Topgolf Callaway Brands Corp (MODG) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Callaway Golf Company Q1 2022 Earnings Call. (Operator Instructions) I would now like to hand the conference over to your speaker today, Lauren Scott, Director of Investor Relations. Thank you. Please go ahead.

美好的一天，感謝您的支持。歡迎參加卡拉威高爾夫公司 2022 年第一季度財報電話會議。 （操作員說明）我現在想將會議交給您今天的演講者，投資者關係總監 Lauren Scott。謝謝你。請繼續。

Thank you, Ashley, and good afternoon, everyone. Welcome to Callaway's First Quarter 2022 Earnings Conference Call. 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 CEO; 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.

謝謝你，阿什利，大家下午好。歡迎參加卡拉威 2022 年第一季度收益電話會議。我是公司投資者關係總監 Lauren Scott。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 first quarter 2022 financial results. In addition, there is a presentation that accompanies today's prepared remarks and 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 2022 年第一季度的財務業績。此外，今天準備好的評論附有一個演示文稿，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 accordance with Regulation G.

在今天的電話會議上報告和討論的大多數財務數據都是基於美國公認的會計原則。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 措施進行了核對。

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. We encourage you to review the safe harbor statements contained in the presentation and the press release for a more complete description.

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。我們鼓勵您查看演示文稿和新聞稿中包含的安全港聲明，以獲得更完整的描述。

And with that, I would now like to turn the call over to Chip Brewer.

有了這個，我現在想把電話轉給 Chip Brewer。

Thank you, Lauren. Good afternoon, everyone, and thank you for joining us today. To start, I want to thank all of the analysts and investors who joined us in person or online for our Investor Day on April 26. I speak for our whole leadership team when I say that we enjoyed having the opportunity to interact with you, and hope you walked away with a better understanding and appreciation of our business strategy and vision for the future. If you missed our event, I encourage you to review the materials on our IR website as you'll continue to hear us reference our growth framework as we track towards our long-term goals.

謝謝你，勞倫。大家下午好，感謝您今天加入我們。首先，我要感謝所有在 4 月 26 日投資者日親自或在線加入我們的分析師和投資者。當我說我們很高興有機會與您互動時，我代表我們整個領導團隊發言，並且希望您在離開時對我們的業務戰略和未來願景有更好的理解和欣賞。如果您錯過了我們的活動，我鼓勵您查看我們 IR 網站上的材料，因為您將繼續聽到我們在跟踪我們的長期目標時參考我們的增長框架。

Shifting to Q1. I'm pleased to report a very strong start to the year with all 3 of our business segments contributing to our success. Total net revenue was just over $1 billion, up 60% year-over-year on a reported basis or up 31% on a pro forma basis, which includes Topgolf revenue for the full quarter of last year.

轉移到第一季度。我很高興地報告今年的開局非常強勁，我們所有的三個業務部門都為我們的成功做出了貢獻。總淨收入略高於 10 億美元，在報告的基礎上同比增長 60% 或在備考基礎上增長 31%，其中包括 Topgolf 去年整個季度的收入。

Flow through to the bottom line was strong as well, with adjusted EBITDA of $170 million, up 33% on a reported basis or up 31% on a pro forma basis. These results clearly show the continued momentum in our business and give us increasing confidence as we look out over the full year, and the long term.

流入底線的資金也很強勁，調整後的 EBITDA 為 1.7 億美元，在報告基礎上增長 33%，在備考基礎上增長 31%。這些結果清楚地表明了我們業務的持續發展勢頭，並在我們展望全年和長期的過程中增強了我們的信心。

Shifting to our segment overview. I'll first start with Topgolf's Q1 results. The Topgolf team put up another outstanding quarter. At the time of our last earnings report in February, Topgolf's venue business had been impacted by the reduced traffic in a lighter events business due to Omicron. However, as the quarter progressed, this early softness was replaced by a strong resurgence in demand. In March alone, same venue sales versus 2019 were up approximately 10%, which drove full quarter same venue sales up 2%, thus beating our February earnings call forecast of down slightly.

轉到我們的細分概述。我將首先從 Topgolf 的第一季度業績開始。 Topgolf 團隊又上演了一個出色的四分之一。在我們 2 月份發布上一份收益報告時，Topgolf 的場館業務受到 Omicron 導致的輕型賽事業務流量減少的影響。然而，隨著本季度的進展，這種早期的疲軟被需求的強勁復甦所取代。僅在 3 月份，同場館銷售額與 2019 年相比增長了約 10%，這推動了整個季度同場館銷售額增長了 2%，從而超過了我們在 2 月盈利電話會議上略微下調的預測。

New venue openings remained on track in Q1 and continue to open extremely well. During the quarter, we opened 1 new owned and operated venue in Ontario, California and 1 new franchise venue in Germany. Additionally, in mid-April, we opened our new El Segundo location in Los Angeles, California. I'm happy to report that all of these locations are exceeding expectations as the venues team continues to impress and our brand appears to be building momentum.

新場館的開張在第一季度保持在正常軌道上，並且繼續開得非常好。本季度，我們在加利福尼亞州安大略省開設了 1 個新的自有和經營場館，並在德國開設了 1 個新的特許經營場館。此外，在 4 月中旬，我們在加利福尼亞州洛杉磯開設了新的 El Segundo 分店。我很高興地報告所有這些地點都超出了預期，因為場館團隊繼續給人留下深刻印象，我們的品牌似乎正在建立勢頭。

As a result of these terrific results, we're increasing our same venue sales projections for Q2 and the balance of the year to up high single digits versus 2019. This would put our full year same venue sales up an impressive mid- to high single digits.

由於這些了不起的結果，我們將第二季度的同場館銷售預測和今年的餘額比 2019 年提高了個位數。這將使我們全年同場館的銷售額達到令人印象深刻的中高個位數位數。

Operating margins also remain healthy, as Artie and the team have been able to take price as well as drive both increased event business and overall venue efficiencies. This combination is allowing our overall margins to outpace any inflationary pressures, all while maintaining a superior guest experience.

營業利潤率也保持健康，因為 Artie 和團隊已經能夠承擔價格並推動活動業務和整體場地效率的增加。這種組合使我們的整體利潤率能夠超過任何通脹壓力，同時保持卓越的客戶體驗。

Turning to the Toptracer business. We installed 1,159 new bays in Q1 and believe we are on track for 8,000 or more bays this year. Feedback on the product and demand remains strong, plus we're building resources to ramp our installations.

轉向 Toptracer 業務。我們在第一季度安裝了 1,159 個新托架，並相信我們今年有望增加 8,000 個或更多托架。對產品和需求的反饋仍然很強烈，而且我們正在建立資源以增加我們的安裝。

Taking a step back, I hope we can all agree that this is quickly becoming a proven business, and it has a track record of success across any size, geography, climate, you name it. Our ability to continue to put up quarter after quarter of successful results makes us increasingly confident in this unique business' long-term outlook as presented at the Investor Day.

退後一步，我希望我們都能同意，這正在迅速成為一項成熟的業務，並且它在任何規模、地理、氣候等方面都有成功的記錄。我們有能力繼續一個又一個季度的成功業績，這使我們對投資者日所展示的這一獨特業務的長期前景越來越有信心。

As we look over the next few years, we believe Topgolf will be a significant source of long-term value creation. Already in 2022, it is forecast to be our largest segment by revenue. And even with the strong growth forecast across our other business segments, this segment alone is expected to account for more than half of our total adjusted EBITDA by 2025.

展望未來幾年，我們相信 Topgolf 將成為長期價值創造的重要來源。到 2022 年，按收入計算，它預計將成為我們最大的細分市場。即使我們其他業務部門的增長預測強勁，到 2025 年，僅這一部門預計將占我們調整後 EBITDA 總額的一半以上。

Topgolf is the keystone of our modern golf thesis. It already is the dominant leader in the dynamic off-course golf industry, and we believe it will maintain this position given its significant growth prospects ahead.

Topgolf 是我們現代高爾夫論文的基石。它已經是充滿活力的場外高爾夫行業的主要領導者，我們相信，鑑於其未來的顯著增長前景，它將保持這一地位。

Moving to Golf Equipment. This business had another excellent quarter with revenue up 24% year-over-year. As we mentioned at the investor conference, we expect this segment to be up 10% for the full year. We continue to see strong demand globally for Golf Equipment, especially from avid golfers. According to Datatech, in the U.S., despite comparatively poor weather conditions this year, Q1 hard goods sell-through was down just 2.8% versus 2021 and remained up 44.5% over 2019.

轉向高爾夫設備。該業務又一個出色的季度，收入同比增長 24%。正如我們在投資者會議上提到的那樣，我們預計這一細分市場全年將增長 10%。我們繼續看到全球對高爾夫設備的強勁需求，尤其是來自狂熱的高爾夫球手。根據 Datatech 的數據，在美國，儘管今年的天氣條件相對較差，但第一季度硬商品的銷售量與 2021 年相比僅下降了 2.8%，並且比 2019 年保持了 44.5% 的增長。

Outside the U.S. in key markets such as Japan, Korea and Europe, we saw Q1 hard goods sell-through up nicely year-over-year. Also, as the fitting portion of the season opens up, we are seeing market share gains for our 2022 products, especially our Rogue ST Drivers and Ferry Woods as well as our Chrome Soft golf balls. For Q1, we finished as the #1 hard goods brand in the U.S., and in March, we delivered a new record U.S. golf ball market share of 22%.

在美國以外的主要市場，如日本、韓國和歐洲，我們看到第一季度硬商品的銷售額同比增長良好。此外，隨著賽季試穿部分的開啟，我們看到 2022 年產品的市場份額增加，尤其是我們的 Rogue ST 發球桿和 Ferry Woods 以及我們的 Chrome Soft 高爾夫球。第一季度，我們成為美國排名第一的硬商品品牌，並在 3 月實現了 22% 的新紀錄美國高爾夫球市場份額。

On the manufacturing side, our supply chain is continuing to perform well. And although supply has not yet caught up to demand, we believe our strong partnerships, scale and regional diversification have provided and will continue to provide a competitive advantage in being able to deliver products to our customers.

