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.

這次，我想把會議交給全球金融高級副總裁 Patrick Burke。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 年第二季財報電話會議。我是派崔克‧伯克，公司全球財務資深副總裁。與我一起在今天的電話會議上發言的還有我們的總裁兼執行長 Chip Brewer；以及我們的財務長布萊恩·林奇 (Brian Lynch)。我們的首席會計官 Jennifer Thomas 今天也出席了問答環節。

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，該公司發布新聞稿，公佈 2022 年第二季財務業績。此外，今天準備好的發言還附有一個演示文稿，可以讓您更輕鬆地跟進電話會議。此收益報告以及收益新聞稿也可在該公司投資者關係網站的「財務表現」標籤下查看。

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.

今天電話會議上報告和討論的大部分財務數據均基於美國公認的會計原則。在我們報告非 GAAP 衡量標準的情況下，我們已根據 G 條例將非 GAAP 衡量標準與簡報後面相應的 GAAP 衡量標準進行了核對。

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，這可能導致實際結果與管理層目前的預期有重大差異。我們鼓勵您查看簡報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.

說到這裡，我想把電話轉給奇普。

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

謝謝帕特里克，我們通話中的每個人下午好，感謝您加入我們。

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.

我很高興地報告第二季的強勁業績，這是由我們所有 3 個業務部門的持續強勁推動的。總淨收入略高於 11 億美元，年增 22%。淨利潤的流入也很強勁，調整後的 EBITDA 為 2.07 億美元，據報告增加了 26%。這些結果清楚地表明我們所有業務組合的持續成長勢頭，使我們在展望全年和長期時處於有利地位。

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.

轉向我們的細分市場概述。我先從 Topgolf 第二季的業績開始。 Topgolf 團隊又創造了一個出色的季度業績，同場銷售額較 2019 年增長約 8%，與我們上季度提供的預期一致。我們繼續經歷整體強勁的需求，其中一些需求被繼續影響我們以及整個餐飲和服務業的人員配置挑戰所抵消。

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，我們相信，與2019 年相比，我們對今年剩餘時間的同場銷售預測將呈正中高個位數。 。與大多數其他企業一樣，我們看到所有投入（包括薪資和商品成本）都面臨持續的通膨壓力。為了抵​​消這一影響，我們在本季度採取低至中個位數的價格上漲，我們還將提高部分小時工資率，以確保我們保持競爭力，並確保我們的小時組織核心得到很好的照顧。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膨壓力，而不會對可用需求產生負面影響。當我們去年年底採取類似價格時，我們沒有看到需求下降，而且我們仍然看到對 Topgolf 體驗的巨大需求。與我們在市場上聽到的其他價格相比，我們的價格上漲也比較溫和。

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.

第二季的新場館開幕仍按計畫進行，並持續保持良好的營業狀態。在第二季度，我們開設了 2 個新擁有和營運的場館，其中 1 個位於費城，1 個位於前面提到的加州埃爾塞貢多。此外，就在上週，我們在西雅圖大都會區開設了最新的場館形式。這是第一個新的場地格式，受益於更大、更開放的大堂區域，其中包括高爾夫模擬器。我們將在未來的選定市場中使用這種場地格式，透過在大廳設立卡拉威品牌的試衣工作室，將增強我們的跨品牌協同策略。

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，我們計劃在第三季開設更多場地，本季總共開設 2 個場地。第四季度將是我們空缺職位最多的季度，目前計劃在該季度開設 6 個職位。這將在全年帶來 11 個新擁有和經營的場館以及 2 個特許經營的國際場館，這是我們歷史上最多的場館，也是表現強勁的另一個跡象。八個自有和經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，但也將導致下半年的營業利潤率下降，主要是由於與這些開業相關的開業前費用，主要是在第四季。

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.

