Topgolf Callaway Brands Corp (MODG) 2024 Q4 法說會逐字稿

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

大家好，歡迎參加 Topgolf Callaway Brands 2024 年第四季電話會議。（操作員指示）請注意，此事件正在記錄中。

I would now like to turn the conference over to Katina Metzidakis, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係部門的 Katina Metzidakis。請繼續。

Good afternoon, and welcome to Topgolf Callaway Brands' fourth-quarter earnings conference call. I'm Katina Metzidakis, Vice President of Investor Relations and Corporate Communications.

下午好，歡迎參加Topgolf Callaway Brands第四季財報電話會議。我是卡蒂娜·梅茨達基斯 (Katina Metzidakis)，投資者關係和企業傳播副總裁。

Joining me on today's call are Chip Brewer, our President and Chief Executive Officer; Brian Lynch, our Chief Financial Officer and Chief Legal Officer; and Artie Starrs, Chief Executive Officer of TopGolf.

參加今天電話會議的還有我們的總裁兼執行長 Chip Brewer； Brian Lynch，我們的財務長和首席法律長；以及TopGolf執行長Artie Starrs。

Earlier today, the company issued a press release announcing its fourth quarter and full year 2024 financial results. Our earnings presentation as well as our earnings press release are both available on our Investor Relations website under the Financial Results tab.

今天早些時候，該公司發布了一份新聞稿，宣布了其2024年第四季和全年財務表現。我們的收益報告以及收益新聞稿均可在我們的投資者關係網站的「財務結果」標籤下找到。

Aside from revenue, the financial numbers reported and discussed on today's call are 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.

除收入外，今天的電話會議上報告和討論的財務數據都是非公認會計準則指標。我們在報告中標明了這些非公認會計準則指標，並根據規則 G 將這些指標與相應的公認會計準則指標進行調節。

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. Please review the safe harbor statements contained in the presentation and the press release for a more complete description.

請注意，本次電話會議將包含前瞻性陳述，其中涉及風險和不確定性，可能導致實際結果與管理層目前的預期有重大差異。請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。

With that, I'd like to turn the call over to Mr. Brewer.

說到這裡，我想把電話轉給布魯爾先生。

Thank you, Katina. Good afternoon, everyone, and thank you for joining our call today.

謝謝你，卡蒂娜。大家下午好，感謝大家今天的電話會議。

Starting on slide 4. Q4 was a strong quarter for our company as both our Golf Equipment business and TravisMathew delivered year-over-year growth on the top and bottom line. And Topgolf delivered better-than-expected same venue sales on improving traffic trends as well as record Q4 venue-level margins.

從投影片 4 開始。第四季度對我們公司來說是強勁的一個季度，因為我們的高爾夫設備業務和 TravisMathew 均實現了營收和利潤的同比增長。由於客流量趨勢改善以及第四季場館利潤率創下歷史新高，Topgolf 的同場銷售額好於預期。

For the full year, Golf Equipment delivered another year of excellent brand performance, maintaining its leadership position in US golf club market and driving record share in golf ball. In Active Lifestyle, TravisMathew delivered another strong brand and financial year, while the team at Jack Wolfskin rightsized their business so it is now positioned for profitability going forward.

就全年而言，高爾夫設備公司又取得了優異的品牌表現，繼續保持其在美國高爾夫球桿市場的領導地位，並在高爾夫球領域創下了創紀錄的份額。在 Active Lifestyle 領域，TravisMathew 又一個強勁的品牌和財年，而 Jack Wolfskin 的團隊則調整了業務規模，為未來的盈利做好了準備。

At Topgolf, despite top line pressure, they delivered $337 million in EBITDA and approximately 34% venue-level EBITDA margins, which were flat versus 2023 and up 500 basis points versus 2019. TopGolf also impressively delivered over $100 million in free cash flow. Additionally, our total company free cash flow of $203 million was also above expectations, thus further strengthening our financial position, a point Brian will cover in more detail during his comments. I view all of this as evident of our enviable brand positions as well as the dedication of our employees, whom I would like to publicly thank for their commitment to our company.

在 Topgolf，儘管面臨營收壓力，但他們仍實現了 3.37 億美元的 EBITDA 和約 34% 的場館級 EBITDA 利潤率，與 2023 年持平，比 2019 年上漲了 500 個基點。TopGolf 也令人印象深刻地實現了超過 1 億美元的自由現金流。此外，我們公司 2.03 億美元的總自由現金流也超出預期，進一步增強了我們的財務狀況，Brian 將在他的評論中更詳細地介紹這一點。我認為這一切都證明了我們令人羨慕的品牌地位以及員工的奉獻精神，我想公開感謝他們對我們公司的承諾。

As we look forward to 2025 in our guidance, on the product side of our business, we remain confident in the health of our Golf Equipment category, our brand position in it and our 2025 product lineup. We expect the TravisMathew brand to deliver year-over-year growth on both the top and bottom line and Jack Wolfskin to return to profitability. At the same time, we are facing year-over-year headwinds from foreign exchange, budgeting back to target incentive compensation levels, which were not paid in 2024 and, to a lesser extent, tariffs.

在我們展望 2025 年的業務指導中，在產品方面，我們仍然對高爾夫設備類別的健康狀況、我們的品牌地位以及 2025 年的產品陣容充滿信心。我們預計 TravisMathew 品牌的營收和利潤將實現年比成​​長，Jack Wolfskin 將恢復獲利。同時，我們面臨外匯方面的逐年阻力，預算回到目標激勵薪資水準（2024 年未支付），以及程度較小程度的關稅。

As you see on slide 5, these will negatively impact our core business EBITDA by approximately $75 million year over year, with foreign exchange and loan impacting us by approximately $60 million on the top line and $40 million on the bottom. This will unfortunately impact our financial results this year. However, we expect to be able to mitigate a good portion of these headwinds via optional improvements. And on an organic basis, thus normalizing for the foreign exchange, incentive comp and tariff headwinds, we anticipate our EBITDA to be up approximately 6% driven by gross margin improvements and cost savings.

正如您在幻燈片 5 上看到的，這些將對我們的核心業務 EBITDA 產生負面影響，同比減少約 7500 萬美元，其中外匯和貸款對我們的營收影響約為 6000 萬美元，對利潤影響約為 4000 萬美元。不幸的是，這將影響我們今年的財務表現。然而，我們希望能夠透過可選的改進來緩解很大一部分不利因素。從有機基礎來看，即考慮到外匯、激勵補償和關稅逆風的正常化，我們預計 EBITDA 將成長約 6%，這得益於毛利率的提高和成本的節約。

Looking further forward, post-separation with Topgolf, we see the opportunity for further cost savings as we anticipate scaling our corporate overhead back to a level more consistent with the size of the business without TopGolf. We anticipate being able to grow our Golf Equipment revenues slightly faster than the golf market overall, consistent with our long-term track record. And we anticipate gross margin improvements from both initiatives we have in place as well as from a potentially more stable foreign exchange environment. We remain very optimistic about the future of this business.

展望未來，與Topgolf分離後，我們看到了進一步節省成本的機會，因為我們預計公司管理費用將縮減到與沒有TopGolf時的業務規模更一致的水平。我們預計高爾夫設備收入的成長速度將略快於高爾夫市場整體收入的成長速度，這與我們的長期業績記錄一致。我們預計，透過實施現有的兩項措施以及可能更加穩定的外匯環境，毛利率將會有所提高。我們對這項業務的未來仍然非常樂觀。

Turning to slide 6 in our 2025 guidance for Topgolf. The midpoint of our guide is approximately $270 million in EBITDA with same venue sales down mid-single digits for the full year and 10% to 13% in Q1. Venue-level EBITDA margins are anticipated to be approximately flat year over year driven by the team's strong operational execution. This contemplates headwinds of approximately $45 million due to a change in the reporting structure from a Gregorian to a retail calendar, the sale of World Golf Tour that occurred in 2024, re-budgeting for full bonus, and a small impact from foreign exchange. After considering these headwinds, we expect full year EBITDA to be down approximately $22 million year over year, less you would expect based on a normal flow-through from same venue sales due to the cost savings and operational efficiencies that are being implemented across the business.

