Topgolf Callaway Brands Corp (MODG) 2025 Q2 法說會逐字稿

Good day, and welcome to the Topgolf Callaway Brands second-quarter 2025 conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Topgolf Callaway Brands 2025 年第二季電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在我想將會議交給 Katina Metzidakis。請繼續。

Good afternoon, and welcome to Topgolf Callaway Brands' second-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 Artie Starrs, Chief Executive Officer of Topgolf.

下午好，歡迎參加 Topgolf Callaway Brands 第二季財報電話會議。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、我們的財務長兼首席法律長 Brian Lynch 以及 Topgolf 執行長 Artie Starrs。

Earlier today, the company issued a press release announcing its second-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. We identify these non-GAAP measures in the presentation and reconcile the measures to the corresponding GAAP measures in accordance with Regulation G.

今天早些時候，該公司發布了一份新聞稿，宣布了其2025年第二季的財務表現。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。我們在報告中識別了這些非 GAAP 指標，並根據 G 條例將這些指標與相應的 GAAP 指標進行協調。

Please note that this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations. 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 would now like to turn the call over to Chip.

說完這些，我現在想把電話轉給 Chip。

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，感謝大家今天參加我們的電話會議。

Starting on slide 4. Q2 was another strong quarter for our company as we met or beat expectations across all three segments of our business. I was particularly pleased with the continued consumer strength in our golf equipment business, our margin improvements there, and the excellent consumer response to Topgolf's value initiatives, which has significantly improved our traffic and sales trends.

從投影片 4 開始。第二季度對我們公司來說又是一個強勁的季度，因為我們業務的所有三個部門都達到或超過了預期。我對我們的高爾夫設備業務持續的消費者強勁勢頭、利潤率的提高以及消費者對 Topgolf 價值計劃的出色反應感到特別高興，這顯著改善了我們的客流量和銷售趨勢。

On the strategic front, we closed our previously announced sale of Jack Wolfskin, thus enabling greater business focus as well as providing further financial flexibility as we move forward on our strategic process for TopGolf.

在策略方面，我們完成了先前宣布的 Jack Wolfskin 出售交易，從而使我們能夠更加專注於業務，並在推進 TopGolf 戰略進程的過程中提供進一步的財務靈活性。

As you can see on slides 5 through 7, given the strong year-to-date results as well as our confidence in our ongoing initiatives, we are raising our full-year guidance for the consolidated business adjusted for the sale of Jack Wolfskin in May of this year. This includes higher full-year estimates for both Topgolf and our core business. And we are doing this while absorbing the impact of the additional tariffs that were announced after this year's initial guidance was provided in February.

正如您在幻燈片 5 至 7 中看到的，鑑於年初至今的強勁業績以及我們對正在進行的計劃的信心，我們將提高對合併業務的全年指導，以適應今年 5 月出售 Jack Wolfskin 的情況。這包括對 Topgolf 和我們的核心業務的更高全年預期。我們在採取這項措施的同時，也吸收今年 2 月發布初步指引後宣布的額外關稅的影響。

Turning to tariffs. Our best estimate of this year's impact is now approximately $40 million, up from $25 million at the time of our last call. This estimate is included in our full-year guidance, net of our mitigation and cost reduction initiatives, which are, of course, ongoing. We believe we are benefiting from having been proactive on cost and margin initiatives over the last 12 months as well as our scale in our category and the expertise of our supply chain team.

談到關稅。我們對今年影響的最佳估計目前約為 4000 萬美元，高於上次電話會議時的 2500 萬美元。這項估計已包含在我們的全年指引中，扣除了我們正在持續實施的緩解和成本削減措施。我們相信，我們受益於過去 12 個月在成本和利潤方面採取的積極主動措施，以及我們在本類別中的規模和供應鏈團隊的專業知識。

Before going further, I'd like to thank all of our employees and partners for their outstanding work year to date in driving our better-than-expected performance in what is an uncertain and challenging operating environment. The strength and dedication of our teams is making a big difference and is highly appreciated.

在進一步闡述之前，我要感謝我們所有的員工和合作夥伴，感謝他們今年迄今為止的出色工作，在充滿不確定性和挑戰的營運環境中推動我們取得好於預期的業績。我們團隊的力量和奉獻精神正在發揮巨大作用，我們對此表示高度讚賞。

Now, turning to our segment performance and starting with Golf Equipment. Both revenues and operating margins were ahead of expectations, and market conditions remain healthy, especially in the important US market.

現在，談談我們的分部業績，從高爾夫設備開始。收入和營業利潤率均超乎預期，市場狀況依然健康，尤其是在重要的美國市場。

For the quarter, our operating margins are approximately flat year over year despite incremental tariff expense and benefiting from cost reduction and margin initiatives that we've put into place over the last 12 months as well as healthy market conditions and some help from year-to-date improvements in foreign exchange rates. US rounds played are down a little year to date, simply reflecting the weather but are approximately flat on a playable hour adjusted basis. As mentioned, the US golf consumer remains healthy and engaged.

本季度，儘管關稅費用增加，但我們的營業利潤率與去年同期基本持平，這得益於我們在過去 12 個月中實施的成本削減和利潤率提升舉措，以及健康的市場條件和年初至今外匯匯率改善的一些幫助。今年迄今為止，美國的比賽輪次略有下降，這僅僅反映了天氣原因，但根據可玩小時數調整後，比賽輪次基本持平。如上所述，美國高爾夫消費者依然健康且積極參與。

Looking outside the US, market conditions remained strong in the UK and Northern Europe markets, but are a little softer year over year in Asia and Central Europe. Our market shares are down a little this year, reflecting a more competitive launch cadence and 100% consistent with our previously communicated expectations. I continue to feel good about the Golf Equipment segment, our brand and our outlook.

放眼美國以外，英國和北歐市場的市場狀況依然強勁，但亞洲和中歐市場的市場狀況較去年同期略有疲軟。今年我們的市佔率略有下降，反映出產品發布節奏更加具有競爭力，並且與我們先前傳達的預期 100% 一致。我繼續對高爾夫設備部門、我們的品牌和前景感到樂觀。

In the second half of this year, we'll be launching several exciting new products, including our new single piece forge line of X Forged and X Forged Max irons as well as our new premium Opus SP Wedges featuring Spin Pocket technology. These are exciting new products that we believe will be well received in the marketplace.

今年下半年，我們將推出幾款令人興奮的新產品，包括我們的全新單件鍛造系列 X Forged 和 X Forged Max 鐵桿以及採用 Spin Pocket 技術的全新優質 Opus SP 挖起桿。這些都是令人興奮的新產品，我們相信它們將會受到市場的歡迎。

We also created some fun brand energy via our partnership with the Happy Gilmore movie and our Odyssey hockey stick putters and Chrome Tour golf balls. Perhaps even more importantly, we remain confident in our product development pipeline and the products that we'll be launching in 2026 and beyond. We believe our continued commitment to product development and innovation will drive our long-term brand and technology leadership positions. As a result of all of this, we are raising our full-year revenue expectations for our Golf Equipment segment.

我們也透過與《快樂吉爾莫》電影以及我們的奧德賽曲棍球棒推桿和 Chrome Tour 高爾夫球的合作創造了一些有趣的品牌能量。或許更重要的是，我們對我們的產品開發管道以及我們將在 2026 年及以後推出的產品充滿信心。我們相信，我們對產品開發和創新的持續承諾將推動我們長期的品牌和技術領先地位。鑑於以上所有因素，我們提高了高爾夫設備部門的全年收入預期。

In the Active Lifestyle segment, there is little new to report from an operational basis. Based on third-party data, market conditions for the Athleisure category remained down mid- to high single digits during Q2. Our revenues reflected these market conditions, partially offset by the continued growth of the women's category at TravisMathew and positive sell-through trends in the Callaway apparel brand in Japan. Segment operating margins are up year over year, benefiting from the cost reduction and margin initiatives as well as the sale of Jack Wolfskin.

