Topgolf Callaway Brands Corp (MODG) 2022 Q2 法說會逐字稿

Good day, and welcome to the Q2 2022 Callaway Golf Earnings Conference Call. Today's conference is being recorded.

美好的一天，歡迎參加 2022 年第二季度卡拉威高爾夫收益電話會議。今天的會議正在錄製中。

At this time, I'd like to turn the conference over to Patrick Burke, Senior Vice President of Global Finance. Please go ahead.

在這個時候，我想把會議交給全球金融高級副總裁帕特里克·伯克。請繼續。

Thank you, Justin, and good afternoon, everyone.

謝謝賈斯汀，大家下午好。

Welcome to Callaway's Second Quarter 2022 Earnings Conference Call. I'm Patrick Burke, the company's SVP of Global Finance. Joining me as speakers on today's call are Chip Brewer, our President and Chief Executive Officer; and Brian Lynch, our Chief Financial Officer. Jennifer Thomas, our Chief Accounting Officer, is also in the room today for Q&A.

歡迎參加卡拉威 2022 年第二季度收益電話會議。我是公司全球金融高級副總裁 Patrick Burke。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。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 second 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 also 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 年第二季度的財務業績。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。該收益報告和收益新聞稿也可在公司投資者關係網站的“財務結果”選項卡下獲得。

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，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 like to turn the call over to Chip.

有了這個，我想把電話轉給 Chip。

Thank you, Patrick, and good afternoon to everyone on our call, and thank you for joining us.

謝謝你，Patrick，大家下午好，感謝你加入我們。

I'm pleased to report strong second quarter results driven by the continued strength of all 3 of our business segments. Total net revenue was just over $1.1 billion, up 22% year-over-year. Flow-through to the bottom line was strong as well, with adjusted EBITDA of $207 million, up 26% on a reported basis. These results clearly show continued momentum across all of our business portfolio and leave us in a position of strength as we look to the full year and the long term.

我很高興地報告強勁的第二季度業績，這得益於我們所有三個業務部門的持續實力。總淨收入略高於 11 億美元，同比增長 22%。流向底線的資金也很強勁，調整後的 EBITDA 為 2.07 億美元，在報告的基礎上增長了 26%。這些結果清楚地顯示了我們所有業務組合的持續發展勢頭，並使我們在展望全年和長期時處於優勢地位。

Shifting to our segment overview. I'll first start with Topgolf second quarter results. The Topgolf team put up another outstanding quarter with same venue sales up approximately 8% versus 2019, consistent with the expectations we provided last quarter. We continue to experience overall strong demand, some of which is offset by staffing challenges that continue to impact us, and as we understand it, the entire restaurant and service industry.

轉到我們的細分概述。我將首先從 Topgolf 第二季度的業績開始。 Topgolf 團隊又創造了一個出色的季度，與 2019 年相比，同場館銷售額增長了約 8%，與我們上個季度提供的預期一致。我們繼續經歷整體強勁的需求，其中一些被繼續影響我們以及我們理解的整個餐飲和服務行業的人員配備挑戰所抵消。

Looking forward, we believe our same venue sales projection for the balance of the year will be positive mid-to-high single digits versus 2019. This would put our full year same venue sales up mid-to-high single digits, consistent with our previous guidance. Like most other businesses, we are seeing continued inflationary pressures across all inputs, including wages and cost of goods. To offset this, we're taking low-to-mid-single-digit price increases during this quarter, and we will also be raising select hourly wage rates to make sure we remain competitive and that our hourly playmakers are well taken care of. Based on everything we've seen so far, we believe the price increases will be able to offset the inflationary pressures without negatively impacting usable demand. We saw no fall off in demand when we took a similar amount of price at the end of last year, and we continue to see excellent demand for the Topgolf experience. Our price increases are also modest relative to others we're hearing about in the market.

展望未來，我們認為與 2019 年相比，我們對今年剩餘時間的同場館銷售額預測將是中高個位數。這將使我們全年同場館銷售額達到中高個位數，與我們的一致以前的指導。與大多數其他企業一樣，我們看到所有投入（包括工資和商品成本）都面臨持續的通脹壓力。為了抵消這一點，我們在本季度採取了中低個位數的價格上漲，我們還將提高特定的小時工資率，以確保我們保持競爭力並且我們的小時組織者得到很好的照顧。根據我們迄今為止所看到的一切，我們相信價格上漲將能夠抵消通脹壓力，而不會對可用需求產生負面影響。當我們在去年底採取類似的價格時，我們沒有看到需求下降，並且我們繼續看到對 Topgolf 體驗的良好需求。相對於我們在市場上聽到的其他產品，我們的價格上漲幅度也很小。

New venue openings remained on track in the second quarter and continue to open well. During Q2, we opened 2 new owned and operated venues, 1 in Philadelphia and 1 at the previously mentioned El Segundo, California location. Also, just last week, we opened our newest venue format in the Seattle metropolitan area. This is the first of a new venue format that benefits from a larger, more open lobby area that includes golf simulators. This venue format, which we'll use in select markets going forward, will add to our cross-brand synergy strategy by including a Callaway-branded fitting studio in the lobby.

第二季度新場館的開張保持在正軌，並繼續開張良好。在第二季度，我們開設了 2 個新的自有和運營場館，1 個在費城，1 個在前面提到的加利福尼亞州埃爾塞貢多。此外，就在上週，我們在西雅圖大都市區開設了最新的場地形式。這是第一個新的場地形式，受益於更大、更開放的大堂區域，包括高爾夫模擬器。我們將在未來的特定市場中使用這種場地形式，通過在大堂中包括一個 Callaway 品牌的試衣間，將增加我們的跨品牌協同戰略。

Looking forward, we plan to open additional venue in Q3 for a total of 2 in the quarter. The fourth quarter will then be our largest quarter for openings with 6 now planned for that quarter. This will deliver 11 new owned and operated plus 2 franchise international venues for the full year, the most in our history and an another sign of strong performance. Eight of the owned and operated venues will open in the second half of this year, an impressive accomplishment, but also one that will lead to lower operating margins in the second half, mostly in Q4 due to the preopening expenses associated with these openings.

展望未來，我們計劃在第三季度開設更多場館，本季度共開設 2 個場館。第四季度將成為我們最大的開業季度，目前計劃在該季度開設 6 個。這將在全年交付 11 個新擁有和運營的以及 2 個特許經營的國際場館，這是我們歷史上最多的，也是表現強勁的另一個跡象。 8 個自有和運營的場館將在今年下半年開業，這是一項令人印象深刻的成就，但也將導致下半年營業利潤率下降，主要是在第四季度，因為與這些開業相關的開業前費用。

Our pipeline for future venues remains strong and is developing according to plan. During Q4, we will also be facing a healthier level of marketing investment highlighted by an exciting new campaign aimed at both brand building and driving long-term volume. We view this as a valuable investment into the long-term health of our business, and I look forward to sharing the new campaign with you later this year. As discussed at the Investor Day, Artie and the team have also started to implement new digital reservation technology at the venues to further improve long-term efficiencies. Our operating margins have been excellent year-to-date, and we remain highly confident in our ability to deliver against our stated venue profitability goals, both for this full year and long term.

我們未來場館的管道仍然強勁，並且正在按計劃進行開發。在第四季度，我們還將面臨更健康的營銷投資水平，一項旨在建立品牌和推動長期銷量的激動人心的新活動突顯了這一點。我們認為這是對我們業務長期健康的寶貴投資，我期待在今年晚些時候與您分享新的活動。正如投資者日所討論的，Artie 和團隊還開始在場館實施新的數字預訂技術，以進一步提高長期效率。今年迄今為止，我們的營業利潤率一直非常出色，我們對實現全年和長期場地盈利目標的能力仍然充滿信心。

Turning to the Toptracer business. We installed 2,065 days in the quarter, a new record for us, and we remain on track for 8,000 more days this year. Feedback on the product and demand both remain strong. As evidenced by our Q2 results, we are also making nice progress in ramping our installation capacity.

