Topgolf Callaway Brands Corp (MODG) 2024 Q1 法說會逐字稿

Good day, and welcome to Topgolf Callaway Brands First Quarter of 2024 Earnings Conference Call. Please note that today's event is being recorded. (Operator Instructions) And with that, I would like to now turn the call over to Katina Metzidakis, Vice President of Investor Relations and Corporate Communications. Please go ahead.

美好的一天，歡迎參加 Topgolf Callaway Brands 2024 年第一季財報電話會議。請注意，今天的活動正在錄製中。 （操作員說明）接下來，我想將電話轉給投資人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 first quarter 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 第一季財報電話會議。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 first quarter financial results. We've also published an updated presentation. 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. 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.

今天早些時候，該公司發布新聞稿，宣布第一季財務業績。我們也發布了更新的簡報。我們的收益演示和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。在我們報告非 GAAP 衡量標準的情況下，我們會在簡報中識別非 GAAP 衡量標準，並根據 G 條例將這些衡量標準與相應的 GAAP 衡量標準進行協調。

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

請注意，本次電話會議將包括前瞻性陳述，這些陳述涉及可能導致實際結果與管理階層目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 would now like to turn the call over to Mr. Chip Brewer.

現在我想將電話轉給奇普布魯爾先生。

Thank you, Katina, and good afternoon, everyone. We appreciate everyone joining our call. I'm pleased to report strong Q1 results, continued brand strength across our portfolio and improving operating efficiencies that are driving high confidence in our full year EBITDA forecast and higher estimates for both EPS and cash flow.

謝謝你，卡蒂娜，大家下午好。我們感謝大家加入我們的電話會議。我很高興地報告第一季的強勁業績、我們產品組合持續的品牌實力以及營運效率的提高，這些都使我們對全年 EBITDA 預測以及每股收益和現金流的更高預測充滿信心。

Focusing on Q1, our revenue of $1.14 billion was in line with guidance as was Topgolf same venue sales performance. As expected, we also gained market share in Golf Equipment based on compelling product launches in both clubs and balls. This on-track revenue performance, combined with stronger-than-anticipated operating efficiencies, some favorable timing of expenses and currency hedge gains, delivering better-than-expected EBITDA of $161 million and EPS of $0.09 in the quarter. We also delivered better-than-anticipated cash flow.

就第一季而言，我們的營收為 11.4 億美元，與 Topgolf 同場銷售業績的預期相符。正如預期的那樣，基於球桿和球方面引人注目的產品發布，我們還獲得了高爾夫裝備的市場份額。這種步入正軌的收入表現，加上強於預期的營運效率、一些有利的支出時機和貨幣對沖收益，本季實現了好於預期的 1.61 億美元 EBITDA 和 0.09 美元的每股收益。我們也提供了好於預期的現金流。

As we look towards the full year, we are lowering our full year revenue expectations by $80 million, a little under 2% of full year expected revenues, due to an approximate $45 million reduction in expected Jack Wolfskin revenues due to challenging market conditions in its European business as well as an additional currency headwind since our last call of approximately $35 million.

展望全年，我們將全年收入預期下調了 8000 萬美元，略低於全年預期收入的 2%，原因是 Jack Wolfskin 的市場條件充滿挑戰，預期收入減少了約 4500 萬美元。我們上次呼籲以來的額外貨幣逆風約3500 萬美元。

Even with this revenue change, we remain confident in our overall full year EBITDA forecast based on our currency hedging programs, improving operating margins at both our venues and our Golf Equipment business as well as confidence in our core brands and market conditions. We are also increasing our full year EPS by $0.05 per share and raising our free cash flow and embedded free cash flow estimates by approximately $60 million and $40 million, respectively.

即使收入發生變化，我們仍然對基於貨幣對沖計劃的全年 EBITDA 預測充滿信心，提高我們場館和高爾夫裝備業務的營業利潤率，並對我們的核心品牌和市場狀況充滿信心。我們還將全年每股收益提高了 0.05 美元，並將自由現金流和嵌入自由現金流預估分別提高了約 6,000 萬美元和 4,000 萬美元。

In short, we remain on track for our organic revenue growth targets in our key brands, our overall EBITDA growth targets, and we are ahead of schedule in delivering operating efficiencies, cash flow and EPS as well as now beginning the process of paying down term debt. As I see it, the fundamental engine of our business continues to strengthen.

簡而言之，我們仍有望實現主要品牌的有機收入成長目標、整體 EBITDA 成長目標，並且我們在實現營運效率、現金流和每股盈餘方面提前，並且現在開始還款過程債務。在我看來，我們業務的基本引擎不斷增強。

Moving to our business segment performance. Topgolf continues to make strides on our 3 key performance drivers: same venue sales growth, venue margin and returns and new venue development. As I will walk you through in a moment, we have multiple initiatives in place to lay the foundation for durable growth, attractive venue returns and the expansion of our footprint, all of which are highly complementary to the product side of our business.

轉向我們的業務部門業績。 Topgolf 繼續在 3 個關鍵績效驅動因素上取得長足進步：同場地銷售成長、場地利潤和回報以及新場地開發。正如我稍後將向您介紹的那樣，我們採取了多項舉措，為持久增長、有吸引力的場地回報和擴大我們的足跡奠定基礎，所有這些都與我們業務的產品方面高度互補。

First, Q1 same venue sales of down 7% was in line with our expectations. As a reminder, Q1 was impacted by a post-COVID surge in our corporate events business in early 2023 as well as extreme cold weather during January of this year, which we highlighted during our February earnings call. Our Q1 same venue sales stabilized after the January weather normalized.

首先，第一季同場銷售額下降7%符合我們的預期。提醒一下，第一季受到了 2023 年初新冠肺炎疫情後我們企業活動業務激增以及今年 1 月份極端寒冷天氣的影響，我們在 2 月份的財報電話會議上強調了這一點。一月天氣恢復正常後，我們第一季的同場銷售趨於穩定。

As we drive towards positive same venue sales growth, we are executing against 3 key areas of opportunity: digital, experience and value. Digital is the most rapidly developing opportunity for us to drive sales at Topgolf, and I'm pleased that our digital revenue penetration in Q1 increased to 35% versus 33% from the same period last year. And the percentage of visitors that come through digital channels is now 62%, up 710 basis points year-over-year. Our new and evolving digital and commercial teams are getting smarter every day, unlocking key insights and driving results.

在我們推動同場銷售積極成長的同時，我們正在抓住 3 個關鍵機會領域：數位、體驗和價值。數位化是我們推動 Topgolf 銷售成長最快的機會，我很高興第一季我們的數位化營收滲透率從去年同期的 33% 上升至 35%。透過數位管道存取的訪客比例目前為 62%，較去年同期成長 710 個基點。我們不斷發展的新數位和商業團隊每天都變得更加聰明，釋放關鍵見解並推動成果。

Building on this, I'm pleased to report that our cross-brand consumer data platform is now live ahead of schedule, and we expect this will greatly improve our ability to gather player insights, tailor more compelling products and offerings, and importantly, serve as the backbone necessary for a Topgolf Callaway brand loyalty program slated to be in trial mode at Topgolf by the end of this year.

在此基礎上，我很高興地向大家報告，我們的跨品牌消費者數據平台現已提前上線，我們預計這將大大提高我們收集玩家見解、定制更具吸引力的產品和服務的能力，更重要的是，服務作為 Topgolf 卡拉威品牌忠誠度計劃所需的支柱，計劃於今年年底在 Topgolf 試行。

Our second area of opportunity to drive same venue sales is experience. We are continuing to uncover new ways to improve the player experience and offer more curated products. Towards this end, during Q1, we introduced Block Party, our first new Topgolf game since Angry Birds, which launched back in 2020. One of the great aspects of this new game is that it's fun for all player skill levels as you score points by hitting the ball literally anywhere in the outfield. Player response has been extremely positive so far, and we intend to invest in media to support greater awareness as we enter our peak summer months.

我們推動同場銷售的第二個機會領域是經驗。我們正在繼續探索改善玩家體驗並提供更多精選產品的新方法。為此，我們在第一季推出了《Block Party》，這是繼2020 年推出的《憤怒的小鳥》之後我們的首款新頂級高爾夫遊戲。透過以下方式得分時，所有玩家技能等級都會感到很有趣幾乎可以在外場的任何地方擊球。到目前為止，玩家的反應非常積極，我們打算在媒體上進行投資，以便在進入夏季高峰期時提高人們的意識。

On the synergy front, we held Callaway club fitting events in venues across the country during the week of the Masters. We also implemented the Callaway club upgrade program, which allows players to upgrade their Topgolf gaming experience by upgrading to our latest Callaway clubs in all venues. And all venues now sell and promote our new Chrome Tour golf ball as well as Callaway's seasonal decorated golf ball offerings. Our goal is to ensure that the Callaway brand is top of mind for the on-course golfers that visit Topgolf every day, a number we believe is approximately 40% of all U.S. golfers annually, as well as the new beginner golfers that Topgolf is creating.

在協同方面，我們在大師賽週期間在全國各地的場館舉辦了卡拉威俱樂部試衣活動。我們還實施了卡拉威球桿升級計劃，讓玩家可以透過在所有場地升級到我們最新的卡拉威球桿來升級他們的頂級高爾夫遊戲體驗。所有場館現在都銷售和推廣我們的新 Chrome Tour 高爾夫球以及 Callaway 的季節性裝飾高爾夫球產品。我們的目標是確保卡拉威品牌成為每天造訪 Topgolf 的球場高爾夫球手（我們相信這個數字每年約占美國高爾夫球手總數的 40%）以及 Topgolf 正在培養的新初學者高爾夫球手的首要考慮因素。

Value is our third sales growth opportunity. As you are aware, we launched an in-app only half-off game play promo on Mondays and Wednesdays in Q1 and also promoted our half-off Tuesdays. We've been pleased with the results, but perhaps more importantly, this offering was a first step towards a broader strategy to build a compelling portfolio of value offerings for our players. Looking ahead, Topgolf's commercial and digital team will continue to test and learn what works best, and our new consumer data platform will make it easier for them to gain insights as well as take action.