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。根據第三方數據，第二季運動休閒類別的市場狀況仍維持中高個位數下降。我們的收入反映了這些市場狀況，但被 TravisMathew 女裝類別的持續成長和日本 Callaway 服裝品牌的積極銷售趨勢所部分抵消。由於成本削減和利潤率提升舉措以及 Jack Wolfskin 的出售，部門營業利潤率同比增長。

Turning to Topgolf, our traffic trends improved considerably with same venue sales finishing Q2 at down approximately 6%. This was better than our expectations as our value initiatives and our Summer Fun Passes both exceeded our forecast. Same venue sales for the first four retail weeks of July continued the positive trend at down approximately 3%. Perhaps most importantly, our traffic results were up 6% in Q2 and 12% in that same July period.

談到 Topgolf，我們的客流量趨勢明顯改善，第二季同場銷售額下降約 6%。這比我們的預期要好，因為我們的價值計劃和夏季趣味通行證都超出了我們的預測。7 月前四周零售同店銷售持續呈現正面趨勢，下降約 3%。或許最重要的是，我們的流量結果在第二季成長了 6%，在 7 月同期成長了 12%。

Last quarter, we explained that third-party research shows that the consumer continues to enjoy the Topgolf experience, but that we have to reposition our value perception. As shown on slide 11, this continues to be the case as 100x data measuring 21 entertainment and dining brands ranks Topgolf number one in the important metrics of fun, atmosphere, and food and drink, but only 16 for value and 19 for price.

上個季度，我們解釋說，第三方研究表明，消費者繼續享受 Topgolf 體驗，但我們必須重新定位我們的價值觀念。如投影片 11 所示，這種情況仍在繼續，因為透過對 21 個娛樂和餐飲品牌進行 100x 數據測量，Topgolf 在趣味性、氛圍和食品飲料等重要指標中排名第一，但在價值方面僅排名第 16，價格方面僅排名第 19。

Data like this drove the team to lean into the expanded value initiatives that we implemented during Q2 and after doing so, the definitive consumer reaction to these initiatives reinforces our belief that we are on the right path.

這樣的數據促使團隊傾向於我們在第二季度實施的擴展價值計劃，並且在這樣做之後，消費者對這些計劃的明確反應強化了我們走在正確道路上的信念。

And let me be clear. Given the strength of our concept, along with its substantial defensive moat, we view this as a big strategic move with significant upside. One that will be particularly important as Topgolf transitions to an independent company. As we change the consumers' value perception on Topgolf and continue to drive the quality of the experience, we are opening ourselves up for both more new and repeat customers as well as sustained performance throughout inevitable economic cycles.

讓我說清楚一點。鑑於我們理念的實力及其強大的防禦護城河，我們認為這是一項具有巨大上升空間的重大戰略舉措。當 Topgolf 轉型為獨立公司時，這一點尤其重要。隨著我們改變消費者對 Topgolf 的價值觀念並繼續提高體驗質量，我們將為更多的新客戶和回頭客敞開大門，並在不可避免的經濟週期中保持持續的績效。

Turning to margin. The team also continues to do an excellent job in this area. Again, exceeding our internal expectations and delivering venue level EBITDAR margins that were approximately flat year over year despite eliminating booking fees, adding significant value, and the already mentioned decline in same venue sales. These results reinforce our long-term conviction for upside in venue level margins even while driving improved value. Artie will give you more color on this during his comments.

轉向保證金。該團隊也繼續在這一領域做得非常出色。再次超出了我們的內部預期，儘管取消了預訂費、增加了顯著的價值，以及前面提到的同場銷售額下降，但場館級 EBITDAR 利潤率與去年同期基本持平。這些結果強化了我們的長期信念，在推動價值提升的同時，場館層級的利潤率仍有上升空間。阿蒂將在評論中對此進行更詳細的闡述。

Turning to Topgolf's balance of the year same venue sales and revenue guidance. We are revising the same venue sales guidance from down 6% to 12% and to down 6% to 9%. For Q3 specifically, we expect same venue sales to be down low to mid-single digits. During his section, Artie will provide you with more specifics on the key initiatives that have driven our stronger-than-expected results for Q2 and that we're excited about for the balance of the year.

談到 Topgolf 的年度平衡同場銷售和收入指導。我們正在修改同一場館的銷售指導價格，從下降 6% 至 12% 以及下降 6% 至 9%。具體到第三季度，我們預期同店銷售額將下降低至個位數中段。在他的專題演講中，Artie 將向您詳細介紹推動我們第二季業績超出預期的關鍵舉措，以及我們對今年剩餘時間的業績感到興奮的舉措。

Now, switching to the Topgolf process. We remain 100% committed and active in the process. We are still evaluating both a spin and a sale. However, the pending change in the leadership at Topgolf, which we announced last week, makes us spin impractical for the second half of this year. If a spin is the ultimate shareholder value maximizing path. It will most likely occur in 2026 after we have a new CEO in place.

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。我們仍在評估旋轉和銷售。然而，我們上週宣布的 Topgolf 領導層即將發生變動，使得我們在今年下半年無法繼續旋轉運動。如果旋轉是最終的股東價值最大化途徑。這很可能會在 2026 年我們更換新 CEO 之後發生。

In conclusion, I'm pleased with our results in the direction of our business. I believe our teams are doing an excellent job managing a complex and at times uncertain environment while also staying focused on continually improving our core businesses and effectively managing our strategic process. We remain energized and excited about our future.

總而言之，我對我們的業務方向所取得的成果感到滿意。我相信我們的團隊在管理複雜且有時不確定的環境方面做得非常出色，同時也專注於不斷改進我們的核心業務並有效地管理我們的策略流程。我們對我們的未來仍然充滿活力和興奮。

Before I turn it over to Artie, I'd like to thank him for his leadership at Topgolf over the last 4.5 years and wish him well in his new opportunity.

在將權力移交給 Artie 之前，我想感謝他在過去 4.5 年裡在 Topgolf 的領導，並祝他在新的機會中一切順利。

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

現在請 Artie 為您更深入地介紹 Topgolf，然後請 Brian 介紹財務長的評論。

Thanks, Chip. I'd like to share our performance for each of our key focus areas, along with what to expect for Q3 2025 and balance of year starting with same venue sales. In Q2, our core 1 to 2 Bay business was down 5% with traffic up mid- to high-single digits, and our 3-plus Bay corporate events business was down 12% and with traffic up low-single digits.

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 年第三季和今年年初同場銷售情況的預期。在第二季度，我們的核心 1 至 2 個海灣業務下降了 5%，客流量增長了中高個位數，而我們的 3 個以上海灣企業活動業務下降了 12%，客流量增長了低個位數。

We are particularly excited about the brand's 6% traffic growth overall in the quarter, alongside EBITDAR margins that were approximately flat year over year despite the added value mix and the removal of booking fees. Our playmakers across the organization are focused on driving profitable traffic growth, and it's clear our players are responding to the strategic pivot we made in Q2.

