Topgolf Callaway Brands Corp (MODG) 2025 Q3 法說會逐字稿

Good day, and welcome to the Topgolf Callaway Brands third quarter of 2025 earnings conference call. (Operator Instructions). Also, please be aware that today's call is being recorded.

大家好，歡迎參加 Topgolf Callaway Brands 2025 年第三季財報電話會議。（操作說明）另外，請注意，今天的通話將被錄音。

I would now like to turn the call over to Katina Metzidakis, Vice President of Investor Relations and Corporate Communications. Please go ahead.

現在我將把電話交給投資者關係和企業傳播副總裁 Katina Metzidakis。請繼續。

Good afternoon, and welcome to Topgolf Callaway Brands third-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; and Brian Lynch, our Chief Financial Officer and Chief Legal Officer.

下午好，歡迎參加 Topgolf Callaway Brands 第三季財報電話會議。我是 Katina Metzidakis，投資人關係與企業傳播副總裁。今天與我一起參加電話會議的有我們的總裁兼執行長 Chip Brewer，以及我們的財務長兼首席法務長 Brian Lynch。

Earlier today, the company issued a press release announcing its third 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，該公司發布新聞稿，公佈了其 2025 年第三季財務業績。我們的獲利報告和獲利新聞稿均可在投資者關係網站的「財務表現」標籤下找到。除了收入之外，今天電話會議上報告和討論的財務數據均為非GAAP指標。我們在列示中列明了這些非GAAP指標，並根據G條例將這些指標與對應的GAAP指標進行調整。

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，這些陳述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。請查閱簡報和新聞稿中包含的「安全港」聲明，以取得更完整的說明。

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

接下來，我想把電話交給 Chip。

Thank you, Katina. Good afternoon, everyone, on the call, and thank you for joining us. Starting on slide 3 of our investor deck.

謝謝你，卡蒂娜。各位下午好，正在通話的各位，感謝你們的參與。從我們投資者簡報的第3頁開始。

I'm pleased to report that in Q3, our total business exceeded expectations in both revenue and EBITDA, and with revenue up year over year in both our golf equipment and Topgolf segments. This performance was driven by excellent market conditions, along with solid execution in our golf equipment business as well as by an outstanding consumer response to our value initiatives at Topgolf, where we continued the impressive traffic growth that began midyear especially in the1-2 bay portion of our business, which in turn set up an all-important transition to overall positive same menu sales for the quarter.

我很高興地報告，第三季我們的整體業務在收入和 EBITDA 方面均超出預期，其中高爾夫設備和 Topgolf 業務的收入均同比增長。這項業績得益於良好的市場環境，以及我們在高爾夫球具業務方面的穩健執行，還有消費者對我們在 Topgolf 推出的價值舉措的出色反響。我們在 Topgolf 延續了年中開始的令人矚目的客流量成長，尤其是在我們業務的 1-2 個球位部分，這反過來又為本季整體同店銷售額的積極成長奠定了至關重要的基礎。

This performance, along with the trends we've seen in October, makes us increasingly confident in our strategic direction and supports the increased full-year guidance we're providing today. I'd like to thank the Topgolf Callaway Brands teams for their dedication and commitment to delivering these results.

這一業績，加上我們在 10 月看到的趨勢，使我們對自己的策略方向越來越有信心，並支持我們今天提供的更高的全年業績預期。我要感謝 Topgolf Callaway Brands 團隊的奉獻和努力，正是他們的付出才取得了這些成果。

Moving to slide 5 and our segment performance highlights, starting with Golf Equipment. Overall, we continue to see strong performance in our Golf Equipment business, with Q3 revenue up year over year despite less new product launch volume in this year's quarter. And importantly, excluding the impact of tariffs, this is the third straight quarter of underlying gross margin expansion, a testament to our proactive efforts here and the excellent work being done by our teams. b

接下來是第 5 張投影片，我們將重點放在各個細分市場的表現，首先是高爾夫設備。總體而言，我們的高爾夫設備業務持續保持強勁表現，儘管今年第三季新產品發布量有所減少，但第三季營收仍較去年同期成長。更重要的是，剔除關稅影響後，這已是連續第三個季度實現毛利率增長，這證明了我們在此方面採取的積極措施以及我們團隊的出色工作。

Market conditions overall remain excellent. The US market is up 2% year to date based on National Golf Foundation's manufacturer shipment data but up an impressive mid-single digits on Datatec sell-through reports. And Q3's data was stronger than the year-to-date data on both of these measures. This was supported by continued strong participation and interest in the sport.

整體市場狀況依然十分優越。根據美國國家高爾夫基金會的製造商出貨量數據，美國市場今年迄今成長了 2%，但根據 Datatec 的銷售報告，其成長率達到了令人印象深刻的個位數中段。第三季的數據在這兩項指標上都強於年初至今的數據。這得歸功於人們對這項運動持續的濃厚興趣和積極參與。

Rounds played are up 1.4% year to date despite being down earlier in the year due to a wet and cool spring, with rounds played continuing to outpace playable hours, a trend we've seen all year. Market conditions are also up in Europe and the UK. While in Asia, Japan is down slightly year to date, and Korea is down low teens.

儘管今年早些時候由於春季潮濕涼爽而有所下降，但今年迄今為止的比賽輪數仍增長了 1.4%，比賽輪數繼續超過可比賽時間，這是我們全年看到的趨勢。歐洲和英國的市場狀況也有所改善。亞洲方面，日本今年迄今略有下降，韓國下降了十幾個百分點。

Turning to our brand and market share performance. We gained share slightly during the quarter and had a particularly strong quarter in golf ball with August delivering an all-time high US share of 22.6% across both on and off course channels and 23% at on course. On another positive note, according to Datatec's Summer 2025 attitude and usage report, Callaway has retained its position as the leader in innovation and technology for the sixth consecutive time. According to the same report, this leadership position also helped drive further improvement in our overall brand rating. I remain confident in our brand strength as well as our product development pipeline.

接下來，我們來看看我們的品牌和市佔率表現。本季我們的市佔率略有成長，高爾夫球業務在本季表現尤為強勁，8 月在美國的市佔率創歷史新高，達到 22.6%（包括球場內外通路），球場內的市佔率更是達到了 23%。另一個積極的方面是，根據 Datatec 2025 年夏季態度和使用情況報告，Callaway 已連續第六次保持其在創新和技術方面的領先地位。同一份報告指出，這項領導地位也有助於進一步提升我們的整體品牌評級。我對我們的品牌實力和產品研發流程依然充滿信心。

On the product front, our Elyte Triple Diamond driver was recently ranked number one in Golf Digest test of spin consistency. This important performance attribute shows off how we utilize our leadership in AI capabilities to deliver an important performance advantage. And this ranking mirrors MyGolfSpy's naming the Elyte Triple Diamond driver their most wanted of 2025. On the golf ball front, the Chrome Tour Triple Diamond golf ball was also named the longest fall in MyGolfSpy's independent testing.

在產品方面，我們的 Elyte Triple Diamond 一號木桿最近在《高爾夫文摘》的旋轉穩定性測試中排名第一。這項重要的效能指標展現了我們如何利用在人工智慧領域的領先地位來獲得重要的效能優勢。這一排名與 MyGolfSpy 將 Elyte Triple Diamond 一號木桿評為他們 2025 年最受期待的球桿的排名相吻合。在高爾夫球方面，Chrome Tour Triple Diamond 高爾夫球在 MyGolfSpy 的獨立測試中也被評為落地距離最遠的高爾夫球。

Lastly, in the putter category, after entering the zero torque category midyear, we're now already launching our second generation of this putter type, a product called TRI-HOT, which differentiates in this new and hot category by providing a zero torque, or toe up design, but requiring less shaft lean via a more forward hossel placement. This design innovation is, in our opinion, superior to other zero-torque putters because it's easier to align and requires less setup adjustment from golfers.

