Topgolf Callaway Brands Corp (MODG) 2022 Q4 法說會逐字稿

Good day, and welcome to the Topgolf Callaway Brands Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions). Please note, this event is being recorded. I would now like to turn the conference over to Lauren Scott, Director of Investor Relations. Please go ahead.

美好的一天，歡迎來到 Topgolf Callaway Brands 第四季度和 2022 年全年收益電話會議。 （操作員說明）。請注意，正在記錄此事件。我現在想將會議轉交給投資者關係總監 Lauren Scott。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Topgolf Callaway Brands Fourth Quarter and Full Year 2022 Earnings Conference Call. I'm Lauren Scott, the company's Director of Investor Relations. .

謝謝接線員，大家下午好。歡迎參加 Topgolf Callaway Brands 第四季度和 2022 年全年收益電話會議。我是公司的投資者關係總監 Lauren Scott。 .

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.

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 fourth quarter and full year 2022 financial results. In addition, there is a presentation that accompanies today's prepared remarks and may make it easier for you to follow the call. This earnings presentation as well as the earnings press release are both available on the company's Investor Relations website under the Financial Results tab.

今天早些時候，該公司發布了一份新聞稿，宣布了其第四季度和 2022 年全年的財務業績。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。此收益演示文稿和收益新聞稿均可在公司投資者關係網站的“財務結果”選項卡下獲取。

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

在今天的電話會議上報告和討論的大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 the press 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新聞稿中包含的安全港聲明以獲得更完整的描述。

Lastly, to make sure we can accommodate questions from each of our analysts, we ask that you limit your questions to two. And with that, I would now like to turn the call over to Chip Brewer.

最後，為確保我們能夠容納每位分析師提出的問題，我們要求您將問題限制在兩個以內。有了這個，我現在想把電話轉給 Chip Brewer。

Thank you, Lauren. Good afternoon to everyone on our call, and thank you for joining us today. 2022 was a very strong year for Topgolf Callaway Brands and for the sport of golf more broadly. The Modern Golf ecosystem, which is comprised of both on- and off-course golf, had another record year.

謝謝你，勞倫。大家下午好，感謝您今天加入我們。 2022 年對於 Topgolf Callaway Brands 和更廣泛的高爾夫運動來說是非常強勁的一年。由場內和場外高爾夫組成的現代高爾夫生態系統再創新高。

According to the National Golf Foundation, for the first time, U.S. golf participation exceeded 41 million people, up from 37.5 million people in 2021. On-course golf grew by just over 500,000 participants, an excellent result coming off of strong performances in the last 2 years.

根據國家高爾夫基金會的數據，美國高爾夫參與人數首次超過 4100 萬人，高於 2021 年的 3750 萬人。球場上的高爾夫參與者增長了超過 500,000 人，這是上一屆的強勁表現帶來的優異成績2年。

At the same time, off-course golf increased by 3.1 million participants and is now larger than on-course golf. With our increased venue count and same venue sales growth, we believe the off-course golf growth was largely driven by Topgolf. And this is a growth trend that we have a high degree of certainty, will continue as our venue growth alone should add approximately 3 million to 4 million new unique off-course visitors annually.

與此同時，場外高爾夫球場的參與者增加了 310 萬人，現在比場內高爾夫球場的人數還要多。隨著場地數量的增加和場地銷售的增長，我們認為場外高爾夫的增長主要是由 Topgolf 推動的。這是我們高度確定的增長趨勢，將繼續下去，因為僅我們的場館增長每年就應該增加大約 300 萬到 400 萬新的獨特的場外遊客。

With this, we can now clearly foresee a pattern of structural growth for the Modern Golf ecosystem, with Topgolf Callaway Brands positioned squarely at the center of it.

有了這個，我們現在可以清楚地預見現代高爾夫生態系統的結構性增長模式，Topgolf Callaway Brands 正處於其中心。

Now looking at our financial results. Full-year 2022 revenue was just under $4 billion and full-year adjusted EBITDA was $558 million, up 22% and 25% year-over-year on a 12-month or full calendar year basis. We are very pleased with these results, and I'd like to thank the entire Topgolf Callaway Brands team for helping us deliver them.

現在看看我們的財務業績。 2022 年全年收入略低於 40 億美元，調整後的全年 EBITDA 為 5.58 億美元，在 12 個月或整個日曆年的基礎上同比增長 22% 和 25%。我們對這些結果感到非常滿意，我要感謝整個 Topgolf Callaway Brands 團隊幫助我們實現這些結果。

Turning to the fourth quarter, we had a strong quarter, but a rare miss relative to our quarterly guidance. This was due to both more aggressive internal forecasting, combined with some short-term volatility in weather and expense timing. We see no change in major trends, our earnings potential or the health of our consumers.

談到第四季度，我們有一個強勁的季度，但相對於我們的季度指導而言，這是一個罕見的失誤。這是由於更激進的內部預測，以及天氣和支出時間的一些短期波動。我們認為主要趨勢、我們的盈利潛力或消費者的健康沒有變化。

We continue to take a long-term view when assessing our performance and feel very good about the trajectory of our business. We remain on track or ahead of our long-term financial targets. We also have increased conviction that our unique collection of brands provides us a competitive advantage in the Modern Golf ecosystem.

在評估我們的業績時，我們繼續採取長遠眼光，並對我們的業務發展軌跡感到非常滿意。我們保持在正軌或領先於我們的長期財務目標。我們也更加堅信，我們獨特的品牌系列為我們在現代高爾夫生態系統中提供了競爭優勢。

Shifting to our segment overview. I'll first start with Topgolf's results. 2022 is an outstanding year for Topgolf, and I'd like to thank the entire Topgolf team, especially all the playmakers at the venues, for making this possible. We delivered over $1.5 billion in revenue and $235 million in adjusted EBITDA, growth of 26% and 31%, respectively on a 12-month or full calendar year basis.

轉到我們的細分市場概述。我將首先從 Topgolf 的結果開始。 2022 年對 Topgolf 來說是非凡的一年，我要感謝整個 Topgolf 團隊，尤其是場館的所有組織者，是他們讓這一切成為可能。我們實現了超過 15 億美元的收入和 2.35 億美元的調整後 EBITDA，在 12 個月或整個日曆年的基礎上分別增長了 26% 和 31%。

This growth was driven by strong same venue sales growth, up 7% for the year compared to 2019, continued excellence in opening new venues and improved venue operating margins. Most importantly, based on what we learned in 2022, we have more confidence and believe there is a bigger opportunity for this business than we did a year ago. As we enter 2023, we have ongoing brand momentum, and the Topgolf consumer continues to be engaged and strong.

這一增長是由強勁的同場館銷售增長推動的，與 2019 年相比，全年增長了 7%，在開設新場館方面繼續表現出色，並提高了場館運營利潤率。最重要的是，根據我們在 2022 年學到的知識，我們比一年前更有信心並相信這項業務有更大的機會。隨著我們進入 2023 年，我們擁有持續的品牌勢頭，Topgolf 消費者繼續參與並保持強大。

During the fourth quarter compared to 2019, same venue sales grew by 11%, with traffic up 7%. The trends in the event business remained strong, including in corporate events. These quarterly growth rates, while good, were a little below our internal forecast as the business was impacted by venue closures due to extreme cold weather during our peak holiday season in late December.

與 2019 年相比，第四季度同場銷售額增長了 11%，客流量增長了 7%。活動業務的趨勢依然強勁，包括企業活動。這些季度增長率雖然不錯，但略低於我們的內部預測，因為業務受到 12 月下旬假期旺季期間極端寒冷天氣導致場地關閉的影響。

Also during the quarter, we opened 6 new venues for a total of 11 new venues in 2022. We finished the year with 81 owned and operated venues and 5 franchise venues. Two new venues of note are the Boise and Wichita venues, both excellent examples of a new size and format, focused on our small to midsized markets.

同樣在本季度，我們在 2022 年開設了 6 個新場館，共計 11 個新場館。到年底，我們擁有 81 個自有和經營場館以及 5 個特許經營場館。兩個值得注意的新場館是博伊西和威奇托場館，這兩個場館都是新規模和新形式的典範，專注於我們的中小型市場。

This new model is a more cost-effective way to serve our 50- to 72 bay markets and one we believe can unlock additional markets for expansion and ultimately increases the total addressable market in the U.S. from 200 venues to 250 venues.

這種新模式是一種更具成本效益的方式來服務我們的 50 到 72 個海灣市場，我們相信這種模式可以釋放更多市場進行擴張，並最終將美國的總可尋址市場從 200 個場館增加到 250 個場館。

Looking ahead, we expect to open 11 new owned and operated venues again this year. The mix will be similar in size to last year, skewing large to medium. And like last year, it will be back-end loaded, with only 2 venues planned to open in the first half of this year and 8 planned to open in Q4.

展望未來，我們預計今年將再次開設 11 個新的自有和經營場館。該組合的規模將與去年相似，從大到中傾斜。而且和去年一樣，都是後端加載，今年上半年只計劃開2個場館，4季度計劃開8個。

The growth in operational improvement initiatives that Artie spoke about at our Investor Day remain on track, the most impactful being the digital bay management platform, a proprietary system we internally call [Pie]. This new platform is essentially an inventory management system that will help our venue operations team utilize the bays more efficiently and also allows for a more advanced reservation system.

