Topgolf Callaway Brands Corp (MODG) 2021 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q1 2021 Callaway Golf Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to Patrick Burke, Head of Investor Relations. Thank you. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 2021 年第一季度卡拉威高爾夫收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）我現在想將會議交給投資者關係主管帕特里克·伯克（Patrick Burke）。謝謝你。請繼續。

Thank you, Erica, and good afternoon, everyone. Welcome to Callaway's First Quarter 2021 Earnings Conference Call. I'm Patrick Burke, the company's Head of Investor Relations. Joining me on today's call are Chip Brewer, our President and Chief Executive Officer; Brian Lynch, our Chief Financial Officer; Jennifer Thomas, our Chief Accounting Officer; Artie Starrs, our Chief Executive Officer of TopGolf and William Davenport, our Chief Financial Officer of Topgolf.

謝謝你，Erica，大家下午好。歡迎參加卡拉威 2021 年第一季度收益電話會議。我是公司投資者關係主管帕特里克·伯克。和我一起參加今天電話會議的是我們的總裁兼首席執行官 Chip Brewer；我們的首席財務官 Brian Lynch；我們的首席會計官詹妮弗·托馬斯；我們的 TopGolf 首席執行官 Artie Starrs 和我們 Topgolf 的首席財務官 William Davenport。

Today, the company issued a press release announcing its first quarter 2021 financial results. A copy of the press release and associated presentation are available on the Investor Relations section of the company's website at www.ir.callawaygolf.

今天，該公司發布了一份新聞稿，宣布了其 2021 年第一季度的財務業績。新聞稿和相關演示文稿的副本可在公司網站 www.ir.callawaygolf 的投資者關係部分獲得。

Most of the financial numbers reported and discussed on today's call are based on U.S. generally accepted accounting principles. In the few 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. 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.

在今天的電話會議上報告和討論的大多數財務數據都是基於美國公認的會計原則。在我們報告非 GAAP 措施的少數情況下，我們已根據 G 條例將非 GAAP 措施與演示文稿後面的相應 GAAP 措施進行了核對。請注意，本次電話會議將包括前瞻性陳述，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。

Please note that in connection with our prepared remarks, there's an accompanying PowerPoint presentation that may make it easier for you to follow the call today. This earnings presentation is available for download on the Callaway Investors website under the Webcast and Presentations tab. Also on the same tab, you can choose to join the webcast to listen to the call and view the slides. As a webcast participant, you are able to flip through the slides. I would now like to turn the call over to Chip.

請注意，與我們準備好的評論有關，隨附的 PowerPoint 演示文稿可能會讓您更輕鬆地跟進今天的電話會議。此收益演示文稿可在 Callaway Investors 網站的網絡廣播和演示文稿選項卡下下載。同樣在同一選項卡上，您可以選擇加入網絡廣播以收聽電話並查看幻燈片。作為網絡廣播參與者，您可以翻閱幻燈片。我現在想把電話轉給 Chip。

Thanks, Patrick. Good afternoon, everybody, and thank you for joining us for today's call. Starting on Page 5 of the presentation. It's great to be with you today to discuss what we believe were excellent Q1 results as well as to provide some color on the outlook for the business going forward. Our Q1 results exceeded our revenue and profitability expectations in all 3 of our principal business segments. Our Golf Equipment segment continued to experience unprecedented demand, which combined with a strong performance by our supply chain team, delivered 29% revenue growth versus 2020 and 16% growth versus 2019. Our apparel and soft goods segment also overperformed our expectations, driven by positive brand momentum in both TravisMathew and Jack Wolfskin. The fact that this segment delivered positive segment profitability was, in my opinion, an exceptional performance given the headwinds faced by COVID restrictions and shutdowns in the European markets. I believe these trends bode very well for the long-term outlook of this segment. Lastly, Topgolf outperformed expectations based on a faster-than-anticipated recovery in demand as well as strong operating efficiencies. We believe it would be hard to find 3 better positioned business segments, both for the current environment and our expectations going forward.

謝謝，帕特里克。大家下午好，感謝您加入我們今天的電話會議。從演示文稿的第 5 頁開始。很高興今天與您討論我們認為出色的第一季度業績，並為未來的業務前景提供一些色彩。我們的第一季度業績超出了我們所有三個主要業務部門的收入和盈利預期。我們的高爾夫設備部門繼續經歷前所未有的需求，加上我們供應鏈團隊的強勁表現，收入與 2020 年相比增長了 29%，與 2019 年相比增長了 16%。我們的服裝和軟商品部門在積極的推動下也超出了我們的預期TravisMathew 和 Jack Wolfskin 的品牌勢頭。在我看來，鑑於歐洲市場面臨 COVID 限制和停工的不利因素，該細分市場實現了正向的盈利能力這一事實是一個非凡的表現。我相信這些趨勢預示著該細分市場的長期前景非常好。最後，由於需求復蘇快於預期以及運營效率強勁，Topgolf 的表現超出了預期。我們認為，無論是針對當前環境還是我們對未來的預期，都很難找到 3 個定位更好的業務部門。

I'd like to take this chance to thank the entire Callaway global team, which I'm happy to call out now includes Topgolf and its related brands, for the hard work required in delivering these results as well as navigating the many challenges presented by both these extraordinary times and the exciting strategy we're implementing. Like me, I'm sure our team remains highly motivated to capitalize on the strong list of opportunities in front of us.

我想藉此機會感謝整個 Callaway 全球團隊，現在我很高興地向包括 Topgolf 及其相關品牌在內的整個團隊表示感謝，感謝他們在取得這些成果以及應對由這些非同尋常的時刻和我們正在實施的激動人心的戰略。和我一樣，我確信我們的團隊仍然非常積極地利用我們面前的大量機會。

Let's now turn to Page 6 and jump into our Q1 results by segment. Our Golf Equipment segment continues to benefit from record demand levels. According to Golf Datatech, U.S. retail sales of golf equipment's hard goods were up 49% compared to Q1 2019 and 72% compared to 2020, thus setting another record for Q1, just as the last 2 quarters delivered records for their respective time periods. Our supply chain team did a great job in Q1 chasing demand and exceeding our expectations on supply. Even with this great work, field inventory levels remain extremely low, and we expect them to remain so at least through midyear, perhaps even longer.

現在讓我們轉到第 6 頁並按部分跳入我們的第一季度業績。我們的高爾夫設備部門繼續受益於創紀錄的需求水平。根據 Golf Datatech 的數據，與 2019 年第一季度相比，美國高爾夫裝備硬品的零售額增長了 49%，與 2020 年相比增長了 72%，從而創造了第一季度的另一個記錄，正如過去兩個季度在各自時間段內創造的記錄一樣。我們的供應鏈團隊在第一季度追逐需求和超出我們對供應的預期方面做得很好。即使有了這項偉大的工作，現場庫存水平仍然極低，我們預計它們至少會在年中保持這種狀態，甚至可能更長。

Fortunately, we also believe our supply chain is and will continue to deliver us a competitive advantage through the balance of the year, especially in custom fitting, where demand is also surging right now. Although we fully expect the current unprecedented demand to moderate at some point, we have yet to see a slowdown, and we continue to see particular strength in product aimed at women's, juniors and new entrants to the game. We are now quite confident that 2021 will be a very strong year, and we also believe there will be a long-term benefit to the golf industry as we expect it will leave the pandemic period with a significantly larger total addressable market and strong momentum.

幸運的是，我們也相信我們的供應鏈現在並將繼續為我們帶來競爭優勢，尤其是在定製配件方面，目前需求也在激增。儘管我們完全預計當前前所未有的需求將在某個時候放緩，但我們尚未看到放緩，而且我們繼續看到針對女性、青少年和遊戲新進入者的產品特別強勁。我們現在非常有信心，2021 年將是非常強勁的一年，我們也相信高爾夫行業將獲得長期利益，因為我們預計它將以更大的總目標市場和強勁的勢頭離開大流行時期。

Our Q1 market share was a little weaker than desired during the quarter, as all 4 major golf equipment brands launched metal wood product this year, while Q1 2020 only had 2 of the 4 launch. We never like to cede share, but at this point, we are not overly concerned as our most recent share trends are improving, we expect this improvement to continue through Q2, and we are performing relatively stronger in key accounts that are not reporting to Datatech as well as a strategically important green grass channel.

本季度我們的第一季度市場份額略低於預期，因為今年所有 4 個主要高爾夫設備品牌都推出了金屬木製品，而 2020 年第一季度只有 4 個推出中的 2 個。我們從不喜歡放棄份額，但在這一點上，我們並不過分擔心，因為我們最近的份額趨勢正在改善，我們預計這種改善將持續到第二季度，並且我們在未向 Datatech 報告的關鍵客戶中表現相對較強以及具有重要戰略意義的綠草通道。

Furthermore, we've been receiving excellent feedback on the performance of our products, especially the Epic MAX Woods, the Apex forged Irons, the 2-Ball Ten Putter as well as our entire ball lineup. We also remain comfortable with our brand strength and position. In the U.S., third-party research from Datatech showed our brand to be the #1 club brand in overall brand rating as well as the leader in innovation and technology. Over the last several years, we have shown resilience with these important brand positions.

此外，我們收到了關於我們產品性能的出色反饋，尤其是 Epic MAX Woods、Apex 鍛造鐵桿、2 球 10 推桿以及我們的整個球系列。我們也對我們的品牌實力和地位感到滿意。在美國，Datatech 的第三方研究表明，我們的品牌在整體品牌評級中是排名第一的俱樂部品牌，也是創新和技術領域的領導者。在過去的幾年裡，我們在這些重要的品牌位置上表現出了韌性。

Turning to our Soft Goods and Apparel segment. Given the headwinds faced by COVID restrictions and lockdowns in the European markets, the results delivered in this segment were both better than our expectations and in my opinion, an exceptional performance. Looking at the larger individual businesses in this segment, starting with TravisMathew, we had high expectations for growth, and still, the business exceeded these expectations. Driving this performance, e-com was up 145% year-over-year in Q1 and company-owned stores comped up nearly 10% despite some code restrictions early in the quarter. Sell-through at wholesale was also very strong.