最後，在推桿類別中，繼年中進入零扭矩類別後，我們現在已經推出了第二代此類推桿，一款名為 TRI-HOT 的產品，它在這個新興熱門類別中脫穎而出，提供零扭矩或趾部向上設計，但通過更靠前的桿頸位置減少了桿身傾斜。我們認為，這種設計創新優於其他零扭矩推桿，因為它更容易瞄準，並且高爾夫球手需要的設置調整更少。

All of these are small but important wins for our product and brand. We relish these wins because the cornerstone of our golf equipment strategy is delivering what we call DSPD, or demonstrably superior and pleasingly different product.

這些都是雖小但對我們的產品和品牌而言意義重大的勝利。我們非常珍惜這些勝利，因為我們高爾夫球具策略的基石是提供我們所謂的 DSPD，即明顯更優且令人愉悅的與眾不同的產品。

On the tour front, last month, men's world number 4, Xander Schauffele, capture his tenth career PGA Tour title at the Baycurrent Classic in Japan. And Jeeno Thitikul continued her strong season with a win in Shanghai, further solidifying her position as women's world number 1.

巡迴賽方面，上個月，男子世界排名第四的讚德·謝奧菲勒在日本舉行的灣流精英賽上贏得了他職業生涯的第十個 PGA 巡迴賽冠軍。吉諾·蒂蒂庫爾在上海的比賽中獲勝，延續了她本賽季的強勢表現，進一步鞏固了她作為女子世界排名第一的地位。

In summary, our Golf Equipment segment continues to perform strongly, supported by positive market dynamics. Our Golf Equipment segment revenues were up in the quarter and are up slightly year to date. This is despite more competitor product launches in early 2025, and lower new-product-launch volume from us in the second half of this year.

總而言之，在積極的市場動態支撐下，我們的高爾夫球具業務板塊繼續保持強勁成長勢頭。本季我們的高爾夫球具業務收入有所成長，今年迄今也略有成長。儘管競爭對手在 2025 年初推出了更多產品，而我們今年下半年推出的新產品數量較少，但情況依然如此。

On the profitability side, we are up year to date due to our margin and cost initiatives, but down slightly in the quarter due to the impact of tariffs, which, of course, have become more impactful recently. We remain excited about the direction of the Golf Equipment category and our brand.

從獲利能力來看，由於我們的利潤率和成本控制舉措，今年迄今為止我們的獲利能力有所提高，但由於關稅的影響，本季度略有下降，當然，關稅的影響最近變得更加顯著。我們對高爾夫裝備類別和品牌的未來發展方向仍然充滿信心。

In the Active Lifestyle segment, excluding the Jack Wolfskin business from results, our revenues were approximately flat for the quarter, with operating income down a little due principally to the impact of tariffs in the quarter. TravisMathew continues to do better than the market overall, with revenues in the quarter approximately flat year over year. The brand continues to benefit from growth in its women's category. The Callaway brand in this segment was also approximately flat for the quarter with market share gains in Japan apparel offsetting soft apparel market conditions in both Korea and Japan.

在積極生活方式板塊，若不將 Jack Wolfskin 業務計入業績，本季我們的收入基本持平，營業收入略有下降，主要原因是本季關稅的影響。TravisMathew 的表現持續優於整體市場，本季營收與去年同期基本持平。該品牌持續受益於其女裝品類的成長。該季度卡拉威品牌在該細分市場的份額也基本持平，日本服裝市場份額的成長抵消了韓國和日本軟服裝市場的疲軟狀況。

Turning to tariffs. Across our products business, we had an incremental tariff expense of $12 million in the quarter, and we continue to forecast approximately $40 million for the full year. Given that the new tariffs were phased in during the year, along with the FIFO nature of our inventory, the impact will unfortunately increase meaningfully going forward, assuming, of course, that the current rates hold. We intend to mitigate as much of this impact as possible via efficiency improvements, pricing, and vendor negotiations. This is an ongoing process and a key initiative across our organization.

接下來談談關稅問題。本季度，我們的產品業務新增關稅支出為 1,200 萬美元，我們預計全年新增關稅支出約為 4,000 萬美元。鑑於新關稅是在今年分階段實施的，加上我們庫存採用先進先出法，不幸的是，如果目前的稅率保持不變，其影響將在未來顯著增加。我們計劃透過提高效率、調整價格和與供應商談判來盡可能減輕這種影響。這是一個持續進行的過程，也是我們組織的關鍵舉措。

As part of this, we recently implemented a reduction in force of about 300 positions. As we look forward in this environment, with continued positive demand but likely higher product costs, I don't see further head count reductions as appropriate. However, we're going to have to continue to be very attentive to overall cost management and margin initiatives, and delivering DSPD product that stands apart in the marketplace will be more important than ever. Thanks to our long-term commitment to R&D and innovation, we feel optimistic about our ability to do this.

為此，我們最近實施了裁員，裁減了約 300 個職位。展望未來，在當前環境下，儘管需求持續向好，但產品成本可能會上漲，我認為進一步裁員並不合適。但是，我們將繼續非常關注整體成本管理和利潤率計劃，提供在市場上脫穎而出的DSPD產品將比以往任何時候都更加重要。由於我們長期以來對研發和創新的投入，我們對實現這一目標的能力充滿信心。

Turning now to the Topgolf segment. Q3 results exceeded guidance for both revenue and EBITDA, including, as you'll see on slide 7, a an all-important transition to positive same-venue sales of a little more than 1% for the quarter, driven by continued positive momentum in traffic. The big news here is that the 1-2 bay primarily consumer portion of our business that makes up 80% of annual revenues has transitioned to positive same-venue sales growth overall, with Q3 traffic up high teens and same venue sales in the quarter, up 2.4% for this segment.

現在進入Topgolf環節。第三季業績在營收和 EBITDA 方面均超出預期，其中包括（如您將在第 7 頁幻燈片中看到的）至關重要的同店銷售額轉正，本季度增長略高於 1%，這主要得益於客流量的持續增長勢頭。最大的新聞是，我們業務中佔全年收入 80% 的 1-2 個車位主要面向消費者的部分，已經轉變為整體同店銷售正增長，第三季度客流量增長了近 10%，同店銷售額增長了 2.4%。

This was driven by the continued consumer appeal of Topgolf, which, as you can see on slide 8, is ranked number one in both fun and atmosphere by 100x. Coupled with our new value initiatives, principally Sunday, Funday and Half-Off Golf Monday through Thursday, both of which were implemented midyear.

這是由於 Topgolf 持續受到消費者的歡迎，正如你在第 8 張投影片中看到的那樣，Topgolf 在趣味性和氛圍方面都被 100x 評為第一名。再加上我們新推出的優惠活動，主要是周日、歡樂日和週一至週四半價高爾夫，這兩項活動都是在年中實施的。

I couldn't be more pleased with the immediate and significant response to this strategic repositioning. I believe the consumer insight and execution here was just terrific, and the clear results bodes extremely well for our future outlook. We will be continuing these value initiatives for the foreseeable future, while also working on further optimizing our marketing and continually introducing new reasons to visit Topgolf.

