The earnings call reflects a mix of positive developments in market leadership and financial management, especially in the Golf Equipment segment, alongside challenges in Topgolf same venue sales and the Active Lifestyle segment. Although there are strong areas of performance, particularly in product innovation and market positioning, the negative trends in revenue guidance and venue sales balance the overall sentiment.

Company Guidance

During the TopGolf Callaway Brands third quarter 2024 earnings call, several key metrics and guidance points were discussed. The company's revenue guidance for the full year was adjusted to approximately $4.2 billion, reflecting a $30 million reduction due to lower-than-expected consumer activity in Q3. Adjusted EBITDA guidance was also lowered by $15 million to a range of $560 million to $570 million. Despite this, Topgolf's annual revenue guidance was reiterated at approximately $1.79 billion, with an increased adjusted EBITDA guide by $5 million to $315 million, thanks to strong venue margins and cost management initiatives. Topgolf same venue sales were down 11% in Q3, attributed primarily to declines in the 3+ bay segment. The same venue sales guidance for the full year remains at high single digits to low double digits. Additionally, the company plans to open 7 new owned venues in 2024 and approximately 5 in 2025, while expressing confidence in its ability to drive long-term traffic growth through new consumer experiences and enhanced marketing strategies.

Golf Equipment Market Leadership

Callaway retains the #1 U.S. market share position in golf clubs for the third consecutive year and ninth out of the last 10 years. Strong performance in woods and putters, with Odyssey achieving a clean sweep in major tours.

Strong Topgolf Venue Performance

Despite same venue sales challenges, new Topgolf venues are performing well, achieving financial targets and returns. On track to add 7 new owned venues in 2024, with 100 owned and operated venues by year-end.

Improved Financial Management

Cash provided by operating activities increased by $111 million (49%) in the first 9 months of 2024. Inventory decreased by $70 million year-over-year. REIT adjusted net debt decreased by $220 million, with leverage reduced to 1.8x.

Golf Ball Market Share Growth

U.S. golf ball market share reached a record 21.8%, up 140 basis points year-over-year, indicating strong brand growth and operational improvements.

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Topgolf Callaway Brands (MODG) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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MODG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 05, 2025	2024 (Q4)	-0.41 / -	-0.3	―	―	―
Nov 12, 2024	2024 (Q3)	-0.17 / 0.02	0.2	-90.00% (-0.18)
Aug 07, 2024	2024 (Q2)	0.27 / 0.42	0.39	7.69% (+0.03)
May 08, 2024	2024 (Q1)	0.01 / 0.09	0.17	-47.06% (-0.08)
Feb 13, 2024	2023 (Q4)	-0.33 / -0.30	-0.27	-11.11% (-0.03)
Nov 08, 2023	2023 (Q3)	0.11 / 0.20	0.2	0.00% (0.00)
Aug 08, 2023	2023 (Q2)	0.34 / 0.39	0.53	-26.42% (-0.14)
May 09, 2023	2023 (Q1)	0.15 / 0.17	0.44	-61.36% (-0.27)
Feb 09, 2023	2022 (Q4)	-0.22 / -0.27	-0.14	-92.86% (-0.13)
Nov 03, 2022	2022 (Q3)	0.15 / 0.20	-0.09	322.22% (+0.29)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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MODG Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 12, 2024	$9.44	$8.57	-9.22%
Aug 07, 2024	$14.00	$12.22	-12.71%
May 08, 2024	$16.35	$15.25	-6.73%
Feb 13, 2024	$13.53	$15.10	+11.60%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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