轉向我們的軟商品和服裝部門。鑑於歐洲市場面臨 COVID 限制和封鎖的不利因素，該細分市場的業績既好於我們的預期，而且在我看來，表現非常出色。從 TravisMathew 開始，查看該細分市場中較大的個體業務，我們對增長抱有很高的期望，但該業務仍然超出了這些預期。推動這一業績增長的是，電子商務在第一季度同比增長了 145%，儘管在本季度初有一些代碼限制，但公司自有商店的增長率接近 10%。批發銷售也非常強勁。

Ryan Ellis and his team at TravisMathew are to be commended as momentum for this business is at an all-time high. Turning to Jack Wolfskin. This is the business that probably most overperformed expectations in Q1. As you probably recall, this business had started to deliver some nice year-over-year growth at the end of last year and it was starting to look like we had turned the corner on brand momentum. But with the COVID resurgence and resulting third-wave shutdowns in Europe, we were naturally concerned.

Ryan Ellis 和他在 TravisMathew 的團隊值得稱讚，因為這項業務的勢頭正處於歷史最高水平。轉向杰克·沃爾夫斯金。這是第一季度可能最超出預期的業務。您可能還記得，該業務在去年底開始實現不錯的同比增長，並且看起來我們已經開始扭轉品牌勢頭。但隨著新冠疫情的死灰復燃以及由此導致的歐洲第三波停工，我們自然感到擔憂。

Although these circumstances had significantly impacted our business, how could they not, and they will continue to do so through at least Q2, our brand momentum in our European e-com channel and key digital partners has really moderated that negative impact. Combine this with both nice growth in China and strong financial discipline and what could have been a significant drag on our business has become manageable.

儘管這些情況對我們的業務產生了重大影響，但他們怎麼可能不會，而且至少會在第二季度繼續這樣做，但我們在歐洲電子商務渠道和主要數字合作夥伴中的品牌勢頭確實緩和了這種負面影響。再加上中國的良好增長和強大的財務紀律，可能對我們業務造成重大拖累的事情已經變得可控。

On top of this, the improving brand momentum should set us up for a strong second half, assuming of course, the European markets open up as expected by then. Our sell-through momentum in this business is good, and prebooks for the fall/winter line have been quite strong. As a reminder, Richard Collier joined the brand in December as CEO. Richard joined us from Helly Hansen, where he held the title of Global Product Officer and served in that capacity as well as de facto COO. We also welcomed André Grube to the brand as CFO last October, coming to us from Mammut. We are really pleased with the leadership team we now have in place, and I'm increasingly confident in the future of this brand.

最重要的是，品牌勢頭的改善應該會讓我們在下半年表現強勁，當然前提是歐洲市場屆時如預期般開放。我們在這項業務中的銷售勢頭良好，秋冬系列的預購非常強勁。提醒一下，Richard Collier 於 12 月加入該品牌擔任首席執行官。 Richard 從 Helly Hansen 加入我們，在那裡他擔任全球產品官並擔任該職位以及事實上的首席運營官。去年 10 月，我們還歡迎 André Grube 加入該品牌擔任首席財務官，他從 Mammut 來到我們這裡。我們對我們現在擁有的領導團隊感到非常滿意，我對這個品牌的未來越來越有信心。

Last but not least, a few comments on the Callaway branded soft goods business. As mentioned last quarter, in Korea, we plan to take back the Callaway Golf apparel brand that's been licensed to a third party for several years and launch our own apparel business during the second half of this year. We remain on track for this and are investing in staffing and IT systems accordingly. The team there is energized by this opportunity as this is something they have been considering for several years now.

最後但並非最不重要的一點是，關於卡拉威品牌軟商品業務的一些評論。如上季度所述，在韓國，我們計劃收回已授權給第三方數年的 Callaway Golf 服裝品牌，並在今年下半年推出我們自己的服裝業務。我們將繼續努力，並相應地投資於人員配備和 IT 系統。那裡的團隊受到這個機會的鼓舞，因為這是他們多年來一直在考慮的事情。

Taking a step back and looking at the big picture. For the last year, the hero of the soft goods and apparel segment is certainly e-com. This is a channel that was significantly strengthened by investments we made prior to the pandemic as well as those continuing to this day. These investments enable our apparel business e-com to deliver 96% year-over-year growth in Q1. E-com is now a significant portion of the channel mix of this segment, and we are confident our expanded capabilities and strength here will bolster this business' growth prospects and profitability going forward. Post COVID, we continue to expect our apparel and soft goods segment to grow faster than our golf equipment business, and with that growth, deliver operating leverage and enhanced profitability. And although the pandemic delayed our efforts, we still believe we'll be able to deliver $15 million of synergies in this segment over the coming years.

退後一步，看大局。去年，軟商品和服裝領域的主角無疑是電子商務。我們在大流行之前以及一直持續到今天的投資大大加強了這一渠道。這些投資使我們的服裝業務電子商務在第一季度實現了 96% 的同比增長。電子商務現在是該部門渠道組合的重要組成部分，我們相信我們在這裡擴展的能力和實力將支持該業務未來的增長前景和盈利能力。在 COVID 之後，我們繼續預計我們的服裝和軟商品部門的增長速度將超過我們的高爾夫設備業務，並且隨著這種增長，提供運營槓桿並提高盈利能力。儘管大流行推遲了我們的努力，但我們仍然相信，未來幾年我們將能夠在這一領域產生 1500 萬美元的協同效應。

Like our company overall, this segment, with its concentration in golf and outdoor, appears to be well positioned for both the months and years ahead both during the pandemic and after.

與我們公司的整體一樣，該細分市場專注於高爾夫和戶外運動，在大流行期間和之後的幾個月和幾年中似乎都處於有利地位。

Now turning to Topgolf. This exciting new segment also outperformed expectations based on a faster-than-anticipated recovery in demand as well as strong operating efficiencies. We were pleased to close the transaction in early March, and equally pleased to onboard Artie Starrs as the new CEO in early April. Artie brings a wealth of valuable experience and talent to an already strong management team in an exciting business. Needless to say, I'm thrilled by this combination.

現在轉向Topgolf。由於需求復蘇快於預期以及運營效率強勁，這一令人興奮的新細分市場的表現也超出了預期。我們很高興在 3 月初完成交易，同樣很高興在 4 月初加入 Artie Starrs 擔任新任首席執行官。 Artie 在一項令人興奮的業務中為已經強大的管理團隊帶來了豐富的寶貴經驗和才能。不用說，我對這種組合感到興奮。

On the venue side, all venues are now open globally. After a challenging start to the year, COVID restrictions are continuing to ease. COVID impacted, so these include the impact of venues shut or restricted due to COVID during the period, same venue sales versus 2019 was in the low 80s for the quarter, which was above our expectations and showed improving trends through the quarter. We now believe we will be either at the high end or modestly above our previous full year same venue sales expectations, which was 80% to 85%. Walk-in traffic remains stronger than events still, and both are trending well.

在場館方面，所有場館現已在全球範圍內開放。在經歷了充滿挑戰的一年之後，COVID 限制正在繼續放寬。 COVID 受到了影響，因此這些因素包括在此期間由於 COVID 關閉或限制場館的影響，與 2019 年相比，該季度的同一場館銷售額處於 80 年代的低位，這超出了我們的預期，並顯示出整個季度的改善趨勢。我們現在相信我們將處於高端或略高於我們之前全年同場銷售預期的 80% 至 85%。步入式客流量仍然強於活動，而且兩者的趨勢都很好。

Our financial results benefited from the same venue sales fee as well as the operating efficiencies that are higher than both historical levels and our plan. Some of this is due to the fact that in the current environment, like so many other service businesses, it's hard to keep the venues fully staffed. Fortunately, we're working through this well and so far, it has neither meaningfully constrained us, nor has it had a negative impact on guest satisfaction measures. This availability of labor is an interesting development, which is likely playing out across the entire U.S. economy. We see it as the manageable challenge as of now.

我們的財務業績得益於相同的場地銷售費用以及高於歷史水平和我們計劃的運營效率。部分原因是在當前環境下，像許多其他服務企業一樣，很難讓場館人滿為患。幸運的是，我們正在努力解決這個問題，到目前為止，它既沒有對我們造成有意義的限制，也沒有對客人滿意度措施產生負面影響。這種勞動力的可用性是一個有趣的發展，它可能會在整個美國經濟中發揮作用。到目前為止，我們認為這是一個可控的挑戰。

Also with these results, we're increasingly confident that previously communicated venue economics will be achievable long term. We successfully opened 5 new venues so far this year, 2 in Q1 and 3 so far in Q2. Globally, we have 66 company-owned venues in operation. For the full year, we are on track to open at least 3 more venues for a total of at least 8 venues this year. We also remain confident in our pipeline for future venues.

同樣，有了這些結果，我們越來越有信心，之前傳達的場地經濟將是長期可實現的。今年到目前為止，我們成功開設了 5 個新場館，第一季度 2 個，第二季度迄今為止 3 個。在全球範圍內，我們有 66 個公司擁有的場館在運營。全年，我們有望在今年至少再開設 3 個場館，總共至少 8 個場館。我們也對未來場館的管道充滿信心。

Turning to Toptracer. We successfully installed 1,533 bays in Q1, a new record despite the COVID challenges globally. We now have just over 10,000 bays globally, which is significantly more than our largest competitor. Demand remains strong for the product, and we are finding strong synergies between the Callaway sales team and the Toptracer team. We remain on track for 8,000 bays this year. At the end of this week, we'll be launching the next global Toptracer tournament, the 9-Shot Challenge, this time presented by the PGA America and the PGA Championship. This is an excellent example of how we can leverage our global scale and build a digital community.