在製造方面，我們的供應鏈繼續表現良好。儘管供應尚未趕上需求，但我們相信我們強大的合作夥伴關係、規模和區域多元化已經並將繼續提供能夠向客戶提供產品的競爭優勢。

Lastly, the Apparel, Gear & Other segment had a strong quarter with positive momentum across all of our brands. Callaway's business has remained strong globally with our Apparel business in Asia performing well, and our Gear business, namely golf bags and gloves, delivering both market share and revenue increases. As you may recall from Glen Hickey's presentation during the Investor Day, increasing our market share in the soft goods category will be a key opportunity within the segment. So we're very pleased with these results.

最後，服裝、裝備和其他部門的季度表現強勁，我們所有品牌的勢頭都很好。 Callaway 的全球業務一直保持強勁，我們在亞洲的服裝業務表現良好，而我們的裝備業務（即高爾夫球袋和手套）實現了市場份額和收入的增長。正如您在投資者日期間 Glen Hickey 的演講中所記得的那樣，增加我們在軟商品類別中的市場份額將是該細分市場的一個關鍵機會。所以我們對這些結果非常滿意。

Meanwhile, TravisMathew had another outstanding quarter, continuing the strong brand momentum across all channels. Our own retail comp store growth was up a stunning 50% in Q1. In addition, TravisMathew announced last week that it's launching its first dedicated women's apparel collection. While this first rollout is more of a preliminary collection and not a major source of revenue yet, with women accounting for over 25% of the purchases made through TravisMathew's direct-to-consumer channels, we are both confident in and excited about the opportunity here. Throughout this year, we plan to continue to test and expand the offering and we have a more robust launch plan for 2023.

與此同時，TravisMathew 又迎來了一個出色的季度，在所有渠道中延續了強勁的品牌勢頭。我們自己的零售店在第一季度增長了驚人的 50%。此外，TravisMathew 上周宣布將推出其首個專門的女裝系列。雖然第一次推出更多的是初步系列，還不是主要的收入來源，但女性佔通過 TravisMathew 直接面向消費者的渠道進行的購買的 25% 以上，我們對這裡的機會充滿信心和興奮.在今年全年，我們計劃繼續測試和擴展該產品，並且我們在 2023 年制定了更強大的發布計劃。

As communicated at our Investor Relations Day, we see the TravisMathew brand eclipsing $300 million in revenue and $50 million in adjusted EBITDA by the end of this year. They have impressive momentum, and we see a clear path to continued growth ahead.

正如我們在投資者關係日所傳達的那樣，到今年年底，我們看到 TravisMathew 品牌的收入超過 3 億美元，調整後的 EBITDA 達到 5000 萬美元。他們擁有令人印象深刻的勢頭，我們看到了一條通往未來持續增長的清晰道路。

Lastly, the Jack Wolfskin business continues to make good progress. Being a European-based brand, they are dealing with a number of macro headwinds, but I'm pleased to report that their new branding campaign and products are being very well received, both based on sell-through of the current products and prebooks for the future. We believe this brand is on strong footing and position for growth ahead. We outlined what we believe is a compelling long-term vision for the brand and its financial objectives at our Investor Day.

最後，傑克狼皮業務繼續取得良好進展。作為一個歐洲品牌，他們正在應對許多宏觀逆風，但我很高興地報告，他們的新品牌宣傳活動和產品非常受歡迎，無論是基於當前產品的銷售情況還是針對未來。我們相信這個品牌在未來的增長中處於堅實的基礎和地位。我們在投資者日概述了我們認為對該品牌及其財務目標具有吸引力的長期願景。

When looking at the segment on the whole, we expect the Apparel, Gear & Other segment to deliver approximately $1 billion in net sales for this full year.

從整體來看，我們預計服裝、裝備和其他部門全年的淨銷售額約為 10 億美元。

In closing, in light of the strong start to the year and our confidence in the key business drivers by segment, we are raising our financial outlook for the balance of the year. We also want to take this moment to reiterate our belief that Callaway is a unique and compelling investment opportunity that will create long-term shareholder value. Our brands have momentum, and they operate in business segments that are attractively positioned in today's world.

最後，鑑於今年的強勁開局以及我們對按部門劃分的主要業務驅動因素的信心，我們正在上調今年餘下的財務展望。我們還想藉此機會重申我們的信念，即卡拉威是一個獨特且引人注目的投資機會，將創造長期股東價值。我們的品牌勢頭強勁，它們在當今世界具有吸引力的業務領域開展業務。

We are advantaged by scale within the modern golf industry, with unmatched global reach to both the traditional golf consumer and the growing off-course player. Our high barriers to entry act as a layer of protection against new competition. And our diversification allows us to mitigate the effects of any potential downturns in any 1 segment while also presenting attractive synergy opportunities.

我們在現代高爾夫行業中具有規模優勢，對傳統高爾夫消費者和不斷增長的場外球員都擁有無與倫比的全球影響力。我們的高准入門檻是抵禦新競爭的一層保護。我們的多元化使我們能夠減輕任何一個細分市場中任何潛在低迷的影響，同時也提供有吸引力的協同機會。

We are confident in our ability to deliver the growth projections laid out at the Investor Day and believe our 2025 target of surpassing $800 million in adjusted EBITDA will be achieved by continuing to execute our proven strategy for growth. As stated at the Investor Day, we don't have to do anything fundamentally different. We just have to continue to do the things that we have consistently shown that we can and are doing.

我們有信心實現在投資者日制定的增長預測，並相信通過繼續執行我們經過驗證的增長戰略，我們將實現 2025 年超過 8 億美元的調整後 EBITDA 的目標。正如投資者日所述，我們不必做任何根本不同的事情。我們只需要繼續做我們一貫證明我們可以並且正在做的事情。

And with that, I'll hand the call over to Brian to discuss our financials and outlook in more detail.

有了這個，我將把電話交給布賴恩，以更詳細地討論我們的財務和前景。

Thank you, Chip, and good afternoon, everyone. As Chip mentioned, 2022 is off to a strong start, and we are very pleased with our financial -- with our first quarter financial results. We've been saying that we believe there has been a structural shift in the market that will benefit each of our businesses, including increased interest in golf, momentum behind active lifestyle apparel brand and an increased desire for leisure and entertainment, such as Topgolf, hiking and other outdoor activities. And we believe our first quarter results reflect this shift.

謝謝你，Chip，大家下午好。正如奇普所說，2022 年開局良好，我們對我們的財務狀況——第一季度財務業績感到非常滿意。我們一直在說，我們相信市場已經發生了結構性轉變，這將有利於我們的每項業務，包括對高爾夫的興趣增加、積極生活方式服裝品牌的發展勢頭以及對休閒和娛樂的需求增加，例如 Topgolf、遠足和其他戶外活動。我們相信我們的第一季度業績反映了這種轉變。

Now turning to our financial results in more detail. For the first quarter, consolidated net revenue was $1.04 billion, an increase of 60% compared to our reported Q1 2021 results. As a reminder, we acquired Topgolf on March 8, 2021, and therefore, our 2020 first quarter results -- our 2021 first quarter results include only 1 month of Topgolf. If the full 3-month Topgolf results are included, our revenue increased 31% on a pro forma basis. Changes in foreign currency rates had a negative $21.2 million impact on reported first quarter 2022 net revenue compared to the same period in 2021.

現在更詳細地談談我們的財務業績。第一季度，合併淨收入為 10.4 億美元，與我們報告的 2021 年第一季度業績相比增長 60%。提醒一下，我們於 2021 年 3 月 8 日收購了 Topgolf，因此，我們的 2020 年第一季度業績——我們 2021 年第一季度的業績僅包括 1 個月的 Topgolf。如果包括完整的 3 個月 Topgolf 業績，我們的收入在備考基礎上增長了 31%。與 2021 年同期相比，外幣匯率變化對報告的 2022 年第一季度淨收入產生了 2120 萬美元的負面影響。

Looking at our segment performance. Golf Equipment had another excellent year, generating $468 million in revenue, driven by continued high demand and improved supply in our golf clubs and balls business. Topgolf contributed $322 million in revenue and reported same venue sales growth of 2.3% compared to 2019 as guest turn out in the latter part of the quarter, especially in our Events business, outpaced some slowness in January and February due to Omicron.

看看我們的細分市場表現。高爾夫設備又是出色的一年，在我們的高爾夫球桿和球業務持續高需求和供應改善的推動下，創造了 4.68 億美元的收入。 Topgolf 貢獻了 3.22 億美元的收入，並報告說與 2019 年相比，相同場地的銷售額增長了 2.3%，因為本季度後期的客人，特別是在我們的活動業務中，超過了 1 月和 2 月由於 Omicron 而出現的一些放緩。

Lastly, Gear & Other revenue of $250 million resulted from a 45% increase in apparel sales and a 29% increase in Gear & Other. Total cost and expenses were $934 million on a non-GAAP basis in the first quarter of 2022 compared to $555 million in the first quarter of 2021. Of the $379 million increase, Topgolf added an incremental $227 million of total costs and expenses, with the majority of that increase caused by the additional 2 months of Topgolf costs and expenses versus last year. The balance was driven by variable expenses in the Golf Equipment and Apparel, Gear & Other businesses; increased support at corporate; and the impact of increased freight costs and other inflationary pressures.

最後，Gear & Other 的 2.5 億美元收入來自服裝銷售額增長 45% 和 Gear & Other 增長 29%。按非公認會計原則計算，2022 年第一季度的總成本和費用為 9.34 億美元，而 2021 年第一季度為 5.55 億美元。在增加的 3.79 億美元中，Topgolf 增加了 2.27 億美元的總成本和費用，其中與去年相比，Topgolf 成本和費用增加了 2 個月，其中大部分增長。餘額是由高爾夫設備和服裝、裝備和其他業務的可變費用驅動的；增加對企業的支持；以及運費增加和其他通脹壓力的影響。

First quarter 2022 non-GAAP operating income was $106 million, up $9.5 million year-over-year. Including January and February for Topgolf, pro forma non-GAAP operating income would have increased $27.6 million or 35% year-over-year, and operating margins would have increased slightly to 10.2% compared to 9.9% for the first quarter of 2021, despite the negative impact of foreign currency, freight expense and other inflationary pressures previously mentioned.

