Here are 1-3 brief analogies for Topgolf Callaway Brands (MODG):

• It's like Dave & Buster's for golf, combined with Nike for golf equipment.
• Think of it as the 'Dave & Buster's of golf' entertainment, plus they own premium golf brands like Callaway.
• Imagine Nike or Adidas, but heavily focused on golf products and also owning popular golf entertainment venues.

• Golf Clubs: Manufactures and sells a comprehensive range of golf clubs, including drivers, irons, wedges, and putters.
• Golf Balls: Produces and markets golf balls engineered for various performance levels and player types.
• Golf Gear & Apparel: Offers a diverse portfolio of golf bags, footwear, and lifestyle apparel under multiple brands.
• Golf Entertainment Venues (Topgolf): Operates experiential sports entertainment complexes featuring technology-enabled golf games, food, and beverages.

Topgolf Callaway Brands (MODG) serves primarily individuals, catering to various aspects of their active and social lifestyles. The company operates Topgolf entertainment venues directly serving consumers, and its product brands (Callaway Golf, TravisMathew, Jack Wolfskin) also have significant direct-to-consumer sales channels in addition to wholesale distribution.

Here are up to three categories of individual customers that Topgolf Callaway Brands serves:

1. Golf Enthusiasts and Players: This category includes individuals who actively participate in golf, ranging from serious amateur and professional golfers to casual players. These customers purchase Callaway Golf clubs, balls, apparel, and accessories. They also engage with TravisMathew for golf-centric apparel and might visit Topgolf venues for practice, entertainment, or social events related to golf.
2. Social & Entertainment Seekers: This group primarily consists of individuals, families, and groups of friends who visit Topgolf entertainment venues for a social experience that combines casual golf entertainment with dining, drinks, and a vibrant atmosphere. This category also encompasses corporate groups and event organizers who book Topgolf venues for team outings, celebrations, and business functions.
3. Active Lifestyle & Outdoor Enthusiasts: These customers seek products that support their active and outdoor-oriented lifestyles. They purchase apparel, footwear, and equipment from Jack Wolfskin for hiking, camping, and other outdoor adventures. They also buy TravisMathew apparel for its blend of performance, comfort, and lifestyle aesthetics, suitable for various casual and active settings beyond just golf.

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Oliver G. “Chip” Brewer III, President and Chief Executive Officer

Mr. Brewer has served as President and Chief Executive Officer of Topgolf Callaway Brands Corp. since joining the Company in March 2012. Under his leadership, Topgolf Callaway Brands has transformed into a tech-enabled Modern Golf and active lifestyle company. Prior to joining Callaway, Mr. Brewer was the President and Chief Executive Officer of Adams Golf from January 2002 to February 2012. He also served as a Director of Topgolf International, Inc. from 2012 until its merger with Callaway Golf Company in March 2021. He is credited with turning around Callaway's traditional business. Mr. Brewer received his MBA from Harvard University.

Brian Lynch, Executive Vice President, Chief Financial Officer & Chief Legal Officer

Mr. Lynch has served as Executive Vice President and Chief Financial Officer of Topgolf Callaway Brands Corp. since January 2019, and also holds the title of Chief Legal Officer. He initially joined the Company in December 1999 as Senior Corporate Counsel. Over the years, he held various roles including Senior Vice President, General Counsel and Corporate Secretary since June 2012, before being appointed Interim Chief Financial Officer in April 2017 and then Chief Financial Officer in July 2017. He has over 30 years of experience handling legal, strategic, operational, and administrative matters for both public and private entities. His responsibilities encompass the Company's finance, legal, IT, corporate governance, and compliance functions. Mr. Lynch received a J.D. from the University of Pittsburgh.

Mark Leposky, Executive Vice President and Chief Supply Chain Officer

Mr. Leposky is the Executive Vice President and Chief Supply Chain Officer at Topgolf Callaway Brands, a role he has held since January 2019. He is responsible for all aspects of the Company’s global operations, including sourcing, manufacturing, golf ball research and development, engineering, quality, program management, planning, purchasing, transportation and logistics, and the OGIO brand. Mr. Leposky joined the Company in April 2012.

Glenn Hickey, Executive Vice President and President, Callaway Golf

Mr. Hickey serves as Executive Vice President, Topgolf Callaway Brands, and President of Callaway Golf. In this role, which he was promoted to in March 2023, he leads global sales and marketing for Callaway golf clubs and balls, branded apparel, and branded performance gear, overseeing all three Callaway Golf regions globally. Mr. Hickey joined Callaway Golf in 1991.

Jennifer F. Thompson, Executive Vice President, Global People & Culture

Jennifer F. Thompson is the Executive Vice President, Global People & Culture at Topgolf Callaway Brands. (While a full biography for her in this specific role was not readily available, her title indicates a key leadership position in human resources and company culture.)

The public company Topgolf Callaway Brands (MODG) faces several key risks to its business, primarily stemming from its reliance on consumer discretionary spending, a significant strategic separation, and intense market competition.

