Topgolf Callaway Brands Corp (MODG) 2022 Q3 法說會逐字稿

Good day and welcome to the Topgolf Callaway Brands Corp. 2022 Third Quarter Earnings Conference Call. (Operator Instructions). Please note this event is being recorded.

美好的一天，歡迎來到 Topgolf Callaway Brands Corp. 2022 年第三季度收益電話會議。 （操作員說明）。請注意正在記錄此事件。

I would now like to turn the conference over to Ms. Lauren Scott, Director of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係總監 Lauren Scott 女士。請繼續。

Thank you, Ian, and good afternoon, everyone. Welcome to Topgolf Callaway Brands Third Quarter 2022 Earnings Conference Call. I'm Lauren Scott, the company's Director of Investor Relations. Joining me as speakers on today's call are Chip Brewer, our President and Chief Executive Officer; and Brian Lynch, our Chief Financial Officer. Jennifer Thomas, our Chief Accounting Officer; and Patrick Burke, our Senior Vice President of Global Finance, are also in the room today for Q&A.

謝謝你，伊恩，大家下午好。歡迎來到 Topgolf Callaway Brands 2022 年第三季度收益電話會議。我是公司的投資者關係總監 Lauren Scott。在今天的電話會議上和我一起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 Jennifer Thomas；我們的全球金融高級副總裁 Patrick Burke 今天也在房間裡進行問答。

Earlier today, the company issued a press release announcing its third 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 release are both available under the company's Investor Relations website under the financial results tab. 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.

今天早些時候，該公司發布了一份新聞稿，宣布了其 2022 年第三季度的財務業績。此外，還有一份演示文稿伴隨著今天準備好的評論，可能會讓您更容易跟進電話會議。此收益演示以及收益發布都可以在公司的投資者關係網站的財務結果選項卡下找到。在今天的電話會議上報告和討論的大部分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，我們已根據條例 G 將非 GAAP 措施與演示文稿後面相應的 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 release for a more complete description.

請注意，此次電話會議將包括前瞻性陳述，其中涉及可能導致實際結果與管理層當前預期存在重大差異的風險和不確定性。我們鼓勵您查看演示文稿和發布中包含的安全港聲明以獲得更完整的描述。

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

有了這個，我現在想把電話轉給 Chip。

Thank you, Lauren. Good afternoon to everyone on our call, and thank you for joining us today. I'm pleased to report another quarter of record results for Topgolf Callaway Brands driven by strength across all of our segments. Total net revenue in the third quarter was $989 million, up 15% year-over-year or up 21% on a currency-neutral basis, while adjusted EBITDA was $144 million, up 4% year-over-year or 23% on a currency-neutral basis.

謝謝你，勞倫。大家下午好，感謝您今天加入我們。我很高興地報告 Topgolf Callaway Brands 在我們所有細分市場的實力推動下再創四分之一的創紀錄業績。第三季度總淨收入為 9.89 億美元，同比增長 15% 或在貨幣中性基礎上增長 21%，而調整後的 EBITDA 為 1.44 億美元，同比增長 4% 或在貨幣中性基礎上增長 23%貨幣中性基礎。

The strength of our results underscores our leadership position in the Modern Golf ecosystem and the positive trends we're seeing across our business highlighted by increased traffic at our Topgolf venues, market share gains in our golf equipment business and strong brand momentum in our Active Lifestyle segment.

我們業績的實力突顯了我們在現代高爾夫生態系統中的領導地位，以及我們在整個業務中看到的積極趨勢，突出表現在我們的 Topgolf 場地的流量增加、我們的高爾夫設備業務的市場份額增加以及我們積極生活方式的強大品牌勢頭部分。

As we look to the balance of this year and into 2023, we are optimistic about our competitive positioning across each segment, the resiliency of our core consumers and the embedded growth within our business. Over the long term, we believe we can deliver profitable growth across all of our segments as well as a competitive advantage via the scale, synergies of our combined enterprise. We remain confident that off-course golf will continue to be a key driver of growth in the Modern Golf ecosystem and as our recent rebrand suggests, Topgolf is expected to be an even larger contributor to both top line and bottom line growth.

當我們展望今年和 2023 年的平衡時，我們對我們在每個細分市場的競爭定位、核心消費者的彈性以及我們業務的內在增長持樂觀態度。從長遠來看，我們相信我們可以通過我們合併後的企業的規模和協同效應，在我們所有的部門實現盈利增長以及競爭優勢。我們仍然相信，場外高爾夫將繼續成為現代高爾夫生態系統增長的主要驅動力，正如我們最近的品牌重塑所表明的那樣，Topgolf 有望為收入和利潤增長做出更大的貢獻。

As you'll see in the outlook section, given Topgolf's strong embedded growth, we see that business contributing more than half of our EBITDA in the very near future, an impressive transformation that also demonstrates the long-term advantage of our diversified Modern Golf portfolio.

正如您將在展望部分看到的那樣，鑑於 Topgolf 強勁的內在增長，我們認為該業務在不久的將來貢獻了我們 EBITDA 的一半以上，這是一個令人印象深刻的轉變，也證明了我們多元化的現代高爾夫產品組合的長期優勢.

Shifting to our segment overview. I'll first start with Topgolf's third quarter results. Topgolf venues delivered an impressive 11% same-venue sales growth in Q3, driven by a roughly even mix of traffic growth and price. Social events were a particularly strong contributor this quarter as the venues are increasingly gaining recognition as a preferred place to gather for group events and celebrations.

轉到我們的細分市場概述。我將首先從 Topgolf 的第三季度業績開始。 Topgolf 場館在第三季度實現了令人印象深刻的 11% 的同場銷售增長，這主要受客流量增長和價格大致均衡的推動。本季度社交活動的貢獻尤為突出，因為這些場所越來越多地被認為是舉辦團體活動和慶祝活動的首選場所。

Looking forward, we believe we can deliver 10% or higher same-venue sales for Q4 as well, thus delivering high single-digit same venue sales for the full year. Our strong results and expectations for the business demonstrate Topgolf's distinct position within (technical difficulty) the market and underscore its ability to thrive in today's environment. They have created a unique guest experience that makes it easier for players to engage with the sport of golf while being entertained and socializing with friends.

展望未來，我們相信我們也可以在第四季度實現 10% 或更高的同場銷售額，從而實現全年高個位數的同場銷售額。我們對業務的強勁業績和期望證明了 Topgolf 在（技術難度）市場中的獨特地位，並強調了其在當今環境中蓬勃發展的能力。他們創造了一種獨特的賓客體驗，讓球員們在娛樂和與朋友社交的同時更容易參與高爾夫運動。

We remain confident in the sustainable growth outlook for this business, and we believe we have multiple levers still available to positively impact future performance. For instance, we are continuing to roll out an enhanced digital platform and been increasing our reservation capabilities and bay utilization.

我們對這項業務的可持續增長前景充滿信心，我們相信我們仍有多個槓桿可以對未來的業績產生積極影響。例如，我們正在繼續推出增強型數字平台，並一直在提高我們的預訂能力和海灣利用率。

In addition to digital enhancements, Topgolf is also launching an exciting marketing campaign in Q4 of this year. The campaign is intended to further increase both consumer awareness and demand. You'll begin to see increased advertisements in select markets as early as this month with a nationwide rollout early next year.

除了數字增強功能，Topgolf 還在今年第四季度推出了一項激動人心的營銷活動。該活動旨在進一步提高消費者的意識和需求。最早於本月，您將開始在特定市場看到更多的廣告，明年初將在全國范圍內推廣。

New venue development remains on schedule with two new locations opened in Q3 and six new venues scheduled to open in Q4, the most ever in a single quarter. By the end of the year, we'll have 81 total owned venues worldwide, and we're happy to report that our track record for new venues meeting or beating our financial targets remains outstanding.

