Topgolf Callaway Brands Corp (MODG) 2024 Q3 法說會逐字稿

Good day and welcome to the Topgolf Callaway Brands third quarter 2024 conference call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 Topgolf Callaway Brands 2024 年第三季電話會議。 （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 Ms. Katina Metzidakis. Please go ahead, ma'am.

現在我想將會議交給 Katina Metzidakis 女士。請繼續，女士。

Thank you, Operator, and good afternoon, everyone. Welcome to Topgolf Callaway Brands third 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 第三季財報電話會議。我是 Katina Metzidakis，公司投資人關係與企業傳播副總裁。與我一起在今天的電話會議上發言的還有我們的總裁兼執行長 Chip Brewer；以及我們的財務長兼首席法務官 Brian Lynch。

Earlier today, the company issued a press release announcing its third quarter financial results. We have 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.

今天早些時候，該公司發布新聞稿，公佈了第三季財務業績。我們也發布了更新的簡報。我們的收益簡報和收益新聞稿均可在公司投資者關係網站的「財務表現」標籤下查看。

Aside from revenue, the financial numbers reported and discussed on today's call are all non-GAAP measures. We identify these non-GAAP measures in the presentation and reconcile the measures to the corresponding GAAP measures in accordance with Regulation G.

除了收入之外，今天電話會議上報告和討論的財務數據都是非公認會計準則衡量標準。我們在簡報中確定了這些非 GAAP 衡量標準，並根據 G 條例將這些衡量標準與相應的 GAAP 衡量標準進行了協調。

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 Chip Brewer.

說到這裡，我現在想把電話轉給奇普布魯爾。

Thank you, Katina, and good afternoon, everyone. Thank you for joining our call today. I'm pleased to report Q3 results which came in ahead of our guidance in both our legacy and Topgolf businesses.

謝謝卡蒂娜，大家下午好。感謝您今天加入我們的電話會議。我很高興地報告第三季的業績，該業績超出了我們對傳統業務和 Topgolf 業務的指導。

Focusing first on revenue, Topgolf's same venue sales came in roughly consistent with our expectations. And in our legacy business, we benefited from product shipment timing moving into the quarter from Q4. Moving to EBITDA, the quarter's outperformance was driven by both venue operating efficiencies and cost management at Topgolf, as well as the shipment timing in our legacy business. We also had slightly favorable FX for the quarter relative to our last guide. But this subsequently shifted against us again in early Q4, and remains a headwind on a full-year year-over-year basis.

首先專注於收入，Topgolf 的同場銷售額與我們的預期大致一致。在我們的傳統業務中，我們受益於產品出貨時間從第四季度進入本季。至於 EBITDA，本季的優異表現是由 Topgolf 的場地營運效率和成本管理以及我​​們傳統業務的出貨時間所推動的。相對於我們上次的指導，我們本季的外匯也略有有利。但隨後這種情況在第四季度初再次對我們不利，並且與全年相比仍然是一個阻力。

In the Golf Equipment segment, we continue to lead, with 2024 trending to be the third consecutive year that Callaway has earned the number one US market share position in golf clubs, as well as the ninth out of the last 10 years in this number one position. In the ball business, our investments in the category, along with this year's launch of our new Chrome Tour brand, have driven steadily improving performance and record market shares. In Active Lifestyle, TravisMathew continues to grow share of wallet through disciplined category expansion and distribution. On the other hand, in the Gold Equipment segment and at TravisMathew we saw slightly slower market conditions than expected in Q3.

在高爾夫裝備領域，我們繼續保持領先地位，2024 年卡拉威將連續第三年在美國高爾夫球桿市場份額中佔據第一，也是過去 10 年中的第九年位置。在球業務方面，我們對該類別的投資，以及今年推出的新 Chrome Tour 品牌，推動了業績的穩定提高和創紀錄的市場份額。在積極生活方式領域，TravisMathew 透過嚴格的品類擴張和分銷，繼續增加錢包份額。另一方面，在黃金設備領域和 TravisMathew，我們看到第三季的市場狀況略低於預期。

As a result, we are lowering our full-year revenue guidance by approximately $30 million to reflect the lower sell through in that period, a reduction to the spread relatively evenly across the non-Topgolf portion of our business. However, we view this as short-term volatility rather than a new trend. As consumer activity has since picked back up, our brand positions remain strong, and we remain confident in the long-term outlook for our core markets and product categories.

因此，我們將全年收入指引下調了約 3,000 萬美元，以反映該時期銷售量的下降，從而使我們業務的非 Topgolf 部分的分佈相對均勻地減少。然而，我們認為這是短期波動而不是新趨勢。隨著消費者活動的回升，我們的品牌地位依然強勁，我們對核心市場和產品類別的長期前景仍然充滿信心。

Shifting gears to segment performance, starting with Topgolf, starting with same venue sales, the business performed roughly consistent with expectations in Q3 at down 11%. 1-2 Bay was down approximately 9% and 3+ Bay was approximately down 19%. The 1-2 Bay performance was balanced fairly evenly between traffic and spend for the quarter.

轉向細分市場業績，從Topgolf開始，從同場銷售開始，該業務的表現與第三季的預期大致一致，下降了11%。 1-2 Bay 下跌約 9%，3+ Bay 下跌約 19%。本季 1-2 Bay 的流量和支出表現相當均衡。

For the full-year, we're holding our previous guidance for same venue sales to be down very high single-digit to low double digits. Early October results were partially impacted by severe weather, but recovered nicely during the month, with the full month performing consistent with our implied Q4 same venue sales forecast, of down 10% to 15%.

就全年而言，我們維持先前對同一場館銷售額的指導，即從很高的個位數下降到低兩位數。 10 月初的業績受到惡劣天氣的部分影響，但當月恢復良好，整個月的表現與我們隱含的第四季度同場銷售預測一致，即下降 10% 至 15%。

Additionally, November and December bookings for 3+ Bay events indicate the potential for some improvement relative to recent 3+ Bay trends. Given all this, if things break our way, we could end up towards the good end of our full-year guide. However, given the volatility we've seen and the potential for adverse weather this time of year, we're holding our previous guide.

此外，11 月和 12 月 3+ 灣活動的預訂量表明，相對於最近的 3+ 灣趨勢而言，有可能出現一些改善。考慮到這一切，如果事情打破了我們的方式，我們最終可能會為全年指南帶來美好的結局。然而，考慮到我們所看到的波動性以及每年這個時候可能出現的惡劣天氣，我們仍維持先前的指南。

Looking forward on same venue sales, the team continues to work on key initiatives to return the business to same venue sales growth. This includes a new game that the team is very excited about, Sonic the Hedgehog, which were launched mid this month, and coincides with the new movie coming out in December.

展望同場銷售，團隊將繼續致力於關鍵舉措，以使業務恢復同場銷售成長。其中包括一款令團隊非常興奮的新遊戲《刺猬索尼克》，該遊戲於本月中旬推出，與 12 月上映的新電影同時推出。

Exciting new reasons to visit and enhanced consumer experiences such as this are a key part of how we intend to drive long-term traffic growth. And thus, we are ramping up our ability to deliver these, both more frequently and more effectively. Beyond this, we're full speed ahead on leveraging our new consumer data platform to provide more targeted promotions and offers to last or new visitors.

令人興奮的新的訪問理由和增強的消費者體驗是我們推動長期流量成長的關鍵部分。因此，我們正在提高更頻繁、更有效地提供這些服務的能力。除此之外，我們正在全速利用我們的新消費者數據平台，為新舊訪客提供更有針對性的促銷和優惠。

We're also launching new passes and bundles aimed at more frequent visitors. We're expanding our partnership programs, and we're further strengthening the team with experts in performance marketing and loyalty programs. We're also expanding our outbound sales efforts as well as our offerings for 3+ Bay business.

我們也針對更多常客推出了新的通行證和套裝行程。我們正在擴大我們的合作夥伴計劃，並進一步加強由績效行銷和忠誠度計劃專家組成的團隊。我們也正在擴大對外銷售工作以及 3+ Bay 業務的產品。

On the EBITDA front, the team continues to deliver excellent results. Despite significant sales deleverage this year; we expect to end the year nearly 500 basis points higher in EBITDA margin than in 2019. This performance, along with other cost savings initiatives, is allowing us to increase our full-year EBITDA forecast for Topgolf, even with no change in the same venue sales forecast. We are proud of the team's performance in this important area. And looking ahead, we see significant opportunity for margin expansion when same venue sales returns to growth.