轉向 Toptracer。儘管全球面臨 COVID 挑戰，我們在第一季度成功安裝了 1,533 個托架，創下新紀錄。我們現在在全球擁有超過 10,000 個托架，遠遠超過我們最大的競爭對手。該產品的需求仍然強勁，我們發現 Callaway 銷售團隊和 Toptracer 團隊之間存在強大的協同作用。今年我們仍有望實現 8,000 個海灣。在本週末，我們將推出下一個全球 Toptracer 錦標賽，即 9 桿挑戰賽，這一次由 PGA America 和 PGA 錦標賽主辦。這是我們如何利用我們的全球規模和建立數字社區的一個很好的例子。

Looking forward, given the unsettled market conditions globally, we're still not providing specific revenue and earnings guidance. However, we now have enough new information and visibility to provide the following color. As discussed on our previous calls, we continue to have headwinds in our supply chain, logistics and labor. As far as I'm aware, most companies do at this point. Our cost estimates for these headwinds have increased since we last spoke. However, our supply chain and HR teams are proving up to these challenges. I believe we may even have a competitive advantage here. Also at present, the demand is high enough that positive volume variances are expected to overshadow the majority of this year's cost impacts from these challenges.

展望未來，鑑於全球市場狀況不穩定，我們仍未提供具體的收入和收益指引。但是，我們現在有足夠的新信息和可見性來提供以下顏色。正如我們之前的電話會議所討論的，我們在供應鏈、物流和勞動力方面繼續面臨逆風。據我所知，大多數公司在這一點上都是這樣做的。自我們上次發言以來，我們對這些不利因素的成本估算已經增加。然而，我們的供應鍊和人力資源團隊正在證明能夠應對這些挑戰。我相信我們甚至可能在這裡擁有競爭優勢。同樣，目前，需求足夠高，預計積極的數量差異將掩蓋今年這些挑戰對成本的大部分影響。

We also continue to make select reinvestments back into our business. For the balance of the year, these will be marginally more than what we discussed during our last call. These include incremental new store openings at TravisMathew, investments in demand creation and digital resources for all brands as well as the Korea apparel business. We have a track record for making these kind of internal investments and are confident these will deliver higher returns for shareholders. Although we continue to fight COVID impacts globally, and business conditions remain unsettled, the strong demand equation and the momentum of our brands is such that it's clearly going to be a strong financial year, significantly stronger than previously thought.

我們還繼續對我們的業務進行選擇性再投資。在今年餘下的時間裡，這些將略高於我們上次電話會議中討論的內容。其中包括在 TravisMathew 開設新店，為所有品牌以及韓國服裝業務投資創造需求和數字資源。我們在進行此類內部投資方面有著良好的記錄，並相信這些將為股東帶來更高的回報。儘管我們繼續在全球範圍內與 COVID 影響作鬥爭，並且商業狀況仍不穩定，但強勁的需求方程和我們品牌的勢頭使得這顯然將是一個強勁的財政年度，比以前想像的要強得多。

We now expect that revenue and adjusted EBITDA for the full 12 months of 2021 will meet or beat 2019 results. More specifically, We are now expecting our legacy business to exceed its 2019 results and the Topgolf business to meet or exceed its 2019 full year results as measured over the full 12-month period. It is worth noting that a couple of quarters ago, I said I thought this was not in reach. I'm happy to have to correct that previous statement. Lastly, we are increasingly confident in the future potential of this unique and powerful business. Brian, over to you.

我們現在預計 2021 年整個 12 個月的收入和調整後 EBITDA 將達到或超過 2019 年的業績。更具體地說，我們現在預計我們的傳統業務將超過其 2019 年的業績，而 Topgolf 業務將達到或超過其在整個 12 個月期間衡量的 2019 年全年業績。值得注意的是，幾個季度前，我說我認為這無法實現。我很高興不得不更正之前的陳述。最後，我們對這一獨特而強大的業務的未來潛力越來越有信心。布萊恩，交給你了。

Thank you, Chip. We are very pleased with our first quarter results, with consolidated revenue increasing 47% and adjusted EBITDA increasing 113% compared to the same period in 2020. Our consolidated revenue and adjusted EBITDA for the first quarter of 2021 also increased by 26% and 38%, respectively, compared to the first quarter of 2019. Each of our 3 operating segments performed ahead of plan during the first quarter of 2021. In addition to this better-than-expected operating performance, our liquidity has also improved substantially compared to a year ago. As of March 31, 2021, our available liquidity, which is comprised of cash on hand and availability under our credit facilities, was $713 million compared to $260 million at March 31, 2020. All in all, we are pleased with the current state of our business and are optimistic for the balance of the year.

謝謝你，奇普。我們對第一季度的業績非常滿意，與 2020 年同期相比，合併收入增長 47%，調整後 EBITDA 增長 113%。我們 2021 年第一季度的合併收入和調整後 EBITDA 也增長了 26% 和 38%分別與 2019 年第一季度相比。我們的 3 個運營部門在 2021 年第一季度的表現均超預期。除了這一好於預期的運營業績外，我們的流動性也與一年相比有了顯著改善前。截至 2021 年 3 月 31 日，我們的可用流動資金（包括手頭現金和信貸額度下的可用資金）為 7.13 億美元，而 2020 年 3 月 31 日為 2.6 億美元。總而言之，我們對目前的狀況感到滿意我們的業務，並對今年的餘額持樂觀態度。

In evaluating our results for the first quarter, you should keep in mind some specific factors that affect year-over-year comparisons. First, as a result of the Ogio, TravisMathew and Jack Wolfskin acquisition, we incurred noncash amortization expense of intangible assets in the first quarter of 2021 and 2020. The first quarter of 2021 also includes noncash amortization of intangible assets related to the Topgolf merger as well as depreciation expense from the fair value step-up of Topgolf property, plant and equipment and expense related to the fair value adjustments to Topgolf's leases and debt.

在評估我們第一季度的業績時，您應該記住一些影響同比比較的具體因素。首先，由於收購 Ogio、TravisMathew 和 Jack Wolfskin，我們在 2021 年第一季度和 2020 年第一季度發生了無形資產的非現金攤銷費用。2021 年第一季度還包括與 Topgolf 合併相關的無形資產的非現金攤銷費用Topgolf 物業、廠房和設備的公允價值提升產生的折舊費用以及與 Topgolf 租賃和債務的公允價值調整相關的費用。

Second, we also incurred other acquisition and nonrecurring charges in the first quarter of 2021, including Topgolf merger transaction and transition expenses and implementation costs related to the new Jack Wolfskin IT system. In 2020, the company incurred nonrecurring integration costs related to the Jack Wolfskin acquisition and costs related to the transition to our new North American distribution center in Texas.

其次，我們還在 2021 年第一季度產生了其他收購和非經常性費用，包括 Topgolf 合併交易和過渡費用以及與新的 Jack Wolfskin IT 系統相關的實施費用。 2020 年，公司產生了與收購 Jack Wolfskin 相關的非經常性整合成本，以及與我們在德克薩斯州新的北美配送中心的過渡相關的成本。

Third, we recognized in the first quarter of 2021 a $253 million noncash gain related to the write-up of our premerger Topgolf investment. Fourth, we incurred in the first quarter of 2021, and we'll continue to incur noncash amortization of the debt discount on the notes issued during the second quarter of 2020.

第三，我們在 2021 年第一季度確認了與合併前 Topgolf 投資相關的 2.53 億美元非現金收益。第四，我們在 2021 年第一季度發生，我們將繼續對 2020 年第二季度發行的票據的債務貼現進行非現金攤銷。

Fifth, we recorded in the first quarter of 2021, a noncash valuation allowance related to certain of our deferred tax assets as a result of the merger. Lastly, the Topgolf merger was completed on March 8, 2021. Topgolf generally operates on a 13-week quarter. As a result, our first quarter 2021 financial statement include Topgolf results for a 4-week period, commencing March 8, 2021 and ending April 4. This can become confusing, and we will do our best to call out when we were discussing Topgolf results for the full quarter versus the 4-week stub period. But you should use due care when preparing your models to ensure you are using the correct one. We have provided in the tables to this release a schedule detailing the impact of these items on first quarter results, and these items are excluded from our non-GAAP results. With those factors in mind, I will now provide some specific financial results for the first quarter of 2021 compared to the first quarter of 2020.

第五，我們在 2021 年第一季度記錄了與合併導致的某些遞延稅項資產相關的非現金估值備抵。最後，Topgolf 的合併於 2021 年 3 月 8 日完成。Topgolf 通常以 13 週的季度運營。因此，我們 2021 年第一季度的財務報表包括 Topgolf 為期 4 週的業績，從 2021 年 3 月 8 日開始到 4 月 4 日結束。這可能會讓人感到困惑，我們將在討論 Topgolf 業績時盡最大努力指出整個季度與 4 週的存根期相比。但是您在準備模型時應該小心謹慎，以確保您使用的是正確的模型。我們在本新聞稿的表格中提供了詳細說明這些項目對第一季度業績的影響的時間表，這些項目不包括在我們的非 GAAP 業績中。考慮到這些因素，我現在將提供 2021 年第一季度與 2020 年第一季度相比的一些具體財務結果。

Turning now to Slide 11. Today, we are reporting record consolidated first quarter 2021 net revenues of $652 million compared to $442 million for the same period in 2020, an increase of $210 million or 47%. This increase was led by a 26% increase in the legacy Callaway business as well as an incremental $93 million from the 4 weeks of the Topgolf business. Changes in foreign currency rates had a $17 million favorable impact on first quarter 2021 net sales.