翻閱我們 2025 年 Topgolf 指南中的第 6 張投影片。我們的指引中間點是 EBITDA 約 2.7 億美元，全年同店銷售額下降中個位數，第一季下降 10% 至 13%。在團隊強大的營運執行力的推動下，場館級 EBITDA 利潤率預計將與去年同期基本持平。由於報告結構從公曆變為零售日曆的變化、2024 年世界高爾夫巡迴賽的出售、全額獎金的重新預算以及外匯的輕微影響，預計會出現約 4500 萬美元的逆風。考慮到這些不利因素後，我們預計全年 EBITDA 將年減約 2,200 萬美元，由於整個企業正在實施的成本節約和營運效率，這一數字低於基於正常同場銷售流的預期。

I am pleased with the action Topgolf has made to navigate a difficult operating environment, particularly with its delivery of strong venue-level margins and free cash flow. But I also recognize the need to drive same venue sales growth. We believe the same venue sales performance is primarily a reflection of a macro consumer and category issue. Having said this, we're committed to improving same venue sales as quickly as possible as it is our number one focus for this business. Along those lines, and in anticipation of the separation of these businesses later in the year, we've asked Artie Starrs, Topgolf's CEO, to join us on this call. Artie will give us more detail on Topgolf's performance and the initiatives in place to address same venue sales.

我很高興看到Topgolf在艱難的營運環境中採取的行動，尤其是其實現了強勁的場館利潤和自由現金流。但我也體認到推動同場銷售成長的必要性。我們認為同場銷售表現主要反映宏觀消費者和品類問題。話雖如此，我們致力於盡快提高同場銷售量，因為這是我們業務的首要關注點。本著這一思路，並預計今年稍後這些業務將分離，我們邀請了 Topgolf 的執行長 Artie Starrs 參加此次電話會議。 Artie 將向我們詳細介紹 Topgolf 的表現以及針對相同場地銷售所採取的措施。

As you can see on slide 7, on a consolidated basis for 2025, we're guiding towards the midpoint of approximately $460 million in EBITDA, and we once again expect to be free cash flow positive. On the strategic front, we are productively working towards the separation of Topgolf, evaluating both the spin in the second half of this year and a potential sale. For this call, there is nothing new to report on this process other than all options are still on the table and we're making steady progress.

正如您在投影片 7 上看到的，在 2025 年的合併基礎上，我們預計 EBITDA 的中間值約為 4.6 億美元，並且我們再次預期自由現金流為正。在策略方面，我們正在積極致力於Topgolf的分離，並評估今年下半年的分拆和潛在的出售。對於這次通話，除了所有選項仍在討論中並且我們正在穩步取得進展之外，沒有什麼新消息可報告。

Let's now turn to segment-level performance. Artie will talk you through TopGolf and then I'll rejoin to speak to Golf Equipment and Active Lifestyle. Artie, over to you.

現在讓我們來討論段級性能。Artie 將向您介紹 TopGolf，然後我將再次加入討論高爾夫設備和積極生活方式。阿蒂，交給你了。

Thanks, Chip. As Chip mentioned, Topgolf generated over $100 million of free cash flow, marking our second consecutive year of positive cash generation. While same venue sales growth isn't where we would like it to be, continued operational improvements in new venue development helped us deliver adjusted EBITDA of $337 million, which represents growth of 11% versus 2024.

謝謝，Chip。正如 Chip 所說，Topgolf 產生了超過 1 億美元的自由現金流，這是我們連續第二年實現正現金流。雖然同店銷售額成長未達到我們所預期的水平，但新店開發持續的營運改善幫助我們實現了 3.37 億美元的調整後 EBITDA，較 2024 年成長 11%。

I'd like to share our performance for each of our key focus areas, along with what to expect for 2025, starting with same venue sales.

我想分享我們每個重點關注領域的表現，以及對 2025 年的期望，從同場銷售額開始。

Same venue sales remained pressured in the fourth quarter at down 8%, with walk-in or 1- and 2-Bay, down 10%, and our 3+-Bay events down 5%. While sales were down, we saw a sequential improvement driven by better traffic and better-than-expected holiday events, with traffic up year over year for 3+ Bay during November and December. A big thank you to our events team for delivering these results. While spend per visit drove most of the decline in same venue sales in Q4, this was driven by check management, including lower F&B spend from lower alcohol attachment.

第四季同店銷售依然承壓，下降 8%，其中，步入式或 1 和 2 個展位銷售下降 10%，3+ 個展位銷售下降 5%。雖然銷售額下降，但受客流量改善和節日活動好於預期的推動，我們看到銷售額環比增長，11 月和 12 月 3+ Bay 的客流量同比增長。非常感謝我們的活動團隊取得這些成果。雖然每次造訪的支出是第四季度同店銷售額下降的主要原因，但這是由於支票管理造成的，包括酒精飲料附加價值降低導致的餐飲支出下降。

Chip mentioned, our Q1 2025 same venue sales trends have been softer than expected so far in part due to the LA fires and unusually severe cold weather. Approximately half of the business quarter to date has experienced what we would characterize as unfavorable weather year over year. Approximately, a quarter has been neutral and a quarter has been favorable. Year-to-date, same venue sales with favorable weather is up high single digits.

Chip 提到，我們 2025 年第一季的同場銷售趨勢到目前為止比預期弱，部分原因是洛杉磯火災和異常嚴寒天氣。迄今為止，大約有一半的業務季度經歷了我們所認為的同比不利天氣。大約四分之一的人持中立態度，四分之一的人持贊成態度。今年迄今，天氣條件有利的同一場所銷售額已成長個位數。

Neutral weather are down low to mid-single digits, but those seeing unfavorable weather are down high teens. Winter weather always causes volatility, but this year has been particularly negative versus prior year and historical averages in our markets. In total, our Q1 guide for down 10% to 13% incorporates approximately a 5-point impact from the severe winter and the LA fires and 1 point from one less day in the quarter due to last year's leap year.

中性天氣的比例下降了低至個位數的中段，但不利天氣的比例下降了十幾個百分點。冬季天氣總是會引起波動，但今年的情況與去年和我們市場的歷史平均值相比尤其糟糕。總體而言，我們第一季的預期是下降 10% 至 13%，其中包括嚴冬和洛杉磯大火造成的約 5 個百分點的影響，以及去年閏年導致本季減少一天造成的 1 個百分點的影響。

There is no doubt the macro environment for premium out-of-home entertainment is currently facing headwinds. However, I'm proud of how our teams are operating in this environment with a focus on the player and the in-bay experience.

毫無疑問，優質戶外娛樂的宏觀環境目前正面臨阻力。然而，我為我們的團隊在這種環境下的運作感到自豪，我們關注的是球員和球場內的體驗。

Our key player experience metrics, likelihood to return, fun and price value are improving. Year over year, in the fourth quarter, likelihood to return scores improved 100 basis points, fun scores improved 160 basis points and value scores improved 240 basis points. This is a result of improvements we've made in the player experience with the launch of The Sure Thing Golf Club, continued game innovations to provide new news and more reasons to visit, simplification of our pricing and booking flow in our digital channels, and continued focus on our teams delivering fun and world-class hospitality at Topgolf. In 2024, our traffic trends improved throughout the year, with Q4 seeing the best performance of the year.

我們的關鍵玩家體驗指標、回歸可能性、樂趣和價格價值正在提高。與去年同期相比，第四季度，回報可能性得分提高了 100 個基點，趣味性得分提高了 160 個基點，價值得分提高了 240 個基點。這是因為我們推出了 The Sure Thing Golf Club，從而改善了玩家體驗，持續進行遊戲創新以提供新資訊和更多參觀理由，簡化了我們數位管道中的定價和預訂流程，並持續專注於我們的團隊在 Topgolf 提供樂趣和世界一流的招待服務。2024年，我們的流量趨勢全年都有所改善，其中第四季的表現是全年最好的。

While we are encouraged by some of our leading indicators, it's clear we must make faster and bolder changes in how we go to market, and we're doing just that. Specifically, new and relevant experiences for our players, more compelling and accessible value and a streamlined corporate structure that better serves our venues.

雖然一些領先指標令我們感到鼓舞，但顯然我們必須在市場進入方式上做出更快、更大膽的改變，而我們正在這樣做。具體來說，就是為我們的玩家提供全新且相關的體驗、更引人注目且更容易獲得的價值，以及能更好地服務於我們場館的精簡的公司結構。

As it relates to new and relevant experiences, we've executed on a strategy to bring more consistent new news and partner with big brand names that have strong equity with our target demographics. We launched the Sonic the Hedgehog game in Q4, and we recently launched Captain America: Brave New World TopGolf experience. Both are already amongst our most played. Going forward, you can expect large media and gaming properties to be a part of the Topgolf Bay experience multiple times per year. Additionally, we now have a more disciplined and insight-based approach for marketing calendar planning.

