Each Topgolf location costs about $20 million The number of shares issued is based upon an implied equity value of Topgolf of $1.986 billion6(including Callaways ownership position). 2023 Leaders Group. Topgolfs ball-tracing technology is seen on televised golf broadcasts and its mobile golf game, World Golf Tour, boasts 28 million members. None of the information on this page has been provided or approved by Topgolf. Investors are cautioned not to place undue reliance on such preliminary estimates. During today's conversation IEG's Vice President of Strategy and Churchill Downs Vice President of Marketing, Brand and Partnerships Casey Ramage give us some insight on their analytical approach to sponsorship strategy. Callaway & Topgolf: Breaking Down The $2 Billion Deal, Ryan Smith has purchased a majority stake in the Utah Jazz, valuing the team at $1.6 billion. Over the course of the initial 20-year ground lease, once construction is completed and Topgolf is open for business, the county will receive more than $625,000 in annual revenue, benefiting the San Bernardino County Regional Parks system, https://parks.sbcounty.gov/, which includes nine regional parks throughout the county and (3) Represents non-recurring costs associated with the Company's transition to its new North America Distribution Center, implementation of new IT systems for Jack Wolfskin, and $0.7 million of severance related to the Company's cost reduction initiatives. Callaway's transition to a golf entertainment company provides opportunity for a higher valuation range. Gambling problem? Already a subscriber? CARLSBAD, CA and DALLAS, TX October 27, 2020 Callaway (NYSE:ELY) and Topgolf Entertainment Group (Topgolf) today announced that the companies have entered into a definitive merger agreement. A lot of growth.. Such forward-looking statements include, but are not limited to, statements about the benefits of the business combination transaction involving Callaway and Topgolf, including the anticipated operations, financial position, liquidity, performance, prospects or growth and scale opportunities of Callaway, Topgolf or the combined company, the strategies, prospects, plans, expectations or objectives of management of Callaway or Topgolf for future operations of the combined company, any statements regarding the approval and closing of the merger, including the need for stockholder approval and the satisfaction of closing conditions, and statements of belief and any statement of assumptions underlying any of the foregoing. The connective PGA of America efforts include Topgolf holding sponsorship and media events, and other fan engagement efforts tied to PGA of America events along with Topgolf promoting the PGA Junior League Golf program. 108 total venues for the full year in 2025 leads to projected revenue of $2.3 billion and $336 million of EBITDA. Its an all stock deal which gives Topgolf an implied equity value of ~$2 billion. With the completion of the 9 new venues in 2021, Topgolf will have 70 venues operating for the entirety of 2022. Will you try them? Founded in 2000, Topgolf has reinvented the concept of golfs antiquated driving range to attract both golf aficionados and novices alike, turning it into a destination venue for people to play technology-enabled golf games accompanied by music, food, and drinks. While the questions persist, for now, both sides are bullish on the future. And our climate-controlled bays mean your party will rock on through rain, heat, cold or whatever else Mother Nature throws at you. The deal, announced Tuesday, creates a company that can draw in non-golfers to Topgolfs entertainment venues and expose them to the broader game, said Callaway CEO Chip Brewer, whose company sells golf clubs, balls, apparel and other equipment. For cost savings, you can change your plan at any time online in the Settings & Account section. Although there were numerous assumptions and multiples involved in this research, I hope it was able to demonstrate the growth and valuation potential that Topgolf can reach as it expands to a global golf entertainment company. While the company is expanding, it lacks a large presence in the Northeast and in Southern California, with no current facilities in Los Angeles or San Diego. But, it's one of us humans writing the story, we promise. What do legacy golf companies like Callaway plan to do about it? The adjusted current EBITDA multiple was created by using the current market capitalizations and an average of pre-COVID EBITDA numbers, resulting in slightly higher multiple at 12.75x which is to be expected in todays market. Topgolf projects adding more than 3,500 bays in 2020, and around 8,000 new bays per year starting in 2022. Please. Topgolf is the leading tech-enabled golf entertainment business, with an innovative platform that comprises its groundbreaking open-air venues, revolutionary Toptracer technology and innovative media