價值是我們的第三個銷售成長機會。如您所知，我們在第一季的週一和週三推出了應用程式內遊戲半價促銷，並在週二進行了半價促銷。我們對結果感到滿意，但也許更重要的是，這項產品是邁向更廣泛策略的第一步，旨在為我們的玩家建立引人注目的價值產品組合。展望未來，Topgolf 的商業和數位團隊將繼續測試和學習最有效的方法，我們新的消費者數據平台將使他們更容易獲得見解並採取行動。

To this end, this summer's primary value offering will be our new free 30 campaign, which offers players 30 free additional minutes of game play when they book a bay online during specified hours on weekdays. The booking requires a small reservation fee, consistent with our other reservation products. We believe this will increase what we know are more valuable digital consumers, and based on trial results to date, this offering is expected to more effectively drive visits.

為此，今年夏天的主要價值產品將是我們新的免費 30 活動，該活動為玩家在工作日的指定時間內在線預訂遊戲室時提供 30 分鐘的免費遊戲時間。預訂需要支付少量預訂費，與我們的其他預訂產品一致。我們相信，這將增加我們所知的更有價值的數位消費者，並且根據迄今為止的試驗結果，該產品預計將更有效地推動訪問量。

With the help of our new consumer data platform, we will also be experimenting with passes and bundled offers to drive repeat visits within 60 to 90 days of an initial visit. It's worth mentioning that you can count on us to communicate these programs in a thoughtful manner so that they increase both our bottom line as well as our top line. And this communication will increasingly be digital, personalized and effective.

在我們新的消費者資料平台的幫助下，我們還將嘗試通行證和捆綁優惠，以在初次訪問後 60 至 90 天內推動重複訪問。值得一提的是，您可以信賴我們會以深思熟慮的方式傳達這些計劃，以便它們增加我們的利潤和收入。這種溝通將越來越數位化、個人化和有效。

Looking forward for Q2, we are forecasting same venue sales to be down low single digits, a nice improvement from Q1. This takes into account a slower-than-expected first 3 weeks of April as we, like many other companies, struggle with slow sales associated with year-over-year spring break and Easter timing. As we have moved past this period, over the past 2 weeks, sales trends have returned to more normalized than expected levels. However, we are now slightly behind our full year targets, and given the choppy market conditions we have seen and could continue to see, we are widening our full year same venue sales guidance from approximately flat to a new range of slightly positive to down low single digits.

展望第二季度，我們預期同場銷售額將下降至低個位數，較第一季大幅改善。這考慮到 4 月前 3 週的成長速度低於預期，因為我們和許多其他公司一樣，正面臨著與去年同期相比春假和復活節時間相關的銷售緩慢問題。隨著這段時期的過去，在過去兩週內，銷售趨勢已恢復到比預期更正常的水平。然而，我們現在略落後於我們的全年目標，並且考慮到我們已經看到並可能繼續看到的動蕩的市場狀況，我們正在將全年同場銷售指導範圍從大致持平擴大到略微積極到下降的新範圍個位數。

Most importantly, we have confidence in same venue sales improving in the second half of the year as our biggest marketing spend and consumer programs go live starting Memorial Day and compares versus last year become easier. And to be clear, our internal goal is for us to transition back to positive same venue sales in the second half of this year. The teams have been working hard for this, and now that the unusual laps are behind us, they believe they will start to deliver improved results. I, for one, am confident in their direction and remain convinced that we'll be able to grow same venue sales low single digits or better over the long term.

最重要的是，我們對下半年同場銷售的改善充滿信心，因為我們最大的行銷支出和消費者計畫從陣亡將士紀念日開始實施，並且與去年相比變得更加容易。需要明確的是，我們的內部目標是在今年下半年恢復同場銷售的正成長。車隊一直在為此努力，現在不尋常的圈數已經過去，他們相信他們將開始取得更好的成績。就我而言，我對他們的方向充滿信心，並且仍然相信，從長遠來看，我們將能夠以低個位數或更好的速度實現同場銷售。

Shifting to margin expansion. In Q1, we again saw strong margin performance, including a 180 basis point year-over-year increase in our venue-level EBITDAR margin. We continue to benefit from our PIE inventory management system and new labor model, which have both now been rolled out system-wide and are delivering clear results. In addition to the efficiency gains, our Q1 margin also benefited from a shift in timing of our marketing spend to focus more on post-Memorial Day programs and products.

轉向利潤擴張。第一季度，我們再次看到了強勁的利潤率表現，其中場館級 EBITDAR 利潤率同比增長了 180 個基點。我們繼續受益於 PIE 庫存管理系統和新的勞動力模式，這些系統現已在全系統範圍內推廣，並正在產生明顯的成果。除了效率提升之外，我們第一季的利潤率還得益於我們行銷支出時間的轉變，更專注於陣亡將士紀念日後的計畫和產品。

We continue to feel confident in and are consistently proving our ability to drive venue operating margins over the long term and in all kinds of market conditions. With this, we remain on track to hit our 35% EBITDAR margin target for the full year. Furthermore, as the profitability of our venues continue to increase and same venue sales transitions back to growth, our already attractive venue returns will become even stronger than they are today. This positions us extremely well as we continue to grow our footprint against a backdrop of significant white space.

我們繼續對並不斷證明我們有能力在各種市場條件下長期提高場館營運利潤率充滿信心。藉此，我們仍有望實現全年 35% 的 EBITDAR 利潤率目標。此外，隨著我們場館的盈利能力持續增長以及同場館銷售恢復增長，我們本已頗具吸引力的場館回報將變得比現在更加強勁。這使我們處於非常有利的位置，因為我們在大量空白的背景下繼續擴大我們的足跡。

Speaking of white space, in our new venues growth opportunity, in January, we purchased a BigShots venue in Bryan, Texas. In April, we opened a new venue in Durham, North Carolina, and just last week, we opened in Montebello, California. The Montebello venue is in our most densely-populated trade area and represents our second public-private partnership. It's quite unique in that it is adjacent to 2 municipally-owned green grass golf courses, one, a traditional 9-hole course; and the second, a new par 3 9-hole course with night lighting.

說到空白空間，在我們的新場地成長機會中，一月份，我們在德克薩斯州布萊恩購買了一個 BigShots 場地。四月份，我們在北卡羅來納州達勒姆開設了一家新店，就在上週，我們在加州蒙特貝羅開設了一家新店。蒙特貝羅場館位於我們人口最密集的貿易區，代表我們的第二個公私合作夥伴關係。它的獨特之處在於它毗鄰2個市政綠草高爾夫球場，其中一個是傳統的9洞球場；另一個是傳統的9洞球場。第二個是新建的 3 桿 9 洞球場，配有夜間照明。

While we don't own or operate these courses, we believe they will be synergistic with our venue in driving interest and excitement. We are now 92 owned and operated venues in the U.S., 4 internationally-owned venues and over 100 globally when you include franchisees, a testament to the strength of the business and strong execution by our world-class real estate team.

雖然我們不擁有或經營這些課程，但我們相信它們將與我們的場地產生協同作用，激發人們的興趣和興奮。目前，我們在美國擁有和經營92 個場館，4 個國際擁有和經營場館，如果算上特許經營商，則在全球擁有100 多個場館，這證明了我們的業務實力和我們世界級房地產團隊的強大執行力。

Today, we are also updating our venue opening expectations for 2024 due to a delay in permitting, which will push a venue plan for New Braunfels, Texas, that we expected to open in late Q4 into 2025. We now expect to add 7 venues in 2024 versus the 8 previously communicated, a change that should be largely immaterial to both our 2024 and long-term financial outlook.

今天，由於許可延遲，我們還更新了2024 年場館開放預期，這將推動德克薩斯州新布朗費爾斯的場館計劃，我們預計該場館將於第四季度末開放至2025 年。預計在2025 年增加7 個場館。

Looking ahead, excluding this year, where we intentionally pulled back to accelerate cash flow, we remain confident in our ability to average 10 new venues per year over the foreseeable future. We also remain confident in our TAM of 250 venues in the United States with a similar number available internationally.

展望未來，除了今年我們有意縮減開支以加速現金流之外，我們仍然對在可預見的未來平均每年新增 10 個場館的能力充滿信心。我們也對美國 250 個場館的 TAM 充滿信心，國際上也有類似數量的場館。

Turning to Golf Equipment. I'm pleased to report the Callaway brand continues to shine. In Q1, thanks to the incredible work from our teams across R&D, supply chain, sales, marketing and corporate, we gained share year-over-year in both golf ball and clubs. In Q1, Callaway held its position as the #1 U.S. market share brand in driver, fairway woods and hybrid. And focusing on our latest club launch, Ai Smoke woods achieved the #1 U.S. model market share position in driver, fairway woods and irons.

轉向高爾夫裝備。我很高興地報告卡拉威品牌繼續閃耀。在第一季度，由於我們的研發、供應鏈、銷售、行銷和企業團隊的出色工作，我們在高爾夫球和球桿方面的份額逐年增加。第一季度，卡拉威在發球木、球道木和混合木材領域保持了美國市場份額第一的品牌地位。專注於我們最新推出的球桿，Ai Smoke 木桿在發球木、球道木桿和鐵桿方面取得了美國型號市場份額第一的位置。

In Q1, we also gained the #1 U.S. dollar market share position in putter, a position we have not enjoyed for some time and a testament to the strength of our Ai-ONE putter launch. Golf ball has also shown nice growth, especially in the premium or tour category, where Callaway achieved a new record U.S. market share of 11% and also delivered an overall share of 19.3%, up 120 basis points year-over-year.

