Topgolf Callaway Brands (NYSE: MODG) sells golf equipment and apparel. However, an increasingly large part of this business is its technologically enhanced driving ranges -- its Topgolf brand -- where customers go to hit some balls, eat some food, and have some drinks.

The Topgolf brand accounted for 36% of the company's total revenue in the first three quarters of 2022 and is its fastest growing revenue segment with a 51.6% year-over-year increase. And management says these venues have eye-popping cash-on-cash returns.

Let's see what that could mean for the company -- and its shareholders -- in the year ahead.

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Source Fool.com