Topgolf Callaway Brands Corp (MODG) 2023 Q3 法說會逐字稿

Welcome to the Topgolf Callaway Brands Third 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 年第三季財報電話會議。 （操作員說明）請注意，正在記錄此事件。現在我想將會議交給投資者關係和企業傳播副總裁 Katina Metzidakis。請繼續。

Thank you, Andrea, and good afternoon, everyone. Welcome to Topgolf Callaway Brands Third 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.

謝謝你，安德里亞，大家下午好。歡迎參加 Topgolf Callaway Brands 2023 年第三季財報電話會議。我是 Katina Metzidakis，公司投資人關係與企業傳播副總裁。與我一起在今天的電話會議上發言的還有我們的總裁兼執行長 Chip Brewer；以及我們的財務長兼首席法務官 Brian Lynch。

Earlier today, the company issued a press release announcing its third quarter 2023 financial results. In addition, there is an updated presentation with supplemental information that we have not shared in the past that may make it easier for you to follow along with this call. Because we are introducing some new concepts and metrics, we will plan to extend today's call to give additional time for our question-and-answer session.

今天早些時候，該公司發布新聞稿，公佈 2023 年第三季財務業績。此外，還有一個更新的演示文稿，其中包含我們過去未共享的補充信息，這可能會讓您更輕鬆地跟進本次電話會議。由於我們正在引入一些新的概念和指標，因此我們將計劃延長今天的電話會議，以便為問答環節提供更多時間。

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.

本收益報告以及收益新聞稿均可在本公司投資者關係網站的「財務表現」標籤下查看。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 衡量標準與簡報後面相應的 GAAP 衡量標準進行了核對。

Please note that the 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，電話會議將包括前瞻性陳述，這些陳述涉及可能導致實際結果與管理層當前預期有重大差異的風險和不確定性。我們鼓勵您查看簡報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 like to turn the call over to Chip.

說到這裡，我想把電話轉給奇普。

Thank you, Katina. Good afternoon to everyone, and thank you for joining us today. Despite some volatility in Topgolf's same venue sales, Q3 was a strong operating quarter. The team delivered solid results across all segments of our business and expects to deliver mid-single-digit growth in revenues and EBITDA for the full year. We are confident we will be free cash flow positive this year and have now begun to reduce our financial leverage.

謝謝你，卡蒂娜。大家下午好，感謝您今天加入我們。儘管 Topgolf 的同場銷售出現一些波動，但第三季的營運季度表現強勁。該團隊在我們業務的所有領域都取得了堅實的業績，並預計全年收入和 EBITDA 實現中個位數成長。我們有信心今年的自由現金流將為正，並且現在已經開始降低我們的財務槓桿。

As we look across our business, we are encouraged by the fact that our golf consumer remains strong as does the Callaway equipment brand and product pipeline. Our Active Lifestyle segment continues to deliver growth in top line and operating margin. And at Topgolf, our confidence on venue economic returns remains very strong. We are delivering a compelling unit growth plan with new venues opening well, and our venue margins continue to improve, an impressive and important proof point as this was delivered during a challenging same venue sales environment.

當我們縱觀我們的業務時，我們感到鼓舞的是，我們的高爾夫消費者以及卡拉威裝備品牌和產品線仍然強勁。我們的積極生活方式部門持續實現營收和營業利潤的成長。在Topgolf，我們對場地經濟回報的信心仍然非常強烈。我們正在提供令人信服的單位成長計劃，新場館開業情況良好，我們的場館利潤率持續提高，這是一個令人印象深刻且重要的證明點，因為這是在充滿挑戰的同一場館銷售環境中實現的。

Unfortunately, lower near-term sales in our venues as well as current foreign exchange rates result in lower forward projections at this time. As you would expect, we don't take these changes lightly, and we do not intend to make a habit of them. Excluding 2020, this will be the first full year earnings guide that we have missed in my 11-plus years of running this business.

不幸的是，我們場館的近期銷售額較低以及目前的外匯匯率導致目前的前瞻性預測較低。正如您所期望的，我們不會掉以輕心地對待這些變化，我們也不打算讓它們成為一種習慣。不包括 2020 年，這將是我經營該業務 11 多年來我們錯過的第一個全年盈利指南。

The teams quickly recognized the change in conditions and are now taking swift and decisive action to reduce costs, capture further synergies and drive improved profitability. With these changes, we believe we have identified a clear path to derisk our operating plans through a potentially softer consumer environment while maintaining both strong growth and positive cash flow.

團隊很快就意識到了情勢的變化，現在正在採取迅速而果斷的行動來降低成本、獲得進一步的協同效應並提高獲利能力。透過這些變化，我們相信我們已經找到了一條明確的道路，可以透過潛在疲軟的消費環境來降低我們的營運計劃風險，同時保持強勁的成長和正現金流。

Given our strong financial resources and businesses that are well positioned for long-term success, we remain strongly confident in our growth algorithm and the direction of our business. Let me now walk you through our business segment performance in Q3. I'll begin with Topgolf, starting with the 3 key performance drivers for our venue business, venue development, same venue sales growth and venue margin expansion.

鑑於我們強大的財務資源和為長期成功做好準備的業務，我們對我們的成長演算法和業務方向仍然充滿信心。現在讓我向您介紹我們第三季的業務部門表現。我將從 Topgolf 開始，首先介紹我們場館業務的 3 個關鍵績效驅動因素：場館開發、同場銷售成長和場館利潤擴張。

We successfully opened 4 new venues thus far in Q4, including St. Louis-Midtown, Memphis and our first 2 venues in New England, in Canton, Massachusetts outside of Boston and Cranston, Rhode Island outside of Providence. With 7 venues opened year-to-date, Topgolf remains on track to open 11 new venues in 2023. As usual, the new venues are performing well.

到目前為止，我們在第四季度成功開設了4 個新場館，包括孟菲斯的聖路易斯市中心以及我們在新英格蘭、馬薩諸塞州波士頓郊外的坎頓和羅德島州普羅維登斯郊外的克蘭斯頓的前2 個場館。 Topgolf 今年迄今已開業 7 個場館，並預計在 2023 年開設 11 個新場館。與往常一樣，新場館表現良好。

While we're on this subject, I want to provide an update on our acquisition of BigShots from Invited, the largest private golf and country club owner and operator in North America and a key strategic partner of Topgolf Callaway Brands. As part of this strategic transaction, we acquired the largest active competitor to Topgolf, including 1 new owned and operated venue; 2 franchisee relationships covering 3 venues, which we expect to convert to Toptracer accounts in the near future; and enhanced and derisked future pipeline as we will now assume BigShots pipeline, some of which overlapped with ours, along with the preferred vendor agreement in which Topgolf Callaway Brands merchandise, including Callaway, TravisMathew and OGIO product, will be prominently featured at Invited's more than 140 golf and country clubs, all for approximately the same price of building a single Topgolf venue.

在我們討論這個主題時，我想提供有關我們從 Invited 收購 BigShots 的最新信息，Invited 是北美最大的私人高爾夫和鄉村俱樂部所有者和運營商，也是 Topgolf Callaway Brands 的重要戰略合作夥伴。作為這項策略交易的一部分，我們收購了 Topgolf 最大的活躍競爭對手，包括 1 個新擁有和營運的場地； 2 個涵蓋 3 個場館的特許經營商關係，我們預計在不久的將來將其轉換為 Toptracer 帳戶；並增強和消除了未來管道的風險，因為我們現在將假設BigShots 管道（其中一些與我們的管道重疊）以及首選供應商協議，其中Topgolf Callaway 品牌商品（包括Callaway、TravisMathew 和OGIO 產品）將在Invited 的超過140 個高爾夫和鄉村俱樂部，全部費用與建造一個 Topgolf 場地的價格大致相同。

With the venue acquired through this transaction and the potential to add 1 additional venue in the first half of next year, we plan to build only 8 to 9 additional new venues in 2024. This change, along with the strategic assessment and resulting tightening of our other capital expenditure plans, will save us approximately $100 million in planned capital over the next 2 years. This will improve our already positive cash flow and accelerate our expected debt paydown schedule. It will, therefore, derisk our business over the near to medium term, something we believe some investors will appreciate.

鑑於透過此交易獲得的場館以及明年上半年新增1 個場館的可能性，我們計劃在2024 年僅增建8 至9 個新場館。這項變更以及策略評估以及由此導致的收緊我們的其他資本支出計畫將在未來 2 年內為我們節省約 1 億美元的計畫資本。這將改善我們已經為正的現金流，並加快我們預期的債務償還時間表。因此，這將在中短期內降低我們業務的風險，我們相信一些投資者會欣賞這一點。

Consistent with previous communication, we maintain high confidence in the venue returns, which remain at an 18% to 22% return on gross investment and a 50% to 60% cash-on-cash return based on targeted year 5 results. And thus, we expect to resume building approximately 11 venues per year again in 2025. Our projections support this new capital allocation plan as the best way to drive shareholder value, and we believe we have more than enough capital available to support this growth plan. However, if business conditions necessitate it, we can pull back on these investments and all stakeholders should be confident we would do so.

與先前的溝通一致，我們對場館回報保持高度信心，根據第 5 年目標業績，總投資回報率為 18% 至 22%，現金回報率為 50% 至 60%。因此，我們預計到2025 年將再次恢復每年建造約11 個場館。我們的預測支持這項新的資本分配計劃，將其作為推動股東價值的最佳方式，我們相信我們有足夠的可用資本來支持這一增長計劃。然而，如果業務條件有必要，我們可以撤回這些投資，所有利害關係人應該相信我們會這樣做。

Moving to same venue sales. These were down 3% in Q3 due to weaker-than-expected demand, along with extreme heat that impacted our venues located in southern markets, including Texas, during a portion of the quarter. Our consumer or 1 to 2 Bay business, which as a reminder, represents approximately 80% of our total business on an annual basis, was flat versus last year and remains up nicely versus 2019 levels.

轉移到同一地點銷售。由於需求弱於預期，以及本季部分時間影響了我們位於包括德州在內的南部市場的場地的極端高溫，第三季的銷售額下降了 3%。提醒一下，我們的消費者業務或 1 至 2 灣業務約占我們年度總業務的 80%，與去年持平，但與 2019 年的水平相比仍保持良好增長。

Our corporate events business declined approximately 17% year-over-year in Q3 as we continue to lap the post-COVID surge in demand we saw last year. That said, the corporate events business appears to have stabilized during the quarter, and the 2-year stack using 2022 and 2019 was still up 4%. This 2-year stack chart is included in our investor presentation on Page 4. I believe it provides a helpful way to look at the performance year-to-date as it shows the laps we are anniversarying and that the business remains up nicely versus pre-COVID on a 2-year stack basis.

我們的企業活動業務在第三季同比下降了約 17%，因為我們繼續追隨去年疫情後需求激增的趨勢。儘管如此，企業活動業務在本季似乎已經穩定，使用 2022 年和 2019 年的 2 年堆疊仍成長 4%。這張2 年堆疊圖包含在我們第4 頁的投資者演示中。我相信它提供了一種有用的方式來查看今年迄今為止的業績，因為它顯示了我們正在慶祝的圈數，並且業務與之前相比仍保持良好狀態-以 2 年堆疊為基礎的新冠肺炎 (COVID)。

Looking forward on same venue sales. After improving in September, our October results softened overall. But interestingly, we see a consistent trend of sales remaining strong on the weekends as well as on Tuesdays where we offer half off game play. The lower same venue sales we are seeing is largely confined to our events business as well as Monday, Wednesday and Thursday, where we are not providing either value or a special occasion. As you'll hear in a moment, this difference by day of the week is instructive for our action plan and the fact that the events business is stabilizing is important for forward projections.

期待同場銷售。繼 9 月有所改善後，我們 10 月的業績整體走軟。但有趣的是，我們看到週末以及週二我們提供遊戲半價優惠的銷售趨勢始終保持強勁。我們看到的同場館銷售額較低主要局限於我們的活動業務以及週一、週三和週四，我們在這些活動中既不提供價值，也不提供特殊場合。正如您稍後會聽到的那樣，一周中每一天的差異對於我們的行動計劃具有指導意義，而活動業務正在穩定這一事實對於未來預測也很重要。

But before I go there, let me unpack the Q4 forecast. For Q4, we're now forecasting corporate event demand down low teens year-over-year, which is consistent with actual current booking trends and would result in a 2-year stack of approximately flat for this portion of our business. This decline is less than the corporate was down in Q2 and Q3 as we continue to see the business stabilizing. However, corporate is a higher percent of the sales mix this quarter, so it is more impactful to the total.

但在我開始之前，讓我先介紹一下第四季的預測。對於第四季度，我們現在預測企業活動需求將同比下降兩位數，這與當前實際預訂趨勢一致，並將導致我們這部分業務在 2 年內基本持平。由於我們繼續看到業務趨於穩定，這一下降幅度小於該公司第二季和第三季的下降幅度。然而，企業在本季的銷售組合中所佔的比例較高，因此對整體的影響更大。

We're forecasting the consumer portion, our 1 to 2 Bay business, down low single digits versus last year for Q4, thus reflecting the results we saw in October. With this forecast, our 2-year stack for consumer would be up high single digits versus 2019 as the consumer portion of our business, although slowing some, remains healthy versus historical levels. As a result, we are now guiding to down mid- to high single digits for Q4 and slightly down for the full year. But please note that both of these are up nicely on a stacked basis.