Artie 在我們的投資者日談到的運營改進計劃的增長仍在進行中，最具影響力的是數字海灣管理平台，這是一個我們內部稱為 [Pie] 的專有系統。這個新平臺本質上是一個庫存管理系統，將幫助我們的場館運營團隊更有效地利用停車位，並允許使用更先進的預訂系統。

We believe this system will improve the guest experience and also increase profitability. It also builds a stronger digital relationship between Topgolf and the consumer. At the time of the merger, 10% of the Topgolf business was digital. Now it is 30%, but it should be more than half, and this digital platform is key to getting us there. The Pie system was in 18 venues as of the end of 2022. We expect to have it in all venues by the end of 2023.

我們相信該系統將改善客人體驗並提高盈利能力。它還在 Topgolf 和消費者之間建立了更牢固的數字關係。合併時，Topgolf 業務的 10% 是數字化的。現在是 30%，但應該超過一半，而這個數字平台是實現這一目標的關鍵。截至 2022 年底，Pie 系統已在 18 個場館中使用。我們預計到 2023 年底將在所有場館中使用它。

We also continue to make strides on the international front, a significant milestone will be this spring's opening of China's first Topgolf venue, located in the interior city of Chengdu. This will be a massive 104 bay facility, built, owned and operated by our national franchisee there. As you'd expect, China represents a massive long-term opportunity for Topgolf. And as both we and our franchisee are excited to get our first venue up and running.

我們也繼續在國際上大踏步前進，一個重要的里程碑將是今年春天在成都內陸城市開設的中國第一家 Topgolf 場館。這將是一個擁有 104 個海灣的大型設施，由我們在那裡的全國特許經營商建造、擁有和運營。如您所料，中國對 Topgolf 來說代表著巨大的長期機遇。我們和我們的特許經營商都很高興能夠啟動並運行我們的第一個場地。

Toptracer opened a little more than 2,300 bays for the quarter, delivering just over 7,000 for the year. On the technology front, Toptracer continues to innovate and recently unveiled a new product specifically designed to elevate the golf coaching profession through an immersive data-driven experience.

Toptracer 在本季度開設了 2,300 多個停車位，全年交付了 7,000 多個停車位。在技術方面，Toptracer 不斷創新，最近推出了一款新產品，專門設計用於通過身臨其境的數據驅動體驗提升高爾夫教練專業水平。

Toptracer is also gaining recognition as the #1 product in driving range tracking technology and recently entered into a partnership, naming us the official range tracking technology of the PGA of America. We believe this partnership will further strengthen our U.S. green grass pipeline for this business.

Toptracer 還獲得了練習場跟踪技術領域排名第一的產品的認可，並且最近建立了合作夥伴關係，將我們命名為美國 PGA 的官方範圍跟踪技術。我們相信這種夥伴關係將進一步加強我們在美國的綠草管道業務。

Moving to the Golf Equipment segment, the core golf consumer remains strong and engaged throughout the year. For the full year, our global Golf Equipment segment revenue was up 14% year-over-year or 20% currency neutral.

轉到高爾夫設備領域，核心高爾夫消費者全年保持強勁和活躍。全年，我們的全球高爾夫設備部門收入同比增長 14% 或 20% 的貨幣中性。

Focusing on the U.S., our Golf Equipment revenues were up 17% year-over-year, thus outperforming U.S. hard goods shipments, which were up 9% according to the National Golf Foundation. Clearly, a strong year for the industry and an even stronger year for Callaway Golf.

專注於美國，我們的高爾夫設備收入同比增長 17%，因此超過了美國耐用品出貨量，根據國家高爾夫基金會的數據，後者增長了 9%。顯然，今年對行業來說是強勁的一年，對 Callaway Golf 來說更是強勁的一年。

And although I quote U.S. metrics here for convenience, we had global success in 2022. Japan and Korea had particularly strong years, though partly masked by currency headwinds. Our U.S. ball share ended the year at 20.5%, a new record. And our golf ball sales eclipsed $300 million for the first time in our history. Our U.S. club market share was also up, finishing the year at 24.3%.

儘管為方便起見，我在這裡引用了美國的指標，但我們在 2022 年取得了全球性的成功。日本和韓國的表現尤為強勁，儘管部分被貨幣逆風所掩蓋。我們在美國的球份額在年底達到 20.5%，創下新紀錄。我們的高爾夫球銷售額在歷史上首次超過 3 億美元。我們在美國俱樂部的市場份額也有所上升，全年達到 24.3%。

Looking forward to 2023, from a marketing and innovation standpoint, the new Paradym family of clubs represents a complete shift in performance and has been extremely well received, both in the marketplace and on tour.

展望 2023 年，從營銷和創新的角度來看，新的 Paradym 球桿系列代表著性能的徹底轉變，並且在市場和巡迴賽中都非常受歡迎。

Paradym is a full line of product, driver, ferry woods, hybrids and irons. The driver features a proprietary 360-degree carbon chassis as well as a new version of our Jailbreak Technology and an AI design phase. On tour, the Paradym driver has had an amazing start, winning 4 out of the first 5 PGA tour events of the calendar year.

Paradym 是全系列產品，包括一號木桿、渡輪木桿、混合桿和鐵桿。該驅動程序具有專有的 360 度碳纖維底盤以及我們的新版越獄技術和 AI 設計階段。在巡迴賽中，Paradym 車手取得了驚人的開局，在日曆年的前 5 場 PGA 巡迴賽中贏得了 4 場。

At Callaway, we talk about product that's demonstrably superior and pleasingly different. And the entire Paradym line is a great example of this.

在 Callaway，我們談論的是明顯卓越且與眾不同的產品。整個 Paradym 系列就是一個很好的例子。

In conjunction with the launch of the new products, we also announced new partnerships with Good Good Golf and engaging in an inclusive golf content platform in Niall Horan, a famous singer, songwriter and avid golfer, as well as a multiyear extended partnership with Stephen Curry.

在推出新產品的同時，我們還宣布了與 Good Good Golf 的新合作夥伴關係，並與著名歌手、詞曲作者和狂熱的高爾夫球手 Niall Horan 建立了一個包容性的高爾夫內容平台，並與 Stephen Curry 建立了多年的長期合作夥伴關係.

These partnerships underscore our interest in broadening our reach within the Modern Golf ecosystem and engaging with golfers of all levels.

這些合作夥伴關係強調了我們有興趣擴大我們在現代高爾夫生態系統中的影響力並與各級高爾夫球手互動。

Turning to the Active Lifestyle segment. We're pleased to report that the segment surpassed our $1 billion revenue goal for the year. This milestone was driven in large part by TravisMathew's increased scale, continued momentum and increase profitability. TravisMathew delivered excellent results across all channels, including key wholesale partnerships, green grass pro shops, e-commerce and our own retail stores.

轉向積極的生活方式部分。我們很高興地報告，該部門超過了我們今年 10 億美元的收入目標。這一里程碑在很大程度上是由 TravisMathew 的規模擴大、持續發展勢頭和盈利能力提高推動的。 TravisMathew 在所有渠道都取得了優異的成績，包括主要的批發合作夥伴、綠草專賣店、電子商務和我們自己的零售店。

Focusing on our own stores for a moment, during 2022, TravisMathew opened 11 new retail doors and delivered double-digit same-store sales growth for existing stores. In 2023, we plan to open another 9 stores for a total of 50 by year-end.

暫時關注我們自己的商店，TravisMathew 在 2022 年期間開設了 11 家新零售店，並為現有商店實現了兩位數的同店銷售額增長。 2023 年，我們計劃再開 9 家門店，到年底總數達到 50 家。

While we don't plan to provide financial detail by brand on a regular basis, we are happy to announce that the brand also exceeded the $300 million revenue and $50 million adjusted EBITDA targets shared at our Investor Day. The momentum and growth prospects for TravisMathew remains strong.

雖然我們不打算定期按品牌提供財務細節，但我們很高興地宣布，該品牌也超過了我們投資者日分享的 3 億美元收入和 5000 萬美元調整後 EBITDA 目標。 TravisMathew 的發展勢頭和增長前景依然強勁。

The Callaway-branded Apparel and Performance Gear business also had outstanding years globally. Jack Wolfskin had a challenging end of the year with COVID-related shutdowns in China as well as consumer softness and unfavorable weather in Europe.

Callaway 品牌的服裝和性能裝備業務在全球也有出色的表現。傑克·沃爾夫斯金 (Jack Wolfskin) 在年底遇到了挑戰，因為中國因 COVID 相關停產以及歐洲消費者疲軟和不利天氣。

Although the business is a smaller part of the total Topgolf Callaway Brands story, we feel good about this business as a market positioning as well as what we believe are improving trends in both brand and product, belief that is supported by recent industry awards and recognition at both Europe and U.S. trade shows. With this, we remain optimistic about the long-term potential of this business.

儘管該業務在 Topgolf Callaway Brands 的整個故事中只佔較小的一部分，但我們對這項業務的市場定位以及我們認為正在改善品牌和產品趨勢的看法感到滿意，這種信念得到了最近的行業獎項和認可的支持在歐洲和美國的貿易展上。因此，我們對這項業務的長期潛力保持樂觀。

Turning now to our outlook for 2023. We're updating and expanding upon our previously disclosed guidance. For the full year 2023, we now estimate revenues will be approximately $4.45 billion, up approximately 10% to 12%. And an adjusted EBITDA will increase approximately 11% to 15% to $620 million to $640 million.

現在轉向我們對 2023 年的展望。我們正在更新和擴展我們之前披露的指南。對於 2023 年全年，我們現在估計收入將約為 44.5 億美元，增長約 10% 至 12%。調整後的 EBITDA 將增長約 11% 至 15%，達到 6.2 億美元至 6.4 億美元。

On a segment basis, our full-year outlook assumes continued success at Topgolf, with approximately $1.9 billion of segment revenue and approximately $300 million to $320 million in adjusted EBITDA. With this forecast, it's worth noting that Topgolf is now forecast to account for approximately half of our total company adjusted EBITDA.

