Topgolf Callaway Brands Corp (MODG) 2023 Q2 法說會逐字稿

Welcome to the Topgolf Callaway Brands Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Katina Metzidakis, Vice President of Investor Relations and Corporate Communications. Please go ahead.

歡迎參加 Topgolf Callaway Brands 2023 年第二季度收益電話會議。 （操作員說明）請注意此事件正在被記錄。現在我想將會議交給投資者關係和企業傳播副總裁卡蒂娜·梅齊達基斯 (Katina Metzidakis)。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Topgolf Callaway Brands Second Quarter 2023 Earnings Conference Call. I'm Katina Metzidakis, the company's Vice President of Investor Relations and Corporate Communications. 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.

謝謝接線員，大家下午好。歡迎參加 Topgolf Callaway Brands 2023 年第二季度收益電話會議。我是 Katina Metzidakis，公司投資者關係和企業傳播副總裁。與我一起在今天的電話會議上發言的還有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 second 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，該公司發布新聞稿，公佈 2023 年第二季度財務業績。此外，今天準備好的發言還附有一個演示文稿，可以讓您更輕鬆地跟進電話會議。本收益報告以及收益新聞稿均可在公司投資者關係網站的“財務業績”選項卡下查看。今天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的會計原則。在我們報告非 GAAP 衡量標準的情況下，我們已根據 G 條例將非 GAAP 衡量標準與演示文稿後面相應的 GAAP 衡量標准進行了核對。

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 -- 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的預期存在重大差異——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。

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

說到這裡，我現在想把電話轉給奇普·布魯爾。

Thank you, Katina, and welcome to the team. Good afternoon to everyone on the call, and thank you for joining us today. Q2 was a solid quarter for Topgolf Callaway Brands, driven by strength across all our business segments. At the halfway point of 2023, here are just the highlights of what we see. Market share gains and brand growth in Golf Equipment, a stronger economic model and proven growth algorithm in the Topgolf venue business and continued growth in our apparel assets.

謝謝你，卡蒂娜，歡迎加入我們的團隊。各位與會者下午好，感謝您今天加入我們。在我們所有業務部門的實力推動下，Topgolf Callaway Brands 第二季度表現強勁。 2023 年已過半，以下是我們所看到的亮點。高爾夫裝備的市場份額增長和品牌增長、Topgolf 場地業務的更強大的經濟模式和經過驗證的增長算法以及我們的服裝資產的持續增長。

We also see a resilient and engaged consumer across all of our businesses. We remain on track to deliver strong EBITDA growth for the full year and a transition to being cash flow positive, both at the corporate level as well as at Topgolf individually. This transition to being cash flow positive is an important milestone for our business, and we are confident it will ramp from here.

我們還看到我們所有業務中都有堅韌且積極參與的消費者。我們仍有望在全年實現強勁的 EBITDA 增長，並在公司層面以及 Topgolf 個人層面向正現金流過渡。向正現金流的轉變對於我們的業務來說是一個重要的里程碑，我們相信它會從此開始加速發展。

Having said this, we also recognize that there is more quarterly noise in our results that would be ideal. Most significantly, last year's retail inventory catch-up in our Golf Equipment business and separately, the post-COVID surge in the events business at Topgolf, make year-over-year quarterly comparisons difficult and cloud, the true progress we're making in improving the fundamental economic engine of our business.

話雖如此，我們也認識到，如果我們的業績中有更多的季度噪音，那將是理想的情況。最重要的是，去年我們高爾夫裝備業務的零售庫存追趕，以及 Topgolf 賽事業務在新冠疫情后的激增，使得逐年季度比較變得困難，而云計算是我們在改善我們企業的基本經濟引擎。

In our comments today, we hope to clearly explain the short-term volatility as well as highlight the long-term positive story of continued improvement in the earnings power of our business and the resilience of our core modern golf consumers.

在今天的評論中，我們希望清楚地解釋短期波動，並強調我們業務盈利能力持續改善和現代高爾夫核心消費者恢復力的長期積極故事。

With that said, let's shift gears and talk about the business segments. We'll start by discussing Topgolf. This is a business which is expected to add 3 million to 4 million new off-course golf participants each year for every 11 new venues and thus will help drive growth across the entire modern golf ecosystem. With this growth, Topgolf will soon have more consumers visiting it than exist in all of U.S. on-course golf, including 1/2 of the total on-course golf population as many now participate in both on- and off-course golf.

話雖如此，讓我們換個話題，談談業務板塊。我們將從討論 Topgolf 開始。這項業務預計每年每新建 11 個場地就會增加 300 萬至 400 萬新的場外高爾夫參與者，從而有助於推動整個現代高爾夫生態系統的增長。隨著這一增長，前往Topgolf 的消費者數量將很快超過美國所有球場內高爾夫的數量，其中包括球場內高爾夫人口總數的1/2，因為許多人現在同時參與球場內和球場外的高爾夫活動。

In what is truly a synergistic relationship, Topgolf sister brands at our company will be helping drive this growth and also have a competitive advantage and reach to all these modern golf consumers. As outlined by Artie in his June 1 fireside chat, there are 3 key performance drivers for our Topgolf venue business: first is our development pipeline; second is the same venue sales growth; and third is the venue margin expansion. Let's walk through each one.

在真正的協同關係中，我們公司的 Topgolf 姐妹品牌將幫助推動這一增長，並擁有競爭優勢並覆蓋所有這些現代高爾夫消費者。正如 Artie 在 6 月 1 日的爐邊談話中所述，我們的 Topgolf 場館業務有 3 個關鍵績效驅動因素：首先是我們的開發渠道；二是同場銷售增長；三是場地利潤的擴大。讓我們逐一介紹一下。

Starting with our development pipeline. This quarter, we successfully opened 2 new venues in King of Prussia, Pennsylvania and St. Petersburg, Florida, both of which drove excitement and brand heat in those regions. We're pleased to report that our new venues continue to perform extremely well and that we remain on track to open 11 new owned and operated venues in 2023, in line with our guidance.

從我們的開發管道開始。本季度，我們在賓夕法尼亞州普魯士國王和佛羅里達州聖彼得堡成功開設了兩個新場館，這兩個地點都在這些地區引發了興奮和品牌熱度。我們很高興地報告，我們的新場館繼續表現出色，並且按照我們的指導方針，我們仍有望在 2023 年開設 11 個新擁有和運營的場館。

Turning to our second performance driver, same venue sales. As expected, Topgolf posted its seventh consecutive quarter of same venue sales growth despite challenges from temporary venue shutdowns from air pollution caused by the fires in Canada. Same venue sales for the quarter was within our guidance range at approximately 1%. And the 2-year stack, which takes out some of the post-COVID-related volatility shows an even more impressive 9% growth.

談到我們的第二個業績驅動因素，同場銷售。正如預期的那樣，儘管加拿大火災造成的空氣污染導致場地暫時關閉，但 Topgolf 仍連續第七個季度實現同場地銷售增長。本季度同場館銷售額約為 1%，在我們的指導範圍內。剔除一些新冠疫情后相關波動後的 2 年期堆棧顯示出更令人印象深刻的 9% 增長。

As we discussed last quarter, we fully expected Q2 to be challenging from a comp perspective as last year's same venue sales benefited from a post-COVID surge in the events business. That said, we are maintaining our same venue sales guidance for the full year based on the continued strength in the consumer portion of our business, along with new initiatives that will ramp during the second half and some nuances in the quarterly comparisons. Let me give you more detail on each of these and walk you through how we get to this conclusion.

正如我們上季度討論的那樣，我們完全預計第二季度從比較角度來看將充滿挑戰，因為去年的同場銷售受益於新冠疫情后活動業務的激增。也就是說，基於我們業務中消費者部分的持續強勁，以及下半年將推出的新舉措以及季度比較中的一些細微差別，我們將維持全年相同的場館銷售指導。讓我為您提供有關每一項的更多詳細信息，並引導您了解我們如何得出這個結論。

First, and most importantly, we have seen consistent and strong growth in the consumer-led portion of our business. This category represents the lion's share of our business, and we believe it is the best indicator of brand heat. Second, as of Q2, we have made continued progress on our digital journey, including reservations. In fact, U.S. venue digital sales penetration increased 8 points versus last year to approximately 34%. The largest driver of this growth is our digital inventory management system, PIE, which has now been rolled out to over half of our venues. This system allows us to maximize sales, improve the customer experience and optimize costs. And we continue to expect to have all venues on PIE by the end of the year. More specifically to this section of our call, on an individual venue basis, it helps drive approximately a 2-point increase in same venue sales post implementation. And given the timing of the rollout, we estimate it will add at least 1% to same venue new sales in Q4.

首先，也是最重要的是，我們看到消費者主導的業務部分持續強勁增長。該類別代表了我們業務的最大份額，我們相信它是品牌熱度的最佳指標。其次，截至第二季度，我們在包括預訂在內的數字化進程中不斷取得進展。事實上，美國場館數字銷售滲透率比去年增加了 8 個百分點，達到約 34%。這一增長的最大推動力是我們的數字庫存管理系統 PIE，該系統現已推廣到我們一半以上的場館。該系統使我們能夠最大限度地提高銷售額、改善客戶體驗並優化成本。我們仍然預計到今年年底所有場館都會在 PIE 上上線。更具體地說，對於我們電話會議的這一部分，在單個場館的基礎上，它有助於推動實施後同一場館銷售量增加約 2 個百分點。考慮到推出的時間，我們預計第四季度同場新銷量將至少增加 1%。

Third, we have and are taking incremental pricing both in gameplay and food and beverage. Based on our experience as well as competitive positioning, we believe this will have at least a 1% positive impact on same venue sales primarily in Q4. Fourth, we're excited about a new innovative marketing campaign, which will launch later this month. It is designed to both captivate and appeal to the modern golfer and to drive both incremental awareness and visits. I'm not going to ruin the surprise by trying to describe it to you on this call, but I'm sure you'll notice it, and I hope it makes you smile. Lastly, we believe our second half comp will be slightly less challenging than our Q2 comp. This is because we expect the lap of last year's especially strong events business to be somewhat less of a headwind for the second half of the year. And last year's Q4 comp was negatively impacted by approximately 2 points by venue closures due to extreme cold weather, which we don't expect to repeat this year.