我們未來場館的儲備仍然充足，並且正在按計劃進行。在第四季度，我們還將面臨更健康的行銷投資水平，這一點以旨在品牌建立和推動長期銷售的令人興奮的新活動為重點。我們認為這是對我們業務長期健康發展的一項寶貴投資，我期待在今年稍後與您分享這項新活動。正如投資者日所討論的那樣，Artie 和團隊也開始在場館實施新的數位預訂技術，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，並且我們對實現全年和長期的既定場館盈利目標的能力充滿信心。

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。本季我們安裝了 2,065 天，這是我們的新紀錄，今年我們將繼續安裝 8,000 天。對產品和需求的回饋依然強勁。正如我們第二季的業績所證明的那樣，我們在提高安裝容量方面也取得了良好進展。

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.

在今年稍早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，預計將在今年稍後推出。雖然我們目前對於預測該專案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不同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.

在繼續討論我們的其他業務部門之前，我想強調的是，我們有能力繼續取得逐季強勁業績，這增強了我們對該業務的成功以及投資者日上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一系列一致的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，預計它將成為我們收入最大的細分市場。即使我們其他業務部門的成長預測強勁，預計到 2025 年，光是該部門就將占我們調整後 EBITDA 總額的一半以上。它已經是充滿活力的場外高爾夫行業的主導領導者，鑑於其未來的巨大增長前景，我們相信它將保持這一地位。在我們的前瞻性指引中，我相信您會注意到，我們將再次提高這個令人興奮的業務領域的預計全年 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.

轉向高爾夫裝備。該業務又一個出色的季度，收入超出預期，年增 13%。我們現在預計該細分市場將全年成長 12% 或更多，高於我們之前所說的約 10%。隨著美國和亞洲主要市場的需求持續強勁，供應鏈限制有所緩解，我們的市佔率表現強勁。在第二季度，我們還受益於比計劃稍早推出的新 Jaws Raw 挖起桿。

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.

據Datatech 稱，在美國，儘管今年天氣條件相對較差，但第二季度的耐用品銷量與2021 年相比僅下降了2%，與2019 年相比仍增長了37%。季度的市場狀況各不相同。日本上漲 5%，韓國上漲 11%，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，並繼續看到狂熱的高爾夫消費者健康且積極參與。我們也對 2022 年產品的表現感到非常滿意，隨著時間的推移，銷售趨勢和整體市場份額不斷增加，特別是我們在球道伍茲的 Rogue ST 發球桿以及 Chrome Soft 高爾夫球。第二季度，我們成為美國排名第一的耐用品品牌，今年迄今為止，我們在美國高爾夫球市場的佔有率為 20.7%。這兩項都是創紀錄的結果。

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​​銷通膨壓力，今年我們很好地提高了價格。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。透過持續創新，我們預計能夠繼續以這種方式抵消通膨壓力。在製造方面，供應鏈壓力正在緩解，儘管定期出現新冠疫情或其他挑戰，我們的供應鏈仍持續表現良好。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 廠商一樣，我們也受惠於零售業的整體庫存追趕。我們現在認為貿易庫存水準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，積極生活方式領域的季度表現強勁，我們所有品牌都呈現出積極的勢頭。該部門的收入比去年第二季度增長了 39%。該領域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成長。

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 又度過了一個出色的季度，延續了強勁的品牌勢頭，並在所有管道上實現了強勁的兩位數增長。該業務今年仍有望實現約 3 億美元的收入和 5,000 萬美元或更多的調整後 EBITDA。 TravisMathew 在第二季開設了 3 家新店，其中前 2 家位於新英格蘭，1 家位於俄亥俄州。該品牌繼續在美國所有市場證明自己，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 史上最令人興奮的產品之一：TravisMathew 女裝。雖然此次推出的是初步系列，迄今為止還不是主要收入來源，但我們對這裡的機會充滿信心和興奮，特別是考慮到女性在TravisMathew 直接面向消費者管道的購買量中所佔比例超過25% 。今年，我們計劃繼續測試並收集回饋，這些回饋將用於我們 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.