由於它與新的和相關的體驗有關，我們執行了一項策略，帶來更一致的新新聞，並與在我們的目標群體中具有強大資產的大品牌合作。我們在第四季推出了《刺蝟索尼克》遊戲，最近我們又推出了《美國隊長：美麗新世界》TopGolf 體驗。這兩款遊戲都已經是我們播放次數最多的遊戲了。展望未來，您可以期待大型媒體和博彩資產每年多次成為Topgolf Bay體驗的一部分。此外，我們現在對行銷日程規劃採用了更規範和基於洞察力的方法。

On value, both actual price and price perception are an obstacle for many players. To tackle this, in the fourth quarter, we tested removing booking fees in approximately 30% of the portfolio, and it drove higher website conversion. We removed booking fees system-wide in January, while taking modest gameplay price. On events, we've given our in-venue sales teams more tools and better processes to increase business development and that has resulted in increased lead conversion rates.

從價值來看，實際價格和價格認知對許多參與者來說都是一個障礙。為了解決這個問題，在第四季度，我們測試取消了約 30% 的投資組合的預訂費，這提高了網站轉換率。我們於一月份在全系統範圍內取消了預訂費，同時採取了適度的遊戲價格。在活動方面，我們為場內銷售團隊提供了更多工具和更好的流程來促進業務發展，從而提高了潛在客戶轉換率。

Combining our efforts on value and new experiences, we're actioning against two large player segments where we have existing equity and a clear right-to-win: family outings and late-night social occasions. We recently launched this with a more disruptive value offer in three multi-venue markets. The offer is simple: $30 per hour of gameplay late night on Thursday, Friday, and Saturday, we call it TG Nights, where we bring DJs into the venue late night in addition to a late-night bites menu as well as Sunday Funday, which primarily targets families.

結合我們在價值和新體驗方面的努力，我們針對兩個我們擁有現有資產和明顯獲勝權利的大型玩家群體採取行動：家庭出遊和深夜社交場合。我們最近在三個多場地市場推出了這項服務，並提供了更具顛覆性的價值。優惠很簡單：週四、週五和週六深夜遊戲每小時 30 美元，我們稱之為 TG Nights，我們會在深夜邀請 DJ 來到場地，此外還提供深夜小吃菜單以及主要針對家庭的 Sunday Funday。

In addition to owned internal media assets and paid digital and social, we are testing linear television media in two of these markets. While only a couple of weeks in, the sales, and specifically traffic gains, have exceeded our expectations, and we are very optimistic, although it is early. I'm encouraged by the larger group sizes and strong F&B spend per visit to date, areas where our pricing model and experience proposition have competitive advantages. In addition to our 120-minute standard reservation, these model markets are pioneering our new 60- and 90-minute reservation products, which we believe will further support improvement in conversion rates on the web and in the app.

除了自有的內部媒體資產以及付費數位和社群媒體外，我們還在其中兩個市場測試線性電視媒體。雖然只過了幾週，但銷售額，尤其是流量的成長已經超出了我們的預期，儘管還為時過早，但我們非常樂觀。到目前為止，我對更大的團體規模和強勁的餐飲支出感到鼓舞，這些方面我們的定價模式和體驗主張具有競爭優勢。除了我們的 120 分鐘標準預訂外，這些模範市場還率先推出我們新的 60 分鐘和 90 分鐘預訂產品，我們相信這將進一步支持網路和應用程式轉換率的提高。

Our teams in these markets are extremely energized by the late night and Sunday traffic, and we plan to roll out these changes across more venues in the coming weeks. More broadly, we will continue to test new ways to connect with our players and increase their engagement with Topgolf.

這些市場的團隊對深夜和周日的交通狀況感到非常興奮，我們計劃在未來幾週內在更多地方推出這些變化。更廣泛地說，我們將繼續測試新的方式與我們的玩家建立聯繫並增加他們與Topgolf的互動。

New and relevant experiences and improving our value perception will support traffic growth, but we also have initiatives that can drive growth in the Bay. We're in the process of transitioning to a new point-of-sale system, which will not only be a win for our venue playmakers, as it streamlines operations, but will also enable a better experience with in-bay food and beverage ordering capabilities. Throughout the year, we'll be rolling out mobile and bay capability, starting with payment at the end of Q1, reordering in the summer, and a full new menu alongside point-of-sale rollout in Q4. We will continue to use our consumer data platform to build frequency with our existing players and to inform design of seasonal passes and loyalty programs.

新的相關體驗和不斷提升的價值觀念將支持交通量成長，但我們也有一些可以推動海灣成長的措施。我們正在過渡到新的銷售點系統，這不僅會為我們的場館組織者帶來好處，因為它簡化了運營，而且還將提供更好的場館內食品和飲料訂購體驗。全年，我們將推出行動和貨架功能，從第一季末的付款開始，夏季的重新訂購，以及第四季度推出的完整新菜單和銷售點。我們將繼續使用我們的消費者數據平台來與現有玩家建立聯繫，並為季票和忠誠度計劃的設計提供資訊。

Moving on to our second key focus area, margin growth, we had a strong end of the year for venue-level profitability. The venues generated EBITDAR margins of approximately 36%, a record for the fourth quarter, and we saw EBITDAR margins for the full year of 34% despite seeing sales headwinds. This underscores the efficient operations our teams can deliver with improving player experience scores. And the efforts we have made to improve our labor model which delivered approximately 100 basis points improvement year over year.

談到我們的第二個重點關注領域，利潤率增長，我們在年底的場館級盈利能力表現強勁。這些場館的 EBITDAR 利潤率約為 36%，創下了第四季度的最高紀錄，儘管面臨銷售阻力，但全年 EBITDAR 利潤率仍達到 34%。這凸顯了我們的團隊能夠透過提高玩家體驗分數來實現高效的營運。我們為改善勞動力模式所做的努力逐年提高了約 100 個基點。

In 2025, we will continue to advance margin initiatives, particularly on the labor side, which we expect will improve venue-level profitability and allow for investment into profitable traffic driving value. While we are wholly committed to driving a return to growth in same venue sales, we also believe we have a long-term opportunity to grow our new margins.

2025 年，我們將繼續推進利潤計劃，特別是在勞動力方面，我們預計這將提高場館層面的獲利能力，並允許投資於有利可圖的流量驅動價值。在我們全力推動同店銷售額恢復成長的同時，我們也相信我們有一個長期機會來提高我們的新利潤率。

Moving on to our third key focus area, venue development. We had another strong cohort in 2024, opening six new Topgolf menus and completing one BigShots conversion. Our Q4 openings in Ridgeland, Mississippi, and Burlingame, California, just outside of San Francisco, validate the brand is relevant across the country. Overall, we have a portfolio of building designs that meet local needs and drive strong unit economics.

接下來是我們第三個重點關注領域，場館開發。2024 年，我們又迎來了一群強大的客戶，開設了六個新的 Topgolf 菜單，並完成了一次 BigShots 轉換。我們在密西西比州里奇蘭和加州舊金山郊外伯林蓋姆第四季度開業的門市證明了該品牌在全國範圍內的影響力。整體而言，我們擁有一系列滿足當地需求並推動強勁單位經濟的建築設計。

And while we are pleased with our track record and venue development, it's clear our team and resources need to be primarily focused on driving same venue sales and continuing to increase flow-through at our existing venues. As previously communicated, we will have five venues slated to open in 2025, four of which are planned to open in the fourth quarter. We continue to have high conviction in our white space opportunity, but believe we are making the right prioritization in the near term.

雖然我們對自己的業績和場館發展感到滿意，但很明顯我們的團隊和資源需要主要集中在推動同一場館的銷售和繼續增加現有場館的流量。正如之前所傳達的，我們計劃於 2025 年開設 5 個場館，其中 4 個計劃於第四季度開設。我們仍然對我們的白色空間機會充滿信心，但相信我們在短期內會做出正確的優先排序。

Finally, I want to cover our home office support structure as we prepare for the separation. We are in the process of reorganizing with three clear intentions: one, optimized leadership focus around driving same venue sales growth; two, simplify work for our venue team so they can focus on continued improvements in the in-bay experience; and three, further lower our cost base. This work is well underway with the recent onboarding of Erin Chamberlin, our Chief Operating Officer; and Josh Belkin, our Senior Vice President of Revenue Management and Player Engagement. Both Erin and Josh bring a wealth of experience in the casino and travel hotel industries with a focus and track record of driving profitable growth.

最後，我想介紹一下我們在準備分離時的家庭辦公室支援結構。我們正在重組，有三個明確的目的：一是優化領導層，重點推動同場銷售成長；二、簡化我們場館團隊的工作，以便他們能夠專注於持續改善場館內體驗；三是進一步降低我們的成本基礎。隨著我們首席營運長 Erin Chamberlin 的加入，這項工作進展順利；以及我們的收入管理和玩家參與高級副總裁 Josh Belkin。Erin 和 Josh 均在賭場和旅遊酒店行業擁有豐富的經驗，並致力於推動獲利成長。

While I'm excited about the leadership team I get to work with side-by-side, we know at the heart of the brand are our venue playmakers and our venue directors of operations who lead them. We are streamlining our home office structure to better support our venues and run a more agile organization.