我們對該品牌本季整體流量成長 6% 感到特別興奮，同時儘管增加了價值組合併取消了預訂費，但 EBITDAR 利潤率與去年同期相比基本持平。我們整個組織的組織核心都專注於推動獲利流量成長，很明顯我們的玩家正在響應我們在第二季度做出的策略轉變。

As mentioned on last quarter's call, our number one priority is to drive traffic growth and improve value perception. Our value offerings, Sunday Funday, Topgolf Nights, early week value, and the Summer Fun Pass have seen an immediate positive response and resulted in traffic accelerating throughout the quarter and into the beginning of the third quarter. June traffic was up approximately 10%, and July traffic was up approximately 12% and with same venue sales for retail July, the first four weeks of the quarter, down approximately 3%.

正如上個季度的電話會議中所提到的，我們的首要任務是推動流量成長並提高價值認知。我們推出的超值優惠，包括週日歡樂日、頂級高爾夫之夜、周初超值活動以及夏季歡樂通行證，都獲得了立竿見影的積極反響，並導致整個季度以及第三季度初的客流量加速增長。6 月客流量成長了約 10%，7 月客流量成長了約 12%，而 7 月（本季前四週）的零售同場銷售額下降了約 3%。

I'm very pleased with the balance of new and repeat players that are enjoying these offerings which make up approximately one-third and two-thirds, respectively, our strategy of offering more compelling and accessible value is working, and we plan to stay the course as these offers continue to build momentum.

我很高興看到新玩家和回頭客都喜歡這些產品，他們分別佔大約三分之一和三分之二，我們提供更具吸引力和更容易獲得的價值的策略正在發揮作用，我們計劃繼續堅持下去，因為這些產品將繼續積聚勢頭。

I'd like to specifically call out the Summer Fun Pass, which offered unlimited play during non-peak weekday hours, exceeding our expectations, selling more than two times the number sold when we last offered the pass in 2022.

我想特別提到夏日歡樂通行證，它在非高峰工作日時段提供無限次遊玩，超出了我們的預期，銷量是我們上次在 2022 年提供通行證時的兩倍多。

The success of our Summer Fun Pass gives us a lot of enthusiasm ahead of the launch of our new subscription program, which we will be rolling out in a sampling of venues in late Q3 and in a process similar to the value rollout that's been successful in Q2 with broader implementation during Q4. It's clear that players see value in these passes and subscription-based offerings and it's a natural fit for the Topgolf target audience, especially families and golfers.

夏日歡樂通行證的成功讓我們在新訂閱計劃推出前充滿熱情，我們將在第三季末在部分場館推出該計劃，其流程類似於第二季度成功的價值推廣，並在第四季度進行更廣泛的實施。很明顯，玩家看到了這些通行證和基於訂閱的服務的價值，這自然適合 Topgolf 的目標受眾，尤其是家庭和高爾夫球手。

While the 3-plus Bay events business will likely remain challenged in the near term as lead volumes remain down, we are encouraged by the changes we've made, providing more flexibility on rates and times for event planners, which have increased conversion rates year over year. Despite the soft outlook for 3-plus Bay events, as Chip mentioned, we have increased our overall 2025 same venue sales guidance given the momentum we are seeing in 1 and 2 Bay.

雖然由於潛在客戶數量持續下降，3-plus Bay 活動業務在短期內可能仍將面臨挑戰，但我們對所做的改變感到鼓舞，這些改變為活動策劃者提供了更靈活的費率和時間，從而使轉換率逐年提高。儘管 3-plus Bay 活動的前景疲軟，但正如 Chip 所提到的，鑑於 1 號灣和 2 號灣的勢頭，我們提高了 2025 年同場活動的整體銷售預期。

We are seeing strong continued growth in youth events and 3-plus Bay events and are building an additional layer, which will support the business long term when the corporate events environment reverts and improves.

我們看到青年活動和 3-plus Bay 活動持續強勁成長，並且正在建立額外的層級，當企業活動環境恢復和改善時，這將為業務提供長期支援。

We've continued to make enhancements to the experience. Our 60- and 90-minute reservations rolled out system-wide in Q2 and are mixing at approximately half of total digital reservations. Our rollout of the Toast point-of-sale system is on track with approximately 20% of venues on the new point-of-sale system, and we expect a little over half of our venues to be on Toast by year end.

我們不斷提升用戶體驗。我們 60 分鐘和 90 分鐘的預訂服務於第二季在全系統範圍內推出，約佔總數位預訂量的一半。我們推出的 Toast 銷售點系統正在按計劃進行，大約有 20% 的場館已經採用了新的銷售點系統，我們預計到今年年底，我們將有超過一半的場館採用 Toast。

Early signs show that spend per visit has improved in these venues given the more seamless and speedier playmaker service. As we get deeper into the rollout, we'll see increasing benefits, including mobile order in the Bay, which we expect to further boost spend per visit, improve player experience, and allow our playmakers to do what they do best, interact with players to bring more joy to their Topgolf experience.

早期跡象表明，由於更無縫和快速的組織核心服務，這些場館的每次訪問消費都有所提高。隨著我們深入推廣，我們將看到越來越多的好處，包括海灣的行動訂單，我們預計這將進一步提高每次訪問的支出，改善玩家體驗，並讓我們的組織者做他們最擅長的事情，與玩家互動，為他們的 Topgolf 體驗帶來更多樂趣。

And finally, on the games front, we had a successful launch of our second Marvel experience, bringing the Fantastic Four into our Block Party game. This brings newness to an existing top equity in Block Party, and leverages a powerful partnership with another global entertainment brand.

最後，在遊戲方面，我們成功推出了第二個漫威體驗，將神奇四俠帶入我們的 Block Party 遊戲。這為 Block Party 現有的頂級股權帶來了新鮮感，並利用了與另一個全球娛樂品牌的強大合作關係。

To capitalize on the upcoming football season, we are launching our first-ever Topgolf football game in the fall. In 51 venues, we are in the process of installing professional football spec field goalposts with the Topgolf game that creates a fun, competitive environment where the task is simple, hit a golf ball through the post. Our marketing calendar will be focused on activating the Topgolf occasion around the biggest sport in America. We are very excited to bring football to life at Topgolf with our new game complemented by new offerings to encourage gathering and Topgolf to watch football this season.

為了充分利用即將到來的足球賽季，我們將在秋季推出首屆 Topgolf 足球比賽。在 51 個場地，我們正在安裝專業足球規格的場地球門柱，並開展 Topgolf 遊戲，營造一個有趣、有競爭力的環境，其中的任務很簡單，將高爾夫球擊過球門柱。我們的行銷行程將集中在圍繞美國最大的運動開展 Topgolf 賽事。我們非常高興能夠在 Topgolf 推出足球新遊戲，並透過新的服務鼓勵人們聚集在一起並在 Topgolf 觀看本賽季的足球比賽。

And on the development front, we opened Panama City Beach, Florida at the end of the quarter. It's been another strong opening consistent with modeled returns in a 72-Bay hybrid venue. Player response to the brand in the market has been outstanding. We will open three more venues this year, so four total in 2025 with New Braunfels, Texas; Woodbury, Minnesota; and Avon, Ohio set to open late in the fourth quarter.

在開發方面，我們在本季末開設了佛羅裡達州巴拿馬城海灘。這是另一個強勁的開局，與 72 個球位的混合場館的模擬回報一致。玩家對該品牌的市場反應非常出色。我們今年將再開設三家場館，因此 2025 年將總共開設四家場館，其中德克薩斯州新布朗費爾斯、明尼蘇達州伍德伯里和俄亥俄州雅芳將於第四季度末開業。

In closing, I'm very pleased with the accelerating traffic trends in Q2 that continued in July. We are expecting Q3 same venue sales to sequentially improve from Q2, down low- to mid-single digits, and we are committed to continuing to refine our offerings to respond to what we know players want from Topgolf.