第三，我們已經並且正在對遊戲玩法和餐飲進行增量定價。根據我們的經驗以及競爭定位，我們相信這將對第四季度的同場銷售產生至少 1% 的積極影響。第四，我們對將於本月晚些時候推出的新的創新營銷活動感到興奮。它旨在吸引和吸引現代高爾夫球手，並提高認知度和訪問量。我不會在這次電話會議上向您描述它，從而破壞了驚喜，但我相信您會注意到它，我希望它能讓您微笑。最後，我們相信我們下半年的比較將比第二季度的挑戰稍微少一些。這是因為我們預計去年特別強勁的活動業務對今年下半年的不利影響將有所減輕。由於極端寒冷天氣導致場館關閉，去年第四季度的業績受到約 2 個百分點的負面影響，我們預計今年不會再出現這種情況。

Moving on to our third performance driver, venue margin expansion. COGS and labor optimization along with continued leverage of fixed overhead costs drove sequential quarter-over-quarter improvement in our Q2 adjusted EBITDAR margins. This, in turn, drove total segment EBITDA towards the high end of our range despite same venue sales coming in towards the low end. This is just a fantastic story, and it highlights how our venues are becoming increasingly profitable. PIE continues to be a key ingredient to our venue margin expansion. It does so by facilitating increased reservations, which in turn support more predictable labor scheduling and increased pay utilization. As mentioned, at the end of Q2, more than half of our venues had implemented PIE, and we expect to have all venues utilizing PIE by the end of the year.

接下來是我們的第三個績效驅動因素，場地利潤擴張。銷貨成本和勞動力優化以及固定間接成本的持續利用推動了我們第二季度調整後 EBITDAR 利潤率的環比改善。反過來，儘管同一場地的銷售額接近低端，但這又推動了總細分市場 EBITDA 向我們範圍的高端邁進。這只是一個精彩的故事，它凸顯了我們的場館如何變得越來越有利可圖。 PIE 仍然是我們場館利潤擴張的關鍵因素。它通過促進增加預留來實現這一點，從而支持更可預測的勞動力調度和提高工資利用率。如前所述，在第二季度末，我們超過一半的場館已經實施了 PIE，我們預計到年底所有場館都將使用 PIE。

The Topgolf's teams excellent work over the last few years puts us well ahead of the plan laid out at the time of the merger and in a strong position to achieve the updated target venue unit economics we provided last quarter, including approximately 35% 4-wall adjusted EBITDAR margins, 2.5-year payback period, a 20% return on gross investment and 50% to 60% cash on cash returns. Together, these targets represented a fundamental long-term improvement in the cash generation and profitability of our venue business, in essence, a step change in value.

Topgolf 團隊在過去幾年中的出色工作使我們遠遠領先於合併時制定的計劃，並且處於有利地位，能夠實現我們上季度提供的最新目標場館單位經濟效益，包括約 35% 的 4 牆調整後的EBITDAR 利潤率、2.5 年投資回收期、20% 的總投資回報率以及50% 至60% 的現金回報率。總之，這些目標代表了我們場館業務的現金生成和盈利能力的根本性長期改善，本質上是價值的階躍變化。

Lastly, turning to Toptracer. I want to quickly highlight its success in the quarter and continued dominant leadership position as golf's #1 range technology. We continue to see healthy demand for this product with accelerating bay installations versus Q1, and we are on track to install at least 7,000 bays this year in line with our guidance.

最後，轉向 Toptracer。我想快速強調它在本季度的成功以及作為高爾夫第一大範圍技術的持續主導地位。我們繼續看到對該產品的健康需求，與第一季度相比，托架安裝量有所增加，並且我們有望根據我們的指導，今年安裝至少 7,000 個托架。

Moving to our Golf Equipment segment and another example of strong execution. We delivered improved U.S. market share performance in the second quarter in what has been an excellent year-to-date for our brand in both tour exposure and product performance. In June, we saw U.S. market share gains in every category in both the on- and off-course channels. For both, the month of June and year-to-date, our brand is #1 in drivers, ferry woods, hybrids, total woods and irons. We're also #2 in putters and golf ball with strong shares in these categories as well. This performance shows the continued strength of our brand and our products.

轉向我們的高爾夫設備部門，這是強大執行力的另一個例子。我們在第二季度的美國市場份額表現有所提高，今年迄今為止，我們的品牌在巡演曝光度和產品表現方面都表現出色。 6 月份，我們在場內和場外渠道的各個類別中都看到了美國市場份額的增長。無論是六月還是今年迄今為止，我們的品牌在發球木桿、渡輪木桿、混合木桿、全木桿和鐵桿方面均排名第一。我們在推桿和高爾夫球領域也排名第二，在這些類別中也擁有強勁的市場份額。這一業績表明了我們品牌和產品的持續實力。

Our Paradigm line of clubs, which launched in Q1 was the primary driver of this success. Paradigm had continued strong demand throughout Q2 and has been exceptional on tour all year with the Paradigm Driver winning an impressive 9 times on the PGA Tour year-to-date. Not surprisingly, Paradigm is the #1 selling driver and ferry wood model year-to-date in the U.S. I'm proud of these results, and I believe our performance this year has further strengthened our brand. This, in turn, will benefit our shareholders, not only this year, but going forward.

我們在第一季度推出的 Paradigm 球桿系列是這一成功的主要推動力。 Paradigm 在整個第二季度的需求持續強勁，並且在全年巡迴賽中表現出色，Paradigm 車手今年迄今為止在 PGA 巡迴賽上贏得了令人印象深刻的 9 場胜利。毫不奇怪，Paradigm 是今年迄今為止在美國銷量第一的駕駛員和擺渡木模型。我對這些結果感到自豪，並且我相信我們今年的表現進一步增強了我們的品牌。這反過來將使我們的股東受益，不僅是今年，而且是未來。

In other brand news, just last month, we announced the extension of our long-term partnership with Masters Champion, Jon Rahm. Jon will continue to play both Callaway and Odyssey equipment, wear Callaway Headwear, TravisMathew Apparel and Footwear and Champion Topgolfs business, including the Topgolf logo on the side of his headwear. This is another wonderful example of how we are achieving synergies across our brands.

在其他品牌新聞中，就在上個月，我們宣布延長與大師賽冠軍喬恩·拉姆的長期合作夥伴關係。喬恩將繼續使用 Callaway 和 Odyssey 裝備，佩戴 Callaway 頭飾、TravisMathew 服裝和鞋類以及 Champion Topgolfs 業務，包括頭飾側面的 Topgolf 標誌。這是我們如何在品牌之間實現協同效應的另一個精彩例子。

Looking at the overall golf industry and the health of the game, the U.S. hard goods market continues to hold up quite well, down just 1.6% June year-to-date, consistent with our expectations. In addition, all signs point to golf participation remaining robust with U.S. rounds played up 5.5% through June year-over-year and strong demand for consumables in the quarter.

縱觀整個高爾夫行業和這項運動的健康狀況，美國硬貨市場繼續保持良好勢頭，今年 6 月迄今僅下降 1.6%，與我們的預期一致。此外，所有跡像都表明高爾夫參與度依然強勁，截至 6 月份的美國高爾夫比賽同比增長 5.5%，並且本季度對消耗品的需求強勁。

Looking ahead, our leadership position in R&D investment and more specifically, our expertise in the use of AI in the development of product gives me continued confidence in our current and future product pipeline.

展望未來，我們在研發投資方面的領先地位，更具體地說，我們在產品開發中使用人工智能的專業知識，讓我對我們當前和未來的產品線持續充滿信心。

Turning now to Active Lifestyle. TravisMathew had double-digit growth again this quarter. The brand continues to successfully open new retail stores, including 5 year-to-date and totaling 46 overall. The team also continues to do a tremendous job executing the new women's category expansion, which has now grown to become a mid-single-digit percent of overall sales and early sign of success. TravisMathew also continues to find exciting ways to grow its brand in the modern golf ecosystem, including building additional synergies across our brands.

現在轉向積極的生活方式。 TravisMathew 本季度再次實現兩位數增長。該品牌繼續成功開設新零售店，今年迄今已開設 5 家，總數達 46 家。該團隊還繼續在執行新的女裝品類擴張方面做出了巨大的努力，該品類現已發展成為整體銷售額的中個位數百分比，這是成功的早期跡象。 TravisMathew 還繼續尋找令人興奮的方式在現代高爾夫生態系統中發展其品牌，包括在我們的品牌之間建立額外的協同效應。

In June, the brand had a very successful marketing activation event at the ACC Golf Tournament in Lake Tahoe. This high-profile event drew participation from several TravisMathew ambassadors as well as Callaway brand ambassador, Stephen Curry, who went on to win the event via a dramatic walk-off Eagle finish. Both Callaway and TravisMathew, including new TravisMathew brand ambassador, Reggie Bush, also participated at Topgolf's U.S. Open event at El Segundo. We feel incredibly proud to partner with ambassadors who share our excitement about the growing modern golf ecosystem, and our teams are increasingly enjoying opportunities to leverage cross brand synergies.

6月，該品牌在太浩湖ACC高爾夫錦標賽上舉辦了非常成功的營銷激活活動。這場備受矚目的賽事吸引了多位 TravisMathew 大使以及卡拉威品牌大使 Stephen Curry 的參與，後者最終通過戲劇性的淘汰 Eagle 比賽贏得了賽事冠軍。卡拉威和 TravisMathew，包括新的 TravisMathew 品牌大使 Reggie Bush，也參加了 Topgolf 在埃爾塞貢多舉行的美國公開賽。我們非常自豪能夠與大使合作，他們與我們一樣對不斷發展的現代高爾夫生態系統感到興奮，而且我們的團隊越來越多地享受利用跨品牌協同效應的機會。

Moving along, Jack Wolfskin had a good first half despite choppy macro backdrop in Europe as well as earlier shipment timing this year versus last year as supply chain is corrected. Jack Wolfskin remains on track for steady growth in both revenue and profits for 2023.

展望未來，儘管歐洲宏觀環境動盪，而且隨著供應鏈的調整，今年的發貨時間較去年提前，但 Jack Wolfskin 上半年的表現仍不錯。 Jack Wolfskin 2023 年的收入和利潤仍將保持穩定增長。

In conclusion, we're excited about the strategic direction of our portfolio of global brands in the growing modern golf ecosystem. In the near term, our brands are strengthening, and we remain on track to deliver impressive EBITDA growth and transition to positive free cash flow this year. This inflection point is just the first step in what will be a strong long-duration story of overall growth in both EBITDA and cash flow. As we do this, our top capital allocation priority continues to be investing in the profitable growth of our business, most notably in new venues. This is an area where we have demonstrated strong competency in selecting, building, opening and operating these unique and high-performing assets. Our Topgolf venues are delivering increasingly attractive returns, and we have a high degree of confidence in their performance both out of the gate and over time.