現在轉到幻燈片 11。今天，我們報告了 2021 年第一季度的合併淨收入創紀錄的 6.52 億美元，而 2020 年同期為 4.42 億美元，增加了 2.1 億美元或 47%。這一增長主要得益於傳統 Callaway 業務增長 26% 以及 Topgolf 4 周業務增加 9300 萬美元。外匯匯率的變化對 2021 年第一季度的淨銷售額產生了 1700 萬美元的有利影響。

We are also reporting for the first quarter of 2021 operating income of $76 million, an increase of $35 million or 85% compared to $41 million for the same period in 2020. On a non-GAAP basis, operating income for the first quarter of 2021 was $97 million, a $54 million or 126% increase compared to $43 million for the same period in 2020. The increase in non-GAAP operating income was led by a $50 million increase in segment operating income from the legacy Callaway business as well as an incremental $4 million from the 4 weeks of the Topgolf business.

我們還報告了 2021 年第一季度的營業收入為 7600 萬美元，與 2020 年同期的 4100 萬美元相比增加了 3500 萬美元或 85%。在非公認會計準則基礎上，2021 年第一季度的營業收入為 9700 萬美元，與 2020 年同期的 4300 萬美元相比，增加了 5400 萬美元或 126%。非公認會計準則營業收入的增長主要是由於傳統卡拉威業務的部門營業收入增加了 5000 萬美元，以及Topgolf 業務的 4 週增加了 400 萬美元。

Other income was $244 million in the first quarter of 2021 compared to other expense of $3 million in the same period of the prior year. This includes the $253 million noncash gain related to the Topgolf merger. On a non-GAAP basis, which excludes Inter alia, the Topgolf gain, other expense was $5 million in the first quarter of 2021 compared to other expense of $3 million for the comparable period in 2020. The $2 million increase in other expense was primarily related to higher interest expense related to incremental interest from the convertible bonds issued in May 2020, plus 4 weeks of Topgolf interest, partially offset by a decrease in foreign currency-related losses.

2021 年第一季度的其他收入為 2.44 億美元，而去年同期的其他支出為 300 萬美元。這包括與 Topgolf 合併相關的 2.53 億美元非現金收益。按非公認會計原則計算，除其他外，Topgolf 收益外，2021 年第一季度的其他費用為 500 萬美元，而 2020 年可比期間的其他費用為 300 萬美元。其他費用增加的 200 萬美元主要是與 2020 年 5 月發行的可轉換債券增加的利息相關的利息支出增加，加上 Topgolf 4 週的利息，部分被外匯相關損失的減少所抵消。

Pretax income was $320 million in the first quarter of 2021 compared to $38 million for the same period in 2020. Non-GAAP pretax income was $91 million in the first quarter of 2021 compared to non-GAAP pretax income of $41 million in the same period of 2020. Earnings per share was $2.19 on approximately 125 million shares in the first quarter of 2021 compared to earnings of $0.30 on approximately 96 million shares in the first quarter of 2020. Non-GAAP earnings per share was $0.62 in the first quarter of 2021 compared to earnings per share of $0.32 for the first quarter of 2020.

2021 年第一季度的稅前收入為 3.2 億美元，而 2020 年同期為 3800 萬美元。2021 年第一季度非美國通用會計準則稅前收入為 9100 萬美元，而同期非美國通用會計準則稅前收入為 4100 萬美元2020 年。2021 年第一季度約 1.25 億股每股收益為 2.19 美元，而 2020 年第一季度約 9600 萬股每股收益為 0.30 美元。2021 年第一季度非美國通用會計準則每股收益為 0.62 美元相比之下，2020 年第一季度的每股收益為 0.32 美元。

Fully diluted shares were 125 million in the first quarter of 2021 compared to 96 million shares for the same period in 2020. The 29 million share increase is primarily related to the issuance of additional shares in connection with the Topgolf merger. Full year estimated diluted shares is approximately 176 million shares, which represents the weighted average shares issued in connection with the merger over approximately a 10-month period. As of March 31, 2021, we had approximately 185 million shares that were issued and outstanding.

2021 年第一季度完全稀釋的股份為 1.25 億股，而 2020 年同期為 9600 萬股。增加的 2900 萬股主要與與 Topgolf 合併相關的額外股份的發行有關。全年估計攤薄股份約為 1.76 億股，代表在約 10 個月期間與合併有關的已發行加權平均股份。截至 2021 年 3 月 31 日，我們已發行和流通的股票約為 1.85 億股。

Adjusted EBITDA was $128 million in the first quarter of 2021 compared to $60 million in the first quarter of 2020 and $93 million in the first quarter of 2019. Topgolf contributed adjusted EBITDA of $15 million for the 4-week period. To provide some additional perspective, The Topgolf first quarter 2021 EBITDA, the full 3 months was $17 million. The Golf Equipment segment's net revenue increased $85 million or 29% to $377 million in the first quarter of 2021 compared to $292 million in the first quarter of 2020. This increase was driven by the continued surge in golf demand and participation, our supply chain team's ability to secure a greater-than-expected supply of golf equipment components during the first quarter as well as the COVID-19 shutdowns across portions of our business in the first quarter of 2020.

2021 年第一季度調整後 EBITDA 為 1.28 億美元，而 2020 年第一季度為 6000 萬美元，2019 年第一季度為 9300 萬美元。Topgolf 在 4 週期間貢獻了 1500 萬美元的調整後 EBITDA。為了提供一些額外的視角，Topgolf 2021 年第一季度 EBITDA，整整 3 個月為 1700 萬美元。與 2020 年第一季度的 2.92 億美元相比，高爾夫設備部門的淨收入在 2021 年第一季度增加了 8500 萬美元或 29%，達到 3.77 億美元。這一增長是由高爾夫需求和參與度的持續激增推動的，我們的供應鏈團隊的能夠確保在第一季度提供超出預期的高爾夫設備組件供應，以及在 2020 年第一季度我們部分業務的 COVID-19 關閉。

Both golf club and golf ball sales increased by 26% and 50%, respectively. The Golf Equipment segment operating income was $85 million or 22.5% of net revenues in the first quarter of 2021 compared to $59 million or 20.2% of net revenues in the first quarter of 2020, an increase of $26 million or 230 basis points. The increase was driven by the increased revenue, operating expense leverage and favorable foreign currency exchange rates, partially offset by increased freight and product mix, including lower margins on our higher technology golf club product offerings and package sets. The apparel, gear and other segment's net revenue increased $31 million or 21% to $182 million in the first quarter of 2021 compared to $151 million in the first quarter of 2020. The increase was driven by a 23% increase in apparel sales as well as an 18% increase in gear and accessories and other.

高爾夫球桿和高爾夫球的銷售額分別增長了 26% 和 50%。 2021 年第一季度，高爾夫設備部門的營業收入為 8500 萬美元，占淨收入的 22.5%，而 2020 年第一季度為 5900 萬美元，占淨收入的 20.2%，增加了 2600 萬美元或 230 個基點。這一增長是由收入增加、運營費用槓桿和有利的外匯匯率推動的，但部分被運費和產品組合的增加所抵消，包括我們更高技術的高爾夫球桿產品和套裝的利潤率下降。與 2020 年第一季度的 1.51 億美元相比，服裝、裝備和其他部門的淨收入在 2021 年第一季度增長了 3100 萬美元或 21% 至 1.82 億美元。這一增長是由服裝銷售額增長 23% 以及裝備和配件等增加了 18%。

Both the TravisMathew and Jack Wolfskin businesses are recovering from a pandemic faster than expected, despite continued retail restrictions and other effects from COVID-19, particularly in Europe. The apparel, gear and other segment's operating income increased $24 million to $20 million compared to a loss of $4 million for the same period in the prior year. In 2021, this equated to 11% of segment revenue, a 1,360 basis point improvement over the first quarter of 2020. The increase was driven by the increased sales, operating expense and cost of revenue leverage, favorable foreign exchange rates and increased commerce revenue, partially offset by the lower retail revenue in Jack Wolfskin due to further government-mandated retail shutdowns during the first quarter in Central Europe.

TravisMathew 和 Jack Wolfskin 的業務從大流行中恢復的速度比預期的要快，儘管零售限制和 COVID-19 的其他影響，特別是在歐洲。服裝、裝備和其他部門的營業收入增加了 2400 萬美元至 2000 萬美元，而去年同期虧損 400 萬美元。 2021 年，這相當於分部收入的 11%，比 2020 年第一季度提高了 1,360 個基點。這一增長是由銷售、運營費用和收入槓桿成本的增加、有利的匯率和商業收入的增加推動的，由於政府在第一季度中歐進一步關閉零售店，傑克·沃爾夫斯皮 (Jack Wolfskin) 的零售收入下降，部分抵消了這一影響。

The Topgolf segment net revenue was $93 million in the first quarter of 2021, which includes 4 weeks of the Topgolf business. The Topgolf segment's operating income was $4 million for the 4-week stub period. To provide investors additional perspective, Topgolf's full first quarter net revenues were $236 million and full first quarter GAAP operating loss was $30 million and on a non-GAAP basis, Topgolf's operating loss was $15 million.

Topgolf 部門在 2021 年第一季度的淨收入為 9300 萬美元，其中包括 4 週的 Topgolf 業務。 Topgolf 部門在 4 週的存根期間的營業收入為 400 萬美元。為投資者提供更多視角，Topgolf 第一季度的全部淨收入為 2.36 億美元，第一季度的全部 GAAP 營業虧損為 3000 萬美元，按非 GAAP 計算，Topgolf 的營業虧損為 1500 萬美元。

Turning now to Slide 13 (sic) [Slide 12]. I will now cover certain key balance sheet and other items. As of March 31, 2021, available liquidity was $713 million compared to $260 million at the end of the first quarter. This additional liquidity reflects higher revenues in the legacy Callaway business, improved liquidity from working capital management and proceeds from the convertible notes we issued during the second quarter. At March 31, 2020, we had total net debt of $1.160 billion, including $640 million of Topgolf related net debt. The Topgolf debt includes deemed landlord financing of $222 million related to financing the venues business. Our consolidated net accounts receivable was $329 million, an increase of 27% compared to $260 million at the end of the first quarter of 2020.