我對此次策略調整所取得的迅速而顯著的成效感到無比欣慰。我認為此次行銷活動在消費者洞察和執行方面都非常出色，所取得的顯著成果也預示著我們未來的發展前景非常光明。在可預見的未來，我們將繼續推行這些增值舉措，同時致力於進一步優化我們的行銷，並不斷推出新的理由吸引顧客光臨 Topgolf。

Focusing on frequency for a moment. We have already seen improved results year to date based on the successful launch of our summer fun passes. And we are now in the early stages of implementing a new membership subscription program we call PlayMore.

我們暫且把注意力集中在頻率上。由於夏季娛樂通行證的成功推出，我們今年迄今的業績已經有所改善。我們現在正處於實施一項名為 PlayMore 的全新會員訂閱計畫的早期階段。

Turning to our 3+ bay business, which is primarily driven by events. While we continue to experience declines here, we've begun to see a leveling off in this portion of our business. This can be seen in both our actual results and our leads. We also have several initiatives planned during Q4 to further improve this performance, including per player pricing, dedicated marketing, and online booking capabilities for 3-4 bay events.

接下來談談我們擁有 3 個以上停車位的業務，該業務主要由活動驅動。雖然我們這部分業務仍在下滑，但我們已經開始看到這部分業務趨於平穩。這一點可以從我們的實際業績和潛在客戶數量看出。我們還計劃在第四季度推出幾項舉措，以進一步提高這一業績，包括按玩家定價、專門的行銷以及為 3-4 個球位的活動提供線上預訂功能。

Looking more deeply at the balance of the year, we expect same venue sales to be approximately flat year over year for Q4, resulting in same menu sales of down mid-single digits for the full year. As a reminder, Q4 same-venue sales are disproportionately impacted by our 3+ bay business, which has historically been approximately 30% of the sales mix in this quarter, and are even more heavily weighted towards the end of the quarter due to holiday parties.

更深入分析今年剩餘時間的情況，我們預計第四季同店銷售額將與去年同期基本持平，導致全年同菜單銷售額下降個位數中段。提醒大家，第四季同店銷售額受我們 3 個以上車位業務的影響尤為嚴重，該業務歷來約佔本季度銷售額的 30%，並且由於假日聚會，在季度末的佔比更高。

On the digital front, we continue to roll out our new Toast point-of-sale system. Where implemented, this system has improved speed of service, which in turn drives improved labor efficiency and spend per visit. We expect Toast to be in a little over half of our venues by year-end and all venues by end of Q2 next year. During Q4, we will also be piloting both pay and bay and mobile ordering for food. We are optimistic that these will deliver further gains in efficiency and spend per visit when scaled in 2026.

在數位化方面，我們繼續推廣新的 Toast 銷售點系統。在已實施該系統的地區，服務速度得到了提升，進而提高了勞動效率和每次訪問的消費額。我們預計到今年年底，Toast 將入駐我們略多於一半的門市，到明年第二季末，所有門市都將配備 Toast。第四季度，我們也將試行現場支付和行動訂餐服務。我們樂觀地認為，到 2026 年規模化實施後，這些措施將進一步提高效率並降低每次造訪的消費額。

Moving to profitability. Our venue EBITDA margins remained strong at just over 33% in Q3, around flat year over year despite the increase in our value offerings. We maintain our expectation of EBITDA margin contraction for the full year, though we are trending to be on the better end of the guidance of down 100 to 200 basis points year over year. Given the strategic move to drive more value, we believe this demonstrates outstanding execution. And importantly, we remain confident in the potential for significant future upside.

邁向盈利。儘管我們增加了增值服務，但第三季度我們的場地 EBITDA 利潤率仍保持在略高於 33% 的強勁水平，與去年同期基本持平。我們維持對全年 EBITDA 利潤率收縮的預期，儘管我們目前的趨勢是同比下降 100 至 200 個基點，比預期略好一些。有鑑於此舉旨在創造更多價值，我們認為這展現了卓越的執行力。更重要的是，我們仍然對未來巨大的上漲潛力充滿信心。

New venues continue to open well and deliver strong economic returns. We're on track to open four new venues this year with our third opening just last week in Woodbury, Minnesota, and the fourth scheduled to open in New Braunfels, Texas, in December.

新場館持續順利開業，並帶來強勁的經濟回報。我們今年計劃開設四家新店，第三家店上週剛在明尼蘇達州伍德伯里開業，第四家店計劃於 12 月在德克薩斯州新布朗費爾斯開業。

Lastly, on the leadership front, we are in mid process on our Topgolf CEO search. I'm pleased with the interest in the position and the quality of candidates. Additionally, the current team is performing well in the interim, and I remain confident in their ability to do so. A special call out to Erin Chamberlain, Topgolf's COO, who is now serving as interim President. And also a big thank you and well done to the entire Topgolf senior leadership team for stepping up during this period of transition.

最後，在領導階層方面，我們正在進行 Topgolf 執行長的遴選工作。我對大家對這個職位的關注度和候選人的素質感到滿意。此外，目前的團隊在過渡期間表現良好，我對他們繼續保持這種能力充滿信心。特別鳴謝 Topgolf 營運長 Erin Chamberlain，她目前擔任臨時總裁。此外，也要衷心感謝 Topgolf 的全體高階領導團隊，感謝他們在過渡時期挺身而出，做得非常出色。

In conclusion, Q3 was an excellent quarter, highlighted by the fact that both the Golf Equipment category and our brand remains strong. as well as Topgolf's continued momentum in driving traffic growth, including a positive same-venue sales performance in Q3 and an improved outlook for the balance of the year. These results support us raising our guidance for the full year.

總之，第三季表現出色，高爾夫裝備品類和我們的品牌依然強勁，Topgolf在客流量成長方面也保持了持續勢頭，包括第三季同店銷售業績良好，以及對今年剩餘時間的展望更加樂觀。這些結果支持我們提高全年業績預期。

I also want to reaffirm that we remain committed to the separation of Topgolf and are fully engaged in that strategic process. Lastly, we continue to believe that our strategic direction, coupled with the solid execution that we are delivering, will unlock even greater value for our shareholders and allow both businesses to thrive independently.

我還要重申，我們仍然致力於 Topgolf 的分拆，並全力投入這項策略進程。最後，我們仍然相信，我們的策略方向，加上我們正在進行的實際執行，將為我們的股東釋放更大的價值，並使兩家公司都能獨立蓬勃發展。

Thank you, and over to you, Brian.

謝謝，接下來就交給你了，布萊恩。

Thank you, Chip, and good afternoon, everyone. As a brief note on today's call, I will be discussing our financial results on a non-GAAP basis and excluding the impact of the Jack Wolfskin business, which we sold in the second quarter of this year.

謝謝你，Chip，大家下午好。在今天的電話會議上，我將簡要說明一點：我將以非GAAP準則討論我們的財務業績，並且不計入我們在今年第二季度出售的Jack Wolfskin業務的影響。

With that said, we're pleased to report another strong quarter with third-quarter results exceeding our expectations and guidance. Consolidated revenues were $934 million, a 3% increase year over year. This revenue growth was led by increased revenue in both the Topgolf and Golf Equipment segments. Q3 adjusted EBITDA of $115 million decreased $4 million year over year. This decrease is due to $12 million in incremental tariffs in our core business.