在 EBITDA 方面，團隊持續取得優異的成績。儘管今年銷售大幅去槓桿化；我們預計今年年底的 EBITDA 利潤率將比 2019 年高出近 500 個基點。我們為團隊在這一重要領域的表現感到自豪。展望未來，當同場銷售恢復成長時，我們看到利潤擴張的重大機會。

On the venue expansion front, we're on track to add seven new owned venues this year, six of which we built, and one acquired. The new venues continue to perform consistent with our pro forma. In the quarter, we opened in Greensborough, North Carolina, and Des Moines, Iowa. Both venues are performing well.

在場館擴張方面，我們今年預計會增加七個新擁有的場館，其中六個是我們建造的，另一個是收購的。新場館的表現持續與我們的預估保持一致。本季度，我們在北卡羅來納州格林斯伯勒和愛荷華州得梅因開設了辦事處。兩個場館都表現良好。

By year's end, we will have 100 owned and operated venues. On the international front, our franchisees recently opened two new venues, one in Jakarta, and one in Wuhan, China, for a total of seven franchise international venues. Looking forward, we expect to built and open approximately five domestic venues in 2025.

到年底，我們將擁有100個自有和經營的場館。在國際方面，我們的特許經營商最近開設了兩個新場館，一個在雅加達，一個在中國武漢，總共七個特許經營國際場館。展望未來，我們預計將在 2025 年建成並開放約 5 個國內場館。

Shifting gears to our Golf Equipment business, the market remained strong overall, with US rounds up nicely year-over-year, building on the gains in participation we have seen over the last several years. And despite a small decline in playable hours year-to-date due to slightly unfavorable weather.

轉向我們的高爾夫裝備業務，市場總體保持強勁，美國市場同比增長良好，建立在我們過去幾年看到的參與度增長的基礎上。儘管由於天氣稍微不利，今年迄今的可玩時間略有下降。

As previously mentioned, Datatech's US sell-through for clubs was down a little more than expected in Q3 at minus 4%, but remains flat year-to-date, which is a reasonably good performance in today's macroeconomic climate. Sell-through of golf balls was flat in Q3, but is up year-to-date as has been its trend, and as you would expect given the rounds played data.

如前所述，Datatech 在第三季的美國俱樂部銷售量下降幅度略高於預期，為-4%，但今年迄今仍持平，在當今的宏觀經濟環境下，這是一個相當不錯的表現。高爾夫球的銷售量在第三季度持平，但年初至今有所上升，這是其趨勢，正如您根據比賽輪次數據所預期的那樣。

Furthermore, the US club market sell-through for the second-half of September and October bounced back nicely, making me think the small dip in Q3's sell-through was nothing more than normal volatility. Within these market conditions, the Calloway Club brand remained strong and continues to resonate with consumers, including, according to outside research, the sustained leadership position in technology and innovation. In the market, Calloway remains the overall number one market share club brand in the US as measured by Datatech sellthrough dollar market share, a position we have enjoyed for nine out of the last 10 years.

此外，9月下半月和10月美國俱樂部市場的銷售量反彈良好，這讓我認為第三季銷售量的小幅下降只不過是正常的波動。在這些市場條件下，Calloway Club 品牌仍然強勁，並繼續與消費者產生共鳴，根據外部研究，包括在技術和創新方面的持續領先地位。在市場上，以 Datatech 的銷售美元市佔率衡量，Calloway 仍然是美國市佔率第一的俱樂部品牌，在過去 10 年中有 9 年我們一直享有這一地位。

During this year, we've had a particularly strong year in woods, with the AI Smoke line propelling us to leadership positions in the driver, fairway wood and hybrid categories, as well as the number one selling model in iron's. We've also had a terrific year in putters, with Odyssey dominating the tour counts, including 39 consecutive PGA Tour counts, extending from the opening event in Hawaii through the FedEx Cup Championship, and including all for majors. And Odyssey also won every count this year on the LPGA, Champions, and DP World Tours; clean sweeps across those tours. Odyssey was in the bag of 14 winners on the PGA Tour, and 52 winners across primary global tours.

今年，我們在木桿領域度過了特別強勁的一年，AI Smoke 系列推動我們在發球木、球道木桿和混合木桿類別以及鐵桿領域的銷量第一的型號中佔據領先地位。我們在推桿方面也度過了輝煌的一年，奧德賽在巡迴賽中佔據主導地位，包括連續 39 次參加 PGA 巡迴賽，從夏威夷開幕賽一直到聯邦快遞杯錦標賽，包括所有大滿貫賽。今年，奧德賽也贏得了 LPGA、冠軍賽和 DP 世界巡迴賽的各項賽事；乾淨俐落地橫掃了這些旅行。奧德賽在 PGA 巡迴賽上獲得了 14 名冠軍，在全球初級巡迴賽上獲得了 52 名冠軍。

Globally, our year-to-date putter category dollar market share is up 344 basis points in the US, 240 basis points in Europe, and 709 basis points in Japan. In Golf Ball, we continue to steadily deliver market share and brand growth, as well as operational improvements. Our Q3 US market share, of 21.8%, is up 140 basis points year-over-year, and represents a new record for us.

在全球範圍內，我們年初至今的推桿類別美元市場份額在美國增長了 344 個基點，在歐洲增長了 240 個基點，在日本增長了 709 個基點。在高爾夫球領域，我們繼續穩步實現市場份額和品牌成長以及營運改善。我們第三季的美國市佔率為 21.8%，年增 140 個基點，創下了新紀錄。

Additionally, we have now fully worked through our vendor's ball plant fire over a year ago, with that plant rebuilt and back online, as well as additional capacity developed. And we continue to drive yield and productivity improvements in our Chicopee, Mass facility, where all our premium or tour products are manufactured to industry-leading quality and consistency standards.

此外，我們現在已經完全解決了一年多前供應商球廠火災的問題，該工廠已重建並重新上線，並開發了額外的產能。我們繼續推動馬薩諸塞州奇科皮工廠的產量和生產力提高，我們所有的優質或旅遊產品均按照行業領先的品質和一致性標準製造。

On the brand side of golf ball, we also continue to make strides. For a Golf Datatech Summer Ball GPAU report, Callaway's ranking as preferred ball, as measured by the question, if you were playing in your club championship this weekend, which ball brand would you use, jumped from 16% to 21%. The highest level since tracking began, and the first time any brand other than Titleist exceeded 20%.

在高爾夫球的品牌方面，我們也持續進步。在 Golf Datatech 夏季用球 GPAU 報告中，卡拉威的首選球排名（根據以下問題衡量）：如果您本週末參加俱樂部錦標賽，您會使用哪個球品牌，則從 16% 躍升至 21%。這是自追蹤開始以來的最高水平，也是除 Titleist 之外的任何品牌首次超過 20%。

We of course also had a few weak points this year, including foreign exchange, which is obviously outside of our control, volatile freight rates, which Brian will discuss later, and a slower-than-expected Korea market, where we initially lost some share, but we now see signs of both that market starting to stabilize and our relative performance improving, driven by a new team with renewed energy and resolve.

當然，今年我們也有一些弱點，包括外匯，這顯然超出了我們的控制範圍，運費波動很大，布萊恩稍後會討論這一點，以及韓國市場慢於預期，我們最初在韓國市場失去了一些份額，但我們現在看到了市場開始穩定的跡象，並且在充滿活力和決心的新團隊的推動下，我們的相對業績有所改善。

Looking at product category opportunities, the Q3 launches of our Opus wedges and APEX AI irons are both going well, and we think these will shore up what has been relatively weak for us year-to-date performances in these categories. The iron category is a big category, one where we have been a historical leader, and one where the trade is telling us that we are well positioned to gain share over the next year based on the strength of our product line.

就產品類別機會而言，我們第三季推出的 Opus 挖起桿和 APEX AI 鐵桿進展順利，我們認為這些產品將支撐我們今年迄今為止在這些類別中相對疲軟的表現。生鐵品類是一個大品類，我們一直是該品類的歷史領導者，而且行業告訴我們，基於我們產品線的實力，我們處於有利地位，可以在明年獲得市場份額。

While we're on product launches, building on our strong recent performance in the putter category, we'll be formally announcing later this week our entry into a new form of putting, most commonly described as Zero Torque, via a new model for us called Square-to-Square.