在分部基礎上，我們的全年展望假設 Topgolf 繼續取得成功，分部收入約為 19 億美元，調整後的 EBITDA 約為 3 億至 3.2 億美元。根據這一預測，值得注意的是，Topgolf 現在預計將占我們公司調整後 EBITDA 總額的大約一半。

As mentioned, the Topgolf consumer and brand momentum remains strong. As a result, we're projecting a high single-digit same venue sales growth for 2023 compared to 2022, with about 1/3 of the growth coming from traffic and 2/3 from ticket or price. For Q1, the same venue sales growth is expected to be higher than that of the full year due to the impact of Omicron in Q1 of last year.

如前所述，Topgolf 的消費者和品牌勢頭依然強勁。因此，我們預計 2023 年與 2022 年相比，同一場館的銷售額將實現高個位數增長，其中約 1/3 的增長來自流量，2/3 來自門票或價格。對於Q1，由於去年Q1受到Omicron的影響，預計同場館銷售增速將高於全年。

Our Golf Equipment segment revenues are expected to be approximately flat relative to 2022. We feel very good about our relative position and competitiveness in this segment. However, in our forecasting, we're also taking into account the inventory catch-up that occurred in 2022, some potential economic pressures and more competitor launches this year versus last.

我們的高爾夫設備部門收入預計與 2022 年持平。我們對我們在該部門的相對地位和競爭力感到非常滿意。然而，在我們的預測中，我們還考慮了 2022 年發生的庫存追趕、一些潛在的經濟壓力以及今年與去年相比推出更多競爭對手。

And lastly, Active Lifestyle should continue to grow at a low teens rate compared to 2022, with TravisMathew continue to grow at a faster rate than the segment at large. Additionally, we want to emphasize that 2023 is expected to be a significant year for the business as we transition to being cash flow positive for both our parent company, Topgolf Callaway Brands and the Topgolf division itself.

最後，與 2022 年相比，Active Lifestyle 應該繼續以十幾歲的低速度增長，而 TravisMathew 繼續以比整個細分市場更快的速度增長。此外，我們要強調的是，隨著我們向母公司 Topgolf Callaway Brands 和 Topgolf 部門本身的現金流轉正，預計 2023 年將是業務重要的一年。

Our overall legacy business remains strong, plus we made a big bet on Topgolf that's paying off faster than expected and should continue to ramp from here. With this, we've continued to strengthen our earnings and expand the growth potential of this unique business, even in the face of macroeconomic and foreign exchange headwinds. And we remain on plan or ahead of the 2025 $800 million adjusted EBITDA target laid out during our Investor Day.

我們的整體傳統業務依然強勁，而且我們在 Topgolf 上下了很大的賭注，它的回報速度比預期的要快，而且應該會從這裡繼續增長。因此，即使面對宏觀經濟和外匯逆風，我們也繼續加強我們的收益並擴大這一獨特業務的增長潛力。我們仍按計劃或提前實現在投資者日制定的 2025 年 8 億美元調整後 EBITDA 目標。

Now I'd like to turn the call to Brian to discuss the financials in more detail. And as a native son of Philly, I'd also like to add, Go Eagles.

現在我想把電話轉給布賴恩，更詳細地討論財務問題。作為費城土生土長的兒子，我還想補充一句，Go Eagles。

Thank you, Chip, and good afternoon, everyone. We are very pleased with our results for 2022, the first full year following the merger with Topgolf. It has been exciting to see the transformation of our business, both financially and culturally, as we collectively work to expand our reach and tap into the structural growth taking place within the Modern Golf ecosystem.

謝謝 Chip，大家下午好。我們對 2022 年的業績感到非常滿意，這是與 Topgolf 合併後的第一個完整年度。很高興看到我們的業務在財務和文化上都發生了轉變，因為我們共同努力擴大我們的影響力並利用現代高爾夫生態系統中發生的結構性增長。

My remarks today will be focused more on our fourth quarter performance and forward-looking guidance, but I want to start with a few key highlights from the full year. During 2022, we generated record net revenue of $3.996 billion, a year-over-year increase of 28% or 32% on a constant currency basis, driven by broad-based strength across each of our operating segments.

我今天的發言將更多地關注我們第四季度的業績和前瞻性指引，但我想從全年的幾個主要亮點開始。 2022 年，我們實現了創紀錄的 39.96 億美元淨收入，按固定匯率計算同比增長 28% 或 32%，這得益於我們每個運營部門的廣泛實力。

This sales growth is despite our $148 million negative impact from changes in foreign currency exchange rates. Full-year non-GAAP operating income increased $42 million to $297 million, an increase of 16% year-over-year. This metric was heavily impacted from changes in foreign currency rates during the latter part of last year.

儘管外幣匯率變化給我們帶來了 1.48 億美元的負面影響，但銷售額仍然增長。全年非 GAAP 營業收入增加 4200 萬美元至 2.97 億美元，同比增長 16%。該指標受到去年下半年外匯匯率變化的嚴重影響。

On a constant currency basis, operating income increased 44% and operating margins increased 74 basis points compared to 2021. Lastly, full-year adjusted EBITDA was $558 million, an increase of 25% or 42% constant currency compared to 2021. This is on track or ahead of our goal of $800 million in EBITDA by 2025.

按固定匯率計算，與 2021 年相比，營業收入增長 44%，營業利潤率增加 74 個基點。最後，全年調整後 EBITDA 為 5.58 億美元，與 2021 年相比增長 25% 或 42%。跟踪或超過我們到 2025 年實現 8 億美元 EBITDA 的目標。

With that brief overview, I will now review the quarterly results in more detail. For the fourth quarter, net revenue was $851 million, an increase of 20% compared to Q4 2021 or 25% constant currency. This performance reflects increased revenue across each operating segment, product category and region.

有了這個簡短的概述，我現在將更詳細地回顧季度業績。第四季度淨收入為 8.51 億美元，與 2021 年第四季度相比增長 20%，按固定匯率計算增長 25%。這一業績反映了每個運營部門、產品類別和地區的收入增加。

Our fourth quarter 2022 non-GAAP seasonal operating loss was $25 million, a 42% improvement compared to Q4 2021 due to the strong revenue growth. As a reminder, we have historically recognized a loss in Q4 due to the seasonality of our business.

由於收入增長強勁，我們 2022 年第四季度的非 GAAP 季節性營業虧損為 2500 萬美元，與 2021 年第四季度相比減少了 42%。提醒一下，由於我們業務的季節性，我們歷來承認第四季度的虧損。

On a constant currency basis, non-GAAP income from operations would have increased 73% and operating income as a percent of sales would have improved 476 basis points compared to fourth quarter 2021. Non-GAAP loss per share was $0.27 on 185 million shares compared to $0.19 per share on 186 million shares in the fourth quarter of 2021.

按固定匯率計算，與 2021 年第四季度相比，非 GAAP 運營收入將增長 73%，營業收入佔銷售額的百分比將提高 476 個基點。1.85 億股非 GAAP 每股虧損為 0.27 美元，相比之下2021 年第四季度 1.86 億股每股 0.19 美元。

Please note that a fully diluted share count, which includes shares associated with our convertible notes, only applies to periods with net income, and therefore, our basic share count was used for Q4. Q4 adjusted EBITDA was $37 million, up 156% over Q4 2021, or up 250% on a constant currency basis.

請注意，完全稀釋的股份數量（包括與我們的可轉換票據相關的股份）僅適用於有淨收入的時期，因此，我們的基本股份數量用於第四季度。第四季度調整後的 EBITDA 為 3700 萬美元，比 2021 年第四季度增長 156%，按固定匯率計算增長 250%。

At the segment level, Topgolf contributed $410 million in revenue in the quarter, a 22% increase over 2021, reflecting strong same venue sales growth and additional new venues. Adjusted EBITDA for Topgolf was $43 million, down $3 million compared to Q4 2021 due primarily to higher preopening and marketing expenses. Golf Equipment capped off a very strong year with Q4 revenue of $190 million, an 18% increase over Q4 2021 or a 25% increase on a constant currency basis.

在細分市場層面，Topgolf 本季度貢獻了 4.1 億美元的收入，比 2021 年增長 22%，反映出強勁的同場館銷售增長和新增場館。 Topgolf 調整後的 EBITDA 為 4300 萬美元，與 2021 年第四季度相比減少 300 萬美元，主要原因是開業前和營銷費用增加。高爾夫設備以 1.9 億美元的第四季度收入結束了非常強勁的一年，比 2021 年第四季度增長 18%，按固定匯率計算增長 25%。

Segment operating income increased to 103% to 700,000 of income compared to a $25 million seasonal loss in Q4 2021, as pricing and volume benefits more than offset higher input costs and foreign currency headwinds.

與 2021 年第四季度 2500 萬美元的季節性虧損相比，該部門的營業收入增長了 103%，達到收入的 700,000 美元，這是因為定價和銷量收益抵消了更高的投入成本和外匯逆風。

Lastly, our Active Lifestyle segment had revenue of $252 million, up 17% or 28% on a constant currency basis compared to Q4 2021. Segment operating income increased approximately $2 million year-over-year to approximately breakeven. This increase was led by continued momentum in the TravisMathew and Callaway Brands that were partially offset by macroeconomic issues facing Europe and China, Jack Wolfskin's largest markets.