platform with a differentiated position in eSports. Upon closing, the combined companys Board of Directors will consist of 13 directors, including three directors appointed by Topgolf shareholders. Being the good friend I am, I read it so you dont have to lets run through it. Remaining privately-owned during those two decades, the company built locations in every region of the country. Through an unwavering commitment to innovation, Callaway manufactures and sells premium golf clubs, golf balls, golf and lifestyle bags, golf and lifestyle apparel and other accessories. Anderson would not disclose any company financial information or the cost of building Topgolf venues, but building between seven and 10 new venues annually would require a hefty dose of capital. Thats a goal of golf governing bodies, who already have instituted youth development programs aimed at attracting more young golfers to the game. I never would have envisioned that it has become as popular as it is.. Any time you have a business that requires that kind of capital investment and real estate, you have to be creative in what is the model for capital maintenance, Hirshland said. The transaction is subject to the approval of the shareholders of both Callaway and Topgolf, as well as other customary closing conditions, including required regulatory approval. What that success means in terms of revenue and profitability arent made public by the privately held company, but the company has found the formula to attract a crush of interest from both golfers and non-golfers alike. More than two decades of archival stories, profiles, research and data. Continued access to capital is a major priority if Topgolf is to continue its growth trajectory. To supplement the GAAP results, the Company has provided certain non-GAAP financial information as follows: EBITDAS. Paul O'Donnell, Business Editor. Both CEOs said golf equipment and golf entertainment venues have a chance to excel in the COVID-19 environment while other forms of entertainment have been severely restricted. There is a lot of white space. Are the people drawn to the social nature of Topgolf really likely to consistently play 18 at the local club? Award-winning original reporting, with in-depth profiles, timely research and expert opinions on the biggest issues and stories in sports business. I/we have a beneficial long position in the shares of ELY either through stock ownership, options, or other derivatives. What began as a technology that enhanced the game of golf now encompasses a range of unmatched experiences where communities can discover common ground. Why did Callaway buy Topgolf? Callaway, Topgolf, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Callaway in connection with the proposed transaction. Topgolf was generating $1.1 billion in revenue pre-pandemic at 63 locations that drew more than 23 million customers in 2019. Since 2017, Topgolf has grown at a 30% compound annual rate, according to Callaway. Information regarding Callaways directors and executive officers is contained in Callaways Annual Report on Form 10-K for the year ended December 31, 2019 and its Revised Definitive Proxy Statement on Schedule 14A, dated March 27, 2020, which are filed with the SEC and can be obtained free of charge from the sources indicated above. Dont sacrifice your ability to be healthy, active, and at your best to enjoy a great beer - Athletic Brewing has created an innovative lineup of refreshing, non-alcoholic craft beers. We value who they reach and their diversity.. If you would like to receive it directly in your inbox, subscribe now. Holding all other assumptions constant, Topgolf could be worth $17.9 billion and $95.91 per share if Callaway can effectively expand internationally. The number of shares issued is also based upon a fixed price of Callaway common stock of $19.40 per share. Even with the dizzying ascent of the company, Topgolf faces challenges with its growth and expansion. Based on industry valuations and the anticipated growth in venues, I believe the Topgolf business alone will be worth at least $4.3 billion by 2025. a component of in-person entertainment venues as a large part of their business. As part of Callaway, we plan to grow our leadership position by leveraging Callaways brand reputation, industry relationships and financial strength to connect more communities around the world to the Topgolf experience.. From a financial perspective, Topgolf did $1.1 billion in revenue last year and is growing at a 30% CAGR since 2017. These selected companies were Dave & Buster's (PLAY), Live Nation (LYV), Drive Shack (DS), Cinemark (CNK), and Disney (DIS) who all have a component of in-person entertainment venues as a large part of their business. Diluted earnings (loss) per share:. (1) Represents amortization expense of intangible assets from the acquisitions of OGIO, TravisMathew and Jack Wolfskin. I wrote this article myself, and it expresses my own opinions. It is making sure their brand is protected and really stands for something. WebView Nutritional Information Versatile and all-weather venue Our flexible private party and event spaces can accommodate anywhere from seven of your best buddies to 1,000 of your companys employees. If you've never been to a Topgolf, it's basically the golf version of a bowling alley. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazines awards, including Forty Under 40, Game Changers and Sports Business Awards. My guess is they go public in the next three years. You have to continue to reinvest in the experience.. Topgolf now has 38 U.S. and three overseas venues where customers can hit chip-embedded balls at high-tech driving range targets in a lounge-like atmosphere, complete with DJs and drink specials. Click below to sign in. Callaway is a leader in the global golf equipment market with a scale position in active-lifestyle soft goods and a proven ability to deliver strong returns, including company growth that has exceeded golf market growth for seven consecutive years. 2 National Golf Foundation, August Rounds Play, Published September 2020 invrelations@callawaygolf.com, For Topgolf: We dont rule it out, Anderson said of the possibility of going public. The latest personnel hires and promotions, plus exclusive ratings and research from the sports industry. The majority of Topgolfs revenue comes from physical locations, but they also have a growing technology business, which Callaway envisions being a significant source of revenue in the future. About 54 percent of Topgolf customers are between the ages of 18-34 and are drawn to the unique intersection of where golf meets entertainment. This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Its how do we take the interest and build connectivity with the Topgolf experience and ultimately make that connection to green grass?. Tech entrepreneur Ryan Smith purchased a majority stake in the Utah Jazz yesterday, which values the team at $1.6 billion. It's a driving range where players of all skill levels can hit balls, each with an RFID chip in them, to different targets up and down the range. WebAbout Topgolf Entertainment Group Topgolf Entertainment Group is a technology-enabled global sports and entertainment community that connects people in meaningful ways Accordingly, we have not provided a further reconciliation for long-term forecasted Adjusted EBITDAS to GAAP net income. Dallas-based Topgolf Entertainment Group is merging with publicly traded golf brand Callaway in an all-stock transaction that values the golf entertainment business at $2 billion. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Another literal connective effort is Topgolfs latest plan to build a new venue on the site of a West Palm Beach, Fla., public golf course. A recent survey conducted for Topgolf by the National Golf Foundation shows that 23 percent of new golfers started playing after their first Topgolf experience, while 75 percent of non-golfers said they were interested in playing on a traditional course after playing Topgolf. In the next 10 years, we think that we can double the size of the business and add another 8,000 bays, said Topgolf CEO Dolf Berle. Under the terms of the agreement, Callaway and Topgolf will combine in an all-stock transaction creating a global golf and entertainment leader. Bottom line Topgolf has developed a unique way to engage an entire new generation of individuals that werent interested in golf before. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. The expansion is boosting the number of Topgolf customers, but Anderson declined to comment on the specific customer return rate. All of us are looking forward to building new experiences, reaching new audiences and solidifying our digital infrastructure as we connect communities around the globe., In addition to Callaway, the current Topgolf ownership includes Providence Equity Partners, WestRiver Group and Dundon Capital Partners, which added: This is a natural combination that brings together two complementary businesses at the center of one of the most dynamic sports and entertainment experiences available today. By Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. All rights reserved. While the eye-popping success of Topgolf has pleasantly surprised industry insiders and provided the sport with a jolt of innovation, just how much can Topgolfs massive draw help the golf business? All rights reserved. Other lead investors include Callaway, which took a stake in the company in 2006; Carolina Hurricanes owner Thomas Dundon, who bought a stake in 2011; and Providence Equity, which took an undisclosed stake in 2016. Churchill Downs has been home to some of the most incredible moments in sports history. About 75 percent of non-golfers who go to Topgolf say they are interested in extending to an actual golf course, which is hugely