儘管如此，我們很高興地報告，第三季業績依然強勁，超出了我們的預期和指導。合併收入為 9.34 億美元，年增 3%。Topgolf 和高爾夫器材業務的營收成長帶動了營收的成長。第三季調整後 EBITDA 為 1.15 億美元，年減 400 萬美元。這項減少是由於我們核心業務中新增關稅1200萬美元所造成的。

Moving to segment performance. In Golf Equipment, Q3 revenue increased 4% year over year to $305 million, reflecting a 4% increase in golf clubs and a 6% increase in golf balls. Golf Equipment Q3 operating income of $23 million, decreased $4 million year over year due to $8 million in incremental tariffs, which was partially offset by our gross margin and cost savings initiatives.

接下來進入分段績效分析。高爾夫裝備業務第三季營收年增 4% 至 3.05 億美元，其中高爾夫球桿營收成長 4%，高爾夫球營收成長 6%。高爾夫設備業務第三季營業收入為 2,300 萬美元，年減 400 萬美元，原因是新增關稅 800 萬美元，但部分被我們的毛利率和成本節約措施所抵銷。

In Active Lifestyle, Q3 revenue was $156 million, approximately flat as compared to Q3 of 2024. Operating income decreased $4 million to $14 million primarily due to $4 million in incremental tariffs. As a reminder, these comparisons exclude Jack Wolfskin results.

在積極生活方式領域，第三季營收為 1.56 億美元，與 2024 年第三季相比基本持平。營業收入減少 400 萬美元至 1,400 萬美元，主要原因是新增關稅 400 萬美元。需要提醒的是，這些比較結果不包括 Jack Wolfskin 的結果。

Moving to Topgolf. The 4% increase in Q3 revenue to $472 million was driven by the addition of six new venues since last year and a 1% increase in same-venue sales. Topgolf operating income of $31 million increased $3 million year over year, while adjusted EBITDA was roughly flat at $84 million. Switching gears to balance sheet and liquidity. Our available liquidity as of September 30, 2025, increased $391 million to $1.25 billion due to $424 million of increased cash compared to the third quarter of 2024.

搬到Topgolf。第三季營收成長 4% 至 4.72 億美元，這主要得益於自去年以來新增的六個場館以及同場館銷售額成長 1%。Topgolf 的營業收入為 3,100 萬美元，比去年同期成長 300 萬美元，而調整後的 EBITDA 則基本持平，為 8,400 萬美元。接下來談談資產負債表和流動性。截至 2025 年 9 月 30 日，我們的可用流動資金增加了 3.91 億美元，達到 12.5 億美元，這是因為與 2024 年第三季相比，現金增加了 4.24 億美元。

This increase was primarily attributable to $270 million of cash from operations this year. The approximate $290 million in proceeds from the sale of Jack Wolfskin as well as improved working capital and lower net CapEx, partially offset by investments in the company's business.

這一成長主要歸功於今年經營活動產生的 2.7 億美元現金。出售 Ja​​ck Wolfskin 所得款項約 2.9 億美元，加上營運資金改善和淨資本支出減少，部分被公司業務投資所抵銷。

At quarter end, net debt was $2.23 billion compared to $2.54 billion last year. This decrease is primarily due to the increased cash. 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 $665 million, down $435 million year over year as a result of the increased cash. Net debt leverage improved to 3.8 times from 4.6 times driven by the higher cash balance.

截至季末，淨債務為 22.3 億美元，而去年同期為 25.4 億美元。這一下降主要是由於現金增加所致。不包括場地融資債務（本質上是與我們的 Topgolf 場地相關的資本化租金）和可轉換債務，我們的 REIT 調整後淨債務為 6.65 億美元，由於現金增加，同比減少了 4.35 億美元。現金餘額增加，淨債務槓桿率從 4.6 倍改善至 3.8 倍。

REIT adjusted net leverage which includes rent and interest payments, improved to 1.4 times from 2.4 times. We remain comfortable with these leverage levels. Our inventory balance decreased $98 million compared to the end of Q3 2024 to $569 million at the end of Q3 2025, primarily due to $108 million of inventory being included in the sale of the Jack Wolfskin business.

包括租金和利息支出在內的 REIT 調整後淨槓桿率從 2.4 倍改善至 1.4 倍。我們對目前的槓桿水平感到滿意。與 2024 年第三季末相比，我們的庫存餘額減少了 9,800 萬美元，到 2025 年第三季末為 5.69 億美元，這主要是由於 Jack Wolfskin 業務的出售包含了 1.08 億美元的庫存。

Turning to our outlook, which can also be found on slide 9 of our presentation. We are raising our full-year 2025 revenue guidance to a range of $3.90 billion to $3.94 billion, up $60 million at the midpoint. We are also raising our full-year adjusted EBITDA guidance range to $490 million to $510 million, up $40 million at the midpoint.

接下來談談我們的展望，這也可以在我們的簡報第 9 頁中找到。我們將 2025 年全年營收預期上調至 39 億美元至 39.4 億美元，中位數比預期高出 6,000 萬美元。我們同時將全年調整後 EBITDA 預期範圍上調至 4.9 億美元至 5.1 億美元，中點值上調 4,000 萬美元。

This updated guidance reflects better-than-expected Q3 results and improved outlook for the balance of the year, including an improvement in Topgolf same and new sales outlook as well as continued cost management initiatives which will partially mitigate the impact of the incremental tariffs, which are estimated to be approximately $40 million for the full-year 2025.

此次更新後的業績指引反映了第三季度業績好於預期，以及對今年剩餘時間的展望有所改善，包括 Topgolf 同店銷售和新店銷售前景的改善，以及持續的成本管理舉措，這些舉措將部分緩解新增關稅的影響，預計 2025 年全年新增關稅約為 4000 萬美元。

Turning to Topgolf. We are revising our full-year same-venue sales guidance to down mid-single digits. As a result, we are raising our full-year Topgolf revenue guidance to a range of $1.77 billion to $1.79 billion, up $40 million at the midpoint. We are also raising our full-year Topgolf adjusted EBITDA guidance to a range of $295 million to $305 million, up $20 million at the midpoint. As a reminder, this outlook accounts for the negative impact of Topgolf transitioning to a retail calendar in addition to the leap year impact in 2024, which together leads to a loss of four days of sales in 2025.

轉戰Topgolf。我們將全年同店銷售額預期下調至個位數中段。因此，我們將 Topgolf 全年營收預期上調至 17.7 億美元至 17.9 億美元，中位數比預期高出 4,000 萬美元。我們同時將 Topgolf 全年調整後 EBITDA 預期上調至 2.95 億美元至 3.05 億美元，中點數值上調 2,000 萬美元。需要提醒的是，這項預測考慮了 Topgolf 過渡到零售日曆帶來的負面影響，以及 2024 年閏年的影響，這兩者加起來導致 2025 年銷售額減少四天。

This change is expected to create an approximate $20 million headwind to revenue and a $10 million headwind to adjusted EBITDA. With regard to CapEx, our outlook for Topgolf's net CapEx is approximately $120 million and approximately $40 million for our core business. We continue to expect to be free cash flow positive, both the total company and the top golf in 2025.