2022年第一季度非GAAP營業收入為1.06億美元，同比增長950萬美元。包括 Topgolf 的 1 月和 2 月，備考非 GAAP 營業收入將同比增加 2760 萬美元或 35%，營業利潤率將從 2021 年第一季度的 9.9% 小幅增加至 10.2%，儘管前面提到的外匯、運費和其他通脹壓力的負面影響。

Diving a bit deeper into some of the inflationary pressures we are seeing. At Topgolf, we are seeing some inflationary pressures on food and beverage and associate wages, which we are more than covering through a combination of sales leverage, operating efficiencies and pricing. We have made relatively modest use of price so far this year. And while our margins are all trending positively, we believe there is an opportunity for additional price increase should we need to offset costs further in the future.

更深入地了解我們所看到的一些通脹壓力。在 Topgolf，我們看到食品和飲料以及員工工資面臨一些通脹壓力，我們通過銷售槓桿、運營效率和定價的組合來解決這些壓力。今年到目前為止，我們對價格的使用相對適度。雖然我們的利潤率都呈積極趨勢，但我們相信，如果我們需要在未來進一步抵消成本，還有機會進一步提價。

In the non-TopGolf business, we are fully covering the negative impacts of inflationary pressure on raw materials or components via price increases or positive volume variances. Gross margin in the non-Topgolf business, however, were impacted by changes in foreign currency rates as our hedging gains are included in other income. Gross margins were also affected by increased freight costs as freight cost increases ramp throughout 2021, and we also shipped more by air in the first quarter of 2022 to compensate for supply chain disruptions at the end of last year. Year-over-year comparison to freight costs should improve as the year progresses.

在非 TopGolf 業務中，我們通過價格上漲或積極的數量差異來全面覆蓋通脹壓力對原材料或零部件的負面影響。然而，非 Topgolf 業務的毛利率受到外匯匯率變化的影響，因為我們的對沖收益包含在其他收入中。隨著整個 2021 年貨運成本增加，毛利率也受到貨運成本增加的影響，我們還在 2022 年第一季度增加了空運，以彌補去年底供應鏈中斷的影響。隨著時間的推移，與運費成本的同比比較應該會有所改善。

Overall, we are very pleased with the increase in our consolidated pro forma operating margins and how our businesses are absorbing these various macroeconomic pressures.

總體而言，我們對綜合備考營業利潤率的提高以及我們的業務如何吸收這些不同的宏觀經濟壓力感到非常滿意。

Moving back down the income statement. Non-GAAP other expense was $22 million in the first quarter compared to $6 million in Q1 2021, primarily due to a $16 million increase in interest expense related to Topgolf. Non-GAAP earnings per share was $0.36 on approximately 201 million shares compared to $0.62 per share on approximately 125 million shares in the first quarter of 2021. The increased share count was primarily related to the issuance of additional shares in connection with the Topgolf merger, along with an accounting change that took effect on January 1, 2022, which requires that we include 14.7 million shares related to the assumed conversion of the company's convertible notes.

回到損益表。第一季度非美國通用會計準則其他費用為 2200 萬美元，而 2021 年第一季度為 600 萬美元，主要是由於與 Topgolf 相關的利息費用增加了 1600 萬美元。非美國通用會計準則每股收益約為 2.01 億股，每股收益為 0.36 美元，而 2021 年第一季度約為 1.25 億股，每股收益為 0.62 美元。增加的股份數量主要與發行與 Topgolf 合併有關的額外股份有關，以及 2022 年 1 月 1 日生效的會計變更，這要求我們包括與假設轉換公司可轉換票據相關的 1470 萬股。

I want to remind you that applicable accounting rules do not give any effect to our capped call in calculating EPS. But upon settlement, they should reduce the number of shares we are required to deliver.

我想提醒您，適用的會計規則不會對我們計算每股收益的上限調用產生任何影響。但在結算後，他們應該減少我們需要交付的股票數量。

When calculating our earnings per share under this new accounting method, you would need to add back approximately $1.6 million of after-tax convertible debt interest expense to net income before dividing by the share count. If you are calculating our enterprise value with a convertible note on an if-converted basis, you should exclude the $259 million convertible debt from your calculation and use approximately 200 million as the diluted share count.

在這種新會計方法下計算我們的每股收益時，您需要將大約 160 萬美元的稅後可轉換債務利息費用加回淨收益，然後再除以股票數量。如果您在轉換後的基礎上使用可轉換票據計算我們的企業價值，您應該從計算中排除 2.59 億美元的可轉換債務，並使用大約 2 億作為稀釋後的股份數量。

Lastly, Q1 adjusted EBITDA was $170 million, up $42 million or 33% over Q1 2021 on an as-reported basis or up $40 million or 31% on a pro forma basis when including Topgolf results for the full 3-month period. For Q1 2022, Topgolf contributed $42 million of adjusted EBITDA.

最後，第一季度調整後的 EBITDA 為 1.7 億美元，在報告的基礎上比 2021 年第一季度增長 4200 萬美元或 33%，如果包括完整 3 個月期間的 Topgolf 業績，則在備考基礎上增長 4000 萬美元或 31%。對於 2022 年第一季度，Topgolf 貢獻了 4200 萬美元的調整後 EBITDA。

Turning to certain balance sheet items. We remain in a strong financial position with ample liquidity. As of March 31, 2022, available liquidity, which is comprised of cash on hand and availability under our credit facilities, was $576 million compared to $713 million at March 31, 2021. The decrease was driven by planned working capital increases in the Golf Equipment and our soft goods businesses to support growth as well as continued investment in Topgolf. As a reminder, we expect Topgolf to be self-funding in 2023 and cash generating in 2024.

轉向某些資產負債表項目。我們保持穩健的財務狀況，流動性充足。截至 2022 年 3 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 5.76 億美元，而 2021 年 3 月 31 日為 7.13 億美元。減少的原因是高爾夫設備計劃中的營運資金增加以及我們的軟商品業務，以支持增長以及對 Topgolf 的持續投資。提醒一下，我們預計 Topgolf 將在 2023 年實現自籌資金，並在 2024 年產生現金。

At quarter end, we had total net debt of $1.710 billion, including venue financing obligations of approximately $625 million related to the development of Topgolf venues.

在季度末，我們的淨債務總額為 17.10 億美元，其中包括與 Topgolf 場地開發相關的大約 6.25 億美元的場地融資義務。

Our net debt leverage ratio was approximately 3.5x at March 31, 2022, compared to 5.0x at March 31, 2021. Our leverage ratio on a funded debt basis was even lower.

截至 2022 年 3 月 31 日，我們的淨債務槓桿率約為 3.5 倍，而 2021 年 3 月 31 日為 5.0 倍。我們在融資債務基礎上的槓桿率甚至更低。

Consolidated net sales receivable was $413 million as of March 31, 2022, compared to $329 million at the end of the first quarter of 2021. The increase was primarily driven by the increase in revenue.

截至 2022 年 3 月 31 日，綜合應收銷售額淨額為 4.13 億美元，而 2021 年第一季度末為 3.29 億美元。這一增長主要是由收入增長推動的。

Our inventory balance increased to $552 million at the end of the first quarter of 2022 compared to $534 million at the end of the fourth quarter of 2021 as we increase supply to meet forecasted demand. The quality of our inventory is good.

我們的庫存餘額在 2022 年第一季度末增加到 5.52 億美元，而 2021 年第四季度末為 5.34 億美元，因為我們增加了供應以滿足預測的需求。我們的庫存質量很好。

Capital expenditures for the first quarter of 2022 were $74 million net of REIT reimbursements. This includes $58 million related to Topgolf. For the full year, we expect total CapEx of approximately $315 million, net of REIT reimbursements, including approximately $230 million for Topgolf and $85 million for the non-TopGolf business.

扣除 REIT 報銷後，2022 年第一季度的資本支出為 7400 萬美元。其中包括與 Topgolf 相關的 5800 萬美元。全年，我們預計總資本支出約為 3.15 億美元，扣除 REIT 報銷，其中包括 Topgolf 約 2.3 億美元和非 TopGolf 業務約 8500 萬美元。

Now turning to our full year and second quarter 2022 outlook. Given our strong Q1 results and confidence in the opportunity for growth throughout the year, we are increasing our full year 2022 revenue expectations to $3.935 billion to $3.970 billion. This estimate assumes approximately $1.56 billion in revenue for Topgolf for the year, approximately $1 billion in revenue from the Apparel, Gear & Other segment and an increase of approximately 10% in our Golf Equipment segment revenue as compared to full year 2021. Our full year adjusted EBITDA also increased and is now projected to be $535 million to $555 million, which assumes approximately $225 million to $240 million from Topgolf.

現在轉向我們對 2022 年全年和第二季度的展望。鑑於我們強勁的第一季度業績和對全年增長機會的信心，我們將 2022 年全年收入預期提高至 39.35 億美元至 39.70 億美元。這一估計假設 Topgolf 今年的收入約為 15.6 億美元，服裝、裝備和其他部門的收入約為 10 億美元，我們的高爾夫設備部門的收入與 2021 年全年相比增長約 10%。我們的全年調整後的 EBITDA 也有所增加，現在預計為 5.35 億美元至 5.55 億美元，其中假設 Topgolf 約為 2.25 億美元至 2.4 億美元。

To help understand the guidance update, we beat the midpoint of our Q1 guidance range by approximately $32 million. This amount included approximately $10 million in foreign currency benefits, including hedge gains. Excluding these benefits, we beat Q1 by approximately $22 million on an operational basis.

為了幫助理解指導更新，我們比第一季度指導範圍的中點高出約 3200 萬美元。該金額包括大約 1000 萬美元的外幣收益，包括對沖收益。不計這些好處，我們在運營基礎上比第一季度高出約 2200 萬美元。

We are increasing our full year adjusted EBITDA guidance by $42.5 million, including an additional estimated $7 million of negative foreign currency impact based upon recent rates. In other words, excluding this additional foreign currency impact, we are increasing full year adjusted EBITDA guidance by approximately $49.5 million from the midpoint on an operational basis. This represents the $22 million noncurrency impact of Q1, plus an additional noncurrency increase of $27.5 million for Q2 to Q4.

