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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income (loss) $ 321,988 $ (126,934) $ 79,229
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 155,822 39,508 34,951
Lease amortization expense 79,952 32,730 30,893
Interest accretion on deemed landlord financing and financing leases 11,566 0 0
Amortization of debt issuance costs 5,297 4,200 3,262
Debt discount amortization 14,049 6,331 0
Inventory step-up on acquisition 0 0 10,885
Impairment loss 0 174,269 0
Deferred taxes, net 8,415 (12,507) (1,381)
Non-cash share-based compensation 38,685 10,927 12,896
Loss on disposal of long-lived assets 381 336 218
Gain on Topgolf investment (252,531) 0 0
Gain on conversion of note receivable 0 (1,252) 0
Unrealized net losses on hedging instruments and foreign currency 276 2,750 3,642
Acquisition costs (16,199) 0 0
Changes in assets and liabilities, net of effects of acquisitions:      
Accounts receivable, net 38,185 9,950 (44,476)
Inventories (177,467) 116,963 (33,952)
Leasing receivables (22,929) 0 0
Other assets (51,709) 19,751 (12,124)
Accounts payable and accrued expenses 96,842 (11,484) 34,628
Deferred revenue 24,916 1,313 136
Accrued employee compensation and benefits 53,819 (16,558) (2,460)
Payments on operating leases (57,419) (29,372) (29,874)
Income taxes receivable/payable, net 8,778 1,979 1,414
Other liabilities (2,460) 5,338 (1,337)
Net cash provided by operating activities 278,257 228,238 86,550
Cash flows from investing activities:      
Cash acquired in merger 171,294 0 0
Capital expenditures (322,274) (39,262) (54,702)
Investments in golf related ventures (30,000) (19,999) (17,897)
Acquisitions, net of cash acquired 0 0 (463,105)
Proceeds from sale of investment in golf-related ventures 19,096 0 0
Proceeds from sales of property and equipment 20 49 38
Net cash used in investing activities (161,864) (59,212) (535,666)
Cash flows from financing activities:      
Repayments of long-term debt (200,693) (12,437) (36,685)
Proceeds from issuance of long-term debt 26,175 37,728 493,167
(Repayments of) proceeds from credit facilities, net (13,034) (122,450) 105,850
Proceeds from issuance of convertible notes 0 258,750 0
Premium paid for capped call confirmations 0 (31,775) 0
Debt issuance cost (5,441) (9,102) (19,091)
Payment on contingent earn-out obligation (3,577) 0 0
Repayments of financing leases (830) (792) (706)
Proceeds from lease financing 89,198 0 0
Exercise of stock options 22,270 248 368
Dividends paid (3) (1,891) (3,776)
Acquisition of treasury stock (38,137) (22,213) (28,073)
Purchase of non-controlling interest 0 0 (18,538)
Net cash (used in) provided by financing activities (124,072) 96,066 492,516
Effect of exchange rate changes on cash and cash equivalents (752) (5,639) (715)
Net (decrease) increase in cash, cash equivalents and restricted cash (8,431) 259,453 42,685
Cash, cash equivalents and restricted cash at beginning of period 366,119 106,666 63,981
Cash, cash equivalents and restricted cash at end of period 357,688 366,119 106,666
Supplemental disclosures:      
Cash paid for income taxes, net 9,383 3,061 9,520
Cash paid for interest and fees 88,604 34,359 32,875
Noncash investing and financing activities:      
Issuance of treasury stock and common stock for compensatory stock awards released from restriction 18,532 19,762 20,656
Accrued capital expenditures at period-end 50,205 1,497 3,128
Financed additions of capital expenditures 107,135 0 0
Issuance of common stock in Topgolf Merger $ 2,650,201 $ 0 $ 0