現在轉到幻燈片 13（原文如此）[幻燈片 12]。我現在將介紹某些關鍵的資產負債表和其他項目。截至 2021 年 3 月 31 日，可用流動資金為 7.13 億美元，而第一季度末為 2.6 億美元。這種額外的流動性反映了傳統卡拉威業務的更高收入、營運資金管理的流動性改善以及我們在第二季度發行的可轉換票據的收益。截至 2020 年 3 月 31 日，我們的淨債務總額為 11.6 億美元，其中包括 6.4 億美元的 Topgolf 相關淨債務。 Topgolf 的債務包括與場地業務融資相關的 2.22 億美元被視為房東的融資。我們的綜合應收賬款淨額為 3.29 億美元，與 2020 年第一季度末的 2.6 億美元相比增長了 27%。

Days sales outstanding decreased slightly to 61 days on March 31, 2021, compared to 62 days as of March 31, 2020. The increase in net accounts receivable primarily is attributable to the increase in first quarter revenue, but also includes an incremental $9 million accounts receivable. We continue to remain very comfortable with the overall quality of our accounts receivable at this time.

與截至 2020 年 3 月 31 日的 62 天相比，2021 年 3 月 31 日的未償銷售天數略有下降至 61 天。應收賬款淨額的增加主要是由於第一季度收入的增加，但也包括增加的 900 萬美元賬戶應收賬款。目前，我們對應收賬款的整體質量仍然非常滿意。

Also displayed on Slide 13 (sic) Slide 12 , our inventory balance decreased by 19% to $336 million at the end of the first quarter of 2021 compared to $413 million at the end of the first quarter of the prior year. The $77 million decrease was due to the high demand we are experiencing in the golf equipment business, recovery of our soft goods businesses as well as inventory reduction efforts in the soft goods business. Capital expenditures for the first quarter of 2021 were $29 million.

同樣顯示在幻燈片 13（原文如此）幻燈片 12 上，我們的庫存餘額在 2021 年第一季度末下降了 19% 至 3.36 億美元，而去年第一季度末為 4.13 億美元。減少 7700 萬美元是由於我們在高爾夫設備業務中遇到的高需求、我們的軟商品業務的複蘇以及軟商品業務的庫存減少工作。 2021 年第一季度的資本支出為 2900 萬美元。

This includes $16 million related to Topgolf. From a full year 2021 forecast perspective, the legacy Callaway forecast is increasing to approximately $65 million versus the previous forecast of $50 million due to capacity investments in our plants and warehouses as well as increasing the number of [play in] TravisMathew owned retail stores. The full year and 12-month forecast for Callaway and Topgolf is approximately $265 million, driven primarily by the new venue openings. If you include Topgolf for only 10 months, that would be approximately $235 million.

其中包括與 Topgolf 相關的 1600 萬美元。從 2021 年全年預測的角度來看，由於對我們工廠和倉庫的產能投資以及 TravisMathew 擁有的零售店的數量增加，傳統的 Callaway 預測將增加到約 6500 萬美元，而之前的預測為 5000 萬美元。 Callaway 和 Topgolf 的全年和 12 個月預測約為 2.65 億美元，主要受新場館開業的推動。如果將 Topgolf 僅包含 10 個月，那將是大約 2.35 億美元。

Depreciation and amortization expense was $20 million in the first quarter of 2021. Non-GAAP depreciation and amortization expense was $17 million in the first quarter of 2021 compared to $8 million in 2020. This includes $9 million of non-GAAP depreciation and amortization related to Topgolf. To help give investors additional perspective, the Topgolf full Q1 non-GAAP depreciation and amortization was $27 million. For the full year in 2021, we expect non-GAAP depreciation and amortization expense to be approximately $155 million, which includes $115 million for the Topgolf business.

2021 年第一季度的折舊和攤銷費用為 2000 萬美元。2021 年第一季度的非 GAAP 折舊和攤銷費用為 1700 萬美元，而 2020 年為 800 萬美元。這包括 900 萬美元的非 GAAP 折舊和攤銷費用頂級高爾夫。為了幫助給投資者更多的視角，Topgolf 第一季度非公認會計原則的全部折舊和攤銷為 2700 萬美元。對於 2021 年全年，我們預計非 GAAP 折舊和攤銷費用約為 1.55 億美元，其中包括 Topgolf 業務的 1.15 億美元。

I'm now on Slide 14 (sic) [Slide 13]. We are not providing specific revenue and earnings guidance ranges for 2021 at this time due to the continued uncertainty surrounding the duration and impact of COVID-19. However, we would like to provide some guidance comments we previously made. First, last quarter, we provided some guidance on full year consolidated gross margins and operating expenses. Due to the merger with Topgolf, that guidance is no longer applicable. We are no longer providing specific guidance for consolidated gross margins and operating expenses, given the disparate treatment of those items from the legacy Callaway business and the Topgolf business.

我現在在幻燈片 14（原文如此）[幻燈片 13]。由於圍繞 COVID-19 的持續時間和影響的持續不確定性，我們目前沒有提供 2021 年的具體收入和收益指導範圍。但是，我們想提供一些我們之前提出的指導意見。首先，上個季度，我們對全年綜合毛利率和運營費用提供了一些指導。由於與 Topgolf 的合併，該指南不再適用。鑑於傳統 Callaway 業務和 Topgolf 業務對這些項目的不同處理，我們不再為合併毛利率和運營費用提供具體指導。

With that said, I would like to call out a few factors that have changed since our call in February. First, we have changed our accounting for cost of advertising in our golf equipment business. For 2021, it is treated as a discount to sales as opposed to an operating expense in 2020 and 2019. This negatively impacted gross margins for the golf equipment business in the first quarter of 2021 by approximately 85 basis points and will continue to affect comparisons with prior periods for the balance of the year as prior periods were not changed. There is no change to operating income. This is only a shift between gross margin and operating expenses.

話雖如此，我想指出自我們二月份的電話會議以來發生的一些變化。首先，我們改變了高爾夫設備業務中廣告成本的會計處理方式。對於 2021 年，它被視為銷售折扣，而不是 2020 年和 2019 年的運營費用。這對 2021 年第一季度高爾夫設備業務的毛利率產生了約 85 個基點的負面影響，並將繼續影響與由於前期沒有改變，因此年度餘額的前期。營業收入沒有變化。這只是毛利率和運營費用之間的轉變。

We previously estimated that the freight container shortage was expected to have a negative impact of $13 million on freight costs in 2021, with a substantial majority affecting the first half. At this point, the impact of COVID-19 in our overall freight cost is expected to be greater than the $13 million, with more costs hitting in the balance of the year than originally expected. We also previously estimated that operating expenses for the legacy Callaway business would be approximately $78 million higher than in 2019 due to the negative impact of foreign currency, inflationary pressures and continued investment in the company's business, which included investment needed to assume the Korea apparel business, investment in the other soft goods businesses and investment in Pro Tour.

我們此前估計，貨運集裝箱短缺預計將對 2021 年的貨運成本產生 1300 萬美元的負面影響，其中大部分影響上半年。在這一點上，COVID-19 對我們整體貨運成本的影響預計將超過 1300 萬美元，今年餘下的成本將超過最初的預期。我們之前還估計，由於外匯、通脹壓力和對公司業務的持續投資（包括承擔韓國服裝業務所需的投資）的負面影響，傳統 Callaway 業務的運營費用將比 2019 年高出約 7800 萬美元，投資其他軟商品業務和投資Pro Tour。

We now expect these factors along with both deferred spending from the first quarter and increased variable costs associated with the increased revenue and higher stock price will have an overall greater impact than we originally anticipated for the balance of the year.

我們現在預計，這些因素以及第一季度的遞延支出以及與收入增加和股價上漲相關的可變成本增加將對今年剩餘時間產生比我們最初預期的更大的影響。

In addition, we plan to invest a little more back into our business than originally planned. These incremental investments include additional TravisMathew stores, given that brand's momentum and the availability of favorable lease terms in the current environment, and incremental investments in demand creation and digital resources for all brands as well as the Korea apparel business.

此外，我們計劃對我們的業務進行比原計劃更多的投資。這些增量投資包括額外的 TravisMathew 門店，考慮到該品牌的發展勢頭和當前環境下有利的租賃條款，以及對所有品牌以及韓國服裝業務的需求創造和數字資源的增量投資。

Lastly, we along with most other companies are experiencing increased wage pressure due to a tight labor market, increased freight costs as I mentioned earlier, and increased commodity prices. These are impacting all aspects of our business. We're seeing increased freight costs in terms of increased container prices, but also increased air freight expense as well. We're also seeing an increase in commodity prices from steel to titanium, from rubber to urethane to textiles and from cheese to chicken wings. As Chip mentioned, at present, demand is high enough the positive volume variances are expected to overshadow the majority of these increased costs. But these increased costs in the aggregate will still have some impact on balance of year operating margins.

最後，由於勞動力市場緊張、我前面提到的運費增加以及商品價格上漲，我們和大多數其他公司都面臨著工資壓力的增加。這些正在影響我們業務的各個方面。我們看到集裝箱價格上漲導致貨運成本增加，但空運費用也增加。我們還看到從鋼鐵到鈦、從橡膠到聚氨酯到紡織品、從奶酪到雞翅的商品價格上漲。正如 Chip 所提到的，目前，需求足夠高，預計正的數量差異將掩蓋這些增加的成本中的大部分。但這些增加的成本總體上仍將對年度營業利潤率產生一些影響。

In 2022, we will have to explore price increases if those higher costs continue. We have previously guided that due to the impact of COVID-19, the company's revenue and adjusted EBITDA would not return to 2019 levels until 2022 for either the legacy Callaway business or the Topgolf business. Given the faster-than-expected recovery of both businesses, and with all 3 of our operating segments performing above plan in the first quarter, we now project that revenue and adjusted EBITDA from our legacy businesses will exceed 2019 levels and that our Topgolf business for the full 12 months of 2021 will meet or exceed 2019 levels, which is a year faster than expected.

