。

That's really helpful. And then I guess, just my follow-up would be, could you maybe help us parse through the 1Q guide a bit more? How much of the headwind is Omicron on the Topgolf business, I guess? Is that mostly just on the corporate events side?

這真的很有幫助。然後我想，我的後續行動是，你能不能幫助我們更多地解析 1Q 指南？我猜，Omicron 對 Topgolf 業務有多大的不利影響？這主要是在公司活動方面嗎？

It seems like maybe the corporate events were starting to approach 2019 levels in the beginning of 4Q? What is the visibility on that returning? And then what would be the outlook within the Golf Equipment business embedded within the guidance?

似乎企業活動在第四季度初開始接近 2019 年的水平？回歸的能見度如何？那麼指南中嵌入的高爾夫設備業務的前景如何？

Sure. So the corporate was the area that is most impacted at Topgolf. We've had consistently positive results on walk-in and social events. The corporate events really recovered late in Q4. When we were last on the phone with you, we had October data, it wasn't very positive, candidly, but it really recovered quickly.

當然。因此，該公司是 Topgolf 受影響最大的領域。我們在步入式和社交活動中一直取得積極成果。公司事件在第四季度末真正恢復。當我們上次與您通電話時，我們有 10 月份的數據，坦率地說，它不是很積極，但它確實很快恢復了。

We are seeing increased interest in leads and activity in corporate. We're confident, but the business at Topgolf did start down on a same venue sales basis in Q1. But obviously, we gave you Q1 guidance and we expect it to be down almost slightly for Q1.

我們看到人們對企業中的潛在客戶和活動越來越感興趣。我們很有信心，但 Topgolf 的業務確實在第一季度的相同場地銷售基礎上開始下滑。但很明顯，我們給了你第一季度的指導，我們預計第一季度它幾乎會略有下降。

So feel good about the trends there. We've seen this already kind of play out in the U.K., and there's some volatility that we'll work through in Q1, and Brian mentioned that as well. But we feel very confident on the full year numbers.

所以對那裡的趨勢感覺很好。我們已經在英國看到了這種情況，我們將在第一季度解決一些波動，布賴恩也提到了這一點。但我們對全年數據充滿信心。

And then the next question was on Golf Equipment in Q1. And I don't know that we're breaking out by segment relative to quarter. So -- we are expecting every segment to grow but I don't think we're breaking out Golf Equipment in quarter.

然後下一個問題是關於第一季度的高爾夫設備。而且我不知道我們是按季度劃分的。所以——我們預計每個細分市場都會增長，但我認為我們不會在季度內突破高爾夫設備。

Part of the issue there, Alex, is there's just a lot of volatility on -- we have very good bookings in our Golf Equipment and our Apparel, Gear & Other. We don't believe we have a demand issue. And the supply is coming, but ability to forecast exactly when that will arrive and make it through DCs, et cetera, you could see some of that move into Q2 or Q2 move into Q1.

亞歷克斯，部分問題在於波動性很大——我們在高爾夫設備和服裝、裝備和其他方面的預訂量非常好。我們認為我們沒有需求問題。供應即將到來，但能夠準確預測何時到達並通過 DC 等，您可以看到其中一些進入第二季度或第二季度進入第一季度。

And it looks like a big shift, but it's not a material shift on a full year basis, just a quarterly bit of noise. But we feel very good about the Golf Equipment business.

這看起來像是一個很大的轉變，但這不是全年的重大轉變，只是一個季度的一點噪音。但我們對高爾夫設備業務感覺非常好。

We have our next question from Mike Swartz.

我們有來自 Mike Swartz 的下一個問題。

I just -- and I apologize if I missed this. But maybe Chip, could you give us a view of what you expect retail sales for the golf equipment industry to do in 2022? You're coming off to obviously 2 big years. And I just -- I think there's some sense that -- or maybe you can't repeat it. But maybe just if you can give us high-level thoughts around retail?

我只是 - 如果我錯過了這一點，我深表歉意。但也許是奇普，您能否告訴我們您對 2022 年高爾夫設備行業零售額的預期？顯然，你即將迎來 2 年。而且我只是 - 我認為有某種意義 - 或者你不能重複它。但也許只是如果你能給我們關於零售的高層次想法？

Sure. Mike, they've been saying we can't hold it or repeat it, but it keeps coming. So at some point, know how beautiful the strategy, you need to look at the results. And the market did level off in the second half of 2021. as other activities, et cetera, were available, but the demand remained very strong for golf, and we're expecting golf to be strong going into this year.

