Topgolf Callaway Brands Corp (MODG) 2021 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Third Quarter 2021 Callaway Golf 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。歡迎來到 2021 年第三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）

I would now like to hand the conference over to your speaker today, speaker Lauren Scott, Director of Investor Relations. Thank you. Please go ahead, madam.

我現在想把今天的會議交給你的演講者，演講者 Lauren Scott，投資者關係總監。謝謝你。請繼續，女士。

Thank you, Nora, and good afternoon, everyone. Welcome to Callaway's Third Quarter 2021 Earnings Conference Call. I'm Lauren Scott, the company's Director of Investor Relations. Joining me as speakers on today's call are Chip Brewer, our President and Chief Executive Officer; and Brian Lynch, our Chief Financial Officer. Patrick Burke, Callaway's Senior Vice President of Global Finance; and Jennifer Thomas, our Chief Accounting Officer, are also in the room today for Q&A.

謝謝你，諾拉，大家下午好。歡迎參加卡拉威 2021 年第三季度收益電話會議。我是公司投資者關係總監 Lauren Scott。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。帕特里克·伯克，卡拉威全球金融高級副總裁；我們的首席會計官詹妮弗·托馬斯今天也在會議室進行問答。

Earlier today, the company issued a press release announcing its third quarter 2021 financial results. In addition, there is a presentation that accompanies today's prepared remarks and may make it easier for you to follow the call. This earnings presentation as well as the earnings press release are both available on the company's Investor Relations website under the Financial Results tab.

今天早些時候，該公司發布了一份新聞稿，宣布了其 2021 年第三季度的財務業績。此外，今天準備好的評論附有一個演示文稿，可以讓您更輕鬆地跟進電話會議。這份收益報告和收益新聞稿都可以在公司投資者關係網站的“財務結果”選項卡下找到。

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

在今天的電話會議上報告和討論的大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。

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。

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

我現在想把電話轉給 Chip Brewer。

Thank you, Lauren. Good afternoon to everybody on this call, and thank you for joining us today. I'm pleased to report strong third quarter results that exceeded our expectations as Callaway continued to benefit from broad-based momentum across all segments. The operational headwinds we and nearly all consumer brands faced during the quarter were no match for our world-class team of professionals and the strong demand we are experiencing in Golf Equipment and Apparel. In addition, Topgolf delivered exceptional results as increased walk-in traffic and social event bookings led to further gains in sales and productivity. Our company is on a role, and I'm very optimistic about the road ahead. I hope the #1 takeaway from today's call is the upside we are seeing on the long-run earnings potential of this business.

謝謝你，勞倫。大家下午好，感謝您今天加入我們。我很高興地報告超出我們預期的強勁第三季度業績，因為卡拉威繼續受益於所有細分市場的廣泛發展勢頭。我們和幾乎所有消費品牌在本季度面臨的運營逆風都無法與我們的世界級專業團隊以及我們在高爾夫設備和服裝方面遇到的強勁需求相匹敵。此外，隨著步入式客流量和社交活動預訂量的增加，Topgolf 取得了非凡的成果，進一步提高了銷售額和生產力。我們公司正在發揮作用，我對未來的道路非常樂觀。我希望今天電話會議的第一大收穫是我們看到該業務的長期盈利潛力的上行空間。

At a high level, total net revenue for the third quarter increased 80% year-over-year to $856 million, with 39% coming from the Topgolf segment, 34% from Golf Equipment and 27% from Apparel, Gear & Other. Profitability also increased with adjusted EBITDA up 57% to $139 million. Before providing commentary on each segment's progress during the quarter, I want to remind everyone of the transformation that has taken place here at Callaway over the past several years.

第三季度總淨收入同比增長 80% 至 8.56 億美元，其中 39% 來自 Topgolf 部門，34% 來自高爾夫設備，27% 來自服裝、裝備和其他。盈利能力也隨著調整後的 EBITDA 增長 57% 達到 1.39 億美元而增加。在就本季度每個部門的進展發表評論之前，我想提醒大家卡拉威在過去幾年中發生的轉變。

Less than 5 years ago, we were almost exclusively a golf equipment company, but that has changed significantly with the addition of OGIO, TravisMathew, Jack Wolfskin and now even more so with the addition of Topgolf. When you invest in Callaway, you are now investing in what I like to call modern golf, a combination of traditional golf with lifestyle apparel and the world's leading tech-enabled golf entertainment company. We are engaging with a wide range of consumers and meeting them where they play, whether that's on the golf course, off-course that are Topgolf venues, in Toptracer bays, out hiking a mountain or out socializing with friends.

不到 5 年前，我們幾乎完全是一家高爾夫設備公司，但隨著 OGIO、TravisMathew、Jack Wolfskin 的加入，情況發生了顯著變化，現在隨著 Topgolf 的加入，情況更是如此。當您投資卡拉威時，您現在投資的是我喜歡稱之為現代高爾夫的東西，它結合了傳統高爾夫與時尚服飾以及世界領先的科技型高爾夫娛樂公司。我們正在與廣泛的消費者進行接觸，並在他們打球的地方與他們會面，無論是在高爾夫球場上、Topgolf 場地的場外、Toptracer 海灣、徒步登山還是與朋友社交。

Golf equipment is a great business with wind at its back, but is now just a portion of our business, just under 40% of this year's estimated full year revenues. Looking ahead, we expect all of our segments and business units to deliver growth and to support each other's continued success. Topgolf, in particular, has exceptional growth embedded within its portfolio, and our apparel assets have strong brand momentum that will continue to drive strong results. The combined entity has a competitive advantage in scale in the golf sector and an unmatched reach to a wide range of consumers. With that said, I'll move now to segment highlights, starting with an update on our Topgolf business.

高爾夫設備是一項有風的偉大業務，但現在只是我們業務的一部分，略低於今年預計全年收入的 40%。展望未來，我們希望我們所有的部門和業務部門都能實現增長並支持彼此的持續成功。尤其是 Topgolf，其產品組合中蘊含著非凡的增長，我們的服裝資產擁有強大的品牌動力，將繼續推動強勁的業績。合併後的實體在高爾夫行業的規模上具有競爭優勢，並且對廣泛的消費者俱有無與倫比的影響力。話雖如此，我現在將轉到細分亮點，從我們 Topgolf 業務的更新開始。

I'm pleased to report that our owned venues continued their positive trends with Q3 same venue sales at approximately 100% of 2019 levels. The overperformance in Q3 was driven by continued strong walk-in traffic and improved event sales, especially in the social event bookings. Our performance was particularly impressive considering the headwinds we faced from the increase in Delta COVID cases early in the quarter. Getting back to 2019 levels of same venue sales is a significant milestone for the Topgolf team and a strong indicator of more growth to come as the business fully recovers from COVID impacts.

我很高興地報告，我們擁有的場館繼續保持積極趨勢，第三季度相同場館銷售額約為 2019 年水平的 100%。第三季度的優異表現是由持續強勁的步入式客流量和活動銷售改善推動的，尤其是在社交活動預訂方面。考慮到本季度初 Delta COVID 病例增加帶來的不利因素，我們的表現尤其令人印象深刻。回到 2019 年的同場銷售水平對 Topgolf 團隊來說是一個重要的里程碑，也是隨著業務從 COVID 影響中完全恢復過來的更多增長的有力指標。

In addition, we're seeing very strong flow-through to the bottom line, with adjusted EBITDA of $59 million for the quarter, which significantly outpaced our forecast. To put this in perspective, Topgolf earned as much in Q3 as it did for the entire year in 2019. As we look out over the remainder of the year, we continue to believe the corporate events business will be lighter than it was in 2019. However, now that we are 1 week into November, we are pleased to report that the number of leads for corporate events in Q4 is improving, as is the conversion rate from those leads.

此外，我們看到非常強勁的利潤流入，本季度調整後的 EBITDA 為 5900 萬美元，大大超過了我們的預測。從這個角度來看，Topgolf 在第三季度的收入與 2019 年全年的收入一樣多。當我們展望今年剩餘時間時，我們仍然相信企業活動業務將比 2019 年更輕鬆。但是，現在距 11 月還有 1 週，我們很高興地報告，第四季度公司活動的潛在客戶數量正在增加，這些潛在客戶的轉化率也在提高。

Overall, relative to Q3, we see total systems same venue sales stepping down in Q4, but only because corporate events are historically a larger portion of the Q4 sales mix. And we now anticipate low to mid-90s same venue sales rates for both Q4 and the full year, up nicely from our prior forecast. Like many companies, for the remainder of this year and into 2022, we anticipate above-average inflationary pressures on food, beverage and wages, but we believe we will be able to continue to effectively mitigate the impacts of these by sustaining strong top line revenues, continued labor efficiency and selectively taking price.

總體而言，相對於第 3 季度，我們看到第 4 季度同一場地的總系統銷售額下降，但這僅僅是因為企業活動在歷史上佔第 4 季度銷售組合的較大部分。我們現在預計第四季度和全年的相同場地銷售率將低於 90 年代中期，遠高於我們之前的預測。與許多公司一樣，在今年剩餘時間和 2022 年，我們預計食品、飲料和工資將面臨高於平均水平的通脹壓力，但我們相信我們將能夠通過維持強勁的收入來繼續有效減輕這些影響，持續的勞動效率和選擇性地採取價格。

Venue expansion continued as planned during the quarter with the opening of Colorado Springs, a 74 bay medium-sized venue; and Holtsville, Long Island, a large 102-bay venue. Year-to-date, we've opened a total of 8 new venues, and we have our final venue for the year slated to open later this month in Fort Myers, Florida. We now also have a strong visibility into the 2022 development pipeline and are confident that we can hit our target of 10 new venues next year.