總之，我們對我們的全球品牌組合在不斷發展的現代高爾夫生態系統中的戰略方向感到興奮。短期內，我們的品牌正在增強，今年我們仍有望實現令人印象深刻的 EBITDA 增長並過渡到正的自由現金流。這個拐點只是 EBITDA 和現金流整體強勁長期增長故事的第一步。當我們這樣做時，我們的首要資本配置優先事項仍然是投資於我們業務的盈利增長，尤其是新場所。在這個領域，我們在選擇、建設、開放和運營這些獨特的高性能資產方面表現出了強大的能力。我們的頂級高爾夫場館正在帶來越來越有吸引力的回報，我們對其初期和長期的表現都充滿信心。

Looking forward, we remain excited and optimistic about our business, which benefits from a defined leadership position in modern golf, synergies across our portfolio of premium brands and a clear path to continued profitable growth. And now I'll turn the call to Brian to provide more detail on our financials and outlook.

展望未來，我們對我們的業務仍然感到興奮和樂觀，該業務受益於現代高爾夫領域明確的領導地位、我們優質品牌組合的協同效應以及持續盈利增長的明確道路。現在我將致電布萊恩，提供有關我們財務和前景的更多詳細信息。

Thank you, Chip, and good afternoon, everyone. We are pleased with our Q2 results, which showed strength across each of our segments and progress against each of the key Topgolf performance drivers Chip discussed, including continued development of 11 new venues this year, 7 consecutive quarters of same venue sales growth, and good progress toward our venue margin expansion goals. This progress, together with continued high consumer demand for on- and off-course golf, receding inventory levels and improved liquidity puts us in a strong position to deliver positive free cash flow this year and to meet or exceed our long-term financial targets.

謝謝奇普，大家下午好。我們對第二季度的業績感到滿意，這顯示了我們每個細分市場的實力以及Chip 討論的每個關鍵Topgolf 業績驅動因素的進展，包括今年繼續開發11 個新場地、連續7 個季度同一場地銷售增長以及良好的表現。我們在實現場館利潤擴張目標方面取得了進展。這一進展，加上消費者對場內和場外高爾夫的持續高需求、庫存水平的下降和流動性的改善，使我們有能力在今年實現正的自由現金流，並達到或超過我們的長期財務目標。

Now let's turn toward our second quarter financial results. Second quarter net revenue was $1.2 billion, an increase of 5.7% year-over-year or 6.5% on a constant currency basis, which was in line with our guidance. This increase was led by Topgolf's robust 6.6% year-over-year revenue growth. We achieved this result despite an $8 million negative impact from changes in foreign currency exchange rates and the post-COVID inventory filling in retail in our products businesses, which primarily impacted the first half of 2022. Q2 non-GAAP operating income was $130.5 million, down approximately 3% and flat on a constant currency basis year-over-year. We are pleased with this performance considering both the challenging lap of the inventory filling at retail and our products businesses, as well as the planned investments in labor and marketing we made in the Topgolf business.

現在讓我們來看看第二季度的財務業績。第二季度淨收入為 12 億美元，同比增長 5.7%，按固定匯率計算增長 6.5%，符合我們的指引。這一增長得益於 Topgolf 6.6% 的強勁收入同比增長。儘管外幣匯率變化以及新冠疫情后我們產品業務零售庫存的填充造成了800 萬美元的負面影響（主要影響了2022 年上半年），但我們仍實現了這一業績。第二季度非GAAP 營業收入為1.305 億美元，下降約 3%，按固定匯率計算同比持平。考慮到零售和產品業務的庫存填充充滿挑戰，以及我們在 Topgolf 業務中計劃的勞動力和營銷投資，我們對這一業績感到滿意。

Q2 non-GAAP net income was $77.8 million, a decrease of $15.7 million compared to Q2 2022. The decrease is attributable to a $20.3 million increase in interest expense, primarily due to higher interest rates and additional term loan debt related to our recent debt refinancing.

第二季度非公認會計準則淨利潤為7780 萬美元，比2022 年第二季度減少1570 萬美元。減少的原因是利息支出增加了2030 萬美元，主要是由於利率上升以及與我們最近的債務再融資相關的額外定期貸款債務。

Lastly, Q2 adjusted EBITDA was ahead of our guidance range at $206.2 million, down 0.5% compared to last year, primarily due to unfavorable changes in foreign currency rates. Q2 adjusted EBITDA increased 2% on a constant currency basis and was driven primarily by operational efficiencies.

最後，第二季度調整後 EBITDA 超出了我們的指導範圍（2.062 億美元），比去年下降 0.5%，這主要是由於外幣匯率的不利變化。第二季度調整後 EBITDA 按固定匯率計算增長 2%，這主要是由運營效率推動的。

Now let's turn to our segment performance. In the second quarter, Topgolf revenue increased $67.1 million to $471 million, a year-over-year increase of 16.6%, driven by the addition of 11 new venues and approximately 1% same venue sales growth, which was within our guidance range. We estimate that the impact from temporary venue shutdowns caused by fires in Canada was worth about 1 point of same venue sales. We believe it is helpful to compare same venue sales on a 2-year stack basis because it removes some of the COVID-related volatility and demonstrates the strength of our venue business. On a 2-year stack basis, same venue sales growth for Q2 was 9%. By comparison, Q1 2023 same venue sales was 11%, and on a 2-year stack basis was 14%.

現在讓我們轉向我們的細分市場表現。第二季度，Topgolf 收入增加 6710 萬美元，達到 4.71 億美元，同比增長 16.6%，這主要得益於新增 11 個場地以及約 1% 的同場銷售增長，這在我們的指導範圍內。我們估計，加拿大火災造成的場館臨時關閉造成的影響約為同一場館銷售額的 1 個百分點。我們認為，以兩年為基礎比較相同場館的銷售額是有幫助的，因為它消除了一些與新冠病毒相關的波動性，並展示了我們場館業務的實力。按 2 年堆棧計算，第二季度同場銷售增長率為 9%。相比之下，2023 年第一季度同場銷售額為 11%，按 2 年疊加計算為 14%。

Topgolf segment operating income was $44 million, which was largely flat versus last year. As mentioned previously, this result in large part reflects the planned increase in marketing expenses related to Topgolf's Come Play Around marketing campaign and investments in labor we made in Q3 of 2022. Importantly, the underlying earnings power of this business continues to increase, and we remain on track to achieve our 4-wall adjusted EBITDAR margin target of 35% by 2025, if not sooner.

Topgolf 部門的營業收入為 4400 萬美元，與去年基本持平。如前所述，這一結果在很大程度上反映了與Topgolf 的Come Play around 營銷活動相關的營銷費用計劃增加以及我們在2022 年第三季度進行的勞動力投資。重要的是，該業務的潛在盈利能力持續增強，我們仍然有望在 2025 年（甚至更早）之前實現 4 壁調整後的 EBITDAR 利潤率目標 35%。

Topgolf's adjusted EBITDA was $92 million, up approximately $6 million compared to Q2 of last year. And at the high end of our guidance range due to solid performance in our new venues and improved operational efficiencies at existing venues.

Topgolf 調整後的 EBITDA 為 9200 萬美元，比去年第二季度增加約 600 萬美元。由於我們新場館的穩健表現和現有場館運營效率的提高，處於我們指導範圍的高端。

Golf Equipment net revenue was $451 million, flat year-over-year and up 1% in constant currency. This was good performance considering the previously mentioned retail channel filling last year and the unfavorable changes in foreign currency rates. These headwinds were largely offset by our increased market share gains in golf clubs, strong golf ball sales and continued strength in overall rounds played.

高爾夫裝備淨收入為 4.51 億美元，同比持平，按固定匯率計算增長 1%。考慮到前面提到的去年零售渠道的填充以及外幣匯率的不利變化，這是良好的表現。這些不利因素在很大程度上被我們高爾夫球桿市場份額的增加、高爾夫球銷售的強勁以及整體比賽的持續強勁所抵消。

Golf Equipment segment operating income was $96.4 million, a 3.9% decline versus Q2 2022, primarily due to unfavorable changes in foreign currency exchange rates. This result was partly offset by stronger gross margins, which increased approximately 100 basis points year-over-year due to increased pricing and lower freight costs.

高爾夫設備部門營業收入為 9640 萬美元，較 2022 年第二季度下降 3.9%，主要是由於外幣匯率的不利變化。這一業績被較高的毛利率所部分抵消，由於定價上漲和貨運成本下降，毛利率同比增長約 100 個基點。

Lastly, Q2 Active Lifestyle segment revenue was $258 million, slightly down or flat on a constant currency basis as compared to Q2 2022. This result was in large part due to a shift in timing of wholesale shipments between Q1 and Q2 as compared to 2022. This is evident in our first half results, where Active Lifestyle revenue increased 13.3% year-over-year.

最後，第二季度積極生活方式部門收入為2.58 億美元，與2022 年第二季度相比，按固定匯率計算略有下降或持平。這一結果在很大程度上是由於與2022 年第一季度和第二季度相比，批發發貨時間發生了變化。這在我們上半年的業績中顯而易見，積極生活方式收入同比增長 13.3%。

Q2 Active Lifestyle operating income of $19.5 million decreased $3 million versus Q2 2022 due to planned operating expenditures to support growth and was partially offset by gross margin increases related to price increases and a higher mix of direct-to-consumer business.

由於支持增長的計劃運營支出，積極生活方式第二季度的營業收入為1,950 萬美元，比2022 年第二季度減少了300 萬美元，但部分被價格上漲和直接面向消費者業務組合相關的毛利率增長所抵消。

Moving to our balance sheet. As a reminder, we completed a significant debt refinancing in March of this year, which added approximately $300 million of additional liquidity, reduced our cost of the refinanced debt and extended the maturities of our credit facilities. We've not only simplified and strengthened our capital structure, but also gave ourselves flexibility on how to finance Topgolf venues, including self-financing, which provides us with another option as we decide how to finance future venues.