在第一季度，我們還獲得了推桿領域美元市場份額第一的位置，這是我們已經有一段時間沒有享受過的位置了，這證明了我們 Ai-ONE 推桿推出的實力。高爾夫球也呈現出良好的成長勢頭，尤其是在高端或旅遊類別中，卡拉威在美國市場份額達到 11%，創下新紀錄，整體份額也達到 19.3%，同比增長 120 個基點。

That said, the strong feedback we've received on the new Chrome Tour product performance gives us conviction that we have further room to grow, and hopefully, more record market shares to report in the future. We're going to be driving this with strong advertising as well as field activation via our Chrome Tour speed and spin challenges. I'm very pleased with the performance of our new launches, and we'll look forward to providing more color on the sell-through performance on our next earnings call.

也就是說，我們收到的關於新 Chrome Tour 產品性能的強烈反饋讓我們確信我們還有進一步的成長空間，並希望未來能夠報告更多創紀錄的市場份額。我們將透過強有力的廣告以及透過 Chrome Tour 速度和旋轉挑戰進行現場激活來推動這一目標。我對我們新產品的表現非常滿意，我們期待在下一次財報電話會議上提供更多有關銷售業績的資訊。

In other categories, we continue to see strong package set sales, which leads us to believe that the positive momentum we have seen over the last several years with new entrants into the game of golf continues. And finally, I'd also like to highlight that in Q1, we saw record 16% share in golf glove, leveraging our brand and distribution strength.

在其他類別中，我們繼續看到強勁的套裝銷售，這使我們相信過去幾年我們看到的高爾夫運動新進入者的積極勢頭仍在繼續。最後，我還想強調，在第一季度，我們利用我們的品牌和分銷優勢，在高爾夫手套領域取得了創紀錄的 16% 份額。

Looking at the Golf Equipment business by geography. The U.S. market and our business both remained strong with field inventories and consumer demand both in line with expectations. The European market started the year a little slower than expected due to poor weather conditions in the U.K. but we gained share and appear well positioned to continue to do so.

按地理位置查看高爾夫裝備業務。美國市場和我們的業務均保持強勁，現場庫存和消費者需求均符合預期。由於英國惡劣的天氣條件，歐洲市場年初的速度略慢於預期，但我們獲得了市場份額，並且似乎有能力繼續保持這一勢頭。

The Japan market overall is up slightly on a constant currency basis, but our business in Q1 was down in real terms due to the currency trends as well as lower sell-in volumes this year versus last year as retailers are being more conservative. And lastly, the Korean market has been tough thus far in 2024, with sales down double digits as well as currency headwinds.

以固定匯率計算，日本市場整體略有成長，但由於匯率趨勢以及零售商更加保守，今年的銷量較去年有所下降，我們第一季的業務實際上有所下降。最後，2024 年迄今為止，韓國市場一直很艱難，銷售額下降了兩位數，也受到貨幣不利因素的影響。

As we look towards the balance of the year, it's worth mentioning that we have both more and larger product launches planned for the second half of this year than we had in 2023, and thus, our growth will be more second half weighted. This was always part of our plan and consistent with similar fall launches and product cadences that we've done in previous years. We remain on track to grow the Golf Equipment segment for the full year, and we continue to feel good about the overall health of golf globally.

在我們展望今年剩餘時間時，值得一提的是，與 2023 年相比，我們計劃在今年下半年推出更多、規模更大的產品，因此，我們的成長將更加註重下半年。這始終是我們計劃的一部分，並且與我們前幾年所做的類似秋季發布和產品節奏一致。我們仍有望實現全年高爾夫裝備業務的成長，並且我們繼續對全球高爾夫運動的整體健康狀況感到滿意。

Turning to our Active Lifestyle segment. As expected and communicated on our last call, Active Lifestyle was the one segment that was down year-over-year in Q1. It is also now expected to be down for the full year.

轉向我們的積極生活方式部分。正如我們在上次電話會議中所預期和傳達的那樣，積極生活方式是第一季同比下降的細分市場。現在預計全年也會下降。

We are pleased with our Q1 performance at TravisMathew, which was in line with expectations, but as expected, down versus Q1 last year. As a reminder, as mentioned during our February call, we lapped a corporate channel sell-in that occurred primarily in Q1 last year and was significant relative to the size of this brand. Excluding this impact, underlying sales trends remain healthy and growing. We also remain on track to open approximately 10 stores this year with 7 leases already signed. TravisMathew also celebrated the 1-year anniversary of our women's launch, and we remain confident in our ability to continue to grow that business. We're also pleased with the relaunch of our shoe business under the TravisMathew brand.

我們對 TravisMathew 第一季的表現感到滿意，這符合預期，但正如預期的那樣，低於去年第一季。提醒一下，正如我們在 2 月的電話會議中提到的，我們完成了主要發生在去年第一季的企業通路銷售，並且相對於該品牌的規模來說是顯著的。排除此影響，基本銷售趨勢仍然健康且成長。今年我們也將繼續開設約 10 家商店，其中 7 家已簽約。 TravisMathew 也慶祝了我們女裝推出一週年，我們對繼續發展這項業務的能力充滿信心。我們也很高興以 TravisMathew 品牌重新啟動我們的鞋類業務。

Finally, Jack Wolfskin remained under pressure in Q1, largely due to a tough macro environment, including an over inventory channel and soft overall market conditions in Europe. As a result, we are lowering our full year revenue expectations for this brand. However, I think it's worth noting that despite this market pressure, we still expect positive EBITDA growth and performance in 2024. We also continue to be pleased with the brand's performance in China.

最後，Jack Wolfskin 在第一季仍面臨壓力，這主要是由於宏觀環境嚴峻，包括庫存過剩管道和歐洲整體市場狀況疲軟。因此，我們降低了對該品牌的全年收入預期。不過，我認為值得注意的是，儘管存在這種市場壓力，我們仍然預計 2024 年 EBITDA 會實現正成長和業績。

Looking forward, we're certainly not accepting the status quo. Earlier this year, we transitioned to a new European leadership team, which has been proactively taking action to stabilize this business, return it to profitability and drive future growth. There has been considerable progress already made with more to come in the next few months. Although this business is a relatively small portion of our annual revenues and an even smaller portion of our annual profit, we will update you further on these actions and our progress during our Q2 call.

展望未來，我們當然不會接受現狀。今年早些時候，我們更換了新的歐洲領導團隊，該團隊一直在積極採取行動穩定該業務，使其恢復盈利並推動未來成長。目前已經取得了相當大的進展，未來幾個月將取得更多進展。儘管這項業務只占我們年收入的一小部分，占我們年利潤的比例甚至更小，但我們將在第二季電話會議上進一步向您通報這些行動和進展。

In closing, I'd like to thank the Topgolf Callaway Brands teams for their hard work and solid execution. Overall, we feel good about our start to 2024 and the strength of our core brands and markets. We remain confident in our EBITDA targets for this year and are taking up our cash flow and EPS targets as well as starting the process of paying down debt. Perhaps most importantly, we believe the fundamental engine of our company is continuing to strengthen, and we feel great about our long-term direction and opportunity.

最後，我要感謝 Topgolf Callaway Brands 團隊的辛勤工作和紮實的執行力。總體而言，我們對 2024 年的開局以及核心品牌和市場的實力感到滿意。我們對今年的 EBITDA 目標仍然充滿信心，並正在製定現金流和每股收益目標，並開始償還債務的過程。也許最重要的是，我們相信我們公司的基本引擎正在持續增強，我們對我們的長期方向和機會感到非常高興。

With that, I'll turn the call over to Brian.

這樣，我會將電話轉給布萊恩。

Thank you, Chip, and good afternoon, everyone. As Chip mentioned, despite some unfavorable foreign currency rates and some revenue softness in our Jack Wolfskin business, we had a strong start to the year overall. We had better-than-expected adjusted EBITDA and EPS on in-line revenue. Our cash used in operations improved by $79 million compared to Q1 last year. Our 2024 Golf Equipment product launches, including Ai Smoke woods and irons and the Chrome Tour golf balls were well received at all levels and grew market share.

謝謝奇普，大家下午好。正如 Chip 所提到的，儘管我們的 Jack Wolfskin 業務存在一些不利的外幣匯率和收入疲軟，但我們今年總體開局強勁。我們的調整後 EBITDA 和每股盈餘優於預期。與去年第一季相比，我們營運中使用的現金增加了 7,900 萬美元。我們推出的 2024 年高爾夫裝備產品，包括 Ai Smoke 木桿和鐵桿以及 Chrome Tour 高爾夫球，受到各個級別的好評，市場份額不斷增長。

Our inventory reduction initiatives were successful, with our consolidated inventory decreasing $227 million since Q1 last year. We successfully repriced our Term Loan B, reducing our interest rate by 60 basis points and saving approximately $7 million on an annualized basis based on current debt levels. We also repurchased an additional 1 million shares of our common stock since our last earnings call. And today, we announced plans to pay down $50 million of the term loan debt at the end of May. All in all, a very good quarter in what appears to still be a choppy consumer environment.

我們的庫存削減計劃取得了成功，自去年第一季以來，我們的綜合庫存減少了 2.27 億美元。我們成功地對定期貸款 B 進行了重新定價，將利率降低了 60 個基點，並根據當前債務水準按年計算節省了約 700 萬美元。自上次財報電話會議以來，我們也額外回購了 100 萬股普通股。今天，我們宣布計劃在 5 月底償還 5,000 萬美元的定期貸款債務。總而言之，在看似仍然動盪的消費環境中，這是一個非常好的季度。

I mentioned during our last call that 2024 would be an investment year, and I want to provide a little color on what we have accomplished year-to-date. I am pleased to announce that in March, we successfully transitioned to our new Workday Enterprise Management system across most of our business globally. This will improve access to and management of human capital data, which has become extremely important post merger now that we have over 30,000 employees, and it will also enhance our training, career development and recruitment processes.

