Topgolf Callaway Brands Corp (MODG) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to the Topgolf Callaway Brands Q4 and Full Year 2023 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 Topgolf Callaway Brands 第四季和 2023 年全年財報電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Katina Metzidakis, Vice President of Investor Relations and Corporate Communications. Please go ahead.

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, operator, and good afternoon, everyone. Welcome to Topgolf Callaway Brands Fourth Quarter and Full Year 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 年第四季和全年財報電話會議。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 fourth quarter and full year 2023 financial results. We've also published an updated presentation with supplemental information that we suggest you follow during today's call. If necessary, we will extend today's call to give ample time for our question-and-answer session.

今天早些時候，該公司發布新聞稿，宣布其第四季度和 2023 年全年財務業績。我們還發布了包含補充資訊的更新演示文稿，建議您在今天的電話會議中關注這些資訊。如有必要，我們將延長今天的通話時間，以便為我們的問答環節提供充足的時間。

Our 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.

我們的收益演示以及收益新聞稿均可在公司投資者關係網站的「財務結果」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。

In the instances where we report non-GAAP measures, we identify the non-GAAP measures in the presentation and reconcile the measures to the corresponding GAAP measures in accordance with Regulation G. Please note that this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations. We encourage you to review the safe harbor statements contained in the presentation and the press release for a more complete description.

在我們報告非GAAP 措施的情況下，我們會在簡報中識別非GAAP 措施，並根據G 條例將這些措施與相應的GAAP 措施進行協調。請注意，本次電話會議將包括涉及風險的前瞻性陳述可能導致實際結果與管理階層目前預期有重大差異的不確定性。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 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. Good afternoon, and thank you for joining our call today, everybody. Starting on Slide 3. We ended 2023 on a positive note, beating our expectations for both revenue and EBITDA. This was driven by continued strength in both our Golf Equipment business and at TravisMathew as well as better-than-expected performance at Topgolf, where same venue sales outperformed on strong holiday results and where we continue to drive improvements in venue-level profitability.

謝謝你，卡蒂娜。下午好，謝謝大家今天加入我們的電話會議。從幻燈片 3 開始。我們以積極的態度結束了 2023 年，收入和 EBITDA 都超出了我們的預期。這是由於我們的高爾夫裝備業務和 TravisMathew 的持續強勁以及 Topgolf 的業績好於預期，其中同一場地的銷售因強勁的假期業績而表現出色，並且我們繼續推動場地層面盈利能力的提高。

Looking across our businesses. For the full year, Golf Equipment delivered excellent brand performance, maintaining its leader positions in golf club market shares and in the overall technology and innovation ranking. Our Active Lifestyle segment delivered solid growth in revenue and profitability, driven by continued momentum at TravisMathew, and at Topgolf, the team delivered 1% same venue sales growth for the full year on top of 7% growth in 2022 as well as an impressive 100 basis points of venue-level adjusted EBITDA margin expansion. They also added 12 new venues with 11 new builds and 1 purchased via the BigShots acquisition.

縱觀我們的業務。全年，高爾夫裝備品牌表現出色，在高爾夫球桿市場份額以及整體技術和創新排名中保持領先地位。在TravisMathew 持續成長勢頭的推動下，我們的積極生活方式部門在收入和盈利能力方面實現了穩健增長，而在Topgolf，該團隊在2022 年7% 的增長以及令人印象深刻的100 美元增長的基礎上，全年同場銷售額成長了1%場館層級調整後 EBITDA 利潤率擴張的基點。他們還增加了 12 個新場館，其中 11 個是新建場館，1 個是透過收購 BigShots 購買的。

2023 also marked an important financial inflection point for our company, that being our transition to positive free cash flow. Our results showed $160 million of free cash flow at the consolidated level and $49 million at the Topgolf level. As you know, given the variable timing of REIT reimbursements, we believe the most appropriate cash flow metric is embedded cash flow, which is free cash flow, excluding new venue and store growth CapEx. Using this metric, we delivered $221 million and $94 million at the total company and Topgolf levels. These numbers reflect positive trends in our fundamentals.

2023 年也標誌著我們公司一個重要的財務轉折點，即我們向正自由現金流的過渡。我們的結果顯示，合併層面的自由現金流為 1.6 億美元，Topgolf 層面的自由現金流為 4,900 萬美元。如您所知，考慮到房地產投資信託基金償還時間的可變性，我們認為最合適的現金流量指標是嵌入現金流量，即自由現金流量，不包括新場地和商店成長資本支出。根據這項指標，我們在整個公司和 Topgolf 層級交付了 2.21 億美元和 9,400 萬美元。這些數字反映了我們基本面的正面趨勢。

Looking forward, we expect our cash flow will stay meaningfully positive from here and that our embedded cash flow will increase slightly this year. We anticipate our EBITDA, cash flow and EPS growth will all ramp significantly in 2025 through 2028 due to the leveling off of corporate investments, the tipping point of economies of scale across our businesses and lower overall corporate interest expense as our positive cash flow allows us to pay down debt over time.

展望未來，我們預計我們的現金流量將從現在開始保持有意義的正值，今年我們的嵌入現金流量將略有增加。我們預計2025 年至2028 年，我們的EBITDA、現金流量和每股盈餘成長將大幅上升，原因是企業投資趨於平穩、我們各業務規模經濟的臨界點以及企業整體利息支出的降低（因為我們的正現金流使我們能夠實現這一目標）隨著時間的推移償還債務。

In support of this, we're providing illustrative 2026 through 2028 numbers in our earnings deck. These are exhibits 21 and 23. As I'm sure you can tell, I remain convinced and excited about the long-term earnings power of this business. We have demonstrated the strength of our golf equipment business over a long period of time. The Callaway brand is strong, and we are set up for an excellent 2024 with an outstanding new product range.

為了支持這一點，我們在損益表中提供了 2026 年至 2028 年的說明性數字。這些是證據 21 和 23。我相信您可以看出，我仍然對這項業務的長期盈利能力充滿信心和興奮。我們在很長一段時間內展現了高爾夫裝備業務的實力。 Callaway 品牌實力雄厚，我們已做好準備，推出出色的新產品系列，迎接美好的 2024 年。

Our Active Lifestyle segment has grown rapidly in both revenue and profits. And although the Topgolf business has experienced some post-COVID same venue sales volatility, when you look past that, you see a business that is clearly strengthening and proving itself as a unique and appreciating asset with strong returns. Topgolf's track record for selecting and opening venues is extraordinary. They virtually all do well and average opening results have exceeded our targets. This is a skill set that has been built up over years and relies on multiple teams and functions across our organization. It makes us unique. Others have tried, but as of yet, no one has been able to replicate our model, and it supports our strong confidence in our capital allocation strategy.

我們的積極生活方式部門的收入和利潤均快速成長。儘管 Topgolf 業務經歷了新冠疫情後的同場銷售波動，但當你回顧這一點時，你會發現該業務正在明顯增強，並證明自己是一項獨特且升值的資產，具有強勁的回報。 Topgolf 在場地選擇和開設方面有著非凡的記錄。他們幾乎都表現良好，平均開盤結果超出了我們的目標。這是一套經過多年累積的技能，依賴我們組織中的多個團隊和職能部門。它使我們獨一無二。其他人已經嘗試過，但到目前為止，還沒有人能夠複製我們的模式，這支持了我們對資本配置策略的堅定信心。

In addition, our venues are increasingly profitable over time with what we believe is a clear path to further upside. I'll even add, we have now shown we can do this in the face of same venue sales volatility. In short, the venues are achieving the return targets we communicated and are long, durable and appreciating assets. To help demonstrate these points, we have included updated cohort and historical data in our earnings presentation. These are Slides 16 through 18. They show increasing average venue sales over time and increasing EBITDAR.

此外，隨著時間的推移，我們的場館獲利能力越來越強，我們相信這是進一步上漲的明確途徑。我甚至要補充一點，我們現在已經證明，面對同一場地的銷售波動，我們可以做到這一點。簡而言之，場館正在實現我們傳達的回報目標，並且是長期、耐用和升值的資產。為了幫助證明這些觀點，我們在收益報告中包含了更新的隊列和歷史數據。這些是幻燈片 16 到 18。它們顯示了隨著時間的推移，平均場館銷售額不斷增加，EBITDAR 不斷增加。

There is volatility over short periods of time, but over the longer period, the trends are clear. As for the durability of the assets, the U.K. venues are now approaching 20 years old and still continue to grow both sales and profitability. Before speaking about where we're going this year, I'd like to put our longer-term opportunity into context by highlighting the underlying strength of the sport of golf and how the modern golf ecosystem is evolving.

短期內有波動，但長期來看，趨勢是清晰的。就資產的耐用性而言，英國場館的營運年限已接近 20 年，且銷售額和獲利能力仍在持續成長。在談論我們今年的發展方向之前，我想透過強調高爾夫運動的潛在優勢以及現代高爾夫生態系統的演變方式，將我們的長期機會放在背景中。

As shown on Slide 4, per the National Golf Foundation, there are now a total of 45 million on and off course golfers, up 9% year-over-year and up 32% since 2019. Within this, an estimated 26.6 million Americans played golf on course in 2023, up 1 million year-over-year in what was the largest 1-year growth in participants since 2001, driven by an all-time high of first-time on-course golfers of 3.4 million. I believe it is both impressive and instructive that this far past COVID, on-course golf is still seeing this kind of momentum.

如幻燈片 4 所示，根據國家高爾夫基金會的數據，目前球場內外高爾夫球手總數為 4500 萬，同比增長 9%，自 2019 年以來增長了 32%。其中，估計有 2660 萬美國人打球到2023 年，在球場上打高爾夫球的人數將同比增加100 萬人，這是自2001 年以來最大的一年增長，這是由首次在球場上打高爾夫球的人數創歷史新高推動的，達到340萬人。我相信，新冠肺炎疫情過去很久了，球場上的高爾夫仍然呈現出這種勢頭，這既令人印象深刻，又具有啟發意義。

At the same time, 32.9 million Americans participated in off-course golf, up 18% year-over-year and up 41% since 2019. The game of golf at large is clearly benefiting from a large influx of participants, capital, the benefit of more flexible work environments, a positive change in perception of the game, especially with teens and young adults, and the structural growth of off-course golf.

