We're having a technical difficulty on our end, and we'll be extending the call by 15 minutes to be sure that we make up for any of the lost time.
Total net revenue was $712 million, up 90% year over year, and adjusted EBITDA was $14 million, up $27 million.
Turning to Topgolf, for the quarter, both walk-in traffic and event sales surpassed our expectations, driving same venue sales to an impressive increase of 6% over 2019 levels.
For the full year, same venue sales were approximately 95% of 2019 levels, meaningfully higher than projected and an encouraging and very strong result given the operating environment.
New venue openings continued on pace with our 72 Bay Fort Myers, Florida location opening strongly in mid-November.
I've had a ringside seat watching Topgolf open venues for nearly 10 years now.
For 2022, we are confident in our ability to deliver at least 10 new venues with the potential of adding an 11th in very late Q4.
During [Audio gap] we installed over 1,700 new bays, bringing our total for the year to just under 7,000 new bay installations.
We remain encouraged by continued strong demand and expect to install 8,000 bays or more in 2022.
According to the National Golf Foundation's annual report, the number of on-course golfers increased by approximately 300,000 in 2021 to 25.1 million players, marking the fourth straight year of increased participation in traditional golf.
Off-course participation also continued to grow, with 24.8 million people visiting nontraditional venues such as Topgolf and 5-Iron and approximately half of those playing exclusively off course.
1 driver on tour in its first week on tour at the tournament of Champions, and Callaway receiving more gold metals than any other manufacturer in Golf Digest's Recent Hot list.
In our Apparel and Gear segment, revenue was up 33% year over year in Q4, led by a 40% increase in Apparel and a 19% increase in Gear.
TravisMathew continued to grow at a roaring pace, with our own retail comp store sales up over 67% versus 2020.
E-commerce sales were also up a healthy 30% versus 2020.
The event was very successful with TravisMathew contributing over $1 million in donations to this very worthy cost.
Both additions performed very well with the women's product selling out predominantly in the first 48 hours, and jackets and pants accounting for 37% of direct-to-consumer sales.
In place of Black Friday and Cyber Monday sales discounts, the brand decided to donate 2 euros from every purchase made during the week to Peter Rowland's Forest Academy.
1 share in the wholesale channel during the quarter and direct-to-consumer efforts paid off with strong sales in our owned retail stores as foot traffic in the region increased.
Looking ahead to 2022 and the consolidated company, we believe revenue will increase approximately 21%, and we expect adjusted EBITDA will be between $490 million and $515 million.
As shown on Slides 10 and 11, consolidated net revenue for the full year 2021 was $3.1 billion, a 97% increase, compared to full year 2020 revenue of $1.6 billion.
Full year 2021 adjusted EBITDA was $445 million, an increase of 170% over full year 2020 adjusted EBITDA of $165 million.
When you look at a breakdown of our 2021 revenue, Golf Equipment represented 39% of total revenue.
Topgolf was 35%, and Apparel, Gear, and Other represented 26%.
For the fourth quarter, consolidated net revenue was $712 million, an increase of 90% compared to Q4 2020.
Topgolf was the largest contributor by segment, generating $336 million.
Our strong social events, strengthening corporate events, and continued robust demand from walking guests collectively delivered 6% same venue sales growth over 2019.
Apparel, Gear, and Other also performed very well during the quarter with revenue up 33% year over year as strong brand momentum, recovery from COVID, and well-positioned products translated to strong sales growth in the quarter.
Changes in foreign currency rates had a $6 million negative impact on fourth quarter 2021 revenues.
Total costs and expenses were $755 million on a non-GAAP basis in the fourth quarter of 2021, compared to $397 million in the fourth quarter of 2020.
Of the $358 million increase, Topgolf added an incremental $330 million of total costs and expenses.
The remaining $28 million increase includes moving spending levels back toward normal levels, increased corporate costs to support a larger organization, investments in growth initiatives, including TravisMathew expansion and the Korea apparel business, and increased freight costs and inflation.
Fourth quarter 2021 non-GAAP operating income was a loss of $43 million, down $21 million, compared to a loss of $22 million in the fourth quarter of 2020 due to the previously mentioned planned shift in Golf Equipment supply to 2022 launch products, as well as the increased costs previously mentioned.
Non-GAAP other expense was $37 million in the fourth quarter, compared to other expense of $13 million in Q4 2020.
The increase was primarily related to a $28 million increase in interest expense related to the addition of Topgolf.