預計這項變更將對收入造成約 2,000 萬美元的不利影響，對調整後 EBITDA 造成約 1,000 萬美元的不利影響。關於資本支出，我們預期 Topgolf 的淨資本支出約為 1.2 億美元，核心業務的淨資本支出約為 4,000 萬美元。我們仍然預計到 2025 年，公司整體和頂級高爾夫球場都將實現正自由現金流。

Now turning to our outlook for the quarter, which can be found on slide 10 of our presentation. In Q4, we are forecasting consolidated revenue of $763 million to $803 million versus $810 million in Q4 2024, excluding Jack Wolfskin. This estimate reflects the following: the impact from the move to retail calendar and sale of the World Golf Tour game, or WGT for short, partially offset by revenue from new venues. The equipment launch timing and normal retail inventory management ahead of new Chrome launch in 2026 and partially offset by improved market conditions.

現在來看我們對本季的展望，詳情請見簡報第 10 頁。第四季度，我們預測合併收入為 7.63 億美元至 8.03 億美元，而 2024 年第四季為 8.1 億美元（不包括 Jack Wolfskin）。這項估算反映了以下情況：世界高爾夫巡迴賽遊戲（簡稱 WGT）轉向零售日程和銷售的影響，部分被新場館的收入所抵消。設備發佈時間以及在 2026 年推出新 Chrome 之前正常的零售庫存管理，部分被市場狀況的改善所抵消。

We estimate Q4 adjusted EBITDA to be in the range of $13 million to $33 million, compared to $83 million in the prior year, excluding Jack Wolfskin. As previously discussed, the year-over-year comparison is impacted by several headwinds in 2025. These include incremental tariff expense, the year-over-year increase in cash incentive compensation accrual compared to a reversal of accrual in Q4 2024, incremental Topgolf stand-alone costs, the impact of lower 3+ bay revenue, and year-over-year variances in items such as property tax and insurance, and the impact from Topgolf calendar change in sale WGT.

我們預計第四季度調整後 EBITDA 將在 1,300 萬美元至 3,300 萬美元之間，而去年同期為 8,300 萬美元（不包括 Jack Wolfskin）。如前所述，2025 年的同比數據受到多種不利因素的影響。這些包括增量關稅支出、現金激勵補償應計額同比增加（與 2024 年第四季度應計額的衝回相比）、Topgolf 獨立運營的增量成本、3 個以上球位收入下降的影響、房產稅和保險等項目的同比差異，以及 Topgolf 銷售 WGT 日曆變化的影響。

In conclusion, we are pleased to report strong third-quarter results that reflect the resilience and adaptability of our businesses. The encouraging performance in our golf equipment and Topgolf businesses, coupled with strategic cost management and our strong liquidity, has positioned us well for the remainder of the year. We are pleased to be able to raise our revenue and adjusted EBITDA guidance. highlighting our confidence in the strength of our business moving forward.

總之，我們很高興地報告第三季業績強勁，這反映了我們業務的韌性和適應能力。高爾夫球具和 Topgolf 業務的良好表現，加上策略性的成本管理和強勁的流動性，使我們為今年剩餘時間做好了充分準備。我們很高興能夠上調營收並調整後 EBITDA 預期，這凸顯了我們對公司未來業務發展的信心。

While we acknowledge the challenges ahead, including the impacts of ongoing tariffs, our operational initiatives and commitment to delivering value for our shareholders, remains steadfast. We appreciate your continued support.

儘管我們意識到未來將面臨許多挑戰，包括持續關稅的影響，但我們的營運措施和為股東創造價值的承諾仍然堅定不移。感謝您一直以來的支持。

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

綜上所述，我現在想把電話轉回接線生進行問答環節。

(Operator Instructions)

（操作說明）

Eric Wold, Texas Capital Securities.

Eric Wold，德州資本證券。

So a couple of questions, I guess. First off, on the Golf Equipment side, I guess given the demand that you're seeing -- the strong demand you're seeing for Golf Equipment with on-course participation, I guess how much pricing power do you feel that you have on equipment in clubs and balls as you move into '26 to offset tariff pressure?

所以，我想問幾個問題。首先，就高爾夫球具方面而言，鑑於您目前看到的需求——球場參與人數的增加帶動了高爾夫球具的強勁需求，您認為在進入 2026 年之際，您在球桿和球的定價方面有多大的議價能力來抵消關稅壓力？

And do you want to go down that road? Are you seeing competitors raise prices and you feel that's a path you think you can take?

你想走這條路嗎？您是否看到競爭對手提高價格，並且您認為這也是您可以採取的策略？

Eric, Chip. That's a good question and something that there's no clear answer on at this point. We we've seen over time that the Golf Equipment category enjoys a passionate consumer and a wealthy consumer. So we do not believe that we're highly price elastic. And there's obviously healthy market conditions right now. So both of those go on the positive side.

艾瑞克，奇普。這是一個很好的問題，但目前還沒有明確的答案。隨著時間的推移，我們發現高爾夫裝備品類擁有熱情且經濟實力雄厚的消費者。因此，我們認為我們的價格彈性並不高。目前市場狀況顯然良好。所以這兩點都利大於弊。

What I've seen over time is that the ability to raise price has been there, but it's dependent on how -- what we call DSPD, or differentiated the product is. So as the product gets better, your pricing power gets better. And so we're going to have to see how that unfolds. Without a doubt, given the tariff situation, if these are the final rates, we will take a look at pricing. And we'll have to be strategic about that. But on new products, along with the higher product costs, pricing will be part of our equation for mitigating the tariffs.

隨著時間的推移，我發現提高價格的能力一直存在，但這取決於我們所說的DSPD，或者說產品的差異化程度。因此，隨著產品效能的提升，你的定價權也會增強。所以，我們得看看事情會如何發展。毫無疑問，鑑於目前的關稅狀況​​，如果這些是最終價格，我們將重新審視定價。我們需要在這方面製定策略。但對於新產品而言，除了更高的產品成本外，定價也將是我們緩解關稅影響的考量因素之一。

Perfect. And then just final question kind of on Topgolf, the kind of through the summer and you've seen kind of the reaction and improvement in visitation from the value initiatives, maybe give us a sense of kind of the trends you've seen in kind of time at the bay, kind of how your ability to kind of book shorter periods has impacted the time of the day. And kind of also what you see in terms of food and beverage attach rates kind of as the summer has played out?

完美的。最後一個問題是關於 Topgolf 的，整個夏天，您都看到了增值舉措帶來的客流量增長和反響，能否請您談談您在海灣地區觀察到的趨勢，以及您提供的短時段預訂服務對一天中不同時段的客流量產生了怎樣的影響。還有，隨著夏季的進行，食品和飲料的附加費率又有什麼變化呢？

Sure. Obviously, really pleased with the reaction to the value initiatives, the continued strength of the experience scores at Topgolf. Traffic has been up mid high teens, candidly. And so we're winning share and I couldn't be more pleased with the reaction.

當然。顯然，我對各項增值措施的反應非常滿意，Topgolf 的體驗評分也持續走高。坦白說，交通流量增加了十幾個百分點。因此，我們的市佔率正在不斷成長，我對市場反應非常滿意。

One of the initiatives that they put in place was some variability on bay timing, so being able to book base in smaller windows. So within 1 hour, 1.5 hours time, not just 2 hours on the reservation system, that has been impactful. I wouldn't call it the most impactful of all the initiatives, but it has a positive response and certainly meeting the consumer where they are on that front.