同時，有 3,290 萬美國人參加了場外高爾夫運動，同比增長 18%，自 2019 年以來增長了 41%。整個高爾夫運動顯然受益於參與者、資本和利益的大量湧入。更靈活的工作環境，對比賽的看法有正向變化，尤其是青少年和年輕人，以及場外高爾夫的結構性成長。

Within this context, Topgolf alone is adding 3 million to 4 million new unique visitors each year, and will have over 30 million unique visitors in 2024, thus making it a major force in overall golf, with a larger individual participation than total on-course golf. In response to those that may question if off-course golf will drive on course, we now know that around 2/3 of today's on-course beginners are coming to the course with off-course experience compared to less than 40% 5 years ago. And already, 10% of today's total on-course players credit Topgolf for getting them to the golf course.

在此背景下，僅 Topgolf 每年增加 300 萬至 400 萬新的獨立訪客，到 2024 年將擁有超過 3000 萬的獨立訪客，從而使其成為整個高爾夫領域的主要力量，其個人參與度超過球場總數高爾夫球。為了回答那些可能質疑場外高爾夫是否會在球場上開球的問題，我們現在知道，如今約2/3 的場內初學者在來到球場時都擁有場外經驗，而5 年前這一比例還不到40% 。目前，已有 10% 的球場球員信賴 Topgolf 帶領他們進入高爾夫球場。

Now turning to our 2024 guidance. I'm proud to report that we are once again projecting growth in revenue, EBITDA and embedded cash flow. We have also planned our business somewhat conservatively given the uncertain consumer environment, and we are continuing to invest in key corporate infrastructure and profitability initiatives, both at the corporate level and at Topgolf.

現在轉向我們的 2024 年指導。我很自豪地報告，我們再次預測收入、EBITDA 和嵌入現金流的成長。考慮到消費者環境的不確定性，我們也對我們的業務進行了較為保守的規劃，我們將繼續投資於公司層級和 Topgolf 的關鍵企業基礎設施和獲利計畫。

Like our venues, we feel very good about the long-term returns on these investments, and we believe we will show leverage on them relatively quickly, most likely by 2025. Lastly, via specific projects, some of which I'll share with you today with more to come throughout the year, we are also now entering the stage where we will be unlocking more of the exciting revenue, brand and digital synergies that our structure uniquely allow.

與我們的場館一樣，我們對這些投資的長期回報感到非常滿意，我們相信我們將相對較快地發揮其槓桿作用，很可能到 2025 年。最後，透過具體項目，我將與您分享其中一些項目今天，全年將有更多的事情發生，我們現在也進入了一個階段，我們將釋放我們的結構獨特的更多令人興奮的收入、品牌和數位協同效應。

Now I'd like to walk you through our business segment performance. At our Topgolf venue business, both during the quarter and for the full year, we made progress on our 3 key performance drivers. Starting with venue unit growth, we successfully and strongly opened 8 venues in Q4 for a total of 11 new venues in 2023. Our new venues continue to perform extremely well. We also added 1 venue via acquisition in 2023, and in early January of this year, we purchased 1 additional venue from BigShots in Bryan, Texas, adjacent to Texas A&M University, for approximately $7 million.

現在我想向您介紹我們業務部門的業績。在我們的 Topgolf 場地業務中，無論是在本季還是全年，我們在 3 個關鍵績效驅動因素方面都取得了進展。從場館單位的成長開始，我們在第四季度成功強勢開設了 8 個場館，到 2023 年總共開設了 11 個新場館。我們的新場館繼續表現出色。我們還在 2023 年透過收購增加了 1 個場地，今年 1 月初，我們以約 700 萬美元的價格從德克薩斯州布萊恩的 BigShots 購買了 1 個額外場地，毗鄰德克薩斯 A&M 大學。

As of this call, we now own and operate 94 venues and have 5 Topgolf franchise locations and 3 BigShots franchisee locations. We expect to add another 7 new Topgolf venues this year, 2 in the first half and 5 in the second half, for a total of 8 new venues in 2024. We also expect to help open 2 international franchisee locations. For 2025, we're expecting to return to opening 10 to 11 new owned venues.

截至本次電話會議，我們現已擁有並經營 94 個場地，並擁有 5 個 Topgolf 特許經營地點和 3 個 BigShots 特許經營地點。我們預計今年將再增加 7 個新的 Topgolf 場地，上半年 2 個，下半年 5 個，到 2024 年總共新增 8 個場地。我們還預計幫助開設 2 個國際特許經營場地。到 2025 年，我們預計將重新開設 10 至 11 個新自有場館。

Moving on to same venue sales performance. In Q4, our same venue sales declined 3% which was meaningfully ahead of our expectations, driven by stronger-than-expected results in our 1- to 2-Bay consumer-oriented business, particularly at the end of December. For the quarter, our 1- to 2-Bay same venue sales was flat, just as it was in Q3. Our 3+ Bay primarily corporate business continued to stabilize during the quarter and had its second consecutive quarter of relative improvement. As a reminder, corporate is usually approximately 30% of sales in Q4 and 20% for the full year.

繼續看同一場地的銷售業績。第四季度，我們的同場銷售額下降了 3%，這明顯超出了我們的預期，這是由於我們以消費者為導向的 1 至 2 灣業務業績好於預期，特別是在 12 月底。本季度，我們的 1 至 2 灣同場銷售持平，與第三季度相同。我們的 3+ Bay 主要企業業務在本季持續穩定，並連續第二季相對改善。提醒一下，企業通常佔第四季銷售額的 30% 左右，全年佔 20%。

Our December results were undoubtedly helped by weather, as we had challenging weather in December 2022, but seasonally very mild weather in December 2023. Having discussed the quarter, I'm pleased to report the full year same venue sales ended in positive territory, up 1%. This is a notable achievement, particularly when you consider the strength of our 2022 same venue sales growth and the strong 2-year stacks as shown in Exhibit 9.

我們12 月的業績無疑受到了天氣的幫助，因為2022 年12 月的天氣充滿挑戰，但2023 年12 月的季節性天氣非常溫和。在討論了該季度後，我很高興地報告全年同一場地銷售額最終實現正值成長1%。這是一項顯著的成就，特別是當您考慮到我們 2022 年同場銷售成長的實力以及圖表 9 所示的強勁的 2 年銷量時。

Our 1- to 2-Bay business, which is primarily consumer and comprises 80% of our annual venue revenues, was up 4% for the full year. When you consider our comp sales versus pre-COVID levels, our 1- and 2-Bay consumer business is up 11% versus 2019, while the 3+ Bay corporate business is up 1%, Looking ahead, our 2024 guidance recognizes a tough comp in Q1 and some poor weather start the year in January. With this, we're expecting Q1 same venue sales to be down potentially high single digits. After Q1, we see somewhat easier comps and are forecasting approximately flat same venue sales for the full year.

我們的 1 至 2-Bay 業務主要是消費者業務，占我們年度場館收入的 80%，全年成長了 4%。當您考慮我們的公司銷售額與新冠疫情爆發前的水平相比時，我們的1 灣和2 灣消費者業務比2019 年增長了11%，而3+ 灣企業業務增長了1%。展望未來，我們的2024 年指導意見承認公司將面臨嚴峻的競爭第一季和一月開始的一些惡劣天氣。因此，我們預期第一季同場銷售額可能會出現高個位數下降。第一季之後，我們看到比較容易一些，並預測全年相同場地的銷售量大致持平。

As we've previously discussed, our 2 points of weakness on same venue sales during the second half of 2023 were midweek traffic and events. To help address the midweek opportunity, we're in process of implementing weekday promotions, primarily half-off game play, Monday through Wednesday, via the app. Our test markets indicate this new midweek promotion will help keep us competitive with other entertainment and leisure options, will be net profitable and will also help drive our digital business, which will in turn provide a long-term benefit.

正如我們之前討論的，2023 年下半年同場銷售的兩個弱點是周中客流量和活動。為了幫助抓住周中的機會，我們正在實施工作日促銷活動，主要是周一至週三透過應用程式進行半價遊戲。我們的測試市場表明，這一新的周中促銷將有助於我們保持與其他娛樂和休閒選擇的競爭力，將實現淨利潤，也將有助於推動我們的數位業務，這反過來又會帶來長期利益。

We do not believe there will be a major driver of sales growth, but they will help and appear to be an appropriate response that balances short- and long-term needs. To help further stabilize events, we're improving our programs and value adds for both smaller events such as team buildings or birthday parties as well as larger corporate bookings. Looking further down field, we are developing additional consumer offerings, not necessarily value-oriented, that we are going to be announcing in early Q2. We're also starting to really scale our digital offerings, something I'll speak more about in a moment. We believe both of these initiatives will be appealing to consumers and could create upside.

我們認為不會成為銷售成長的主要動力，但它們將有所幫助，並且似乎是平衡短期和長期需求的適當反應。為了幫助進一步穩定活動，我們正在改進我們的計劃並為團隊建立或生日派對等小型活動以及大型企業預訂提供增值服務。展望更遠的領域，我們正在開發更多消費者產品，不一定是價值導向的，我們將在第二季初宣布。我們也開始真正擴展我們的數位產品，我稍後會詳細討論這一點。我們相信，這兩項措施都將吸引消費者，並可能創造優勢。

Moving on to our third and final key performance driver: venue margin expansion. This is really the biggest highlight of 2023 for Topgolf. Topgolf has experienced increased efficiencies driven by our PIE inventory management system, along with a new labor model, and COGS and initiatives that together are working beautifully. As a result, our 2023 venue-level adjusted EBITDA margin increased approximately 100 basis points year-over-year to approximately 34%. And in Q4 alone, we expanded EBITDAR by approximately 370 basis points despite our highest margin business, the events business, being down during the quarter. Hopefully, this provides confidence in our ability to continue to drive improvements in this important metric.