新場館的開發仍在按計劃進行，第三季度開設了兩個新場館，第四季度計劃開設六個新場館，這是有史以來最多的一個季度。到今年年底，我們將在全球擁有 81 個自有場館，我們很高興地報告說，我們在新場館達到或超過我們的財務目標方面的記錄仍然出色。

From an enterprise perspective, investing in the Topgolf venues continues to be our (technical difficulty) of capital and one we remain enthusiastic about. The business model is proven, with venues delivering an impressive 40% to 50% year 3 cash-on-cash return. And we have a clear road map for the growth ahead of us as we plan to successfully open 11 new venues a year and at the same time, deliver positive same-venue sales growth across existing venues.

從企業的角度來看，投資Topgolf場地仍然是我們的（技術難點）資本，我們仍然熱衷於此。該商業模式已得到證實，場館在第 3 年實現了 40% 至 50% 的現金回報率。我們有一個清晰的發展路線圖，因為我們計劃每年成功開設 11 個新場館，同時在現有場館實現積極的同場銷售增長。

Toptracer had a good quarter as well, with approximately 1,600 bays installed. For the full year, we now estimate that we will install between 7,000 and 8,000 new bays. Customer reaction to the product remains strong, and we continue to view this as a great long-term opportunity and a key source of synergy between Callaway and Topgolf.

Toptracer 也有一個不錯的季度，安裝了大約 1,600 個托架。對於全年，我們現在估計將安裝 7,000 到 8,000 個新托架。客戶對該產品的反應依然強烈，我們繼續將其視為一個巨大的長期機會，也是 Callaway 和 Topgolf 之間協同作用的關鍵來源。

Lastly, we launched a new mobile game just last week called Shankstars. While we have modest financial expectations for this new offering, we believe there will be attractive synergies across the Topgolf business as we leverage the content and characters from the game to enhance the experience at our venues and Toptracer ranges.

最後，我們上週推出了一款名為 Shankstars 的新手機遊戲。雖然我們對這款新產品的財務預期不高，但我們相信，隨著我們利用遊戲中的內容和角色來增強我們場地和 Toptracer 系列的體驗，整個 Topgolf 業務將產生有吸引力的協同效應。

Moving to the Golf Equipment segment. According to Golf Datatech, the U.S. golf equipment market is down only 2.3% through Q3 on a sell-through dollar basis and remains up an impressive 41% compared to [2019]. This despite relatively poor weather and playable hours in the early part of this year. The market has clearly not declined meaningfully as many expected it to with COVID restrictions abating earlier this year, and we've been pleased with the fact that we gained market share as the year progressed. After a slow start to the year, our U.S. hard goods market share year-to-date through Q3 was 23.8%, up 97 basis points year-over-year. It's clear that interest in golf remains high and that Callaway is outperforming the market, something I believe we have a track record of doing. With all this, the profitability of our golf equipment business remains high as well.

轉向高爾夫設備部分。根據 Golf Datatech 的數據，截至第三季度，美國高爾夫設備市場按銷售額計算僅下降了 2.3%，與 [2019 年] 相比仍增長了 41%，令人印象深刻。儘管今年年初的天氣和可玩時間相對較差。隨著今年早些時候 COVID 限制的放鬆，市場顯然沒有像許多人預期的那樣大幅下降，我們很高興隨著今年的進展我們獲得了市場份額。在今年開局緩慢之後，截至第三季度，我們在美國耐用品市場的份額為 23.8%，同比增長 97 個基點。很明顯，人們對高爾夫的興趣仍然很高，而且 Callaway 的表現優於市場，我相信我們在這方面有著良好的記錄。儘管如此，我們的高爾夫設備業務的盈利能力也保持高位。

To both protect and build on this position, we've made some key investments in this business over the last several years. For example, we made key additions to our tour teams such as John Rahm and new women's world #1 19-year-old Jeeno Thitikul as well as investing in our Callaway next pipeline of up-and-coming young players.

為了保護和鞏固這一地位，我們在過去幾年中對該業務進行了一些重要投資。例如，我們對我們的巡迴賽團隊進行了重要補充，例如 John Rahm 和新女子世界排名第一的 19 歲 Jeeno Thitikul，並投資於我們的 Callaway 下一批嶄露頭角的年輕球員。

In R&D, we continue to invest in new capabilities that are establishing a leadership position in artificial intelligence capabilities, an area we believe will be differentiating for the future. In our supply chain, we made significant investments for both clubs and ball, including major upgrades in our chicopee ball plant.

在研發方面，我們繼續投資於正在建立人工智能能力領導地位的新能力，我們相信這一領域將在未來脫穎而出。在我們的供應鏈中，我們對球桿和球進行了大量投資，包括對我們的 chicopee 球工廠進行重大升級。

These investments, along with our scale advantage, proven business model and iconic brand position put us in a strong position going forward. We continue to see this segment as a consistent performer over the long term, generating good growth and even better cash flows. The timing of this couldn't be better as it supports the Topgolf development and the attractive capital deployment opportunities we see there.

這些投資，連同我們的規模優勢、成熟的商業模式和標誌性的品牌地位，使我們在未來處於有利地位。我們繼續將這一細分市場視為長期穩定的表現，產生良好的增長和更好的現金流。這個時機再好不過了，因為它支持了 Topgolf 的發展和我們在那裡看到的有吸引力的資本部署機會。

Turning to our Active Lifestyle segment. The Callaway Apparel business in Asia turned in another strong quarter as did both TravisMathew and Jack Wolfskin. For Jack Wolfskin in local currency, both China and Europe grew nicely during Q3. We are proud of this result as investors will note that many of our competitors are struggling in those markets.

轉向我們的積極生活方式部分。亞洲的 Callaway Apparel 業務迎來了又一個強勁的季度，TravisMathew 和 Jack Wolfskin 也是如此。對於以當地貨幣計算的 Jack Wolfskin，中國和歐洲在第三季度都實現了良好增長。我們為這一結果感到自豪，因為投資者會注意到我們的許多競爭對手都在這些市場上苦苦掙扎。

We're also seeing excellent signs of brand health as a recent third-party research study of consumer preferences showed Jack Wolfskin to be the #1 brand associated with outdoor activities in Germany. And the brand just earned a prestigious ISPO product award, the gold standard in the outdoor industry for technical and sustainably conscious product design.

我們還看到了品牌健康的極好跡象，因為最近一項針對消費者偏好的第三方研究表明，Jack Wolfskin 是德國與戶外活動相關的第一大品牌。該品牌剛剛獲得了著名的 ISPO 產品獎，這是戶外行業技術和可持續意識產品設計的黃金標準。

Shifting to TravisMathew, we continue to see outstanding brand momentum across all channels. The brand is delivering strong double-digit revenue and profit, and they are experiencing another promising pre-book season for spring/summer 2023. Our Active Lifestyle segment remains a highly profitable segment with excellent growth prospects.

轉向 TravisMathew，我們繼續在所有渠道中看到出色的品牌勢頭。該品牌正在實現強勁的兩位數收入和利潤，他們正在經歷另一個充滿希望的 2023 年春夏預訂季。我們的積極生活方式部門仍然是一個高利潤的部門，具有良好的增長前景。

Turning now to our outlook. I'd like to give you some color on the balance of this year and due to the level of uncertainties out there and the difficulty that investors may have in quantifying them, and initial outlook for 2023. For 2022, we're raising our full year profitability guidance for Topgolf and the total company despite further FX pressures relative to our last guide. 2022 is clearly going to be another very strong year for us with positive brand momentum and growth across all segments.

現在轉向我們的展望。我想給你一些關於今年平衡的顏色，由於那裡的不確定性水平以及投資者可能難以量化它們，以及 2023 年的初步展望。對於 2022 年，我們正在提高我們的全部儘管相對於我們上次指南存在進一步的外匯壓力，但 Topgolf 和整個公司的年度盈利能力指南。 2022 年對我們來說顯然將是又一個非常強勁的一年，品牌勢頭良好，所有細分市場都有增長。

Looking further forward, we, like most companies are contemplating the impacts of a potential economic slowdown, further inflationary pressure and foreign exchange movements. Looking at these in turn, while we're not immune from inflationary pressures or macroeconomic conditions, our consumers are passionate about traditional golf, the Topgolf experience and our apparel brands. They also generally have the means and desire to continue to enjoy these activities even amid inflationary pressure or mild economic downturns. We feel this is a key point of strength for our businesses.

