Topgolf Callaway Brands Corp (MODG) 2021 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Callaway Golf Company's Second Quarter 2021 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加卡拉威高爾夫公司 2021 年第二季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to Patrick Burke, Head of Investor Relations. Thank you. Please go ahead.

我現在想將會議交給投資者關係主管帕特里克·伯克。謝謝你。請繼續。

Thank you, Erica, and good afternoon, everyone. Welcome to Callaway's Second Quarter 2021 Earnings Conference Call. I'm Patrick Burke, the company's Head of Investor Relations. Joining me as speakers on today's call are Chip Brewer, our President and Chief Executive Officer; and Brian Lynch, our Chief Financial Officer. Artie Starrs, Topgolf's CEO; William Davenport, Topgolf's CFO; and Jennifer Thomas, Callaway's Chief Accounting Officer, are also in the room today for Q&A.

謝謝你，Erica，大家下午好。歡迎參加卡拉威 2021 年第二季度收益電話會議。我是公司投資者關係主管帕特里克·伯克。和我一起在今天的電話會議上發言的是我們的總裁兼首席執行官 Chip Brewer；和我們的首席財務官 Brian Lynch。 Topgolf 首席執行官 Artie Starrs； Topgolf 首席財務官 William Davenport； Callaway 的首席會計官詹妮弗·托馬斯（Jennifer Thomas）今天也在會議室進行問答。

Earlier today, the company issued a press release announcing its second 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. 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.

今天早些時候，該公司發布了一份新聞稿，宣布了其 2021 年第二季度的財務業績。新聞稿和相關演示文稿的副本可在公司網站的投資者關係部分獲得。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，我們根據 G 條例將非 GAAP 措施與演示文稿後面的相應 GAAP 措施進行了核對。

Please note that this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations. We encourage you to review the safe harbor statements contained in the presentation and the press release for a more complete description.

請注意，本次電話會議將包括涉及風險和不確定性的前瞻性陳述，這些風險和不確定性可能導致實際結果與管理層當前的預期存在重大差異。我們鼓勵您查看演示文稿和新聞稿中包含的安全港聲明，以獲得更完整的描述。

Please note, in connection with our prepared remarks, there is 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 investor website under the Webcasts and Presentations tab. Also in 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.

請注意，在我們準備好的評論中，有一個隨附的 PowerPoint 演示文稿，可以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 投資者網站的網絡廣播和演示文稿選項卡下下載。同樣在同一選項卡中，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。

I would now like to turn the call over to Chip.

我現在想把電話轉給 Chip。

Thank you, Patrick. Good afternoon and thank you, everybody, for joining us today.

謝謝你，帕特里克。下午好，謝謝大家今天加入我們。

Results for the second quarter were nothing short of outstanding, and I'm extremely proud of our entire global team for the work they have put in to build this business to the powerhouse that it is today. Let me start by thanking them for their ongoing focus and dedication as we navigate these extraordinary times, move the needle on our growth initiatives and capitalize on the tremendous market opportunity ahead of us.

第二季度的業績非常出色，我為我們整個全球團隊所做的工作感到非常自豪，他們為將這項業務發展成為今天的強國而付出了努力。首先，我要感謝他們在我們度過這些非凡時期、推動我們的增長計劃並利用我們面前巨大的市場機會時的持續關注和奉獻精神。

As you will hear throughout the call today, we are experiencing strong momentum across all of our business segments and are delivering exceptional operating results despite a challenging environment.

正如您將在今天的電話會議中聽到的那樣，我們在所有業務部門都經歷了強勁的發展勢頭，並且儘管環境充滿挑戰，但仍取得了卓越的經營業績。

Revenue for the quarter was up 208% to $914 million and up over 112% to approximately $1.6 billion for the first half of 2021, both new records for our business. Profitability also reached new highs, with adjusted EBITDA of $164 million for the quarter and $292 million for the first 6 months of the year. While headwinds from COVID persist, we have strong conviction in both the long-term strategic position and impressive earnings growth prospects of this unique business.

本季度收入增長 208% 至 9.14 億美元，2021 年上半年增長超過 112% 至約 16 億美元，均創下我們業務的新紀錄。盈利能力也創下新高，本季度調整後 EBITDA 為 1.64 億美元，今年前 6 個月為 2.92 億美元。儘管來自 COVID 的不利因素持續存在，但我們對這一獨特業務的長期戰略地位和令人印象深刻的盈利增長前景抱有堅定的信念。

Before shifting gears to talk specifically about each area of our business, I want to give a personal shout out to our tour team who's having an exceptional year as well. Congrats to Phil and John for their wins at the PGA Championship in the U.S. Open earlier this season, to Xander for his gold medal performance in Tokyo, and to Annika for her dominant victory at the U.S. Senior Women's Open. What a summer for Callaway Golf's tour staff. I can't tell you how excited I get seeing our players representing Callaway, along with our other brands, including TravisMathew and Topgolf, on the game's biggest stages.

在換檔具體討論我們業務的每個領域之前，我想向我們的旅遊團隊大聲疾呼，他們也度過了非凡的一年。祝賀菲爾和約翰在本賽季早些時候的美國公開賽 PGA 錦標賽上獲勝，祝賀 Xander 在東京的金牌表現，以及安妮卡在美國高級女子公開賽上的統治性勝利。 Callaway Golf 的工作人員度過了一個多麼美好的夏天。我無法告訴你看到我們的球員代表卡拉威，以及我們的其他品牌，包括 TravisMathew 和 Topgolf，在比賽的最大舞台上，我有多興奮。

From a business perspective, I'm confident this exposure is very good for our brands and will help us deliver long-term shareholder value.

從商業角度來看，我相信這種曝光對我們的品牌非常有利，並將幫助我們實現長期股東價值。

Looking first at our Golf Equipment business. Demand for clubs and balls remains very high as the sport continues to gain interest from both new entrants, which are driving continued unprecedented growth in package sets, junior clubs and women's clubs, along with core golfers who are playing more than ever and showing strong enthusiasm for the game.

首先看看我們的高爾夫設備業務。球桿和球的需求仍然很高，因為這項運動繼續受到新進入者的興趣，這推動了套裝、青少年球桿和女子球桿的空前增長，以及比以往任何時候都打得更多並表現出強烈熱情的核心高爾夫球手為遊戲。

According to Golf Datatech, rounds played in June remained at an all-time high, and retail demand remains elevated. Datatech's hardgoods sell-through in Q2 was up an impressive 40% versus 2019, and retail inventory levels remain extremely low, with only 2.2 months on hand at the end of June as industry supply chain strained to keep up with the last 12 months of unprecedented demand.

根據 Golf Datatech 的數據，6 月份的比賽數保持在歷史最高水平，零售需求依然高漲。 Datatech 在第二季度的硬貨銷售量與 2019 年相比增長了 40%，零售庫存水平仍然極低，截至 6 月底只有 2.2 個月的庫存，因為行業供應鏈難以跟上過去 12 個月前所未有的要求。

More anecdotally, private club memberships are also experiencing exceptional demand, with waitlists developing at many clubs across the U.S. and the U.K. With more options for activities opened this spring and summer compared to last year, we were cautious that there could have been a potential slowdown in golf participation and/or demand. However, thus far, we're pleased to report that we're not seeing this from our seat in the market.

更有趣的是，私人俱樂部會員資格的需求也非常旺盛，美國和英國的許多俱樂部都在增加候補名單。與去年相比，今年春季和夏季開放的活動選擇更多，我們對可能出現放緩的情況持謹慎態度在高爾夫參與和/或需求。然而，到目前為止，我們很高興地報告說，我們在市場上沒有看到這一點。

We are also monitoring supply chain disruption due to the resurgence of the coronavirus Delta variant. The resurgence has not had any negative demand implications yet, but it has caused further supply disruptions from factories based in and around Southeast Asia, primarily Vietnam. The safety of the people working in these regions is top priority, and we're working with suppliers to make sure operating conditions are and remain as safe as possible.

我們還在監測由于冠狀病毒 Delta 變種的死灰復燃造成的供應鏈中斷。復甦尚未對需求產生任何負面影響，但已導致東南亞及周邊地區（主要是越南）工廠的供應進一步中斷。在這些地區工作的人員的安全是重中之重，我們正在與供應商合作，以確保操作條件盡可能安全。

Also, we have become accustomed to adapting to these circumstances over the last 18 months, and thus, we're able to shift some portion of our production to other less-impacted factories. Still, given how lean inventories are already, the fact that nearly all our factories are running at 100% capacity and that we'll need to shift production shortly towards next year's launches to protect that supply, these shutdowns will have an estimated $55 million negative impact on second half revenues, primarily in our Golf Equipment segment and primarily in Q3. Although disappointing, I view this disruption as a short-term issue, not one that will have a long-term impact on value for strategy.

此外，在過去的 18 個月中，我們已經習慣於適應這些情況，因此，我們能夠將部分生產轉移到其他受影響較小的工廠。儘管如此，考慮到庫存已經非常少，我們幾乎所有的工廠都在以 100% 的產能運行，而且我們需要盡快將生產轉移到明年的投產以保護供應，這些停工估計將產生 5500 萬美元的負面影響對下半年收入的影響，主要是在我們的高爾夫設備部門，主要是在第三季度。雖然令人失望，但我認為這種中斷是一個短期問題，不會對戰略價值產生長期影響。

On the positive side, and I recognize this is a glass-half-full view, we now believe field inventory levels will almost certainly stay lower than expected through this year, in many ways, a healthy market dynamic that bodes well for 2022. All in all, we are very pleased with the strength of this category and our position in it. We expect to deliver record performance for our Golf Equipment segment this year, and perhaps most importantly, we continue to believe the outlook for the Golf Equipment category is highly positive, with both a larger total market and a higher embedded growth rate.

從積極的一面來看，我承認這是一個半滿的觀點，我們現在認為今年的現場庫存水平幾乎肯定會低於預期，在許多方面，健康的市場動態預示著 2022 年的好兆頭。總而言之，我們對這一類別的實力和我們在其中的地位感到非常滿意。我們預計今年我們的高爾夫設備部門將取得創紀錄的業績，也許最重要的是，我們仍然相信高爾夫設備類別的前景非常樂觀，總市場規模更大，嵌入式增長率更高。

Turning now to our Apparel and Soft Goods segment. The business put up another strong quarter, exceeding our expectations as retail locations reopened across the world and our brands remain top of mind for consumers.

現在轉向我們的服裝和軟商品部分。隨著全球零售店重新開業，我們的品牌仍然是消費者的頭等大事，該業務又創造了一個強勁的季度，超出了我們的預期。

Starting with TravisMathew. This business strongly overperformed during the quarter and continues to see incredible growth as we move into the back half of the year. To contextualize, year-over-year for the second quarter, we saw more than 30% comp store growth in our own retail stores versus 2019, the last period that's unaffected by COVID as well as strong growth in sell-through at wholesale accounts and e-commerce. Another fun fact is that we are not just seeing brand momentum in the target male audience buying for themselves, as approximately 30% of the direct-to-consumer sales that we track are her buying for him. I'm no expert here, but when women are picking the brand for their men, I think it's a very good sign.