我們預測第四季度的消費者部分（即我們的 1 到 2 灣業務）將比去年下降低個位數，從而反映了我們 10 月看到的結果。根據這項預測，我們的 2 年消費者業務堆疊將比 2019 年成長高個位數，因為我們業務的消費者部分雖然有所放緩，但與歷史水準相比仍保持健康。因此，我們現在預計第四季的成長率將下降到中高個位數，全年的成長率將略有下降。但請注意，這兩者在堆疊基礎上都表現得很好。

Moving to what we're going to do about it. Given the day of the weak trends and also believing that, in the current environment, consumers are being offered and are probably looking for greater value to tempt them out during the week, we are immediately doubling down on communicating our Tuesday value offering. And in test markets, we will be trialing additional value offerings aimed specifically at Wednesdays and Thursdays. We're also going to ramp up our cross-brand synergies by promoting Topgolf offers to both Callaway and TravisMathew loyalists.

轉到我們將要採取的措施。考慮到當天的疲軟趨勢，並相信在當前環境下，消費者正在被提供，並且可能正在尋找更大的價值來吸引他們在本週內購買，我們立即加倍努力傳達我們週二的價值產品。在測試市場中，我們將專門針對週三和週四嘗試額外的價值產品。我們還將透過向 Callaway 和 TravisMathew 的忠實粉絲推廣 Topgolf 優惠來增強跨品牌協同效應。

In this clearly choppy environment, one of our relative strengths is that with expanding venue margins and minimal current promotional activity, we have room to implement new promotions and still deliver strong 4-wall returns at our venues. Furthermore, our recent digital efforts enable us to effectively target specific segments and days of the week.

在這個明顯動蕩的環境中，我們的相對優勢之一是，隨著場地利潤的擴大和當前促銷活動的減少，我們有空間實施新的促銷活動，並且仍然在我們的場地提供強勁的四牆回報。此外，我們最近的數位化努力使我們能夠有效地針對特定細分市場和一周中的幾天。

Speaking of digital, I'd like to thank and recognize the Topgolf team for the significant progress they're making here. And at the same time, I'm energized by the large runway for continued growth and improvement in front of us.

說到數位化，我要感謝並認可 Topgolf 團隊在這裡取得的重大進展。同時，我對我們面前的持續成長和進步的廣闊跑道感到充滿活力。

The venue business ended Q3 with a total digital sales mix of nearly 36%, up from 34% in Q2 and only 5% pre-merger. We believe our long-term digital mix will be 60% or higher, and we set a strong foundation for this with the implementation of PIE, our Bay inventory management system, which is now in all our venues except for Las Vegas.

截至第三季度，場館業務的數位銷售額佔比接近 36%，高於第二季度的 34% 和合併前的 5%。我們相信，我們的長期數位組合將達到60% 或更高，我們透過實施PIE（我們的海灣庫存管理系統）為此奠定了堅實的基礎，該系統現已應用於除拉斯維加斯以外的所有場館。

The next chapter for PIE involves more efficient stacking of our reservations to maximize utilization and offering more options on length of the reservation versus the standard to our option we offer today. This will effectively create more available inventory during peak hours, provide more value to the consumer and more profit opportunity.

PIE 的下一章涉及更有效地堆疊我們的預訂，以最大限度地提高利用率，並在預訂長度上提供更多選項（與我們今天提供的選項標準相比）。這將有效地在高峰時段創造更多可用庫存，為消費者提供更多價值和更多利潤機會。

And as more of our business is sold through reservations, we're working on further product innovation to offer add-ons and upsell things like food and beverage packages, better bay or floor location, potentially some services like introductory lessons and maybe even upgraded equipment.

隨著我們越來越多的業務透過預訂銷售，我們正在致力於進一步的產品創新，以提供附加產品和追加銷售，例如食品和飲料套餐、更好的海灣或樓層位置、可能的一些服務，例如入門課程，甚至可能是升級設備。

Moving on to our third performance driver, venue margin expansion. The team just did an outstanding job here during Q3. The initiatives the team have been working on, such as PIE as well as labor and COGS optimization, paid big dividends this quarter. And as a result, even with same venue sales below expectations and clearly a challenging operating environment, we were able to deliver EBITDA margins in the mid-30s and approximately 200 basis points above last year. This should provide confidence both in our ability to deliver margins in tough environments and in our ability to hit our 35% full year venue EBITDA margin target by 2025, if not, sooner.

接下來是我們的第三個績效驅動因素，場地獲利擴張。該團隊在第三季度表現出色。該團隊一直致力於的舉措，例如 PIE 以及勞動力和 COGS 優化，在本季度取得了巨大的成果。因此，即使同一場地的銷售額低於預期，而且營運環境顯然充滿挑戰，我們仍能夠實現 30 多歲左右的 EBITDA 利潤率，比去年高出約 200 個基點。這應該讓我們對在艱難環境下交付利潤的能力以及到 2025 年（如果不能的話，更早）實現 35% 的全年 EBITDA 利潤率目標的能力充滿信心。

Shifting gears to Toptracer. Golf's #1 range technology is on pace to open just over 7,000 new bays this year, consistent with expectations. Market feedback and demand remain positive.

轉向 Toptracer。 Golf 排名第一的高爾夫球場技術今年預計將開設 7,000 多個新球洞，與預期一致。市場反饋和需求仍然積極。

Moving to our Golf Equipment segment. We're pleased with our results, which were largely in line with our expectations. We're also pleased to report that the U.S. golf consumer remains strong and engaged. As evidence of this, U.S. rounds played are up approximately 4% year-to-date through September.

轉向我們的高爾夫設備部分。我們對我們的結果感到滿意，這在很大程度上符合我們的預期。我們也很高興地報告，美國高爾夫消費者仍然強勁且活躍。年初至今，截至 9 月份，美國的比賽數量增加了約 4%，這就是證明。

The Callaway brand continues to deliver excellent performance in both brand rating and market share. In the U.S., Callaway is the #1 market share brand year-to-date in total woods, irons, fairway woods, drivers and hybrids. And it maintains its brand leadership position in technology and innovation. Our Paradym driver has also had the most wins across worldwide tours, and we continue to grow our position in ball with market share sustaining approximately 20%, sales up 7% year-to-date and an exciting new premium ball launch coming early next year.

卡拉威品牌在品牌評級和市場份額方面繼續表現出色。在美國，卡拉威是今年迄今在木桿、鐵桿、球道木桿、一號木桿和混合木桿方面市佔率排名第一的品牌。並且在技術和創新方面保持品牌領先地位。我們的Paradym 發球桿在全球巡迴賽中也取得了最多的勝利，我們繼續擴大我們在球領域的地位，市場份額維持在約20%，今年迄今為止的銷售額增長了7%，並且將於明年初推出令人興奮的新優質球。

Turning to Asia. We've seen some softening in those markets during the second half of the year, but our business there is up for the full year on a currency neutral basis, and our brand position and market share remain strong. That said, in reaction to the change in market conditions, we are lowering our sales and margin estimates for Q4 for this region. At this point, we do not see this as a significant concern for 2024, just something that bears mentioning and watching.

轉向亞洲。今年下半年，我們看到這些市場出現了一些疲軟，但在貨幣中性的基礎上，我們全年的業務都在成長，而且我們的品牌地位和市場份額仍然強勁。也就是說，為了因應市場狀況的變化，我們降低了該地區第四季的銷售額和利潤率預期。目前，我們並不認為這是 2024 年的一個重大問題，只是值得提及和關注的事情。

In the U.S., field inventories in golf equipment remain in line with expectations as does the promotional environment, overall, a healthy market. Just last week, we launched a new exciting putter, Odyssey Ai-ONE, featuring a revolutionary new insert that our testing shows delivers up to 21% better distance control on putting. It's already made its way into the bags of players like Jon Rahm, Sam Burns and Brian Lynch. We're excited about this new product and invite you to visit our website to see it for yourself. Looking further ahead, enthusiasm for and feedback from our recently completed 2024 product sales meetings and pre-lines with key customers have been very promising, and I look forward to providing you with updates on our upcoming product launches next quarter.

在美國，高爾夫裝備的現場庫存仍然符合預期，促銷環境也符合預期，整體而言，市場健康。就在上週，我們推出了一款令人興奮的新型推桿 Odyssey Ai-ONE，它採用革命性的新型插入物，我們的測試表明，推桿距離控制效果提高了 21%。它已經進入了 Jon Rahm、Sam Burns 和 Brian Lynch 等球員的包裡。我們對這款新產品感到非常興奮，並邀請您訪問我們的網站親自查看。展望未來，我們最近完成的 2024 年產品銷售會議以及與主要客戶的預產線的熱情和反饋非常有希望，我期待為您提供有關我們下季度即將推出的產品的最新資訊。

Lastly, as you think about our Golf Equipment business going forward, I'd like to remind everyone of two important points. First, the Golf Equipment business has not historically been sensitive to mild recessions. And secondly, our brand and management team have a nice track record of performance that meets or beats the overall market, something we expect to do again this year. You can see evidence of both these points on Slides 7 and 8 in the Investor Day.

最後，當您考慮我們高爾夫裝備業務的未來發展時，我想提醒大家兩點。首先，高爾夫裝備業務歷來對溫和衰退並不敏感。其次，我們的品牌和管理團隊擁有良好的業績記錄，達到或超過了整體市場的水平，我們希望今年再次做到這一點。您可以在投資者日的幻燈片 7 和 8 中看到這兩點的證據。

Moving to Active Lifestyle. TravisMathew continued to grow its top line by double digits driven by continued brand momentum and new store openings. The growth here is bolstered by progress we're making on our new women's line, including a small but successful introduction of the line at Nordstrom's. Jack Wolfskin also posted encouraging results in the quarter with solid growth despite a choppy macro environment in Europe, and the brand remains on track for growth in both revenue and profits in 2023.

轉向積極的生活方式。在持續的品牌動能和新店開幕的推動下，TravisMathew 的營收繼續以兩位數的速度成長。我們在新女裝系列上取得的進展推動了這裡的成長，包括在諾德斯特龍 (Nordstrom) 小型但成功地推出了該系列。 Jack Wolfskin 在本季度也公佈了令人鼓舞的業績，儘管歐洲宏觀環境動盪，但仍實現了穩健增長，並且該品牌仍有望在 2023 年實現收入和利潤的增長。

Now looking forward, let me briefly unpack the change in guidance. We're revising the midpoints of our 2023 revenue and EBITDA guidance to $4.25 billion and $580 million, respectively. The revision is primarily due to the lower same venue sales at Topgolf. The slowing business conditions in Asia and the foreign exchange rate movement since last quarter had contributing but smaller impacts.

現在展望未來，讓我簡要解析指導中的變化。我們將 2023 年營收和 EBITDA 指引的中點分別修改為 42.5 億美元和 5.8 億美元。這項調整主要是由於頂級高爾夫的同場銷售額較低。亞洲商業環境放緩以及上季度以來的匯率變動產生了一定影響，但影響較小。

As mentioned, we continue to expect to be cash flow positive this year both at the corporate level and at Topgolf. With the above revisions, we've also done a thorough business review and refocused spend on our biggest strategic priorities as well as accelerating synergies, lowering operating expense including headcount, reducing capital expenditures and developing more growth initiatives. Across OpEx and gross margin, we expect to realize savings of approximately $45 million per year. And as previously mentioned, we're reducing our planned CapEx spend by approximately $100 million over the next 2 years. These actions are aimed at derisking our forward forecasts.

如前所述，我們持續預期今年公司層級和 Topgolf 的現金流均為正值。透過上述修訂，我們也進行了徹底的業務審查，並將支出重新集中在我們最大的策略優先事項上，以及加速協同效應、降低包括員工人數在內的營運費用、減少資本支出和製定更多成長計劃。在營運支出和毛利率方面，我們預計每年可節省約 4,500 萬美元。如前所述，我們將在未來 2 年內將計劃的資本支出減少約 1 億美元。這些行動旨在降低我們的前瞻性預測的風險。

Looking further forward, we're moving our target of at least $800 million in EBITDA from 2025 to 2026. The primary driver of this move is foreign exchange rates as there is now $165 million revenue headwind and close to $100 million EBITDA headwind versus the rates we used in early 2022. And this, along with the economic trends we're currently experiencing, make this move appropriate at this time.

展望未來，我們將EBITDA 至少8 億美元的目標從2025 年推遲到2026 年。這項舉措的主要驅動因素是外匯匯率，因為目前收入逆風為1.65 億美元，而EBITDA 逆風與匯率相比接近1 億美元我們在 2022 年初使用了這一點。再加上我們目前正在經歷的經濟趨勢，使得這項舉措在此時是合適的。

To help better forecast our growth in cash flow, we're also introducing 2 concepts that were suggested to us by investors. The first of these is EBITDA less cash venue financing interest. This calculation avoids the complication of us having both operating and finance leases by reducing EBITDA by the cost of both. It essentially captures all cash payments that resemble rent, which is a reasonable way to look at the business both from an EBITDA and a leverage perspective.

