<p><strong>Topgolf Callaway Brands</strong>（MODG -2.50%），这家体育和高尔夫娱乐公司拥有 Topgolf 场馆和 Callaway 高尔夫设备，于 2025 年 8 月 6 日公布了 2025 年第二季度的业绩。最重要的消息是：公司公布的非 GAAP 摊薄每股收益为 0.24 美元，远高于分析师预期的 0.02 美元，GAAP 收入为 11.105 亿美元，超出预期。尽管如此，GAAP 收入较去年同期下降了 4.1%。公司的业绩得益于成本控制和利润率提升，但 Topgolf 同场销售的压力以及 Jack Wolfskin 业务的出售限制了同比比较。总体而言，这是一个超出预期但在基础消费需求方面仍面临挑战的季度，尤其是在 Topgolf 场馆。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益 – 摊薄（非 GAAP）</td>
<td>$0.24</td>
<td>$0.02</td>
<td>$0.42</td>
<td>(45.2%)</td>
</tr>
<tr>
<td>收入</td>
<td>$1,110.5 百万</td>
<td>$1,093.5 百万</td>
<td>$1,157.8 百万</td>
<td>(4.1%)</td>
</tr>
<tr>
<td>非 GAAP 净收入</td>
<td>$45.6 百万</td>
<td></td>
<td>$83.1 百万</td>
<td>(45.1%)</td>
</tr>
<tr>
<td>调整后 EBITDA</td>
<td>$195.8 百万</td>
<td></td>
<td>$205.6 百万</td>
<td>(4.8%)</td>
</tr>
<tr>
<td>收入 – Topgolf 部门</td>
<td>$485.3 百万</td>
<td></td>
<td>$494.4 百万</td>
<td>(1.8%)</td>
</tr>
</tbody>
</table>
<p>来源：FactSet 提供的分析师预估。管理层预期基于 2025 年第一季度财报中提供的管理层指引。</p>
<h2>商业概述和关键成功因素</h2>
<p>Topgolf Callaway Brands 运营三个主要部门：Topgolf，经营高尔夫娱乐场馆；高尔夫设备，生产高尔夫球杆和高尔夫球；以及活跃生活方式，提供活跃和休闲服装及装备。Topgolf 部门以其互动式高尔夫场馆而闻名，结合了美食、饮品和技术驱动的社交体验。高尔夫设备部门拥有 Callaway 等品牌，是高尔夫球杆和球的领导者，而活跃生活方式部门则专注于品牌服装和配件，TravisMathew 在出售 Jack Wolfskin 后成为其主要品牌。</p>
<p>最近，公司专注于计划中的战略分拆，旨在将 Topgolf 与其高尔夫设备和活跃生活方式业务分开。2024 年 9 月，董事会宣布其追求这一分拆的意图，但预计在新 CEO 上任后，分拆交易将在 2026 年进行。多元化的收入来源和技术驱动的客户体验是重要的关注领域。成功的关键因素包括提升 Topgolf 场馆的客流量和利润率、适应全球关税影响以及执行节省成本的项目，同时在剥离后保持强劲的资产负债表。</p>
<h2>季度回顾：发展与表现</h2>
<p>2025 年第二季度 GAAP 收入同比下降 4.1%，主要由于活跃生活方式部门销售下降和 Jack Wolfskin 业务的剥离。在 Topgolf 部门，GAAP 收入同比下降 1.8%。这主要是由于同场销售下降 6%，该指标衡量开放超过一年的地点的表现。尽管如此，由于推出了 “星期天快乐” 和深夜优惠等以价值为导向的新促销活动，帮助支持了客流量，因此这一下降情况略好于公司之前的预期。管理层报告称，这些价值倡议带来了客流量的改善，尽管每次访问的整体消费支出有所下降，因为客户对较低的价格和较少的预订费用作出了反应。</p>
<p>高尔夫设备部门的 GAAP 收入同比略微下降 0.5%。然而，部门营业收入保持稳定，因为成本降低和毛利率提升抵消了 2025 年引入的新关税的影响，高尔夫设备部门的利润率上升至 18.5%。新高尔夫球杆的产品反馈强劲，表明热爱高尔夫的消费者需求健康。活跃生活方式部门的收入在 GAAP 基础上同比下降 14.4%，反映了 Jack Wolfskin 的出售和剩余运动服装系列的持续疲软。然而，由于剥离 Jack Wolfskin 后消除了年初的损失，该部门的营业收入几乎增长了 40%，Jack Wolfskin 在上半年通常面临季节性损失，2025 年上半年调整后 EBITDA 损失约为 1800 万欧元。</p>
<p>尽管收入下降，公司在总部门营业收入上实现了小幅同比增长，增长 2.7% 至 1.522 亿美元，反映出对利润率和效率项目的关注有所改善。营业利润率上升。公司整体流动性显著改善，主要得益于 Jack Wolfskin 出售的收益和额外的经营现金流。GAAP 净收入大幅下降至 2030 万美元，同比下降 67.3%。GAAP 净收入的下降与与 Jack Wolfskin 出售相关的一次性费用、更高的货币对冲损失和增加的税收有关。非 GAAP 净收入和调整后 EBITDA 也有所下降，但超出预期，主要得益于持续的成本控制和更强的利润率。</p>
<p>这一时期在战略上也具有重要意义。Topgolf 与公司其他部分分离的进程在 2025 年 7 月 31 日 Topgolf 首席执行官宣布辞职时发生了新的转折。领导层表示仍然致力于分拆，但时间表取决于新 CEO 的任命和建立稳定的独立管理结构。公司还完成了 Jack Wolfskin 的出售，产生了约 2.9 亿美元的收益，增强了流动性至 11.6 亿美元。管理层强调，多元化的收入来源和全球覆盖仍然是优先事项，尽管除美国外的每个地区都出现了收入下降（GAAP）。公司提到正在进行技术升级工作，如 Toptracer 球追踪和新的销售点系统，旨在提升 Topgolf 场馆的客户体验。</p>
<h2>产品详情：部门亮点</h2>
<p>在 Topgolf 娱乐场所板块，新定价和价值项目带来了更高的访客流量，尽管同场销售下降了 6%。公司的 “星期天欢乐日” 和深夜菜单优惠吸引了家庭和年轻人，成功推动了更多的随到随进和团体活动。然而，大型企业活动的疲软仍在持续，管理层表示企业预订依然低迷。Topgolf 的其他业务线，包括技术许可和国际项目，GAAP 收入下降了 16.4%。</p>