在我們推出產品的同時，基於我們最近在推桿類別中的強勁表現，我們將在本週晚些時候正式宣布我們通過一個新模型進入一種新的推桿形式，最常見的是零扭矩。稱為方對方。

Zero Torque is an interesting category, which is experiencing rapid growth. As we enter this category, we believe we can use our proprietary shapes, insert, an AI technology to deliver an even better product to golfers than is currently available in the category. The square-to-square product will be available to consumers in December.

零扭矩是一個有趣的類別，正在經歷快速增長。當我們進入這個類別時，我們相信我們可以使用我們專有的形狀、插入件和人工智慧技術為高爾夫球手提供比該類別中現有產品更好的產品。 Square to Square產品將於12月向消費者發售。

Looking forward, we feel good about both our golf equipment business and the market. Our product pipeline remains strong, and we've started to show our 2025 product line to customers and are receiving positive feedback.

展望未來，我們對我們的高爾夫裝備業務和市場都感到滿意。我們的產品線仍然很強大，我們已經開始向客戶展示我們的 2025 年產品線，並收到了正面的回饋。

Turning now to the Active Lifestyle segment, revenues and earnings were both down for the quarter but this was largely consistent with expectations and it masks fundamental improvements that we're making in all businesses within this segment.

現在轉向積極生活方式領域，本季收入和收益均有所下降，但這與預期基本一致，並掩蓋了我們在該領域所有業務中所做的根本性改進。

Turning to each business unit, at TravisMathew the overall market continues to be relatively soft with Datatech showing US sell-through of golf shirts to be down approximately 9% in its channels. But the TravisMathew brand continues to outperform the market based on strong market share in its core men's product lines, further expansion into strategic categories such as outerwear and women's, and the addition of another 10 owned retail stores.

談到每個業務部門，TravisMathew 表示，整體市場仍然相對疲軟，Datatech 顯示其通路中美國高爾夫襯衫的銷量下降了約 9%。但 TravisMathew 品牌憑藉其核心男裝產品線的強勁市場份額、進一步擴展到外套和女裝等戰略類別以及另外 10 家自營零售店的增加，繼續跑贏市場。

On the retail store front, we now have 57 owned retail stores and direct-to-consumer overall is approximately 40% of our business. The retail stores are high ROI investments and also drive brand growth and wholesale volumes in their markets.

在零售店方面，我們現在擁有 57 家自營零售店，直接面向消費者的業務約占我們業務的 40%。零售店是高投資報酬率的投資，也推動了其市場的品牌成長和批發量。

As mentioned on previous calls, this year's financial performance has also been challenged by the timing of a large corporate channel stocking order that occurred in 2023 and that did not repeat this year, but that opened up a new line of business for the long run. Excluding that specific corporate channel timing, TravisMathew is up year-over-year both on the top and bottom line. This is a growing and profitable business with a bright future.

正如先前的電話會議中所提到的，今年的財務表現也受到 2023 年發生的大型企業通路庫存訂單時間的挑戰，該訂單今年沒有重複，但從長遠來看開闢了新的業務線。排除特定的企業通路時間安排，TravisMathew 的營收和利潤均較去年同期成長。這是一個不斷成長、獲利且前景光明的業務。

At Jack Wolfskin, the business has been challenged by difficult market conditions in Europe and outside of China where we continue to perform very well this business remains a turnaround story. With new leadership in place here, we have been rescaling our cost base to fit the current revenue base of the business, while at the same time, working on a product market fit in Europe by refocusing on the brand's core product and positioning. All of this turnaround work remains a work in progress.

在 Jack Wolfskin，業務受到了歐洲和中國以外市場的困難挑戰，我們在中國以外的地區仍然表現出色，這項業務仍然是一個扭虧為盈的故事。隨著新領導層的就位，我們一直在調整我們的成本基礎，以適應當前業務的收入基礎，同時，透過重新專注於品牌的核心產品和定位，致力於適應歐洲的產品市場。所有這些週轉工作仍在進行中。

And Jack Wolfskin remains a relatively small part of our overall story. However, I feel better about the mid- to long-term outlook for this business. As sell-through in Europe picked up in late Q3 and early Q4, China continues to perform well, and by the end of this year, we will have a significantly smaller cost base, as well as a more focused Europe product strategy.

傑克沃爾夫斯金（Jack Wolfskin）仍然是我們整個故事中相對較小的一部分。不過，我對這項業務的中長期前景感覺更好。隨著歐洲銷售在第三季末和第四季初有所回升，中國市場持續表現良好，到今年年底，我們的成本基礎將顯著縮小，歐洲產品策略也將更加集中。

Lastly, in the Active Lifestyle segment, the Callaway and OGIO brands are both performing reasonably well in the US and Europe. In Japan, both apparel and performance gear are performing well on a local currency basis year-to-date, but showed down when restated in US dollars due to foreign exchange. And our Korea business is down consistent with both the market and our struggles there. But as previously mentioned, we see improved signs for both our brand and that market in general.

最後，在積極生活方式領域，Callaway 和 OGIO 品牌在美國和歐洲的表現都相當不錯。在日本，服裝和運動裝備今年迄今以當地貨幣計算均表現良好，但由於外匯影響，以美元重列時表現有所下降。我們的韓國業務的下滑與市場和我們在那裡的困境是一致的。但正如前面所提到的，我們看到我們的品牌和整個市場都有改善的跡象。

In conclusion, Q3 was a good quarter for us operationally. We remain pleased with the direction of our legacy business, where we're building on our strengths and addressing any weaknesses head on. At Topgolf, we perform largely consistent with recent trends, including continuing to drive excellent venue profitability, given the slower top line environment. And we're taking steps to further strengthen the team's ability to drive positive same venue sales over the long term.

總之，第三季對我們來說是一個運作良好的季度。我們對傳統業務的方向仍然感到滿意，我們正在發揮我們的優勢並正面解決任何弱點。在Topgolf，我們的表現與近期趨勢基本一致，包括在營收環境放緩的情況下繼續推動出色的場館獲利能力。我們正在採取措施，進一步增強團隊的能力，以長期推動同場銷售。

On the strategic front, we continue to believe that separating Topgolf from the legacy business will maximize shareholder value, and we are fully engaged on this work.

在策略方面，我們仍然相信將 Topgolf 與傳統業務分離將使股東價值最大化，並且我們正在全力投入這項工作。

I look forward to providing further updates, as appropriate, on future earnings calls. Brian, over to you

我期待在未來的財報電話會議上酌情提供進一步的更新資訊。布萊恩，交給你了

Thank you, Chip, and good afternoon, everyone. As Chip mentioned, we are pleased with our third quarter results in light of the macroeconomic backdrop. Our business units delivered solid execution, which combined with a shift in timing of shipments in our products businesses, as well as slightly favorable foreign currency, allowed us to exceed our guidance for Q3.

謝謝奇普，大家下午好。正如奇普所說，鑑於宏觀經濟背景，我們對第三季的業績感到滿意。我們的業務部門提供了堅實的執行力，再加上我們產品業務的發貨時間的變化，以及稍微有利的外匯，使我們能夠超出第三季度的指導。

As we look forward, our business segments are continuing to take action to manage their businesses in the current environment, holding or building their market position, and staying focused on managing costs and available liquidity.

展望未來，我們的業務部門將繼續採取行動在當前環境下管理其業務，保持或建立其市場地位，並繼續專注於管理成本和可用流動性。

Some highlights for the quarter include Q3 revenue and adjusted EBITDA were ahead of expectations. We continued to manage through a softer top-line environment with a focus on disciplined cost management, operating efficiencies, and cash management.

本季的一些亮點包括第三季營收和調整後 EBITDA 均超出預期。我們繼續在較為疲軟的營收環境中進行管理，並專注於嚴格的成本管理、營運效率和現金管理。

Cash provided by operating activities for the first nine months increased $111 million, or 49%, compared to the first nine months of 2023. Our inventory reduction initiatives continue to be successful, with our consolidated inventory decreasing $70 million since Q3 last year.