轉向 Toptracer 業務。我們在本季度安裝了 2,065 天，這對我們來說是一個新的記錄，今年我們將繼續保持 8,000 天。對產品的反饋和需求都保持強勁。正如我們第二季度的結果所證明的那樣，我們在提高安裝能力方面也取得了不錯的進展。

In the media business as discussed at our Investor Day earlier this year, we're working on another mobile game, which we expect to launch later this year. While we are currently hesitant to forecast meaningful financial impact from this project, we are excited about it. And it's an excellent example of how we plan to leverage our content creation capabilities across all of our various platforms.

在今年早些時候的投資者日討論的媒體業務中，我們正在開發另一款手機遊戲，預計將於今年晚些時候推出。雖然我們目前對預測該項目是否會產生有意義的財務影響猶豫不決，但我們對此感到興奮。這是我們計劃如何在所有各種平台上利用我們的內容創建能力的一個很好的例子。

Before I continue to our other business segments, I want to highlight that our ability to continue to put up quarter-after-quarter strong results furthers our confidence in the success of this business and the long-term outlook presented at our Investor Day. If some investors initially looked at the Topgolf business as either risky or unproven, I believe the string of consistent results since our merger should soon begin to change perspectives and valuations.

在我繼續我們的其他業務部門之前，我想強調的是，我們能夠繼續提供一個季度又一個季度的強勁業績，這增強了我們對這項業務的成功以及我們在投資者日提出的長期前景的信心。如果一些投資者最初認為 Topgolf 業務存在風險或未經證實，我相信自我們合併以來的一系列一致結果應該很快就會開始改變觀點和估值。

As we look out over the next few years, we are confident 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. Topgolf is the keystone of modern golf thesis. It already is a dominant leader in the dynamic off-course golf industry, and we believe it will maintain this position given its significant growth prospects ahead. And in our forward guidance, I'm sure you'll notice that we're once again increasing our projected full year EBITDA for this exciting segment of our business.

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 是現代高爾夫理論的基石。它已經是充滿活力的場外高爾夫行業的主導領導者，鑑於其未來的顯著增長前景，我們相信它將保持這一地位。在我們的前瞻性指導中，我相信您會注意到我們再次增加了我們這一令人興奮的業務部門的預計全年 EBITDA。

Moving to Golf Equipment. The business had another excellent quarter with revenue exceeding expectations, up 13% year-over-year. We now expect this segment to be up 12% or more for the full year, an increase from the approximately 10% we said previously. As demand continues to remain strong in the key U.S. and Asian markets, supply chain restrictions have abated, and we're having strong market share performance. In Q2, we also benefited by supplying the launch of our new Jaws Raw wedge slightly earlier than planned.

轉向高爾夫設備。該業務又一個出色的季度，收入超出預期，同比增長 13%。我們現在預計這一細分市場全年將增長 12% 或更多，高於我們之前所說的約 10%。由於美國和亞洲主要市場的需求繼續保持強勁，供應鏈限制有所緩解，我們的市場份額表現強勁。在第二季度，我們還因比計劃稍早推出新的 Jaws Raw 挖起桿而受益。

According to Datatech, in the U.S., despite comparatively poor weather conditions this year, second quarter hard goods sell-through was down just 2% versus 2021 and remained up 37% over 2019. Outside the U.S., market conditions varied during the quarter. Japan was up 5% and Korea was up 11%, while the U.K. and Europe were both down approximately 10%. Overall, we are pleased with the market conditions and continue to see the avid golf consumer as healthy and engaged. We've also been very pleased with the performance of our 2022 products with sell-through trends and overall market share is increasing as the year progresses, especially for our Rogue ST Drivers in Fairway Woods as well as our Chrome Soft golf balls. We finished the second quarter as the #1 hard goods brand in the U.S. and delivered U.S. golf ball market share of 20.7% year-to-date. Both of these are record results.

根據 Datatech 的數據，在美國，儘管今年的天氣條件相對較差，但第二季度硬商品的銷售量與 2021 年相比僅下降了 2%，並且比 2019 年保持了 37% 的增長。在美國以外，本季度的市場狀況各不相同。日本上漲 5%，韓國上漲 11%，而英國和歐洲均下跌約 10%。總體而言，我們對市場狀況感到滿意，並繼續認為狂熱的高爾夫消費者是健康和參與的。我們也對我們的 2022 年產品的表現感到非常滿意，其銷售趨勢和整體市場份額隨著時間的推移而增加，尤其是對於我們在球道伍茲的 Rogue ST 發球桿以及我們的 Chrome Soft 高爾夫球。我們在第二季度結束時成為美國排名第一的硬商品品牌，年初至今美國高爾夫球市場份額為 20.7%。這兩項都是創紀錄的成績。

To offset inflationary pressure, we have raised prices nicely this year. And as the avid golf consumer is both [affluent] and passionate, there has been no discernible pushback. With continued innovation, we expect to be able to continue to offset inflationary pressures in this manner. On the manufacturing side, supply chain pressures are easing, and our supply chain is continuing to perform well despite periodic COVID flare-ups or other challenges. We expect it to continue to be a source of relative strength going forward.

為了抵消通脹壓力，我們今年已經很好地提高了價格。由於狂熱的高爾夫消費者既 [富裕] 又充滿熱情，因此沒有明顯的阻力。隨著不斷的創新，我們希望能夠繼續以這種方式抵消通脹壓力。在製造方面，供應鏈壓力正在緩解，儘管週期性的 COVID 爆發或其他挑戰，我們的供應鏈仍繼續表現良好。我們預計它將繼續成為未來相對實力的來源。

In the first half of 2022, like other OEMs, we also benefited from an overall inventory catch-up at retail. We now believe trade inventory levels have largely normalized to appropriate levels, neither too high nor too low in our opinion.

2022 年上半年，與其他 OEM 一樣，我們也受益於零售業的整體庫存追趕。我們現在認為貿易庫存水平已基本正常化至適當水平，我們認為既不太高也不太低。

Lastly, the Active Lifestyle segment had a strong quarter with positive momentum across all our brands. Revenues for this segment increased 39% versus second quarter of year. The Callaway-branded business in this segment 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.

最後，Active Lifestyle 細分市場表現強勁，我們所有品牌都表現出積極的勢頭。該部門的收入與第二季度相比增長了 39%。該分部的卡拉威品牌業務在全球範圍內保持強勁，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。

Meanwhile, TravisMathew had another outstanding quarter, continuing the strong brand momentum and delivering strong double-digit growth across all channels. This business remains on track to deliver approximately $300 million in revenue this year and $50 million or more in adjusted EBITDA. TravisMathew opened 3 new stores in the second quarter, including our first 2 stores in New England and 1 in Ohio. The brand continues to prove itself in all U.S. markets and is also beginning to gain a foothold internationally.

與此同時，TravisMathew 又迎來了一個出色的季度，延續了強勁的品牌勢頭，並在所有渠道實現了兩位數的強勁增長。該業務今年仍有望實現約 3 億美元的收入和 5000 萬美元或更多的調整後 EBITDA。 TravisMathew 在第二季度開設了 3 家新店，包括我們在新英格蘭的前 2 家店和在俄亥俄州的 1 家。該品牌繼續在所有美國市場證明自己，並開始在國際上站穩腳跟。

Also during the quarter, we had one of the most exciting product launches in TravisMathew history, the TravisMathew women's. While this launch is preliminary collection and not a major source of revenue to date, we are both confident and excited about the opportunity here, particularly given that women account for over 25% of the purchases made through TravisMathew's direct-to-consumer channels. Throughout this year, we plan to continue to test and collect feedback that will be used in product development and brand direction for our 2023 women's collections.

同樣在本季度，我們推出了 TravisMathew 歷史上最激動人心的產品之一，即 TravisMathew 女裝。雖然此次發布只是初步系列，迄今為止還不是主要的收入來源，但我們對這裡的機會充滿信心和興奮，特別是考慮到通過 TravisMathew 的直接面向消費者渠道進行的購買中，女性佔 25% 以上。在今年全年，我們計劃繼續測試和收集反饋，這些反饋將用於我們 2023 年女裝系列的產品開發和品牌方向。

The Jack Wolfskin business continues to make good progress and showed double-digit revenue growth for the quarter despite difficult macroeconomic conditions in both China and Europe. Our overall brand strength and prebooks continue to build momentum. We believe this brand is on strong footing and positioned for growth even with the challenges presented via current and anticipated macroeconomic and FX headwinds in Europe. When looking at the Active Lifestyle segment on the whole, we're on track to deliver approximately $1 billion in net sales for the fiscal year. No change from our previous forecast.