最後，我們的積極生活方式部門的收入為 2.52 億美元，與 2021 年第四季度相比按固定匯率計算增長 17% 或 28%。該部門的營業收入同比增長約 200 萬美元，接近收支平衡。這一增長是由 TravisMathew 和 Callaway Brands 的持續增長帶動的，這些增長被 Jack Wolfskin 最大的市場歐洲和中國面臨的宏觀經濟問題部分抵消了。

Turning to certain balance sheet items. We remain in a strong financial position with ample liquidity. At December 31, 2022, available liquidity, which is comprised of cash on hand and availability under our credit facilities, was $415 million compared to $753 million at December 31, 2021.

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 12 月 31 日，可用流動資金（包括手頭現金和我們信貸額度下的可用資金）為 4.15 億美元，而 2021 年 12 月 31 日為 7.53 億美元。

The decrease from last year was due to continued investment in Topgolf and working capital increases in the Golf Equipment and Active Lifestyle businesses, which will support our growth this year. On a year-over-year comparison, we note that last year's working capital was abnormally low due to the disruptions in supply chain related to the pandemic.

與去年相比有所減少是由於對 Topgolf 的持續投資以及高爾夫設備和積極生活方式業務的營運資金增加，這將支持我們今年的增長。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。

At quarter end, we had total net debt of $1.88 billion, excluding the convertible debt of approximately $258 million, compared to $1.12 billion at the end of last year. This increase relates primarily to incremental new venue financing and higher working capital.

截至季度末，我們的淨債務總額為 18.8 億美元，不包括約 2.58 億美元的可轉換債務，而去年年底為 11.2 億美元。這一增長主要與增加的新場館融資和更高的營運資金有關。

Our net debt leverage, which excludes the convertible note, was approximately 3.4x at December 31, 2022, compared to 2.5x at December 31, 2021. The increase was due to the new venue development and increases in working capital. Consolidated net accounts receivable was $167 million as of December 31, 2022, compared to $105 million at the end of the fourth quarter of 2021. The increase was due to higher revenues in our Golf Equipment and Active Lifestyle businesses compared to Q4 2021.

截至 2022 年 12 月 31 日，我們的淨債務槓桿（不包括可轉換票據）約為 3.4 倍，而 2021 年 12 月 31 日為 2.5 倍。增加的原因是新場館的開發和營運資金的增加。截至 2022 年 12 月 31 日，綜合應收賬款淨額為 1.67 億美元，而 2021 年第四季度末為 1.05 億美元。這一增長是由於與 2021 年第四季度相比，我們的高爾夫設備和積極生活方式業務的收入增加。

Our inventory balance increased $959 million at the end of the fourth quarter of 2022, compared to $534 million at December 31, 2021. Days inventory on hand are only slightly higher than pre-pandemic levels due to receiving the launch inventory earlier than normal. Also, please remember that 2021 was abnormally low. Overall, we feel good about our inventory levels and expect inventory levels to normalize by the end of the year.

與 2021 年 12 月 31 日的 5.34 億美元相比，我們的庫存餘額在 2022 年第四季度末增加了 9.59 億美元。庫存天數僅略高於大流行前水平，因為比正常情況更早收到發射庫存。另外，請記住 2021 年異常低。總體而言，我們對庫存水平感覺良好，預計庫存水平將在年底前恢復正常。

Capital expenditures for the full year were $357 million net of venue financing reimbursements. This includes $281 million related to Topgolf for the full year. Topgolf CapEx was higher than originally forecasted due to the timing of venue financing reimbursements.

扣除場地融資報銷後，全年資本支出為 3.57 億美元。這包括全年與 Topgolf 相關的 2.81 億美元。由於場地融資報銷的時間安排，Topgolf 資本支出高於最初預測。

For the same reason, 2023 Topgolf CapEx is expected to be lower at approximately $175 million net of venue financing reimbursements. Total company CapEx for full year 2023 is expected to be approximately $255 million, which includes $80 million of CapEx for the non-Topgolf business.

出於同樣的原因，2023 年 Topgolf 的資本支出預計將降低，扣除場地融資報銷後約為 1.75 億美元。預計 2023 年全年公司資本支出總額約為 2.55 億美元，其中包括非 Topgolf 業務的 8000 萬美元資本支出。

Now turning to our 2023 outlook. Our estimates are based upon foreign currency exchange rates as of the end of December 2022 and early January 2023, which is when we implemented our hedging program for 2023. For the full year, we estimate net revenues will increase approximately 10% to 12% to be within the range of $4.415 billion to $4.470 billion. Topgolf segment revenue is expected to be approximately $1.9 billion, driven by new venue development and same venue sales growth.

現在轉向我們的 2023 年展望。我們的估計是基於截至 2022 年 12 月底和 2023 年 1 月初的外幣匯率，也就是我們實施 2023 年對沖計劃的時間。我們估計全年淨收入將增長約 10% 至 12% 至在 44.15 億美元至 44.70 億美元之間。在新場館開發和同場館銷售增長的推動下，Topgolf 部門的收入預計約為 19 億美元。

Golf Equipment is expected to be approximately flat year-over-year, and Active Lifestyle should increase at a low teens percent compared to 2022. The total company revenue estimate includes a $15 million negative foreign currency impact.

與 2022 年相比，Golf Equipment 預計同比大致持平，而 Active Lifestyle 應以十幾%的低增長率增長。公司總收入估計包括 1500 萬美元的負面外匯影響。

We expect full-year 2023 adjusted EBITDA will increase approximately 11% to 15% to be within a range of $620 million to $640 million, with Topgolf generating approximately half of that adjusted EBITDA. The total company EBITDA estimate includes a $20 million negative FX impact.

我們預計 2023 年全年調整後 EBITDA 將增長約 11% 至 15%，在 6.2 億美元至 6.4 億美元之間，其中 Topgolf 產生了調整後 EBITDA 的大約一半。公司 EBITDA 總額估計包括 2000 萬美元的負面外匯影響。

For the first quarter of 2023, we expect net revenue will increase approximately 9% to 11% to be within the range of $1.135 billion to $1.155 billion. We expect Topgolf segment revenue of just under $400 million, driven by same venue sales growth and the revenue benefit from Topgolf venues recently opened in Q4.

對於 2023 年第一季度，我們預計淨收入將增長約 9% 至 11%，在 11.35 億美元至 11.55 億美元之間。我們預計 Topgolf 分部的收入將略低於 4 億美元，這主要受同一場館銷售增長以及最近在第四季度開業的 Topgolf 場館帶來的收入收益的推動。

The total company revenue estimates include a $30 million negative foreign currency impact. We expect Q1 adjusted EBITDA to be within the range of $135 million to $145 million, which is below Q1 2022 EBITDA of $170 million. The decrease is driven primarily by the impact of foreign currency, which we expect to have a $25 million negative impact on EBITDA for the first quarter.

公司總收入估計包括 3000 萬美元的負面外匯影響。我們預計第一季度調整後的 EBITDA 將在 1.35 億美元至 1.45 億美元之間，低於 2022 年第一季度 1.7 億美元的 EBITDA。減少的主要原因是外彙的影響，我們預計這將對第一季度的 EBITDA 產生 2500 萬美元的負面影響。

The Topgolf segment adjusted EBITDA in the quarter will be slightly below the $42 million we generated last year, driven by higher marketing expenditures and a return to full staffing in the venues. The first quarter for the company will also be impacted by the full-year impact of corporate investments we made during 2022 to support our larger business.

本季度 Topgolf 部門調整後的 EBITDA 將略低於我們去年產生的 4200 萬美元，這是由於營銷支出增加和場館人員恢復到滿員的推動。公司第一季度也將受到我們在 2022 年為支持我們更大的業務而進行的企業投資的全年影響的影響。

We also want to note that we are in an inflection point in our business, where we expect that both the total company and the Topgolf business will be cash flow positive in 2023, a year ahead of plan at the time of the merger. We are proud of our results for 2022 and very grateful to the team of employees around the world who helped deliver them.

我們還想指出，我們的業務正處於拐點，我們預計整個公司和 Topgolf 業務都將在 2023 年實現正現金流，比合併時的計劃提前一年。我們為 2022 年取得的成果感到自豪，並非常感謝幫助實現這些成果的全球員工團隊。

We remain 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 meaningful shareholder value.

我們仍然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，以實現我們的長期前景並創造有意義的股東價值。

And finally, I would like to emphasize what Chip said earlier, Fly Eagles, Fly. That concludes our prepared remarks today, and we will now open the call for questions. Operator, over to you.

最後，我想強調一下 Chip 之前所說的，Fly Eagles，Fly。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 today will come from Randal Konik of Jefferies.

（操作員說明）我們今天的第一個問題將來自 Jefferies 的 Randal Konik。

I have two questions. The first one I want to talk to or discuss the Golf Equipment industry. Just want to get your perspective, Chip, on just how you think about industry inventory levels in the channel sell-in versus sell-through?

我有兩個問題。我想談論或討論高爾夫設備行業的第一個。只是想了解您的觀點，Chip，您如何看待渠道銷售與銷售中的行業庫存水平？

And then, how you think about pricing power in the year ahead or a couple of years ahead? Just want to get your thoughts there on the industry of Golf Equipment first.

然後，您如何看待未來一年或未來幾年的定價能力？只想首先了解您對高爾夫設備行業的看法。

Sure, Randy. So the Golf Equipment business remains healthy, which is clearly demonstrated in our results. And although there's been various periods of time of conversation of potential reversions or things like that, the business has had an excellent year.