與2023 年前9 個月相比，前9 個月經營活動提供的現金增加了1.11 億美元，即49%。了7000 萬美元。

Our REIT-adjusted net debt decreased approximately $220 million, or over 20% year-over-year, and our REIT adjusted net debt leverage decreased to 1.8 times from 2.1 times. We further strengthened our available liquidity position to $863 million, representing a $129 million increase year-over-year.

我們的 REIT 調整後淨債務減少約 2.2 億美元，年減超過 20%，我們的 REIT 調整後淨債務槓桿從 2.1 倍降至 1.8 倍。我們的可用流動性部位進一步增強至 8.63 億美元，年增 1.29 億美元。

Now turning to the specifics, Q3 consolidated revenues of $1.013 billion decreased 3% year-over-year. This decrease was largely attributable to an 11% decrease in Active Lifestyle revenue, primarily due to an expected decrease in Jack Wolfskin revenue, which reflects the continued soft apparel wholesale market conditions in Europe. Q3 adjusted EBITDA of $120 million, declining 27% compared to the third quarter last year. I'll describe the reasons for this in my discussion of segment performance.

現在具體來說，第三季綜合營收為 10.13 億美元，年減 3%。這一下降主要歸因於 Active Lifestyle 收入下降 11%，這主要是由於 Jack Wolfskin 收入的預期下降，這反映了歐洲持續的軟服裝批發市場狀況。第三季調整後 EBITDA 為 1.2 億美元，較去年第三季下降 27%。我將在討論細分市場績效時描述原因。

Now moving to segment performance, at Topgolf, Q3 revenue grew 1% to $453 million, driven by the new venues open since Q3 last year. Our new venues are performing well and are achieving previously communicated financial targets and returns. This increase was partially offset by an 11% decrease in same venue sales.

現在轉向細分市場業績，在去年第三季以來新開業的場地的推動下，Topgolf 第三季營收成長了 1%，達到 4.53 億美元。我們的新場館表現良好，正在實現先前傳達的財務目標和回報。這一增長被同場銷售額 11% 的下降部分抵消。

Topgolf operating income was $28 million, down $11 million compared to the prior year, primarily due to increased depreciation related to the new venues, combined with operating expense deleverage due to the decrease in same venue sales.

Topgolf 營業收入為 2,800 萬美元，比上年減少 1,100 萬美元，主要是由於與新場地相關的折舊增加，以及由於同一場地銷售額下降而導致的營運費用去槓桿化。

Topgolf-adjusted EBITDA decreased 7% year-over-year to $84 million. EBITDA margins remain strong due to continued good execution amid the decline in same venue sales. The golf equipment segment had a strong quarter based primarily on this year's new club and ball launches, offset by lower sales of older products, as we have largely cleaned up our inventory of older product over the last year.

Topgolf 調整後 EBITDA 年減 7%，至 8,400 萬美元。由於在同場銷售下降的情況下仍保持良好的執行力，因此 EBITDA 利潤率依然強勁。高爾夫裝備部門的季度表現強勁，主要得益於今年新球桿和球的推出，但被舊產品銷量下降所抵消，因為我們在去年基本上清理了舊產品的庫存。

Revenue was up slightly at $294 million. This better than expected result was primarily due to a shift in shipment timing. Golf equipment operating income of $27 million decreased $8 million, primarily due to a year-over-year increase in freight costs.

營收小幅成長至 2.94 億美元。這一好於預期的結果主要是由於發貨時間的變化。高爾夫裝備營業收入為 2,700 萬美元，減少了 800 萬美元，主要是因為貨運成本較去年同期增加。

In our Active Lifestyle segment, Q3 revenue decreased 11% year-over-year. This decrease is mainly due to lower sales of Jack Wolfskin due to continued softness in the European wholesale apparel market. Jack Wolfskin's business in China, however, continues to perform well, showing growth during this period.

在我們的積極生活方式領域，第三季營收年減 11%。這一下降主要是由於歐洲批發服裝市場持續疲軟導致 Jack Wolfskin 的銷售下降。然而，Jack Wolfskin 在中國的業務繼續表現良好，在此期間呈現成長勢頭。

Operating income decreased to $21 million compared to $40 million in the prior year, primarily due to the lower revenue volume along with higher freight costs. Moving to balance sheet and liquidity, our available liquidity, which is comprised of cash on hand and incremental borrowing capacity under our credit facilities, continued to strengthen during the quarter. As of September 30, our available liquidity increased $129 million to $863 million compared to the prior year due to better cash flow generation as the company continues to manage working capital.

營業收入從前一年的 4,000 萬美元下降至 2,100 萬美元，主要是因為收入減少以及貨運成本上升。轉向資產負債表和流動性，我們的可用流動性（包括手頭現金和信貸安排下的增量借款能力）在本季度繼續增強。截至 9 月 30 日，我們的可用流動資金比前一年增加了 1.29 億美元，達到 8.63 億美元，原因是公司繼續管理營運資金，現金流產生更好。

At quarter-end, we had total net debt of $2.3 billion, which per our usual practice excludes convertible debt of approximately $258 million, compared to $2.1 billion for the same time last year. This increase is attributable to increased venue financing debt related to new venues, partially offset by a reduction in term loan debt, including our second-quarter discretionary $50 million term loan be it principal paydown. We think it is helpful to evaluate our net leverage position by excluding the REIT debt associated with our Topgolf venue financing, which is akin to capitalized rent with no additional principal or bullet repayment.

截至季末，我們的淨債務總額為 23 億美元，按照我們的慣例，不包括約 2.58 億美元的可轉換債務，而去年同期為 21 億美元。這一增長歸因於與新場館相關的場館融資債務增加，部分被定期貸款債務的減少所抵消，其中包括我們第二季度可自由支配的 5000 萬美元定期貸款（作為本金償還）。我們認為，排除與我們的 Topgolf 場地融資相關的房地產投資信託債務，有助於評估我們的淨槓桿狀況，這類似於沒有額外本金或子彈償還的資本化租金。

In Q3, our REIT-adjusted net debt was $841 million, over $220 million lower versus last year. Our net debt leverage, which excludes convertible debt, was 4.1 times as of September 30, 2024, compared to 3.8 times in the prior year.

第三季度，我們的房地產投資信託基金調整後的淨債務為 8.41 億美元，比去年減少了 2.2 億美元以上。截至 2024 年 9 月 30 日，我們的淨債務槓桿（不含可轉換債務）為 4.1 倍，而前一年為 3.8 倍。

This increase was primarily due to increased venue financing debt. Importantly, our REIT-adjusted net debt leverage ratio, which burden EBITDA with the REIT interest expense payments, which are akin to rent, and which we believe is the most appropriate way to look at our leverage, declined to 1.8 times from 2.1 times in the prior year. We remain comfortable with these leverage levels.

這一增長主要是由於場地融資債務增加。重要的是，我們的REIT 調整後淨債務槓桿率從2017 年的2.1 倍下降至1.8 倍，該比率透過REIT 利息支出（類似於租金）對EBITDA 造成負擔，我們認為這是衡量我們槓桿率的最合適方式。我們對這些槓桿水平仍然感到滿意。

With regard to new venues, we are on track to open seven new venues this year, including one we acquired as part of the BigShots transaction, but which is now being converted to a Topgolf. We expect to open approximately five new venues in 2025.

關於新場館，我們今年預計將開設七個新場館，其中包括我們作為 BigShots 交易的一部分收購的一個場館，但現在正在改建為 Topgolf。我們預計 2025 年將開設約 5 個新場館。

Our inventory balance decreased $70 million, or 10%, to approximately $667 million at the end of Q3 2024. We feel good about the current level and quality of our inventory. Year-end inventory levels will depend on whether we receive some of the 2025 launch products at the end of December or beginning of January.

截至 2024 年第三季末，我們的庫存餘額減少了 7,000 萬美元，或 10%，至約 6.67 億美元。年終庫存水準將取決於我們是否在 12 月底或 1 月初收到部分 2025 年推出的產品。

Gross capital expenditures for the first nine months of 2024 were $227 million, and we received reimbursement of $88 million from our financing partners for net capital expenditures of approximately $139 million.