接下來是我們的第三個也是最後一個關鍵績效驅動因素：場地獲利擴張。這確實是Topgolf 2023年最大的亮點。在我們的 PIE 庫存管理系統、新的勞動力模式以及 COGS 和措施的推動下，Topgolf 的效率得到了提升。因此，我們 2023 年場館層級調整後 EBITDA 利潤率年增約 100 個基點，達到約 34%。僅在第四季度，我們的 EBITDAR 就成長了約 370 個基點，儘管我們利潤率最高的業務（即活動業務）在本季度有所下降。希望這能讓我們對繼續推動這項重要指標改進的能力充滿信心。

2023 was an important year for laying the technology foundation in our venues with the rollout of Toptracer across all U.S. venues, thus allowing a common gaming platform, as well as the rollout of our PIE inventory management and booking system across all venues. These critical steps enable us to turn our efforts towards accelerated in-venue digital capabilities, creating new gaming innovation as well as bringing cross-brand synergies to life in 2024 and beyond. To this end, we have created a new commercial and digital team within Topgolf, dedicated to optimizing revenue management and driving our digital business.

2023 年是為我們的場館奠定技術基礎的重要一年，我們在美國所有場館推出了 Toptracer，從而實現了通用遊戲平台，並在所有場館推出了我們的 PIE 庫存管理和預訂系統。這些關鍵步驟使我們能夠將努力轉向加速場內數位能力、創造新的遊戲創新以及在 2024 年及以後實現跨品牌協同效應。為此，我們在 Topgolf 內部組建了一個新的商業和數位團隊，致力於優化收入管理並推動我們的數位業務。

Examples of what the Topgolf digital team is working on are shown on Slide 13, and I encourage you to review it so you have the appropriate feel for the impact these initiatives will have on our business. One specific project that I'll mention is our company-wide consumer data platform, which is now expected to be up and running by the second half of this year. This important project will unlock digital synergies across the brands and is expected to be a significant catalyst for future growth opportunities across our brand portfolio.

投影片 13 顯示了 Topgolf 數位團隊正在進行的工作範例，我鼓勵您查看它，以便您對這些舉措將對我們業務產生的影響有適當的感受。我要提到的一個具體項目是我們公司範圍內的消費者數據平台，目前預計將在今年下半年啟動並運行。這項重要項目將釋放各個品牌之間的數位協同效應，預計將成為我們品牌組合未來成長機會的重要催化劑。

Speaking of cross-brand synergies, there's a lot to be excited about in the coming weeks, as shown on Slide 14. Starting just last week, all the Topgolf players will have the opportunity to upgrade to Callaway-branded premium clubs at all venues. By midyear, this will include clubs specifically designed by Callaway for use in-bay by both established golfers and those new to the game. In the near future, we will be able to upsell this program via the app and in reservations. All Topgolf golf professionals are on Callaway Golf staff and can now exclusively sell Callaway Golf equipment to their students.

說到跨品牌協同效應，未來幾週將有很多令人興奮的事情，如幻燈片 14 所示。從上週開始，所有 Topgolf 球員將有機會在所有場地升級到 Callaway 品牌的高級球桿。到年中，這將包括卡拉威專門設計的球桿，供老牌高爾夫球手和新手在海灣內使用。在不久的將來，我們將能夠透過應用程式和預訂來追加銷售該計劃。所有 Topgolf 高爾夫專業人士都是 Callaway Golf 的員工，現在可以向學生獨家銷售 Callaway Golf 裝備。

Callaway will be hosting organized club fitting events at all venues beginning with the first major of 2024 and will also be the official equipment sponsor of Topgolf's League nights. In addition, our respective marketing teams are leaning into our Callaway Chrome Tour golf ball launch to promote sales and trial of our new golf ball. Our goal is 200,000 new users coming specifically from Topgolf. We also plan to show various Callaway-branded limited-edition golf balls in venues throughout the year. We have an exciting Callaway and Topgolf golf glove program that will run across all venues, and TravisMathew will increase its presence in approximately 1/3 of the venues where the price point works effectively.

從 2024 年第一場大滿貫賽開始，卡拉威將在所有場館舉辦有組織的俱樂部驗配活動，並且還將成為 Topgolf 聯賽之夜的官方裝備贊助商。此外，我們各自的行銷團隊正致力於卡拉威 Chrome Tour 高爾夫球的推出，以促進我們新高爾夫球的銷售和試用。我們的目標是吸引 20 萬名專門來自 Topgolf 的新用戶。我們也計劃全年在場館展示各種卡拉威品牌限量版高爾夫球。我們有一個令人興奮的 Callaway 和 Topgolf 高爾夫手套計劃，該計劃將涵蓋所有場館，而 TravisMathew 將在大約 1/3 的價格有效的場館中增加其存在。

And later in the year, we'll be implementing a new Callaway digital kiosk in the lobby of all venues, a piece that we hope will amaze and delight all the new and existing golfers that visit the venues during the year. Also towards the end of this year or early next, we'll be introducing specific Callaway-branded golf equipment designed for the beginner golfers being introduced to the sport via Topgolf. We will then leverage the consumer data platform and our digital teams to market this product to these new players, thus creating a competitive advantage and reach to what should be the largest single source of new golfers in the modern golf ecosystem.

今年晚些時候，我們將在所有場館的大廳安裝一個新的卡拉威數位資訊亭，我們希望這款產品能讓今年訪問場館的所有新舊高爾夫球手感到驚訝和高興。同樣在今年底或明年初，我們將推出特定的卡拉威品牌高爾夫裝備，專為透過 Topgolf 介紹這項運動的初學者而設計。然後，我們將利用消費者數據平台和我們的數位團隊向這些新球員推銷該產品，從而創造競爭優勢，並成為現代高爾夫生態系統中新高爾夫球手的最大單一來源。

We expect over 30 million unique players will walk into Topgolf venues in 2024. With a strong in-venue Callaway brand presence, the ability to trial Callaway premium equipment in our bays and an advantage in digital reach as well, we're excited about brand Callaway being front and center with this next generation of modern golfers. At the same time, Callaway and TravisMathew will be working to drive awareness and visits to Topgolf.

我們預計到2024 年將有超過3000 萬的獨特玩家走進Topgolf 場館。憑藉卡拉威品牌在場館內的強大影響力、在我們的球館試用卡拉威高端設備的能力以及數字覆蓋範圍的優勢，我們對品牌感到興奮卡拉威是下一代現代高爾夫球手的前沿和中心。同時，卡拉威和 TravisMathew 將致力於提高 Topgolf 的知名度和訪問量。

All of this is in addition to the synergies we've already been enjoying such as a lower cost of capital and faster venue expansion at Topgolf, shared corporate services, Toptracer sales synergies, tour exposure as well as other key partnerships across the brands and operational support, including distribution and sourcing. Our 2024 forecast for Topgolf is specifically called out in our guidance section, so I won't speak to it directly here. I'll add that we expect Topgolf to be free cash flow positive on its own right and we're delighted with the direction of the business.

所有這些都是我們已經享受到的協同效應的補充，例如 Topgolf 較低的資本成本和更快的場館擴張、共享企業服務、Toptracer 銷售協同效應、巡迴曝光以及跨品牌和運營的其他重要合作夥伴關係支持，包括分銷和採購。我們對 Topgolf 2024 年的預測在我們的指導部分中特別提到，所以我不會在這裡直接談論它。我要補充的是，我們預計 Topgolf 本身的自由現金流將為正，並且我們對業務方向感到滿意。

Moving to Golf Equipment. The business performed exceptionally well from a brand perspective in 2023. Our U.S. dollar market share placed us as the #1 club brand and the #2 golf ball brand. In clubs alone, we were the #1 in total clubs, drivers, fairway woods, hybrids and irons. This was led by our 2023 launch of Paradym. In Q4, we had a highly successful launch of our new Ai-ONE putter line. Global revenues were up 5% in Q4 and approximately flat on a full year currency-neutral basis despite an approximately $100 million headwind related to 2022's retail inventory catch-up.

轉向高爾夫裝備。從品牌角度來看，該業務在 2023 年表現異常出色。我們的美元市場份額使我們成為排名第一的球桿品牌和排名第二的高爾夫球品牌。僅就球桿而言，我們在球桿、發球桿、球道木桿、混合桿和鐵桿的總數上排名第一。這是我們在 2023 年推出的 Paradym 引領的。第四季度，我們非常成功地推出了新的 Ai-ONE 推桿系列。儘管 2022 年零售庫存追趕帶來了約 1 億美元的阻力，但第四季度全球收入成長了 5%，在匯率中立的基礎上與全年基本持平。

Golf demand remained robust through 2023. Rounds played grew 4% year-over-year, and 2023 marks the fourth year in a row where rounds played have exceeded $500 million, and I've already discussed with you the strength and participation, including new entrants. In early January, we announced some very exciting new launches in both clubs and golf ball. In clubs, our new family of Ai Smoke drivers, fairway woods and irons truly embody Callaway's leadership in R&D. These clubs feature an Ai Smart Face, which optimizes performance using swing dynamics from thousands of golfers and micro deflections across the face. Our marketing people say it best: it's sweeter from every spot, both longer and more forgiving.

到 2023 年，高爾夫需求仍然強勁。比賽回合數同比增長 4%，2023 年是比賽回合數連續第四年超過 5 億美元，我已經與您討論了實力和參與度，包括新的參賽者。一月初，我們宣布推出一些非常令人興奮的球桿和高爾夫球新品。在球桿方面，我們的新系列 Ai Smoke 發球桿、球道木桿和鐵桿真正體現了卡拉威在研發方面的領先地位。這些球桿具有人工智慧智慧桿面，可利用數千名高爾夫球手的揮桿動態和桿面的微偏轉來優化性能。我們的行銷人員說得最好：每一處都更甜，更持久，更寬容。

On the ball side, we recently launched our new line of Chrome Tour, Chrome Tour X and Chrome Soft golf balls, which reflect the culmination of many years of R&D work as well as the extensive upgrade of our Chicopee ball manufacturing facility. We are effectively launching a new brand in Chrome Tour, a brand that will complement our existing strength in Chrome Soft and Supersoft.

在球方面，我們最近推出了新系列的 Chrome Tour、Chrome Tour X 和 Chrome Soft 高爾夫球，這反映了我們多年研發工作的巔峰以及我們 Chicopee 球製造工廠的廣泛升級。我們正在 Chrome Tour 中有效地推出一個新品牌，該品牌將補充我們在 Chrome Soft 和 Supersoft 方面的現有實力。

This is a big launch for us and something we don't take lightly. We deferred doing it previously, instead waiting until we further proved out our design thesis and manufacturing capabilities. We are proud of our record in golf ball, and both our sales and market share record over the last 8 years supports this. Still, we believe we have more potential. We believe we make the best performing and most consistent ball in golf, and we now feel ready to tell the world about it.