從特拉維斯馬修開始。該業務在本季度表現強勁，並且隨著我們進入下半年，繼續看到令人難以置信的增長。與去年同期相比，與 2019 年相比，我們自己的零售店同比增長了 30% 以上，這是上一個不受 COVID 影響的時期，以及批發賬戶和銷售額的強勁增長。電子商務。另一個有趣的事實是，我們看到的不僅僅是目標男性受眾為自己購買的品牌勢頭，因為我們追踪的直接面向消費者的銷售額中約有 30% 是她為他購買的。我不是這裡的專家，但是當女性為她們的男性挑選品牌時，我認為這是一個非常好的跡象。

Jack Wolfskin was a strong performer as well this quarter. The business has faced additional challenges given the longer COVID shutdowns in Europe than here in the U.S., but the team has worked through the issues brilliantly and is on track for a strong year. As our owned stores in Europe reopened during the quarter, retail picked up nicely, almost reaching 2019 levels of revenue. Most importantly, we experienced strong sell-through of the spring/summer 2021 line as well as strong prebooks for the spring/summer '22 line, 2 very important indicators for the health of the brand.

Jack Wolfskin 本季度的表現也很出色。鑑於歐洲的 COVID 關閉時間比美國更長，該業務面臨更多挑戰，但該團隊出色地解決了這些問題，並有望迎來強勁的一年。隨著我們在歐洲的自有商店在本季度重新開業，零售業回暖良好，幾乎達到 2019 年的收入水平。最重要的是，我們經歷了 2021 年春夏系列的強勁銷售以及 22 年春夏系列的強勁預售，這是品牌健康的兩個非常重要的指標。

Our stores in China also continue to perform well as the brand maintains strong awareness and positioning within the outdoor apparel market there. The team at Jack Wolfskin has done a fantastic job of revitalizing this business and putting us in a strong position to grow on the top and bottom line as COVID restrictions abate in the brand's key markets of Europe and China and as the brand grows and strengthen appeal.

我們在中國的門店也繼續表現良好，因為該品牌在中國的戶外服裝市場保持了強大的知名度和定位。 Jack Wolfskin 的團隊在振興這項業務方面做得非常出色，隨著歐洲和中國等品牌主要市場的 COVID 限制減弱以及品牌的發展和增強吸引力，我們處於有利地位，以在頂線和底線上增長.

Lastly, our Callaway-branded soft goods business showed strength as well, particularly in Japan, as popularity for the sport drove consumer spending. Additionally, towards the end of the quarter, we took back the Korea apparel business, which was being licensed to a third party for several years. Although that business is just starting up, we are very excited about the long-term opportunity it will provide to our soft goods segment, and the team did an excellent job managing this transition given the COVID travel restrictions and challenges.

最後，我們的卡拉威品牌軟商品業務也表現出強勁勢頭，尤其是在日本，因為這項運動的受歡迎程度推動了消費者支出。此外，在本季度末，我們收回了已向第三方授權數年的韓國服裝業務。儘管該業務剛剛起步，但我們對它將為我們的軟商品部門提供的長期機會感到非常興奮，鑑於 COVID 的旅行限制和挑戰，該團隊在管理這一過渡方面做得非常出色。

With demand levels high across this business segment, we expect to enter 2022 with low retail inventory across all of our soft good brands. In summary, we are fortunate to be in excellent categories and are on our path to deliver a good 2021 in this segment as well as future growth.

由於該業務部門的需求水平很高，我們預計到 2022 年，我們所有軟商品品牌的零售庫存都會減少。總而言之，我們很幸運能夠進入優秀的類別，並且正在努力在這一領域實現良好的 2021 年以及未來的增長。

Now on to Topgolf. Q2 marked the first full quarter of Callaway results with Topgolf included in our numbers, and they delivered beyond our expectations. While COVID concerns remain a challenging variable for venue operations, the team put up outstanding numbers even as other options for consumers became available. We continue to be invigorated by the momentum of this business brought to both Callaway's portfolio and to the game of golf.

現在去Topgolf。第 2 季度標誌著 Callaway 第一個完整季度的業績，我們的數據中包含了 Topgolf，它們的表現超出了我們的預期。儘管對於場館運營而言，COVID 問題仍然是一個具有挑戰性的變量，但即使有其他可供消費者選擇的選擇，該團隊也提供了出色的數字。這項業務為卡拉威的產品組合和高爾夫運動帶來的勢頭繼續使我們感到振奮。

Same venue sales percentage versus 2019 levels continued its encouraging trend of recovery, with Q2 results in the low 90s, up substantially from the low 80s in Q1 of this year. Results were driven by a mix of strong walk-in sales and continued recovery in the event business.

與 2019 年水平相比，相同場地的銷售百分比繼續呈現令人鼓舞的複蘇趨勢，第二季度業績處於 90 年代的低位，與今年第一季度的 80 年代低位相比大幅上升。結果是由強勁的步入式銷售和活動業務的持續復甦共同推動的。

Looking forward, and this assumes no major restrictions from COVID upticks, we feel same venue sales for Q3 will be above Q2 results, while we expect Q4 sales to be slightly slower than Q2 due to the corporate events mix in that quarter and that the full year should end at approximately 90%. To put this in context, this is considerably above our expectations for the year and, we believe, a strong performance.

展望未來，假設 COVID 上升沒有重大限制，我們認為第三季度的相同場地銷售額將高於第二季度的結果，而我們預計第四季度的銷售額將略低於第二季度，因為該季度的企業活動組合以及完整的年應以大約 90% 結束。綜上所述，這大大超出了我們對今年的預期，並且我們相信這是一個強勁的表現。

Domestic venue expansion continued as planned during the quarter, with 4 new venues opening. Another venue, Holtsville, Long Island, opened recently, and yet another, Colorado Springs, will open later this week. We then expect to open 1 more venue in Q4 for a total of 9 new domestic venues this year. At the end of the year, we will have 67 domestic venues in operation across 3 owned U.K. venues for a total of 70 owned venues in operation.

國內場館擴建在本季度繼續按計劃進行，新增 4 個場館。另一個場地，長島霍爾茨維爾，最近開放，另一個場地，科羅拉多斯普林斯，將在本週晚些時候開放。然後，我們預計今年第四季度將再開設 1 個場館，總共 9 個新的國內場館。到今年年底，我們將在 3 個英國自有場館中運營 67 個國內場館，共有 70 個自有場館投入運營。

Internationally, our U.K. venues had an excellent quarter as they reopened strongly after COVID-induced shutdowns in Q1, and our franchise international venue business continues to build capability and momentum despite various COVID challenges. Overall, the venue business is very healthy, with profitability exceeding our expectations.

在國際上，我們的英國場館在第一季度因 COVID 引起的停工後強勢重新開放，表現出色，儘管面臨各種 COVID 挑戰，我們的特許經營國際場館業務繼續建立能力和勢頭。總體而言，場館業務非常健康，盈利能力超出我們的預期。

The Toptracer business had a successful quarter as well, with over 2,000 bays installed in Q2, setting a new record as we continue to see strong demand and excellent customer feedback. While some challenges remain on the installation front due to COVID, we expect to meet or exceed our target of 8,000 new bays for the year.

Toptracer 業務也有一個成功的季度，在第二季度安裝了超過 2,000 個托架，創造了新的記錄，因為我們繼續看到強勁的需求和出色的客戶反饋。儘管由於新冠疫情在安裝方面仍存在一些挑戰，但我們預計將達到或超過我們今年新增 8,000 個托架的目標。

One of the highlights for the quarter was the successful installation of Toptracer into what we believe is the world's largest driving range, Golf Club Daiju located outside Nagoya in Central Japan. And more recently, we're thrilled to announce a partnership with St Andrews Links, the Home of Golf, in St. Andrews, Scotland.

本季度的亮點之一是 Toptracer 成功安裝到我們認為是世界上最大的練習場，位於日本中部名古屋郊外的大樹高爾夫俱樂部。最近，我們很高興地宣布與位於蘇格蘭聖安德魯斯的高爾夫之鄉聖安德魯斯林克斯建立合作夥伴關係。

Lastly, Topgolf's unique position in the market as a gateway to golf is continuing to introduce new players in the sport, and we see excellent long-term potential through our preferential ability to market to these new entrants and drive synergies across a growing consumer base, both on and off course.

最後，Topgolf 作為高爾夫門戶在市場上的獨特地位正在繼續在這項運動中引入新的球員，我們通過向這些新進入者推銷的優先能力看到了巨大的長期潛力，並在不斷增長的消費者群中推動協同效應，無論是在場上還是場外。

Looking ahead to the second half of the year and beyond, I remain excited about the opportunity ahead of us. We operate in great categories with a unique portfolio of businesses that are all exceeding our expectations. There are, of course, macroeconomic hurdles that we and many companies are facing, including supply chain constraints, freight costs, staffing challenges and inflationary pressure, but at the demand level we are experiencing and expect to experience in the foreseeable future, we see these as manageable and expect to still deliver excellent financial results.

展望下半年及以後，我仍然對我們面前的機會感到興奮。我們經營大類業務，擁有獨特的業務組合，所有這些都超出了我們的預期。當然，我們和許多公司都面臨著宏觀經濟障礙，包括供應鏈限制、貨運成本、人員配備挑戰和通脹壓力，但在我們正在經歷和預期在可預見的未來經歷的需求水平上，我們看到了這些作為可管理的，並期望仍能提供出色的財務業績。

On the supply chain side, our guidance assumes an estimated $55 million negative impact to our top line growth, primarily in Q3, to account for current disruptions. On the inflationary side, we have already started taking some price and believe we'll largely have the ability to take price as needed.

在供應鏈方面，我們的指導假設估計對我們的收入增長產生了 5500 萬美元的負面影響，主要是在第三季度，以解釋當前的中斷。在通脹方面，我們已經開始採取一些價格，並相信我們將在很大程度上有能力根據需要採取價格。

Given the various moving parts for the remainder of the year, we are providing both third quarter and full year guidance. I'll let Brian discuss the numbers in more detail, but the headline is that we expect our full year 2021 sales to be over $1.3 billion higher than 2019 and adjusted EBITDA to be between $134 million and $149 million higher than 2019. Our EBITDA for 2021 will be very close to the number we guided to for 2022 when we provided longer-term guidance in the fall of last year. We are essentially a year ahead of plan.

鑑於今年剩餘時間的各種活動部分，我們將提供第三季度和全年的指導。我會讓 Brian 更詳細地討論這些數字，但標題是我們預計 2021 年全年銷售額將比 2019 年高出 13 億美元以上，調整後的 EBITDA 將比 2019 年高出 1.34 億美元至 1.49 億美元。我們的 EBITDA 為2021 年將非常接近我們在去年秋季提供長期指導時為 2022 年指導的數字。我們基本上比計劃提前了一年。

And with that, I'll turn it over to you, Brian.

