26 February 2024
Topgolf Callaway Brands (NYSE: MODG)
Disclosure: The analysts covering this company do not own its stock.
Research, Estimates, Pricing Data, and Rating Updated as of 26 February 2024.
Currency amounts expressed with “$” are in U.S. Dollars (USD) unless otherwise denoted.
$14.14 USD
$18.70 USD
High
Economic Moat
Moat Trend
Moderate
Stable
Stewardship
Industry Group
Exemplary
Leisure & Recreation
Uncertainty
Last Price
Fair Value
Vital Statistics
52-week high ($)
24.09
52-week low ($)
9.84
52-week Total Return ($)
-38.97
YTD TR (%)
1.90
Fiscal Year End
31 Dec 2023
5-yr fwd rev CAGR (%)
8.1
5-yr fwd EPS CAGR (%)
38.3
Price/Fair Value
0.76
Z Score (2023)
1.04
Valuation Summary and Forecasts
FY
‘22
‘23
‘24E
‘25E
P/E
17.7
28.8
19.5
11.0
EV/EBITDA
10.3
10.0
9.9
8.4
EV/EBIT
24.9
28.0
18.2
14.5
Div. Yield (%)
—
—
—
—
Valuation Summary and Forecasts
Revenue ($mln)
3,996
4,285
4,698
5,114
YoY %
27.5
7.2
9.7
8.8
EBIT ($mln)
269
323
444
558
YoY %
26.9
(5.5)
37.5
25.7
Net Income ($mln)
158
95
149
263
YoY %
(50.9)
(39.8)
56.4
76.8
Dil. EPS
0.82
0.50
0.74
1.31
YoY %
5.1
(40.2)
51.0
76.8
FCF ($mln)
(450)
(4.24)
237
374
YoY %
(277)
99.1
569
57.7
2,833
Market Cap ($mln)
‘24E
FY
‘22
‘23
‘25E
Profile
Topgolf Callaway Brands Corp is a golf and entertainment company that offers customers a “driving range plus” experience, replete with food, drinks, and a gamified range. It also designs and sells premium golf clubs and equipment and golf-related activewear and accessories. The company splits its offerings into three segments: Topgolf, Golf Equipment, and Active Lifestyle. Familiar brands within the Golf Equipment and Active Lifestyle segments are led by the eponymous Callaway and include Travis Mathew, Odyssey, and Ogio.
Business Strategy Outlook
Topgolf Callaway continues to establish itself as the face of the “driving range plus” experience and a household name in golf equipment and apparel, and is poised to deliver $4.7B in revenue in 2024 as it marches toward its long-term goal of 250 Topgolf facilities. The firm is benefiting from consumer trends favoring golf, experiences, and athleisure apparel, and will continue to reap the synergistic rewards of its all-things golf business structure. The firm’s moderate economic moat rating is attributable to strong brand recognition, economies of scale, and a respected product portfolio, offset by a competitive environment and a business model whose components can be imitated to varying degrees. Successful expansion of Topgolf’s US footprint is critical to long-term revenue assumptions. This expansion, along with modest growth in Golf Equipment and Active Lifestyle, should grow the firm’s top line to maintain overall moat.
Successful expansion of the Topgolf footprint, made possible by a large total addressable market and increased consumer interest in golf, should drive revenue and free cash flows. We expect consumers, particularly those new to golf, will see Topgolf as a comfortable entry point to the sport. Other catalysts for growth could come from cross-brand promotions and synergies, as the Topgolf Callaway brand establishes itself as being all things golf for consumers. The company has demonstrated an ability to unlock value through the acquisition of smaller competitors in the entertainment driving range space. Its Apparel Line seems likely to benefit from fashion trends toward athleisure and demand for smart, comfortable clothing.
In our opinion, the firm’s long-term competitiveness hinges on its Topgolf facilities. The firm’s existing locations and its reliable Golf and Apparel lines can carry it in the event of difficulty with expansion, but growth and overall moat are tied to Topgolf. The firm’s reliance on consumer discretionary spending means its returns may be volatile, but we expect generally increasing returns in the long run.
Fair Value & Profit Drivers
We have derived a fair value estimate of $18.70 per share after developing our 2024 forecast.
We projected total sales will grow by roughly 8% per year over the next 5 years, slowing to 5% and hitting a steady state of 4% at the end of our model in 2034. Growth is primarily driven by Topgolf footprint expansion, especially in the first half of our model. Topgolf Callaway has stated aggressive expansion targets, with an ultimate goal of meeting their perceived total addressable market of 250 facilities, up from the count of 93 at the end of 2023.