這對我們來說是一次重大發布，我們不會掉以輕心。我們之前推遲了這樣做，而是等到我們進一步證明我們的設計論文和製造能力。我們為自己在高爾夫球領域的記錄感到自豪，過去 8 年的銷售和市場份額記錄也證明了這一點。儘管如此，我們相信我們還有更大的潛力。我們相信我們製造出高爾夫中性能最好、最穩定的球，現在我們準備好向世界講述這一點。

As we forecast the Golf Equipment segment for 2024, we're encouraged that field inventories have returned to more normalized and healthy levels, with no abnormal items to lap this year and consumer interest in the game remains high, and we're excited about the potential opportunity for our business to outperform the market given the strength of our new launches. As a result, we expect both revenues and profits to be up in this segment.

正如我們對2024 年高爾夫裝備細分市場的預測一樣，我們感到鼓舞的是，現場庫存已恢復到更加正常和健康的水平，今年沒有異常物品可圈售，消費者對這項運動的興趣仍然很高，我們對鑑於我們新推出的產品的實力，我們的業務有超越市場的潛在機會。因此，我們預計該領域的收入和利潤都會上升。

Switching gears to our third and final segment. Our Active Lifestyle division grew 9% in 2023 and continue to expand margins. Top line growth was driven by continued brand momentum at TravisMathew, which had a strong year from both a top and bottom line perspective. In 2023, TravisMathew grew in all channels, including adding 6 new stores and launching into the women's category.

切換到我們的第三個也是最後一個部分。我們的積極生活方式部門在 2023 年成長了 9%，並繼續擴大利潤率。 TravisMathew 持續的品牌勢頭推動了營收成長，從營收和利潤的角度來看，該公司今年都表現強勁。 2023 年，TravisMathew 在所有通路均實現成長，包括新增 6 家新店並進軍女裝品類。

In 2024, they plan to open 8 to 10 new stores, slowly expand our international footprint as well as amplify the fantastic women's product with marketing and stronger in-store exposure. The women's product is resonating nicely, and although it is still small from a percentage basis, we're optimistic on its long-term potential. Also at TravisMathew, in 2023, we had an approximately $35 million inventory fill-in into our corporate channel that will not repeat in 2024. This will cause some year-over-year comparison issues for 2024 versus 2023. Excluding this, we continue to expect strong revenue growth at TravisMathew, both this year and going forward.

到 2024 年，他們計劃開設 8 到 10 家新店，慢慢擴大我們的國際足跡，並透過行銷和更強的店內曝光來擴大優質女裝產品的影響力。女性產品引起了良好的反響，儘管從百分比來看仍然很小，但我們對其長期潛力持樂觀態度。同樣在TravisMathew，2023 年我們向公司通路注入了約3500 萬美元的庫存，這一情況在2024 年不會重複。這將導致2024 年與2023 年的一些同比比較問題。除此之外，我們將繼續預計 TravisMathew 今年和未來的收入將強勁增長。

Jack Wolfskin margins were challenged in Q4 due to continued softness in Europe, driven by continued high field inventories and despite strong performance in China, both in Q4 and for the full year. That said, the Jack Wolfskin business grew slightly on the top line, and was approximately breakeven in EBITDA in 2023 overall. We now have new leadership in place in Europe, and we're optimistic for stabilization, followed by growth, during the balance of 2024 and into 2025. Overall, for 2024, we're expecting approximately flat revenues with operating income slightly down in this segment.

Jack Wolfskin 的利潤率在第四季度受到挑戰，原因是歐洲市場持續疲軟，受現場庫存持續高企的推動，儘管中國第四季和全年表現強勁。儘管如此，Jack Wolfskin 業務的營收略有成長，2023 年整體 EBITDA 大致實現損益平衡。我們現在在歐洲有了新的領導層，我們對 2024 年剩餘時間和 2025 年的穩定以及隨後的成長持樂觀態度。總體而言，2024 年我們預計收入大致持平，營業收入略有下降部分。

In conclusion, 2023 ended on a strong note, and 2024 has begun with exciting new products and programs across our brands. We remain confident in our strategic initiatives and our ability to grow our cash flows from here. The growth is forecast to be modest for 2024 as we both continue to invest in the business, and we are also planning cautiously. Cash flow, EBITDA and EPS then ramp nicely as our cash flow compounds and as we leverage our scale. Thank you for your time today. And Brian, over to you.

總而言之，2023 年以強勁的勢頭結束，2024 年我們各品牌推出了令人興奮的新產品和計劃。我們對我們的策略性舉措以及從這裡增加現金流的能力仍然充滿信心。由於我們雙方都在繼續投資該業務，並且我們也在謹慎規劃，因此預計 2024 年的成長將是溫和的。隨著我們的現金流複合和我們利用我們的規模，現金流、EBITDA 和 EPS 就會很好地成長。感謝您今天抽出時間。布萊恩，交給你了。

Thank you, Chip, and good afternoon, everyone. As Chip mentioned, we are pleased with how we finished 2023. We had fourth quarter revenue growth across each of our operating segments. Topgolf opened 8 new venues in the fourth quarter alone and finished the year with same venue sales growth of plus 1%, while also increasing venue-level adjusted EBITDAR margins by approximately 100 basis points year-over-year.

謝謝奇普，大家下午好。正如 Chip 所提到的，我們對 2023 年的業績感到滿意。我們每個營運部門的第四季收入都實現了成長。光是第四季度，Topgolf 開設了 8 個新場館，全年同場館銷售額成長了 1% 以上，同時場館層級調整後的 EBITDAR 利潤率也較去年同期成長了約 100 個基點。

Our Golf Equipment business finished the year with the #1 U.S. golf equipment market share for golf clubs and #2 in golf balls. We also achieved positive free cash flow for the year, both on a consolidated basis and at Topgolf. Those were important financial milestones for us, and we achieved them well ahead of our plan that we set at the time of the merger. We remain in a strong financial position. Our cash and cash equivalents increased $213 million to $394 million at December 31, 2023, compared to the prior year, which is after taking into account over $50 million in common stock purchases, including $12 million in the fourth quarter, and deploying approximately $30 million for the BigShots acquisition.

我們的高爾夫裝備業務以高爾夫球桿的美國高爾夫裝備市場份額排名第一，高爾夫球的市佔率排名第二。無論是在合併基礎上還是在 Topgolf，我們今年都實現了正的自由現金流。這些對我們來說是重要的財務里程碑，我們遠早於合併時所製定的計畫實現了這些里程碑。我們的財務狀況依然強勁。截至2023 年12 月31 日，我們的現金和現金等價物與上一年相比增加了2.13 億美元，達到3.94 億美元，這是在考慮了超過5000 萬美元的普通股購買（包括第四季度的1200 萬美元）和部署約3000 萬美元之後用於 BigShots 收購。

Our available liquidity, which is comprised of cash on hand and availability under our credit facilities, increased $327 million to $743 million due to proceeds from the company's new term loan and better-than-expected cash flows this year. Given the strength of our businesses and our solid financial position, we believe we are well positioned entering 2024, and we expect to grow revenue, adjusted EBITDA and embedded cash flow again this year.

由於公司新定期貸款的收益以及今年好於預期的現金流，我們的可用流動資金（包括手頭現金和信貸額度下的可用資金）增加了 3.27 億美元，達到 7.43 億美元。鑑於我們的業務實力和穩健的財務狀況，我們相信進入 2024 年我們處於有利地位，預計今年收入、調整後 EBITDA 和嵌入現金流將再次增長。

Now turning to our fourth quarter results. We grew consolidated revenues 5% year-over-year to $897 million, driven by growth across all 3 operating segments, and led by Topgolf venues, which were up 9% and golf clubs, which were up 17%. Given the seasonality of our businesses, we typically report an operating loss in the fourth quarter. In the fourth quarter of 2023, our non-GAAP operating loss improved 74% to a loss of $6.6 million. This improvement was driven by a significant improvement in segment operating income in the Topgolf and Active Lifestyle segments.

現在轉向我們第四季的業績。在所有 3 個營運部門的成長推動下，我們的綜合收入年增 5%，達到 8.97 億美元，其中 Topgolf 場館成長 9%，高爾夫俱樂部成長 17%。考慮到我們業務的季節性，我們通常會在第四季度報告營運虧損。 2023 年第四季度，我們的非 GAAP 營運虧損改善了 74%，達到虧損 660 萬美元。這項改善是由 Topgolf 和 A​​ltive Lifestyle 部門營業收入的顯著改善所推動的。

Non-GAAP fourth quarter net loss increased to approximately $5.4 million compared to last year, largely due to the increased D&A and interest expense related to new venue development. Adjusted EBITDA of $69.8 million increased 91% and compared to last year and exceeded the high end of our guidance range by approximately $12 million due primarily to better-than-expected revenue and venue margins at Topgolf.

與去年相比，非公認會計準則第四季淨虧損增加至約 540 萬美元，這主要是由於與新場館開發相關的 D&A 和利息支出增加。調整後 EBITDA 為 6,980 萬美元，與去年相比成長 91%，超出我們指引範圍的上限約 1,200 萬美元，這主要是由於 Topgolf 的營收和場地利潤優於預期。

Moving to segment performance. At Topgolf, Q4 revenue grew 7%, driven primarily by new venues, partially offset by better-than-expected same venue sales of minus 3%. The beat in Q4 same venue sales was driven by better-than-expected traffic in our 1- and 2-Bay consumer business, which benefited from a strong holiday season and year-over-year favorable weather in December. Topgolf operating income increased to $23 million in the fourth quarter compared to $3 million in the prior year, and adjusted EBITDA increased $30 million to $73 million.

轉向細分績效。 Topgolf 第四季營收成長 7%，主要由新場地推動，但部分被好於預期的同場地銷售額負 3% 所抵銷。第四季同場銷售的成長是由於我們的 1 灣和 2 灣消費業務的客流量好於預期，這得益於強勁的假期季節和 12 月份同比的有利天氣。 Topgolf 在第四季營業收入增至 2,300 萬美元，而去年同期為 300 萬美元，調整後的 EBITDA 增加了 3,000 萬美元，達到 7,300 萬美元。

These improvements were driven primarily by the increased revenue as well as continued operational efficiency gains in the venues. The operational gains included improved labor management, the impact of PIE being rolled out in all venues and lower food and beverage costs due to Topgolf's increased scale.