有了這個，我會把它交給你，布賴恩。

Thank you, Chip. As Chip mentioned, we are very pleased with our second quarter and first half results. Each of our operating segments performed above our expectations, leading to record results despite a challenging operating environment.

謝謝你，奇普。正如奇普所說，我們對第二季度和上半年的業績感到非常滿意。儘管經營環境充滿挑戰，我們每個經營部門的表現都超出了我們的預期，從而取得了創紀錄的業績。

There are some continuing challenges from the pandemic that will have effect on our business in the short term, including supply chain constraints, increased freight costs, staffing challenges and inflationary pressures. However, we believe that current demand levels, along with actions we can take, will mitigate the impact of these factors, and we expect to have strong financial results for the year and the foreseeable future.

疫情帶來的一些持續挑戰將在短期內對我們的業務產生影響，包括供應鏈限制、貨運成本增加、人員配備挑戰和通脹壓力。然而，我們相信當前的需求水平以及我們可以採取的行動將減輕這些因素的影響，我們預計今年和可預見的未來會有強勁的財務業績。

We are energized by the opportunities ahead of us, and we believe we are well situated to handle the prolonged pandemic. More specifically, each of our operating segments support an outdoor, active and healthy way of life that is compatible with the world of social distancing, and we have a strong liquidity position. As of June 30, 2021, our available liquidity, which is comprised of cash on hand and availability under our credit facilities, was $877 million compared to $483 million at June 30, 2020.

我們被面前的機遇所鼓舞，我們相信我們已經做好了應對長期流行病的準備。更具體地說，我們的每個運營部門都支持與社會疏遠世界兼容的戶外、積極和健康的生活方式，並且我們擁有強大的流動性頭寸。截至 2021 年 6 月 30 日，我們的可用流動性（包括手頭現金和信貸額度下的可用資金）為 8.77 億美元，而 2020 年 6 月 30 日為 4.83 億美元。

In evaluating our results for the second quarter and first half, you should keep in mind the following: first, our non-GAAP results exclude noncash amortization expense of intangible assets acquired in acquisitions, including fair value adjustments to Topgolf's leases and debt; noncash depreciation expense from the fair value step-up of Topgolf assets; transaction and transition costs from the acquisitions; noncash amortization of the debt discount on the notes issued during the second quarter of 2020; the $174 million pretax noncash impairment charge in the second quarter of 2020 related to the Jack Wolfskin goodwill and trade name; a $253 million noncash gain related to the write-up of our premerger Topgolf investment; a $33 million benefit in the second quarter of 2021 from the reversal of a portion of the noncash valuation allowance related to certain of our deferred tax assets and certain other nonrecurring items.

在評估我們第二季度和上半年的業績時，您應該記住以下幾點：首先，我們的非公認會計原則業績不包括收購中獲得的無形資產的非現金攤銷費用，包括對 Topgolf 租賃和債務的公允價值調整； Topgolf資產公允價值提升產生的非現金折舊費用；收購的交易和過渡成本； 2020年第二季度發行的票據債務貼現的非現金攤銷； 2020 年第二季度與 Jack Wolfskin 商譽和商品名稱相關的 1.74 億美元稅前非現金減值費用；與我們合併前的 Topgolf 投資相關的 2.53 億美元非現金收益； 2021 年第二季度從與我們的某些遞延稅項資產和某些其他非經常性項目相關的部分非現金估值津貼的沖銷中獲得 3300 萬美元的收益。

We have provided in the tables to this release a reconciliation detailing the impact of these items on second quarter and first half GAAP results.

我們在本新聞稿的表格中提供了詳細說明這些項目對第二季度和上半年 GAAP 結果的影響的對賬。

Second, this is a reminder that our first half financial results include Topgolf for 4 months only as the merger was completed on March 8, 2021. With those factors in mind, I will now discuss our financial results.

其次，這提醒我們，由於合併於 2021 年 3 月 8 日完成，我們上半年的財務業績僅包括 4 個月的 Topgolf。考慮到這些因素，我現在將討論我們的財務業績。

Looking at Slides 10 and 11. Following record revenues in the first quarter, our revenues continued to be very strong in the second quarter of 2021, setting another record for the company. The second quarter 2021 revenues benefited from incremental revenue from the Topgolf merger, and second quarter 2020 revenues were significantly impacted as much of the company's business in golf retail was shut down then due to the pandemic.

看看幻燈片 10 和 11。繼第一季度創紀錄的收入之後，我們的收入在 2021 年第二季度繼續保持強勁勢頭，為公司再創紀錄。 2021 年第二季度的收入受益於 Topgolf 合併帶來的增量收入，而 2020 年第二季度的收入受到了重大影響，因為當時該公司在高爾夫零售方面的大部分業務因大流行而關閉。

During the second quarter of 2021, sales in all product segments and in all major regions increased compared to both 2020 and 2019. With that said, consolidated second quarter 2020 revenues were $914 million compared to $297 million for the same period in 2020, an increase of $617 million or 208%. This increase was led by a 98% increase in the golf equipment and soft goods businesses as well as an incremental $325 million from the Topgolf business. Changes in foreign currency rates had an $18 million favorable impact on second quarter 2021 revenues.

與 2020 年和 2019 年相比，2021 年第二季度，所有產品細分市場和所有主要地區的銷售額均有所增長。話雖如此，2020 年第二季度合併收入為 9.14 億美元，而 2020 年同期為 2.97 億美元，同比增長6.17 億美元或 208%。這一增長主要得益於高爾夫設備和軟商品業務增長了 98%，以及 Topgolf 業務增加了 3.25 億美元。外匯匯率的變化對 2021 年第二季度的收入產生了 1800 萬美元的有利影響。

Consolidated second quarter 2020 revenues also increased $467 million or 105% compared to the same period in 2019, including a 37% increase in golf equipment and 21% increase in our soft goods business. As a result, consolidated revenue for the first half of 2021 increased $826 million or 112% compared to 2020 and increased $602 million or 63% compared to the same period in 2019.

與 2019 年同期相比，2020 年第二季度的合併收入也增加了 4.67 億美元或 105%，其中高爾夫設備增加了 37%，我們的軟商品業務增加了 21%。因此，2021 年上半年的綜合收入與 2020 年相比增加了 8.26 億美元或 112%，與 2019 年同期相比增加了 6.02 億美元或 63%。

Total cost and expenses were $806 million in the second quarter of 2021 compared to $474 million in the second quarter of 2020. On a non-GAAP basis, which excludes, among other things, the $174 million noncash impairment charge in the second quarter of 2020, our total costs and expenses increased $503 million to $796 million for the second quarter of 2021 compared to $293 million in the second quarter of 2020.

2021 年第二季度的總成本和費用為 8.06 億美元，而 2020 年第二季度為 4.74 億美元。按非公認會計原則計算，其中不包括 2020 年第二季度的 1.74 億美元非現金減值費用，我們的總成本和費用在 2021 年第二季度增加了 5.03 億美元，達到 7.96 億美元，而 2020 年第二季度為 2.93 億美元。

Topgolf added $301 million of total costs and expenses. The remainder includes increased variable expense, the restoration of some expenses that were reduced during the pandemic in 2020, planned investment in the business, increased corporate costs to support a larger organization, and increased freight and inflationary pressures, including labor and commodity prices.

Topgolf 增加了 3.01 億美元的總成本和費用。其餘部分包括可變費用的增加、2020 年大流行期間減少的一些費用的恢復、對業務的計劃投資、為支持更大的組織而增加的企業成本，以及包括勞動力和商品價格在內的運費和通脹壓力增加。

To date, the overperformance of the company's business has generally allowed us to outpace the cost increases.

迄今為止，公司業務的出色表現通常使我們能夠超過成本增長的速度。

We are also reporting for the second quarter of 2021 operating income of $107 million, an increase of $285 million compared to a loss of $177 million for the same period in 2020. On a non-GAAP basis, which excludes the impairment charge in 2020, operating income for the second quarter of 2021 was $118 million, a $114 million increase compared to $4 million for the same period in 2020. The increase in second quarter non-GAAP operating income was led by a $96 million increase in segment operating income from our golf equipment and soft goods businesses as well as an incremental $24 million from the Topgolf business. Non-GAAP operating income for the first half of 2021 increased $167 million to $215 million compared to $47 million for the first half of 2020.

我們還報告了 2021 年第二季度的營業收入為 1.07 億美元，與 2020 年同期的虧損 1.77 億美元相比增加了 2.85 億美元。在非公認會計原則的基礎上，不包括 2020 年的減值費用， 2021 年第二季度的營業收入為 1.18 億美元，與 2020 年同期的 400 萬美元相比增加了 1.14 億美元。第二季度非美國通用會計準則營業收入的增長是由我們的分部營業收入增加 9600 萬美元導致的高爾夫設備和軟商品業務，以及 Topgolf 業務增加的 2400 萬美元。 2021 年上半年非美國通用會計準則營業收入增加 1.67 億美元至 2.15 億美元，而 2020 年上半年為 4700 萬美元。

Other expense was $31 million in the second quarter of 2021 compared to other income of $2 million in the same period of the prior year. On a non-GAAP basis, other expense was $27 million in the second quarter of 2021 compared to other income of $3 million for the comparable period in 2020. The $30 million decrease was primarily related to $14 million of higher interest expense related to the Topgolf business in the second quarter of 2021 and an $11 million gain from the settlement of a cross-currency swap arrangement in the second quarter of 2020.

2021 年第二季度的其他費用為 3100 萬美元，而去年同期的其他收入為 200 萬美元。按非公認會計原則計算，2021 年第二季度的其他費用為 2700 萬美元，而 2020 年同期的其他收入為 300 萬美元。減少 3000 萬美元主要與與 Topgolf 相關的 1400 萬美元更高的利息費用有關2021 年第二季度的業務以及 2020 年第二季度交叉貨幣掉期安排的結算獲得 1100 萬美元的收益。

Non-GAAP other expense for the first half of 2021, which excludes, among other things, the $253 million noncash gain related to the write-up of the company's premerger investment in Topgolf, was $33 million of expense compared to $1 million of income in the first half of 2020.

2021 年上半年的非美國通用會計準則其他費用（其中不包括與公司對 Topgolf 的合併前投資相關的 2.53 億美元非現金收益）為 3300 萬美元，而 2021 年上半年的收入為 100 萬美元2020年上半年。

Earnings per share was $0.47 on approximately 194 million shares in the second quarter of 2021 compared to a loss per share of $1.78 on approximately 94 million shares in the second quarter of 2020. Non-GAAP earnings per share was $0.36 in the second quarter of 2021 compared to earnings per share of $0.06 for the second quarter of 2020. Non-GAAP fully diluted shares were 194 million in the second quarter of 2021 compared to 95 million shares for the same period in 2020. The share increase is primarily related to the issuance of additional shares in connection with the Topgolf merger.