隨著科羅拉多斯普林斯 (Colorado Springs) 的開幕，場地擴建在本季度繼續按計劃進行，這是一個 74 灣的中型場館；和長島霍爾茨維爾，一個擁有 102 個海灣的大型場地。年初至今，我們共開設了 8 個新場館，今年的最後一個場館定於本月晚些時候在佛羅里達州邁爾斯堡開業。我們現在也對 2022 年的開發管道有很強的了解，並有信心在明年實現 10 個新場館的目標。

Toptracer expansion continued during the quarter with year-to-date installation surpassing a full year of installs in 2020 and nearly double the full year of installs in 2019. However, COVID restriction supply chain issues led to fewer installs during the quarter than we anticipated. Now for the full year, we anticipate that our total new bay installs will be approximately 10% below our 8,000-bay target. Most importantly, though, demand for Toptracer remains very strong as is customer feedback, with driving ranges reporting 25% to 60% revenue increases post installation. We are confident that in a normal operating environment, we will be able to get back to our goal of 8,000-plus installations per year.

Toptracer 在本季度繼續擴張，年初至今的安裝量超過了 2020 年全年的安裝量，幾乎是 2019 年全年安裝量的兩倍。但是，COVID 限制供應鏈問題導致本季度的安裝量少於我們的預期。現在全年，我們預計我們的新托架總安裝量將比我們的 8,000 個托架目標低約 10%。不過，最重要的是，對 Toptracer 的需求仍然非常強勁，客戶反饋也是如此，據報導，練習場安裝後收入增加了 25% 至 60%。我們有信心，在正常的操作環境下，我們將能夠回到我們每年安裝 8,000 多個的目標。

Before I continue on to our other segments, I want to take a moment to highlight the Five Iron Golf minority investment we announced last week as it aligns nicely with both our golf entertainment and our golf equipment segments. Five Iron is a privately owned indoor golf and entertainment concept predominantly located in major metropolitan cities. They offer simulator rentals, golf lessons and custom club fittings while also providing a fun space for social events. We are excited about the Five Iron investment and partnership as it increases our exposure to the off-course golf and entertainment space, which we believe will be a key driver of the long-term growth of the industry as it introduces more new entrants to the sport.

在繼續討論其他細分市場之前，我想花點時間強調一下我們上周宣布的五鐵高爾夫少數股權投資，因為它與我們的高爾夫娛樂和高爾夫設備細分市場非常吻合。五鐵是一家私人擁有的室內高爾夫和娛樂概念，主要位於主要大都市。他們提供模擬器租賃、高爾夫課程和定制俱樂部配件，同時還為社交活動提供有趣的空間。我們對 Five Iron 的投資和合作感到興奮，因為它增加了我們在場外高爾夫和娛樂領域的曝光率，我們相信這將成為該行業長期增長的關鍵驅動力，因為它將更多的新進入者引入運動。

In addition, through the partnership, we have a nonexclusive marketing agreement where Five Iron members and guests will have the opportunity to demo Callaway clubs and balls, increasing our reach to golfers at all levels. If you're in New York, Baltimore, Chicago or several other major cities, we encourage you to check out one of their facilities.

此外，通過合作，我們簽訂了非獨家營銷協議，五鐵會員和客人將有機會演示卡拉威球桿和球，從而擴大我們對各級高爾夫球手的影響力。如果您在紐約、巴爾的摩、芝加哥或其他幾個主要城市，我們鼓勵您查看他們的設施之一。

Moving to the Golf Equipment segment. Demand and interest in golf remains at all-time highs, and our supply chain team successfully navigated the Q3 supply chain challenges to capture more demand than we thought was possible when we last spoke. Digging deeper into the operational side, we're pleased with the trends we are now seeing in the supply chain. And although we expect both us and the industry at large to be supply constrained for the foreseeable future, we are also confident we'll be able to manage through in a manner that supports our growth and profitability initiatives. We are also cautiously optimistic that our efforts and scale are creating a competitive advantage for us here. Specific to the most recent Vietnam shutdowns, I'm pleased to report that our suppliers' factories in Vietnam are back open and ramping to support our 2022 product launch plans. Barring any foreseen new macro issues, we anticipate no meaningful disruption to our 2022 product launches.

轉向高爾夫設備部門。對高爾夫的需求和興趣仍處於歷史最高水平，我們的供應鏈團隊成功應對了第三季度供應鏈挑戰，以捕獲比我們上次發言時認為的更多的需求。深入挖掘運營方面，我們對我們現在在供應鏈中看到的趨勢感到滿意。儘管我們預計我們和整個行業在可預見的未來都會受到供應限制，但我們也相信我們將能夠以支持我們的增長和盈利計劃的方式進行管理。我們也謹慎樂觀地認為，我們的努力和規模正在為我們創造競爭優勢。具體到最近的越南停工，我很高興地報告，我們供應商在越南的工廠重新開放，並正在加速支持我們的 2022 年產品發布計劃。除非出現任何可預見的新宏觀問題，否則我們預計 2022 年的產品發布不會受到重大干擾。

We've also been fielding questions as of late on the sustainability of the heightened interest in golf. And I want to go on the record saying that all signs show that the high level of interest is continuing and will do so through the foreseeable future. Hardgoods retail sell-through has continued to trend higher according to Golf Datatech, with Q3 up 1.3% year-over-year and up 46.5% compared to 2019. We are not seeing demand decline, and our customers are telling us that they expect a strong year for golf in 2022.

最近，我們也一直在回答有關對高爾夫的高漲興趣的可持續性的問題。我想公開表示，所有跡像都表明，高水平的興趣正在持續，並將在可預見的未來繼續保持下去。根據 Golf Datatech 的數據，Hardgoods 零售銷售額繼續呈上升趨勢，第三季度同比增長 1.3%，與 2019 年相比增長 46.5%。我們沒有看到需求下降，我們的客戶告訴我們，他們預計2022 年是高爾夫強勁的一年。

Shifting to the Apparel and Gear segment. Results for the quarter highlighted the strong momentum within the TravisMathew and Jack Wolfskin brands as well as the success of our Callaway branded product in Asian markets. The TravisMathew brand continues to be on fire, gaining strong traction in newer East Coast markets while maintaining a strong following here on the West Coast. The brand is performing extremely well in all channels. Looking specifically at our own stores, comp store sales for the quarter were very strong, up 84% versus 2020 and 50% versus 2019.

轉向服裝和裝備部分。本季度業績凸顯了 TravisMathew 和 Jack Wolfskin 品牌的強勁勢頭，以及我們的 Callaway 品牌產品在亞洲市場的成功。 TravisMathew 品牌繼續火熱，在新的東海岸市場獲得強大的吸引力，同時在西海岸保持強大的追隨者。該品牌在所有渠道中的表現都非常出色。特別是我們自己的商店，本季度的綜合商店銷售額非常強勁，與 2020 年相比增長 84%，與 2019 年相比增長 50%。

During the quarter, we opened 2 new Travis stores in Florida, one in Boca and the other in Palm Gardens, ending the quarter with a total of 26 retail locations. We expect to open another 3 doors in Q4 for a total of 29 doors by year-end. Needless to say, the performance of our retail doors have been outstanding on a stand-alone basis. But what makes them even more attractive is they tend to drive increased brand strength in wholesale demand in the regions and communities where they are located. E-commerce was also a strong driver of growth, with normalized sales up 50% year-over-year. That is excluding a onetime sale we did last year.

在本季度，我們在佛羅里達州開設了 2 家新的 Travis 商店，一家在博卡，另一家在棕櫚花園，本季度結束時共有 26 個零售點。我們預計在第四季度再開 3 扇門，到年底總共開 29 扇門。不用說，我們的零售門的表現在獨立的基礎上一直很出色。但讓它們更具吸引力的是，它們往往會在其所在地區和社區的批發需求中推動品牌實力的增強。電子商務也是增長的強勁動力，正常銷售額同比增長 50%。這不包括我們去年進行的一次性銷售。

In line with the company's sustainability initiatives, we were excited to launch the TravisMathew Eco collection in September in partnership with the Surfrider Foundation. The fabric blends in this collection use at least 98% organic cotton and at least 62% recycled polyester created from plastic bottles, with 100% of the profits going to the Surfrider Foundation, an organization dedicated to protecting the world's oceans and beaches.

根據公司的可持續發展計劃，我們很高興在 9 月與 Surfrider Foundation 合作推出 TravisMathew Eco 系列。該系列中的混紡面料使用至少 98% 的有機棉和至少 62% 的由塑料瓶製成的再生聚酯，100% 的利潤將捐給致力於保護世界海洋和海灘的組織 Surfrider Foundation。

Jack Wolfskin experienced a strong Q3 as well, with 2022 spring/summer pre-books up significantly over 2020 and comp store sales increasing almost 10% over both 2019 and 2020. Similar port delays that we experienced here in the U.S. were also an issue in Hamburg, Germany, but the team did a wonderful job navigating the challenges, and we're able to successfully fulfill all orders in the quarter without cancellations.