我們將全年調整後的 EBITDA 指引增加 4250 萬美元，其中包括根據近期匯率估計的額外 700 萬美元的負面外匯影響。換句話說，不包括這種額外的外匯影響，我們在運營基礎上將全年調整後的 EBITDA 指引從中點增加了約 4950 萬美元。這代表了第一季度 2200 萬美元的非貨幣影響，加上第二季度至第四季度額外增加了 2750 萬美元的非貨幣影響。

For the second quarter, we plan to deliver between $1.085 billion and $1.105 billion of net revenue and $185 million to $200 million in adjusted EBITDA.

第二季度，我們計劃實現 10.85 億美元至 11.05 億美元的淨收入和 1.85 億美元至 2 億美元的調整後 EBITDA。

We are not immune to foreign currency and inflationary pressures this year, but we believe we can outrun them. The most substantial factor for the year, which we have quantified in our press release today, relates to foreign currency impacts. For the full year compared to 2021, we expect FX to have a negative revenue impact of approximately $115 million. In Q2, we expect the revenue impact to be approximately $39 million.

今年我們不能倖免於外彙和通脹壓力，但我們相信我們可以戰勝它們。我們在今天的新聞稿中量化的今年最重要的因素與外匯影響有關。與 2021 年相比，我們預計全年外匯對收入的負面影響約為 1.15 億美元。在第二季度，我們預計收入影響約為 3900 萬美元。

Overall, we are pleased with the strong start to the year and are excited about the balance of the year. That concludes our prepared remarks today, and we will now open the call for questions. Operator, over to you.

總體而言，我們對今年的強勁開局感到滿意，並對今年的餘額感到興奮。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) Your first question comes from the line of Randy Konik with Jefferies.

（操作員說明）您的第一個問題來自 Randy Konik 和 Jefferies。

I guess, Brian, I wanted to ask about the rise. You put it well on the changes to your annual guidance. I guess I want to go back to the Analyst Day, you gave us some really good color on some expected revenue and cost synergies you were going to expect going forward. So can we go over those, quantify those again one more time for those who may not have heard that, but also give some qualitative things that you're working on that you see to be helping those synergies come through the P&L over the next few years.

我想，布賴恩，我想問一下上升的情況。您很好地說明了年度指導的變化。我想我想回到分析師日，您為我們提供了一些非常好的顏色，說明了您預期未來的一些預期收入和成本協同效應。那麼我們能否回顧一下這些，為那些可能沒有聽說過的人再量化一次，但也給出一些你正在研究的定性的東西，你認為這些東西可以幫助這些協同效應在接下來的幾個損益中實現年。

Sure, Randy. With the synergies, we had quantified it would be approximately $225 million in revenue and $100 million of EBITDA synergies, which includes $15 million of cost synergies. And you're starting to see them already. In fact, you would have started to see some synergies even before we closed the transaction. You might have noticed between the signing of the transaction and the closing, you saw Jon Rahm sporting the Topgolf logo. And that's just 1 example of some cross marketing synergies.

當然，蘭迪。通過協同效應，我們量化了大約 2.25 億美元的收入和 1 億美元的 EBITDA 協同效應，其中包括 1500 萬美元的成本協同效應。你已經開始看到它們了。事實上，甚至在我們完成交易之前，您就已經開始看到一些協同效應。您可能已經註意到，在交易簽署和結束之間，您看到喬恩·拉姆（Jon Rahm）穿著 Topgolf 標誌。這只是一些交叉營銷協同作用的一個例子。

But the other ones are also, we've accelerated the venue expansion faster than Topgolf would have as a stand-alone. We are increasing the ability to enter into contracts for new Toptracer bays. I mean, all the places that Toptracer wants to get into, our Golf Equipment group already have strong relationships. So that's something we consider to be a competitive advantage.

但其他的也是，我們加快了場地擴張的速度，比 Topgolf 作為獨立的速度更快。我們正在提高簽訂新 Toptracer 海灣合同的能力。我的意思是，Toptracer 想要進入的所有地方，我們的高爾夫設備團隊都已經建立了牢固的關係。所以我們認為這是一種競爭優勢。

And there's others, there's lower cost of debt for them. We're sourcing their clubs and balls and managing the Toptracer inventory where we have incremental revenue with the Topgolf retail stores. And that's just things you're starting to see develop, and they'll continue to develop.

還有其他人，他們的債務成本更低。我們正在採購他們的球桿和球，並管理 Toptracer 庫存，我們通過 Topgolf 零售店增加收入。這只是你開始看到的發展，它們將繼續發展。

But then there's even longer-term initiatives. You remember at Investor Day, Glen talked about we're in process of hiring a consumer data expert to leverage all the consumer data we have access to. Ultimately, a lot of that and having that access gives us a competitive advantage using our digital abilities there, and then we'll be able to sell more equipment and drive business to the venues.

但還有更長期的舉措。你記得在投資者日，格倫談到我們正在招聘一名消費者數據專家來利用我們可以訪問的所有消費者數據。最終，其中很多和擁有這種訪問權限使我們能夠利用我們在那裡的數字能力獲得競爭優勢，然後我們將能夠銷售更多設備並推動場館業務。

Really helpful. And then I guess one other question I wanted to kind of almost repeat from the Analyst Day that I asked. Given the strong results this evening, and then again, that rise or the raised EBITDA outlook or guidance for the year, you're well on your way to that $800 million, at least, number for, I believe, 2025.

真的很有幫助。然後我想我想在分析師日提出的另一個問題幾乎是重複的。鑑於今晚的強勁業績，以及今年的 EBITDA 前景或指引的上升或上調，我相信，您至少在 2025 年達到 8 億美元的目標。

So when we kind of talked about that at Analyst Day, you kind of made the comment that even if there were some Golf Equipment pull back, which you're not seeing, you could still kind of hit those numbers. So at that time, I kind of asked about any type of areas of conservatism or opportunity you saw in the financial model that kind of gave you that extra comfort or confidence in hitting that $800 million EBITDA goal. So just kind of expand upon that a little bit and give me some perspective there.

因此，當我們在分析師日談到這一點時，您發表評論說，即使有一些高爾夫設備回落，您沒有看到，您仍然可以達到這些數字。因此，當時，我詢問了您在財務模型中看到的任何類型的保守主義領域或機會，這讓您在實現 8 億美元的 EBITDA 目標時獲得了額外的安慰或信心。所以稍微擴展一下，給我一些觀點。

Sure, Randy. We did feel comfortable that even if you had that pullback in golf, you could hit it. So if we didn't have that pull back, then obviously, we would do -- we would be able to do better and be either toward the high end or possibly above that range. If everything goes well, sure, there would always be upside. But not everything always goes well. So we're comfortable with where we're guiding to at this point. But with your premise starting with if everything went well, yes, then there could be upside.

當然，蘭迪。我們確實感到很舒服，即使你在高爾夫中出現了回調，你也可以擊球。因此，如果我們沒有這種回調，那麼顯然，我們會這樣做——我們將能夠做得更好，並且要么接近高端，要么可能高於該範圍。如果一切順利，當然，總會有上漲空間。但並非一切總是順利。因此，我們對目前的指導方向感到滿意。但是，如果一切順利，您的前提是，是的，那麼可能會有上行空間。

Yes. And Randy, this is Chip. But the building momentum across all of the segments, obviously, gives us confidence, but especially so at Topgolf given the scale of that opportunity, which is even more significant than we foresaw when we entered into the merger. But you can see them really building momentum now on same venue sales, on profitability, proving out their thesis of being able to open and operate successfully the venues. That is just a wonderful business with really strong momentum now. And just to get to the $800 million, we said $450 million would come from Topgolf. We have strength across all the segments, but a really attractive opportunity at Topgolf that's building momentum.

是的。還有蘭迪，這是奇普。但顯然，所有細分市場的建設勢頭給了我們信心，尤其是在 Topgolf 考慮到這個機會的規模，這比我們在進行合併時所預見的更為重要。但是你可以看到他們現在真的在同場館的銷售和盈利方面建立了勢頭，證明了他們能夠成功開設和運營場館的論點。這只是一個很好的業務，現在勢頭非常強勁。為了達到 8 億美元，我們說 4.5 億美元將來自 Topgolf。我們在所有領域都有實力，但 Topgolf 的一個非常有吸引力的機會正在形成勢頭。

Your next question comes from Daniel Imbro with Stephens.

您的下一個問題來自 Daniel Imbro 和 Stephens。

I want to start on the Golf Equipment side of the house. I mean, obviously, golf balls and golf clubs continue to kind of outperform Street expectations. I'd be curious, can you talk about how much is an increase in unit sales versus maybe pricing you've taken this year? And then just a modeling question. Are there any more launches planned for the back half of this year, either on the club or the golf ball side? Or was this a kind of launch everything in 1Q type year, I think? And can you remind us what last year was as well in terms of launch timing?

我想從房子的高爾夫設備方面開始。我的意思是，很明顯，高爾夫球和高爾夫球桿的表現繼續超出街頭預期。我很好奇，你能談談單位銷售額的增長與你今年採取的定價相比有多大嗎？然後只是一個建模問題。今年下半年是否有更多的發射計劃，無論是在俱樂部還是高爾夫球方面？或者這是一種在 1Q 類型年推出的一切，我認為？你能提醒我們去年的發射時間嗎？

Sure. Daniel, it's Chip. So we are seeing great results in the Golf Equipment segment, driven by strong market conditions and market share gains here at Callaway. So very pleased with the results. We're driving some of our results by price and some by volume. So it's a little bit of both, and it varies a little bit by category. In the golf ball category, it's a little bit of price and significant volume increases. In the golf club category, it's a little bit the opposite. So a little bit more price, but also some volume gains as well.

當然。丹尼爾，是奇普。因此，在卡拉威強勁的市場條件和市場份額增長的推動下，我們在高爾夫設備領域看到了巨大的成果。所以對結果非常滿意。我們通過價格和數量來推動我們的一些結果。所以兩者兼而有之，而且因類別而異。在高爾夫球類別中，價格略有上漲，但數量顯著增加。在高爾夫球桿類別中，情況正好相反。所以價格要高一點，但也有一些銷量增長。

We are planning to launch some product in the second half of this year. I'd call it modest, not a heavy cadence for the second half, but there will be product launches in the second half as there usually are, and that's roughly consistent with what it was last year.

