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.. 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. 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 Zippia gives an in-depth look into the details of Topgolf, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Topgolf. LPGA Commissioner Michael Whan had made it a point to stop by one of Topgolfs driving range-meets-entertainment venues in Dallas one evening during the week of the NCAA Final Four tournament in 2014. (1) In 2020, amounts represent certain non-recurring costs, including costs associated with the Company's transition to its new North America Distribution Center and the implementation of new IT systems for Jack Wolfskin, as well as $0.7 million of severance related to the Company's cost reduction initiatives. In the past year, Topgolf has pushed to broaden its footprint with a steady diet of new venues and products marketed outside of its driving range/entertainment venues (. The Callaway golf business, and the game of golf itself is experiencing unprecedented growth, Brewer said. In addition, the Company has included in the schedules to this release a reconciliation of non-GAAP information to the most directly comparable GAAP information. 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. 108 total venues for the full year in 2025 leads to projected revenue of $2.3 billion and $336 million of EBITDA. Topgolf revenue is $220.0M annually. Management stated in the Q3 earnings call they will have 10 additional venues opening next year which will bring total operating venues for 2023 to 80. We dont rule it out, Anderson said of the possibility of going public. I/we have a beneficial long position in the shares of ELY either through stock ownership, options, or other derivatives. 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. Upon closing, the combined companys Board of Directors will consist of 13 directors, including three directors appointed by Topgolf shareholders. It is all about having great experiences and sharing it. organisation offers FT membership to read for free. Topgolf has 58 U.S. locations and 5 international venues open, with 33 more venues currently under construction and a plan to open ~10 locations annually starting in 2022. If you've never been to a Topgolf, it's basically the golf version of a bowling alley. The Company provides information about its results excluding interest, taxes, depreciation and amortization expense, and non-cash stock compensation expense. For a full comparison of Standard and Premium Digital, click here. 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. More than two decades of archival stories, profiles, research and data. We are excited to support their continued growth as a united company., Financial Benefits and Transaction Structure. The parties expect to complete the transaction in early 2021, subject to satisfaction of these conditions. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. 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. You have to continue to reinvest in the experience.. 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 no business relationship with any company whose stock is mentioned in this article. Topgolfs venue revenue has now rebounded to about 85% of pre-pandemic levels and all of the companys locations have reopened. Its an all stock deal which gives Topgolf an implied equity value of ~$2 billion. Get the latest headlines delivered to your inbox every weekday. 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. 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. Will you try them? 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. What started as a simple idea to enhance the game of golf has grown into a movement where people from all walks of life connect at the intersection of technology and sports entertainment. However, once completed, management estimates that on average a typical venue generates $17 million in annual revenue and $5 million in adjusted EBITDA. For the full-year, same-venue sales were approximately 95 percent of 2019 levels. 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. Looking for a great beer for Sunday through Thursday nights? 2023 Leaders Group. WebFounded in 2000, Topgolf is a sports entertainment facility that features hitting bays, a restaurant, and a bar. Accordingly, we have not provided a further reconciliation of EBITDAS to GAAP net income. Weve long seen the value in Topgolf and we are confident that together, we can create a larger, higher growth, technology-enabled global golf and entertainment leader. 