他們採取的措施之一是對停機坪的使用時間進行一些調整，以便能夠在較短的時間內預訂停機坪。因此，在 1 小時、1.5 小時內，而不是僅僅 2 小時內，在預訂系統上就產生了影響。我不會稱其為所有舉措中最具影響力的，但它得到了積極的反響，並且肯定在這一方面滿足了消費者的需求。

And then on the food and beverage side, we are trending up. If you just try to isolate the food and beverage same-venue sales, it's up. It's got a couple of different factors going on, but it's being driven by the traffic and no real change in trend. We've also been able to initiate some new offerings in the food and beverage sector, platters and such, which have been well received. There has been a continuation of the long-term trend of alcohol attachment but no change in that trend. So food and beverage has been a positive for us as it relates to the quarter and pleased with it.

而在餐飲方面，我們正處於上升趨勢。如果只看餐飲場所的銷售額，就會發現銷售額上升了。這取決於幾個不同的因素，但主要是由流量驅動的，趨勢並沒有真正改變。我們也推出了一些食品飲料領域的新產品，例如拼盤等等，這些產品都受到了消費者的好評。長期以來，酗酒成癮的趨勢仍在持續，但這種趨勢並沒有改變。因此，就本季而言，餐飲業務對我們來說是一個積極的方面，我們對此感到滿意。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

My first question. It's on the business connected to the consumer. Can you talk about sell-through this quarter, not just sell in or to the best you can, anything that signals the consumer behavior is changing. And then related to that, it seems like '26 is going to be an important year for new launches. Connecting any changes in behavior now to how the launch season could go early part of next year?

我的第一個問題。這與消費者相關的業務有關。能否談談本季的銷售情況，不僅是銷售情況或銷售到位情況，任何能顯示消費者行為正在改變的因素。與此相關的是，2026 年似乎是新產品發表的重要一年。現在的行為變化是否與明年年初的產品發布季走向有關？

Sure, Simeon. We've seen excellent results in the Golf segment, more or less all year, but strengthening in Q2 and then even stronger in Q3. It started the year with a little bit of a wet and cold spring, but as that transition rounds played have been up and sell-through trends have been candidly terrific. And you've seen where the sell-through trends are higher than the sell-in trends. So a little bit of a destocking going on out at retail as well, which is also a net positive.

當然可以，西蒙。我們在高爾夫領域取得了優異的成績，全年基本上保持穩定，但在第二季表現強勁，第三季表現更強勁。今年春天天氣有些潮濕寒冷，但隨著季節更迭，比賽輪次增加，銷售情況也相當不錯。而且你已經看到，售罄率的趨勢高於進貨率的趨勢。所以零售業也出現了一些去庫存的情況，這總體上也是一個利好消息。

The consumer just is very engaged -- very healthy right now. And as we look forward, we're not really getting into estimates for 2026 at this point, but the strength of the consumer throughout the summer and through current has been quite positive. We've seen a long-term trend of strength around golf. So I feel really good about that.

消費者的參與度非常高——目前市場狀況非常好。展望未來，我們目前還不打算對 2026 年做出預測，但整個夏季以及目前的消費強勁勢頭都相當積極。我們已經看到高爾夫運動呈現出長期強勁的發展趨勢。所以我對此感覺非常好。

And then as a follow-up, the width of Q4, the profit range, what don't you know about tariffs today because you've taken mitigating actions, you have some sense of what it's going to cost. Is the width more related to Topgolf variability or the Equipment business? Can you talk about the things that are in your control versus things that you left a little leeway with?

然後作為後續問題，第四季的寬度、利潤範圍，以及你現在對關稅還有哪些不了解的地方，因為你已經採取了緩解措施，所以你對關稅的成本有了一些概念。寬度與 Topgolf 的波動性關係較大，還是與裝置業務關係較大？你能談談哪些事情在你的掌控之中，哪些事情你留有些迴旋餘地嗎？

Sure. I'll let Brian comment on it. I'm not sure that we -- it's not intuitive to us that we have a particularly wider-than-normal range in terms of any of our metrics for Q4. Obviously, a fairly diverse business. So there's some level of ranges required there.

當然。我讓布萊恩來評論一下。我不確定我們——就我們而言，第四季度任何指標的範圍都比正常情況要寬，這並不符合我們的直覺。顯然，這是一個業務相當多元化的企業。所以這裡需要有一定的範圍限制。

But -- and there's tariffs, we -- there's no significant degree of uncertainty in the tariff. We're more and more comfortable with our understanding there as we move forward. So no, nothing there to speak of.

但是——而且還有關稅，我們——關稅方面沒有太大的不確定性。隨著我們不斷深入，我們對這方面的理解也越來越透徹。所以，沒什麼好說的。

That's right. That's -- this is the normal range we gave for this time of the year. So there's really no -- nothing different than normal here.

這是正確的。這就是——這是我們針對每年這個時候給出的正常範圍。所以這裡真的沒有什麼不同——和往常一樣。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great to see the progress. So Chip, on the health of the golf industry, what are you seeing from new entrants to the sport today? And could you speak to the market share opportunity you see into next year if we're thinking about clubs relative to balls with the new chrome launch on TAP.

很高興看到取得進展。Chip，就高爾夫產業的健康狀況而言，你認為如今這項運動的新參與者有哪些特質？那麼，如果我們考慮的是球桿相對於高爾夫球的市場份額，以及TAP推出的新款鍍鉻產品，您能否談談您認為明年的市場份額機會？

Yeah, sure. Again, the health of the golf business is excellent. So really pleased with those trends. We don't really have hard data right on new participants. But we'll see some trailing data over the next few months as their report will come out, but it will be trailing data.

當然可以。再次強調，高爾夫產業的健康狀況非常好。我對這些趨勢非常滿意。我們目前還沒有關於新參與者的確切數據。但在接下來的幾個月裡，隨著他們的報告陸續發布，我們將看到一些後續數據，但這些只是後續數據。

But all indications are is that the participation is continuing to move positively. Visits to Topgolf is a leading indicator. And obviously, visits the Topgolf or quite strong. There are other strong new entrants and growth categories around off-course golf. The new -- the package set business is still quite strong. So by all indication, participation is continuing to grow, although I do not have hard data, and the consumer is good.

但種種跡象表明，參與度仍在持續上升。Topgolf 的客流量是一個重要的參考指標。顯然，去 Topgolf 打卡或相當有吸引力。高爾夫球場外還有其他一些強勁的新興企業和成長領域。新推出的套裝產品業務依然十分強勁。因此，種種跡象表明，參與人數仍在持續增長，儘管我沒有確切的數據，而且消費者情緒良好。

In terms of market share opportunities, we're not going to get into 2026 estimates at this point. But as I always am at this point in time, I feel good about our product and our brand. We had steady growth in the golf ball category. We had a very strong Q3 market share-wise in golf ball, which bodes well for the brand strength. And as you mentioned, next year will be a premium ball launch. So we're looking forward to that, and I look forward to talking to you about the new product and that opportunity in February.

就市佔率機會而言，我們目前不打算對 2026 年的情況進行預測。但就像我一直以來對產品和品牌的信心一樣，我對我們的產品和品牌感到非常滿意。高爾夫球類產品銷量穩定成長。我們在第三季的高爾夫球市佔率非常強勁，這對品牌實力來說是一個好兆頭。正如您所提到的，明年將會推出高端球類產品。所以我們很期待，我也期待在二月與您探討新產品和這個機會。

Great color. And then, Chip, at Topgolf, on the inflection to positive same venue sales in the third quarter, could you break apart the 700 basis points of sequential improvement? Maybe elaborate on trends or what you're seeing in October? And then just any update on potential strategic alternatives.

