Topgolf Callaway Brands Files Q3 2024 10-Q

TL;DR

Topgolf Callaway Brands dropped its Q3 10-Q. Check financials.

AI Summary

Topgolf Callaway Brands Corp. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details are presented within the report.

Why It Matters

This filing provides investors and analysts with a detailed look into Topgolf Callaway Brands' financial health and operational performance for the third quarter of 2024.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial health indicators.

Key Players & Entities

• Topgolf Callaway Brands Corp. (company) — Filer of the 10-Q
• 20240930 (date) — Period of report
• 20241112 (date) — Filing date
• Carlsbad, CA (location) — Company headquarters

FAQ

Key Financial Figures

• $0.01 — ange on which Registered Common Stock, $0.01 par value per share MODG The New York S

Filing Documents

• modg-20240930.htm (10-Q) — 2279KB
• a3modg-exx311q32024.htm (EX-31.1) — 10KB
• a4modg-exx312q32024.htm (EX-31.2) — 10KB
• a5modg-exx321q32024.htm (EX-32.1) — 6KB
• modg-20240930_g1.jpg (GRAPHIC) — 11KB
• 0000837465-24-000078.txt ( ) — 13297KB
• modg-20240930.xsd (EX-101.SCH) — 76KB
• modg-20240930_cal.xml (EX-101.CAL) — 151KB
• modg-20240930_def.xml (EX-101.DEF) — 438KB
• modg-20240930_lab.xml (EX-101.LAB) — 917KB
• modg-20240930_pre.xml (EX-101.PRE) — 719KB
• modg-20240930_htm.xml (XML) — 2677KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 6 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 6 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 7 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 8 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 9 Condensed Consolidated Statements of Shareholders' Equity for the three and nine months ended September 30, 2024 and 2023 10 Notes to Condensed Consolidated Financial Statements 12

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

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 34

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 48

Controls and Procedures

Item 4. Controls and Procedures 49

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 50

Risk Factors

Item 1A. Risk Factors 50

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 51

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 51

Other Information

Item 5. Other Information 52

Exhibits

Item 6. Exhibits 53 5

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) TOPGOLF CALLAWAY BRANDS CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 441.9 $ 393.5 Restricted cash 0.7 0.8 Accounts receivable, less allowances of $ 9.3 million and $ 11.6 million, respectively 286.4 200.5 Inventories 666.4 794.4 Prepaid expenses 65.6 55.8 Other current assets 162.9 183.1 Total current assets 1,623.9 1,628.1 Property, plant and equipment, net 2,215.5 2,156.5 Operating lease right-of-use assets, net 1,367.4 1,410.1 Trade names and trademarks 1,420.8 1,421.8 Other intangible assets, net 79.9 83.7 Goodwill 1,999.1 1,988.7 Other assets, net 451.5 431.7 Total assets $ 9,158.1 $ 9,120.6 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 453.4 $ 480.5 Accrued employee compensation and benefits 120.3 113.1 Asset-based credit facilities 41.0 54.7 Operating lease liabilities, short-term 88.9 86.4 Construction advances 8.0 59.3 Deferred revenue 96.1 110.9 Other current liabilities 34.8 42.7 Total current liabilities 842.5 947.6 Long-term debt, net 1,461.2 1,518.2 Operating lease liabilities, long-term 1,402.0 1,433.4 Deemed landlord financing obligations 1,147.3 980.0 Deferred taxes, net 32.3 36.7 Other long-term liabilities 337.2 326.5 Commitments and contingencies (Note 12) Shareholders' equity: Preferred stock, $ 0.01 par value, 3.0 million shares authorized, none issued and outstanding at both September 30, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value, 360.0 million shares authorized, and 187.0 million shares issued at both September 30, 2024 and December 31, 2023 1.9 1.9 Additional paid-in capital 3,024.7 3,032.7 Retained earnings 1,012.5 947.5 Accumulated other comprehensive loss ( 51.7 ) ( 47.5 ) Less: Common stock held in treasury, at cost, 3.2 million shares and 3.3 m

View Full Filing

View this 10-Q filing on SEC EDGAR