<p>在高尔夫设备方面，围绕球杆和高尔夫球的产品发布使 Callaway 的球杆和球成为具有竞争力的高质量产品。尽管行业内竞争激烈的发布日程影响了该板块的年度比较，但毛利率的改善和成本节约支撑了利润，尽管新关税的影响仍在。活跃生活方式板块中，退出 Jack Wolfskin 减轻了一些收入压力，但导致业务规模更小且多样性降低。该板块的运营利润率提高，因为剥离业务的损失不再对业绩造成影响。</p>
<h2>展望未来：指导和前景</h2>
<p>对于 2025 财年，管理层在排除 Jack Wolfskin 出售结果后更新了持续业务的指导。公司现在预计 2025 财年的合并净收入（GAAP）为 38 亿到 39.2 亿美元，较之前预期中点有所上升。调整后的 EBITDA，即在利息、税项、折旧和摊销之前的经营现金收益，预计 2025 年为 4.3 亿到 4.9 亿美元，中点也较之前指导有所上升。Topgolf 的收入预计将在全年达到 17.1 亿到 17.7 亿美元，调整后的 EBITDA（非 GAAP）预计为 2.65 亿到 2.95 亿美元。管理层对 Topgolf 的同场销售改善了预期，现在预测全年下降 6% 到 9%，而不是更深的下滑，反映了近期价值项目带来的流量增长。</p>
<p>对于第三季度，指导显示合并净收入和调整后的 EBITDA 将低于 2024 财年，主要是因为 Jack Wolfskin 业务将不再贡献，以及同场销售持续疲软和增量关税的影响。领导层没有宣布该期间的股息。MODG 目前不支付股息。</p>
<p><em>收入和净收入以美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>

MODG

<p>Topgolf Callaway Brands (MODG) 发布了 2025 年第二季度的财报，非 GAAP 摊薄每股收益为 0.24 美元，超过了 0.02 美元的预期，而 GAAP 收入为 11.105 亿美元，同比下降 4.1%。下降的原因归因于活跃生活方式部门的销售减少以及 Jack Wolfskin 的出售。尽管面临挑战，公司通过促销活动改善了客流量，并在剥离后保持了强劲的资产负债表。Topgolf 与其他部门的计划分离定于 2026 年，待新 CEO 任命后实施。由于一次性费用和税收增加，GAAP 净收入下降 67.3%，降至 2030 万美元</p>

<p><strong>Topgolf Callaway Brands</strong>(MODG -2.50%), the sports and golf entertainment company behind Topgolf venues and Callaway golf equipment, reported results for Q2 2025 on August 6, 2025. The most important news: the company posted better-than-expected non-GAAP diluted EPS of $0.24, well above the $0.02 analyst estimate, and GAAP revenue was $1,110.5 million, beating forecasts. Despite this beat, GAAP revenue dropped 4.1% from the same quarter a year ago. The company’s performance benefited from cost discipline and margin efforts, while pressures from Topgolf’s same venue sales and the sale of its Jack Wolfskin business held back year-on-year comparisons. Overall, it was a quarter marked by outperformance versus expectations but continued challenges in underlying consumer demand, especially at Topgolf venues.</p>
<div class="lb-trans"><p><strong>Topgolf Callaway Brands</strong>（MODG -2.50%），这家体育和高尔夫娱乐公司拥有 Topgolf 场馆和 Callaway 高尔夫设备，于 2025 年 8 月 6 日公布了 2025 年第二季度的业绩。最重要的消息是：公司公布的非 GAAP 摊薄每股收益为 0.24 美元，远高于分析师预期的 0.02 美元，GAAP 收入为 11.105 亿美元，超出预期。尽管如此，GAAP 收入较去年同期下降了 4.1%。公司的业绩得益于成本控制和利润率提升，但 Topgolf 同场销售的压力以及 Jack Wolfskin 业务的出售限制了同比比较。总体而言，这是一个超出预期但在基础消费需求方面仍面临挑战的季度，尤其是在 Topgolf 场馆。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 2025</th>
<th>Q2 2025 Estimate</th>
<th>Q2 2024</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS – Diluted (Non-GAAP)</td>
<td>$0.24</td>
<td>$0.02</td>
<td>$0.42</td>
<td>(45.2%)</td>
</tr>
<tr>
<td>Revenue</td>
<td>$1,110.5 million</td>
<td>$1,093.5 million</td>
<td>$1,157.8 million</td>
<td>(4.1%)</td>
</tr>
<tr>
<td>Non-GAAP Net Income</td>
<td>$45.6 million</td>
<td></td>
<td>$83.1 million</td>
