Topgolf Callaway Brands Corp (MODG) 2025 Q1 法說會逐字稿

Good afternoon and welcome to the Topgolf Callaway Brand's First Quarter 2025 earnings conference call. (Operator Instructions). Please note this event is being recorded.

下午好，歡迎參加 Topgolf Callaway Brand 2025 年第一季財報電話會議。（操作員指令）。請注意，此事件正在被記錄。

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

現在，我想將會議交給投資者關係副總裁 Katina Metzidakis。請繼續。

Good afternoon and welcome to Topgolf Callaway Brand's first quarter earnings conference call. I'm Katina Metzidakis, Vice President of Investor Relations and Corporate Communications. 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 Arie Stars, Chief Executive Officer at Topgolf.

下午好，歡迎參加 Topgolf Callaway Brand 第一季財報電話會議。我是投資者關係和企業傳播副總裁 Katina Metzidakis。參加今天電話會議的還有我們的總裁兼執行長 Chip Brewer； Brian Lynch，我們的財務長兼首席法律長；以及 Topgolf 執行長 Arie Stars。

Earlier today, the company issued a press release announcing its first quarter, 2025 financial results. Our earnings presentation, as well as earnings press release, are both available on our investor relations website under the financial results tab. Aside from revenue, the financial numbers reported and discussed on today's call are non-GAAP measures.

今天早些時候，該公司發布了一份新聞稿，宣布了 2025 年第一季的財務表現。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。除收入外，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指標。

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

我們在演示中識別了這些非 GAAP 指標，並根據規則 G 將這些指標與相應的 GAAP 指標進行協調。請注意，本次電話會議將包括前瞻性陳述，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.

說完這些，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. Starting on slide 4, Q1 was a strong quarter for our company as we met or beat expectations in all segments of our business. I was particularly pleased with the margin improvement in our products business, as well as the consumer's response to recent initiatives at Topgolf.

謝謝你，卡蒂娜。大家下午好，感謝大家今天參加我們的電話會議。從第 4 張投影片開始，第一季對我們公司來說是一個強勁的季度，因為我們業務的所有部門都達到或超過了預期。我對我們的產品業務的利潤率提高以及消費者對 Topgolf 近期舉措的反響感到特別高興。

On the strategic front, we were pleased to announce an agreement to sell Jack Wolfskin to ANTA Sports, a transaction that will enable greater business focus as well as provide further financial flexibility as we move forward on our strategic process for Topgolf. Before I go into the segment results, I'll provide some comments on tariffs and their impact on us both in the near and long term.

在策略方面，我們很高興宣布達成協議，將 Jack Wolfskin 出售給安踏體育，這項交易將使我們更加專注於業務，並在我們推進 Topgolf 戰略進程的過程中提供進一步的財務靈活性。在介紹分部業績之前，我將對關稅及其對我們近期和長期的影響發表一些評論。

Needless to say, it's tough to predict the exact impact at this point, as we can't be sure what the final rates will be. During our last call, we forecast approximately a $5 million impact based on what we knew at that time. As of this call, and assuming current rates of approximately 10% for all countries of origin other than Mexico, Canada, and China, this year's unmitigated impact would be approximately $25 million an increase of $20 million versus our last call.

不用說，現在很難預測確切的影響，因為我們無法確定最終的利率是多少。在我們上次電話會議中，根據當時掌握的情況，我們預測影響約為 500 萬美元。截至本次電話會議，假設除墨西哥、加拿大和中國之外的所有原產國的當前稅率約為 10%，那麼今年的未減輕影響將約為 2500 萬美元，比上次電話會議增加 2000 萬美元。

Looking forward, if these are the final rates, we believe, -- we will be able to mitigate some portion by further optimizing operations and accelerating cost reduction in margin programs. We then believe we will have the ability to pass the balance on with only a minor impact to demand. We believe we are benefiting from having been proactive on costs and margin initiatives over the last 12-months and then accelerating them further recently.

展望未來，如果這些是最終利率，我們相信——我們將能夠透過進一步優化營運和加速降低利潤計劃的成本來減輕部分損失。我們相信，我們將有能力將餘額轉嫁出去，而對需求的影響很小。我們相信，我們受惠於過去 12 個月在成本和利潤方面採取的積極主動措施，以及最近進一步加快的步伐。

As well as from the scale, brand strength, and capabilities of our organization. Having said this, we'll be watching the economy and resulting demand side closely, as the risk of a further slowing of consumer activity has certainly gone up. And to be clear, my primary concern is on the demand side, and that outcome is unknowable at this point.

以及我們組織的規模、品牌實力和能力。話雖如此，我們將密切關注經濟和由此產生的需求方面，因為消費活動進一步放緩的風險肯定已經上升。需要明確的是，我主要關心的是需求面，而目前結果還無法得知。

Fortunately, as previously communicated and shown in slide 14 of our presentation, it's worth reminding ourselves that golf equipment has not historically been sensitive to mild recessions. Continuing on the US tariff front, Vietnam is our primary country of origin for both golf clubs and TravisMathew apparel. However, we also sourced goods from Taiwan several other ASEAN countries, Peru, Bangladesh and others. Fortunately, we source very little from Mainland China for sale into the US.

幸運的是，正如我們之前在簡報的第 14 張投影片中所傳達和展示的那樣，值得提醒自己，高爾夫設備在歷史上對輕微的經濟衰退並不敏感。繼續談論美國關稅問題，越南是我們高爾夫球桿和 TravisMathew 服裝的主要原產國。但是，我們也從台灣、其他幾個東協國家、秘魯、孟加拉等採購貨物。幸運的是，我們從中國大陸採購的銷往美國的產品很少。

For the North American market, we assemble our custom golf clubs in Mexico. But even at a 25% US tariff, the cost impact is small since it is a value-added tax, and the assembly is not a significant expense. On the ball side, I'd expect those of us that have had scaled and full manufacturing capabilities in the US to be better positioned long term.

對於北美市場，我們在墨西哥組裝客製化高爾夫球桿。但即使美國徵收 25% 的關稅，對成本的影響也很小，因為這是增值稅，而且組裝費用也不大。在球方面，我希望那些在美國擁有規模和完整製造能力的人能夠在長期內處於更有利的地位。

And it is also worth mentioning that recent exchange rate movements appear to be tied to the recent tariff policy and a weaker dollar is decidedly positive for us, as approximately 40% of our products business is outside of the US. Now turning to our segment performance. Starting with Golf Equipment. Both revenues and operating margins were ahead of expectations and feedback on our product remains strong. In the driver category alone, Elite was awarded 15 out of 15 stars on the US Golf Digest Hotlist, was named Today's Golfers’ expert Choice in the UK and our Elite triple diamond model was named Golfspy's most wanted driver.

另外值得一提的是，最近的匯率走勢似乎與最近的關稅政策有關，美元走弱對我們來說無疑是利好，因為我們約 40% 的產品業務在美國以外。現在談談我們的分部表現。從高爾夫設備開始。營收和營業利潤率均超乎預期，我們產品的回饋依然強勁。僅在一號木類別中，Elite 就榮獲了美國《高爾夫文摘》熱門榜單中 15 顆星中的 15 顆，被英國《今日高爾夫球手》專家評為“最佳選擇”，而我們的 Elite 三鑽型號則被 Golfspy 評為“最受歡迎的一號木”。

Turning to Q1 results. Our operating margins are benefiting from cost reduction and margin initiatives that we put into place over the last 12 months. Segment OpEx also benefited from a lease termination incentive in our Japan subsidiary, which Brian will give you more color on during his comments. US rounds played were up 3.8% in March, but down a little year-to-date, simply reflecting the weather. And overall demand in key global markets remain good through Q1.

轉向第一季業績。我們的營業利益率受惠於我們在過去 12 個月內實施的成本削減和利潤提高措施。分部營運支出也受惠於我們日本子公司的租賃終止激勵，Brian 將在評論中為您提供更多詳細資訊。3 月美國高爾夫比賽場次增加了 3.8%，但年初至今略有下降，這只是受天氣影響。第一季全球主要市場整體需求依然良好。

As expected, our market shares are down a little this year, reflecting a more competitive launch cadence, but I continue to feel good about the Golf Equipment segment, our brand and our outlook. In the Active Lifestyle segment, there is little new to report from an operational basis. Based on customer feedback, market conditions remained challenging in Q1, down mid- to high single digits, which was a continuation of last year's trends.

正如預期的那樣，今年我們的市場份額略有下降，反映出產品發布節奏更加具有競爭力，但我對高爾夫設備部門、我們的品牌和前景仍然充滿信心。在積極生活方式領域，從營運角度來看，沒有什麼新消息可報告。根據客戶回饋，第一季的市場狀況依然充滿挑戰，下降幅度達到中高個位數，延續了去年的趨勢。

Revenues in this segment were down in the quarter, primarily due to lower sales at Jack Wolfskin Europe, which was largely anticipated and planned for. Segment operating margins were up year-over-year, reflecting our cost reduction and margin initiatives. The biggest news in the segment is the agreement to sell the Jack Wolfskin brand later this quarter or early next.

本季該部門的收入有所下降，主要原因是 Jack Wolfskin 歐洲公司的銷售額下降，這在很大程度上是預料之中和計劃之中的。分部營業利益率年增，反映了我們的成本削減和利潤率提升措施。該領域最大的新聞是本季末或下個季度初達成出售 Ja​​ck Wolfskin 品牌的協議。

And I'd like to thank the Jack Wolfskin team for their work while a part of the Topgolf Callaway family. In particular, the efforts to right size and reposition the business over the last year. I think the proposed transaction is a good outcome for all involved, and I wish the Jack Wolfskin team's success going forward. Turning to Soft Golf our same venue sales were down approximately 12% for the quarter, within the guidance range we provided during our last call, but towards the higher end.