最後，我對第二季流量加速的趨勢感到非常高興，這種趨勢在 7 月持續下去。我們預計第三季同場銷售額將較第二季環比改善，下降低至個位數，我們致力於繼續改進我們的服務，以滿足玩家對 Topgolf 的需求。

Though I will be staying through September to ensure a seamless transition, this will be my last earnings call, and I would like to take a moment to recognize the accomplishments the team has had over the last four-plus years. These include, but are not limited to, the step-change improvement in margins alongside player experience enhancements; our now robust digital business, which has enabled the immediate change in perception on value; and sustaining the amazing culture of our venues and venue support center that makes Topgolf such a differentiated brand.

雖然我將留任到九月以確保順利過渡，但這將是我最後一次召開財報電話會議，我想花點時間來表彰團隊在過去四年多來的成就。這些包括但不限於利潤率的逐步提高以及玩家體驗的增強；我們目前強大的數位業務，這使得價值觀念發生了立竿見影的變化；並保持了我們場館和場館支持中心的卓越文化，使Topgolf成為一個差異化的品牌。

Chip, I'm particularly grateful for your support and mentorship throughout. The future is very bright for Topgolf, and the leadership team is well-positioned to drive future profitable growth.

奇普，我特別感謝您一直以來的支持與指導。Topgolf 的前景非常光明，領導團隊也準備好推動未來的獲利成長。

Over to you, Brian.

交給你了，布萊恩。

Thank you, Artie, and good afternoon, everyone. We are pleased with our second-quarter results in the current environment as we exceeded our forecast for the second quarter, allowing us to absorb the recently announced incremental tariffs and increased our full-year guidance for our ongoing businesses.

謝謝你，阿蒂，大家下午好。我們對當前環境下第二季的業績感到滿意，因為我們超越了對第二季的預測，這使我們能夠吸收最近宣布的增量關稅，並提高了我們對持續經營業務的全年指導。

Before moving to Q2 results, I want to comment on the sale of the Jack Wolfskin business. Our teams did a great job hustling to close the transaction one month earlier than anticipated. Compared to last year, this resulted in approximately $15 million less in revenue, but more importantly, resulted in approximately $7 million more in adjusted EBITDA as we avoided the June loss that typically occurs at Jack Wolfskin due to the seasonality of that business.

在討論第二季業績之前，我想先對 Jack Wolfskin 業務的出售情況發表評論。我們的團隊出色地完成了交易，比預期提前了一個月完成。與去年相比，這導致收入減少了約 1500 萬美元，但更重要的是，由於我們避免了 Jack Wolfskin 由於業務季節性而通常在 6 月份出現的虧損，調整後的 EBITDA 增加了約 700 萬美元。

In addition, the closing of this transaction marks a significant milestone as we continue to realign our strategic priorities toward our core businesses and enhance the company's financial flexibility in preparation for the planned separation of Topgolf.

此外，此交易的完成標誌著一個重要的里程碑，因為我們將繼續調整策略重點，以支援我們的核心業務，並增強公司的財務靈活性，為計劃中的 Topgolf 分離做好準備。

Turning to our Q2 results. Consolidated revenues were $1.11 billion, representing a 4% year-over-year decrease primarily due to decreased revenue in the Active Lifestyle segment, which in turn was primarily due to decreased revenue in the Jack Wolfskin business. Excluding the impact from Jack Wolfskin, sales would have declined approximately 2% primarily due to the decline in Topgolf same venue sales. Overall results exceeded our expectations largely due to stronger-than-anticipated performance in the Topgolf and golf equipment segments.

談到我們的第二季業績。合併收入為 11.1 億美元，年減 4%，主要因為 Active Lifestyle 部門收入下降，而 Active Lifestyle 部門收入下降又主要因為 Jack Wolfskin 業務收入下降。如果不考慮 Jack Wolfskin 的影響，銷售額將下降約 2%，主要原因是 Topgolf 同場銷售額下降。整體業績超乎我們的預期，這主要歸功於 Topgolf 和高爾夫設備部門的表現優於預期。

Q2 adjusted EBITDA of $196 million decreased 5% year-over-year, primarily due to the decreased revenue, incremental tariffs and increased foreign currency hedge losses partially offset by the impact from the sale of Jack Wolfskin, gross margin improvement initiatives and cost savings initiatives in the Topgolf and Golf Equipment segments.

第二季調整後的 EBITDA 為 1.96 億美元，年減 5%，主要原因是收入減少、關稅增加以及外匯對沖損失增加，但被出售 Jack Wolfskin、毛利率提高計劃以及 Topgolf 和高爾夫設備部門的成本節約計劃的影響部分抵消。

Moving to segment performance. In Golf Equipment, Q2 revenue was appreciably flat year over year at $412 million, which exceeded our expectations going into the quarter. Despite tariffs and an unfavorable FX impact to COGS, gross margin in our golf equipment business was up slightly.

轉向細分績效。高爾夫設備業務第二季營收與去年同期相比基本持平，為 4.12 億美元，超出了我們對本季的預期。儘管關稅和外匯對銷貨成本產生不利影響，但我們高爾夫設備業務的毛利率仍略有上升。

Golf Equipment Q2 operating income of $76 million decreased 1% year over year, with gross margin and cost savings initiatives mostly offsetting the slight decrease in revenue and incremental tariffs. Year-to-date operating margins for golf equipment are up over 200 basis points.

高爾夫設備第二季營業收入為 7,600 萬美元，年減 1%，毛利率和成本節約舉措基本上抵消了收入和增量關稅的輕微下降。今年迄今，高爾夫設備的營業利潤率已上漲超過 200 個基點。

In Active Lifestyle, Q2 revenue decreased $36 million year over year to $214 million, primarily due to Jack Wolfskin, including the sale resulted in one less month of revenue as well as soft market conditions in the Active Apparel industry, as Chip mentioned.

在 Active Lifestyle 方面，第二季營收年減 3,600 萬美元至 2.14 億美元，這主要是由於 Jack Wolfskin 的出售導致收入減少一個月，以及正如 Chip 提到的 Active Apparel 行業市場狀況疲軟。

Active Lifestyle operating income increased by $6 million to $21 million primarily driven by the sale of Jack Wolfskin and cost savings initiatives, partially offset by the lower sales volume.

Active Lifestyle 營運收入增加了 600 萬美元，達到 2,100 萬美元，這主要得益於 Jack Wolfskin 的銷售和成本節約舉措，但銷量下降部分抵消了這一影響。

Moving to Topgolf. Q2 revenue decreased 2% year over year primarily due to a 6% decline in same venue sales, partially offset by higher revenue from new venues. Topgolf same venue sales of down 6% was ahead of our expectations primarily due to improved traffic trends as previously discussed.

移至 Topgolf。第二季營收年減 2%，主要原因是同店銷售額下降 6%，但新店營收增加部分抵銷了這一影響。Topgolf 同場銷售額下降 6%，超出我們的預期，這主要是由於先前討論過的客流量趨勢改善。

Topgolf's Q2 operating income of $55 million decreased 1% due to increased depreciation from new venues while adjusted EBITDA increased $1 million year over year to $111 million. These better-than-expected adjusted EBITDA results reflect approximately flat EBITDAR margin, resulting from ongoing cost reduction efforts and improved operating efficiencies.

Topgolf 第二季營業收入為 5,500 萬美元，因新場館折舊增加而下降 1%，而調整後的 EBITDA 較去年同期成長 100 萬美元，達到 1.11 億美元。這些好於預期的調整後 EBITDA 結果反映了 EBITDAR 利潤率大致持平，這是由於持續的成本削減努力和營運效率的提高。

The Topgolf team has done great work finding opportunities to improve same-venue sales trends, including the implementation of the value offerings and the Summer Fun Pass.