2024 年前 9 個月的資本支出總額為 2.27 億美元，我們從融資合作夥伴處獲得了 8,800 萬美元的補償，淨資本支出約為 1.39 億美元。

Shifting gears, we are lowering our outlook for free cash flow commensurate with our change in our EBITDA forecast. We now expect free cash flow to be approximately $115 million compared to $130 million in our prior guidance. As mentioned earlier, the timing of the receipt and payment of that inventory could affect the forecasted cash flow.

隨著 EBITDA 預測的變化，我們將降低自由現金流的預期。我們現在預計自由現金流約為 1.15 億美元，而我們先前的指引為 1.3 億美元。如前所述，庫存的收貨和付款時間可能會影響預測的現金流量。

From a net CapEx perspective, we continue to expect approximately $190 million for the full-year, with $60 million coming from the non-Topgolf business and $130 million coming from Topgolf. Now turning to our full-year 2024 outlook, we are adjusting our full-year 2024 revenues guidance to approximately $4.2 billion, which is the low-end of our previous guidance.

從淨資本支出的角度來看，我們繼續預計全年約 1.9 億美元，其中 6,000 萬美元來自非 Topgolf 業務，1.3 億美元來自 Topgolf 業務。現在轉向我們的 2024 年全年展望，我們將 2024 年全年收入指引調整為約 42 億美元，這是我們先前指導的下限。

This reflects a $30 million or less than 1% reduction from the midpoint of our prior guidance due to a lower than expected consumer activity in Q3, which affects sell-through in that quarter and, in turn, re-order business in Q4. Consumer activity has since improved, and thus it is our opinion that what we saw in Q3 appears to be just short-term volatility rather than a trend.

這反映出由於第三季消費者活動低於預期，較我們先前指引的中點減少了3,000 萬美元或不到1%，這影響了該季度的銷售量，進而影響了第四季的重新訂購業務。此後消費者活動有所改善，因此我們認為第三季的情況似乎只是短期波動而不是趨勢。

As a result of the lower revenue guide, we are also lowering our EBITDA guidance range by $15 million from the prior guidance midpoint to a range of $560 million to $570 million, with $570 million being the low-end of our prior guidance. At Topgolf, we are reiterating our annual guide of approximately $1.79 billion in revenue, and increasing our adjusted EBITDA guide by $5 million to $315 million largely due to continued strength in venue margin and cost management initiatives.

由於收入指引較低，我們也將 EBITDA 指引範圍從先前指引的中點降低了 1,500 萬美元，降至 5.6 億美元至 5.7 億美元之間，其中 5.7 億美元是我們先前指引的下限。在 Topgolf，我們重申了約 17.9 億美元的年度收入指南，並將調整後的 EBITDA 指南增加了 500 萬美元，達到 3.15 億美元，這主要是由於場館利潤率和成本管理舉措的持續強勁。

Moving to Q4, we are lowering our implied guidance to reflect the shift in timing of shipments between Q3 and Q4, as well as slower than expected consumer activity in Q3. We are now forecasting Q4 consolidated revenue of approximately $885 million, and adjusted EBITDA in the range of $74 million to $84 million, compared to $897 million in revenue and $70 million EBITDA, respectively, in the prior year. The increase in adjusted EBITDA is anticipated to be due to the expected improvement in gross margins in the Golf Equipment business. In Q4 Topgolf, we expect to be down mid-single digits in revenue compared to last year due to an expected decrease in same venue sales as Chip discussed earlier.

進入第四季度，我們將降低隱含指導，以反映第三季和第四季之間出貨時間的變化，以及第三季消費者活動慢於預期。我們目前預測第四季度合併收入約為 8.85 億美元，調整後 EBITDA 在 7,400 萬至 8,400 萬美元範圍內，而上一年的收入和 EBITDA 分別為 8.97 億美元和 7,000 萬美元。調整後 EBITDA 的成長預計是由於高爾夫裝備業務毛利率的預期改善。在第四季度，我們預計 Topgolf 的收入將比去年下降中個位數，因為正如 Chip 之前討論的那樣，同一場地銷售額預計會下降。

Topgolf adjusted EBITDA is expected to be down approximately $12 million year-over-year due to the anticipated decrease in same venue sales partially offset by continued operational efficiencies in the venue.

Topgolf 調整後 EBITDA 預計將年減約 1,200 萬美元，原因是同場館銷售額的預期下降被場館持續營運效率所部分抵銷。

In conclusion, we were pleased we were able to exceed our Q3 targets. Though the broader consumer discretionary backdrop was a little choppy in Q3, participation and interest in the game of golf remains strong, as do our leadership positions in golf equipment, golf entertainment, and active lifestyle. We're proud of our team's ability to continue to find operational Xefficiencies and show disciplined cost management, particularly at Topgolf where we raised our 2024 EBITDA outlook despite holding the revenue guide.

總之，我們很高興能夠超越第三季的目標。儘管第三季更廣泛的非必需消費品背景有些波動，但人們對高爾夫運動的參與和興趣仍然強勁，我們在高爾夫設備、高爾夫娛樂和積極生活方式方面的領導地位也是如此。我們為我們的團隊能夠繼續尋找營運效率並表現出嚴格的成本管理而感到自豪，特別是在 Topgolf，儘管我們保持了收入指南，但我們仍提高了 2024 年 EBITDA 前景。

We remain on strong financial footing with a solid balance sheet, including lower year-over-year REIT-adjusted net debt leverage, healthy inventory levels, and a strong liquidity position. And perhaps most importantly, we continue to expect to generate positive free cash flow this year at both the total company and Topgolf.

我們的財務基礎依然強勁，資產負債表穩健，包括同比房地產投資信託基金調整後的淨債務槓桿率較低、庫存水準健康，以及流動性狀況強勁。也許最重要的是，我們繼續預計今年整個公司和 Topgolf 都會產生正的自由現金流。

With that said, I would now like to turn the call back over to the operator for Q&A.

話雖如此，我現在想將電話轉回給接線員進行問答。

(Operator Instructions)

（操作員說明）

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great, thanks. So Chip, maybe just to, to kick off at a Topgolf. Could you help break down recent traffic versus average spend that you've seen at the concept or any notable recent trends to call out in the consumer versus event segments. And maybe as we look to 2025 how best to rank priorities or initiatives that you have in place to drive an improvement in same venue sales?

太好了，謝謝。所以奇普，也許只是為了參加一場頂級高爾夫球比賽。您能否協助分解您在概念中看到的近期流量與平均支出，或在消費者與活動細分市場中指出的任何顯著的近期趨勢。也許當我們展望 2025 年時，如何最好地對您所採取的優先事項或舉措進行排名，以推動同場銷售的改善？

Sure. Thanks, Matt. So, recent trends at Topgolf were relatively balanced in the impact of spend per visit and traffic. So, that 9% down on the consumer business was roughly split evenly between those two factors. We've obviously seen more volatility in the events business at Topgolf than we have on the consumer side, and that continued through the quarter.

當然。謝謝，馬特。因此，Topgolf 最近的趨勢在每次訪問支出和流量的影響方面相對平衡。因此，消費者業務 9% 的下降大致由這兩個因素平分。顯然，我們看到 Topgolf 賽事業務的波動性比消費者方面的波動性更大，並且這種情況持續到整個季度。

Although I mentioned during that call that we have some trends that look a little more favorable on the 3+ Bay events as we look forward. And as we look forward at Topgolf, in terms of building that back to positive same venue sales, there are multiple initiatives that are underway.

儘管我在那次電話會議中提到，我們有一些趨勢看起來對 3+ Bay 活動更有利，因為我們期待著。當我們展望 Topgolf 時，為了恢復相同場地的積極銷售，有多項舉措正在進行中。

Obviously, the digital efforts that they're doing, the select promotion activity, the implementation of the consumer data platform, all of those are important measures and they're impactful. We're strengthening the leadership team there. The thing that I think will be the most impactful over the long-term is continuing to build on the quality of the experience and tlhe reasons to visit.

顯然，他們正在做的數位化努力、精選的促銷活動、消費者數據平台的實施，所有這些都是重要的措施，而且具有影響力。我們正在加強那裡的領導團隊。我認為從長遠來看最具影響力的事情是繼續提高體驗的品質和參觀的理由。

So, you see things like the new game that we launched this year, earlier in the year, the Block Party game. You saw then the sure thing golf club in the middle of the year. And now we just announced this cool new game in partnership with Sega, called Sonic the Hedgehog, and that is getting launched right ahead of their introduction of the movie.