我在上次電話會議中提到，2024 年將是投資年，我想對我們今年迄今所取得的成就提供一些說明。我很高興地宣布，在三月份，我們在全球大部分業務中成功過渡到新的 Workday 企業管理系統。這將改善人力資本數據的獲取和管理，由於我們擁有超過 30,000 名員工，這在合併後變得極其重要，並且還將增強我們的培訓、職業發展和招聘流程。

Separately, in early April, we launched our consumer data platform. The CDP will enable us to better understand consumer behavior, preferences and trends across our brands. We will leverage these insights to drive more impactful personalized strategy and engagements with our consumers. I want to recognize and thank our teams for their hard work bringing this to life.

另外，四月初，我們推出了消費者數據平台。 CDP 將使我們能夠更了解我們品牌的消費者行為、偏好和趨勢。我們將利用這些見解來推動更具影響力的個人化策略以及與消費者的互動。我要表彰並感謝我們的團隊為實現這一目標所做的辛勤工作。

Now turning to our first quarter results. Consolidated revenues decreased 2% year-over-year to $1.144 billion, which was in line with our Q1 guidance range. This decrease is attributable to a 15% year-over-year decrease in our Active Lifestyle business. As mentioned last quarter, we had to lap an approximate $35 million corporate channel inventory sell-in that occurred in the first half of 2023 in our TravisMathew business that did not repeat in 2024. Most of this impact was in Q1.

現在轉向我們第一季的業績。合併收入年減 2% 至 11.44 億美元，符合我們第一季的指導範圍。這一下降歸因於我們的積極生活方式業務年減 15%。正如上個季度提到的，我們不得不放棄2023 年上半年TravisMathew 業務中發生的約3500 萬美元的企業通路庫存銷售，這一情況在2024 年沒有重複。 。

These results were partially offset by the 5% year-over-year growth at Topgolf and 1% year-over-year growth in Golf Equipment. Currencies negatively impacted consolidated revenue by approximately $8 million, most of which impacted the Golf Equipment segment, which grew 3% on a constant currency basis.

這些表現被 Topgolf 5% 的年成長和高爾夫裝備 1% 的年成長部分抵消。貨幣對合併收入產生了約 800 萬美元的負面影響，其中大部分影響了高爾夫設備部門，該部門以固定匯率計算增加了 3%。

Non-GAAP first quarter net income decreased approximately $17 million compared to last year, largely due to increased D&A and interest expense related to new Topgolf venue development. Adjusted EBITDA of $161 million increased 2% compared to last year and exceeded the high end of our guidance range due to strong venue margins at Topgolf, timing of OpEx, which shifted into the balance of the year and some incremental FX gains.

與去年相比，非公認會計準則第一季淨利潤減少了約 1,700 萬美元，這主要是由於與新 Topgolf 場地開發相關的 D&A 和利息支出增加。調整後的EBITDA 為1.61 億美元，與去年相比增長了2%，超出了我們指導範圍的上限，這得益於Topgolf 強勁的場地利潤、運營支出的時機（轉向今年的餘額）以及一些增量外匯收益。

Moving to segment performance. At Topgolf, Q1 revenue grew 5%, driven primarily by new venues, partially offset by a 7% decline in same venue sales, which was in line with expectations given the post-COVID surge in the corporate events business in Q1 2023, as Chip mentioned earlier. Topgolf operating income was $3 million in the first quarter, up slightly compared to the prior year, while adjusted EBITDA increased $12 million to $60 million. The adjusted EBITDA improvement was driven primarily by the continued improvement in venue execution and margin as well as increased revenue.

轉向細分績效。在Topgolf，第一季營收成長了5%，主要由新場地推動，但部分被同場地銷售額下降7% 所抵消，考慮到2023 年第一季度企業活動業務在新冠疫情后激增，這符合預期。 Topgolf 第一季營業收入為 300 萬美元，比去年同期略有成長，調整後的 EBITDA 增加了 1,200 萬美元，達到 6,000 萬美元。調整後的 EBITDA 改善主要是由於場館執行和利潤率的持續改善以及收入的增加所推動的。

Venues continued to benefit from PIE as well as the new labor model, which has now been rolled out system-wide. Topgolf margins in Q1 also benefited from a shift in the timing of marketing spend to be more weighted toward the summer to support our exciting summer programs. We have confidence in the same venue sales improving in the second half of the year given the upcoming marketing and consumer programs Chip mentioned, and as the most challenging same venue sales comps in 2023 are now behind us. Our internal goal is to transition back to positive same venue sales during the second half of the year.

場館繼續受益於 PIE 以及現已在全系統推廣的新勞動力模式。 Topgolf 第一季的利潤率也得益於行銷支出時間的轉變，更重視夏季，以支持我們令人興奮的夏季計畫。鑑於 Chip 提到的即將推出的營銷和消費者計劃，以及 2023 年最具挑戰性的同場銷售比較現在已經過去，我們對下半年同場銷售的改善充滿信心。我們的內部目標是在下半年恢復同場銷售的正成長。

Moving to Q1 results for Golf Equipment. Revenue increased 1% year-over-year to $450 million, primarily due to strong momentum from our recent club and ball launches, partially offset by unfavorable changes in foreign currency rates and softness in Asia. Importantly, our core U.S. Golf Equipment business revenue grew high single digits. Golf Equipment operating income of $82 million increased 1% year-over-year due to the increased revenue.

轉到高爾夫裝備第一季的結果。營收年增 1%，達到 4.5 億美元，主要得益於我們最近推出的球桿和球的強勁勢頭，但部分被外匯匯率的不利變化和亞洲經濟疲軟所抵消。重要的是，我們的核心美國高爾夫裝備業務收入實現了高個位數成長。由於收入增加，高爾夫設備營業收入為 8,200 萬美元，年增 1%。

In our Active Lifestyle segment, Q1 revenue decreased 15% year-over-year, primarily due to lapping the corporate channel sell-in at TravisMathew that I mentioned earlier. In addition, our Jack Wolfskin business, which represents less than 10% of our total sales, is facing challenging market conditions in Europe, including high retail inventory levels and overall soft market conditions. As a result, we expect that business to be down for the full year. As Chip mentioned, we have a new management team, and we are actively working to optimize that business. Operating income decreased to $25 million compared to $37 million in the prior year. This decrease was driven by the lower sales.

在我們的積極生活方式領域，第一季營收年減 15%，主要是由於我之前提到的 TravisMathew 的企業通路銷售下降。此外，我們的 Jack Wolfskin 業務占我們總銷售額的不到 10%，在歐洲面臨著充滿挑戰的市場條件，包括高零售庫存水準和整體疲軟的市場條件。因此，我們預計全年業務將下降。正如奇普所提到的，我們有一個新的管理團隊，我們正在積極努力優化這項業務。營業收入從前一年的 3,700 萬美元下降至 2,500 萬美元。這一下降是由於銷售額下降所致。

Turning to the balance sheet. I'd like to highlight the term debt repricing we successfully completed in March, which lowered the interest rate on our Term Loan B by 60 basis points and resulted in annualized interest savings of $7 million based on current principal levels. In addition, since our last earnings call, we've repurchased 1 million shares in open market transactions for a total cost of $16 million.

轉向資產負債表。我想強調我們在 3 月成功完成的定期債務重新定價，這將我們的定期貸款 B 的利率降低了 60 個基點，並根據當前本金水平節省了 700 萬美元的年化利息。此外，自上次財報電話會議以來，我們已在公開市場交易中回購了 100 萬股股票，總成本為 1,600 萬美元。

We also continue to have ample liquidity, which is comprised of cash on hand and borrowing capacity under our credit facilities. As of March 31, 2024, our available liquidity increased $94 million to $720 million compared to the prior year due to better cash flow generation as the company continues to manage costs and more efficiently manage working capital, especially with regards to inventory.

我們也持續擁有充足的流動性，包括手頭現金和信貸額度下的借款能力。截至2024 年3 月31 日，我們的可用流動資金與上一年相比增加了9,400 萬美元，達到7.2 億美元，原因是公司繼續管理成本並更有效地管理營運資金，特別是在庫存方面，現金流產生更好。

Given our strengthened cash flow outlook and strong liquidity position, we now plan to pay down $50 million of the principal amount of our term loan debt at the end of the month. At quarter end, we had total net debt of $2.4 billion, which excludes convertible debt of approximately $258 million compared to $2.2 billion in Q1 2023. This increase is attributable to increased venue financing debt related to new venues.

鑑於我們增強的現金流前景和強勁的流動性狀況，我們現在計劃在月底償還 5,000 萬美元的定期貸款債務本金。截至季末，我們的淨債務總額為24 億美元，其中不包括約2.58 億美元的可轉換債務，而2023 年第一季為22 億美元。債務增加。

As a reminder, we think it is also helpful to evaluate our net leverage position by excluding the venue financing REIT debt, which is akin to capitalized rent with no additional principal or bullet repayment required. Excluding the REIT debt, our REIT adjusted net debt is $1.1 billion compared to $1.3 billion as of Q1 2023.

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，這類似於資本化租金，不需要額外的本金或一次性償還。不包括 REIT 債務，我們的 REIT 調整後淨債務為 11 億美元，而截至 2023 年第一季為 13 億美元。

Our net debt leverage, which excludes convertible debt, was 4.0x at March 31, 2024, compared to 4.1x in the prior year. This change was driven by increased EBITDA and improved cash flow, which more than offset the increased venue financing debt. Our REIT adjusted net debt leverage ratio was 2.2x compared to 2.5x in the prior year. We feel very comfortable at these leverage levels.