為了幫助更好地預測我們的現金流成長，我們還引入了投資者向我們建議的兩個概念。第一個是 EBITDA 減去現金融資利息。這種計算透過減少 EBITDA 的成本來避免我們同時擁有經營租賃和融資租賃的複雜性。它本質上捕獲了類似於租金的所有現金支付，這是從 EBITDA 和槓桿角度看待業務的合理方式。

The second is embedded cash flow, which is free cash flow before growth CapEx or what our cash flow would be if we didn't continue to add new venues or retail stores. Embedded cash flow is what's available to either reinvest in future growth or return to shareholders.

第二個是嵌入現金流，這是增長資本支出之前的自由現金流，或者是如果我們不繼續增加新場館或零售店的話我們的現金流。嵌入現金流量可用於對未來成長進行再投資或回報股東。

In conclusion and looking ahead, Topgolf Callaway Brands has strong underlying fundamentals, robust financial resources and premium brands that have clear defensive moats, both individually and collectively. We operate primarily in the arena of modern golf, an attractive and growing market that benefits from positive long-term trends and structural growth. We're now making the important transition to the cash generation period of our economic journey, and although we're experiencing some short-term volatility, we're also taking steps to make sure we both stay cash flow positive and deliver strong growth going forward.

總而言之，展望未來，Topgolf Callaway Brands 擁有強大的基本面、雄厚的財務資源和優質品牌，無論是單獨還是集體，都擁有清晰的防禦護城河。我們主要在現代高爾夫領域開展業務，這是一個有吸引力且不斷成長的市場，受益於積極的長期趨勢和結構性成長。我們現在正在向經濟旅程的現金產生期進行重要過渡，儘管我們正在經歷一些短期波動，但我們也在採取措施，確保我們既保持正現金流，又實現強勁增長向前。

As I look forward, I remain confident in our outlook and that our structure provides us both synergies and a long-term competitive advantage. I'll now turn the call over to Brian to provide detail on the financial side of our business.

展望未來，我對我們的前景仍然充滿信心，我們的結構為我們提供了協同效應和長期競爭優勢。我現在將把電話轉給布萊恩，提供有關我們業務財務方面的詳細資訊。

Thank you, Chip, and good afternoon, everyone. Overall, we are pleased with our third quarter results, including our ability to deliver higher-than-expected EBITDA on softer-than-expected revenue. This was in part attributable to Topgolf's continued improvements in venue profitability as well as its management of labor costs. In preparation for potentially softer market conditions, we have taken action to reduce planned capital and operating expenditures while maintaining our long-term growth plans.

謝謝奇普，大家下午好。總體而言，我們對第三季的業績感到滿意，包括我們在收入低於預期的情況下實現高於預期的 EBITDA 的能力。這部分歸功於Topgolf場館獲利能力的持續改善以及勞動成本的管理。為了應對可能出現的疲軟市場狀況，我們已採取行動減少計畫資本和營運支出，同時維持長期成長計畫。

Our financial position remains strong. Our available liquidity, which is comprised of cash and borrowing capacity under our credit facilities, has increased this year from $415 million at December 31, 2022, to $734 million at September 30, 2023. This is in large part due to the refinancing and additional borrowings we completed earlier this year. We remain focused on generating cash flow and managing leverage and have the flexibility to further reduce costs and cash outlays if necessary.

我們的財務狀況依然強勁。我們的可用流動性由現金和信貸額度下的借款能力組成，今年已從2022 年12 月31 日的4.15 億美元增加到2023 年9 月30 日的7.34 億美元。這在很大程度上是由於再融資和額外的融資我們今年早些時候完成了借款。我們仍然專注於產生現金流和管理槓桿，並在必要時靈活地進一步降低成本和現金支出。

Now moving to Q3 results. In the third quarter, revenue increased 5.3% year-over-year to $1.04 billion, which is about $9 million or a little less than 1% below the low end of our guidance range. The revenue increase versus Q3 2022 was driven primarily by growth at Topgolf as well as TravisMathew and Jack Wolfskin. The majority of the shortfall versus our Q3 guidance is attributable to an approximate 3% decrease in same venue sales at Topgolf, below our guidance of 1% to 3% growth.

現在轉向第三季的結果。第三季度，營收年增 5.3%，達到 10.4 億美元，比我們指導範圍的下限低約 900 萬美元，略低於 1%。與 2022 年第三季相比，營收成長主要是由 Topgolf 以及 TravisMathew 和 Jack Wolfskin 的成長所推動的。與我們第三季指導方針相比出現的缺口主要是由於 Topgolf 的同場銷售額下降了約 3%，低於我們 1% 至 3% 增長的指導方針。

Q3 non-GAAP operating income increased 5.1% to $85 million, consistent with our revenue growth. Q3 non-GAAP net income decreased $6.4 million year-over-year, primarily due to a $17 million increase in interest expense related to higher interest rates, additional term loan debt and increased venue financing interest. Adjusted EBITDA of $163 million increased 13% compared to last year and exceeded the high end of our guidance range by approximately $9 million, due primarily to continued venue margin expansion and reduction in planned operating expenses.

第三季非 GAAP 營業收入成長 5.1% 至 8,500 萬美元，與我們的營收成長一致。第三季非公認會計準則淨利潤年減 640 萬美元，主要是由於利率上升、額外定期貸款債務和場地融資利息增加導致利息支出增加 1,700 萬美元。調整後 EBITDA 為 1.63 億美元，與去年相比增長 13%，超出我們指導範圍的上限約 900 萬美元，這主要是由於場館利潤率持續擴張和計劃運營費用減少。

Turning to segment performance. In Q3, Topgolf revenue increased 8% to $448 million driven by the addition of 9 new venues since Q3 2022 and partially offset by a decline of approximately 3% in same venue sales during the quarter.

轉向細分市場表現。第三季度，由於自 2022 年第三季以來新增 9 個新場館的推動，Topgolf 營收成長 8% 至 4.48 億美元，但部分被本季同一場館銷售額約 3% 的下降所抵銷。

Topgolf segment operating income increased 65% year-over-year to $39 million, and adjusted EBITDA increased 42% to $91 million due to the increased revenue and continued venue margin expansion. The recently announced BigShots acquisition is expected to be slightly accretive to Topgolf in 2024 and growing thereafter. This was both a strategic transaction and attractive from a financial point of view but small on a relative scale basis.

由於營收增加和場館利潤率持續擴張，Topgolf 部門營業收入年增 65% 至 3,900 萬美元，調整後 EBITDA 成長 42% 至 9,100 萬美元。最近宣布的 BigShots 收購預計將在 2024 年為 Topgolf 帶來小幅增值，並在此後繼續成長。這既是一項策略性交易，從財務角度來看也很有吸引力，但相對規模較小。

Our Golf Equipment segment results exceeded our revenue and operating income forecast. Golf Equipment revenue declined 1% to $293 million, primarily due to an expected shift in equipment launch timing from Q3 to Q4 this year and softness in Asia as well as a 5% decline in golf ball sales due to the retail channel inventory catch-up in golf balls in Q3 2022.

我們的高爾夫設備部門表現超越了我們的收入和營業收入預測。高爾夫裝備收入下降 1%，至 2.93 億美元，主要是由於預計今年裝備推出時間從第三季度改為第四季度、亞洲市場疲軟以及零售渠道庫存追趕導致高爾夫球銷量下降 5% 2022 年第三季度高爾夫球。

Golf Equipment operating income was $35 million, a decrease of $14 million compared to the prior year. This is due to less launch products in Q3 this year versus last year, a return to normal promotional levels and lower production volumes this year versus 2022 and thus, less fixed cost absorption.

高爾夫設備營業收入為3,500萬美元，較上年減少1,400萬美元。這是由於今年第三季推出的產品數量較去年減少、恢復到正常促銷水平以及今年產量較 2022 年較低，因此固定成本吸收較少。

The Active Lifestyle segment grew 8% to $300 million, driven by continued strong double-digit growth at TravisMathew and solid growth at Jack Wolfskin. Operating income increased approximately 42% year-over-year to $40 million, driven by a higher mix of margin accretive direct-to-consumer sales as well as tailwinds from lower freight costs.

在 TravisMathew 持續強勁的兩位數成長和 Jack Wolfskin 的穩健成長的推動下，積極生活方式部門成長了 8%，達到 3 億美元。營業收入年增約 42%，達到 4,000 萬美元，這得益於直接面向消費者銷售的利潤成長以及貨運成本下降的推動。

Moving to our balance sheet. As mentioned earlier, as of September 30, 2023, we have available liquidity of $734 million. Based on our modeling, we believe this liquidity position is more than sufficient to execute our business plan even if the markets soften further.

轉向我們的資產負債表。如前所述，截至 2023 年 9 月 30 日，我們的可用流動資金為 7.34 億美元。根據我們的模型，我們相信即使市場進一步疲軟，這種流動性狀況也足以執行我們的業務計劃。

At quarter end, we had total net debt of $2.1 billion, which excludes convertible debt of approximately $258 million compared to $1.5 billion at the end of Q3 2022. This increase relates primarily to incremental new venue financing and the additional $300 million of term loan debt. Excluding the venue financing REIT debt, net debt is $1.06 billion at the end of Q3 2023 versus $0.74 billion at the end of Q3 2022. Our net debt leverage, which excludes the convertible debt, was 3.8x at September 30, 2023, compared to 4.1x at June 30, 2023. The quarter-over-quarter improvement was driven by the increase in EBITDA and improved cash position.

截至季末，我們的淨債務總額為21 億美元，其中不包括約2.58 億美元的可轉換債務，而2022 年第三季末為15 億美元。這一增長主要與增量新場地融資和額外的3 億美元定期貸款債務有關。不含場地融資REIT 債務，2023 年第三季末的淨債務為10.6 億美元，而2022 年第三季末為7.4 億美元。截至2023 年9 月30 日，我們的淨債務槓桿（不包括可轉換債務）為3.8 倍，而2022 年第三季末的淨債務槓桿率為3.8 倍。截至 2023 年 6 月 30 日，該數字為 4.1 倍。環比改善是由 EBITDA 增加和現金狀況改善所推動的。

Internally, we find it helpful to look at our net leverage by excluding the venue financing REIT debt. This debt is essentially an interest-only loan with no principal repayment required. The interest payments are akin to rent but accounting rules classify them as interest. When the venue financing REIT debt is excluded from debt and the corresponding repayments burden EBITDA as rent payments, our net debt leverage ratio is 2.1x.

在內部，我們發現透過排除場地融資房地產投資信託債務來查看我們的淨槓桿率很有幫助。該債務本質上是只付利息貸款，無需償還本金。利息支付類似於租金，但會計規則將其歸類為利息。當場地融資 REIT 債務被排除在債務之外且相應的還款負擔 EBITDA 作為租金支付時，我們的淨債務槓桿率為 2.1 倍。

We continue to review REITs as a capital efficient way to finance our venues. Interest among REITs to partner with Topgolf remains strong, and we have signed leases or letters of intent in place for the venues in our 2024 pipeline that are intended to be refinanced with cap rates holding steady and in line with our expectations. There will be instances in the future where we choose to finance a venue here or there using our term loan debt, and there is generally no difference in cash flow or the resulting net debt at the enterprise level.

我們繼續審查房地產投資信託基金作為我們場館融資的資本有效方式。房地產投資信託基金與 Topgolf 合作的興趣仍然濃厚，我們已經為 2024 年管道中的場館簽署了租約或意向書，這些場館打算在上限利率保持穩定並符合我們預期的情況下進行再融資。未來會有這樣的情況，我們選擇使用我們的定期貸款債務為這裡或那裡的場所融資，企業層面的現金流或由此產生的淨債務通常沒有差異。

Switching gears to working capital. Consolidated net accounts receivable was $305 million at the end of Q3 2023 compared to $270 million at the end of Q3 2022. Non-Topgolf days sales outstanding increased slightly from 52 to 54 days. Our inventory balance decreased $222 million from $959 million at year-end 2022 to $737 million in Q3 of this year. This is in part due to seasonality but also the team's concerted efforts to reduce inventory following the post-COVID surge last year.

轉向營運資金。 2023 年第三季末的合併應收帳款淨額為3.05 億美元，而2022 年第三季末為2.7 億美元。非Topgolf 的應收帳款天數略有增加，從52 天增加到54 天。我們的庫存餘額從 2022 年底的 9.59 億美元減少到今年第三季的 7.37 億美元，減少了 2.22 億美元。這在一定程度上是由於季節性因素，但也是由於去年新冠疫情後激增後團隊為減少庫存而做出的共同努力。

Inventory is expected to increase in Q4 due to normal seasonality as we prepare for new golf equipment product launches in 2024, but it will still be significantly lower than at the end of 2022. We expect the inventory to decrease further in 2024 as our apparel businesses normalize their inventory. We are pleased with the overall reduction in inventory, and the quality of our inventory remains good.