Topgolf 團隊在尋找機會改善同場銷售趨勢方面做了大量工作，包括實施價值優惠和夏季趣味通行證。

Switching gears to balance sheet and liquidity. Our available liquidity as of June 30, 2025, increased $378 million to $1.16 billion due to increased cash compared to second quarter 2024, primarily driven by approximately $290 million in cash proceeds from the sale of Jack Wolfskin as well as proceeds from lease financing and cash from operations.

轉向資產負債表和流動性。截至 2025 年 6 月 30 日，我們的可用流動資金增加了 3.78 億美元，達到 11.6 億美元，原因是與 2024 年第二季度相比，現金增加，這主要得益於出售 Jack Wolfskin 所得的約 2.9 億美元現金收益以及租賃融資所得和經營現金。

At quarter-end, net debt was $2.39 billion, down from $2.62 billion last year, primarily due to cash proceeds from the sale of Jack Wolfskin.

截至本季末，淨債務為 23.9 億美元，低於去年的 26.2 億美元，主要由於出售 Jack Wolfskin 所獲得的現金收益。

Excluding venue financing debt, which is essentially capitalized rent related to our Topgolf venues and including the convertible debt, our REIT adjusted net debt was $853 million, down $387 million year-over-year as a result of the increased cash.

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）並包括可轉換債務，我們的房地產投資信託基金調整後的淨債務為 8.53 億美元，由於現金增加，同比減少 3.87 億美元。

Net debt leverage improved to 4.1 times from 4.4 times driven by the higher cash balance. REIT adjusted net leverage, which includes rent interest payments, improved to 1.8 times from 2.4 times. We are comfortable with these leverage levels.

受現金餘額增加的推動，淨債務槓桿率從 4.4 倍改善至 4.1 倍。REIT 調整後的淨槓桿率（包括租金利息支付）從 2.4 倍改善至 1.8 倍。我們對這些槓桿水平感到滿意。

Our inventory balance decreased $38 million versus the end of Q2 2024 to $609 million at the end of Q2 2025, primarily due to a $113 million decrease from the sale of the Jack Wolfskin business. This more than offset increases in Golf Equipment inventory levels due to year-over-year timing difference and the normalization of Topgolf inventory after a supplier factory fire in late 2023.

我們的庫存餘額與 2024 年第二季末相比減少了 3,800 萬美元，至 2025 年第二季末的 6.09 億美元，這主要是由於出售 Jack Wolfskin 業務減少了 1.13 億美元。這足以抵消由於同比時間差異以及 2023 年底供應商工廠火災後 Topgolf 庫存恢復正常而導致的高爾夫設備庫存水準的增加。

Now, let's turn to our outlook for the remainder of the year. As a reminder, the full-year guidance we provided in May incorporated to full-year financial forecast for the Jack Wolfskin business. Please see Slide 19 in the investor deck for details.

現在，讓我們來展望一下今年剩餘時間的前景。提醒一下，我們在五月提供的全年指導已納入 Jack Wolfskin 業務的全年財務預測。有關詳細信息，請參閱投資者簡報中的第 19 張幻燈片。

With the successful completion of the Jack Wolfskin sale, we are now updating our guidance to remove Jack Wolfskin and to reflect an improved outlook for our ongoing businesses.

隨著 Jack Wolfskin 出售的成功完成，我們現在正在更新我們的指導方針，以移除 Jack Wolfskin，並反映我們正在進行的業務的改善前景。

Moving to specific guidance. The sale of the Jack Wolfskin business reduces our full-year forecast by approximately $265 million in revenue and $26 million of adjusted EBITDA, both representing the Jack Wolfskin forecast for June through December. Given the sale occurred in May, the seasonality of that business resulted in outsized impact on adjusted EBITDA this year as we incurred the seasonal losses during the first five months of 2025 and but don't receive the second half EBITDA it typically generates.

轉向具體指導。出售 Jack Wolfskin 業務將使我們全年預測的收入減少約 2.65 億美元，調整後 EBITDA 減少 2,600 萬美元，這兩項數據均代表了 Jack Wolfskin 對 6 月至 12 月的預測。鑑於銷售發生在 5 月份，該業務的季節性對今年調整後的 EBITDA 產生了過大的影響，因為我們在 2025 年前五個月遭受了季節性損失，但卻沒有收到通常會產生的下半年 EBITDA。

Our updated revenue guidance of $3.80 billion to $3.92 billion represents an increase of just over $30 million at the midpoint versus prior guidance, excluding Jack Wolfskin. This updated guidance also reflects an improvement in the midpoint of our Topgolf of same venue sales outlook, which, as I will discuss in a moment, more than offset some timing headwinds in the business from one less venue opening in Q4, which has now moved to 2026.

我們更新後的營收預期為 38 億美元至 39.2 億美元，與先前的預期（不包括 Jack Wolfskin）相比，中位數增加了 3,000 多萬美元。這項更新後的指引也反映了我們對 Topgolf 同場館銷售前景中點的改善，正如我稍後將討論的那樣，這足以抵消第四季度因減少一家場館開業（現已移至 2026 年）而給業務帶來的一些時間阻力。

Moving to adjusted EBITDA. We're also raising the midpoint and narrowing the range of our full-year adjusted EBITDA guidance. Given the improving trends, we are essentially covering a loss of the $26 million second half Jack Wolfskin adjusted EBITDA and the approximate $40 million expected headwind from tariffs this year. Excluding Jack Wolfskin, the midpoint of the updated guidance range of $430 million to $490 million represents an increase of just over $25 million versus prior guidance.

轉向調整後的 EBITDA。我們也提高了全年調整後 EBITDA 指引的中點並縮小了範圍。鑑於不斷改善的趨勢，我們基本上彌補了 Jack Wolfskin 下半年 2600 萬美元的調整後 EBITDA 損失以及今年預計的約 4000 萬美元的關稅阻力。不包括 Jack Wolfskin，更新後的指導範圍中位數為 4.3 億美元至 4.9 億美元，比之前的指導增加了 2500 多萬美元。

Our business is benefiting from better-than-expected sales and the team's excellent work finding additional cost efficiencies and as well as our ongoing gross margin initiatives. This outcome is a significant accomplishment in this difficult operating environment.

我們的業務受益於好於預期的銷售額、團隊出色的工作、尋找額外的成本效率以及我們正在進行的毛利率計劃。在如此艱難的營運環境下取得這項成果是一項重大成就。

Turning to Topgolf. We are revising our same venue sales guidance from down 6% to 12% and to down 6% to down 9%. As a result, we are narrowing the range of our full-year Topgolf revenue guidance to $1.71 billion to $1.77 billion which is $5 million higher than the previous guidance at the midpoint. We are also narrowing the range of our full-year Topgolf adjusted EBITDA guidance to $265 million to $295 million, which represents a $10 million increase versus prior guidance at the midpoint.

轉向 Topgolf。我們正在修改同一場地的銷售預期，從下降 6% 到 12%，以及下降 6% 到 9%。因此，我們將 Topgolf 全年營收預期範圍縮小至 17.1 億美元至 17.7 億美元，比先前的中位數預期高出 500 萬美元。我們也將 Topgolf 全年調整後 EBITDA 指引範圍縮小至 2.65 億美元至 2.95 億美元，與先前的中位數指引相比增加了 1,000 萬美元。

With regard to CapEx, given the changes in timing of lease financing proceeds, our outlook for Topgolf's net CapEx has changed to $110 million to $120 million from $90 million to $110 million. Separately, we are lowering our core business CapEx outlook from $60 million to $50 million. We continue to expect to be free cash flow positive at both the total company and at Topgolf in 2025.

