Topgolf Callaway Q4 revenue +3% to $924M but $1.45B impairment drives GAAP loss

Callaway Golf Co

2024-FY EPS reported -$7.88 revenue$4,239,300,000

Q4 GAAP net loss of $1.512.7B includes $1.452B noncash Topgolf goodwill/intangibles impairment.
Q4 adjusted EBITDA $101.4M (+45% YoY); full-year adj EBITDA $587.7M (-1.5% YoY).
Full-year net revenue $4.239B (-1.1%); Topgolf same venue sales -9% in 2024.
2025 guidance: revenue $4.0-$4.185B, adj EBITDA $415-$505M; cites FX, tariff headwinds.
Topgolf separation costs ~$50M one-time; incremental $15M in standalone public company costs.

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