由於我們準備在 2024 年推出新的高爾夫裝備產品，預計第四季度庫存將因正常季節性而增加，但仍將顯著低於 2022 年底。我們預計 2024 年庫存將進一步減少，因為我們的服裝業務使他們的庫存正常化。我們對庫存的整體減少感到高興，並且我們的庫存品質仍然良好。

Capital expenditures for the first 9 months were $389 million, and we received reimbursements of $188 million for net capital expenditures of $201 million, of which $152 million is related to Topgolf. For the full year, we expect total CapEx of approximately $240 million net of expected REIT reimbursements, including $175 million for Topgolf, a $30 million reduction from our previous 2023 guidance. We have included on Slide 16 of our presentation today an estimated detailed breakout of the CapEx for 2023 and CapEx assumptions going forward.

前 9 個月的資本支出為 3.89 億美元，我們收到了 1.88 億美元的報銷，淨資本支出為 2.01 億美元，其中 1.52 億美元與 Topgolf 有關。我們預計全年資本支出總額約為 2.4 億美元（扣除預期 REIT 報銷後），其中包括 Topgolf 的 1.75 億美元，比我們之前的 2023 年指引減少了 3,000 萬美元。我們在今天演示的幻燈片 16 中包含了 2023 年資本支出的估計詳細突破以及未來的資本支出假設。

Now moving to our outlook. As I mentioned earlier, given the trends we are seeing at Topgolf in Asia and with foreign currency exchange rates, we are lowering our full year 2023 revenue guidance range to $4.24 billion to $4.26 billion, which at the midpoint would still represent 6% year-over-year revenue growth versus 2022. We are lowering our current adjusted EBITDA guidance range to $575 million to $585 million, which at the midpoint represents 4% year-over-year growth. Most of the reduction from the prior forecast is related to Topgolf.

現在轉向我們的展望。正如我之前提到的，考慮到我們在亞洲 Topgolf 看到的趨勢以及外幣匯率，我們將 2023 年全年收入指引範圍降低至 42.4 億美元至 42.6 億美元，中位數仍佔 6% -與2022 年相比，營收年增。我們將目前調整後EBITDA 指引範圍降低至5.75 億美元至5.85 億美元，中間值代表年增4%。先前預測的大部分減少與 Topgolf 有關。

At the Topgolf segment level, we are lowering our full year revenue guide to approximately $1.75 billion for the year or 13% growth versus 2022. Same venue sales is now expected to be down slightly versus prior year. Topgolf EBITDA guidance is also being lowered to a range of $280 million to $290 million, which at midpoint represents 21% growth versus 2022. This reduction is attributable to the current trend in same venue sales.

在 Topgolf 細分市場層面，我們將全年營收指引下調至約 17.5 億美元，較 2022 年成長 13%。目前預計同一場地銷售額將比去年略有下降。 Topgolf EBITDA 指引也下調至 2.8 億美元至 2.9 億美元之間，與 2022 年相比，中間值成長 21%。這一下降歸因於目前同場銷售的趨勢。

With regard to Q4, we still expect to grow revenue and adjusted EBITDA in the fourth quarter. We are estimating revenue of $847 million to $872 million, which at the midpoint represents 1% growth versus the prior year. For Topgolf, we are estimating Q4 revenue to be approximately $423 million, which would represent 4% growth versus 2022. The Topgolf increase is expected to be driven by new venues, partially offset by a mid- to high single-digit decline in same venue sales compared to 2022.

關於第四季度，我們仍然預計第四季度營收和調整後 EBITDA 將會成長。我們預計營收為 8.47 億美元至 8.72 億美元，中間值比上一年增長 1%。對於 Topgolf，我們預計第四季營收約為 4.23 億美元，與 2022 年相比成長 4%。預計 Topgolf 的成長將受到新場地的推動，但部分被同一場地中高個位數的下降所抵消與2022年相比的銷售額。

We're estimating consolidated Q4 adjusted EBITDA in the range of $48 million to $58 million, which at the midpoint of guidance would represent 45% year-over-year growth. For Topgolf, we are estimating Q4 adjusted EBITDA of approximately $49 million to $59 million compared to $43 million last year, a 25% increase. An important takeaway from our Q3 performance and Q4 forecast is that we're able to grow adjusted EBITDA even in challenging conditions.

我們預計第四季度合併調整後 EBITDA 在 4,800 萬美元至 5,800 萬美元之間，按指導中點計算，年增 45%。對於 Topgolf，我們預計第四季度調整後 EBITDA 約為 4,900 萬至 5,900 萬美元，與去年的 4,300 萬美元相比，成長了 25%。我們第三季業績和第四季預測的一個重要收穫是，即使在充滿挑戰的條件下，我們也能夠成長調整後的 EBITDA。

We have pushed at our Investor Day a goal of at least $800-plus million in adjusted EBITDA by 1 year to 2026. Foreign currency exchange rates have moved dramatically since that time. The change in rates had over $165 million negative impact on revenue and close to $100 million impact on EBITDA since then. While our over performance had been covering the foreign exchange negative impact, the foreign exchange impact, combined with softer market conditions, is what's causing us to push that goal out a year.

我們在投資者日上提出了 2026 年 1 年內調整後 EBITDA 至少達到 8 億美元以上的目標。自那時以來，外幣匯率發生了巨大變化。此後，費率變動對收入產生了超過 1.65 億美元的負面影響，對 EBITDA 產生了近 1 億美元的影響。雖然我們的超額業績已經涵蓋了外匯的負面影響，但外匯的影響加上市場條件的疲軟，導致我們將這一目標推遲了一年。

As Chip mentioned, we are also providing today additional information about cash flow, including a new term we call embedded cash flow. Embedded cash flow is free cash flow less growth CapEx. For these purposes, growth CapEx is limited to new venues and new retail stores. We think it is important because it reflects the cash flow generation power of the current business. Investors can then separately evaluate whether our investment of that cash flow and growth CapEx is a good investment.

正如奇普所提到的，我們今天還提供有關現金流的更多信息，包括我們稱為嵌入現金流的新術語。嵌入現金流是自由現金流減去成長資本支出。基於這些目的，成長資本支出僅限於新場所和新零售店。我們認為它很重要，因為它反映了當前業務的現金流量產生能力。然後，投資者可以分別評估我們對現金流量和成長資本支出的投資是否是一項好的投資。

We believe this is a better way to evaluate the company as to date the significant investment in growth CapEx may have overshadowed the cash generation power of the current business. It also has the benefit of eliminating some of the noise related to the timing of REIT reimbursements that can affect free cash flow on a quarterly basis.

我們認為這是評估該公司的更好方法，因為迄今為止對成長資本支出的重大投資可能掩蓋了當前業務的現金產生能力。它還具有消除與房地產投資信託基金償還時間相關的一些噪音的好處，這些噪音可能會影響季度的自由現金流。

On Slide 17, we provide a detailed breakdown of estimated cash flow for 2023 and assumptions for future cash flows. The short answer, however, is that we would expect to have approximately $150 million in embedded cash flow this year and growing to approximately $325 million in 2026 when we expect to have over $800 million in adjusted EBITDA. Thereafter, we would expect the embedded free cash flows to grow impressively at least 25% per year.

在投影片 17 中，我們提供了 2023 年預計現金流量的詳細細目以及對未來現金流量的假設。然而，簡短的答案是，我們預計今年的嵌入現金流約為 1.5 億美元，並在 2026 年增長至約 3.25 億美元，屆時我們預計調整後 EBITDA 將超過 8 億美元。此後，我們預計嵌入自由現金流每年至少成長 25%，令人印象深刻。

Furthermore, as Topgolf's EBITDA less cash venue financing interest starts to meaningfully outpace its capital requirements in 2026, we would expect to see meaningful growth in EPS at that time, especially as the incremental cash flows are used to pay down debt and reduce interest expense and the relative pace of increase in depreciation and amortization expense slows. In 2024, however, given the current phase of the Topgolf growth cycle, EPS is forecast to decline because Topgolf's growth in D&A and venue financing interest will be an $85 million headwind in 2024. In addition, at current rates, we expect to have a $30 million headwind from foreign currency translation and hedge gains in 2023 that are not assumed to repeat in 2024. EPS should grow in 2025 off of the 2024 base and then ramp from there. We are providing greater detail on all of this in our investor presentation on Slides 17 to 19. For those interested, we have also provided in the appendix of the presentation an illustrative walk of venue 4-wall EBITDAR margin to total Topgolf segment level adjusted EBITDA.

此外，隨著Topgolf 的EBITDA 減去現金場地融資利息在2026 年開始顯著超過其資本要求，我們預計屆時每股收益將出現顯著增長，特別是當增量現金流用於償還債務並減少利息支出和折舊和攤銷費用的相對成長速度放緩。然而，考慮到Topgolf 成長週期的現階段，到2024 年，每股盈餘預計將下降，因為2024 年Topgolf 在D&A 和場館融資利息方面的成長將面臨8,500 萬美元的阻力。此外，按照目前的利率，我們預計每股收益將下降2023 年的外幣換算和對沖收益將帶來3000 萬美元的逆風，預計2024 年不會出現這種情況。每股收益應在2025 年以2024 年為基礎增長，然後從那時開始逐步上升。我們在幻燈片17 至19 的投資者演示中提供了有關所有這些的更多詳細信息。對於有興趣的人，我們還在演示文稿的附錄中提供了場館4 牆EBITDAR 利潤率與Topgolf 細分市場水平調整後EBITDA 總額的說明性步行。

I know we have covered a lot today, and thank you for your patience. As you all well know, companies go through varying economic cycles over time. The favorable conditions are certainly more enjoyable, but the strong companies that remain flexible can prosper in challenging conditions as well. I believe we are in the process of proving that. We are demonstrating revenue and EBITDA growth during softening conditions.

我知道我們今天討論了很多內容，並感謝您的耐心等待。眾所周知，隨著時間的推移，公司會經歷不同的經濟週期。有利的條件當然更令人愉快，但保持靈活性的強大公司也能在充滿挑戰的條件下繁榮發展。我相信我們正在證明這一點。我們展示了在經濟疲軟的情況下收入和 EBITDA 的成長。

We are taking action to manage costs, and we have sufficient liquidity not only to endure softer market conditions but also to continue our growth plan. While we continue to monitor market conditions and adjust as necessary, our fundamental growth algorithm remains intact.

我們正在採取行動來管理成本，我們有足夠的流動性，不僅可以承受疲軟的市場條件，還可以繼續我們的成長計畫。雖然我們繼續監控市場狀況並根據需要進行調整，但我們的基本成長演算法保持不變。

We are also at an important inflection point in our Topgolf journey. The first phase after we merged was an investment phase that required us to provide funding to accelerate growth through additional venue development. This phase resulted in rapid EBITDA growth, both a negative impact on earnings per share and leverage due to the increased interest and depreciation and amortization expense associated with such investment.

我們也正處於 Topgolf 旅程的一個重要轉捩點。我們合併後的第一階段是投資階段，要求我們提供資金，透過額外的場館開發來加速成長。這一階段導致 EBITDA 快速成長，但由於與此類投資相關的利息、折舊和攤銷費用增加，對每股盈餘和槓桿率產生了負面影響。

This phase was very successful. We significantly increased the number of new venues developed and at the same time, increased the profitability of the venues, resulting in the rapid EBITDA growth. We are now in Phase 2 and expect to be in it through 2024. During this phase, Topgolf's cash flows increase, earnings per share stabilize and leverage begins to gradually decrease. Thereafter in Phase 3, Topgolf's cash flows accelerate as its cash flow begins to meaningfully exceed its capital requirements, allowing the company to pay down debt and increase its earnings per share as well.

這個階段非常成功。我們大幅增加新場館開發數量，同時提高場館獲利能力，EBITDA 快速成長。我們現在處於第二階段，預計將持續到 2024 年。在此階段，Topgolf 的現金流增加，每股盈餘穩定，槓桿率開始逐漸下降。此後在第三階段，隨著 Topgolf 的現金流開始顯著超過其資本要求，其現金流加速，使公司能夠償還債務並增加每股收益。

To conclude by way of a brief summary. First, we are demonstrating our ability to grow EBITDA under current conditions. Second, we have a solid financial position and sufficient liquidity to execute our growth plans. And as Chip mentioned, we are taking action to reduce costs in preparation for potentially softer market conditions, including approximately $45 million in cost savings across COGS and OpEx and close to a $100 million reduction in planned capital expenditures.

最後透過一個簡短的總結來結束。首先，我們正在展示我們在當前條件下成長 EBITDA 的能力。其次，我們擁有穩健的財務狀況和充足的流動性來執行我們的成長計劃。正如 Chip 所提到的，我們正在採取行動降低成本，為可能出現的疲軟市場狀況做好準備，其中包括 COGS 和 OpEx 成本節省約 4,500 萬美元，以及計劃資本支出減少近 1 億美元。

And third, our long-term growth algorithm remains intact, and we are more than 1 year ahead of plan at the time of the merger. As a result, the total company will be free cash flow positive this year, and Topgolf is expected to be free cash flow positive this year as well, assuming receipt of all the REIT reimbursements that are expected by December 31. We have made great progress and have a clear path to further growth.

第三，我們的長期成長演算法保持不變，我們比合併時的計畫提前了一年多。因此，今年整個公司的自由現金流將為正，並假設在 12 月 31 日之前收到預期的所有 REIT 償還款，Topgolf 預計今年也將實現自由現金流。我們已經取得了很大進展並有明確的進一步發展道路。

With that said, operator, we can now open the call for questions.

