Tuesday October 3, 2023

Callaway Changes Name to Emphasize Topgolf

  • Callaway is changing its name to Topgolf Callaway Brands Corp.
  • The company expects Topgolf to account for half its EBITDA by 2025.
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Callaway sees Topgolf as key to its strategy going forward — and now has a new name to reflect its priorities.

The golf brand is changing its name to Topgolf Callaway Brands Corp. Its stock ticker will change from ELY, after its founder Ely Callaway Jr., to MODG, which refers to “modern golf.”

The new name “better acknowledges our long-term strategic path forward,” said CEO Chip Brewer, and will also “build important awareness for our strategic shift towards exciting new ventures in the Modern Golf and active lifestyle segments.”

  • Callaway bought Topgolf for $2.6 billion in a deal that closed in March 2021.
  • Topgolf has around 70 venues, with plans to open 11 per year for the next five years.
  • Callaway’s strategy focuses on making golf accessible to a broader population that may not have the time or money to take up traditional golf.

“Topgolf is the keystone of our modern golf thesis,” Brewer said on a May earnings call.

Birdie on Q2

Callaway had a record second quarter, with revenues growing 22.1% year-over-year to $1.1 billion.

Topgolf grew revenues 24.1% to $403.7 million and showed 8% growth in same-venue sales compared to 2019.

Golf equipment remained the company’s top segment, with $451.9 million in revenue, while its active lifestyle segment, which includes brands like TravisMathew and Jack Wolfskin, brought in $260.1 million.

Callaway estimates that Topgolf will account for half its EBITDA by 2025.

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