2021 年第二季度約 1.94 億股每股收益為 0.47 美元，而 2020 年第二季度約 9400 萬股每股虧損 1.78 美元。2021 年第二季度非美國通用會計準則每股收益為 0.36 美元與 2020 年第二季度每股收益 0.06 美元相比。2021 年第二季度非 GAAP 完全攤薄後的股份為 1.94 億股，而 2020 年同期為 9500 萬股。股份增加主要與發行有關與 Topgolf 合併有關的額外股份。

Full year estimated diluted shares is approximately 178 million shares, which includes the weighted average shares issued in connection with the merger over approximately a 10-month period. As of June 2021, we had approximately 186 million shares that were issued and outstanding.

全年估計攤薄股份約為 1.78 億股，其中包括在約 10 個月期間因合併發行的加權平均股份。截至 2021 年 6 月，我們已發行和流通的股票約為 1.86 億股。

Adjusted EBITDA was $164 million in the second quarter of 2021 compared to $29 million in the second quarter of 2020 and $66 million in the second quarter of 2019. Topgolf contributed adjusted EBITDA of $57 million. For the first half of 2021, adjusted EBITDA was $292 million compared to $89 million in the first half of 2020 and $159 million in the first half of 2019. Topgolf contributed adjusted EBITDA of $17 million for the 4 months.

2021 年第二季度調整後的 EBITDA 為 1.64 億美元，而 2020 年第二季度為 2900 萬美元，2019 年第二季度為 6600 萬美元。Topgolf 貢獻了 5700 萬美元的調整後 EBITDA。 2021 年上半年，調整後 EBITDA 為 2.92 億美元，而 2020 年上半年為 8900 萬美元，2019 年上半年為 1.59 億美元。Topgolf 在 4 個月內貢獻了 1700 萬美元的調整後 EBITDA。

Turning now to Slide 12. I will now cover certain key balance sheet and other items. As of June 30, 2021, available liquidity, which represents availability under our credit facilities, plus cash on hand, was $877 million compared to $483 million at the end of the second quarter of 2020. This additional liquidity reflects overperformance in all of our business segments and improved liquidity from working capital.

現在轉到幻燈片 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 6 月 30 日，可用流動性（代表我們信貸額度下的可用資金加上手頭現金）為 8.77 億美元，而 2020 年第二季度末為 4.83 億美元。這一額外流動性反映了我們所有業務的超額表現部門和改善營運資金的流動性。

At June 30, 2021, we had total net debt of $1.1 billion, including $652 million of Topgolf-related net debt. The Topgolf debt includes demand -- I mean, deemed landlord financing of $263 million related to financing of its venue businesses. Our leverage ratios have improved significantly period-over-period, and on a funded debt basis, are now under 3x.

截至 2021 年 6 月 30 日，我們的淨債務總額為 11 億美元，其中與 Topgolf 相關的淨債務為 6.52 億美元。 Topgolf 的債務包括需求——我的意思是，被視為與場地業務融資相關的 2.63 億美元的房東融資。我們的槓桿率顯著提高，在融資債務的基礎上，現在低於 3 倍。

Our consolidated net accounts receivable was $325 million, an increase of 52% compared to $214 million at the end of the second quarter of 2020. The legacy business sales outstanding decreased to 58 days on June 30, 2020, compared to 79 days as of June 30, 2020. The increase in net accounts receivable is primarily attributable to the increase in second quarter revenue but also includes an incremental $9 million of Topgolf accounts receivable. We continue to remain very comfortable with the overall quality of our accounts receivable at this time.

我們的綜合應收賬款淨額為 3.25 億美元，與 2020 年第二季度末的 2.14 億美元相比增長 52%。截至 2020 年 6 月 30 日，未償還的遺留業務銷售天數減少至 58 天，而截至 6 月為 79 天2020 年 3 月 30 日。應收賬款淨額的增加主要歸因於第二季度收入的增加，但也包括增加了 900 萬美元的 Topgolf 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 12, our inventory balance decreased by 12% to $335 million at the end of the second quarter of 2021 compared to $379 million at the end of the second quarter of the prior year. This $44 million decrease was due to the high demand we were experiencing in the golf equipment business and better-than-expected performance in our soft goods business. Topgolf added approximately $14 million of inventory this quarter.

同樣在幻燈片 12 上顯示，我們的庫存餘額在 2021 年第二季度末下降了 12% 至 3.35 億美元，而去年第二季度末為 3.79 億美元。這 4400 萬美元的減少是由於我們在高爾夫設備業務中遇到的高需求以及我們的軟商品業務的表現好於預期。 Topgolf 本季度增加了大約 1400 萬美元的庫存。

Capital expenditures for the first 6 months of 2021 were $96 million, net of expected REIT reimbursements. This includes $66 million related to Topgolf. From the full year 2021 forecast perspective, the golf equipment and soft goods business forecast is $65 million, consistent with our previous forecast. The 2021 full year forecast for Callaway and Topgolf is approximately $243 million, net of reimbursements, primarily related to the new venue openings. The foregoing does not include approximately $33 million in capital expenditures for Topgolf in January and February premerger.

2021 年前 6 個月的資本支出為 9600 萬美元，扣除預期的 REIT 報銷。其中包括與 Topgolf 相關的 6600 萬美元。從 2021 年全年預測來看，高爾夫設備和軟品業務預測為 6500 萬美元，與我們之前的預測一致。 Callaway 和 Topgolf 的 2021 年全年預測約為 2.43 億美元，扣除補償後，主要與新場館的開業有關。上述不包括 Topgolf 在 1 月和 2 月合併前的大約 3300 萬美元資本支出。

Depreciation and amortization expense was $43 million in the second quarter of 2021. Non-GAAP depreciation and amortization expense was $36 million in the second quarter of 2021 compared to $8 million in 2020. This includes $27 million of non-GAAP depreciation and amortization related to Topgolf. For the full year in 2021, we expect non-GAAP depreciation and amortization expense to be approximately $133 million, which includes $95 million for the Topgolf business. The foregoing does not include approximately $18 million of Topgolf non-GAAP depreciation and amortization for January and February in the aggregate.

2021 年第二季度的折舊和攤銷費用為 4300 萬美元。2021 年第二季度的非美國通用會計準則折舊和攤銷費用為 3600 萬美元，而 2020 年為 800 萬美元。這包括 2700 萬美元的非美國通用會計準則折舊和攤銷費用。頂級高爾夫。對於 2021 年全年，我們預計非美國通用會計準則折舊和攤銷費用約為 1.33 億美元，其中包括 Topgolf 業務的 9500 萬美元。上述不包括 Topgolf 1 月和 2 月總計約 1800 萬美元的非公認會計原則折舊和攤銷。

I am now on Slide 13. As Chip mentioned, we are providing revenue and adjusted EBITDA guidance for the full year and third quarter of 2021. Please note this guidance only includes the post-merger Topgolf results for 10 months of 2021. For the full year, we expect revenue to range from $3.025 billion and $3.055 billion. That compares to $1.590 billion in 2020 and $1.701 billion in 2019.

我現在在幻燈片 13 上。正如 Chip 所提到的，我們正在提供 2021 年全年和第三季度的收入和調整後 EBITDA 指導。請注意，該指導僅包括合併後 Topgolf 2021 年 10 個月的業績。對於完整的今年，我們預計收入將在 30.25 億美元和 30.55 億美元之間。相比之下，2020 年為 15.9 億美元，2019 年為 17.01 億美元。

The company's full year 2021 net sales estimate assumes continued positive demand fundamentals for our golf equipment and soft goods segments; no further business, supply chain and retail shutdowns due to COVID; and the Topgolf's 10 months of segment sales approach 2019 full year levels of $1.06 billion. The outlook also assumes $55 million of supply chain risk due to the current Southeast Asia COVID shutdowns, almost all of which is expected to occur in the third quarter 2021.

公司對 2021 年全年淨銷售額的估計假設我們的高爾夫設備和軟商品部門的需求基本面持續積極；不會因新冠疫情進一步關閉業務、供應鍊和零售； Topgolf 10 個月的細分市場銷售額接近 2019 年全年 10.6 億美元的水平。由於當前東南亞 COVID 關閉，該展望還假設了 5500 萬美元的供應鏈風險，預計幾乎所有這些都將在 2021 年第三季度發生。

From a cost perspective, full year 2021 non-GAAP operating expenses for our golf equipment and soft goods businesses are estimated to be approximately $100 million higher than full year 2019 non-GAAP operating expenses. This is $20 million to $30 million higher than we previously guided at the beginning of the year, and the increase is related primarily to variable costs associated with the strong performance of the business this year, accelerated investments in the TravisMathew brand to support its faster-than-expected growth and additional corporate infrastructure costs to support a larger organization.

從成本的角度來看，我們的高爾夫設備和軟商品業務的 2021 年全年非 GAAP 運營費用估計比 2019 年全年非 GAAP 運營費用高出約 1 億美元。這比我們年初之前的指導高出 2000 萬至 3000 萬美元，這一增長主要與今年業務強勁表現相關的可變成本有關，加速了對 TravisMathew 品牌的投資以支持其更快-超出預期的增長和額外的企業基礎設施成本以支持更大的組織。

Investors should also note that approximately 85% of the incremental $100 million in expense is expected to be incurred in the second half of 2021 due in part to the Callaway Apparel business in Korea that we took over from our licensee in July and a more normalized level of spend in the second half of 2021 to support all of our businesses.

投資者還應注意，預計 2021 年下半年增加的 1 億美元費用中約有 85% 將發生在 2021 年下半年，部分原因是我們在 7 月從我們的被許可人手中接管了在韓國的 Callaway 服裝業務以及更加正常化的水平2021 年下半年用於支持我們所有業務的支出。

In addition, we are expecting continued cost pressure from increased freight costs and inflationary pressures, including labor and commodity pricing, at least through the first half of 2022. To date, positive volume variances have outpaced the majority of these increased costs, but they will continue to have some impact.

此外，我們預計至少到 2022 年上半年，貨運成本和通脹壓力（包括勞動力和商品定價）的增加將帶來持續的成本壓力。迄今為止，正的數量差異已經超過了這些增加的成本中的大部分，但它們將繼續產生一些影響。

Full year adjusted EBITDA is projected to be between $345 million and $360 million. The company's full year 2021 adjusted EBITDA estimate assumes the Topgolf segment will deliver over $100 million in adjusted EBITDA for the 10 months beginning March 8, 2021. This estimate assumes a previously mentioned supply chain revenue risk and continued elevated freight and other cost pressures, which are expected to have an overall greater impact than we originally anticipated for the balance of the year.

全年調整後的 EBITDA 預計在 3.45 億美元至 3.6 億美元之間。該公司對 2021 年全年調整後 EBITDA 的估計假設 Topgolf 部門將在 2021 年 3 月 8 日開始的 10 個月內實現超過 1 億美元的調整後 EBITDA。這一估計假設了前面提到的供應鏈收入風險以及持續升高的運費和其他成本壓力，這預計對今年餘下時間的總體影響將比我們最初預期的要大。

From a third quarter perspective, we expect revenue to range from $775 million to $790 million versus 2020 revenue of $476 million and 2019 revenue of $426 million. We expect adjusted EBITDA for the third quarter 2021 to be between $51 million to $58 million versus 2020 of $87 million and 2019 of $57 million. This projected revenue growth represents the addition of Topgolf revenue as well as growth in the soft goods segment.