儘管中國和歐洲的宏觀經濟形勢嚴峻，Jack Wolfskin 業務繼續取得良好進展，並在本季度實現了兩位數的收入增長。我們的整體品牌實力和預購書繼續發展勢頭。我們相信，即使面臨歐洲當前和預期的宏觀經濟和外匯逆風帶來的挑戰，該品牌仍處於穩固的基礎並為增長做好了準備。從整體來看，我們有望在本財年實現約 10 億美元的淨銷售額。與我們之前的預測沒有變化。

Turning back to the consolidated business. While I don't want to talk too much about risks because our business is best defined by the vast opportunities in front of us, and that's what energizes us and will drive significant value. We are a growth company, and we're proving ourselves here quarter after quarter. However, given the nature of today's uncertain environment, and my perception of the investor community's understandable concerns here, I'd like to spend a brief moment giving my perspective on how the current macroeconomic risks may impact us.

回到合併業務。雖然我不想過多談論風險，因為我們的業務最好由我們面前的巨大機遇來定義，這就是激勵我們並將推動巨大價值的因素。我們是一家成長型公司，我們一個季度一個季度地在這裡證明自己。但是，鑑於當今不確定環境的性質，以及我對投資者社區的擔憂的理解，我想花一點時間就當前的宏觀經濟風險如何影響我們發表我的看法。

Earlier this year, there was a lot of concern about a reversion in golf consumption. Clearly, halfway through the year, the data shows there has been no reversion. Perhaps a small reversion will come at some point and perhaps it will not. However, I can see no evidence of one so far, especially with avid golfers. And if there is a reversion, I, for one, would expect it to be modest.

今年早些時候，人們對高爾夫消費的回歸有很多擔憂。顯然，在今年中途，數據顯示沒有逆轉。也許在某個時候會出現小幅逆轉，也許不會。但是，到目前為止，我還沒有看到任何證據，尤其是對於狂熱的高爾夫球手而言。如果有逆轉，我個人希望它是溫和的。

Inflation has been an issue for us as it is for most companies. But across all of our business segments, the data thus far shows we can take price to largely offset it. Our recession-driven pullback in consumer spending is an ongoing risk. But we all have strong momentum in our business segments. And based on the historical data that we have, our segments overall are not highly sensitive to a mild recession.

通貨膨脹對我們來說一直是一個問題，對大多數公司來說也是如此。但在我們所有的業務部門中，迄今為止的數據表明，我們可以通過價格在很大程度上抵消它。我們因經濟衰退而導致的消費者支出回落是一個持續的風險。但我們在我們的業務領域都有強勁的勢頭。根據我們掌握的歷史數據，我們的細分市場整體對溫和衰退並不高度敏感。

FX is a real headwind for us as it is for all global companies. If rates stay where they are currently, they will have a short-term impact. However, we have managed through large FX movements before, and we'll be able to do so again now. I did not anticipate having a long-term impact.

外匯對我們來說是一個真正的逆風，對所有全球公司來說也是如此。如果利率保持在目前的水平，它們將產生短期影響。但是，我們之前已經通過大的外匯變動進行了管理，現在我們將能夠再次這樣做。我沒想到會產生長期影響。

I believe it's best to focus on the data and history. These point to the conclusion that we present less risk than most businesses and that our growth is more reliable, given it's driven by new venue openings, brands that have significant momentum and our concentration in a healthy growing business segments where consumers are both well off and passionate.

我認為最好關注數據和歷史。這些得出的結論是，與大多數企業相比，我們的風險更低，而且我們的增長更可靠，因為它是由新場館開業、具有顯著發展勢頭的品牌以及我們專注於消費者既富裕又健康的增長業務領域所推動的。熱情的。

In conclusion, with the continued strength we're seeing across our businesses, we are taking up our full year financial guidance. We're specifically increasing our full year forecast for both Topgolf and the Golf Equipment business. Consumer demand remains strong in all our primary segments. And our primary consumers appear to remain passionate, healthy and engaged. We're increasingly confident that we're on track to achieve the long-term goals outlined at our Investor Day earlier this year, We're, in fact, ahead of plan so far and that we're well positioned to positively work through the current macroeconomic climate.

總之，隨著我們在整個業務中看到的持續實力，我們正在製定全年財務指導。我們特別提高了對 Topgolf 和高爾夫設備業務的全年預測。我們所有主要細分市場的消費者需求依然強勁。我們的主要消費者似乎仍然充滿熱情、健康和參與。我們越來越有信心實現我們在今年早些時候的投資者日上概述的長期目標，事實上，到目前為止，我們已經提前完成了計劃，並且我們已經做好了積極工作的準備當前的宏觀經濟環境。

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.

謝謝你，Chip，大家下午好。

As Chip mentioned, we are very pleased with our second quarter results, which were very strong. It is those results, along with improved supply chain conditions, our ability to take pricing to offset inflationary pressures and our continued strong momentum in each of our operating segments that gives us the confidence to increase our full year guidance today.

正如奇普所說，我們對第二季度的業績非常滿意，這非常強勁。正是這些結果，加上供應鏈條件的改善、我們採取定價來抵消通脹壓力的能力，以及我們在每個運營部門的持續強勁勢頭，讓我們有信心提高我們今天的全年指導。

Before discussing our revised guidance in more detail, I will first cover our second quarter results. For the second quarter, consolidated net revenues was $1.12 billion, an increase of 22% compared to Q2 2021. Changes in foreign currency rates had a negative $38.6 million impact on second quarter 2022 net revenue compared to the same period in 2021.

在更詳細地討論我們的修訂指南之前，我將首先介紹我們的第二季度業績。第二季度，合併淨收入為 11.2 億美元，比 2021 年第二季度增長 22%。與 2021 年同期相比，外幣匯率變化對 2022 年第二季度的淨收入產生了 3860 萬美元的負影響。

Looking at our segment performance, Topgolf contributed $404 million in revenue in the quarter, a 24% increase over 2021, and reported same venue sales growth of 7.9% compared to 2019. The strong same venue sales performance in the quarter was driven by strong social and corporate events. With the corporate events business showing its first quarter of positive same venue sales since the pandemic began.

從我們的細分市場表現來看，Topgolf 在本季度貢獻了 4.04 億美元的收入，比 2021 年增長 24%，並報告說與 2019 年相比，同場館銷售額增長了 7.9%。本季度強勁的同場館銷售業績是由強大的社會推動和公司活動。自大流行開始以來，企業活動業務顯示出其第一季度的積極同場銷售。

Golf Equipment had another excellent quarter, generating $452 million in revenue, a 13% increase over Q2 2021, driven by the continued high demand, strong market shares and improved supply in Golf Equipment, which allowed for an inventory catch-up at retail. Lastly, our Active Lifestyle segment had revenue of $260 million, which each of the 4 Active Lifestyle brands up double digits versus Q2 2021.

高爾夫設備又一個出色的季度，產生了 4.52 億美元的收入，比 2021 年第二季度增長 13%，這得益於持續的高需求、強勁的市場份額和高爾夫設備的供應改善，這使得零售庫存得以追趕。最後，我們的 Active Lifestyle 部門的收入為 2.6 億美元，與 2021 年第二季度相比，4 個 Active Lifestyle 品牌均增長了兩位數。

Total non-GAAP cost and expenses were $981 million in the second quarter of 2022 compared to $796 million in the second quarter of 2021. The increase was driven by increased variable expenses in our operating segments as well as increased corporate support, increased freight costs and other inflationary pressures.