所以，你會看到我們今年早些時候推出的新遊戲《Block Party》遊戲。然後你就在年中看到了肯定會發生的高爾夫俱樂部。現在我們剛剛宣布與世嘉合作推出這款很酷的新遊戲，名為《刺蝟索尼克》，該遊戲將在電影上映之前推出。

And so, I played the game, it's fantastic. It creates new energy, excitement, things to talk about, reasons to new visitors to visit, and also people come back again. And so, you're seeing us improve and increase our frequency of these activities. You're going to see that on a macro level, you're going to see it on a local level. And so, both with efficiency and frequency, those reasons to visit, I think, are a critical element of how we're going to drive positive same venue sales over time.

所以，我玩了這個遊戲，這太棒了。它創造了新的能量、興奮、可談論的話題、新遊客參觀的理由以及人們再次回來的理由。因此，您會看到我們改進並增加了這些活動的頻率。你會在宏觀層面上看到這一點，你會在局部層面上看到它。因此，我認為，無論是效率還是頻率，這些參觀理由都是我們如何隨著時間的推移推動同場館積極銷售的關鍵因素。

And, and then maybe just a follow up on golf equipment. Could you elaborate on, on the recent improvement that you cited and sell through trends in the fourth quarter relative to some of the softness it sounded like in the third quarter and just how you see overall health, health of channel inventories for golf equipment.

而且，也許只是高爾夫裝備的後續行動。您能否詳細說明您提到的最近的改善，以及第四季度銷售趨勢相對於第三季度聽起來的一些疲軟的情況，以及您如何看待高爾夫裝備渠道庫存的整體健康狀況。

Yeah, the Golf Equipment business is very healthy, Matt, long story short. You can see it in all of the macro trends out there, right. Rounds played are up, and they're up on record levels. Participation continues to increase. But you're always going to have a little bit of volatility. And you saw one stat there being the club business in the US, it was down about 4% in Q3. It had been flat or up slightly. It is flat for the full-year. And that is nothing more than volatility.

是的，高爾夫裝備業務非常健康，馬特，長話短說。你可以在所有宏觀趨勢中看到這一點，對吧。比賽回合已經結束，並且達到了創紀錄的水平。參與度持續增加。但你總是會有一點波動。你看到美國俱樂部業務的一項統計數據，第三季下降了約 4%。它一直持平或略有上升。全年持平。這只不過是波動性。

We see, in September, that the market already returned to some positive sell-through. It is the same in October. It has been for some period of time. But our projection had been, going into the quarter that it would have stayed where it was. It went down a small dip. It subsequently returned, and you really can see in many different ways the health of the overall market conditions and our strength of brand position in it.

我們看到，九月份市場已經恢復了一些積極的銷售。十月也是如此。已經有一段時間了。但我們的預測是，進入本季度，它將保持原樣。它略有下降。隨後它又回來了，你確實可以透過許多不同的方式看到整體市場狀況的健康狀況以及我們在其中的品牌地位的實力。

It's great color. Thanks, best of luck.

顏色很棒。謝謝，祝你好運。

Thanks Matt.

謝謝馬特。

Michael Swartz, Truist Securities.

邁克爾·斯沃茨 (Michael Swartz)，Truist 證券公司。

Hey, good afternoon. Maybe just to start with on top golf, I think, you know, the quarter finish and that sales down about 11%. I think that's the kind of trends you cited in July on the last conference call. So maybe give us a sense of how the quarter played out. I know there's probably some noise and disruption at the end of the quarter from storms. But is that something in other words, we're trends kind of running at that, you know, down low double digits the entire quarter.

嘿，下午好。也許只是從頂級高爾夫開始，我想，你知道，季度結束時銷售額下降了約 11%。我認為這就是您在 7 月上次電話會議上提到的趨勢。也許可以讓我們了解一下本季的情況。我知道本季末可能會因暴風雨而產生一些噪音和乾擾。但換句話說，我們的趨勢是這樣的，你知道，整個季度下降了兩位數。

No, there was volatility through the quarter, Michael. And as we've seen, August was a little better, September was a little bit worse, but nothing to speak of from that regard, that's -- we've seen those small periods of volatility, the consumer portion stronger than the 3+ Bay. The 3+ Bay down more than it had been in that particular quarter.

不，整個季度都存在波動，邁克爾。正如我們所看到的，8 月份好一點，9 月份稍微差一點，但從這方面來說沒什麼好說的，那就是——我們已經看到了那些小幅波動時期，消費者部分強於 3+灣。 3+ Bay 的跌幅比該季度的跌幅更大。

Within that 3+ Bay we saw a little bit of decline in larger events as opposed to the more smaller or mid size events. But again, that itself has then moderated. So, we no longer really see that. And we've also taken some steps to address that. And the hurricane impact that you were talking about, there was a little bit of that in October. More in October than there was in September, although there was a touch in September. But candidly, there's always going to be some of that in this time of year. So, we really didn't want to belabor that.

在 3+ 灣中，我們發現大型活動略有下降，而中小型活動則相反。但同樣，這種情況本身已經緩和了。所以，我們不再真正看到這一點。我們也採取了一些措施來解決這個問題。你所說的颶風影響，十月就有一點影響。十月份的數量比九月多，儘管九月有所增加。但坦白說，每年的這個時候總會有這樣的事情發生。所以，我們真的不想過多討論這一點。

As you look forward, we've got a tough comp in December. We've called that out in the past. Last year, the last two weeks of December were record warm and sunny weather and the business benefited from that. We are not projecting record or warm sunny weather. We root for it, but assuming that weather normalizes and usually it does we'll end up with a little bit tougher comp, but as you correctly identified, the same venues trends were consistent with what we expected, and as I've already called out, we have potential for some upside on the three plus bay events, but too soon to be conclusive.

正如您所期待的，我們 12 月的比賽非常艱難。我們過去曾這樣說過。去年，12 月的最後兩週是創紀錄的溫暖和陽光明媚的天氣，業務從中受益。我們預計不會出現創紀錄的天氣或溫暖的晴朗天氣。我們支持這一點，但假設天氣正常化，通常情況下我們會得到更艱難的比賽，但正如你正確識別的那樣，相同的場地趨勢與我們的預期一致，正如我已經所說的總的來說，我們有可能在三加灣事件中獲得一些上行空間，但現在下結論還為時過早。

Okay, that's super helpful. Thank you, Chip. And maybe just a follow-up question. I know that timing of product launches can shift between quarters. That's not out of the ordinary, but any sense of how much that pulled into the third quarter and subsequently pulled out of the fourth quarter?

好的，這非常有幫助。謝謝你，奇普。也許只是一個後續問題。我知道產品發布的時間可能會在季度之間發生變化。這並不奇怪，但你知道第三季的影響有多大，隨後第四季的影響有多大嗎？

Do you want to take that one, Brian?

布萊恩，你想買那個嗎？

Sure. The majority of the change, the amount we beat the guide by, the substantial majority of that was shipment timing from Q4 to Q3.

當然。大部分變化，我們超過指南的數量，其中絕大多數是從第四季度到第三季度的發貨時間。

Joe Altobello, Raymond James.

喬·阿爾托貝洛，雷蒙德·詹姆斯。

Thanks. Hey guys, good afternoon. The first question on the guide for same venue sales for 4Q down 10 to 15, it's rather wide, particularly since we're basically halfway through the quarter here. Are you guys building in some cushion for weather, or is that just a lack of visibility into underlying trends at this point?

謝謝。嘿夥計們，下午好。關於第四季度同場館銷售指南的第一個問題，下降了 10 到 15 個，範圍相當廣泛，特別是因為我們基本上已經過了該季度的一半了。你們是否正在為天氣做一些緩衝，或者只是目前缺乏對潛在趨勢的了解？

No, it is wide because of the potential for weather. So as you get this late in the year, obviously, the potential for weather in Q4 and the impact that would have because December is the big month of the year, particularly with the event side of the business. And you know, the weather would be impactful in that.

不，由於天氣因素，它很寬。因此，當你在今年晚些時候看到這一點時，很明顯，第四季度天氣的可能性及其影響，因為 12 月是一年中的大月份，特別是在業務方面。你知道，天氣會對此產生影響。

Okay. Got it. And just to follow up on that, it sounds like a spin is still the most likely outcome here for Topgolf. Are, are you guys still targeting July 1 as a spin date? And, and maybe what level of interest have you guys received for, for that asset?