我還要感謝 Jack Wolfskin 團隊作為 Topgolf Callaway 家族的一員所做的工作。特別是去年我們為調整業務規模和重新定位所做的努力。我認為擬議的交易對所有相關方來說都是一個好的結果，我祝 Jack Wolfskin 團隊未來取得成功。談到軟高爾夫，我們同一場地的銷售額本季下降了約 12%，在我們上次電話會議中提供的指導範圍內，但接近較高水平。

Importantly, we saw positive results from two key initiatives that started in mid-March, Sunday Funday and Topgolf Nights. Sunday Funday was especially impactful driving more than 20% improvements in same-day traffic. Stepping back to look at the big picture. From a positioning perspective, Topgolf continues to enjoy an enviable consumer position.

重要的是，我們看到了 3 月中旬啟動的兩項重要舉措「Sunday Funday」和「Topgolf Nights」的正面成果。Sunday Funday 的效果尤其顯著，使當日交通量提高了 20% 以上。退一步來看大局。從定位角度來看，Topgolf 繼續享有令人羨慕的消費者地位。

Both golf and experiences like Topgolf remain on trend with consumers and Topgolf appeals to a wide audience. not just golfers but society at large with an average income of approximately $100,000 per year. Topgolf also has a significant defensive moat, high venue returns and the demonstrated ability to drive further improvement in venue margins, and consumers continue to enjoy the experience.

高爾夫和 Topgolf 等體驗仍然受到消費者的追捧，並且 Topgolf 吸引了廣泛的受眾。不僅僅是高爾夫球手，而是整個社會，平均年收入約為 10 萬美元。Topgolf 還擁有強大的防禦護城河、高場地回報率以及進一步提高場地利潤率的明顯能力，消費者也繼續享受這種體驗。

As shown on slide 15, and using external data, our fund scores remain high and consumer feedback on the experience remains definitively positive, both in absolute terms and relative to our competitive set. But over the last 18 months, as the mid-income consumers become more stretched, Topgolf has begun to be perceived as relatively expensive.

如投影片 15 所示，使用外部數據，我們的基金評分仍然很高，消費者對體驗的回饋仍然非常積極，無論是絕對值還是相對於我們的競爭對手。但在過去 18 個月裡，隨著中等收入消費者的經濟壓力越來越大，Topgolf 開始被認為相對昂貴。

And in a slowing consumer environment, this is a significant bot, as a result, to better drive long-term same venue sales through economic cycles, we have made the strategic decision to reset the positioning, while at the same time continuing our efforts to drive efficiency as well as continually improving and refreshing the experience.

在消費環境放緩的情況下，這是一個重要的挑戰，因此，為了在經濟週期中更好地推動長期同場銷售，我們做出了重新定位的戰略決策，同時繼續努力提高效率並不斷改進和更新體驗。

Although we will remain a premium brand and experience, we have done extensive analysis and have a definitive plan to change our value perception, and to do so while protecting and growing long-term profitability. Sunday, Funday and Topgolf Nights are two excellent examples of key initiatives towards this end, and Artie will share others with you as well.

儘管我們仍將保持高端品牌和體驗，但我們已經進行了廣泛的分析，並製定了明確的計劃來改變我們的價值觀念，同時保護和提高長期盈利能力。Sunday、Funday 和 Topgolf Nights 是實現這一目標的兩個重要舉措的絕佳例子，Artie 也將與您分享其他舉措。

Let me be clear, we view this as a big change with significant upside, one that will be particularly important as Topgolf transitions to a separate independent company. As we change the consumers' value perception on Topgolf, we will open ourselves up for both more new and repeat customers throughout inevitable economic cycles.

我要明確一點，我們認為這是一個具有重大優勢的重大變化，當 Topgolf 轉型為獨立公司時，這項變革尤其重要。隨著我們改變消費者對 Topgolf 的價值觀念，我們將在不可避免的經濟週期中向更多的新客戶和回頭客敞開大門。

We can and we will do this, while also driving an improved experience and long-term margin growth. With these new initiatives, we expect to see meaningful and nearly immediate progress on traffic, and we have. They will have a positive but lesser impact on same venue sales as part of the traffic growth will be offset by a higher mix of value-oriented daytime pricing. In the near term, these initiatives will temporarily pressure venue margins.

我們能夠並且將會做到這一點，同時推動體驗的改善和長期利潤的成長。透過這些新舉措，我們期望看到交通方面取得有意義的、幾乎立即的進展，事實也確實如此。它們將對同一場所的銷售產生積極但較小的影響，因為部分客流量成長將被更高組合的價值導向日間定價所抵消。短期內，這些措施將暫時對場地利潤帶來壓力。

Fortunately, we believe we can offset most of this impact in the short to midterm and are maintaining our full year EBITDA guidance for Topgolf. Long term, we continue to see upside in venue level margins. Arthur will give you more color on all of this, including more specificity on the initiatives during his comments. Turning to Topgolf's balance of the year, same venue sales and revenue guidance, given the slow start to the year and economic uncertainty, we are revising the revenue in the same venue sales guidance to down 6% to 12%.

幸運的是，我們相信我們可以在短期至中期抵消大部分影響，並維持對 Topgolf 全年 EBITDA 的預期。從長期來看，我們將繼續看到場館層級利潤率的上升。亞瑟將為您詳細介紹這一切，包括在他的評論中對這些舉措的更多細節。談到 Topgolf 的年度餘額、同場銷售和收入指引，鑑於今年開局緩慢和經濟不確定性，我們將同場銷售指引中的收入下調 6% 至 12%。

For Q2 specifically, we expect a similar range of down 7% to down 12%. Now switching to the Topgolf process. We remain 100% committed and active in the process. We are still evaluating both the spin and the sale, and we continue to work towards a solution in the second half of this year. However, a lot has changed since we initially announced our intention to separate last September.

具體來說，對於第二季度，我們預計降幅將在 7% 至 12% 之間。現在切換到 Topgolf 流程。我們將繼續全心全意地致力於並積極參與這項進程。我們仍在評估分拆和出售事宜，並將繼續努力在今年下半年找到解決方案。然而，自從去年九月我們首次宣布分居意向以來，情況已經發生了很大變化。

As a result, if we spin to avoid RemainCo having too high leverage, the capital structure we are now planning for Topgolf will be different than what we previously communicated. Having said this, in the spin scenario, we remain 100% committed to positioning both RemainCo and Topgolf in strong financial positions with manageable leverage ratios and promising futures.

因此，如果我們調整以避免 RemainCo 的槓桿率過高，我們現在為 Topgolf 規劃的資本結構將與我們之前傳達的資本結構不同。話雖如此，在分拆情況下，我們仍然 100% 致力於讓 RemainCo 和 Topgolf 保持強勁的財務狀況、可控的槓桿率和光明的未來。

Brian will give more color on this during his comments. Finally, turning to our full year total company guidance, thanks to our strong first quarter, confidence in our operating abilities and some help on the revenue side via foreign exchange, we are pleased to be able to hold our financial guidance other than the impact of the now planned sale of Jack Wolfskin.

布萊恩將在評論中對此進行更詳細的闡述。最後，談到我們全年的整體公司指導，由於我們第一季的強勁表現、對我們營運能力的信心以及外匯在收入方面的一些幫助，我們很高興能夠維持我們的財務指導，除了現在計劃出售 Ja​​ck Wolfskin 的影響之外。

This guidance assumes the impact of current tariffs net of actions. The guidance does not assume further tariff escalation or an economic recession. This is clearly going to be an interesting year. But based on what we know at present, we remain well positioned to hit our full year numbers, build on our core strengths and unlocked value via our strategic processes. We remain excited and optimistic.

本指南假設當前關稅的影響已扣除行動影響。該指南並未假設關稅進一步上調或經濟衰退。顯然，這將會是充滿趣味的一年。但根據我們目前所掌握的情況，我們仍然能夠實現全年目標，鞏固我們的核心優勢，並透過策略流程釋放價值。我們依然興奮和樂觀。

Arthur, over to you for a more in-depth view of Topgolf and then to Brian for CFO comments.

亞瑟，請您更深入了解 Topgolf，然後請布萊恩對財務長發表評論。

Thanks, Chip. I'd like to share our performance for each of our key focus areas, along with what to expect for Q2 2025 and balance of year, starting with same venue sales. . As Chip mentioned, Topgolf's Q1 same venue sales were down 12% and in line with our guidance. 3+ Bay corporate events were down 13%, and the 1 to 2 Bay business was down 12%.

謝謝，Chip。我想分享我們在每個重點關注領域的表現，以及對 2025 年第二季和全年的預期，從同場銷售開始。。正如 Chip 所提到的，Topgolf 在第一季同場銷售額下降了 12%，符合我們的預期。3+ Bay 公司活動下降了 13%，1 至 2 Bay 業務下降了 12%。

The -- 1- to 2-Bay traffic was down 8% and average spend per visit was down 4%. And while same venue sales were challenged in Q1, we have made substantial progress in the focus areas, more compelling and accessible value, new and relevant experiences for our players and a streamlined corporate structure. Our number one priority is to drive traffic growth and improve value perception, which we believe is key as we navigate the current environment and for the long-term health of the brand.