Map of Current US Topgolf Locations
Surveying their geographic footprint, however, we are not as optimistic about their expansion prospects, and anticipate they will struggle to find new and profitable locations for their facilities in the coming years. Using the Chicagoland market as an example, there are currently two Topgolf locations to service the greater Chicagoland area. We believe that these sufficiently meet the demand of the Chicago market given the land constraints. As a result, Topgolf is restricted to opening permanent operations to non-centrally located geographies outside of major city centers. To account for this, our model sees expansion dwindle to one facility per year, with a facility count of 139 by 2033.
Even as new Topgolf venue expansion slows, we believe the company has additional value to unlock within the Topgolf segment. Slowing new venue openings will reduce capital expenditures which allows more cash to flow to the bottom line. In addition, we see opportunities for Topgolf to continue focusing on driving efficiencies both internally and in coordination with other Topgolf Callaway brands. As we anticipate Topgolf becoming a larger share of the firm’s revenues, forecasting Topgolf will comprise 50% of the firm’s revenues by 2033, this reduction in Capex and increased margins will have a significant impact on the value of the firm.
We see Golf Equipment as a steadier state business, growing in lockstep with our vision of growth for the overall golf market (4.5% per year). Active Lifestyle is steady, too, but expected to outpace golf market growth; we see the clothing line gaining popularity on and off the course as consumers gravitate towards athleisure and smart, comfortable apparel.
We expect SG&A will decline as a percentage of sales as the company grows and operates more efficiently as a golf conglomerate. Cross-brand promotions, such as PGA/LIV athletes promoting both brands on the course, are an example of these efficiencies in action.
We expect its cost of products to remain flat, but costs associated with its Topgolf facilities should decline as a percent of revenue as the company takes advantage of its scale for food and other purchases, and as brand awareness and golf interest bring in more customers per venue.
We believe operating margins will expand to 18% by the end of our 10-year forecast as the firm takes advantage of operational efficiencies and capitalizes on broader economic trends that are flowing in its favor (interest in golf, interest in athleisure apparel). Topgolf and Callaway are household names; while we see Callaway as a steadier state entity in a competitive field, Topgolf, by virtue of its current and projected footprint, positive consumer experiences, and significant first mover advantages, could begin to develop moat and entrench itself as a fixture of US golfers’ lives.
Scenario Analysis
We have conducted a scenario analysis to assess the upside and downside case. We gave Topgolf a high uncertainty rating; we think it will benefit from the growing popularity of golf and athleisure apparel, both among golfers and the population generally, but its heavy reliance on debt financing and consumer discretionary spend are inherently risky.
In the upside case, the growing popularity of golf and the increased availability of Topgolf venues as they expand to more locations increases the rate of revenue growth per venue to 5% per year from the base case of 3% per year. As a result, our per share value increased to $23.52 in 2023 and $24.06 in 2024.
In our bear case, we estimated that high interest rates and overall economic downturn could reduce discretionary income among most people which could decrease the overall spending on hobbies such as golf. In the bear case, we decreased the revenue per venue growth to 1% per year. As a result, our per share value decreased to $13.81 in 2023 and $14.13 in 2024.
Our base case is a projection with the assumption that reality lies between these two cases with a revenue per venue growth rate of 3% per year. This resulted in a per share value of $18.28 in 2023 and $18.70 in 2024.
Economic Moat
We have assigned Topgolf Callaway a moderate moat rating. This is a blended assessment drawn from assessments of the company’s three business segments, and formulated with the segments’ revenue share in mind.
In our view, Topgolf has a moderate moat. The Topgolf brand is well known (the “Kleenex” of entertainment driving ranges) and established as the industry leader. As the creator of the tech-enabled golf driving range experience, we see significant first mover advantages for the brand. The investment required to build a Topgolf location is significant and provides another competitive advantage, as does the brand awareness that will bring people in the door. We do not assign a higher moat rating to Topgolf because of the significant competition they face from other consumer entertainment options. Topgolf actively competes with other entertainment options such as Bowlero, PinStripes, Dave & Busters, and PopStroke, with very little differentiation beyond consumer taste.