話雖如此，接線員，我們現在可以開始提問。

(Operator Instructions) And our first question comes from Matthew Boss of JPMorgan.

（操作員指令）我們的第一個問題來自摩根大通的馬修·博斯。

Great. So maybe to start off, Chip, is there a way to break down the 500 basis point same store sales miss versus plan at Topgolf this quarter? Maybe how much was macro? How much was execution? And then, if we look at current business, what is the trend line that you've seen in October maybe relative to the negative mid- to high single-digit comp guide for the fourth quarter?

偉大的。因此，也許首先，Chip，有沒有辦法可以打破本季 Topgolf 的同店銷售與計劃相比 500 個基點的差距？也許宏觀多少錢？死刑執行了多少錢？然後，如果我們看看當前的業務，您在 10 月看到的趨勢線可能相對於第四季度負的中高個位數補償指南是什麼？

Sure, Matt. So if you look at Q3, we provide you the 2-year stacks on Page 4 of the investor deck, and we saw a couple of different things in Q3 relative to our expectations. We saw a little bit softer business, both on the corporate side and on the consumer side, than what we expected. And we also saw some extreme heat throughout the Southern markets where the same venue sales in the Southern markets were significantly lower than the same venue sales in the Northern markets, and we skew towards Southern markets, for your information, during a big portion of the quarter, primarily in August with a little bit of a shoulder around that. And that's, in essence, what we saw during Q3. September picked up a little bit versus August, but the general trends are covered there.

當然，馬特。因此，如果你看一下第三季度，我們會在投資者平台的第四頁上為你提供 2 年的堆棧，我們在第三季度看到了一些與我們的預期不同的事情。我們發現企業和消費者方面的業務都比我們預期的要疲軟。我們也看到整個南方市場出現了一些極端的熱度，南方市場的同一場館銷售額明顯低於北方市場的同一場館銷售額，而且我們傾向於南方市場，供您參考，在大部分時間裡，我們都傾向於南方市場。季度，主要是在八月，周圍有一點肩膀。從本質上講，這就是我們在第三季度看到的情況。與 8 月相比，9 月略有回升，但總體趨勢已涵蓋其中。

Then in October, after picking up a little bit in September, we saw it dip down a little further. And what we're projecting in for the quarter is consistent both with what we actually saw in October and what the corporate bookings are showing us quarter-to-date. So we're using the actual results to do that forecast.

然後到了十月份，在九月略有回升之後，我們看到它進一步下降了一點。我們對本季的預測與 10 月的實際情況以及本季至今的企業預訂情況一致。所以我們使用實際結果來進行預測。

And we're encouraged by the fact that we see the corporate side of the business stabilizing. We're encouraged by the fact that the consumer side of our business remains very strong on a 2-year stack basis. And we're also encouraged by the fact that the business remains strong on weekends and on Tuesdays. So the nature of the issue is really confined to a really a post-COVID surge that occurred in corporate events, and that is stabilizing, and we're working our way through that rationalization and then a little bit of slowness that we're seeing on the consumer side that's during, really, Monday, Wednesday and Thursday. So we'll be targeting that specifically.

我們看到企業方面的業務趨於穩定，這一事實令我們感到鼓舞。我們的消費者業務在兩年堆疊基礎上仍然非常強勁，這一事實令我們感到鼓舞。週末和週二的業務依然強勁，這一事實也讓我們感到鼓舞。因此，問題的本質實際上僅限於企業活動中發生的新冠疫情后的激增，並且正在趨於穩定，我們正在努力實現這種合理化，然後我們看到了一點點緩慢在消費者方面，實際上是周一、週三和週四。所以我們將專門針對這一點。

Great. And then, Brian, just could you outline the EBITDA margin expansion drivers in the fourth quarter despite the softer revenue outlook? And on the cost side, could you just elaborate on the expense savings identified today and the cadence of flow-through from here?

偉大的。然後，布萊恩，您能否概述一下儘管收入前景疲軟，但第四季度 EBITDA 利潤率擴張的驅動因素？在成本方面，您能否詳細說明一下今天確定的費用節省以及從這裡開始的流程的節奏？

Sure. I'll take the second one first. The cost savings are really -- it's the input in COGS, is a part of it and then just a reduction in normal operating expenses. Unfortunately, that included some personnel reductions and it included other SG&A costs, consulting, T&E. And so that's going into next year. Then on the -- what was the first question?

當然。我先拿第二個。成本節省確實是——它是銷貨成本的投入，是其中的一部分，然後只是正常營運費用的減少。不幸的是，這包括一些人員的裁減，以及其他 SG&A 成本、諮詢、T&E 成本。這將持續到明年。那麼第一個問題是什麼？

The drivers of the EBITDA margin expansion in the fourth quarter despite the softer revenue outlook.

儘管營收前景疲軟，但第四季 EBITDA 利潤率擴張的推動因素。

Right. Yes, a lot of it will still be Topgolf outperforming with their venue margin. That's continued. They continue to make great progress there, which was what allowed us to exceed EBITDA despite softer revenues. And primarily, that's the main part.

正確的。是的，其中許多仍然是頂級高爾夫的場地利潤表現出色。就這樣繼續下去。他們繼續在那裡取得巨大進步，這使我們能夠在收入疲軟的情況下超越 EBITDA。首先，這是主要部分。

The next question comes from Randy Konik of Jefferies.

下一個問題來自傑富瑞 (Jefferies) 的蘭迪·科尼克 (Randy Konik)。

When I look at the guidance change, I think the EBITDA dollars at the midpoint are down 8%. The stock's down 15% in the after hours. And then when I look at the valuation implied even before the quarter print, the stock multiple seems very dislocated from a core peer that just is in the golf equipment space.

當我查看指引變更時，我認為 EBITDA 美元中點下降了 8%。該股盤後下跌 15%。然後，當我查看季度報告之前暗示的估值時，股票本益比似乎與高爾夫設備領域的核心同行非常不一致。

So I guess when I look at that and think about how the market is voting, do you think about -- or how do you think about potential strategic alternatives? Or do you consider that at all? How should we be thinking about that given the -- where we are with the stock and how it kind of looks valuation-wise versus peers?

所以我想，當我看到這一點並思考市場如何投票時，你是否會考慮——或者你如何考慮潛在的策略替代方案？或者你根本考慮過這一點嗎？考慮到我們對這檔股票的看法以及與同業相比，它的估值看起來如何？我們應該如何考慮這一點？

And again, when you have a core business in Callaway producing solid numbers and good cash flow and then Topgolf is kind of weighing the business down with it, I guess, lack of cash flow, even though, I think, you said it's going to turn positive this year. So how do you guys think about that? How should we be thinking about that in a nutshell?

再說一次，當你在卡拉威有一個核心業務，產生可靠的數字和良好的現金流，然後 Topgolf 會因此而拖累你的業務，我想，缺乏現金流，儘管，我認為，你說這會今年轉正。那麼你們對此有何看法？簡而言之，我們該如何思考這個問題？

Randy, this is Chip. Obviously, a fair question and something that we give considerable thought to. As you would expect, we're always focused, first and foremost, on our primary day job of running the business, executing the business strategy, controlling what we control to increase long-term economic value of the business. But at the same time, we recognize that it's our fiduciary responsibility and just good business practice to regularly evaluate strategic options that could enhance shareholder value.

蘭迪，這是奇普。顯然，這是一個公平的問題，也是我們認真考慮的問題。正如您所期望的那樣，我們始終首先關注我們的主要日常工作，即營運業務、執行業務策略、控制我們所控制的內容，以增加業務的長期經濟價值。但同時，我們也意識到定期評估可以提高股東價值的策略選擇是我們的信託責任，也是良好的商業實務。

That includes the changes in portfolio, whether that be sales or spinouts, et cetera. We regularly do that. We've done that. We'll continue to do it. And we think that is the right business practice. We do that with both the engagement of our Board of Directors and outside advisers.

這包括投資組合的變化，無論是銷售還是分拆等等。我們經常這樣做。我們已經做到了。我們將繼續這樣做。我們認為這是正確的商業實踐。我們透過董事會和外部顧問的參與來做到這一點。

We also fundamentally believe our current structure provides us a competitive advantage. And over the long term, our financial performance will be showing that. Thus, any strategic option would have to be viewed as superior to it. But we absolutely do, as a regular course of business, engage in those strategic assessments using both Board and outside advisers.

我們也從根本上相信我們目前的結構為我們提供了競爭優勢。從長遠來看，我們的財務表現將證明這一點。因此，任何戰略選擇都必須被視為優於它。但作為常規業務，我們絕對會利用董事會和外部顧問參與這些策略評估。

Got it. And then my last question would be maybe give us some perspective on, a, you've been in this business for -- in this industry forever. You've been on the Board of Topgolf for a number of years as well. Maybe give us some perspective on what you're thinking about as it relates to the golf equipment industry and its kind of outlook over the next couple of years based on your history in the industry on how that looks.

知道了。然後我的最後一個問題可能會給我們一些看法，a，你一直在這個行業——在這個行業。您也已在 Topgolf 董事會任職多年。也許請告訴我們您對高爾夫裝備行業的看法，以及根據您在該行業的歷史來看未來幾年的前景。

And then maybe contrast that or see how it's similar or different with Topgolf based on your extensive tenure at the Board level with that business for a number of years now before merging with it. So just give us that flavor, would be very helpful as we think about that...

然後，也許可以根據您在該業務董事會層面的廣泛任期（在與該業務合併之前）多年，將其與 Topgolf 進行對比，或者看看它與 Topgolf 有何相似或不同。所以只要給我們那種味道，當我們思考這個問題時就會非常有幫助...

Sure, Randy. Happy to, and I'm going to overlook the you've been in the industry forever comment because it sounded a little bit like something to do with my age. But the Golf Equipment business in golf in general has never been healthier. I can't be much more optimistic on the long-term fundamentals of golf. You can see it in every metric. You can see energy and momentum around the game. You see structural growth. You see more money being dedicated and invested in and around the game than you've ever seen.

當然，蘭迪。很高興，我會忽略你一直在這個行業的評論，因為這聽起來有點像與我的年齡有關。但總體而言，高爾夫產業的高爾夫裝備業務從未如此健康。我對高爾夫的長期基本面非常樂觀。您可以在每個指標中看到它。你可以在遊戲中看到能量和動力。你會看到結構性成長。您將看到比以往任何時候都更多的資金投入到遊戲中以及遊戲周圍。

You may see more diversity. You never had off-course golf in a significant way. And now only Topgolf, not just all off-course golf, only Topgolf will be larger than on-course golf in the U.S. And so just fundamentally in a strong position, our brand's in a good position. Obviously, there is some concern about the consumer out there. We do not see any sign of consumer weakness in the Golf Equipment business, and our brand strength and momentum feels very good to me, so very strong on that side.

你可能會看到更多的多樣性。你從來沒有以一種有意義的方式打過場外高爾夫。現在只有 Topgolf，不僅僅是所有場外高爾夫，只有 Topgolf 在美國會比場內高爾夫規模更大。因此，從根本上來說，我們的品牌處於有利地位。顯然，人們對消費者有一些擔憂。我們在高爾夫裝備業務中沒有看到任何消費者疲軟的跡象，我們的品牌實力和勢頭對我來說感覺非常好，因此在這方面非常強大。

And on Topgolf's side, it's a lot of the same. We obviously have some short-term same venue sales volatility that we're working through. As I've stated, a lot of that is a post-COVID surge that was in the corporate and event side of our business that we're working through now. If you took that out, this would just be noise and we would be nothing but strength. And it shows on the same venue sales 2-year stack data. And we clearly have the ability to, we think, address that and maintain our margins.

而在 Topgolf 方面，情況也有許多相同之處。顯然，我們正在解決一些短期同場銷售波動的問題。正如我所說，其中很大一部分是新冠疫情後的激增，出現在我們現在正在處理的業務的企業和活動方面。如果你把它去掉，這只是噪音，而我們只是力量。並且它顯示了同一場地銷售2年的堆疊數據。我們認為，我們顯然有能力解決這個問題並維持我們的利潤。

On top of that, we're opening venues successfully. We're increasing the margins of the business even in a soft environment. I mean we beat our EBITDA numbers despite the same venue sales miss. That's pretty impressive. So I feel very bullish about both of these businesses over the long term, and we're going to do our best to make sure that the market sees those clearly as we deliver them.

最重要的是，我們正在成功開放場館。即使在疲軟的環境下，我們也正在提高業務利潤率。我的意思是，儘管同樣的場館銷售未達標，但我們的 EBITDA 數字卻超出了我們的預期。這真是令人印象深刻。因此，從長遠來看，我對這兩項業務都非常看好，我們將盡最大努力確保市場在我們交付這些業務時清楚地看到這些業務。

The next question comes from Daniel Imbro of Stephens.

下一個問題來自史蒂芬斯的丹尼爾·因布羅。

Maybe to continue on the Topgolf side, just as we think about what you just said, the ability to deliver EBITDA on a tougher top line, I guess, can you just provide more color and break down what the fixed versus variable cost side of the venue side is here, especially as we think about how long this negative comp trend could last? Trying to get a better sense for what the cost structure looks like there at Topgolf. And I didn't catch your answer to earlier question. Does the 4Q EBITDA guide include some of those $45 million of cost synergies that you quantified?