<td>(45.1%)</td>
</tr>
<tr>
<td>Adjusted EBITDA</td>
<td>$195.8 million</td>
<td></td>
<td>$205.6 million</td>
<td>(4.8%)</td>
</tr>
<tr>
<td>Revenue – Topgolf Segment</td>
<td>$485.3 million</td>
<td></td>
<td>$494.4 million</td>
<td>(1.8%)</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益 – 摊薄（非 GAAP）</td>
<td>$0.24</td>
<td>$0.02</td>
<td>$0.42</td>
<td>(45.2%)</td>
</tr>
<tr>
<td>收入</td>
<td>$1,110.5 百万</td>
<td>$1,093.5 百万</td>
<td>$1,157.8 百万</td>
<td>(4.1%)</td>
</tr>
<tr>
<td>非 GAAP 净收入</td>
<td>$45.6 百万</td>
<td></td>
<td>$83.1 百万</td>
<td>(45.1%)</td>
</tr>
<tr>
<td>调整后 EBITDA</td>
<td>$195.8 百万</td>
<td></td>
<td>$205.6 百万</td>
<td>(4.8%)</td>
</tr>
<tr>
<td>收入 – Topgolf 部门</td>
<td>$485.3 百万</td>
<td></td>
<td>$494.4 百万</td>
<td>(1.8%)</td>
</tr>
</tbody>
</table>
</div><p>Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.</p>
<div class="lb-trans"><p>来源：FactSet 提供的分析师预估。管理层预期基于 2025 年第一季度财报中提供的管理层指引。</p>
</div><h2>Business Overview and Key Success Factors</h2>
<div class="lb-trans"><h2>商业概述和关键成功因素</h2>
</div><p>Topgolf Callaway Brands operates three main segments: Topgolf, which runs golf entertainment venues; Golf Equipment, which produces golf clubs and golf balls; and Active Lifestyle, which offers active and casual apparel and gear. The Topgolf segment is known for its interactive golf venues that blend food, drinks, and technology-driven social experiences. The Golf Equipment segment features brands like Callaway, a leader in golf clubs and balls, while the Active Lifestyle segment focuses on branded apparel and accessories, with TravisMathew now its main anchor after selling Jack Wolfskin.</p>
<div class="lb-trans"><p>Topgolf Callaway Brands 运营三个主要部门：Topgolf，经营高尔夫娱乐场馆；高尔夫设备，生产高尔夫球杆和高尔夫球；以及活跃生活方式，提供活跃和休闲服装及装备。Topgolf 部门以其互动式高尔夫场馆而闻名，结合了美食、饮品和技术驱动的社交体验。高尔夫设备部门拥有 Callaway 等品牌，是高尔夫球杆和球的领导者，而活跃生活方式部门则专注于品牌服装和配件，TravisMathew 在出售 Jack Wolfskin 后成为其主要品牌。</p>
</div><p>Recently, the company has focused on a planned strategic separation, aiming to split Topgolf from its Golf Equipment and Active Lifestyle businesses. In September 2024, the Board announced its intention to pursue this separation, but a spin-off transaction is now likely to occur in 2026 after a new CEO is in place. Diverse revenue streams and a technology-driven customer experience have been important focus areas. Key factors for success include the ability to boost Topgolf venue traffic and margins, adapt to global tariff impacts, and execute cost-saving projects, all while maintaining a strong balance sheet post-divestiture.</p>
<div class="lb-trans"><p>最近，公司专注于计划中的战略分拆，旨在将 Topgolf 与其高尔夫设备和活跃生活方式业务分开。2024 年 9 月，董事会宣布其追求这一分拆的意图，但预计在新 CEO 上任后，分拆交易将在 2026 年进行。多元化的收入来源和技术驱动的客户体验是重要的关注领域。成功的关键因素包括提升 Topgolf 场馆的客流量和利润率、适应全球关税影响以及执行节省成本的项目，同时在剥离后保持强劲的资产负债表。</p>
