Topgolf Callaway Brands Corp (MODG) 2023 Q1 法說會逐字稿

Good day, and welcome to the Topgolf Callaway Brands First Quarter 2023. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Lauren Scott, Director of Investor Relations. Please go ahead.

美好的一天，歡迎來到 Topgolf Callaway Brands 2023 年第一季度。（操作員說明）請注意正在錄製此活動。我現在想將會議轉交給投資者關係總監 Lauren Scott。請繼續。

Thank you, Dave, and good afternoon, everyone. Welcome to Topgolf Callaway Brands First Quarter 2023 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 and Chief Legal Officer.

謝謝戴夫，大家下午好。歡迎參加 Topgolf Callaway Brands 2023 年第一季度收益電話會議。我是公司的投資者關係總監 Lauren Scott。在今天的電話會議上和我一起發言的是我們的總裁兼首席執行官 Chip Brewer；以及我們的首席財務官兼首席法務官 Brian Lynch。

Earlier today, the company issued a press release announcing its first quarter 2023 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. Most of the financial numbers reported and discussed on today's call are based on U.S. Generally Accepted Accounting Principles. In the instances where we report non-GAAP measures, we have reconciled the non-GAAP measures to the corresponding GAAP measures at the back of the presentation in accordance with Regulation G.

今天早些時候，該公司發布了一份新聞稿，宣布了其 2023 年第一季度的財務業績。此外，還有一份演示文稿伴隨著今天準備好的評論，可能會讓您更容易跟進電話會議。此收益演示文稿和收益新聞稿均可在公司投資者關係網站的“財務結果”選項卡下獲取。在今天的電話會議上報告和討論的大部分財務數據均基於美國公認會計原則。在我們報告非 GAAP 措施的情況下，我們已根據條例 G 將非 GAAP 措施與演示文稿後面相應的 GAAP 措施進行了核對。

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

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

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

有了這個，我現在想把電話轉給 Chip Brewer。

Thank you, Lauren. Good afternoon to everyone on our call, and thank you for joining us today. Our business is off to a strong start with first quarter revenue and adjusted EBITDA coming in ahead of our expectations. The outperformance was driven largely by continued operational momentum at the Topgolf venues as well as a strong launch of our Paradym family of clubs.

謝謝你，勞倫。大家下午好，感謝您今天加入我們。我們的業務開局良好，第一季度收入和調整後的 EBITDA 超出了我們的預期。出色的表現主要得益於 Topgolf 場館的持續運營勢頭以及我們 Paradym 系列球桿的強勁推出。

Looking forward, there's certainly some macroeconomic uncertainty around the world. However, across all of our business segments, our core consumers remain engaged, and we continue to believe our portfolio of brands is positioned to drive further growth in both revenue and profitability. We believe we are uniquely positioned to do this by meeting our consumers in a diverse set of an environment that they are highly passionate about, be that on-course, off-course or in their active lifestyle. This certainly includes leveraging the synergies inherent in our leadership position in both on- and off-course golf, what we like to call Modern Golf.

展望未來，世界各地肯定存在一些宏觀經濟不確定性。然而，在我們所有的業務部門中，我們的核心消費者仍然保持參與，我們仍然相信我們的品牌組合能夠推動收入和盈利能力的進一步增長。我們相信，我們具有獨特的優勢，可以在他們非常熱衷的多樣化環境中與我們的消費者會面，無論是在球場上、球場外還是在他們積極的生活方式中。這當然包括利用我們在球場內和球場外的領導地位所固有的協同作用，我們稱之為現代高爾夫。

Turning to Topgolf specifically, and I believe this is perhaps the key point investors should take away from today's call, the team's various initiatives, combined with their brand momentum, have both made us increasingly confident in our ability to drive long-term same venue sales growth, and we are now pleased to be able to communicate even higher venue profitability expectations. This increased confidence and updated expectations have obvious and significant positive implications for the long-term value of our company.

特別是 Topgolf，我認為這也許是投資者應該從今天的電話會議中吸取的關鍵點，該團隊的各種舉措，加上他們的品牌勢頭，都讓我們對推動長期同場銷售的能力越來越有信心增長，我們現在很高興能夠傳達更高的場館盈利預期。這種增強的信心和更新的期望對我們公司的長期價值具有明顯而重要的積極影響。

Shifting to our segment overview. I'll first start with Topgolf's results. The Topgolf venues business had another great quarter, outperforming our expectations for both revenue and profitability. Owned venues delivered 11% same venue sales growth over Q1 last year, driven by continued brand momentum, increased digital access through PIE, our inventory management system, and our new marketing initiatives.

轉到我們的細分市場概述。我將首先從 Topgolf 的結果開始。 Topgolf 場館業務又迎來了一個偉大的季度，超出了我們對收入和盈利能力的預期。在持續的品牌勢頭、通過 PIE、我們的庫存管理系統和我們的新營銷計劃增加數字訪問的推動下，自有場館的同場館銷售額比去年第一季度增長了 11%。

Adjusted EBITDA exceeded expectations due to continued improvement in operational efficiencies. We'll speak more on this operational efficiency improvement in a moment. From a development perspective, we opened 1 venue during Q1 in Charleston, South Carolina, and it opened very strongly. We remain on track to open 11 new owned and operated venues in 2023 with 1 scheduled to open in Q2 and the balance coming in the second half of the year. And Toptracer also had a successful quarter with over 1,550 bays installed compared to approximately 1,160 last year. For the full year, same venue sales is now forecast to be up mid- to high-single digits, a little lower than we thought when we spoke with you in February due to corporate events trending lower starting late in Q1.

由於運營效率的持續提高，調整後的 EBITDA 超出了預期。稍後我們將詳細討論這種運營效率的提高。從發展的角度來看，我們在第一季度在南卡羅來納州的查爾斯頓開設了 1 個場地，而且開得非常強勁。我們仍有望在 2023 年開設 11 個新的自有和經營場所，其中 1 個計劃在第二季度開放，其餘的將在下半年開放。 Toptracer 也有一個成功的季度，安裝了超過 1,550 個托架，而去年約為 1,160 個。對於全年，由於公司活動從第一季度末開始呈下降趨勢，現在預計同場館銷售額將達到中高個位數，略低於我們在 2 月份與您交談時的預期。

Our corporate business was strong to start the quarter and is still expected to be at approximately 2019 levels for the full year. However, with the March banking crisis and what we believe is a trend towards many companies further reducing corporate spend, we viewed it as prudent to lower our balance of year corporate sales expectations versus our original budget. We view this revision as a reflection of near-term volatility and not a long-term concern over the viability of our corporate sales channel. And importantly, our walk-in and small events business, which is the consumer-driven portion and accounts for 80% of venue revenue, has remained robust.

我們的企業業務在本季度開始時表現強勁，預計全年仍將保持在 2019 年左右的水平。然而，隨著 3 月份的銀行業危機以及我們認為許多公司進一步減少企業支出的趨勢，我們認為降低年度企業銷售預期餘額與原始預算相比是謹慎的做法。我們將此修訂視為近期波動的反映，而不是對我們公司銷售渠道可行性的長期擔憂。重要的是，我們的步入式和小型活動業務保持強勁，這是消費者驅動的部分，佔場館收入的 80%。

Like our underlying operating efficiencies, this walk-in and small event business will also benefit from the continued rollout of PIE, marketing and other key initiatives through the balance of this year and next. As a result, we remain confident in our Topgolf earnings forecast for this year and have increased confidence in our ability to continue to deliver sustained same venue sales growth throughout business cycles, something we recognize we must prove to the markets and we hope that our 6 consecutive quarters of delivered same venue sales growth is starting to do.

與我們的基本運營效率一樣，這種步入式和小型活動業務也將受益於今年和明年餘下時間繼續推出的 PIE、營銷和其他關鍵舉措。因此，我們對今年的 Topgolf 盈利預測仍然充滿信心，並且對我們在整個商業周期中繼續實現持續的同一場地銷售增長的能力更有信心，我們認識到我們必須向市場證明這一點，我們希望我們的 6連續幾個季度交付的同場銷售增長正在開始。

Digging a little deeper into the digital access and marketing improvements of the venues. I want to highlight some of the early success metrics, starting with Topgolf's come play around marketing campaign. Our goal is to increase awareness, primarily in markets where we have existing venues, but also more broadly given our growing national footprint. We're happy to report that awareness in market has increased to 48%, up from 41% a year ago and 38% as recently as December 2021.

更深入地研究場館的數字訪問和營銷改進。我想強調一些早期的成功指標，首先是 Topgolf 的 come play around 營銷活動。我們的目標是提高知名度，主要是在我們擁有現有場館的市場，但考慮到我們不斷擴大的全國足跡，也更廣泛。我們很高興地報告，市場意識已從一年前的 41% 和最近的 2021 年 12 月的 38% 提高到 48%。

PIE, our digital inventory management system, is also showing very promising results. As of the end of March, we had implemented PIE in 36 venues across the U.S. with the expectation of being in all U.S. venues by the end of 2023. Venues with PIE in place have seen increased bay utilization, same venue sales growth and profitability.