關於資本支出，鑑於租賃融資收益時間的變化，我們對 Topgolf 淨資本支出的預期已從 9,000 萬美元至 1.1 億美元變為 1.1 億美元至 1.2 億美元。另外，我們將核心業務資本支出預期從 6,000 萬美元下調至 5,000 萬美元。我們繼續預計，到 2025 年，整個公司和 Topgolf 的自由現金流都將為正值。

Now, turning to our outlook for the quarter. In Q3, we are forecasting consolidated revenue of $880 million to $920 million versus $905 million in Q3 2024 which, for comparison purposes, excludes the Jack Wolfskin results in 2024. This estimate reflects projected same-venue sales of down low- to mid-single digits and the more competitive golf equipment environment we mentioned previously.

現在，我們來談談本季的展望。我們預測第三季的綜合收入為 8.8 億美元至 9.2 億美元，而 2024 年第三季的綜合收入為 9.05 億美元，為了進行比較，其中不包括 2024 年 Jack Wolfskin 的業績。這項估計反映了預計的同場銷售額將下降低至中等個位數，以及我們之前提到的更具競爭力的高爾夫設備環境。

We estimate Q3 adjusted EBITDA to be in the range of $78 million to $98 million compared to $119 million in the prior year, excluding Jack Wolfskin. This decrease is primarily due to the projected decline in Topgolf same venue as well as the impact of tariffs announced earlier this year.

我們估計第三季調整後的 EBITDA 在 7,800 萬美元至 9,800 萬美元之間，而去年同期為 1.19 億美元（不包括 Jack Wolfskin）。這一下降主要是由於Topgolf同一場地預計的下滑以及今年早些時候宣布的關稅的影響。

In summary, we are pleased with our financial performance in Q2, but even more encouraged by the current trends in our business, including continued consumer strength in our Golf Equipment business and improving trends in same venue sales at Topgolf.

總而言之，我們對第二季度的財務表現感到滿意，但更讓我們感到鼓舞的是目前業務的趨勢，包括高爾夫設備業務的持續消費者強勁增長以及 Topgolf 同場銷售額的改善趨勢。

We have made good progress with our value initiatives at Topgolf and our gross margin and operating expense initiatives in our core business. These transactions are allowing us to increase our guidance despite the incremental tariffs.

我們在 Topgolf 的價值計劃以及核心業務的毛利率和營運費用計劃方面取得了良好進展。儘管關稅有所增加，但這些交易使我們能夠提高指導價格。

Our available liquidity remains strong and was bolstered by the sale of the Jack Wolfskin business. In addition, our strategic initiatives are ongoing, and we remain committed to generating value for our shareholders through the separation of Topgolf from our core business.

我們可用的流動資金依然強勁，並因出售 Jack Wolfskin 業務而得到增強。此外，我們的策略舉措仍在進行中，我們將繼續致力於透過將Topgolf從我們的核心業務中分離出來為我們的股東創造價值。

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) Simeon Gutman, Morgan Stanley.

（操作員指示） 西緬古特曼，摩根士丹利。

A nice turn in Topgolf. Chip, you mentioned, I don't know if I'm using this word right, maybe robust talks around the process, even though spin maybe less likely for the time being. Can you talk about whether the robust process was equal between spin and sale? And while a spin is less likely, does this change actually boost the chance of a sale?

Topgolf 的一次漂亮轉變。奇普，你提到，我不知道我是否正確使用了這個詞，也許是圍繞這個過程的有力談判，儘管暫時不太可能出現旋轉。您能否談談旋轉和銷售之間的穩健過程是否相同？雖然旋轉的可能性較小，但這種變化是否真的會增加銷售的機會？

Hey, Simeon. Thank you for the nice comments on the change in trends at Topgolf. The process is ongoing. So no change at all in our strategic direction there. Only really in the timing of a potential spin given that, that's now not practical in this calendar year.

嘿，西緬。感謝您對 Topgolf 趨勢變化的精彩評論。該過程仍在進行中。因此我們的策略方向沒有任何改變。僅在潛在旋轉的時間範圍內，因為這在今年是不切實際的。

And no real comment on the other parts of the process. Those are ongoing. I can't comment specifically on that.

並且對該過程的其他部分沒有真正的評論。這些仍在進行中。我無法對此發表具體評論。

I would say, though, that you're -- the improved sales trends are positive for all scenarios, in fact, fundamental to a positive outcome and those sales trends what we have already commented on. So very pleased with that and no change in strategic direction, only timing of the potential spin if that is the shareholder maximizing solution.

不過，我想說的是，銷售趨勢的改善對於所有情況都是正面的，事實上，對於正面的結果和我們已經評論過的那些銷售趨勢來說，這是至關重要的。對此我非常滿意，策略方向沒有改變，只是根據股東利益最大化的解決方案來決定潛在轉變的時機。

Okay. And then on tariffs, realize the situation is still fluid. There's still new countries that are coming into the fore. I don't know if anything has changed in your calculus both with respect to the guidance for the second half. You've done a nice job managing what we've seen. Is there anything that has changed in the last, I would say, minutes, but the last few weeks that makes a difference in the --

好的。然後關於關稅，要知道情況仍然不穩定。仍有新的國家不斷湧現。我不知道你們對下半年的指導計算是否有任何變化。您在管理我們所看到的情況方面做得很好。我想說，在過去的幾分鐘裡，有什麼改變嗎？但在過去幾周里，--

Yes. I mean, it does seem to change pretty frequently, and we're viewing it as becoming more clear, but still we wouldn't be surprised to see potentially more changes coming.

是的。我的意思是，它確實似乎變化得相當頻繁，而且我們認為它變得更加清晰，但我們仍然不會對可能出現的更多變化感到驚訝。

As we mentioned at the time of our last call in May, we forecasted the tariff impact for the full year to be about $25 million. We now expect that to be about $40 million. So it increased $15 million with the more recent change in rates and timing of some of those being determined. And we have that embedded in our guidance net of the mitigation efforts that we're taking as we speak.

正如我們在 5 月上次電話會議上提到的那樣，我們預測全年關稅影響約為 2500 萬美元。我們現在預計該金額約為 4,000 萬美元。因此，隨著最近利率和時間的變化，部分金額增加了 1500 萬美元。我們已經將其納入我們正在採取的緩解措施的指導網絡中。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

And great to see the recent improvement. So Chip, maybe could you speak higher level to health of the golf industry, maybe highlights you're seeing this season? And could you elaborate on the drivers of the improving golf equipment business that supported the increased core revenue forecast for this year?

很高興看到最近的進步。那麼 Chip，也許您能從更高層面談談高爾夫行業的健康狀況，也許談談您本賽季看到的亮點？能否詳細說明高爾夫設備業務改善的驅動因素，從而支持今年核心收入預測的增加？

Yeah, Matthew, sure, and thank you for the nice comments. The Golf Equipment business has been very healthy throughout the year and has remained so through Q2 and even more recent results. The consumer is clearly healthy and engaged. Rounds played are flat on a year-over-year basis or down negligible, but on a playable hour basis, flat. And the equipment business as measured by sell-through is probably up low-single digits.

