<p><strong>Topgolf Callaway Brands</strong>（MODG -4.42%），一家领先的高尔夫和活跃生活方式行业公司，于 2025 年 2 月 24 日公布了 2024 年第四季度的财报。公司的调整后每股收益（EPS）为-$0.33，超出预期的-$0.40。收入为 9.244 亿美元，也超过了 884 亿美元的预期。尽管业绩超出预期，但该季度因 Topgolf 部门的 14.52 亿美元大额减值费用而受到影响，导致 GAAP 净亏损达到 15.127 亿美元。然而，整体收入增长 3.0% 反映了关键部门的韧性。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2024 年第四季度</th>
<th>预估</th>
<th>2023 年第四季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>$(0.33)</td>
<td>$(0.404443)</td>
<td>$(0.31)</td>
<td>+6.5%</td>
</tr>
<tr>
<td>收入</td>
<td>$924.4M</td>
<td>$884M</td>
<td>$897.1M</td>
<td>+3.0%</td>
</tr>
<tr>
<td>经营现金流</td>
<td>$382.0M</td>
<td>N/A</td>
<td>$364.7M</td>
<td>+5.0%</td>
</tr>
<tr>
<td>调整后 EBITDA</td>
<td>$101.4M</td>
<td>N/A</td>
<td>$69.8M</td>
<td>+45.3%</td>
</tr>
</tbody>
</table>
<p>来源：FactSet 提供的季度分析师预估。</p>
<h2>关于公司</h2>
<p>Topgolf Callaway Brands 以其在高尔夫和活跃生活方式领域的多元化产品组合而闻名，包括高尔夫设备、高尔夫娱乐场所和生活方式服装等产品。</p>
<p>近期的重点是扩展新场所，特别是在 Topgolf 部门，这对客户和收入的推动至关重要。创新技术如 Toptracer（球追踪系统）在丰富客户体验和在日益竞争的市场中区分品牌方面也发挥了关键作用。</p>
<h2>财报回顾</h2>
<p>在 2024 年第四季度，Topgolf 部门的收入稳定在 4.39 亿美元，尽管同场销售下降了 8%。高尔夫设备的收入增长显著，达到 2.248 亿美元，增长率为 12.7%，得益于 Ai-One Square 2 Square Odyssey 推杆的成功。同时，活跃生活方式部门增长了 0.7%，主要得益于 TravisMathew 的表现以及 Jack Wolfskin 的重组成果，降低了成本并改善了 340 万美元的收入。</p>
<p>Topgolf 部门的商誉和无形资产的 14.52 亿美元非现金减值费用带来了重大挑战，导致 GAAP 净亏损显著。然而，公司的调整后 EBITDA 激增 45.3%，达到 1.014 亿美元，经营现金流较去年增长了 5%。</p>
<h2>展望未来</h2>
<p>管理层预计 2025 年将面临挑战，包括不利的外汇影响和成本压力，预计将对收入和调整后 EBITDA 产生负面影响。未来的重点仍然是改善 Topgolf 场所的同场销售和运营调整，以提高效率并最大化盈利能力。</p>
<p>尽管公司预计明年的总收入约为 42 亿美元，但主要战略驱动围绕着增强场所层面的盈利能力和通过战略扩展及创新技术整合来提升客户参与度。</p>

MODG

CALY

<p>Topgolf Callaway Brands 发布了 2024 年第四季度财报，调整后的每股收益为-0.33 美元，超出预期的-0.40 美元，收入为 9.244 亿美元，超过了 884 百万美元的预测。然而，14.52 亿美元的减值费用导致 GAAP 净亏损达到 15.127 亿美元。尽管面临挑战，公司仍实现了 3.0% 的收入增长，主要得益于高尔夫设备部门 12.7% 的增长。管理层预计 2025 年将面临外汇影响和成本压力的困难，同时目标是总收入约为 42 亿美元，并改善场地盈利能力</p>