2022 年第二季度的非公認會計準則成本和費用總額為 9.81 億美元，而 2021 年第二季度為 7.96 億美元。這一增長是由於我們運營部門的可變費用增加以及企業支持增加、貨運成本增加和其他通脹壓力。

Second quarter 2022 non-GAAP operating income was $135.1 million, up $17.1 million year-over-year, a 14.5% increase. Continued strong demand, along with the pricing and other business improvements we implemented this year have allowed us to outrun the increased operational expenses we are experiencing. While changes in foreign currency exchange rates had an unfavorable impact on operating margins, on a constant currency basis, non-GAAP operating margins increased 40 basis points in the second quarter of 2022 compared to the prior period.

2022 年第二季度非美國通用會計準則營業收入為 1.351 億美元，同比增長 1710 萬美元，增長 14.5%。持續強勁的需求以及我們今年實施的定價和其他業務改進使我們能夠超過我們正在經歷的增加的運營費用。儘管外幣匯率的變化對營業利潤率產生了不利影響，但按固定匯率計算，2022 年第二季度的非公認會計原則營業利潤率與上一期相比增加了 40 個基點。

Moving back down to the income statement. Non-GAAP other expense was $19.5 million in the second quarter of 2022 compared to $27 million in Q2 of 2021. This improvement is primarily due to an increase in gains on foreign currency contracts in the second quarter of 2022, partially offset by higher interest expense.

回到損益表。 2022 年第二季度非美國通用會計準則其他費用為 1950 萬美元，而 2021 年第二季度為 2700 萬美元。這一改善主要是由於 2022 年第二季度外匯合同收益增加，部分被更高的利息費用所抵消.

Non-GAAP earnings per share was $0.47 on approximately 201 million shares compared to $0.36 per share on approximately 194 million shares in the second quarter of 2021. The increased share count is primarily related to 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. I want to remind you that applicable accounting rules do not give any effect to our cap call in calculating EPS. But upon settlement, it should reduce the actual number of shares we are required to deliver by approximately 3 million to 5 million shares, depending on stock price. Lastly, Q2 adjusted EBITDA was $207 million, up $43 million or 26% over Q2 2021, and our EBITDA margins improved to 18.6% compared to 18% for the same period last year.

非美國通用會計準則每股收益為 0.47 美元，約 2.01 億股，而 2021 年第二季度約 1.94 億股每股收益為 0.36 美元。增加的股份數量主要與 2022 年 1 月 1 日生效的會計變更有關，這要求我們包括與假定轉換公司可轉換票據相關的 1470 萬股。我想提醒您，適用的會計規則對我們計算每股收益的上限沒有任何影響。但在結算後，它應該會減少我們需要交付的實際股票數量大約 300 萬至 500 萬股，具體取決於股票價格。最後，第二季度調整後的 EBITDA 為 2.07 億美元，比 2021 年第二季度增加 4300 萬美元或 26%，我們的 EBITDA 利潤率從去年同期的 18% 提高到 18.6%。

Turning to certain balance sheet items. We remain in a strong financial position with ample liquidity. As of June 30, 2022, available liquidity, which is comprised of cash flow in hand and availability under our credit facilities, was $640 million compared to $877 million at June 30, 2021. The decrease from last year was due to planned working capital increases in the Golf Equipment and Active Lifestyle businesses to support growth as well as continued investment in Topgolf venues. The $640 million of availability was an increase from the end of Q1 when we had $576 million of availability. As a reminder, we expect Topgolf will be approximately 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 6 月 30 日，可用流動資金（包括手頭現金流和信貸額度下的可用資金）為 6.4 億美元，而 2021 年 6 月 30 日為 8.77 億美元。與去年相比減少的原因是計劃中的營運資金增加在高爾夫設備和積極生活方式業務中支持增長以及對 Topgolf 場地的持續投資。 6.4 億美元的可用性比第一季度末的 5.76 億美元有所增加。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 $1.7 billion including venue financing obligations of approximately $670 million related to the development of Topgolf venues and including the convertible debt of approximately $259 million. Our net debt leverage ratio was approximately 3.2x at June 30, 2022, compared to 2.9x at June 30, 2021. Our leverage ratio on a funded debt basis was below 2.0x.

在季度末，我們的淨債務總額為 17 億美元，其中包括與 Topgolf 場地開發相關的大約 6.7 億美元的場地融資義務，包括大約 2.59 億美元的可轉換債務。截至 2022 年 6 月 30 日，我們的淨債務槓桿率約為 3.2 倍，而 2021 年 6 月 30 日為 2.9 倍。我們在融資債務基礎上的槓桿率低於 2.0 倍。

Consolidated net accounts receivables $376 million as of June 30, 2022, compared to $325 million at the end of the second quarter of 2021. The increase was primarily due to the increase in revenue. The quality of the accounts receivable remains strong. Our inventory balance increased to $604 million at the end of the second quarter of 2022, compared to $534 million at the end of the fourth quarter 2021 and compared to $335 million at June 30, 2022 -- I mean, excuse me, 2021.

截至 2022 年 6 月 30 日，綜合應收賬款淨額為 3.76 億美元，而 2021 年第二季度末為 3.25 億美元。這一增長主要是由於收入的增加。應收賬款的質量依然強勁。到 2022 年第二季度末，我們的庫存餘額增加到 6.04 億美元，而 2021 年第四季度末為 5.34 億美元，而 2022 年 6 月 30 日為 3.35 億美元——我的意思是，對不起，2021 年。

The increase in inventory primarily relates to being under-inventoried in the prior periods due to the supply chain disruptions we experienced last year. Inventory [churns] and days inventory in hand are consistent with pre-pandemic levels. We feel very good about the quality of our inventory. As you can imagine, when we were very short on inventory over the last 2 years during the pandemic, we sold whatever was available and therefore, cleaned up any old inventory.

庫存增加主要與我們去年經歷的供應鏈中斷導致前期庫存不足有關。庫存 [流失] 和庫存天數與大流行前水平一致。我們對庫存的質量感覺非常好。您可以想像，在過去 2 年的大流行期間，當我們的庫存非常短缺時，我們出售了所有可用的東西，因此清理了所有舊庫存。

Capital expenditures for the first half 2022 were $154 million, net of REIT reimbursements. This includes $120 million related to Topgolf. For the full year, we expect total CapEx of approximately $325 million, net of REIT reimbursements, including approximately $250 million for Topgolf and $75 million for the non-Topgolf business.

扣除 REIT 報銷後，2022 年上半年的資本支出為 1.54 億美元。其中包括與 Topgolf 相關的 1.2 億美元。全年，我們預計總資本支出約為 3.25 億美元，扣除 REIT 報銷，其中包括 Topgolf 約 2.5 億美元和非 Topgolf 業務約 7500 萬美元。

Now turning to our balance of the year outlook. We are revising our full year 2022 revenue expectations to $3.945 billion to $3.970 billion compared to previous guidance of $3.935 billion to $3.970 billion. Changes in foreign currency rates are estimated to have a negative impact of $129 million for the full year. This estimate assumes 12% or more revenue growth for the Golf Equipment segment for the full year, which is up from the prior estimate of 10% growth. The guidance also assumes approximately $1.56 billion in revenue for Topgolf this year, consistent with previous guidance. And approximately $1 billion in revenue from the Active Lifestyle segment, which is also consistent with previous guidance.

現在轉向我們的年度平衡展望。我們將 2022 年全年收入預期從之前的 39.35 億美元至 39.70 億美元修正為 39.45 億美元至 39.70 億美元。據估計，外匯匯率的變化會對全年產生 1.29 億美元的負面影響。這一估計假設高爾夫設備部門全年收入增長 12% 或更多，高於之前估計的 10% 增長。該指引還假設 Topgolf 今年的收入約為 15.6 億美元，與之前的指引一致。 Active Lifestyle 部門的收入約為 10 億美元，這也與之前的指導一致。

Our full year adjusted EBITDA forecast also increased and is now projected to be $555 million to $565 million, which assumes approximately $235 million to $245 million from Topgolf. At midpoint, this represents a $15 million increase from the previous guidance primarily due to increases in both the Golf Equipment and Topgolf segments. For the full year 2022, adjusted EBITDA is expected to increase over $100 million compared to 2021.