我們的數字庫存管理系統 PIE 也顯示出非常有希望的結果。截至 3 月底，我們已在全美 36 個場館實施 PIE，預計到 2023 年底將在美國所有場館實施。採用 PIE 的場館的海灣利用率有所提高，場館銷售增長和盈利能力也有所提高。

With the help of PIE, the team grew the digital penetration of our venue business by a couple of points again last quarter, ending at just over 30%. The opportunity to further drive awareness and our digital runway are clear priorities for the Topgolf team. The results are paying off and there's significant runway ahead to grow top and bottom line through these efforts.

在 PIE 的幫助下，該團隊在上個季度再次將我們場館業務的數字滲透率提高了幾個百分點，最終達到 30% 以上。進一步提高知名度的機會和我們的數字跑道是 Topgolf 團隊的明確優先事項。結果正在得到回報，並且通過這些努力，在增加收入和利潤方面還有很長的路要走。

I'll now turn to venue unit economics. To further underscore the progress we have made as well as our confidence in the Topgolf venue business going forward, we are now updating the target venue unit economics and return metrics. As you'll see in today's investor presentation, we're now targeting 35% 4-wall adjusted EBITDAR margins, up from 32% previously, and a 2.5-year payback period, down from just over 3 years and a 20% return on gross investment, up from approximately 17.5%.

我現在將轉向場地單位經濟學。為了進一步強調我們取得的進展以及我們對 Topgolf 場地業務未來發展的信心，我們現在正在更新目標場地單位經濟和回報指標。正如您將在今天的投資者介紹中看到的那樣，我們現在的目標是 35% 的 4 壁調整後 EBITDAR 利潤率，高於之前的 32%，以及 2.5 年的投資回收期，低於剛剛超過 3 年和 20% 的回報率總投資，高於約 17.5%。

With these changes, we also increased our cash-on-cash return projection from 40% to 50% to 50% to 60%. In my opinion, the updated adjusted EBITDA margin target is the big headline this quarter. It shows an approximate 10% improvement in the venue 4-wall profitability versus the targets we published in early 2021 and nearly a 21% improvement versus actual results prior to our merger. This new target reflects the progress we've made on a lot of fronts, including further improving our pricing and digital reservation strategies, pay inventory and labor management, cost of goods sold, and of course, our confidence in driving long-term same-venue sales growth. These are sustainable long-term changes that will benefit our long-term outlook.

通過這些變化，我們還將現金回報率預測從 40% 提高到 50% 到 50% 到 60%。在我看來，更新後的調整後 EBITDA 利潤率目標是本季度的頭條新聞。它表明，與我們在 2021 年初發布的目標相比，場館 4 面牆的盈利能力提高了約 10%，與合併前的實際結果相比提高了近 21%。這個新目標反映了我們在很多方面取得的進展，包括進一步改進我們的定價和數字預訂策略、支付庫存和勞動力管理、銷售商品成本，當然還有我們對推動長期相同-場地銷售增長。這些是可持續的長期變化，將有利於我們的長期前景。

If you've been following our story, you know we strongly believe that our top capital allocation priority is investing in the profitable growth of our business and that the largest portion of this is the investments we make in our venues. Given these newly disclosed targets, we have even more conviction that this investment strategy will generate outstanding shareholder returns.

如果你一直在關注我們的故事，你就會知道我們堅信我們的首要資本分配優先事項是投資於我們業務的盈利增長，而其中最大的部分是我們對場館的投資。鑑於這些新披露的目標，我們更加堅信這一投資策略將帶來出色的股東回報。

Moving to the Golf Equipment segment. I'm very proud of the performance of our new Paradym line of clubs. The entire line is doing extremely well and delivering rave reviews from consumers. We launched Paradym in late February, and in the very next month, the Callaway brand jumped to the #1 U.S. brand position in the driver, fairway wood and irons categories according to Datatech. The Paradym driver in particular continues to outperform, both on tour and in the market with 8 wins on the PGA Tour year-to-date, and finishing the month of March as the #1 selling driver model in the U.S.

轉向高爾夫設備部分。我為我們新的 Paradym 球桿系列的表現感到非常自豪。整條生產線都做得非常好，並受到消費者的好評。我們在 2 月下旬推出了 Paradym，在接下來的一個月裡，根據 Datatech 的數據，Callaway 品牌在發球木桿、球道木桿和鐵桿類別中躍居美國第一品牌。尤其是 Paradym 發球木桿，在巡迴賽和市場上繼續表現出色，今年迄今在 PGA 巡迴賽中贏得 8 場胜利，並在 3 月份成為美國銷量第一的發球桿模型。

From a brand perspective, Jon Rahm's historic success at the Masters was an incredible and highly visible moment for our business with over 12 million viewers, making it the most watched golf telecast in 5 years. We congratulate Jon and are thrilled to be partnering with him on what is a terrific run of great play. On the women's side of the game, Rose Zhang has also had a phenomenal season so far. Recently winning the Augusta National Women's Amateur Tournament and setting the record for the most weeks as the #1 ranked women's amateur. We are excited and honored to be a part of her already very promising career in golf.

從品牌的角度來看，Jon Rahm 在美國大師賽上取得的歷史性成功對於我們擁有超過 1200 萬觀眾的業務來說是一個令人難以置信且高度可見的時刻，使其成為 5 年來收視率最高的高爾夫電視轉播。我們祝賀喬恩，很高興能與他合作，完成一場精彩的比賽。在女子比賽方面，張薔迄今為止也有一個現象級的賽季。最近贏得了奧古斯塔全國女子業餘錦標賽，並創造了女子業餘排名第一的最長周數記錄。我們很高興也很榮幸能成為她已經非常有前途的高爾夫職業的一部分。

Looking at the overall market for golf and the health of the game, all major indicators continue to be solid. Rounds played through March in the U.S. were roughly flat year-over-year, but remain significantly up versus 2019 levels, and also up versus even last year on a weather-adjusted playable hour basis. And overall interest in the sport, as indicated by the Masters ratings, remains very high.

縱觀高爾夫的整體市場和這項運動的健康狀況，所有主要指標都繼續保持穩健。截至 3 月，美國的回合數與去年同期大致持平，但仍顯著高於 2019 年的水平，並且在天氣調整後的可玩小時數基礎上甚至高於去年。正如大師賽評分所表明的那樣，人們對這項運動的總體興趣仍然非常高。

Turning to equipment sales specifically. The market started the year a little behind our initial expectations of flat to slightly down for the full year. But we view this as totally understandable given the economic climate and how many entry-level sets were purchased over the last few years. Fortunately, our product performance is at or slightly ahead of our expectations. We see these factors essentially balancing each other out. Overall, we feel good about the health of our core golf consumer. And despite macroeconomic uncertainty, we don't see meaningful risk given both our brand heat and how passionate the consumer is about both us and golf in general.

具體轉向設備銷售。今年年初，市場略低於我們最初對全年持平或略有下降的預期。但考慮到經濟環境以及過去幾年購買了多少入門級套裝，我們認為這是完全可以理解的。幸運的是，我們的產品性能達到或略高於我們的預期。我們看到這些因素基本上相互平衡。總體而言，我們對核心高爾夫消費者的健康狀況感到滿意。儘管宏觀經濟存在不確定性，但考慮到我們的品牌熱度以及消費者對我們和整個高爾夫的熱情，我們看不到有意義的風險。

As previously mentioned, based on past data, golf has not been particularly sensitive to mild recessions. And for those out there that have been looking for a post-COVID reversion in golf participation, I think that we would all have to agree that there is no sign of one in the current data as the game continues to be top of mind for what appears to be a sustainably larger audience with the resulting play levels remaining elevated. And as we look into the future, we have to keep in mind the positive long-term impact of the new structural growth now embedded in the modern golf ecosystem where our new venues alone should add 3 million to 4 million new off-course golf participants each year.

如前所述，根據過去的數據，高爾夫對溫和衰退並不是特別敏感。對於那些一直在尋找 COVID 後高爾夫參與回歸的人來說，我認為我們都必須同意，目前的數據中沒有任何跡象，因為這項運動仍然是最重要的似乎是一個可持續的更大的觀眾群，由此產生的遊戲水平仍然很高。展望未來，我們必須牢記現代高爾夫生態系統中新結構性增長的積極長期影響，僅我們的新場館就應該增加 300 萬至 400 萬新的場外高爾夫參與者每年。

Turning now to our Active Lifestyle segment. This business met our high expectations in Q1 and is forecast to do so for the full year. We're seeing continued strong e-commerce sales growth both from TravisMathew and Jack Wolfskin. TravisMathew continued to successfully expand its women's launch during Q1 and also recently introduced active apparel. Despite more challenging market conditions this year, this brand is on track for another strong year of both bottom and top line growth. For Jack Wolfskin, performance in China outperformed expectations during the quarter and continues to trend positively. Our business in Europe was challenged by difficult business conditions and high customer inventories, but still delivered a nice quarter of growth. Overall, we're pleased with the brand's direction, the quality of the products, and despite uncertainty on market conditions in Europe for the balance of this year, we remain confident in the long-term outlook.