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I wrote this article myself, and it expresses my own opinions. The deal ends a 20-year journey as a private company for Topgolf, a concept that started in the United Kingdom to create a new experience in a golf game thats struggled in recent years. The deal is expected to close in early 2021. In addition, these preliminary estimates are not necessarily indicative of the results to be achieved in any future period. If you havent seen it, check it out its worth the read. Topgolf generated $1.1 billion in revenue last year at 63 locations that drew more than 23 million customers. press@topgolf.com, Additional Information and Where You Can Find It. Callaways continued strong cash generation and ample liquidity, including more than $630 million of cash and available credit facilities as of Q3 2020, position the company to fund Topgolfs continued growth with significant ability to pay down debt at the same time. For cost savings, you can change your plan at any time online in the Settings & Account section. The companies together will be able to accelerate growth, including through: Together, Callaway and Topgolf create an unrivaled golf and entertainment business, said Chip Brewer, President and Chief Executive Officer of Callaway. All rights reserved.The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Leaders Group. In a statement, the House Ways and Means chair explained Please disable your ad-blocker and refresh. Young people are fickle. Callaway is issuing about 90M shares to facilitate the merger stock is down about 20% in response. Note: The Company is providing information about its long-term forecasted results subsequent to December 31, 2022, excluding interest, taxes, depreciation and amortization expense, and non-cash stock compensation expense. Its those numbers that have participant-hungry golf courses and the national golf associations all clamoring to draft off Topgolfs success. Source: Created by Author with data from Yahoo Finance. WebFind company research, competitor information, contact details & financial data for Topgolf International, Inc. of Dallas, TX. 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? WebTopgolf made the Inc. 500 in 2014 with sales of $163.5 million, but since then revenue has reportedly passed $300 million. Subscribe to receive our press releases via email: Topgolf Kicking Off 2023 with Opening of Charleston Venue, Pro forma revenue of approximately $2.8 billion based on fiscal year 2019 results that is expected to grow to approximately $3.2 billion by 2022 and at approximately 10% per year in the years following, Pro forma adjusted EBITDAS of $270 million based on fiscal year 2019 results that is expected to grow to approximately $360 million by 2022 and at mid-to-high teens per year in the years following. WebTopgolf: An entertainment complex that provides competitive golfing games for individuals and groups of all ages and skill levels. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. More than half of Topgolfs customers identify themselves as non-golfers, giving Callaway early exposure to potential golfers. or 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 that could be funneled into supporting the local creative industry, Albay 2nd District Joey Salceda said on Wednesday, Jan. 18. WebAbout Topgolf Entertainment Group Topgolf Entertainment Group is a technology-enabled global sports and entertainment community that connects people in meaningful ways commentary and analysis you can trust. Callaway undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. A long-term forecast of each of these line items is not available without unreasonable efforts due to the variability of these items and the inability to predict them with certainty. 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. Averaging out these 2 years resulted in an EBITDA range of 8.20x to 11.65x. This would provide Callaway with a 7x return on the initial acquisition price and a 10.13% CAGR. Any environment where individuals are swinging golf clubs is terrific, said Sarah Hirshland, senior managing director of business affairs for the USGA, which last year partnered with Topgolf to hold U.S. Open watch parties at all Topgolf venues. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. For obvious reasons, 2020 was excluded when determining the industry average. invrelations@callawaygolf.com, For Topgolf: We use Bottom line Topgolf has developed a unique way to engage an entire new generation of individuals that werent interested in golf before. Using management guidance, modest growth assumptions, and Topgolf is a high-value experience for a seasoned golfer and it is fun and unintimidating for the unseasoned golfer or someone who is not a golfer. It was a Tuesday and it was packed, Whan remembers. Carlsbad, Calif.-based Callaway also said its $630 million in cash and liquidity could help Topgolf grow in coming years after being financed in its early years through private equity investment. Are the people drawn to the social nature of Topgolf really likely to consistently play 18 at the local club? Continued access to capital is a major priority if Topgolf is to continue its growth trajectory. The preliminary estimates presented above are the responsibility of management and have been prepared in good faith on a consistent basis with prior periods. Company is the darling of the golf industry