</div><h2>Quarter in Review: Developments and Performance</h2>
<div class="lb-trans"><h2>季度回顾：发展与表现</h2>
</div><p>GAAP revenue declined 4.1% year over year in Q2 2025, mainly due to lower sales in the Active Lifestyle segment and the divestiture of the Jack Wolfskin business. In the Topgolf segment, GAAP revenue decreased 1.8% year-over-year. This was driven by a 6% decline in same venue sales, which measures performance at locations open for more than a year. That said, this drop was somewhat better than the company's previous expectations, thanks to new value-focused promotions like &#34;Sunday Funday&#34; and late-night offers that helped support attendance. Management reported improved traffic from these value initiatives, although overall consumer spending per visit dipped as customers responded to lower pricing and fewer booking fees.</p>
<div class="lb-trans"><p>2025 年第二季度 GAAP 收入同比下降 4.1%，主要由于活跃生活方式部门销售下降和 Jack Wolfskin 业务的剥离。在 Topgolf 部门，GAAP 收入同比下降 1.8%。这主要是由于同场销售下降 6%，该指标衡量开放超过一年的地点的表现。尽管如此，由于推出了 “星期天快乐” 和深夜优惠等以价值为导向的新促销活动，帮助支持了客流量，因此这一下降情况略好于公司之前的预期。管理层报告称，这些价值倡议带来了客流量的改善，尽管每次访问的整体消费支出有所下降，因为客户对较低的价格和较少的预订费用作出了反应。</p>
</div><p>The Golf Equipment segment saw a slight year-on-year GAAP revenue decrease of 0.5%. Yet, segment operating income held up as cost reduction and gross margin gains offset the impact from new tariffs introduced in 2025, with Golf Equipment segment margins rising to 18.5%. Product feedback for new golf clubs remained strong, indicating healthy demand among avid golfers. The Active Lifestyle segment’s revenue fell 14.4% year over year on a GAAP basis, reflecting the sale of Jack Wolfskin and ongoing softness in remaining activewear lines. However, operating income in this segment jumped nearly 40% due to the removal of early-year losses from Jack Wolfskin, which has traditionally faced seasonal losses in the first half of the year, as evidenced by a loss of approximately €18 million of Adjusted EBITDA in the first half of 2025.</p>
<div class="lb-trans"><p>高尔夫设备部门的 GAAP 收入同比略微下降 0.5%。然而，部门营业收入保持稳定，因为成本降低和毛利率提升抵消了 2025 年引入的新关税的影响，高尔夫设备部门的利润率上升至 18.5%。新高尔夫球杆的产品反馈强劲，表明热爱高尔夫的消费者需求健康。活跃生活方式部门的收入在 GAAP 基础上同比下降 14.4%，反映了 Jack Wolfskin 的出售和剩余运动服装系列的持续疲软。然而，由于剥离 Jack Wolfskin 后消除了年初的损失，该部门的营业收入几乎增长了 40%，Jack Wolfskin 在上半年通常面临季节性损失，2025 年上半年调整后 EBITDA 损失约为 1800 万欧元。</p>
</div><p>Despite lower revenue, the company delivered a small year-on-year increase in total segment operating income, up 2.7% to $152.2 million and reflecting improved focus on margin and efficiency projects. Operating margin rose. Company-wide liquidity improved significantly—mainly from the proceeds of the Jack Wolfskin sale and additional operating cash flow. GAAP net income dropped sharply to $20.3 million, down 67.3% from the previous year. This drop in GAAP net income was tied to one-time charges related to the Jack Wolfskin sale, higher currency hedge losses, and increased taxes. Non-GAAP net income and adjusted EBITDA also declined, but surpassed expectations, largely due to ongoing cost controls and stronger margins.</p>