雖然我很高興能與領導團隊並肩工作，但我們知道品牌的核心是我們的場館組織者和領導他們的場館營運總監。我們正在精簡總部結構，以便更好地支援我們的場館並經營一個更靈活的組織。

To summarize, we have a robust and targeted set of initiatives to improve same venue sales and are primarily focused against this. We expect same venue sales to improve throughout the year as laps get easier, as we bring new news to the Topgolf experience along with targeted value, and as we stabilize the events business. We have improved our talent and capability in key areas of focus, in driving sales and continued margin expansion, while improving the player experience. I'm really excited about the future at Topgolf as our teams are driving action against our key focus areas. We believe these will drive both top line growth and cash flow.

總而言之，我們有一套強而有力且有針對性的措施來提高同場銷售量，並且主要集中於此。我們預計，隨著比賽變得越來越容易，隨著我們為Topgolf體驗帶來新消息以及目標價值，以及隨著我們穩定活動業務，全年同一場地的銷售額將會提高。我們在重點關注的領域提升了人才和能力，推動了銷售並持續擴大利潤，同時改善了玩家體驗。我對 Topgolf 的未來感到非常興奮，因為我們的團隊正在針對我們的重點領域採取行動。我們相信這些將推動營業額成長和現金流。

Back to you, Chip.

回到你這裡，Chip。

Thanks, Artie. Now turning to Golf Equipment. The sport of golf remains strong. In 2024, rounds played grew 2% year over year, marking the fifth consecutive year where rounds played have exceeded 500 million. Furthermore, interest in the game and participation continued to increase with US on-course golf participation up 1.5 million to 28.1 million. Additionally, US sell-through and industry golf shipments both grew low single digits as well.

謝謝，阿蒂。現在轉向高爾夫設備。高爾夫運動依然強勁。2024 年，打球輪次年增 2%，這是連續第五年打球輪次超過 5 億輪。此外，隨著美國繼續推動這項運動，人們對這項運動的興趣和參與度也不斷提高高爾夫運動參與人​​數增加了150萬人，達到2,810萬人。此外，美國銷售量和行業高爾夫出貨量也均實現了個位數低成長。

Our Golf Equipment business performed exceptionally well from a brand perspective in 2024, and our global revenues were up slightly on a currency-neutral basis. Our tour staff had multiple wins, including one women's and two men's majors. Our club brand continued to lead in the technology and innovation ratings, and our golf ball brand showed continued improvement in its overall brand rating and the number of people that rated it as their favorite ball.

從品牌角度來看，我們的高爾夫設備業務在 2024 年表現非常出色，我們的全球收入以貨幣中性計算略有成長。我們的巡迴賽工作人員多次獲勝，包括一次女子大滿貫賽和兩次男子大滿貫賽。我們的球桿品牌在技術和創新評級中繼續保持領先，我們的高爾夫球品牌在整體品牌評級和將其評為最喜愛的球的人數方面持續提升。

Our US dollar market share placed us as the number one club brand for the third consecutive year and the ninth out of the last 10 years. We were number one in total clubs, drivers, fairway woods, and hybrids, and Ai Smoke was the number one model in drivers, fairway woods and irons. We also had a very successful year in putters driven by our Ai-ONE product line.

我們的美元市場份額使我們連續第三年成為第一的俱樂部品牌，並且在過去十年中排名第九。我們在球桿、一號木桿、球道木桿和混合桿總數方面均位居第一，而 Ai Smoke 則是在一號木桿、球道木桿和鐵桿方面排名第一。以我們的 Ai-ONE 產品系列為代表的推桿業務也取得了巨大的成功。

In golf ball, we maintained our position as the number two golf ball on the back of a successful launch of our Chrome Tour brand. As you can see on slide 8, we have a long-term track record of steadily growing our share in this category.

在高爾夫球領域，我們憑藉著成功推出的 Chrome Tour 品牌，繼續保持第二大高爾夫球的地位。正如您在第 8 張幻燈片上看到的，我們在這一類別中的份額長期以來一直穩步增長。

Looking forward, in January, we announced some exciting new launches. In golf clubs, our new Elite product line is our most complete lineup in memory, delivering new technology and outstanding performance from top to bottom.

展望未來，一月份我們宣布了一些令人興奮的新產品。在高爾夫球桿方面，我們的全新 Elite 產品線是我們記憶中最完整的產品線，從上到下都提供新技術和卓越性能。

Turning to putters, during Q4, we launched our Square 2 Square product line featuring a zero-torque design. This product has sold through extremely well and is creating excitement in the marketplace.

談到推桿，在第四季度，我們推出了採用零扭力設計的 Square 2 Square 產品系列。該產品銷量極佳並在市場上引起轟動。

On the ball side, we're launching new and improved versions of our Supersoft and our ERC product lines this year as this is primarily an ionomer year for us. However, we're also adding a little energy to the Chrome Tour lineup with the addition of our Triple Diamond offering, a model that, based on our testing, delivers the fastest ball speeds of any tour ball on the market.

在球方面，我們今年將推出全新改良的 Supersoft 和 ERC 產品線，因為今年對我們來說主要是離子聚合物年。然而，我們也為 Chrome Tour 系列添加了一點活力，增加了 Triple Diamond 產品，根據我們的測試，該型號的球速是市場上所有巡迴賽用球中最快的。

We are forecasting our Golf Equipment revenues to be down slightly year over year, primarily due to foreign exchange, but also because all of the big four golf OEMs are launching full new wood lineups this year, something that doesn't happen every year, and because we have less new product planned for the second half of the year. Operating income will also be down due to the lower revenues as well as the previously mentioned headwinds. On an organic basis, thus excluding the headwinds and FX, operating margin would have been forecast to be up slightly.

我們預測高爾夫設備收入將同比略有下降，主要是由於外匯原因，也是因為四大高爾夫原始設備製造商今年都將推出全新的木桿系列，這種情況每年都不會發生，而且我們計劃在下半年推出的新產品較少。由於收入下降以及前面提到的不利因素，營業收入也將下降。從有機基礎來看，排除不利因素和外匯因素，預計營業利潤率將略有上升。

Switching gears to our third and final segment, Active Lifestyle. Market conditions in this segment were challenging during 2024 with continued softness in global apparel markets, but TravisMathew had a strong Q4 and a good year overall. For the full year, sales were down a little, primarily due to the lapping of the before mentioned 2023 corporate channel sell-in. Excluding this timing issue, sales were up approximately 7%, thus outperforming the market overall.

現在轉到我們的第三部分也是最後一部分：積極的生活方式。2024 年，由於全球服裝市場持續疲軟，該領域的市場條件充滿挑戰，但 TravisMathew 的第四季度表現強勁，全年整體表現良好。全年銷售額略有下降，主要原因是先前提到的 2023 年企業通路銷售重疊。除此時間問題外，銷售額成長了約 7%，因此表現優於整體市場。

Looking at categories. The brand continues to perform well in its core men's category and is also gaining momentum in key new categories such as outerwear and women's. For 2025, we are projecting operating conditions to be similar to 2024 but expecting the TravisMathew brand to outperform the market and deliver growth on both the top and bottom line. This is a profitable business with strong prospects.

查看類別。該品牌在其核心男裝類別中繼續表現良好，並且在外套和女裝等關鍵的新興類別中也獲得了發展動力。我們預計 2025 年的營運狀況將與 2024 年相似，但預計 TravisMathew 品牌將跑贏市場並實現營收和淨利的成長。這是一項利潤豐厚且前景光明的業務。

Jack Wolfskin performed roughly consistent with expectations in Q4. For the full year, the business was challenged due to lower sales in Europe, which were partially offset by continued strong performance in China. During 2024, we rescaled the cost base of this business while, at the same time, working on our European product market fit by refocusing on the brand's core products and positioning. We are expecting revenues for 2025 to be down because of our rightsizing efforts, but profitability to be up. This business remains a small part of our overall company, but we believe we have it well positioned for profitability in 2025 and beyond.

Jack Wolfskin 第四季的表現與預期大致一致。就全年而言，該公司業務面臨挑戰，因為歐洲市場的銷售額下降，但中國市場持續強勁的表現部分抵消了影響。2024 年，我們重新調整了這項業務的成本基礎，同時透過重新專注於品牌的核心產品和定位，致力於適應歐洲產品市場。由於我們的合理規模努力，我們預計 2025 年的收入將下降，但盈利能力將上升。這項業務仍然只占我們整個公司的一小部分，但我們相信，我們已為 2025 年及以後的盈利做好了準備。

Overall for 2025, we're expecting our Active Lifestyle category revenues to be down year over year due to foreign exchange as well as the lower revenue projections for Jack Wolfskin, but for operating income to be higher.