儘管中國和歐洲宏觀經濟狀況困難，Jack Wolfskin 業務持續取得良好進展，本季營收達到兩位數成長。我們的整體品牌實力和預售書繼續保持強勁勢頭。我們相信，即使歐洲當前和預期的宏觀經濟和外匯逆風帶來挑戰，該品牌仍擁有堅實的基礎並處於成長的地位。從整體來看積極生活方式領域，我們預計在本財年實現約 10 億美元的淨銷售額。與我們先前的預測相比沒有變化。

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。雖然我不想多談論風險，因為我們的業務最好由我們面前的巨大機會來定義，而這正是我們的動力所在，並將帶來巨大的價值。我們是一家成長型公司，我們每季都在證明自己。然而，考慮到當今不確定環境的性質，以及我對投資者群體的擔憂的理解，這是可以理解的，我想花一點時間表達我對當前宏觀經濟風險可能如何影響我們的看法。

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，今年過半，數據顯示並沒有出現逆轉。也許某個時候會出現小幅回歸，也許不會。然而，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來說。如果出現逆轉，我個人預期會是溫和的。

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，我們可以透過價格來很大程度上抵消它。經濟衰退導致的消費者支出縮減是一個持續的風險。但我們在業務領域都有強勁的勢頭。根據我們掌握的歷史數據，我們的細分市場總體上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，對所有跨國公司來說也是如此。如果利率維持在目前水平，將會產生短期影響。然而，我們之前已經成功應對過大幅外匯波動，現在我們將能夠再次做到這一點。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，我們比大多數企業面臨的風險更小，而且我們的成長更加可靠，因為它是由新場地開業、勢頭強勁的品牌以及我們專注於消費者既富裕又健康的健康成長業務領域推動的。

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，隨著我們業務的持續強勁，我們正在接受全年財務指導。我們特別提高了對 Topgolf 和高爾夫裝備業務的全年預測。我們所有主要細分市場的消費者需求仍然強勁。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，我們正在實現今年早些時候投資者日所概述的長期目標，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.

接下來，我會將電話轉交給布萊恩，更詳細地討論我們的財務狀況和前景。

Thank you, Chip, and good afternoon, everyone.

謝謝奇普，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.

正如奇普所提到的，我們對第二季的業績非常滿意，該業績非常強勁。正是這些結果，加上供應鏈狀況的改善、我們透過定價來抵消通膨壓力的能力以及我們每個業務部門持續強勁的勢頭，使我們有信心今天提高全年指導。

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修訂後的指導之前，我將首先介紹我們第二季的業績。第二季合併淨收入為 11.2 億美元，較 2021 年第二季成長 22%。

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 在本季貢獻了4.04 億美元的收入，比2021 年成長了24%，同場銷售比2019 年成長了7.9%。由強勁的社交媒體推動的和企業活動。自大流行開始以來，企業活動業務的第一季同場銷售呈現正成長。

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.

高爾夫裝備季度又表現出色，收入4.52 億美元，比2021 年第二季度增長13%，這得益於高爾夫裝備持續的高需求、強勁的市場份額以及高爾夫裝備供應的改善，這使得零售庫存得以彌補。最後，我們的積極生活方式細分市場的收入為 2.6 億美元，其中 4 個積極生活方式品牌的收入均較 2021 年第二季度增長了兩位數。

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 年第二季的非公認會計原則成本和費用總額為9.81 億美元，而2021 年第二季為7.96 億美元。增加和其他通膨壓力。

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 年第二季非 GAAP 營業收入為 1.351 億美元，年增 1,710 萬美元，成長 14.5%。持續強勁的需求，加上我們今年實施的定價和其他業務改進，使我們能夠承受營運支出的增加。雖然外幣匯率變動對營業利潤率有不利影響，但以固定匯率計算，2022 年第二季非 GAAP 營業利潤率較上年同期成長 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 年第二季非公認會計準則其他費用為 1,950 萬美元，而 2021 年第二季為 2,700 萬美元。 。

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.