轉向我們的資產負債表。提醒一下，我們在今年 3 月完成了一項重大債務再融資，增加了約 3 億美元的額外流動性，降低了再融資債務的成本，並延長了信貸安排的期限。我們不僅簡化和加強了我們的資本結構，而且還為我們自己提供瞭如何為Topgolf場館融資的靈活性，包括自籌資金，這為我們在決定如何為未來場館融資時提供了另一種選擇。

As of June 30, 2023, available liquidity, which is comprised of cash on hand, and availability under our credit facilities was $648 million compared to $415 million at December 31, 2022, and as compared to $640 million at June 30, 2022. At quarter end, we had total net debt of $2.24 billion, which excludes convertible debt of approximately $258 million compared to $1.44 billion at the end of Q2 2022. This increase relates primarily to incremental new venue financing, the additional $300 million of term loan debt, and normalization of working capital for the non-Topgolf business.

截至2023 年6 月30 日，可用流動資金（包括手頭現金和信貸額度下的可用資金）為6.48 億美元，而2022 年12 月31 日為4.15 億美元，2022 年6 月30 日為6.4 億美元。截至季度末，我們的淨債務總額為22.4 億美元，其中不包括約2.58 億美元的可轉換債務，而2022 年第二季度末為14.4 億美元。這一增長主要與新增場地融資增量、額外3 億美元的定期貸款債務、非 Topgolf 業務營運資金的正常化。

Our net debt leverage, which excludes the convertible debt, was 4.1x at June 30, 2023, compared to 2.7x at June 30, 2022. The year-over-year increase was due to new venue development and increases in working capital. Our net debt leverage ratio was in line with March 31, 2023, which is a little better than we discussed last quarter. We continue to expect our leverage to decline in the back half of the year as we generate free cash flow.

截至 2023 年 6 月 30 日，我們的淨債務槓桿（不包括可轉換債務）為 4.1 倍，而 2022 年 6 月 30 日為 2.7 倍。同比增長歸因於新場館開發和營運資本增加。我們的淨債務槓桿率與 2023 年 3 月 31 日一致，比我們上季度討論的要好一些。我們繼續預計，隨著我們產生自由現金流，我們的槓桿率將在今年下半年下降。

Consolidated net accounts receivable is $397 million compared to $376 million at the end of Q2 2022. Non-Topgolf days sales outstanding increased slightly from 55 to 58 days. Our inventory balance increased to $840 million compared to $640 million at June 30, 2022, and is down from our December 31, 2022, balance of $959 million. The team's active inventory management has led to a reduction of $119 million in the first half of 2023. Continued momentum in our Golf Equipment and Active Lifestyle segments gives us confidence that we remain on track to be at more normal levels of inventory by the end of the year. More importantly, we feel good about the quality of our inventory as much of the older inventory was cleaned up during the pandemic.

合併應收賬款淨額為 3.97 億美元，而 2022 年第二季度末為 3.76 億美元。非 Topgolf 的應收賬款天數略有增加，從 55 天增加到 58 天。我們的庫存餘額從 2022 年 6 月 30 日的 6.4 億美元增至 8.4 億美元，並且低於 2022 年 12 月 31 日的 9.59 億美元餘額。該團隊的積極庫存管理導致 2023 年上半年減少了 1.19 億美元。我們的高爾夫裝備和積極生活方式領域的持續增長勢頭使我們相信，到 2023 年底，我們的庫存仍將保持在更正常的水平。那一年。更重要的是，我們對庫存的質量感到滿意，因為許多舊庫存在大流行期間被清理掉了。

Gross capital expenditures were approximately $263 million for the first 6 months of 2023 compared to $243 million for the first 6 months of 2022. Net capital expenditures, which net out the proceeds from construction reimbursements, were $148 million and $154 million in the first 6 months of 2023 and 2022, respectively. For full year 2023, we expect total company net capital expenditures of $270 million, which includes $190 million from Topgolf.

2023 年前6 個月的資本支出總額約為2.63 億美元，而2022 年前6 個月的資本支出總額為2.43 億美元。扣除建設報銷收益後，淨資本支出在前6 個月分別為1.48 億美元和1.54 億美元分別為 2023 年和 2022 年。 2023 年全年，我們預計公司淨資本支出總額為 2.7 億美元，其中包括來自 Topgolf 的 1.9 億美元。

Before moving to our outlook, I want to comment on a few other matters. First is the Form 8-K we filed yesterday. Last week, we identified unusual IT system activity and immediately took proactive steps in consultation with our advisers to secure our systems. We activated our incident response plan and moved portions of our network off-line as a precautionary measure. The majority of our systems are back online and full access is expected to be restored in the coming days. Based on what we know now, we do not believe the incident will have a material effect on our business, operations or financial results.

在展望我們的前景之前，我想對其他一些問題發表評論。第一份是我們昨天提交的 8-K 表格。上週，我們發現了異常的 IT 系統活動，並立即與我們的顧問協商採取主動措施來保護我們的系統。作為預防措施，我們啟動了事件響應計劃，並將部分網絡下線。我們的大部分系統已恢復在線，預計未來幾天將恢復完全訪問。根據我們目前所知，我們認為該事件不會對我們的業務、運營或財務業績產生重大影響。

Second, during the quarter, we repurchased 1 million shares in open market transactions for a total cost of $17.8 million. Finally, I want to provide a brief update on our relationship with Full Swing, the owners of the Swing Suite indoor golf simulation technology that delivers golf ball tracking data and measures fall flight indoors. On August 1, 2023, we acquired certain assets of the Swing Suite business for approximately $12 million. This small acquisition is strategically relevant to us as it allows us to control the use of the Topgolf brand in this channel. And from a financial perspective, it is immediately cash flow positive in year 1.

其次，本季度我們在公開市場交易中回購了 100 萬股股票，總成本為 1780 萬美元。最後，我想簡要介紹一下我們與 Full Swing 的關係，Full Swing 是 Swing Suite 室內高爾夫模擬技術的所有者，該技術可提供高爾夫球跟踪數據並測量室內墜落飛行。 2023 年 8 月 1 日，我們以約 1200 萬美元收購了 Swing Suite 業務的某些資產。這項小型收購對我們具有戰略意義，因為它使我們能夠控制 Topgolf 品牌在該渠道中的使用。從財務角度來看，第一年現金流立即為正。

Now turning to our balance of the year outlook. We are maintaining our full year 2023 revenue guidance range of $4.42 billion to $4.47 billion and our adjusted EBITDA range of $625 million to $640 million. At Topgolf, we continue to guide to approximately $1.9 billion in revenue and an adjusted EBITDA range of $315 million to $325 million. We are also reaffirming same venue sales guidance to be mid- to high single digits. For the quarter -- for the third quarter of 2023, we estimate revenue to be within the range of $1.05 billion and $1.075 billion compared to $989 million in Q3 2022. For Topgolf, we estimate third quarter same venue sales growth between 1% and 3%, which would represent 12% to 14% growth on a 2-year stack basis. We estimate Q3 consolidated adjusted EBITDA of $141 million to $154 million, which is slightly ahead of Q3 2022.

現在轉向我們的年度平衡展望。我們維持 2023 年全年收入指導範圍為 44.2 億美元至 44.7 億美元，調整後 EBITDA 範圍為 6.25 億美元至 6.4 億美元。在 Topgolf，我們繼續預計收入約為 19 億美元，調整後 EBITDA 範圍為 3.15 億至 3.25 億美元。我們還重申同場銷售指導為中高個位數。對於本季度- 2023 年第三季度，我們預計收入將在10.5 億美元至10.75 億美元之間，而2022 年第三季度為9.89 億美元。對於Topgolf，我們預計第三季度同場銷售增長在1 % 至3% 之間%，這意味著 2 年堆棧基礎上增長 12% 到 14%。我們預計第三季度綜合調整後 EBITDA 為 1.41 億美元至 1.54 億美元，略高於 2022 年第三季度。

Now I'd like to provide some additional details so you can better understand our second half guidance, including the cadence between Q3 and Q4. Topgolf's second half venue sales growth will be more heavily weighted towards Q4 versus last year for several reasons. In Q4 2022, there was some unusually severe weather that led to the shutdown of a significant number of our venues, negatively impacting same venue sales by approximately 2 percentage points. We are assuming that shutdown does not repeat in Q4 this year.

現在我想提供一些額外的細節，以便您可以更好地理解我們的下半年指導，包括第三季度和第四季度之間的節奏。與去年相比，Topgolf 下半年的場館銷售增長將更加註重第四季度，原因有幾個。 2022 年第四季度，出現了一些異常惡劣的天氣，導致我們大量場館關閉，對同一場館的銷售額產生了約 2 個百分點的負面影響。我們假設今年第四季度不會再次出現關閉情況。

Pricing we are taking at the end of Q3 should also provide at least a 1 percentage point lift to same venue sales in Q4 versus Q3. Our PIE initiatives should also provide at least a 1 percentage point lift in same venue sales in Q4 versus Q3. Further, we expect Topgolf profitability to improve in the second half as the year-over-year comparisons for marketing and labor become much easier and increased pricing and improved operational efficiencies in our venues from PIE and other initiatives continue.

我們在第三季度末採取的定價也應該使第四季度的同一場地銷售額比第三季度至少提高 1 個百分點。我們的 PIE 計劃還應使第四季度的同場銷售額比第三季度至少提高 1 個百分點。此外，我們預計 Topgolf 的盈利能力將在下半年有所改善，因為營銷和勞動力的同比比較變得更加容易，並且 PIE 和其他舉措繼續提高定價並提高我們場館的運營效率。

Moving to our products businesses. We expect growth in the second half as we will no longer be lapping the retail channel inventory filling in -- that occurred in the first half last year. Also, our second half golf equipment launch schedule is more heavily weighted towards Q4 this year as opposed to Q3 last year. And on a consolidated basis, we expect changes in foreign currency rates and lower freight expense to be tailwinds in the second half of this year, especially in Q4.

轉向我們的產品業務。我們預計下半年會出現增長，因為我們將不再像去年上半年那樣填充零售渠道庫存。此外，我們下半年的高爾夫裝備推出計劃更側重於今年第四季度，而不是去年第三季度。綜合來看，我們預計外幣匯率的變化和運費的下降將成為今年下半年，尤其是第四季度的有利因素。

Overall, and despite the ongoing macro volatility, our business fundamentals remain strong. The modern golf consumer remains healthy and engaged. We are on track to deliver double-digit revenue and EBITDA growth this year. We are also successfully managing down our inventories, and our liquidity position is strong. And finally, we expect to generate free cash flow this year on a consolidated basis, and at Topgolf, well ahead of our plan at the time of the merger, which is a significant proof point for unlocking shareholder value.