總體而言，到 2025 年，我們預計活躍生活風格類別的收入將年減，原因是外匯以及 Jack Wolfskin 的收入預測較低，但營業收入將會上升。

In conclusion, we closed 2024 on a strong note. And as we enter 2025, we remain focused on executing our strategic initiatives, bringing exciting new products and programs to market, and driving continued operating efficiencies. In the near term, we're also navigating some short-term headwinds, which are impacting this year's outlook. Given the strength of our brands and their market positions, our operational capabilities and our strong financial position, we're confident we will get past these short-term headwinds and return to growth. And as we execute on our strategy, we believe we'll be able to deliver significant shareholder value, especially vis-a-vis the current market value of our equity.

總而言之，我們以強勁的勢頭結束了 2024 年。進入 2025 年，我們將繼續專注於執行策略計劃，將令人興奮的新產品和新計劃推向市場，並持續提高營運效率。短期內，我們也將應對一些短期不利因素，這些因素將影響今年的前景。鑑於我們品牌的實力及其市場地位、我們的營運能力和強大的財務狀況，我們有信心克服這些短期阻力並恢復成長。隨著我們實施我們的策略，我們相信我們將能夠提供顯著的股東價值，尤其是相對於我們股權的當前市場價值。

Thank you, and Brian, over to you.

謝謝你，Brian，交給你了。

Thank you, Chip, and good afternoon, everyone. Before jumping into our financial results for the quarter, I want to note that our GAAP results were impacted by the $1.45 billion noncash accounting charge related to the impairment of the Topgolf goodwill and intangible assets.

謝謝你，Chip，大家下午好。在介紹本季的財務表現之前，我想指出的是，我們的 GAAP 業績受到與 Topgolf 商譽和無形資產減值相關的 14.5 億美元非現金會計費用的影響。

You may recall that the implied negotiated price for the Topgolf merger was $1.987 billion, payable in common stock, but the purchase price for accounting purposes was impacted by the stock price increase between signing and closing. And as a result, we recorded a $3.1 billion purchase price, even though no additional shares were issued. Following the impairment, the remaining carrying value of the Topgolf assets on our books is $1.6 billion. Importantly, this noncash charge does not impact our liquidity or operational flexibility.

您可能還記得，Topgolf 合併的隱含談判價格為 19.87 億美元，以普通股支付，但出於會計目的的購買價格受到簽署和成交之間股價上漲的影響。結果，儘管沒有發行額外股份，我們仍記錄了 31 億美元的購買價格。減損後，我們帳面上Topgolf資產的剩餘帳面價值為16億美元。重要的是，這筆非現金費用不會影響我們的流動性或營運彈性。

Now turning to Q4 financial results. Q4 consolidated revenues of $924 million increased 3% year over year. This increase was largely driven by increased revenue in Golf Equipment, with the Active Lifestyle segment up slightly, and Topgolf revenue consistent with the prior year. Q4 adjusted EBITDA of $101 million increased 45% driven by improved operating results across each segment.

現在來談談第四季財務業績。第四季綜合營收 9.24 億美元，年增 3%。這一增長主要得益於高爾夫設備收入的增長，其中活躍生活方式部門收入略有增長，Topgolf 收入與上年持平。第四季調整後 EBITDA 為 1.01 億美元，成長 45%，這得益於各部門經營績效的改善。

Moving to segment performance. At Topgolf, Q4 revenue was approximately flat at $439 million. Revenue from new venues opened since Q4 last year offset an 8% decrease in same venue sales. The same venue sales results included better-than-expected performance in both the 3+ Bay events business and the walk-in 1- to 2-Bay business. Topgolf Q4 operating income was $27 million, up $4 million compared to the prior year.

轉向細分績效。Topgolf 第四季營收大致持平，為 4.39 億美元。自去年第四季以來新開業場館的收入抵消了同場館銷售額 8% 的下降。同一場地的銷售結果顯示，3+ 灣活動業務和 1 至 2 灣步入式業務的表現均優於預期。Topgolf 第四季營業收入為 2,700 萬美元，較上年同期增加 400 萬美元。

Adjusted EBITDA increased 14% year over year to $84 million. The adjusted EBITDA growth was driven primarily by improved venue-level margins. EBITDAR margins for the quarter exceeded expectations and represented a record-high Q4.

調整後 EBITDA 年增 14% 至 8,400 萬美元。調整後的 EBITDA 成長主要得益於場館利潤率的提高。本季的 EBITDAR 利潤率超出預期，創下了第四季的歷史新高。

Moving to the Golf Equipment segment. Revenue was up 13% to $225 million year over year. This result was driven by the continued success of both our golf clubs business and Chrome family of golf balls, as well as the successful launch of our new Ai-One Square 2 Square putters in Q4. The seasonal Golf Equipment operating loss of $3 million was a $17 million improvement compared to the prior year, primarily due to increased sales volume.

轉向高爾夫設備領域。營收年增13%至2.25億美元。這項業績得益於我們的高爾夫球桿業務和 Chrome 系列高爾夫球的持續成功，以及我們在第四季度成功推出的新款 Ai-One Square 2 Square 推桿。高爾夫設備季節性營業虧損 300 萬美元，與去年相比改善了 1,700 萬美元，主要歸因於銷售量增加。

In our Active Lifestyle segment, Q4 revenue increased 1% year over year. This increase was due to an increase in apparel sales, primarily TravisMathew. Jack Wolfskin reported approximately flat year-over-year revenue and continues to perform well in China. Our operating income increased to $24 million compared to $20 million in the prior year, primarily driven by the increased revenue and cost savings initiatives at Jack Wolfskin, resulting from the recent rightsizing of that business.

在我們的積極生活方式部門，第四季度的收入年增了 1%。這一增長是由於服裝銷售額的成長，主要是 TravisMathew 的銷售額。Jack Wolfskin 報告稱，其收入與去年同期基本持平，並且在中國市場繼續表現良好。我們的營業收入從去年的 2,000 萬美元增至 2,400 萬美元，這主要得益於 Jack Wolfskin 近期對業務進行適當調整，從而增加了收入並節省了成本。

Moving to balance sheet and liquidity on slide 16. Our available liquidity, which is comprised of cash on hand and incremental borrowing capacity under our credit facilities, continued to strengthen. As of December 31, 2024, our available liquidity increased $54 million to $797 million due to better cash flow generation and as the company continues to manage working capital and capital expenditures.

轉到第 16 張投影片上的資產負債表和流動性。我們的可用流動性（包括庫存現金和信貸安排下的增量借貸能力）持續增強。截至 2024 年 12 月 31 日，由於現金流量產生能力增強且公司繼續管理營運資金和資本支出，我們的可用流動資金增加了 5,400 萬美元，達到 7.97 億美元。

At year-end, we had total net debt of $2.3 billion, which, per our usual practice, excludes convertible debt of approximately $258 million compared to $2.2 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 principal paydown of our Term Loan B. It is helpful to evaluate our net leverage position by excluding the venue financing debt associated with our Topgolf venues, which is akin to capitalized rent with no additional principal or bullet repayment.

截至年底，我們的總淨債務為 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 22 億美元。這一增長歸因於與新場館相關的場館融資債務的增加，部分被定期貸款債務的減少所抵消，包括我們第二季度可自由支配的 5000 萬美元定期貸款 B 本金償還。透過排除與我們的 Topgolf 場館相關的場館融資債務來評估我們的淨槓桿狀況是有幫助的，這類似於沒有額外本金或一次性償還的資本化租金。

In Q4, our REIT adjusted net debt was $818 million, over $150 million lower versus last year. Our net debt leverage, which excludes convertible debt, was 3.9x as of December 31, 2024, compared to 3.8x in the prior year. This increase was primarily due to increased venue financing debt. Importantly, our venue financing adjusted net debt leverage ratio, which burdens adjusted EBITDA with the venue financing interest payments, which are akin to rent, declined to 1.7 time versus 1.9 time in the prior year. We remain comfortable with these leverage levels.

第四季度，我們的房地產投資信託基金調整後淨債務為 8.18 億美元，比去年同期減少了 1.5 億美元。截至 2024 年 12 月 31 日，我們的淨債務槓桿率（不包括可轉換債務）為 3.9 倍，而前一年為 3.8 倍。這一增長主要是由於場地融資債務的增加。重要的是，我們的場地融資調整後淨債務槓桿率（使調整後的 EBITDA 承擔類似於租金的場地融資利息支付負擔）從上年的 1.9 倍下降至 1.7 倍。我們對這些槓桿水平仍然感到滿意。

Our inventory balance decreased $37 million or 5% to approximately $757 million at the end of Q4 2024. We are comfortable with the quality of our inventory.