當然。邁克，他們一直在說我們不能堅持或重複它，但它一直在發生。所以在某些時候，知道策略有多漂亮，你需要看看結果。市場在 2021 年下半年確實趨於平穩。由於其他活動等可用，但對高爾夫的需求仍然非常強勁，我們預計高爾夫將在今年保持強勁。

Where we're even more confident is that our golf business will be up given the strength of our buying for this year, inventory at retail, but the structural shifts around golf that have been over the last several years are pretty significant. There's a lot of momentum and enthusiasm.

我們更有信心的是，鑑於我們今年的購買力度和零售庫存，我們的高爾夫業務將會增長，但過去幾年圍繞高爾夫的結構性轉變非常顯著。有很大的動力和熱情。

Of course, golf is (inaudible) new impact hybrid and remote work are not going away. We're optimistic about the golf markets overall and confident in our business.

當然，高爾夫是（聽不清）新的影響混合體，遠程工作不會消失。我們對整個高爾夫市場持樂觀態度，並對我們的業務充滿信心。

And just second question on capital allocation. You bought back some shares in the fourth quarter. I think this is first or second time you bought back shares in a long time, and made some comments on the capital needs at Topgolf being less than what you previously anticipated. So maybe give us a sense of -- does that free up more capital to be allocated towards buybacks, M&A, debt reduction than maybe you thought previously?

關於資本配置的第二個問題。你在第四季度回購了一些股票。我認為這是您很長時間以來第一次或第二次回購股票，並對 Topgolf 的資金需求低於您之前的預期發表了一些評論。所以也許給我們一種感覺——這是否比你以前想像的釋放了更多用於回購、併購、減債的資本？

Well, clearly, we have a lot more liquidity than what we would have -- if you talked to us a year ago, we wouldn't have in our wildest dreams expected to deliver the financial results that we did and our capital structure matches that.

好吧，很明顯，我們的流動性比我們應該擁有的要多得多——如果你在一年前與我們交談，我們最瘋狂的夢想就不會期望提供我們所做的財務結果，我們的資本結構與之匹配.

I mean, we have $200 million less to put into Topgolf. We have $700 million of available liquidity. Only $70 million more needed to go to Topgolf based on our current forecast. Yes, we are in a much stronger position.

我的意思是，我們對 Topgolf 的投入減少了 2 億美元。我們有 7 億美元的可用流動資金。根據我們目前的預測，Topgolf 只需要多花 7000 萬美元。是的，我們處於更強大的位置。

As a policy, we don't comment on intentions for existing plans or new plans on stock buybacks. We don't comment on M&A. It's essentially a capitalization question. So our capital allocation strategy is unchanged. We first and foremost, reinvest back in our business, and we've done that unabashedly for 10 straight years with pretty good effect.

作為一項政策，我們不對現有計劃或股票回購新計劃的意圖發表評論。我們不對併購置評。這本質上是一個大小寫問題。所以我們的資本配置策略沒有改變。我們首先是對我們的業務進行再投資，而且我們已經連續 10 年毫不掩飾地這樣做了，效果非常好。

We've got a lot of nice opportunities to high ROI projects. We're blessed that way. After that, we balance debt repayment, returning capital to shareholders and selective acquisitions. Our first focus is to make sure we hit our leverage expectations and we are ahead on that.

我們有很多高投資回報率項目的好機會。我們就是這樣被祝福的。之後，我們平衡債務償還、向股東返還資本和選擇性收購。我們的首要重點是確保我們達到我們的槓桿預期並且我們在這方面處於領先地位。

And then selectively or opportunistically, we evaluate share repurchases like the when we announced in December and executed against. And so we'll continue to act as we have, and we're not at liberty to discuss any more specifics at this point.

然後有選擇地或機會主義地，我們評估股票回購，就像我們在 12 月宣布並執行時那樣。因此，我們將繼續按照我們的方式行事，此時我們無權討論更多細節。

We have our next question from Joe Altobello.

我們有來自 Joe Altobello 的下一個問題。

A couple of questions on Topgolf. First, the pace of venue opening. Obviously, you did 9 last year, you're looking at 10, potentially 11, this year. What's the gating factor on that pace? Why can't you do 15 or 20, for example?

關於 Topgolf 的幾個問題。一是場館開放步伐。顯然，你去年做了 9 個，今年你看到了 10 個，可能是 11 個。這種速度的決定因素是什麼？例如，為什麼你不能做 15 或 20？

Well, these are very long lead time items, Joe. So we're harvesting the fruits of labor from prior to our merger. And team is clearly ramping that up as well. Like everything in our business as we continue to grow and reinvest. We're balancing the risk of moving faster with not getting it right.