現在轉向我們的積極生活方式部分。該業務在第一季度達到了我們的高期望，預計全年都會如此。我們看到 TravisMathew 和 Jack Wolfskin 的電子商務銷售持續強勁增長。 TravisMathew 在第一季度繼續成功擴大其女裝發布，並且最近還推出了運動服裝。儘管今年市場形勢更具挑戰性，但該品牌仍有望迎來利潤和收入增長強勁的又一年。對於 Jack Wolfskin 而言，本季度中國的業績超出預期，並繼續保持積極趨勢。我們在歐洲的業務受到艱難的商業環境和高客戶庫存的挑戰，但仍然實現了不錯的季度增長。總體而言，我們對該品牌的發展方向、產品質量感到滿意，儘管今年餘下時間歐洲市場狀況存在不確定性，但我們對長期前景仍然充滿信心。

Lastly, turning to financial items. In addition to the success of the business segments over the quarter, I want to commend our finance team on the completion of our debt refinancing. The new capital structure provides increased flexibility and a lower long-term cost of capital. It also simplifies and strengthens our capital structure, while maintaining modest net leverage and increasing our liquidity by over $300 million. I'm no financial expert, but I'm certain the combination of less financial risk, increased flexibility, and a lower cost of capital has to be a good thing.

最後，轉向金融項目。除了本季度業務部門的成功外，我還要讚揚我們的財務團隊完成了債務再融資。新的資本結構提供了更高的靈活性和更低的長期資本成本。它還簡化並加強了我們的資本結構，同時保持適度的淨槓桿率並將我們的流動性增加超過 3 億美元。我不是金融專家，但我敢肯定，降低金融風險、提高靈活性和降低資本成本的組合必定是一件好事。

In conclusion, we remain confident that the modern golf ecosystem will grow again this year, and we remain excited about the direction of our business. In the near term, we're increasingly confident in our ability to hit our 2023 expectations, including transitioning to positive free cash flow this year and then further EBITDA as well as EPS growth going forward. With this increased confidence in 2023 and the higher venue economic expectations announced today, our confidence in delivering on or exceeding our previously announced long-term economic targets has, of course, also increased.

總之，我們對現代高爾夫生態系統今年將再次發展充滿信心，我們對我們的業務方向仍然感到興奮。在短期內，我們對實現 2023 年預期的能力越來越有信心，包括今年過渡到正自由現金流，然後進一步實現 EBITDA 和 EPS 增長。隨著對 2023 年的信心增強以及今天宣布的更高的場館經濟預期，我們實現或超過我們先前宣布的長期經濟目標的信心當然也增強了。

And now I'll turn the call to Brian to provide more detail on our financials and outlook.

現在我會打電話給布賴恩，提供更多關於我們財務和前景的細節。

Thank you, Chip, and good afternoon, everyone. As Chip mentioned, 2023 is off to a strong start, and we are very pleased with our first quarter results. Demand remains healthy, inventories are receding, and our debt refinancing was very successful, putting us in a good liquidity position with funded debt levels at approximately 2.3x. And even more importantly, the long-term profitability of and the corresponding shareholder value creation opportunity related to the Topgolf business is turning out to be even more successful than we expected.

謝謝 Chip，大家下午好。正如 Chip 所提到的，2023 年開局良好，我們對第一季度的業績感到非常滿意。需求保持健康，庫存正在減少，我們的債務再融資非常成功，使我們處於良好的流動性狀況，融資債務水平約為 2.3 倍。更重要的是，與 Topgolf 業務相關的長期盈利能力和相應的股東價值創造機會比我們預期的還要成功。

Let's now turn to our results. Our first quarter results include net revenue of $1.16 billion, a year-over-year increase of 12% or 15% on a constant currency basis, led by 11% same venue sales growth at Topgolf and a 28% increase in Active Lifestyle revenue. We achieved this sales growth despite a $29 million negative impact from changes in foreign currency exchange rates and an $80 million to $100 million fill in, in retail in the golf equipment business that occurred during the first half of 2022.

現在讓我們來看看我們的結果。我們第一季度的業績包括 11.6 億美元的淨收入，同比增長 12% 或按固定匯率計算增長 15%，其中 Topgolf 同場銷售增長 11%，Active Lifestyle 收入增長 28%。儘管 2022 年上半年發生的外匯匯率變化和 8000 萬至 1 億美元的零售填補了 2900 萬美元的負面影響，但我們實現了這一銷售額增長。

The first quarter non-GAAP operating income was $91 million, increasing over 2% on a constant currency basis, or down 14% currency impacted. We are pleased with this performance given the tough year-over-year comparison for the golf equipment business as we anniversary the post-COVID retail channel fill in during the first half of 2022 and the investments in labor and marketing we made in the Topgolf business, which I will touch on further in a minute. Net income decreased $37.7 million on a non-GAAP basis, which is ahead of plan. This decrease includes an $18.6 million increase in interest expense related to higher interest rates and increased interest related to new Topgolf venues and $17.3 million of negative foreign currency translation as well as a $7.2 million decrease in other income net hedge gains.

第一季度非 GAAP 營業收入為 9100 萬美元，按固定匯率計算增長超過 2%，受匯率影響下降 14%。鑑於我們在 2022 年上半年 COVID 後零售渠道填補週年紀念日以及我們在 Topgolf 業務中進行的勞動力和營銷投資，我們對高爾夫設備業務的同比艱難比較感到滿意，稍後我將進一步討論。按非 GAAP 計算，淨收入減少 3770 萬美元，超出計劃。這一減少包括與更高利率相關的利息支出增加 1,860 萬美元，與新 Topgolf 場地相關的利息增加和 1,730 萬美元負外幣換算以及其他收入淨對沖收益減少 720 萬美元。

Lastly, Q1 adjusted EBITDA was $157 million, up 3% on a constant currency basis or down 7% currency impacted. The result was ahead of guidance we provided with our Q4 earnings with the outperformance largely attributable to the successful Paradym launch, improved supply and increased venue profitability at Topgolf.

最後，第一季度調整後的 EBITDA 為 1.57 億美元，按固定匯率計算增長 3%，受匯率影響下降 7%。這一結果領先於我們提供的第四季度收益指引，其出色表現主要歸功於 Paradym 的成功發布、供應的改善以及 Topgolf 場地盈利能力的提高。

Now turning to our segment performance. In Q1 2023, Topgolf contributed $404 million in revenue, a year-over-year increase of 25% or 26% on a constant currency basis, driven by both strong same venue sales growth and better-than-expected performance in the non-comp newly opened venues. Topgolf's segment operating income decreased $3.7 million or 132 basis points of operating margin due to the planned increase in expenses we discussed last quarter, including marketing expenses related to Topgolf's new marketing awareness campaign and the full impact of the investments in labor in the second half of 2022. Combined, these investments added over 300 basis points of headwind in the quarter. The underlying profitability of this business remains strong without the impact of these targeted investments on the seasonally low first quarter, operating margin would have increased nicely.

現在轉向我們的細分市場表現。 2023 年第一季度，Topgolf 貢獻了 4.04 億美元的收入，按固定匯率計算同比增長 25% 或 26%，這得益於強勁的同場銷售增長和非競爭性好於預期的業績新開的場館。 Topgolf 的部門營業收入減少了 370 萬美元或營業利潤率的 132 個基點，原因是我們上個季度討論了計劃增加的費用，包括與 Topgolf 新的營銷意識活動相關的營銷費用以及下半年勞動力投資的全面影響2022 年。這些投資在本季度增加了 300 多個基點的逆風。如果沒有這些有針對性的投資對季節性低的第一季度的影響，該業務的潛在盈利能力仍然強勁，營業利潤率本可以很好地增長。

Adjusted EBITDA for Topgolf was $48 million, up approximately $6 million compared to Q1 2022, and our guidance due to outperformance in the venue business. Golf Equipment generated $444 million in revenue, down 5% over Q1 2022, or just over 1% on a constant currency basis. This was a better-than-planned result given the retail channel fill in I previously mentioned. Segment operating income decreased 19% to $82 million versus Q1 2022, primarily due to foreign exchange rate impacts. Constant currency gross margin also grew, up 140 basis points in the quarter with pricing and decreased freight expenses more than offsetting other inflationary pressures.

Topgolf 的調整後 EBITDA 為 4800 萬美元，比 2022 年第一季度增加約 600 萬美元，我們的指導是由於場館業務的出色表現。 Golf Equipment 產生了 4.44 億美元的收入，比 2022 年第一季度下降 5%，按固定匯率計算略高於 1%。鑑於我之前提到的零售渠道填充，這是一個好於計劃的結果。與 2022 年第一季度相比，部門營業收入下降 19% 至 8200 萬美元，這主要是由於匯率影響。固定匯率毛利率也有所增長，本季度增長了 140 個基點，定價和運費減少抵消了其他通脹壓力。

Lastly, our Active Lifestyle segment revenue for the quarter was $320 million, up 28% or 32% on a constant currency basis year-over-year. Segment operating income increased 40% to $37 million. This increase was led by strong performance of the TravisMathew and Jack Wolfskin brands and favorable freight costs, which more than offset unfavorable foreign exchange rate impacts and inflation.