也許繼續在Topgolf 方面，正如我們思考您剛才所說的那樣，在更艱難的收入線上提供EBITDA 的能力，我想，您能否提供更多的顏色並分解固定成本與可變成本方面的內容場地方面就在這裡，特別是當我們考慮這種負面的競爭趨勢會持續多久時？試圖更了解 Topgolf 的成本結構。我沒有聽清楚你對之前問題的回答。第四季 EBITDA 指南是否包括您量化的 4,500 萬美元成本綜效中的一部分？

I believe we've -- the cost synergies will be primarily next year, so -- but the -- and in terms of the fixed versus variable, Brian or Patrick, do you want to try to grab that one on the Topgolf side? Because, obviously, we've shown we can increase margins, Daniel, and we drove 200 basis points improved year-over-year margin and near mid-30s EBITDA margins out of Topgolf. And the definition of fixed versus variable is very dependent on time, so it can all be -- other than the DLF debt, there's very little cash side that isn't variable over a longer period of time.

我相信我們 - 成本協同效應將主要在明年，所以 - 但是 - 就固定與可變而言，布萊恩或帕特里克，你想嘗試在頂級高爾夫方面抓住這一點嗎？因為，很明顯，我們已經證明我們可以提高利潤率，丹尼爾，我們將 Topgolf 的利潤率同比提高了 200 個基點，EBITDA 利潤率接近 30 多歲。固定與可變的定義很大程度上取決於時間，因此，除了 DLF 債務之外，幾乎沒有什麼現金在較長時間內是可變的。

But we believe that we're going to be able to continue to drive -- we're confident, Daniel, we're going to continue to drive profits out of these, and we're showing that. I don't know, candidly, what else we could do on that front.

但我們相信，我們將能夠繼續推動——丹尼爾，我們有信心，我們將繼續從中獲取利潤，我們正在證明這一點。坦白說，我不知道我們在這方面還能做些什麼。

Labor expense is a significant portion of their venue expense, and a lot of -- most of that is flexible, right? It's the hourly workers, so they can adjust up and down as the venue sale -- revenue goes up and down. They can adjust. And they do a great job of that, which is one of the reasons we've never grown the same venue margins. So they're pretty good at that. You saw that even during COVID in different places like that. They can reduce it significantly if they have to.

人工費用是他們場地費用的很大一部分，而且很多——其中大部分都是靈活的，對嗎？是小時工，所以他們可以隨著場地銷售的變化而上下調整——收入的上下浮動。他們可以調整。他們在這方面做得很好，這也是我們從未實現同樣場地利潤的原因之一。所以他們在這方面非常擅長。即使在新冠疫情期間，你也可以在不同的地方看到這一點。如果有必要，他們可以大幅減少。

And then -- and that's really where they're also making efficiency progress, right? They're just utilizing that labor much more efficiently, right? So if you look at that ability, right, that is driving that -- those EBITDAs to increase even though you have a negative same venue sales comp.

然後——這確實是他們提高效率的地方，對吧？他們只是更有效地利用勞動力，對嗎？因此，如果你看看這種能力，對吧，這正在推動這一點——即使你的同場銷售收入為負，這些 EBITDA 也會增加。

And then the PIE system, the last thing, Daniel, as we work around the room here, is obviously helping us drive the efficiency here, having that in all venues. But Vegas, that helps on multiple sides of the business, but we'll unlock continued efficiency gains. You can see it in the data through Q3 as it starts to percolate its way through the system.

然後，PIE 系統，最後一件事，丹尼爾，當我們在這裡的房間工作時，顯然正在幫助我們提高這裡的效率，在所有場地都有這樣的效率。但是維加斯，這對業務的多個方面都有幫助，但我們將持續提高效率。您可以在第三季的數據中看到它，因為它開始滲透到系統中。

Understood. And then maybe a follow-up on the Topgolf consumer comp. So that did obviously decelerate and you talked about kind of what you're seeing. Is that manifesting just in fewer visits? Is it smaller ticket per visit, like we're seeing a trade down with less food attachment or less spending when people come?

明白了。然後也許是 Topgolf 消費者競爭的後續行動。所以這顯然確實減速了，你談到了你所看到的情況。這是否僅僅體現在造訪次數減少？每次造訪的門票是否會減少，就像我們看到人們來時食物依戀減少或支出減少一樣？

And then given the decelerating trend in recent months, I guess, can you talk about the decision to guide based on October? Again, I know weather comps get easier. But as the consumer keeps softening, I guess, how do you think about the risk to that consumer comp guidance for the fourth quarter that you guys have given?

然後考慮到近幾個月的減速趨勢，我想您能談談基於 10 月的指導決定嗎？再說一次，我知道天氣比較變得更容易。但我想，隨著消費者的持續疲軟，你們如何看待你們所給予的第四季消費者比較指引的風險？

Sure. First question, what we saw in Q3 was actually a slight increase in spend per visit, and -- but so most of the miss was traffic. The traffic is spread over corporate and consumer, but traffic, not spend per visit. As mentioned, on the weekends and on those Tuesdays, our comps were up. So this is very isolated or targeted, but we're aware of a softening trend.

當然。第一個問題，我們在第三季度看到的實際上是每次訪問支出略有增加，而且 - 但大部分的缺失都是流量。流量分佈在企業和消費者中，但流量，而不是每次訪問的支出。如前所述，在週末和週二，我們的比賽有所增加。因此，這是非常孤立或有針對性的，但我們意識到趨勢正在減弱。

I think if you had said that our comps were flat during the quarter, which is what our consumer comps would have been year-over-year and up 8% on a 2-year stack basis, still seems pretty good to me. But you can -- I just encourage you to look at it fully, not just one way.

我認為，如果你說我們的比較在本季度持平，這就是我們的消費者比較將同比增長 8%，在 2 年堆疊的基礎上增長 8%，對我來說仍然相當不錯。但你可以——我只是鼓勵你全面地看待它，而不僅僅是一種方式。

And what was the second part of the question again?

問題的第二部分又是什麼？

Just the risk as we see headline traffic slowing, and it sounds like that's not incorporated in the guide. Kind of how you think about the risk to the guide if the consumer continues (inaudible).

只是我們看到標題流量放緩的風險，聽起來指南中沒有包含這一點。您如何看待如果消費者繼續下去，指南將面臨的風險（聽不清楚）。

We did not forecast lower than what we're seeing, but we're not seeing lower than what we forecast.

我們的預測並沒有低於我們所看到的，但我們看到的也沒有低於我們預測的。

The next question comes from Joe Altobello of Raymond James.

下一個問題來自雷蒙德詹姆斯的喬阿爾托貝洛。

Sticking with Topgolf not surprisingly. Just curious what do you think a good steady state run rate for same venue sales is. And I ask this because if we go back to when you guys acquired this business, the comps were fairly anemic, pretty low single digits. And this is the biggest pushback that I get at least from investors on the stock, is what do we -- what kind of value do we ascribe to this business if it doesn't comp. So help me to understand what you think a normal steady-state run rate is for the same-venue sales. And why would it be materially higher than what we saw pre-COVID?

堅持使用 Topgolf 並不令人意外。只是好奇您認為同一場地銷售的良好穩定運行率是多少。我問這個問題是因為，如果我們回到你們收購這項業務的時候，我們會發現公司的表現相當疲軟，只有個位數。這是我至少從投資者那裡得到的對該股最大的反對意見，那就是如果這項業務不能實現盈利，我們該做什麼——我們會賦予它什麼樣的價值。因此，請幫助我了解您認為同場銷售的正常穩態運行率是多少。為什麼它會比我們在新冠疫情之前看到的要高得多？

Well, we think, Joe, that we can deliver low single-digit positive comps over time. There's going to be some volatility in those on a quarter-to-quarter basis, but we believe we can deliver low single-digit same venue sales comps. We believe there's momentum behind the game and the concept. We believe we'll have scale advantages in terms of our marketing muscle. This is a concept that is not weakening but strengthening the national presence that we will have and scale advantages and all of the other positive tailwinds around golf, including Topgolf and off-course golf are great indicators of that. And the digital implementation that we're doing now will help unlock that as well.

好吧，喬，我們認為，隨著時間的推移，我們可以提供低個位數的積極補償。每個季度的銷售額將會出現一些波動，但我們相信我們可以實現低個位數的同場銷售比較。我們相信遊戲和概念背後有動力。我們相信，就我們的行銷實力而言，我們將擁有規模優勢。這個概念並沒有削弱而是加強了我們將擁有的全國影響力和規模優勢，以及圍繞高爾夫的所有其他積極推動因素，包括頂級高爾夫和場外高爾夫，都是這一點的重要指標。我們現在正在進行的數位實施也將有助於解決這個問題。

Back in the day, they were only 5% digital, right? That's not how the consumer wants to engage. We're scaling that. There's just a lot of different areas that we are confident we'll be able to pull the levers on and drive further improvement in the business. But that's not the only growth driver here. Same venue sales is important, and we will deliver it. But this is a multiunit venue growth. We have improving margins in all the venues. I mean this is scaling on multiple bases here, and the same venue sales is one of those elements. It will be an important element. We will deliver on it. But focusing on it as if it was the only thing that mattered, I think, might be misplaced.

過去，他們只有 5% 是數位化的，對嗎？這不是消費者想要的參與方式。我們正在擴大規模。我們相信，我們能夠在許多不同的領域中發揮槓桿作用，並推動業務的進一步改進。但這並不是唯一的成長動力。同場銷售很重要，我們會做到這一點。但這是一個多單元場地的成長。我們所有場館的利潤率都有所提升。我的意思是，這是在多個基礎上進行擴展，而同一場地的銷售就是其中之一。這將是一個重要的元素。我們將兌現這項承諾。但我認為，把注意力集中在它上，就好像它是唯一重要的事情一樣，可能是錯的。

No, understood. But it does matter to valuation, which is why I asked the question. But -- and I guess...

不，明白了。但這對估值確實很重要，這就是我問這個問題的原因。但是——我想…

Absolutely. And I invite you to look at the 2-year stacks as well as the 1 quarter data.

絕對地。我邀請您查看 2 年堆疊和 1 季度資料。

Okay. And just to follow up on that very quickly. Is 250 U.S. venues still the right number in your mind?

好的。只是為了快速跟進。 250 個美國場館仍然是您心目中的正確數字嗎？

Yes, and probably more derisked than it was previously.

是的，而且可能比以前更規避風險。

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

下一個問題來自美國銀行的亞歷克斯·佩里。

Maybe just, first, can you talk to us about the financing environment and unit growth outlook for Topgolf? You mentioned maybe some changes in the way you finance the venues. How are you thinking about that? Have you seen any big change in cap rates? It sounds like maybe you're slowing down unit growth a bit in this environment with 8to 9 next year versus the 11 this year. Just maybe some more color on the financing environment and unit growth outlook for TopGolf.

或許首先，可以跟我們談談 Topgolf 的融資環境和單位成長前景嗎？您提到了場館融資方式可能會發生一些變化。你覺得怎麼樣？您看到資本化率有什麼大的變化嗎？聽起來，在這種環境下，你可能會稍微放慢單位成長速度，明年是 8 到 9 個，而今年是 11 個。也許只是對 TopGolf 的融資環境和單位成長前景有更多的了解。

Sure, Alex. This is Brian. First, I just want to clarify, the slowing of unit growth has nothing to do with the financing. That is just -- as Chip mentioned, we were doing that. One, we just purchased another venue. And so it's really unrelated to the unit growth. The environment is reasonably stable for us. The REIT interest remains strong. There's competition among the REITs for the business. The cap rates are holding steady.

當然，亞歷克斯。這是布萊恩。首先，我想澄清一下，單位成長放緩與融資無關。正如奇普所說，我們正在這樣做。第一，我們剛剛購買了另一個場地。所以它與單位成長確實無關。對我們來說，環境相當穩定。對房地產投資信託基金的興趣依然強烈。 REITs 之間存在業務競爭。上限利率維持穩定。

The comment about we might choose here or there to self-finance the venue is only because, once in a while, you run into a venue where -- for land use restrictions or something else, the REITs might not be as interested, and then we would just do it ourselves. But for the most part, they're interested in our venues and want to partner with us.

關於我們可能選擇在這裡或那裡自籌資金的場所的評論只是因為，偶爾，你會遇到一個場所，由於土地使用限製或其他原因，房地產投資信託基金可能不那麼感興趣，然後我們就自己做。但大多數情況下，他們對我們的場館感興趣並希望與我們合作。

And Alex, the change in the amount of venues that we're building next year is just our commitment to being cash flow positive and growing those cash flows in what is obviously a little bit more uncertain environment. And so we've always said when we talked about capital allocation, right, that we invest in the business but that we're also committed to positive cash flow, delevering and balancing those too. And so you're seeing us making an adjustment, just like we said we would, in the short term without getting off the great growth opportunity that the business has in the long run.

