NYSE$CALY
Callaway Golf Company · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Topgolf Callaway Brands reported record revenue and improved operating loss for Q4 2022.
Topgolf Callaway Brands Corp. announced strong Q4 2022 results with a 19.6% increase in revenue year-over-year to $851.3 million. The company reported a net loss of $72.7 million, or $50.8 million on a non-GAAP basis. Adjusted EBITDA increased 155.9% to $36.6 million.
- Q4 net revenue increased 19.6% compared to 2021.
- Q4 seasonal operating loss improved 36.6% compared to 2021, or 42.4% on a non-GAAP basis.
- Topgolf delivered same venue sales growth of 11% compared to 2019.
- The Company posted another strong quarter with a 19.6% increase in revenue year-over-year to $851.3 million, reflecting growth in each operating segment, major product category and region.
Headline financials
Revenue & EPS history
Topgolf Callaway · Revenue · Quarterly
$851M
Revenue by segment
Topgolf Callaway · $442M total across 2 segments · Q4 2022
- Active Lifestyle$252M—57.0%
- Golf Equipment$190M—43.0%
Forward guidance
The company provided full year 2023 outlook with revenue of $4,415 - $4,470 million and Adjusted EBITDA of $620 - $640 million.
Tailwinds
- Revenue of $4,415 - $4,470 million, representing growth of 10% - 12% compared to 2022
- Adjusted EBITDA of $620 - $640 million, representing growth of 11% - 15% compared to 2022
- Topgolf segment revenue of approximately $1.9 billion
- Active Lifestyle segment revenue to grow at a low teens percent compared to 2022
- Topgolf expected to generate approximately 50% of the Company's total Adjusted EBITDA
Headwinds
- Includes a $15 million negative foreign currency impact based on exchange rates as of the end of December 2022 and early January 2023
- Golf Equipment segment revenue to be approximately flat compared to 2022
- Non-GAAP diluted earnings per share estimated to be $0.70 - $0.78 on approximately 200 million shares outstanding
- Includes a $20 million negative foreign currency impact based on exchange rates as of the end of December 2022 and early January 2023
- Topgolf segment Adjusted EBITDA to be slightly below the $41.6 million generated last year, driven by higher marketing expenditures and a return to full staffing levels at the venues
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2022
-0.1%
Avg return
Earnings day
-1.6%
Avg return
5 days after
+1.5%
Avg return
30 days after
50%
32 / 64 earnings
Positive
+18.7%
Q3 2013
Best reaction
-20.8%
Q3 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.1% | +6.3% | +0.1% | |
| Q3 2025 | +14.4% | +14.3% | +24.2% | |
| Q1 2025 | -17.2% | -11.4% | +0.0% | |
| Q4 2024 | -0.3% | -2.5% | +3.0% | |
| Q3 2024 | -11.3% | -11.6% | -17.1% | |
| Q2 2024 | -14.5% | -18.4% | -27.1% | |
| Q1 2024 | -8.2% | -8.0% | -7.6% | |
| Q4 2023 | +5.6% | +3.6% | -6.3% | |
| Q3 2023 | -20.8% | -22.9% | -1.6% | |
| Q2 2023 | -9.8% | -10.6% | -12.6% | |
| Q1 2023 | -13.9% | -20.9% | -11.4% | |
| Q4 2022 | -4.0% | -1.1% | -6.6% | |
| Q3 2022 | +5.5% | +6.2% | +23.6% | |
| Q2 2022 | -2.0% | -5.9% | -5.8% | |
| Q1 2022 | +8.1% | +18.2% | +22.2% | |
| Q4 2021 | -9.6% | -1.7% | -10.9% | |
| Q3 2021 | +2.0% | +0.7% | -2.9% | |
| Q2 2021 | -4.2% | -11.4% | -16.7% | |
| Q1 2021 | +8.9% | +8.6% | +14.9% | |
| Q4 2020 | -2.3% | -4.7% | -1.6% | |
| Q3 2020 | +5.5% | -2.3% | +34.6% | |
| Q2 2020 | -6.9% | -5.7% | +2.9% | |
| Q1 2020 | +2.8% | -9.2% | +28.4% | |
| Q4 2019 | -6.7% | -3.7% | -38.3% | |
| Q3 2019 | -1.5% | -3.5% | +1.2% | |
| Q2 2019 | +10.6% | +8.3% | +5.3% | |
| Q1 2019 | -5.2% | -5.2% | -6.9% | |
| Q4 2018 | -4.2% | -6.6% | +3.6% | |
| Q3 2018 | -2.5% | -4.4% | -12.3% | |
| Q2 2018 | +13.1% | +13.3% | +18.7% | |
| Q1 2018 | +7.5% | +3.2% | +13.8% | |
| Q4 2017 | +3.6% | +4.4% | +8.8% | |
| Q3 2017 | +3.4% | +1.0% | +0.1% | |
| Q2 2017 | +7.1% | +3.5% | +9.2% | |
| Q1 2017 | +7.7% | +6.6% | +7.8% | |
| Q4 2016 | -8.4% | -7.7% | -7.5% | |
| Q3 2016 | +11.5% | +16.0% | +18.1% | |
| Q2 2016 | +0.1% | +2.5% | +9.3% | |
| Q1 2016 | -0.6% | — | — | |
| Q4 2015 | +4.6% | — | — | |
| Q3 2015 | +7.5% | — | — | |
| Q2 2015 | +8.0% | — | — | |
| Q1 2015 | +0.6% | — | — | |
| Q4 2014 | +4.9% | — | — | |
| Q3 2014 | +12.1% | — | — | |
| Q2 2014 | -8.5% | — | — | |
| Q1 2014 | -7.7% | — | — | |
| Q4 2013 | -6.4% | — | — | |
| Q3 2013 | +18.7% | — | — | |
| Q2 2013 | +6.1% | — | — | |
| Q1 2013 | +3.7% | — | — | |
| Q4 2012 | +0.2% | — | — | |
| Q3 2012 | -7.6% | — | — | |
| Q2 2012 | +3.7% | — | — | |
| Q1 2011 | -12.2% | — | — | |
| Q1 2012 | +5.5% | — | — | |
| Q4 2009 | -0.3% | — | — | |
| Q4 2011 | -0.3% | — | — | |
| Q3 2011 | +2.0% | — | — | |
| Q3 2010 | +2.0% | — | — | |
| Q4 2010 | -1.4% | — | — | |
| Q2 2011 | -1.4% | — | — | |
| Q2 2010 | -1.4% | — | — | |
| Q1 2010 | +0.6% | — | — |
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