expense                         2.0                  4.1                  8.4                 12.4 
Non-cash lease 
 amortization 
 expense                         2.8                  4.3                  9.1                 13.1 
Other expense, 
 net                             0.5                  0.4                  0.5                  0.4 
                 -------------------  -------------------  -------------------  ------------------- 
Topgolf 
 Adjusted 
 Segment 
 EBITDA          $              84.4  $              90.9   $            253.7   $            231.1 
                 ===================  ===================  ===================  =================== 
 
 
 
 
(1) We do not calculate GAAP net income at the operating segment level, but 
have provided Topgolf's segment income from operations as a relevant 
measurement of profitability. Segment income from operations does not include 
interest expense and taxes as well as other non-cash and non-recurring items. 
Segment operating income is reconciled to the Company's consolidated pre-tax 
income in the Segment Results section of this release. 
 
 
                                                         Twelve 
                                                       Months Ended 
Reconciliation of Topgolf Adjusted Segment EBITDA      December 31, 
                                                    ----------------- 
                                                          2023 
                                                    ----------------- 
 
Topgolf Segment operating income(1) :               $           108.8 
Non-GAAP depreciation and amortization expense                  164.9 
Non-cash stock compensation expense                              12.9 
Non-cash lease amortization expense                              17.1 
Other expense, net                                                0.6 
                                                    ----------------- 
Topgolf Adjusted Segment EBITDA                     $           304.3 
                                                    ================= 
 
 
 
 
(1) We do not calculate GAAP net income at the operating segment level, but 
have provided Topgolf's segment income from operations as a relevant 
measurement of profitability. Segment income from operations does not include 
interest expense and taxes as well as other non-cash and non-recurring items. 
Segment operating income is reconciled to the Company's consolidated pre-tax 
income in the Segment Results section of this release. 
 

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SOURCE Topgolf Callaway Brands Corp.

(END) Dow Jones Newswires

November 12, 2024 16:15 ET (21:15 GMT)