當然，蘭迪。因此，高爾夫設備業務保持健康，這在我們的業績中得到了清楚的證明。儘管在不同時期都在討論潛在的逆轉或類似的事情，但該企業今年表現出色。

We've outperformed the business, but the market itself has remained strong. The Golf Equipment consumer remains engaged, participation stats show growth. So we're very pleased with that. Inventory largely caught up last year. So if you look at months of supply in the field, they're at normal levels, levels consistent with where it would have been in 2018, 2019.

我們的表現優於業務，但市場本身依然強勁。高爾夫設備消費者保持參與，參與統計數據顯示增長。所以我們對此非常滿意。庫存在很大程度上趕上了去年。因此，如果您查看該領域幾個月的供應，它們處於正常水平，與 2018 年和 2019 年的水平一致。

So that normalization did occur during 2022. And then your last question, Randy, was around pricing power. And our consumer in the Golf Equipment business is candidly not that sensitive to price. They really -- we really compete more around product that's pleasingly different, demonstrably superior.

所以這種正常化確實發生在 2022 年。然後你的最後一個問題，蘭迪，是關於定價權的。坦率地說，我們高爾夫設備行業的消費者對價格並不那麼敏感。他們真的——我們真的圍繞著令人愉悅的不同、明顯優越的產品展開更多競爭。

Nobody has to have a new driver. We're really able to deliver product that makes the game more enjoyable for them, hopefully delivers advantages and is part of the joy of the games because buying new equipment in itself is a fun rite of passage for spring, et cetera. The consumers are passionate, they're engaged. So we feel good about our pricing power and have been able to demonstrate that over a long period of time.

沒有人必須有一個新的驅動程序。我們確實能夠提供讓遊戲對他們來說更有趣的產品，希望能夠提供優勢並成為遊戲樂趣的一部分，因為購買新設備本身就是春季等的有趣儀式。消費者充滿熱情，他們很投入。因此，我們對自己的定價能力感到滿意，並且能夠在很長一段時間內證明這一點。

I am waiting for my Paradym driver in a couple of weeks. So money well spent. The second topic or my last one here, it's just more on Topgolf. When you look at the same-store sales numbers of over 10%, and then you're guiding to high single digit, I believe, in 2023, you broke it down between traffic and price.

我正在等待幾週後的 Paradym 驅動程序。所以錢花得值。第二個主題或我的最後一個主題，更多關於 Topgolf。當你看到超過 10% 的同店銷售數字，然後你引導到高個位數時，我相信，在 2023 年，你將它分解為流量和價格。

When you think about those numbers, they seem to be much stronger than what the economic model was thought of a few years ago, was kind of a low or very minimal, up single -- low single-digit kind of comp growth for these businesses as they get out of the honeymoon phase, if you will.

當你考慮這些數字時，它們似乎比幾年前的經濟模型要強得多，這些企業的複合增長率有點低或非常小，只有一位數的低個位數增長當他們走出蜜月期時，如果你願意的話。

So I guess my question to you is, do you think the store volume numbers you gave last year at the Analyst Day for a small, medium, large, would have you venue, are those kind of just -- not obsolete, but kind of have -- now have upside to where they should be on a more mature basis, given what you've seen?

所以我想我要問你的問題是，你認為你去年在分析師日給出的小型、中型、大型的商店數量是否有你的場地，那些只是 - 不是過時的，但有點有——鑑於你所看到的，現在他們在更成熟的基礎上應該有什麼優勢？

And then the other thing I wanted to ask about is you talked about, I think, in your remarks about these smaller venues, where you've seen better costing to build. It almost feels like you can get more density with these units, i.e. could have more units in the United States than you may think or maybe have given us again last year at the Analyst Day.

然後我想問的另一件事是你談到了，我想，在你對這些較小的場館的評論中，你看到了更好的建造成本。幾乎感覺你可以通過這些單位獲得更高的密度，即在美國可能擁有比你想像的更多的單位，或者可能在去年的分析師日再次給我們。

So I just want to get your thoughts on how you think about that, the venue maturity curve or the top end of it and then long-term kind of unit density or unit opportunity for Topgolf?

所以我只想听聽你是怎麼想的，場地成熟度曲線或它的頂端，然後是 Topgolf 的長期單位密度或單位機會？

Sure, Randy. Yes. There's a lot there. Let me take some of it in course here. So first of all, yes, our expectations are -- [results] we are delivering on same-venue sales we're very proud of. .

當然，蘭迪。是的。那裡有很多。讓我在這裡接受一些課程。所以首先，是的，我們的期望是 - [結果] 我們正在提供我們引以為豪的同場銷售。 .

That was something that we had to solve when we -- at the time of the merger and the team at Topgolf, I just want to commend them on doing an amazing job of delivering great consumer experiences. The brand is clearly building momentum.

這是我們在合併和 Topgolf 團隊時必須解決的問題，我只想讚揚他們在提供出色的消費者體驗方面所做的出色工作。該品牌顯然正在建立勢頭。

You're seeing same-venue sales ramp up consistently, and it's clearly an unlock for the business. The business is a much more profitable long-term opportunity than what we had originally expected as we are demonstrating our ability to drive attractive traffic, price, same venue sales growth and open venue successfully.

您會看到同一地點的銷售額持續上升，這顯然是對企業的解鎖。該業務是一個比我們最初預期的更有利可圖的長期機會，因為我們正在展示我們推動有吸引力的流量、價格、同場銷售增長和成功開放場地的能力。

The store volume numbers do have upside relative to what we presented at the Investor Day as our -- I was looking back in preparation for the earnings call. And I think our initial expectation was low single-digit same venue sales growth for last year. So obviously, we continue to drive improvement.

與我們在投資者日展示的相比，商店數量確實有上升空間——我正在回顧準備財報電話會議。而且我認為我們最初的預期是去年同一場館的低個位數銷售增長。很明顯，我們繼續推動改進。

And then, yes, there is some real significance to these new types of models that we're doing, Boise and Wichita being prime examples of that. They will unlock a lot more markets for us, more mid- to small markets specifically. There -- we think they're great consumer experiences. And when we talked about U.S. initially, we talked about 200 in a TAM for venue count. And we now believe that is 250.

然後，是的，我們正在做的這些新型模型具有一些真正的意義，博伊西和威奇托就是最好的例子。他們將為我們打開更多的市場，特別是更多的中小型市場。在那裡 - 我們認為它們是很棒的消費者體驗。當我們最初談論美國時，我們在 TAM 中談到了 200 個場地數量。我們現在認為是 250。

And our next question today will come from Alex Perry of Bank of America.

我們今天的下一個問題將來自美國銀行的 Alex Perry。

Just first, it seems like the Topgolf EBITDA may have come in a bit under your expectations in 4Q, despite a pretty strong same venue sales number. What were the key drivers there? Was this weather-related impacting high-margin corporate events that sort of getting maybe pushed into January?

首先，Topgolf EBITDA 似乎在第 4 季度可能略低於您的預期，儘管場館銷售數字相當強勁。那裡的關鍵驅動因素是什麼？這種與天氣相關的影響高利潤的公司活動是否可能被推遲到一月份？

And then also, the 2023 guide for Topgolf implies a nice increase in segment EBITDA margins. What would be the key drivers there? Is that some of the dynamic pricing, the labor productivity initiatives, the project [Pie], what's sort of driving the increase in the segment EBITDA margins for Topgolf in '23?

此外，Topgolf 的 2023 年指南暗示分部 EBITDA 利潤率將有可觀的增長。那裡的關鍵驅動因素是什麼？這是一些動態定價、勞動生產率舉措、項目 [Pie]，是什麼推動了 Topgolf 在 23 年的細分市場 EBITDA 利潤率的增長？

This is Brian. I'll answer the first question and then let Chip jump in on the second one. For the -- in the Q4, the flow-through for Topgolf is not what we would normally expect in a normal quarter. But in this one, we had a lot of incremental preopening expenses. We opened 6 new venues in Q4 of 2022 compared to only 1 in the prior year. .

這是布萊恩。我將回答第一個問題，然後讓 Chip 跳入第二個問題。對於 - 在第四季度，Topgolf 的流量不是我們通常在正常季度所期望的。但在這一次，我們有很多增量的開業前費用。我們在 2022 年第四季度開設了 6 個新場館，而去年只有 1 個。 .

And then on top of that, this last year, we also launched the national marketing campaign down there, so you have a lot of incremental marketing expense related to that. And then there's just some catch-up of overhead investment that we had done throughout the year they caught up by Q4.

然後最重要的是，去年，我們還在那裡發起了全國營銷活動，所以你有很多與此相關的增量營銷費用。然後我們在第四季度趕上了我們全年所做的間接投資的一些追趕。

And then, Alex, this is Chip. Relative to the guide, the miss at Topgolf was strictly weather. I mean it was -- they had a very extreme or majority weather, 70%, 80% of it.

然後，亞歷克斯，這是奇普。相對於指南，Topgolf 的失誤完全是天氣。我的意思是——他們經歷了非常極端或多數天氣，70%、80%。

And in December, if you remember back, there was literally life-threatening cold weather in roughly the third week of December in broad swaths of the country. We had to shut down 30 venues, and then another 18 were impacted. And so that affected the revenue and the flow-through relative to the missed, relative to our guide.