截至 2024 年 3 月 31 日，我們的淨債務槓桿（不含可轉換債務）為 4.0 倍，而前一年為 4.1 倍。這項變更是由 EBITDA 增加和現金流改善所推動的，這足以抵消場地融資債務的增加。我們的 REIT 調整後淨負債槓桿率為 2.2 倍，而前一年為 2.5 倍。我們對這些槓桿水平感到非常滿意。

Our inventory balance decreased $227 million or 24% from $930 million as of Q1 2023 to $703 million at the end of Q1 2024, a significant achievement by our teams who have worked diligently to manage inventory to more reasonable levels after a post-COVID surge. We feel good about our current level and overall quality of our inventory. Capital expenditures for the first 3 months of 2024 were $65 million, and we received reimbursements of $27 million from our REIT arrangements for net capital expenditures of $38 million, of which $28 million is related to Topgolf.

我們的庫存餘額從2023 年第一季的9.3 億美元減少了2.27 億美元，即24%，減少到2024 年第一季末的7.03 億美元，這是我們的團隊在新冠疫情后的庫存激增後努力將庫存管理到更合理水準的一項重大成就。我們對目前的庫存水準和整體品質感到滿意。 2024 年前 3 個月的資本支出為 6,500 萬美元，我們從 REIT 安排中獲得了 2,700 萬美元的償還，淨資本支出為 3,800 萬美元，其中 2,800 萬美元與 Topgolf 有關。

Now turning to our balance of year outlook. As mentioned earlier, given the unfavorable change in FX rates and the softness in the Jack Wolfskin Europe business, we are lowering our full year 2024 revenue guidance range by $80 million to a range of $4.435 billion to $4.475 billion. Approximately $35 million of this decrease is attributable to FX and the other $45 million to Jack Wolfskin. Despite the drop in revenue guidance, we remain confident in our adjusted EBITDA guidance given the strength of our core business and FX hedging program. As a result, we are reiterating our full year adjusted EBITDA guidance of $620 million to $640 million.

現在轉向我們的年度平衡展望。如前所述，鑑於匯率的不利變化以及 Jack Wolfskin Europe 業務的疲軟，我們將 2024 年全年收入指導範圍下調 8000 萬美元，至 44.35 億美元至 44.75 億美元之間。其中約 3500 萬美元的減少歸因於 FX，另外 4500 萬美元的減少歸因於 Jack Wolfskin。儘管收入指引有所下降，但鑑於我們核心業務和外匯對沖計劃的實力，我們對調整後的 EBITDA 指引仍然充滿信心。因此，我們重申全年調整後 EBITDA 指引為 6.2 億至 6.4 億美元。

By segment, at Topgolf, we continue to guide to approximately $1.96 billion in revenue, and approximately $350 million in adjusted EBITDA, which is unchanged from prior guidance. As Chip mentioned, we are slightly adjusting our Topgolf same venue sales growth expectations to a range of slightly up to down low single digits, which includes an anticipated improvement in trends in the second half of the year,as our summer initiatives take hold and also as year-over-year comparisons become easier.

以細分市場劃分，我們繼續指導 Topgolf 的營收約為 19.6 億美元，調整後 EBITDA 約為 3.5 億美元，與先前的指引保持不變。正如 Chip 所提到的，我們正在將 Topgolf 同場銷售成長預期小幅調整至小幅上升至低位個位數的範圍，其中包括隨著我們的夏季計劃的實施，預計下半年趨勢將有所改善，並且隨著逐年比較變得更加容易。

In Golf Equipment, even after taking into account the increased FX headwinds, we expect to grow revenue in this segment this year, given the strength of our product line and incremental second half launches. It is important to highlight that overall, our new product launches will be more weighted towards the back half of 2024 versus last year, when new launches were more Q2-weighted. We also continue to expect profits to be up in this segment for the year. In Active Lifestyle, given unfavorable FX rates and the softness in the Jack Wolfskin business, we expect revenue and operating income to be down year-over-year in this segment.

在高爾夫裝備方面，即使考慮到外匯不利因素的增加，鑑於我們產品線的實力和下半年的增量推出，我們預計今年該領域的收入將會成長。需要強調的是，總體而言，我們的新產品發布將更多地集中在 2024 年下半年，而去年新產品的發布更多地集中在第二季度。我們也繼續預計今年該領域的利潤將會成長。在積極生活方式領域，鑑於不利的匯率和 Jack Wolfskin 業務的疲軟，我們預計該細分市場的收入和營業收入將同比下降。

As a result of the repricing of our Term Loan B, anticipated debt paydown and higher cash flow outlook, we are raising our full year EPS guidance range by $0.05, to $0.31 to $0.39. Our debt repricing will provide approximately $0.025 benefit in 2024. The $50 million expected paydown in debt should also provide approximately $0.01 benefit this year, and the balance is related to higher expected income on investing the increased cash flow.

由於定期貸款 B 的重新定價、預期的債務償還和更高的現金流前景，我們將全年 EPS 指導範圍提高了 0.05 美元，至 0.31 至 0.39 美元。我們的債務重新定價將在 2024 年提供約 0.025 美元的收益。

Shifting gears, as compared to prior guidance, free cash flow is expected to improve by approximately $60 million due to working capital improvements, lower cash interest and a shift in timing of growth CapEx to next year. We are also forecasting better-than-expected EBITDA free cash flow -- excuse me, embedded free cash flow versus prior guidance due to working capital improvements in our Golf Equipment and Active Lifestyle segments.

與先前的指導相比，由於營運資本改善、現金利息降低以及資本支出成長時間推遲到明年，自由現金流預計將增加約 6,000 萬美元。我們還預測 EBITDA 自由現金流將好於預期 - 對不起，由於我們的高爾夫設備和積極生活方式領域的營運資本改善，嵌入自由現金流與先前的指導相比。

As a result, free cash flow and embedded free cash flow are expected to be approximately $165 million and $265 million, respectively, which represents a $60 million and $40 million improvement versus prior guidance, respectively. We expect total net CapEx to be $20 million lower than our previous guidance of $200 million due to timing of Topgolf growth CapEx mentioned above.

因此，自由現金流和嵌入自由現金流預計分別約為 1.65 億美元和 2.65 億美元，與先前的指導相比分別提高了 6,000 萬美元和 4,000 萬美元。由於上述 Topgolf 資本支出成長的時機，我們預期總淨資本支出將比我們先前 2 億美元的指引低 2,000 萬美元。

Now turning to Q2 specifically. In Q2, we expect consolidated revenue of $1.18 billion to $1.20 billion versus $1.18 billion in Q2 2023, or in other words, flat to up slightly. We estimate adjusted EBITDA to be in the range of $191 million to $201 million compared to $206 million in the prior year.

現在具體轉向第二季。我們預計第二季的合併收入為 11.8 億美元至 12.0 億美元，而 2023 年第二季的合併收入為 11.8 億美元，換句話說，將持平或小幅成長。我們估計調整後的 EBITDA 範圍為 1.91 億美元至 2.01 億美元，而上一年為 2.06 億美元。

In Q2 at Topgolf, we expect to be up in revenue and operating income year-over-year due to the new venues since Q2 last year. In Q2 Golf Equipment, we are being impacted by the shift in timing of launches from Q2 last year to the second half of 2024. In Q2 last year, we launched our Big Bertha woods and irons, which is an approximate $30 million impact compared to Q2 this year. As a result, we expect this segment to be down in revenue and operating income year-over-year for the second quarter, but as previously mentioned, up for the full year.

由於自去年第二季以來新增了場地，我們預計 Topgolf 第二季度的營收和營業收入將比去年同期成長。在第二季度高爾夫裝備中，我們受到了從去年第二季度到2024 年下半年的發佈時間轉變的影響。約3000 萬美元。因此，我們預計該部門第二季的收入和營業收入將同比下降，但如前所述，全年將成長。

In Q2 in Active Lifestyle, we expect to be down in revenue year-over-year as TravisMathew will be lapping the remaining portion of the corporate channel sell-in, and separately, market conditions in Europe in our Jack Wolfskin business are expected to remain soft in Q2. As a result, we would expect to be down in operating income as well in this segment.

在積極生活方式的第二季度，我們預計收入將同比下降，因為 TravisMathew 將消化企業通路銷售的剩餘部分，另外，我們的 Jack Wolfskin 業務在歐洲的市場狀況預計將保持不變第二季疲軟。因此，我們預期該領域的營業收入也會下降。

Overall, we are pleased with our start to the year and confident in the strength of our core business. As a result, we feel comfortable committing to paying down the $50 million of term loan debt. We are optimistic for the balance of the year.

總體而言，我們對今年的開局感到滿意，並對我們核心業務的實力充滿信心。因此，我們放心地承諾償還 5000 萬美元的定期貸款債務。我們對今年剩餘時間持樂觀態度。

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) We will take our first question, which will come from Matthew Boss with JPMorgan.

（操作員說明）我們將回答第一個問題，該問題將由摩根大通的 Matthew Boss 提出。

Great. So maybe just to kick off. Chip, could you elaborate on market share gains that you cited, customer response and maybe wholesale feedback from your Ai Smoke and Chrome Tour ball launches? Just any change in the growth assumptions for Golf equipment this year outside of foreign exchange?

偉大的。所以也許只是個開始。 Chip，您能否詳細說明您提到的市場份額增長情況、客戶反應以及 Ai Smoke 和 Chrome Tour 球發布的批發反饋？除了外匯以外，今年高爾夫裝備的成長假設是否有任何變化？

Matt, the market share gains for Ai Smoke and the strength of the brand remains quite strong. So if you look at our U.S. market share, which is the most accurately and clearly identified and reported, we were up 210 basis points in the hard goods segment, which combines clubs and ball. We were up 230 basis points in clubs and we were up 120 basis points in ball with a record market share in the premium category.

馬特，艾煙的市佔率有所增加，品牌實力仍然相當強勁。因此，如果你看看我們在美國的市場份額，這是最準確、最清晰地確定和報告的，我們在耐用品領域（包括球桿和球）增長了 210 個基點。我們的球類產品成長了 230 個基點，球類產品成長了 120 個基點，在高階類別的市佔率創歷史新高。

So -- and then I mentioned all the #1 brand positions that we have, and the #1 model positions for Ai Smoke. So quite pleased with the strength of the brand and the market reception, and then we have a very robust and strong second half product pipeline and plan that we mentioned in all of our scripts as well.