嗯，這些都是很長的交貨時間項目，喬。因此，我們正在收穫合併之前的勞動成果。團隊顯然也在加強這一點。就像我們業務中的一切一樣，我們將繼續發展和再投資。我們正在平衡加快行動與不正確行動的風險。

And at present, I think we're balancing it pretty well. We're also continually investing to increase our capabilities. So you correctly heard us when we're saying we're going to do 10 with the potential to do 11. So you'll see us open these things in a proven and predictable manner.

目前，我認為我們平衡得很好。我們還在不斷投資以提高我們的能力。所以當我們說我們將做 10 個並有可能做 11 個時，你正確地聽到了我們。所以你會看到我們以一種經過驗證和可預測的方式打開這些事情。

It's a repeatable model. We do have a strong pipeline, but we're working right now on '24 and '25 venues, right? So our ability to impact '22 venues wasn't in the recent past. And you'll see that we are continuing to be what I think is prudent in our investments and our development cycle.

這是一個可重複的模型。我們確實有一個強大的管道，但我們現在正在 '24 和 '25 場館工作，對嗎？因此，我們影響 '22 場館的能力並不是最近才出現的。你會看到，我們在投資和開發週期中繼續保持我認為的謹慎態度。

Got it. Okay. Totally understood. I was actually thinking beyond '22, but I get it. I guess second question on supply chain. You were actually pretty constructive on the last earnings call about supply chain and talking about things getting better.

知道了。好的。完全明白。我實際上是在考慮超越 22 年，但我明白了。我想關於供應鏈的第二個問題。實際上，您在上次關於供應鏈的財報電話會議上非常有建設性，並談到事情正在變得更好。

How has that progressed in Q4 and here into Q1? Are things still getting better at this point?

第四季度和第一季度進展如何？現在情況還在好轉嗎？

Yes, Joe. In short, they are. The supply chain and (inaudible) side of businesses -- everybody should buy your ops person's lunch at some point this year because they are definitely playing whack-a-mole as they're dealing with 1 issue after the next. If it's not a labor shutdown, it's a supply shortage, whether it's semiconductors or a chemical needed for your urethane covers or the logistics challenges of getting containers or getting through a terminal somewhere and the teams continually work through that.

是的，喬。簡而言之，他們是。企業的供應鍊和（聽不清）方面——每個人都應該在今年某個時候為您的運維人員買午餐，因為他們在處理一個接一個的問題時肯定是在打地鼠。如果不是勞動力停工，那就是供應短缺，無論是半導體或聚氨酯罩所需的化學品，還是獲取集裝箱或通過某處碼頭的物流挑戰，團隊不斷努力解決這個問題。

But the supply chain is continually improving. We've been ramping up capacity there. You don't always see that because it's being offset by some of these challenges from time to time. But through focusing on the Golf Equipment side, Vietnam is operating well right now, China is just coming back from Chinese New Year. The return of employees is always an interesting question and it's returning well. We're not going to be completely out of the woods on supply chain, but we've shown we're going to be able to manage it very well. And at present, we're very confident on the supply chain side.

但供應鏈正在不斷完善。我們一直在提高那裡的產能。您並不總是看到這一點，因為它不時被其中一些挑戰所抵消。但是通過專注於高爾夫設備方面，越南目前經營良好，中國剛剛過年。員工的回歸一直是一個有趣的問題，而且回歸良好。我們不會完全擺脫供應鏈的困境，但我們已經證明我們將能夠很好地管理它。而目前，我們對供應鏈方面非常有信心。

We have our next question from Daniel Imbro.

我們有來自 Daniel Imbro 的下一個問題。

Yes. Chip, maybe one on the sales side, as you look at '22, I guess, first on the Apparel business, you mentioned, I think Jack Wolfskin was up year-over-year. Travis has momentum. Can you maybe talk about prebooks for this year?

是的。 Chip，也許是銷售方面的一個，當你看 22 年時，我猜，首先是服裝業務，你提到，我認為 Jack Wolfskin 同比增長。特拉維斯有動力。你能談談今年的預科書嗎？

How -- I guess now it's probably the time green grass is ordering all '22 collections. So Kind of curious, any early indications on not only the spring apparel but maybe the back half of the year and how your customers are planning for the consumer just given the inflationary backdrop. Are you seeing any signs of weakening preorders for the rest of the year?