The Golf Equipment segment has been given a wide moat rating, with a competitive position that is very difficult for competitors to replicate. The Golf Equipment segment touts the largest market share for club sales and the second largest market share in golf balls. By our estimates, the Callaway name brand owns 35% of the US golf equipment sales. Supported by extensive patent protection, Golf Equipment’s product offering is best in class and difficult to outcompete. The intangible assets provide a major source of economic staying power. This is further proven by the absence of any new golf equipment manufactures in recent times. Lastly, we see this business as having strong network effects. Success in one category of golf club or ball, will promote sales in other product lines.
The Active Lifestyle segment, in our view, has nearly no moat. Active Lifestyle is comprised of brands including Jack Wolfskin and Travis Mathew. Each brand is well regarded, but has very little distinction from competitors. Active Lifestyle brands are threatened by deep-pocketed competitors, such as Nike, Puma, and Adidas, and well-funded start-ups, such as Bad Birdie, Swing Juice, and Holderness and Bourne. The apparel market is very competitive with many product offerings, and aside from promotion relationships with celebrity personalities, we do not believe Topgolf Callaway’s brands offer significant competitive advantage in this area.
Topgolf represents roughly 40% of company revenue, while Golf Equipment and Active Lifestyle each represent 30%. Applying the moats of each business to their respective contributions to company revenue we assign a moderate moat rating.
Moat Trend
We believe that Topgolf Callaway’s overall moat is stable, but with a positive outlook; its constituent segments have heterogeneous moats and moat outlooks. We expect Topgolf will maintain and further entrench its wide economic moat. As it continues to build additional locations, the additional location will be a strong source of top line growth for the parent company.
Similarly, Golf Equipment will continue to maintain a wide moat, driven by the launch of the AI Smoke line of drivers, fairway woods, and irons, and the launch of the Chrome Pro golf ball. Additionally, the extensive library of approximately 4,800 trademarks and over 1,800 patents on product, product design, and manufacturing processes enable the company to maintain its strong competitive advantage. We believe that the company’s commitment to research and development will allow it to maintain its wide moat in Golf Equipment.
The Apparel line seems unlikely to develop a moat. Barring an unforeseen and unlikely endorsement deal with a mainstream golf celebrity (e.g., Tiger Woods), the line will continue along as a collection of solid but undifferentiated brands in a crowded market.
Bulls Say / Bears Say
Bulls Say
Topgolf's brand name and offerings have positioned this segment for strong growth. The name is instantly recognizable and has become Kleenex-like in the way it describes sports-entertainment (e.g., "the Topgolf of batting cages”). The Topgolf experience appeals to avid, novice, and non-golfers in a way that traditional driving ranges and golf courses do not, increasing its total addressable market.
Topgolf Callaway is positioned to become a brand for all things golf. Promotional synergies (e.g.,WGR #3 Jon Rahm wearing both brands during tournaments), year-round driving range availability, food, drinks, and games at their facilities, and quality clubs and apparel: the company has solutions for every golf need and has broad consumer appeal, and stands to benefit from increased consumer interest in golf driven by factors like Netflix’s “Full Swing” series.
The Active Lifestyle segment is poised to benefit from broad trends toward athleisure clothing. The apparel it sells can find a home on and off the golf course, especially as officewear becomes more casual and more consumers work from home.
Bears Say
Topgolf Callaway's entire product and service line depends on consumer discretionary spend. Economic uncertainty dampens consumer demand, and a recession will further curtail their budgets.
Topgolf faces competition in its own niche from driving ranges, simulators, and imitators (e.g., PopStroke, UnderPar Life) plus more broadly from other Topgolf-like companies (bowling alleys, batting cages, minigolf) and more generic forms of recreation and entertainment (dining out, arcades, movie theaters).
The company's products are in competitive markets with large, entrenched, capable rivals (e.g., Titleist, TaylorMade, Nike, Adidas).
Financial Strength
Five Year Free Cash Flow Forecast ($mln)
NOPAT
444
558
580
653
732
+/(-) Adjustments
(207)
(184)
(193)
63
127
Free Cash Flows
237
374
387
715
859
2028E
2024E
2025E
2026E
2027E
We believe that Topgolf Callaway’s financial strength is moderate. Lease obligations and deemed landlord financing create large liabilities on the company’s balance sheet. As of Dec. 31st, 2023 Topgolf Callaway had $396M in cash offset by $4,178M in debt, operating lease obligations, and deemed landlord financing. The company is now generating sufficient cash flow to fully finance new Topgolf locations without seeking outside funding. Management is committed to using additional cash to pay down debt and reduce leverage. Due to the overall positive economic outlook for the golf industry, we believe that the company will continue generating enough cash to cover financial obligations, and we believe that free cash flow will continue to grow into the future. Topgolf Callaway has had a history of acquisitions, the largest being the purchase of Topgolf for $2.66B in 2021. We do not anticipate any large acquisitions in the coming years, but the company has demonstrated an ability to acquire small competitor operations at favorable prices and successfully roll them into its portfolio of locations. We anticipate the company will return cash to shareholders through dividends and share repurchases and will maintain cash levels of approximately 9%.
