Brian Lynch: It’s probably in that, 8% to 10% on a seasonal basis. So we’re up nicely in the premium category and getting good feedback, and then we’re up 120 basis points, I think, overall in the ball category year-to-date.
Casey Alexander: And the Chrome Tour versus the Chrome Soft is a higher priced category. So that might be driving some additional margin.
Brian Lynch: We raised our price this year from $50 a dozen to $55. We have traditionally priced at the high end, and so not a change in strategy there. We just launched, the Chrome product previously launched two years ago. There is a price increase this year for us where we are taking price with the Chrome Tour product.
Operator: [Operator instructions] Our next question will come from Noah Zatzkin with KeyBanc Capital Markets. Please go ahead.
Noah Zatzkin: Hi. Thanks for taking my question. I think last quarter when you kind of looked back on the second half of 2023, you called out events and midweek traffic as headwinds. You kind of touched on events, but just wondering if you could kind of provide an update on progress with the midweek traffic initiative and how that might be potentially offering some upside or tailwind to the comp in the back half particularly. Thanks.
Brian Lynch: Yeah. Hey Noah, as you identified, the primary areas of same venue sales challenge for us over the last several quarters have been midweek and events. We continue to do very well during peak times and our peak times are basically weekends, but we also do very well on Tuesday and we have had a longstanding value offering on Tuesday that is very well accepted and understood. So the events business is stabilizing. It’s performing just as we would expect it to and hope it would. The midweek continues to be where we struggle from a same venue sales perspective. We have identified the 330 as an initiative that will help us improve that, but that trend really has not changed over the last quarter.
Operator: And this concludes our question-and-answer session. I’d like to turn the conference back over to Chip Brewer for any closing remarks.
Chip Brewer: Well, on today’s call we got kind of granular, as we should, and discussed a lot of specific details around quarters and some recent volatility. As I close, I’d like to take a moment and just kind of recap what I believe is the larger view. First and foremost, our company continues to grow and strengthen. We have a strong track record of EBITDA growth and one that we expect to continue. Last year we transitioned to positive cash flow. That was a major goal of ours. That cash flow is now increasing and our run rate or embedded cash flow is expected to ramp over the next few years. That’s an important transition and one I hope doesn’t get lost in the daily noise. Topgolf itself is transforming golf. It’s increasing its venue profitability and returns and has a clear growth path ahead and it has also an extremely strong defensive moat.
The same venue sales have been somewhat volatile post-COVID, but we’re working through that and we’re confident in our direction and expect to reprove ourselves here over the not too distant future. Given Topgolf’s reach to new and existing golfers, the synergies of Topgolf’s audience and our products business is clear. We’re in the early innings of delivering on the potential here. And the Callaway brand also continues to strengthen. In Q1, we were the number one US brand in drivers, Fairy Wood and hybrid, and Ai Smoke was the number one model in Driver, Fairy Wood and irons. Odyssey was the number one Putter on strength of Ai-ONE. We delivered US market share growth in clubs and golf ball, and also a record new share in premium golf ball.
We’re in a healthy and growing industry, and we have robust plans for the second half of this year and expectations of revenue and profit growth for the year. Overall, we remain confident in our future and our ability to create value for shareholders as we believe growth with cash flow and a uniquely strong strategic position will deliver value to shareholders over time. Thank you for your time today and we look forward to continuing to update you on our progress.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect your lines.