這些改進主要是由於場館收入的增加以及營運效率的持續提高所推動的。營運收益包括改進的勞動力管理、在所有場館推出 PIE 的影響以及由於 Topgolf 規模擴大而降低的食品和飲料成本。

Moving to Q4 results for Golf Equipment. Revenue increased 5% to $199 million, primarily due to an expected shift in golf club launches partially offset by a decline in golf ball sales as we prepare for the 2024 launch of our new Chrome Tour ball, which launched on February 2. Golf Equipment operating income decreased $21 million due to the expected lower production volumes in the second half of 2023 as compared to the prior year, resulting in unfavorable cost absorption as well as a return to normal promotional levels as we mentioned last quarter.

轉向高爾夫裝備第四季的業績。營收成長5%，達到1.99 億美元，主要是由於高爾夫球桿發布的預期變化部分被高爾夫球銷量的下降所抵消，因為我們正在為2024 年推出新的Chrome Tour 球（該球於2 月2 日推出）做準備。正如我們上季度提到的，由於預計 2023 年下半年產量將低於上年，收入減少了 2100 萬美元，導致不利的成本吸收以及恢復到正常促銷水平。

In our Active Lifestyle segment, Q4 revenue grew 3%, primarily due to increased apparel sales, which was led by TravisMathew. Operating income increased to $20 million compared to breakeven in the prior year. This increase was driven by increased revenue and margin as a result of a higher mix of margin-accretive direct-to-consumer sales as well as tailwinds from lower input costs year-over-year.

在我們的積極生活方式領域，第四季度收入增長了 3%，主要是由於 TravisMathew 領導的服裝銷售增加。與前一年的損益平衡相比，營業收入增加至 2,000 萬美元。這一成長的推動因素是收入和利潤的增加，這是由於直接面向消費者的銷售增加了利潤成長，以及投入成本較去年同期下降的推動。

Moving to balance sheet and liquidity highlights. As I mentioned earlier, at December 31, 2023, our available liquidity increased $327 million to $743 million compared to the prior year due to proceeds from the company's new term loan and better-than-expected cash flow this year. At year-end, we had a total net debt of $2.2 billion, which excludes convertible debt of approximately $258 million, compared to $1.9 billion at the end of 2022.

轉向資產負債表和流動性亮點。正如我之前提到的，截至2023 年12 月31 日，由於公司新定期貸款的收益以及今年好於預期的現金流，我們的可用流動資金比上一年增加了3.27 億美元，達到7.43 億美元。截至年底，我們的淨債務總額為 22 億美元，其中不包括約 2.58 億美元的可轉換債務，而 2022 年底為 19 億美元。

This increase relates primarily to incremental new venue financing and the additional $300 million of term loan debt. As a reminder, we think it is also helpful to evaluate our net leverage position by excluding the venue financing REIT debt, which is essentially capitalized rent with no additional principal or bullet repayment required.

這一增長主要與增量新場館融資和額外的 3 億美元定期貸款債務有關。提醒一下，我們認為排除場地融資房地產投資信託債務也有助於評估我們的淨槓桿狀況，這些債務本質上是資本化租金，不需要額外的本金或一次性償還。

Excluding the REIT debt, our REIT adjusted net debt is $971 million at the end of 2023 compared to $997 million at the end of 2022. Our net debt leverage, which excludes convertible debt, was 3.8x at December 31, 2023, compared to 3.4x at the year-end 2022. This change was driven by the opening of additional venues in Q4 2023 versus the prior year. Our REIT adjusted net debt leverage ratio was 1.9x compared to 2.0x in the prior year. We feel comfortable with these leverage levels.

不包括REIT 債務，我們的REIT 調整後淨債務在2023 年底為9.71 億美元，而2022 年底為9.97 億美元。我們的淨債務槓桿（不包括可轉換債務）截至2023 年12 月31 日為3.8 倍，而2023 年12 月31 日為3.4 倍x 於 2022 年底。這項變更是由於 2023 年第四季與前一年相比新增場館所致。我們的 REIT 調整後淨負債槓桿率為 1.9 倍，而前一年為 2.0 倍。我們對這些槓桿水平感到滿意。

Our inventory balance decreased $165 million or 17% from $959 million at year-end 2022 to $794 million at the end of 2023, a significant achievement by our teams who actually manage this inventory reduction in light of the post-COVID surge in 2022. We continue to expect our Active Lifestyle inventory to decrease in 2024 as our apparel businesses normalize their inventory. We feel good about the quality of our inventory.

我們的庫存餘額從2022 年底的9.59 億美元減少了1.65 億美元，即17%，至2023 年底的7.94 億美元，這是我們的團隊在2022 年新冠疫情后激增的情況下實際管理庫存減少的重大成就。隨著我們的服裝業務庫存正常化，預計我們的積極生活方式庫存將在 2024 年減少。我們對庫存的品質感覺良好。

Capital expenditures for the 12 months ended December 31, 2023, were $482 million, and we received reimbursements of $277 million from our REIT arrangements for net capital expenditures of $205 million, of which $146 million is related to Topgolf. Net CapEx was approximately $30 million lower than our $240 million guidance due to the timing of REIT reimbursements.

截至 2023 年 12 月 31 日的 12 個月的資本支出為 4.82 億美元，我們從 REIT 安排中獲得了 2.77 億美元的償還，淨資本支出為 2.05 億美元，其中 1.46 億美元與 Topgolf 有關。由於 REIT 償還時間的原因，淨資本支出比我們的指導值 2.4 億美元低約 3,000 萬美元。

Consolidated free cash flow and embedded cash flow were $160 million and $221 million respectively, both ahead of expectations. As a reminder, embedded cash flow is free cash flow minus growth CapEx for new venues and retail stores. This metric provides a good view of the cash generation power of our business as it stands today, and it eliminates the noise from the timing of REIT reimbursements.

合併自由現金流和嵌入現金流分別為 1.6 億美元和 2.21 億美元，均超出預期。提醒一下，嵌入現金流是自由現金流減去新場所和零售店的成長資本支出。該指標可以很好地了解我們業務目前的現金產生能力，並且消除了房地產投資信託基金償還時間的干擾。

Looking ahead, we believe we will grow embedded cash flow in 2024. In light of FX headwinds and continued corporate infrastructure investments this year, the growth in embedded cash flow is expected to be modest in 2024, but ramp in 2025 through 2028. We also expect to remain free cash flow positive, both in our consolidated business as well as Topgolf. Given our better-than-expected cash generation in 2023 and assuming we are on plan for 2024, we would expect to begin paying down our term loan debt later in 2024.

展望未來，我們相信我們的嵌入現金流量將在2024 年實現成長。鑑於今年的外匯不利因素和持續的企業基礎設施投資，預計2024 年嵌入現金流量的成長將適度，但在2025 年至2028 年期間將會有所成長。我們也預計我們的合併業務和 Topgolf 的自由現金流將保持在正值。鑑於我們 2023 年的現金產生情況優於預期，並假設我們按 2024 年的計劃進行，我們預計將在 2024 年稍後開始償還定期貸款債務。

I would now like to provide an update on our outlook for 2024. Our outlook reflects both our confidence in our business as well as a potentially softer consumer environment in 2024. All in all, we expect revenue, EBITDA and embedded cash flow growth in 2024. As I mentioned last quarter, we are in Phase 2 of our Topgolf journey. In Phase 1, we funded Topgolf's operations and venue development. This phase was very successful as we increased the pace of new venue development and at the same time, improved venue profitability, resulting in significant revenue and adjusted EBITDA growth.

我現在想提供有關2024 年展望的最新資訊。我們的展望既反映了我們對業務的信心，也反映了2024 年可能疲軟的消費者環境。總而言之，我們預計2024 年收入、息稅折舊攤銷前利潤(EBITDA) 和嵌入現金流將實現成長正如我上季度提到的，我們正處於 Topgolf 旅程的第二階段。在第一階段，我們資助了 Topgolf 的營運和場地開發。這一階段非常成功，我們加快了新場館開發的步伐，同時提高了場館盈利能力，帶來了可觀的收入和調整後的 EBITDA 增長。

As expected, however, this accelerated development had a negative impact on earnings per share due to the increased interest expense and D&A associated with that development. Topgolf is now free cash flow positive and self-funding with REIT or developer-led financing, and we have moved to Phase 2. In Phase 2, which we will be in through 2024, we expect to scale our business further, grow embedded cash flows and stabilize EPS. We also expect to be at the tail end of our post-merger investments in corporate infrastructure.

然而，正如預期的那樣，由於與該發展相關的利息支出和 D&A 增加，這種加速發展對每股盈餘產生了負面影響。 Topgolf 現在自由現金流為正，並透過房地產投資信託基金或開發商主導的融資進行自籌資金，我們已進入第二階段。在第二階段，我們將在2024 年進入第二階段，我們預計將進一步擴大我們的業務，增加嵌入現金流動並穩定 EPS。我們也預計公司基礎設施的合併後投資將處於尾聲。

In 2025 through 2028, we expect to be in Phase 3 of our Topgolf journey, where we will have further growth and our cash flows begin to meaningfully exceed our capital requirements. As a result of the increased scale, leveling of corporate investments and the impact of the cash flow generation on interest expense, we would expect EPS to begin to grow in 2025 and ramp from there.

從 2025 年到 2028 年，我們預計將進入 Topgolf 旅程的第三階段，我們將進一步成長，我們的現金流開始顯著超過我們的資本要求。由於規模擴大、企業投資趨於平衡以及現金流量產生對利息支出的影響，我們預期每股盈餘將在 2025 年開始成長，並從此開始上升。

Before moving to specific 2024 guidance, I want to highlight why we have so much confidence in the long-term performance of this business. I refer you to Slide 18, which depicts 2023 adjusted EBITDA margin by venue cohort. As you know, our venues open well and quickly ramp to attractive revenue, margin and profit generation. This is consistently true, and an attractive element of the Topgolf business.