1 至 2 號航站樓的客流量下降了 8%，每次訪問的平均花費下降了 4%。儘管第一季同場銷售面臨挑戰，但我們在重點領域取得了實質進展，為玩家提供了更具吸引力和可獲得的價值、新的相關體驗以及精簡的公司結構。我們的首要任務是推動流量成長和提高價值認知，我們認為這對我們應對當前環境和品牌的長期健康發展至關重要。

Overall traffic in the second quarter through April is approximately flat year-over-year with 1- to 2-Bay traffic up low single digits. We can directly attribute this to specific new offers and meaningful improvement in our price value consumer metrics. I'll cover in more detail the specific initiatives driving these results, but first, I'd like to comment on the consumer and our events business.

截至 4 月的第二季度，整體客流量與去年同期基本持平，其中 1 至 2 艙客流量僅增加了個位數。我們可以直接將此歸因於具體的新優惠以及價格價值消費者指標的顯著改善。我將更詳細地介紹推動這些成果的具體舉措，但首先，我想先評論一下消費者和我們的活動業務。

As we enter Q2 on the macro front, we are clearly seeing a price-sensitive consumer. While traffic was positive in April, same venue sales were down approximately 10% with 3+ Bay down 17% and 1- to 2-Bay down 8%. We continue to see players manage their spend, which we are addressing with targeted food and beverage offerings, which cater to group social locations.

當我們從宏觀角度進入第二季時，我們明顯看到了對價格敏感的消費者。雖然 4 月客流量為正，但同一場地的銷售額下降了約 10%，其中 3+ Bay 下降 17%，1 至 2-Bay 下降 8%。我們不斷看到玩家管理他們的支出，我們透過針對團體社交場所提供有針對性的食品和飲料來解決這個問題。

In addition, our events business is pressured as corporate spending on team outings and entertainment has reduced. It's clear that our corporate events business is going to be challenged in the near term, and we have modified our operating structure accordingly. Lead volumes are down significantly, but we are providing more flexibility on rate and time for event planners, which has led to increased conversion rates.

此外，由於企業在團隊出遊和娛樂方面的支出減少，我們的活動業務面臨壓力。顯然，我們的企業活動業務在短期內將面臨挑戰，我們也相應地修改了營運結構。雖然潛在客戶數量大幅下降，但我們為活動策劃者提供了更靈活的費率和時間，從而提高了轉換率。

This softer outlook for our 3+ Bay business is contemplated in our revised 2025 same venue sales guidance. A bright spot is an increase in youth events, where our team has done a fantastic job of marketing to youth organizations. These events provide great brand exposure to a core audience. Overall, Topgolf events remain an outstanding and differentiated offering, and we are confident in our competitive position.

我們在修訂後的 2025 年同場銷售指南中考慮到了 3+ Bay 業務的這種疲軟前景。一個亮點是青年活動的增加，我們的團隊在向青年組織行銷方面做得非常出色。這些活動為核心受眾提供了絕佳的品牌曝光機會。總體而言，Topgolf 賽事仍然是一項出色且差異化的賽事，我們對我們的競爭地位充滿信心。

As I mentioned, 1- to 2-Bay traffic through April has improved significantly. Average spend per visit is down high single digits, driven roughly equally by the removal of booking fees, which we believe is absolutely the right thing to do for the consumer, as well as the increased mix of our value offers and lower alcohol attachment rates.

正如我所提到的，四月 1 至 2 號港灣的交通狀況已顯著改善。每次訪問的平均花費下降了個位數，這大致是由於取消了預訂費（我們認為這對消費者來說絕對是正確的做法），以及我們增加了價值優惠組合併降低了酒精附加率。

I'm particularly excited about the player response and brand impact of two key new initiatives, which Chip mentioned earlier. Sunday Funday and Topgolf Nights. Sunday Funday promotes an appealing family-oriented message has outperformed the balance of the portfolio by low single digits on weekly sales year-over-year and high single digits on traffic. We have rolled this offer out to 80% of our venues.

我對 Chip 之前提到的兩項重要新舉措的玩家反應和品牌影響感到特別興奮。週日歡樂日和頂級高爾夫之夜。Sunday Funday 宣傳了一種有吸引力的以家庭為導向的理念，其周銷售額同比去年同期增長了低個位數，客流量也比投資組合中的其他產品高出了高個位數。我們已將此優惠推廣至 80% 的場館。

Topgolf Nights is having a smaller but still positive impact on sales and traffic. And is focused on appealing to the younger late-night portion of our audience, driving late-night utilization and adding energy and fun in the hours following peak Friday and Saturday evening. Our venue teams are doing an extraordinary job executing on these offerings with fun scores continuing to improve year-over-year.

Topgolf Nights 對銷售和客流量的影響雖然較小，但仍是正面。並致力於吸引我們觀眾中較年輕的深夜部分，推動深夜利用率並在周五和周六晚上高峰期之後的幾個小時增添活力和樂趣。我們的場地團隊在執行這些服務方面做得非常出色，樂趣分數逐年不斷提高。

Leveraging the learnings from Sunday Funday and Half Price Tuesday, in April, we began testing expanded value offerings from Monday through Thursday. Currently, we are in 40 venues. And while early, we are encouraged with the results and promising sales and traffic readings to date. With this increased traffic, we've added a Funday faves appetizer optimized for groups of four or more.

利用從「週日歡樂日」和「半價星期二」活動獲得的經驗，我們從四月開始測試從週一到週四的擴展價值優惠。目前，我們的業務已涵蓋 40 個場館。雖然還處於早期階段，但我們對迄今為止的業績以及良好的銷售和客流量數據感到鼓舞。隨著流量的增加，我們添加了 Funday 最愛開胃菜，專門針對四人或四人以上的團體進行了優化。

In addition, with more walk-in players, we're making sure that Topgolf is providing a great experience, not only in the bays but also at our bar areas with new $5 drafts and $6 margaritas available in most markets. The early results are very encouraging in average spend per visit and overall attachment. These investments in expanded value alongside the softness in 3+ Bay events will impact our venue margins in the near term.

此外，隨著越來越多的臨時球員加入，我們確保 Topgolf 不僅在球位提供良好的體驗，而且在我們的酒吧區也提供良好的體驗，在大多數市場都提供新的 5 美元生啤和 6 美元瑪格麗塔酒。每次造訪的平均花費和整體依戀度的早期結果非常令人鼓舞。這些擴大價值的投資以及 3+ Bay 活動的疲軟將在短期內影響我們的場地利潤率。

As a result, we are updating our outlook for EBITDAR margin and now expect an approximate 100 to 200 basis point decline year-over-year to approximately 32%. However, we are holding our full year adjusted EBITDA guidance as we are managing our corporate expenses to help support these investments. We will see significant long-term margin opportunity for our venues and have proven our ability to grow these margins.

因此，我們更新了 EBITDAR 利潤率的預期，目前預計將年減約 100 至 200 個基點，至約 32%。然而，我們維持全年調整後的 EBITDA 指引，因為我們正在管理公司費用以幫助支持這些投資。我們將看到我們的場館擁有巨大的長期利潤機會，並且已經證明了我們有能力提高這些利潤。

This year, we continue to test, optimize and roll out changes to our labor model, which will drive efficiencies and position venues to grow EBITDAR over the long term. We are choosing to invest in these traffic and brand driving initiatives while still ensuring we provide the great player experience we are well known for.

今年，我們將繼續測試、優化和推出勞動力模式的變革，這將提高效率並使場館能夠長期增加 EBITDAR。我們選擇投資這些流量和品牌驅動計劃，同時仍確保提供我們所熟知的出色玩家體驗。

Alongside these offers, we've continued to make enhancements to the experience. In addition to our 120-minute reservation, we've now rolled out 90 and 60-minute reservations to drive utilization and meet players' needs. We're able to flex the inventory of these shorter reservation times for peak demand periods. This does three things that are wins for our players and our business.

除了這些優惠之外，我們也持續提升用戶體驗。除了 120 分鐘的預訂外，我們現在還推出了 90 分鐘和 60 分鐘的預訂，以提高使用率並滿足玩家的需求。我們能夠根據高峰需求期靈活調整這些較短預訂時間的庫存。這對我們的玩家和我們的業務都有三方面的益處。

Number one meets a shorter time frame need for some groups. Number two, expand the inventory we have in a day and creates the opportunity for an extra turn of a Bay. And number three, optimizes F&B spend per visit. Approximately 1/3 of our players are already selecting 90-minute reservations. Given the success of our 90-minute reservation, we've also rolled out 60-minute reservations targeting late night occasions and are encouraged by the early player response.

第一項滿足了某些群體較短時間範圍的需要。第二，擴大我們一天的庫存量，並為海灣的額外轉變創造機會。第三，優化每次餐飲消費。我們大約有三分之一的玩家已經選擇了 90 分鐘的預訂。鑑於 90 分鐘預訂的成功，我們還推出了針對深夜場合的 60 分鐘預訂，早期玩家的反響令我們感到鼓舞。

It meets a post-dinner need for a group meet up where the private suite like Topgolf experience within our Bays is unique and fun. To further enhance the player in playmaker experience, we've begun our rollout of the toast point-of-sale system. We're in three markets so far and on track to have approximately half of our venues on toast by year-end. Toast will allow our bay host to service more bays, accelerate speed of service and over time, provide comprehensive mobile order and pay capability.