從第三季度的角度來看，我們預計收入將在 7.75 億美元至 7.9 億美元之間，而 2020 年的收入為 4.76 億美元，2019 年的收入為 4.26 億美元。我們預計 2021 年第三季度調整後的 EBITDA 將在 5100 萬美元至 5800 萬美元之間，而 2020 年為 8700 萬美元，2019 年為 5700 萬美元。這一預計的收入增長代表了 Topgolf 收入的增加以及軟商品部門的增長。

Because of the previously mentioned supply constraints in the extraordinary second half the golf equipment business had in the second half of 2020, as interest in golf surge following the relaxation of COVID restrictions, we are forecasting third quarter revenue for the golf equipment segment to be below 2020 levels but above 2019. While not optimal, the third quarter supply constraints are not currently forecasted to affect the fourth quarter of 2021 or even 2022 to any significant degree.

由於之前提到的高爾夫設備業務在 2020 年下半年特別下半年的供應限制，隨著 COVID 限制放鬆後對高爾夫的興趣激增，我們預測高爾夫設備部門第三季度的收入將低於2020 年的水平，但高於 2019 年。雖然不是最優的，但目前預計第三季度的供應限制不會在很大程度上影響 2021 年第四季度甚至 2022 年。

In closing, I would like to emphasize a couple of points. I know we have spent some time today discussing the short-term headwinds from COVID, particularly on the forecasted supply chain constraints in the third quarter. Although annoying, the short-term disruption will not have a long-term impact on our value or strategy. Investors should not lose sight of the fact we are having a tremendous year. And yes, without those headwinds, we would be having an even better year, but this is still a great year. We're hitting our financial goals essentially a year ahead of what we had planned despite a challenging operating environment. Each of our segments are performing well. The Topgolf merger has been wildly successful, and we feel well positioned for the future, both in a COVID operating environment and after. We also remain very excited about the opportunities and growth prospects ahead of us.

最後，我想強調幾點。我知道我們今天花了一些時間討論 COVID 帶來的短期不利因素，特別是在第三季度預測的供應鏈限制方面。雖然令人討厭，但短期中斷不會對我們的價值或戰略產生長期影響。投資者不應忽視我們正在經歷豐碩的一年這一事實。是的，如果沒有這些不利因素，我們會度過更好的一年，但這仍然是偉大的一年。儘管經營環境充滿挑戰，但我們基本上比我們計劃的提前一年實現了我們的財務目標。我們的每個部門都表現良好。 Topgolf 合併取得了巨大成功，無論是在 COVID 運營環境中還是之後，我們都為未來做好了準備。我們也對擺在我們面前的機會和增長前景感到非常興奮。

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

今天我們準備好的發言到此結束，我們現在開始提問。接線員，交給你。

(Operator Instructions) And your first question is from Brett Andress with KeyBanc.

（操作員說明）您的第一個問題來自 KeyBanc 的 Brett Andress。

So Chip, you alluded to Topgolf exceeding your expectations. You have a full quarter under your belt. The golf industry is still robust, and it just seems like everything across this business is running a year ahead of schedule. So should we take your 2023 expectations from that S4 is a good baseline to think about the business next year? Just anything to help us with how you're thinking about next year, not this year's, I think, going so well?

所以 Chip，你提到 Topgolf 超出了你的預期。你有一個完整的季度。高爾夫行業仍然很強勁，而且整個行業的一切似乎都比計劃提前了一年。那麼，我們是否應該將您對 2023 年的期望從 S4 視為考慮明年業務的良好基準？只是有什麼可以幫助我們了解您對明年的看法，而不是今年，我認為，進展順利嗎？

Brett, we are trending towards a year ahead. I think it might be premature to just take that simplistic approach and take the next year projection forward, and we're not providing any guidance for next year. But at this point, we couldn't be more pleased with the momentum and progress that we see in each of the business segments, and we remain optimistic. But I prefer not to get tied to any specificity on future guidance.

布雷特，我們正朝著未來一年的方向發展。我認為僅僅採用這種簡單的方法並推進明年的預測可能還為時過早，而且我們不會為明年提供任何指導。但在這一點上，我們對每個業務領域的勢頭和進步感到非常滿意，我們仍然保持樂觀。但我不想與未來指導的任何具體細節聯繫在一起。

No. Understood. I had to try. And then just on Topgolf, specifically, is there any update on the mix of walk-in versus events? I mean is the walk-in business above 19 at this point? I'm just trying to gauge where we are in the recovery of the events business, right? Is that like 40%, 50%, 60% recovered? Just any color there.

不，明白了。我不得不嘗試。然後只是在 Topgolf 上，具體來說，是否有關於步入式與事件混合的任何更新？我的意思是此時步入式業務是否超過19？我只是想判斷我們在活動業務的複蘇中處於什麼位置，對嗎？是恢復了 40%、50%、60% 嗎？那裡隨便什麼顏色。

Sure. I'll give you a little bit of color. It will be more qualitative than quantitative. But as we have discussed thus far, the walk-in business is quite strong and continued to strengthen during the quarter and has continued to be robust and strengthening even in early parts of Q3. So while we're not going to give you a specific number on there, walk-in has been -- continued strong and continues to strengthen. So we're seeing very little weakness in that portion, and we're optimistic on that.

當然。我給你一點顏色。它將是定性的而不是定量的。但正如我們迄今為止所討論的那樣，步入式業務相當強勁，並在本季度繼續加強，即使在第三季度初期也繼續保持強勁和加強。因此，雖然我們不會在那裡給你一個具體的數字，但步入式一直 - 繼續強勁並繼續加強。所以我們看到這部分的弱點很小，我們對此持樂觀態度。

We're also very pleased with the event business as that has strengthened throughout the year, and it is still not back to 2019 levels, but all trends there have been positive. We're going to keep our eye on that as the COVID situation continues to be dynamic, but there's been strong recovery and very pleased with the same venue sales. Walk-in continues to lead. Corporate, recovering nicely -- or the event business recovering nicely, and we kind of outlined how we expect that to be -- to play out through the balance of the year.

我們也對活動業務感到非常滿意，因為這一業務全年都在加強，但仍未回到 2019 年的水平，但所有趨勢都是積極的。我們將密切關注這一點，因為 COVID 情況繼續充滿活力，但復甦勢頭強勁，並且對同樣的場地銷售感到非常滿意。步入式繼續領先。企業，恢復得很好 - 或者活動業務恢復得很好，我們有點概述了我們的預期 - 將在今年的剩餘時間內發揮作用。

Your next question is from Randy Konik with Jefferies.

您的下一個問題來自 Jefferies 的 Randy Konik。

I got 2 questions, 1 for Chip, 1 for Artie. Chip, you talked about in your remarks about a larger market for golf. So can you kind of talk a little bit about that or expand upon that a little bit more? How do you see this larger market unfolding ahead? And in terms of growth, can you see it being sustained over the medium and longer term? Just want to get your thoughts there.

我有 2 個問題，1 個針對 Chip，1 個針對 Artie。奇普，您在講話中談到了更大的高爾夫市場。那麼，您能否就此談一談或進一步擴展一點？您如何看待這個更大的市場未來的發展？在增長方面，你能看到它在中長期內持續嗎？只是想把你的想法放在那裡。

And then second, for Artie, I just want to get your perspective on how you feel about Topgolf, now that you've spent more time with the business. Give us like your landscape and your perspective on what you see for the business ahead and your focus on it.

其次，對於 Artie，我只想了解您對 Topgolf 的看法，因為您已經花更多時間在業務上。給我們您的風景和您對未來業務的看法以及您對它的關注。

Okay. Great. Thanks, Randy. I'll take the golf equipment one, and Artie, you can have -- then have your debut on the earnings call with Randy's other question.

好的。偉大的。謝謝，蘭迪。我會拿一個高爾夫設備，而阿蒂，你可以——然後在蘭迪的另一個問題的財報電話會議上首次亮相。

So we've been just delighted with the amount of demand that we've seen in the golf equipment segment, completely unprecedented growth over what has been a year period of time now. And it's been new entrants as well as return of our core segment and just a very healthy situation. It's been quite significant, as you can imagine, and that the demand has been up 40% to 50% over this period of time. So great for golf. And although I think it's rational to expect some slowing in the near future, we haven't seen that yet. And the pure demand has been matching the 2020 levels.

因此，我們對高爾夫設備領域的需求量感到非常高興，在過去一年的時間裡實現了前所未有的增長。這是新進入者以及我們核心部門的回歸，而且情況非常健康。正如您可以想像的那樣，這非常重要，並且在這段時間內需求增長了 40% 到 50%。非常適合打高爾夫球。儘管我認為預計在不久的將來會有所放緩是合理的，但我們還沒有看到這一點。而純需求已經與2020年的水平相匹配。

I think there's no question that demand is going to remain strong at this stage. I think in the second half of the year, it's going to be constrained by supply. So we won't really get a picture of demand. But without a doubt, the market is considerably larger than it was at the end of 2019, entering 2020. The engagement of golfers is much higher.

我認為毫無疑問，現階段需求將保持強勁。我認為在下半年，它將受到供應的限制。所以我們不會真正了解需求。但毫無疑問，市場比 2019 年底，進入 2020 年時要大得多。高爾夫球手的參與度要高得多。

So in terms of sustainability of that, I think that it's showing that it is sustainable. The little snapshots that we have now as the markets have opened has shown that, that demand has remained. It's a sticky sport and game. Once you get into it, you don't tend to leave it very quickly. And when you join clubs, et cetera, you tend to play more. So all of that looks good as well as the long-term growth rate as things such as Topgolf scale up. So we feel very positive about the game of golf and the golf equipment space going forward. Barring short-term volatility, we think we're in a great position overall.

因此，就其可持續性而言，我認為這表明它是可持續的。隨著市場開放，我們現在所擁有的小快照表明，這種需求仍然存在。這是一項棘手的運動和遊戲。一旦你進入它，你就不會很快離開它。當你加入俱樂部等等時，你往往會玩得更多。因此，隨著 Topgolf 等項目的擴大，所有這些看起來以及長期增長率都很好。所以我們對高爾夫運動和未來的高爾夫裝備空間感到非常樂觀。除非短期波動，否則我們認為我們總體上處於有利地位。

Artie, over to you for some thoughts on Topgolf.

Artie，請您談談關於 Topgolf 的一些想法。

Sure. Thanks, Chip, and thanks, Randy.

當然。謝謝，奇普，謝謝，蘭迪。

I mean the first thing I'd say it's great to be a part of Topgolf and the Callaway family. I received an extremely warm welcome from our associates and from our partners and just extremely enthusiastic to be here.

