Despite underwhelming financials and returns, the company continues to expand their TopGolf centers nationwide and figures for the sport of golf show a significant trajectory of growth.  Statistics can be found here https://www.ngf.org/golf-industry-research/

Young people coming into the game and off-course players are at record levels and MODG stands to benefit the most from those trends as providers of both on and off course merchandise and experiences.  Additionally, the proposed merger between the PGA tour and the Public Investment Fund of Saudi Arabia should bring a large multi-billion dollar influx of capital into the development of the game worldwide.  We are bullish on golf.