Thank everyone afternoon thank on today. to joining you, us Good you Lauren. our call, for and
our ahead of expectations. strong venues strong a our operational to Paradym of adjusted first in Topgolf at continued quarter coming with largely clubs. the as off as start is business Our family a outperformance of momentum was by launch and EBITDA well The driven revenue
the there is forward, certainly Looking around macroeconomic uncertainty world. some
profitability. our remain to core and business segments, both to we However, growth is positioned drive across all brands of continue our revenue engaged, in consumers portfolio and further our of believe
their in uniquely on we on-course, Modern set highly active a to in that do be golf, off-course We passionate about, that consumers and an inherent are believe of the in includes like certainly by both are meeting leveraging off-course diverse leadership our call or we synergies this Golf. position lifestyle. to environment This positioned in they our what
Topgolf team's company. today's this same to combined brand be made to and long-term communicate venue positive are initiatives, the should expectations. pleased the with higher perhaps have from the increased significant our momentum, in for call, and take drive investors I long-term even expectations venue growth, us specifically, Turning away various have our to their is and sales and confidence confident key increasingly implications ability to believe both now we This updated profitability obvious of value able point
Shifting revenue both overview. had through our XX% The PIE, venue our start to and segment and outperforming business another results. marketing venues quarter, year, initiatives. QX momentum, over management digital driven by growth sales with new inventory last venues our our continued brand great same profitability. Topgolf Topgolf's expectations system, Owned first I'll increased delivered for access
due EBITDA operational to continued in expectations improvement exceeded efficiencies. Adjusted
Charleston, a operational efficiency perspective, South opened during Carolina, more we venue will in From in We it moment. on strongly. one speak QX improvement a very and opened this development
installed quarter open the the and half compared year. XX operated balance second with last also X,XXX on successful coming open the new remain approximately over to and one with in And X,XXX scheduled We to in track of to QX venues a had Toptracer in XXXX owned year. bays
in with high-single corporate in forecast same lower now little the sales we QX. events venue trending a February starting we thought spoke to up you when is to lower to due For mid late full-year, than be digits,
approximately expected XXXX be the the at and quarter still to start business full-year. Our corporate was for strong levels to is
to corporate spend, lower what towards our expectations many as However, of prudent corporate budget. companies balance and a is viewed believe with crisis reducing we year original the March further versus trend it sales banking our we
the as and venue a which not revision of this over importantly, is accounts long-term XX% concern portion our volatility a has events and view and for the corporate near-term of our consumer-driven revenue, remained sales of viability business, walk-in robust. We small reflection channel. And
Like and next. event year of from rollout operating through underlying benefit other PIE, the will business our also efficiencies, continued the walk-in balance this of initiatives and marketing this small key and
confident markets to quarters and we same this in have and a delivered recognize earnings growth remain As our we for continue same year our of our sales cycles, that hope ability something growth venue we to sales we is starting increased consecutive six do. prove to throughout deliver Topgolf result, the confidence forecast sustained in business to must venue
of Digging digital improvements the some I access starting the venues. with the come a marketing into play early highlight to little campaign. around success marketing want Topgolf's metrics, and of deeper
existing Our have we increase goal is primarily broadly to but markets given awareness, footprint. venues, where our more growing national in also
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PIE, inventory is management showing results. promising also our digital system, very
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just points the our ending couple drive further of team of venue again With quarter, The XX%. digital grew of PIE, the business by opportunity penetration at over last a to the the awareness ahead off runway results team. and priorities efforts. and is and for these there digital clear are bottom our significant line The through grow paying top to are Topgolf help runway
the return going underscore have are the unit venue updating now metrics. venue unit now our economics Topgolf well business in confidence we target forward, economics. progress venue and the I'll we further as made as turn To to
targeting XX.X%. previously, approximately margins, and on years As up return you'll investor over see in from we just XX% EBITDAR adjusted period, three and are X.X-year a now investment, today's presentation, up from a payback XX% down gross XX% from four-wall
updated quarter. projection target nearly margin to versus and big XX% a is return in from an the my XX%. cash-on-cash targets our to adjusted XX% venue our increased opinion, results four-wall merger. EBITDA improvement to It prior XX% versus approximate the also we the we improvement headline changes, early XX% these shows to XXXX With this the XX% in profitability published In actual
