Q2 2024 Topgolf Callaway Brands Corp Earnings Call Transcript
Key Points
- Total Company Q2 EBITDA of $206 million was ahead of expectations, driven by strong operating efficiencies and cost management.
- Topgolf's new venues are performing well and consistent with financial targets, achieving high financial returns.
- Callaway brand remains strong with growing market share positions in key categories such as drivers, fairway woods, and irons.
- TravisMathew continues to perform well, with solid quarter results, share gains at wholesale, and successful new retail store openings.
- The company has successfully reduced inventory by $193 million since Q2 last year, improving cash flow and financial position.
- Total revenue of $1.158 billion was below expectations, primarily due to lower than expected same venue sales at Topgolf.
- Topgolf same venue sales declined 8% in the quarter, driven by soft overall traffic trends.
- The company is lowering its full year revenue expectations by approximately $225 million due to weaker same venue sales and potential consumer activity slowdown.
- Topgolf's events business saw a significant decline, with same venue sales down 9% year over year and 27% on a two-year stack.
- Q2 consolidated revenues decreased 2% year over year, with golf equipment and active lifestyle segments also experiencing declines.
Good day and welcome to the Top Golf Callaway Brands Second Quarter 2020. For conference call, all participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's remarks, there will be an opportunity to ask questions. To ask a question. You may press star, then one on your touchtone phone. To withdraw your question, please press star then two and please note that this event is being recorded. I'd now like to turn the conference over to Katina. The darkest, Vice President of Investor Relations and Corporate Communications. Please go ahead.
Thank you, operator, and good afternoon, everyone. Welcome to Top Golf Callaway Brands Second Quarter Earnings Conference Call. I'm Katina Metzidakis, the Company's Vice President of Investor Relations and Corporate Communications.
Joining me as speakers on today's call are Oliver Brewer, our President
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