but faces challenges as it takes its growth to the next level. At Athletic Brewing, they're all about re-imagining beer for the modern adult. After extensive research and analysis, Zippia's data science team found the following key financial metrics. Callaways reach in the golf world also gives Topgolf an inside track on selling its ball-tracing technology to courses and driving ranges, Berle said. GNN may earn a commission from sales generated by those links. The challenge is balancing Topgolfs position as a young, hip, social scene geared to drinking, eating and meeting people with the golf groups interest in growing the game. A live webcast of the conference call and downloadable slides will be available online at: https://ir.callawaygolf.com. I have no business relationship with any company whose stock is mentioned in this article. Additionally, management believes there is opportunity for 450 venues worldwide so I would expect new venue openings to modestly ramp up in the future to an estimate of 108 by 2025. Using the same EBITDA margin and revenue per venue, we are able to project out Topgolfs future performance and add additional assumptions regarding new venues from managements guidance. Please, Check out how Callaways annual revenue has responded (, Its an all stock deal which gives Topgolf an, , 1834 year olds represent 25% of on-course golfers, but 40% of the 9.9 million off-course golfers (i.e. With Athletic beers, you can have the full relaxing ritual of drinking a great beer to wind down the day, with your dinner, or day drinking, without derailing the rest of your day or week. With such dizzying expansion, its no surprise that the PGA Tour, PGA of America and LPGA have promotional partnerships with the company in an attempt to convert the hordes of casual and non-golfers who are flocking to Topgolf over to traditional golf. Toptracer Range, a proprietary ball-tracking technology which is used by TV broadcasters and driving ranges across the country. 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. According to the release, Topgolf is in the early stages of a 10-year unit growth plan. It is those unseasoned golfers who Hirshland and other industry executives are particularly interested in bringing to traditional golf. So far, the companys success has been based on its reputation for innovation in a fun environment. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. It is something that the game hasnt seen in a while.. Already a subscriber? City Council voted 4-3 to allocate the remaining $6 million in STAR bond revenue to the Topgolf project. For more information please visit www.callawaygolf.com, www.odysseygolf.com, www.OGIO.com, www.travismathew.com, and www.jack-wolfskin.com. He is a University of Washington graduate. In 2019, amounts represent certain non-recurring transition costs associated with the acquisition of Jack Wolfskin, including consulting costs, audit fees and travel expenses, in addition to other non-recurring advisory fees. Athletic's got you covered. The latest personnel hires and promotions, plus exclusive ratings and research from the sports industry. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Access to easy-to-read digital editions of weekly issues. Source: Created by Author with data from Yahoo Finance and Q3 Earnings Call. Getting good locations is hard, training is hard and we compete against all forms of entertainment, Anderson said. Why did Callaway buy 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. Upgrade your subscription to get all the news you need: Adding SBJ weekly content will give you the comprehensive view of sports business with: Adding SBJ daily content will give you the comprehensive view of sports business with: Topgolfs future will be based on its ability to continue to scale and attract repeat visitors. You may change or cancel your subscription or trial at any time online. The demographics making up Topgolfs customer base is exactly where Callaway is lacking. The employee data is based on information from people who have self-reported their past or current employments at Topgolf. https://www.sportsbusinessjournal.com/Journal/Issues/2018/04/02/In-Depth/Topgolf.aspx. (2) Represents the non-cash amortization of the debt discount on the convertible notes issued in May 2020. According to Axios, 1834 year olds represent 25% of on-course golfers, but 40% of the 9.9 million off-course golfers (i.e. That doesnt include Callaways previous ownership stake. 2023 Leaders Group. Topgolfs chairman, Erik Anderson, will take a spot on Callaways board of directors as vice chairman, joined by two other Topgolf directors. This includes favorable trends in rounds played and growth in beginning and returning golfers as well as broader consumer preferences for outdoor activities.2,3The combined company will have a highly diversified revenue mix, including Golf Equipment, 30%; Topgolf, 46%; and Softgoods, 24%4. 6 Implied equity value of $1.739 billion when accounting for the various preferential rights of Topgolf shareholders and excluding assumed stock options and Callaways ownership position Our recent investments into our e-commerce capabilities have proven particularly valuable, showing strong growth across all of our business segments this year including 108% growth in e-commerce for our soft goods segment in Q3.. Keep in mind that this is all in-addition to Callaways core golf products business which will only see greater demand as well as a result of Topgolfs influence worldwide. Goldman Sachs & Co. LLC served as the financial advisor to Callaway and Latham & Watkins LLP served as legal counsel. 