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v3.23.1

Revenue Recognition (Tables) | 3 Months Ended
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Mar. 31, 2023
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue | The following table presents our revenue disaggregated by major category and operating and reportable segment (in millions):
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Topgolf: |  |  |  |  |  |  |
Venues | $ | 386.7 |  |  | $ | 306.5 |  |  |  |  |
Other business lines | 16.8 |  |  | 15.5 |  |  |  |  |
Total Topgolf | $ | 403.5 |  |  | $ | 322.0 |  |  |  |  |
Golf Equipment: |  |  |  |  |  |  |
Golf club | $ | 350.8 |  |  | $ | 370.4 |  |  |  |  |
Golf ball | 92.9 |  |  | 97.6 |  |  |  |  |
Total Golf Equipment | $ | 443.7 |  |  | $ | 468.0 |  |  |  |  |
Active Lifestyle: |  |  |  |  |  |  |
Apparel | $ | 176.1 |  |  | $ | 138.4 |  |  |  |  |
Gear, accessories & other | 144.1 |  |  | 111.8 |  |  |  |  |
Total Active Lifestyle | $ | 320.2 |  |  | $ | 250.2 |  |  |  |  |
Total Consolidated | $ | 1,167.4 |  |  | $ | 1,040.2 |  |  |  |  |
The following table summarizes our revenue by major geographic region (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Revenue by Major Geographic Region: |  |  |  |  |  |  |
United States |  |  |  |  | $ | 811.1 |  |  | $ | 709.4 |
Europe |  |  |  |  | 153.6 |  |  | 134.9 |
Asia |  |  |  |  | 160.2 |  |  | 158.6 |
Rest of world |  |  |  |  | 42.5 |  |  | 37.3 |
|  |  |  |  | $ | 1,167.4 |  |  | $ | 1,040.2 |
The following table summarizes royalty income by operating segment (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Royalty Income: |  |  |  |  |  |  |
Topgolf |  |  |  |  | $ | 12.1 |  |  | $ | 9.7 |
Active Lifestyle |  |  |  |  | 6.7 |  |  | 5.4 |
Total |  |  |  |  | $ | 18.8 |  |  | $ | 15.1 |
Reconciliation of Activity Related to Short-term Deferred Revenue | The following table provides a reconciliation of activity related to our short-term deferred revenue balance for the periods presented (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Beginning Balance |  |  |  |  | $ | 94.9 |  |  | $ | 93.9 |
Deferral of revenue |  |  |  |  | 157.8 |  |  | 107.4 |
Revenue recognized |  |  |  |  | (142.8) |  |  | (101.3) |
Breakage |  |  |  |  | (7.0) |  |  | (4.9) |
Foreign currency translation and other |  |  |  |  | (0.1) |  |  | 4.2 |
Ending Balance |  |  |  |  | $ | 102.8 |  |  | $ | 99.3 |
Reconciliation of Short Term Sales Program Incentives | The following table provides a reconciliation of the activity related to our short-term sales program incentives for the periods presented (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Beginning Balance |  |  |  |  | $ | 20.8 |  |  | $ | 23.3 |
Additions |  |  |  |  | 15.5 |  |  | 15.9 |
Credits issued |  |  |  |  | (10.7) |  |  | (6.2) |
Foreign currency translation and other |  |  |  |  | (0.1) |  |  | (0.7) |
Ending Balance |  |  |  |  | $ | 25.5 |  |  | $ | 32.3 |
Sales Returns and Allowances | The following table provides a reconciliation of the activity related to our sales return reserve for the periods presented (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Beginning Balance |  |  |  |  | $ | 55.4 |  |  | $ | 47.4 |
Provision |  |  |  |  | 58.9 |  |  | 49.9 |
Sales returns |  |  |  |  | (41.6) |  |  | (29.7) |
Ending Balance |  |  |  |  | $ | 72.7 |  |  | $ | 67.6 |

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