非公認會計原則每股收益為 0.47 美元，約 2.01 億股，而 2021 年第二季度約 1.94 億股為每股 0.36 美元。要求我們將與假設的公司可轉換票據轉換相關的1,470 萬股股票納入其中。我想提醒您，適用的會計規則不會對我們計算每股盈餘的上限要求產生任何影響。但結算後，我們需要交付的實際股份數量應減少約 300 萬至 500 萬股，具體取決於股價。最後，第二季調整後 EBITDA 為 2.07 億美元，比 2021 年第二季增加 4,300 萬美元，即 26%，我們的 EBITDA 利潤率從去年同期的 18% 提高至 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。我們的財務狀況依然強勁，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。資金高爾夫裝備和積極生活方式業務，以支持成長以及對頂級高爾夫場館的持續投資。 6.4 億美元的可用性比第一季末有所增加，當時我們的可用性為 5.76 億美元。提醒一下，我們預計 Topgolf 將在 2023 年實現大致自籌資金，並在 2024 年實現現金產生。

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.

截至季末，我們的淨債務總額為 17 億美元，其中包括與 Topgolf 場館開發相關的約 6.7 億美元場館融資義務，以及約 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。

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，合併應收帳款淨額為 3.76 億美元，而 2021 年第二季末為 3.25 億美元。應收帳款品質依然強勁。截至2022 年第二季末，我們的庫存餘額增至6.04 億美元，而2021 年第四季末為5.34 億美元，2022 年6 月30 日為3.35 億美元——我是說，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.

庫存增加主要與去年供應鏈中斷導致前期庫存不足有關。庫存[流失]和現有庫存天數與大流行前的水準一致。我們對庫存的品質感覺非常好。正如你可以想像的那樣，在過去兩年的大流行期間，當我們的庫存非常短缺時，我們賣掉了所有可用的東西，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.

2022 年上半年的資本支出為 1.54 億美元，扣除 REIT 償還。其中包括與 Topgolf 相關的 1.2 億美元。我們預計全年資本支出總額約為 3.25 億美元（扣除 REIT 報銷後），其中 Topgolf 業務約為 2.5 億美元，非 Topgolf 業務約為 7,500 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 年全年營收預期修改為 39.45 億美元至 39.70 億美元，而先前的指引為 39.35 億美元至 39.70 億美元。外幣匯率變化預計對全年造成 1.29 億美元的負面影響。這項預測假設高爾夫設備部門全年營收成長 12% 或以上，高於先前預測的 10% 成長。該指引也假設 Topgolf 今年的營收約為 15.6 億美元，與先前的指引一致。積極生活方式部門的收入約為 10 億美元，這也與先前的指導一致。

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，目前預計為 5.55 億美元至 5.65 億美元，其中假設 Topgolf 約為 2.35 億美元至 2.45 億美元。中點來看，這比之前的指導增加了 1500 萬美元，這主要是由於高爾夫設備和頂級高爾夫細分市場的成長。 2022 年全年，調整後 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.

我們預計下半年營收將在 17.9 億美元至 11.5 億美元之間，其中包括估計 6,900 萬美元的外匯負面影響。我們預計 Topgolf 細分市場將成長約 25%，這得益於同場館銷售額中高個位數以及第三季度開設 2 個場館和第四季度開設 6 個場館的額外場館的推動。我們預計今年下半年高爾夫裝備細分市場將實現低至中個位數的成長，而積極生活方式細分市場將實現十幾位數的成長。總體而言，下半年收入預計將比 2021 年下半年成長約 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.

該公司目前預計，2022 年下半年調整後的 EBITDA 將在 1.78 億至 1.88 億美元之間，而 2021 年下半年為 1.53 億美元。

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，因為許多因素可能導致季度之間的變化，包括新產品發佈時間、行銷活動時間、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，我們正在提供第三季和第四季的一些指導，但請注意，結果可能會在這些季度之間發生變化。該公司 2022 年第三季淨收入總額預計在 9.4 億美元至 9.55 億美元之間，而 2021 年第三季淨收入為 8.56 億美元。假設與2021 年相比，2022 年第三季的外匯負面影響為4,200 萬美元。個位數下降。

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.