總體而言，儘管宏觀波動持續存在，但我們的業務基本面依然強勁。現代高爾夫消費者保持健康和參與度。我們今年有望實現兩位數的收入和 EBITDA 增長。我們還成功地控制了庫存，並且我們的流動性狀況強勁。最後，我們預計今年將在合併的基礎上產生自由現金流，而在 Topgolf，遠遠超出我們合併時的計劃，這是釋放股東價值的重要證明。

That concludes my prepared remarks for today. I will pass it back over to Chip for some additional comments, and then we'll open the call for questions.

我今天準備的發言到此結束。我會將其傳回給 Chip 徵求一些補充意見，然後我們將開始提問。

Thanks, Brian. Before we open the call for questions, I just wanted to wrap up by reiterating our confidence in our strategy and long-term outlook. Our incredible portfolio of brands provides us with unmatched scale and reach within the modern golf ecosystem, an ecosystem in which we believe we are the dominant player. Our businesses, both individually and collectively, have both high barriers to entry and are structurally positioned for accelerated profitable growth. Overall, we see a business that is well capitalized as a long runway for continued growth and is set to ramp up free cash flow by year-end and beyond. With this, we remain highly confident in our ability to meet or beat our long-term financial targets. We're optimistic about the future of modern golf and believe that our portfolio of premium brands uniquely positions us to be highly successful in it. And now I'll turn the call open for questions. Operator, over to you.

謝謝，布萊恩。在我們開始提問之前，我只想重申我們對我們的戰略和長期前景的信心。我們令人難以置信的品牌組合為我們在現代高爾夫生態系統中提供了無與倫比的規模和影響力，我們相信我們是這個生態系統的主導者。我們的業務，無論是單獨還是集體，都具有很高的進入壁壘，並且在結構上處於加速盈利增長的地位。總體而言，我們認為資本充足的企業擁有持續增長的漫長跑道，並將在年底及以後增加自由現金流。因此，我們對實現或超越長期財務目標的能力仍然充滿信心。我們對現代高爾夫的未來持樂觀態度，並相信我們的優質品牌組合使我們能夠在其中取得巨大成功。現在我將開始電話提問。接線員，交給你了。

(Operator Instructions) Our first question comes from Matthew Boss with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Matthew Boss。

Great. So Chip, could you just elaborate on the progression of Topgolf same venue sales that you saw through the second quarter? Maybe any commentary on July? And just your overall confidence in the sequential back half improvement that you've embedded to hit your full year same venue sales growth guide?

偉大的。那麼 Chip，您能否詳細說明一下您在第二季度看到的 Topgolf 同場銷售的進展情況？也許有關於七月的評論嗎？您對實現全年同場銷售增長指南所嵌入的後半段連續改善的整體信心如何？

Sure. When we look at the quarter, Q2, Matthew, we obviously were within our guide. And it's our seventh consecutive quarter of positive same venue sales. So there really wasn't much new in that quarter that we didn't identify going into the quarter other than a small impact from the Canadian wildfires. And the consumer business remains strong. Our venue margins are improving. The new venue growth is on track. So a lot of good positives there. And we called out in advance that we're going to have events down a little year-over-year due to the post-COVID surge that we experienced in late '21 and throughout 2022.

當然。當我們看第二季度時，馬修，我們顯然在我們的指導範圍內。這是我們連續第七個季度實現同場銷售正增長。因此，除了加拿大野火的小影響外，該季度確實沒有太多我們沒有發現的新情況。消費者業務依然強勁。我們的場館利潤正在改善。新場館的增長已步入正軌。所以有很多積極的一面。我們提前表示，由於 21 世紀末和 2022 年全年經歷了新冠疫情后的激增，我們的活動數量將同比略有下降。

When you look at the progression from there, it's not much of a move to go to 1% to 3% that we're calling for Q3. And then we gave you several of the key initiatives that are further helping us in Q4. We talked about the marketing campaign. We talked about the strength of the general consumer, which is the lion's share of our business. We also talked about a 1% improvement from PIE, 1% from price, and 2% from the lap of the unusually severe cold weather that we experienced last year and don't expect to repeat. So I think that kind of at least directionally, if not provides a pretty specific walk of how we're getting to the full year number.

當你看從那裡開始的進展時，我們呼籲第三季度達到 1% 到 3% 的進展並不是很大。然後我們向您提供了一些在第四季度進一步幫助我們的關鍵舉措。我們討論了營銷活動。我們談到了普通消費者的力量，這是我們業務的最大份額。我們還談到 PIE 改善了 1%，價格改善了 1%，去年我們經歷過的異常嚴寒天氣改善了 2%，預計不會再出現這種情況。因此，我認為這至少是有方向性的，如果沒有提供我們如何獲得全年數字的非常具體的路線。

That's great. And then just a follow-up on the Equipment side. Could you speak to recent retail sellout trends that you've seen maybe relative to 3 months ago and just market share gains that you've seen for the Callaway brand? And maybe just larger, how would you characterize the health and composition of your inventory in the channel today as we head into the back half of the year?

那太棒了。然後是設備方面的後續行動。您能否談談您所看到的與 3 個月前相比的近期零售銷售趨勢以及您所看到的 Callaway 品牌的市場份額增長情況？也許更重要的是，當我們進入今年下半年時，您如何描述今天渠道中庫存的健康狀況和構成？

Sure. And Matthew, these are all really strong stories. So we had a great quarter from a brand perspective, excellent market share results. And the market is staying very healthy. The rounds played is the biggest highlight of that being up 5.5%. But there is no question that the core golf consumer remains engaged and active. And our inventories in the field, as you would expect, given our market share performance there in very strong position. They improved during the quarter, and we like where we sit going into the second half of the year from brand strength, product line and the health of the consumer within the very important Golf segment.

當然。馬修，這些都是非常精彩的故事。因此，從品牌角度來看，我們度過了一個出色的季度，市場份額也非常出色。市場保持非常健康。比賽輪數是最大的亮點，上漲了 5.5%。但毫無疑問，高爾夫核心消費者依然活躍且活躍。正如您所期望的那樣，考慮到我們在該領域的市場份額表現，我們的庫存處於非常強勁的位置。他們在本季度有所改善，我們喜歡進入下半年的品牌實力、產品線和非常重要的高爾夫細分市場中消費者的健康狀況。

Our next question comes from Randy Konik with Jefferies.

我們的下一個問題來自杰弗里斯的蘭迪·科尼克。

Just a follow-up on back on Topgolf to start here. Maybe just give us some perspective on how you're thinking about over the medium term where we are with the dynamic between pricing and traffic. Where -- how much further do you think you have on pricing? And how do you want us to think about normalized ability to drive same venue sales growth between pricing and traffic? I think in the past you said 1/3 pricing, 2/3 traffic, I might have that backwards. Just give us reminder parameters on how we should be thinking about the long-term opportunity to drive more productivity per box over the medium term at Topgolf would be very helpful.

只是對 Topgolf 的後續報導，從這裡開始。也許只是給我們一些關於您如何看待中期定價和流量之間動態的看法。您認為您在定價方面還有多遠的距離？您希望我們如何考慮在定價和流量之間推動同場銷售增長的標準化能力？我想過去你說1/3的定價，2/3的流量，我可能會說反了。只要給我們提醒參數，告訴我們應該如何考慮在中期提高 Topgolf 每箱生產力的長期機會，就會非常有幫助。

Absolutely Randy, a really important point. So if you look at our consumer business at Topgolf, it really remains strong and resilient. We're consistently driving same venue sales growth there and have throughout the entire first half of this year, and we're seeing a nice mix between pricing and traffic. So positive traffic as well as price. Price or spend per visit a little higher than traffic, but nice momentum in both, candidly.

絕對是蘭迪，這一點非常重要。因此，如果你看看我們 Topgolf 的消費者業務，你會發現它確實仍然強勁且富有彈性。我們一直在推動同場館銷售的增長，今年整個上半年都是如此，我們看到價格和流量之間的良好結合。如此積極的流量和價格。坦率地說，每次訪問的價格或支出略高於流量，但兩者的勢頭都不錯。

In the long term, what you can expect from us is that we are going to drive same venue sales growth at the venues above and beyond the inflationary effects of our cost basis. So forecasting the inflationary cost basis right now is a dynamic process, right? It'll surge. Now it's moderating. It will likely continue to moderate. But we've shown with clear evidence that we can take price. And when we've taken price, we've seen no negative impact. It really comes down to the strength of demand in the consumer. And the only other thing I want to add there is we've got these initiatives in place, the marketing campaign, PIE, other factors that are driving margin expansion. This is still early days on these. We have gas in the tank on these. These aren't going to time out in anywhere in the near future, and we're developing more.

從長遠來看，您可以對我們期望的是，我們將推動同一場館的銷售增長，超出我們成本基礎的通脹影響。因此，現在預測通脹成本基礎是一個動態過程，對吧？會飆升。現在情況有所緩和。它可能會繼續溫和。但我們已經用明確的證據表明我們可以接受價格。當我們考慮價格時，我們沒有看到任何負面影響。這實際上取決於消費者的需求強度。我想補充的唯一一件事是我們已經採取了這些舉措，營銷活動、PIE 以及推動利潤率擴張的其他因素。這些還處於早期階段。我們的油箱裡有汽油。這些在不久的將來不會在任何地方超時，而且我們正在開發更多。

Great. And then just my last follow-up on -- I want to go back to Equipment as well. Talking about gas in the tank, where do you think we are in the -- from maybe perhaps from an industry and company-specific perspective on the ability to drive further margin opportunity on clubs or just equipment generally through either customization, fittings and/or ball plant fixed cost leverage as you drive more and more volume gaining share on balls. Can you give us some perspective on that dynamic on where you see margin opportunity or just opportunity and generally speaking, from these things would be super -- from exactly to be super helpful.