在轉向具體的 2024 年指導之前，我想強調為什麼我們對這項業務的長期業績如此有信心。我建議您參閱投影片 18，其中按場館群體描述了 2023 年調整後的 EBITDA 利潤率。如您所知，我們的場館運作良好，並能迅速實現具有吸引力的收入、利潤和利潤。這始終是事實，也是 Topgolf 業務的一個有吸引力的元素。

As shown on Slide 18, you can see that the venue-adjusted EBITDAR margin not only doesn't decrease with age of the venue, but if anything, it actually increases with age. And this effect is even more pronounced when looking at venue pretax income due to the D&A being somewhat front loaded in the first 5 years.

如投影片 18 所示，您可以看到，經場地調整的 EBITDAR 利潤不僅不會隨著場地的使用年限而減少，反而會隨著使用年限而增加。當考慮到場館稅前收入時，這種影響更加明顯，因為前 5 年的 D&A 有點提前。

Overall, it is clear that Topgolf venues open with strong economics that improve over time, and the venues are appreciating assets over the long term. At present, approximately half of our venues opened in the last 5 years. Accordingly, we expect the profit contribution from our venues to expand over time.

總體而言，很明顯，Topgolf 場館的開業經濟效益強勁，並且隨著時間的推移而不斷改善，並且從長遠來看，場館的資產正在升值。目前，我們大約一半的場館是在過去五年內開業的。因此，我們預計場館的利潤貢獻將隨著時間的推移而擴大。

With that said, let's turn to 2024 guidance. Looking at our 2024 guide holistically. As Chip mentioned, we view 2024 as an investment year in which we are focused on driving the digital transformation of Topgolf and separately, largely finishing necessary post-merger investments in corporate infrastructure, including information technology systems and cybersecurity. Now let's look at more specific guidance for 2024. There will be a few headwinds as we enter 2024, in addition to the investments I just mentioned.

話雖如此，讓我們轉向 2024 年指導。全面審視我們的 2024 年指南。正如 Chip 所提到的，我們將 2024 年視為投資年，我們將重點放在推動 Topgolf 的數位轉型，並分別基本上完成對企業基礎設施（包括資訊科技系統和網路安全）的必要合併後投資。現在讓我們來看看 2024 年更具體的指導。進入 2024 年，除了我剛才提到的投資之外，還會遇到一些阻力。

First, there's the revenue headwind in the Active Lifestyle business that Chip called out earlier. The second is related to foreign currency. In addition to unfavorable translation based on recent rates, there are also foreign currency hedging gains in 2023 of approximately $13.4 million that will not repeat in 2024. Overall, we estimate these foreign currency changes will negatively impact revenue by approximately $10 million and adjusted EBITDA by approximately $20 million.

首先，奇普早些時候指出，積極生活方式業務存在收入逆風。第二個是與外幣有關的。除了基於近期匯率的不利換算外，2023 年還有約1,340 萬美元的外幣對沖收益，這種收益在2024 年不會重複。總體而言，我們估計這些外幣變化將對收入產生約1,000 萬美元的負面影響，調整後的EBITDA 將對約2000萬美元。

Lastly, the Topgolf business will be lapping 11% growth in same venue sales in Q1 2023, which was partially due to a post-COVID surge in our events business, which is resulting in our same venue sales estimates of down high single digits in Q1 and flat for the full year, both as compared to 2023. For 2024, we anticipate consolidated net revenue growth of approximately 6% versus the prior year to $4.515 billion to $4.555 billion. Consolidated revenue growth is expected to be driven by low single-digit growth in the Golf Equipment segment and growth of approximately 11% at Topgolf. The Topgolf growth is primarily due to new venue growth.

最後，Topgolf 業務在2023 年第一季的同場銷售將實現11% 的成長，部分原因是我們的活動業務在新冠疫情之後激增，這導致我們對第一季同場銷售的預測下降了高個位數與 2023 年相比，全年持平。對於 2024 年，我們預計合併淨收入將比上一年增長約 6%，達到 45.15 億美元至 45.55 億美元。預計綜合收入成長將由高爾夫設備部門的低個位數成長和 Topgolf 約 11% 的成長推動。頂級高爾夫的成長主要歸功於新場地的成長。

Moving to 2024 adjusted EBITDA. We are guiding to a range of $620 million to $640 million, which would represent growth of 4% to 7%, approximately commensurate with the projected revenue growth. As mentioned earlier, we would expect to begin to see leverage in 2025. We are projecting Topgolf adjusted EBITDA to be approximately $350 million or 17.9% margin, which would be approximately 60 basis points of expansion on a year-over-year basis.

轉向 2024 年調整後 EBITDA。我們的指導範圍為 6.2 億至 6.4 億美元，這意味著增長 4% 至 7%，與預計的收入增長大致相當。如前所述，我們預計將在 2025 年開始看到槓桿作用。我們預計 Topgolf 調整後的 EBITDA 約為 3.5 億美元，即 17.9% 的利潤率，與去年同期相比擴張約 60 個基點。

We expect non-GAAP diluted EPS of $0.26 to $0.34 compared to $0.49 this year. This decrease is primarily due to increased depreciation and amortization expense as well as increased venue financing interest due to additional venues. We have included in the investor deck today on Slide 23 an estimated walk from EBITDA to EPS for 2024. Finally, we expect to spend approximately $475 million in gross capital expenditures in 2024 compared to $482 million in 2023. The decrease is due to less new venue development in 2024 compared to the prior year. We estimate REIT reimbursements of $214 million in 2024 compared to $277 million in 2023.

我們預計非 GAAP 攤薄後每股收益為 0.26 至 0.34 美元，今年為 0.49 美元。這一減少主要是由於折舊和攤銷費用增加以及因增加場地而增加的場地融資利息。我們今天在幻燈片23 上的投資者幻燈片中列出了2024 年從EBITDA 到EPS 的估計步行路程。最後，我們預計2024 年的總資本支出約為4.75 億美元，而2023 年為4.82 億美元。這一減少是由於新項目減少與上一年相比，2024 年場館開發。我們預計 2024 年 REIT 報銷額為 2.14 億美元，而 2023 年為 2.77 億美元。

Now turning to Q1 specifically. In Q1, we expect consolidated revenue of $1.14 billion to $1.16 billion, flat to slightly down versus 2023. This decrease is largely related to the Active Lifestyle corporate channel headwind Chip mentioned and Topgolf's expected decrease in Q1 same venue sales. We also expect Q1 adjusted EBITDA of $130 million to $140 million compared to $157 million in the prior year. This decrease is primarily related to the flat to down revenue combined with projected unfavorable FX in the 2024 investment. These factors, along with increased D&A and interest expense related to new venues, will negatively impact first quarter EPS, which we estimate to be approximately breakeven to a slight loss compared to $0.17 last year.

現在具體轉向 Q1。我們預計第一季綜合營收為11.4 億美元至11.6 億美元，與2023 年持平或略有下降。這一下降很大程度上與Chip 提到的Active Lifestyle 企業通路逆風以及Topgolf 預計第一季同場銷售額下降有關。我們也預期第一季調整後 EBITDA 為 1.3 億至 1.4 億美元，而前一年為 1.57 億美元。這一下降主要與收入持平或下降以及 2024 年投資中預計不利的外匯狀況有關。這些因素，加上與新場館相關的D&A 和利息支出的增加，將對第一季每股收益產生負面影響，我們預計與去年的0.17 美元相比，該季度每股收益將大致達到盈虧平衡，略有虧損。

We have provided today in the investor presentation a lot of new and more detailed information in response to investor inquiries. I hope you find this information helpful. Overall, we are pleased with where we are as a business despite significant headwinds since the merger from unfavorable foreign currency and rising interest rates, we have achieved greater growth in cash flow than we expected at the time of the merger.

我們今天在投資者介紹中提供了許多新的、更詳細的資訊來回應投資者的詢問。我希望這些資訊對您有所幫助。總體而言，我們對我們的業務狀況感到滿意，儘管自合併以來匯率不利和利率上升帶來了巨大阻力，但我們的現金流成長超出了合併時的預期。

We are also encouraged that we are at the tail end of our post-merger investments and are beginning to capture the synergies with Topgolf as Chip described. We are excited about the progress we have made since the merger, and beginning in 2025, we expect to reach the scale and infrastructure necessary to begin ramping embedded cash flow and earnings. We look forward to reporting to you on our progress.

我們也感到鼓舞的是，我們正處於合併後投資的尾聲，並且正開始利用 Chip 所描述的與 Topgolf 的協同效應。我們對合併以來的進展感到興奮，從 2025 年開始，我們預計將達到開始增加嵌入現金流量和收益所需的規模和基礎設施。我們期待向您報告我們的進展。

We will now open the call for questions. Operator, over to you.

我們現在開始提問。接線員，交給你了。

(Operator Instructions) The first question is from Alex Perry with Bank of America.

（操作員說明）第一個問題來自美國銀行的 Alex Perry。

I guess I just wanted to ask, what does the flat Topgolf comp assume in terms of walk-in versus corporate? Maybe just give us some help in terms of how you're thinking about those 2 pieces of the business. Would you expect the corporate events business to return positive following the 1Q against the easier comps? And what are your sort of forward bookings indicating? It looks like that accelerated a bit in the fourth quarter. Is that a trend you expect to continue?

我想我只是想問，在步入式比賽和企業比賽方面，平板頂級高爾夫比賽有何假設？也許只是在您如何看待這兩個業務方面給我們一些幫助。您是否預期企業活動業務在第一季之後相對較容易的比較會恢復正值？您的提前預訂顯示了什麼？看起來第四季有所加速。您預計這種趨勢會持續下去嗎？

Sure, Alex. This is Chip. So for Q1, we're expecting a tough comp as you would expect, overall, but specifically in the corporate business. The corporate business was still at that post-COVID surge point in the first quarter last year, and then we saw the change in trend after that.

當然，亞歷克斯。這是奇普。因此，對於第一季度，我們預計整體情況將如您所期望的那樣艱難，特別是在企業業務方面。去年第一季度，企業業務仍處於新冠疫情後的激增點，之後我們看到了趨勢的變化。

After first quarter, we do expect corporate events to stabilize. And we're already seeing that. You can see that in the data right now. The walk-in business has been stable over the last several quarters, and we do expect that to improve through the year as well. So we're seeing an improving trend. We have easier comps after Q1 and pretty clear direction, I think, in terms of what we've seen and consistency with what we've seen over the last 4 or 5 months.