在 12 月，如果你還記得的話，大約在 12 月的第三週，該國大片地區確實出現了危及生命的寒冷天氣。我們不得不關閉 30 個場館，然後另外 18 個場館受到影響。因此，相對於我們的指南，這影響了收入和相對於錯過的流量。

And then when you look at the -- in a strong EBITDA margin improvement and at Topgolf, you're seeing that happen consistently, by the way. That's been continuing to leverage and scale. You are seeing it being driven by the same venue sales growth, by the initiatives we're putting in place with [Pie] and the ability to open the venue so successfully.

然後，當你看到——在強勁的 EBITDA 利潤率改善和 Topgolf 時，順便說一下，你會看到這種情況一直在發生。這一直在繼續發揮作用和擴大規模。你會看到它是由相同的場館銷售增長、我們與 [Pie] 一起實施的舉措以及如此成功地開設場館的能力所推動的。

We're optimistic on the marketing program contributing to that. And as mentioned, these venues are increasing their overall operating margin as well. So a really virtuous cycle of good results from the venue business at Topgolf.

我們對促成這一點的營銷計劃持樂觀態度。如前所述，這些場館也在增加其整體營業利潤率。因此，Topgolf 的場地業務帶來了真正的良性循環。

Our next question today will come from Daniel Imbro of Stephens Inc.

我們今天的下一個問題將來自 Stephens Inc. 的 Daniel Imbro。

Chip, I wanted to follow up actually on that last answer you gave to Alex's question on Topgolf, can you be a little more specific? I'm curious when, the timing-wise, you plan on implementing some of that dynamic pricing? When [Pie] starts to go into effect on window timing?

Chip，我實際上想跟進你對 Alex 在 Topgolf 上的問題的最後一個回答，你能更具體一點嗎？我很好奇，在時間方面，您計劃實施一些動態定價嗎？ [Pie]什麼時候開始影響窗口時間？

And then just are there any other labor productivity opportunities you guys have found, now that you've had Topgolf under your belt for a year?

那麼，既然你們已經擁有 Topgolf 一年了，你們是否發現了任何其他勞動生產率機會？

Sure, Daniel. So [Pie] has been an initiative that the team has been working on now for 1.5 years. But it was only in 18 venues at the end of 2022. And as mentioned, we're going to have it in all of the venues by the end of 2023. So that will unlock increased reservation capability, increase the management capability and improve operating margins. We think it's a great opportunity.

當然，丹尼爾。因此，[Pie] 是該團隊已經研究了 1.5 年的一項舉措。但到 2022 年底只有 18 個場館。如前所述，我們將在 2023 年底之前在所有場館都擁有它。這將釋放更多的預訂能力，提高管理能力並改善運營邊距。我們認為這是一個很好的機會。

And we also think, in fact, we know, that the consumer likes the ability to make these reservations and to know that they have a specific time to enjoy beta.

我們還認為，事實上，我們知道，消費者喜歡進行這些預訂的能力，並且知道他們有特定的時間享受測試版。

So that is a very significant driver of the improved results, and we expect. But we've been driving improved operating margins. As we previously mentioned, the operating margins were historically EBITDAR at a venue, 29% when we acquired the business. We told you at the Investor Day, we thought we could exceed 32%. We have exceeded that, and we're telling you we can now continue to drive further improvement.

因此，這是改進結果的一個非常重要的驅動因素，我們預計。但我們一直在推動提高營業利潤率。正如我們之前提到的，營業利潤率在歷史上是一個場所的 EBITDAR，當我們收購該業務時為 29%。我們在投資者日告訴過你，我們認為我們可以超過 32%。我們已經超越了這一點，並且我們告訴您我們現在可以繼續推動進一步改進。

That's helpful. And then I wanted to just touch on the overall kind of company guidance. I think you raised it roughly, call it, $30 million at the midpoint. Obviously, FX has gotten better. I think the footnotes point to about $45 million of better FX from a few months ago.

這很有幫助。然後我想談談公司的整體指導。我認為你在中點粗略地提高了 3000 萬美元。顯然，FX 變得更好了。我認為腳註指向幾個月前大約 4500 萬美元的更好外匯。

So just kind of curious, what the puts and takes are on the core business as to what maybe -- we've had a solid preorder sale of Paradym, Topgolf's obviously doing well. So kind of what are the puts and takes in that core guidance ex FX that have changed from a few months ago?

所以有點好奇，核心業務的賣點和賣點是什麼——我們的 Paradym 預售很穩定，Topgolf 顯然做得很好。那麼，與幾個月前相比發生變化的 ex FX 核心指導中的看跌期權和收益是多少？

This is Brian Lynch. The increase from the $600 million we previously guided to, to now really reflects all FX adjustments. If you bake in the FX rates, change in the FX rates, you bake in our hedging program, everything -- that's the all-in number. And...

這是布萊恩·林奇。從我們之前指導的 6 億美元增加到現在真正反映了所有外匯調整。如果你加入外匯匯率，改變外匯匯率，你加入我們的對沖計劃，一切——這就是全部數字。和...

I think, Brian, in the FX...

我認為，布賴恩，在 FX 中......

So you get to the guidance...

所以你得到指導......

Isn't the FX $45 million better than a few quarters ago? So I just was wondering what the core -- it looked like maybe drop of 10% to 15%, kind of what was accounting for that?

外匯 4500 萬美元不是比幾個季度前好嗎？所以我只是想知道核心是什麼——看起來可能下降了 10% 到 15%，這是什麼原因造成的？

Well, when we -- when we said approximately 600, it was a little bit under 600 last time when we snapped the chalk line that we were giving pre-guidance. And so if you -- we're within rounding of all of it being FX and all of it going into the number, Daniel.

好吧，當我們 - 當我們說大約 600 時，上次我們打破我們給出預先指導的粉筆線時，它略低於 600。因此，如果你 - 我們在所有這些都是 FX 的四捨五入之內，所有這些都進入了數字，Daniel。

Our next question will come from Joe Altobello of Raymond James.

我們的下一個問題將來自 Raymond James 的 Joe Altobello。

First question on Golf Equipment. You mentioned you expect segment sales to be flat this year. I guess, first, how much benefit did you have last year from channel fill, trying to figure out how much you have to anniversary? And maybe secondly, how do you see the overall Golf Equipment industry spend in '23? Is it sort of flattish with last year as well?

關於高爾夫裝備的第一個問題。您提到您預計今年的分部銷售額將持平。我想，首先，您去年從渠道填充中獲得了多少收益，試圖弄清楚您有多少週年紀念日？也許其次，您如何看待 23 年整個高爾夫設備行業的支出？去年也有點平淡嗎？

Yes, Joe, good questions. We estimate that channel fill provided a one-term benefit last year of about $80 million to $100 million, and we won't be [anniversarying] that this year. .

是的，喬，好問題。我們估計渠道填充去年提供了大約 8000 萬到 1 億美元的一次性收益，而今年我們不會 [週年紀念]。 .

And then overall Golf Equipment, we're expecting the market to be approximately flat there, maybe down a couple of points. We generally hold ourselves and our standard is to be a little bit better than the market we expect to do that again this year. But we think the market will have a solid year, although we're not, at this point, forecasting significant growth for the industry at large.

然後是整體高爾夫設備，我們預計市場將大致持平，可能會下降幾個點。我們通常堅持自己，我們的標準是比我們預計今年再次這樣做的市場好一點。但我們認為市場將有一個穩定的一年，儘管我們目前還沒有預測整個行業的顯著增長。

That's helpful. Maybe on Topgolf, you mentioned a new format you're seeing -- you're using in Boise and Wichita. How should we think about those additional 50 venues? Is that at the end of the plan? Or is that maybe 15 a year rather than 11?

這很有幫助。也許在 Topgolf 上，你提到了你看到的一種新格式——你正在博伊西和威奇托使用。我們應該如何考慮這額外的 50 個場館？那是在計劃的末尾嗎？或者是一年 15 次而不是 11 次？

No, we're still holding to our 11 per year, but we just believe we'll have more years of growth out there at this point, and they'll scatter into the plan. We're not going to break down when we'll see large, mediums or this new version into the mix. But -- no real change in the number of venues but a larger TAM and expect more opportunity for growth out of the business.

不，我們仍然堅持每年 11 年，但我們只是相信我們在這一點上會有更多年的增長，他們會分散到計劃中。當我們看到大型、中型或這個新版本加入組合時，我們不會崩潰。但是——場館數量沒有真正的變化，但 TAM 更大，並期望有更多的業務增長機會。

Our next question today will come from Michael Swartz of Truist Securities.

我們今天的下一個問題將來自 Truist Securities 的 Michael Swartz。

I just wanted to touch on Toptracer range. I think you had about 7,000 bay installs in '22, and I think you're calling for another 7,000 plus in '23. But I think at the time you acquired the business, you had expected something like 8,000 additions a year as kind of the run rate.

我只想談談 Toptracer 系列。我認為您在 22 年安裝了大約 7,000 個托架，我認為您需要在 23 年再安裝 7,000 個以上。但我認為在你收購這家公司的時候，你曾期望每年增加 8,000 人左右的運行率。

Maybe it was a sense of why that's been pulled back a little bit. Is that just -- still just supply chain challenges? Or is there something more structural to why you're not planning to grow that fast, going forward?

也許這是一種感覺，為什麼它被拉回了一點。那隻是 - 仍然只是供應鏈挑戰嗎？還是有一些更結構化的原因來解釋為什麼你不打算那麼快地向前發展？

Sure, Michael. Good question. So you're correct. We did just over 7,000 in 2022. We expect to grow that from that 7,000. So that puts us within rounding of that 8,000 for this year, not a material change on our forecast for 2023. .