所以——然後我提到了我們擁有的所有第一個品牌位置，以及 Ai Smoke 的第一個型號位置。我們對品牌的實力和市場接受度非常滿意，然後我們有一個非常強大的下半年產品管道和計劃，我們也在所有腳本中提到了這一點。

Great. And then maybe as a follow-up on Topgolf, could you just elaborate on the choppy conditions that you're seeing or maybe just drivers of the April softness between traffic or price? And then just how best to rank the initiatives in place as the year progresses to return to positive comps in the back half?

偉大的。然後，也許作為 Topgolf 的後續行動，您能否詳細說明您所看到的波動狀況，或者只是四月份交通或價格之間疲軟的驅動因素？那麼，隨著今年的進展，如何最好地對已實施的舉措進行排名，以在下半年恢復積極的業績？

Sure. So we've had 2 periods of marked volatility this year in our same venue sales results, Matt. We had the January period where it was strictly weather, extremely cold weather. And yes, it's always cold in January, but it was extremely more than normal, and we saw a marked drop in performance then.

當然。因此，馬特，今年我們同一場地的銷售業績經歷了兩個明顯波動的時期。一月的天氣非常嚴酷，天氣非常寒冷。是的，一月份總是很冷，但比正常情況要冷得多，我們看到當時的性能明顯下降。

And then we saw a similar but severe drop in the first 3 weeks of April, that timed with the Easter and spring break. And so basically, those periods shifted in timing, and there was less spring break time available prior to Easter this year in a condensed period that had an impact on our same venue sales. So we saw traffic down in that period significantly and weakness in that period.

然後，我們在 4 月的前 3 週（即復活節和春假期間）看到了類似但嚴重的下降。因此，基本上，這些時期的時間發生了變化，今年復活節前的春假時間較短，這對我們同一場館的銷售產生了影響。因此，我們看到該時期的流量顯著下降並且疲軟。

Outside of those periods of volatility, the trends have been pretty good, really. Our 3+ Bay is stabilizing, and the 1- to 2-Bay is stable and periods flat to slightly up, mostly. So it's a positive story and a story that we have seen for some time right now.

在那些波動時期之外，趨勢確實相當不錯。我們的 3+ 灣區正在穩定，1 至 2-灣區也穩定，大部分期間持平或略有上升。所以這是一個正面的故事，也是我們已經看到了一段時間的故事。

We have a lot coming, in terms of initiatives. We have a new ad campaign. We moved some of our marketing spend. We have a new game. We have other new energy we're bringing throughout the summer. We have a new value offering we're testing now called free 30, bundles and passes that we're going to be implementing, some event offerings.

就舉措而言，我們還有很多事情要做。我們有一個新的廣告活動。我們轉移了一些行銷支出。我們有一個新遊戲。我們整個夏天都會帶來其他新能量。我們現在正在測試一項新的價值產品，稱為“免費 30”，我們將實施捆綁包和通行證，以及一些活動產品。

We're really building our focus and capability around this same venue sales, but we're doing it in a way that I believe is prudent so that we're not going to damage the long-run brand of profitability of the business. We're going to continue to deliver on the things that matter most: the cash flows.

我們確實正在圍繞同一個場館銷售建立我們的重點和能力，但我們正在以一種我認為謹慎的方式來做，這樣我們就不會損害業務的長期品牌盈利能力。我們將繼續提供最重要的事情：現金流。

And you've seen what a nice track record we have on the overall profitability of the venues, et cetera. But we have quite a bit coming. We've had some periods of volatility. And when you look past those, a lot of reasons where we like the trends and feel confident in the long-term outlook.

您已經看到我們在場館的整體盈利能力等方面擁有多麼好的記錄。但我們還有很多事情要做。我們經歷過一些波動時期。當你回顧這些時，我們有很多理由喜歡這些趨勢並對長期前景充滿信心。

And our next question will come from Alex Perry with Bank of America.

我們的下一個問題將來自美國銀行的亞歷克斯·佩里（Alex Perry）。

I guess just first, how should we think about the corporate events business versus walk-in, in 2Q and for the rest of the year, especially given the events comps get much easier in the second quarter?

我想首先，我們應該如何考慮第二季和今年剩餘時間的企業活動業務與預約業務，特別是考慮到第二季的活動比較變得更加容易？

Alex, it's really a consistent story that you're going to see and you've seen over many quarters now. The events business is clearly stabilizing and gliding towards flat. After we get it to flat, we're going to go grow it. But right now, we saw a massive surge in that business that was essentially post-COVID. There had been some reversion of that. We see it clearly stabilizing now, and we're feeling good about the trend.

亞歷克斯，這確實是一個你將會看到的一致的故事，而且你現在已經看到了很多個季度。活動業務明顯趨於穩定並趨於平穩。當我們把它弄平後，我們就要去種植它了。但現在，我們看到該業務大幅成長，基本上是在新冠疫情之後。情況有所逆轉。我們現在看到它明顯穩定下來，我們對這一趨勢感覺良好。

The 1- to 2-Bay, we have had those 2 periods of volatility that I called out. Other than that, flat to slightly up with a number of initiatives that we're calling out and working on to continue to drive improvement, and we're confident in the direction of same venue sales. We believe it will continue to improve.

從 1 區到 2 區，我們經歷了我所說的兩個波動期。除此之外，我們正在採取並致力於繼續推動改進的一系列舉措，與持平或略有上升，我們對同場銷售的方向充滿信心。我們相信它會繼續改進。

That's really helpful. And then just my follow-up, on the Topgolf full year revenue guidance, I think you kept the revenue guide the same but sort of lowered the implied midpoint of the same venue sales guidance and have one less venue versus the prior guide, albeit it was supposed to come at the end of the year. Is there anything there? Is this sort of better than the venue ramp? Or is it more sort of rounding?

這真的很有幫助。然後是我的後續行動，關於頂級高爾夫全年收入指導，我認為你們保持了相同的收入指導，但有點降低了同一場地銷售指導的隱含中點，並且與之前的指導相比，少了一個場地，儘管它本來應該在今年年底到來。那裡有什麼嗎？這比場館坡道好嗎？還是它更像是四捨五入？

More rounding, Alex. The -- we have enough room in the results to -- we didn't move the same venue sales guide materially, in my opinion, and the overall results in the guide had enough room.

更四捨五入，亞歷克斯。在我看來，我們在結果中有足夠的空間，我們沒有實質地改變同一個場地銷售指南，並且指南中的整體結果有足夠的空間。

Our next question will come from Megan Alexander with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的梅根亞歷山大。

I don't want to harp on it, but maybe just to put a finer point on those questions around the Topgolf same venue sales guide. Is it fair to assume that you're running down low single digits quarter-to-date, but that the last few weeks were maybe better than that?

我不想對此喋喋不休，但也許只是為了更好地闡述有關 Topgolf 同場銷售指南的問題。假設您本季至今的業績下降了低個位數，但過去幾週的情況可能比這更好，這是否公平？

And then it seems like the reason for maybe widening the range and bringing it down a little bit is that just things were a bit choppy in April, but you were also including positive at the high end (inaudible). So is that just a reflection of you're perhaps a little bit more confident in the initiatives driving an improvement in the back half?

然後，擴大範圍並稍微降低一點的原因似乎是四月份的情況有點波動，但你也包括了高端的積極因素（聽不清楚）。那麼，這是否只是反映出您對推動後半段改善的措施更有信心了？

Megan, we were worse than that in the first 3 weeks of April. So those were markedly down. And since that, over the last 2 weeks, we have been -- it has stabilized and is performing consistent with our expectations and how we've been planning the business. And all of that is without -- with a lot of dry powder still to come, right, with all of these initiatives that we're talking about that are going to really start to ramp end of May, early June.

梅根，我們的情況比四月的前三週更糟。所以這些都明顯下降了。從那以後，在過去的兩周里，我們的業務已經穩定下來，並且表現與我們的預期以及我們的業務規劃方式一致。所有這些都是沒有的——還有大量的乾粉即將到來，對吧，我們正在談論的所有這些舉措將在五月底、六月初真正開始推進。

But the April period was down, I think, high single digits or something in that range. And that put us a little behind for the full year. And the rest of the guide change is just us being somewhat conservative. There's an opportunity for us to outperform this, but we've got to recognize that we've had some volatility and that the consumer out there is getting a lot of other value offerings, and we may or may not strengthen as the year goes on.

但我認為四月的下降幅度是高個位數或在這個範圍內。這讓我們全年的表現有些落後。指南的其餘變化只是我們有點保守。我們有機會超越這一點，但我們必須認識到，我們已經經歷了一些波動，而且消費者正在獲得很多其他價值產品，隨著時間的推移，我們可能會也可能不會增強。

Understood. That's helpful, Chip. And then maybe just a question for Brian. Is there any way to quantify the Jack Wolfskin and FX impact to EBITDA? You did maintain the guide for EBITDA. I think Topgolf was unchanged. So is there -- is Golf Equipment, is the expectation in that business a little bit better to offset the headwinds from Jack Wolfskin and FX from an EBITDA perspective?

明白了。這很有幫助，奇普。然後也許只是問布萊恩一個問題。有沒有辦法量化 Jack Wolfskin 和外匯對 EBITDA 的影響？您確實維護了 EBITDA 指南。我認為《Topgolf》沒有改變。那麼，從 EBITDA 的角度來看，高爾夫設備產業的預期是否能夠更好地抵消 Jack Wolfskin 和 FX 的不利影響？

Yes. That's a good question, Megan. Again, as you correctly noted, the change in the revenue guide is $35 million related to changes in foreign currency and $45 million related to the Jack Wolfskin business. Now on the foreign currency piece, we do -- it doesn't completely offset it, but we have a hedging program that will minimize the impact of the change in FX on the bottom line. Not completely, but to a large extent.

