Callaway and Topgolf execs provided some color on the merging companies’ roadmap to top line growth in 2022, but stopped short of providing formal forecasts on their combined FY21. The company has baked in a conservative perspective in 2021, expecting hits from Covid resurgences causing a soft H1 before ramping up towards the end of the year. Longer term, management is projecting 10% CAGR with adjusted EBITDA in the mid- to high-teens. Topgolf is looking to put $325 million of CapEx to use from 2021-23 from the $630 million in cash and credit availability that Callaway brings to the merger, ... Log in to view full article.