<div class="lb-trans"><p>尽管收入下降，公司在总部门营业收入上实现了小幅同比增长，增长 2.7% 至 1.522 亿美元，反映出对利润率和效率项目的关注有所改善。营业利润率上升。公司整体流动性显著改善，主要得益于 Jack Wolfskin 出售的收益和额外的经营现金流。GAAP 净收入大幅下降至 2030 万美元，同比下降 67.3%。GAAP 净收入的下降与与 Jack Wolfskin 出售相关的一次性费用、更高的货币对冲损失和增加的税收有关。非 GAAP 净收入和调整后 EBITDA 也有所下降，但超出预期，主要得益于持续的成本控制和更强的利润率。</p>
</div><p>The period was also significant for strategic reasons. The process to separate Topgolf and the rest of the company took a new turn when Topgolf’s CEO announced his departure on July 31, 2025. Leadership said it is still committed to the split, but the timeline depends on naming a new CEO and setting up a stable, independent management structure. The company also completed the sale of Jack Wolfskin, which generated proceeds of approximately $290 million and bolstered liquidity to $1.16 billion. Management emphasized that diverse revenue streams and global reach remain priorities, though every region except the U.S. saw revenue declines (GAAP). The company cited work on technology upgrades like Toptracer ball tracking and new point-of-sale systems, which are designed to enhance customer experience at Topgolf venues.</p>
<div class="lb-trans"><p>这一时期在战略上也具有重要意义。Topgolf 与公司其他部分分离的进程在 2025 年 7 月 31 日 Topgolf 首席执行官宣布辞职时发生了新的转折。领导层表示仍然致力于分拆，但时间表取决于新 CEO 的任命和建立稳定的独立管理结构。公司还完成了 Jack Wolfskin 的出售，产生了约 2.9 亿美元的收益，增强了流动性至 11.6 亿美元。管理层强调，多元化的收入来源和全球覆盖仍然是优先事项，尽管除美国外的每个地区都出现了收入下降（GAAP）。公司提到正在进行技术升级工作，如 Toptracer 球追踪和新的销售点系统，旨在提升 Topgolf 场馆的客户体验。</p>
</div><h2>Product Detail: Segment Highlights</h2>
<div class="lb-trans"><h2>产品详情：部门亮点</h2>
</div><p>Within Topgolf, the entertainment venue segment, new pricing and value programs produced higher visitor traffic, even as Same venue sales fell 6%. The company's &#34;Sunday Funday&#34; and late-night menu offers catered to families and young adults, successfully driving more walk-ins and group events. However, softness in large corporate events continued, with management stating that corporate bookings remain muted. Topgolf’s other business lines, which include technology licensing and international initiatives, saw a 16.4% drop in GAAP revenues.</p>
<div class="lb-trans"><p>在 Topgolf 娱乐场所板块，新定价和价值项目带来了更高的访客流量，尽管同场销售下降了 6%。公司的 “星期天欢乐日” 和深夜菜单优惠吸引了家庭和年轻人，成功推动了更多的随到随进和团体活动。然而，大型企业活动的疲软仍在持续，管理层表示企业预订依然低迷。Topgolf 的其他业务线，包括技术许可和国际项目，GAAP 收入下降了 16.4%。</p>