最後，本季度我們的積極生活方式部門收入為 3.2 億美元，按固定匯率計算同比增長 28% 或 32%。部門營業收入增長 40% 至 3700 萬美元。這一增長得益於 TravisMathew 和 Jack Wolfskin 品牌的強勁表現以及有利的運費成本，這大大抵消了不利的匯率影響和通貨膨脹。

As we turn to the balance sheet, I'd like to highlight the debt refinancing we completed in March. Overall, the transactions added over $300 million of additional liquidity, reduced our cost of debt, and extended maturities of our credit facilities, thereby simplifying and strengthening our capital structure. While we have some increased debt and interest expense in the short term related to the upsizing of the term loan, the additional liquidity gives us flexibility on how to finance Topgolf venues, and therefore, over the long term, the amount of incremental debt and interest expense should be the same or lower than if we had not upsized the term loan.

當我們轉向資產負債表時，我想強調我們在 3 月份完成的債務再融資。總體而言，這些交易增加了超過 3 億美元的額外流動性，降低了我們的債務成本，並延長了我們信貸額度的期限，從而簡化和加強了我們的資本結構。雖然我們在短期內增加了一些與定期貸款規模相關的債務和利息支出，但額外的流動性使我們能夠靈活地為 Topgolf 場地提供資金，因此，從長遠來看，增量債務和利息的數量如果我們沒有增加定期貸款，費用應該相同或更低。

More specifically, we entered into a new $1.25 billion 7-year senior secured Term Loan B. A large portion of the proceeds were used to refinance both the Callaway and Topgolf Term Loan B, and the Topgolf revolving credit facility, all of which have been paid off and no longer exist. We used the balance of the proceeds to pay down our ABL facility. We also upsized and extended the existing Topgolf Callaway Brands $400 million ABL with a new 5-year $525 million senior secured ABL revolving credit facility.

更具體地說，我們簽訂了一項新的 12.5 億美元的 7 年期高級有擔保定期貸款 B。大部分收益用於為 Callaway 和 Topgolf 定期貸款 B 以及 Topgolf 循環信貸安排進行再融資，所有這些都已還清了，不再存在。我們用所得款項的餘額支付我們的 ABL 貸款。我們還擴大和擴展了現有的 Topgolf Callaway Brands 的 4 億美元 ABL，提供了一個新的 5 年期 5.25 億美元的優先擔保 ABL 循環信貸額度。

For the debt we replaced as part of the refinance, the payback was under 2 years and generated go-forward cash savings of over $12 million per year. Those savings are being offset by the additional liquidity we added, causing interest expense to be higher in 2023 than what we assumed for guidance in our Q4 earnings call.

對於我們作為再融資的一部分更換的債務，投資回收期不到 2 年，並且每年產生超過 1200 萬美元的向前現金節省。這些節省被我們增加的額外流動性所抵消，導致 2023 年的利息支出高於我們在第四季度財報電話會議中為指導假設的水平。

Moving to the balance sheet. As of March 31, 2023, available liquidity, which is comprised of cash on hand and availability under our credit facilities, was $626 million compared to $576 million at March 31, 2022, and $415 million at December 31, 2022. At quarter end, we had total net debt of $2.210 billion, excluding the convertible debt of approximately $258 million compared to $1.457 billion at the end of Q1 2022. This increase relates primarily to incremental new venue financing and replenishment of working capital for the non-Topgolf business. Our net debt leverage, which excludes the convertible note, was a better-than-expected 4.1x at March 31, 2023, compared to 3.0x the prior year. The year-over-year increase was due to the new venue development and increases in working capital. We expect the new debt leverage ratio will increase slightly in Q2 and then decrease in the second half as the business generates free cash flow.

轉到資產負債表。截至 2023 年 3 月 31 日，可用流動資金（包括手頭現金和我們信貸額度下的可用資金）為 6.26 億美元，而 2022 年 3 月 31 日為 5.76 億美元，2022 年 12 月 31 日為 4.15 億美元。在季度末，我們的淨債務總額為 22.10 億美元，不包括約 2.58 億美元的可轉換債務，而 2022 年第一季度末為 14.57 億美元。這一增長主要與增加新場館融資和補充非 Topgolf 業務的營運資金有關。截至 2023 年 3 月 31 日，我們的淨債務槓桿率（不包括可轉換票據）為 4.1 倍，好於預期，而去年為 3.0 倍。同比增長是由於新場館的開發和營運資金的增加。我們預計新的債務槓桿率將在二季度小幅上升，然後隨著業務產生自由現金流而在下半年下降。

Consolidated net accounts receivable was $455 million as of March 31, 2023, compared to $413 million at the end of Q1 2022. Non-Topgolf DSOs were approximately flat year-over-year. Our inventory balance increased to $930 million at the end of the first quarter of 2023 compared to $552 million at March 31, 2022, but down from our December 31, 2022 balance of $959 million. We are still on track to be at more normal levels of inventory by the end of the year.

截至 2023 年 3 月 31 日，綜合應收賬款淨額為 4.55 億美元，而 2022 年第一季度末為 4.13 億美元。非 Topgolf DSO 同比基本持平。與 2022 年 3 月 31 日的 5.52 億美元相比，我們的庫存餘額在 2023 年第一季度末增加到 9.3 億美元，但低於我們 2022 年 12 月 31 日的 9.59 億美元餘額。我們仍有望在年底前達到更正常的庫存水平。

The strong start to the golf equipment segment and continued momentum of the Active Lifestyle segment gives us increased confidence in this. The quality of the inventory is good as older inventory was generally cleaned up during the pandemic. Capital expenditures for the first quarter were $70 million, net of venue financing reimbursements. This includes $51 million related to Topgolf. For full year 2023, we expect total company CapEx of $270 million, including $190 million from Topgolf, which is net of venue financing reimbursements.

高爾夫設備領域的強勁開局和積極生活方式領域的持續發展勢頭使我們對此更有信心。庫存質量很好，因為在大流行期間通常清理了舊庫存。第一季度的資本支出為 7000 萬美元，扣除場地融資報銷。其中包括與 Topgolf 相關的 5100 萬美元。對於 2023 年全年，我們預計公司資本支出總額為 2.7 億美元，其中包括來自 Topgolf 的 1.9 億美元，扣除場地融資報銷。

Now turning to our balance of the year outlook. We are increasing the midpoint of our full year 2023 revenue guidance, resulting in a new range of $4.42 billion to $4.47 billion, an increase in the midpoint of our adjusted EBITDA guidance, resulting in a new range of $625 million to $640 million. We are also increasing the Topgolf adjusted EBITDA outlook to $315 million to $325 million, to reflect the increased profitability at the venues, even with a slight decrease in same venue sales expectations.

現在轉向我們的年度餘額展望。我們正在提高 2023 年全年收入指引的中點，使新範圍達到 44.2 億美元至 44.7 億美元，調整後 EBITDA 指引的中點有所增加，從而使新範圍達到 6.25 億美元至 6.4 億美元。我們還將 Topgolf 調整後的 EBITDA 展望上調至 3.15 億美元至 3.25 億美元，以反映場館盈利能力的提高，即使同一場館的銷售預期略有下降。

For the second quarter of 2023, we estimate revenue to be within the range of $1.175 billion and $1.195 billion, up from Q2 2022's reported $1.1 billion. We expect Topgolf segment revenue to be within the range of $475 million to $485 million, with same venue sales growth of flat to up 4%, and continued strong performance in the noncomp new venues. As a reminder, Q2 2022 was a strong quarter for Topgolf given the pent-up demand amid Omicron related shutdowns in Q1 last year.

對於 2023 年第二季度，我們估計收入將在 11.75 億美元至 11.95 億美元之間，高於 2022 年第二季度報告的 11 億美元。我們預計 Topgolf 分部收入將在 4.75 億美元至 4.85 億美元之間，同場館銷售額增長持平至 4%，並且非競爭性新場館的表現繼續強勁。提醒一下，鑑於去年第一季度與 Omicron 相關的停產導致被壓抑的需求，2022 年第二季度對 Topgolf 來說是一個強勁的季度。

We estimate Q2 adjusted EBITDA to be within the range of $195 million to $205 million. slightly down from Q2 2022, which assumes the Q2 adjusted EBITDA for the Topgolf segment to be within the range of $87 million to $93 million, up slightly compared to last year. Like the first quarter, second quarter year-over-year comparisons will be impacted by the 2022 retail channel fill in, in the golf equipment segment, and the investments in Topgolf labor and marketing expenses I mentioned earlier. The skewed year-over-year comparison should moderate in the second half.

我們估計第二季度調整後的 EBITDA 在 1.95 億美元至 2.05 億美元之間。略低於 2022 年第二季度，假設 Topgolf 部門第二季度調整後的 EBITDA 在 8700 萬美元至 9300 萬美元之間，與去年相比略有上升。與第一季度一樣，第二季度的同比比較將受到 2022 年零售渠道填充、高爾夫設備領域以及我之前提到的 Topgolf 勞動力和營銷費用投資的影響。傾斜的同比比較在下半年應該會有所緩和。

Overall, we feel good about our business. While we are cognizant of the macroeconomic uncertainty around the world, the fundamentals of our business remain strong. Topgolf venue development and same venue sales growth remain robust. We are not seeing a reversion in golf. Our Active Lifestyle business was up significantly for the first quarter, and Topgolf and the total company are on track to be free cash flow positive well ahead of our forecast at the time of the merger.

