Topgolf Callaway Q2 net income $62M, full-year guidance lowered, launches Topgolf strategic review

Callaway Golf Co

2024-Q2 EPS reported $0.36 revenue$2,302,000,000

Q2 revenue $1.158B (-1.9% YoY); GAAP net income $62M vs $117M last year; Adj. EBITDA $206M.
Full-year revenue guidance cut to $4.20-4.26B from $4.435-4.475B; Adj. EBITDA guidance cut to $570-590M.
Topgolf same venue sales -8% (below expectations); segment revenue +5% on new venues; formal strategic review includes potential spin.
Golf Equipment revenue -8.2% ($413.8M); Active Lifestyle -3.2% ($249.6M); inventory down $192.7M YoY.
Made $50M discretionary term loan paydown; first-half operating cash flow improved $173M YoY.

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