我們計劃在今年下半年推出一些產品。我認為這是適度的，下半年的節奏不是很重，但下半年會像往常一樣推出產品，這與去年的情況大致一致。

Helpful. And then moving to the soft goods side of the business. I mean, what Ryan and the team at TravisMathew have done, it seems really impressive. And I guess, as we march towards, I think, you said a $1 billion sales opportunity at the Analyst Day, what's the right long-term margin structure for that business? I mean can we continue to see margin leverage from the targets you've given this year? And kind of what are we marching towards in terms of profitability within that soft goods and apparel side?

有幫助。然後轉向業務的軟商品方面。我的意思是，Ryan 和 TravisMathew 的團隊所做的，看起來確實令人印象深刻。而且我想，當我們邁向時，我認為，您在分析師日提到了 10 億美元的銷售機會，該業務的正確長期利潤率結構是什麼？我的意思是，我們能否繼續從您今年給出的目標中看到保證金槓桿？就軟商品和服裝方面的盈利能力而言，我們正在朝著什麼方向發展？

Well, we're just thrilled with that business. We're really excited about the entire segment. But the TravisMathew business in itself has been a home run in building great profitability and great momentum, and that's why we carved out some numbers to give you a good indication of how successful that business is and the scale that it's already achieved, right?

好吧，我們只是對這項業務感到興奮。我們對整個細分市場感到非常興奮。但是，TravisMathew 業務本身在建立巨大的盈利能力和強勁的勢頭方面一直是本壘打，這就是為什麼我們列出了一些數字來讓您很好地了解該業務的成功程度以及它已經實現的規模，對嗎？

So we expect it to be over $300 million in revenue this year, over $50 million in EBITDA. And absolutely, we would expect operating leverage as it continues to scale from there. And every indication is that it's going to continue to do that.

因此，我們預計今年的收入將超過 3 億美元，EBITDA 將超過 5000 萬美元。絕對地，我們預計運營槓桿會繼續從那裡擴大規模。每一個跡像都表明它將繼續這樣做。

Again, just citing a couple of metrics. The comp store growth in Q1 of 50%. I never expected to be reporting a 50% comp store sales growth. But that -- and that's off of last year, which was up significantly. So very, very pleased with that business and the opportunity going forward.

再次，僅引用幾個指標。第一季度的綜合商店增長率為 50%。我從沒想過會報告 50% 的綜合商店銷售增長。但是那 - 這是去年的情況，這是顯著上升的。對這項業務和未來的機會非常非常滿意。

And just to clarify, when you report comp store, is that just the owned stores? Or does that include the wholesale side of like organic growth in the wholesale side of the business -- at TravisMathew?

澄清一下，當您報告comp store 時，這只是自有商店嗎？或者這是否包括批發方面的業務批發方面的有機增長——在 TravisMathew？

That is just our own stores because it's the cleanest data that we have, and only those that we've owned and operated over a consecutive year, so it's directly comparable.

那隻是我們自己的商店，因為它是我們擁有的最乾淨的數據，並且僅是我們連續一年擁有和經營的那些數據，因此可以直接進行比較。

And how much of the Travis revenue is same-store versus other, I guess, today?

我猜，今天 Travis 的同店收入有多少？

It's a minority, but we think it gives you the cleanest representation or a very clean representation of the momentum of the brand. So we're not breaking out what is retail versus wholesale versus e-comm, the 3 primary channels at this stage. Wholesale is the largest channel and we have strong momentum across all of the channels.

這是少數，但我們認為它為您提供了最清晰的代表或品牌勢頭的非常清晰的代表。因此，我們不會區分零售、批發和電子商務這三個現階段的主要渠道。批發是最大的渠道，我們在所有渠道都有強勁的勢頭。

Your next question comes from Kevin Heenan with JPMorgan.

您的下一個問題來自摩根大通的 Kevin Heenan。

Congrats on the strong results. I guess, I just wanted to ask on the supply side, I guess, how much of a headwind was that to your 1Q results -- and how are you thinking about product supply and inventory as you move through the balance of the year?

恭喜取得了不錯的成績。我想，我只是想問一下供應方面，我想，這對您的第一季度業績有多大的不利影響——以及您在今年餘下的時間裡如何考慮產品供應和庫存？

Sure. Kevin, it was definitely -- it continues to be a challenge on the supply side, but our team has done a wonderful job. So we're managing through that. And we think it's actually a competitive advantage. Walking by category, Golf Equipment continues to be chasing demand.

當然。凱文，這絕對是——這在供應方面仍然是一個挑戰，但我們的團隊做得很好。所以我們正在通過它進行管理。我們認為這實際上是一種競爭優勢。按類別劃分，高爾夫設備繼續追逐需求。

There were shutdowns in Asia last year in the fall and early winter. Those had us -- forced us into a position of accelerating production schedules and airing more product in Q1 than we would have normally done in order to hit what we think are very attractive and nice results. But air freight is more expensive than ocean freight. And as you know, freight, in general, has gone up. So there are some headwinds associated with that.

去年秋季和初冬期間，亞洲出現了停工現象。那些讓我們 - 迫使我們加快生產計劃並在第一季度播出比我們通常所做的更多的產品，以達到我們認為非常有吸引力和好的結果。但是空運比海運貴。如您所知，運費總體上有所上漲。所以有一些與此相關的不利因素。

But the team is working through it very well, and we're not anticipating it being a significant drag on us going forward. And in fact, we see it as a competitive advantage and able to drive nice growth off it.

但是團隊正在很好地解決它，我們並不認為它會嚴重拖累我們前進。事實上，我們將其視為一種競爭優勢，並能夠推動它實現良好的增長。

Great. And just as a quick follow-up, within your up 10% outlook for the Golf Equipment business, can you just parse out maybe how you expect balls versus clubs to look for the full year?

偉大的。作為快速跟進，在您對高爾夫設備業務的 10% 前景展望中，您能否分析一下您對全年球與球桿的預期？

Sure. We're not going to break out forecast individually, but the golf ball business is growing faster for us than the club business, but we're gaining market share in both of them. I mentioned in the U.S. being #1 hard goods brand in the U.S. But we're also starting to hear a really great and record market share in golf ball in March. So we have our high-water mark.

當然。我們不打算單獨進行預測，但高爾夫球業務對我們來說比俱樂部業務增長得更快，但我們在兩者中都獲得了市場份額。我提到美國是美國排名第一的硬商品品牌。但我們也開始聽到 3 月份高爾夫球市場份額非常大且創紀錄。所以我們有我們的高水位線。

We seem to have a new high-water mark every year, which is obviously a nice trend. But in golf ball, March of this year in the U.S. was our latest new high-water mark. And we're also gaining share in the Rogue Drivers in Fairway Woods really globally now. So great result on that. We'll see -- we see both of them being up for the year, probably ball even a little stronger than clubs.

我們似乎每年都有一個新的高水位線，這顯然是一個不錯的趨勢。但在高爾夫球方面，今年 3 月在美國是我們最新的新高水位線。而且，我們現在也正在全球範圍內獲得球道伍茲 Rogue Drivers 的份額。如此偉大的結果。我們將拭目以待——我們會看到他們今年都在上升，可能球甚至比球桿強一點。

Your next question comes from Michael Swartz with Truist.

您的下一個問題來自於 Truist 的 Michael Swartz。

Just wanted -- maybe a question for Brian. I think you talked about your pricing is offsetting and I guess, volume is offsetting some of the inflationary pressures this year. Is there any way to just quantify for us what inflation has meant to you this year, either absolute or maybe just the increment versus last year?

只是想——也許是給布賴恩的一個問題。我認為你談到你的定價正在抵消，我猜，數量正在抵消今年的一些通脹壓力。有什麼方法可以為我們量化今年通貨膨脹對您的意義，無論是絕對的還是僅僅是與去年相比的增量？

It's definitely a factor. I'd say we're covering all that without the pricing. I'd say the biggest factor for Q1 was probably FX, and then a little bit of the freight expense as well. As Chip mentioned, we had airfreight more in -- so I think those are probably the 2 biggest factors we weren't covering and having some impact. We do think that abates as the year goes on. So I would expect for the full year, you would see operating margin and EBITDA margins to be flat to up slightly.

這絕對是一個因素。我想說我們在沒有定價的情況下涵蓋了所有這些。我想說第一季度的最大因素可能是外匯，然後還有一點運費。正如奇普所說，我們有更多的空運 - 所以我認為這可能是我們沒有涵蓋並產生一些影響的兩個最大因素。我們確實認為隨著時間的推移，這種情況會減弱。因此，我預計全年的營業利潤率和 EBITDA 利潤率將持平或略有上升。

Yes. And Michael, it's very difficult to answer the question because of the segments of our business, right? So we'd have to give you -- you can't really blend inflation on nachos with inflation on golf clubs and raw materials in golf ball and apparel. They're all -- we're seeing inflation like others are in various aspects of our business, but we're able to offset it through efficiency gains, pricing.

是的。邁克爾，由於我們的業務部門，很難回答這個問題，對吧？所以我們必須給你——你不能真正將玉米片的通貨膨脹與高爾夫球桿的通貨膨脹以及高爾夫球和服裝中的原材料的通貨膨脹結合起來。它們都是——我們在業務的各個方面都像其他人一樣看到通貨膨脹，但我們能夠通過提高效率和定價來抵消它。

We're very pleased with our ability to manage in all areas, and happy to get into more specifics in the after-call or if you'd like, but it's -- we're not trying to avoid the question on a quantitative basis. It just doesn't make sense across the entire business to try to quantify it.

我們對我們在所有領域的管理能力感到非常滿意，並且很高興在電話會議後或如果您願意，可以了解更多細節，但我們並不是試圖在數量上迴避這個問題.試圖量化它在整個業務中是沒有意義的。

Understood. That's fair enough. And then just a second question on the Topgolf same venue sales guidance. You've increased it from low single digit to up mid to high for the full year. Just maybe walk through some of the moving pieces there. I guess, just in a simplistic fashion, I mean, how much of that would you ascribe to volume versus maybe pricing?