展望未來，與大多數公司一樣，我們正在考慮潛在的經濟放緩、進一步的通脹壓力和外匯變動的影響。反過來看這些，雖然我們不能免受通貨膨脹壓力或宏觀經濟狀況的影響，但我們的消費者對傳統高爾夫、Topgolf 體驗和我們的服裝品牌充滿熱情。即使在通脹壓力或經濟溫和下滑的情況下，他們通常也有能力和願望繼續享受這些活動。我們認為這是我們業務的關鍵優勢。

Looking at only the FX, if current rates hold, it would be a meaningful headwind for us in 2023. However, we view this as a short- to midterm issue as over longer periods, rates will either moderate or businesses will adjust.

只看外匯，如果當前利率保持不變，那將是我們 2023 年的重大逆風。但是，我們認為這是一個中短期問題，因為在較長時期內，利率將放緩或企業將進行調整。

Even with all of the above, for 2023, we currently expect approximately 10% revenue growth and approximately $600 million in adjusted EBITDA, with Topgolf contributing a little more than half of this EBITDA. This keeps us on track with our long-term goals communicated at our Investor Day earlier this year.

即使有上述所有因素，我們目前預計 2023 年收入增長約 10%，調整後 EBITDA 約 6 億美元，其中 Topgolf 貢獻了該 EBITDA 的一半多一點。這使我們能夠在今年早些時候的投資者日傳達我們的長期目標。

On an FX-neutral basis, this would be equivalent to 13% revenue growth and approximately $665 million in adjusted EBITDA. As FX rates and business conditions inevitably continue to change, we will provide an updated forecast as well as our normal segment information and more specific business projections on our February earnings call. We're only providing this high-level snapshot at this time and only doing so to assist investors in what we believe are unique circumstances.

在外匯中性的基礎上，這相當於 13% 的收入增長和約 6.65 億美元的調整後 EBITDA。由於匯率和業務狀況不可避免地會繼續發生變化，我們將在 2 月份的財報電話會議上提供更新的預測以及我們的正常分部信息和更具體的業務預測。我們目前僅提供此高級快照，這樣做只是為了在我們認為的獨特情況下為投資者提供幫助。

Thank you, and I'll now turn the call to Brian for a review of our financials.

謝謝，我現在將電話轉給布賴恩，讓他審查我們的財務狀況。

Thank you, and good afternoon, everyone. As Chip mentioned, we are very pleased with our performance in the third quarter as we delivered another period of record results. These results include a 15% increase in revenue while absorbing a $50 million negative impact from changes in foreign currency rates versus 2021. Our adjusted EBITDA also increased 4% despite the currency impact or 23% on a constant currency basis. Our liquidity and financial position remains strong. All of this gives us the confidence to increase our full year guidance for 2022 and supports our growth estimates for 2023.

謝謝，大家下午好。正如 Chip 所提到的，我們對第三季度的表現感到非常滿意，因為我們再次創造了創紀錄的業績。這些結果包括收入增長 15%，同時吸收了與 2021 年相比外幣匯率變化帶來的 5000 萬美元負面影響。儘管受到貨幣影響，我們調整後的 EBITDA 也增長了 4%，按固定匯率計算增長了 23%。我們的流動性和財務狀況依然強勁。所有這些使我們有信心增加 2022 年的全年指導，並支持我們對 2023 年的增長預測。

With that brief overview, I will now review the quarterly results in more detail. For the third quarter, consolidated net revenue was a record $989 million, an increase of 15% compared to Q3 2021 or a 21% increase on a constant currency basis. This performance reflects increased revenue in each operating segment and in most major product categories and major regions. Total non-GAAP costs and expenses were $907 million in the third quarter of 2022 compared to $772 million in the third quarter of 2021. The increase was driven by increased variable expenses such as venue operating expenses as well as increased freight and continued investments to support the business.

有了這個簡短的概述，我現在將更詳細地回顧季度業績。第三季度，綜合淨收入達到創紀錄的 9.89 億美元，與 2021 年第三季度相比增長 15%，按固定匯率計算增長 21%。這一業績反映了每個運營部門以及大多數主要產品類別和主要地區的收入增加。 2022 年第三季度非美國通用會計準則成本和支出總額為 9.07 億美元，而 2021 年第三季度為 7.72 億美元。這一增長是由於場館運營支出等可變支出增加以及運費增加和持續投資以支持這生意。

Third quarter 2022 non-GAAP operating income was $81.1 million, down (technical difficulty) year-over-year. This decrease was due to changes in foreign currency rates. On a constant currency basis, non-GAAP operating income would have increased 27% and operating margins would have increased 40 basis points. Non-GAAP earnings per share was $0.23 on approximately 202 million shares compared to $0.14 per share on approximately 186 million shares in the third quarter of 2021. The increased share count is primarily related to an accounting rule change that took effect on January 1, which requires that we include 14.7 million shares related to the assumed conversion of the company's convertible notes.

2022 年第三季度非美國通用會計準則營業收入為 8110 萬美元，同比下降（技術難度）。這一減少是由於外幣匯率的變化。按固定匯率計算，非 GAAP 營業收入將增長 27%，營業利潤率將增加 40 個基點。 2021 年第三季度，約 2.02 億股的非 GAAP 每股收益為 0.23 美元，約 1.86 億股的每股收益為 0.14 美元。增加的股份數量主要與 1 月 1 日生效的會計規則變更有關，該變更要求我們包括與公司可轉換票據的假定轉換相關的 1470 萬股股票。

Lastly, Q3 adjusted EBITDA was $144 million, up 4% over Q3 2021 or up 23% on a constant currency basis.

最後，第三季度調整後的 EBITDA 為 1.44 億美元，比 2021 年第三季度增長 4%，按固定匯率計算增長 23%。

Now turning to the segment results. In evaluating the company's operating segment performance, please keep in mind that the operating segments were impacted by the negative changes in foreign currency rates compared to 2021. The offsetting benefits from the company's hedging program, however, are recorded in other income and are therefore not reflected in the operating segment results. For example, for the three and nine months ended September 30, 2022, there were $6.8 million and $25.4 million respectively, of foreign currency hedge gains that were not included in the operating segments for those periods. On a constant currency basis, total segment operating income for the third quarter increased 21.8%.

現在轉向細分結果。在評估公司的經營部門業績時，請記住，與 2021 年相比，經營部門受到外幣匯率負變化的影響。但是，公司對沖計劃的抵消收益計入其他收入，因此不計入反映在經營分部業績中。例如，截至 2022 年 9 月 30 日的三個月和九個月，分別有 680 萬美元和 2540 萬美元的外幣對沖收益未計入這些期間的經營部門。按固定匯率計算，第三季度分部總營業收入增長 21.8%。

At the segment level, Topgolf contributed $414 million in revenue in the quarter, a 24% increase over 2021, reflecting strong same venue sales growth and additional new venues. While operating margins decreased slightly during the quarter due to planned increased staffing costs, increased preopening expenses as well as increased marketing spend, we expect the full year to show improved operating margins over 2021.

在細分市場層面，Topgolf 在本季度貢獻了 4.14 億美元的收入，比 2021 年增長 24%，反映出強勁的同場館銷售增長和新增場館。雖然由於計劃增加的員工成本、增加的開業前費用以及增加的營銷支出，本季度的營業利潤率略有下降，但我們預計全年的營業利潤率將比 2021 年有所改善。

Golf Equipment had another excellent quarter as well, generating $297 million in revenue, a 2.5% increase or a 9.3% increase on a constant currency basis, both versus Q3 2021. This was driven by continued high demand, strong market shares and good supply in golf equipment. As I mentioned in the Q2 earnings call, predicting the timing of shipments and supply between quarters can be challenging. During Q3, we received some supply earlier than expected. And if you have orders and have the product, you might as well ship it. As a result, some of the strength we experienced in the quarter was due to a shift in the timing of sales from Q4 to Q3. Golf Equipment operating income decreased 8% despite -- I mean, increased 8% despite the foreign currency headwinds.