Jack Wolfskin 也經歷了強勁的第三季度，2022 年春季/夏季的預訂量比 2020 年顯著增加，comp 商店的銷售額在 2019 年和 2020 年都增長了近 10%。我們在美國遇到的類似港口延誤也是一個問題德國漢堡，但團隊在應對挑戰方面做得非常出色，我們能夠成功完成本季度的所有訂單而不會取消。

Lastly, Callaway Apparel in Japan continued to be a top-performing brand in the wholesale channel, holding the #1 position year-to-date. And in Korea, the brand was off to a solid start as well with positive reception from the major department stores in the region.

最後，日本的 Callaway Apparel 繼續成為批發渠道中表現最好的品牌，今年迄今排名第一。在韓國，該品牌也取得了良好的開端，並受到該地區主要百貨公司的好評。

In conclusion, as I said at the top of the call, our business is on a roll. While we are not providing 2022 guidance at this time, based on the strong trends we're seeing across all segments, we believe that all business lines, all regions are poised for growth next year.

總之，正如我在電話會議開頭所說的那樣，我們的業務進展順利。雖然我們目前沒有提供 2022 年的指導，但基於我們在所有領域看到的強勁趨勢，我們相信所有業務線、所有地區都有望在明年實現增長。

And with that, I'd like to turn the call over to Brian Lynch to discuss our financials and guidance in more detail.

有了這個，我想把電話轉給布賴恩·林奇，更詳細地討論我們的財務和指導。

Thank you, Chip. I want to start by echoing Chip's enthusiasm about our third quarter results and positive outlook for the remainder of the year and into 2022. The record results highlight the significant growth potential embedded in our business, which we are realizing more quickly than we initially anticipated. The demand for our Golf Equipment and Apparel products, coupled with our operation team's ability to navigate successfully the COVID supply chain challenges have resulted in stronger-than-anticipated financial results in those businesses. We also benefited from very strong Topgolf revenue, driven by increased walk-in traffic and more social events business as COVID concerns eased during the past few months. Profitability at Topgolf also exceeded our expectations due to the strong sales combined with increased operating margins.

謝謝你，奇普。首先，我想呼應 Chip 對我們第三季度業績的熱情以及對今年剩餘時間和 2022 年的積極展望。創紀錄的業績突顯了我們業務中蘊含的巨大增長潛力，我們正在以比我們最初預期的更快的速度實現這一點。對我們的高爾夫設備和服裝產品的需求，加上我們的運營團隊成功應對 COVID 供應鏈挑戰的能力，導致這些業務的財務業績強於預期。我們還受益於非常強勁的 Topgolf 收入，這是由於過去幾個月對 COVID 的擔憂有所緩解，步入式客流量增加和社交活動業務增加所致。由於強勁的銷售加上營業利潤率的提高，Topgolf 的盈利能力也超出了我們的預期。

Before I get into the specific business results, I would like to acknowledge that we have not forecasted our business the last few quarters as well as we would have liked. Fortunately, we have overperformed, but we would also have liked to have been more accurate. The reality is forecasting our business in this environment has been very challenging for a variety of reasons. These include the ebbs and flows of COVID cases globally, a steady diet of new and exciting supply chain challenges that we have never had to work through before, unique operating conditions that caused profitability to flow a lot differently than in the past and the increased overall scale of our business, which is new to us.

在我討論具體的業務結果之前，我想承認我們沒有像我們希望的那樣預測過去幾個季度的業務。幸運的是，我們表現出色，但我們也希望更準確。現實情況是，由於各種原因，在這種環境下預測我們的業務非常具有挑戰性。其中包括全球 COVID 病例的潮起潮落、我們以前從未經歷過的新的和令人興奮的供應鏈挑戰的穩定飲食、導致盈利能力與過去大不相同的獨特運營條件以及整體增長我們的業務規模，這對我們來說是新的。

We appreciate your patience and understanding as we work through these issues. We are learning accordingly, and we will be adjusting to return to more accurate forecasts. In the guidance we are providing you today we are reflecting the more normalized spending levels as well as sustainable operating leverage. In the meantime, we hope the forecasting challenges do not overshadow what is clearly an outstanding year as well as higher long-term expectations. As we turn to discuss our financial results, I want to remind you that we use certain non-GAAP measures to evaluate our business performance.

感謝您在我們解決這些問題時的耐心和理解。我們正在相應地學習，我們將進行調整以恢復更準確的預測。在我們今天為您提供的指導中，我們反映了更加正常化的支出水平以及可持續的運營槓桿。與此同時，我們希望預測挑戰不會掩蓋顯然是傑出的一年以及更高的長期預期。當我們轉而討論我們的財務業績時，我想提醒您，我們使用某些非公認會計準則指標來評估我們的業務績效。

For more details on these metrics and a reconciliation to GAAP results, please reference the disclosures and tables in our earnings release and SEC filings. Furthermore, in addition to the segment highlights we typically provide, please note that on Slide 14 of our earnings presentation, we have provided a more detailed reconciliation of Topgolf adjusted EBITDA so you can better understand the walk from segment income to Topgolf adjusted EBITDA.

有關這些指標的更多詳細信息以及與 GAAP 結果的對賬，請參考我們的收益發布和 SEC 文件中的披露和表格。此外，除了我們通常提供的細分市場亮點外，請注意，在我們收益報告的幻燈片 14 中，我們提供了 Topgolf 調整後 EBITDA 的更詳細調節，以便您更好地了解從細分收入到 Topgolf 調整後 EBITDA 的變化。

Moving to Slides 12 and 13. Consolidated net revenue for the quarter was $856 million, an increase of 80% or $381 million compared to Q3 2020. The increase was led by the addition of Topgolf revenue of $334 million, along with an 8.4% increase in Golf Equipment revenue and an 11.9% increase in Apparel, Gear & Other. Changes in foreign currency rates had a $4 million favorable impact on third quarter 2021 revenues.

轉到幻燈片 12 和 13。本季度的合併淨收入為 8.56 億美元，與 2020 年第三季度相比增長了 80% 或 3.81 億美元。增長的主要原因是 Topgolf 收入增加了 3.34 億美元，增長了 8.4%高爾夫設備收入增長 11.9%，服裝、裝備和其他。外匯匯率的變化對 2021 年第三季度的收入產生了 400 萬美元的有利影響。

Total cost and expenses were $772 million on a non-GAAP basis in the third quarter of 2021 compared to $406 million in the third quarter of 2020. Of the $366 million increase, Topgolf added $310 million of total costs and expenses. The remaining $56 million increase includes moving spending levels back to normal levels, the start-up of the new Korea Callaway Apparel business and expansion of the TravisMathew business, increased corporate structure -- increased corporate costs to support a larger organization and increased freight costs and inflationary pressures.

按非公認會計原則計算，2021 年第三季度的總成本和費用為 7.72 億美元，而 2020 年第三季度為 4.06 億美元。在增加的 3.66 億美元中，Topgolf 增加了 3.1 億美元的總成本和費用。其餘 5600 萬美元的增長包括將支出水平恢復到正常水平、啟動新的 Korea Callaway Apparel 業務和擴展 TravisMathew 業務、增加公司結構——增加公司成本以支持更大的組織以及增加貨運成本和通脹壓力。

To date, increased sales volumes and selective price increases have balanced out the cost increases, and we believe this will continue to be the case in Q4 and into early 2022. We are also reporting for the third quarter of 2021 non-GAAP operating income of $85 million, a $15 million increase over the same period in 2020. The increase was led by a $24 million increase in segment profit due to the addition of the Topgolf business and a $9 million increase in Apparel, Gear & Other operating income, partially offset by an $11 million decrease in Golf Equipment operating income due to increased freight costs and a return to more normalized spend.

迄今為止，銷量增加和選擇性提價抵消了成本增加，我們認為這種情況將在第四季度和 2022 年初繼續存在。我們還報告了 2021 年第三季度非公認會計準則營業收入8500 萬美元，比 2020 年同期增加 1500 萬美元。增長的主要原因是由於增加了 Topgolf 業務，部門利潤增加了 2400 萬美元，服裝、裝備和其他營業收入增加了 900 萬美元，部分抵消了由於運費增加和恢復正常化支出，高爾夫設備營業收入減少了 1100 萬美元。

Non-GAAP other expense was $22 million in the third quarter compared to other expense of $3 million in Q3 2020. The $19 million increase was primarily related to a $16 million increase in interest expense related to the addition of Topgolf as well as lower hedge gains compared to the prior period. On a GAAP basis, the effective tax rate for the third quarter was an unusual 132%. You may recall that in the second quarter, we were required to use the discrete method for calculating our tax rate, and therefore, reversed a significant portion of the valuation allowance we had recorded during the first quarter as a result of the Topgolf merger.