截至 2024 年第四季末，我們的庫存餘額減少了 3,700 萬美元，或 5%，至約 7.57 億美元。我們對庫存的品質很滿意。

Shifting gears, full year consolidated adjusted free cash flow was $203 million, which was ahead of our previous guidance. This performance reflects better-than-expected earnings as well as cash generation during the fourth quarter, the timing of the receipt and payment of inventory, and continued management of capital expenditures and working capital.

換個角度來說，全年合併調整後自由現金流為 2.03 億美元，高於我們先前的預期。這一業績反映了第四季度好於預期的盈利和現金產生、庫存收付時間以及對資本支出和營運資本的持續管理。

Gross capital expenditures for 2024 were $295 million, and we received reimbursements of approximately $115 million from our financing partners for net capital expenditures of approximately $180 million, with approximately $55 million relating to the non-Topgolf business and $125 million coming from Topgolf.

2024 年的總資本支出為 2.95 億美元，我們從融資合作夥伴處獲得了約 1.15 億美元的補償，淨資本支出約為 1.8 億美元，其中約 5500 萬美元與非 Topgolf 業務有關，1.25 億美元來自 Topgolf。

Looking specifically at guidance for 2025 on presentation slides 5 through 7, you can see that there will be some significant headwinds, as Chip previously described. For 2025, we expect revenue to be in the range of $4 billion to $4.185 billion, representing an approximate 3% decline year over year at the midpoint of guidance. When excluding the FX and other headwinds previously mentioned, we expect full year 2025 organic revenue growth to be down slightly year over year.

具體查看簡報第 5 至第 7 頁上對 2025 年的指導，您會發現將會存在一些重大阻力，正如 Chip 之前所描述的那樣。到 2025 年，我們預計營收將在 40 億美元至 41.85 億美元之間，相當於指導中位數年減約 3%。排除前面提到的外匯和其他不利因素，我們預計 2025 年全年有機收入成長將比去年同期略有下降。

For the core business, we are projecting revenue to be in the range of $2.275 billion to $2.35 billion, representing a 5% decline year over year at the midpoint. Excluding the FX and other headwinds, organic revenue is projected to be down 2%.

對於核心業務，我們預計營收在 22.75 億美元至 23.5 億美元之間，中間值較去年同期下降 5%。排除外匯和其他不利因素，有機收入預計將下降 2%。

For Topgolf specifically, we expect 2025 revenue to be in the range of $1.725 billion to $1.835 billion, representing a decline of 2% year over year at the midpoint. Excluding the headwinds, the guidance would represent full year organic revenue growth of approximately 1% driven by new venues partially offset by our same venue sales forecast of down mid-single digits.

具體來說，對於 Topgolf，我們預計 2025 年的營收將在 17.25 億美元至 18.35 億美元之間，中間值將年減 2%。排除不利因素後，該預期代表全年有機收入將增長約 1%，這主要得益於新場館的推動，但同一場館銷售額預計將下降中等個位數，這部分抵消了這一增長。

Turning to profitability. We anticipate adjusted EBITDA for 2025 to be in the range of $415 million to $505 million, representing a $128 million decline year over year at the midpoint. Excluding FX and the other headwinds, the guidance represents full year organic adjusted EBITDA growth of minus 1%.

轉向盈利能力。我們預計 2025 年調整後的 EBITDA 將在 4.15 億美元至 5.05 億美元之間，與去年同期相比下降 1.28 億美元。排除外匯和其他不利因素，此預期代表全年有機調整後 EBITDA 成長率為負 1%。

We are projecting core business adjusted EBITDA in the range of $175 million to $205 million. Excluding the FX and other headwinds, core business adjusted EBITDA is expected to grow by $14 million or 6%.

我們預期核心業務調整後的 EBITDA 在 1.75 億美元至 2.05 億美元之間。排除外匯和其他不利因素，核心業務調整後的 EBITDA 預計將成長 1,400 萬美元，即 6%。

We are projecting Topgolf adjusted EBITDA in the range of $240 million to $300 million. Excluding the headwinds, Topgolf adjusted EBITDA is expected to decline by approximately $22 million on an organic basis.

我們預計Topgolf調整後的EBITDA將在2.4億至3億美元之間。除去不利因素，Topgolf 調整後的 EBITDA 預計將有機下降約 2,200 萬美元。

Now turning to Q1 specifically. For Q1, we are forecasting consolidated revenue of $1.045 billion to $1.085 billion and adjusted EBITDA of $125 million to $145 million.

現在具體談談 Q1。對於第一季度，我們預測綜合營收為 10.45 億美元至 10.85 億美元，調整後 EBITDA 為 1.25 億美元至 1.45 億美元。

Overall, we had a strong finish in 2024 but face some short-term headwinds in 2025, as discussed earlier. This will be a reset year as we navigate these headwinds and pursue the separation of Topgolf. The important part is that our Callaway Golf and TravisMathew brands remain strong, the Jack Wolfskin business has successfully rightsized its business and our liquidity position remains solid. We believe this will position us well to navigate the 2025 headwinds, return to sustainable growth, execute on our strategic initiatives and create shareholder value.

總體而言，正如之前所討論的，我們在 2024 年取得了強勁成績，但 2025 年面臨一些短期阻力。今年將是重新開始的一年，我們將克服這些不利因素並實現 Topgolf 的分離。重要的是，我們的 Callaway Golf 和 TravisMathew 品牌依然強勁，Jack Wolfskin 業務成功調整了業務規模，我們的流動資金狀況仍然穩固。我們相信，這將使我們處於有利地位，應對 2025 年的逆風，恢復永續成長，執行我們的策略計劃並創造股東價值。

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) Matthew Boss, JPMorgan.

（操作員指示） 摩根大通 (JPMorgan) 的 Matthew Boss。

Great. I appreciate all the color. Chip and maybe, Artie, could you elaborate on same venue sales trends when the weather has been neutral at Topgolf? Maybe just walk through the expected progression in 2025. Or what constraints do you see from returning to positive same venue sales in the back half of the year?

偉大的。我欣賞這一切的色彩。Chip，也許還有 Artie，你能否詳細說明當 Topgolf 天氣晴朗時，同一場地的銷售趨勢？也許只是走過 2025 年的預期進展。或者您認為下半年恢復同店銷售正成長會面臨哪些限制？

Sure. I'll take it. Thanks, Matt. Yeah, so the sort of the neutral-weather markets, which we characterize, is approximately the same year over year. They're currently running down low mid- to single digits, so an improvement from what we had seen in Q4.

當然。我要買它。謝謝，馬特。是的，我們所描述的中性天氣市場類型與去年同期大致相同。他們目前的成長率處於中低點到個位數之間，比我們在第四季看到的情況有所改善。

And we obviously have easier laps balance of year. So when we set the guidance and we look at the base trends, we're comfortable with that. I'm pretty excited about what we're seeing in these model markets in terms of how the consumer is responding to some of the value messaging that we have in place. Some of the traffic numbers we're seeing are extremely exciting. But I think the base guidance that we put forward, Matt, is really, this is the trend of the business that's not weather impacted, and we have a lot of conviction in that.

而我們今年的圈數平衡顯然更加輕鬆。因此，當我們制定指導方針並觀察基本趨勢時，我們對此感到滿意。就消費者對我們所傳遞的一些價值訊息的反應而言，我對這些模範市場感到非常興奮。我們看到的一些流量數據非常令人興奮。但馬特，我認為我們提出的基本指導確實是不受天氣影響的業務趨勢，我們對此非常有信心。

The final thing I would add is that in Q4, our teams just did an extraordinary job of improving player metrics, and that's continued in Q1. So when I think about the base trends, improving player metrics and introducing some more value that's profitable in the market, I feel good about the guide.

我最後要補充的是，在第四季度，我們的團隊在改善球員指標方面做得非常出色，而這種狀態在第一季也得以延續。因此，當我考慮基本趨勢、改善玩家指標並引入一些在市場上有利可圖的更多價值時，我對指南感到滿意。

And then maybe, Chip, on Golf Equipment, could you speak to initial reception of the Elite launch in clubs, Square 2 Square in putters. And just if you could elaborate on drivers of the 2025 organic forecast in this segment.