是的，馬修，當然，謝謝你的精彩評論。高爾夫設備業務全年表現非常健康，第二季甚至最近的業績仍是如此。消費者顯然是健康且投入的。與去年同期相比，遊戲輪次持平或下降幅度很小，但以可玩小時數計算，則持平。而以銷售量來衡量的設備業務可能只成長了個位數。

So certainly in the US market, a very strong trend. We'd going into the quarter with a little bit of apprehension whether that could change with some of the macroeconomic things that we're hearing about, whether tariffs would have any impact and it has not -- the equipment business remains healthy and continuing some good trends that we've seen now over an extended period of time.

因此，美國市場無疑呈現非常強勁的趨勢。進入本季時，我們有點擔心這種情況是否會隨著我們聽到的一些宏觀經濟因素而改變，關稅是否會產生任何影響，但事實並非如此——設備業務依然健康，並延續了我們現在長期看到的一些良好趨勢。

Great. And then, Artie, on the traffic inflection at Topgolf during the second quarter and then further improvement in July. So do you see today's pricing and value proposition? Is it now fully right set?

偉大的。然後，阿蒂，關於第二季度 Topgolf 的客流量變化以及 7 月的進一步改善。那麼您看到今天的定價和價值主張了嗎？現在設定完全正確了嗎？

And on comp progression from here, I mean, what's the additional step change needed to return comps to positive territory over time?

從現在開始，就公司業績進展而言，我的意思是，隨著時間的推移，需要哪些額外的步驟變化才能使公司業績恢復到正值範圍？

Yeah. I think it's -- we're obviously very encouraged, Matt, on the, I call it, the immediate change that we saw. I think it's a tribute to not only the research, but the quality of the testing and how the team's executed on this.

是的。我認為——馬特，我們顯然對我們所看到的直接變化感到非常鼓舞。我認為這不僅是對研究的讚揚，也是對測試品質以及團隊執行的讚揚。

In terms of the inflection to positive, I'm not prepared to sort of give you a date at this point in time. I can just tell you that the momentum month-to-month, week-to-week that we saw from -- when the initiatives were rolled out. And the current mix of these initiatives is very profitable for us. The margins being stable year over year is super encouraging. But as they continue to build momentum, they'll obviously be a point in time where that does happen, but I'm not prepared to sort of give you a date yet.

就轉為正數而言，我目前還沒有準備好給你一個確切的日期。我只能告訴你，自從這些舉措推出以來，我們看到了逐月、每週的動力。目前這些措施的組合對我們來說非常有利可圖。利潤率逐年保持穩定是非常令人鼓舞的。但隨著他們繼續積聚勢頭，顯然會在某個時間點發生這種情況，但我還沒有準備好給你一個日期。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

Just first, can you talk about what value initiatives were the biggest contributors. Was the rollout of the half-off game play at a Topgolf that I think has been extended sort of Monday through Thursday, was that a big one? And then what type of traffic lift have you seen after you rolled initiatives like that out? And what has been the impact on ticket.

首先，您能否談談哪些價值舉措的貢獻最大？我認為 Topgolf 推出的半價遊戲活動從週一延續到了周四，這是一個重大舉措嗎？那麼，在推出這樣的舉措之後，您看到了哪些類型的流量提升呢？對票務有什麼影響？

Sure. So the quarter where we said that traffic was up 6% and overall sales were down 6%. The delta is the ticket difference. Obviously, we had the traffic -- we had the value in market not for the entire quarter, so during the last earnings call. We had tested it in many venues, and we previewed what we thought it would yield. And it obviously yielded results that more better than we expected, and they flowed through better than we expected. So super encouraging.

當然。因此，我們說該季度客流量成長了 6%，但整體銷售額下降了 6%。delta 是機票差價。顯然，我們有流量——我們有市場價值，但不是整個季度的價值，所以是在上次財報電話會議上。我們已經在許多場所對其進行了測試，並預覽了其可能產生的結果。顯然，它產生的結果比我們預期的要好，而且進展也比我們預期的要好。太令人鼓舞了。

As far as the specific offers, the daypart, the early week value or the day of week value you referenced, which is the 50% off golf, which is pretty unique offering for us where we're still getting full price on F&B. So it's -- while we're able to market 50% off golf, we're still seeing players come in and obviously have the great food and beverage offering that we have.

至於具體優惠，您提到的時段、周初價值或星期幾價值，即高爾夫 50% 的折扣，這對我們來說是一個非常獨特的優惠，我們仍然可以享受餐飲的全價。因此，儘管我們能夠以五折的價格銷售高爾夫球，但我們仍然看到球員們前來，並且顯然享受著我們提供的美味食品和飲料。

The Sunday Fun Pass was a big hit in the quarter as well. We sold twice as many as we had previously. And what I'd tell you, the combination of those two things, bringing in new players it really sets up well for subscription in the fall.

週日歡樂通行證在本季也大受歡迎。我們的銷量是之前的兩倍。我想告訴你的是，這兩件事的結合，帶來了新的玩家，為秋季的訂閱做好了準備。

And then the TG Nights offering, which is late night on Friday and Saturday, has been a great experience enhancer. And I think all three of those together, combined with the Sunday Funday, which we referenced last time, have worked quite well.

週五和週六深夜的 TG Nights 活動極大地提升了體驗。我認為這三個活動加上我們上次提到的周日歡樂日，效果非常好。

Really helpful. And then just on the July comp sort of accelerating further, what's the key driver there? Is that just the consumer sort of becoming aware of the value offerings. And then the comp guide and sort of the down low- to mid-singles. I guess, implies a slight default from the current run rate. Is that just an element of conservatism.

真的很有幫助。那麼，七月份的銷售額進一步加速成長，其主要驅動因素是什麼？這是否只是讓消費者意識到產品的價值？然後是比較指南和低到中單打的排序。我猜，這意味著當前運行率略有違約。這僅僅是保守主義的因素嗎？

Sure. Yes, I'll take that in two parts. As it relates to July, with value, we just being super consistent, the advertising is super sharp and it's building. So we're seeing players respond to it, and they come in and they want to come back because they got good value from us. So credit to our marketing teams, just for being super sharp with the communication, we have a new marketing leadership team, and they're just doing a fantastic job. So I'm very pleased with that, and I think the momentum in July is a tribute to that.

當然。是的，我將分成兩部分來討論。就 7 月而言，就價值而言，我們保持了高度一致，廣告宣傳也十分犀利，而且正在不斷建設中。所以我們看到玩家對此做出了回應，他們來到這裡並希望回來，因為他們從我們這裡獲得了良好的價值。因此，我們的行銷團隊值得稱讚，他們在溝通方面非常敏銳，我們有一個新的行銷領導團隊，他們的工作非常出色。所以我對此感到非常高興，我認為七月份的勢頭就是對此的證明。

As far as what you referenced in terms of the guide, events they're still soft. So we're seeing continued momentum in the walk-in reservations business. We've taken some action on the event side where we're seeing increased conversion, but I would take the guide as a function of some risk in events, but the value has really happened with the walk-in reservation side.

就您在指南中提到的內容而言，事件仍然很軟弱。因此，我們看到即時預訂業務持續保持成長勢頭。我們在活動方面採取了一些行動，我們看到了轉換率的提高，但我認為指南是活動中某些風險的函數，但價值確實發生在步入式預訂方面。

Incredibly helpful. Best luck going forward.

非常有幫助。祝你未來好運。

Noah Zatzkin, KeyBanc Capital Markets.

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

First, if you could just touch on kind of the cost reduction efforts, including labor efficiency initiatives that kind of helped stabilize the Topgolf margins in the quarter? Where are you kind of at -- what opportunity do you see remaining there?