總的來說，我們對我們的業務感覺良好。儘管我們意識到全球宏觀經濟的不確定性，但我們業務的基本面依然強勁。 Topgolf 場地開發和同場銷售增長依然強勁。我們沒有看到高爾夫的回歸。我們的積極生活方式業務在第一季度大幅增長，Topgolf 和整個公司有望實現正自由現金流，遠遠超過我們在合併時的預測。

Finally, and most importantly, we are well on our way to achieving the increased venue profitability targets Chip mentioned earlier. Achieving these new targets should result in a higher enterprise valuation over the long term. That concludes our prepared remarks today, and we will now open the call for questions. Operator, over to you.

最後，也是最重要的是，我們正在努力實現前面提到的提高場館盈利能力的目標。從長遠來看，實現這些新目標應該會帶來更高的企業估值。我們今天準備好的發言到此結束，現在我們將開始提問。接線員，交給你了。

(Operator Instructions) Our first question comes from Daniel Imbro with Stephens.

（操作員說明）我們的第一個問題來自 Daniel Imbro 和 Stephens。

I want to start on the Golf Equipment segment. Obviously, your commentary around Paradym seems encouraging. But I do think the Golf Datatech data, I think retail sellout was a little bit weaker in the first quarter. I guess, can you talk about any feedback from the channel, how are inventories positioned heading into 2Q? And maybe could you reconcile that with a little bit lighter 2Q profitability outlook on the core golf side. Is that due to any weaker retail data you're seeing? Kind of can you talk to the 2Q guide down a little bit, it would be great?

我想從高爾夫設備部分開始。顯然，您對 Paradym 的評論似乎令人鼓舞。但我確實認為 Golf Datatech 的數據，我認為第一季度的零售銷售情況有點疲軟。我想，您能否談談來自渠道的任何反饋，庫存如何定位進入第二季度？也許你能否將其與核心高爾夫方面的第二季度盈利前景略微調和。這是因為您看到的零售數據較弱嗎？你能不能和 2Q 指南稍微談談，這會很棒嗎？

Sure, Daniel. In terms of the start to the year in the market, you're correct, it was a little slower than what we had initially expected, which was flat to down slightly, but not too far from that either. So the big news there is that the participation is hanging in there very strongly and that the business appears really solid from our perspective. And then on top of that, we have good momentum in our brand and in the Paradym line of clubs specifically.

當然，丹尼爾。就今年年初的市場情況而言，你是對的，它比我們最初預期的要慢一些，這是持平到略有下降，但也不是太遠。因此，大新聞是參與度非常高，從我們的角度來看，該業務看起來非常穩固。最重要的是，我們的品牌，尤其是 Paradym 球桿系列發展勢頭良好。

Inventories, as we've talked about now for some period of time, have caught back up to more normalized levels, and they're certainly there now. They're not particularly high, but they're no longer low out there. So much more of a more normalized operating environment there. And then in terms of the last question, Daniel, was really around the profitability of I think what you said was the Golf Equipment legacy business relative to Q2, and we don't really provide any guidance specific to segment other than the Topgolf segment on a quarterly basis, but we've been very pleased with the profitability of the golf equipment business. Our margins are remaining strong and are candidly trending to be up on a year-over-year basis. And we feel good about our position in that segment as well as the others.

庫存，正如我們現在已經討論了一段時間，已經回到了更正常的水平，而且現在肯定存在。它們不是特別高，但它們不再低。那裡有更多更規範的操作環境。然後關於最後一個問題，丹尼爾，我認為你所說的是與第二季度相關的高爾夫設備遺留業務的盈利能力，我們並沒有真正提供任何特定於 Topgolf 細分市場以外的細分市場的指導每季度一次，但我們對高爾夫設備業務的盈利能力感到非常滿意。我們的利潤率保持強勁，並且坦率地呈同比上升趨勢。我們對我們在該領域以及其他領域的地位感到滿意。

And Daniel, just remember, in Q2, you'll still be lapping the retail channel filling from last year a little bit, and currency will have a little bit of a negative impact on that business.

丹尼爾，請記住，在第二季度，你仍然會從去年開始一點點填補零售渠道，貨幣將對該業務產生一點負面影響。

And maybe a follow-up just on Topgolf. I think the same venue sales continue to impress, up 11%. If I remember right, last year you guys were working on a technology to maybe bring down wait times and drive utilization. Any update there or any quantifiable benefits? And is that what's driving this uptick in site level profitability? Or can you provide more color on the specific initiatives already the team have succeeded with on driving that lower productivity?

也許只是在 Topgolf 上的後續行動。我認為同一場地的銷售額繼續令人印象深刻，增長了 11%。如果我沒記錯的話，去年你們正在研究一項可能會減少等待時間並提高利用率的技術。那裡有任何更新或任何可量化的好處嗎？這就是推動站點級盈利能力上升的原因嗎？或者，您能否提供更多關於團隊已經成功降低生產力的具體舉措？

Yes. So the biggest metric that we highlight is that PIE initiative. And that's really a digital reservation strategy that has broad-based improvement in the business. It's not the only thing that the team is working on. So the team has been doing just great work across broad spectrums on pricing and the labor utilization, cost of goods sold optimization, et cetera.

是的。因此，我們強調的最大指標是 PIE 計劃。這確實是一種數字預訂策略，可以廣泛改善業務。這不是團隊正在努力的唯一事情。因此，該團隊一直在廣泛的定價和勞動力利用、銷售商品成本優化等方面做了大量工作。

But this digital strategy around PIE that we're rolling out now, we have in 36 venues as of the end of Q1, is showing great promise. And we see same venue sales growth as well as improved operating efficiencies in the venues when we put that in. As we ramp that throughout this year, we are expecting further positive benefits from that.

但是我們現在正在推出的圍繞 PIE 的數字戰略，截至第一季度末，我們在 36 個場館擁有，顯示出巨大的希望。當我們把它放進去時，我們看到了相同的場館銷售增長以及場館運營效率的提高。隨著我們在今年全年逐步增加，我們預計會從中獲得更多的積極收益。

And any quantification on the type of throughput uplift so far on the 36 sites? .

到目前為止，對 36 個站點的吞吐量提升類型有何量化？ .

Quantification enough for us to raise our overall venue economic targets along the way that we just articulated, Daniel. So a 10% improvement in our target venue unit economics relative to what we provided in '21, and 21% higher than at the time of the merger.

量化足以讓我們沿著我們剛才闡述的方式提高我們的整體場館經濟目標，丹尼爾。因此，與我們在 21 年提供的相比，我們的目標場館單位經濟效益提高了 10%，比合併時高出 21%。

The next question comes from Randal Konik with Jefferies.

下一個問題來自 Jefferies 的 Randal Konik。

Back on the Topgolf site level profitability uplift. How much of that do you think is coming from just better out of the box or out of the gate performance on kind of revenue production from the noncomping units as the awareness is going up as you're densifying some of the units, I'm sure, in some markets or starting to happen underway? And then how much of it is also a function of -- you previously thought that the maturity level from a revenue perspective would be X, but now it seems like it's Y, meaning a higher maturity level of revenue. So can you give us some perspective just both on, let's say, new and mature, where it just seems like you're driving better-than-expected revenues faster on new and then just higher revenues on the mature level units?

回到 Topgolf 站點級別的盈利能力提升。你認為其中有多少是來自非競爭性單位的開箱即用或開箱即用的表現，因為隨著你對一些單位的緻密化，人們的意識正在提高，我是當然，在某些市場或正在開始發生？然後它的多少也是一個函數——你以前認為從收入角度來看成熟度水平是 X，但現在看起來是 Y，這意味著更高的收入成熟度水平。那麼，您能否就新的和成熟的兩個方面給我們一些觀點，在哪些方面，您似乎在新的和成熟級別的單元上以更快的速度推動好於預期的收入，然後只是更高的收入？

Yes, Randy, it's really all of those things. So what we're seeing at Topgolf and we have seen now for an extended period of time is just a steady drumbeat of improved operating efficiencies. The new venues opened very strongly and consistently over the last 1.5 years, 2 years. So our confidence in those venues has increased. And we're doing that in big coastal markets, and we're doing it in small markets in the center of the country. So we're obviously feeling very good about that. But the fundamental operating improvements that we're talking about with PIE and labor efficiency and cost of goods sold that are driving these higher venue economics and also giving us more confidence on driving long-term same venue sales growth, that's not specific to new venues or venues of any particular type.