高爾夫設備也有另一個出色的季度，創造了 2.97 億美元的收入，與 2021 年第三季度相比增長 2.5% 或按固定匯率計算增長 9.3%。這是由持續的高需求、強勁的市場份額和良好的供應推動的高爾夫裝備。正如我在第二季度財報電話會議中提到的那樣，預測季度之間的發貨和供應時間可能具有挑戰性。在第三季度，我們比預期更早收到了一些供應。如果你有訂單並且有產品，你也可以發貨。因此，我們在本季度經歷的一些優勢是由於銷售時間從第四季度轉移到第三季度。 Golf Equipment 營業收入下降了 8%，儘管外匯逆風，但增長了 8%。

Lastly, our Active Lifestyle segment had revenue of $278 million, up 19% and or 31% on a constant currency basis compared to Q3 2021. This increase was led by momentum in the TravisMathew, Jack Wolfskin and Callaway brands. Active Lifestyle operating income decreased $6.5 million in Q3 compared to Q3 2021, but on a constant currency basis, would have increased.

最後，我們的積極生活方式部門的收入為 2.78 億美元，與 2021 年第三季度相比按固定匯率計算增長 19% 或 31%。這一增長是由 TravisMathew、Jack Wolfskin 和 Callaway 品牌的勢頭帶動的。與 2021 年第三季度相比，Active Lifestyle 第三季度的營業收入減少了 650 萬美元，但如果按固定匯率計算，收入會有所增加。

Turning now to certain balance sheet items. We remain in a strong financial position with ample liquidity. As of September 30, 2022, available liquidity, which is comprised of cash on hand and availability under our credit facilities, was $659 million compared to $918 million at September 30, 2021. The decrease from last year was due to continued investment in Topgolf and planned working capital increases in the golf equipment and active lifestyle businesses to support growth.

現在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 9 月 30 日，可用流動資金（包括手頭現金和我們信貸額度下的可用資金）為 6.59 億美元，而 2021 年 9 月 30 日為 9.18 億美元。較去年減少的原因是對 Topgolf 的持續投資和計劃增加高爾夫設備和積極生活方式業務的營運資金以支持增長。

On a year-over-year comparison, we note that last year's working capital was abnormally low due to the disruption in supply chain related to the pandemic. We expect Topgolf will be cash flow positive and self-funding in 2023.

與去年同期相比，我們注意到由於與大流行相關的供應鏈中斷，去年的營運資金異常低。我們預計 Topgolf 將在 2023 年實現正現金流和自籌資金。

At quarter end, we had total net debt of $1.75 billion, including convertible debt of approximately $259 million. Our pro forma net debt leverage, which excludes the convertible note, was approximately 2.8x at September 30, 2022, compared to 1.8x at September 30, 2021. The increase is due to the new venue development.

截至季度末，我們的淨債務總額為 17.5 億美元，其中包括約 2.59 億美元的可轉換債務。截至 2022 年 9 月 30 日，我們的備考淨債務槓桿（不包括可轉換票據）約為 2.8 倍，而 2021 年 9 月 30 日為 1.8 倍。增加的原因是新場館的開發。

Consolidated net accounts receivable was $275 million as of September 30, 2022, compared to $255 million at the end of the third quarter of 2021. The increase was due to the $132 million increase in revenue compared to the prior period and strong cash collections. Days sales outstanding improved by a day to 52 days in the non-Topgolf business. The quality of the accounts receivable remain strong.

截至 2022 年 9 月 30 日，綜合應收賬款淨額為 2.75 億美元，而 2021 年第三季度末為 2.55 億美元。增加的原因是收入比上一期間增加了 1.32 億美元，而且現金回款強勁。非 Topgolf 業務的銷售周轉天數增加了一天，達到 52 天。應收賬款質量保持強勁。

Our inventory balance increased to $722 million at the end of the third quarter of 2022 compared to $385 million at the end of September 30, 2021. We feel good about the levels of our inventory. Inventory turns and days on hand are roughly consistent with pre-pandemic levels. We also feel good about the quality of our inventory and do not foresee promotional activity based on our current inventory position.

到 2022 年第三季度末，我們的庫存餘額從 2021 年 9 月 30 日末的 3.85 億美元增加到 7.22 億美元。我們對庫存水平感到滿意。庫存周轉率和庫存天數與大流行前的水平大致一致。我們也對我們的庫存質量感到滿意，並且不會根據我們當前的庫存狀況預見促銷活動。

Capital expenditures for the third quarter were $66 million net of REIT reimbursements. This includes $48 million related to Topgolf. For the full year, we expect total CapEx of approximately $325 million, again, net of REIT reimbursements, including approximately $250 million for Topgolf and $75 million for the non-Topgolf business. $325 million includes $165 million of growth CapEx.

扣除 REIT 償還後，第三季度的資本支出為 6600 萬美元。其中包括與 Topgolf 相關的 4800 萬美元。對於全年，我們預計資本支出總額約為 3.25 億美元，再次扣除 REIT 報銷，其中包括 Topgolf 的約 2.5 億美元和非 Topgolf 業務的 7500 萬美元。 3.25 億美元包括 1.65 億美元的增長資本支出。

Now turning to our balance of the year outlook. We are raising our full year 2022 revenue expectations to $3.965 billion to $3.985 billion, including approximately $150 million of negative foreign currency impact, which is approximately $21 million more than our last estimate of $129 million.

現在轉向我們的年度餘額展望。我們將 2022 年全年收入預期上調至 39.65 億美元至 39.85 億美元，其中包括約 1.5 億美元的負面外匯影響，比我們上次估計的 1.29 億美元高出約 2100 萬美元。

The segment assumptions underlying this guidance are the same as our prior earnings report, with Topgolf segment revenue of approximately $1.56 billion, Golf segment revenue growth of 12% or more and Active Lifestyle segment revenue reaching approximately $1 billion. The operating segments are covering the increased negative foreign currency impacts.

本指南所依據的分部假設與我們之前的收益報告相同，Topgolf 分部收入約為 15.6 億美元，高爾夫分部收入增長 12% 或更多，Active Lifestyle 分部收入達到約 10 億美元。經營部門正在彌補增加的負面外匯影響。

Our full year adjusted EBITDA guidance of $560 million to $570 million is a $5 million increase compared to the midpoint of our previous guidance. The Golf Equipment business is largely expected to cover the incremental foreign exchange risk. Topgolf is now expected to deliver between $240 million to $250 million of adjusted EBITDA.

我們全年調整後的 EBITDA 指引為 5.6 億美元至 5.7 億美元，與我們之前指引的中點相比增加了 500 萬美元。高爾夫設備業務預計將在很大程度上承擔增加的外匯風險。 Topgolf 現在預計將提供 2.4 億至 2.5 億美元的調整後 EBITDA。

To reiterate Chip's comments for 2023, we expect the business to grow approximately 10% in revenue and to achieve approximately $600 million in adjusted EBITDA using currency spot rates from late October. From a constant currency perspective, that would represent approximately 13% or more revenue growth and approximately $65 million in adjusted EBITDA.

為了重申 Chip 對 2023 年的評論，我們預計從 10 月下旬開始，該業務的收入將增長約 10%，並使用即期匯率實現約 6 億美元的調整後 EBITDA。從固定匯率的角度來看，這將代表大約 13% 或更多的收入增長和大約 6500 萬美元的調整後 EBITDA。

These projections include no hedge gains as our hedging program resets at the beginning of the year and also takes into account the lapping of the channel filling in the Golf Equipment business that we had this year as retail inventory has returned to normal levels. Given it is early to provide these metrics, we are not providing segment-level detail at this time.