我的意思是，我首先要說的是，成為 Topgolf 和 Callaway 大家庭的一員真是太好了。我受到了我們的同事和合作夥伴的熱烈歡迎，並且非常熱情地來到這裡。

The first thing I would say and I think is the clearest takeaway for anyone who come into Topgolf is what a terrific team that we have, driving our unique and extremely differentiated culture. And if you go to our venues, what this translates to are passionate associates, really enthusiastic guests and then long-term advocates for the brand.

我要說的第一件事，我認為對於任何進入 Topgolf 的人來說，最清楚的收穫就是我們擁有一支非常棒的團隊，推動著我們獨特且極其差異化的文化。如果你去我們的場地，這意味著熱情的同事，真正熱情的客人，然後是品牌的長期擁護者。

And when I reflect on the leadership team that I've joined and the experiences that they have in entertainment and multiunit, hospitality and a ton of technology talent that we have, that's why we're seeing the momentum that Chip and Brian have shared.

當我回顧我加入的領導團隊以及他們在娛樂和多部門、熱情好客以及我們擁有的大量技術人才方面的經驗時，這就是為什麼我們看到了 Chip 和 Brian 分享的動力。

The time to date since I've been at Topgolf the last few months, I spent a lot of time in the venues, in our current venues and then the venues that we're looking to build. And I've been to approximately half of them so far, so 30 to 35 or so. And we have a highly relevant concept. When you see the guests coming in, it's perfect for the times, people looking to get outside of the house, spending time with family and friends. The energy level is extremely high.

自從我過去幾個月在 Topgolf 工作至今，我花了很多時間在場館，在我們目前的場館，然後是我們正在尋求建造的場館。到目前為止，我去過其中大約一半，大約 30 到 35 次。我們有一個高度相關的概念。當您看到客人進來時，這是完美的時代，人們希望走出家門，與家人和朋友共度時光。能量水平非常高。

The second thing I'd say is we've got multiple channels to drive top line growth and multiple levers to drive profits. Beneath that, we have a labor model that allows for a lot of flexibility. So I'm excited about our ability to do that going forward.

我要說的第二件事是我們有多個渠道來推動收入增長和多個槓桿來推動利潤。在此之下，我們有一個具有很大靈活性的勞動模式。所以我對我們未來能夠做到這一點感到興奮。

And then the final thing is when we go into a new market, when we look at these new markets, we've got such a robust pipeline. The cities and the towns that we meet with, they're so excited about Topgolf coming. So the pipeline that Chip has shared in the past, I'm very enthusiastic about. And yes. So the focus for us, I think coming out of this, Randy, is to continue to do what we've always done, which is be that innovator in the -- what we call the bay experience where most of our guests spend their time -- to spend their time.

最後一件事是當我們進入一個新市場時，當我們審視這些新市場時，我們擁有如此強大的管道。我們遇到的城市和城鎮，他們對 Topgolf 的到來感到非常興奮。所以Chip過去分享的管道，我非常熱衷。是的。因此，蘭迪，我認為我們的重點是繼續做我們一直在做的事情，這就是我們所說的海灣體驗中的創新者，我們的大多數客人都會在這裡度過他們的時間——花時間。

You've probably seen, we've promoted some internal talent. We have a new COO. We're very excited about, Gen Gray. And we have 2 external hires that have come in, a new CMO and a new CPO, that I think are going to accelerate this guest experience work and organizing and focusing our team around that.

您可能已經看到，我們提拔了一些內部人才。我們有一位新的首席運營官。我們對此感到非常興奮，格雷將軍。我們有 2 名外部員工進來，一名新的 CMO 和一名新的 CPO，我認為這將加速這項客戶體驗工作，並圍繞這一點組織和集中我們的團隊。

And the final thing I'd say on behalf of the Topgolf team is that we share Chip and Brian's excitement for the future of Topgolf, and we're thrilled to be a part of the Callaway portfolio and adding to the growth there.

我代表 Topgolf 團隊要說的最後一件事是，我們與 Chip 和 Brian 一樣對 Topgolf 的未來感到興奮，我們很高興成為 Callaway 產品組合的一員並促進那裡的增長。

Your next question is from Daniel Imbro with Stephens Inc.

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

Chip, maybe starting on the core golf business. Looking at the reported market share, it looks like you definitely picked up some share kind of across the category list. Is that a function of better in-stocks to meet demand? Does that -- does your more domestic manufacturing footprint maybe help with some of these supply issues we're hearing about? And then any comments on how you're feeling about your share heading through the back half here?

奇普，也許從核心高爾夫業務開始。查看報告的市場份額，看起來您肯定在類別列表中獲得了某種份額。這是更好的庫存來滿足需求的功能嗎？這是否 - 您更多的國內製造足跡是否可能有助於解決我們聽到的一些供應問題？然後你對你的份額在後半部分的感覺有什麼評論嗎？

Sure. Daniel, yes, we had a good quarter in market share. So Q2, we picked up nice share in -- relative to where we were entering the quarter, I think, in both clubs and ball, but particularly in ball. We had a very strong quarter in golf ball and ended up finishing the quarter at record levels. So really pleased with the trends there.

當然。丹尼爾，是的，我們有一個很好的季度市場份額。所以第二季度，相對於我們進入該季度的位置，我們在俱樂部和球方面獲得了不錯的份額，尤其是在球方面。我們在高爾夫球方面打出了非常強勁的四分之一，並最終以創紀錄的水平完成了這個季度。對那裡的趨勢非常滿意。

Our shares are still a little bit down relative to where they were on the club side a year ago. Much of that is just launch cadence, if you would, by the fact that last year, we didn't have -- 2 of the big 4 didn't launch metal woods. This year, they did. So by just math, there's going to be some pressure on that. But I was very encouraged to see the uptick in the quarter.

相對於一年前他們在俱樂部方面的水平，我們的股價仍然略有下降。如果你願意的話，其中大部分只是發射節奏，事實上，去年我們沒有——四大巨頭中有兩個沒有推出金屬木。今年，他們做到了。因此，僅通過數學計算，就會有一些壓力。但看到本季度的上漲，我感到非常鼓舞。

I think our supply chain did a good job, but I think it was more just how our product resonated and the strength of the brand once it gets out into the demo season, et cetera. So I think it was underlying strength of product performance's brand that really drove that good performance during the quarter and obviously encouraged by that.

我認為我們的供應鏈做得很好，但我認為更多的是我們的產品在進入演示季後如何引起共鳴以及品牌的實力等等。因此，我認為產品性能品牌的潛在實力真正推動了本季度的良好表現，並且顯然受到了鼓舞。

Looking towards the second half, I don't have any projections for you at this point. I think a lot of what you're going to see in the second half is going to be supply constrained, depending on what comes in or out of Vietnam and who moves into producing products or launching products because we're going to be all making decisions on what we make for right now or what we make for 2022. So there'll be some volatility in those numbers, but our brand strength and strength did show through during the quarter, and we were pleased with that.

展望下半場，我目前對你沒有任何預測。我認為你將在下半年看到的很多東西都將受到供應限制，這取決於進出越南的東西以及誰開始生產產品或推出產品，因為我們都將製造決定我們現在做什麼或我們為 2022 年做什麼。所以這些數字會有一些波動，但我們的品牌實力和實力確實在本季度表現出來，我們對此感到高興。

That's helpful, Chip. And then just a second question on Topgolf guidance. I think in the slide, you said 3Q comps should be better -- or same venue sales should be better than 2Q. 4Q should step down a bit. But just using 2Q's profitability, I mean, that implies over $100 million just in back half EBITDA. Can you maybe help us square that away with the full year guide for about $100 million in Topgolf adjusted EBITDA? Are there cost offsets? Is it just conservatism? How should we think about that Topgolf profitability guidance?

這很有幫助，奇普。然後是關於 Topgolf 指導的第二個問題。我認為在幻燈片中，您說 3Q 的比賽應該更好——或者相同場地的銷售應該比 2Q 更好。 4Q應該會下降一點。但僅使用第二季度的盈利能力，我的意思是，這意味著僅在後半部分 EBITDA 就超過 1 億美元。您能否幫助我們解決 Topgolf 調整後 EBITDA 約 1 億美元的全年指南？有成本補償嗎？僅僅是保守主義嗎？我們應該如何看待 Topgolf 的盈利能力指引？

Brian, you want to take a shot at that one?

布萊恩，你想試試那個嗎？

Yes. I mean, just generally, I'd say the business is seasonal, and you're catching Topgolf at Q2, which is their most profitable EBITDA quarter, and it ramps down as the year goes. Q3 and -- Q2 and Q3 are their best. Q2 is the biggest one by far. And then the fourth quarter will affect -- be affected by the mix of corporate events or walk-in business. But I think it's just the seasonality of that business.

是的。我的意思是，一般來說，我會說這項業務是季節性的，你在第二季度趕上 Topgolf，這是他們最賺錢的 EBITDA 季度，並且隨著時間的推移而下降。 Q3 和 -- Q2 和 Q3 是他們最好的。 Q2 是迄今為止最大的一個。然後第四季度將受到影響 - 受到公司活動或步入式業務的影響。但我認為這只是該業務的季節性。

Yes. And Daniel, this is Patrick. Maybe just to add to that, remember, they're not fully -- they hadn't been fully staffed in the first half in the venues, and they continue to work to kind of build their staffing levels up. So some of the first half profitability is going to be a little harder to anniversary as they get fully staffed.

是的。丹尼爾，這是帕特里克。也許只是補充一點，請記住，他們並沒有完全配備——他們在上半場的場地沒有配備齊全的人員，他們繼續努力提高他們的人員配備水平。因此，隨著人員配備齊全，上半年的一些盈利能力將更難實現週年紀念。

Right. And then there's the OpEx ramp would be the last element of that. So all of those factor into the forecast.

正確的。然後是 OpEx 斜坡將是其中的最後一個元素。因此，所有這些因素都會影響預測。

And is that OpEx ramp, Chip, in Topgolf specifically that you guys called out? Or is that across the business?

你們特別提到 Topgolf 的 OpEx 坡道 Chip 嗎？還是整個企業都這樣？

It's across the business, but it does include Topgolf. For instance, Artie talked about new hires, et cetera, and those new hires will be starting in the second half. And we're scaling this business to -- for bigger and better things. So we're making those investments as we go. And our growth has been faster than expected. So the OpEx ramp trails that growth but also foreshadows good things in the future as well. So we're pleased with it, but you will continue to see it occur both in Topgolf as well as, as Brian explained, other areas of our business.

它涉及整個業務，但確實包括 Topgolf。例如，Artie 談到了新員工等等，這些新員工將在下半年開始。我們正在將這項業務擴展到——為了更大更好的事情。因此，我們正在進行這些投資。而且我們的增長速度比預期的要快。因此，OpEx 的增長落後於這種增長，但也預示著未來的好事。因此，我們對此感到滿意，但您將繼續看到它出現在 Topgolf 以及正如 Brian 解釋的我們業務的其他領域。

Your next question is from Joe Altobello with Raymond James.