它滿足了晚餐後團體聚會的需求，在我們的海灣內享受類似 Topgolf 的私人套房體驗既獨特又有趣。為了進一步增強球員的組織核心體驗，我們已開始推出 Toast 銷售點系統。目前我們已經進入了三個市場，預計到年底我們的約一半場館將全部營業。Toast 將使我們的貨艙主機能夠服務更多的貨艙，加快服務速度，並且隨著時間的推移，提供全面的行動訂購和支付功能。

Early signs from our teams indicate significant enthusiasm for ease of training and improved service times. We are very excited about the long-term impact this will have on the business. This summer, we have exciting marketing experience plans beyond the value offering expansion I've detailed. We're rolling out two new games, which will target social groups and competitive sports fans.

我們團隊的早期跡象表明，他們對簡化培訓和縮短服務時間表現出極大的熱情。我們對這將為業務帶來的長期影響感到非常興奮。今年夏天，除了我詳述的價值擴展之外，我們還有令人興奮的行銷體驗計畫。我們正在推出兩款新遊戲，目標客戶是社交群體和競技運動迷。

We've also launched a summer fun pass, outstanding family-oriented value that addresses our players' needs in the moment. What sets Topgolf apart is that we enjoy best-in-class brand regard and player experience metrics, holding the number one spot for fun and atmosphere. As we reset the brand positioning on value, we will appeal to both new and repeat consumers, thus setting up better same venue sales through this economic cycle.

我們還推出了夏季趣味通行證，以家庭為導向，提供卓越的價值，滿足玩家當前的需求。Topgolf 的與眾不同之處在於，我們享有一流的品牌聲譽和球員體驗指標，在樂趣和氛圍方面名列第一。當我們重新設定品牌的價值定位時，我們將吸引新消費者和回頭客，從而透過這個經濟週期實現更好的同場銷售。

In closing, I'm very enthusiastic about the success of our new initiatives, are already having and the exciting launches we have for the summer and the fall. I believe this has the potential to be an incredibly important inflection point for Topgolf and set the brand for a successful future as an independent company.

最後，我對我們的新舉措的成功感到非常興奮，這些舉措已經取得成果，我們將在夏季和秋季推出令人興奮的舉措。我相信這有可能成為 Topgolf 的一個極其重要的轉捩點，並為該品牌作為獨立公司的成功未來奠定基礎。

Thank you, and over to you, Brian.

謝謝你，交給你了，布萊恩。

Thank you, Arthur, and good afternoon, everyone. Jumping into our Q1 results. Consolidated revenues of $1.09 billion decreased 5% year-over-year. This result was better than expected and was primarily due to the decrease in Topgolf same venue sales, the rightsizing of the Jack Wolfskin business and unfavorable foreign currency rates.

謝謝你，亞瑟，大家下午好。了解我們的第一季業績。綜合收入 10.9 億美元，年減 5%。這一結果好於預期，主要原因是 Topgolf 同場銷售額下降、Jack Wolfskin 業務規模調整以及不利的外匯匯率。

Q1 adjusted EBITDA of $167 million increased 4%, primarily due to increased profitability in the Golf Equipment and Active Lifestyle segments. The majority of this improvement was driven by improved gross margins and OpEx reductions. The segment has also benefited from a planned $12 million incentive to terminate early our lease for our Japan headquarters.

第一季調整後的 EBITDA 為 1.67 億美元，成長 4%，主要由於高爾夫設備和積極生活方式部門獲利能力的提高。這項改善主要得益於毛利率的提高和營運成本的降低。該部門還受益於一項計劃中的 1200 萬美元激勵措施，用於提前終止我們日本總部的租約。

Approximately 2/3 of the incentive impacted the Golf Equipment segment and 1/3 affected the Active Lifestyle segment. Both segments will incur some incremental expense in subsequent quarters for the relocation of the Japan headquarters. Moving to segment performance at Topgolf, Q1 revenue decreased 7% year-over-year due to the decline in same venue sales and the sale of the World Golf Tour business in December 2024, partially offset by revenue from new venues.

約有 2/3 的激勵措施影響了高爾夫設備領域，1/3 影響了積極生活方式領域。由於日本總部的搬遷，這兩個部門在隨後的幾個季度都將產生一些增量費用。轉向 Topgolf 的分部業績，由於同場館銷售額下降以及 2024 年 12 月出售世界高爾夫巡迴賽業務，第一季度收入同比下降 7%，但新場館的收入部分抵消了這一影響。

Topgolf Q1 operating income decreased $15 million to a $12 million loss, while adjusted EBITDA decreased $16 million year-over-year to $44 million. These declines were primarily due to lower same venue sales performance, partially offset by ongoing cost reduction efforts. Moving to the Golf Equipment segment. Q1 revenue decreased 1% to $444 million year-over-year and was approximately flat on a constant currency basis despite a more competitive launch environment.

Topgolf 第一季營業收入減少 1,500 萬美元，虧損 1,200 萬美元，調整後 EBITDA 年減 1,600 萬美元，至 4,400 萬美元。這些下降主要是由於同場銷售業績下降，但被持續的成本削減措施部分抵銷。轉向高爾夫設備領域。儘管上市環境競爭更加激烈，但第一季營收年減 1% 至 4.44 億美元，以固定匯率計算基本持平。

Golf Equipment operating income increased 24% to $102 million. The $20 million increase was due to our improved gross margins, the impact of the lease termination incentive and other cost savings. In our Active Lifestyle segment, Q1 revenue decreased $17 million year-over-year to $255 million. This decrease is due to the planned rightsizing of the Jack Wolfskin business in Europe.

高爾夫設備營業收入成長 24%，達到 1.02 億美元。2000萬美元的成長是由於我們的毛利率提高、租賃終止激勵的影響以及其他成本的節省。在我們的積極生活方式部門，第一季營收年減 1,700 萬美元至 2.55 億美元。此次下降是由於 Jack Wolfskin 計劃對歐洲業務進行精簡。

Operating income increased $6 million to $31 million, primarily driven by cost savings at Jack Wolfskin and gross margin improvement for the total segment. Pushing gears 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. As of March 31, 2025, our available liquidity increased $85 million to $805 million due to increased cash compared to first quarter 2024.

營業收入增加 600 萬美元，達到 3,100 萬美元，主要由於 Jack Wolfskin 的成本節約和整個部門的毛利率提高。推動資產負債表和流動性的改善。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 2025 年 3 月 31 日，與 2024 年第一季相比，由於現金增加，我們的可用流動資金增加了 8,500 萬美元，達到 8.05 億美元。

At quarter end, net debt was $2.74 billion, including $258 million in convertible debt, up slightly from $2.68 billion last year due to increased venue financing, partially offset by a $50 million discretionary paydown of our term loan B. Excluding venue financing debt, which is essentially capitalized rent related to our Topgolf venues, but including the convertible debt, our REIT adjusted net debt was $1.22 billion, down $159 million year-over-year as a result of the increased cash and debt paydowns.

截至季末，淨債務為 27.4 億美元，其中包括 2.58 億美元的可轉換債務，略高於去年的 26.8 億美元，原因是場地融資增加，但部分被我們定期貸款 B 的 5000 萬美元自由裁量償還所抵消。不包括場地融資債務（基本上是與我們的 Topgolf 場地相關的資本化租金），但包括可轉換債務，我們的房地產投資信託基金調整後的淨債務為 12.2 億美元，由於現金和債務償還增加，同比減少 1.59 億美元。

Net debt leverage, including the convertible debt rose to 4.6 times from 4.5 times, and -- driven by higher venue financing. However, REIT adjusted net leverage, which includes rent interest payments, improved to 2.5 times from 2.7 times. We are comfortable with these leverage levels. Our inventory balance decreased $49 million versus the end of Q1 2024 to $654 million at the end of Q1 2025, we -- due to the $75 million accounting reclassification of Jack Wolfskin inventory to current assets held for sale.

包括可轉換債務在內的淨債務槓桿率從 4.5 倍上升至 4.6 倍，這是受場地融資增加的推動。不過，房地產投資信託基金調整後的淨槓桿率（包括租金利息支付）從 2.7 倍改善至 2.5 倍。我們對這些槓桿水平感到滿意。我們的庫存餘額與 2024 年第一季末相比減少了 4,900 萬美元，至 2025 年第一季末的 6.54 億美元，這是由於將 7,500 萬美元的 Jack Wolfskin 庫存重新分類為持有待售的流動資產。

Before moving to guidance, I want to provide a further update on our strategic initiatives. First, the sale of our Jack Wolfskin business remains on track. We have submitted our regulatory approval applications and are taking other applications in preparation for closing. We still expect this to close in late second quarter or early third quarter.

在提供指導之前，我想進一步介紹我們的策略舉措。首先，我們的 Jack Wolfskin 業務的出售仍在按計劃進行。我們已經提交了監管部門的批准申請，並且正在接受其他申請以準備完成。我們仍然預計這將在第二季末或第三季初完成。

With regard to Topgolf, we continue to believe that separating Topgolf from our core business will create value for our shareholders. As a result, we are actively pursuing various alternatives to affect the separation, including a sale, a spin or other transaction. At this point, we are still targeting the second half of the year to effectuate the separation with Q4 being more likely than Q3.

關於Topgolf，我們仍然相信將Topgolf與我們的核心業務分開將為我們的股東創造價值。因此，我們正在積極尋求各種替代方案來實現分離，包括出售、分拆或其他交易。目前，我們仍計劃在今年下半年實現分離，第四季比第三季更有可能。

However, conditions have changed a lot since we first announced our intention to separate the Topgolf business last September. We are, therefore, reassessing how much debt and cash each company would be capitalized with post separation to ensure that both companies have sufficient liquidity and are in a strong financial position in a spin scenario.