這些預測不包括對沖收益，因為我們的對沖計劃在年初重新設置，並且還考慮到我們今年因零售庫存恢復到正常水平而對高爾夫設備業務進行的渠道填充。鑑於提供這些指標還為時過早，我們目前不提供細分級別的詳細信息。

In closing, we have managed to achieve substantial growth year-to-date despite the macroeconomic headwinds, thereby demonstrating the resiliency of our core consumers as well as the benefits of scale and our diversification strategy. We continue to be excited about the growth prospects of our business and are confident that our competitive positioning across each segment and the embedded growth within our business, will keep us on track to deliver on our long-term outlook and to create shareholder value.

最後，儘管宏觀經濟逆風，我們今年迄今仍實現了大幅增長，從而展示了我們核心消費者的彈性以及規模效益和我們的多元化戰略。我們繼續對我們業務的增長前景感到興奮，並相信我們在每個細分市場的競爭定位和我們業務中的內在增長，將使我們走上正軌，實現我們的長期前景並創造股東價值。

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

我們今天準備好的發言到此結束，現在我們將開始提問。接線員，交給你了。

(Operator Instructions) Our first question comes from Randy Konik with Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Randy Konik。

I guess first question I want to ask you, is on the Topgolf business, the venue revenues keep coming in above kind of our forecast. When you factor in some of the changes that have gone on in the world around work from home stickiness, people are leaving cities going to suburbia, mom-and-pop restaurant bars are closing.

我想我想問你的第一個問題是關於 Topgolf 業務，場館收入一直高於我們的預測。當你考慮到世界上因家庭粘性而在工作方面發生的一些變化時，人們正在離開城市前往郊區，夫妻餐廳酒吧正在關閉。

Do you think that the maturity curve and the maturity volume of the Topgolf venues changes at all going forward for the positive versus what your prior forecast may have been in terms of underwriting these locations. Can you kind of talk to that a little bit?

您是否認為 Topgolf 場館的成熟度曲線和成熟度數量在未來會發生積極變化，而您之前的預測可能是在承保這些場所方面。你能談談嗎？

Sure, Randy. It's clear that Topgolf is building momentum, and it's driving both price and volume increases. So it's not just price. We're getting traffic, and you've seen a steady build in momentum of that brand and business. And there's probably a lot of different trends converging that are all somewhat favorable for that business, right?

當然，蘭迪。很明顯，Topgolf 正在蓄勢待發，它正在推動價格和銷量的增長。所以不僅僅是價格。我們正在獲得流量，您已經看到該品牌和業務的勢頭穩步增長。並且可能有很多不同的趨勢匯聚在一起，這些趨勢都對該業務有利，對吧？

Increased interest around golf in general, the hybrid and remote work environments, the experience-oriented economy, et cetera, and then just the scale of the business as it builds scale and awareness and momentum across the country, all of these things are positive for us. Starting to see those very clearly in the data.

總體而言，人們對高爾夫的興趣增加，混合和遠程工作環境，以體驗為導向的經濟等等，以及隨著它在全國范圍內建立規模、意識和勢頭而擴大的業務規模，所有這些都對我們。開始在數據中非常清楚地看到這些。

The other thing that is very clear is that the upside of that business is well above what we underwrote when we did the merger. The upside in venue growth, the upside in the profitability of the venues, et cetera, we're very pleased with the trends and excited about the outlook.

另一件非常清楚的事情是，該業務的好處遠高於我們在合併時承銷的價值。場地增長的好處，場地盈利能力的好處等等，我們對趨勢感到非常滿意，並對前景感到興奮。

Great. That's helpful. And then moving to the Golf Equipment side of the business. One thing I asked of your competitor this morning was I asked about his view of the cyclicality or the changes of cyclicality in the golf equipment industry now that we've seen more competitor consolidation. There's price for companies that matter now on the [golf] equipment side, but also the rise of customization.

偉大的。這很有幫助。然後轉向業務的高爾夫設備方面。今天早上我問你的競爭對手的一件事是，我問他對周期性或高爾夫設備行業周期性變化的看法，因為我們已經看到更多的競爭對手整合。現在在 [高爾夫] 設備方面對公司來說很重要，而且定制的興起。

So I just want to get your thoughts on your view of how the cyclicality or lack thereof of the industry of golf equipment changes going forward with these different changes that are happening or have happened within the industry.

因此，我只想了解您對高爾夫設備行業的周期性或缺乏週期性如何隨著行業內正在發生或已經發生的這些不同變化而變化的看法。

Yes, that's an interesting question, Randy. So I don't really view the golf equipment business as cyclical. If you look at historical results. It has not been particularly sensitive to mild recessions or economic climate. And the last several years, a very consistent business, but like Topgolf, a lot of favorability recently in the interest around the game, the sport, the growth.

是的，這是一個有趣的問題，蘭迪。所以我真的不認為高爾夫設備業務具有周期性。如果您查看歷史結果。它對溫和的衰退或經濟氣候並不特別敏感。在過去的幾年裡，這是一個非常穩定的業務，但就像 Topgolf 一樣，最近在圍繞遊戲、運動和增長的興趣方面受到了很多青睞。

Clearly, there was concern coming into the year, whether there would be some reversion or pullback in interest and purchases and participation. And the data is very clear on that. There has not been. So I wouldn't view that business as cyclical or -- and it's certainly structurally changed over the many years prior to the pandemic. But since then, there's been some excellent tailwinds that we've been enjoying.

顯然，今年人們擔心興趣、購買和參與是否會出現一些逆轉或回落。數據非常清楚。沒有。因此，我不會認為該業務是周期性的，或者——在大流行之前的許多年裡，它肯定在結構上發生了變化。但從那以後，我們一直享受著一些極好的順風。

And the last thing, and you already know this, Randy, but the growth of off-course, which we are the dominant player of is a significant factor of what's going to be going on in and around golf. I mean, the definition of golf needs to change. It's not just people on a golf course now. It's people at venues and other off-course mediums, and that is a bigger market growing exceptionally fast, and we happen to be in a pretty strong position there.

最後一件事，蘭迪，你已經知道了，但是我們在其中占主導地位的偏離球場的增長是高爾夫及其周圍發生的事情的重要因素。我的意思是，高爾夫的定義需要改變。現在不僅僅是高爾夫球場上的人。這是場地和其他場外媒體的人，這是一個更大的市場，增長速度非常快，我們恰好在這方面處於非常有利的地位。

Like one more I want to sneak in because you just brought up something that I think is really important it's these other areas that are growing within the ecosystem. When you look at -- or can you maybe extrapolate or expand upon your vision or view of what the ultimate end gain can be for Toptracer and something like TravisMathew because when you look at those businesses, it seems to me that the growth trajectory they have creates an equity kind of value for them that could be above the current market cap of your company today.

就像另一個我想潛入的地方，因為你剛剛提出了一些我認為非常重要的東西，那就是生態系統中正在發展的其他領域。當您查看 - 或者您是否可以推斷或擴展您對 Toptracer 和 TravisMathew 等公司的最終收益的願景或看法，因為當您查看這些業務時，在我看來，他們的增長軌跡為他們創造一種可能高於貴公司當前市值的股權價值。

So I just want -- I just would like it if you could expand upon those younger businesses that the market probably been focused on at this point how they can -- how big you think they can be for those that may not be familiar, just kind of expand upon that a little bit more because, again, they feel like they have value long term that could be above the current market cap of the entire company, which is perplexing, but I just want to get your view there.

所以我只想——我只是希望你能擴展那些市場目前可能關注的年輕業務——你認為對於那些可能不熟悉的人來說，它們能有多大，只是稍微擴展一下，因為他們再次覺得自己的長期價值可能高於整個公司目前的市值，這令人困惑，但我只想听聽你的看法。

Okay. I'm not going to pine on the potential valuation of any individual segment of our business, but you are correct in identifying there's some amazing businesses embedded within our overall ecosystem, and two of those are TravisMathew and the Toptracer business.