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

I guess first question on the supply chain impact that you cited in the second half, the $55 million. Both of you, Chip and Brian, indicated that you feel like that's pretty short term, and it's going to be a largely a Q3 event. What gives you that confidence that we don't see that extend beyond Q3 into Q4, for example?

我想你在下半年提到的關於供應鏈影響的第一個問題是 5500 萬美元。你們兩個，Chip 和 Brian，都表示你們覺得這很短期，而且很大程度上將是第三季度的活動。例如，是什麼讓您有信心認為我們不會從第三季度到第四季度？

Yes, Joe, this is Chip. And clearly, we don't know. The one thing -- we've been through this before. And so we are using that past experience to estimate that. And -- but there's always a chance that there's more volatility than what we're projecting. We are projecting right now that the factories in Vietnam are closed for a reasonable portion of Q3 and that they were then able to open and start producing at a reasonable level but not at a completely unimpacted level beyond that.

是的，喬，這是奇普。顯然，我們不知道。一件事——我們以前經歷過。所以我們正在使用過去的經驗來估計。而且 - 但總有可能存在比我們預測的更大的波動性。我們現在預計，越南的工廠在第三季度的一段合理時間內關閉，然後他們能夠以合理的水平開工並開始生產，但除此之外不會完全不受影響。

So it is, in essence, our best guess. But in today's day and age, anybody that tells you they know for sure is not being completely honest. But we have pretty good experience here, and we have a fairly diversified and balanced supply chain, which I think is an advantage over the long run.

因此，從本質上講，這是我們最好的猜測。但是在今天這個時代，任何告訴你他們肯定知道的人都不是完全誠實的。但是我們在這裡有很好的經驗，我們有一個相當多元化和平衡的供應鏈，我認為從長遠來看這是一個優勢。

That's very helpful, Chip. And just a second question, I guess more big picture. How confident are you the equipment industry can grow off of these elevated levels in '22? Do you worry that the replacement cycle, particularly for clubs, has been accelerated and perhaps you're pulling forward some demand that you might have seen next year and in 2023 into 2020 and 2021?

這很有幫助，奇普。只是第二個問題，我想是更大的圖景。您對設備行業在 22 年這些高水平的發展有多大信心？您是否擔心更換週期，尤其是俱樂部的更換週期已經加快，也許您正在將您可能在明年和 2023 年看到的一些需求提前到 2020 年和 2021 年？

Yes. I definitely am a little worried about that, Joe. But what we're seeing -- as I said, I think it's rational to assume that it's going to slow from the rates that it has been, but we're not seeing that yet. So even as other opportunities opened up, we're still seeing demand match 2020 levels. Now we've got a narrow window at that. What I'm highly confident in is that there's going to be strong demand and there's going to be a larger market than when we entered.

是的。喬，我肯定有點擔心。但是我們所看到的——正如我所說，我認為假設它會從過去的速度放緩是合理的，但我們還沒有看到。因此，即使出現了其他機會，我們仍然看到需求與 2020 年的水平相匹配。現在我們有一個狹窄的窗口。我非常有信心的是，需求將會強勁，並且市場將會比我們進入時更大。

Is it going to grow off 2020 numbers? I can't say that. Is it going to be equal to 2020 numbers? I can't say that. It could be slightly up, slightly down. But all of the facts that we do have are suggesting strong demand. And as of yet, we haven't seen it decline, even though at this time last year, there were no other alternatives really, and now there are.

它會從 2020 年的數字中增長嗎？我不能這麼說。它會等於 2020 年的數字嗎？我不能這麼說。它可能會略微上升，略微下降。但我們所掌握的所有事實都表明需求強勁。到目前為止，我們還沒有看到它下降，儘管在去年這個時候，真的沒有其他選擇，現在有了。

Your next question is from Casey Alexander with Compass Point.

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

Chip, this is for you. I mean, first of all, just seeing the golf equipment and apparel business produce sales that are almost 2x inventory turns in 1 quarter is a remarkable achievement by your team, and your team should be really congratulated for that. That's an incredible management of complexity with the supply chain issues in transportation and logistics. I mean it's really unbelievable.

奇普，這是給你的。我的意思是，首先，僅僅看到高爾夫設備和服裝業務的銷售額在 1 季度內幾乎是庫存周轉量的 2 倍，這對您的團隊來說是一項了不起的成就，您的團隊應該為此感到祝賀。這是對運輸和物流供應鏈問題複雜性的不可思議的管理。我的意思是這真的令人難以置信。

Thank you, Casey. And they're going to be thrilled to hear you say that. Thanks for mentioning it.

謝謝你，凱西。他們會很高興聽到你這麼說。謝謝你提到它。

Yes. And as you said, you're running at almost 100% capacity across a bunch of lines. So I'm curious how you're thinking about some interesting decisions that you have to make, which is what parts of the business do you increase capacity in making sure that you continue to run at high utilization rates, but when you presume that you're running at 100% of sales, you're almost -- the presumption is that you might be missing some sales somewhere or you're just constantly chasing demand. How do -- where do you increase capacity, maintain high utilization but not miss sales?

是的。正如你所說，你正在以幾乎 100% 的容量運行多條生產線。所以我很好奇你是如何考慮一些你必須做出的有趣決定的'以 100% 的銷售額運行，你幾乎——假設你可能在某個地方錯過了一些銷售，或者你只是在不斷地追逐需求。如何——您在哪裡增加產能、保持高利用率但不會錯過銷售？

Yes. Great question. And that's an interesting dilemma or it's a classy problem that we've got over the last period of time. But we are -- we're growing our capacity in a lot of different areas, and some of it has been masked by the low inventory levels that you've just mentioned. So we entered the year with very low inventory levels. And so we've been in a constant chase situation, and demand has just been at such a high level.

是的。好問題。這是一個有趣的困境，或者這是我們在過去一段時間裡遇到的一個經典問題。但我們是——我們正在許多不同領域增加我們的產能，其中一些已經被你剛才提到的低庫存水平所掩蓋。因此，我們以非常低的庫存水平進入了這一年。所以我們一直處於追逐的狀態，而需求剛剛處於如此高的水平。

But we are increasing capacity. We're increasing capacity in golf ball. We -- and we're increasing capacity in the premium club side of the business, and we're increasing capacity in the package set side of the business. And those have been phasing in. We've seen the results of them. We'll have more capacity in the near future on some of that, and it'll be phasing in through the first half of next year as well.

但我們正在增加容量。我們正在增加高爾夫球的容量。我們 - 我們正在增加業務的高級俱樂部方面的容量，我們正在增加業務的套餐方面的容量。這些已經在逐步實施。我們已經看到了它們的結果。在不久的將來，我們將在其中一些方面擁有更多容量，並且也將在明年上半年逐步實施。

So we're making sure that we don't, I guess, drive by the exit, but we are also aggressively investing in capacity and able to support what we think is going to be a great opportunity going forward.

所以我們要確保我們不會，我猜，開車離開，但我們也在積極投資產能，並能夠支持我們認為未來將是一個巨大的機會。

And coming out of the quarter, where would you suggest that your ball share is running at now?

在本季度結束後，你會建議你的球份額現在在哪裡運行？

I think our ball share, correct me, Patrick, if I'm wrong, according to Datatech, was 18% in the U.S. And I think Datatech understates our actual ball share.

我認為我們的球份額，糾正我，帕特里克，如果我錯了，根據 Datatech 的說法，在美國是 18%。而且我認為 Datatech 低估了我們的實際球份額。

But that would be the highest number that you've recorded. Am I correct?

但這將是您記錄的最高數字。我對麼？

That's correct. That's the highest Datatech -- there's just no question, our golf ball business is building momentum and continues to show great opportunity.

這是正確的。這是最高的數據技術——毫無疑問，我們的高爾夫球業務正在建立勢頭，並繼續展現出巨大的機遇。

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

您的下一個問題來自 Susan Anderson 和 B. Riley。

And let me add my congrats on the quarter. I guess as a follow-up on the golf ball segment, is there still inventory issues there also? Or is it mainly just the golf equipment business coming from Asia?

讓我對這個季度表示祝賀。我想作為高爾夫球領域的後續行動，那裡還有庫存問題嗎？還是主要是來自亞洲的高爾夫裝備業務？

Inventories are very low there as well.

那裡的庫存也很低。

For golf ball.

用於高爾夫球。

Yes, Susan. So we're constrained on supply and -- or demand has been so exceptional that we can't keep up with it, however you want to look at it. But golf ball has also been a high-growth business, and we're optimistic going forward.

是的，蘇珊。因此，我們的供應受到限制，或者需求非常特殊，以至於我們無法跟上它，但是您想看看它。但高爾夫球也是一項高增長的業務，我們對未來持樂觀態度。

Great. Okay. And then I guess maybe just to talk a little bit about Jack Wolfskin, the revenue almost back to '19 levels. It seems like that business has turned around quite a bit. I guess, was that mainly driven by DTC? Or did you also see strong wholesale sales? And then I guess what your -- what's your expectations going forward for the brand? Are you guys expecting the momentum to continue in the back half in 2022?

偉大的。好的。然後我想也許只是談談傑克沃爾夫斯金，收入幾乎回到了 19 年的水平。看來這個生意已經好轉了很多。我想，這主要是由 DTC 驅動的嗎？或者您是否也看到了強勁的批發銷售？然後我猜你的 - 你對這個品牌的期望是什麼？你們是否預計2022年下半年的勢頭會繼續？

Well, let me talk about just the momentum side of it. First of all, we don't expect them to be back to 2019 revenue levels this year in total. What my comment was it was that the 2019 retail, so our own stores, which is a significant channel for us, I mean, we have 120 stores in Europe, was almost equal to 2019 during the quarter. But Susan, they were shut for half the quarter. So that gives you an indication of how robust it came back.

好吧，讓我談談它的動力方面。首先，我們預計它們今年的總收入不會回到 2019 年的水平。我的評論是，2019 年的零售，所以我們自己的商店，這對我們來說是一個重要的渠道，我的意思是，我們在歐洲有 120 家商店，在本季度幾乎等於 2019 年。但是蘇珊，他們關閉了半個季度。因此，這可以讓您了解它恢復的強大程度。

We will be lower than 2019 revenues for all of Jack Wolfskin, but the business is recovering beautifully. The sell-through has been great. The prebooks are strong. And the business, although significantly still impacted by the COVID environment, particularly in Europe, is just showing great momentum. So I don't see a reason why that will -- that momentum will slow. I've seen it now for close to a year. The new team and -- is doing a great job. When you see good sell-through of the previous lines and good prebooks and you start to see that as a trend, you know how reinforcing that can be.

我們將低於 2019 年所有 Jack Wolfskin 的收入，但業務正在復蘇。銷售情況非常好。預科書很強。儘管該業務仍受到 COVID 環境的顯著影響，尤其是在歐洲，但仍顯示出強勁的勢頭。所以我看不出為什麼會這樣——這種勢頭會放緩。我現在已經看到它快一年了。新團隊——做得很好。當您看到前幾行的良好銷售和良好的預科書並開始將其視為一種趨勢時，您就會知道這可以起到多大的作用。

The environment is going to be a little bit volatile, I expect, but the business is really performing well. It could have been a very difficult year. It's not going to be a bad year at all, and the momentum and trends for the business are very positive going forward.