好的。知道了。跟進一下，對於 Topgolf 來說，旋轉仍然是最有可能的結果。你們還把 7 月 1 日定為旋轉日期嗎？而且，也許你們對該資產的興趣程度如何？

We're definitely fully engaged on the process of separation of topped off and we believe that will maximize shareholder value. We're evaluating both the spin and sale and we still would expect that if it's a spin is the outcome that it would happen as the earliest it would happen is mid next year, but that would be our target date.

我們肯定會全力投入分離的過程，我們相信這將最大化股東價值。我們正在評估剝離和銷售，我們仍然預計，如果是剝離的話，它會發生，因為最早會發生在明年年中，但這將是我們的目標日期。

Okay, great. Thank you.

好的，太好了。謝謝。

Eric Wold, B. Riley Securities.

沃爾德 (Eric Wold)，B. 萊利證券。

Thanks. Good afternoon. Appreciate you taking my questions. A couple questions, I guess one, you noted on Topgolf, you noted that the recent trends were fairly balanced between traffic and spend per visit. But any shifts from the last quarter call to now in terms of midweek versus weekend business?

謝謝。午安.感謝您回答我的問題。我想有幾個問題，您在 Topgolf 上指出，您指出最近的趨勢在每次訪問的流量和支出之間相當平衡。但從上個季度的電話會議到現在，周中業務與週末業務有何變化？

And then, on the three-plus-day business, you mentioned obviously that some improvements or some potential improvements heading into the holidays for what you're seeing for November, December. Any shifts in the type of events that are booking that surprise year that would have been different from prior trends or expectations?

然後，在為期三天多的業務中，您顯然提到了十一月、十二月假期期間的一些改進或一些潛在的改進。預計這令人驚訝的一年的活動類型是否會發生與先前的趨勢或預期不同的變化？

Sure. We really haven't, Eric, seen any meaningful shift. Earlier in the year, we saw traffic get down a little bit more, and the mix of impact was a little more traffic-weighted than spend. It's a little more balanced now, and no change in our outlook for type of events as we look forward.

當然。艾瑞克，我們確實沒有看到任何有意義的轉變。今年早些時候，我們看到流量下降了一些，而且影響的綜合影響是流量權重比支出權重稍高。現在情況更加平衡了，我們對未來事件類型的看法沒有改變。

And then follow-up on Topgolf, I know now you're saying five openings for next year.

然後是 Topgolf 的後續，我現在知道你說的是明年的五個職缺。

Yeah, approximately five.

是的，大約五個。

I'm assuming we get a little more color on Topgolf kind of planned closer to the spin. But ahead of that, have there been any changes to the pipeline at this point in terms of the size of the venue you would have previously expected versus what you now have in the pipeline, a city that may have made sense before and which may not, or is all that pretty much unchanged.

我假設我們會在 Topgolf 上獲得更多色彩，並計劃在接近旋轉時進行。但在此之前，就您之前預期的場館規模與現在正在規劃中的場館規模而言，目前的準備工作是否有任何變化，這座城市以前可能有意義，但現在可能沒有，或者說這一切幾乎沒有改變。

We've made adjustments to the number of venues that were opening from time-to-time as reflecting business conditions and the desire to maximize the probability and likelihood of being positive cash flow based on then business conditions, but no change in terms of types of venues, et cetera. Our pipeline remains excellent, our returns remain excellent. And so, only changes as we've talked and you've listened to us in terms of the number of venues we've -- and we're just responding to the market conditions and projections.

我們對不時開放的場館數量進行了調整，以反映業務狀況以及根據當時的業務狀況最大化實現正現金流的概率和可能性的願望，但類型沒有變化場館等。我們的管道仍然出色，我們的回報仍然出色。因此，只有當我們談論過並且您聽取了我們的意見時，我們所擁有的場館數量才會發生變化，而我們只是對市場狀況和預測做出反應。

Perfect. Thank you.

完美的。謝謝。

Megan Alexander, Morgan Stanley.

梅根亞歷山大，摩根士丹利。

Hi, good afternoon. Thanks for taking our question. I wanted to ask again about Topgolf and just maybe get a little bit of your perspective on the same venue sales performance sitting here a couple of months after things seemed to deteriorate. I know it was in line with your expectations, but if I look at your slides, it does look like the stacks on a multi-year basis did deteriorate pretty significantly here again in 3Q. And if I recall when we were sitting here in July or August when you reported 2Q, you spoke to a drop-off and it was a little bit, I guess, unclear at the time as to what drove that.

嗨，下午好。感謝您提出我們的問題。我想再次詢問有關 Topgolf 的問題，也許在情況似乎惡化幾個月後坐在這裡，也許能了解一下您對同一個場地銷售業績的看法。我知道這符合您的預期，但如果我看一下您的幻燈片，看起來多年來的堆疊在第三季度再次顯著惡化。如果我記得七月或八月我們坐在這裡時，當你報告第二季度時，你談到了一個下降，我想當時有點不清楚是什麼推動了這一下降。

So, as you've had more time to assess the trends you're seeing, are you able to better parse what is the macro in a tough consumer environment versus what maybe is a little bit more execution or process related? I guess, just said differently, like I understand the macro isn't helpful, but it does seem like down 11% comps are a bit worse than what we're seeing from some other public entertainment companies. So, just trying to understand if there's something more idiosyncratic that you can identify?

因此，當您有更多的時間來評估您所看到的趨勢時，您是否能夠更好地解析艱難的消費者環境中的宏觀因素以及可能與執行或流程相關的因素？我想，只是換個說法，就像我知道宏觀政策沒有幫助一樣，但看起來下降 11% 的比較比我們從其他一些公共娛樂公司看到的情況要糟糕一些。那麼，只是想了解是否有一些更特殊的東西可以識別？

Sure, Megan. So, if you look at our business, the volatility and the significant down is all in the 3+ Bay event, in my opinion. So, if you look at the two-year stacks there, down 36%, that's big. And you also see some volatility there where it was down 9% in Q2 and down 19% in Q3. But you look back and you see up 23% on the same page. So, it's a relatively volatile category and it's going through two different things in our opinion, one being a reversion from a surge, which was late post-COVID, and the second is just an economic slowdown.

當然，梅根。因此，如果你看看我們的業務，我認為波動和大幅下跌都是在 3+ Bay 事件中發生的。所以，如果你看看兩年的籌碼，下降了 36%，這是一個很大的數字。您還可以看到一些波動，第二季下降了 9%，第三季下降了 19%。但當你回頭看時，你會發現同一頁上的內容成長了 23%。因此，這是一個相對不穩定的類別，我們認為它正在經歷兩種不同的情況，一是從新冠疫情后晚期的激增中恢復過來，二是經濟放緩。

And then the -- in the consumer side of it, I guess I look at the same data and I see it a little differently. I see down 8% in Q2, down 9% in Q3, down 5% in Q1. I don't see a major change there. I see a steadily weaker consumer environment where the consumer discretionary is increasingly under pressure. And clearly, Topgolf is being impacted by that. But I don't see what you're talking about regarding a significant change there. I see a gradual, if you would, change that obviously we're committed to working on.

然後，在消費者方面，我想我看到的是相同的數據，但我的看法略有不同。我預計第二季下降 8%，第三季下降 9%，第一季下降 5%。我認為那裡沒有重大變化。我看到消費環境逐漸疲軟，非必需消費品面臨的壓力越來越大。顯然，Topgolf 正在受到影響。但我不明白你所說的重大變化是什麼。我看到了一個漸進的改變，如果你願意的話，顯然我們致力於努力改變這一點。

Okay. That's helpful. And yeah, I guess I was just looking at a total ---

好的。這很有幫助。是的，我想我只是在看總數——

Total is being run by the, it's just being driven so heavily by the 3+ Bay, but if you look at the consumer there the same venue sales are an area where we're clearly focused and we think we've got opportunity for improvement.