Non-GAAP loss per share was $0.19 on approximately 186 million shares in the fourth quarter of 2021, compared to a loss of $0.33 per share on approximately 94 million shares in the fourth quarter of 2020.
Lastly, fourth quarter 2021 adjusted EBITDA was $14 million, compared to negative $13 million in the fourth quarter of 2020.
The $27 million increase was driven by a $46 million contribution from the Topgolf business.
As of December 31, 2021, available liquidity, which is comprised of cash on hand and availability under our credit facilities was $753 million, compared to $632 million at December 31, 2021, an increase of 19%.
When we announced the merger over a year ago, the funding needs for Topgolf were estimated at $325 million.
At this point, we estimate that Topgolf will need almost $200 million less funding than we originally anticipated.
And going forward, we estimate Topgolf will only need incremental funding from Callaway of less than $70 million, which would be used for future venue growth.
At quarter-end, we had a total net debt of $1.4 billion, including venue financing obligations of $593 million related to the development of Topgolf venues.
Our net debt leverage ratio was 3.1 times at December 31, 2021, compared to five times at March 31, 2021.
Consolidated net accounts receivable was $105 million, a decrease of 24%, compared to $138 million at the end of the fourth quarter of 2020.
Days sales outstanding for our Golf Equipment and Apparel businesses improved to 35 days as of December 31, 2021, compared to 45 days as of December 31, 2020.
Our inventory balance increased to $523 million at the end of the fourth quarter of 2021, compared to $353 million at the end of the fourth quarter 2020 as we built supply for our new products within the Golf Equipment and Apparel businesses.
In addition, Topgolf added $22 million in inventory.
Capital expenditures for the full year 2021 were $234 million, net of REIT reimbursements.
This includes $173 million related to Topgolf, primarily for new openings for the 10 months since the merger.
This does not include $12 million of capex for January and February of 2021 prior to the merger.
The full year 2022 forecast for Callaway and Topgolf is approximately $310 million, net of REIT reimbursements, including approximately $230 million for Topgolf.
Lastly, on December 13, we announced that our board of directors approved a $50 million stock repurchase program.
We repurchased a total of approximately 947,000 shares at an average price of $26.41 during the quarter and now have approximately $25 million authorization remaining under that program.
Now, turning to our full year and first quarter 2022 outlook on Slide 14 and 15.
For the full year, we expect revenue to be approximately $3.8 billion.
That compares to $3.13 billion in 2021.
It also assumes approximately $1.5 billion in net revenue from Topgolf for the year.
Full-year adjusted EBITDA is projected to be $490 million to $515 million, which assumes approximately to $210 million to $220 million from Topgolf.
As Chip stated, we plan to add at least 10 new Topgolf venues in 2022, although the venue openings will be heavily weighted toward the back half of the year with five expected to open in the fourth quarter.
Lastly, we anticipate a negative impact from changes in foreign currency rates of approximately $54 million on revenue and $38 million on pre-tax income due to a strengthening U.S. dollar and $8 million in hedge gains that are not expected to repeat.
Lastly, looking at the share count for full year 2022, want to note an accounting change taking effect this year that will cause our share count to increase to approximately 204 million shares.
When calculating EPS, we will eliminate the interest paid related to the bond, and we will add 14.7 million shares to the earnings per share calculation as if the bond had been converted.
For purposes of this calculation, we do not include the benefit of the [Inaudible] transaction we entered into at the time of the bond issuance, which at maturity would reduce the number of new shares issued by us [Inaudible] conversion by approximately 4 million to 5 million shares at current prices.
Our revenue guidance is just over $1 billion.
Adjusted EBITDA guidance is $130 million to $145 million.
This includes a negative foreign currency impact of approximately $21 million on revenue and $21 million in pre-tax income.
Again, including the $8 million hedge gains in Q1 2021 that are not expected to repeat.

Summary:
Looking ahead to 2022 and the consolidated company, we believe revenue will increase approximately 21%, and we expect adjusted EBITDA will be between $490 million and $515 million.
Non-GAAP loss per share was $0.19 on approximately 186 million shares in the fourth quarter of 2021, compared to a loss of $0.33 per share on approximately 94 million shares in the fourth quarter of 2020.
Full-year adjusted EBITDA is projected to be $490 million to $515 million, which assumes approximately to $210 million to $220 million from Topgolf.
Lastly, we anticipate a negative impact from changes in foreign currency rates of approximately $54 million on revenue and $38 million on pre-tax income due to a strengthening U.S. dollar and $8 million in hedge gains that are not expected to repeat.