好的。我不會對我們業務的任何個別部門的潛在估值抱有偏見，但你認為我們的整體生態系統中嵌入了一些令人驚嘆的業務是正確的，其中兩個是 TravisMathew 和 Toptracer 業務。

TravisMathew is -- when we bought it, it was $60 million-ish of revenue. We've already stated it's expected to hit $300 million in revenue, growing significant double-digit growth across all channels, just being able to open new stores that pay back very quickly and then drive the overall growth in the various markets where we open those stores.

TravisMathew 是 - 當我們購買它時，它的收入約為 6000 萬美元。我們已經表示，預計收入將達到 3 億美元，在所有渠道中實現兩位數的顯著增長，只要能夠開設新店就能很快收回投資，然後推動我們開設這些店的各個市場的整體增長商店。

And we're starting just baby steps in international and getting into the women's market. But it's a very exciting business. It fits really well within our business and ecosystem. We will have an advantage in the reach to total golfers. And so therefore, being able to leverage that.

我們只是在國際市場上邁出了一小步，進入了女性市場。但這是一項非常令人興奮的業務。它非常適合我們的業務和生態系統。我們將在覆蓋所有高爾夫球手方面具有優勢。因此，能夠利用它。

Toptracer's similarly a very small business right now, much smaller in scale than the TravisMathew business, under $100 million in revenue, but really great transformational business when we put it into ranges, their revenues up significantly, and the consumers love it. We capture a ton of data. It integrates with the venue business. It's a golf-specific market. We help them open those, et cetera.

Toptracer 現在同樣是一個非常小的企業，規模比 TravisMathew 業務小得多，收入不到 1 億美元，但當我們將其納入範圍時，它確實是一個非常好的轉型業務，他們的收入顯著增加，而且消費者喜歡它。我們捕獲了大量數據。它與場地業務相結合。這是一個特定於高爾夫的市場。我們幫助他們打開這些，等等。

So an exciting business that has got the potential to transform how people hit golf balls at driving ranges going forward. I would dare to guess in five years' time if a range doesn't have digital technology like Toptracer, and Toptracer is the dominant player in that space. It's not going to be competitive and it's not going to be a very well viewed consumer experience.

這是一項令人興奮的業務，它有可能改變人們未來在練習場打高爾夫球的方式。如果某個系列沒有像 Toptracer 這樣的數字技術，我敢猜測五年後，Toptracer 是該領域的主導者。它不會具有競爭力，也不會成為一種很好的消費者體驗。

Our next question comes from Alex Perry of Bank of America.

我們的下一個問題來自美國銀行的 Alex Perry。

Congrats on a strong quarter. Just first, could you just maybe give us a little more color on the 10% revenue growth for next year? Sort of is Golf Equipment expected to grow within that, given some of the headwinds you mentioned such as living the channel fill this year.

祝賀一個強勁的季度。首先，你能不能給我們更多關於明年 10% 收入增長的顏色？考慮到您提到的一些不利因素，例如今年的渠道填充，高爾夫設備有望在其中實現增長。

And does the guidance sort of contemplating current trends continuing for the consumer or some slowdown in the end consumer?

該指南是否考慮了當前趨勢對消費者的持續影響或最終消費者的放緩？

Sure, Alex. Good question. Unfortunately, at this point, we're not going to provide segment-specific commentary on 2023. But I will give you some commentary on general expectations that are embedded in that preview. And basically, we are expecting continued macroeconomic pressures and inflation.

當然，亞歷克斯。好問題。不幸的是，此時我們不會對 2023 年提供特定細分市場的評論。但我會給你一些關於該預覽中嵌入的一般預期的評論。基本上，我們預計宏觀經濟壓力和通脹將持續存在。

Some potential consumer pressure, perhaps even a modest recession. So we're not being pollyannish within that overall. But at this point, we're going to not break out individual segment expectations (technical difficulty).

一些潛在的消費壓力，甚至可能是適度的衰退。因此，我們並沒有在總體上過於樂觀。但在這一點上，我們不會突破個別細分市場的預期（技術難度）。

Perfect. That's really helpful. And then just my second question, Topgolf (inaudible) sales accelerated nicely. Is it fair to assume you see no significant drop off in the customer there? And can you maybe give us some more color on sort of walk-in traffic versus your corporate events business and the key drivers to the sort of 10% same menu sales growth for the fourth quarter that implies a little bit of a deceleration versus 3Q, but maybe there's an ultimate of conservatism in there?

完美的。這真的很有幫助。然後是我的第二個問題，Topgolf（聽不清）的銷售增長很好。假設您看到那裡的客戶沒有顯著下降是否公平？你能不能給我們更多關於步入式流量與你的公司活動業務的顏色，以及第四季度菜單銷售增長 10% 的主要驅動因素，這意味著與第三季度相比有所放緩，但也許那裡有極端的保守主義？

Well, we said 10% or higher, and we did 11%. So Alex, to call that a deceleration. I think you're getting a little fine-tuned there. But the same venue sales growth in Q4 is really expected to be across all groups as it was in Q3. We saw good walk-in traffic great social events and good corporate sales in Q3, and we see a continuation of those trends in Q4.

好吧，我們說 10% 或更高，我們做到了 11%。所以亞歷克斯，稱之為減速。我認為你在那裡有點微調。但實際上，預計第四季度所有集團的場地銷售增長都將與第三季度相同。我們在第三季度看到了良好的步入式交通、偉大的社交活動和良好的企業銷售，我們看到這些趨勢在第四季度延續。

Perfect. That's really helpful. Best luck going forward.

完美的。這真的很有幫助。祝你好運。

And our next question comes from Joe Altobello with Raymond James.

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

I guess a couple of questions. I guess first question on Topgolf. I know we probably don't have a lot of data going back historically. But is there any evidence in terms of how that business performs in an economic downturn or recession. I mean it's not the cheapest form of eating out.

我猜有幾個問題。我猜是關於 Topgolf 的第一個問題。我知道我們可能沒有很多歷史數據。但是，是否有任何證據表明該企業在經濟低迷或衰退中的表現如何。我的意思是這不是最便宜的外出就餐方式。

No, Joe. It's a great question, and we think about it a lot. There's no good data is the long or short answer to that of how it does in a recession. It did -- the last recessions well, obviously, the last one was a significant one. And candidly, it did find during that, but it was early concept stages and didn't -- I wouldn't take too much out of that one way or the other.

不，喬。這是一個很好的問題，我們對此進行了很多思考。沒有好的數據是對其在經濟衰退中表現的長短答案。確實如此——上一次經濟衰退很好，很明顯，最後一次經濟衰退很重要。坦率地說，它確實在那段時間找到了，但那是早期概念階段而且沒有——我不會從這種或那種方式中拿走太多。

I would tell you that the data that we're seeing is pretty encouraging, though, right? I mean perhaps it's not the rosiest of economic times out there right now. Some businesses that are particularly sensitive to that are already seeing declines or declines in -- at least in visits. The Topgolf business delivered positive traffic growth as well as price for pretty -- and is building momentum on the same venue sales side. So not seeing anything right now, but not no historical data like we have in the Golf Equipment business to share with you.

我會告訴你，我們看到的數據非常令人鼓舞，對吧？我的意思是，也許現在還不是經濟最繁榮的時期。一些對此特別敏感的企業已經看到了下降或下降——至少在訪問方面是這樣。 Topgolf 業務帶來了積極的流量增長和漂亮的價格 - 並且在同一場地銷售方面正在建立勢頭。所以現在沒有看到任何東西，但不是沒有像我們在高爾夫設備業務中那樣的歷史數據可以與您分享。

Understood. And maybe a second question. I think as Brian said earlier, you guys don't expect any uptick in promotional activity despite the fact that channel inventories have sort of normalized here. So maybe help us understand why we wouldn't see at least some increase in promo.