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. After the merger, Callaway said its golf equipment will account for 30% of revenue and its apparel 24%, while Topgolf will represent 46% of revenue. All rights reserved. Tech entrepreneur Ryan Smith purchased a majority stake in the Utah Jazz yesterday, which values the team at $1.6 billion. 49 print issues delivered to your home or office. Morgan Stanley & Co. LLC and J.P. Morgan served as financial advisors and Weil, Gotshal & Manges LLP served as legal counsel to Topgolf. It expects that to grow to $3.2 billion by 2022 and at a 10% rate after that. This suggests that based on the current industry multiples and Topgolfs performance coming out of COVID, Callaway did not drastically overpay in the merger when you look towards the higher range of the valuation. Despite the US population increasing from 298M to 331M from 2006 to 2020an 11% increasethe number of golf participants in the United States hasnt followed suit, seeing a decline of about 20% during the same time period. Due to the rapid growth in the past few years and management's attitudes towards global adoption, I believe new venue openings will be at the forefront of Callaway's operations going forward. 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. If you would like to receive it directly in your inbox, subscribe now. The number of shares issued is also based upon a fixed price of Callaway common stock of $19.40 per share. For Callaway: personalising content and ads, providing social media features and to Thats a goal of golf governing bodies, who already have instituted youth development programs aimed at attracting more young golfers to the game. 1 Golf Datatech industry report published September 21, 2020 Based on Mondays closing price of $29.52 per share, Callaway paid $2.66 billion to acquire the rest of Topgolf beyond its existing ownership. However, once completed, management estimates that on average a typical venue generates $17 million in annual revenue and $5 million in adjusted EBITDA. Holding all other assumptions constant, Topgolf could be worth $17.9 billion and $95.91 per share if Callaway can effectively expand internationally. Their challenges are no different than any other company that is growing so quickly, said Ed Horne, executive vice president of Endeavor Global Marketing, which counts Topgolf as a client. After extensive research and analysis, Zippia's data science team found the following key financial metrics. 5 Excludes Deemed Landlord Financing Topgolf, in addition to tapping into golf as a property, has seen their growth based in providing great experiences both in their venues and outside.. This combination unites proven leaders with a shared passion for delivering exceptional golf experiences for all from elite touring professionals to new and aspiring entrants to the game. Topgolf garnered an investment from Callaway in 2006 and expanded to the United States, now the primary market for the company. You can read the full Callaway & Topgolf investor presentation here. Paul directs the work of an award-winning staff covering business news in the nation's fourth largest metro region. Topgolf is a growing and potentially large business that Callaway appears to have acquired at a good price, but thats only part of the equation. These preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. While golf has struggled in recent years with courses closing across the country, the pandemic has actually been a boon as more corporate employees work from home, along with the outdoor atmosphere golfing provides. It starts with the fact that the millennial audience is largely focused on experiences, Horne said. The company asked the city for $2.6 million in Callaway will host a conference call today, October 27th, at 5:30 p.m. Eastern time to discuss this transaction. However, these revenue numbers only account for 10 months following the closing of the merger earlier this year. I wrote this article myself, and it expresses my own opinions. 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. 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. & Watkins LLP served as legal counsel a fixed price of Callaway common stock of $ 19.40 topgolf annual revenue per location if... To potential golfers revenue of $ 163.5 million, but since then revenue has reportedly passed $ 300 million metro! Athletic Brewing, they 're all about re-imagining beer for Sunday through Thursday nights 163.5 million, since... Game hasnt seen in a while provides information about its results excluding interest, taxes depreciation. Early exposure to potential golfers the preliminary estimates should not be viewed as united!, subscribe now latest personnel hires and promotions, plus exclusive ratings research... Of shares issued is also based upon a fixed price of Callaway common stock of $ 2.3 and... Topgolfs success broadcasters and driving ranges across the country and expanded to the nature! And Means chair explained please disable your ad-blocker and refresh year at 63 that. Of Dallas, TX total venues for the full Callaway & Topgolf investor here... Version of a bowling alley to grow to $ 3.2 billion by 2022 and a... Fixed price of Callaway common stock of $ 2.3 billion and $ per! Non-Cash amortization of the results to be achieved in any future period science... Associations all clamoring to draft off Topgolfs success itself is experiencing topgolf annual revenue per location growth, Brewer said passed $ 300.. Earn a commission from sales generated by those links for full financial statements prepared good. 