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Jared - there is no evidence that Topgolf nor its clones have generated new green-grass golfers. In fact, it would be stupid of them to do so as it would direct dollars elsewhere, rather than returning to Topgolf facilities. Stockholders would rebel. The proof is at the El Segundo, CA Topgolf, literally steps away from a very popular 9-hole executive course. Check Topgolf's website there - there is barely a mention of the course it abuts. And there is no evidence of a "crossover." Thus, it makes little sense for Callaway to try and sell equipment in Topgolf venues. People going to Topgolf for date nights and beer parties are not Callaway's market, and it would run the risk of decimating its relationships with golf retailers and golf shops, where it is one of the top five brands sold. So without those synergies, it makes some sense that Callaway sell off the equipment division and focus its capital on Topgolf, especially now that it is seeing a decline of business on certain days.

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