Risk & Uncertainty
We have assigned Topgolf Callaway a High Uncertainty Rating. We see the firm’s greatest risk as its reliance on consumer spending and the performance of the company being tied closely to the overall health of the golf industry. With uncertainty prevalent in the current economic landscape, we believe that expensive entertainment and luxury goods are likely items to be trimmed from consumers spending patterns. We also believe that the company is at the mercy of the overall public interest in the sport of golf. While most sports have a professional flagship league to spread awareness and popularity of the sport, golf is currently at a crossroads between the PGA Tour and the LIV Golf. The controversy between the two leagues and involvement of Saudi Arabia’s Public Investment Fund denies the sport a steady platform to grow awareness and popularity unlike the NFL, NBA, or MLB.
Topgolf Callaway’s revenue is wholly tied to consumer discretionary spending and interest in the sport of golf. The company benefitted from pent-up demand post-COVID, but an examination of consumer spending pre-COVID suggests this may be a blip, not the start of a new trend. Furthermore, if consumer confidence is shaken, either by fear of a recession or the advent of an actual recession, nights out, new clubs, and new clothes are likely budget cuts. Interest in the sport of golf may be a limited-run COVID aftershock, too. We do believe, however, that the company will be protected on both fronts to some degree. Golfers as a population may be more recession-proof than other consumers, and we believe Topgolf appeals to more than just golf enthusiasts.
We also believe that there is significant uncertainty regarding the future growth of venue count for Topgolf ranges. With the business currently at 90 ranges and an additional 10 being opened this year, the company has already capitalized on the largest cities across the United States including multiple venues in some of the highest density regions. The goal to reach 250 venues brings the overall regional penetration into question and what areas will help the brand to continue to grow at an increasing pace. While there is increasing opportunity in the international market, it is still unclear if the brand will see similar responses abroad as its core centers in the United States and highlights the risk of growth and potentially diminishing returns.
The company faces competition on multiple fronts. Topgolf is synonymous with “entertainment driving ranges,” but it faces direct competition from imitating companies, ordinary driving ranges, and simulators and indirect competition from a world of entertainment options. Restaurants, movies, other sports – anything a person might do with an open afternoon or evening are competing for consumers discretionary income. While this is a challenge that won’t ever wane, we believe that Topgolf’s unique experiences will become a larger part of golfers’ and non-golfers' social calendars.
Callaway seems well-positioned to maintain its place in the golf equipment world. The field is competitive, but appears to be in a stable place, with brand power and ingrained consumer tastes carving a protective moat for Callaway and many of its competitors alike. Brand loyalty and superstition can be conflicting drivers in the world of golf and switching costs are potentially high; however, it is unclear if continuing R&D to develop ever improving equipment can provide a means for Callaway to maintain its market share in components for which it leads the category nor if they will be able to chip away at competitors’ share in others. In the event that the firm’s supply chain cannot meet consumer demand, firm revenue will be adversely affected.
Topgolf Callaway’s apparel brands seem to be its most financially uncertain. Fashion trends are fickle, and it is unlikely the company will be able to secure a firm niche in the space. We expect spend in this category will increase, and this increase should benefit the company, but we are less certain about the specifics of that benefit for the brand.
Management & Ownership
Share counts and changes in shares in 000s
Management Activity
Shares Held (000s)
Mr. Thomas G. Dundon
Former Indep. Director
18,655
15 Jun 2023
—
Mr. Oliver G. Brewer III
Pres., CEO, & Director
1,427
22 Nov 2023
Buy: 46k
Fund Ownership
iShares Core S&P Small-Cap ETF
5.24
0.18
152
31 Dec 2023
Vanguard Total Stock Market ETF
2.37
0.00
9
31 Dec 2023
Vanguard Small-Cap ETF
1.92
0.04
10
31 Dec 2023
iShares Russell 2000 ETF
1.87
0.08
(505)
31 Dec 2023
Fidelity Value Fund
1.62
0.47
560
31 Dec 2023
Concentrated Holders
CPR Invest - Global Silver Age
0.39
0.96
—
31 Jul 2023
Columbia Small Cap Value Fund I
0.35
0.70
(86)
31 Jan 2024
Fidelity Value Fund
1.62
0.47
560
31 Dec 2023
JNL Multi-Mgr Sm. Cap Growth
0.37
0.43
—
30 Sep 2023
Invesco Main Street Sm. Cap
0.25
0.40
—
30 Sep 2023
BlackRock, Inc.
