Topgolf Callaway Brands, whose portfolio of global golf brands includes Topgolf, Callaway Golf, TravisMathew, Toptracer, Odyssey and OGIO, has released its financial results for the fourth quarter and full year-ending results for 2024.
For the fourth quarter of 2024, Topgolf Callaway Brands reported consolidated net revenue growth of 3% year-over-year, reaching $924 million. Despite a significant non-cash impairment charge of $1,452 million related to Topgolf’s goodwill and intangible assets, the company saw a 45% increase in Adjusted EBITDA to $101 million. The GAAP net loss for the quarter was $1,512 million, primarily due to the impairment charge.
For the full year 2024, net revenue decreased by 1.1% to $4,239 million. The company reported a GAAP loss from operations of $1,257 million, compared to an income from operations of $237 million in 2023. Adjusted EBITDA for the year decreased by 1.5% to $587 million.
Topgolf Callaway Brands saw varied performance across its segments, with revenues at Topgolf remaining flat at $439 million for Q4, with a decline in same venue sales offset by revenue from new venues. For the full year, revenue increased by 2.7% to $1,809 million.
Revenue for equipment brands Callaway and Odyssey increased by 12.7% to $224 million in Q4, driven by strong sales in the club and ball sectors. Full year revenue slightly decreased by 0.4% to $1,382 million.
The company highlighted several strategic initiatives, including a continued focus on improving same venue sales at Topgolf, and plans to pursue a separation of the Topgolf business, with expected one-time separation costs of approximately $50 million.
Commenting on the results, Chip Brewer, President and CEO of Topgolf Callaway Brands, said: “We are pleased with our strong finish to the year with fourth quarter revenue, adjusted EBITDA, and adjusted free cash flow exceeding expectations.”
He also acknowledged the ‘short-term headwinds’, including foreign currency exchange rates and cost pressures, but remained confident in the company’s ability to navigate these challenges and return to growth.
The company’s share price closed at $6.80 following the news of the results and 2025 forecasts, down from a high of $16.29 in July last year.