偉大的。然後是我的最後一個後續行動——我也想回到設備。談到油箱裡的汽油，您認為我們處於什麼位置——也許從行業和公司特定的角度來看，有能力通過定制、配件和/或通常通過定制、配件和/或來推動俱樂部或設備的進一步利潤機會。當您推動越來越多的產量並獲得球的份額時，球工廠固定成本槓桿。您能否給我們一些關於您在哪裡看到利潤機會或只是機會的動態的一些觀點，一般來說，從這些事情中將會非常有幫助。

Yes, sure. Another positive story, Randy, because it's early innings on all of these. We're really starting to ramp up the performance of the ball plant. I had the pleasure of visiting it a week ago, and they've just transformed that place. It's an impressive operation. The efficiencies are improving rapidly as are the margins. Over the last several years, we've also seen a lot of inflationary pressures across the business, but a lot of those are moderating right now. Freight rates is a great example of that. But we're also seeing a moderate in other areas of the business. And throughout all of this, again, we have shown that we can operate quite successfully through any of these environments. In inflationary environments, we're able to pass it on. In noninflationary environments, we're able to sustain the demand side of our business. So you're seeing even this year, margins -- gross margins now that are improving, and we feel good about the long-term outlook there.

是的，當然。蘭迪，另一個積極的故事，因為所有這些都還處於早期階段。我們確實開始提高球裝置的性能。一周前我有幸參觀過它，他們剛剛改變了那個地方。這是一次令人印象深刻的手術。效率和利潤都在迅速提高。在過去的幾年裡，我們也看到整個行業面臨很大的通脹壓力，但其中很多現在正在緩解。運費就是一個很好的例子。但我們在其他業務領域也看到了溫和派。在這一切過程中，我們再次證明，我們可以在任何這些環境中非常成功地運作。在通貨膨脹的環境中，我們能夠將其傳遞下去。在非通脹環境中，我們能夠維持業務的需求。因此，即使是今年，你也能看到利潤率——毛利率現在正在改善，我們對那裡的長期前景感到樂觀。

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

我們的下一個問題來自美國銀行的 Alex Perry。

I guess just first, can you give us a little more color on how the corporate events business is doing versus walk-in? And then any more color on how you think about the rest of the year and sort of corporate events versus walk-in? Does the guide assume that either part of those parts of the segment improved versus the trend you saw in the second quarter?

我想首先，您能給我們更多關於企業活動業務與現場活動業務的表現嗎？然後還有更多關於您如何看待今年剩餘時間以及企業活動與預約活動的看法嗎？該指南是否假設該細分市場的任何一部分與您在第二季度看到的趨勢相比有所改善？

Yes. So obviously, corporate events as we've mentioned is down year-over-year, but really performing well versus 2019 levels. So if you looked at the 2-year stacks or looked at the comparison that wipes out some of the post-COVID surge, it's quite good. The consumer side of our business has been steadily good and remains there. And we're really not expecting significant change in these trends through the balance of the year. So our assumptions are not for marked change on any of those trends. Does that answer your question, Alex?

是的。顯然，我們提到的企業活動數量同比有所下降，但與 2019 年的水平相比確實表現良好。因此，如果你看一下兩年的堆棧，或者看一下消除了新冠疫情后的一些激增的比較，那就相當不錯了。我們的消費者業務一直穩定良好，並且仍然如此。我們確實預計這些趨勢在今年剩餘時間內不會發生重大變化。因此，我們的假設不會導致任何這些趨勢發生顯著變化。這能回答你的問題嗎，亞歷克斯？

Yes, that's really helpful. I appreciate that. And then I guess, back to Golf Equipment. So I think early in the year, you sort of said that you're thinking about the Golf Equipment business is sort of flat, FX neutral for the year. Is that sort of how you're still thinking about it? And then could you just help us with any sort of quarterly fluctuations that we should be thinking about? Any sort of product launches we should be considering? And then just on golf balls, like the growth there in the quarter is really, really -- was strong. So is that level of growth something that should continue going forward?

是的，這確實很有幫助。我很感激。然後我想，回到高爾夫裝備。因此，我認為今年早些時候，您曾說過，您認為高爾夫設備業務今年表現平平，外匯中性。你現在還是這樣想的嗎？那麼您能否幫助我們解決我們應該考慮的任何季度波動？我們應該考慮推出什麼類型的產品？然後就高爾夫球而言，本季度的增長真的非常強勁。那麼這種增長水平是否應該繼續下去呢？

Sure. A couple of questions there. Hopefully, I can get them all. So the quarterly -- the last 2 are the ones that I remember most clearly. So quarterly, we're going to have a little bit more launch timing in Q4 as we currently plan it versus Q3, but that timing happens across quarters. So we'll give you our best estimate on that. But as you know, from the Golf Equipment business, between quarters, it can move a little bit. And -- but we do have more launch activity in the second half of this -- or the second half of half 2, Q4 versus Q3.

當然。有幾個問題。希望我能得到它們。所以季刊——最後兩季是我記得最清楚的。因此，按季度計算，我們將在第四季度有更多的發佈時間，因為我們目前計劃與第三季度相比，但該時間跨季度發生。因此，我們將為您提供對此的最佳估計。但如您所知，從高爾夫裝備業務來看，在季度之間，它可能會發生一些變化。而且，我們在下半年或 2 季度的後半段確實有更多的發布活動，第四季度與第三季度相比。

On the ball side, we've had excellent results this year. We're on track to grow for the full year and really strong results, as you could see during the quarter. We will -- our growth in the ball will moderate during the second half of the year for a couple of reasons: one is we were constrained last year in Q2. So we had a little bit of carryover into Q3, which we haven't been constrained this year. So we won't have some of that carryover. And then secondly, it's -- in our launch cycles, when we're at the tail end of a product cycle for our urethane product, we have to shift the plant to producing the new product, and that's likely to be the case by the end of this year. So there will be a little constraint that happens every other year. It's a normal course of business in the golf business. So not a -- but something that you -- for those that want to model, you should model it.

在球方面，我們今年取得了出色的成績。正如您在本季度所看到的那樣，我們全年有望實現增長，並取得非常強勁的業績。我們的增長將在下半年放緩，原因有幾個：其中之一是我們去年第二季度受到了限制。因此，我們有一點結轉到第三季度，今年我們沒有受到限制。所以我們不會有一些結轉。其次，在我們的推出週期中，當我們處於聚氨酯產品的產品週期的尾聲時，我們必須將工廠轉移到生產新產品，這很可能是這種情況今年年底。因此，每隔一年就會出現一些限制。這是高爾夫行業的正常業務過程。因此，對於那些想要建模的人來說，不是——而是你的東西——你應該對其進行建模。

And then in terms of full year, yes, we obviously are having an excellent year in our Golf Equipment segment. We had about $100 million inventory fill in last year that we've talked about, ad nauseam, and it doesn't repeat this year. So we had to cover that. And we're doing a pretty good job of that and growing share, and our forecast for the year remain unchanged.

然後就全年而言，是的，我們顯然在高爾夫設備領域度過了出色的一年。去年我們已經談到了大約 1 億美元的庫存填補，令人噁心，今年不會再出現這種情況。所以我們必須涵蓋這一點。我們在這方面做得非常好，並且份額不斷增長，我們對今年的預測保持不變。

Yes. Just -- as Chip mentioned, there's growth in the second half, but period-over-period, quarter-over-quarter, most of the growth will occur in the Q4. Again, as Chip mentioned, it can move depending on timing of shipments, but it's definitely heavily weighted to Q4.

是的。正如奇普所提到的，下半年會出現增長，但與同期、季度相比，大部分增長將發生在第四季度。同樣，正如 Chip 提到的，它可能會根據發貨時間而變化，但它在第四季度的權重肯定很大。

Our next question comes from Daniel Imbro with Stephens Inc.

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

Chip, I'll start on Topgolf as well -- continue the trend. Obviously, same-store sales moderated kind of sequentially. Maybe to follow up on Randy's question, can you just give the actual numbers or detail on traffic versus ticket growth? And then when you look at the Topgolf slowdown, I guess, how do you think about the risk of other leisure activities, whether it's pickleball or travel or movies? Is that taking traffic away? Are you guys monitoring any data around like competitive just uses of that leisure time? Or what are you seeing in terms of that when you look at the slowdown in sales?

Chip，我也將從 Topgolf 開始——繼續這個趨勢。顯然，同店銷售額連續有所放緩。也許為了跟進蘭迪的問題，您能否提供有關流量與門票增長的實際數字或詳細信息？然後，當你看到頂級高爾夫的放緩時，我想，你如何看待其他休閒活動的風險，無論是泡菜球、旅行還是電影？這會搶走流量嗎？你們是否監控周圍的任何數據，例如休閒時間的競爭性利用？或者當您看到銷售放緩時您看到了什麼？

Well, Daniel, unless pickleball and the movies are taking away corporate events, I don't think there's any data that suggests it's having much impact on us. The same venue sales is -- again, I apologize, it's very strong on the consumer side of the business and resilient. There was no change in trend across the quarters. The -- we feel very good about that. The pickleball is obviously growing. From time to time, you'll have a movie that comes out. We do compete against consumer activity. Pickleball is not a new trend. And we have been growing in our business and our brand for 7 consecutive quarters, as a matter of fact. So we feel good about that.

好吧，丹尼爾，除非匹克球和電影正在取代公司活動，否則我認為沒有任何數據表明它對我們產生了很大影響。再次，我很抱歉，同一場館的銷售在消費者方面非常強勁並且具有彈性。各季度的趨勢沒有變化。我們對此感覺非常好。泡菜球明顯在生長。有時，您會看到一部電影上映。我們確實與消費者活動競爭。匹克球並不是一個新趨勢。事實上，我們的業務和品牌已經連續 7 個季度增長。所以我們對此感覺良好。

I also think, Daniel, that people on average only go to Topgolf 1.5 times a year. So it's not something they're doing every week and now they want to go do pickleball and they have to replace it. They fit this in with their rotation of other activities that they want to do.

我還認為，丹尼爾，人們平均每年只去 Topgolf 1.5 次。所以這不是他們每週都會做的事情，現在他們想做泡菜球，他們必須更換它。他們將這一點與他們想做的其他活動的輪換結合起來。

And Daniel, steer me if I didn't answer the question completely, and I can provide any further value there. But you asked about specific traffic versus price, sorry. And the -- I can give you just general. In the quarter, because of events, the total traffic was down a little bit. But the traffic was up nicely in the consumer side of our business. And for the full year, we expect it to be a mix of positive traffic and spend per visit with majority being spent per visit, but we're going to contribute 20% to 25% of our same venue sales growth through traffic.