當然，邁克爾。好問題。所以你是對的。我們在 2022 年完成了 7,000 多個。我們預計會從 7,000 個開始增加。因此，這使我們今年接近 8,000 個，而不是我們對 2023 年預測的重大變化。。

And we've had great success, in fact, exceeded our expectations on covered range bay conversions, where sales have been outstanding. The ramp on the green grass market has been a little slower than what we initially expected. We're making investments there.

事實上，我們取得了巨大的成功，超出了我們對銷售出色的覆蓋範圍海灣轉換的預期。綠草市場的增長速度比我們最初預期的要慢一些。我們正在那裡投資。

And it's sort of what we're finding a little bit like Golf Equipment. Green grass is a channel that just takes a little longer to get into, but it's a really valuable channel, and we certainly have the infrastructure to do that. We think the PGA of America partnership and endorsement will help us on that.

這就是我們發現的有點像高爾夫設備的東西。 Green grass 是一個需要更長時間才能進入的渠道，但它是一個非常有價值的渠道，我們當然有基礎設施來做到這一點。我們認為 PGA of America 的合作夥伴關係和認可將在這方面幫助我們。

The coaching platform that we introduced at the PGA show, where we'll be able to partner with golf coaches, particularly PGA professionals, will certainly lend us to that. And we still feel very good about the Toptracer business.

我們在 PGA 展會上推出的教練平台，我們將能夠與高爾夫教練，特別是 PGA 專業人士合作，這肯定會讓我們受益匪淺。我們仍然對 Toptracer 業務感覺良好。

And maybe just a follow-up question on Topgolf. I think you said it's going to be another heavily-weighted development year in the fourth quarter. Any way you can sense of -- presumably, those won't be extremely additive to 2023 from a revenue or profitability standpoint. But is there any way to think about the annualized benefit from your 8 locations that would be going in, in the fourth quarter? Is that $200 million, $300 million? I'm just trying to get a sense of how much that would add to '24.

也許只是關於 Topgolf 的後續問題。我想你說過第四季度將是另一個權重較大的發展年。任何你能感覺到的方式——大概，從收入或盈利能力的角度來看，這些不會對 2023 年產生極大的影響。但是，有什麼方法可以考慮第四季度您將進入的 8 個地點的年化收益嗎？那是2億美元，3億美元嗎？我只是想了解一下這會給 24 歲的孩子帶來多少。

Patrick, you can jump in here, if you can correct me. But I think when we add them in Q4, they're pretty neutral or negative, on an EBITDA basis, for the year because of the preopening expense and other start-up costs, if you would, preopening should cover most of that.

帕特里克，如果你能糾正我的話，你可以跳進這裡。但我認為，當我們在第四季度添加它們時，它們在 EBITDA 的基礎上是相當中性或負的，因為開業前費用和其他啟動成本，如果你願意的話，開業前應該涵蓋其中的大部分。

So it's not particularly additive on the bottom line for the year, but we obviously have the 6 that opened last Q4 that will be additive for the year. But the 8 that are opening this Q4 probably don't help us this year.

所以它在今年的底線上並不是特別增加，但我們顯然有去年第四季度開盤的 6 個，這將在今年增加。但是今年第 4 季度開始的 8 家公司今年可能對我們沒有幫助。

That's right. And maybe, Michael, what it does add the next following year, right? It's -- we don't have a perfect way, but we told you what a representative venue does from a revenue and a 4-wall margin. The ones that we've opened in '22, and we told you in '23, a little larger than a representative, and we also tell you that the first year is -- generally the first full year is one of their best years.

這是正確的。也許，邁克爾，明年它會增加什麼，對嗎？它是——我們沒有完美的方法，但我們告訴過你一個有代表性的場地從收入和 4 牆利潤率中做什麼。我們在 22 年開放的，我們在 23 年告訴你的，比代表大一點，我們還告訴你第一年是——通常第一年是他們最好的一年。

So you could probably use some of that to help you understand what that next year's impact of those new venues at the end of the year would be.

因此，您可能可以使用其中的一些來幫助您了解這些新場館明年年底的影響。

Our next question today will come from Casey Alexander of Compass Point Research & Trading.

我們今天的下一個問題將來自 Compass Point Research & Trading 的 Casey Alexander。

I would check your guidance for the first quarter looking for order cancellations from Kansas City Country Club, based upon what you...

我會檢查你第一季度的指導，尋找堪薩斯城鄉村俱樂部的訂單取消，基於你...

I know -- I knew we took a little risk there. So we love all the Midwest as well, Casey, for the record.

我知道——我知道我們在那裡冒了一點風險。因此，我們也愛所有中西部地區，凱西，鄭重聲明。

A lot of good questions have already been asked. I'm going to ask a couple more. In light of your sort of flattish year-over-year Golf Equipment guidance, but you've got great market share growth and now covered $300 million in Golf Ball. And Golf Ball is such a volume-driven business. As the volume goes up, the margins expand dramatically.

已經問了很多很好的問題。我要再問幾個。鑑於你們的高爾夫設備指南同比持平，但你們的市場份額增長很快，現在高爾夫球的銷售額達到了 3 億美元。高爾夫球就是這樣一種以銷量為導向的業務。隨著交易量的增加，利潤率急劇擴大。

How do you push that business further and get it -- you took a long time to go for 15 to 20. How do we now go from 20 to 25? And what could that do to profitability on the Golf Equipment side?

您如何進一步推動該業務並獲得它 - 您花了很長時間才達到 15 到 20。我們現在如何從 20 到 25？這對高爾夫設備方面的盈利能力有何影響？

Yes. You got great points there because we've been really proud, Casey, of how we have steadily grown that market share over 6, 8 years, right? So this has been a prolonged run of continual growth in market share in the Golf Ball.

是的。你在那裡得到了很好的觀點，因為我們真的很自豪，凱西，我們如何在 6、8 年內穩步增長市場份額，對吧？因此，這是高爾夫球市場份額長期持續增長的結果。

We now are just over $300 million. We're record over 20%, which is a cool threshold. And we're hopeful that we've had momentum in that space, in that doing the things that we've done over the last several years continuing on the path will deliver that same level of steady 3 yards in a cloud of dust growth.

我們現在剛剛超過 3 億美元。我們的記錄超過 20%，這是一個很酷的門檻。我們希望我們在那個領域有動力，因為我們在過去幾年裡所做的事情繼續沿著這條道路前進，將在塵土飛揚的雲中提供相同水平的穩定 3 碼。

And that growth also tends to stick with you when you do at that. We're building great relationships at green grass. We're building and have invested quite a bit into the Chicopee facility to build what we think is the best Golf Ball in golf. The Jon Rahms, the Xanders that are using it on tour. We're obviously working and investing in new capabilities.

當你這樣做時，這種增長也會伴隨你。我們正在 green grass 建立良好的關係。我們正在建造 Chicopee 設施並投入了大量資金，以打造我們認為是高爾夫中最好的高爾夫球。 Jon Rahms 和 Xanders 在巡演中使用它。我們顯然正在努力並投資於新功能。

So we're very committed to the business, excited on the results, and we think that the formula that we've used over the last several years will be -- will continue to serve us well, going forward.

所以我們非常致力於業務，對結果感到興奮，我們認為我們在過去幾年中使用的公式將是 - 將繼續為我們服務，繼續前進。

And my follow-up is, I'm curious about your comment about Toptracer. Because obviously, at the PGA show, you made a very great effort to connect Toptracer with the PGA professional. But is the difficulty at green grass the fact that he's often not the decision-maker, right? I mean the decision maker on capital expenditure, things like that, is often a committee, and committees can be a lot harder to convince than an informed single decision maker.

我的後續行動是，我很好奇您對 Toptracer 的評論。因為顯然，在 PGA 展會上，您為將 Toptracer 與 PGA 專業人士聯繫起來做出了很大的努力。但在綠草地的困難是因為他通常不是決策者，對嗎？我的意思是資本支出的決策者，諸如此類的事情，通常是一個委員會，而委員會比一個知情的單一決策者更難說服。

No, you're right. And that may be one of the things that we've learned over the last year because that's where our business has gone a little bit slower than what we anticipated.

不，你是對的。這可能是我們在過去一年中學到的東西之一，因為我們的業務發展速度比我們預期的要慢一些。

But as you could tell at the PGA show, Casey, we're connecting with the PGA professional. There's an energy around that business. It makes sense. It is going to be the future of driving ranges, both covered and uncovered.

但正如你在 PGA 秀上所說的那樣，凱西，我們正在與 PGA 專業人士聯繫。那項業務充滿活力。這說得通。這將是有蓋和無蓋練習場的未來。

And although the Director of Golf or the PGA professional may not be the only decision maker as momentum builds around range conversions and our product and relationships get stronger, it's certainly nice to have a strong advocate there.

雖然高爾夫總監或 PGA 專業人士可能不是唯一的決策者，因為圍繞範圍轉換的勢頭越來越大，我們的產品和關係也越來越強大，但在那裡有一個強有力的擁護者當然是件好事。

Our next question will come from Eric Wold of B. Riley Securities.

我們的下一個問題將來自 B. Riley Securities 的 Eric Wold。

Two questions, I guess. One, following up on the rollout of the reservation and variable pricing system throughout the network by the end of the year, how should we think about the cadence of that rollout during the year in those venues coming online? Maybe kind of what benefit you baked into guidance in terms of when that happens and how much benefit this year versus maybe more of it next year, depending on that timing?

