Topgolf Callaway Brands Corp (NYSE:MODG)
$ 8.255 0.125 (1.54%) Market Cap: 1.52 Bil Enterprise Value: 4.06 Bil PE Ratio: 0 PB Ratio: 0.39 GF Score: 62/100
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Q3 2024 Topgolf Callaway Brands Corp Earnings Call Transcript

Nov 12, 2024 / 10:00PM GMT
Release Date Price: $9.44 (-2.28%)

Key Points

Positve
  • Topgolf Callaway Brands Corp (MODG) reported Q3 results that exceeded guidance in both legacy and Topgolf businesses.
  • The company maintained its number one US market share position in golf clubs for the third consecutive year.
  • Topgolf's new venues are performing well, achieving financial targets and returns.
  • The Golf Equipment segment showed strong performance, with new club and ball launches contributing positively.
  • The company successfully reduced inventory by $70 million year-over-year, improving cash flow and liquidity.
Negative
  • Topgolf's same venue sales decreased by 11%, with significant declines in the 3+ Bay events segment.
  • The company lowered its full-year revenue guidance by approximately $30 million due to slower market conditions.
  • Active Lifestyle segment revenues decreased by 11% year-over-year, primarily due to challenges in the Jack Wolfskin brand.
  • Foreign exchange rates and volatile freight costs negatively impacted financial performance.
  • The company faces potential headwinds in 2025, including resetting incentive compensation accruals and unfavorable FX rates.
Operator

Good day and welcome to the Topgolf Callaway Brands third quarter 2024 conference call. (Operator Instructions) Please note this event is being recorded.

I would now like to turn the conference over to Ms. Katina Metzidakis. Please go ahead, ma'am.

Katina Metzidakis
Topgolf Callaway Brands Corp - Vice President - Investor Relations and Corporate Communications

Thank you, Operator, and good afternoon, everyone. Welcome to Topgolf Callaway Brands third 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 Chip Brewer, our President and Chief Executive Officer; and Brian Lynch, our Chief Financial Officer and Chief Legal Officer.

Earlier today, the company issued a press release announcing its third quarter financial results. We have also published an updated presentation. Our earnings presentation as well as the earnings press release are both available on the company's Investor Relations website under the Financial

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