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v3.25.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following table contains information utilized by the CODM to evaluate our operating segments for the periods presented below (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Topgolf: |  |  |  |  |  |  |
Service and product revenue | $ | 485.3 |  |  | $ | 494.4 |  |  | $ | 879.0 |  |  | $ | 917.2 |
Less: |  |  |  |  |  |  |
Cost of products and services, excluding depreciation and amortization | 52.2 |  |  | 53.6 |  |  | 93.3 |  |  | 98.0 |
Other venue expense | 334.8 |  |  | 338.0 |  |  | 654.8 |  |  | 659.6 |
Selling, general and administrative expense | 37.5 |  |  | 39.9 |  |  | 77.4 |  |  | 86.2 |
Research and development expense | 3.6 |  |  | 4.0 |  |  | 7.6 |  |  | 8.4 |
Venue pre-opening costs | 1.8 |  |  | 2.8 |  |  | 2.4 |  |  | 6.0 |
Segment operating income | $ | 55.4 |  |  | $ | 56.1 |  |  | $ | 43.5 |  |  | $ | 59.0 |
Golf Equipment: |  |  |  |  |  |  |
Product revenue | $ | 411.6 |  |  | $ | 413.8 |  |  | $ | 855.3 |  |  | $ | 863.7 |
Less: |  |  |  |  |  |  |
Cost of products | 237.5 |  |  | 239.0 |  |  | 484.5 |  |  | 502.6 |
Selling, general and administrative expense | 85.4 |  |  | 84.7 |  |  | 167.8 |  |  | 175.5 |
Research and development expense | 12.4 |  |  | 12.7 |  |  | 25.1 |  |  | 26.1 |
Segment operating income | $ | 76.3 |  |  | $ | 77.4 |  |  | $ | 177.9 |  |  | $ | 159.5 |
Active Lifestyle: |  |  |  |  |  |  |
Product revenue | $ | 213.6 |  |  | $ | 249.6 |  |  | $ | 468.5 |  |  | $ | 521.1 |
Less: |  |  |  |  |  |  |
Cost of products | 113.9 |  |  | 132.6 |  |  | 250.4 |  |  | 279.2 |
Selling, general and administrative expense | 75.4 |  |  | 97.0 |  |  | 158.9 |  |  | 191.8 |
Research and development expense | 3.8 |  |  | 5.3 |  |  | 8.1 |  |  | 10.7 |
Segment operating income | $ | 20.5 |  |  | $ | 14.7 |  |  | $ | 51.1 |  |  | $ | 39.4 |
Total segment operating income | $ | 152.2 |  |  | $ | 148.2 |  |  | $ | 272.5 |  |  | $ | 257.9 |
Reconciling items: |  |  |  |  |  |  |
Unallocated corporate expenses (1) | (46.4) |  |  | (45.2) |  |  | (100.2) |  |  | (88.0) |
Total operating income | 105.8 |  |  | 103.0 |  |  | 172.3 |  |  | 169.9 |
Interest expense, net | (58.7) |  |  | (57.0) |  |  | (116.7) |  |  | (115.8) |
Other (expense) income, net (2) | (13.0) |  |  | 6.4 |  |  | (9.9) |  |  | 9.8 |
Total income before income taxes | $ | 34.1 |  |  | $ | 52.4 |  |  | $ | 45.7 |  |  | $ | 63.9 |
Supplementary Data: |  |  |  |  |  |  |
Depreciation and amortization: |  |  |  |  |  |  |
Topgolf | $ | 54.2 |  |  | $ | 52.5 |  |  | $ | 109.2 |  |  | $ | 104.9 |
Golf Equipment | 5.7 |  |  | 4.7 |  |  | 10.9 |  |  | 9.5 |
Active Lifestyle | 7.9 |  |  | 8.6 |  |  | 16.8 |  |  | 16.8 |
Total depreciation and amortization | $ | 67.8 |  |  | $ | 65.8 |  |  | $ | 136.9 |  |  | $ | 131.2 |
(1) Unallocated corporate expenses include corporate general and administrative expenses not utilized by management in determining segment profitability, amortization of acquired intangible assets, restructuring and reorganization charges, other non-recurring losses and costs associated with the sale of the Jack Wolfskin business, our planned separation of Topgolf, debt modifications, the integration of new IT systems stemming from acquisitions, and non-recurring costs related to a cybersecurity incident. For the three months ended June 30, 2025 and 2024, $32.7 million and $29.3 million of corporate general and administrative expenses, respectively, were included in unallocated corporate expenses. For the six months ended June 30, 2025 and 2024, $67.8 million and $69.3 million of corporate general and administrative expenses, respectively, were included in unallocated corporate expenses.
(2) Includes portion of pre-tax loss associated with the sale of the Jack Wolfskin business.
Schedule of Revenue and Long Lived Assets by Geographical Areas | Long-lived assets are based on location of domicile.
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Net Revenues: |  |  |  |  |  |  |  |  |
United States | $ | 862.2 |  |  | $ | 891.3 |  |  | $ | 1,652.6 |  |  | $ | 1,720.3 |  |  |
Europe | 105.3 |  |  | 114.1 |  |  | 235.4 |  |  | 255.5 |  |  |
Asia | 99.8 |  |  | 109.1 |  |  | 228.6 |  |  | 236.7 |  |  |
Rest of World | 43.2 |  |  | 43.3 |  |  | 86.2 |  |  | 89.5 |  |  |
Total Net Revenues | $ | 1,110.5 |  |  | $ | 1,157.8 |  |  | $ | 2,202.8 |  |  | $ | 2,302.0 |  |  |
| June 30, 2025 |  | December 31, 2024
Long-Lived Assets: |  |  |
United States | $ | 2,123.3 |  |  | $ | 2,112.5 |
Europe | 87.5 |  |  | 84.9 |
Asia | 9.9 |  |  | 16.4 |
Rest of World | 6.2 |  |  | 5.2 |
Total Long-Lived Assets | $ | 2,226.9 |  |  | $ | 2,219.0 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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