怎麼樣——我想現在可能是綠草訂購所有 22 年系列的時候了。所以有點好奇，任何關於春季服裝的早期跡象，可能還有下半年的跡象，以及在通貨膨脹背景下，你的客戶如何為消費者做計劃。您是否看到今年剩餘時間預購量減弱的跡象？

No, Daniel, just the opposite. So our pre-books are excellent, and across all of our businesses. We're global. So this is a -- we can go through -- specifically TravisMathew, that business is pre-books. I don't think they have them finalized for the fall. They were a little bit later than Jack Wolfskin. Jack Wolfskin's aren't finalized for fall, and they're very strong.

不，丹尼爾，正好相反。因此，我們的預售書非常出色，適用於我們所有的業務。我們是全球性的。所以這是 - 我們可以通過 - 特別是 TravisMathew，該業務是預售書。我認為他們沒有在秋季完成。他們比 Jack Wolfskin 晚了一點。 Jack Wolfskin 的秋季款還沒有定型，而且非常結實。

The TravisMathew business has been just performing exceptionally. The brand momentum there is amazing. And not does not appear to be a demand issue.

TravisMathew 的業務表現異常出色。那裡的品牌勢頭令人驚嘆。而不是似乎不是需求問題。

And I guess a follow-up on the Apparel business. I know it's less of a focus today, but -- in terms of Jack Wolfskin, we're still kind of in the middle, I think, of the profitability turnaround. Is that a fair characterization?

我猜是服裝業務的後續行動。我知道今天它不是一個重點，但是 - 就 Jack Wolfskin 而言，我認為我們仍然處於盈利轉變的中間。這是一個公平的表徵嗎？

Or where are we on the path you guys laid out towards $50-plus million from that asset plus synergies? And I know it's been a tough time with COVID, but as you learn more about that business Chip, do you still have the same confidence that it makes sense as part of your portfolio?

或者我們在你們從該資產加上協同效應中朝著 50 多萬美元的道路上走在哪裡？而且我知道對於 COVID 來說這是一段艱難的時期，但是當您更多地了解該業務芯片時，您是否仍然有信心將其作為您投資組合的一部分有意義？

And how are you thinking about the overall house of brands you've built?

你如何看待你建立的整個品牌？

Daniel, we feel even more confident on that $50 million-plus synergies now. The new team there and the momentum of that business, it has been challenging for them. I mean, probably as difficult a business operating environment as any in our portfolio as their base in Central Europe and Central Europe retail was shut down to start the year, to end the year, it's still kind of down. It just fits and starts for them, but still they deliver growth year-over-year, and they were profitable.

丹尼爾，我們現在對超過 5000 萬美元的協同效應更有信心。那裡的新團隊和該業務的發展勢頭，對他們來說一直是個挑戰。我的意思是，可能與我們投資組合中的任何一個業務運營環境一樣困難，因為他們在中歐和中歐零售的基地在年初被關閉，到年底，它仍然有點下降。它適合他們並開始了，但他們仍然實現了同比增長，並且他們是有利可圖的。

And so you can really sense the brand momentum there, their sell-through, their pre-books. It's just an excellent business. The -- and it fits within our portfolio from the perspective of the synergies that it delivers overall across our Apparel, Gear & Other segment and how those all play together.

所以你可以真正感受到那裡的品牌勢頭，他們的銷售量，他們的預售。這只是一項出色的業務。 - 從它在我們的服裝、裝備和其他部門整體提供的協同效應的角度來看，它適合我們的產品組合，以及它們如何協同工作。

It's becoming a very significant business in and of itself. And again, I think this is something that we'll get a little bit more into at the Analyst Day later in Q2. But we're very -- as you can tell, I'm very pleased with the team there. The results that they've driven in the environment that they are operating in are just exceptional.

它本身正在成為一項非常重要的業務。再說一次，我認為這是我們將在第二季度晚些時候的分析師日更深入地討論的內容。但是我們非常 - 正如你所知道的，我對那裡的團隊非常滿意。他們在運營環境中取得的成果非常出色。

That's great. And just to clarify there, Brian, you quantified top cost EBITDA. And Chip, you just laid out the path to $55 million at Jack Wolfskin -- (inaudible)...

那太棒了。只是為了澄清，布賴恩，你量化了最高成本 EBITDA。還有 Chip，你剛剛為 Jack Wolfskin 的 5500 萬美元鋪平了道路——（聽不清）...

Yes. I said I was more -- I was highly confident in the $50 million-plus.

是的。我說我更多——我對超過 5000 萬美元非常有信心。

Where was Jack Wolfskin in '21? Have you guys quantified that number to what base for growing to get to that $50 million plus?