<p><strong>Topgolf Callaway Brands</strong>(MODG -4.42%), a leading company in the golf and active lifestyle industries, reported its Q4 2024 earnings on Feb. 24, 2025. The company's adjusted EPS exceeded expectations at -$0.33 compared to an anticipated -$0.40. Revenue of $924.4 million also surpassed the forecast of $884 million. Despite this outperformance, the quarter was marred by a substantial $1,452 million impairment charge in the Topgolf segment, influencing a GAAP net loss of $1,512.7 million. Nevertheless, overall revenue growth of 3.0% reflects resilience in key segments.</p>
<div class="lb-trans"><p><strong>Topgolf Callaway Brands</strong>（MODG -4.42%），一家领先的高尔夫和活跃生活方式行业公司，于 2025 年 2 月 24 日公布了 2024 年第四季度的财报。公司的调整后每股收益（EPS）为-$0.33，超出预期的-$0.40。收入为 9.244 亿美元，也超过了 884 亿美元的预期。尽管业绩超出预期，但该季度因 Topgolf 部门的 14.52 亿美元大额减值费用而受到影响，导致 GAAP 净亏损达到 15.127 亿美元。然而，整体收入增长 3.0% 反映了关键部门的韧性。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q4 2024</th>
<th>Q4 Estimate</th>
<th>Q4 2023</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS (Non-GAAP)</td>
<td>$(0.33)</td>
<td>$(0.404443)</td>
<td>$(0.31)</td>
<td>+6.5%</td>
</tr>
<tr>
<td>Revenue</td>
<td>$924.4M</td>
<td>$884M</td>
<td>$897.1M</td>
<td>+3.0%</td>
</tr>
<tr>
<td>Operating Cash Flow</td>
<td>$382.0M</td>
<td>N/A</td>
<td>$364.7M</td>
<td>+5.0%</td>
</tr>
<tr>
<td>Adjusted EBITDA</td>
<td>$101.4M</td>
<td>N/A</td>
<td>$69.8M</td>
<td>+45.3%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2024 年第四季度</th>
<th>预估</th>
<th>2023 年第四季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>$(0.33)</td>
<td>$(0.404443)</td>
<td>$(0.31)</td>
<td>+6.5%</td>
</tr>
<tr>
<td>收入</td>
<td>$924.4M</td>
<td>$884M</td>
<td>$897.1M</td>
<td>+3.0%</td>
</tr>
<tr>
<td>经营现金流</td>
<td>$382.0M</td>
<td>N/A</td>
<td>$364.7M</td>
<td>+5.0%</td>
</tr>
<tr>
<td>调整后 EBITDA</td>
<td>$101.4M</td>
<td>N/A</td>
<td>$69.8M</td>
<td>+45.3%</td>
</tr>
</tbody>
</table>
</div><p>Source: Analyst estimates for the quarter provided by FactSet.</p>
<div class="lb-trans"><p>来源：FactSet 提供的季度分析师预估。</p>
</div><h2>About the Business</h2>
<div class="lb-trans"><h2>关于公司</h2>
</div><p>Topgolf Callaway Brands is known for its diversified portfolio within the golf and active lifestyle sectors, which includes products such as golf equipment, golf-based entertainment venues, and lifestyle apparel.</p>
<div class="lb-trans"><p>Topgolf Callaway Brands 以其在高尔夫和活跃生活方式领域的多元化产品组合而闻名，包括高尔夫设备、高尔夫娱乐场所和生活方式服装等产品。</p>
</div><p>Recent focus has been on expanding new venues, notably in the Topgolf segment, which acts as a critical customer and revenue driver. Innovative technologies like Toptracer, a ball-tracking system, also play a pivotal role in enriching customer experiences and differentiating the brand in an increasingly competitive marketplace.</p>
<div class="lb-trans"><p>近期的重点是扩展新场所，特别是在 Topgolf 部门，这对客户和收入的推动至关重要。创新技术如 Toptracer（球追踪系统）在丰富客户体验和在日益竞争的市场中区分品牌方面也发挥了关键作用。</p>
</div><h2>Earnings Review</h2>
<div class="lb-trans"><h2>财报回顾</h2>
</div><p>For Q4 2024, the Topgolf segment reported steady revenue at $439 million due to new venue openings despite an 8% decline in same venue sales. Golf Equipment showed impressive 12.7% revenue growth to $224.8 million, thanks to the success of its Ai-One Square 2 Square Odyssey putters. Meanwhile, the Active Lifestyle segment experienced growth of 0.7%, primarily due to TravisMathew's performance and restructuring outcomes at Jack Wolfskin that reduced costs and improved income by $3.4 million.</p>
<div class="lb-trans"><p>在 2024 年第四季度，Topgolf 部门的收入稳定在 4.39 亿美元，尽管同场销售下降了 8%。高尔夫设备的收入增长显著，达到 2.248 亿美元，增长率为 12.7%，得益于 Ai-One Square 2 Square Odyssey 推杆的成功。同时，活跃生活方式部门增长了 0.7%，主要得益于 TravisMathew 的表现以及 Jack Wolfskin 的重组成果，降低了成本并改善了 340 万美元的收入。</p>
</div><p>A significant challenge arose from the $1,452 million non-cash impairment charge on the Topgolf segment's goodwill and intangible assets, contributing to a substantial GAAP net loss. Nevertheless, the company's adjusted EBITDA surged 45.3% to $101.4 million, and operating cash flow improved by 5% compared to the prior year.</p>
<div class="lb-trans"><p>Topgolf 部门的商誉和无形资产的 14.52 亿美元非现金减值费用带来了重大挑战，导致 GAAP 净亏损显著。然而，公司的调整后 EBITDA 激增 45.3%，达到 1.014 亿美元，经营现金流较去年增长了 5%。</p>
</div><h2>Looking Ahead</h2>
<div class="lb-trans"><h2>展望未来</h2>
</div><p>Management anticipates challenges in 2025, including unfavorable foreign exchange impacts and cost pressures, expected to affect both revenue and Adjusted EBITDA negatively. A forward focus remains on improving same venue sales at Topgolf venues and operational adjustments to enhance efficiency and maximize profitability.</p>
<div class="lb-trans"><p>管理层预计 2025 年将面临挑战，包括不利的外汇影响和成本压力，预计将对收入和调整后 EBITDA 产生负面影响。未来的重点仍然是改善 Topgolf 场所的同场销售和运营调整，以提高效率并最大化盈利能力。</p>
</div><p>While the company projects total revenue at around $4.2 billion for the forthcoming year, the primary strategic drive revolves around bolstering venue-level profitability and enhancing customer engagement through strategic expansions and innovative technology integrations.</p>
<div class="lb-trans"><p>尽管公司预计明年的总收入约为 42 亿美元，但主要战略驱动围绕着增强场所层面的盈利能力和通过战略扩展及创新技术整合来提升客户参与度。</p>
</div>

Topgolf Callaway Brands 发布收入超预期