12.67
0.01
5.690
31 Dec 2023
The Vanguard Group, Inc.
8.35
0.00
1,846
31 Dec 2023
Shapiro Capital Management
5.81
4.15
1,054
31 Dec 2023
Dimensional Fund Advisors LP
3.96
0.02
(1,627)
31 Dec 2023
State Street Global Advisors Inc.
2.94
0.00
630
31 Dec 2023
Top 5 Sellers
Marshall Wace LLP
0.27
0.02
2,524
31 Dec 2023
Amundi Asset Management SAS
0.00
—
1,707
31 Dec 2023
Dimensional Fund Advisors LP
3.96
0.02
1,627
31 Dec 2023
UBS Asset Management AG
0.18
0.00
1,347
31 Dec 2023
Invesco Ltd.
0..07
0.00
917
31 Dec 2023
Insider Activity
Name
Position
Report Date
—
Mr. Mark F. Leposky
EVP, CSCO
277
11 Apr 2023
Buy: 2k
Mr. Adebayo O. Ogunlesi
Independent Director
198
15 Dec 2023
Buy: 10k
Mr. Brian R. Lynch
EVP, CLO, CFO
142
10 Nov 2023
—
Mr. Samuel H. Armacost
Former Indep. Director
119
25 May 2023
Portfolio Date
Top Owners
% of Shares Held
% of Fund Assets
Change (000s)
Institutional Transactions
% of Shares Held
Top 5 Buyers
Portfolio Date
% of Fund Assets
Change (000s)
Stewardship
In our view, Topgolf Callaway’s stewardship of shareholder capital is Exemplary. The leadership team at Topgolf Callaway brings a unique mixture of experience and fresh ideas. The Chief Executive Officer position of the combined Topgolf Callaway Brands was taken over by long-time Topgolf executive Oliver “Chip” Brewer in 2021 upon the completion of the merger. While Brewer came up through the Topgolf segment, he built a leadership team with extensive experience in different segments of the business as well as external experiences. This diverse group allows Topgolf Callaway to execute a strategy that crosses multiple, different business segments while ensuring alignment and cross-brand benefits.
Prior to fully acquiring Topgolf in 2021, Callaway held a 14% stake in the company indicating its expectations of the value of Topgolf. Upon the completion of the acquisition, the combined Topgolf Callaway leadership team set out on a multi-phase strategy to grow the combined company through rapid expansion of Topgolf, delivering cost savings through various initiatives, and co-promoting the different segments of the business.
The company’s board of directors consists of Brewer and 11 outsiders. John Lundgren was appointed Chairman of the Board in May 2020. Lundgren also serves as lead independent director at Visa and previously held board and executive positions at Stanley Black & Decker and Staples. As of December 2023, BlackRock and Vanguard own around 21% of shares outstanding, which could prevent smaller investors from promoting change.
Forecasts
Comparable Company Analysis
Topgolf Callaway operates in a diverse set of markets and as such has no single, complete comparable company. A better means of comparison is to consider each segment of Topgolf Callaway’s business.
Topgolf is comparables to similarly structured businesses like Pinstripes, Bowlero, Dave & Busters, Drive Shack, Game Golf, ClubCorp, X-Golf, and GolfTec. We view the most representative comparable, in terms of business model, structure, and maturity, is Bowlero (NYSE: BOWL).
The Golf Equipment segment is comparable to other golf OEMs such as Achushnet (Titleist, Vokey Designs), Ping, TaylorMade, Mizuno, Cobra, Cleveland Golf, Wilson Staff. We view the most representative comparable, in terms of market share and diversity of product lines, is Acushnet (NYSE: GOLF).
The Active Lifestyle segment is comparable to a large number of companies with wide ranging products including Acushnet (FootJoy), Nike, Under Armour, Adidas, G/FORE, J. Lineberg, Calvin Klein, Lacoste, Peter Millar, Patagonia, Columbia, The North Face and many others. We view the most representative comparables are Acushnet or Under Armour (NYSE: UAA).
