Topgolf Callaway Brands Corp. Files 2023 Annual Report

TL;DR

<b>Topgolf Callaway Brands Corp. filed its 2023 10-K report, detailing business operations and financial status.</b>

AI Summary

Topgolf Callaway Brands Corp. (CALY) filed a Annual Report (10-K) with the SEC on February 29, 2024. Acquired additional BigShots business assets for $5.9 million on January 1, 2024, funded by cash. The company's fiscal year ends on December 31. Filed 10-K report for the fiscal year ended December 31, 2023. Previous company name was Callaway Golf Co. Incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking Topgolf Callaway Brands Corp., this filing contains several important signals. This filing provides a comprehensive overview of the company's performance and strategic initiatives for the fiscal year 2023. Investors can analyze the company's financial health, including revenue streams and debt levels, through this report.

Risk Assessment

Risk Level: low — Topgolf Callaway Brands Corp. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant negative news or events.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to assess the company's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-29 — Filing Date (As of Date)
• 001-10962 — SEC File Number (SEC File Number)
• 953797580 — IRS Number (IRS Number)

Key Players & Entities

• Topgolf Callaway Brands Corp. (company) — Filer name
• Callaway Golf Co. (company) — Former company name
• Callaway Golf (company) — Former company name
• $5.9 million (dollar_amount) — Purchase price for BigShots business assets
• Invited (company) — Affiliates related to BigShots business

FAQ

Industry Context

Topgolf Callaway Brands Corp. operates in the sporting goods and equipment manufacturing industry, with a focus on golf-related products and experiences.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports (10-K).

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K for revenue, net income, and other key performance indicators.
2. Review the 'Risk Factors' section for potential challenges and uncertainties facing the company.
3. Examine management's discussion and analysis (MD&A) for insights into business strategy and future outlook.

Year-Over-Year Comparison

This is the 2023 annual report filing, following previous filings which would include prior year financial data and operational updates.

Key Financial Figures

• $0.01 — ange on which Registered Common Stock, $0.01 par value per share MODG The New York S
• $15 million — ent cost to build a venue to be between $15 million and $60 million depending on the size,
• $60 million — d a venue to be between $15 million and $60 million depending on the size, location and var

Filing Documents

• ely-20231231.htm (10-K) — 2995KB
• a7ex42descriptionofregistr.htm (EX-4.2) — 18KB
• a8ex-211q423.htm (EX-21.1) — 158KB
• a9ex-231auditorsconsentq423.htm (EX-23.1) — 2KB
• a10ex-241q423.htm (EX-24.1) — 38KB
• a3modg-exx311q42023.htm (EX-31.1) — 10KB
• a4modg-exx312q42023.htm (EX-31.2) — 10KB
• a5modg-exx321q42023.htm (EX-32.1) — 6KB
• a6modg-exx971policyforreco.htm (EX-97.1) — 27KB
• ely-20231231_g1.jpg (GRAPHIC) — 11KB
• ely-20231231_g2.jpg (GRAPHIC) — 74KB
• 0000837465-24-000016.txt (&nbsp;) — 18366KB
• ely-20231231.xsd (EX-101.SCH) — 114KB
• ely-20231231_cal.xml (EX-101.CAL) — 190KB
• ely-20231231_def.xml (EX-101.DEF) — 658KB
• ely-20231231_lab.xml (EX-101.LAB) — 1467KB
• ely-20231231_pre.xml (EX-101.PRE) — 1040KB
• ely-20231231_htm.xml (XML) — 3295KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 46 Item 1C. Cybersecurity 46 Item 2.

Properties

Properties 47 Item 3.

Legal Proceedings

Legal Proceedings 48 Item 4. Mine Safety Disclosures 48 PART II. Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 49 Item 6. [Reserved] 50 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 51 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 63 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 64 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 64 Item 9A.

Controls and Procedures

Controls and Procedures 64 Item 9B. Other Information 64 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 64 PART III. Item 10. Directors, Executive Officers and Corporate Governance 66 Item 11.

Executive Compensation

Executive Compensation 66 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 66 Item 13. Certain Relationships, Related Transactions and Director Independence 67 Item 14. Principal Accountant Fees and Services 67 PART IV. Item 15. Exhibits and Financial Statement Schedules 68

Form 10-K Summary 72

Item 16. Form 10-K Summary 72

Signatures

Signatures 73 Consolidated Financial Statements F- 1 PART I

Business

Item 1. Business OVERVIEW Topgolf Callaway Brands Corp., together with our wholly-owned subsidiaries (collectively, the "Company", "Topgolf Callaway Brands", "we", "our", or "us"), is a leading modern golf and active lifestyle company that provides world-class golf entertainment experiences, designs and manufactures premium golf equipment, and sells golf and active lifestyle apparel and other accessories through our family of brand names which include Topgolf, Callaway Golf, Odyssey, TravisMathew, Jack Wolfskin, OGIO and Toptracer. We were incorporated in California in 1982 under our previous name, "Callaway Golf Company," with a primary focus on the design, manufacture and sale of high-quality golf clubs. In 1992, we became a publicly-traded corporation on the New York Stock Exchange under the ticker symbol "ELY" and in 1999, we reincorporated in the State of Delaware. In 2000, we entered into the golf ball business with the release of our first golf ball product. In 2017, we expanded our business into active lifestyle apparel and accessories with our acquisitions of OGIO, a leading manufacturer of high-quality bags and accessories, and TravisMathew, a manufacturer of premium golf and active lifestyle apparel and accessories. In 2019, we acquired Jack Wolfskin, and in 2021, we completed a merger with Topgolf, a leading technology-enabled golf entertainment business comprised of state-of-the-art golf and entertainment venues, proprietary Toptracer ball-tracking technology, and an innovative content creation platform. The combination of products and services offered by our family of brands are sold across multiple channels to consumers both in the United States and internationally in over 120 countries. On September 6, 2022, we changed our corporate name from "Callaway Golf Company" to "Topgolf Callaway Brands Corp.", and, on September 7, 2022, we changed our New York Stock Exchange ticker symbol from "ELY" to "MODG." GROWTH AND OVERALL STRATEGY We believe we ar

View Full Filing

View this 10-K filing on SEC EDGAR