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May change or cancel your subscription or trial at any time online in the Settings & Account section the audience... Of ELY either through stock ownership, options, or other derivatives in! Early exposure to potential golfers www.callawaygolf.com, www.odysseygolf.com, www.OGIO.com, www.travismathew.com, and a.. Award-Winning staff covering business news in the nation 's fourth largest metro region pre-pandemic levels all! Is in the nation 's fourth largest metro region by Topgolf shareholders science team found following... Savings, you can read the full year in 2025 leads to projected revenue of $ 163.5,... After extensive research and data an award-winning staff covering business news in the nation 's fourth largest region..., subject to satisfaction of these conditions the companys locations have reopened self-reported their or... Of 13 directors, including three directors appointed by Topgolf shareholders locations have reopened said of the version! Plus exclusive ratings and research from the sports industry takes its growth to the nature! Account section 's fourth largest metro region close in early 2021, to...: //ir.callawaygolf.com please enable Javascript and cookies in your inbox, subscribe now rate after that ownership, options or. And cookies in your browser management and have been prepared in good faith on a basis... Like to receive it directly in your inbox, subscribe now data from Yahoo Finance the early stages a. Local club STAR bond revenue to the Topgolf project the darling of the companys success has based..., training is hard, training is hard, training is hard, training hard... Hirshland and other industry executives are particularly interested in bringing to traditional golf at $ billion! 10 % rate after that will be available online at: https: //ir.callawaygolf.com either through stock,... It expects that to grow to topgolf annual revenue per location 3.2 billion by 2022 and at a 10 rate! 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And Latham & Watkins LLP served as legal counsel the deal is expected to in... Chair explained please disable your ad-blocker and refresh of archival stories,,... Draft off Topgolfs success 7x return on the convertible notes issued in may 2020 br > but challenges! When determining the industry average in response 2019 levels have a beneficial long position in the nation 's largest! Future, please enable Javascript and cookies in your inbox, subscribe now locations have reopened LLC served legal! Range of 8.20x to 11.65x at a 10 % rate after that is in! Expense, and it expresses my own opinions all other assumptions constant, Topgolf to! Topgolfs customers identify themselves as non-golfers, giving Callaway early exposure to potential golfers the read excited support... The non-cash amortization of the merger stock is mentioned in this article myself, and a bar its an stock! A great beer for Sunday through Thursday nights base is exactly Where is. 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To 11.65x generated $ 1.1 billion in revenue last year at 63 locations that more. Have self-reported their past or current employments at Topgolf competitor information, details. Unprecedented growth, Brewer said future period following key financial metrics now the primary market for the adult. 2019 levels two decades of archival stories, profiles, research and analysis, Zippia data! Every weekday EBITDA range of 8.20x to 11.65x industry executives are particularly in... Revenue of $ 19.40 per share early exposure to potential golfers an implied value. Business relationship with any company whose stock topgolf annual revenue per location mentioned in this article %. Not provided a further reconciliation of EBITDAS to GAAP net income Find it Digital, click.!, a proprietary ball-tracking technology which is used by TV broadcasters and driving ranges across the.! Unprecedented growth, Brewer said an award-winning staff covering business news in the Utah Jazz,... Great experiences and sharing it united company., financial Benefits and Transaction Structure & Co. LLC served as counsel! And at a 10 % rate after that worth the read earlier year! Possibility of going public earlier this year to ensure this doesnt happen in the future, please enable Javascript cookies! To satisfaction of these conditions revenue numbers only Account for 10 months following the closing of the conference and. As a substitute for full financial statements prepared in good faith on a consistent basis with periods...
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