21 年的傑克·沃爾夫斯金在哪裡？你們有沒有將這個數字量化為增長到 5000 萬美元以上的基礎？

We don't give you '21. So -- we'll evaluate that for Analyst Day, but we're not breaking out individual businesses within segments and et cetera, at this stage.

我們不給你'21。所以 - 我們將在分析師日評估這一點，但在這個階段，我們不會在細分市場等內打破個別業務。

We have our next question from Susan Anderson.

我們有來自 Susan Anderson 的下一個問題。

I was wondering if maybe you could talk about how much you're raising prices on average for the Golf Equipment Business in the ball. And then also, if you expect units to grow this year-over-year. And then I'm just curious, is there still -- do you think there's still a lot of restocking to be had at wholesale?

我想知道您是否可以談談您為高爾夫設備業務平均提高了多少價格。然後，如果你預計今年的單位會同比增長。然後我很好奇，還有沒有——你認為批發時還有很多補貨嗎？

Susan, it's Chip. So we're not going to break out units versus price for you across -- partly because guessing as I look at across all of the segments. But I'm guessing that units are up as well as price across.

蘇珊，是奇普。因此，我們不會為您打破單位與價格的對比——部分原因是我在查看所有細分市場時進行猜測。但我猜測單位和價格都在上漲。

But it's -- now you're combining golf balls, clubs, et cetera, it -- not how we generally look at it. But the -- we are taking price as needed. We're expecting margins to be solid, if not improved, next year. And so I think that might answer part of your question. What was the other part that I might be missing?

但它——現在你將高爾夫球、球桿等組合在一起——而不是我們通常看待它的方式。但是 - 我們正在根據需要定價。我們預計明年的利潤率即使沒有提高，也會保持穩定。所以我認為這可能會回答你的部分問題。我可能遺漏的另一部分是什麼？

Just are you guys -- are you giving -- I guess just on the pricing are you selecting price increase and then restock at whole value?

你們是不是——你們是在給——我猜只是在定價上，你們是在選擇漲價，然後以全價補貨嗎？

Yes, it really varies. So like Susan, so average price increase, I don't have it, but we're up $2 on a dozen Chrome Soft golf balls, we're up sometimes on the fairway wood. We're up $50 on a fairway wood. We're $20 on a driver. So it really varies. And we've taken some pricing in the middle of launch when product is already in the field and most of the new product we're not getting any pushback on it.

是的，它確實因人而異。所以像蘇珊，所以平均價格上漲，我沒有，但我們在十幾個 Chrome Soft 高爾夫球上上漲了 2 美元，我們有時在球道木上上漲。我們在球道木上漲了 50 美元。我們的司機是 20 美元。所以真的不一樣。當產品已經在現場時，我們在發布過程中採取了一些定價，而且大多數新產品我們都沒有得到任何回擊。

So I don't have a percentage for you, unfortunately. And then on the inventory restocking, we're highly confident. I mean if months on hand is (technical difficulty) showed it has 3 months on hand for industry clubs at the end of the year versus 5.2% in 2019. And 2019, that 5.2% was not a high number.

所以很遺憾，我沒有給你一個百分比。然後在庫存補貨方面，我們非常有信心。我的意思是，如果手頭的月數（技術難度）顯示，年底行業俱樂部的手頭是 3 個月，而 2019 年為 5.2%。而 2019 年，5.2% 的數字並不高。

Okay. Great. That's helpful. And then just curious on the core Golf and Apparel business, it looks like EBITDA margins this year, you're expecting to kind of be back to that 2019 level range. I guess, is there nothing that's changed there in terms of just promotions coming down or pricing realization that would drive those higher?

好的。偉大的。這很有幫助。然後只是對核心高爾夫和服裝業務感到好奇，看起來今年的 EBITDA 利潤率，你預計會回到 2019 年的水平範圍。我想，就促銷下降或定價實現而言，那裡沒有什麼改變會推動那些更高的嗎？

Susan, this is Brian. If you look -- we'll talk about op margins just for now. But yes, next year, we'll be expecting increases in op margins in the soft goods business really across all 3 business segments, the equipment business and the Topgolf business.

蘇珊，這是布賴恩。如果你看 - 我們現在將討論運營利潤率。但是，是的，明年，我們預計軟商品業務的運營利潤率會在所有 3 個業務部門（設備業務和 Topgolf 業務）中真正增加。

And it's just better gross margins, to Chip's point, some of the pricing, the pricing will cover -- the pricing and volume will cover the -- any inflationary pressures that we see and you'll see the better gross margins and it will flow through.