首先，您能否簡單談談成本削減措施，包括有助於穩定本季 Topgolf 利潤率的勞動效率措施？您現在處於什麼位置—您認為那裡還存在哪些機會？

Sure. So the teams executed at a very high level. I think when we gave the guidance on EBITDA margin last quarter, we didn't know exactly where the value is going to mix, and we wanted to be prudent that we maintain the player experience.

當然。因此團隊的執行程度非常高。我認為，當我們在上個季度給予 EBITDA 利潤率指引時，我們並不確切知道價值將會如何變化，我們希望謹慎地保持玩家體驗。

So a big part of all this is making sure not only are we improving value perception, but that our players are having a better and better time and want to make sure that we were staffed properly to do so. And what we found is just, I'd say, continued methodical improvements and efficiencies in the venue the last three or four years, we've pretty consistently been able to do this.

因此，所有這一切的很大一部分是確保我們不僅提高價值觀念，而且我們的玩家也能玩得越來越好，並希望確保我們配備了適當的人員來做到這一點。我們發現，我想說，過去三、四年來，場館不斷得到有條不紊的改進和提高，我們一直能夠做到這一點。

Tactically, it's a new labor model that just garners more efficiency allows our playmakers to have more time with our players on the T line. We're seeing some of this with the Toast rollout, where we're going to -- we're in 20% of the venues right now will be in over half the venues by year-end. And that allows for kind of immediate speed of service improvements and our playmakers to serve more Bays.

從戰術上講，這是一種新的勞動模式，它能提高效率，讓我們的組織核心有更多的時間與 T 線上的球員一起比賽。我們在 Toast 的推出過程中看到了一些這樣的情況，目前我們已經涵蓋了 20% 的場館，到年底我們將涵蓋超過一半的場館。這使得服務改進的速度能夠立即提高，並且我們的組織核心能夠為更多的球隊提供服務。

But for lack of a better term, our teams are just executing at a high level and they're taking the challenge to hand, and it's flowing through really nicely. And based on the guidance we provided last time, we're trending better than the 100 to 200 basis points. We're closer to the 100.

但由於缺乏更好的術語，我們的團隊只是在高水準上執行，他們正在接受挑戰，並且進展非常順利。根據我們上次提供的指導，我們的趨勢將優於 100 到 200 個基點。我們離 100 又更近了一步。

Great. And maybe if you could just kind of give a quick update on the TravisMathew business how that's been trending?

偉大的。能否簡單介紹一下 TravisMathew 的業務發展？

Sure. Noah, the TravisMathew business, the brand remains strong. That market itself has been slow this year. So if you look at the athleisure market, it's down in the mid- to high-single digit that has had some impact on the revenues and trajectory of that business, but it continues to do well in the women's category. And we continue to feel very good about the long-term health and potential of that brand.

當然。Noah 是 TravisMathew 旗下的企業，品牌依然強勁。今年該市場本身發展緩慢。因此，如果你看一下運動休閒市場，你會發現它的銷售額下降了中高個位數，這對該業務的收入和發展軌跡產生了一定的影響，但在女裝類別中它仍然表現良好。我們仍然對該品牌的長期健康和潛力感到非常樂觀。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

Congrats already, by the way, on your new role, looking forward to talking to you about motorcycle sales in a few months. But until then, golf, so a couple of questions. I guess, first, if we look at the legacy Callaway business for lack of a better term, the EBITDA margins, at least the guidance implies this year, still high-single digits, which is below where it was pre-COVID. So I guess, once that business becomes standalone. What do you think is the kind of longer-term steady-state margin that, that business should generate?

順便說一句，恭喜您獲得新職位，並期待幾個月後與您談論摩托車銷售。但在此之前，高爾夫，所以有幾個問題。我想，首先，如果我們來看看 Callaway 的傳統業務（由於缺乏更好的術語），EBITDA 利潤率（至少今年的指引暗示）仍然處於高個位數，低於 COVID 之前的水平。所以我猜，一旦該業務變得獨立。您認為該業務應該產生什麼樣的長期穩定利潤率？

Hi, Joe. It's Chip. We're not, at this point, updating any long-range guidance on the legacy business. We've got a pretty good track record in that business of being a leader in the category and driving strong earnings over an extended period of time. I don't see any change in that trajectory.

嗨，喬。我是奇普。目前，我們不會更新有關傳統業務的任何長期指導。我們在該業務領域有著良好的業績記錄，長期處於領先地位，並實現了強勁的盈利。我沒有看到該軌跡有任何變化。

So we've also had quite a bit of good results this year in terms of gross margin initiatives. Those have allowed us to offset tariffs and other impacts, which were not foreseen going into the year. We expect to continue to drive efficiencies going forward, and we'll update you further on long-range goals at the appropriate time in the future.

因此，就毛利率舉措而言，我們今年也取得了相當不錯的成績。這些使我們能夠抵消今年未曾預見的關稅和其他影響。我們希望繼續提高未來的效率，並將在未來的適當時間向您進一步通報長期目標。

Understood. And just a follow-up on that, just to clarify an earlier comment you made, Chip. Does -- are these departure make a spin less likely? And what does Topgolf -- what would the balance sheet look like in a post-spin environment?

明白了。對此我只想進行後續跟進，以澄清您之前所作的評論，Chip。這些離開是否會降低旋轉的可能性？那麼 Topgolf 在分拆後的環境中資產負債表會是什麼樣子呢？

Sure. Joe, it delays a spin. So it makes a spin impractical for this calendar year, but doesn't make a spin less likely per se. We're still active in the strategic process, both spin and sale being considered no change in our direction there. Small change in timing on the spin side of it.

當然。喬，它延遲了旋轉。因此，這使得今年的旋轉變得不切實際，但並不會降低旋轉的可能性。我們仍然積極參與戰略進程，無論是轉型還是出售，我們的方向都沒有改變。旋轉方面的計時變化很小。

And with that delay in timing, at the last call, we talked at some length about how that balance sheet would look with improving trends right now and with a delay in timing, I'm going to not update exactly how that balance sheet would look in a spin. I don't have specific timing for that either, but there has been no change in the strategic direction. The only change that is the -- of note is timing and also the positive trends that we've covered during the call.

由於時間上的延遲，在最後一次通話中，我們詳細討論了在當前趨勢改善的情況下資產負債表會是什麼樣子，由於時間上的延遲，我不會在短時間內更新資產負債表的具體情況。我也沒有具體的時間，但策略方向沒有改變。唯一值得注意的變化是時間安排以及我們在通話中討論過的正面趨勢。

Thank you. There are no further questions at this time. I'll now hand the conference back over to Chip Brewer for any closing remarks.

謝謝。目前沒有其他問題。現在我將會議交還給 Chip Brewer 並請他做結束語。

Well, thank you, Harmony. And just a couple of quick comments. First of all, I want to thank the entire Topgolf Callaway brand teams for the excellent results in what has been a challenging environment.

好吧，謝謝你，Harmony。我只想簡單說幾句。首先，我要感謝整個Topgolf Callaway品牌團隊在充滿挑戰的環境中所取得的優異成就。

Artie, thanks to you for the 4.5 years of great service and progress that Topgolf. We're going to miss you, and we wish you all the best in your new endeavor.

Artie，感謝您 4.5 年來為 Topgolf 提供的出色服務和取得的進步。我們會想念你的，並祝福你在新的事業中一切順利。

And obviously, thanks to everybody who attended the call today. We appreciate your participation and interest in Topgolf Callaway brands. We look forward to further updating you on our Q3 call later this year. Thank you.

當然，我要感謝今天參加電話會議的所有人。我們感謝您對 Topgolf Callaway 品牌的參與和關注。我們期待在今年稍後的第三季電話會議上向您進一步通報最新情況。謝謝。

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

謝謝。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。