TopGolf Callaway Brands Corp. announced its financial results for the first quarter of 2025, reporting net revenues of $1,092.3 million, a decrease of 4.5% compared to $1,144.2 million in the same period in 2024. This decline was primarily attributed to decreased Topgolf same venue sales, the rightsizing of the Jack Wolfskin business, and unfavorable changes in foreign currency rates. On a GAAP basis, income from operations remained approximately flat at $66.5 million. However, on a non-GAAP basis, income from operations increased by $15.2 million to $87.8 million, driven by a $10.6 million increase in segment operating income. The company also released its forecast for the second quarter of 2025, estimating consolidated net revenues to be in the range of $1.075 billion to $1.115 billion, compared to $1.16 billion reported in Q2 2024. Additionally, the 2025 full-year outlook anticipates consolidated net revenues between $4.000 billion and $4.185 billion, consistent with previous estimates, but lower than the $4.24 billion reported in 2024. Topgolf revenue for the full year 2025 is now expected to be between $1.680 billion and $1.790 billion, revised down from the previous estimate of $1.725 billion to $1.835 billion. Same venue sales growth for Topgolf is projected to decline by 6-12%, compared to the previous guidance of a mid-single-digit decrease, and a 9% decline reported in 2024. The company remains focused on building its core strengths, achieving financial goals, and progressing with the planned separation of Topgolf and the sale of the Jack Wolfskin business.