頂級高爾夫和積極生活方式領域預計在第三和第四季將實現兩位數成長。整體而言，2022 年第三季營收預計將較2021 年成長約11%。在第四季增加。第三季調整後 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。 我們預計第四季度調整後 EBITDA 將比 2021 年增加約 4,000 萬美元，整體成長 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，我們今年有一個良好的開局，並對今年的剩餘情況持樂觀態度。雖然今年我們無法免受外匯和通膨壓力的影響，但我們相信我們可以繼續應對​​這些壓力。我們的每個營運部門都表現良好，並享有強大的品牌動力。儘管面臨宏觀經濟挑戰，消費者對我們各業務的興趣和需求仍然強勁，這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.

展望更遠的未來，我們將在 2023 年遇到一些阻力。由於零售庫存普遍恢復到正常水平，我們也不會像今年那樣從高爾夫裝備業務的通路填充中受益。

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、徒步旅行、高爾夫和其他戶外活動等休閒和娛樂活動的持續強烈需求。我們很幸運，我們的消費者普遍富裕且充滿熱情。因此，儘管當前宏觀經濟不利，我們預計 2023 年仍將實現成長。

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，我們預計將從我們計劃實施的額外定價和其他行動中受益，我們預計2023 年運費將有所下降。充滿信心。

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

我們今天準備好的演講到此結束，現在我們將開始提問。接線員，交給你了。

(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?

我是美國銀行的亞歷克斯·佩里。恭喜本季表現強勁。首先，我想問一下是什麼促使您接受高爾夫裝備的指導。 [POS] 的效果是否比您預期的要好？然後，您能否給我們更多關於發佈時間變化的信息，以及這對第三季和第四季有何影響？

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。我們對高爾夫裝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。我們對市場的整體狀況非常滿意，並且他們繼續展現出非常謹慎的消費者。隨著時間的推移，我們的市場份額正在不斷增加。因此，如果你能用任何衡量標準來追蹤我們的主要市場中的市場份額，實際上在我們所有的高爾夫裝備類別中，隨著時間的推移，我們會看到持續不斷的成長勢頭。所以我對此感覺很好。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.

然後是第三季的時間問題——當然，其中有一些外匯因素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，我們之所以能夠向前推進，是因為我們出色的供應鍊錶現，還有一點 Jaws Raw，這是我們在第二季度推出的新挖起桿。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交付該產品的很大一部分，因此我們利用了這一點。今年本季我們確實沒有推出任何重大產品。

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實質的產品，特別是在亞洲推出的一款產品，這對他們來說意義重大，這種情況不會再重複。我認為值得注意的是，這只是時機，因為一半的所有指標都上升了，包括高爾夫裝備。

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。接下來是我的下一個問題，也許您能給我們更多有關 Topgolf 前景的資訊嗎？我想也許就這一點，你能給我們更多關於 Topgolf 比賽每月節奏的資訊嗎？我想您在上個季度報告時說過，3 月同場銷售的退出率上升了 10%。您有看過任何形式的減速嗎？然後就是關於那裡的前景。您對類似的同一場地銷售前景進行了調整後的 EBITDA 指導。您能否給我們一些解釋是什麼推動了這一點？

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.

每個月的節奏，我不會詳細介紹每個月的節奏。如您所知，我們度過了一個出色的季度，同場銷售額成長了 8%。我們持續看到 Topgolf 的強勁需求。每個月之間總會有微小的變化，但趨勢相當強勁，而且持續強勁。我們對該產品的需求很大。我們對此感到非常有信心和高興。因此，除了持續的勢頭以及在我們前進的過程中可能建立的能力之外，每月沒有什麼可說的，因為活動業務實際上很強勁。

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 基礎上，我們看到那裡有一些強勁的營業利潤率，超出了我們最初的預期。我們在那裡的勞動力受到限制。因此，這甚至會抑制同一場地的整體銷售。如果我們有更多的勞動力，它們會更高，但營業利潤率正在推動 EBITDA 業績的成長，而且整個業務的業績確實強勁。

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?

