secwatch.observer — SEC 8-K summary
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Issuer:     Callaway Golf Co (CALY)
CIK:        0000837465
Form:       8-K
Filed at:   2025-02-24T23:59:59+00:00
Accession:  0000837465-25-000016
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/837465/000083746525000016/0000837465-25-000016-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/837465/000083746525000016/modg-20250224.htm
  HTML page:      https://secwatch.observer/filing/0000837465-25-000016

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