第一季之後，我們確實預期企業活動將趨於穩定。我們已經看到了這一點。現在您可以在數據中看到這一點。過去幾個季度，步入式業務一直保持穩定，我們預計這一情況在今年也會有所改善。所以我們看到了改善的趨勢。我認為，就我們所看到的情況以及與過去 4 或 5 個月所看到的情況的一致性而言，我們在第一季之後有了更容易的比較，並且方向非常明確。

The next question is from Megan Alexander with Morgan Stanley.

下一個問題來自摩根士丹利的梅根亞歷山大。

Could you maybe -- just a follow-up on that. Is there any way to quantify the weather impact to January and whether you've seen same venue sales improve from that level?

您也許可以—只是對此的後續行動。有什麼方法可以量化天氣對一月的影響以及您是否看到同一場地的銷售額較該水平有所改善？

Megan, we saw headwinds from weather in January. We saw tailwinds from weather in December, which is somewhat what you'd expect this time of year, some volatility around that. In January, the weather headwind was roughly about 200 to 250 basis points relative to the full quarter. We don't read too much into that other than that's one of these things that happen this time of year.

梅根，我們在一月看到了天氣帶來的逆風。我們在 12 月看到了天氣帶來的順風，這在每年這個時候都是你所期望的，但周圍會出現一些波動。 1 月份，天氣逆風相對於整個季度約為 200 至 250 個基點。除了每年這個時候發生的事情之一之外，我們並沒有對此進行過多的解讀。

The trends that we were seeing in, really for the second half of last year, are indeed the trends that are continuing, and we feel good about the direction overall of our same venue sales, with some clear opportunities that we've talked about, with the midweek promotions and the digital efforts and other initiatives that we're developing that we think will have a positive impact on the same venue sales.

我們在去年下半年看到的趨勢確實是持續的趨勢，我們對同場銷售的總體方向感覺良好，有一些我們已經討論過的明確機會，透過周中的促銷活動、數位化工作以及我們正在製定的其他舉措，我們認為這些舉措將對同一場地的銷售產生正面影響。

Super helpful. I guess maybe to that point on some of the midweek promotions you're doing. I think you ran some tests during the fourth quarter. I guess how do you make sure that -- you've been doing this on Tuesday as well, but how do you make sure that it doesn't cannibalize some of the weekend traffic you're seeing?

超有幫助。我想也許在你周中進行的一些促銷活動中就到了這一點。我認為您在第四季度進行了一些測試。我想你如何確保——你星期二也這樣做了，但你如何確保它不會蠶食你所看到的一些週末流量？

Well, we track that specifically. And that is indeed the one thing that we were most guarded against. So our results have indeed shown that it not only doesn't cannibalize the weekends, it's additive from a traffic perspective and therefore, net profitable. And we're obviously also relatively measured in the promotion that we're now implementing: half-off game play only through the app, which is not too dissimilar from what we saw on the Tuesday but we think that it will have a positive impact, and we did indeed trial that before we implement it.

好吧，我們專門追蹤這一點。這確實是我們最警惕的一件事。因此，我們的結果確實表明，它不僅不會蠶食週末，而且從流量的角度來看，它是附加的，因此，淨利潤。而且我們現在正在實施的促銷活動顯然也相對謹慎：僅透過應用程式玩遊戲半價，這與我們週二看到的並沒有太大不同，但我們認為這會產生積極的影響，並且在實施之前我們確實進行了嘗試。

The next question is from Randal Konik with Jefferies.

下一個問題來自傑弗里斯的蘭德爾·科尼克 (Randal Konik)。

I guess, Brian, maybe if you could give some perspective on -- we know the comp guide for the first quarter, we know the comp guide for Topgolf. I'm talking about, for the year, around flat. Can you give us a little perspective of how we should be thinking about that comp trajectory throughout the year?

我想，布萊恩，也許你可以給出一些看法——我們知道第一季的比賽指南，我們知道頂級高爾夫的比賽指南。我說的是，今年的情況基本上持平。您能否給我們一些關於我們應該如何思考全年薪資軌跡的一些看法？

And then back on the midweek business for Topgolf versus the weekend business. Could you just give us some -- maybe frame it out a little bit on what's the difference? How different is the trend in midweek versus weekend? Are you still seeing a very stable solid business on the weekends, and the midweek has just been the problem that should be solved in the next quarter or so? Just to give us a little flavor on how we should be thinking about the trajectory of Topgolf comps overall throughout the quarters and then midweek versus weekend would be super helpful.

然後回到 Topgolf 的周中業務與週末業務。你能給我們一些——也許可以稍微概括一下有什麼差別嗎？周中與週末的趨勢有何不同？您是否仍然看到週末的業務非常穩定，而周中的問題剛剛應該在下個季度左右解決？只是為了讓我們了解我們應該如何思考整個季度以及周中與週末的 Topgolf 比賽的整體軌跡，這將是非常有幫助的。

Hi, Randy, it's Chip. I'm going to jump in on this one. And then Brian, if you have anything to add, jump in. We are still seeing strong results on the weekend. So the weekends are continuing to comp positively for us as we mentioned last quarter. So no change in trend on that. And through Q4, we continued to see a weaker overall result in the consumer business midweek. So those are consistent, and it's also a good news story because we can be targeted about how we address that, specifically, with it only being a midweek issue on the consumer portion of our business.

嗨，蘭迪，我是奇普。我要開始討論這一點。然後布萊恩，如果你有什麼要補充的，請加入。週末我們仍然看到強勁的結果。因此，正如我們上季度提到的，週末對我們來說繼續有利。所以趨勢沒有改變。整個第四季度，周中消費者業務的整體業績持續疲軟。所以這些是一致的，這也是一個好消息，因為我們可以有針對性地解決這個問題，具體來說，這只是我們業務的消費者部分的周中問題。

And then in terms of how it's going to -- or at least we're forecasting it to work through the full year in terms of same venue sales, the math works that we're projecting a high single-digit down in Q1 after a big comp gain a year ago in Q1. And then for the balance of the year, low to mid-single digits positive to get us to that flat number for the full year.

然後就其將如何發展而言——或者至少我們預測全年同場館銷售情況會如此，數學計算表明，我們預計第一季將出現高個位數的下降。一年前第一季的業績大幅增長。然後，對於今年剩餘的時間，低至中個位數的正值使我們達到全年的持平數字。

The next question is from Daniel Imbro with Stephens Inc.

下一個問題來自 Stephens Inc. 的 Daniel Imbro。

So maybe I'll get away from the trend here. I'll ask about the non-Topgolf part of the business. Trying to look through the guidance a little bit. Obviously, you talked about a lot of exciting synergies and momentum, but if we strip out Topgolf EBITDA from total, it looks like kind of remaining EBITDA will be down year-over-year in '24. I know in '23, we had headwinds in the golf equipment from lower production, but can you maybe walk through the puts and takes around why that core -- or that non-Topgolf EBITDA will be lower year-over-year, Brian, in the guide?

所以也許我會擺脫這裡的趨勢。我會詢問有關非 Topgolf 業務的部分。試著稍微瀏覽一下指南。顯然，您談到了許多令人興奮的協同效應和勢頭，但如果我們從總數中剔除 Topgolf EBITDA，看起來剩餘的 EBITDA 將在 24 年同比下降。我知道在 23 年，我們在高爾夫設備方面因產量下降而遇到了阻力，但是您能否詳細解釋一下為什麼該核心 - 或者非 Topgolf EBITDA 將逐年下降，布萊恩，在指南中？

Brian, why don't you take that one, and then I'll jump in?

布萊恩，你為什麼不拿那個，然後我就跳進去呢？

Sure. On the non-comp -- again, I just want to remind you that FX is going to be a headwind next year. We talked about $10 million revenue, but there's also some hedge gains, about $13 million, $14 million that are going away. And then there's a bunch of investments that we talked about during our script in the corporate business as well, so that's a probably $30 million headwind right there.

當然。關於非比較 - 再次，我只是想提醒您，明年外匯將成為逆風。我們談到了 1000 萬美元的收入，但也有一些對沖收益，大約 1300 萬美元、1400 萬美元正在消失。然後，我們在劇本中也談到了企業業務的大量投資，因此這可能是 3000 萬美元的逆風。

And then Daniel, we are seeing the Golf Equipment business, we are projecting that to be up mid- to high single digits this coming year. The Active Lifestyle, roughly flat; the Golf Equipment business increasing profitability; the Active Lifestyle flat to slightly down.

然後丹尼爾，我們看到了高爾夫裝備業務，我們預計明年該業務將實現中高個位數成長。積極生活方式，大致持平；高爾夫裝備業務獲利能力不斷提升；積極生活方式持平或略有下降。

The next question is from Kate McShane with Goldman Sachs.

下一個問題來自高盛的 Kate McShane。

Just with regards to the new innovation, Ai Smoke. How big of a launch is this relative to the Paradym? And with the Chrome Tour golf ball, is there a significant price differential between that and the average ball price?

只是關於新的創新，艾煙。相對於 Paradym 來說，這次的發布有多大？對於 Chrome Tour 高爾夫球，其價格與平均球價之間是否有顯著差異？

Sure, Kate. Let me start on golf ball. Golf ball, this is a bigger launch for us than we have had last year. It's our premium ball launch, and in fact, it's basically a new brand that we're introducing to the market. So on the golf ball side, a big launch, big opportunity. Pricing is up on this product versus where we were previous as well. And relative to average ball, higher price point. In fact, this is -- matches the price points of the most premium golf balls that have any market share in the market.

當然，凱特。讓我從高爾夫球開始。高爾夫球，這對我們來說是比去年更大的推出。這是我們推出的優質球，事實上，它基本上是我們向市場推出的新品牌。因此，在高爾夫球方面，這是一個重大的發射，一個巨大的機會。與我們之前相比，該產品的定價也有所上漲。而且相對於普通球來說，價位更高一些。事實上，這與在市場上佔有任何市場份額的最優質高爾夫球的價格點相匹配。

In the club side of the game, the Ai Smoke is a very significant launch for us and a very comprehensive. It's similar in terms of scale to Paradym. Potentially the one key difference is in the iron side of that in that we're launching the irons for Ai Smoke at price point that fits a larger portion of the market. The Paradym iron was priced in a premium category where the Ai Smoke is more consistent with our irons that have historically established higher market share positions.