就Chip而言，這只是更好的毛利率，一些定價，定價將涵蓋 - 定價和數量將涵蓋 - 我們看到的任何通脹壓力，你會看到更好的毛利率，它會流動通過。

Great. And that's versus 2020, you mean? Or 2019?

偉大的。那是與 2020 年相比，你的意思是？還是2019？

Versus 2021.

與 2021 年相比。

The increase or 2021? Yes? Versus 2019? Yes.

增加還是2021？是的？與 2019 年相比？是的。

Yes.

是的。

We have our next question from John Cernon.

我們有來自 John Cernon 的下一個問題。

Can you hear me now?

你能聽到我嗎？

We can hear you now.

我們現在可以聽到你的聲音了。

Okay. Good. Well, congrats on a strong year, finishing that out. I guess a lot has been answered about the model and the growth. Just curious in 2022, Brian, the impact of inflation at a product cost level in food, at Topgolf labor, supply chain costs for the Golf and Apparel business, (inaudible), how much of an inflationary impact are you looking at in 2022?

好的。好的。好吧，祝賀這一年的強勁表現，完成了。我想關於模型和增長已經回答了很多。只是好奇，2022 年，通貨膨脹對食品產品成本水平、Topgolf 勞動力、高爾夫和服裝業務的供應鏈成本的影響（聽不清），您認為 2022 年的通貨膨脹影響有多大？

We haven't quantified it, but it's definitely there. It's just that we've been -- as we did in 2021, we've been able to outrun it during the year with the volume increases. And then this year, we also have the ability to outrun it for next year as well. I think you'll see a little bit more of an impact on gross margins, maybe at Topgolf, but they're mostly covering it and their gross margins are so strong.

我們還沒有量化它，但它肯定存在。只是我們一直在——就像我們在 2021 年所做的那樣，隨著銷量的增加，我們已經能夠在這一年中超越它。然後今年，我們也有能力在明年超越它。我認為你會看到對毛利率的影響更大一些，也許是在 Topgolf，但他們大部分都在覆蓋它，而且他們的毛利率非常強勁。

So it's -- approach flat. The labor is definitely something they felt as far as pricing. But at the same time, the number of people they're offsetting some of that. So they've been more profitable this year. We said we don't think it can sustain at those levels. So it will get a little bit lower. But at the same time, all 3 businesses we'll be able to cover.

所以它 - 接近平坦。就定價而言，勞動力絕對是他們所感受到的。但與此同時，他們抵消了其中一部分的人數。所以他們今年的利潤更高。我們說我們認為它無法維持在這些水平上。所以它會降低一點。但與此同時，我們將能夠涵蓋所有 3 項業務。

Understood. Just my final question is just on the venue level EBITDA for Topgolf has been above expectations since you announced the deal. Just curious what you think the upside driver to expectations is in 2022? Is it really just the top line recovery and traffic recovery? What more do you see in the margin profile of Topgolf at a venue level to move that higher as we get into 2022 and '23. Is it just leverage in the model from increased sales? Or is there more to it?

明白了。我的最後一個問題是，自從您宣布交易以來，Topgolf 的場地水平 EBITDA 一直高於預期。只是好奇您認為 2022 年預期的上行動力是什麼？真的只是頂線恢復和流量恢復嗎？隨著我們進入 2022 年和 23 年，您在 Topgolf 的場地水平上還能看到什麼進一步提高。它只是通過增加銷售額在模型中發揮作用嗎？或者還有更多？

John, that's a great question. And certainly, we're increasing confidence on same venue sales ability to drive some real positive numbers there, and we're still recovering, right? So -- last year, we delivered 95%, which is wildly above our expectations.

約翰，這是一個很好的問題。當然，我們正在增加對同一場地銷售能力的信心，以在那裡推動一些真正的積極數字，我們仍在恢復，對嗎？所以——去年，我們交付了 95%，這大大超出了我們的預期。

Corporate events really haven't come back. We're convinced they're going to be back, and that's a big area for gas in the tank. We can deliver better operating margins overall there over the long term than what we initially thought. And then we'll give you a little more color on all this at the Analyst Day. So hopefully, make that, and we'll try to walk you through a little bit more specifics on.

企業活動真的沒有回來。我們確信他們會回來，這是油箱裡的一大塊天然氣。從長遠來看，我們可以在那裡提供比我們最初想像的更好的整體營業利潤率。然後我們將在分析師日為您提供更多關於這一切的信息。所以希望，做到這一點，我們將嘗試引導您了解更多細節。

Our next question from George Kelly.