然而，自從去年 9 月我們首次宣布打算分離 Topgolf 業務以來，情況已經發生了很大變化。因此，我們正在重新評估分拆後每家公司將有多少債務和現金，以確保兩家公司在分拆情況下都擁有足夠的流動性並處於強勁的財務狀況。

In the case of the core business, this means having a clear path to be at approximately three times or less leverage in a reasonable amount of time. And in the case of Topgolf, this means having no more than modest funded debt leverage. All in all, our original objective remains the same: to unlock the value of both businesses, minimize execution risk and create two strong, well-capitalized companies with compelling futures.

對於核心業務而言，這意味著有一條清晰的路徑，可以在合理的時間內將槓桿率降至約三倍或更低。就 Topgolf 的情況而言，這意味著其融資債務槓桿不會超過適度水準。總而言之，我們最初的目標保持不變：釋放兩家企業的價值，最大限度地降低執行風險，並創造兩家實力雄厚、資本充足、前景光明的公司。

Now turning to the balance of the year outlook. As a reminder, our Q2 and full year guidance continues to include the full financial impact of the Jack Wolfskin business. Assuming this sale closes in late Q2 or early Q3 as expected, the guidance will automatically be adjusted to exclude the Jack Wolfskin results for the balance of the year as of the closing date.

現在來談談今年的平衡展望。提醒一下，我們的第二季和全年指引繼續涵蓋 Jack Wolfskin 業務的全部財務影響。假設此次出售按預期在第二季末或第三季初完成，則指導方針將自動調整，以排除截至截止日期的全年餘額中的 Jack Wolfskin 業績。

While we are not updating our guidance for the Jack Wolfskin business at this time, we have provided in our earnings release today, the amount of planned revenue and adjusted EBITDA attributable to the Jack Wolfskin business in our budget this year, including estimates for the first half. Given current conditions and trends, we are revising our Topgolf same venue sales guidance from down mid-single digits to down 6% to 12%.

雖然我們目前沒有更新對 Jack Wolfskin 業務的指導，但我們在今天的收益報告中提供了今年預算中歸屬於 Jack Wolfskin 業務的計劃收入和調整後 EBITDA 金額，包括上半年的估計數。鑑於目前的情況和趨勢，我們將 Topgolf 同場銷售預期從下降中位數個位數修改為下降 6% 至 12%。

As a result, we are also lowering our full year Topgolf revenue estimates to $1.680 billion to $1.790 billion, which is $45 million lower than previous guidance. However, we are maintaining our adjusted EBITDA guidance for Topgolf of $240 million to $300 million as our cost savings initiatives are offsetting the expected decrease in revenue. We are reiterating our consolidated full year revenue guidance of $4.0 billion to $4.185 billion.

因此，我們也將 Topgolf 全年營收預期下調至 16.8 億美元至 17.9 億美元，比先前的預期低 4,500 萬美元。不過，我們維持 Topgolf 2.4 億至 3 億美元調整後 EBITDA 指引不變，因為我們的成本節約措施抵銷了預期的營收下降。我們重申全年綜合收入預期：40 億美元至 41.85 億美元。

However, in light of the decrease in Topgolf revenue estimates, we are currently tracking below the midpoint of this guidance. We are also reiterating our adjusted EBITDA guidance of $415 million to $505 million. Both the revenue and adjusted EBITDA estimates are subject to adjustment for the expected sale of the Jack Wolfskin business.

然而，鑑於 Topgolf 收入預期下降，我們目前的追蹤數據低於該指引的中點。我們也重申調整後的 EBITDA 預期為 4.15 億美元至 5.05 億美元。收入和調整後的 EBITDA 預估都將根據 Jack Wolfskin 業務的預期出售進行調整。

We were able to maintain our consolidated guidance despite the current macroeconomic headwinds and because of our strong start to the year, improving foreign currency rates and the actions we have taken and continue to take to reduce cost and mitigate the estimated $25 million impact of the current tariffs. This guidance does not assume further tariff escalation or a meaningful worsening of economic conditions.

儘管當前宏觀經濟面臨逆風，但由於我們今年開局強勁、外匯匯率改善以及我們已經採取並將繼續採取的行動來降低成本並減輕當前關稅估計 2500 萬美元的影響，我們仍然能夠維持我們的綜合指導。本指南並不假設關稅進一步上調或經濟狀況顯著惡化。

In addition, our guidance today is based upon recent FX rates, but our revenue in particular is highly sensitive to fluctuations in such rates. Regarding free cash flow, we continue to expect to be free cash flow positive at both the total company and at Topgolf in 2025. Now turning to Q2. In Q2, we are forecasting consolidated revenue of $1.075 billion to $1.115 billion versus $1.158 billion in Q2 2024.

此外，我們今天的指導是基於最近的外匯匯率，但我們的收入尤其對此類匯率的波動高度敏感。關於自由現金流，我們繼續預計 2025 年整個公司和 Topgolf 的自由現金流都將為正值。現在轉到 Q2。我們預測第二季的綜合收入為 10.75 億美元至 11.15 億美元，而 2024 年第二季的綜合收入為 11.58 億美元。

This year-over-year decrease is due to a more competitive launch environment and shift in shipment timing in the Golf Equipment business. The continued impact from the rightsizing of the Jack Wolfskin business, the negative impact from the sale of the WGT gaming business in December 2024 as well as a projected decline in same venue sales.

與去年同期相比，這一下降是由於高爾夫設備業務的上市環境競爭更加激烈以及出貨時間的變化。Jack Wolfskin 業務精簡的持續影響、2024 年 12 月出售 WGT 博彩業務的負面影響以及預計的同場銷售額下降。

We estimate adjusted EBITDA to be in the range of $139 million to $159 million compared to $206 million in the prior year. This decrease is due to the projected decrease in revenue and an approximate $22 million impact from increased FX hedging losses, incremental tariffs and the sale of WGT. In summary, given the tariff volatility and softening consumer, visibility is limited, but we are providing our best estimates today.

我們估計調整後的 EBITDA 在 1.39 億美元至 1.59 億美元之間，而去年同期為 2.06 億美元。這一下降是由於預計收入減少，以及外匯對沖損失增加、關稅增加和 WGT 出售造成的約 2,200 萬美元的影響。總而言之，鑑於關稅波動和消費者疲軟，可見性有限，但我們今天提供了最佳估計。

Fortunately, we were proactive in our gross margin and cost reduction initiatives, which, along with improving FX rates are offsetting much of the impact of these macroeconomic headwinds. Importantly, we are well positioned in terms of our available liquidity for our business and the planned separation of Topgolf. In the meantime, we are managing that, which is within our control, including managing discretionary spending and rationalizing any capital investments.

幸運的是，我們積極主動地採取了提高毛利率和降低成本的舉措，這些舉措與外匯匯率的改善一起抵消了宏觀經濟逆風的大部分影響。重要的是，我們在業務可用流動性和 Topgolf 計劃分離方面處於有利地位。同時，我們正在管理我們能控制的事務，包括管理可自由支配的開支和合理化任何資本投資。

Overall, we feel good about our start to the year and believe we are well positioned not only to navigate this short-term volatility and -- and emerge a stronger company, but also create a shareholder value as we do so. With that said, I would now like to turn the call back over to the operator for Q&A.

整體而言，我們對今年的開局感到滿意，並相信我們不僅有能力應對短期波動，成為一家更強大的公司，而且還能為股東創造價值。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, JP Morgan.

（操作員指令）。摩根大通 (JP Morgan) 的馬修‧博斯 (Matthew Boss)。

Great and I appreciate all the color. So maybe, Chip, on the core Golf Equipment business, any change in the industry backdrop that you've seen so far for the segment. Can you touch on sell-through rates maybe on some of the key recent launches? Or just any change to your organic outlook for this year in that segment?

太棒了，我很欣賞所有的顏色。那麼，Chip，關於核心高爾夫設備業務，到目前為止您所看到的該領域的行業背景有任何變化嗎？您能否談談最近推出的一些主要產品的銷售率？或者您對今年該領域的有機展望有何變化？

Matt, the short answer is no, not really. The golf consumer remains strong, the markets remain solid, the -- and the outlook remains positive with no material change. So golf business has been on a good role. It remains that way, and we feel good about the outlook there. .

馬特，簡短的回答是，不是，真的不是。高爾夫消費者依然強勁，市場依然穩固，前景依然樂觀，沒有實質變化。因此高爾夫業務一直表現良好。情況依然如此，我們對那裡的前景感到樂觀。。

Great. And then maybe, Artie, as a follow-up. So on the value reset at Topgolf, I guess maybe a similar question. How much do you attribute the softening that you've cited to macro relative to competition? And just maybe how best to consider the timeline to scale the value initiatives, or any feedback that you've seen from tests that you've initiated to date.

偉大的。然後也許，阿蒂，作為後續行動。因此，關於 Topgolf 的價值重置，我想也許還有類似的問題。您認為您所提到的經濟疲軟在多大程度上歸因於宏觀經濟與競爭的關係？也許只是如何最好地考慮擴展價值計劃的時間表，或者您從迄今為止發起的測試中看到的任何反饋。

Sure. Well, I think on the macro front, the most direct impact we saw since last earnings would be on the event side. So we're clearly seeing corporate spending pressure and that's pretty direct in macro. I think the brand has been around for a while, and we're very confident that the events business is super competitive and the experience and feedback we get on to this great. It's just the environment for event spending from corporates in particular is pressured.