在 2022 年，如果這些更高的成本繼續下去，我們將不得不探索價格上漲。我們之前曾指導，由於 COVID-19 的影響，公司的收入和調整後的 EBITDA 將在 2022 年之前恢復到 2019 年的水平，無論是傳統的 Callaway 業務還是 Topgolf 業務。鑑於這兩項業務的複蘇快於預期，並且我們所有 3 個運營部門在第一季度的表現都高於計劃，我們現在預計我們的傳統業務的收入和調整後 EBITDA 將超過 2019 年的水平，我們的 Topgolf 業務2021 年的全部 12 個月將達到或超過 2019 年的水平，比預期快一年。

As a reminder, in 2019, the Callaway legacy business reported revenue of $1.7 billion and adjusted EBITDA of $211 million. For full year 2019, that's 12 months, the Topgolf business reported revenue of $1.06 billion and adjusted EBITDA of $59 million in 2019. Please note that Callaway's actual reported full year financial results will only include 10 months of Topgolf results in 2021, and therefore, will not include January and February results which were in the aggregate, $143 million in revenue and $2.3 million in adjusted EBITDA. That concludes our prepared remarks today, and we will now open the call for questions. Operator, over to you.

提醒一下，2019 年，卡拉威傳統業務報告收入為 17 億美元，調整後 EBITDA 為 2.11 億美元。對於 2019 年全年，即 12 個月，Topgolf 業務報告的 2019 年收入為 10.6 億美元，調整後 EBITDA 為 5900 萬美元。請注意，卡拉威實際報告的全年財務業績將僅包括 2021 年 10 個月的 Topgolf 業績，因此，將不包括 1 月和 2 月的總業績，即 1.43 億美元的收入和 230 萬美元的調整後 EBITDA。今天我們準備好的發言到此結束，我們現在開始提問。接線員，交給你。

(Operator Instructions) Your first question is from Randal Konik with Jefferies.

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

Can you hear me guys?

你們能聽到我的聲音嗎？

Sure.

當然。

Chip, I just want to ask you a question. You got some good color there on how we should be thinking about 2021. But I just want to get your level -- give us your level of comfort on how you're thinking about those 2022 numbers you guided us with, I believe, it was about $3.2 billion in sales and about $360 million in adjusted EBITDA. Just want to get your thoughts on how you're thinking about those goals for next year.

奇普，我只是想問你一個問題。你對我們應該如何考慮 2021 年有了一些很好的了解。但我只是想了解你的水平——讓我們對你如何看待那些指導我們的 2022 年數字感到滿意，我相信，它銷售額約為 32 億美元，調整後 EBITDA 約為 3.6 億美元。只是想了解一下你對明年這些目標的看法。

Yes. Good question, Randy. As previously discussed in the calls that we've had, 2022 guidance that we gave in conjunction with the announcement of the Topgolf merger, we believe was conservative. And I think we can even take that a step further now and say that we expect to be better than that guidance, better than the $360 million in adjusted EBITDA in 2022. However, we're not providing any specific estimates at this point, and we do hope to be able to restore at least annual guidance early next year per our previous practice.

是的。好問題，蘭迪。正如我們之前在電話會議中討論的那樣，我們在宣布 Topgolf 合併時給出的 2022 年指導，我們認為是保守的。而且我認為我們現在甚至可以更進一步，並說我們預計會比該指導更好，優於 2022 年調整後 EBITDA 的 3.6 億美元。但是，我們目前沒有提供任何具體的估計，並且我們確實希望能夠按照我們以前的做法，至少在明年初恢復年度指導。

That's super helpful. One last question is you gave us some color on Toptracer where you said that you expect to hit those 8,000 bays. I think going to all these driving ranges that look like they're stuck in the 1990s and in desperate need of this Toptracer technology and [these] ranges always packed now, so how do you -- are you getting a lot more incremental inbound? And if so, do you think that the level of installations can potentially rise over time as your construction teams get used to the installation process and get better and faster at what they do? Just curious on your thoughts there.

這非常有幫助。最後一個問題是你在 Toptracer 上給了我們一些顏色，你說你希望達到那 8,000 個海灣。我認為去所有這些看起來像是停留在 1990 年代的練習場，迫切需要這種 Toptracer 技術，而 [這些] 練習場現在總是擠滿了人，那麼你如何 - 你是否獲得了更多的增量入境？如果是這樣，您是否認為隨著您的施工團隊習慣了安裝過程並在他們的工作中變得更好更快，安裝水平可能會隨著時間的推移而上升？只是好奇你的想法。

Yes, Randy, we remain very encouraged and probably increasingly encouraged by that business. So Q1, you have to keep in mind, had significant COVID restrictions in various parts of the world, and we still do in various parts of the world. So the fact that we're comfortable with the 8,000, which was our previous communication bay installs means that, among other things, that the demand for the product is quite good. It's also an area where we're seeing very strong synergies with the Callaway business being able to generate additional leads and sales pipeline for the Toptracer business. So as we work through the COVID environment and scale that business, yes we remain very optimistic. And hopefully, there is some upside potential.

是的，蘭迪，我們仍然非常受鼓舞，並且可能越來越受到該業務的鼓舞。因此，您必須記住，第一季度在世界各地都有重大的 COVID 限制，我們仍然在世界各地這樣做。因此，我們對 8,000（我們之前安裝的通信託架）感到滿意這一事實意味著，除其他外，對該產品的需求非常好。這也是我們看到與 Callaway 業務非常強大的協同作用的領域，能夠為 Toptracer 業務產生額外的潛在客戶和銷售渠道。因此，當我們在 COVID 環境中工作並擴大業務規模時，是的，我們仍然非常樂觀。希望有一些上行潛力。

Your next question is from Brett Andress with KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Brett Andress。

Can you give us any detail on the cadence of same-store sales in the quarter, just how it progressed from January into March, April, May. Just trying to get a feel for the exit rate of the business. And then if you look at the non-COVID impacted units, how did those units compare to that low 80s number that you gave us?

您能否詳細介紹本季度同店銷售的節奏，以及從 1 月到 3 月、4 月、5 月的進展情況。只是想了解一下企業的退出率。然後，如果您查看未受 COVID 影響的單位，這些單位與您提供給我們的 80 年代低數字相比如何？

Brett, Chip. So as you would have expected, the same venue sales ramped during the quarter. If you go back, it seems like a long time ago now, but in Q1 even in the U.S., COVID was pretty hot and heavy in the January time period. We were scaling back up and there were significant restrictions in the U.S. as well as globally. And so as you would expect, the same venue sales ramped nicely during the quarter. And we're at the highest point towards the end of the quarter. What was the other question, Brett?

布雷特，奇普。因此，正如您所預料的那樣，本季度同一場地的銷售量激增。如果你回過頭來看，這似乎是很久以前的事了，但在第一季度，即使在美國，COVID 在 1 月份的時間段也非常炎熱和沈重。我們正在擴大規模，並且在美國以及全球範圍內都存在重大限制。正如您所料，本季度同一場地的銷售額增長良好。我們正處於本季度末的最高點。另一個問題是什麼，布雷特？

Just the non-COVID-impacted units, how those units compare to that low 80s number that you gave us...

只是不受 COVID 影響的單位，這些單位與您提供給我們的 80 年代低數字相比如何...

Yes, Brett, I'm not going to be able to give you anything quantitatively there. Unfortunately, the level of granularity there is beyond what we're comfortable with. To a degree, you could argue that most were COVID impacted at some stage during the quarter, but certainly, the results varied by venue and location, and we prefer not to get into specifics of which venue did better than the others at this stage.

是的，布雷特，我不能在那裡定量地給你任何東西。不幸的是，那裡的粒度級別超出了我們所能接受的範圍。在某種程度上，您可能會爭辯說，大多數人在本季度的某個階段都受到了 COVID 的影響，但可以肯定的是，結果因場地和地點而異，我們不想詳細說明在這個階段哪個場地比其他場地做得更好。

Got it. Okay. That's fair. And then my follow-up is, can you just talk about what you're seeing in the events piece of the Topgolf business? I mean how is the events business doing compared to '19, I guess, today? And then If you look into the back half of the year, presumably you have some visibility in terms of the events on the books. Can you just maybe talk about that and how you see the events recovery playing out for Topgolf?

知道了。好的。這還算公平。然後我的後續行動是，您能談談您在 Topgolf 業務的活動中看到的內容嗎？我的意思是，與 19 年相比，今天的活動業務表現如何？然後，如果您查看今年下半年，大概您對賬面上的事件有一些了解。您能否談談這個以及您如何看待 Topgolf 的賽事復甦？

Sure. But again, it will be a qualitative, not a quantitative discussion. So the events are still significantly impacted, as you would expect. But they, like the rest of the business, ramped during the quarter, and we are seeing increased interest for events. The events sales team is getting better response and improved leads. So we're optimistic that it will continue to ramp, but it is still significantly impacted, as you would expect it to be. And our visibility of that specific element is -- it's still not great, to be honest. We are optimistic on it, and it's certainly above where we expected. But it would be beyond me to be able to predict that one for Q3 or Q4, although we like the trends.

當然。但同樣，這將是定性的，而不是定量的討論。因此，正如您所料，這些事件仍然受到重大影響。但是，與其他業務一樣，它們在本季度有所增長，我們看到人們對活動的興趣越來越大。活動銷售團隊正在獲得更好的響應和改進的潛在客戶。因此，我們樂觀地認為它將繼續增加，但它仍然受到重大影響，正如您所期望的那樣。我們對該特定元素的可見性是 - 老實說，它仍然不是很好。我們對此持樂觀態度，而且肯定高於我們的預期。但我無法預測第三季度或第四季度的情況，儘管我們喜歡這種趨勢。

Your next question is from Joe Altobello with Raymond James.

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

The first question, in terms of development costs for the new venues, given what we're seeing in the real estate environment and given what we're seeing across raw materials, has the development cost for new Topgolf venues increased materially?