是的，蘭迪，它真的是所有這些東西。因此，我們在 Topgolf 上看到的以及我們現在已經看到的很長一段時間只是提高運營效率的穩定鼓聲。在過去的 1.5 年和 2 年裡，新場館的開業勢頭強勁且始終如一。因此，我們對這些場地的信心增加了。我們正在沿海大市場這樣做，我們正在該國中部的小市場這樣做。所以我們顯然對此感覺很好。但是，我們正在談論的 PIE 的基本運營改進以及勞動力效率和銷售商品成本正在推動這些更高的場館經濟，也讓我們更有信心推動長期的同一場館銷售增長，這並不是新場館特有的或任何特定類型的場所。

We're seeing it broadly. And as mentioned, we believe it's a significant change that we're now comfortable baking into expectations and highly confident that we have a sustainable change there.

我們廣泛地看到它。正如所提到的，我們相信這是一個重大的變化，我們現在很樂意將其融入預期，並且非常有信心我們在那裡有一個可持續的變化。

And then any other more specifics, lastly, around progress on Toptracer installs? And then anything that you could flesh out between the sales performance of Jack Wolfskin versus TravisMathew growth in the quarter, because I don't recall you giving that exact number?

最後，還有關於 Toptracer 安裝進度的其他更多細節嗎？然後你可以在本季度 Jack Wolfskin 的銷售業績與 TravisMathew 的增長之間充實什麼，因為我不記得你給出了那個確切的數字？

Yes. So on Jack Wolfskin and TravisMathew, they both had phenomenal quarters, up double-digit growth, and so really equally positive quarters for those 2 brands. And then on Toptracer, we're really seeing more of the same in terms of what we've seen. The ranges that put in Toptracer continue to have rave reviews. They continue to have great economics and very fast economic paybacks on that. We've been ramping our capabilities there in terms of installation and the sales infrastructure. We are very excited about our partnership with the PGA of America.

是的。因此，在 Jack Wolfskin 和 TravisMathew 上，他們都取得了驚人的季度增長，實現了兩位數的增長，因此這兩個品牌的季度表現同樣出色。然後在 Toptracer 上，就我們所看到的而言，我們真的看到了更多相同的東西。 Toptracer 中的範圍繼續受到好評。他們繼續擁有巨大的經濟效益和非常快的經濟回報。我們一直在提升我們在安裝和銷售基礎設施方面的能力。我們對與美國 PGA 的合作感到非常興奮。

We're working on a new coaching platform that will be partnering with them on and that will be coming out later this year, which will allow us to really make the product more embedded and sticky across all venues that have access to a PGA professional. So lots of good things and momentum going on in the Toptracer business as well as many of our businesses right now.

我們正在開發一個新的教練平台，該平台將與他們合作，並將於今年晚些時候推出，這將使我們能夠真正使產品在所有可以接觸 PGA 專業人士的場地中更加嵌入和粘性。 Toptracer 業務以及我們的許多業務現在都在發生很多好事和勢頭。

The next question comes from Alex Perry with Bank of America.

下一個問題來自美國銀行的 Alex Perry。

I think in the guidance, you removed the Golf Equipment versus apparel composition. Are you still expecting Golf Equipment to be roughly flat year-over-year in 2023? And then also, I think FX in the prior guide was a $20 million headwind to EBITDA. What are you sort of expecting now for FX? .

我認為在指南中，您刪除了高爾夫設備與服裝的組合。您是否仍預計到 2023 年高爾夫設備的銷量同比大致持平？然後，我認為先前指南中的 FX 對 EBITDA 造成了 2000 萬美元的不利影響。您現在對 FX 有何期待？ .

Sure. Alex, on the first 1, in terms of Golf Equipment, no meaningful change on our expectations for the category. As mentioned, the category opened a little bit softer, but not meaningfully so. And our performance is a little stronger. So no change at this point of the year. And then on the FX, Brian, do you want to take that one?

當然。亞歷克斯，第一個，就高爾夫設備而言，我們對該類別的期望沒有任何有意義的變化。如前所述，該類別開盤略微走軟，但意義不大。而我們的表現要強一些。所以今年這個時候沒有變化。然後在 FX 上，布賴恩，你想要那個嗎？

Yes. It's still about $50 million revenue for the full year. Yes, $50 million of revenue. It will be a headwind in Q2 again, and then it gets better in Q3 and Q4.

是的。全年收入仍約為 5000 萬美元。是的，5000 萬美元的收入。這將在第二季度再次成為逆風，然後在第三季度和第四季度變得更好。

Perfect. And then I guess just my follow-up. So 2Q EBITDA is expected to be down year-over-year. So the guidance implies a pretty significant acceleration year-over-year in 2H EBITDA. I guess maybe could you just lay out the big drivers that caused the acceleration? Is it mostly just easing comps from the channel refill? And then the 0% to 4% same venue sales guidance in the second quarter versus the mid- to high single-digit comps for the full year, I guess, are expected to probably accelerate in the back half too. What would be driving that?

完美的。然後我想只是我的後續行動。因此，第二季度 EBITDA 預計將同比下降。因此，該指導意味著 2H EBITDA 同比顯著加速。我想也許你能列出導致加速的主要驅動因素嗎？它主要是從渠道補充中緩解補償嗎？然後第二季度 0% 到 4% 的同場銷售指導與全年的中高個位數相比，我猜，預計下半年也可能會加速。什麼會推動它？

Sure. On the comps, if you look at the first half and take the total first half, I mean, I generally don't compare against consensus, but we're pretty much right on consensus for that. It's just we had more improved supply and we shipped more in the first quarter than second quarter, but I think for the first half, it's about right.

當然。在 comps 上，如果你看上半場並考慮上半場的總數，我的意思是，我通常不會與共識進行比較，但我們對此的共識非常正確。只是我們的供應得到了更多改善，而且第一季度的出貨量比第二季度多，但我認為上半年是正確的。

And then in the second half, you're right, it is to get easier comps for the labor investments, for the marketing expenses in Topgolf, and then the retail channel fill in that occurred in the first half last year. So those get easier comp so well and the FX gets easier.

然後在下半年，你是對的，這是為了更輕鬆地補償勞動力投資、Topgolf 的營銷費用，然後是去年上半年發生的零售渠道填補。所以那些變得更容易組合得很好，FX 也變得更容易。

And then I'll jump in on the second part of that question, which was, I believe, related to the same venue sales expectations for Q2, and why those were lower and then ramped back up. And I'm sure you see this in a lot of the businesses that you're covering now. But there's a lot of noise in the year-over-year comps by quarter still. A lot of this is still post-COVID wonkiness, if you would, of when different businesses opened up. And for instance, last year, in Q1, the beginning part of the quarter, Omicron was still out there a little bit. It feels like that was a long time ago, but that was an impact in the Topgolf business at that time.

然後我將跳入該問題的第二部分，我認為這與第二季度的相同場館銷售預期有關，以及為什麼這些預期較低然後又回升。我相信你在你現在報導的很多企業中都看到了這一點。但是按季度計算的同比比較仍然有很多噪音。如果你願意的話，其中很多仍然是 COVID 後的奇怪，當不同的業務開放時。例如，去年第一季度，即本季度初，Omicron 仍然存在一些問題。感覺那是很久以前的事了，但那是當時Topgolf業務的影響。

Later in the quarter in Q1 and into Q2, there was really a little bit of a surge, and that surge in small events and a little bit of walk-in makes that Q2 and Q3 comp the hardest comp that we'll have for the full year. I'll give you 1 metric on that just to give you some perspective, and that's social events. So those are small events, birthday parties, that type of thing, generally a 2-bay activity. That's been a great piece of new business for us, but we're forecasting that down slightly in Q2 this year.

在第一季度的後期和第二季度，確實出現了一些激增，小型賽事的激增和一些臨時安排使得 Q2 和 Q3 成為我們將擁有的最難的比賽整整一年。我會給你 1 個指標，只是為了給你一些觀點，那就是社交活動。所以那些都是小型活動，生日派對之類的，通常是 2 場活動。這對我們來說是一項很棒的新業務，但我們預測今年第二季度會略有下降。

But even if it's down in Q2, when you look at it on a 2-year stack, it's going to be up. We're looking at it just off of '19, let's put it that way, it's going to be up 60% to 70%. So what is down in 1 quarter is 60%, 70% up versus the last time we didn't have the noise around post-COVID environment. So that's just the type of thing we're dealing with on a quarter-over-quarter basis.

但即使它在第二季度下降，當你從 2 年的堆棧來看它時，它也會上升。我們正在考慮 19 年的情況，這麼說吧，它將增長 60% 到 70%。因此，與上次我們沒有圍繞後 COVID 環境的噪音相比，第一個季度下降了 60%，上升了 70%。所以這就是我們按季度處理的事情類型。

our consumer demand is forecast to stay strong. We have upside from the PIE, marketing and other initiatives that will ramp during the year, and you're seeing that in our guide.

我們的消費需求預計將保持強勁。我們從 PIE、營銷和其他計劃中受益，這些計劃將在這一年中增加，您會在我們的指南中看到這一點。

The next question comes from Michael Swartz with Truist Securities.

