What caused MODG's earnings volatility in 2024?

Topgolf Callaway Brands Corp (MODG) experienced significant earnings volatility in 2024, with a net income of -$1.45 billion for the year. The main factors contributing to this volatility are: 1. **Challenges in Same-Venue Sales**: The company faced a decline in same-venue sales at Topgolf, which significantly impacted its revenue. The guidance for same-venue sales shifted from "slightly positive to down low single digits" to "down very high single digits to low double digits". 2. **Strategic Initiatives and Costs**: MODG implemented several strategic initiatives, including the potential spin-off of its Topgolf driving ranges business. These initiatives likely incurred significant costs, affecting the company's short-term profitability. In conclusion, MODG's earnings volatility in 2024 was primarily driven by challenges in same-venue sales and strategic initiatives.