亞歷克斯，我們明年建造的場館數量的變化只是我們對現金流為正的承諾，並在顯然更加不確定的環境中增加這些現金流。因此，當我們談論資本配置時，我們總是說，我們投資於業務，但我們也致力於正現金流、去槓桿化和平衡這些現金流。因此，您會看到我們在短期內做出調整，就像我們所說的那樣，但從長遠來看，我們並沒有放棄業務所擁有的巨大成長機會。

Perfect. That makes a lot of sense. And then just last year on this quarter, you provided some initial framing for next year. Any help there or at least qualitatively on sort of puts and takes that we should be considering as we start to put together our models here?

完美的。這很有意義。然後就在去年這個季度，您為明年提供了一些初步框架。當我們開始在這裡整合我們的模型時，我們應該考慮哪些方面有任何幫助，或至少在定性上有什麼幫助？

Sure. The reality is we're -- we are preparing for a potentially softer consumer environment, but that's not a projection of the environment. That is just in case. We're not making any specific projections for 2024 at this time other than that we'll be growing EBITDA, revenues and cash flow, and our EPS will be going down because of the items that Brian mentioned. The EPS going down is just a short-term byproduct of the investments we've made along with the timing mismatch between accelerated D&A and resulting cash flows.

當然。現實情況是，我們正在為可能更疲軟的消費環境做準備，但這並不是對環境的預測。那是為了以防萬一。目前，我們不會對 2024 年做出任何具體預測，除了 EBITDA、收入和現金流將有所增長，而且我們的每股收益將因布萊恩提到的項目而下降。每股盈餘下降只是我們投資的短期副產品，以及加速的 D&A 和由此產生的現金流量之間的時間不匹配。

We'll provide detailed 2024 guidance at our next earnings call. But as you heard me say, I feel very good about the long-term direction of this business, the near-term direction of the business, the midterm direction of the business. There is clearly one area of the business we have a little volatility in one of our three growth drivers. We've got an action plan for that, and we have -- also in detail going through what we think is actually happening there with the post-COVID surge in events and remaining strength on the consumer side with clear PAT improvement. So happy to go further with any other questions on that, but I think we're covering that.

我們將在下次財報電話會議上提供詳細的 2024 年指引。但正如你聽到我說的，我對這項業務的長期方向、業務的近期方向、業務的中期方向感覺非常好。顯然，在我們的三個成長動力之一中，有一個業務領域存在一點波動。我們已經為此制定了一項行動計劃，而且我們還詳細研究了我們認為在新冠疫情後事件激增的情況下實際發生的情況，以及消費者方面的剩餘實力以及明顯的 PAT 改善。很高興進一步回答任何其他問題，但我認為我們正在討論這個問題。

The next question comes from Kate McShane of Goldman Sachs.

下一個問題來自高盛的凱特·麥克肖恩。

Just a couple of questions from us. This has been asked about a couple of times, but looking to have a better value proposition for Wednesdays and Thursdays. Could you maybe remind us on how the Tuesday offering works, what it's done for your sales and how you think about margins with regards to increasing this offering? And then we just wanted to ask too about the factory fire, if there's any update there and the impact on your ball supply and Asia weakness.

我們只問幾個問題。這個問題已經被問過幾次了，但希望週三和週四有更好的價值主張。您能否提醒我們週二的產品是如何運作的，它對您的銷售有何影響，以及您如何看待增加此產品的利潤？然後我們也想詢問一下工廠火災的情況，是否有任何更新以及對你們的球供應和亞洲疲軟的影響。

Sure, Kate. Good questions. Wednesday and Thursday -- well, let me start. Half off game play on Tuesday is just what it sounds like. We have a rate that we charge for game play. And if you come on Tuesday, you pay half. And so that has been something that has been in place since 2019 pre-merger. Previous team put that in place. It has been in place for a long time. It drives increased traffic on a day of the week where we otherwise would have a lot of extra capacity. And the margins are quite good.

當然，凱特。好問題。週三和週四——好吧，讓我開始吧。週二的比賽打半價就像聽起來的那樣。我們對玩遊戲收取一定的費用。如果你星期二來，你付一半的錢。這就是自 2019 年合併前以來一直存在的事情。之前的團隊已將其落實到位。它已經存在很長時間了。它會增加一週中某一天的流量，否則我們將擁有大量的額外容量。而且利潤率相當不錯。

We're looking at some similar types of targeted promotions on Wednesday and Thursday. We'll be trialing those. We're not going to be rolling those out broadly to start with. It will just be a trial. If -- we're going to make sure that those do what Tuesday did and they centrally use extra capacity that is currently not utilized and drive incremental volume and then incremental margins and profitability. We will have to watch that it doesn't cannibalize weekend traffic because that would be the only way that it could have any negative impact on profitability the way we're currently structured and given the fact that we do very little promotion.

我們正在周三和周四考慮一些類似類型的有針對性的促銷活動。我們將嘗試這些。我們一開始就不打算廣泛推廣這些內容。這只是一個考驗。如果—我們將確保這些公司按照週二的做法，集中使用目前未利用的額外產能，推動銷售增量，進而提高利潤率和獲利能力。我們必須注意它不會蠶食週末的流量，因為這將是唯一可能對我們目前的結構方式和我們很少進行促銷活動的盈利能力產生負面影響的方式。

But -- that's where we're headed with on that. And I'm sure we'll be updating you as we go, but we've got a pretty clear game plan and pretty good room to operate. And we've got margins that are naturally improving over time to help absorb this.

但是——這就是我們的目標。我相信我們會隨時向您通報最新情況，但我們有一個非常清晰的遊戲計劃和相當好的操作空間。隨著時間的推移，我們的利潤自然會提高，以幫助吸收這一點。

In terms of the factory fire, the factory fire, obviously, a tragic event at one of our key vendors in Taiwan called Launch Tech. It was a fire in one of their factories. It was located next to the factory that was dedicated to us. So we don't own any of the factories in Taiwan, but they had a -- and do have a dedicated plant for our value golf balls located next to the factory that had this tragic fire. The fire -- that building was destroyed, and unfortunately, it was -- there was some loss of life and people injured. And our thoughts and prayers go out to all of them.

就工廠火災而言，工廠火災顯然是我們在台灣的主要供應商元徵科技發生的悲劇。他們的一間工廠發生火災。它位於我們專用的工廠旁。因此，我們在台灣沒有任何工廠，但他們有一個——而且確實有一個專門生產我們的高價值高爾夫球的工廠，位於發生這場悲慘火災的工廠旁邊。火災——那棟建築被毀了，不幸的是——造成了一些傷亡。我們向他們所有人表達我們的思念和祈禱。

They are not running that plant at this point in time. And our supply team has just done a wonderful job of finding other capacity, moving tooling around. And at this point, we do not think it will have a material impact on our business or supply. It should not be noticeable from a financial or a market perspective given the strong efforts of our operations team, but it was a tragic event.

他們目前還沒有運作該工廠。我們的供應團隊剛剛在尋找其他產能、行動工具方面做得非常出色。目前，我們認為這不會對我們的業務或供應產生重大影響。鑑於我們營運團隊的大力努力，從財務或市場角度來看，這不應該引人注目，但這是一個悲劇。

And I just wanted to follow up on Asia. I know that's a smaller part of why you're reducing the guide today. But just any further commentary there about what you're seeing Q2 to Q3?

我只是想跟進亞洲的情況。我知道這只是您今天減少指南的一小部分原因。但關於您在第二季到第三季看到的情況還有什麼進一步的評論嗎？

Yes. We saw a little softness there, Kate, but it's almost, given the scale of our business, not worth mentioning, but we decided to mention it just for clarity and transparency. We're still up on a currency-neutral basis year-to-date through Q3. Our market shares are good. The Korea market was a little down. Japan is still decent, but had a little bit of slowing. Almost nothing to see here, Kate. But we're -- on the other hand, bring it up. Just keep an eye on it. Not as a massive part of our business but a nice part of our business and had a small factor as does FX rates in general on our balance of year forecast. The primary issue and reduction for the balance of year forecast is the change in same venue sales at Topgolf, which we've talked about.

是的。凱特，我們在那裡看到了一點軟弱，但考慮到我們的業務規模，這幾乎不值得一提，但我們決定提及它只是為了清晰和透明。今年迄今到第三季度，我們的股價仍處於貨幣中性的基礎上。我們的市佔率很好。韓國市場略有下滑。日本仍然不錯，但略有放緩。這裡幾乎沒什麼好看的，凱特。但另一方面，我們會提出這個問題。只要留意它即可。雖然不是我們業務的重要組成部分，但它是我們業務的重要組成部分，與我們的年末預測相比，外匯匯率總體而言是一個很小的因素。年度餘額預測的主要問題和減少是我們已經討論過的 Topgolf 同一場地銷售額的變化。

The next question comes from Casey Alexander of Compass Point Research & Trading.

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

I'll say, Chip, that we've been around forever, and unfortunately for me, that's commentary -- that's a commentary on age for me. I'm going to start easy and then work a little harder with some of these questions. First of all, very little commentary on BigShots. Why was it available? How competitive was the process? What's the plan to finance it? Just a little more color surrounding that since it's kind of an unusual transaction.

我會說，奇普，我們一直在一起，不幸的是，對我來說，這就是評論——這對我來說是對年齡的評論。我將從簡單的開始，然後更加努力地回答其中一些問題。首先，關於BigShots的評論很少。為什麼它可用？這個過程的競爭程度如何？為其融資的計劃是什麼？只是圍繞著它多一點色彩，因為這是一筆不尋常的交易。

It is an unusual transaction, Casey. And for reasons of confidentiality with what is a key strategic partner and we're not going to be able to disclose too much about the process other than, as you would expect, I know the people at Invited quite well. And in essence, this is a synergy that our structure provides, right? There is almost nobody else in the world that I could -- there is nobody else in the world that I'm aware of that could touch all the points on the positive basis that we could in making this deal work together. So one of the unique things about being the structure of our business and having the venue side as well as Toptracer and our equipment and product businesses.

這是一筆不尋常的交易，凱西。出於對關鍵策略合作夥伴保密的原因，我們無法透露太多有關該流程的信息，正如您所期望的那樣，我對 Invited 的人員非常了解。從本質上講，這是我們的結構提供的協同作用，對吧？世界上幾乎沒有其他人我可以——據我所知，世界上沒有其他人可以在積極的基礎上觸及所有要點，讓我們能夠共同推動這項交易。因此，我們的業務結構、場地方面、Toptracer 以及我們的設備和產品業務的獨特之處之一。

In terms of financing, it is $29 million, and given our scale, we paid cash. And -- but $29 million is relevant. But again, our venues, when we invest in a venue, is often more than $29 million. And so no material impact from that basis. And we think it's a highly strategic and also will be accretive deal for both parties, we hope.

融資方面，是2900萬美元，考慮到我們的規模，我們支付的是現金。而且——但 2900 萬美元是相關的。但同樣，我們的場館，當我們投資一個場館時，往往會超過2900萬美元。因此，該基礎不會產生任何實質影響。我們認為這是一項高度策略性的交易，我們希望這對雙方來說都是增值的交易。

Okay. Secondly, in relation to the debt refinancing earlier this year, the company captured a couple of extra $100 million in order to have a war chest for having to potentially self-finance some venues. But what I continue to hear from the company is that the cap rates haven't gone up, and there's competition from the REITs for the venues. Is there some sort of a plan to take some of that and pitch it back in and pay down some of the debt given the fact that it has seemed less necessary than it might have earlier, especially since the rate rise in the market appears to be, for all intents and purposes, close to about its peak?

好的。其次，在今年稍早的債務再融資中，該公司獲得了額外的 1 億美元資金，以便為一些可能需要自籌資金的場所提供資金。但我繼續從該公司聽到的是，資本化率沒有上升，房地產投資信託基金對場地有競爭。是否有某種計劃來收回其中的一部分並重新投入並償還部分債務，因為它似乎不像以前那樣必要，特別是因為市場利率的上升似乎是，無論出於何種意圖和目的，接近其頂峰了嗎？

Yes. Casey, it's just a matter of timing on that. So it does give us financial flexibility. We, in essence, don't need it, but we were going to keep it for the short term just in case. This is one of these periods of time where you have to plan for the best, plan for the -- but if we are wrong and the consumer weakens, we're going to be able to withstand any type of short-term risk. So it's small price to pay for the strength of position we have and the financial flexibility going forward.

是的。凱西，這只是時間問題。所以它確實為我們帶來了財務靈活性。本質上，我們不需要它，但為了以防萬一，我們打算短期保留它。這是你必須做好最好計劃的時期之一，但如果我們錯了並且消費者疲軟，我們將能夠承受任何類型的短期風險。因此，對於我們現有的優勢地位和未來的財務彈性來說，付出的代價很小。

We have no concerns on the REITs right now. We have every REIT that we are trying to line up for next year is lined up. And yet there will occasionally be a venue that we won't use the REITs for. That's always been the case. There's no change in that plan. You can essentially assume that roughly 1 per year, we will self-finance. We self-finance El Segundo.

我們目前對房地產投資信託基金沒有任何擔憂。我們明年準備的每一個房地產投資信託基金都已準備就緒。然而，偶爾也會有一些地方我們不會使用房地產投資信託基金。情況一直如此。該計劃沒有改變。您基本上可以假設大約每年 1，我們將自籌資金。我們自籌資金埃爾塞貢多。

Those things do happen. We need the flexibility for that. And in today's environment, running too close to the edge would be foolish in our opinion. So we have a little bit of extra flexibility going into the near future. Over time, we won't need it.