下一個問題來自 Truist Securities 的 Michael Swartz。

Just a point of clarification on the Topgolf same venue sales guidance that you updated tonight. I think, Chip, you had mentioned that group and corporate events are the largest reason, at least, that you're taking that down a bit. But I didn't hear, are you expecting to walk-in -- or have you changed your assumption for the walk-in and small group businesses for the year as well?

只是對您今晚更新的 Topgolf 同場銷售指南進行澄清。我認為，Chip，你曾提到團體和公司活動是最大的原因，至少，你正在將其降低一點。但我沒聽說，您是否期望步入式——或者您是否也改變了對今年的步入式和小型集團業務的假設？

We have not. The solo rationale for the change in the full year forecast is the corporate forecast. We lowered our full year corporate forecast based on some trends we saw and what we're hearing, which I already articulated.

我們還沒有。全年預測變化的唯一理由是公司預測。我們根據看到的一些趨勢和聽到的情況下調了全年企業預測，我已經闡明了這一點。

And are you taking any measures just given the expected softness in that channel, taking any measures to reduce costs in the near term as well?

鑑於該渠道的預期疲軟，您是否採取了任何措施，並在短期內採取任何措施降低成本？

As we mentioned, we feel very good about our EBITDA forecast, and we also have upside from some of these initiatives that I've mentioned, PIE, our marketing, other operational initiatives that are going to ramp through the year. And we'll obviously keep our eye on the market and develop other contingency plans if needed. But at the moment, we remain confident on our earnings ability coming out of that business. And candidly, you've seen it, the operating performance of that business has a one steady consistent trend.

正如我們所提到的，我們對我們的 EBITDA 預測感覺非常好，而且我們也從我提到的一些舉措中獲得好處，PIE，我們的營銷，以及將在今年增加的其他運營舉措。我們顯然會密切關注市場，並在需要時制定其他應急計劃。但目前，我們對該業務的盈利能力仍然充滿信心。坦率地說，你已經看到了，該業務的經營業績有一個穩定一致的趨勢。

Okay. That's helpful. And then just with regards to the new long-term return targets that you presented this evening, maybe give us some context of where you are today with some of those metrics and maybe how you see that ramping over the next 3 to 5 years?

好的。這很有幫助。然後就您今晚提出的新長期回報目標而言，也許可以通過其中一些指標向我們介紹您目前所處的位置，以及您如何看待未來 3 到 5 年的增長？

Sure. We're now operating just behind these metrics, and we expect to be able to achieve these metrics in the next year to 2 at max.

當然。我們現在的運營僅次於這些指標，我們希望能夠在明年實現這些指標，最多達到 2 個。

The next question comes from Joe Altobello with Raymond James.

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

Just going back to Topgolf and the same venue sales outlook for a second. And just to clarify on the softness in corporate events, can you remind us how big that piece is in terms of the overall venue revenue, particularly outside of 4Q, because I think that's a big 4Q piece, but I don't think it's as big in the first half?

只是回到 Topgolf 和相同的場地銷售前景一秒鐘。為了澄清企業活動的疲軟，你能否提醒我們這部分在整體場地收入方面有多大，特別是在第四季度之外，因為我認為這是一個很大的第四季度部分，但我認為它不像上半年大嗎？

That's correct. It's biggest in Q4, and it's ballpark 20% of revenues for the full year.

這是正確的。它在第四季度最大，大約佔全年收入的 20%。

Okay. And in terms of the softness you're seeing there, is there any particular geography that it's happening? Or are you seeing this across the U.S?

好的。就您在那裡看到的柔軟度而言，是否有任何特定的地理位置正在發生？或者你在美國各地看到這個嗎？

We're seeing it across the U.S. It really started in the March time period. And it's enough that we're adjusting our estimate for the full year down what I think is modestly from high-single digits to mid- to high-single digits. Not enough that we're adjusting any of our EBITDA forecast. And also, I want to reiterate that I said that I believe we're going to be at or approximately 2019 levels as well. So I don't want to give you the impression that this fell off a cliff or anything. Just enough early in the year that we wanted to adjust the full year forecast.

我們在美國各地都看到了它。它真的是從三月份開始的。我們將全年的估計值從高個位數小幅下調到中高個位數就足夠了。還不足以讓我們調整我們的任何 EBITDA 預測。而且，我想重申，我說過我相信我們也將達到或接近 2019 年的水平。所以我不想給你留下這個掉下懸崖之類的印象。今年早些時候，我們想調整全年預測。

Next question comes from George Kelly with ROTH MKM.

下一個問題來自 George Kelly 和 ROTH MKM。

So 2 for you. The first one on your balance sheet. I think you said in your prepared remarks that you expect your net leverage ratio to decline in the back half of this year. So I was just curious if you could specify where you expect it to end the year? And then following this year, how quickly should you delever?

所以 2 給你。資產負債表上的第一個。我想你在準備好的發言中說過，你預計你的淨槓桿率將在今年下半年下降。所以我很好奇你是否可以具體說明你希望它在哪裡結束？然後在今年之後，你應該多快去槓桿化？

Okay. George, we do expect to just pick up a slight bit in Q2 as we added another venue for Topgolf in Q1. But as the year goes along, we'll delever a little bit there and the leverage should come down in the 3.5x range. It could be a little more less, but probably around there from the 4.0x -- I mean the 4.1x.

好的。 George，我們確實希望在第二季度有所回升，因為我們在第一季度為 Topgolf 添加了另一個場地。但隨著時間的推移，我們將在那裡稍微去槓桿化，槓桿率應該會下降到 3.5 倍的範圍內。它可能會少一點，但可能在 4.0x 左右——我的意思是 4.1x。

And then can you talk about post 2023? Like what should this look like in '24 or '25, not to be too specific, but I assume it will continue to delever?

然後你能談談 2023 年後嗎？就像這在 24 年或 25 年應該是什麼樣子，不要太具體，但我認為它會繼續去槓桿化？

Yes, we will. As we generate cash flow this year and then we're going to generate more cash flow next year, this kind of delevers pretty quickly and a lot improves, but we're not going to give a specific forecast.

是的，我們會。隨著我們今年產生現金流，明年我們將產生更多現金流，這種去槓桿化的速度非常快，而且有很大改善，但我們不會給出具體的預測。

Right, George. This is all -- the transition to free cash flow positive has a lot of ancillary benefits for the business, and you're identifying one of them.

對，喬治。這就是全部——向自由現金流正向的過渡對企業有很多附帶好處，而你正在確定其中之一。

Excellent. And then second question for me. A lot of moving parts just with respect to Topgolf and this updated margin forecast in Golf Equipment, et cetera. So just curious if you still feel comfortable with the longer-term plan, the 2025 plan of $800 million of EBITDA?

出色的。然後是我的第二個問題。關於 Topgolf 的許多活動部件以及高爾夫設備等方面的最新利潤率預測。所以很好奇你是否仍然對長期計劃感到滿意，即 2025 年 8 億美元的 EBITDA 計劃？

Yes, not only comfortable, as I mentioned, we have increased confidence in it. When we gave the targets for 2025, we were operating under the guise of a lower venue unit economic performance at Topgolf. So increased confidence in meeting or even beating that 2025 target.

是的，不僅像我提到的那樣舒適，我們還增加了對它的信心。當我們給出 2025 年的目標時，我們是在 Topgolf 較低的場館單位經濟績效的幌子下運營的。因此增強了實現甚至超過 2025 年目標的信心。

Next question comes from Eric Wold with B. Riley Securities.

下一個問題來自 B. Riley Securities 的 Eric Wold。

So you talked about one of the reasons why you're more confident in the Topgolf business being the PIE, platform implementation, and better efficiency stabilization, reservation system kind of flowing through. Remind us, does that also include dynamic pricing at the base? Or is that something separate? And if it is included, maybe talk about what you've seen so far with the test of that in terms of maybe a range from the baseline that consumers are kind of willing to accept there?

所以你談到了你對 Topgolf 業務更有信心的原因之一是 PIE、平台實施、更好的效率穩定性、預訂系統的流動。提醒我們，這是否還包括基地的動態定價？或者那是分開的東西？如果它被包括在內，也許可以談談你到目前為止所看到的測試結果，也許是消費者願意接受的基線範圍？

Sure, Eric. It does include that. It is embedded in there some dynamic pricing. So we can -- effectively, PIE gives us the ability to do reservations more effectively and plan our labor more efficiently, et cetera. And we're able to, therefore, experiment with different pricing levels for some of those reservations and peak times, et cetera. We're not going to get into the relative price sensitivity, et cetera, that we've gone through in some of the models of that.

當然，埃里克。它確實包括那個。它嵌入了一些動態定價。所以我們可以——實際上，PIE 使我們能夠更有效地進行預訂並更有效地計劃我們的勞動力，等等。因此，我們能夠針對其中一些預訂和高峰時間等嘗試不同的定價水平。我們不會進入我們在其中一些模型中經歷過的相對價格敏感性等。

But I can tell you from what we've seen thus far, the consumer is pretty engaged and we're not seeing the consumer being especially price sensitive. We've taken price at both the game and food and beverage multiple times. And the same venue sales growth has continued to move very positively. And when we're charging, if we might, for a reservation at a peak time or at a peak floor, et cetera, giving the consumer that option is a tried-and-true approach that appears to have upside and would be, we believe, beneficial to the consumer.