new lot further on driving of of we've fronts, target made and and This growth. the same-venue in our a are long-term and sales sustainable reservation cost will management, including reflects changes confidence inventory long-term benefit labor pricing improving goods long-term our progress pay sold, that digital course, outlook. These our strategies, of
been of our following the our of have venues. investing and allocation the that priority we believe capital strongly largest in portion business is you we top If make that in is you story, investments this profitable growth our know our the
generate have newly targets, outstanding these this Given we shareholder disclosed more returns. investment strategy conviction will that even
the Moving I'm proud is and doing the from U.S. jumped extremely reviews to the consumers. rave to Callaway next the one line February, number very well our segment. Equipment the of Paradym new launched of entire very selling late and The brand month, the Paradym brand the performance delivering both line in in We clubs. Golf one of categories continues position and finishing irons U.S. to driver, on Paradym as the Tour model of year-to-date, in in in and the PGA tour The driver wins fairway wood outperform, the driver with number month the eight March market in Datatech. according on and particular to
him the our with visible Rahm's are a Masters was run From making telecast Jon to historic for be viewers, on moment and in is a with million most over thrilled at an success perspective, play. partnering it congratulate incredible watched highly five and great years. business the terrific We golf brand XX Jon of what
the of as National Amateur the most had winning setting Rose amateur. number side women's game, season so and record for the has also far. one Women's ranked weeks a phenomenal the On the Zhang Recently the Augusta women's Tournament
excited honored to are promising We in part already be a of career golf. and her very
XXXX health golf of be the continue the at major through in very the game, playable U.S. flat Rounds the remain basis. roughly on levels, indicators remains overall indicated solid. Masters up year-over-year, versus a sport, market overall and as to but by Looking year in up last also all for high. March versus interest the ratings, played were the even weather-adjusted hour And and significantly
expectations little over view the initial as slightly sales the full-year. we this economic year equipment were years. the started to to But our down purchased climate Turning last given for market understandable a sets specifically. the totally The flat of entry-level and behind few many how
Fortunately, our at performance expectations. or is product slightly of ahead our
despite balancing uncertainty, golf how macroeconomic factors good We of passionate And don't us see essentially core brand both feel about both risk see health and the we our the our each in consumer given other meaningful consumer. is and golf general. these heat we out. Overall, about
the growth levels keep have I is particularly sign one been appears for what X new play mind past we have current the As have And in million venues be add of modern alone as data, participation, year. look resulting that now in previously continues in larger the would our golf for as And to audience the participants remaining impact with embedded off-course we sensitive elevated. agree new long-term recessions. new that ecosystem sustainably no the be of on X been those post-COVID the mild future, golf we a out each to there million data to golf the mind in a that mentioned, structural to top game not there into to based to has golf where looking for all positive should of think reversion
expectations Active Turning do met so is This forecast full-year. now for high to in business the segment. our to and Lifestyle our QX
Wolfskin. brand more to also track successfully active of strong continued bottom apparel. this both and Jack women's introduced We market another top is this growth. growth conditions line challenging QX are TravisMathew seeing continued during both and Despite expand on TravisMathew year, recently for from e-commerce its sales year and strong launch
to performance China the Wolfskin, trend Jack during expectations and positively. continues For in quarter outperformed
we but Europe remain in quarter business and long-term uncertainty we and difficult still nice in are customer business direction, balance the the delivered confident Our of this of high year, market brand's conditions outlook. conditions Overall, in a despite the with inventories, on Europe of products, quality by growth. the the was pleased for challenged
turning items. to Lastly, financial
modest In lower also certain financial strengthens and flexibility, structure, of commend $XXX million. increased new of less on quarter, the capital of net the by segments financial cost structure The a simplifies our risk, I'm over refinancing. lower be and provides the expert, but It I addition of over to the has capital. good combination the our increasing debt completion to and to business no leverage a thing. finance maintaining capital a while cost liquidity long-term our and flexibility of our success increased want I'm team capital
going near-term, higher we year, golf confident also to and year delivering modern will in XXXX about has, business. again further confidence conclusion, increased grow to this expectations, our of as excited cash and increasingly long-term on the our free ecosystem transitioning as the expectations in are In confidence the remain economic course, remain EPS that of this announced venue including announced our targets then growth we we today, forward. this hit confident in In previously direction ability our and exceeding EBITDA flow our or XXXX With economic the well increased. positive
provide to detail And our financials to Brian now I'll turn and outlook. the call on more