第三季度非美國通用會計準則其他費用為 2200 萬美元，而 2020 年第三季度其他費用為 300 萬美元。增加 1900 萬美元的主要原因是與增加 Topgolf 相關的利息費用增加了 1600 萬美元以及對沖收益降低與前期相比。按公認會計原則計算，第三季度的有效稅率是不尋常的 132%。您可能還記得，在第二季度，我們被要求使用離散方法來計算我們的稅率，因此，由於 Topgolf 合併，我們在第一季度記錄的大部分估值津貼被沖銷了。

In the third quarter, we were required to move back to using the annual rate method and once again record the valuation allowance that was reversed in the second quarter. I have my own opinion, but we'll leave it to you to assess whether there was any value added by this round trip of the valuation allowance. On a 9-month GAAP basis, the effective tax rate was 22%. Excluding the valuation allowance we recorded again and the impact of the other nonrecurring items, our non-GAAP effective tax rate for the third quarter was 58% and for the 9 months was 29%. The third quarter rate was impacted by the transition from the discrete method to the annual rate method, and both periods were impacted by the deferred benefits of certain tax items. There are a lot of moving parts with our tax rates, and the interim period rates are not always an accurate guide. For internal purposes, we are using low 20s for our planning purposes for the non-GAAP full year rate.

在第三季度，我們被要求重新使用年利率法，並再次記錄在第二季度逆轉的估值備抵。我有自己的看法，但我們會留給你評估這次評估津貼的往返是否有任何增值。在 9 個月的公認會計原則基礎上，有效稅率為 22%。排除我們再次記錄的估值津貼和其他非經常性項目的影響，我們第三季度的非公認會計原則有效稅率為 58%，前 9 個月為 29%。三季度稅率受到離散法向年率法過渡的影響，兩個時期都受到某些稅項遞延收益的影響。我們的稅率有很多變動因素，而中期稅率並不總是準確的指南。出於內部目的，我們在非 GAAP 全年利率的規劃中使用低 20 歲。

Non-GAAP earnings per share was $0.14 on approximately 194 million shares in the third quarter of 2021 compared to $0.61 per share on approximately 97 million shares in the third quarter of 2020. The share increase is primarily related to the issuance of additional shares in connection with the Topgolf merger. Full year estimated diluted shares is approximately 177 million shares, which includes the weighted average shares issued in connection with the merger over approximately a 10-month period.

2021 年第三季度約 1.94 億股的非公認會計準則每股收益為 0.14 美元，而 2020 年第三季度約 9700 萬股的每股收益為 0.61 美元。份額增加主要與發行額外股份有關與 Topgolf 合併。全年估計攤薄股份約為 1.77 億股，其中包括在約 10 個月期間與合併有關的已發行加權平均股份。

Lastly, adjusted EBITDA was $139 million in the third quarter of 2021 compared to $88 million in the third quarter of 2020. The $51 million increase was driven by a $59 million contribution from the Topgolf business, which performed exceptionally well this quarter, and was partially offset by a return toward more normal spend levels in the Golf Equipment and Soft Goods businesses.

最後，2021 年第三季度調整後的 EBITDA 為 1.39 億美元，而 2020 年第三季度為 8800 萬美元。5100 萬美元的增長是由 Topgolf 業務貢獻的 5900 萬美元推動的，該業務本季度表現異常出色，部分是高爾夫設備和軟商品業務向更正常的支出水平回歸所抵消。

Turning now to Slide 15. I will now cover certain key balance sheet and other items. As of September 30, 2021, available liquidity, which is comprised of cash on hand and availability under our credit facilities, was $918 million compared to $630 million at September 30, 2020. This additional liquidity reflects overperformance in all of our business segments.

現在轉到幻燈片 15。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 9 月 30 日，可用流動性（包括手頭現金和我們信貸額度下的可用資金）為 9.18 億美元，而 2020 年 9 月 30 日為 6.3 億美元。這一額外流動性反映了我們所有業務部門的優異表現。

At quarter end, we had a total net debt of $1 billion, including deemed landlord financing of $311 million related to the financing of Topgolf venues. Our leverage ratios have improved significantly period-over-period and on a net debt basis is now 2.5x compared to 3.5x at September 30, 2020. As we look forward over the next few years, we expect the leverage ratio to trend a little higher, depending on the level of Topgolf development and deemed landlord financing.

在季度末，我們的淨債務總額為 10 億美元，其中包括與 Topgolf 場地融資相關的 3.11 億美元的被視為房東融資。我們的槓桿率在整個期間都有顯著改善，現在以淨債務為基礎是 2.5 倍，而 2020 年 9 月 30 日時為 3.5 倍。展望未來幾年，我們預計槓桿率將略有趨勢更高，取決於 Topgolf 的開發水平和被視為房東的融資。

Consolidated net accounts receivable was $255 million, an increase of 6% compared to $240 million at the end of the third quarter of 2020. This increase is primarily attributable to the increase in third quarter revenue as well as an incremental $10 million of Topgolf accounts receivable. We continue to remain very comfortable with the overall quality of our accounts receivable at this time. Legacy days sales outstanding decreased to 53 days as of September 30, 2021, compared to 55 days as of September 30, 2020.

合併淨應收賬款為 2.55 億美元，與 2020 年第三季度末的 2.4 億美元相比增長 6%。這一增長主要歸因於第三季度收入的增長以及 Topgolf 應收賬款增加了 1000 萬美元.目前，我們對應收賬款的整體質量仍然非常滿意。與截至 2020 年 9 月 30 日的 55 天相比，截至 2021 年 9 月 30 日，未償還的傳統銷售天數減少至 53 天。

Our inventory balance increased to $385 million at the end of the third quarter of 2021 compared to $325 million at the end of the third quarter of the prior year. This $60 million increase was due to a higher Golf Equipment inventory, especially toward the end of the quarter, reflecting an increase in in-transit inventory and a shift to making '22 launch product. The Topgolf business also added $18 million to total inventory this quarter.

到 2021 年第三季度末，我們的庫存餘額增加到 3.85 億美元，而去年第三季度末為 3.25 億美元。這 6000 萬美元的增長是由於高爾夫設備庫存增加，尤其是在本季度末，這反映了在途庫存的增加和向 '22 推出產品的轉變。 Topgolf 業務本季度的總庫存也增加了 1800 萬美元。

Capital expenditures for the first 9 months of 2021 were $149 million, net of expected REIT reimbursements. This includes $109 million related to Topgolf. From a full year 2021 forecast perspective, the Golf Equipment and Soft Goods business forecast is $60 million. The 2021 full year forecast for Callaway and Topgolf is approximately $225 million, net of REIT reimbursements, primarily related to the new venue openings. The foregoing amounts do not include approximately $33 million in capital expenditures for Topgolf in January and February, which was pre-merger.

2021 年前 9 個月的資本支出為 1.49 億美元，扣除預期的 REIT 報銷。其中包括與 Topgolf 相關的 1.09 億美元。從 2021 年全年預測的角度來看，高爾夫設備和軟商品業務預測為 6000 萬美元。 Callaway 和 Topgolf 的 2021 年全年預測約為 2.25 億美元，扣除 REIT 的報銷，主要與新場館的開業有關。上述金額不包括 Topgolf 在合併前的 1 月和 2 月大約 3300 萬美元的資本支出。

Non-GAAP depreciation and amortization expense was $37 million in the third quarter of 2021 compared to $8 million in 2020. This includes $28 million of non-GAAP depreciation and amortization related to Topgolf. For the full year 2021, we expect non-GAAP depreciation and amortization expense to be approximately $130 million, which includes $93 million for the Topgolf business. The foregoing does not include approximately $18 million of Topgolf non-GAAP depreciation and amortization from January and February in aggregate.

2021 年第三季度非 GAAP 折舊和攤銷費用為 3700 萬美元，而 2020 年為 800 萬美元。這包括與 Topgolf 相關的 2800 萬美元非 GAAP 折舊和攤銷。對於 2021 年全年，我們預計非 GAAP 折舊和攤銷費用約為 1.3 億美元，其中包括 Topgolf 業務的 9300 萬美元。上述不包括 Topgolf 1 月和 2 月總計約 1800 萬美元的非 GAAP 折舊和攤銷。

Now turning to our outlook on Slide 16. For the full year, we expect revenue to range between $3.11 billion and $3.12 billion. That compares to $1.59 billion in 2020 and $1.70 billion in 2019. The company's full year 2021 net sales estimate assumes continued positive demand fundamentals for our Golf Equipment and Soft Goods segments and no further business, supply chain or retail shutdowns due to COVID. It also assumes continued strong momentum in the Topgolf business, which is expected to generate 10-month segment revenue that will come in slightly above its 2019 full 12-month revenue of $1.06 billion. Full year adjusted EBITDA is projected to be between $424 million and $430 million, which assumes approximately $158 million from Topgolf.

現在轉向我們對幻燈片 16 的展望。全年，我們預計收入將在 31.1 億美元至 31.2 億美元之間。相比之下，2020 年為 15.9 億美元，2019 年為 17.0 億美元。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，並且不會因 COVID 進一步關閉業務、供應鍊或零售。它還假設 Topgolf 業務繼續保持強勁勢頭，預計該業務將產生 10 個月的細分收入，略高於其 2019 年 12 個月的全部收入 10.6 億美元。全年調整後的 EBITDA 預計在 4.24 億美元至 4.3 億美元之間，其中假設 Topgolf 約為 1.58 億美元。

For the fourth quarter, our implied revenue guidance is increasing by approximately $30 million, with about 50% of that flowing through to adjusted EBITDA. The revenue increase is driven by continued over performance in the venues, increased supply and golf equipment and spend levels continue to ramp up to normalized levels.

對於第四季度，我們的隱含收入指引增加了約 3000 萬美元，其中約 50% 流向調整後的 EBITDA。收入增長的推動因素是場館的持續超常表現、供應和高爾夫設備的增加以及支出水平繼續上升到正常水平。

On the operational side, as I mentioned earlier in my remarks, we are expecting continued cost pressure from increased freight costs and inflationary pressures, including labor and commodity prices as well as negative foreign currency impacts due to a strengthening U.S. dollar, for the balance of 2021 and into 2022.

