The following is a summary of the Topgolf Callaway Brands Corp. (MODG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Topgolf Callaway Brands Corp. reported Q1 revenue of $1.14 billion, EBITDA of $161 million and EPS beating expectations at $0.09.

• Increased liquidity by $94 million in Q1 primarily led by better cash flow management.

• Lowered full-year revenue expectations by $80 million due to market conditions and currency headwinds but increased full-year EPS forecast by $0.05/share.

• Same venue sales performance for Topgolf was in line with guidance, supporting the market share gain in the golf equipment segment.

• $7 million annual savings achieved through debt repricing in March.

• The company repurchased one million shares at a cost of $16 million.

• Total net debt at the end of Q1 was $2.4 billion, primarily due to increased venue financing for new venues.

Business Progress:

• Digital revenue penetration touched 35%, with 62% of visitors accessing through digital channels.

• A cross-brand consumer data platform has been launched to enhance customer insights and offer customization.

• New game launched by Topgolf Callaway Brands to foster greater brand awareness.

• Nationwide Callaway Club fitting events held and a Club Upgrade program introduced.

• New venues have been opened in Durham, North Carolina, and Montebello, California, with plans for seven more in 2024.

• Despite slow market trends, maintained a robust performance in the US market and gained share in Europe.

• Challenging conditions in the active lifestyle segment led to a decrease in Q1 and are expected to continue for the rest of the year.

• New leadership assigned for the European market to stimulate future growth.

• Optimistic about growth in the golf equipment segment due to strong product line and planned launches in the second half of 2024.

More details: Topgolf Callaway Brands IR

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