第一個問題，就新場館的開發成本而言，考慮到我們在房地產環境中看到的情況以及我們在原材料方面看到的情況，Topgolf 新場館的開發成本是否大幅增加？

We have seen some pressure on that. It hasn't had a material impact on us at this stage, but it is something we'll continue to monitor because all of the cost impacts across all of the business are seeing some inflation at this point. So nothing to report at this stage. But yes, we are starting to see some things that we'll keep our attention on.

我們已經看到了一些壓力。在這個階段它對我們沒有產生實質性影響，但我們將繼續監控它，因為在這一點上，所有業務的所有成本影響都出現了一些膨脹。所以在這個階段沒有什麼可報告的。但是，是的，我們開始看到一些我們將繼續關注的事情。

Okay. Great. And just a follow-up on that. Now that the deal is closed, can you provide us a little more insight into the potential revenue synergies that you see for your equipment business and apparel business with Topgolf?

好的。偉大的。只是對此的跟進。既然交易已經完成，您能否讓我們更深入地了解您看到的與 Topgolf 的設備業務和服裝業務的潛在收入協同效應？

Really no change in our point of view right there. We think that it's very attractive strategically, and there are going to be significant synergies. We're not calling those out. And It's going to take some period of time to really realize those, although we're getting a nice start on it now. But no, we're not going to specifically call anything out at this point.

我們的觀點真的沒有改變。我們認為它在戰略上非常有吸引力，並且會產生顯著的協同效應。我們不會把這些叫出來。真正實現這些還需要一段時間，儘管我們現在有了一個良好的開端。但是，不，我們現在不會特別指出任何事情。

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

您的下一個問題來自 Susan Anderson 和 B. Riley。

Nice job on the quarter. Just really quick on the core golf business. You mentioned all of the port and freight issues going on and it does look like inventory is pretty lean. So I'm just curious how you feel about inventory in that segment, and do you feel like you missed -- even though sales were obviously very strong, do you feel like you missed any sales in the quarter? Or should we see that more spread out throughout the year because of the freight and port issues?

本季度幹得不錯。在核心高爾夫業務上真的很快。您提到了正在發生的所有港口和貨運問題，看起來庫存確實非常少。所以我只是想知道你對那個細分市場的庫存有什麼看法，你覺得你錯過了——即使銷售顯然非常強勁，你覺得你錯過了本季度的任何銷售嗎？還是我們應該看到由於貨運和港口問題而在全年更多地分散？

Susan, there were definitely constraints as the demand was so extraordinarily high during Q1. And you got to keep in mind in Q1 is not a high sell-through quarter, although it was a record sell-through result. Q2 is a much larger quarter as is Q3 from a sell-through basis. The fuel inventory levels are quite low. Our inventories are quite low, and we think that our supply chain team is doing a fantastic job. If you look at just the golf club side of our business, it was up 49% last -- in Q4 and 26% in Q1. So sequentially, building and it's building without having the time period that it had -- would have liked to have to build inventories for Q1.

蘇珊，肯定有限制，因為第一季度的需求非常高。你必須記住，第一季度不是一個高銷售季度，儘管它是創紀錄的銷售結果。第二季度是一個更大的季度，第三季度的銷售額也是如此。燃料庫存水平相當低。我們的庫存非常低，我們認為我們的供應鏈團隊做得非常出色。如果你只看我們業務的高爾夫俱樂部方面，它最後增長了 49%——在第四季度和第一季度增長了 26%。因此，在沒有時間段的情況下，建造和建造——本來希望必須為第一季度建立庫存。

Usually, we take the second half of the year when demand is low and build inventory at our foundries for the subsequent quarter. We didn't have that luxury as much last year, but still, as you can tell, the team has been able to flex and grow, and we think it's going to be a nice competitive advantage going forward. I don't really think the right way to think about it personally is whether what we left on the table in Q1 as opposed to how strong the demand equation is how -- and it's sustaining at these levels and that we believe we have a very strong supply chain team that clearly is creating us, we think, a competitive advantage and allowing us to take advantage of the opportunities that are in front of us.

通常，我們會在需求低迷的下半年採取行動，並在我們的代工廠為下一個季度建立庫存。去年我們沒有那麼奢侈，但正如你所知，團隊仍然能夠靈活成長，我們認為這將是一個很好的競爭優勢。我真的不認為個人考慮的正確方法是我們是否在第一季度留在桌面上，而不是需求方程的強度如何——並且它維持在這些水平上，我們相信我們有一個非常我們認為，強大的供應鏈團隊顯然正在為我們創造競爭優勢，並使我們能夠利用擺在我們面前的機會。

Great. Okay. That's very helpful. And then just really quick on Topgolf on the EBITDA, it looks like it was relatively strong, I think versus kind of the longer-term expectations you laid out. So I'm just curious if there's any updates to your thoughts around EBITDA as we kind of look out over the next several years there?

偉大的。好的。這很有幫助。然後在 EBITDA 上的 Topgolf 上真的很快，看起來它相對強勁，我認為與你提出的長期預期相比。所以我只是好奇你對 EBITDA 的看法是否有任何更新，因為我們在接下來的幾年裡會關注那裡？

Susan, we're not providing long-term guidance there, but you're right, it was a very good EBITDA performance. And just as the business recovers from COVID, I think you'll see continual ramp in that business and performance.

蘇珊，我們沒有在那裡提供長期指導，但你是對的，這是一個非常好的 EBITDA 表現。正如業務從 COVID 中復蘇一樣，我認為您會看到該業務和業績持續增長。

Great. Okay. If I could add one last one on Jack Wolfskin. I think you had mentioned that you now expect it -- you think it could be bigger than originally expected. Maybe if you could give a little bit more color around that. Is that as you add North America or are you seeing the strength in Europe and China greater than what you would have originally expected?

偉大的。好的。如果我可以在 Jack Wolfskin 上添加最後一個。我想你已經提到你現在期待它——你認為它可能比最初預期的要大。也許如果你可以給它更多的顏色。是因為您添加了北美，還是您看到歐洲和中國的實力超過了您最初的預期？

Europe and China are really starting to hit stride, Susan, and I'm increasingly confident in the team. I'm seeing brand momentum. We're just seeing a lot of strength in a lot of different areas there now. Some of these are the results of investments that we've made over the several years that we've had the business. But a lot of confidence right now in that brand and in those markets, Obviously, it's a difficult environment right now because Europe was literally in the -- at least in Central Europe, locked down. And yet, you can see our confidence is increasing and the results are showing that. We think we're in a very good position there going forward.

歐洲和中國真的開始大踏步前進了，蘇珊，我對球隊越來越有信心。我看到了品牌勢頭。我們現在只是在很多不同的領域看到了很多力量。其中一些是我們在開展業務的幾年中所做的投資的結果。但是現在對該品牌和那些市場充滿信心，顯然，現在這是一個艱難的環境，因為歐洲實際上處於 - 至少在中歐，被封鎖了。然而，你可以看到我們的信心正在增加，結果也表明了這一點。我們認為我們在未來處於非常有利的位置。

Your next question is from John Kernan with Cowen.

您的下一個問題來自 John Kernan 和 Cowen。

I was wondering if Artie's taking questions. I know he's probably excited about the opportunity at Topgolf. I'm just curious if he is able to share what is the potential he views for the concept? I know he obviously comes from a deep background in restaurants. I'm just curious what he's seen at Topgolf at this point that gets him excited.

我想知道阿蒂是否在回答問題。我知道他可能對 Topgolf 的機會感到興奮。我只是好奇他是否能夠分享他對這個概念的看法的潛力是什麼？我知道他顯然來自餐館的深厚背景。我只是好奇他此時在 Topgolf 看到了什麼讓他興奮不已。

Yes, John, given that Artie's all of 1 month or 1 week into the new role, we are going to not introduce him to specific questions on this call. However, we look forward to exposing him to you and other analysts in the future and obviously thrilled to have him on board.

是的，John，鑑於 Artie 在新職位上的整個工作時間為 1 個月或 1 週，我們不會在這次電話會議上向他介紹具體問題。但是，我們期待在未來將他介紹給您和其他分析師，顯然很高興讓他加入。

All good. We've heard good things. Maybe, Brian, we could go back to you, just on the guidance. It seems like you're more confident than maybe when the initial guidance for 2021 was provided. The cost -- so the SG&A -- the incremental SG&A cost seemed to be the biggest headwind for the core Callaway business. Just wondering what the offsets to those are as you're now going to be exceeding 2019 levels of EBITDA.

都好。我們聽到了好消息。也許，布賴恩，我們可以回到你身邊，只是在指導上。似乎您比提供 2021 年初始指導時更有信心。成本——即 SG&A——增量的 SG&A 成本似乎是卡拉威核心業務的最大阻力。只是想知道這些抵消是多少，因為您現在將超過 2019 年的 EBITDA 水平。

Yes. A lot of it is going to be the revenue overperformance versus 2019. We still are seeing the continued surge in interest and demand and participation for golf. And then I think you see it's largely that. It's just all the businesses are recovering faster than expected. Golf's on fire. The soft goods business are recovering faster than we think. So that will offset some of the incremental expenses between Q2 and Q4. We're probably underperforming those expenses right now. We're getting leverage because we're not able to hire and we had to defer some marketing and things like that. So the levels we're at now probably are not sustainable. And the OpEx will continue to ramp and increase as we go through the year.

是的。其中很大一部分將是收入與 2019 年相比的超額表現。我們仍然看到對高爾夫的興趣、需求和參與度持續飆升。然後我想你看到它主要是這樣。只是所有業務的恢復速度都比預期的要快。高爾夫著火了。軟商品業務的複蘇速度比我們想像的要快。因此，這將抵消第二季度和第四季度之間的一些增量費用。我們現在可能在這些費用方面表現不佳。我們正在獲得影響力，因為我們無法招聘，我們不得不推遲一些營銷和類似的事情。所以我們現在的水平可能是不可持續的。隨著我們這一年的過去，OpEx 將繼續增加和增加。

Understood. Maybe just one final question. It sounds like Chip, you're more incrementally positive on the soft goods side of the business, maybe relative to where we were 3 months ago. Just any comment on Travis, Jack Wolfskin, the sales and margin opportunity there as you look not just for 2021, but beyond.