在運營方面，正如我之前在發言中提到的，我們預計運費上漲和通脹壓力（包括勞動力和大宗商品價格）以及美元走強導致的負面外匯影響將帶來持續的成本壓力。 2021 年和 2022 年。

However, despite these headwinds, we believe strong demand, sales volumes and select price increases across our business segments will balance out these pressures, and we expect all businesses to grow next year.

然而，儘管存在這些不利因素，我們相信我們業務部門的強勁需求、銷量和精選價格上漲將抵消這些壓力，我們預計明年所有業務都將增長。

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) Your first question comes from the line of Daniel Imbro with Stephens.

（操作員說明）您的第一個問題來自 Daniel Imbro 和 Stephens 的台詞。

Chip, I want to start on Topgolf. I guess this is kind of the third quarter -- second quarter in a row that Topgolf has really exceeded your internal expectations. I guess when you look at the business, what's been the biggest surprise relative to those expectations? And maybe just how sustainable do you see these trends? I mean core kind of same venue sales back to flat, even with weakness in events. I mean as you think to '22, how should we think about that trend line continuing?

奇普，我想從 Topgolf 開始。我想這有點像第三季度——Topgolf 連續第二季度真的超出了你的內部預期。我想當你看業務時，相對於這些預期，最大的驚喜是什麼？也許您認為這些趨勢的可持續性如何？我的意思是，即使賽事表現疲軟，同場館的核心銷售也將恢復平穩。我的意思是，正如您對 22 年的看法，我們應該如何看待該趨勢線的繼續？

Sure, Daniel. We have been thrilled with the results of Topgolf. And so the surprises, as you appropriately call them, have been all on the positive side. The same venue sales growth that we saw during the quarter did exceed our expectations. We had a particularly strong quarter on walk-in, but that has been an ongoing trend for us, a strong walk-in sales. And then what we saw really grow significantly during the quarter was social events.

當然，丹尼爾。我們對 Topgolf 的結果感到非常興奮。因此，正如您恰當地稱呼它們的那樣，這些驚喜都是積極的一面。我們在本季度看到的相同場地銷售增長確實超出了我們的預期。我們有一個特別強勁的季度步入式，但這對我們來說一直是一個持續的趨勢，一個強勁的步入式銷售。然後我們看到在本季度真正顯著增長的是社交活動。

Now what makes it -- so we were surprised on the fact that we got all the way back to approximately 100% same venue sales. What made that particularly impressive, Daniel, is if you take a walk back in time, when we gave you our last call, COVID cases were increasing in the U.S. at that time. And so we were getting some contrary signals at that time with events kind of doubling back on us and some caution signs.

現在是什麼原因 - 所以我們對我們一路回到大約 100% 相同的場地銷售這一事實感到驚訝。丹尼爾，特別令人印象深刻的是，如果你回到過去，當我們給你最後一次電話時，當時美國的 COVID 病例正在增加。因此，當時我們收到了一些相反的信號，事件在我們身上翻了一番，還有一些謹慎的跡象。

But then as the quarter continued and COVID cases declined, we've seen further growth. So that continued trend has been quite positive, has been very positive for us, and you can see us taking up our numbers through the end of the year. The only real headwind we see there is the corporate events, and those are improving but we expect them to stay down.

但是隨著本季度的繼續和 COVID 病例的下降，我們看到了進一步的增長。所以這種持續的趨勢是非常積極的，對我們來說非常積極，你可以看到我們在年底前的人數增加了。我們看到的唯一真正的不利因素是公司活動，這些活動正在改善，但我們預計它們會保持低迷。

The other positive on Topgolf, which has been well above our expectations is the flow-through. As we went into the year projecting that business at more historical flow-throughs or even rates that were better than historical flow-through has exceeded even those expectations. Some of that is sustainable. Some of it is likely not as we will need to return staffing levels and marketing levels back up to closer to historical levels. But I want to congratulate the team at Topgolf for just doing a wonderful job.

Topgolf 的另一個積極因素，遠高於我們的預期，是流通量。隨著我們進入這一年，預計該業務的歷史流量甚至比歷史流量都要好，甚至超出了這些預期。其中一些是可持續的。其中一些可能不會，因為我們需要將人員配備水平和營銷水平恢復到更接近歷史水平。但我要祝賀 Topgolf 的團隊幹得非常出色。

We knew we got a gem when we merged with Topgolf, but it's been well above expectations. And obviously, we view the outlook along those same lines.

當我們與 Topgolf 合併時，我們知道我們得到了一顆寶石，但它遠遠超出了預期。顯然，我們以同樣的方式看待前景。

Yes, that was really helpful. One follow-up on Topgolf. I guess, you mentioned the real estate team kind of already has 2022 set. Is there more availability of real estate in the aftermath of COVID? I guess just given the success you're having at the venue level, what's keeping you guys from maybe growing venues faster just given that profitability you're seeing?

是的，這真的很有幫助。 Topgolf 的後續行動。我猜，你提到的房地產團隊已經有 2022 集了。在 COVID 之後是否有更多可用的房地產？我想，鑑於你們在場地層面上取得的成功，考慮到你們所看到的盈利能力，是什麼讓你們無法更快地發展場地？

Well, we're working on venues. So, like, if we find a new site right now, Daniel, for a venue, it's a 2024 site. So venues, first of all, the development of venues got shut down during COVID. Unique point in time, but if you remember how the world was at that point, further development of pipeline and all progress on construction, et cetera, was essentially halted. So you see a hiccup, if you would, in the pace and path there.

嗯，我們正在研究場地。所以，就像，如果我們現在找到一個新地點，丹尼爾，作為一個場地，它是一個 2024 年的場地。所以場館，首先，場館的開發在COVID期間被關閉了。獨特的時間點，但如果你還記得當時的世界，管道的進一步開發和建設等的所有進展基本上都停止了。因此，如果您願意的話，您會看到那裡的步伐和路徑出現了問題。

But then also these venues are large projects, they have long lead times, et cetera. And one of the great assets of this Topgolf business is that real estate team, and they're doing a wonderful job identifying and opening these venues. And so we feel very confident in it. But the ability to impact it in the near term is not quite as, I guess, quick as you think it might be.

但是這些場館也是大型項目，它們的交貨時間很長，等等。 Topgolf 業務的一項重要資產是房地產團隊，他們在識別和開放這些場館方面做得非常出色。所以我們對此非常有信心。但我想，在短期內影響它的能力並不像你想像的那麼快。

Got it. And then one last one for me on the core business. I think in the prepared remarks, you guys talked about -- Brian, you mentioned maybe Golf Equipment profitability stepping down year-over-year due to the return of spending. Have we seen that spending return fully? Is this the right run rate we should think about ex growth going forward? Or are there still more temporary costs that need to come back into the model in 4Q, 1Q as we model out profitability?

知道了。然後是關於核心業務的最後一個。我認為在準備好的評論中，你們談到了——布賴恩，你提到高爾夫設備的盈利能力可能會由於支出的回報而逐年下降。我們是否看到支出完全回歸？這是我們應該考慮未來增長的正確運行率嗎？還是在我們對盈利能力進行建模時，是否還有更多的臨時成本需要在 4Q、1Q 回歸模型？

Well, it's definitely -- you've seen it ramp all during the year, and that's continued. So if you take Q4, for example, you will see not only the increase in Q4 but also the full load of that -- I mean, in Q3, you'll see the full load of that into Q4 as we hire people and do other things like that. We're not giving specific guidance for next year. But I think overall, we've talked about that the ramp is lumpy, and you're getting it all -- a large portion of it this year.

嗯，這絕對是 - 你已經看到它在一年中一直在增長，而且這種情況還在繼續。因此，如果你以第四季度為例，你不僅會看到第四季度的增長，還會看到它的全部負載——我的意思是，在第三季度，你會看到第四季度的全部負載，因為我們僱用人員並做其他類似的事情。我們沒有給出明年的具體指導。但我認為總的來說，我們已經討論過坡道是崎嶇不平的，而且你已經得到了這一切——今年的很大一部分。

Your next question comes from the line of Randy Konik with Jefferies.

您的下一個問題來自 Randy Konik 與 Jefferies 的對話。

I just wanted to ask about channel inventories. I think in the last few quarters, you talked about, I think, there was 2 months of inventory on-hand when there should be about 6 months of inventory. So you talked a little bit about supply constraints and you'll still be constrained, but you're doing a better job of getting, I guess, more inventory produced than you would have thought. So I'm just curious on that kind of dynamic on supply and where it stands right now, both on the manufacturing side with your vendors as well as in the channel?

我只是想問一下渠道庫存。我認為在過去幾個季度中，您談到，我認為手頭有 2 個月的庫存，而應該有大約 6 個月的庫存。所以你談到了供應限制，你仍然會受到限制，但你做得更好，我猜，生產的庫存比你想像的要多。所以我只是對這種供應動態以及它現在所處的位置感到好奇，無論是在製造方面與供應商還是在渠道方面？

Sure, Randy. This is Chip. Supply or inventory remains very low in the channels right now. And so it has stepped up slightly from where you referenced we were previously. And that's a seasonal thing. It always does this time of year. So in other words, at the end of Q3, the number -- the months on hand are slightly higher than they are at the end of Q2, but still remains very light. We're almost, call it, under inventoried in the field, and we expect that situation to continue.