然後也許，Chip，在高爾夫設備上，您能談談 Elite 在球桿上的初步反響，以及 Square 2 Square 在推桿上的初步反響嗎？如果您可以詳細說明一下本部分中 2025 年有機預測的驅動因素，那就太好了。

Sure. We're really proud of the Elite product line and have just recently launched it out there and are excited about the prospects for the year. We do have a little bit more challenging year from a share perspective because of the launch of all of the big four OEMs this year, which is not something that happens every year, but very proud of our product line and optimistic as the year develops. And as we get it into hitting base, we're hearing great performance feedback, and we find that that's our time to shine.

當然。我們對 Elite 產品線感到非常自豪，最近我們剛將其推出，我們對今年的前景感到興奮。從份額角度來看，我們今年確實面臨一些挑戰，因為今年四大 OEM 都將推出新產品，這種情況並不是每年都會發生，但我們對我們的產品線感到非常自豪，並對今年的發展充滿樂觀。當我們進入擊球基礎時，我們聽到了很好的表現回饋，我們發現這是我們大放異彩的時候。

On the Square 2 Square product line, we launched that in Q4. That's that zero-torque design. And that's done exceptionally well. That's a category that's hot in the golf market right now. We think we have a better design and approach to it and so clearly, something that we see that has energy.

在 Square 2 Square 產品線上，我們在第四季推出了這個產品線。這就是零扭矩設計。而這項工作完成得非常好。這是目前高爾夫市場上很熱門的一個類別。我們認為我們對此有更好的設計和方法，因此顯然我們看到了具有能量的東西。

Did that answer the question, Matt?

這回答了問題嗎，馬特？

Yeah, it does. Best of luck. Thank you.

是的。祝你好運。謝謝。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

Just first, the corporate events comp accelerated nicely in the quarter. Can you talk about the key drivers there? Were there any strategy changes that you think helped drive the acceleration in the corporate events comp? And then what is the outlook for core events versus walk-in for 2025? Are you continuing to see green shoots on the corporate side? Thanks.

首先，本季企業活動營收成長順利。您能談談其中的關鍵驅動因素嗎？您認為有哪些策略變化有助於推動企業活動業務的成長？那麼，2025 年核心活動與步入式活動的前景如何？您是否繼續看到公司方面的復甦跡象？謝謝。

Yeah. Thank you very much, Alex. The teams did a great job in Q4, and I'll put it into sort of two buckets. The first is we gave a bit more flexibility. These events, and corporate events by and large, are sold locally. So you're competing with other local establishments. And we gave the teams a bit more flexibility in terms of product design, length, duration, the menu and price, and that paid, I think, significant dividends.

是的。非常感謝，亞歷克斯。這些球隊在第四季表現出色，我將其分為兩類。首先，我們提供了更多的靈活性。這些活動以及大部分的公司活動都是在當地銷售的。所以您正在與其他本地機構競爭。我們在產品設計、長度、持續時間、菜單和價格方面給予團隊更多的彈性，我認為這帶來了豐厚的回報。

The second thing I would say is we're a business that's got some nice scale now. We're in most of the large DMAs, and we're able to bubble up a lot of those learnings in the local market. I'll provide one specific example where we had a few venues that were selling to a national retailer during their holiday parties very well. And we had some other venues that we're getting some resistance and we're able to take those learnings into the home office for that national retailer and ended up tripling our sales with that group.

我想說的第二件事是，我們的企業現在已經有相當的規模。我們涵蓋大多數大型 DMA，並且能夠在當地市場中傳播大量經驗。我將提供一個具體的例子，我們有幾個場館在節日聚會期間向全國零售商銷售產品的情況非常好。我們在其他一些地方也遇到了一些阻力，但我們能夠將這些經驗帶到該全國零售商的總部，最終使該集團的銷售額增長了兩倍。

So I'd say it's a competitive advantage we have at Topgolf where at the local level, we've got super-energized teams, and we've given them some more flexibility. And then in the home office, we've put in, I think, more rigorous and better structure and making sure that these learnings are getting in the right places at the right time.

所以我想說這是我們 Topgolf 的一個競爭優勢，在當地，我們擁有充滿活力的團隊，而且我們給予他們更多的彈性。然後在總部，我認為我們採用了更嚴格、更好的結構，並確保這些學習成果在正確的時間出現在正確的地方。

In terms of 2025 and the guidance, we expect walk-in to be a little bit better than events this year. The weather has impacted both channels year to date. I think the one thing I will say, the holiday events still seem to be a real source of strength for us, and we expect that to continue in 2025.

就 2025 年和指導而言，我們預計今年的步入式銷售額將比活動銷售額略好一些。今年迄今，天氣狀況已對這兩條航道造成影響。我想說的是，節日活動似乎仍然是我們真正的力量源泉，我們預計這種情況將在 2025 年繼續下去。

Really helpful. And then my follow-up is on the core Golf Equipment biz, can you talk about the expectation for the core business to be down year over year? Is it mostly just the function of a tough year from a market share perspective given some of the competitive launches? Or is there anything to do with channel inventory levels? I guess what drives the core business down year over year in 2025.

真的很有幫助。然後我的後續問題是關於核心高爾夫設備業務，您能談談核心業務年減的預期嗎？鑑於一些競爭產品的推出，從市場佔有率的角度來看這是否主要是艱難的一年的結果？或是跟通路庫存水準有關係嗎？我猜是什麼導致 2025 年核心業務年減。

It's mostly FX. So if you wanted to pick the one largest, as we mentioned, in the core business, there's $60 million of headwind from FX alone. And then beyond that, if you're looking at the Golf Equipment, we talked about the launch cadence this year, where we have more of our big competitors launching than in last year, and we also have less launches planned of our own in the second half of the year. And in Active Lifestyle, we've intentionally scaled back the Jack Wolfskin business as we've resized that business and restructured it for profitability going forward.

主要是 FX。因此，正如我們所提到的，如果你想選擇核心業務中最大的一個，那麼僅外匯業務就帶來 6000 萬美元的逆風。除此之外，如果你關注高爾夫設備，我們談到了今年的發布節奏，我們與去年相比推出了更多的大型競爭對手的產品，而我們自己在下半年的發布計劃也減少了。在 Active Lifestyle 方面，我們有意縮減了 Jack Wolfskin 的業務規模，並調整了該業務的規模和結構，以實現未來的盈利。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

On the core business, I guess I'll stay here for a second. So if I take a step back and I look at that business, I think in 2019, the core business did about $210 million of EBITDA and, call it, $1.7 billion of revenue. And the EBITDA guidance for this year is below that on roughly $600 million of incremental revenue. So I can understand the FX headwinds year over year, but has something changed structurally with that business to cause profitability to come down so materially in six years?

關於核心業務，我想我會在這裡停留一會兒。因此，如果我退一步來看看這項業務，我認為在 2019 年，核心業務的 EBITDA 約為 2.1 億美元，營收為 17 億美元。今年的 EBITDA 預期低於該數字，增量收入約為 6 億美元。因此，我可以理解外匯市場逐年下滑的不利因素，但該業務的結構性變化是否導致獲利能力在六年內大幅下降？

No, Joe. Nothing structural at all. FX is again the primary driver of that. And we'll work through the FX over time. It's a lagging process there where the markets don't take enough price to offset it initially, but they will over time.

不，喬。根本沒有任何結構性的東西。外匯再次成為此現象的主要驅動因素。我們會逐步解決 FX 問題。這是一個滯後過程，市場最初沒有足夠的價格來抵消它，但隨著時間的推移，它會的。

And we've worked through these cycles in the past. There are some other changes, obviously, throughout that. The TravisMathew business is now bigger, the Jack Wolfskin business is smaller, but nothing structural. And again, on an organic basis, just normalizing for FX in the one-year period and the FX would be more dramatic relative to 2019, significantly so. We're still driving 6% improvement in EBITDAR on lower revenues.

我們過去也曾經歷過這些週期。顯然，這段期間還發生了一些其他變化。現在，TravisMathew 的業務規模更大了，Jack Wolfskin 的業務規模更小了，但沒有任何結構性變化。再次，從有機基礎來看，僅在一年期間對外匯進行正常化，外匯相對於 2019 年的變化就會更加顯著。儘管收入較低，但我們仍努力使 EBITDAR 提高 6%。

So structurally, I think we're in good shape and headwinds that we'll work through.

因此從結構上來說，我認為我們處於良好的狀態並且會努力克服困難。

Just a follow-up on that. The Topgolf free cash flow guidance to '25, I apologize if I missed it.

這只是對此的後續行動。Topgolf 的自由現金流指導到 25 年，如果我錯過了，我深感抱歉。

We didn't provide specific guidance, Joe, on cash flow, but we gave you the elements of that in the earnings deck, including the CapEx and EBITDA, including VFCI for each of the segments.