明白了。也許只是最後一個問題。聽起來像奇普，你對業務的軟商品方面更加積極，也許相對於我們 3 個月前的情況。只是對 Travis、Jack Wolfskin 以及那裡的銷售和利潤機會發表任何評論，因為您不僅要展望 2021 年，還要展望未來。

Yes, John, I'm fortunate right now that I'm incrementally more positive on all 3 of our business segments and continue to build confidence in all of them. The TravisMathew business is, like I said, momentum is at an all-time high. We had high expectations for growth going into the quarter, and it's outperformed those expectations in every channel. The brand is really resonating. It's really got high potential, I think going forward, and we're excited about investing in it, and it's delivering. And the Jack Wolfskin business, that business has really started to deliver as well. We're not going to call out any quantifiable guidance on these.

是的，約翰，我現在很幸運，我對我們所有的三個業務部門都越來越積極，並繼續對所有這些部門建立信心。正如我所說，TravisMathew 業務的發展勢頭正處於歷史最高水平。我們對進入本季度的增長抱有很高的期望，並且在每個渠道中都超出了這些預期。該品牌確實引起了共鳴。我認為它確實具有很高的潛力，我們對投資它感到興奮，而且它正在交付。還有 Jack Wolfskin 業務，該業務也已真正開始交付。我們不會就這些問題提出任何可量化的指導。

We've done a little bit of that in the past. And when you look at the apparel and soft goods segment, it's still the segment that is most heavily impacted. It's still in Europe, the Central European markets are still in lockdown. But as shown in our results, we're hitting stride. We're building momentum, good sell-through despite that strong e-com growth, fall/winter bookings looking really good, China business starting to hit stride. So we do feel very good about this segment as we do about all 3 of our business segments.

過去我們已經做了一點。當您查看服裝和軟商品細分市場時，它仍然是受影響最嚴重的細分市場。它仍在歐洲，中歐市場仍處於鎖定狀態。但正如我們的結果所示，我們正在大踏步前進。儘管電子商務增長強勁，但我們正在建立勢頭，良好的銷售量，秋冬預訂看起來非常好，中國業務開始大踏步前進。因此，我們確實對這個細分市場感覺非常好，就像我們對所有三個業務細分市場的感覺一樣。

Our next question is from Casey Alexander with Compass Point.

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

I know we've been here for a while, but just a couple of segment questions. One, You're able to grind out a year-over-year increase in Europe, despite some key markets being closed for golf for more months this year than they were last year, I'm curious maybe was it something outside of golf that contributed to Europe that allowed you to get a gain there? And conversely, in Japan, where there was a 7% decrease, is that a part of the share argument that you were talking about that drove that one market to show a decline?

我知道我們在這裡已經有一段時間了，但只是幾個部分問題。一，儘管今年一些主要市場因高爾夫而關閉的時間比去年多，但你能夠在歐洲實現同比增長，我很好奇也許是高爾夫以外的東西為歐洲做出了貢獻，讓你在那裡獲得了收益？相反，在日本，下降了 7%，是不是你所說的份額論點導致那個市場出現下降？

Sure, Casey. In Europe, yes, it was outside of golf, although golf did better than you would have expected it to do given the shutdowns that existed in that market in Q1. The apparel business that we have in Europe did better relatively than a year ago in Q1 where COVID hit it so hard early on. And now with the strength of our ability to do business in a COVID environment, we overperformed. And we didn't know that going into the quarter because at the time we had the last call with you, they were just announcing the further shutdowns in Europe. So we were trying to get our arms around all that, and we outperformed our expectations.

當然，凱西。在歐洲，是的，它在高爾夫之外，儘管高爾夫的表現比你預期的要好，因為該市場在第一季度存在關閉。與一年前相比，我們在歐洲的服裝業務在第一季度表現得更好，當時 COVID 很早就對它造成了沉重打擊。現在，憑藉我們在 COVID 環境中開展業務的能力，我們表現出色。而且我們不知道進入本季度，因為在我們與您最後一次通話時，他們只是宣佈在歐洲進一步關閉。因此，我們試圖抓住這一切，我們的表現超出了我們的預期。

In Japan, what we saw there was a little bit of a share shift during the quarter. A lot of it's timing, though. We comped a strong year in Japan last year in Q1. So the whole business last year in Q1 was a little all over the map because of COVID, but Japan itself was up versus 2019 and 2020 for the first quarter. And this year, our product mix in Japan sells in a little less than our product mix did a year ago. We also shut down a few stores during the COVID period. So our apparel business over there has its own stores. We closed 9, actually not profitable stores, so that impacted some of the revenue. The long and short of it is we expect Japan to be up for the full year and we remain comfortable with that business, although it was an outlier in Q1.

在日本，我們看到本季度的份額發生了一點變化。不過，很多都是時機。去年第一季度，我們在日本表現強勁。因此，由於新冠疫情，去年第一季度的整個業務都在增長，但日本本身與 2019 年和 2020 年第一季度相比有所上升。今年，我們在日本的產品組合銷售量略低於一年前的產品組合。在 COVID 期間，我們還關閉了一些商店。所以我們那邊的服裝業務有自己的店鋪。我們關閉了 9 家實際上沒有盈利的商店，因此影響了部分收入。多頭和空頭的是，我們預計日本全年都會上漲，我們仍然對這項業務感到滿意，儘管它在第一季度是一個異常值。

All right. Great. And secondly, the golf ball is up 50% year-over-year clearly the biggest trend of all. What would you say drove that golf ball comp? And was it programs that you ran? Is that sustainable for the year? Or would you expect that to back off some as the year goes along?

好的。偉大的。其次，高爾夫球同比增長 50% 顯然是最大的趨勢。你會說什麼推動了那個高爾夫球比賽？你運行的是程序嗎？全年可持續嗎？或者你會期望隨著時間的推移，這種情況會有所減弱？

Casey, I would probably -- I'd expect it to back off. I'm not sure we can have a 50% growth for the full year. In fact, I would guess we cannot. However, I think there's some sustainability in the good momentum we have in the golf ball business where we see our share up. We're seeing continued strength in that business. And you're also seeing some of the benefits of the investments we've made into that business. So last year was a particularly hard year in golf ball. We were in the middle of trying to start up after significant capital improvement plan. Then COVID hit, and it became a very difficult situation. We're starting to see the benefits of the investments we've made and the brand position is strong and as you can tell, the demand equation is equally strong.

凱西，我可能會 - 我希望它會退縮。我不確定我們能否實現全年 50% 的增長。事實上，我猜我們不能。然而，我認為我們在高爾夫球業務中的良好勢頭有一些可持續性，我們看到了我們的份額。我們看到該業務的持續實力。您還看到了我們對該業務進行投資的一些好處。所以去年對於高爾夫球來說是特別艱難的一年。在重大的資本改善計劃之後，我們正處於嘗試啟動的過程中。然後 COVID 來襲，情況變得非常困難。我們開始看到我們所做投資的好處，並且品牌地位很強，正如你所知道的，需求等式同樣強大。

Your final question is from Alex Maroccia with Berenberg.

您的最後一個問題來自 Alex Maroccia 和 Berenberg。

There was a bit of debt repayment in the period. Can you just remind us about efforts to delever in the coming years following this deal?

期間有一些債務償還。你能提醒我們在這筆交易之後的未來幾年里為去槓桿化所做的努力嗎？

Yes. I mean what we originally a long time ago said we wanted to get to below 2x leverage. But I think with the current environment, we're trending toward 4x to 5x by the end of this year and then working towards 3x or so after that. With the growth in the company and the growth in Topgolf business, we're going to be able to -- even without paying down much debt, we're going to be able to outrun it just through the EBITDA growth.

是的。我的意思是我們很久以前最初說過我們希望達到低於 2 倍的槓桿率。但我認為在目前的環境下，我們將在今年年底前達到 4 倍到 5 倍的趨勢，然後在之後努力達到 3 倍左右。隨著公司的增長和 Topgolf 業務的增長，我們將能夠——即使不償還太多債務，我們也將能夠通過 EBITDA 的增長來超越它。

Got it. That's helpful. And then secondly, are you planning any type of promotional activity for Jack Wolfskin's products in Europe since the key selling season was essentially lost this year?

知道了。這很有幫助。其次，您是否計劃在歐洲為 Jack Wolfskin 的產品進行任何類型的促銷活動，因為今年基本失去了主要銷售季節？

Alex, very limited. We find ourselves -- because we had very good sales at the e-com and digital channel, we do not find ourselves in a inventory concern in Europe, which is another positive occurrence. The team has been able to manage that quite well. And if it will be, it will be marginal to the point where I'm not expecting any impact that will be noticeable.

亞歷克斯，非常有限。我們發現自己——因為我們在電子商務和數字渠道的銷售非常好，我們發現自己在歐洲沒有庫存問題，這是另一個積極的現象。團隊已經能夠很好地管理這一點。如果是這樣，那將是微不足道的，我預計不會有任何明顯的影響。

At this time, I'll turn the call back over to Chip Brewer for closing remarks.

此時，我會將電話轉回 Chip Brewer 進行結束髮言。

Well, thank you, everybody, for calling in. As you can tell, we're delighted with our performance in all 3 business segments showing strength going into the balance of the year. We appreciate the opportunity to discuss it with you, and look forward to talking to you again at the end of next quarter.

好吧，謝謝大家的來電。如您所知，我們對我們在所有 3 個業務部門的表現感到高興，這些表現顯示出進入今年平衡的實力。我們很高興有機會與您討論，並期待在下個季度末再次與您交談。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。