當然，蘭迪。這是芯片。目前渠道中的供應或庫存仍然很低。因此，它與您之前提到的我們之前的位置相比略有提升。這是一個季節性的事情。它總是每年的這個時候。換句話說，在第三季度末，手頭的月份比第二季度末略高，但仍然非常少。我們幾乎，稱之為，在該領域的庫存不足，我們預計這種情況會繼續下去。

Understood. And then how about just maybe an update on Jack Wolfskin. You talk about, I think, comps are up now. The bookings are up significantly or strongly whatever you said earlier on the call. Can you just give us maybe a refresher on where that business stands from a revenue perspective from when you bought it on a profitability perspective because it seems I think there was $40 million of EBITDA initially that you had to invest -- then you had to invest in the business.

明白了。然後也許只是關於 Jack Wolfskin 的更新。你說的，我想，比賽現在已經開始了。無論您之前在電話會議上說什麼，預訂量都顯著或強勁地上升。您能否從收入的角度向我們介紹一下該業務的位置，從您購買它時的盈利角度來看，因為我認為最初您必須投資 4000 萬美元的 EBITDA - 然後您必須投資在業務中。

And that EBITDA disappeared, if you will. And now it seems like it has an opportunity to come back and provide some nice opportunity for -- to add to the portfolio, if you will, beyond just core Callaway and Topgolf. So maybe just give us some perspective on where that Jack Wolfskin story is right now from a sales and profitability perspective?

如果你願意的話，那個 EBITDA 消失了。現在它似乎有機會回來並提供一些很好的機會——如果你願意的話，除了核心的 Callaway 和 Topgolf 之外，還可以添加到投資組合中。所以也許只是從銷售和盈利的角度給我們一些關於 Jack Wolfskin 故事現在在哪裡的觀點？

Sure, Randy. And I think the key takeaway is your last point there in that it is what a good position this business is and how additive it can be. So we're expecting nice growth, and we're seeing great trends in the Jack Wolfskin business. The Jack Wolfskin business has been recovering nicely, but you've got to keep it in context that, that Europe market was heavily impacted by COVID throughout much of 2021. So it is going to be an area of nice growth for us next year. They have done a wonderful job with the brand. Their sell-throughs have been excellent. They're bookings for next year, as I mentioned, are quite strong.

當然，蘭迪。而且我認為關鍵的要點是您最後一點，因為這是該業務的良好位置以及它的附加性。所以我們期待良好的增長，我們看到 Jack Wolfskin 業務的巨大趨勢。 Jack Wolfskin 業務一直在恢復良好，但您必須保持這種情況，即歐洲市場在 2021 年的大部分時間都受到 COVID 的嚴重影響。因此，明年它將成為我們增長良好的一個領域。他們在品牌方面做得非常出色。他們的銷售情況非常好。正如我所提到的，他們明年的預訂非常強勁。

They are trending now in the right directions throughout almost all segments of their business. It is below where it was in 2019. But unlike the Golf Equipment business, it hasn't recovered and had the same surge, but you're seeing some really positive trends in that business, Randy. So we're looking forward to some strong future there.

他們現在在幾乎所有業務領域都朝著正確的方向發展。它低於 2019 年的水平。但與高爾夫設備業務不同的是，它並沒有恢復並出現同樣的增長，但蘭迪，你在該業務中看到了一些非常積極的趨勢。因此，我們期待那裡有一些強大的未來。

Your next question comes from the line of Susan Anderson with B. Riley.

您的下一個問題來自 Susan Anderson 和 B. Riley 的對話。

Nice job on the quarter. You talked about you're expecting outperformance or growth in all of the business lines and units next year. I'm just curious on the Golf Equipment business, kind of what's driving that confidence? And then also, are you expecting that growth to come more from the international side of that business versus the U.S.? Or would you also expect the U.S. to see positive growth off of the pretty big numbers the past year?

本季度幹得不錯。您談到您預計明年所有業務線和部門的表現或增長都將超過預期。我只是對高爾夫設備業務感到好奇，是什麼推動了這種信心？然後，您是否期望該業務的國際增長更多地來自美國而不是美國？或者你是否也期望美國在過去一年的相當大的數字中看到正增長？

Sure, Susan. Thank you for the nice comment. And yes, we are expecting the Golf Equipment business to be positive next year. As I said, we were very intentional. We think all of our segments will grow. The U.S. should grow within Golf Equipment as well. So we're looking at that globally, but it would include the U.S.

當然，蘇珊。謝謝你的好評論。是的，我們預計明年的高爾夫設備業務將是積極的。正如我所說，我們是非常故意的。我們認為我們所有的細分市場都會增長。美國也應該在高爾夫設備領域發展壯大。因此，我們正在全球範圍內進行研究，但其中包括美國。

What gives us confidence on that is threefold. One, we're looking at the data. And the data is showing that, even in the current environments in Q3, et cetera, we haven't seen it slow down. Second is we're talking to our customers, and our customers are almost unanimously telling us they're expecting very strong years next year. And then thirdly, the inventory situation that we see with very low inventory in the field, we think, will support that as well. So it gives us enough confidence to make the statement that we did.

讓我們對此充滿信心的原因是三方面的。一，我們正在查看數據。數據顯示，即使在第三季度等當前環境中，我們也沒有看到它放緩。其次是我們正在與我們的客戶交談，我們的客戶幾乎一致地告訴我們，他們預計明年會非常強勁。第三，我們認為該領域庫存非常低的庫存情況也將支持這一點。所以它給了我們足夠的信心來做出我們所做的聲明。

Great. That's really helpful. And then I was wondering, I didn't see in the presentation, did you guys talk about your market share this quarter in balls and equipment?

偉大的。這真的很有幫助。然後我想知道，我沒有在演示文稿中看到，你們是否談到了本季度在球和設備方面的市場份額？

We did not, Susan. There's just so much to cover. Our market shares in ball were up, I believe; in clubs, marginally down, but not significantly. And as you know, the market share data is indicative of certain parts of the business in certain channels, but certainly, not all encompassing. So has not been a meaningful market share move relative to our position this year, although it's been close to transformational for the overall business.

我們沒有，蘇珊。有很多東西要涵蓋。我相信我們的市場份額上升了；在俱樂部，略有下降，但不顯著。如您所知，市場份額數據反映了某些渠道中業務的某些部分，但當然，並非包羅萬象。因此，相對於我們今年的位置而言，這並不是一個有意義的市場份額變動，儘管它已經接近於整體業務的轉型。

Your next question comes from the line of Joe Altobello with Raymond James.

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

I guess first question for Brian, and I want to preface my question by saying I certainly don't envy you're trying to forecast the business in this environment. But I guess I'm curious what happened in the last 3 weeks of the quarter that led to such a large EBITDA beat. It looks like a lot of that was on the expense side. So I'm curious, were any expenses pushed off into the fourth quarter?

我想布賴恩的第一個問題，我想先說我當然不羨慕你試圖預測這種環境下的業務。但我想我很好奇本季度最後 3 週發生了什麼導致 EBITDA 如此大的跳動。看起來很多都是在費用方面。所以我很好奇，是否有任何費用被推遲到第四季度？

So overall, I would say that a lot of what you saw was just our under-forecasting the profitability, as I mentioned earlier in my comments. That was a good portion of it. Other than that, as Chip mentioned, half of it was probably related to the Topgolf venue profitability being higher than forecasted. And I would say the other half is just spread out. The gross margins were better than we expected. There was lower OpEx spend, and then we had more hedge gains.

所以總的來說，我想說的是，正如我之前在評論中提到的，你所看到的很多只是我們低估了盈利能力。這是其中的一個很好的部分。除此之外，正如 Chip 所說，其中一半可能與 Topgolf 場地盈利能力高於預期有關。我會說另一半只是散開。毛利率好於我們的預期。運營支出減少，然後我們獲得了更多的對沖收益。

So it's just -- we tried to take that all into account when we gave our guidance for the fourth quarter, so that should all be baked in. There have been just generally during the year, just some examples, we've been trying to staff up and hire people, and in this environment, it is very difficult. So some you might have hired in Q3, and now you're trying to hire in Q4. But we tried to bake all that into our Q4 guidance.

所以這只是 - 我們在給出第四季度的指導時試圖將所有這些都考慮在內，所以這一切都應該被納入。在這一年中，我們一直在努力做到這一點，只是一些例子員工上來就僱人，在這種環境下，是很難的。因此，您可能在第三季度僱用了一些人，現在您正試圖在第四季度僱用。但我們試圖將所有這些納入我們的第四季度指導。

Okay. That's helpful. And then in terms of the supply chain constraints, is there 1 or 2 businesses that are more constrained than others? Or is it pretty much across the board at this point?

好的。這很有幫助。然後在供應鏈約束方面，是否有 1 或 2 個業務比其他業務更受約束？還是在這一點上幾乎是全面的？

Well, it's the Apparel and Gear and Golf Equipment that is mostly constrained. We have a little bit of challenges like many companies, staffing the venues. But obviously, the venues are doing very well, and that situation at the venues is getting less significant. So it's improving.