顏色很棒。然後，Chip，關於 Topgolf 第三季度同店銷售額轉正的轉折點，您能否詳細分析一下這 700 個基點的環比增長？能否詳細說說十月份的趨勢或是你觀察到的情況？然後是關於潛在戰略方案的任何最新進展。

Okay. I got to jot these downward go in a couple of different ways here. So the -- what we saw in Q3 was really during the quarter, an acceleration of what we talked about at the end of last quarter where the value initiatives were rolled out and started to resonate with consumer. We saw significant growth in traffic. We saw 1-2 bay inflect to positive and 3+ bay, although still down, has moderated. And those are great trends and they ended up with a positive quarter, which obviously is very important for us and we're excited about.

好的。我需要把這些向下移動的方式記下來，這裡有幾種不同的方法。因此，我們在第三季度看到的，實際上是上個季度末我們討論的價值舉措的加速發展，這些舉措已經推出並開始引起消費者的共鳴。我們看到流量顯著成長。我們看到 1-2 個海灣的海灣數量轉為正值，3 個及以上海灣的海灣數量雖然仍然偏低，但已經有所緩和。這些都是非常好的趨勢，最終取得了正收益，這對我們來說顯然非常重要，我們也為此感到興奮。

October results have been fairly similar to what we saw in Q3. So same type of result positive for 1-2 day, traffic -- same kind of positive traffic that we saw in Q3, and 3+ bay, although still down, moderating. So October on trend with Q3. It's worth calling out, Matt, that as you look at Q4, the mix of 3+ by goes higher for us. So 3+ bay is 30% of our volume in Q4 versus 20% for the full year. And as such, you just have a weighted average that is -- plays itself out in Q4, not really forecasting a change in trends there. We see positive trends that have been sustaining.

10月份的業績與第三季的情況相當相似。所以，同樣的結果是，客流量在 1-2 天內呈現積極態勢——與我們在第三季度看到的客流量一樣，3+ 個停車位雖然仍然下降，但正在趨於緩和。所以10月的趨勢與第三季一致。馬特，值得一提的是，當你觀察第四季時，3歲以上兒童的比例在我們這裡會更高。因此，3+車位的貨車在第四季的銷量占我們總銷量的30%，而全年銷量佔20%。因此，你得到的只是一個加權平均值——它會在第四季度體現出來，但並不能真正預測那裡的趨勢會改變。我們看到了一些持續的正面趨勢。

And then I think your last question was on the Topgolf process. And we're continuing to fully engage in that and committed. We continue to evaluate both the spin and a sale. Unfortunately, no update on timing at this point. The timing was impacted by the CEO transition. But I feel good about that process. And it's probably also worth mentioning that the improved results and outlook should be positive for value creation, whatever the final outcome is.

然後，我想你最後一個問題是關於 Topgolf 的申請流程。我們將繼續全力以赴地參與其中，並致力於此。我們仍在評估出售和重組這兩種方案。很遺憾，目前還沒有關於時間安排的最新消息。時間安排受到執行長更迭的影響。但我對這個過程感到滿意。值得一提的是，無論最終結果如何，績效和前景的改善都應該有利於價值創造。

[RP Nikel Chariom], UBS.

[RP Nikel Chariom]，瑞銀集團。

This is [Beckavagom] dialed in on behalf of RP Nikel Chariom. Could you talk through the puts and takes of how we should think about same when you grow for Topgolf into next year? And whether there is any type of pricing or better mix versus more volume that's baked into your current thinking?

這裡是 [Beckavagom] 代表 RP Nikel Chariom 撥入。您能否談談明年您在 Topgolf 成長時，我們該如何看待這些問題？你們目前的想法中是否考慮過某種定價策略或更優的產品組合（而非更高的銷售量）？

Sure. I'll try to do that. Obviously, pleased with the inflection. And we continue -- we're going to continue to lean in on these value initiatives. We're in the early innings, we think of repositioning the consumers' perception of price at Topgolf. There's a chart in the presentation deck that shows that where made some progress, but a lot of progress to go.

當然。我會盡力做到。顯然，我對語調很滿意。我們將繼續——我們將繼續大力推動這些價值創造舉措。我們仍處於起步階段，我們正在考慮重新定位消費者對 Topgolf 價格的看法。簡報中有一張圖表顯示，我們取得了一些進展，但還有很長的路要走。

So the 1-2 bay traffic and value initiatives will continue. 3+ bay is leveling off. We're optimistic that that is likely to continue, and we also have some new initiatives there that we believe will be further impactful as that business proceeds. Those include per player pricing, 3-4 bay online and some dedicated marketing.

因此，1-2車位的流量和價值提升計畫將持續推進。 3車位及以上的業務成長趨於平穩。我們樂觀地認為這種情況可能會持續下去，我們還有一些新的舉措，我們相信隨著業務的推進，這些舉措將產生更大的影響。這些措施包括按玩家收費、3-4 個線上遊戲位以及一些專門的行銷活動。

We're implementing Toast, and that has seen a positive impact both on margins and on spend per visit. We'll have a little more than half of the base on Toast by the end of the year with all of them on for Q2. So that should have a positive impact on spend per visit next year. We're also starting to trial and we'll implement next year pay and bay and mobile ordering, which should have positive impacts as well.

我們正在實施 Toast 系統，該系統對利潤率和每次訪問的消費額都產生了積極影響。到今年年底，我們將有略超過一半的用戶使用 Toast，所有用戶將在第二季全部使用。因此，這應該會對明年的每次到店消費產生正面影響。我們也開始試行，明年將實施自助點餐和手機點餐，這應該也會產生正面的影響。

We're introducing frequency programs. We introduced this summer. Summer Fun Pass, it was highly successful. We'll be leaning further into that, and we're now implementing a subscription program. It's very early, but we're -- we've seen a lot of other similar businesses have a lot of success with that. Ours is called PlayMore, and we'll be implementing that and optimizing that. We're going to continue to drive more optimized marketing. We've seen our marketing become more and more efficient as -- the new team there has gotten their hands on the wheel and implemented performance marketing and marketing that has resonated with the consumer.

我們正在引入頻率控製程序。我們在今年夏天推出了這款產品。夏季歡樂通行證非常成功。我們將進一步深化這方面的投入，目前正在實施訂閱計畫。現在還處於非常早期的階段，但是我們已經看到許多其他類似的企業透過這種方式取得了巨大的成功。我們的方案叫做 PlayMore，我們將實施並優化它。我們將繼續推動更優化的行銷策略。我們看到，隨著新團隊接手並實施效果行銷和能引起消費者共鳴的行銷，我們的行銷變得越來越有效率。

And then we're also going to continue to deliver new reasons to visit. That's new games, experiences. We did the football game this fall, and that will be part of our play mix as well. No specific callouts on pricing at this point, but I hope I answered your question.

此外，我們也將繼續提供新的理由吸引遊客前來遊覽。那是全新的遊戲和體驗。今年秋天我們進行了一場足球比賽，這也將成為我們比賽項目的一部分。目前還沒有具體的定價訊息，但我希望我已經回答了您的問題。

Yeah. And a second one, how should we think about unit openings for Topgolf into next year, assuming plans for separation could take a bit longer?

是的。第二個問題是，考慮到分割計畫可能需要更長時間才能完成，我們應該如何考慮明年 Topgolf 的門市開幕？

We are planning three new venues for next year.

我們計劃明年開設三個新場館。

Anna Gaskin, B. Riley Securities.