丹尼爾，如果我沒有完全回答這個問題，請引導我，我可以在那裡提供任何進一步的價值。但抱歉，您詢問的是具體流量與價格。我可以給你一般性的信息。本季度，受事件影響，總流量略有下降。但我們業務的消費者方面的流量增長良好。就全年而言，我們預計流量和每次訪問支出將是積極的，其中大部分是每次訪問支出，但我們將通過流量貢獻同一場館銷售增長的 20% 至 25%。

And then a follow-up on Topgolf. I guess, you mentioned, obviously, corporate is the weak spot here and that sounds specific. But if we look at pre-COVID, I think corporate was 30% of total Topgolf revenue, but that was very 4Q weighted. And so I guess we're staring down the back half that has a much higher mix of corporate revenue historically. Corporate is the weak spot in Topgolf right now. I know Brian walked through a few points of maybe what's going to drive the acceleration into 4Q. But maybe can you just help investors bridge that gap of what you guys see to give you confidence in the improved sales given the corporate uncertainty we're seeing?

然後是《Topgolf》的後續。我想，你顯然提到，企業是這裡的弱點，這聽起來很具體。但如果我們看看新冠疫情之前的情況，我認為公司業務佔 Topgolf 總收入的 30%，但這是第四季度的加權。因此，我想我們正在關注歷史上企業收入組合要高得多的後半部分。目前，企業業務是 Topgolf 的弱點。我知道 Brian 講述了一些可能會推動第四季度加速的因素。但也許您可以幫助投資者彌合你們所看到的差距，讓您對我們看到的企業不確定性的銷售改善充滿信心？

Okay. So let me just correct a few numbers for you to start with Daniel, because you're directionally correct, but the numbers were slightly inaccurate. Corporate, since we're saying that specifically is, on average, 21% of our total business in the venues for the full year. In Q4, it is roughly 28%. So maybe for Q4, you can round to that 30%, but 28% would be a more precise number. And we obviously -- as we go through our -- we've got pretty good visibility on what the corporate trends have been. And we factored them into our guidance as best we can and giving you is -- what I think is a walk on some of the other factors. So I'm not sure if I can add too much more color right now in terms of -- we prefer not to get into specific estimates by subcategory by quarter. And I'm sure you can understand why.

好的。因此，讓我先糾正一些數字，讓你從丹尼爾開始，因為你的方向是正確的，但數字有點不准確。企業業務，因為我們具體說的是，平均而言，我們全年場館業務總量的 21%。第四季度約為 28%。因此，也許對於第四季度，您可以四捨五入到 30%，但 28% 會是更精確的數字。顯然，當我們經歷我們的過程時，我們對企業趨勢有了很好的了解。我們盡最大努力將它們納入我們的指導中，並給您提供的是——我認為是對其他一些因素的分析。因此，我不確定現在是否可以添加更多的色彩——我們不想按季度按子類別進行具體估計。我相信你能理解為什麼。

Next question comes from Noah Zatzkin with KeyBanc Capital Markets.

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

Maybe switching gears to apparel. Just hoping you could provide some color both on inventory levels and channel health, along with the level of promotionality you're seeing in the channel. And then I guess relatedly, within Active Lifestyle, strong gross margin improvement in the quarter, hoping you could help bridge to the EBIT margin pressure you saw. And then just any color on how we should think about margins there moving through the back half.

也許會轉向服裝。只是希望您能夠提供有關庫存水平和渠道健康狀況以及您在渠道中看到的促銷水平的一些信息。然後我認為，在積極生活方式領域，本季度的毛利率將強勁改善，希望您能幫助緩解您所看到的息稅前利潤壓力。然後是關於我們應該如何考慮後半部分的邊距的任何顏色。

Okay. Brian, I'm going to throw that margin one your way. So I don't know whether we have anything on that at this point. But in terms of the field inventories and inventory levels in general, it's a little bit of the same story in Golf Equipment, but it's going to take a little longer is the long and short answer of it. So inventories built up in the field over the 2022, they are in process of correcting. We had a strong sell-through quarter for our brands. We feel like we're in a good position at or ahead of our plan from that basis. It's a little more promotional than it was -- well, it's a lot more promotional than it was in '21 and '22 when there were no inventory and nobody promoted anything. But it's -- I wouldn't call it highly promotional right now. And we feel good about those trends.

好的。布萊恩，我要把這一邊際交給你。所以我不知道我們目前是否有任何相關信息。但就現場庫存和總體庫存水平而言，高爾夫裝備的情況有些相同，但長短的答案是，需要更長的時間。因此，2022 年現場建立的庫存正在糾正中。我們品牌的季度銷售量強勁。從這個基礎上，我們覺得我們處於有利位置，甚至領先於我們的計劃。現在的促銷力度比以前要大一些——嗯，比 21 年和 22 年的時候促銷力度要大得多，當時沒有庫存，也沒有人促銷任何東西。但我現在不會稱其為高度促銷。我們對這些趨勢感覺良好。

Brian, do you have any color for the margin expectations for the balance of the year? I think what you might be seeing, though, is just a little bit noise between the quarters because Q1, we had stronger volume than Q2, and it's another one of those COVID quarterly comparison issues because our supply chain corrected this year. So we shipped the product when we're supposed to ship it, which was Q1. Last year, we shipped a lot of it in Q2 because we couldn't get it. And so now when you compare the quarters, Q1 and Q2 look wonky. If you look at the half, it looks pretty solid, and it's very representative. And we're on track or trend for our plan there.

Brian，您對今年剩餘時間的利潤率預期有什麼看法嗎？不過，我認為您可能看到的只是季度之間的一點噪音，因為第一季度我們的銷量比第二季度更強，這是另一個新冠季度比較問題，因為我們的供應鏈今年進行了糾正。因此，我們在應該發貨的時候發貨了，也就是第一季度。去年，我們在第二季度發貨了很多，因為我們拿不到。所以現在當你比較季度時，第一季度和第二季度看起來很不穩定。如果你看一半的話，看起來還蠻紮實的，很有代表性。我們的計劃正步入正軌或趨勢。

Yes. So for the second half, we would expect it to be up. So the trends, as Chip mentioned, is pretty good if you look at the half -- the first half. But then second half, and we get -- we're going to continue to get some benefits from the freight and then also from FX, and that will help those as well and just the continued sales growth in the back half.

是的。因此，對於下半年，我們預計它會上漲。因此，正如奇普所提到的，如果你看一下上半年——上半年，趨勢就非常好。但下半年，我們將繼續從貨運和外匯中獲得一些好處，這也將有助於這些以及下半年銷售的持續增長。

Our next question comes from Martin Mitela with Raymond James.

我們的下一個問題來自馬丁·米特拉和雷蒙德·詹姆斯。

This is Martin on for Joe Altobello. I appreciate your commentary about the ramp-up for 4Q. I just consider 3Q guidance is a little bit softer than what the Street expected. I was wondering if you can give a little bit more commentary around that.

這是喬·阿爾托貝洛的馬丁。我感謝您對第四季度的增長的評論。我只是認為第三季度的指導比華爾街的預期要軟一些。我想知道你是否可以對此發表更多評論。

Martin, it's hard for me to comment on what the Street would have expected because the Street didn't have any of the information that we had in terms of actual results. So I think it's pretty logical and believable when we -- you look at how it ramps based on the actual facts. So I guess, hence the purpose of these calls.

馬丁，我很難評論華爾街的預期，因為華爾街沒有我們掌握的任何實際結果信息。所以我認為，當我們根據實際情況來看它是如何增長時，這是非常合乎邏輯和可信的。所以我想，這就是這些電話的目的。

Okay. Fair enough. And there was a comment made on this earnings call and the virtual Investor Day as well, which suggests that you're opening the door for self-financing for Topgolf venues. Just wondering if we can get a little bit of idea or the reason that you're looking down that path and maybe what sort of implications it could mean?

好的。很公平。在本次財報電話會議和虛擬投資者日上也發表了評論，這表明您正在為 Topgolf 場地的自籌資金敞開大門。只是想知道我們是否可以得到一些想法或者您正在尋找這條道路的原因以及它可能意味著什麼？

Sure. Thanks, Martin. This is Brian. We wanted to provide flexibility to do so. Right now, the REITs -- cap rates have been holding stable for us. I know everyone else has been seeing a lot of increased interest rates, but they've held reasonably stable. And I think there's a few reasons for that. We tend to run a competitive process. We have more REITs that have interest in working with us now. The venues have become more proven and are less risky to the REITs. So everything has been holding. Occasionally, you run into a site that for whatever reason a REIT may not be interested or just to keep them honest on the rates. We wanted the flexibility to be able to self-finance if that proves to be economically feasible for us.

當然。謝謝，馬丁。這是布萊恩。我們希望提供靈活性來做到這一點。目前，房地產投資信託基金的資本化率對我們來說一直保持穩定。我知道其他人都看到利率大幅上漲，但利率保持相當穩定。我認為這有幾個原因。我們傾向於運行一個競爭性的流程。現在有更多的房地產投資信託基金有興趣與我們合作。這些場所已經變得更加成熟，對房地產投資信託基金來說風險也更小。所以一切都一直在舉行。有時，您會遇到一個網站，無論出於何種原因，房地產投資信託基金可能不感興趣，或者只是為了讓他們誠實地提供利率。如果事實證明這對我們來說在經濟上可行，我們希望能夠靈活地實現自籌資金。

Our next question comes from John David Kernan with TD Cowen.

我們的下一個問題來自 TD Cowen 的 John David Kernan。

Brian, I just wanted to go to the OpEx line, specifically the deleverage that's occurring on the operating expense as a percent of sales. I think it was about 400 basis points in the first half, but it was based on the Q3 guidance. You probably have to have significant leverage by Q4 on this line. How should we think about the balance between top line investing in Topgolf and that operating expense line, which seems to be driving a lot of the margin deleverage?

布萊恩，我只想談談運營支出，特別是運營費用佔銷售額的比例所發生的去槓桿化。我認為上半年約為 400 個基點，但這是基於第三季度的指導。到第四季度，你可能必須在這條線上擁有巨大的影響力。我們應該如何考慮 Topgolf 的營收投資與運營費用線之間的平衡，這似乎在很大程度上推動了利潤率去槓桿化？

Yes. I think a lot of it is. We've been talking about the labor and marketing all year and how those comps get a lot easier in the second half. I mean it is significant. If you look at it being -- it will shift from being a headwind to a tailwind first half, second half, and it's 400 to 500 basis points. So you get that plus the improved profitability, I mean that's a significant lift there. And I think that's probably what you're seeing.