我們來自喬治凱利的下一個問題。

So just 2 quick ones for you. First, another Topgolf question. So internationally, still not a whole lot of venues, I think it's something like 8 venues internationally. Wondering how quickly do you expect that to scale? And is there any consideration to opening any of those venues yourselves?

所以只給你2個快速的。首先，另一個 Topgolf 問題。所以在國際上，仍然不是很多場館，我認為國際上大概有8個場館。想知道您期望它以多快的速度擴展？有沒有考慮自己開設這些場所？

Good question, George. So we expect to open 3 new venues this year, one of which we're highly confident because it opened in January and is doing really well. And that one is in Germany. And then we announced, I believe it was yesterday that we're doing one in Glasgow, Scotland and that will be an owned venue. So it will be in the international portfolio, but is consistent with the other venues that we've opened in the U.K., which are actually legacy venues that will be owned and operated.

好問題，喬治。因此，我們預計今年將開設 3 個新場館，其中一個我們非常有信心，因為它在一月份開業並且做得非常好。那個在德國。然後我們宣布，我相信昨天我們正在蘇格蘭格拉斯哥做一個，這將是一個自有場地。因此，它將在國際投資組合中，但與我們在英國開設的其他場館一致，這些場館實際上是將擁有和運營的傳統場館。

And then there's one more planned for the balance of the year later in the year. And then we're going to be ramping it for there. So you'll see increasing activity on that, and this will probably sound familiar, but it's tuned for the Investor Day where we'll give you a little bit more color on perhaps mid- to long-term outlook in terms of openings. COVID has been more of a factor even internationally than it has been in domestic operations as we ramped up with these franchisees. And so we're seeing good activity there and developing that well. But it will scale a little later there than what we originally thought. But we do have some nice activity this year.

然後還有一個計劃在今年晚些時候用於今年的餘額。然後我們將在那裡進行加速。因此，您會看到這方面的活動越來越多，這可能聽起來很熟悉，但它已針對投資者日進行了調整，我們將為您提供更多關於空缺的中長期前景的信息。隨著我們與這些特許經營商的合作，COVID 在國際上的影響甚至比在國內運營中的影響更大。因此，我們在那裡看到了良好的活動並且發展良好。但它會比我們最初想像的晚一點。但今年我們確實有一些不錯的活動。

Okay. Great. And then second, (inaudible), I wanted to ask about is TravisMathew. So the growth that you've had there has just been remarkable. So curious, how do you keep that going? And maybe if you could talk about your expectations for new stores and expectations for growing that brand outside of Golf? Just wondering how that's going?

好的。偉大的。然後第二個，（聽不清），我想問的是 TravisMathew。所以你在那裡的成長非常顯著。很好奇，你是如何保持這種狀態的？也許您可以談談您對新店的期望以及對在高爾夫之外發展該品牌的期望？只是想知道這是怎麼回事？

Well, it's interesting, George, because I view that brand is outside of Golf already. It's really a Lifestyle Apparel brand. It has its roots in Golf, but -- it's what we wear to the office. It's what you were after golf when you go out and socialize. You go into their stores and you're buying hoodies and cloud collections, essentially fleece, and outerwear.

好吧，喬治，這很有趣，因為我認為這個品牌已經在高爾夫之外了。這真的是一個生活方式服裝品牌。它起源於高爾夫，但是——這是我們去辦公室時穿的。當你出去社交時，這就是你打高爾夫球後的樣子。你走進他們的商店，購買的是連帽衫和雲朵系列，主要是羊毛和外套。

That's one of the things that I really loved about the brand when I looked at it because the scale and potential of that business is way above golf. It studied the Golf brands in the Apparel space for some time. And candidly, they don't get very big. This business is getting big fast.

當我看到它時，這是我真正喜歡這個品牌的事情之一，因為該業務的規模和潛力遠遠超過高爾夫。它研究了服裝領域的高爾夫品牌一段時間。坦率地說，它們並沒有變得很大。這項業務正在迅速發展壯大。

And we give you some of those metrics. But 65% same store sales. That's pretty good. And it's got a lot of runway. It's selling through on the East Coast, it's selling through on the West Coast. I think we added 10 stores last year. We had 29 open.

我們為您提供了其中一些指標。但是65%的同店銷售額。這很不錯。它有很多跑道。它在東海岸銷售，在西海岸銷售。我想我們去年增加了 10 家商店。我們開了 29 個。

The payback on those stores is really good, and you'll see us continue to add stores. It's got a nice direct-to-consumer model, but then it's also doing extremely well with its wholesale partners. So -- great success story, but you should not be thinking about it as a Golf brand. You can think about it as roots to Golf. But just as with Topgolf, OGIO way beyond the audience of just golfers.