好吧，主要是服裝、裝備和高爾夫設備受到限制。像許多公司一樣，我們面臨一些挑戰，為場地配備人員。但顯然，場館做得很好，場館的情況變得不那麼重要了。所以它正在改善。

I guess the Golf Equipment segment has the largest difference between demand and supply right now. But both segments, Golf Equipment and Apparel, have demand exceeding supply from a macro perspective.

我猜高爾夫設備領域目前的供需差異最大。但從宏觀角度來看，高爾夫設備和服裝這兩個領域的需求都超過了供應。

Okay. And just one last one, if I could. The events business, can you give us an idea of where that's tracking or indexing versus 2019?

好的。如果可以的話，就最後一個。活動業務，您能否告訴我們與 2019 年相比，跟踪或索引的位置在哪裡？

Yes. I won't -- not quantitative, really, but it is improving. So if you look at -- and it varies by quarter, et cetera, as you would expect it to. So obviously, during Q3, we saw great results, certain same venue sales. The event business trended up nicely driven by social events. And so a social event is a small group. It may be you and 4 other people that are booking a bay or 2 together as opposed to a large corporate event. Corporate events have been the most significantly impacted.

是的。我不會 - 不是定量的，真的，但它正在改善。因此，如果您查看 - 它會按季度等變化，正如您所期望的那樣。所以很明顯，在第三季度，我們看到了很好的結果，一些相同的場地銷售。活動業務在社交活動的推動下呈良好趨勢。因此，社交活動是一個小團體。可能是您和其他 4 個人一起預訂一個或 2 個海灣，而不是大型公司活動。企業活動受到的影響最大。

And we -- as I mentioned, during Q3, we saw that business cycle from a negative trend to a positive trend, and that positive trend has now continued. So we expect there to be less corporate events in Q4 than 2019, but the trend is moving in the right direction. And it's really even granular down to the bigger events are more impacted than the smaller events. Sometimes, we would have full venue buyouts, if you would. Those are less common now as you -- I think would make sense. But smaller corporate events, we're starting to see some positive signs. Although the lead times, et cetera, are a little bit more shorter than they used to be as well. So still some uncertainty in that. That give you enough at least for some color?

正如我所提到的，在第三季度，我們看到商業周期從負趨勢變為正趨勢，而且這種正趨勢現在仍在繼續。因此，我們預計第四季度的企業活動將少於 2019 年，但趨勢正在朝著正確的方向發展。它實際上甚至更細化到較大的事件比較小的事件受到的影響更大。有時，如果您願意，我們會進行全部場地買斷。這些現在像你一樣不常見 - 我認為這是有道理的。但較小的企業活動，我們開始看到一些積極的跡象。儘管交貨時間等也比以前短了一點。所以仍然存在一些不確定性。這至少給你足夠的顏色？

Yes. No, it does. I appreciate that. I wasn't expecting a quantitative answer, but I certainly appreciate that.

是的。不，確實如此。我很感激。我沒想到會有一個定量的答案，但我當然很感激。

Your next question comes from the line of Casey Alexander with Compass Point.

您的下一個問題來自帶有 Compass Point 的 Casey Alexander 的台詞。

Let me ask -- it sounds like things are easing a little bit on the supply chain side. Would you say that supply chain is switching from where there had been a lot of materials and component issues and it's switching more to logistics issues are now the primary thing that you're trying to overcome?

讓我問一下——聽起來供應鏈方面的情況有所緩和。您是否會說供應鏈正在從存在大量材料和組件問題的地方轉變為現在您要克服的主要問題是物流問題？

And as it relates to the competition, does your more prominent position within the spaces that you occupy actually create a market share opportunity or has it created a market share-taking opportunity? Because even though you have supply chain issues, you've been able to navigate them better than maybe people who are further down the food chain.

並且由於它與競爭有關，你在你所佔據的空間中更突出的位置是否真的創造了市場份額機會，還是創造了市場份額的機會？因為即使你有供應鏈問題，你也能夠比食物鏈更下游的人更好地駕馭它們。

Casey, I think, first of all, you're 100% correct. The supply chain issues are a little bit ongoing fact of life, but they have eased significantly, in my view. And the teams have also just done a wonderful job. As we went into the last earnings call, Vietnam had just shut down. We source half of our golf equipment from Vietnam or half of our clubs, and we were reeling trying to figure out what all that meant. And as you can see in subsequent results, we were able to mitigate quite a bit of that by ramping up factories in China much more significantly than we're able to do. And then most recently, Vietnam is back open.

凱西，我認為，首先，你是 100% 正確的。在我看來，供應鏈問題是一個持續存在的事實，但它們已經顯著緩解。團隊也剛剛完成了出色的工作。當我們進入上一次財報電話會議時，越南剛剛關閉。我們一半的高爾夫設備或一半的球桿來自越南，我們一直在努力弄清楚這意味著什麼。正如你在隨後的結果中所看到的，我們能夠通過比我們能夠做的更顯著地增加在中國的工廠來緩解相當多的這種情況。最近，越南又重新開放了。

The logistics challenges of time on container ships and the costs of all that, no real change in that. I'm hopeful that, that will improve at some point. it hasn't really changed yet. And the material side, maybe we're seeing a little bit better than that. But the real big difference that we're seeing is that we've got all the factories open now. And we've also learned how to operate effectively in this environment. So our confidence and comfort level dealing with these issues and circumstances is just much higher.

集裝箱船時間的物流挑戰以及所有這些的成本，並沒有真正的改變。我希望這會在某個時候有所改善。它還沒有真正改變。在物質方面，也許我們看到的比這要好一些。但我們看到的真正大的不同是我們現在所有的工廠都開工了。我們還學會瞭如何在這種環境中有效運作。因此，我們處理這些問題和情況的信心和舒適度要高得多。

In terms of our position as a leader in the golf industry and the scale advantages we have, I do think it creates a competitive advantage for us. It creates a competitive advantage for us. Our ability to move supply around to apply resources in different ways, we're constantly subbing different materials and working through issues and it also provide -- we have some very strong partnerships with large foundries where we're clearly the #1 customer and component manufacturers where we're clearly the #1 customer. And so we provide them the opportunity to partner with us accordingly. And that may lead to advantages into market share gains over time.

就我們作為高爾夫行業領導者的地位和我們擁有的規模優勢而言，我確實認為這為我們創造了競爭優勢。它為我們創造了競爭優勢。我們移動供應以不同方式應用資源的能力，我們不斷地使用不同的材料並解決問題，它還提供 - 我們與大型鑄造廠建立了非常強大的合作夥伴關係，我們顯然是第一大客戶和組件我們顯然是第一大客戶的製造商。因此，我們為他們提供了相應地與我們合作的機會。隨著時間的推移，這可能會帶來市場份額增長的優勢。

That's quite helpful. Let me ask a second question. I mean, when you took on the Topgolf acquisition, we were guided to a reasonably significant scale-up of debt over the first couple of years that you were going to own it. And instead, you've generated enormous cash flows. So have your capital priorities changed in terms of capital allocation? And what should we think about the company's ability to make sort of a $30 million off-hand investment in Five Iron Golf, whereas that probably a year ago would not even been something that was contemplated?

這很有幫助。讓我問第二個問題。我的意思是，當你收購 Topgolf 時，我們被引導在你將擁有它的頭幾年里合理地大幅增加債務。相反，你已經產生了巨大的現金流。那麼，您的資本優先事項在資本配置方面是否發生了變化？我們應該如何看待公司有能力對五鐵高爾夫進行 3000 萬美元的非手頭投資，而這可能在一年前甚至都沒有考慮過？

You're 100% right, Casey. We couldn't be more pleased and feel more fortunate with how this has worked out. And if we had been able to forecast it, we could have slept a little better. But we're clearly way ahead of our cash flow, liquidity projections. Amount of net debt relative to our EBITDA is significantly lower. Our degrees of strategic freedom going forward are much higher. And things such as the Five Iron investment, which we're excited about, would not have been a likely possibility. Our overall capital allocation priorities don't really change, but our strategic flexibility and our -- and a lower overall risk factor because of the lower leverage is dramatically different.

你是 100% 正確的，凱西。我們對此感到非常高興並感到更加幸運。如果我們能夠預測它，我們可以睡得更好一點。但我們顯然遠遠領先於我們的現金流和流動性預測。相對於我們的 EBITDA 的淨債務金額顯著降低。我們未來的戰略自由度要高得多。而我們興奮的五鐵投資之類的事情不太可能發生。我們的整體資本配置重點並沒有真正改變，但我們的戰略靈活性和我們的——以及由於較低的槓桿率而導致的較低的整體風險因素是截然不同的。

Okay. Great. I'm going to ask you one more question. I asked you this, I think it was about 3 years ago. But I was struck by one of your comments early in your presentation regarding modern golf, which is when is the corporate name change coming?

好的。偉大的。我要再問你一個問題。我問你這個，我想是大約 3 年前的事了。但我在你關於現代高爾夫的演講中的一個評論讓我印象深刻，什麼時候公司名稱會發生變化？

I was thinking about Meta, but somebody took it, Casey. I'm not sure we need to change the name. But I -- certainly, you're trying to convey how different this business is, how unique it is. And I thought modern golf with the combination of our leadership position in the traditional game as well as a dominant position in the future of the game in off-course golf might convey that. So I hope it makes sense to you.

