Topgolf Callaway emphasized the positive top line and EBITDA metrics for its Topgolf venues during the inaugural Jefferies Virtual Outdoor Summit, in response to the mid-teens drop in share price after Q1 earnings. Despite lowering venue comp guidance from high-single to mid- to high-single-digit growth, Topgolf’s operating performance and earnings power are increasing as operating efficiencies offset any dips in same-venue sales, it avers. Increasing four-wall EBITDA margins grew from pre-acquisition 2019’s 29% to exceeding the spring 2021 Investor Day target of 32%. Meeting a 35% target is now seen as ... Log in to view full article.