我們的全年調整後 EBITDA 預測也有所增加，現在預計為 5.55 億美元至 5.65 億美元，其中假設 Topgolf 約為 2.35 億至 2.45 億美元。在中點，這比之前的指導增加了 1500 萬美元，主要是由於高爾夫設備和 Topgolf 部門的增長。對於 2022 年全年，調整後的 EBITDA 預計將比 2021 年增加超過 1 億美元。

For the second half, we estimate revenue to be within the range of $1.79 billion to $1.15 billion, which includes an estimated $69 million of negative foreign currency impact. We expect the Topgolf segment to be up approximately 25%, driven by same venue sales in the mid-to-high single digits and by additional venues with 2 opening in Q3 and 6 opening in Q4. We expect the Golf Equipment segment to be up low-to-mid-single digits and the Active Lifestyle segment to be up mid-teens for the second half of the year. In total, second half revenues are expected to increase by approximately 15% compared to the second half of 2021.

下半年，我們估計收入將在 17.9 億美元至 11.5 億美元之間，其中包括估計的 6900 萬美元的負面外匯影響。我們預計 Topgolf 細分市場將增長約 25%，這得益於中高個位數的相同場地銷售額以及第三季度開放 2 個和第四季度開放 6 個的額外場地。我們預計高爾夫設備部分將在今年下半年增長到中低個位數，而積極生活方式部分將增長到十幾歲左右。總體而言，與 2021 年下半年相比，預計下半年收入將增長約 15%。

The company currently estimates that its second half 2022 adjusted EBITDA will be within the range of $178 million to $188 million versus $153 million in the second half of 2021. This represents an approximate 20% increase.

該公司目前估計，其 2022 年下半年調整後的 EBITDA 將在 1.78 億美元至 1.88 億美元之間，而 2021 年下半年為 1.53 億美元。這意味著大約 20% 的增長。

Our business has become increasingly difficult to forecast on a quarterly basis as many factors can cause a shift between quarters, including new product launch timing, marketing campaign timing, weather, timing of venue openings and timing of supply shipments to name a few.

我們的業務變得越來越難以按季度進行預測，因為許多因素都可能導致季度之間的變化，包括新產品發佈時間、營銷活動時間、天氣、場地開放時間和供應發貨時間等等。

With that said, we are providing some guidance from Q3 and Q4, but please recognize that the results could shift between those quarters. Total company third quarter 2022 net revenue is estimated to be between $940 million and $955 million versus Q3 2021 net revenues of $856 million. This assumes $42 million of negative foreign currency impact for the third quarter of 2022 compared to 2021. Given the second half launch timing of Golf Equipment products in 2022 versus 2021, we expect Golf Equipment will be down mid-to-high single digits for the third quarter, but is expected to increase double digits in the fourth quarter, resulting in 12% or more growth for the full year.

話雖如此，我們提供了第三季度和第四季度的一些指導，但請認識到結果可能會在這些季度之間發生變化。公司 2022 年第三季度的總淨收入估計在 9.4 億美元至 9.55 億美元之間，而 2021 年第三季度的淨收入為 8.56 億美元。這假設與 2021 年相比，2022 年第三季度的負面外匯影響為 4200 萬美元。鑑於 2022 年下半年高爾夫設備產品的推出時間與 2021 年相比，我們預計高爾夫設備在 2021 年將下降中高個位數第三季度，但預計第四季度將增長兩位數，導致全年增長 12% 或更多。

The Topgolf and Active Lifestyle segments are expected to grow double digits in both the third and fourth quarters. In total, third quarter 2022 revenue is estimated to grow approximately 11% compared to 2021. Given foreign exchange headwinds and difference in product launch timing compared to 2021, we expect 2022 adjusted EBITDA will decrease in the third quarter, but increase in the fourth quarter. Third quarter adjusted EBITDA is estimated to be between $122 million and $132 million versus $139 million for the same period in 2021. We expect that adjusted EBITDA will increase by approximately $40 million in the fourth quarter compared to 2021, resulting in an overall increase of 19% for the second half of 2022.

Topgolf 和 Active Lifestyle 細分市場預計在第三季度和第四季度都將增長兩位數。總體而言，2022 年第三季度的收入預計將比 2021 年增長約 11%。鑑於外匯逆風和產品發佈時間與 2021 年相比的差異，我們預計 2022 年調整後的 EBITDA 將在第三季度減少，但在第四季度增加.第三季度調整後 EBITDA 預計在 1.22 億美元至 1.32 億美元之間，而 2021 年同期為 1.39 億美元。我們預計，與 2021 年相比，第四季度調整後 EBITDA 將增加約 4,000 萬美元，從而導致整體增加 19 2022 年下半年的百分比。

In summary, we have had a great start to the year and are optimistic about the balance of the year. While we are not immune from foreign currency and inflationary pressures this year, we believe we can continue to manage them. Each of our operating segments are performing well and enjoying strong brand momentum. Consumer interest and demand remains strong across our businesses, giving us the confidence to increase our full year guidance despite the macroeconomic challenges.

總而言之，我們今年開局良好，對今年的餘額持樂觀態度。雖然今年我們無法免受外彙和通脹壓力的影響，但我們相信我們可以繼續管理它們。我們的每個經營分部都表現良好，並享有強勁的品牌勢頭。儘管宏觀經濟面臨挑戰，消費者的興趣和需求在我們的業務中依然強勁，使我們有信心提高全年指導。

Looking even further ahead, we will have some headwinds in 2023. Foreign currency rates are expected to continue to be a headwind, and the hedge gains we have this year are not expected to repeat. We will also not have the benefit of the channel fill in the Golf Equipment business that we had this year as retail inventory is generally back to normal levels.

展望未來，我們將在 2023 年遇到一些不利因素。預計外匯匯率將繼續成為不利因素，我們今年的對沖收益預計不會重複。我們也不會像今年那樣從高爾夫設備業務的渠道填充中受益，因為零售庫存通常恢復到正常水平。

With that said, we believe we will continue to benefit next year from new Topgolf venues as well as continued strong consumer desire for leisure and entertainment such as Topgolf, hiking, golf and other outdoor activities. We are fortunate that our consumers are generally well off and passionate. As a result, we expect to grow in 2023 despite the current macroeconomic headwinds.

話雖如此，我們相信明年我們將繼續受益於新的 Topgolf 場地以及消費者對 Topgolf、遠足、高爾夫和其他戶外活動等休閒和娛樂的持續強烈需求。我們很幸運，我們的消費者普遍富裕且充滿熱情。因此，儘管當前存在宏觀經濟逆風，我們預計 2023 年仍將增長。

In addition, we expect to benefit from the additional pricing and other actions we plan to implement, and we expect freight expense to abate somewhat in 2023. Overall, we are optimistic about next year and are confident in our ability to create shareholder value over the long term.

此外，我們預計將受益於我們計劃實施的額外定價和其他行動，我們預計運費將在 2023 年有所減少。總體而言，我們對明年感到樂觀，並對我們創造股東價值的能力充滿信心。長期。

That concludes our prepared remarks today, and we will now open the call for questions. Operator, over to you.

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). And we'll go ahead and take the first question.

（操作員說明）。我們將繼續回答第一個問題。

This is Alex Perry from Bank of America. Congrats on a strong quarter here. Just first, I wanted to ask on sort of what led you to take up the guidance on the Golf Equipment side. Is it that the [POS] is playing out better than you expected? And then just maybe off that, can you give us a bit more color on the launch timing shifts and how that's sort of impacting 3Q versus 4Q?

這是來自美國銀行的亞歷克斯·佩里。恭喜這裡表現強勁。首先，我想問一下是什麼讓您接受了高爾夫設備方面的指導。 [POS] 的表現是否比您預期的要好？然後也許只是這樣，你能給我們更多關於發佈時間變化的顏色，以及這對第三季度和第四季度的影響嗎？

Sure, Alex. Our confidence in the Golf Equipment business is based on the strong results we've seen thus far and really over an extended period of time. We're very pleased with how the markets are in total, and they're continuing to show a very gauged consumer. And we are gaining market share as the year progresses. So if you could track the market share with whatever measure you would look at in our key markets, in all of our Golf Equipment categories really, we're seeing continued and increasing strength as the year goes on. So I feel very good about that. And happy to be able to take up our expectations for the full year to what I think are very strong number.