1. Declining Same Venue Sales and Sensitivity to Consumer Discretionary Spending: The company's revenue growth and profitability, particularly within its Topgolf venues segment, are significantly impacted by declining same venue sales and overall consumer discretionary spending. Economic conditions, including inflation, can deter middle-income consumers and lead to a pullback in spending, directly affecting Topgolf's performance. Recent reports indicate a decline in same-venue sales for Topgolf, with further declines anticipated.
2. Risks Associated with the Planned Separation of Topgolf and Callaway: Topgolf Callaway Brands announced a strategic plan to separate into two independent entities: Callaway (golf equipment and active lifestyle) and Topgolf (venue-based golf entertainment), expected to be completed in the second half of 2025. This separation, while intended to enhance strategic focus, carries inherent risks. These include the complexities and costs of disentangling operations, potential difficulties in obtaining regulatory approvals, and the possibility that, as independent companies, both entities may become more susceptible to market fluctuations and adverse events than when combined.
3. Intense Competition and Changing Consumer Preferences: Topgolf Callaway Brands operates in highly competitive markets across both its golf equipment and entertainment segments. The company faces intense competition from established brands in golf equipment and a dynamic consumer entertainment industry. Changes in consumer preferences, fashion trends, or a reduction in overall golf participation could adversely affect sales and market share. The ability to continually innovate and adapt to evolving customer tastes is crucial for maintaining competitiveness.

The rapid proliferation and technological advancement of dedicated indoor golf simulation and entertainment venues, often featuring high-fidelity simulators (e.g., from TrackMan, Foresight Sports, Full Swing). These venues provide a social golf experience that directly competes with Topgolf, frequently offering advantages such as year-round climate control, urban accessibility, and advanced data tracking appealing to a broad range of golfers. Their growing market presence and increasing sophistication pose a direct challenge to Topgolf's unique entertainment model.

The accelerating development and accessibility of additive manufacturing (e.g., 3D printing) for highly customized golf equipment. As this technology matures and becomes more cost-efficient, it could enable niche manufacturers or even individual players to produce ultra-personalized clubs and components precisely tailored to individual swing characteristics, potentially disrupting the traditional mass manufacturing, research & development, and retail distribution models of established golf equipment brands like Callaway.

Topgolf Callaway Brands (MODG) operates in several markets with the following addressable market sizes for its main products and services:

• Topgolf (Golf Entertainment and Toptracer Technology): In the United States, there were 18.5 million off-course golfers in 2023. Topgolf reaches approximately 25% of the U.S. population. Toptracer technology, used in Topgolf venues and licensed to driving ranges, has a dominant market share with 15,000 bays, but this represents only 3% of the total addressable market. Toptracer is installed at over 700 driving ranges worldwide, encompassing 22,000 bays in 31 countries.
• Callaway Golf Equipment (Clubs, Balls, and Accessories): The global golf equipment market was valued at USD 7.48 billion in 2022 and is projected to reach USD 7.81 billion in 2023. This market is expected to grow at a compound annual growth rate (CAGR) of 5.0% from 2023 to 2030, reaching USD 11.01 billion by 2030. North America accounted for approximately 48.47% of the golf equipment market share in 2024.
• TravisMathew (Lifestyle and Golf Apparel): TravisMathew is on a path to achieve over USD 500 million in net sales, with the potential to reach USD 1 billion in the longer term, as it transitions from a national to a global brand. As of 2024, TravisMathew's annual online sales were USD 13 million, with the United States being its main market, generating 100% of these revenues.
• Jack Wolfskin (Outdoor Apparel and Equipment): While Jack Wolfskin was divested in the second quarter of 2025, the global outdoor apparel market was estimated at USD 17.47 billion in 2024. This market is expected to grow from USD 18.44 billion in 2025 to USD 29.85 billion in 2034, at a CAGR of 5.5%. The U.S. outdoor apparel market alone generated approximately USD 5.41 billion in revenue in 2024, holding an 88.7% share of the overall outdoor apparel market.

Topgolf Callaway Brands (MODG) is expected to drive future revenue growth over the next two to three years through several key strategies and market trends:

1. Topgolf Venue Expansion: The company continues to expand its global footprint by opening new Topgolf venues. The addition of new venues directly contributes to increased revenue for the Topgolf segment, as seen with six new venues added in the past year contributing to a 4.2% increase in revenue for that segment.

2. Growth in Topgolf's Same-Venue Sales: After periods of decline, Topgolf has transitioned to positive same-venue sales growth, with a 1% increase in Q3 2025. This growth is being driven by successful value initiatives and increased traffic, indicating effective strategies to enhance customer engagement and encourage repeat visits to existing locations.

3. New Product Innovation and Market Share Expansion in Golf Equipment: Topgolf Callaway Brands consistently introduces innovative golf equipment, such as the Odyssey Square to Square TRI-HOT Putter and Elite Triple Diamond driver, which have already boosted golf equipment sales. Upcoming launches, including XForged irons and Opus SP wedges in the latter half of 2025, are anticipated to further drive growth. The company has also demonstrated its ability to gain market share, achieving an all-time high U.S. market share of 22.6% in the golf ball segment in August 2025.

4. Increasing Global Golf Participation: The company stands to benefit from a broader trend of rising golf participation. This growing interest in golf provides a larger customer base for both Topgolf's entertainment venues and Callaway's golf equipment, fostering growth across key segments.

Share Repurchases

• Topgolf Callaway Brands authorized a $100.0 million share repurchase program on May 26, 2022.
• The company's annual share buybacks were $35.8 million in 2022, $56 million in 2023, and $31.4 million in 2024.
• Quarterly stock buybacks included $12.02 million in Q4 2023 and $25.05 million in Q2 2024.

Share Issuance

• SEC filings indicate grants of restricted stock units (RSUs) and performance shares to executives in 2024 and prior years.
• As of October 29, 2025, the number of shares outstanding for the company's common stock was 183,883,637.

Capital Expenditures

• Topgolf Callaway Brands' capital expenditures were ($289.1) million for the last 12 months as of November 10, 2025.
• Capital expenditures are expected to decrease significantly, with a projected range of $280 to $330 million and a ceiling of $350 million through 2025.
• The primary focus of capital expenditures is on the development of new Topgolf venues, with eight venues planned for 2024 and ten for 2025, emphasizing smaller venue formats.