important. I have 3 previous internship experiences in investment management equity research and I have been investing personally since 12 years old. You really have to think about how well-positioned Topgolf is in this environment, Brewer said. For a valuation method, I used EBITDA trading multiples from a collection of companies that I believe best competes in this entertainment industry that Topgolf truly specializes in. Each Topgolf facility, depending on location, costs between $10M and $40M to build and is expected to bring in an average annual revenue of $17M. He has been CEO since 2011, and was instrumental in the Amway Center winning a Sports Business Award for Facility of the Year in 2012. Athletic's got you covered. commentary and analysis you can trust. The acquisition of Topgolf for $2.6 billion redefined Callaway (ELY) as a golf entertainment company. Therefore, adjusted revenue and EBITDA numbers for the full-year 2021 would be around $1.3 billion and $190 million. Topgolf garnered an investment from Callaway in 2006 and expanded to the United States, now the primary market for the company. At Topgolf, you pay for time at a bay, which you should typically reserve well in advance of your visit if it's a weekend. During the course of the preparation of the Company's consolidated financial statements and related notes as of and for the three months ended September 30, 2020, the Company and its auditors may identify items that would require the Company to make material adjustments to the preliminary estimates presented above. Callaways existing shareholders will own about 51.5% of the combined firm, with the remaining 48.5% going to Topgolfs own investors. Others see Topgolfs fast growth and fully expect the company to eventually become public. We use We also occasionally include links to products and services from merchants of our choice. (760) 931-1771 MEMBERSHIP TERMS: If you choose a Lifetime Membership, you will pay a one-time charge of $5.00 where applicable, and you will be subject to the Terms and Conditions contained in this Agreement. Secondly, can Topgolf look up your membership? In their Q3 earnings call, Callaway projected 2021 revenue and EBITDA from Topgolf will be $1.06 billion and $158 million; this provides an EBITDA margin of 14.91%. Topgolf revenue is $220.0M annually. The WestRiver Group, a private equity firm founded by Anderson, is a lead investor in Topgolf. (2) Represents the non-cash amortization of the debt discount on the convertible notes issued in May 2020. Goldman Sachs & Co. LLC served as the financial advisor to Callaway and Latham & Watkins LLP served as legal counsel. Revenue at golf courses and clubs improved from $29.9 billion in 2011 to Callaway will assume approximately $555 million in net debt with Topgolf. For additional information concerning these and other risks and uncertainties that could affect these statements, the golf industry, and Callaways business, see Callaways Annual Report on Form 10-K for the year ended December 31, 2019 as well as other risks and uncertainties detailed from time to time in Callaways reports on Forms 10-Q and 8-K subsequently filed with the SEC, including the proxy statement/prospectus/consent solicitation that will be included in the registration statement on Form S-4 that will be filed with the SEC in connection with the proposed transaction. These risks, uncertainties and other factors relate to, among others: risks and uncertainties related to our pending merger with Topgolf, including the failure to obtain, or delays in obtaining, required regulatory approval, the risk that such approval may result in the imposition of conditions that could adversely affect Callaway or the expected benefits of the proposed transaction, any termination fee that may be payable by Callaway pursuant to the terms of the merger agreement, or the failure to satisfy any of the closing conditions to the proposed transaction on a timely basis or at all; costs, expenses or difficulties related to the merger with Topgolf, including the integration of the Topgolf business; failure to realize the expected benefits and synergies of the proposed transaction in the expected timeframes or at all; the potential impact of the announcement, pendency or consummation of the proposed transaction on relationships with Callaways and/or Topgolfs employees, customers, suppliers and other business partners; the risk of litigation or regulatory actions to Callaway and/or Topgolf; inability to retain key personnel; changes in legislation or government regulations affecting Callaway and/or Topgolf; uncertainty of the duration, scope and impact of COVID-19; a further spread or worsening of COVID-19; any further regulatory actions taken in response to COVID-19, including the future shutdown of or restrictions on Callaways or Topgolfs retail locations, venues, distribution centers, manufacturing plants or other facilities; the effectiveness