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Segment Information (Tables)

9 Months Ended

Sep. 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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Topgolf:
Service and product revenue			$	472.2					$	453.2					$	1,351.2					$	1,370.4
Less:
Cost of products and services, excluding depreciation and amortization			52.0						50.9						145.3						148.9
Other venue expense			341.6						324.3						996.4						983.9
Selling, general and administrative expense			40.9						41.9						118.3						128.1
Research and development expense			4.2						3.9						11.8						12.3
Venue pre-opening costs			2.4						3.9						4.8						9.9
Segment operating income			$	31.1					$	28.3					$	74.6					$	87.3
Golf Equipment:
Product revenue			$	305.3					$	293.5					$	1,160.6					$	1,157.2
Less:
Cost of products			193.1						180.2						677.6						682.8
Selling, general and administrative expense			76.2						73.4						244.0						248.9
Research and development expense			12.8						13.1						37.9						39.2
Segment operating income			$	23.2					$	26.8					$	201.1					$	186.3
Active Lifestyle:
Product revenue			$	156.5					$	266.2					$	625.0					$	787.3
Less:
Cost of products			84.5						145.3						334.9						424.5
Selling, general and administrative expense			55.2						96.9						214.1						288.7
Research and development expense			3.1						4.6						11.2						15.3
Segment operating income			$	13.7					$	19.4					$	64.8					$	58.8
Total segment operating income			$	68.0					$	74.5					$	340.5					$	332.4
Reconciling items:
Unallocated corporate expenses and non-recurring items (1)			(39.7)						(40.8)						(139.9)						(128.8)
Total operating income			28.3						33.7						200.6						203.6
Interest expense, net			(59.2)						(57.7)						(175.9)						(173.5)
Other income (expense), net (2)			8.6						1.0						(1.3)						10.8
Total (loss) income before income taxes			$	(22.3)					$	(23.0)					$	23.4					$	40.9
Supplementary Data:
Depreciation and amortization:
Topgolf			$	54.8					$	54.2					$	164.0					$	159.1
Golf Equipment			5.1						4.5						16.0						14.0
Active Lifestyle			5.6						9.4						22.4						26.2
Total depreciation and amortization			$	65.5					$	68.1					$	202.4					$	199.3
(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 September 30, 2025 and 2024, $32.7 million and $31.5 million of corporate general and administrative expenses, respectively, were included in unallocated corporate expenses. For the nine months ended September 30, 2025 and 2024, $96.2 million and $95.0 million of corporate general and administrative expenses, respectively, were included in unallocated corporate expenses.
(2) For the nine months ended September 30, 2025, amount includes portion of pre-tax loss associated with the sale of the Jack Wolfskin business (see Note 3).

Schedule of Revenue and Long Lived Assets by Geographical Areas

Long-lived assets are based on location of domicile.

			Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)			2025						2024						2025						2024
Net Revenues:
United States			$	749.9					$	724.6					$	2,402.5					$	2,444.9
Europe			67.7						136.6						303.1						392.1
Asia			90.6						127.0						319.2						363.7
Rest of World			25.8						24.7						112.0						114.2
Total Net Revenues			$	934.0					$	1,012.9					$	3,136.8					$	3,314.9

			September 30, 2025						December 31, 2024
Long-Lived Assets:
United States			$	2,121.5					$	2,112.5
Europe			83.9						84.9
Asia			10.9						16.4
Rest of World			6.3						5.2
Total Long-Lived Assets			$	2,222.6					$	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.

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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.

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