但我可以告訴你，從我們目前所看到的情況來看，消費者非常投入，我們並沒有看到消費者對價格特別敏感。我們多次對遊戲和食品飲料進行定價。並且同一場地的銷售增長繼續非常積極地發展。當我們收費時，如果可能的話，在高峰時間或高峰樓層等進行預訂時，為消費者提供選擇是一種行之有效的方法，似乎有好處，我們相信，對消費者有利。

Our next question comes from Noah Zatzkin with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Noah Zatzkin。

Not to put too fine of a point on it, but as it relates to the same venue sales guide, how should we think about the cadence of the rollout of PIE moving through the year? Any opportunity to kind of pull that forward in terms of benefiting the base more quickly? And then just one on the apparel side. Obviously, apparel retail, the channel continues to be fairly challenged. So how are you feeling about the promotional environment there as well as the inventory position at TravisMathew?

不要把它說得太細，但由於它涉及到相同的場地銷售指南，我們應該如何考慮 PIE 在這一年中推出的節奏？是否有任何機會可以更快地使基地受益？然後是服裝方面的一個。顯然，服裝零售渠道繼續受到相當大的挑戰。那麼，您如何看待那裡的促銷環境以及 TravisMathew 的庫存狀況？

Sure. Okay. So the first one, if you know, going back, we had 18 venues with PIE at the end of last year. We're at 36 now. So we've installed 18 during the quarter. If we do that going forward, that would put us right at all of U.S. venues by the end of the year. We'll obviously go as quickly as we can, but that cadence is a reasonable cadence and this is another one of those things we want to do it right. You'd like to do it fast, but you better do it right. And so we're pleased with that, and we'll go as quickly as we can and have already kind of baked that into our expectations.

當然。好的。所以第一個，如果你知道的話，回到過去，去年年底我們有 18 個 PIE 場地。我們現在是 36 歲。所以我們在本季度安裝了 18 個。如果我們繼續這樣做，那將使我們在今年年底之前在美國的所有場館都能正常使用。我們顯然會盡可能快地進行，但節奏是合理的節奏，這是我們想要做對的另一件事。你想快點做，但你最好做對。因此，我們對此感到滿意，我們將盡快進行，並且已經將其納入我們的期望。

On the apparel side, the apparel inventories in the market are a little bit high in general. But the brands all have momentum and they've had good quarters, and TravisMathew in particular has good momentum. So it's going to be a more normalized promotional environment for the year, but we have high confidence that you're going to see or we're going to see strong growth at TravisMathew. They had an exceptionally strong quarter and we expect it to continue to grow both top and bottom line.

服裝方面，市場服裝庫存總體偏高。但這些品牌都有發展勢頭，而且他們都有很好的季度表現，尤其是 TravisMathew 勢頭良好。因此，今年的促銷環境將更加規範化，但我們非常有信心您會看到，或者我們會看到 TravisMathew 的強勁增長。他們有一個異常強勁的季度，我們預計它將繼續增長收入和利潤。

The next question comes from John D. Kernan with TD Cowen.

下一個問題來自 John D. Kernan 和 TD Cowen。

Brian, can you talk to the financing needs of Topgolf given maybe some of the interest expenses coming in higher than what we had initially anticipated? And it looks like landlord financing in the presentation that you gave is also going to be higher at year-end. So how do we think about the overall financing of Topgolf unit growth going forward?

布賴恩，考慮到一些利息支出可能高於我們最初的預期，你能談談 Topgolf 的融資需求嗎？看起來你提供的演示文稿中的房東融資在年底也會更高。那麼我們如何看待未來 Topgolf 單位增長的整體融資？

Sure. We typically use refinancing, and that remains certainly a viable path, and we continue to use that. We haven't seen pressure in the cap rates. We have a good relationship with our partners. That's all remained strong. What the financing does, though, taking the extra, besides just giving us more liquidity, would be to allow us flexibility on how to finance those venues, whether you do it before or after or some other method. So it really just provides a lot of flexibility to us. .

當然。我們通常使用再融資，這肯定仍然是一條可行的途徑，我們將繼續使用它。我們沒有看到資本化率的壓力。我們與合作夥伴有著良好的關係。這一切都保持強勁。但是，除了給我們更多的流動性之外，融資的作用是讓我們靈活地為這些場館提供資金，無論你是在之前還是之後或其他方法。所以它真的只是為我們提供了很大的靈活性。 .

Got it. Maybe one quick follow-up to that. Is CapEx sustainable at these levels because as working capital normalizes and your EBITDA continues to grow, if CapEx were to stay at these levels, there would be a lot of free cash flow. I'm just curious, is this the new run rate of CapEx going forward?

知道了。也許對此進行快速跟進。資本支出在這些水平上是否可持續，因為隨著營運資本正常化和您的 EBITDA 繼續增長，如果資本支出保持在這些水平，將會有大量的自由現金流。我只是好奇，這是未來資本支出的新運行率嗎？

It's pretty close. I mean, it's probably just a few million lighter than we would probably guess on average just due to timing of venue financing, but you're talking about $190 million versus $200 million. So it's all right in the ballpark and the Callaway side is about right. So you will see the cash flow develop from this.

非常接近。我的意思是，由於場地融資的時間安排，它可能比我們平均猜測的要少幾百萬美元，但你說的是 1.9 億美元對 2 億美元。所以在球場上一切都很好，卡拉威方面也差不多。所以你會看到現金流由此發展。

Got it. So this is kind of the CapEx needs going forward for the business as we go into 2024 and beyond?

知道了。那麼，隨著我們進入 2024 年及以後，這就是企業未來的資本支出需求嗎？

Yes.

是的。

Our next question comes from Casey Alexander with Compass Point Research and Trading.

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

Yes. Most of my questions have been answered, but I do have one here. EBITDA margins seem to continue to improve bit by bit. To what extent would you say the reduction of supply chain difficulties is positively impacting margins this year? And what can we expect from that on a comparative basis as the year proceeds?

是的。我的大部分問題都已得到解答，但我這裡確實有一個問題。 EBITDA 利潤率似乎繼續一點一點地提高。您認為供應鏈困難的減少在多大程度上對今年的利潤率產生了積極影響？隨著時間的推移，在比較的基礎上我們可以期待什麼？

Well, Casey, you're right. I mean, our EBITDA margins have continued to improve. Candidly, the underlying operating economics of each of the segments is continuing to improve if you look over any reasonable period of time. And catching up on the supply chain, although it creates some noise in the timing perspective, also creates more upside because it's going to mean lower freight costs and some other improved operating efficiencies going forward. Most of that now we caught up mostly during last year. So we've been now caught up for a while, but we're now starting to realize the benefits of freight and some of the other efficiencies that will come with that. You'll see that really run through the P&L as we go through the year.

好吧，凱西，你是對的。我的意思是，我們的 EBITDA 利潤率繼續提高。坦率地說，如果您觀察任何合理的時間段，每個細分市場的基本運營經濟都在持續改善。趕上供應鏈，雖然它在時間的角度上產生了一些噪音，但也會帶來更多的好處，因為這將意味著更低的貨運成本和其他一些提高運營效率的未來。現在我們大部分時間都在去年趕上了。所以我們現在已經被趕上了一段時間，但我們現在開始意識到貨運的好處以及隨之而來的其他一些效率。當我們度過這一年時，你會看到這真的貫穿了損益表。

My second question is that most of the geographies had pretty strong year-over-year comps in the first quarter, except for Asia. Is there any color that you have regarding that specific market and how you expect that to run out the rest of the year?

我的第二個問題是，除亞洲外，大多數地區在第一季度的同比表現都非常強勁。對於那個特定的市場，你有什麼看法嗎？你希望它在今年餘下的時間裡用完嗎？

That was just FX, Casey. So all the -- particularly the yen and the Korean won were the 2 currencies that were most impacted and they had a very strong first quarter, and Japan specifically, our market share looks good. No real distinctions between the Asia market and the U.S. market in terms of strength of the market at this point.

那隻是外匯，凱西。所以所有 - 特別是日元和韓元是受影響最大的兩種貨幣，它們在第一季度表現非常強勁，特別是日本，我們的市場份額看起來不錯。目前，就市場實力而言，亞洲市場和美國市場之間沒有真正的區別。

Casey, Asia was up 11.6% revenue in constant currency.

Casey, Asia 按固定匯率計算的收入增長了 11.6%。

This concludes our question-and-answer session. I would like to turn the conference back over to Chip Brewer for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給 Chip Brewer，聽取任何閉幕詞。

Yes. I want to thank everybody for tuning in today. And in particular, I want to thank the Topgolf Callaway Brands' employees, associates, the playmakers and the venues, our advocates and customers for your support. Looking forward to a strong Q2 and look forward to speaking with everybody again in August.

是的。我要感謝大家今天的收聽。我要特別感謝 Topgolf Callaway Brands 的員工、合作夥伴、組織者和場館、我們的擁護者和客戶的支持。期待強勁的第二季度，並期待在 8 月再次與大家交談。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。