明白了。這很公平。然後是關於 Topgolf 同場館銷售指南的第二個問題。您已將其從低個位數增加到全年的中高。只是也許走過那裡的一些移動部件。我想，以一種簡單的方式，我的意思是，您將其中多少歸因於數量而不是定價？

Yes. It's -- so in a definition of volume versus pricing, it's a little bit of both, to be honest with you. So we're -- but the other color I would give you is that we've seen good walk-in traffic there for a while really since mid last year, if not even potentially earlier.

是的。這是 - 所以在數量與定價的定義中，老實說，兩者兼而有之。所以我們 - 但我要給你的另一種顏色是，自去年年中以來，我們已經看到那裡有一段時間的良好步入式交通，甚至可能更早。

You're seeing building momentum in the Events business. Events business has been what we've called, and we'll break that down into social events and corporate events. Social events has been strong for some time. It really surged even more this last quarter. We have certain plans and strategies to further unlock that.

您正在看到活動業務的發展勢頭。活動業務就是我們所說的，我們將其分解為社交活動和公司活動。一段時間以來，社交活動一直很活躍。上個季度它真的飆升得更多。我們有一些計劃和策略來進一步解鎖。

And then corporate events has been the only category that has been down since pre-COVID. And corporate events is now starting to show some real positive signs. And in March, we saw corporate events comp positively on a year-over-year basis. So seeing really good signs across all of the metrics or different sources of what you'd call traffic also with the ability to drive efficiency gains and pricing.

然後，公司活動是自 COVID 之前以來唯一下降的類別。企業活動現在開始顯示出一些真正的積極跡象。在 3 月份，我們看到企業活動同比增長。因此，在您所謂的流量的所有指標或不同來源中看到非常好的跡象，也能夠推動效率提升和定價。

Your next question comes from Kate McShane with Goldman Sachs.

您的下一個問題來自高盛的 Kate McShane。

This is Patrick Hollander on for Kate. There obviously seems to be a bit of heightened concern right now around the economy, just given higher inflation, lower consumer confidence. Given that these concerns are kind of coming up as we enter the warmer months and golf season, we just wanted to ask how you guys are kind of equipped to manage inventory levels this season if there is a further eroding of consumer confidence and a drop-off in demand for more discretionary categories, whether that's golf balls, golf clubs, apparel, things like that.

這是凱特的帕特里克霍蘭德。鑑於通脹上升、消費者信心下降，目前顯然對經濟的擔憂似乎有所加劇。鑑於隨著我們進入溫暖的月份和高爾夫季節，這些擔憂正在出現，我們只是想問一下，如果消費者信心進一步削弱和下降，你們本賽季如何管理庫存水平 -對更多可自由支配的類別的需求下降，無論是高爾夫球、高爾夫球桿、服裝等。

And then when we look at the inventory increase year-over-year, it's pretty significant. Just wanted to ask about how we should think about that increase from a price versus volume perspective?

然後，當我們查看庫存同比增長時，這是非常重要的。只是想問一下我們應該如何從價格與數量的角度考慮這種增長？

Sure. Patrick, I'll take the first part. And first of all, Patrick, I want to reiterate that we are not seeing any slowdown in consumer demand. So I understand the angst, but at some point, we should look at the facts, and the facts are that we're not seeing it on a global basis. And if there was a change in that, we would be able to react. We have a very strong process for managing inventory. We're still chasing right now demand. But if that was able to -- that was to turn on us, we feel like we'll be able to manage that inventory process efficiently.

當然。帕特里克，我將參加第一部分。首先，帕特里克，我想重申，我們沒有看到消費者需求出現任何放緩。所以我理解這種焦慮，但在某些時候，我們應該看看事實，而事實是我們沒有在全球範圍內看到它。如果這方面發生變化，我們將能夠做出反應。我們有一個非常強大的庫存管理流程。我們現在仍在追逐需求。但如果這能夠——那就是開啟我們，我們覺得我們將能夠有效地管理庫存流程。

One of the things that if you -- and you were at the Investor Day, as you heard Mark say, I make it a point with the team that we don't like to have excess inventory. That's one of the things that is absolutely nonnegotiable with us. So we're very attentive to that.

如果你 - 正如你聽到馬克所說的那樣，如果你在投資者日，我會向團隊強調我們不喜歡庫存過剩。這是我們絕對不能商量的事情之一。所以我們對此非常關注。

And then in terms of the quantity of the inventory, Brian, do you want to comment at all or...

然後就庫存的數量而言，Brian，您是要發表評論還是...

Sure. Yes, there's a couple of things going on there. One, there's actually $80 million of inventory in transit as of the end of the quarter. So that's a big piece of the up. The other parts are -- there's going to be some price in there because there have been some cost increases, and there's also units as well. So I think it's just a combination of all 3.

當然。是的，那裡發生了幾件事。一，截至本季度末，實際上有 8000 萬美元的庫存在途。所以這是一個很大的部分。其他部分是 - 那裡會有一些價格，因為有一些成本增加，而且還有單位。所以我認為這只是三者的結合。

Yes. Even just raw materials, we're building raw material supply and some of the -- because of the longer lead times. So...

是的。即使只是原材料，我們也在建立原材料供應和一些——因為交貨時間更長。所以...

Your next question comes from Susan Anderson with B. Riley.

您的下一個問題來自 Susan Anderson 和 B. Riley。

Nice to see another strong quarter. I'm curious for the Golf Equipment business. How much of the growth was due to restocking, I guess, versus just regular sell-throughs?

很高興看到另一個強勁的季度。我對高爾夫設備業務很好奇。我猜，有多少增長是由於補貨而不是常規銷售？

And then also, can you give some color on how you expect the quarters to flow through this year to get to your 10%? Are you expecting any nuances we should think about or compares from last year?

然後，您能否就您預計今年的季度將如何達到您的 10% 提供一些顏色？您是否期待我們應該考慮或比較去年的任何細微差別？

Yes. So -- yes, on the Golf Equipment side, some portion -- so we were up 24% in our Golf Equipment segment in Q1. Some of that was restocking inventory and establishing position in the field for sure. We saw significant growth in the market internationally in Q1, and the market was -- essentially, it was down 2.8% according to Datatech, or essentially flat in Q1, but we also gained a little bit of share.

是的。所以——是的，在高爾夫設備方面，有一部分——所以我們在第一季度的高爾夫設備部門增長了 24%。其中一些是補充庫存並確定在該領域的地位。我們在第一季度看到了國際市場的顯著增長，根據 Datatech 的數據，該市場基本上下降了 2.8%，或者在第一季度基本持平，但我們也獲得了一點份額。

So in Q1, a good portion of that was a restocking, but we're seeing all the right signals and we're obviously -- have reiterated the 10% up for the full year. We're not providing a further breakdown of the 10% by quarter at this point, so we can't add any more color on that, but hopefully answered the first part of the question.

因此，在第一季度，其中很大一部分是補充庫存，但我們看到了所有正確的信號，而且我們顯然重申了全年 10% 的增長。我們目前沒有按季度提供 10% 的進一步細分，因此我們不能再添加任何顏色，但希望能回答問題的第一部分。

Yes. And I guess just on the restocking, it sounds like you mentioned you're still chasing. So I guess, is there more restocking to be had as we look into second quarter?

是的。而且我猜只是在補貨時，聽起來您提到您仍在追逐。所以我想，當我們進入第二季度時，是否有更多的補貨？

A little bit, Susan. So we're starting to get closer to normalized inventories out there, but they're still low. We're still chasing demand. We said that we expect sometime at the end of Q2, maybe Q3 to be more caught up, if you would. And -- but that's all based on our expectations of demand. And obviously, expectations could be high or low. But the pinch points that we would have are steel shafts and some of the raw materials on golf ball, but we're obviously managing it very well and not, at this point, concerned on the supply side or the inventory side.

一點點，蘇珊。所以我們開始接近正常化的庫存，但它們仍然很低。我們仍在追逐需求。我們說我們預計在第二季度末的某個時候，如果你願意的話，也許第三季度會更加趕上。而且——但這一切都基於我們對需求的預期。顯然，期望值可高可低。但是我們會遇到的關鍵點是鋼桿和高爾夫球上的一些原材料，但我們顯然管理得很好，在這一點上並不關心供應方面或庫存方面。

Okay. Great. And then if I could just add one follow-up on Topgolf. The 10% that you said you were running at the end of first quarter, I guess I'm curious if that continued in the second. And I know you raised your annual guide to mid- to high single digits. But I guess, what would keep it from continuing to be at the 10% demand rate as we look forward? Or do you think some of that was maybe also pent-up demand after people were more locked down from Omicron?

好的。偉大的。然後，如果我可以在 Topgolf 上添加一個後續內容。你說你在第一季度末運行的 10%，我想我很好奇這種情況是否會持續到第二季度。而且我知道您將年度指南提高到中高個位數。但我想，在我們期待的情況下，什麼會阻止它繼續保持 10% 的需求率？或者你認為在人們被 Omicron 鎖定之後，其中一些可能也是被壓抑的需求？

Well, Susan, the difference between high single digits and 10% is a mighty fine cut, first of all, for the level of guidance and the movement in the macro environment out there. But we certainly saw continued strength through April, enough so that we could call the full -- the rest of the year up high single digits, and -- which is obviously a significant move, shows the momentum of that business.

好吧，蘇珊，高個位數和 10% 之間的差異是一個巨大的差異，首先，對於指導水平和宏觀環境的變化。但我們確實看到了整個 4 月份的持續強勁勢頭，足以讓我們可以將全年剩餘時間稱為高個位數，而且——這顯然是一個重大舉措，顯示了該業務的發展勢頭。

And we're starting to see a business where we're guiding to high single digits, same venue sales growth. That's new ground and obviously a really positive signal and source of value for the investment community.

而且我們開始看到我們正在引導高個位數，相同場地銷售增長的業務。這是一個新的領域，顯然對投資界來說是一個非常積極的信號和價值來源。

Your next question comes from Rudy Yang of Berenberg.