當然。嗯，我認為從宏觀角度來看，自上次獲利以來我們看到的最直接的影響是在事件方面。因此，我們清楚地看到了企業支出壓力，這在宏觀上是相當直接的。我認為該品牌已經存在了一段時間，我們非常有信心，活動業務競爭非常激烈，我們在這方面獲得的經驗和回饋也非常棒。只是企業的活動支出環境尤其面臨壓力。

The consumer is definitely price sensitive. I wouldn't say that it's materially different today than it was 45 to 90 days ago. But what I'm excited about is the immediate response. I think the traffic numbers kind of speak for themselves. We're certainly investing in it with value and doing right by the consumer in this environment. But the immediate response is probably what I'm probably most enthusiastic on in this concept of it not only being compelling, but accessible.

消費者肯定對價格敏感。我不會說今天的情況與 45 到 90 天前有實質的不同。但令我興奮的是立即得到的回應。我認為流量數字已經說明了一切。我們當然會以有價值的方式進行投資，並在這種環境下為消費者做出正確的選擇。但最讓我熱衷的可能是立即的反應，因為這個概念不僅引人注目，而且易於理解。

This is an environment where you've got to give value to -- we have to give value to our players when they can use it. So I think last time we talked a little bit about the shorter time period, this is we're hitting the bull's eye. Sunday Funday is, I think, a perfect example of when -- at a time when families can use it and need it and they're showing up.

這是一個你必須賦予價值的環境——當我們的玩家能夠使用它時，我們必須為他們賦予價值。所以我認為上次我們談論了較短的時間段，這次我們正切中要害。我認為，週日歡樂日就是一個完美的例子——當家庭可以利用它、需要它時，他們就會出現。

In terms of the rollout timing, we're moving very quickly. I think we're moving faster than we had intimated last time. So we have Sunday Funday. It's active in 80% of the venues have value attached to it. Topgolf Nights is in approximately half the portfolio now.

就推出時間而言，我們的進展非常快。我認為我們的進展比上次暗示的要快。所以我們有周日歡樂日。它在 80% 的場所都很活躍，並且具有附加價值。目前 Topgolf Nights 約佔投資組合的一半。

And the early week value, which back to this concept of being compelling and accessible becomes more accessible as kids get out of school, we'll be monitoring that very closely as we get -- we're in the middle of a college graduation period right now and then schools start getting out of school across our portfolio here in the coming weeks. So we'll be ready to activate it as we see it perform, but we're pleased so far.

而早期的價值，回到這個引人注目且易於理解的概念，隨著孩子們放學，它會變得更容易理解，我們會密切關注這一點——我們現在正處於大學畢業季，然後在接下來的幾周里，我們投資組合中的學校將開始放學。因此，我們將準備好在看到它的表現後激活它，但到目前為止我們很高興。

Michael Swartz, Truist Securities.

Truist Securities 的 Michael Swartz。

Maybe just a follow-up to Matt's questions around the value repositioning at Topgolf, but maybe from a cost perspective. I mean how do you plan to manage the venue level cost structure going forward? I think you talked about venue level margins coming down a bit in the near term. But how do we think about that longer term?

也許只是 Matt 關於 Topgolf 價值重新定位問題的後續回答，但也許是從成本角度來看。我的意思是您計劃如何管理未來的場地層級成本結構？我認為您談到了場地級別的利潤率在短期內會有所下降。但我們要如何看待這個長期問題呢？

Yes. So we remain extremely confident. I think the last few years, we've grown venue margins in various sales environment. So I'm as bullish as I've ever been on the long-term EBITDAR margin outlook for Topgolf. And I think what -- I'll just restate what we've said before, we think they can be north of 35%. We're choosing to invest in value at this point in time, and we're not going to compromise the player experience.

是的。因此我們仍然非常有信心。我認為過去幾年我們在各種銷售環境中的場地利潤率都有所提高。因此，我對 Topgolf 的長期 EBITDAR 利潤率前景一如既往地看好。我認為——我只是重申我們之前說過的話，我們認為這個比例可以超過 35%。我們選擇在此時投資價值，並且不會損害玩家體驗。

We view this environment as a time that we can acquire customers. We can acquire players. And we're seeing new players and repeat players respond to the offer. And when this environment subsides, we'll be in a fantastic position. I view the investments and improvements we've made in venue level performance as appropriate and relevant for us to be investing value at this moment.

我們將這種環境視為我們獲取客戶的時機。我們可以招募球員。我們看到新玩家和回頭客都對該優惠做出了回應。當這種環境消退時，我們將處於非常有利的地位。我認為我們在場館層級表現所做的投資和改進對於我們目前的投資價值是適當且相關的。

Some of the specific things we have done, we've obviously taken a fair amount of cost out of our corporate overhead and some areas of the business that are outside of the venues. Inside the venues, I'd just say the efficiency metrics, we just continue, to every couple of quarters, we roll out another iteration of our labor model.

我們所做的一些具體的事情，顯然從我們的公司管理費用和場館以外的一些業務領域中節省了相當多的成本。在場館內部，我只想說效率指標，我們每隔幾季就會繼續推出另一個勞動模式的迭代。

When you change demand when people are coming in more on Sunday, Monday through Thursday, late night, Friday and Saturday, it gives you an opportunity to kind of refresh those models and our teams are just responding really well. So just continue to be very optimistic about venue margins in the long term, but we are investing in the near term in value.

當你改變需求時，人們在周日、週一到週四、深夜、週五和週六來得更多，這就給你提供了一個更新這些模型的機會，而我們的團隊對此做出了非常好的反應。因此，我們對長期的場地利潤率仍然非常樂觀，但我們在短期內進行價值投資。

Okay. That's great color. And just sticking on Topgolf. Maybe give us a feel for the cadence of the quarter. And just wondering, was there any impact from the Easter shift to the later Easter into the second quarter?

好的。顏色真棒。並且堅持使用 Topgolf。也許可以讓我們感受一下本季的節奏。我只是想知道，復活節推遲到第二季會有什麼影響嗎？

Yes, there's definitely a shift that kind of goes both ways for us, where Easter week ends up not being much of an event week. The flip side is, is it -- you got some -- kids are out of school and the brakes are a little bit different. So it did shift it a little bit, but I wouldn't say that it was material in terms of month-to-month or informing our guidance. As I mentioned, we're pleased with the pickup of the walk-in side of the business in April. And events have softened, and that informs the guidance we put forward for Q2.

是的，這對我們來說肯定是一種雙向的轉變，復活節週最終不再是活動週。另一方面，有些孩子已經放學，煞車也有些不同。所以它確實發生了一些變化，但我不會說它對月度或指導意義是實質性的。正如我所提到的，我們對四月份門市業務的回升感到滿意。事態已經緩和，這為我們提出的第二季度指導提供了依據。

Megan Alexander, Morgan Stanley.

摩根士丹利的梅根亞歷山大。

Wanted to ask a little bit about the cost savings that you've talked about. I think Chip and Brian, you both mentioned that proactive cost savings are positioning you to be able to hold the guidance today despite some -- despite the tariffs and the reduction in Topgolf revenue. When we think about the cost savings, has what you've done? Is it just coming in better than you anticipated?

想問您談到的成本節約問題。我想，Chip 和 Brian，你們都提到，儘管存在一些關稅和 Topgolf 收入減少的情況，但主動的成本節約使你們能夠保持今天的指導。當我們考慮節省成本時，您做了什麼？它是否比你預期的要好？

Or are there incremental cost savings you've identified? And if it is that latter, could you maybe just expand a bit more on the products versus Topgolf side, what some of those cost savings are?

或者您發現了增量成本節約？如果是後者，您能否進一步詳細說明與 Topgolf 相比的產品，有哪些成本節省？

Sure, Megan. I'll take a cut at it. It's a little bit of both. So we were aggressive at going after cost and efficiency improvements really starting this time last year and accelerating through the year. And then as we saw the conditions flashing more risk, which we clearly did going into this year as we saw FX headwinds and announced policy changes that were likely to be impactful, we've accelerated our efforts to manage those costs and improve efficiency.

當然，梅根。我會嘗試一下。兩者都有一點。因此，我們從去年這個時候開始積極追求成本和效率的改善，並在全年不斷加速。然後，當我們看到形勢閃現出更多風險時，我們在今年明顯地看到了這一點，因為我們看到了外匯逆風並宣布了可能產生影響的政策變化，我們加快了管理這些成本和提高效率的力度。

And it's really across all areas of the business. Artie can speak to Topgolf, but they did meaningful reductions in the corporate overhead, portions of which were last year, but then accelerated significantly this year. We have done the same here at the corporate side of Topgolf Callaway. We are driving further efficiencies in the operations side of the business. So there's quite a bit going on, on all fronts there.

它確實涉及業務的所有領域。Artie 可以與 Topgolf 交談，但他們確實大幅削減了公司管理費用，其中一部分是去年削減的，但今年的削減速度明顯加快。我們在 Topgolf Callaway 公司方面也做了同樣的事情。我們正在進一步提高業務營運方面的效率。所以，各方面都發生了很多事情。

But the fact that we had, had that -- those wheels in motion already and then just could continue and accelerate them, I think, has benefited the business a great deal, and it allowed us to -- that plus a strong start to the year has allowed us to hold our current position.

但事實上，我們已經讓這些車輪運轉起來，然後就可以繼續並加速它們，我認為這對業務有很大的好處，並且它使我們能夠——再加上今年的強勁開局，使我們能夠保持目前的地位。

Great. That's helpful. And then maybe just a follow-up. Very helpful commentary on an update on the spin and how you think about leverage for both businesses. Wondered, you had previously said that Topgolf would be funded with -- I think it was approximately $200 million in cash as part of the separation plan. I wondered if you could maybe give us an update on that number in particular and whether your view on the cash level has changed at all, just given how much the macro has changed?