我是雷蒙德詹姆斯的喬阿爾托貝洛。我猜第一個問題是關於Topgolf，同一場地的銷售數字。您能分析一下其中門票與流量的比例是多少嗎？

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 的同一場地銷售額增長，正如您所料，今年上半年的價格增長約 70%，銷量增長 30%。而且——但正如我所提到的，數量受到限制。所以我們相信，如果不受約束的話，它會更加平衡。我們仍然有良好的需求。

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的事了。但就頂級高爾夫場館的（聽不清楚）經濟效益而言，考慮到我們今天所處的新利率環境，這種情況是否改變了？

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

抱歉，您能重複這個問題嗎？是四牆獲利能力還是...

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有所上升，我很好奇四牆經濟對您有何影響…

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

We'll go ahead and take another question.

我們將繼續回答另一個問題。

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?

來自史蒂芬斯的丹尼爾·因布羅。我想從你發表的評論開始。我想在您準備好的發言中，您提到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的？您的前景如何？我的意思是，布萊恩提到庫存情況比較正常。展望下半年，您對不同產品類別的促銷活動有何看法？

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。關於增加行銷的評論是針對 Topgolf 的。我們還沒有做大量的市場。事實上，我們可能一直在根據業務的歷史指標進行行銷。我們將透過一項新計劃將行銷支出增加到更永續的水平，我們對第四季度啟動感到非常興奮。我認為，這是對該業務非常重要且非常有價值的長期投資。 - 所以其中一個具體是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，從全球範圍內的促銷前景或體驗來看，我們沒有看到太多促銷活動，我的猜測是，今年我們不會看到太多促銷活動，可能會比去年更多，因為庫存已恢復到更健康的水平。但當然，我期望的不會是歷史性的，而且我並不期望它真的有很大的促銷作用。

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，布萊恩，我的後續行動。只看細分市場的獲利能力。儘管高爾夫設備的稅前利潤率同比增長了 13%，但看起來確實有所下降。該細分市場利潤中是否曾經嵌入過任何東西？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.

對於高爾夫來說，主要是運費，第二季和上半年的運費，然後是 FX 的運費。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。如果沒有它，我們就會在那裡。其中一些只是地理原因，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.

我預計下半年會上升。因此，運費會變得更好，阻力也更少，因為它在 2021 年有所上升，而且外匯應該會稍微回落，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?

摩根大通的凱文希南。我只是想問高爾夫裝備領域的球桿業務，以及隨著配件的增加，您如何看待全年市場份額的趨勢？其次，您將市場份額的成長歸因於什麼以及您如何看待這種趨勢未來的可持續性？

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，隨著產品進入零售市場，俱樂部方面的市場份額在這一年中確實得到了提升，而且配件越多，投入使用的測試越多，我們做得就越好。我們在許多類別的市場份額都創下了紀錄，並且在該領域確實在飆升。所以我認為這顯然是產品品質的證明。

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，我們的市場份額創歷史新高，但您已經看到了一種趨勢，這種趨勢實際上可以追溯到 2013 年，即我們的高爾夫球業務持續不斷的市場份額增長和增長。

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化的品牌。我們擁有強大的分銷網絡。而這種變化並不是約翰尼後來才出現的情況。這是市場佔有率成長的一個持續的長期趨勢，而且恰好正如我們所希望的那樣持續下去。

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。我是否可以詢問有關 Topgolf 業務的後續情況。我猜想，以平均收入來衡量，該客戶的概況如何？到目前為止，您是否看到與市場通膨壓力相關的每次訪問支出或旅行受到任何影響？如果出現經濟衰退，也許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，我們沒有看到需求有任何回落。恰恰相反，我們看到了強勁的需求，而且我們等待了很長時間，我們無法滿足所有需求。因此該業務持續強勁。消費者是年輕的消費者、活躍的消費者。它們正處於一些真正趨勢的主導地位，人們走出去享受社交活動。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。那裡的消費者也相當富裕，雖然不如高爾夫消費者富裕，但平均收入為 9 萬至 10 萬美元。我們可以告訴你到目前為止我們所看到的情況。到目前為止，需求旺盛，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.

