Callaway Investment Thesis and Business Transformation Overview
TOPGOLF UNIT ECONOMICS AND LONG-TERM OPPORTUNITY
DOMESTIC
VENUES
TOPTRACER INTERNATIONAL
RANGE
VENUES
Identified path to:
200 venues
152,500 bays1
250 venues
MEDIA
TOTAL
~2 Game Potential;
$1.50 sponsorships
revenue / visit
Unit-level Revenue²
$6-24M
$2,000/ Bay
$1.1M / Venue
N/A
Total Revenue
$3,000M
$305M
$275M
$240M
$3,820M
Adjusted EBITDA
per Unit 3,5
$3.5M4
$1,500/Bay6
$0.9M
N/A
Business Unit Adjusted
EBITDA 3,5
$700M
$230M
$225M
$110M
$1,265M
Callaway
1.
Assumes 23% market share of worldwide addressable market of 650,000 bays.
2.
For venues: assumes higher mix of sSmall venues in outer years of growth opportunities.
3.
4.
5.
Excludes overhead and opening cost.
6.
Cash Adjusted EBITDA.
Adjusted EBITDA. The Company provides information about its results excluding interest, taxes, depreciation and amortization expense, and non-cash stock compensation expense. Additionally, Adjusted EBITDA excludes these same line items from forecasted net income. A long-
term forecast of each of these line items is not available without unreasonable efforts due to the variability of these items and the inability to predict them with certainty. Accordingly, we have not provided a further reconciliation of Adjusted EBITDA to GAAP net income.
Long-term blended average across Large, Medium and Small venues.
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