偉大的。這很有幫助。然後也許只是後續行動。關於最新情況以及您如何看待兩家企業的槓桿作用的評論非常有用。想知道，您之前曾說過 Topgolf 將獲得資金——我認為作為分離計劃的一部分，資金約為 2 億美元現金。我想知道您是否可以向我們提供有關該數字的具體更新信息，以及考慮到宏觀經濟發生了多大的變化，您對現金水平的看法是否有所改變？

Megan, it's Brian. You're correct. We did say originally that we plan at that time was to have no funded debt, just the venue liabilities with Topgolf and give them $200 million in cash. But a lot has changed since then. The whole environment has changed. And so we're reassessing the capital structure. And while we're not ready to give specifics, I will say that we would expect to give them less cash at this point and probably a modest amount of debt, which they can easily handle.

梅根，我是布萊恩。你是對的。我們最初確實說過，我們當時的計劃是不承擔任何融資債務，只承擔 Topgolf 的場地債務，給他們 2 億美元現金。但自那時起，很多事情都改變了。整個環境都變了。因此我們正在重新評估資本結構。雖然我們還沒有準備好給出具體細節，但我要說的是，我們預計目前會給他們較少的現金，並且可能會給他們少量的債務，這樣他們就可以輕鬆處理。

And this is all designed to make sure that both businesses are set up and that the RemainCo is not too overly levered.

這一切都是為了確保兩家公司都能正常運作，而且 RemainCo 的槓桿率不會過高。

Lucas Hudson, Bank of America.

美國銀行的盧卡斯·哈德森。

How much of the Topgolf same venue sales reduction was the result of April trends versus more cautious outlook in 3Q and 4Q from a softer consumer?

Topgolf 同店銷售額的下降有多少是 4 月趨勢造成的，而第三季和第四季由於消費者疲軟而導致的更謹慎的前景又有多少？

Yes. Thanks. This is Artie. I would say the primary thing that drove it is just the view on events. So events in the quarter and then as we look out this quarter, that really is what drove the bulk of it. When we look at our walk in 1-and 2-Bay business, we're seeing improved traffic trends, we're obviously investing in value and getting some SPV down year-over-year from that, but it's primarily 3+ Bay abouts.

是的。謝謝。這是阿蒂。我想說，推動這一進程的主要因素是對事件的看法。因此，當我們回顧本季時，就會發現這確實是推動大部分事件發生的因素。當我們觀察我們的 1 灣和 2 灣業務時，我們看到了改善的客流量趨勢，我們顯然在投資價值，並且同比去年 SPV 有所下降，但主要是 3+ 灣的情況。

Got it. And then just staying on Topgolf same venue sales regarding 2Q guide. Could you just talk about what you have to do to hit the top or the bottom end of the guide?

知道了。然後僅關注 Topgolf 同一場地的第二季銷售指南。您能否談談您需要做些什麼才能達到指南的頂端或底端？

Yes. I think it's an extension in my prior comment. I think the range of the guide, -- contemplates the midpoint contemplates what we're currently seeing. And if 3+ Bay events were to come in worse than we currently expect, then that would inform that sort of the lower end or the worse end of the guide.

是的。我認為這是我之前評論的延伸。我認為指南的範圍——考慮中點，考慮我們目前所看到的情況。如果 3+ 灣事件比我們目前預期的更糟糕，那麼這將告知我們指南的較低端或較差端。

Got it. And good luck going forward.

知道了。祝你未來好運。

J.P. Wollam, ROTH Capital Partners.

J.P. Wollam，羅仕資本合夥公司。

Just again, kind of thinking about the value reset at Topgolf and at risk of being overly reductive, I'm just curious like, is there a way that you're thinking about how much you're effectively trying to kind of reduce price, if I was thinking about sort of a weighted average in terms of hourly price per day. Is there just kind of a high-level way that you guys think like we need to be 10% to 20% lower?

再說一次，考慮到 Topgolf 的價值重置以及過度降低的風險，我只是好奇，如果我考慮的是按小時計算的加權平均值，您是否考慮過您實際上試圖降低價格的幅度是多少。你們是否認為我們需要從高層次降低 10% 到 20%？

Yes. I think it differs. And hopefully, with the detail we've given you, we're trying to be very methodical about this by venue, by market, by region, and then there's also a day and week part component to it. So the data doesn't suggest like a crude percentage. The data suggests that there are certain times of the week and certain times of the day that we have an absolute right to win and if we have a more compelling price point, we can drive traffic, and we're seeing that.

是的。我認為是不同的。希望透過我們為您提供的詳細信息，我們可以按場地、市場、地區以及日期和星期部分對這一問題進行有條不紊的分類。因此數據並未顯示粗略的百分比。數據表明，在一周中的某些時間和一天中的某些時間，我們有絕對的權利獲勝，如果我們有一個更具吸引力的價格點，我們可以吸引流量，而且我們已經看到了這一點。

So embedded the breakdown I provided in the script, sort of 1/3 across the booking fees, alcohol attachment, we think, is something that's just price sensitivity of the consumer and then 1/3 coming from value, that's probably the best guidance I could give you across the whole revenue structure, if you want to call it that.

因此，我在腳本中嵌入了提供的明細，大約 1/3 是預訂費，酒精附加費，我們認為，這只是消費者的價格敏感度，然後 1/3 來自價值，這可能是我能給你的整個收入結構的最佳指導，如果你想這麼稱呼它的話。

What I might say is if you look at Sunday and you look at Topgolf Nights, depending upon the venue, that could be 15% to 20% of a venues volume in a given week. And if you think about gameplay being approximately half of our revenue stream. And then the price that we put into market could be 30% or 40% off of that. It kind of gets close to that 1/3 I share it as the overall breakdown.

我想說的是，如果你看看星期日和 Topgolf Nights，根據場地不同，這可能占到特定一周場地容量的 15% 到 20%。如果你考慮到遊戲玩法約占我們收入來源的一半。然後我們投放市場的價格可能會比這個價格低 30% 或 40%。它有點接近我所分享的 1/3 的整體細目。

Okay. Very helpful. And then just one more. Chip, maybe more on a kind of high-level basis here. But we've heard from kind of a few different companies, maybe pleasant surprises about less impact from tariffs and understand that that's a moving target every single day. But I guess the one thing that is pretty repetitive is price being somewhat of a lever and ideally not one that anyone wants to pull, but definitely a lever that could help offset.

好的。非常有幫助。然後再來一個。晶片，也許這裡更多的是一種高層次的基礎。但我們從幾家不同的公司那裡聽說，關稅的影響可能會減少，這可能是一個令人驚訝的消息，我們也知道這是一個每天都在變化的目標。但我想，有一件事是相當反覆的，那就是價格在某種程度上是一種槓桿，理想情況下，沒有人願意拉動它，但絕對是一種可以幫助抵消的槓桿。

And so as we think about kind of the back half of the year and into next year, how much do you guys worry that you could see a good amount of price increases across the industry and it might kind of slow some demand headed into next year?

那麼，當我們考慮今年下半年和明年的情況時，你們有多擔心整個行業的價格會大幅上漲，並且可能會減緩明年的一些需求？

Yes, JP. Obviously, that's something that we give quite a bit of thought to. And we have three different segments of business, and all three of those segments have unique and different positions as they relate to the consumer. So if you look at our Golf Equipment business, we do not -- we think we have the ability to take price there. In other words, the elasticity of demand to price isn't particularly high.

是的，JP。顯然，這是我們深思熟慮的事情。我們有三個不同的業務部門，這三個部門與消費者的關係都有獨特且不同的地位。因此，如果你看看我們的高爾夫設備業務，我們不認為我們有能力在那裡定價。換句話說，需求對價格的彈性並不是特別高。

If we deliver a pleasingly different demonstrably superior product, and have to raise price a little bit, it has proven over time that the consumer will generally accept that price with minimal impact to demand. And -- so we're in a fortunate position there. It's also a relatively wealthy consumer that's highly passionate. In the Active Lifestyle category it's a little less clear than that. It's a little more sensitive to price than Golf Equipment, but not overly sensitive.

如果我們提供一個令人愉悅的、明顯優質的產品，並且必須稍微提高價格，那麼隨著時間的推移，事實證明消費者通常會接受該價格，而對需求的影響最小。因此，我們在這方面處於幸運的地位。這也是一個相對富裕且充滿熱情的消費者。在「積極生活方式」類別中，情況就不那麼明顯了。它對價格的敏感度比高爾夫設備稍微高一點，但也不是太敏感。

We again are in a premium category with TravisMathew being the anchor brand remaining in that category in addition to Callaway. So not highly sensitive but not as potentially inelastic as the golf equipment business. And then Artie's business at Topgolf, that consumer is roughly $100,000 a year consumer on average and value positioning there and proposition is turning out to be fairly relevant for us. And we're taking the appropriate steps there.

我們再次進入高端類別，除了 Callaway 之外，TravisMathew 是該類別中的主力品牌。因此，敏感度不是很高，但也不至於像高爾夫設備業務那樣缺乏彈性。然後是 Artie 在 Topgolf 的業務，該消費者平均每年大約消費 10 萬美元，那裡的價值定位和主張對我們來說相當重要。我們正在採取適當的措施。

But in the product side of our business, we think we're relatively well positioned. And as you could tell, we also have -- the ops team has done a nice job. We're not really in China in any meaningful or noticeable manner. And so the tariff impact isn't as big as it is for some others, plus our ability to manage through the process is certainly, we think, higher and proven.