這些事情確實發生了。我們需要靈活性。在今天的環境下，我們認為過於接近邊緣是愚蠢的。因此，在不久的將來我們有一點額外的靈活性。隨著時間的推移，我們就不再需要它了。

The next question comes from John David Kernan of TD Cowen Research.

下一個問題來自 TD Cowen Research 的 John David Kernan。

So Brian, Slide 18 on the very thorough deck you put out, earnings presentation deck, it looks like EPS ramps towards $0.57 in 2026 and that I think a big chunk of the EPS hit is coming from the non-GAAP interest expense and other income reaching $290 million on this slide. I think it's Slide 18. Maybe just talk to why that -- I mean you hinted on it earlier, but maybe talk to why that interest expense and that financing is going to rise to that level.

所以布萊恩，幻燈片18 在你推出的非常全面的收益演示平台上，看起來每股收益將在2026 年升至0.57 美元，我認為每股收益的很大一部分來自非公認會計原則利息支出和其他收入在這張投影片上達到了 2.9 億美元。我認為是幻燈片 18。也許只是談談為什麼——我的意思是你之前暗示過這一點，但也許談談為什麼利息支出和融資會上升到這個水平。

Well, it's part of the additional venue financing. So part of it is just the stage where we are. And you'll see it increase to 2026, and then you'll see it ramp from there. And so Topgolf has a lot of D&A and interest expense as it builds new venues. The D&A starts to fall off. And as we generate cash flow and pay down the corporate interest, the interest will -- I mean, that's -- it assumes we pay down the debt. That goes up. We also assume 125 basis point reduction in rate each year, which is, I think, conservative than some of the forward rates.

嗯，這是額外場館融資的一部分。所以其中一部分就是我們所處的階段。你會看到它增加到 2026 年，然後你會看到它從那裡開始增加。因此，Topgolf 在建造新場館時需要大量的 D&A 和利息費用。 D&A 開始下降。當我們產生現金流並償還公司利息時，利息將——我的意思是——它假設我們償還了債務。那會上升。我們也假設利率每年下降 125 個基點，我認為這比某些遠期利率保守。

Okay. Got it. And then just back to Topgolf itself, obviously, sizable margin expansion year-over-year. How do we think about Topgolf EBIT and EBITDA margin as we get out of Q4 and into next year and into this 2026 period you've given us pretty detailed metrics for?

好的。知道了。然後回到頂級高爾夫本身，顯然，利潤率逐年大幅成長。當我們走出第四季度並進入明年以及您為我們提供的非常詳細的指標 2026 年期間時，我們如何看待 Topgolf 的 EBIT 和 EBITDA 利潤率？

Yes. We're not going to give a guide for next year. I would say over -- they do believe they have extra -- there's more room to go with regard to venue expansion. So that will continue developing as they implement more initiatives.

是的。我們不會為明年提供指南。我想說的是——他們確實相信自己還有額外的空間——在場地擴建方面還有更多的空間。因此，隨著他們實施更多舉措，這種情況將繼續發展。

Yes. The margin, we're telling you we'll hit 35% by 2025, and we're not too far from that right now. So hopefully, that's fairly credible.

是的。我們告訴您，到 2025 年，利潤率將達到 35%，而且我們現在離這個目標並不遠。所以希望這是相當可信的。

Yes. John, just -- and we did provide kind of illustrative kind of walk from the 4-wall margins to total Topgolf EBITDA. It's on Slide 25 in the deck, and that is when we hit the 35% margin. So you get a good idea of what the EBITDA margin is and then really what the EBITDA margin including the cash interest related to the venues would be as well. So take a peek at that slide. And if you have more questions, let us know.

是的。約翰，我們確實提供了從 4 牆利潤到 Topgolf EBITDA 總額的說明性說明。它位於幻燈片中的第 25 張投影片上，也就是我們達到 35% 利潤的時候。因此，您可以很好地了解 EBITDA 利潤率是多少，然後了解 EBITDA 利潤率（包括與場館相關的現金利息）的實際情況。那麼看一下那張投影片。如果您有更多問題，請告訴我們。

The next question comes from Eric Wold of B. Riley Securities.

下一個問題來自 B. Riley 證券公司的 Eric Wold。

Just, I guess, 1 question, 2 parts on the kind of Topgolf. On the plan to open 8 to 9 venues next year and potentially going to ramp back to 11 in '25, have any venues been completely removed from the pipeline? Or are you merely just shifting everything back? And if anything has been removed, what drove those decisions? And I have a quick follow-up.

我想，只是 1 個問題，2 個部分是關於 Topgolf 的。明年計劃開放 8 至 9 個場館，並可能在 25 年恢復到 11 個場館，是否有任何場館被完全從籌建中移除？還是你只是把一切都移回去？如果刪除了任何內容，是什麼推動了這些決定？我有一個快速的跟進。

We remove venues from the pipeline occasionally because permitting falls through land issues, environmental. It's a regular course of business, if you would, where venues enter and exit your forward pipeline as you get further down the path of the development process. So the -- yes, from that perspective but only as a normal course of business, otherwise just shifting venues and no change in the TAM from that perspective. In fact, I believe the acquisition of Invited derisks and improves our probability of getting 250, if not, more.

我們偶爾會從管道中移除場館，因為土地問題和環境問題導致許可失敗。如果你願意的話，這是一個常規的業務流程，當你在開發過程的道路上進一步前進時，場地會進入和退出你的前向管道。所以——是的，從這個角度來看，但只是作為一個正常的業務過程，否則只是轉移場地，從這個角度來看，TAM 沒有任何變化。事實上，我相信收購 Invited 可以降低風險並提高我們獲得 250 個（如果不是的話）更多的可能性。

And then just a quick follow-up. It would be -- I know it probably wouldn't be meaningful. But of the venues next year that were potentially shifted, any kind of -- assume those are committed locations. Any kind of, I guess, penalties, financial impacts from kind of late opening timing, kind of holding on to it a little bit longer?

然後進行快速跟進。我知道這可能沒有意義。但明年可能會轉移的場館，無論是哪一種——假設這些都是已確定的地點。我想，由於延遲開放時間，會產生任何形式的處罰、財務影響，或再堅持一段時間嗎？

No, nothing material. And what we're doing with this shift is conserving over $100 million of capital over the next 2 years, which will allow us to derisk our cash flows. Our cash flows are projected positive this year. They are projected to increase next year. This further derisks that and should allow us to move quicker into a more meaningful debt paydown whatever the operating environment is next year, which some investors have advised that they think would be a prudent move and as we've assessed the situation, we believe is a good decision in the current circumstance.

不，沒有任何實質內容。我們透過這項轉變所做的就是在未來兩年內節省超過 1 億美元的資本，這將使我們能夠降低現金流風險。我們今年的現金流預計為正。預計明年將會增加。這進一步消除了這種風險，並且應該使我們能夠更快地進行更有意義的債務償還，無論明年的營運環境如何，一些投資者表示，他們認為這是一個謹慎的舉動，並且根據我們對情況的評估，我們認為在當前情況下是一個很好的決定。

But then what we said is approximately 11 because what we're doing is deploying capital, right? So the amount of -- number of venues isn't as important is how much capital we put into play and what the returns on that capital is. If you think about it, $400 million of gross capital venue build that is going to deliver 20% ROGI, that's what we're aiming for, whether that is 10 venues or 12 venues or 1 venue opens in December versus January is -- that's noise. The deployment of capital, the pipeline, we feel really good about.

但是我們說的大約是11，因為我們正在做的是部署資本，對吧？因此，場館的數量並不重要，重要的是我們投入了多少資本以及該資本的回報是多少。如果你想一想，4 億美元的場館建設總資本將帶來20% 的ROGI，這就是我們的目標，無論是10 個場館、12 個場館還是1 個場館在12 月與1 月開放——這就是噪音。資本的部署、管道，我們感覺非常好。

The next question comes from Megan Alexander of Morgan Stanley.

下一個問題來自摩根士丹利的梅根亞歷山大。

I guess I just wanted to -- bigger picture and maybe more high level. Could you give us some perspective on how you're thinking about the dynamic between pricing and traffic in the Topgolf venues, both in the medium and longer term? I guess it seems like based on your comments that most of the same venue sales this year probably comes from price. And then next year is perhaps the tale of 2 halves to some degree on the traffic side. So I guess your comments on evaluating the value proposition and taking a look at the days of the week, except for Tuesday. Like how do you think about what pricing and traffic should contribute to same venue sales over a longer period of time?

我想我只是想要──更大的視野，也許更高的層次。您能否向我們介紹一下您如何看待 Topgolf 場地的中長期定價和流量之間的動態關係？我想根據您的評論，今年大部分相同場地的銷售可能來自價格。明年在交通方面可能會在某種程度上發生兩半的故事。因此，我猜想您對評估價值主張並查看一周中除週二之外的日子的評論。例如您如何看待在較長一段時間內什麼樣的定價和流量應該對同一場地的銷售做出貢獻？

So Megan, the long and short of it is we expect to be able to drive both price and traffic over the longer period of time. And so we are seeing some volatility in the short term. But -- and at the risk of confusing you, our consumer business was traffic was up during the first half of the year. It was down slightly in Q3 -- or it was down in Q3, but our spend per visit was up. So the events business is just dealing with a COVID lap. So the traffic is down on a year-over-year basis on the events business. And as we work through that, we'll normalize it.

因此，梅根，總而言之，我們希望能夠在較長時間內推動價格和流量的成長。因此，我們在短期內看到了一些波動。但是，冒著讓您感到困惑的風險，我們的消費者業務在今年上半年的流量增加。第三季略有下降——或者說第三季下降了，但我們每次造訪的支出卻增加了。所以活動業務只是在應對新冠肺炎疫情。因此，活動業務的流量逐年下降。當我們解決這個問題時，我們將使其正常化。

But we believe we'll be able to drive an equal amount of price and traffic over the long run. You kind of see it in the 2-year stack. I'm sure people are tired of hearing that, but that's -- you do. And we're not -- we haven't seen -- clearly, there's some price sensitivity, we believe, during the weekdays but not on the weekends. We're -- so we're seeing interesting trends, but what you do about those trends and where it will go forward, I think is fairly clear.

但我們相信，從長遠來看，我們將能夠推動同等數量的價格和流量。你可以在 2 年的堆疊中看到它。我確信人們已經厭倦了聽到這樣的說法，但事實是——你確實厭倦了。我們沒有——我們還沒有看到——顯然，我們相信，在工作日而不是週末存在一定的價格敏感性。我們看到了有趣的趨勢，但我認為你對這些趨勢做了什麼以及它的未來發展方向是相當清楚的。

Okay. That's helpful. And maybe just a follow-up on the BigShots acquisition. Three of the locations are franchised. I guess do you see an opportunity to perhaps test the franchise concept with those and longer term, maybe think about franchising out in the U.S.?

好的。這很有幫助。也許只是 BigShots 收購的後續行動。其中三個地點是特許經營的。我想你是否看到了一個機會來測試特許經營概念，從長遠來看，也許考慮在美國進行特許經營？

Well, we're pretty pleased with our current returns that we're generating on the business with our owned and operated strategy. But clearly, we have experience on the franchising side. We franchise the majority of our international business, and we'll have some experience with them. So we will stay open-minded on that. But the primary plan at the moment has continued to be owned and operated in the U.S. for certain, U.K. and -- but we will pick up a couple of venues that are franchised.

嗯，我們對目前透過我們擁有和經營的策略在業務上產生的回報感到非常滿意。但顯然，我們在特許經營方面擁有經驗。我們的國際業務大多是特許經營，並且我們對此有一些經驗。因此，我們將對此保持開放態度。但目前的主要計劃仍然是在美國、英國和英國擁有和經營——但我們將選擇幾個特許經營的場館。

We'll continue to operate those under the BigShots or they will with us as the franchisor. And we look forward to converting them to Toptracer. And the other BigShots venue that we did acquire, we'll convert that to a Topgolf facility.

我們將繼續在 BigShots 的領導下經營這些業務，或者他們將與我們一起作為特許人。我們期待將它們轉換為 Toptracer。我們收購的另一個 BigShots 場地，我們將把它改造成 Topgolf 設施。

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。

I just want to thank everybody for tuning in today and participating in what was a longer call than normal. We obviously had a lot to cover, and we wanted to present some new information that we think will be helpful for evaluating our business, so an unavoidable byproduct of needing to go through all of that and provide this information, which we think will be highly helpful to investors.

我只想感謝大家今天收聽並參加比平常更長的電話會議。顯然，我們有很多內容要涵蓋，我們想提供一些我們認為有助於評估我們業務的新信息，因此不可避免的副產品是需要完成所有這些並提供這些信息，我們認為這將是非常重要的對投資者有幫助。

We appreciate your interest, and we'll look forward to talking to you again in either follow-up calls or at our next earnings call in early 2024. Thank you.

感謝您的關注，我們期待在後續電話會議或 2024 年初的下一次財報電話會議上再次與您交談。謝謝。

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

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。