是的。這是個好問題，梅根。同樣，正如您正確指出的那樣，收入指南中的變化為 3500 萬美元，與外幣變化相關，4500 萬美元與 Jack Wolfskin 業務相關。現在在外幣方面，我們確實這樣做了——它並沒有完全抵消它，但我們有一個對沖計劃，可以最大限度地減少外匯變化對利潤的影響。不完全，但在很大程度上。

And then the Jack Wolfskin business is taking actions to manage costs as they go through -- as Chip mentioned, they were going through new management team, going through the whole business. They'll manage cost in light of the drop in revenue. And then also as part of the drop in revenue is related to underperforming portions of this business, so as they exit or fix those, that should improve profitability.

然後，Jack Wolfskin 業務正在採取行動來管理成本，正如奇普所提到的那樣，他們正在組建新的管理團隊，對整個業務進行管理。他們將根據收入下降來管理成本。此外，收入下降的一部分與該業務表現不佳的部分有關，因此當他們退出或修復這些部分時，這應該會提高盈利能力。

And then we're also managing costs across all of our businesses. But more importantly, we continue to drive operating efficiencies in our Topgolf and Golf Equipment business. Q1 is a great example as we were able to absorb the FX impact and the Jack Wolfskin Europe softness while increasing EBITDA. So we are fairly confident in our ability to hit the EBITDA guide.

然後我們也管理所有業務的成本。但更重要的是，我們持續提高頂級高爾夫和高爾夫設備業務的營運效率。第一季就是一個很好的例子，因為我們能夠吸收外匯影響和 Jack Wolfskin Europe 的疲軟，同時增加 EBITDA。因此，我們對達到 EBITDA 目標的能力相當有信心。

Super helpful. Maybe if I could just clarify. It doesn't seem like you're kind of assuming there's something that picks up the slack. It's just there are things that are -- from an EBITDA perspective, the flow-through is a bit muted. Is that fair?

超有幫助。也許我能澄清一下。你似乎並沒有假設有什麼東西可以彌補這一不足。只是從 EBITDA 的角度來看，有些事情的流量有點平淡。這樣公平嗎？

Well, the other portion of the business will be able to help pick up any slack if Jack Wolfskin is not able to offset the entire amount. The other businesses are improving their efficiencies, and I think they'll pick it up.

好吧，如果 Jack Wolfskin 無法抵消全部金額，那麼業務的其他部分將能夠幫助填補任何空缺。其他企業正在提高效率，我認為他們會跟進。

And our next question will come from Kate McShane with Goldman Sachs.

我們的下一個問題將來自高盛的凱特·麥克肖恩。

We wanted to ask first about the impact of the new labor model to your margins. Is there a way to quantify how much it impacted Q1? And how should we think about its contribution throughout the rest of the year? And then our second question was just around thoughts about capital allocation, given some of your comments today about your debt.

我們想先詢問新的勞動力模式對您的利潤的影響。有沒有辦法量化它對第一季的影響有多大？我們該如何看待它在今年剩餘時間內的貢獻？鑑於您今天對債務的一些評論，我們的第二個問題是關於資本配置的想法。

Sure. I'll take the first one, and then Brian, I'll lateral that second part on capital allocation to you. So you've seen us have a steady trend of driving improved operating margins at Topgolf, right? We were up 180 basis points year-over-year. And during all of last year, Kate, you heard about us talking about implementing PIE. We got PIE fully implemented in Q4. That digital reservation system drives and allows us to improve overall operating efficiencies, and you're just continuing to see us realize the fruits of that labor, and it will continue.

當然。我將討論第一部分，然後布萊恩，我會將有關資本配置的第二部分交給您。所以您已經看到我們在推動 Topgolf 的營運利潤率方面保持穩定的趨勢，對吧？我們年增了 180 個基點。凱特，去年一整年，您都聽到我們談論實施 PIE。我們在第四季度全面實施了 PIE。這個數位預訂系統推動並允許我們提高整體營運效率，您將繼續看到我們實現勞動成果，並且這種情況將會持續下去。

The labor model, same thing. We've had an improved and revised labor model that implemented fully at the end of last year, and you're continuing to see the benefit of that. Now we also had a little bit of shift in timing of some marketing spend, moving it to where our new initiatives are going to be introduced, and therefore could be most impactful. And so there's a little bit of a timing move.

勞動模範，同樣的事情。我們已經改進和修訂了勞動力模式，並在去年年底全面實施，您將繼續看到它的好處。現在，我們在一些行銷支出的時間安排上也發生了一些變化，將其轉移到我們將要推出新舉措的地方，因此可能是最有影響力的。所以有一點時間上的變動。

So you're not going to see necessarily 180 basis points every quarter, but we feel confident on our 35% EBITDAR margin for the full year. And what is really obvious and I think proven is the trend here of being able to consistently drive improved venue margins and returns. Candidly, even in some tough environments, right, with same venue sales down 7% to deliver 180 basis point improvement in margin performance, I think, is a pretty good proof point.

因此，每個季度不一定會看到 180 個基點，但我們對全年 35% 的 EBITDAR 利潤率充滿信心。真正明顯且我認為已得到證實的是能夠持續提高場館利潤和回報的趨勢。坦白說，即使在一些艱難的環境下，同場銷售額下降 7%，但利潤率表現提高了 180 個基點，我認為這是一個很好的證明。

Brian, I'll send the capital one over to you.

布萊恩，我會把大寫的一份寄給你。

Sure. Thanks, Kate. I think -- and our call today highlights our capital allocation strategy. We've continued to build the venues, we're paying down $50 million of debt, and we repurchased 1 million shares of stock. And that's very consistent with our capital allocation policy, which is, first and foremost, reinvest in the business. We've seen great returns there, either through investing in technology to benefit our leading position in technology in the Golf Equipment space, or the Topgolf venues, which have great returns, and they're returning 18% to 20% [ROE]. So we'll continue to do that first and foremost.

當然。謝謝，凱特。我認為—我們今天的電話會議強調了我們的資本配置策略。我們繼續建造場館，償還了 5,000 萬美元的債務，並回購了 100 萬股股票。這與我們的資本配置政策非常一致，即首先對業務進行再投資。我們在那裡看到了巨大的回報，無論是透過投資科技來鞏固我們在高爾夫裝備領域的技術領先地位，還是透過 Topgolf 場地獲得巨大的回報，他們的回報率為 18% 到 20% [ROE]。因此，我們將繼續首先做到這一點。

Beyond that, we do want to maintain reasonable leverage ratios. We currently believe we have them. At 2.2x on a readjusted basis, we're very comfortable at that level. So given that, you'll see us balance really between returning capital to shareholders and paying down debt, both of which we announced today. And then after that, we'll look at other investments and acquisitions as they come up. I mentioned this before, the good thing is we don't have to do any. We have enough embedded growth where we don't have to go out and do any to drive growth in our revenue or profits, but we'll be opportunistic. And so we'll take those as they come up.

除此之外，我們確實希望保持合理的槓桿率。我們目前相信我們擁有它們。在重新調整後的 2.2 倍的基礎上，我們對這個水平感到非常滿意。因此，您會看到我們在向股東返還資本和償還債務之間取得了真正的平衡，這兩者都是我們今天宣布的。之後，我們將關注其他出現的投資和收購。我之前提到過這一點，好處是我們不需要做任何事。我們有足夠的嵌入成長，我們不必出去做任何事情來推動我們的收入或利潤的成長，但我們會抓住機會。因此，我們將在出現這些問題時予以處理。

And our next question will come from Joe Altobello with Raymond James.

我們的下一個問題將由喬·阿爾托貝洛和雷蒙德·詹姆斯提出。

I guess first question on the quarter. You mentioned venue margins, marketing timing and hedge gains as drivers of the EBITDA upside in the quarter. It looks like you were about $21 million above the high end of the guidance. So maybe could you quantify for us the impact from the latter 2, the OpEx timing and the hedging gains? Just trying to get a sense of where -- what the underlying beat was here.

我想第一個問題是關於本季的。您提到場地利潤、行銷時機和對沖收益是本季 EBITDA 上漲的驅動因素。看起來您的價格比指導上限高出約 2100 萬美元。那麼，您能否為我們量化後兩者（營運支出時機和避險收益）的影響？只是想了解這裡的潛在節奏是什麼。

Yes. It's a little bit of all that, Joe. There was probably -- there was $6 million incremental hedge gains, which somewhat hurt you for the balance of the year, but we had those in Q1. I'm not going to quantify the push in marketing expenses because it's not easily identifiable. But there was some marketing that was planned early for Q1 at Topgolf, for example. They're going to push that out to align it more with the launch of these new consumer programs that Chip mentioned. So it's all that, and there's some overperformance. I mean it was a really good quarter from that perspective.

是的。這只是一點點，喬。可能會有 600 萬美元的增量對沖收益，這在今年剩餘時間裡對你造成了一定程度的傷害，但我們在第一季就有了這些收益。我不會量化行銷費用的推動，因為它不容易識別。但例如，Topgolf 在第一季就規劃了一些行銷活動。他們將推出這項計劃，以便與奇普提到的這些新消費者計劃的推出更加一致。就是這樣，並且有一些過度表現。我的意思是，從這個角度來看，這是一個非常好的季度。

Okay. Maybe in terms of the guidance, going back to an earlier question. So you lowered the revenue outlook, $80 million, Jack, FX-driven basically, kept the EBITDA guidance unchanged. What are the offsets to that $80 million revenue reduction?

好的。也許就指導而言，回到之前的問題。所以你降低了收入前景，8000萬美元，傑克，基本上是外匯驅動的，保持了 EBITDA 指導不變。 8000 萬美元收入減少的抵銷措施是什麼？

Well, it's somewhat the things I just said, it's the improvement in the operational efficiencies of the other business. It's managing costs. It is the overperformance in the other businesses.