您的下一個問題來自 Berenberg 的 Rudy Yang。

Just on the price increases, when you mentioned you have kind of room to factor more in. Is that kind of just reserved ammunition for now as you kind of watch for changes in the macro environment? Or are there kind of set plans already to kind of layer that in, in kind of Q3, Q4?

就價格上漲而言，當您提到您有更多考慮的空間時。在您關注宏觀環境的變化時，這種只是暫時保留的彈藥嗎？或者，在 Q3 和 Q4 中，是否已經制定了某種分層計劃？

We absolutely have set plans to manage inflation, which includes price increases throughout our various segments. So that is part of our business planning and baked into all of our projections now and into next year. And we've been -- we're fortunate that the segments we're in have strong consumers and high disposable incomes, avid passionate about the segments that we participate in. We have not seen any pushback or negative repercussion associated with any of the moves that we've made at this point in time.

我們絕對製定了管理通貨膨脹的計劃，其中包括我們各個部門的價格上漲。因此，這是我們業務規劃的一部分，並納入我們現在和明年的所有預測中。而且我們一直 - 我們很幸運，我們所處的細分市場擁有強大的消費者和高可支配收入，對我們參與的細分市場充滿熱情。我們沒有看到任何與任何相關的阻力或負面影響我們在這個時間點所做的動作。

Not sure if that answers your question directly. But again, given we have 3 segments, talking about price increases in specifics gets a little challenging unless the question gets more specific.

不確定這是否直接回答了您的問題。但同樣，鑑於我們有 3 個細分市場，除非問題變得更具體，否則談論具體價格上漲會有些挑戰。

Got it. No, I appreciate the commentary there. And then on top of with kind of the corporate events business, do you guys kind of see that coming back to less than where it was as a percentage of total Topgolf sales, just given the weakness and especially kind of considering the growth of all the other aspects of Topgolf's business?

知道了。不，我很欣賞那裡的評論。然後除了企業活動業務之外，你們有沒有看到它回到了低於 Topgolf 總銷售額的百分比，只是考慮到疲軟，特別是考慮到所有的增長Topgolf 業務的其他方面？

I know you kind of mentioned social kind of surged more -- social events kind of surged more this last quarter. So just curious on where you're thinking in terms of in terms of the recovery for corporate events as a percentage of Topgolf's total business as it kind of recovers in the future.

我知道你提到社交活動激增更多——上個季度社交活動增加更多。所以只是好奇你在考慮企業活動的複蘇佔 Topgolf 總業務的百分比，因為它在未來會復蘇。

I think as it recovers in the future, it has the opportunity to be a similar percentage as it has been in the past. And that ability to manage channel mix will be one of the levers and opportunities for Topgolf to manage its overall performance.

我認為隨著未來的複蘇，它有機會達到與過去相似的百分比。而管理渠道組合的能力將成為 Topgolf 管理其整體業績的槓桿和機會之一。

Your next question comes from John Kernan with Cowen.

您的下一個問題來自 John Kernan 和 Cowen。

This is Krista Zuber on for John. Just 2 questions for us. Most have been answered. Just on sort of the gross margin, I was wondering if you could directionally walk us through some of the puts and takes on the outlook for gross margins in Q2 in second half for sort of the golf product margins versus Topgolf side of your business?

這是約翰的克里斯塔祖伯。對我們來說只有 2 個問題。大部分都已經回答了。就毛利率而言，我想知道您是否可以指導我們完成一些看跌期權，並在下半年對高爾夫產品利潤率與您業務的 Topgolf 方面的毛利率前景進行展望？

Gross margins, Q2, if you want to -- yes, I don't know whether we're going to provide granularity by quarter by segment...

第二季度的毛利率，如果你願意的話——是的，我不知道我們是否會按季度提供粒度……

Freight -- for the soft goods business and the Golf Equipment business, freight will moderate as the year goes on. It was probably a $25 million impact in Q1, and it won't be that for the full year. It will be $40 million for the full year. So if that will moderate, it will help margins as we go along.

貨運——對於軟商品業務和高爾夫設備業務，貨運將隨著時間的推移而放緩。第一季度可能會產生 2500 萬美元的影響，而全年不會如此。全年將達到 4000 萬美元。因此，如果這將緩和，它將有助於我們繼續前進的利潤率。

Right. And then our Topgolf margins have been excellent. So we expect them to stay excellent. The gross margins in all the business has been quite good, to be honest with you, and the operating margins and EBITDA margins have been even better. Some of what we saw in Q1, we had -- the freight was an acute pinch point for us in Q1 because of airfreight.

對。然後我們的 Topgolf 利潤非常好。因此，我們希望他們保持出色。老實說，所有業務的毛利率都相當不錯，營業利潤率和 EBITDA 利潤率甚至更高。我們在第一季度看到的一些情況，我們有 - 由於空運，貨運對我們來說是第一季度的一個嚴重的壓力點。

And then some of what you see in gross margins are also some -- it's a little bit of geography because -- and what I mean by geography is on the P&L, when we hedge, we show the gain in other income, right? And because -- but it will look like decreased gross margin, but we've covered it with the hedges, which shows up elsewhere on the P&L.

然後你在毛利率中看到的一些也是一些 - 它有點地理因為 - 我的意思是地理是在損益表上，當我們對沖時，我們會顯示其他收入的收益，對嗎？而且因為 - 但看起來毛利率會下降，但我們已經用對沖覆蓋了它，它出現在損益表的其他地方。

Okay. Got it. And then just finally, just in terms of the promotional environment, with your confidence in the sustained demand for both Golf Equipment and the soft goods side of your business along with Topgolf, just curious to know what you're seeing really in terms of promotional environment across your channels and kind of what's embedded in your expectations for the back half along this line?

好的。知道了。最後，就促銷環境而言，您對高爾夫設備和您業務的軟商品方面以及 Topgolf 的持續需求充滿信心，只是想知道您在促銷方面看到的真實情況您的渠道中的環境以及您對這條線的後半部分的期望中嵌入了什麼？

Yes. We're not seeing any meaningful promotion. And so it's not a promotional environment. It might be a little bit more promotional in the second half of the year than it was last year, but it's not going to be -- I would be shocked if it was highly promotional. And those expectations are consistent with that have been baked into our forecast.

是的。我們沒有看到任何有意義的促銷活動。所以這不是一個促銷環境。下半年的促銷活動可能會比去年多一點，但不會——如果促銷力度很大，我會感到震驚。這些預期與我們的預測一致。

Your next question comes from Joe Altobello with Raymond James.

您的下一個問題來自 Joe Altobello 和 Raymond James。

I guess, first, a couple of questions -- points of clarification, if I could, on the Datatech data. I think you mentioned it was down 20%. First, is that a U.S. or a global number? And second, is that a dollar or unit number?

我想，首先，有幾個問題——如果可以的話，請對 Datatech 數據進行澄清。我想你提到它下降了 20%。首先，這是美國的號碼還是全球的號碼？其次，這是美元還是單位編號？

That is a U.S. hard goods dollars. And then the rest of the world was up, in fact, up double digits.

那是美國的硬商品美元。然後世界其他地區上升，事實上，上升了兩位數。

Okay. Okay. So if I compare that to your equipment revenue, obviously, it's a little bit of apples and oranges, and it sounds like you guys did gain some share. But where do we stand in terms of refilling the channel from an inventory standpoint? And is that something you think that could extend into '23? Or do you think you can fully refill the channel here in '22?

好的。好的。因此，如果我將其與您的設備收入進行比較，顯然，這是一點點蘋果和橙子，聽起來你們確實獲得了一些份額。但是，從庫存的角度來看，我們在重新填充渠道方面的立場是什麼？你認為這可以延續到 23 年嗎？或者你認為你可以在 22 年完全重新填充這裡的頻道嗎？

I think that we've gotten closer to more normalized inventory levels in the Golf Equipment channel now, but we're still chasing in certain areas. We're still chasing overall demand. And sometime in Q2 or Q3, we'll probably get to low but more normalized inventory levels in the channel.

我認為我們現在已經接近高爾夫設備渠道中更正常的庫存水平，但我們仍在某些領域追逐。我們仍在追逐整體需求。在第二季度或第三季度的某個時候，我們可能會在渠道中達到較低但更正常的庫存水平。

Okay. Okay. Just one last one for me on Topgolf, and I apologize if I missed this. Are we thinking 10 or 11 venues this year? And remind us what the cadence is? I know it's a back end weighted, in fact, very fourth quarter weighted, but how should we model that out for the rest of the year from an opening standpoint?

好的。好的。我在 Topgolf 上只有最後一個，如果我錯過了，我深表歉意。今年我們是想開 10 個還是 11 個場館？並提醒我們節奏是什麼？我知道這是一個後端加權，事實上，非常第四季度加權，但是從開放的角度來看，我們應該如何在今年剩下的時間裡建模呢？

Yes. We're thinking 11 is our expectation for this year, and as well as we think we can hit 11 going forward at this stage. So that is one of our upticks in expectations that we revealed at the Investor Day. There's...

是的。我們認為 11 是我們對今年的期望，並且我們認為在這個階段我們可以達到 11。因此，這是我們在投資者日披露的預期上調之一。有...

Back-half weighted for sure.

後半部分肯定是加權的。

Yes, back-half weighted. So if I remember correctly, it's 5 in Q4, which is so very back-half weighted. We have opened now 3. 2 in Q1. Actually, only 1 -- 1 owned and operated in Q1. Another one, El Segundo opened in April, and then there'll be 5 in Q4.

是的，後半部分加權。因此，如果我沒記錯的話，它是第四季度的 5，這是非常後半部分加權的。我們現在已經在第一季度開放了 3. 2。實際上，第一季度只有 1 -- 1 家擁有和經營。另一個，El Segundo 於 4 月開業，然後在第四季度將有 5 家。

Okay. 5 left in Q4.

好的。第四季度還剩 5 個。

Your next question comes from Casey Alexander with Compass Point.

您的下一個問題來自帶有 Compass Point 的 Casey Alexander。

I'm sure it's happened before, but I can't remember a time where every product category was up year-over-year and every geography was up year-over-year. I mean that type of -- I just don't remember.