我想有兩個問題。第一，跟進年底全網預約和可變定價系統的推出，我們應該如何考慮在這些即將上線的場館年內推出的節奏？也許你在指導中提到了什麼好處，什麼時候發生，今年有多少好處，明年可能更多，這取決於那個時間？

I think it -- to the best of my knowledge, Eric, it scales throughout the year. So we only had it in 18 venues will -- it will go in almost on an equal by quarter basis throughout the year.

我認為——據我所知，埃里克，它全年都在擴展。所以我們只在 18 個場館中使用它——全年幾乎按季度平均使用。

Got it. And then second question, -- you saw an e-mail promotion today, kind of one of the more recent ones, been offering a bonus in TravisMathew for spending at Topgolf. Maybe talk a little bit about where your focus this year and kind of boosting awareness kind of between the various customer groups of the different brands, I mean to kind of drive initial revenue synergies between the segments? Is there a different focus this year? Or kind of where were you putting your attention?

知道了。然後是第二個問題——你今天看到了一封電子郵件促銷活動，最近的促銷活動之一，在 TravisMathew 提供在 Topgolf 消費的獎金。也許談談你今年的重點在哪裡，以及在不同品牌的不同客戶群之間提高意識，我的意思是推動各細分市場之間的初始收入協同效應？今年有不同的重點嗎？或者你把注意力放在哪裡了？

Yes, Eric, thanks for noticing that, and I'd highly recommend that you might want to take that up for the loved ones in your life. That's a promotion where if you buy a -- I think it's a $50 gift card for bay time [and topped off] and what Valentine wouldn't love that. You get a $25 gift card for TravisMathew, his or hers.

是的，埃里克，謝謝你注意到這一點，我強烈建議你為了你生命中所愛的人而努力。這是一個促銷活動，如果你買一張 - 我認為這是一張 50 美元的海灣時間禮品卡 [並加滿] 而瓦倫丁不會喜歡的。您會得到一張價值 25 美元的 TravisMathew 禮品卡，這是他或她的。

So -- but it's a great example of cross-brand promotion that we have such a wonderful opportunity of. But -- we're building out the digital assets for that. The marketing teams are coming together. Early days, you would see some logo exposure, putting Topgolf on Jon Rahm's sleeve, our tour bags.

所以 - 但這是跨品牌推廣的一個很好的例子，我們有這樣一個絕佳的機會。但是——我們正在為此構建數字資產。營銷團隊齊聚一堂。早期，你會看到一些標誌曝光，把 Topgolf 放在 Jon Rahm 的袖子上，我們的旅遊包。

You'll see more and more opportunities where we're able to cross-promote different loyalty programs. We had our launch event at a Topgolf for Paradym drivers. It's just an exciting opportunity to use the power of these brands together. And we're going to continue to lean in on that.

您會看到越來越多的機會，我們可以在這些機會中交叉推廣不同的忠誠度計劃。我們在 Topgolf 為 Paradym 車手舉辦了發布會。這只是一個將這些品牌的力量結合在一起的令人興奮的機會。我們將繼續依靠這一點。

Our next question today will come from George Kelly of ROTH MKM.

我們今天的下一個問題將來自 ROTH MKM 的 George Kelly。

So first one is just you ended the quarter with close to $1 billion of inventory. And I'm just curious, what is a normalized level? And when do you think you can get there?

所以第一個是你在本季度結束時擁有近 10 億美元的庫存。我很好奇，什麼是標準化水平？你認為你什麼時候可以到達那裡？

George, you're right. Inventory is up currently year-over-year at the end of the year. Almost all of that is -- a great percentage of that is current year product. It's just arrived earlier than expected.

喬治，你是對的。截至年底，庫存目前同比增長。幾乎所有這些都是 - 其中很大一部分是當年的產品。它比預期的要早到達。

With the supply chain channel -- challenges earlier with the pandemic, people started pushing product, ordering product earlier to make sure we get it. And then all of a sudden, the supply chain caught up and shipped it earlier.

有了供應鏈渠道——大流行帶來的挑戰，人們開始推銷產品，提前訂購產品以確保我們得到它。然後突然間，供應鏈趕上來，提前發貨了。

But it's all current, and you will see start to normalize in the back half of the year. Our days in inventory on hand are just slightly higher than pre-pandemic levels. And we feel good about it. So it just has to work its way through as we launch product.

但這都是最新的，你會看到在今年下半年開始正常化。我們手頭的庫存天數僅略高於大流行前的水平。我們對此感覺很好。因此，它只需要在我們推出產品時完成。

Okay. Understood. And then second question, I'm just trying to understand the reservation sort of rollout of the [better]. So a few topics I was hoping you could maybe cover a little more in detail.

好的。明白了。然後是第二個問題，我只是想了解 [更好] 推出的預訂類型。所以我希望您可以更詳細地介紹一些主題。

But the team that you've already implemented this system, and can you quantify what you've seen at all? I'm assuming it's mainly a pricing impact so far, but any kind of quantification would be helpful.

但是你已經實施了這個系統的團隊，你能量化你所看到的嗎？到目前為止，我假設這主要是定價影響，但任何一種量化都會有所幫助。

And then secondarily, do -- when you put this system in place, is there a lot of kind of education that you have to do to consumers or do folks know about it? And is there still a lot of like several years of kind of penetration as you educate your customer base about it, and so it's not just that it needs to roll out everywhere, it really needs to sort of -- there needs to be an education process as well that will take longer?

其次，做 - 當你建立這個系統時，你是否需要對消費者進行很多教育，或者人們是否知道這一點？當你對你的客戶群進行關於它的教育時，是否仍然有很多類似幾年的滲透，所以這不僅僅是它需要在任何地方推出，它確實需要——需要一種教育過程以及那會需要更長的時間？

So in terms of the education, in terms of the metrics, George, we're not going to unfortunately give you specifics on those. But we have seen improvements in the venues, where we put this in, both in sales metrics. So if you would, more better same venue sales, better bay utilization, bay turn times, et cetera, and improved consumer satisfaction.

因此，就教育而言，就指標而言，喬治，我們不會很遺憾地為您提供這些方面的細節。但是我們已經看到我們在銷售指標方面的場所有所改善。因此，如果您願意，可以實現更好的同場銷售、更好的貨位利用率、貨位周轉時間等，並提高消費者滿意度。

So we see very tangible and attractive metrics from it. And I think your point on the education is very sound and a good one. So it requires some education of the consumer.

因此，我們從中看到了非常有形和有吸引力的指標。我認為你關於教育的觀點非常正確而且很好。因此，它需要對消費者進行一些教育。

But it also requires a lot of training and education from the playmakers, right, because it's a whole different way of doing business. It's reserving a bay time or getting a different methodology, where you -- we have to have the consumer understand that they have the bay for a specific period of time. They don't stay indefinitely, but you reserve to have a 2-hour block, if you would.

但這也需要組織者進行大量培訓和教育，對吧，因為這是一種完全不同的經營方式。它是預留海灣時間或獲得不同的方法，你 - 我們必須讓消費者了解他們在特定時間段內擁有海灣。他們不會無限期地停留，但如果你願意的話，你可以預留 2 小時的時間。

We'll have to have the consumers be aware that they can make these reservations. They want to do so because the biggest complaint that we had at Topgolf, and I know this sounds silly, but it's -- was that the waits were too long.

我們必須讓消費者知道他們可以進行這些預訂。他們想這樣做是因為我們在 Topgolf 遇到的最大抱怨，我知道這聽起來很愚蠢，但它 - 是等待時間太長。

And so for a person like myself, I don't want to wait 4 hours to go anywhere, quite frankly. And the -- if there's an opportunity to reserve that time, even if they charge me a little bit more for it, I'm all in. And I think many are. But we're going to have to teach the team to -- how much to release in terms of the reservation system anyway.

所以對於像我這樣的人來說，坦率地說，我不想等 4 個小時去任何地方。而且 - 如果有機會保留那個時間，即使他們為此向我收取更多費用，我也會全力以赴。而且我認為很多人都是。但我們將不得不教導團隊——無論如何要在預訂系統方面釋放多少。

I got to tell you that the Topgolf team is embracing it. They fully understand the attractiveness of this, and both the management and the playmakers are just doing a wonderful job. We couldn't be more proud of them. They're making a big difference. They're continuing to delight the consumer. And now they're transitioning in some of their approaches consistent with this [Pie], and we think it's a great unlock for us.

我得告訴你，Topgolf 團隊正在接受它。他們完全理解這的吸引力，管理層和組織者都做得很好。我們為他們感到無比自豪。他們正在發揮很大的作用。他們繼續取悅消費者。現在他們正在轉變與這個 [Pie] 一致的一些方法，我們認為這對我們來說是一個很好的解鎖。

And at this time, we will conclude our question-and-answer session. I'd like to turn the conference back over to Chip Brewer for any closing remarks.

在這個時候，我們將結束我們的問答環節。我想將會議轉回給 Chip Brewer，聽取任何閉幕詞。

Well, I want to just thank everybody for their time. Obviously, Brian and I are diehard Eagles fan. So you know we're rooting on one side of the equation this Sunday, but we hope everybody has a great Super Bowl weekend, and we look forward to updating you on the start of our year on our next call. Thank you so much for attending this one.

好吧，我只想感謝大家的時間。很明顯，布萊恩和我都是老鷹隊的鐵桿球迷。所以你知道我們這個星期天站在等式的一邊，但我們希望每個人都能度過一個愉快的超級碗週末，我們期待著在我們的下一次電話會議上為你更新新的一年。非常感謝您參加這次會議。

And the conference has now concluded. We do thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。我們非常感謝您參加今天的演講。您現在可以斷開線路。