我在考慮 Meta，但有人接受了它，凱西。我不確定我們是否需要更改名稱。但我——當然，你試圖傳達這個業務有多麼不同，它有多麼獨特。我認為現代高爾夫結合我們在傳統比賽中的領導地位以及未來在場外高爾夫比賽中的主導地位可能會傳達這一點。所以我希望它對你有意義。

Your next question comes from the line of Rudy Yang with Berenberg.

您的下一個問題來自 Rudy Yang 與 Berenberg 的對話。

So you've opened 8 new domestic Topgolf venues this year so far. I'm just wondering how those new venues are performing relative to your expectations? And if you could provide some color on how that compares to how your new venues historically have performed relative to your more mature venues?

所以今年到目前為止，你們已經開設了 8 個新的國內 Topgolf 場地。我只是想知道這些新場館的表現相對於您的期望如何？如果你能提供一些顏色來比較你的新場館歷史上相對於你更成熟的場館的表現？

Sure. Rudy, the -- we're very pleased with how the team has been able to open the venues. So they've all, for the most part, opened very successfully. They opened at different times in the year with different operating conditions and COVID environments, et cetera. So at some point, they were operating with the same venue sales level that was below what would have been originally planned, but they're all showing great promise.

當然。魯迪，我們對球隊能夠開放場地感到非常滿意。因此，在大多數情況下，它們都非常成功地打開了。它們在一年中的不同時間開放，具有不同的操作條件和 COVID 環境等。所以在某些時候，他們的場地銷售水平低於最初的計劃，但他們都表現出巨大的希望。

And the profitability of these new venues is at or above expectations as we project forward. So very pleased with them. And we've had venues of all different sizes this year, which was also strategically important. So continue what I think is a very great strength of that business in its ability to select and open and operate these venues.

隨著我們向前推進，這些新場館的盈利能力達到或高於預期。對他們非常滿意。今年我們有各種不同規模的場館，這在戰略上也很重要。因此，繼續我認為該業務在選擇、開放和運營這些場所的能力方面的巨大優勢。

Great. Super helpful. And could you just provide more color on some of the constraints you saw in Toptracer installations? So I guess, what kind of workarounds are there specifically to the access restrictions you saw in other countries? And how big of an impact did that have on installations versus supply chain disruption this quarter?

偉大的。超級有幫助。您能否為您在 Toptracer 安裝中看到的一些限制提供更多顏色？所以我想，對於您在其他國家/地區看到的訪問限制，有哪些專門的解決方法？與本季度的供應鏈中斷相比，這對安裝有多大影響？

Sure. So in different markets, we had a little bit of supply chain headwind, and supply chain is just getting -- it can be running cable and running power to a driving range, right, with just their ability to get resources there, et cetera, in today's era where it's hard to get that type of construction work done and scheduled. So that slowed down some of the efforts in a few markets.

當然。因此，在不同的市場中，我們遇到了一點供應鏈逆風，而供應鏈剛剛開始——它可以為練習場運行電纜和供電，對，只是他們有能力在那裡獲得資源等等，在當今時代，很難完成和安排這種類型的建築工作。因此，這減緩了一些市場的一些努力。

And then particularly in Asia, in the quarter, in the end of Q2 and in Q3, they were still in lockdown in some of those markets. In the biggest market, Japan, they had several prefectures that were heavily restricted. And so that slowed the installations. This is not a demand issue at all. Our backlog is quite good. The demand is quite strong. So as things continue to improve, even though there is some volatility here, we remain very confident in that business.

然後特別是在亞洲，在本季度、第二季度末和第三季度，他們在其中一些市場仍處於封鎖狀態。在最大的市場日本，他們有幾個受到嚴格限制的縣。所以這減慢了安裝速度。這根本不是需求問題。我們的積壓工作非常好。需求相當強勁。因此，隨著情況繼續改善，即使這裡存在一些波動，我們仍然對該業務充滿信心。

And your last question comes from the line of John Kernan with Cowen.

您的最後一個問題來自 John Kernan 與 Cowen 的對話。

This is Krista on for John. And most of our questions have been answered. But I wonder if you could just walk us through some of the puts and takes on the outlook for gross margins in Q4 as it relates to the Callaway business as well as Topgolf, particularly in relation to kind of the selective price increases you talked about and some of the supply chain issues?

這是約翰的克里斯塔。我們的大部分問題都已得到解答。但我想知道你是否可以讓我們了解一下第四季度的毛利率前景，因為它與卡拉威業務和 Topgolf 相關，特別是與你談到的選擇性提價和一些供應鏈問題？

Sure. The only thing worth calling out, Krista, in Q4, and this is obviously fully reflected in our guide, is that we are anticipating volumes to go down a little bit in Q4 topped off because of the corporate events, which is still a headwind, although trending nicely improving.

當然。唯一值得一提的是，克里斯塔，在第四季度，這顯然完全反映在我們的指南中，我們預計第四季度的銷量會因為公司活動而達到頂峰，這仍然是一個逆風，雖然趨勢很好地改善。

And then we have moved a significant amount of our production capacity on the Golf Equipment side towards producing our 2022 product lines. And then with the Vietnam shutdowns and the capacity restrictions of that cause, you're going to see volumes in Q4, which is fully reflected in our numbers, down.

然後，我們將高爾夫設備方面的大量生產能力轉移到生產我們的 2022 產品線。然後隨著越南停工和產能限制，您將看到第四季度的銷量下降，這完全反映在我們的數據中。

Volume is a very helpful factor in the gross margin calculation. So it will have a little negative impact there. But we're increasing our supply chain capabilities. We're increasing our capacity. You can see it in our numbers as plain as day.

交易量是計算毛利率的一個非常有用的因素。所以那裡會有一點負面影響。但我們正在提高我們的供應鏈能力。我們正在增加我們的能力。你可以在我們的數字中看到它，就像白天一樣簡單。

We're up significantly over 2019. We're continuing to add that capacity. And you've heard me talk about the confidence in the supply chain going forward, although Q4 will have a little bit of a step-down primarily around that volume issue.

我們比 2019 年有了顯著增長。我們正在繼續增加這種能力。你已經聽過我談論對供應鏈未來的信心，儘管第四季度主要圍繞這個數量問題會有所下降。

And we still have the increased freight costs that we're dealing with. That's been all year, and that continues into Q4, which impacts margins a little bit.

而且我們仍然需要處理增加的運費。這已經是一整年了，並且一直持續到第四季度，這對利潤率產生了一些影響。

That's a constant at this stage.

在這個階段這是一個常數。

Got it. And our last question, just to circle back on the same venue sales in terms of sort of what you've been seeing, the nice pickup in the walk-in traffic as well as in some of the social events impact that you've seen in Q3. I just -- could you unpack a little bit of what's driving that? Is -- and I know that your marketing spend is starting to ramp or you're expected to get move forward towards normalization. Just kind of wondering what's kind of driving some of these traffic gains and improving? Is it just vaccination rates? Or are people getting more comfortable going out and doing things? If you could just shed a little bit light on that.

知道了。我們的最後一個問題，就你所看到的那種情況，回溯到同一個場地的銷售情況，步入式交通的良好回升以及你所看到的一些社交活動的影響在第三季度。我只是 - 你能解開一點驅動它的原因嗎？是 - 而且我知道您的營銷支出開始增加，或者您有望朝著正常化邁進。只是想知道是什麼推動了這些流量的增長和改善？僅僅是疫苗接種率嗎？還是人們越來越自在地出去做事？如果你能稍微說明一下。

Well, the walk-in sales has been steadily trending back all year. Beginning of the year, we were heavily impacted still by COVID restrictions, et cetera, and we've gone through several new waves during the year, if you would. But the walk-in traffic has been a steady drumbeat of good news through the year and remains that. I think the popularity and the accessibility of Topgolf really helps it there. And it's doing this while other things are opening up around it. So it's got increased competition, if you would, from other events, and yet you're still seeing it grow.

好吧，步入式銷售全年都在穩步回升。今年年初，我們仍然受到 COVID 限制等的嚴重影響，如果您願意的話，我們在這一年中經歷了幾次新的浪潮。但這一年來，步入式的交通一直是好消息的穩定鼓點，而且仍然如此。我認為 Topgolf 的受歡迎程度和可訪問性確實對其有幫助。它正在這樣做，而其他事情正在圍繞它開放。因此，如果您願意的話，來自其他賽事的競爭加劇了，但您仍然看到它在增長。

The big increase during the quarter was the social events. So it's more choosing that venue, if you would, I guess, for something else. I really think it's mostly just positive momentum at this point. But I also want to call out what the good job the Topgolf team is obviously doing. But I can't give you any more color on it than that, unfortunately.

本季度最大的增長是社交活動。因此，如果您願意，我想，更多的是選擇那個場地。我真的認為這主要是在這一點上的積極勢頭。但我也想指出 Topgolf 團隊顯然做得很好。但不幸的是，我不能再給你更多的顏色了。

There are no further questions at this time. I would like to turn back the call over to Chief Executive Officer, Chip Brewer. Go ahead, sir.

目前沒有其他問題。我想將電話轉回給首席執行官 Chip Brewer。去吧，先生。

Well, thank you, everybody, for calling in. We really appreciate your time and interest. Thrilled with the results, and look forward to updating you again early next year. Thank you very much.

好吧，謝謝大家的來電。我們非常感謝您的時間和興趣。對結果感到興奮，並期待明年初再次更新您。非常感謝。

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。