The Pellucid Perspective - September 2024 - 2

ALTERNATIVE GOLF
Topgolf Comes Clean:
Supposed Synergies Are Suspect
By Jim Koppenhaver
T
he spin-off of Topgolf by Callaway announced recently is
notable for what is both said and unsaid in the official press
release. Turning back the clock to the mid-2010's when
Topgolf emerged as a media darling, both myself and colleague
Stuart Lindsay were skeptical of the optimistic speculation that
Topgolf would " save golf " by becoming the on-ramp to introduce
non-golfers (particularly those under 30) to the game and create
multitudes of what NGF recently called " dualies " (playing both
traditional and alternative golf each year). Callaway's purchase
of Topgolf in 2021 was a double down bet that the Pellucid duo
was wrong. Let's revisit for a moment the respective statements
of the two entities' Presidents commemorating the monumental
occasion:
" Callaway and Topgolf are just better together, " said Chip
Brewer, President and Chief Executive Officer of Callaway. " Callaway's
leadership in the global golf equipment market and geographic
diversity, combined with Topgolf's revolutionary technology
platform and access to golfers of all abilities, will allow both
companies to accelerate growth and create competitive advantages.
This transformational merger has already created and will con2
The Pellucid PersPecTive
tinue to create meaningful shareholder value. We are very excited
to begin this next chapter and I cannot wait to see what we can
accomplish together. "
Erik Anderson, Executive Chairman of Topgolf, added, " I am
tremendously proud of everything we've achieved at Topgolf since
our founding in 2000. Our dedicated team of associates, groundbreaking
Toptracer technology, and proprietary venues and media
platforms have transformed the intersection of sports and entertainment.
Together with Callaway, Topgolf has the opportunity to
build upon its rapid growth story, bring the Topgolf experience to
new communities and advance our mission of making golf a more
inclusive and accessible game. "
Let's look at a few of the datapoints, both prior to and since the
merger, which led us to question the " synergy " integral to Topgolf
revolutionizing the golf industry and Callaway benefitting meaningfully
from being in the golfertainment industry:
* Crossover golfers - For nearly a decade we've waited and
carefully watched for a piece of credible research that
would demonstrate the conversion rate of Topgolfers
September 2024
TOPGOLF

The Pellucid Perspective - September 2024

Table of Contents for the Digital Edition of The Pellucid Perspective - September 2024

TOC
Topgolf finally comes clean on traditional golf “synergies”
Market analysis matters…even for destination-designed golf courses
Thin activity (9) continues, rare Open and Close animals sighted in August
August powered by weather with +4% GPH, Year-to-Date improves slightly to -2%
July Utilization beats weather “downer” (+1 pt), Year-to-Date gain holds at +2 pts
Salt Lake City, UT: Stealth health at #4 Market Strength ranking in the US
The Pellucid Perspective - September 2024 - TOC
The Pellucid Perspective - September 2024 - Topgolf finally comes clean on traditional golf “synergies”
The Pellucid Perspective - September 2024 - 3
The Pellucid Perspective - September 2024 - 4
The Pellucid Perspective - September 2024 - 5
The Pellucid Perspective - September 2024 - 6
The Pellucid Perspective - September 2024 - 7
The Pellucid Perspective - September 2024 - Market analysis matters…even for destination-designed golf courses
The Pellucid Perspective - September 2024 - 9
The Pellucid Perspective - September 2024 - 10
The Pellucid Perspective - September 2024 - 11
The Pellucid Perspective - September 2024 - Thin activity (9) continues, rare Open and Close animals sighted in August
The Pellucid Perspective - September 2024 - 13
The Pellucid Perspective - September 2024 - August powered by weather with +4% GPH, Year-to-Date improves slightly to -2%
The Pellucid Perspective - September 2024 - 15
The Pellucid Perspective - September 2024 - July Utilization beats weather “downer” (+1 pt), Year-to-Date gain holds at +2 pts
The Pellucid Perspective - September 2024 - 17
The Pellucid Perspective - September 2024 - Salt Lake City, UT: Stealth health at #4 Market Strength ranking in the US
The Pellucid Perspective - September 2024 - 19
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