當然，亞歷克斯。我們對高爾夫設備業務的信心是基於我們迄今為止以及在很長一段時間內所看到的強勁業績。我們對市場的總體狀況感到非常滿意，並且他們繼續向消費者展示了一個非常謹慎的消費者。隨著時間的推移，我們正在獲得市場份額。因此，如果您可以通過您在我們的主要市場中看到的任何衡量標準來跟踪市場份額，在我們所有的高爾夫設備類別中，隨著時間的推移，我們將看到持續增長的實力。所以我對此感覺很好。並且很高興能夠將我們對全年的期望提高到我認為非常強勁的數字。

Then on the timing issue in Q3 that is -- there's some FX in there that, of course, weighs heavily on all results, but it's also just some short-term launch timing. As I mentioned in my comments, we pulled forward because of our great supply chain performance, a little bit of the Jaws Raw, which is our new wedge launch into Q2. We had not originally planned for that to be in Q2, but we had the ability to ship a good portion of that launch in the quarter, so we took advantage of that. And we really don't have any significant launches in the quarter for this year.

然後是第三季度的時間問題——當然，其中有一些 FX 對所有結果產生了重大影響，但這也只是一些短期的發佈時間。正如我在評論中提到的，我們之所以向前推進，是因為我們出色的供應鍊錶現，一點點 Jaws Raw，這是我們在第二季度推出的新楔形。我們最初並沒有計劃在第二季度推出，但我們有能力在本季度推出大部分產品，所以我們利用了這一點。而且我們今年本季度確實沒有任何重大發布。

But last year, we had some reasonably substantial launches, particularly a product in Asia that was a significant one for them, and that will not repeat. I think it's worth noting that, that's just timing because the half is up in all measures, including Golf Equipment.

但去年，我們推出了一些相當大的產品，特別是在亞洲推出的一款對他們來說意義重大的產品，並且不會重複。我認為值得注意的是，這只是時機，因為包括高爾夫設備在內的所有指標都上升了一半。

Perfect. That's really helpful. And then just my next question, maybe could you just give us a little more color on the outlook for Topgolf? And I guess maybe just on that, could you maybe give us a little more color on sort of the monthly cadence of the Topgolf comps? I think you said that March exit rate was up 10% in same venue sales when you reported last quarter. Has there been any sort of deceleration that you've seen at all? And then just on the outlook there. You sort of took up the adjusted EBITDA guidance on a similar same venue sales outlook. Could you just maybe give us some color on what's driving that?

完美的。這真的很有幫助。然後是我的下一個問題，也許你能給我們更多關於 Topgolf 前景的顏色嗎？我想也許就在這一點上，你能給我們更多關於 Topgolf 比賽每月節奏的顏色嗎？我想你說過，當你上個季度報告時，同場館銷售額的 3 月份退出率上升了 10%。你有沒有見過任何減速？然後只是那裡的前景。您在類似的場地銷售前景中接受了調整後的 EBITDA 指導。你能給我們一些關於是什麼驅動的顏色嗎？

The -- so monthly cadence, I'm not going to get into too much detail on monthly cadence. As you can tell, we had an excellent quarter with same venue sales up 8%. We're continuing to see strong demand at Topgolf. There's always small variations on a month-to-month basis, but the trends have been quite strong, continuing strong. We've got great demand for that product. And we feel very confident and pleased with that. So nothing to speak of on a monthly basis other than continued momentum and probably building capabilities there as we go forward because the events business has been actually strong.

- 所以每月的節奏，我不會過多地討論每月的節奏。如您所知，我們有一個出色的季度，相同場地的銷售額增長了 8%。我們繼續看到 Topgolf 的強勁需求。每個月的變化總是很小，但趨勢一直很強勁，持續強勁。我們對該產品的需求很大。我們對此感到非常自信和高興。因此，除了持續的勢頭和可能在我們前進的過程中在那裡建立能力之外，每月沒有什麼可說的，因為活動業務實際上很強大。

And on the EBITDA basis, what we're seeing is some strong operating margins there, exceeding what we had originally expected. We are labor constrained there. So that is even moderating the overall same venue sales. They would be higher if we had more labor available, but the operating margins are driving the increased EBITDA results, and there's really strong performance across the business.

在 EBITDA 的基礎上，我們看到的是一些強勁的營業利潤率，超出了我們最初的預期。我們在那裡受到勞動力的限制。因此，這甚至會緩和整體相同場地的銷售。如果我們有更多可用的勞動力，它們會更高，但營業利潤率正在推動 EBITDA 結果的增加，而且整個業務的表現確實很強勁。

And we'll go ahead and take the next question.

我們將繼續回答下一個問題。

It's Joe Altobello from Raymond James. I guess first question on Topgolf, the same venue sales number. Could you kind of parse out how much of that is ticket versus traffic?

是 Raymond James 的 Joe Altobello。我猜是關於 Topgolf 的第一個問題，同樣的場地銷售數字。你能分析一下其中有多少是門票與流量嗎？

Sure. So the same venue sales at Topgolf growth, it's a mix, as you would expect, through the first half of the year was about 70% price and 30% volume. And -- but the volume was constrained, as I mentioned. So we believe it would have been more of an equal balance and if it was unconstrained. We continue to have excellent demand.

當然。因此，Topgolf 的相同場地銷售增長，正如您所期望的那樣，今年上半年的價格約為 70%，銷量約為 30%。而且——但正如我所提到的，音量是有限的。所以我們相信，如果它不受約束，它會更加平衡。我們繼續有很好的需求。

Got it. And maybe just to follow up to that. The Analyst Day wasn't that much ago. But in terms of (inaudible) economics for the Topgolf venues, has that changed at all given the new interest rate environment that we're in today?

知道了。也許只是為了跟進。分析師日並不是很久以前。但就 Topgolf 場地的（聽不清）經濟而言，考慮到我們今天所處的新利率環境，這種情況是否發生了變化？

I'm sorry, can you repeat the question? Was it the 4-wall profitability or what was the...

對不起，你能重複一下這個問題嗎？是四壁盈利能力還是...

Yes, given the interest rates have risen over the last couple of months here, I'm curious how the 4-wall economics for your...

是的，鑑於過去幾個月這裡的利率上升了，我很好奇你的 4 壁經濟學如何...

No, there's been no change because our -- we have not -- as we mentioned at the Investor Day, there's been no change in the cap rates in our REIT financing. Those are, a, locked in, in advance. But as the business continues to strengthen, we have not had any increase in the cost of the REIT debt. So no impact.

不，沒有變化，因為我們 - 我們沒有 - 正如我們在投資者日提到的那樣，我們的房地產投資信託基金融資的上限利率沒有變化。那些是，a，提前鎖定。但隨著業務的不斷加強，我們的 REIT 債務成本沒有任何增加。所以沒有影響。

We'll go ahead and take another question.

我們將繼續討論另一個問題。

Daniel Imbro from Stephens. I want to start on a comment you made. I think during your prepared remarks, you mentioned you're expecting some higher advertising costs in the back half of the year. Was that comment specific to Topgolf or across your other categories? And kind of what's your outlook? I mean, Brian mentioned inventories are a bit more normal. What's your outlook for promotions across different product categories as you look over the back half of the year?

斯蒂芬斯的丹尼爾·伊姆布羅。我想從你發表的評論開始。我想在你準備好的發言中，你提到你預計下半年的廣告費用會更高。該評論是針對 Topgolf 還是針對您的其他類別？你的前景如何？我的意思是，Brian 提到庫存比較正常。回顧今年下半年，您對不同產品類別的促銷活動有何展望？

Sure, Dan. The comment on the increased marketing was Topgolf-specific. We have not been doing a significant amount of market. In fact, we've probably been under marketing relative to historical metrics in the business. And we will be increasing that marketing spend to a more sustainable level with a new program that we're really excited about starting in Q4. And that, I think, is a very important and very valuable long-term investment in that business. The -- so that one specifically was Topgolf.