喬，我們沒有提供有關現金流的具體指導，但我們在收益報告中為您提供了相關要素，包括資本支出和 EBITDA，以及每個部門的 VFCI。

(Operator Instructions) Megan Clapp, Morgan Stanley.

（操作員指示）摩根士丹利的梅根·克拉普（Megan Clapp）。

I have a question for Artie, and then maybe a follow-up for Chip and Brian. So first question on Artie, again, a lot of helpful detail on kind of the initiatives you're undertaking to improve same venue sales, so thank you for that, and it's nice to hear that you've had some positive early learnings. But I guess if you just take a step back, same venue sales have been negative for six quarters, and you've talked about a lot of initiatives that you've been working on with us over the last several quarters. So as you kind of take a step back from a high level, can you just provide some perspective on really what's changing as you look to 2025 relative to the last several quarters?

我有一個問題想問 Artie，然後也許想問 Chip 和 Brian 一個後續問題。所以第一個問題是關於 Artie 的，同樣，關於您為提高同一場所銷售量而採取的舉措，有很多有用的細節，所以感謝您的幫助，很高興聽到您已經獲得了一些積極的早期經驗。但我想，如果您退一步考慮，同店銷售額已經連續六個季度為負，而且您已經談到了過去幾個季度與我們一起合作開展的許多舉措。因此，當您從高層次退一步考慮時，您能否提供一些觀點，說明相對於過去幾個季度，2025 年究竟發生了哪些變化？

And maybe related to that, when you think about, to Matt's question earlier, inflecting to positive same venue sales at some point in the future, how much do you really think is in your control versus needing a little bit of macro help? I guess you mentioned lower alcohol attach rates in the quarter, I'm not sure if that was new or not, but is there anything you're seeing just in the macro that suggests it could be kind of a tougher battle in '25?

也許與此相關的是，當您思考馬特之前提出的問題時，在未來的某個時間點轉向積極的同場銷售，您認為在多大程度上您可以控制，還是需要一點宏觀幫助？我想您曾提到本季酒精附加率較低，我不確定這是不是新情況，但您是否從宏觀角度看到什麼跡象表明 25 年的戰鬥可能會更加艱難？

Yeah, we really love to see the macros improve, but we think we're going to get same venue sales going, even if that doesn't happen. And what I'd tell you versus last year what's different, number one, the consumer environment is different; and two, how we're tackling it is different. Most notably, if I look at first half of last year when we were applying some promotions and targeted value on maybe specific digital channels and specific sort of shoulder parts of the business, we drove some incrementality a couple of points with the free 30 and the free-play promotions. But this year, we're really providing value when our players can truly use it, which is Sunday and late-night, which is two ownable equities for us. We've done a bunch of research in terms of why players love Topgolf, why they come to Topgolf, where do we have a competitive advantage. Those are two segments and two parts of the business where we have base to sell and it's very profitable for us to provide the price point that we're targeting.

是的，我們真的很高興看到宏觀方面的改善，但我們認為即使這不會發生，我們也會實現同一場地的銷售。我想說的是，與去年相比，今年的不同之處在於，第一，消費環境不同；第二，我們解決問題的方法不同。最值得注意的是，如果我回顧去年上半年，當時我們在特定的數位管道和特定的業務部分應用了一些促銷和目標價值，我們透過免費 30 和免費遊戲促銷活動增加了幾個點。但今年，我們真正提供價值的是我們的玩家真正需要它的時候，也就是星期日和深夜，這對我們來說是兩個可擁有的資產。我們就球員為何喜愛Topgolf、為何選擇Topgolf以及我們的競爭優勢何在等問題進行了大量研究。這是我們有銷售基礎的兩個業務部門和兩個業務部分，並且提供我們目標價格點對我們來說非常有利可圖。

The other thing is that the price point is sharp, so how we price, which is by the hour. Just saying $30 is, in this environment, for six people, that's $5 a player. And that's extraordinary value. And the beauty of this for us, if you take Sunday, for example, Sunday is 15% of our business, gameplay is half the business. So we're basically putting 7%, 7% to 8%, of the business on a nice promotional value. But what we're seeing come out of it is larger group sizes, it's early but, in some respects, stronger F&B spend. So the groups, they're coming, they're socializing, they're spending more when they come. And both the traffic numbers are extremely encouraging and the sales as well.

另一件事是價格點很明確，所以我們的定價是按小時計算的。就說 30 美元，在這種環境下，對六個人來說，每位玩家就是 5 美元。這是非常寶貴的。對我們來說，這樣做的美妙之處在於，以周日為例，週日占我們業務的 15%，遊戲玩法佔業務的一半。因此，我們基本上將 7%（7% 到 8%）的業務投入到良好的促銷價值中。但我們看到的結果是團體規模更大，雖然還為時過早，但從某些方面來看，餐飲支出增加。所以這些團體來這裡是為了進行社交，他們來這裡會花更多的錢。流量數字和銷售額都令人鼓舞。

In terms of a couple of other things that I didn't get into much detail in my script on, but at the beginning of Q2, because people come into the venue, really, gameplay is like the anchor price, if you want to think of it that way, that's what kind of gets people in. We've done some deep statistical work on how our F&B prices compare and how people are navigating the menu. And we're rolling out a simplified menu with some targeted pricing moves inside the menu that we don't expect the player to see, but we expect to yield some comp growth and higher margins. And we saw sequential improvement through most of last year and before the weather hit, it was continuing. So I sort of feel like with this value construct and some of the F&B work we're doing, we had a strong slate of new news to get people excited about coming to Topgolf. I'm very optimistic.

至於其他一些事情，我在腳本中沒有詳細介紹，但在第二季度開始時，因為人們進入場地，實際上，遊戲玩法就像錨定價格，如果你想這樣想，這就是吸引人們進來的東西。我們對餐飲價格的比較以及人們如何瀏覽菜單進行了深入的統計工作。我們正在推出一個簡化的菜單，其中包含一些我們不希望玩家看到的有針對性的定價變動，但我們希望帶來一些成長和更高的利潤。我們看到去年大部分時間情況都在持續改善，在天氣因素來襲之前，這種狀況還在持續。因此，我感覺，透過這種價值構建以及我們正在進行的一些餐飲工作，我們就有一系列新消息可以讓大家對來到 Topgolf 感到興奮。我非常樂觀。

Great. Thank you. And then just a follow-up for Chip or Brian. I know you said no update on the spin, but just when you announced the spin, I think the expectation was to get to 3 times or under leverage within 12 months of the spin. Since then, just given kind of the headwinds you talked about, your EBITDA expectations are lower. So can you just update us on how we should be thinking about your expectations for pro forma leverage of that core business? And can you still get to 3 times within 12 months?

偉大的。謝謝。然後只是對 Chip 或 Brian 的後續跟進。我知道您說過沒有關於旋轉的更新，但是就在您宣布旋轉時，我認為預期是在旋轉後的 12 個月內達到 3 倍或以下槓桿率。從那時起，考慮到您談到的不利因素，您的 EBITDA 預期就較低了。那麼您能否向我們介紹一下我們應該如何看待您對該核心業務的預測槓桿率的預期？ 12個月內你還能達到3次嗎？

Sure, Megan. Again, we're not giving specific guidance, but we're very pleased with the way we finished Q4 with our cash flow. It's very strong. We expect to be cash flow positive for the total company and Topgolf in 2025. And in the spin situation, we would use -- our intention is to have a retained stake that we would use to help us delever. So we feel very good about where we are now and where we're headed.

當然，梅根。再次重申，我們沒有給出具體的指導，但我們對第四季的現金流狀況非常滿意。它非常強大。我們預計 2025 年整個公司和 Topgolf 的現金流將為正值。在旋轉情況下，我們會使用 - 我們的目的是保留股份，以幫助我們去槓桿。因此，我們對目前的狀況和未來的發展方向感到非常滿意。

Megan, I'll just add that as a Board and as a management team, we're going to ensure that both businesses are in strong financial and strategic positions at the time of separation. There are a lot of different paths for that and that's a commitment of ours.

梅根，我只想補充一點，作為董事會和管理團隊，我們將確保兩家公司在分離時都處於強大的財務和戰略地位。實現這一目標有很多不同的途徑，這是我們的承諾。

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

問答環節到此結束。我想將會議交還給 Chip Brewer 做最後發言。請繼續。

I would just thank everybody for tuning in today on the call. We appreciate your time, and we look forward to continuing to keep you updated as the opportunities present in the May call, if not before. Thank you so much.

我只想感謝大家今天的收聽電話會議。我們非常感謝您抽出時間，並期待在 5 月的電話會議中（甚至在此之前）繼續向您通報最新機會。太感謝了。

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。