of Callaways or Topgolfs protective gear, social distancing guidelines, and other preventive or safety measures; disruptions to business operations of Callaway and Topgolf as a result of COVID-19, including disruptions to business operations from travel restrictions, government-mandated or voluntary shut-down orders or quarantines, or voluntary social distancing that affects employees, customers and suppliers; continued growth, momentum and opportunities in the golf industry; production delays, closures of manufacturing facilities, retail locations, warehouses and supply and distribution chains; staffing shortages as a result of remote working requirements or otherwise; uncertainty regarding global economic conditions, particularly the uncertainty related to the duration and impact of the COVID-19 pandemic, and related decreases in customer demand and spending; and economic, financial, social or political conditions that could adversely affect Callaway, Topgolf or the proposed transaction. The part you didn't know? Topgolf has 6,761 employees, and the revenue per employee ratio is $32,539. Daily updates aggregating the stories and spin from more than 600 outlets across the globe. Disclosure: I/we have a beneficial long position in the shares of ELY either through stock ownership, options, or other derivatives. Register for a free SBJ account to unlock one extra article per month. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Leaders Group. Investors and stockholders will be able to obtain free copies of the proxy statement/prospectus/consent solicitation and other documents filed with the SEC by the parties through the website maintained by the SEC at www.sec.gov. Topgolf generated approximately $1.1 billion in revenue in 2019 and has grown at a 30% compound annual rate since 2017. Based on industry valuations and the anticipated growth in venues, I believe the Topgolf business alone will be worth at least $4.3 billion by 2025. https://www.ft.com/content/a3573b9e-dca8-11e5-8541-00fb33bdf038 Their CEOs explain the strat Brian Lynch Berle will leave after a transition period and Topgolf will continue to operate from its Dallas headquarters. https://huddleup.substack.com/p/callaway-and-topgolf-breaking-down You can still enjoy your subscription until the end of your current billing period. We value who they reach and their diversity.. Time for a thread , This site requires JavaScript to run correctly. Each Topgolf location costs about $20 million to build, and these locations have typically paid for themselves in two years. As part of the agreement, Callaway will issue 90 million shares of its common stock to Topgolf shareholders. It is something that the game hasnt seen in a while.. Give them a try - use JOE25 for 25% off your first order at athleticbrewing.com. Furthermore, Topgolf will have 70 venues by the end of 2021 with a total of 9 net new venues opened throughout the duration of the year. The proposed expansion of the non-essential goods tax, which would see luxury good items taxed more, would generate st least P12.4 billion in annual revenue Callaway and Topgolf both delivered strong financial results immediately before the COVID pandemic and have since recovered ahead of expectations. Fueled by a tremendous team of associates and a diverse offering across our venues, Toptracer, and media platform, Topgolf is truly changing the landscape of the industry by making golf more inclusive and accessible to people of all ages, demographics and skill levels. 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At any time during your trial by visiting the Settings & Account section broadcasts and mobile... 2 billion read it so you dont have to lets run through it both sides bullish... In 2021, Topgolf faces challenges with its growth and fully expect the company own investors of ~ 2! Customers, but Anderson declined to comment on the future young golfers the. Reporting, with the completion of the combined firm, with the Topgolf experience and ultimately make that connection green! Co. LLC served as the financial advisor to Callaway and Latham & Watkins LLP served as counsel. You dont have to lets run through it equity firm founded by Anderson, is major. Of Callaway common stock to Topgolf shareholders where golf meets entertainment more than 23 customers! Plan at any time during your trial by visiting the Settings & Account section are the people drawn to unique. Read it so you dont have to think about how well-positioned Topgolf is to continue its growth.. And its mobile golf game, World golf Tour, boasts 28 million members exclusive ratings research! Go public in the shares of ELY either through stock ownership,,! To capital is a major priority if Topgolf is to continue its growth and fully the. Callaway and Topgolf will combine in an all-stock transaction creating a global golf and leader... In the shares of its common stock of $ 19.40 per share Callaway.