我預計，環境會有點不穩定，但業務確實表現良好。這可能是非常艱難的一年。這根本不會是糟糕的一年，業務的發展勢頭和趨勢非常積極。

Your next question is from John Kernan with Cowen.

您的下一個問題來自 John Kernan 和 Cowen。

Congrats on all the momentum at the core golf equipment business and obviously Topgolf as well. Wanted to go back to maybe a longer-term question on golf and maybe just on the margin profile of the core equipment and soft goods business. It tended to get to a low double-digit, high single-digit operating margin, and that was maybe the peak of it.

祝賀核心高爾夫設備業務的所有發展勢頭，當然還有 Topgolf。想回到高爾夫的長期問題，也許只是核心設備和軟商品業務的利潤概況。它往往會達到低兩位數、高個位數的營業利潤率，這可能是它的頂峰。

Do you think that, that core golf business, both on the equipment and soft goods side now, is ready to inflect higher in terms of the gross margin and operating margin structure given the market share you're gaining, also just the category's growth and better sell-through and sell-in across retail channels as well? It just seems like there's a lot of momentum in the core part of the business that would support a structurally higher margin in that business. Can you talk to that?

您是否認為，考慮到您正在獲得的市場份額，以及該類別的增長和跨零售渠道的銷售和銷售也更好？似乎該業務的核心部分有很多動力，可以支持該業務結構上更高的利潤率。你能談談嗎？

Sure, John. I'll give you again a couple of points on it. And there's a fair amount of puts and takes right now as we look at the potential headwinds and the potential strengths. The demand side of the equation is outstanding, and the categories we're in are great. But you've listened to so many of these earnings calls, and we don't need to reiterate inflationary issues or freight costs, et cetera, that are going to be realities for all businesses over the next few months. At the current demand levels, we think we're going to deliver strong financial results. But those macroeconomic headwinds are out there for us as well, and they will temper some of that upside. Still an excellent situation.

當然，約翰。我再給你幾點。當我們看到潛在的逆風和潛在優勢時，現在有相當多的看跌期權和看跌期權。等式的需求方面非常突出，我們所處的類別也很棒。但是你已經聽了很多這樣的財報電話會議，我們不需要重申通脹問題或貨運成本等，這將在未來幾個月內成為所有企業的現實。在目前的需求水平上，我們認為我們將提供強勁的財務業績。但這些宏觀經濟逆風對我們來說也存在，它們將緩和一些上行空間。仍然是一個極好的情況。

Structurally, as these businesses scale, and they're scaling very nicely and very quickly, we're well ahead of all of our previous expectations for the size of these businesses, and all of them have good momentum. Yes, the operating margins will have more long-term structural opportunity just, in essence, because of scale, if nothing else.

從結構上講，隨著這些業務的擴展，而且它們的擴展速度非常快且非常好，我們遠遠超出了我們之前對這些業務規模的所有預期，而且它們都具有良好的發展勢頭。是的，運營利潤率將擁有更多長期的結構性機會，本質上是因為規模，如果沒有別的。

Got it. Maybe one more question. Just as a follow-up on the back half guidance. Roughly $290 million in adjusted EBITDA in the first half, given us pretty specific Q3 guidance. What specifically in Q4 is driving the EBITDA down so much? Because I think $55 million is the guide for Q3, $352 million or roughly for the full year. Just curious, can you be more specific? Is it just something on -- it's all OpEx in Q4? How should we think about SG&A dollars in that fourth quarter?

知道了。也許還有一個問題。就像對後半部指導的跟進一樣。鑑於我們非常具體的第三季度指導，上半年調整後的 EBITDA 約為 2.9 億美元。第四季度具體是什麼導致 EBITDA 大幅下降？因為我認為 5500 萬美元是第三季度的指導價，3.52 億美元或大致全年。只是好奇，你能更具體一點嗎？這只是一些事情——這都是第四季度的運營支出嗎？我們應該如何看待第四季度的 SG&A 美元？

Yes.

是的。

Brian, over to you.

布萊恩，交給你了。

Yes. John, it's really just the OpEx spend, John, and how it ramps through the year as we go through with the additional investments and everything. And the ramp will continue into 2022, as Chip mentioned, as we really prepare to have a larger organization and continue to invest in the business to drive growth.

是的。約翰，這實際上只是運營支出支出，約翰，以及隨著我們進行額外投資和所有事情時它在一年中的增長方式。正如奇普所說，這一增長將持續到 2022 年，因為我們真的準備擁有一個更大的組織並繼續投資於業務以推動增長。

I mean, ideally, overall, with OpEx, you would love for it to pace with your expansion, but it tends to be lumpy. And we've been behind it during the first half, and we'll start to ramp up, and we'll get ahead of it a little bit. And so it's just -- it's -- unfortunately, it's just a little bit lumpy, but it's really just the additional OpEx.

我的意思是，理想情況下，總體而言，使用 OpEx，你會喜歡它與你的擴張同步，但它往往是不穩定的。我們在上半場一直落後，我們將開始加速，我們會領先一點。所以它只是 - 它是 - 不幸的是，它只是有點笨拙，但它實際上只是額外的 OpEx。

Yes. And John, this is Patrick. I would just say also normal seasonality. So remember, first half is always the golf equipment and apparel's best from an EBITDA, and same thing for Topgolf, right? Q2 is, by far, their biggest quarter. So there's a little seasonality that's mixing in there as well.

是的。約翰，這是帕特里克。我只想說正常的季節性。所以請記住，從 EBITDA 來看，上半場總是最好的高爾夫裝備和服裝，Topgolf 也是如此，對吧？到目前為止，第二季度是他們最大的季度。所以那裡也有一點季節性。

Your next question is from Rudy Yang with Berenberg.

您的下一個問題來自 Rudy Yang 和 Berenberg。

It sounds like your soft goods and apparel business benefited strongly during the quarter due to reopenings and continued recovery from COVID. So are you expecting for traffic to add much stronger growth for those retail sales in the back half of the year? Or will sales driven between stores and e-commerce continue to remain similar to what we've been seeing in the near term?

聽起來，由於重新開放和從 COVID 中持續復甦，您的軟商品和服裝業務在本季度受益匪淺。那麼，您是否期望流量在今年下半年為這些零售額帶來更強勁的增長？或者商店和電子商務之間的銷售是否會繼續與我們在短期內看到的相似？

Rudy, yes, the soft goods and apparel business, specifically Jack Wolfskin. So it's only Jack Wolfskin that was heavily impaired during the first half due to COVID. And as the stores reopen there, you'll get a more normal mix of -- between the various channels. And then, as obviously mentioned, we see good momentum in that business.

Rudy，是的，是軟商品和服裝業務，特別是 Jack Wolfskin。因此，只有 Jack Wolfskin 在上半年因 COVID 而嚴重受損。隨著商店在那裡重新開業，您將在各種渠道之間獲得更正常的組合。然後，正如明顯提到的那樣，我們看到了該業務的良好勢頭。

The TravisMathew business has been strong all year, with all channels firing on all cylinders, candidly. So that business is nothing short of outstanding. And then the apparel in Asia will benefit from the start of the Korea apparel business that we just took in-house. So quite a bit going on in that segment and -- but we're hoping for and expecting a more normalized second half in terms of channel mix.

TravisMathew 的業務全年都很強勁，坦率地說，所有渠道都開足馬力。因此，這項業務簡直就是傑出的。然後亞洲的服裝將受益於我們剛剛在內部開展的韓國服裝業務。因此，在該細分市場中發生了很多事情 - 但我們希望並期待下半年在渠道組合方面更加正常化。

Got it. And then secondly on pricing you started to take, could you just remind us how much pricing power you would say you have across your different segments? And when you talk about possibly taking some pricing going forward, how much more room do you think you have to continue passing down those prices?

知道了。其次，關於您開始採用的定價，您能否提醒我們您在不同細分市場中擁有多少定價權？當你談到可能會採取一些定價時，你認為你還需要多少空間來繼續傳遞這些價格？

Sure. Rudy, it's going to be a qualitative, not a quantitative answer. We've already started to take a little bit of price selectively in multiple segments. So at Topgolf, a little bit on food and beverage. We will be evaluating further steps in the future. We do not see that as a risky proposition at Topgolf. On the golf equipment side, we've already taken it on select products, and we will be evaluating on new products to deal with the inflationary environment that we're all operating in right now. And I know that's also true on the apparel side.

當然。魯迪，這將是一個定性的，而不是定量的答案。我們已經開始在多個細分市場中選擇性地收取一點價格。所以在 Topgolf，有點關於食品和飲料的信息。我們將在未來評估進一步的步驟。在 Topgolf，我們不認為這是一個冒險的提議。在高爾夫設備方面，我們已經在精選產品上採用了它，我們將評估新產品以應對我們目前所處的通貨膨脹環境。我知道在服裝方面也是如此。

In each of the segments that we are fortunate enough to be participating in, we're in enthusiast segments, we have strong consumer interest and appetite, and we just don't think that our consumers are especially price-sensitive. So inflation will have some impact on our business, as it does on others, but less so than most as we believe we have stronger-than-most pricing power. And we've seen previous periods, whether it be commodity inflation or more normalized inflation, we've been able to work through that without meaningful impact.

在我們有幸參與的每個細分市場中，我們都處於發燒友細分市場，我們有強烈的消費者興趣和胃口，我們只是不認為我們的消費者對價格特別敏感。因此，通貨膨脹將對我們的業務產生一些影響，就像它對其他業務一樣，但不如大多數人影響，因為我們認為我們擁有比大多數人更強大的定價能力。而且我們已經看到了以前的時期，無論是商品通脹還是更正常的通脹，我們都能夠在沒有有意義的影響的情況下度過難關。

The other aspect with this is that we just have such strong demand right now that we have operating leverage as well that can help us offset some of that.

另一個方面是，我們現在的需求如此強勁，以至於我們也有經營槓桿，可以幫助我們抵消其中的一部分。

And there are no further questions at this time. I'll turn the call back over to Mr. Chip Brewer for closing remarks.

目前沒有進一步的問題。我會將電話轉回 Chip Brewer 先生的閉幕詞。

Well, I want to just thank everybody for tuning in today. We're obviously delighted with the results for Q2. And although there is volatility in the marketplace right now as we project forward, we couldn't be more pleased with what we're seeing for the long-term health of this business and our growth prospects.

好吧，我只想感謝大家今天收看。我們顯然對第二季度的結果感到高興。儘管隨著我們的預測，目前市場存在波動，但我們對該業務的長期健康狀況和我們的增長前景感到非常滿意。

Thanks so much for your time today, and we look forward to talking to you again at the end of next quarter.

非常感謝您今天的寶貴時間，我們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。