但在我們的業務產品方面，我們認為我們處於相對有利的地位。正如您所看到的，我們的營運團隊也做得很好。我們實際上並沒有以任何有意義或引人注目的方式進入中國。因此，關稅的影響並不像對其他一些國家那麼大，而且我們認為，我們管理這個過程的能力肯定更高，也得到了證實。

Understood. Appreciate the color and best of luck.

明白了。欣賞色彩並祝你好運。

Casey Alexander, Compass Point.

凱西‧亞歷山大 (Casey Alexander)，指南針點。

I only have a couple of questions. First of all, Chip, did you get the sense that some of the strong results in the Golf Equipment division were from orders pulling through early and kind of front-running the tariff regime?

我只有幾個問題。首先，Chip，您是否覺得高爾夫設備部門的一些強勁業績是由於訂單提前完成並且領先於關稅制度？

We did not see that in Golf Equipment, now. Not from our customer base.

現在我們在高爾夫設備中還沒有看到這種情況。不是來自我們的客戶群。

Okay. That's fine. Great. Secondly, it sounds like the value proposition is driven towards the 1- to 2-Bay and yet I heard a couple of times that a lot of the softness is in the 3+ Bay. Is there also a value orientation program driven towards the events business? Are you thinking of the events business as something that's temporary corporations will come back and it's still a high-touch premium product?

好的。沒關係。偉大的。其次，聽起來價值主張是朝著 1 到 2 托架的方向發展的，但我曾多次聽說，很多柔軟之處都體現在 3+ 托架上。是否還有針對活動事業的價值導向計畫？您是否認為活動業務只是暫時的，公司會重新回歸，而且它仍然是一種高接觸的高端產品？

Yes. Good question, Casey. I think what we're doing on the event side is we're offering more kind of local regional flexibility just in the direct sales channel. So you wouldn't necessarily see it on the rate card, so to speak. But we're trying to win every sale that's out there and giving our teams the flexibility and incentives to do that. But we agree with you.

是的。問得好，凱西。我認為我們在活動方面所做的就是在直銷管道中提供更多類型的本地區域靈活性。因此，可以說您不一​​定會在價目表上看到它。但我們正努力贏得每一筆銷售，並為我們的團隊提供靈活性和激勵措施來做到這一點。但我們同意你的看法。

We think we have a great product, and it is a premium product. It's good value, too. But how you approach it in the market via advertising presentation on the website is just a little bit different than the player-facing business or the 1- and 2-Bay business.

我們認為我們擁有一款出色的產品，而且它是一款優質產品。它也非常有價值。但是，透過網站上的廣告展示在市場上實現這一目標的方式與面向玩家的業務或 1- 和 2-Bay 業務略有不同。

Yes, Casey.

是的，凱西。

If I understand what you're saying, then it's on a call-by-call basis and the sales rep has the ability to compete with, if its bolero or whoever you're competing with?

如果我理解你的意思，那麼這是基於逐個電話進行的，並且銷售代表有能力與之競爭，你是與 bolero 還是其他任何人競爭？

That's right. And I'd say it's -- it's a little bit more than a call-by-call basis where we'll have like a day of week where we'll have a specific promotion that we're trying to push through, through the events channel. But it's a bit more market by market versus across the entire portfolio at ex price.

這是正確的。我想說的是——這不僅僅是一次次的電話行銷，我們會在一周中的某一天透過活動管道推出特定的促銷活動。但它對各市場的影響比對整個投資組合的除息價影響更大。

Sorry to interrupt you, Chip.

很抱歉打擾你，Chip。

No, that's okay, Casey. And this is probably something you already know. But the events business isn't as sensitive to price as the consumer channel is, right? What's going on right now in many cases is just corporations are pulling back on all discretionary spending. And if somebody came in and said, hey, Chip, I can get a great event, but it's going to be 10% off, what do you think. The answer is still no.

不，沒關係，凱西。這可能你已經知道了。但是活動業務對價格的敏感度不如消費者管道高，對嗎？目前很多情況下的情況是企業正在削減所有可自由支配的支出。如果有人走進來說，嘿，奇普，我可以參加一個很棒的活動，但要打九折，你覺得怎麼樣？答案仍然是否定的。

And so we're finding that the consumer is responding very clearly to the quality of the product we're putting out at Topgolf combined with good value. And the event is just less responsive to that. It will turn around with overall corporate confidence more than it will respond to value, but we are providing some.

因此我們發現消費者對我們在 Topgolf 推出的產品的品質和價值反應非常積極。而該活動對此的反應卻不那麼強烈。它將更多地隨著整體企業信心的轉變而改變，而不是對價值做出反應，但我們正在提供一些。

Sounds to me like it's time to have a no tariff pricing night at Topgolf.

在我看來，現在是時候在 Topgolf 舉辦一次無關稅定價之夜了。

There are no tariffs at Topgolf, Casey.

凱西，Topgolf 沒有關稅。

Noah Zatzkin, KeyBanc Capital Markets.

KeyBanc 資本市場 (KeyBanc Capital Markets) 的 Noah Zatzkin。

I guess nice margin improvement on the equipment side. So I was wondering if you could kind of talk a bit about the drivers there and how you're thinking about equipment margins this year in general.

我認為設備方面的利潤率會有不錯的提高。所以我想知道您是否可以談談其中的驅動因素以及您對今年設備利潤率的整體看法。

Yes. Thank you, Noah. We appreciate it. We were really pleased with that as well. So we saw improvement in OpEx, but particularly, we saw improvement in the gross margin. So gross margin was up a couple of hundred basis points year-over-year. And we were pleased with that. It's coming from multiple areas and these initiatives that we put in place over the last several quarters in terms of improving our yields, freight, operating efficiency, working on the mix, et cetera.

是的。謝謝你，諾亞。我們對此表示感謝。我們對此也感到非常高興。因此，我們看到營運支出有所改善，但特別是我們看到毛利率有所改善。因此毛利率比去年同期上升了幾百個基點。我們對此感到很高興。它來自多個領域，以及我們在過去幾季中實施的這些舉措，旨在提高我們的收益率、貨運量、營運效率、最佳化組合等。

It comes from lots of different areas, but it's starting to manifest itself. Now having said that, the tariff impact that we will experience, and we will mitigate portions of it, but we will have some level of tariff impact that will obviously start to manifest itself increasingly through the year. And was -- did not have any significant impact in Q1.

它來自許多不同的領域，但它開始顯現出來。話雖如此，我們還是會經歷關稅的影響，我們會減輕部分影響，但一定程度的關稅影響顯然會在全年逐漸顯現出來。並且 - 對第一季沒有任何重大影響。

Great. And maybe just one on kind of the industry. Any sense of maybe how retail or the consumer behaved on the Equipment side in April? And any sense of kind of the promo level that's out there right now?

偉大的。也許只是關於這個行業的一種。您知道四月零售或消費者在設備上的表現如何嗎？您能感覺到現在的促銷水平嗎？

No real change. The golf consumer remains solid and fully engaged and promotional activity is either consistent with how it normally is or maybe even a little bit better.

沒有真正的改變。高爾夫消費者依然保持穩定並全心投入，促銷活動與平常一致，甚至可能略有改善。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

Just a quick question on Topgolf. You mentioned you're taking out a lot of corporate costs here. And at the same time, you're prepping that business for potentially a sale or spin, with the spin-off potentially requiring additional infrastructure. How do you balance the need to take out costs with the need to maybe build up some of the capabilities in that business ahead of the spin? And does that impact your decision on a sale or spin at all.

這只是關於 Topgolf 的一個簡單問題。您提到您在這裡省去了很多公司成本。同時，您也在為該業務的潛在出售或分拆做準備，而分拆可能需要額外的基礎設施。您如何在削減成本的需要與分拆前增強該業務的一些能力的需要之間取得平衡？這是否會影響您對銷售或旋轉的決定？

Casey, I think that we are -- I mean sorry, Joe, I think we are open to whatever create some most shareholder value. So we're analyzing spin or sale, we will explore that and do whatever creates the most. We are continuing to do the cost reductions, which are -- as Chip mentioned, which are funding a lot of the initiatives we have out there now and balancing that with, but there's not that much incremental costs we're going to have to add for Topgolf to go stand-alone.

凱西，我認為我們——我的意思是抱歉，喬，我認為我們對任何能創造最大股東價值的事情都持開放態度。因此，我們正在分析旋轉或銷售，我們將探索這一點並盡最大努力創造最大的收益。我們正在繼續削減成本，正如 Chip 所提到的，這為我們目前開展的許多計劃提供了資金，並實現了平衡，但為了使 Topgolf 獨立，我們不需要增加太多的增量成本。

Okay. And just maybe a quick follow-up, just to clarify on the tariffs, the $25 million, does your guide assume that you mitigate pretty much all of that?

好的。也許只是快速跟進一下，只是為了澄清關稅，2500 萬美元，您的指南是否假設您減輕了幾乎所有這些負擔？

We don't specify how much we mitigate of that, but it is all included in our guidance. Does that make sense?

我們沒有具體說明減輕了多少，但這一切都包含在我們的指導中。這樣有道理嗎？

Yes, it does. Thank you.

是的。謝謝。

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

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

All right. Well, I want to thank everybody for joining us today. Enjoy the rest of your spring and into the summer. I hope you get out and play some golf, maybe visit Topgolf. We look forward to updating you further on our next call, which will be end of the summer. Thank you.

好的。好吧，我想感謝大家今天的參加。享受剩下的春天和夏天。我希望你能出去打高爾夫球，也許去參觀一下 Topgolf。我們期待在夏季末的下次電話會議上向您提供進一步的更新資訊。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。