明白了。也許還有第二個問題。我認為正如 Brian 早些時候所說的那樣，儘管渠道庫存在這裡已經正常化，但你們不要指望促銷活動會有所增加。因此，也許可以幫助我們理解為什麼我們至少看不到促銷活動的增加。

Yes. I think Brian's comment was specific to our inventory levels and whether our inventory levels are causing -- would cause us to be promotional. And the answer to that is no. We have comfort there.

是的。我認為布賴恩的評論是針對我們的庫存水平的，以及我們的庫存水平是否會導致我們進行促銷。答案是否定的。我們在那裡很舒服。

The market is probably has more normalized inventory levels right now. And so the -- there'll probably be more promotional activity than there was in the last couple of years, which is zero, by the way. So more than zero. But probably less than historical.

市場現在可能有更正常的庫存水平。因此 - 可能會有比過去幾年更多的促銷活動，順便說一下，這是零。所以大於零。但可能少於歷史。

So promotional activity is not one of the areas that we are, per se, concerned about, but to be clear, there may be some level of promotional activity, whereas in many of our businesses, there was such low inventories in the field and at the wholesale side of it that the 2021, and they didn't have any. So a little more.

因此，促銷活動本身並不是我們關注的領域之一，但需要明確的是，可能會有某種程度的促銷活動，而在我們的許多業務中，現場和批發方面是 2021 年，他們沒有。所以多一點。

Our next question comes from Daniel Imbro of Stephens Inc.

我們的下一個問題來自 Stephens Inc. 的 Daniel Imbro。

Chip, I wanted to follow up on top of a little bit different angle. I mean a common question just around financing costs. I know we haven't operated this business through a downturn. But how your discussion with your REIT partners going? Are you seeing cost of capital increase? Is that changing kind of the return profile that you're getting here that you're looking for, for new locations? Just -- how are you thinking about capital allocation and growth with the rising cost of capital environment?

Chip，我想從一個稍微不同的角度跟進。我的意思是圍繞融資成本的一個常見問題。我知道我們沒有在經濟低迷時期經營這項業務。但是您與您的 REIT 合作夥伴的討論進展如何？你看到資本成本增加了嗎？對於新地點，您正在尋找的那種正在改變的退貨情況是否正在發生變化？只是 - 在資本環境成本上升的情況下，您如何考慮資本配置和增長？

Yes. So good question, Daniel, but we have not seen any cost pressures on the refinancing. What's happening is we're becoming a much more safe and secure person to lend money to as well. So -- and there's a good market out there. So we have not had any REIT increases as of yet. And we feel good about that market.

是的。那麼好的問題，丹尼爾，但我們沒有看到任何再融資的成本壓力。正在發生的事情是，我們也正在成為一個更安全、更有保障的人來借錢。所以 - 那裡有一個很好的市場。所以到目前為止，我們還沒有任何房地產投資信託基金的增長。我們對那個市場感覺很好。

Good. That's helpful. And then one on the apparel side. You mentioned Jack Wolfskin grew internationally, and you kind of mentioned some TravisMathew preorders. I guess, on Jack Wolfskin, can you talk about what you think drove that outperformance? Was it better supply chain management? Was it the brand refresh. You talked about at the Analyst Day? Kind of what drove that growth? And then any color on the preorders for that brand as we look forward to kind of fourth quarter, first quarter since it's more winter focused?

好的。這很有幫助。然後是服裝方面的一個。你提到了 Jack Wolfskin 在國際上的成長，你還提到了一些 TravisMathew 的預購。我想，關於 Jack Wolfskin，您能談談您認為是什麼推動了這種出色表現嗎？是不是更好的供應鏈管理？是不是品牌刷新了。你在分析師日談到過？是什麼推動了這種增長？然後我們期待第四季度，第一季度因為它更注重冬季，所以該品牌的預訂單上有什麼顏色？

Yes, it's more -- Jack Wolfskin is really brand strength. So it's in a good category in the outdoor lifestyle category where there is positive momentum in the category at large, and they have done a great job in their core markets of China and Germany of strengthening the brand and product line. And so that has led to the performance that we've seen.

是的，更重要的是——Jack Wolfskin 確實具有品牌實力。所以它在戶外生活方式類別中屬於一個很好的類別，該類別在整個類別中都有積極的勢頭，並且他們在中國和德國的核心市場加強品牌和產品線方面做得很好。因此，這導致了我們所看到的表現。

And what was the last question on that?

最後一個問題是什麼？

Just any color on preorders. You mentioned preorders for TravisMathew so.

預訂單上的任何顏色。你提到了 TravisMathew 的預購。

Yes, preorders, no real color on that. The big season on that will be the fall/winter season, and they're in the early days of getting their prebooks for that now. So but we feel good about the momentum of the business.

是的，預購，沒有真正的顏色。這方面的重要季節將是秋冬季節，他們現在正處於獲得預購書的早期階段。因此，但我們對業務的發展勢頭感到滿意。

(Operator Instructions). Our next question comes from Kevin Heenan of JPMorgan.

（操作員說明）。我們的下一個問題來自摩根大通的 Kevin Heenan。

Another one on Topgolf. I was just hoping, can you elaborate on the productivity opportunity there, the increased bay utilization at peak? Where are you on labor? Is that still a constraint for you. Just any way you can quantify kind of the opportunity there may be near term and long term would be great.

Topgolf 上的另一個。我只是希望，你能詳細說明那裡的生產力機會，高峰期增加的海灣利用率嗎？你在哪裡勞動？這對你來說仍然是一個約束嗎？只要你能量化短期和長期機會的任何方式都會很棒。

Without going -- giving any specifics, the labor has stabilized at this point. During Q3, they made a lot of great progress with stabilizing the labor. And the venues continue to be profitable, and you'll see it increase during Q4.

沒有去 - 給出任何細節，勞動力已經穩定在這一點上。在第三季度，他們在穩定勞動力方面取得了很大進展。而且場館繼續盈利，你會看到它在第四季度有所增加。

Yes. The -- we're at or -- we have good momentum in terms of the profitability of those venues. And as I mentioned in my comments, we see more levers to pull that will continue to grow those -- the profitability of the venues. We're not I think at our Investor Day, we talked about 32% or something EBITDA margins, and we're very confident in those and probably believe there's more upside than that.

是的。我們在或 - 我們在這些場館的盈利能力方面有良好的勢頭。正如我在評論中提到的那樣，我們看到更多的槓桿將繼續增長——場館的盈利能力。我們不是我認為在我們的投資者日，我們談到了 32% 或 EBITDA 利潤率，我們對這些非常有信心並且可能相信還有更多的上升空間。

Can I just ask a quick follow-up on the golf ball business. The market share has been a pretty linear increase over the past decade. I guess what's your view on the path for the next 5 or 10 points a share, where might that come from? Is that more challenging than the last 5 or 10.

我可以問一個關於高爾夫球業務的快速跟進嗎？在過去十年中，市場份額一直呈線性增長。我猜你對未來 5 或 10 個點的路徑有何看法，這可能來自哪裡？這比過去的 5 或 10 個更具挑戰性嗎？

And then maybe more broadly, how best to think about what you guys embedded as far as maybe consumables versus bigger ticket purchases like clubs in a more challenging macro backdrop.

然後可能更廣泛地說，在更具挑戰性的宏觀背景下，如何最好地考慮你們嵌入的東西，比如消耗品，而不是購買像俱樂部這樣的大門票。

Sure. Yes, and thanks for noticing on the golf ball. We're really proud of the steady progression we have had in that business and its growth of it over many years now. Really -- and we've made during that time, some significant investments in our manufacturing facilities will allow us to make a really unique product, both now and going forward.

當然。是的，感謝您注意到高爾夫球。我們為該業務的穩步發展及其多年來的增長感到非常自豪。真的——我們在那段時間裡對我們的製造設施進行了一些重大投資，這將使我們能夠製造出真正獨特的產品，無論是現在還是未來。

And we think that is what will help us unlock those next several points of market share gain, which we intend to deliver. But a lot of the playbook is what you've seen us pulling over the last several years, continuing to strengthen distribution, continuing to make big investments back, which we think we're largely through now to be able to build a better product and differentiating that factor.