是的。我認為很多都是這樣。我們一整年都在談論勞動力和營銷，以及下半年這些補償如何變得容易得多。我的意思是這很重要。如果你看一下——上半場、下半年，它會從逆風轉變為順風，幅度為 400 到 500 個基點。所以你得到了這一點，再加上盈利能力的提高，我的意思是這是一個顯著的提升。我想這可能就是你所看到的。

Okay. Got it. It just seems like in Q3, it's going to remain a pretty significant headwind just based on the EBITDA guidance you gave for Q3 and then it has to switch to a pretty meaningful tailwind by Q4.

好的。知道了。看起來在第三季度，僅根據您為第三季度提供的 EBITDA 指導，它仍將是一個相當大的逆風，然後必須在第四季度轉向一個相當有意義的順風。

Yes, it does, because a lot of the actions will happen in Q3 and then it ramps towards the Q4.

是的，確實如此，因為很多行動將在第三季度發生，然後逐漸轉向第四季度。

Got it. And then is the meaningful improvement in the EBITDA margin by Q4, is that being driven more by Topgolf? Or is it balanced between the Golf Equipment business and Topgolf?

知道了。那麼第四季度 EBITDA 利潤率的顯著改善是否主要是由 Topgolf 推動的？或者高爾夫裝備業務和Topgolf之間是否平衡？

A lot of it is Topgolf for the things we just mentioned, plus the increase in same venue sales. But there's also improvements in the gross margin -- the other businesses gross margins as well. And especially with the second half product launch, foreign currency, freight rates, I mean it's all adding up to be a pretty nice improvement for the EBITDA margin.

很大一部分原因是我們剛才提到的Topgolf，再加上同場銷售的增長。但毛利率也有所改善——其他業務的毛利率也是如此。尤其是下半年的產品推出、外匯、運費，我的意思是，所有這些加起來對 EBITDA 利潤率來說是一個相當不錯的改善。

Our next question comes from Michael Swartz with Truist Securities.

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

Just with regards to the Full Swing acquisition, maybe give us a little color on just the background of that acquisition, what it provides you? And then is that a material business in terms of revenue or EBITDA?

關於 Full Swing 的收購，也許可以給我們介紹一下這次收購的背景，它為您提供了什麼？那麼，就收入或 EBITDA 而言，這是一項重要業務嗎？

Michael, it's Chip. So Swing Suites is -- it's more of a strategic acquisition than it is a financially material one. So Swing Suites, for those on the call that are not familiar with it, is almost a lounge business that you would find at resorts and premium hotels. So you visit Omni and it's Topgolf Swing Suites and you'd see these bays that you can go in and hit falls and play games and entertain. And it has the Topgolf brand on it. But it wasn't -- it was a business that we had had prior to the merger. The previous owners had licensed out long-term license to Full Swing. And so it wasn't being controlled by Topgolf.

邁克爾，我是奇普。因此，Swing Suites 更像是一項戰略收購，而不是一項財務上的重大收購。因此，對於那些不熟悉的人來說，Swing Suites 幾乎是度假村和高級酒店中常見的休息室業務。因此，您參觀 Omni 和 Topgolf Swing Suites 時，您會看到這些海灣，您可以進去擊球、玩遊戲和娛樂。它上面有 Topgolf 的品牌。但事實並非如此——這是我們在合併之前就有的業務。之前的所有者已向 Full Swing 授予長期許可。所以它不受 Topgolf 的控制。

It's a nice business. It has our brand on it. It has some good long-term potential, but it's a small business. It's, roughly on a GAAP basis, $5 million in revenue. So very small there. It will be accretive from a cash basis, about $2 million starting next year. It will be accretive this year, but I'm giving you annual numbers here, not partial year numbers. So not a material business, but a strategically very attractive one, part of the brand, something we do think we can grow. And something even potentially more importantly, we wanted to control given how positively we feel about the Topgolf brand and the long-term potential there.

這是一筆不錯的生意。上面有我們的品牌。它具有良好的長期潛力，但它是一家小企業。按 GAAP 計算，其收入大約為 500 萬美元。那裡很小。從明年開始，這筆資金將從現金基礎上增加，約為 200 萬美元。今年將會有所增加，但我在這裡給你的是年度數字，而不是部分年份數字。因此，這不是一項物質業務，而是一項戰略上非常有吸引力的業務，是品牌的一部分，我們確實認為我們可以成長。甚至可能更重要的是，考慮到我們對 Topgolf 品牌及其長期潛力的積極看法，我們想要控制。

That's helpful. And maybe, Brian, with regards to the free cash flow improvement in the back half of the year, I think part of that is working capital and bringing down inventory in the products business. But just given the fourth quarter launch cadence, should we expect the inventory to come down more materially over the next few quarters relative to the (inaudible) $120 million in the first half?

這很有幫助。布萊恩，關於今年下半年自由現金流的改善，我認為其中一部分是營運資金和降低產品業務的庫存。但考慮到第四季度的發布節奏，我們是否應該預期庫存在接下來的幾個季度相對於上半年的（聽不清）1.2 億美元會有更大幅度的下降？

Well, it's come down a significant amount. And then you have to remember toward the end of the year, we'll start ramping up for the launches next year. So you have to build that into it, but that will be next year's launch and next year's product. But this year it will continue to come down, but there's usually less sales in the second half of the golf business anyway. But it will be in good shape by the end of the year. That's -- I guess that's the bottom line. Our inventory will be in great shape and [all current].

嗯，它已經下降了很多。然後你必須記住，到了年底，我們將開始為明年的發布做好準備。所以你必須將其構建到其中，但這將是明年的發布和明年的產品。但今年它會繼續下降，但無論如何，高爾夫業務下半年的銷售額通常會減少。但到今年年底，它將處於良好狀態。這就是——我想這就是底線。我們的庫存狀況良好並且[全部是最新的]。

Our next question comes from Eric Wold with B. Riley Securities.

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

One question. I know that -- so if I kind of think back, you started your half year guidance, you raised it a little bit Q1. You've reaffirmed it on this call, I think like a lot of confusion has been around kind of the quarterly cadence given a number of wonky comparisons to last year. The post-Omicron demand by the Topgolf, the equipment catch up, the weather shutdown in Q4. I guess that all -- obviously, there's still 4 months left in the year. Assuming nothing wonky happens next 4 months, does that kind of normalize everything in terms that the next year's quarterly cadence should be normal -- does that sort of any weird comparisons in any certain quarters?

一個問題。我知道——所以如果我回想一下，你開始了你的半年指導，你在第一季度提高了一點。你在這次電話會議上重申了這一點，我認為，考慮到與去年的一些不穩定的比較，季度節奏存在很多混亂。 Topgolf 的後 Omicron 需求、設備趕上、第四季度的天氣關閉。我想這一切——顯然，今年還剩下 4 個月。假設接下來 4 個月沒有發生任何奇怪的事情，那麼這是否會使一切都正常化，明年的季度節奏應該是正常的——在任何特定季度中是否會有任何奇怪的比較？

Eric, this is Chip. The short answer with, obviously, fingers crossed is yes. What we -- we had a decision to make at the beginning of the year, which did we start comparing against 2022 numbers because 2019 was so long ago. And we made the obvious decision, which is probably the only decision to do that. But it has a lot -- 2022 still had a lot of COVID and what we'll call onetime noise in it. This is not fundamental to our business. It doesn't really impact long-term, but we had these inventory catch-ups and inventory shortages and periods where COVID was impacting consumers at Topgolf. And so there's -- bear with us as we get through it in the balance of the year. And yes, it should be cleaner going forward.

埃里克，這是奇普。顯然，簡短的回答是肯定的。我們在年初做出了一個決定，我們開始與 2022 年的數字進行比較，因為 2019 年已經是很久以前的事了。我們做出了顯而易見的決定，這可能是唯一的決定。但它有很多——2022 年仍然有很多新冠病毒以及我們所說的一次性噪音。這不是我們業務的基礎。它並沒有真正影響長期，但我們經歷了這些庫存追趕和庫存短缺以及新冠疫情影響 Topgolf 消費者的時期。因此，請耐心等待我們在今年餘下的時間裡度過這一時期。是的，未來應該會更加干淨。

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

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

I think there's been pulled apart in about every way possible so far. But the discussion to cash flows should turn positive for Topgolf at the end of the year, it's obviously a big swing. The golf business has always generated nice cash. What kind of cash flow range are you thinking about for 2024? And what would you like to do with it? Is it to pay down debt? And if so, what's kind of a net leverage ratio that you'd like to get it to like a normalized basis?

我認為到目前為止，幾乎所有可能的方面都已被撕裂。但對於現金流的討論應該會在年底對 Topgolf 產生積極影響，這顯然是一個很大的轉變。高爾夫業務一直能產生可觀的現金。您認為 2024 年的現金流範圍是多少？你想用它做什麼？是為了還債嗎？如果是這樣，您希望達到什麼樣的淨槓桿率，使其成為標準化基礎？

Casey, this is Brian. We're not going to provide guidance at this point on cash flow for next year, but we agree that it will generate significant cash flow. As far as what we do with it? Well, we -- paying down debt is an obvious one, investing back in the business is our primary one we do. We have plenty of availability at this point. So we'll monitor it, and we'll balance it between investing back in the business, making sure our leverage ratios are on track to decrease. I mean longer term, we want to get below 3x and then a balance between returning capital to shareholders and other investments, smaller investments.

凱西，這是布萊恩。目前我們不會就明年的現金流提供指導，但我們同意它將產生大量現金流。至於我們用它做什麼？嗯，我們——償還債務是顯而易見的，投資回業務是我們所做的首要任務。目前我們有充足的可用空間。因此，我們將對其進行監控，並在業務投資之間進行平衡，確保我們的槓桿率有望下降。我的意思是從長遠來看，我們希望達到 3 倍以下，然後在向股東返還資本和其他投資、較小的投資之間取得平衡。

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。我想將會議轉回奇普·布魯爾（Chip Brewer）發表閉幕詞。

Well, thank you, everybody, for dialing in. We appreciate your participation and questions, and we look forward to engaging with you post call, where appropriate. And look forward to continue to update on our journey. I do want to say I'm very pleased, and I believe that the business is continuing to strengthen in the fundamental economic engine, and I hope that came through in our comments. Thanks for your time.

好的，謝謝大家撥通電話。我們感謝您的參與和提問，我們期待在適當的情況下與您進行電話交流。並期待繼續更新我們的旅程。我確實想說我非常高興，我相信業務在基本經濟引擎中正在繼續加強，我希望我們的評論能夠體現這一點。謝謝你的時間。

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。