當然，丹。關於增加營銷的評論是針對 Topgolf 的。我們沒有做大量的市場。事實上，相對於業務的歷史指標，我們可能一直處於市場營銷之中。我們將通過一項新計劃將營銷支出增加到更可持續的水平，我們對在第四季度開始感到非常興奮。我認為，這是對該業務非常重要且非常有價值的長期投資。 - 所以一個特別是Topgolf。

And then in promotional outlook or experience really globally, we're not seeing much promotional activity and my guess is that we won't see a lot this year, maybe more than last year because inventories have returned to healthier levels. But certainly, I would expect less than historical, and I am not expecting it to be very promotional at all really.

然後在全球範圍內的促銷前景或體驗方面，我們沒有看到太多促銷活動，我猜今年我們不會看到很多，可能比去年更多，因為庫存已經恢復到更健康的水平。但可以肯定的是，我希望它不會像歷史那樣具有歷史意義，而且我根本不希望它真的很有宣傳作用。

Great. That's helpful. And then, Brian, for my follow-up. Just looking at the segment profitability. It does look like Golf Equipment pretax margin stepped down a bit despite the pretty strong 13% year-over-year growth. Was there anything onetime embedded in that segment margin? Or what were the primary drivers of that decline on a segment basis?

偉大的。這很有幫助。然後，布賴恩，我的後續行動。只看細分市場的盈利能力。儘管 13% 的同比增長相當強勁，但高爾夫設備的稅前利潤率看起來確實有所下降。該段邊距中是否曾經嵌入過任何內容？或者細分市場下降的主要驅動因素是什麼？

For the Golf, it's primarily the freight expense, which for the Q2 and the first half and then FX. So those are probably the 2 biggest drivers.

對於高爾夫，主要是運費，第二季度和上半年，然後是外匯。所以這些可能是兩個最大的驅動因素。

Yes. Without that we would have been up there. And some of that's just geography because of the FX, the hedge gains.

是的。沒有那個，我們就會在那裡。其中一些只是地理因素，因為外匯，對沖收益。

I would expect to be up second half for that. So the freight gets better, less headwinds because it ramped in 2021 and the FX should subside a little bit, but it will still be there.

我預計下半年會上漲。所以貨運變得更好，逆風減少，因為它在 2021 年增加，外匯應該會下降一點，但它仍然會存在。

And we'll go ahead and take another question.

我們將繼續回答另一個問題。

Kevin Heenan from JPMorgan. I just wanted to ask about the club business within the Golf Equipment and how you've seen the market share trend throughout the year as fittings have increased? And then secondarily, what do you attribute the market share gains to on the ball side and how you see the sustainability of that trend going forward?

摩根大通的凱文·海南。我只是想問一下高爾夫設備中的球桿業務，以及隨著配件的增加，您如何看待全年的市場份額趨勢？其次，您將市場份額的增長歸因於什麼，以及您如何看待這一趨勢的可持續性？

Sure. Kevin, the market share on the club side has really ramped during the year as the product got out to retail and the more fittings, more launch [punter] testing that went into play, the better we have done. And we're at record market shares in many categories and really surging in that area. So I think it's clearly a testament to the quality of the product.

當然。凱文，俱樂部方面的市場份額在這一年裡確實增加了，因為產品進入零售市場，並且更多的配件、更多的啟動 [投注者] 測試開始發揮作用，我們做得就越好。而且我們在許多類別中的市場份額都創紀錄，並且在該領域真正飆升。所以我認為這顯然是對產品質量的證明。

And on the ball side, we have great market share. Obviously, we're record shares, but you've seen a trend really that goes [half-way] back to 2013 of consistent market share gains and growth in our golf ball business.

在球方面，我們擁有很大的市場份額。顯然，我們是創紀錄的股票，但你已經看到了一種趨勢，這種趨勢真的可以追溯到 2013 年，即我們高爾夫球業務的市場份額持續增長和增長。

We have a differentiated product and a strengthening brand. We have a strong distribution network. And it's not like this change is a Johnny-come-lately scenario. This has been an ongoing long-term trend of market share gains that just happens to be continuing as we would hope it would.

我們擁有差異化的產品和強大的品牌。我們擁有強大的分銷網絡。而且這種變化並不是約翰尼最近才出現的情況。這是一個持續的市場份額增長的長期趨勢，恰好像我們希望的那樣繼續下去。

Great. And if I could just ask one follow-up on the Topgolf business. I guess how does that customer profile look maybe by average income? And have you seen any impact to date either on spend per visit or trips tied to the inflationary pressures in the market? And maybe just how to think about kind of the expense structure there, if there were to be a downturn?

偉大的。如果我能問一個關於 Topgolf 業務的後續行動。我猜這個客戶資料看起來可能是平均收入嗎？迄今為止，您是否看到與市場通脹壓力相關的每次訪問支出或旅行的任何影響？如果出現經濟低迷，也許只是如何考慮那裡的費用結構？

Kevin, we have not seen any pullback in demand. Just the opposite, we are seeing strong demand, and we're long waits, we're not able to satiate all the demand. So continued strength in that business. The consumer is a young consumer, engaged consumer. They're -- it's right in the wheelhouse of some really -- trends that -- people getting out and enjoying the social activities. It's almost an affordable experience that you do 1 to 2 times a year for majority of the consumers. So it's not something that will, I think, be that susceptible to changes in trend if there's a mild recession. And the consumer there is also reasonably well off, not as well off as the golf consumer, but $90,000 to $100,000 average income. And we can just tell you what we see so far. And so far, excellent demand with strong trends.

凱文，我們沒有看到任何需求回落。恰恰相反，我們看到強勁的需求，我們等待很長時間，我們無法滿足所有需求。因此，該業務的持續實力。消費者是年輕的消費者，投入的消費者。他們是——這正是一些真正的趨勢——人們走出去享受社交活動的駕駛室。對於大多數消費者來說，每年進行 1 到 2 次幾乎是一種負擔得起的體驗。因此，我認為，如果出現溫和的衰退，它不會那麼容易受到趨勢變化的影響。而且那裡的消費者也相當富裕，雖然不如高爾夫消費者那麼富裕，但平均收入在 90,000 到 100,000 美元之間。我們可以告訴你到目前為止我們所看到的。到目前為止，需求強勁，趨勢強勁。

And on the contingency side, I think if there's a downturn, you saw during the pandemic is a great example of that. They're able to adapt and cut costs and preserve cash significantly. I think they cut CapEx by well over $100 million when they needed to. So there's a lot of flexibility in that model.

在應急方面，我認為如果出現經濟衰退，你在大流行期間看到的就是一個很好的例子。他們能夠適應和削減成本並顯著保留現金。我認為他們在需要時削減了超過 1 億美元的資本支出。因此，該模型具有很大的靈活性。

And we'll take another question.

我們將提出另一個問題。

It's Brett from KeyBanc. I think you said channel inventories were normalized, Chip, and I think there was some slightly different commentary maybe from Acushnet today. So could you just maybe elaborate a little more on where your channel inventories are versus 2019 weeks on hand, however you want to frame that up? And maybe specifically what they look like here in the U.S. and then internationally?

我是 KeyBanc 的 Brett。我想你說渠道庫存已經正常化，Chip，我認為今天 Acushnet 的評論可能略有不同。那麼，您能否詳細說明一下您的頻道庫存與手頭的 2019 週相比在哪裡，但是您想對此進行框架化嗎？也許特別是他們在美國和國際上的樣子？

Sure, Brett. The -- I can speak with some accuracy relative to the U.S. and just generally, internationally. But if you look at the total U.S. market, months on hand in clubs of inventory is 3.4 months versus 3.7 to 3.8 in 2018 and '19. So still a little lower in general than 2018, 2019. But the market is significantly bigger. So the absolute values are larger. And that's why I say it's relatively normalized and in a positive perspective. Our inventory is 3.1 months, so lower than the overall. And in the club side, roughly consistent with what it was in those previous periods. So our supply chain has done an excellent job of creating an advantage for us. And our results show that, and we're in a strong position going forward.