在緊急情況方面，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。他們能夠適應並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?

我是來自 KeyBanc 的布雷特。我想你說過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，您能否詳細說明您的通路庫存與 2019 年現有週數相比的情況，無論您想如何建置？也許他們在美國和國際上具體是什麼樣子？

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。我可以相對於美國以及國際上的整體情況準確地說。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。所以整體來說還是比 2018 年、2019 年低。所以絕對值更大。這就是為什麼我說它是相對正常化的、從正面的角度來看的。我們的庫存為 3.1 個月，低於整體水準。而在俱樂部方面，與之前時期的情況大致一致。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，我們在未來的發展中處於有利地位。

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，顯然，無論是內部還是外部，庫存都受到了很多關注。我們的合作夥伴對此非常關注。我們對此非常關注。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機率是非常低的。我們每天到每週追蹤各個類別的銷售量和庫存水準等。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。我認為這些數字本身就說明了一切的結局。

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--我不知道這是否是一個愚蠢的問題，但我想，從冬季美巡賽到（聽不清楚）之間，你是否認為對這項運動的更廣泛健康或你在這裡的生意有任何影響？只是任何高層次的想法。或只是噪音？

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，顯然引起了很多關注。對於高爾夫來說，這是一個有趣且重要的方面，直播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。我認為在這一點上，它不會對我們作為設備製造商或品牌產生具體影響，但肯定是圍繞高爾夫比賽的大量對話和辯論的話題。事實上，它甚至可能為高爾夫運動帶來一點額外的公關和對話價值。我已經很久沒有在《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.

我是 B. Riley 的蘇珊安德森 (Susan Anderson)。我想知道您是否可以談談服裝業務。聽起來 TravisMathew 持續強勁成長。也許你可以談談卡拉威品牌，然後談談傑克。我很好奇這個表演效果如何？我知道在中國仍然很艱難，在歐洲也是如此。

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。你說得完全正確。特拉維斯·馬修繼續消滅它。該業務在所有管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，並開始在國際上站穩腳跟等等。所以我對此非常樂觀。我們去年的重大舉措之一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仍然強勁，並且正在顯著成長。因此，我們對此舉非常滿意。

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.

然後轉向傑克·沃爾夫斯金。鑑於他們在中國和歐洲的存在，你可能會認為他們會成為電話會議上值得注意的話題，而中國和歐洲的宏觀經濟環境與世界任何地方一樣困難，但事實並非如此。他們在本季度實現了整體強勁增長，甚至在貨幣中性的情況下也是如此。您會注意到，我們沒有報告所有經過貨幣調整的數字，因為所有這些數字都會明顯更高。

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.

但數字不言而喻。傑克的預售書也仍然非常積極。因此，我們確實預計市場環境將充滿挑戰，當然到今年年底，可能是明年，但該團隊做得非常出色，並繼續開發和發展該業務。品牌勢頭良好，預售書看起來也不錯。

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。這聽起來很正面。然後我能否跟進您的資本配置策略。我認為幻燈片上優先考慮機會主義探索投資。所以只是好奇你對收購的想法。您覺得自己有能力進行另一次收購嗎？如果是這樣，您能否談談您想要尋找什麼來補充業務？

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，這是布萊恩。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成長，還有很多需要解鎖。我們的首要任務始終是重新投資我們的業務。特別是在這種環境下，我們專注於維持合理的槓桿率。但在那之後，我們將在其他領域的投資和向股東返還資本之間取得平衡。但我不——沒有強烈的慾望。我們不必這麼做，我們會抓住機會。

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

問答環節到此結束。現在我將把會議轉回給奇普布魯爾先生。

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.

好的，謝謝——我只想感謝大家的收聽。我祝您在夏季取得圓滿成功，我們期待在這一年中再次與您互動，當然也包括在下一次財報電話會議上。

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

謝謝。今天的會議到此結束。我們非常感謝您的參與。祝你有美好的一天。