</div><p>In Golf Equipment, product launches centered on drivers and golf balls established Callaway’s clubs and balls as competitive, high-quality offerings. Although competitive launch schedules across the industry dampened the segment’s annual comparison, gross margin improvements and cost savings underpinned profits despite new tariffs. In the Active Lifestyle segment, the exit from Jack Wolfskin eased some top-line pressure but resulted in a smaller and less diversified business. This segment's operating margin increased as losses from the divested business no longer weighed on the results.</p>
<div class="lb-trans"><p>在高尔夫设备方面，围绕球杆和高尔夫球的产品发布使 Callaway 的球杆和球成为具有竞争力的高质量产品。尽管行业内竞争激烈的发布日程影响了该板块的年度比较，但毛利率的改善和成本节约支撑了利润，尽管新关税的影响仍在。活跃生活方式板块中，退出 Jack Wolfskin 减轻了一些收入压力，但导致业务规模更小且多样性降低。该板块的运营利润率提高，因为剥离业务的损失不再对业绩造成影响。</p>
</div><h2>Looking Ahead: Guidance and Outlook</h2>
<div class="lb-trans"><h2>展望未来：指导和前景</h2>
</div><p>For the full year 2025, management updated guidance for continuing businesses for the full year after excluding results from the Jack Wolfskin sale. The company now expects consolidated net revenue (GAAP) of $3.80 to $3.92 billion for FY2025, an increase at the midpoint from previous expectations. Adjusted EBITDA, a measure of operating cash earnings before interest, taxes, depreciation, and amortization, Adjusted EBITDA is forecast at $430 million to $490 million for 2025, also up at the midpoint from prior guidance. Topgolf revenues are expected to reach $1.71 billion to $1.77 billion for the full year, with adjusted EBITDA (non-GAAP) for the segment predicted at $265 million to $295 million. Management improved its view on Topgolf's same venue sales, now predicting a decline of 6% to 9% for the full year instead of a deeper drop, reflecting recent traffic gains from value initiatives.</p>
<div class="lb-trans"><p>对于 2025 财年，管理层在排除 Jack Wolfskin 出售结果后更新了持续业务的指导。公司现在预计 2025 财年的合并净收入（GAAP）为 38 亿到 39.2 亿美元，较之前预期中点有所上升。调整后的 EBITDA，即在利息、税项、折旧和摊销之前的经营现金收益，预计 2025 年为 4.3 亿到 4.9 亿美元，中点也较之前指导有所上升。Topgolf 的收入预计将在全年达到 17.1 亿到 17.7 亿美元，调整后的 EBITDA（非 GAAP）预计为 2.65 亿到 2.95 亿美元。管理层对 Topgolf 的同场销售改善了预期，现在预测全年下降 6% 到 9%，而不是更深的下滑，反映了近期价值项目带来的流量增长。</p>
</div><p>For the third quarter, Guidance points to lower consolidated net revenue and adjusted EBITDA compared to FY2024, mainly because the Jack Wolfskin business will no longer contribute and because of continued softness in same venue sales and incremental tariffs. Leadership did not announce a dividend for the period. MODG does not currently pay a dividend.</p>
<div class="lb-trans"><p>对于第三季度，指导显示合并净收入和调整后的 EBITDA 将低于 2024 财年，主要是因为 Jack Wolfskin 业务将不再贡献，以及同场销售持续疲软和增量关税的影响。领导层没有宣布该期间的股息。MODG 目前不支付股息。</p>
</div><p><em>Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>收入和净收入以美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>
</div>

Topgolf Callaway Brands (MODG) 第二季度每股收益超出预期 22%