當然，布雷特。 - 我可以說相對於美國和國際範圍內的一些準確性。但如果你看看整個美國市場，庫存俱樂部的現有月數為 3.4 個月，而 2018 年和 19 年為 3.7 至 3.8 個月。所以總體上還是比 2018 年、2019 年低一點。但市場明顯更大。所以絕對值更大。這就是為什麼我說它相對正常化並且從積極的角度來看。我們的庫存是 3.1 個月，所以低於整體。在俱樂部方面，與之前的情況大致一致。因此，我們的供應鏈在為我們創造優勢方面做得非常出色。我們的結果表明，我們在未來處於有利地位。

I also want to say, Brett, there's obviously a lot of focus on inventory, both internally and externally. Our partners are very attentive to it. We are very attentive to it. The possibility or the probability of us being surprised on inventory getting out of hand is remarkably low without a black swan event. We're tracking sell-through and inventory levels on a daily to weekly basis across categories, et cetera. So very much on top of it. And what you see in our numbers is just the result of excellent supply chain performance. And I think the numbers speak for themselves in terms of where everything ended up.

我還想說，布雷特，很明顯，內部和外部都非常關注庫存。我們的合作夥伴對此非常關注。我們非常關注它。如果沒有黑天鵝事件，我們對庫存失控感到驚訝的可能性或概率非常低。我們每天到每週跟踪各個類別等的銷售和庫存水平。非常重要。您在我們的數據中看到的只是出色的供應鏈績效的結果。我認為這些數字不言自明，一切都結束了。

Got it. That's helpful. And then just -- I don't know if this is a stupid question or not, but do you see any impacts to the broader health of the sport or your business here from winter between the PGA Tour and the (inaudible), I guess whether that's how you allocate tour spend, whether it's just the total eyeballs on the sport? Just any high-level thoughts there. Or is it just noise?

知道了。這很有幫助。然後只是 - 我不知道這是否是一個愚蠢的問題，但我猜你是否看到從 PGA 巡迴賽和（聽不清）之間的冬季對這項運動的更廣泛健康或你的業務有任何影響是否這就是你分配巡迴賽支出的方式，是否只是這項運動的總眼球？只是那裡的任何高級想法。還是只是噪音？

Yes. We're not sure how to think about that at this point, clearly getting a lot of attention. And it's an interesting and important aspect for golf, whether Live ends up being a good thing or a bad thing is to be determined, and we're in a wait-and-see approach at this point on that. I don't think at this point, it has a specific impact on us as an equipment manufacturer or as a brand, but certainly a topic of a lot of conversation and debate around the game of golf. And in fact, it might even be giving golf a little added PR and conversation value. I haven't seen golf in the Wall Street Journal and in so many commentaries in a long time.

是的。我們現在不確定如何考慮這一點，顯然受到了很多關注。這對高爾夫來說是一個有趣且重要的方面，Live 最終是好事還是壞事還有待確定，我們目前對此持觀望態度。我不認為在這一點上，它對我們作為設備製造商或品牌有特定的影響，但肯定會成為圍繞高爾夫運動進行的大量對話和辯論的話題。事實上，它甚至可能給高爾夫帶來一點額外的公關和對話價值。我很久沒在華爾街日報和這麼多評論中看到高爾夫了。

And we'll go ahead and take the next question.

我們將繼續回答下一個問題。

It's Susan Anderson from B. Riley. I was wondering if maybe you could talk a little bit about the apparel business. It sounds like TravisMathew continued very strong growth. Maybe if you could talk about the Callaway brand and then also Jack. And I'm curious how that performance is doing? I know it's still pretty tough in China and then also over in Europe.

是 B. Riley 的 Susan Anderson。我想知道您是否可以談談服裝業務。聽起來 TravisMathew 繼續非常強勁的增長。也許你可以談談卡拉威品牌，然後再談談傑克。我很好奇這種表現如何？我知道這在中國仍然很艱難，然後在歐洲也一樣。

Sure, Susan. You're exactly right. TravisMathew continues to kill it. That business has such outstanding momentum and strong double-digit growth across all channels, proving itself in all markets and starting to get established internationally, et cetera. So I couldn't be more bullish on that. We -- one of the big initiatives over the last year was starting an apparel business in Korea. That has gotten off to a very positive start. Our overall business in Korea remains strong and is now growing significantly. And so we're very pleased with that initiative.

當然，蘇珊。你完全正確。 TravisMathew 繼續殺死它。該業務在所有渠道都擁有如此出色的勢頭和強勁的兩位數增長，在所有市場證明了自己，並開始在國際上建立起來，等等。所以我不能更看好這一點。我們——去年的一項重大舉措是在韓國開展服裝業務。這是一個非常積極的開始。我們在韓國的整體業務依然強勁，目前正在顯著增長。因此，我們對這一舉措感到非常滿意。

And turning to Jack Wolfskin. You would have thought they would have been a conversation topic of some note on the call given their presence in China and in Europe, where the macroeconomic climate is as difficult as it is anywhere in the world, but they haven't been. They delivered strong growth overall in the quarter, even currency neutral. You'll notice we haven't been reporting all of our numbers currency adjusted because all of them would be significantly higher.

轉向杰克·沃爾夫斯金。鑑於他們在中國和歐洲的存在，您可能會認為他們會成為電話會議上一些談話的話題，那裡的宏觀經濟環境與世界上任何地方一樣困難，但事實並非如此。他們在本季度整體實現了強勁增長，甚至是貨幣中性的。你會注意到我們沒有報告我們所有的數字貨幣調整，因為它們都會顯著更高。

But the numbers speak for themselves. And prebooks at Jack also remain very positive. So we do expect market environment to be challenging, certainly through the end of the year, probably next year, but the team has done a wonderful job and continuing to develop and grow that business. The brand momentum feels good and the prebooks look good.

但數字不言自明。傑克的預科書也非常積極。因此，我們確實預計市場環境將充滿挑戰，肯定會到今年年底，可能是明年，但團隊做得非常出色，並繼續發展和發展該業務。品牌勢頭感覺良好，預售書看起來不錯。

Great. That sounds positive. And then if I could just follow up on your capital allocation strategy. I think there was -- on the slide, there was the priority opportunistically explore investments. So just curious your thoughts around acquisitions. You feel like you're in a spot to make another acquisition? And if so, could you give some thoughts around what you would be looking for to complement the business?

偉大的。這聽起來很積極。然後，如果我能跟進您的資本分配策略。我認為有 - 在幻燈片上，優先機會主義地探索投資。所以只是好奇你對收購的想法。您覺得自己可以進行另一次收購了嗎？如果是這樣，您能否就您將尋找什麼來補充業務提出一些想法？

Susan, this is Brian. The good news is we don't have to do any acquisitions. We have a lot of embedded growth with our current business and a lot to unlock. Our priority has always been to invest back into our business. And then particularly in this environment, we're focused on maintaining reasonable leverage ratios. But after that, we'll balance between investing in other areas and returning capital to the shareholders. But I don't -- there's no burning desire. We don't have to, we'll be opportunistic.

蘇珊，這是布賴恩。好消息是我們不必進行任何收購。我們目前的業務有很多嵌入式增長，還有很多要解鎖的。我們的首要任務一直是投資於我們的業務。然後特別是在這種環境下，我們專注於保持合理的槓桿比率。但在那之後，我們將在投資其他領域和向股東返還資本之間取得平衡。但我沒有——沒有強烈的慾望。我們不必，我們會投機取巧。

And that does conclude the question-and-answer session. I'll now turn the conference back over to Mr. Chip Brewer.

這確實結束了問答環節。我現在將會議轉回給 Chip Brewer 先生。

Well, thank -- I'd just like to thank everybody for tuning in. We really appreciate your interest in Callaway Golf. I wish you a great conclusion to your summer, and we look forward to engaging with you again throughout the year and certainly on the next earnings call.

嗯，謝謝——我只想感謝大家收聽。我們非常感謝您對卡拉威高爾夫的興趣。祝你的夏天有個圓滿的結局，我們期待著全年再次與你交流，當然也期待在下一次財報電話會議上與你交流。

Thank you. That does conclude today's conference. We do thank you for your participation. Have an excellent day.

謝謝你。今天的會議到此結束。我們非常感謝您的參與。有一個美好的一天。