這些商店的回報非常好，您會看到我們繼續增加商店。它有一個很好的直接面向消費者的模式，但它與批發合作夥伴的關係也非常好。所以 - 偉大的成功故事，但你不應該將其視為高爾夫品牌。您可以將其視為高爾夫的根源。但就像 Topgolf 一樣，OGIO 遠遠超出了高爾夫球手的受眾範圍。

We have our next question from Casey Alexander.

我們有來自凱西亞歷山大的下一個問題。

Yes. I know this call is getting long in the tooth, so I'll just keep it to 1 question. Looking at your guidance for Topgolf of $1.5 billion for 2022, that's just, on the numbers compared to 2021, really solid growth. And yet, with 5 to 6 stores opening in the fourth quarter of 2022, why shouldn't we be thinking of 2023 as a year of accelerating growth for Topgolf?

是的。我知道這個電話很長，所以我只回答 1 個問題。看看你對 Topgolf 的 2022 年 15 億美元的指導，與 2021 年相比，這只是一個真正穩健的增長。然而，2022 年第四季度將開設 5 到 6 家門店，我們為什麼不將 2023 年視為 Topgolf 加速增長的一年呢？

Casey, I think you bring up a good point.

凱西，我認為你提出了一個很好的觀點。

We have our next question from Rudy Yang.

我們有來自 Rudy Yang 的下一個問題。

I guess just firstly, can you just kind of comment to how you think rising interest rates could affect your business in any way, if at all? And how your industry has historically fared in a higher rate environment?

我想首先，您能否就您認為利率上升會如何以任何方式影響您的業務發表評論，如果有的話？您的行業在高利率環境中的歷史表現如何？

Good question, Rudy. I don't really -- obviously, I guess I've got to turn it to you, Brian. I don't even know how much of our debt is -- exactly what percent is fixed versus not, but...

好問題，魯迪。我真的沒有——很明顯，我想我必須把它交給你，布賴恩。我什至不知道我們的債務有多少——確切的百分比是固定的還是固定的，但是...

I don't know the exact percentage, but it would affect us as with rising interest rates, all the term loan [Bs] and everything would be affected. But would be some incremental cash, but it wouldn't have a big effect on our business.

我不知道確切的百分比，但它會影響我們，因為利率上升，所有定期貸款 [Bs] 和一切都會受到影響。但這將是一些增量現金，但不會對我們的業務產生太大影響。

We haven't seen -- Rudy, part of the reason you're hearing we don't know because we don't think we're that sensitive to it. When we -- this business does well throughout raising rates and lower rates, it does better in any business will in a good economy versus a weak economy.

我們還沒有看到——魯迪，你聽到的部分原因我們不知道，因為我們認為我們對它沒有那麼敏感。當我們——這項業務在提高利率和降低利率的過程中表現良好時，它在任何業務中都表現得更好，經濟狀況良好而不是經濟疲軟。

But it does find in a -- I've been in the Golf Equipment business for 20-plus years, been around Topgolf for more than 10 years, and it's -- these businesses are not highly sensitive to interest rates or they're not even highly sensitive to economic cycles, although they, of course, will have some sensitivity there.

但它確實發現——我從事高爾夫設備業務 20 多年，在 Topgolf 工作了 10 多年，而且——這些業務對利率不高度敏感，或者它們不是甚至對經濟周期高度敏感，儘管它們當然會有一些敏感度。

There are no more questions at this time, and I will turn it back over to Chip Brewer, our President and Chief Executive Officer.

目前沒有更多問題，我將把它交給我們的總裁兼首席執行官 Chip Brewer。

All right. Well, I want to thank everybody for being on the call today. As you can tell, we're very pleased with our business, and we look forward to seeing you at the Investor Day, which more details will be forthcoming.

好的。好吧，我要感謝大家今天參加電話會議。如您所知，我們對我們的業務非常滿意，我們期待在投資者日與您見面，更多細節即將發布。

And again, we apologize for the technical difficulties and the late start. Appreciate you hanging with us, and talk to you soon.

再次，我們為技術困難和遲到表示歉意。感謝您與我們在一起，並儘快與您交談。

Ladies and gentlemen, this concludes today's presentation. Thank you for participating. You may now disconnect.

女士們，先生們，今天的演講到此結束。感謝您的參與。您現在可以斷開連接。