在俱樂部方面，Ai Smoke 對我們來說是一次非常重要的發布，而且非常全面。它的規模與 Paradym 類似。一個關鍵的區別可能在於熨斗方面，因為我們推出的 Ai Smoke 熨斗價格適合大部分市場。 Paradym 熨斗的定價屬於高端類別，其中 Ai Smoke 與我們歷史上建立了較高市場份額地位的熨斗更加一致。

The next question is from Casey Alexander with Compass Point Research.

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

That last question was my question, so I'll step back in the queue.

最後一個問題是我的問題，所以我將退後一步。

And the next question is from Joe Altobello with Raymond James.

下一個問題是喬·阿爾托貝洛和雷蒙德·詹姆斯提出的。

First question, quick one. Just to clarify, Chip, because I think earlier you said you're expecting Golf Equipment revenue to be up low single digits, and I think just now you said mid to high. So maybe I heard 2 different things. I just wanted to clarify that.

第一個問題，快點。需要澄清的是，Chip，因為我想早些時候您說過您預計高爾夫設備收入將增長低個位數，而我想您剛才說的是中高水平。所以也許我聽到了兩件事。我只是想澄清這一點。

Yes, Joe, we're mid to high, is the estimate for Golf Equipment -- I'm sorry. Low to mid. Low to mid is the estimate for Golf Equipment. If I misspoke earlier, low to mid is the correct number.

是的，喬，我們對高爾夫裝備的估價是中高——對不起。低到中。高爾夫裝備的估價為低至中。如果我之前說錯了，低到中是正確的數字。

Okay. And in terms of that growth, how much of that is coming from pricing, obviously, with the new ball launch, new club launch this year, et cetera?

好的。就這種成長而言，其中有多少顯然來自定價，尤其是今年新球的推出、新球桿的推出等等？

Not much of it from pricing this year. The club side of it is pretty consistent pricing, as mentioned. The irons is at a slightly lower price point than the Paradym iron. The ball was a higher price point. So it's not a significant move in terms of pricing this year.

今年定價的影響並不大。如前所述，俱樂部方面的定價非常一致。該鐵桿的價格比 Paradym 鐵桿略低。球的價格較高。因此，就今年的定價而言，這並不是一個重大舉措。

The next question is from John Kernan with TD Cowen.

下一個問題是 John Kernan 和 TD Cowen 提出的。

I guess, Chip, can you talk about the synergies and quantify them a bit more between on-course and off-course golf and how much of those are embedded in your targets as you push into fiscal '26 and then '28 as you lay out in the presentation today?

我想，奇普，你能談談球場內和球場外高爾夫之間的協同效應並對其進行更多量化，以及當你進入26 財年和28 財年時，這些協同效應有多少被納入你的目標中今天的演講中？

Sure. The synergies are an ongoing effort, John, that we're unlocking here. And if you look at the journey we've been on, we've clearly added cost savings synergies with shared costs across the business. We purely ramped the growth rate of Topgolf. We've strengthen that overall organization, we believe, and they're demonstrating some of the results there.

當然。約翰，協同效應是一項持續的努力，我們在這裡釋放它。如果您看看我們所經歷的歷程，您會發現我們顯然透過整個企業分擔成本增加了成本節約綜效。我們純粹是提高了 Topgolf 的成長率。我們相信，我們已經加強了整個組織，他們正在那裡展示一些成果。

And we're really now moving into the more exciting stages from a brand, a digital and a revenue perspective. So we're well ahead of what we expected to deliver in terms of the operational efficiencies, the cost of capital, if you would, the growth rates that we're delivering, sourcing synergies. All of those have been realized as per our expectation and as shown in the deck, and now we're getting our arms around these digital synergies, brand synergies, et cetera, that we think can drive some significant market share and revenue growth and brand strength over the coming years.

從品牌、數位和收入的角度來看，我們現在確實正在進入更令人興奮的階段。因此，在營運效率、資本成本（如果你願意的話）以及我們正在實現的成長率、採購綜效方面，我們遠遠領先於我們的預期。所有這些都已按照我們的預期實現，如演示文稿中所示，現在我們正在圍繞這些數位協同效應、品牌協同效應等，我們認為這些協同效應可以推動一些重要的市場份額、收入增長和品牌未來幾年的實力。

And then maybe, Brian, Slide 24 that you have in the deck today, you show the change in leverage ratio if you were to consider the venue financing rent versus what's now largely considered interest expense. Would you consider changing the way you report? I mean, a 2-turn difference in the leverage ratio is pretty significant at this point, and just move that the interest expense, the venue financing interest expense, and consider it rent at this point. There's obviously no principal due on any of the landmark financing. It looks like the market is penalizing you for some of the leverage on the balance sheet. Would you consider any changes to how does this is treated in your reporting?

然後，布萊恩，您今天在幻燈片 24 中，如果您要考慮場地融資租金與現在主要考慮的利息費用，您會顯示槓桿率的變化。您會考慮改變報告方式嗎？我的意思是，此時槓桿率的 2 倍差異非常顯著，只需移動利息費用、場地融資利息費用，並在此時考慮租金。顯然，任何具有里程碑意義的融資都沒有到期本金。看起來市場正在因為資產負債表上的一些槓桿而懲罰你。您會考慮對報告中的處理方式進行任何更改嗎？

We agree with you. We think that is the better way to look at it since there is no bullet or payment at the end, and that's why we tend to focus more on that. Since not everyone is doing that, we're just providing both ways for people to look at it. But I understand your point.

我們同意你的觀點。我們認為這是更好的看待它的方式，因為最後沒有子彈或付款，這就是為什麼我們傾向於更多地關注這一點。由於並非每個人都這樣做，因此我們只是提供兩種方式供人們查看。但我理解你的觀點。

The next question is from Noah Zatzkin with KeyBanc Capital Markets.

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

Maybe just a follow-up on the revenue synergies. Just in terms of quantifying the revenue and adjusted EBITDA synergies related to those, how should we think about what's kind of behind us in terms -- and then what's ahead of us still? And then relatedly, just how should we think about the magnitude of the opportunity related to the CDP intro in the second half of '24?

也許只是收入綜效的後續行動。就量化收入和調整後的 EBITDA 綜效而言，我們應該如何思考我們身後的情況，以及我們前面的情況？與此相關的是，我們該如何思考 24 年下半年與 CDP 介紹相關的機會的大小？

Sure. What's behind us is clearly those synergies that come from cost, and although that will continue, right, where all of these investments that we're making, both at corporate and at Topgolf, provide synergy. When you hear us talking about adding investments in cybersecurity and Workday, other big infrastructure projects, you may allocate those into the corporate side of the business, but those are spread across the entire business and in essence, a synergy.

當然。我們背後顯然是那些來自成本的協同效應，儘管這種情況將持續下去，對吧，我們在公司和 Topgolf 所做的所有這些投資都提供了協同效應。當您聽到我們談論增加對網路安全和Workday 以及其他大型基礎設施項目的投資時，您可能會將這些投資分配到企業的業務方面，但這些投資分佈在整個業務中，本質上是一種協同效應。

Our ability to fund the venues, to be able to use term debt effectively, to have a lower cost on term debt that gets extended across the business is a clear synergy that's already in place. We've scaled the growth of the Topgolf business and funded initiatives that are clearly bearing fruit. The revenue and brand synergies, we're not fully quantifying those yet, but we think they're going to be significant.

我們為場地提供資金的能力，能夠有效利用定期債務的能力，以及在整個業務範圍內降低定期債務成本的能力，這些都是已經存在的明顯協同效應。我們擴大了 Topgolf 業務的成長規模，並資助了明顯取得成果的措施。收入和品牌協同效應，我們尚未完全量化，但我們認為它們將非常重要。

We talked very clearly about the reach here, right? This is -- Topgolf is -- got -- more than half of all golfers in the U.S. will visit Topgolf. It is the largest source of new golfers going forward and is continuing to scale. It's larger than off -- than on-course golf, and we obviously have an advantage in reach there that can be very significant going forward.

我們在這裡已經非常清楚地討論了影響範圍，對嗎？這是——Topgolf 是——得到的——超過一半的美國高爾夫球手將訪問 Topgolf。它是未來新高爾夫球手的最大來源，並且正在繼續擴大規模。它比場外高爾夫更大，而且我們顯然在到達那裡具有優勢，這對於未來的發展可能非常重要。

The consumer data platform is going to be very significant for us across all of our businesses. We've been investing in that across the business over the last year plus. We're going to be having that up and running by the end of the year, and it is potentially significant, increasingly significant, starting towards the end of this year and going into next year.

消費者資料平台對我們所有業務都非常重要。去年多來，我們一直在整個業務領域進行投資。我們將在今年年底前啟動並運行該項目，從今年年底開始一直到明年，它的重要性可能會越來越大。

So stay tuned on that, but it is a big and important new project. How you market to consumers and how you approach consumers and how you engage with consumers in today's day and world and increasingly in the future is going to be digital. We're going to have a reach advantage in that and some capabilities that others will not have.

所以請繼續關注，這是一個又大又重要的新項目。在當今世界以及未來，如何向消費者行銷、如何接近消費者以及如何與消費者互動將越來越數位化。我們將在這方面擁有影響力優勢以及其他人所不具備的一些能力。

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 want to thank everybody for tuning in today. I apologize if we went a little long. We had a lot of material to cover, as you can tell, and we're really trying to be best-in-class in terms of our transparency and data that we present to you.

我要感謝大家今天的收聽。如果我們走得有點久，我深表歉意。如您所知，我們有很多材料要涵蓋，我們確實在努力在向您提供的透明度和數據方面成為一流的。

We feel very confident in our venue business. We feel very confident in our Golf Equipment business. The venue business is clearly a long duration and appreciating asset, and we presented a lot of data that is new and in support of that. So I'd invite you to take a look at that in due course.

我們對我們的場館業務非常有信心。我們對我們的高爾夫裝備業務非常有信心。場館業務顯然是一項長期且增值的資產，我們提供了大量新數據來支持這一點。因此，我邀請您在適當的時候查看一下。

Thank you for your time, and we look forward to talking to you at the end of Q1.

感謝您抽出寶貴時間，我們期待在第一季末與您交談。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。