我們認為這將幫助我們釋放我們打算實現的接下來的幾個市場份額增長點。但很多劇本都是你在過去幾年中看到的，我們繼續加強分銷，繼續進行大筆投資，我們認為我們現在基本上已經完成了，以便能夠構建更好的產品和區分那個因素。

And then we're getting some of the best players in the world, this Jeeno Thitikul used the golf ball this year on her way to #1 in the world and John Rahm's performance, the validation of it is not -- is unreputable now. So continuing this playbook, I think, will hopefully deliver the similar results that we've been able to deliver over the last several years.

然後我們得到了一些世界上最好的球員，這個 Jeeno Thitikul 今年在她通往世界第一的路上使用了高爾夫球，而 John Rahm 的表現，其驗證不是 - 現在聲名狼藉。因此，我認為，繼續這本劇本將有望取得我們在過去幾年中取得的類似成果。

Our next question comes from Casey Alexander of Compass Point Research & Trading.

我們的下一個問題來自 Compass Point Research & Trading 的 Casey Alexander。

Forgive me if this is already in there, but I came to the call late and we've had a bunch of companies report this afternoon. My only question was one area where Topgolf still seemed to have some same-store slack that they could pick up was in some of the event-driven business that a lot of it falls in the fourth quarter.

請原諒我，如果這已經在那裡了，但我來晚了，今天下午我們有很多公司報告。我唯一的問題是，Topgolf 似乎仍然存在一些他們可以彌補的同店空缺的一個領域是一些事件驅動的業務，其中很多業務在第四季度出現下滑。

So I'm just wondering how your bookings for the event business for Topgolf are looking coming into this holiday season as compared to last year.

所以我只是想知道與去年相比，您對 Topgolf 活動業務的預訂在這個假期到來時看起來如何。

Yes. Thanks, Casey. Good question. There are two types of events that we track, social events, which have been just killing it and continue to do so. And then corporate events, which were the slowest to come back post pandemic. They were up last quarter. And we see very good trends going forward.

是的。謝謝，凱西。好問題。我們跟踪兩種類型的事件，社交事件，它們一直在扼殺牠並繼續這樣做。然後是企業活動，這是大流行後恢復最慢的活動。他們上個季度上漲了。我們看到了非常好的未來趨勢。

We expect them to be up nicely over last year and also over -- a little bit over 2019 levels. We have pretty good visibility on that now, Casey, as you would expect, it's already November, and they book those out a little bit in advance. So we feel good on corporate as well as the rest of that business.

我們預計它們會比去年好得多，也比 2019 年的水平高一點。我們現在對此有很好的了解，Casey，正如您所期望的那樣，現在已經是 11 月了，他們提前一點預訂了。因此，我們對公司以及其他業務感覺良好。

Our next question comes from John Kernan of Cowen & Company.

我們的下一個問題來自 Cowen & Company 的 John Kernan。

Brian, I think you said ex FX, the business would be at a $660 million EBITDA run rate, which I think is above -- certainly above the plan you laid out when you underwrote the transaction with Topgolf and above the Investor Day targets from April. Just -- when you talk to what's driving the upside versus the plan, there's been pretty consistent upside in your guidance versus since you did the transaction.

布賴恩，我想你說過 ex FX，業務將達到 6.6 億美元的 EBITDA 運行率，我認為這高於 - 當然高於你在與 Topgolf 進行交易時制定的計劃以及高於 4 月份的投資者日目標.只是 - 當你談到推動上行的因素與計劃相比時，你的指導與自你進行交易以來一直存在相當一致的上行空間。

Sure, John. Thanks for noticing our outperformance. But it's really across the board. All three segments are performing above what we expected. As Chip mentioned earlier, Topgolf has been on a tear and wear, well ahead of where we expected to be. But the Golf Equipment business is performing (technical difficulty), the TravisMathew, Jack Wolfskin it's all really doing very well.

當然，約翰。感謝您注意到我們的出色表現。但它確實是全面的。所有三個部分的表現都超出了我們的預期。正如 Chip 之前提到的，Topgolf 一直處於磨損和磨損狀態，遠遠超出了我們的預期。但高爾夫設備業務表現良好（技術難度），TravisMathew、Jack Wolfskin 都做得非常好。

Got it. And then any thoughts on openings -- for Topgolf venue openings in 2023?

知道了。然後關於開幕的任何想法——2023 年 Topgolf 場館的開幕？

Yes. No, we're the same as we've been saying, John, 11 venues, and we feel good about the pipeline.

是的。不，我們和我們一直在說的一樣，約翰，11 個場館，我們對管道感覺很好。

And then just on international. Any thoughts on to Topgolf international and performance there.

然後就在國際上。關於 Topgolf 國際賽和那裡的表現的任何想法。

A slow ramp there. So we are -- we opened several this year -- we have several more in the works. We have one late this quarter, which is an owned venue in Glasgow. But then on the franchise side, several in the works, and we expect that to ramp up, but it will really ramp more in '24, '25 than '23.

那裡有一個緩慢的斜坡。所以我們——我們今年開了幾個——我們還有幾個在籌備中。本季度末我們有一個，這是格拉斯哥的一個自有場地。但在特許經營方面，有幾項正在進行中，我們預計它會增加，但它在 24 年、25 年的實際增加量將超過 23 年。

At this time, it appears that there are no further questions. I'd now like to turn the call back to Mr. Chip Brewer for any closing remarks.

此時，似乎沒有進一步的問題了。我現在想把電話轉回給 Chip Brewer 先生，聽取任何結束語。

All right. Well, I want to thank everybody for joining us. But I'd also like to, at the risk of being redundant, summarize what I hope are a few key takeaways from today's call. First is, I think that it's clear Topgolf Callaway Brands (technical difficulty) a phenomenal 2022. We're delivering growth in all segments. There's been continued strength in traditional golf markets, which have not gone backwards as some feared might happen as well as our position in it, and we've gained share.

好的。好吧，我要感謝大家加入我們。但我也想，冒著多餘的風險，總結一下我希望從今天的電話會議中得到的一些要點。首先，我認為很明顯 Topgolf Callaway Brands（技術難度）是一個非凡的 2022 年。我們在所有領域都實現了增長。傳統高爾夫市場一直保持強勁勢頭，並沒有像一些人擔心的那樣出現倒退，也沒有像我們在其中的地位那樣倒退，而且我們已經獲得了份額。

The Topgolf venue business is building momentum as evidenced by same venue sales trends as well as new venue openings and thus transforming our business even faster than we originally projected. We now expect it to be more than half of our EBITDA next year and the venue business is continuing to prove itself as a bigger and better business than all previous expectations.

Topgolf 場館業務正在蓄勢待發，同一場館的銷售趨勢以及新場館的開業都證明了這一點，因此我們的業務轉型速度比我們原先預計的還要快。我們現在預計它明年將超過我們 EBITDA 的一半，並且場館業務將繼續證明自己是一個比之前所有預期更大更好的業務。

To put some numbers behind that, in 2019, Topgolf did just under $60 million in adjusted EBITDA. We're forecasting $240 million to $250 million for 2022 and more than $300 million in 2023. If investors are still thinking of us similar to how they did historically, we believe they're missing the big picture. And we remain excited about the future prospects of this unique and exciting business.

為了證明這一點，Topgolf 在 2019 年的調整後 EBITDA 略低於 6000 萬美元。我們預測 2022 年將達到 2.4 億至 2.5 億美元，2023 年將超過 3 億美元。如果投資者對我們的看法仍與他們以往的想法相似，我們認為他們沒有看清大局。我們仍然對這項獨特而令人興奮的業務的未來前景感到興奮。

Thanks for joining our call today. Best of wishes for the rest of this year on the holidays. We look forward to speaking to you again in February.

感謝您今天加入我們的電話會議。祝今年餘下的假期一切順利。我們期待在 2 月再次與您交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。