Total 是由 3+ Bay 大力推動的，但如果你看看消費者，同一場館的銷售是我們明確關注的領域，我們認為我們有改進的機會。

Okay. And maybe I guess just to follow up, if I do look at the total company, so '24 versus '19, flat in 2Q, down 4 in 3Q, is there any indication, and maybe this is what you talked about with the corporate demand for the holidays, but is there any indication that underlying demand is stabilizing? And the reason I ask is if I carry that 3Q trend forward, I could get to a scenario that comps could remain negative, at least through the first part of next year. So, is that fair? And I think you said, Chip, you're working to get comps back to positive over the long term, but does that mean perhaps comps may not return to positive in 2025?

好的。也許我想只是為了跟進，如果我確實看一下整個公司，那麼'24與'19，第二季度持平，第三季度下降4，是否有任何跡象，也許這就是你與公司談論的內容假期需求，但是否有任何跡象顯示潛在需求正在穩定？我問的原因是，如果我繼續推進第三季的趨勢，我可能會遇到這樣的情況：公司業績可能會保持負面，至少到明年上半年。那麼，這公平嗎？我想你說過，Chip，從長遠來看，你正在努力讓業績恢復正值，但這是否意味著 2025 年業績可能不會恢復正值？

Yeah, I think it's too soon to provide guidance as it relates to 2025, Megan, so we'll skip that at this point. We'll obviously address that next quarter. And we believe we're going to be able to drive positive same venue sales over the long run, but it's also premature for me to tell you when it will make that transition at this stage. The 3+ Bay event is showing some positive indications based on our bookings, but even then, I'm not guiding specifically to that at this point. So, I'm not going to be able to answer your question directly on forecasts for next year on Topgolf same venue sales.

是的，我認為現在提供與 2025 年相關的指導還為時過早，梅根，所以我們現在將跳過它。我們顯然會在下個季度解決這個問題。我們相信，從長遠來看，我們將能夠推動同一場館的積極銷售，但我現在告訴您現階段何時實現這一轉變還為時過早。根據我們的預訂情況，3+ Bay 活動顯示出一些積極的跡象，但即便如此，我目前也沒有具體指導這一點。因此，我無法直接回答您關於明年 Topgolf 同場館銷售預測的問題。

Okay, fair enough. Thank you, Chip.

好吧，很公平。謝謝你，奇普。

Thank you.

謝謝。

Casey Alexander, Compass Point Research.

凱西·亞歷山大，指南針點研究。

Yeah, hi, good afternoon. I'm wondering Chip, can you possibly put a finer point on some of the Topgolf promotional efforts that you engaged in starting in the 2nd and 3rd quarter?

是的，嗨，下午好。我想知道 Chip，您能否詳細介紹一下您從第二季和第三季開始從事的一些 Topgolf 促銷活動？

Is that having more of an impact on 1-2 Bay? Because that seemed more retail oriented than corporate oriented? And is there something else that you could do or put in place that could help drive a better and faster recovery in the corporate or 3 Bay 3+ Bay business?

這對 1-2 Bay 的影響更大嗎？因為這看起來更面向零售而不是企業？您還可以做或採取其他措施來幫助推動企業或 3 灣 3+ 灣業務更好、更快地復甦嗎？

Okay. So, let me take those each individually, Casey. Our promotions have almost entirely focused on the consumer side. It doesn't mean we're not doing some activity on the corporate side, but they are what you hear us talk about, for instance, the free 30 promotion. That is a consumer-oriented promotion.

好的。所以，讓我逐一討論，凱西。我們的促銷活動幾乎完全集中在消費者方面。這並不意味著我們沒有在企業方面進行一些活動，但它們就是您聽到我們談論的內容，例如免費 30 促銷。這就是面向消費者的促銷。

Consumer-oriented promotions have now evolved. So, if you look at Free 30, it was originally offered online, digitally, but fairly broadly. We now, as we've implemented the consumer data platform and we're able to segment our data and consumers more accurately, we're targeting that promotion specifically at lapsed and new visitors.

以消費者為導向的促銷活動現已發展。所以，如果你看看 Free 30，你會發現它最初是透過線上、數位方式提供的，但範圍相當廣泛。現在，我們已經實施了消費者數據平台，並且能夠更準確地對數據和消費者進行細分，因此我們專門針對流失的訪客和新訪客進行促銷。

And so, our returns on our digital spend are going to go up significantly, and we're already seeing that. We're able to segment that data much more cleanly now and more effectively, and we're mixing it in a much more efficient manner. And that's part of the skill set that we're developing now and we'll think will certainly increase our effectiveness going forward.

因此，我們的數位支出回報將顯著上升，我們已經看到了這一點。我們現在能夠更清晰、更有效地分割數據，並且我們以更有效的方式混合數據。這是我們現在正在開發的技能組合的一部分，我們認為肯定會提高我們未來的效率。

On the corporate side, we're obviously not sitting back and doing nothing. We're generating improved outbound sales efforts there, bringing in a lot of sales management capability and skills. We're also offering some different promotions, if you would, specifically aimed at corporate events.

在企業方面，我們顯然不會袖手旁觀、無所作為。我們在那裡改進了對外銷售工作，並引進了大量的銷售管理能力和技能。如果您願意的話，我們也提供一些專門針對企業活動的不同促銷活動。

But it is a little less subject to being promotional oriented, right? If you're a corporation and you've got a ban on any corporate events, it doesn't matter if I discount it or not, there's a ban. And so, we think that the promotional activity that we're able to implement now, which is fairly selective using the consumer data platform, will be more effective.

但它不太受促銷導向的影響，對嗎？如果你是一家公司，並且禁止任何公司活動，那麼無論我是否打折，禁令都是存在的。因此，我們認為我們現在能夠實施的促銷活動（使用消費者數據平台進行相當選擇性的促銷活動）將會更加有效。

Okay, great. Thank you for that answer. Secondly, when I look at slide number 11, that is projecting 70 million of adjusted free cash flow for Topgolf in 2024. When I think about the fact that you've downscaled to five venue openings in 2025. How should I think of that impacting that 2024 outlook for adjusted free cash flow for Topgolf.

好的，太好了。謝謝你的回答。其次，當我查看第11 張投影片時，預計2024 年Topgolf 的調整後自由現金流將達到7000 萬。看待這影響Topgolf 的 2024 年調整後自由現金流前景。

24's outlook for?

24歲的前景如何？

Yeah, slide 11, the 2024 Topgolf outlook projects $70 million of adjusted free cash flow. So, I'm wondering, you slow the venues down, does that drive a better number in 2025.

是的，第 11 張投影片顯示，2024 年 Topgolf 展望預計調整後自由現金流將達到 7,000 萬美元。所以，我想知道，你放慢了場地的速度，這是否會在 2025 年帶來更好的數字。

in 2025. Brian, do you want to --

2025 年。

Yeah, we're not really providing guidance on 2025 at this point, Casey. But other than the one thing I would point out, if you're starting a model 20025 is that we do anticipate a couple of potential headwinds in 2025. One, we're going to reset incentive compensation accruals back to target levels, and current FX rates would be a headwind. But we will provide more color at the next earnings call on both that and the free cash flow at Topgolf.

是的，凱西，我們目前並沒有真正提供 2025 年的指導。但除了我要指出的一件事之外，如果你開始一個20025 年的模型，我們確實預計2025 年會出現一些潛在的阻力。當前匯率將是一個阻力。但我們將在下一次財報電話會議上就這一點以及 Topgolf 的自由現金流提供更多資訊。

And you're all right (multiple speakers) The lower, you know, less building less venues will generate more will positively impact cash flow in '25.

你說得對（多個演講者），你知道，建築越少，場地越少，產生的場地越多，將對 25 年的現金流產生正面影響。

Okay, Brian, I'm pretty sure every analyst already has a 2025 model working right now. So, thank you, appreciate you taking my question.

好吧，布萊恩，我很確定每個分析師現在都已經有了一個有效的 2025 年模型。所以，謝謝你，謝謝你回答我的問題。

Thank you.

謝謝。

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

我們的問答環節到此結束。我想將會議轉回給我們的執行長 Chip Brewer 先生發表閉幕詞。請繼續。

All right, I will thank everybody for their time on the call today. We appreciate it and we look forward to updating you again in February. Have a great holiday season.

好的，我要感謝大家今天抽空參加電話會議。我們對此表示感謝，並期待在二月再次向您通報最新情況。祝您假期愉快。

The conference is 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。