References
[1] National Golf Foundation. Golf Industry Facts. https://www.ngf.org/golf-industry-research/#rounds-played
[2] Bureau of Economic Analysis. SAPCE3 Personal consumption expenditures (PCE) by state by type of product. https://apps.bea.gov/itable/index.html?appid=70&stepnum=40&Major_Area=3&State=00000&Area=XX&TableId=534&Statistic=77&Year=-1&YearBegin=-1&Year_End=-1&Unit_Of_Measure=Levels&Rank=0&Drill=1&nRange=5
[3] IBISWorld. Golf Driving Ranges & Family Fun Centers in the US - Number of Businesses. https://www.ibisworld.com/industry-statistics/number-of-businesses/golf-driving-ranges-family-fun-centers-united-states/
[4] IBISWorld. Athletic & Sporting Goods Manufacturing in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029). https://www.ibisworld.com/united-states/market-research-reports/athletic-sporting-goods-manufacturing-industry/
[5] Wall Street Journal. Americans Are Ditching Weeknight Fun. Can They Be Tempted Back? https://www.wsj.com/business/retail/americans-are-ditching-weeknight-fun-can-they-be-tempted-back-43911ea0
[6] Topgolf. TOPGOLF GLOBAL LOCATIONS. https://topgolf.com/us/locations-by-state/
[7] AstuteAnalytica. North America Golf Equipment Market Size Projected to Reach US$ 8,208.1 Million by 2031: Astute Analytica. https://www.globenewswire.com/news-release/2023/03/07/2622080/0/en/North-America-Golf-Equipment-Market-Size-Projected-to-Reach-US-8-208-1-Million-by-2031-Astute-Analytica.html#:~:text=Topgolf%20Callaway%20Brands%20Corp.%20is,Acushnet%20Holding%20Corp.
[8] Front Office Sports. Consumer Trends: Athleisure, Luxury, and Smart Clothing. https://frontofficesports.com/athleisure-luxury-and-smart-clothing/
[9] Allied Market Research. Athleisure Market Research, 2032. https://www.alliedmarketresearch.com/athleisure-market
[10] Statista. Share of household members in the United States interested in golf as of December 2023, by income. https://www.statista.com/forecasts/242400/number-of-days-members-of-affluent-households-participated-in-golf-in-the-us
[11] The Financial Times. Female interest in golf continues to rise post-Covid. https://www.ft.com/content/b3fb6668-f603-4a3d-835d-1c814c4edcb5
[12] PR Newswire. Callaway Golf and Jon Rahm Announce Long-Term Partnership Extension. https://www.prnewswire.com/news-releases/callaway-golf-and-jon-rahm-announce-long-term-partnership-extension-301878110.html
[13] USA Today Golfweek. Is all the LIV Golf-PGA Tour bickering making casual golf fans turn their TVs off? https://golfweek.usatoday.com/2023/12/18/liv-golf-pga-tour-casual-golf-fans/
[14] Experian. Survey Says: Many Gen Zers and Millennials Seeking Financial Independence. https://www.experian.com/blogs/news/2023/06/26/gen-z-millennials-seeking-financial-independence/
[15] PGA Tour. Report: More Americans playing golf than ever before. https://www.pgatour.com/article/news/latest/2023/05/09/report-more-americans-playing-golf-than-ever-before
[16] Forbes. Topgolf Acquires BigShots Golf In Expanding Off-Course Dominion. https://www.forbes.com/sites/erikmatuszewski/2023/11/02/topgolf-acquires-bigshots-golf-in-expanding-off-course-dominion/?sh=3c0b0c1535a3
[17] Golf. Callaway golf club reviews 2024: New Callaway drivers, irons, fairway woods and more. https://golf.com/gear/callaway-golf-club-reviews-2024/
[18] Golf. Lakers star Austin Reaves signs deal with golf apparel brand TravisMathew. https://golf.com/lifestyle/celebrities/austin-reaves-signs-golf-deal-travismathew/
[19] PR Newswire. TravisMathew Welcomes Molly Sims as the Inaugural Brand Ambassador for Its Women's Line. https://www.prnewswire.com/news-releases/travismathew-welcomes-molly-sims-as-the-inaugural-brand-ambassador-for-its-womens-line-301986050.html
[20] Harvard Business Review. The PGA Tour and LIV Golf Merger: Competition Vs. Cooperation. https://hbr.org/podcast/2023/09/the-pga-tour-and-liv-golf-merger-competition-vs-cooperation