我敢肯定它以前發生過，但我不記得有什麼時候每個產品類別都同比增長，每個地區都同比增長。我的意思是那種——我只是不記得了。

I agree with you. I usually look for something for -- to poke at there, and there isn't. It's not as evident as it's -- we're really seeing strength across all geographies and all business segments, which we did -- in fairness, we did say during our initial guide that we expected to grow every category or every business segment in every geography. So far, we're on track.

我同意你的看法。我通常會尋找一些東西——戳那裡，但沒有。這並不像現在那麼明顯——我們確實看到了所有地區和所有業務領域的實力，我們確實做到了——公平地說，我們在最初的指南中確實說過，我們預計每個類別或每個業務領域都會增長地理。到目前為止，我們正在走上正軌。

It's pretty remarkable. And I would say after 2 years of sleepless nights, I wonder -- would love to know what keeps you up now. And secondly, you just completed a $50 million share repurchase program. And I mean, never have we seen the fundamental performance of the company so strong at the same time the stock has performed so poorly.

這是相當了不起的。我會說，經過 2 年的不眠之夜，我想知道是什麼讓你現在無法入睡。其次，你剛剛完成了 5000 萬美元的股票回購計劃。我的意思是，我們從未見過公司的基本面表現如此強勁，而股票表現卻如此糟糕。

So you could obviously authorize another one and buy all you want. How does the Board feel about another share repurchase program and taking advantage of the weakness of the stock? Because I do think there's a time period where obviously, all of this changes. But -- so what keeps you up at night? And what are the thoughts about an additional share repurchase program?

因此，您顯然可以授權另一個併購買您想要的一切。董事會如何看待另一次股票回購計劃並利用股票的弱勢？因為我確實認為有一段時間，顯然，所有這些都發生了變化。但是——那是什麼讓你夜不能寐？對於額外的股票回購計劃有何想法？

Plenty to still keep me up at night, Casey. But the fundamental difference, I agree with you. I've never, in my 20-plus years now of running a public company, seen as big a fundamental difference between the performance of the company or -- and the share price. So that's -- this is new ground for me. I've seen it, to some degree, but nowhere near where it is right now. So to a degree, that keeps me up at night. But obviously, overall, extremely pleased with the direction of the business and the operating results.

凱西，還有很多東西讓我夜不能寐。但根本的區別，我同意你的看法。在我經營一家上市公司的 20 多年裡，我從來沒有將公司業績或股價之間的根本差異視為巨大的根本差異。所以這對我來說是新的領域。在某種程度上，我已經看到了它，但離它現在的位置還很遠。所以在某種程度上，這讓我夜不能寐。但顯然，總體而言，對業務方向和經營成果非常滿意。

And in terms of the share buyback, we do look at buying back stock opportunistically, and we've shown that. But as a matter of policy, we can't comment on future capital allocation plans. So I've got to pass on that one for right now, and I appreciate your comments.

在股票回購方面，我們確實會考慮機會性地回購股票，我們已經證明了這一點。但作為政策問題，我們無法對未來的資本配置計劃發表評論。所以我現在必須轉達那個，感謝您的評論。

All right. And secondly, the growth of the ball business has been steady and sort of one step at a time. How do you get it sort of next level? That's -- it's -- if you know what I mean. There's a next level out there, and it's one where it's not 1 and the rest, it's 1 and 2 and no one else matters. And that's the next level. And how do you get there?

好的。其次，球類業務的增長一直很穩定，而且是一步一個腳印的。你如何讓它更上一層樓？那是——它是——如果你明白我的意思。那裡有一個下一個級別，它不是1，其餘的，它是1和2，其他都不重要。這就是下一個層次。你怎麼去那裡？

Casey, that's all good, fair comments. And my only answer to you, well, I think it is doing what we've been doing. We've reinvested to the point now where we have an ability to make a better golf ball than the rest of the world, we believe. And I'm sure -- I know for a fact that there are others who would vehemently disagree with that.

凱西，這都是很好的，公平的評論。我對你的唯一回答是，我認為它正在做我們一直在做的事情。我們相信，我們現在已經進行了再投資，我們有能力製造出比世界其他地方更好的高爾夫球。我敢肯定——我知道有些人會強烈反對這一點。

But you're seeing some signal from the market, and you're seeing it over time. And if those trends continue, and boy, they have continued now for a couple of years, then the outcome that you just mentioned will be the logical outcome where you'll have a #1 and such a strong #2 that it will differentiate itself. And we're certainly plowing forward on that with that as a goal.

但是你看到了來自市場的一些信號，並且隨著時間的推移你會看到它。如果這些趨勢繼續下去，而且男孩，它們現在已經持續了幾年，那麼你剛才提到的結果將是合乎邏輯的結果，你將擁有一個 #1 和一個如此強大的 #2，它會與眾不同.我們當然會以此為目標向前推進。

Your last question comes from [JP Woolen] of ROTH Capital.

您的最後一個問題來自 ROTH Capital 的 [JP Woolen]。

Just one for you here tonight. On the women's collection for TravisMathew, just kind of curious to know what you guys are looking for as you kind of roll out some of the first collections here. Just kind of how you're thinking about it? And then on top of that, as we kind of think about the long-term opportunity with TravisMathew, I know at Investor Day, you said maybe net sales of $500 million, even up to $1 billion. Just kind of curious to know, does that long-term thinking incorporate what you could be doing in women's? Or would women's be an incremental opportunity to that?

今晚只給你一個。關於 TravisMathew 的女裝系列，當你們在這裡推出一些首批系列時，只是有點想知道你們在尋找什麼。只是你怎麼想的？最重要的是，當我們考慮與 TravisMathew 的長期機會時，我知道在投資者日，你說淨銷售額可能達到 5 億美元，甚至高達 10 億美元。只是有點想知道，這種長期思考是否包含了你可以在女性中做的事情？或者女性會是一個增量的機會嗎？

Sure, JP. So it does include women's. So we're very optimistic there. But what you're seeing us do is a methodical and logical, hopefully well-organized approach to what could be a very significant category expansion for the brand. And so we're -- we hired resources to put it, dedicate to this well over a year ago. They have been working with the team to design and develop this new collection. We think it looks fantastic. More importantly, the women that have purchased it, seen it, given feedback on it are raving about it. The initial sell-through was outstanding.

當然，JP。所以它確實包括女性。所以我們對此非常樂觀。但是您看到我們所做的是有條不紊和合乎邏輯的，希望組織良好的方法，這可能是品牌非常重要的類別擴展。所以我們 - 我們聘請了資源來投入它，一年多前致力於此。他們一直在與團隊合作設計和開發這個新系列。我們認為它看起來很棒。更重要的是，購買過它、看過它並給出反饋的女性都對它贊不絕口。最初的銷售非常出色。

But it gives us a chance to test. It gives us a chance to test what different styles, what different cuts, what different fits and fabrics and approaches are going to resonate most with that very important consumer, which already frequents the TravisMathew brand because even though it was 100% of men's brand, again, through our direct-to-consumer channels, which is all of our e-comm and owned stores, which is the ones we can obviously measure this the most in, 25% of the purchases were women, I assume, buying it for their men, at least some men. And that's a pretty good sign for a brand to start with, but also gives you access to the category.

但它給了我們一個測試的機會。它讓我們有機會測試哪些不同的款式、哪些不同的剪裁、哪些不同的合身、面料和方法最能引起這個非常重要的消費者的共鳴，他們已經經常光顧 TravisMathew 品牌，因為即使它是 100% 的男裝品牌，再次，通過我們的直接面向消費者的渠道，這是我們所有的電子商務和自有商店，顯然這是我們最能衡量這一點的渠道，我假設 25% 的購買是女性，購買它是為了他們的男人，至少是一些男人。這對於一個品牌來說是一個很好的開始，但也讓你可以進入這個類別。

And you're going to see us really learning, testing, evaluating, creating excitement among the women, and then a more organized and significant launch in 2023.

你會看到我們真正地學習、測試、評估、在女性中創造興奮，然後在 2023 年進行更有組織和更重要的發布。

Great. And then just one more real quick follow-up. At Investor Day, you guys touched on kind of the strength of some of your golf partners and some of the smaller businesses. And I was just curious, is there any kind of seasonality in, one, some of these smaller range partners are thinking about possibly investing in Toptracer? Any seasonality around maybe in the winter seasons they're looking to make that investment? Or is it kind of constant throughout the entire year?

偉大的。然後再進行一次真正的快速跟進。在投資者日，你們談到了一些高爾夫合作夥伴和一些小型企業的實力。我只是好奇，是否存在某種季節性因素，其中一些較小範圍的合作夥伴正在考慮可能投資 Toptracer？他們正在尋求進行投資的冬季可能有任何季節性因素嗎？還是全年都保持不變？

Yes. It's more or less constant, JP, but there does -- it is easier to shut down a range and do installations during the off-season. So there's a little bit of a -- provided that there's not snow and ice on the ground, so it's like in a mild climate, if there is an off-season, they would take a chance to get a shoulder season to put it in often as opposed to when they're busiest. If it's a deep cold climate, you're going to have to use it when the ground is not frozen and when there's access. So -- because you generally have to bring data and they have to provide data, lines and power to the range.

是的。 JP，它或多或少是恆定的，但確實存在 - 在淡季期間關閉範圍並進行安裝更容易。所以有一點——只要地面上沒有冰雪，所以就像在溫和的氣候下，如果有淡季，他們會抓住機會獲得一個平季來放它通常與他們最忙的時候相反。如果這是一個寒冷的氣候，當地面沒有結冰並且有通道時，你將不得不使用它。所以——因為你通常必須攜帶數據，他們必須為範圍提供數據、線路和電源。

There are no further questions at this time. I will now turn the call back to Chip Brewer for closing remarks.

目前沒有其他問題。我現在將電話轉回 Chip Brewer 進行結束髮言。

Well, I just want to thank everybody for joining us today. We're obviously delighted with the results across our business, and we look forward to joining you in a couple of months for the Q2 call. Thank you so much for dialing in.

好吧，我只想感謝大家今天加入我們。我們顯然對整個業務的結果感到高興，我們期待在幾個月後與您一起參加第二季度電話會議。非常感謝您撥入。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。