安娜·加斯金，B. Riley Securities。

All right. I'd like to go back to the Topgolf comp inflection or same venue sales inflection, really good to see. Maybe anything you could share on the complexion of visitors maybe between new and maybe lapsed visitors versus the past, and maybe that repurchase or revisit behavior maybe versus prior cohorts.

好的。我希望回到 Topgolf 比賽的拐點或同一場地銷售額的拐點，這真的很好。或許您可以分享一些關於訪客組成方面的信息，例如新訪客和流失訪客與以往訪客之間的差異，以及與之前訪客群體相比的複購或再次訪問行為。

And what we've seen, we haven't seen any real change in economic profile or demographics. We've seen that the uptick in traffic is two-thirds repeat visitors and about one-third new. So just an outstanding mix from our perspective. And in terms of actually moving the needle yet on our frequency, given our frequency is 1.5 per year, it's too soon that you wouldn't really see it yet, but you're seeing great consumer behavior and a mix of new and repeat, and the reaction has been both immediate and definitive.

而我們看到的，是經濟結構或人口結構沒有任何真正的改變。我們發現，流量成長的訪客中，三分之二是回頭客，大約三分之一是新訪客。所以從我們的角度來看，這真是一個非常棒的組合。至於我們目前的銷售頻率是否真的有所提高，鑑於我們目前的銷售頻率是每年 1.5 次，現在還為時過早，你還看不到任何效果，但是你已經看到了良好的消費者行為，新客戶和回頭客都有，而且市場反響既迅速又明確。

Got it. And then thinking through the corporate event business in 4Q, while understanding that it tends to hit later in the quarter. Typically, what's your visibility, I would think, generally, especially around holiday events, people would want to have that booked earlier. So just trying to think through that dynamic and your level of visibility there.

知道了。然後仔細考慮第四季的企業活動業務，同時也要意識到它往往會在季度末才出現。通常來說，你的曝光率是多少？我認為，一般來說，尤其是在假日期間，人們都希望提前預訂。所以，我只是想弄清楚這種動態關係以及你在那裡的知名度。

Yes. We have a reasonable level of visibility on that now. So we've got significant portion we get in the ballpark just over half of them booked 30 days out. but there's still a significant amount that we'll be booking here in the balance of November and even through early December. So we have a good read on that and have put that into our guidance.

是的。我們現在對此已經有了相當清晰的了解。所以，我們已經基本上確定了大部分房源，大約超過一半的房源在30天前就已經被預訂一空。但11月剩餘的時間裡，甚至到12月初，我們仍然會有相當一部分房源被預訂。所以我們已經對此進行了深入研究，並將其納入了我們的指導方針中。

Noah Zatzkin, KeyBanc Capital Markets.

Noah Zatzkin，KeyBanc Capital Markets。

I guess maybe just to kind of follow up on the corporate business. Nice improvement in Q3. Is that just a function of comps? Or was there other kind of corporate behavior changes that you'd point to or expect kind of going forward?

我想大概只是為了跟進一下公司業務吧。第三季有了顯著改善。那隻是組合的一個功能嗎？或者，您是否注意到或預期未來還會出現其他類型的企業行為變化？

When you say Q3, are you you're just asking about corporate events in Q3?

您說的Q3是指第三季的企業活動嗎？

Yes, exactly.

是的，正是如此。

Okay. Yeah. So we just -- we've seen -- we took actions during the quarter and terms of some marketing and changing how we're doing our sales organization structure and including repositioning some of the product during the early part of the year. And so I think some of that has been impactful. And I do believe that a significant part of this is also just a leveling out or, as you say, comps, but leveling of the overall market, which had declined. But is not going to be going away and we'll initially will eventually recover and be a strong opportunity for us.

好的。是的。所以，我們已經看到，我們在本季採取了一些行動，包括一些行銷措施，改變了我們的銷售組織結構，以及在年初重新定位了一些產品。所以我認為其中一些影響是存在的。而且我相信，這其中很大一部分原因也只是市場趨於平穩，或者如你所說，是市場趨於平穩，而此前市場已經下滑。但這不會消失，我們最初會逐漸恢復，最終會迎來一個絕佳的機會。

And maybe just one more. Any updated thoughts kind of heading into holiday around TravisMathew and how you're thinking about that business?

或許再來一個。關於 TravisMathew 即將迎來假期，你對這家公司有什麼新的想法嗎？

Yeah. TravisMathew is a strong brand and an excellent business. The market overall in athleisure has been challenged this year. We've outperformed that market. They have gained share over the last quarter. So I was pleased with their last quarter results, and optimistic on trends going into Q4. But again, that's been baked into our guide.

是的。TravisMathew是一個強大的品牌，也是一家優秀的企業。今年運動休閒服飾市場整體面臨挑戰。我們的表現優於市場平均。過去一個季度，他們的市佔率有所成長。所以我對他們上一季的業績感到滿意，並且對第四季的發展趨勢持樂觀態度。但同樣，這一點已經寫入了我們的指南中。

Joe Altobello, Raymond James.

Joe Altobello，Raymond James。

This is Martin Mitela on for Joe Altobello. I want to quickly touch on the CEO search. I know I understand that you're kind of in the middle of the process here. But just trying to gauge how much time this new person in the road sort of need before the separation is ready to be enacted?

這裡是馬丁·米特拉，他代替喬·阿爾托貝洛解說。我想簡單談談CEO的遴選狀況。我知道，我明白你現在正處於這個過程的中間階段。只是想估算一下，在正式分居之前，這個新出現的人需要多長時間才能適應？

Yeah. Martin, I don't know whether I have a specific answer on that. So we're not commenting on the time there. I think the most important thing is that we've got strong interesting candidates. And therefore, feel very encouraged and as well as the existing team is just doing a terrific job. So couldn't be more pleased with both that process and how the existing team is being able to manage this period of transition.

是的。馬丁，我不知道我是否能給出具體的答案。所以我們不對那段時間的情況發表評論。我認為最重要的是我們有很多優秀且有吸引力的候選人。因此，我感到非常鼓舞，而且現有團隊的工作也做得非常出色。因此，我對整個過程以及現有團隊如何管理這段過渡時期感到非常滿意。

Understood. And just kind of quickly turning to tariffs. I understand you're not giving any formal guide for next year. You've offered a $40 million number for this year. Is there anything that you might be able to give us what we should expect for 2026?

明白了。然後很快就轉到了關稅問題上。我知道你們沒有給出明年的正式指導方針。你給的今年預算是4000萬美元。您能否透露一下我們對 2026 年的預期？

Yeah. Sure, Martin. It's still obviously uncertain. But if the existing rates hold, it would be a little more than double this year impact next year.

是的。當然可以，馬丁。目前顯然仍不明朗。但如果現行利率不變，那麼明年的影響將是今年的兩倍多。

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

我們的問答環節到此結束。我謹將會議交還給奇普·布魯爾，請他作總結發言。

Well, thank you, everybody, for dialing in. We appreciate your interest and look forward to updating you again in February when we can talk a little bit more about 2026 and including new products. So look forward to that. Have a great rest of the year and holiday period.

謝謝大家的撥入。感謝您的關注，我們期待在二月再次向您報告最新進展，屆時我們將詳細介紹 2026 年的計劃以及新產品。敬請期待。祝您餘下的日子和假期愉快。

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

會議已經結束。感謝各位參加今天的報告會。現在您可以斷開線路了。