嗯，有點像我剛才說的，是其他業務營運效率的提升。這是管理成本。這是其他業務的超常表現。

Okay. So it's all Q1 driven?

好的。那麼這一切都是第一季驅動的嗎？

Yes, Joe, because we're hedged on the $35 million FX, right? So that is -- only a portion of that flows. So you're really looking at a revenue drop that will hit EBITDA of something over $45 million, but $50 million, $55 million, and we're able to offset that with outperformance in the rest of the business.

是的，喬，因為我們對 3500 萬美元的外匯進行了對沖，對吧？所以這只是其中的一部分。因此，您確實會看到收入下降將導致 EBITDA 超過 4500 萬美元，但也可能達到 5000 萬美元、5500 萬美元，我們能夠透過其他業務的出色表現來抵消這一影響。

Okay. I'm just trying to get a sense of what the cushion is in that $620 million to $640 million. It sounds like there's still a little bit of cushion there, so...

好的。我只是想了解一下 6.2 億至 6.4 億美元的緩衝程度。聽起來那裡還有一點緩衝，所以...

And our next question will come from Casey Alexander with Compass Point Research & Trading.

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

I'm trying to understand a little bit better about the Chrome Tour launch. Is that an 11% premium glove market share? Is that Chrome Tour and Chrome Soft combined? Or to what extent is Chrome Tour cannibalizing Chrome Soft? Can you give us a little more granularity around that?

我試圖更好地了解 Chrome Tour 的發布。這是 11% 的優質手套市場份額嗎？ Chrome Tour 和 Chrome Soft 是結合在一起的嗎？或者說 Chrome Tour 在多大程度上蠶食了 Chrome Soft？能給我們更詳細一點嗎？

Sure. Yes. It is both of those combined, Casey. So it is, for all intents and purposes, urethane ball market share. And it's the premium price points, $50 and higher, or $55 a dozen is our MAP price. And the 11% is all of those products, which includes Chrome Soft to Chrome Tour, Chrome Tour X.

當然。是的。這是兩者的結合，凱西。因此，無論出於何種意圖和目的，聚氨酯球的市場份額都是如此。這是溢價點，50 美元及以上，或 55 美元一打是我們的 MAP 價格。 11% 是所有這些產品，其中包括 Chrome Soft 到 Chrome Tour、Chrome Tour X。

We previously had everything under Chrome Soft. So Chrome Tour absolutely, I guess, cannibalizes Chrome Soft, but they're different products now in terms of their compression ranges, consumer targets, et cetera. And as you know, it's a significant launch for us, and we're excited about the direction of it.

我們之前所有的東西都在 Chrome Soft 下。因此，我認為 Chrome Tour 絕對會蠶食 Chrome Soft，但它們現在在壓縮範圍、消費者目標等方面是不同的產品。如您所知，這對我們來說是一次重要的發布，我們對其方向感到興奮。

But that 11% share, what would that comp against last year when it was just Chrome Tour? I mean, Chrome Soft, excuse me.

但這 11% 的市佔率與去年只有 Chrome Tour 時的市佔率相比如何呢？我是說，Chrome Soft，對不起。

It's probably in that 8% to 10% on a seasonal basis. So we're up nicely in the premium category and getting good feedback, and then we're up 120 basis points, I think, overall in the ball category year-to-date.

以季節計算，大概是 8% 到 10%。因此，我們在高級類別中的表現很好，並獲得了良好的反饋，然後我認為，今年迄今為止，我們在球類別中總體上升了 120 個基點。

And the Chrome Tour versus the Chrome Soft is a higher-priced category, so that might be driving some additional margin?

Chrome Tour 與 Chrome Soft 相比是一個價格較高的類別，因此這可能會帶來一些額外的利潤？

We raised our price this year from $50 a dozen to $55. We have traditionally priced at the high end, so not a change in strategy there. We just launched -- the Chrome product previously launched 2 years ago. There is a price increase this year for us, where we are taking price with the Chrome Tour product.

今年我們將價格從 50 美元一打提高到 55 美元。我們傳統上定價在高端，因此策略沒有改變。我們剛推出了 2 年前推出的 Chrome 產品。今年我們的價格有所上漲，我們對 Chrome Tour 產品進行了定價。

(Operator Instructions) Our next question will come from Noah Zatzkin with KeyBanc Capital Markets.

（操作員說明）我們的下一個問題將來自 KeyBanc Capital Markets 的 Noah Zatzkin。

I think last quarter when you kind of looked back on the second half of 2023, you called out events and mid-week traffic as headwinds. You kind of touched on events, but just wondering if you could kind of provide an update on progress with the mid-week traffic initiative and how that might be potentially offering some upside or tailwind to the comp in the back half, particularly.

我認為上個季度，當您回顧 2023 年下半年時，您將事件和周中的流量稱為逆風。您有點談到了一些事件，但只是想知道您是否可以提供有關周中流量計劃進展的最新信息，以及這可能如何為後半段的比賽帶來一些上行或順風。

Yes. Noah, the -- as you identified, the primary areas of same venue sales challenge for us over the last several quarters have been mid-week and events. We continue to do very well during peak times. And our peak times are basically weekends, but we also do very well on Tuesday. And we have had a long-standing value offering on Tuesday that is very well accepted and understood.

是的。諾亞，正如您所指出的，過去幾季我們面臨的同場銷售挑戰的主要領域是周中和活動。我們在高峰時期繼續表現出色。而且我們的高峰時間基本上都是週末，但星期二我們也表現得很好。週二我們提供了一個長期存在的價值產品，並且得到了很好的接受和理解。

So the events business is stabilizing. It's performing just as we would expect it to and hope it would. The mid-week continues to be where we struggle from a same venue sales perspective. We have identified the free 30 an initiative that will help us improve that. And -- but that trend really has not changed over the last quarter.

因此，活動業務正在穩定下來。它的表現正如我們所期望的。從同一場地銷售的角度來看，周中仍然是我們陷入困境的地方。我們已經確定了「免費 30」計劃，它將幫助我們改進這一點。而且——但這種趨勢在上個季度確實沒有改變。

And this concludes our question-and-answer session. I'd like to turn the conference back over to Chip Brewer for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給奇普·布魯爾（Chip Brewer）發表閉幕詞。

Well, on today's call, we got kind of granular, as we should, and discussed a lot of specific details around quarters and some recent volatility. As I close, I'd like to take a moment and just kind of recap what I believe is the larger view.

嗯，在今天的電話會議上，我們進行了一些細緻的討論，正如我們應該做的那樣，並討論了有關季度和近期波動的許多具體細節。在結束時，我想花點時間回顧我認為的更宏觀的觀點。

First and foremost, our company continues to grow and strengthen. We have a strong track record of EBITDA growth and one that we expect to continue. Last year, we transitioned to positive cash flow. That was a major goal of ours. That cash flow is now increasing, and our run rate or embedded cash flow is expected to ramp over the next few years. That's an important transition and one I hope doesn't get lost in the daily noise.

首先也是最重要的是，我們的公司不斷成長。我們在 EBITDA 成長方面擁有良好的記錄，我們預計這一記錄將繼續下去。去年，我們轉向正現金流。這是我們的一個主要目標。現金流現在正在增加，我們的運行率或嵌入現金流預計在未來幾年內會增加。這是一個重要的轉變，我希望這轉變不會迷失在日常的噪音中。

Topgolf itself is transforming golf. It's increasing its venue profitability and returns and has a clear growth path ahead, and it has also an extremely strong defensive moat. The same venue sales have been somewhat volatile post-COVID, but we're working through that, and we're confident in our direction and expect to re-prove ourselves here over the not-too-distant future.

Topgolf 本身正在改變高爾夫運動。它正在提高場館盈利能力和回報，並擁有清晰的未來成長道路，而且還擁有極其強大的防禦護城河。新冠疫情過後，同一場館的銷售情況有些波動，但我們正在努力解決這個問題，我們對自己的方向充滿信心，並期望在不久的將來在這裡重新證明自己。

Given Topgolf's reach to new and existing golfers, the synergies of Topgolf's audience and our products business is clear. We're in the early innings of delivering on the potential here. And the Callaway brand also continues to strengthen. In Q1, we were the #1 U.S. brand in drivers, fairway woods and hybrid, and Ai Smoke was the #1 model in driver, fairway woods and irons. Odyssey was the #1 putter on strength of Ai-ONE. We delivered U.S. market share growth in clubs and golf ball and also a record new share in premium golf ball.

鑑於 Topgolf 對新舊高爾夫球手的影響力，Topgolf 的受眾和我們的產品業務之間的協同效應是顯而易見的。我們正處於發揮這裡潛力的早期階段。而卡拉威品牌也在不斷強化。在第一季度，我們是發球木、球道木桿和混合桿領域排名第一的美國品牌，而 Ai Smoke 是發球木、球道木桿和鐵桿領域排名第一的型號。 Odyssey 是 Ai-ONE 實力排名第一的推桿。我們實現了美國球桿和高爾夫球市場份額的成長，優質高爾夫球市場份額也創下了新紀錄。

We're in a healthy and growing industry, and we have robust plans for the second half of this year and expectations of revenue and profit growth for the year. Overall, we remain confident in our future and our ability to create value for shareholders as we believe growth with cash flow and a uniquely strong strategic position will deliver value to shareholders over time. Thanks for your time today, and we look forward to continuing to update you on our progress.

我們處於一個健康發展的行業，我們對今年下半年有穩健的計劃，並對今年的收入和利潤增長有預期。總體而言，我們對我們的未來以及為股東創造價值的能力仍然充滿信心，因為我們相信現金流的成長和獨特的強大策略地位將隨著時間的推移為股東帶來價值。感謝您今天抽出寶貴時間，我們期待繼續向您通報我們的最新進展。

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

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路。