1 takeaway from today's call is the upside we are seeing on the long-run earnings potential of this business.
At a high level, total net revenue for the third quarter increased 80% year over year to 856 million, with 39% coming from the Topgolf segment, 34% from golf equipment, and 27% from apparel, gear, and other.
Profitability also increased with adjusted EBITDA up 57% to 139 million.
but is now just a portion of our business, just under 40% of this year's estimated full year revenues.
I'm pleased to report that our owned venues continued their positive trends with Q3 same venue sales at approximately 100% of 2019 levels.
In addition, we're seeing very strong flow-through to the bottom line with adjusted EBITDA of 59 million for the quarter, which significantly outpaced our forecast.
And we now anticipate low to mid-90 same venue sales rates for both Q4 and the full year, up nicely from our prior forecast.
We now also have a strong visibility into the 2022 development pipeline and are confident that we can hit our target of 10 new venues next year.
Now for the full year, we anticipate that our total new bay installs will be approximately 10% below our 8,000 bay target.
Most importantly, though, demand for Toptracer remains very strong as is customer feedback with driver ranges reporting 25 to 60% revenue increases post installation.
We are confident that in a normal operating environment, we will be able to get back to our goal of 8,000-plus installations per year.
Hardgoods retail sell-through has continued to trend higher according to Golf Datatech, with Q3 up 1.3% year over year, and up 46.5% compared to 2019.
comp store sales for the quarter were very strong, up 84% versus 2020, and 50% versus 2019.
During the quarter, we opened two new Travis stores in Florida, one in Boca and the other in Palm Gardens, ending the quarter with a total of 26 retail locations.
We expect to open another three doors in Q4 for a total of 29 doors by year-end.
E-commerce was also a strong driver of growth with normalized sales up 50% year over year.
The fabric blends in this collection use at least 98% organic cotton and at least 62% recycled polyester created from plastic bottles, with 100% of the profits going to the Surfrider Foundation, an organization dedicated to protecting the world's oceans and beaches.
Jack Wolfskin experienced a strong Q3 as well, with 2022 spring/summer pre-books up significantly over 2020 and comp store sales increasing almost 10% over both 2019 and 2020.
1 position year to date.
Moving to Slides 12 and 13.
Consolidated net revenue for the quarter was $856 million, an increase of 80% or $381 million compared to Q3 2020.
The increase was led by the addition of Topgolf revenue of $334 million, along with an 8.4% increase in golf equipment revenue and an 11.9% increase in apparel, gear, and other.
Changes in foreign currency rates had a $4 million favorable impact on third quarter 2021 revenues.
Total cost and expenses were $772 million on a non-GAAP basis in the third quarter of 2021, compared to $406 million in the third quarter of 2020.
Of the 366 million increase, Topgolf added $310 million of total costs and expenses.
The remaining $56 million increase includes moving spending levels back to normal levels, the start-up of the new Korean Callaway apparel business and expansion of the TravisMathew business, increase corporate structure -- increase corporate costs to support a larger organization, and increase freight costs and inflationary pressures.
We are also reporting for the third quarter of 2021, non-GAAP operating income of $85 million, a $15 million increase over the same period in 2020.
The increase was led by a $24 million increase in segment profit due to the addition of the Topgolf business, and a $9 million increase in apparel, gear, and other operating income, partially offset by $11 million decrease in golf equipment operating income due to increased freight costs and return to more normalized spend.
Non-GAAP other expense was $22 million in the third quarter compared to other expense of 3 million in Q3 2020.
The $19 million increase was primarily related to a $16 million increase in interest expense related to the addition of Topgolf, as well as lower hedge gains, compared to the prior period.
On a GAAP basis, the effective tax rate for the third quarter was an unusual 132%.
On a nine-month GAAP basis, the effective tax rate was 22%.
Excluding the valuation allowance we recorded again and the impact of the other nonrecurring items, our non-GAAP effective tax rate for the third quarter was 58% and for the nine months was 29%.
Non-GAAP earnings per share was $0.14 or an approximately 194 million shares in the third quarter of 2021, compared to $0.61 per share on approximately 97 million shares in the third quarter of 2020.
Full year estimated diluted shares is approximately 177 million shares, which includes the weighted average shares issued in connection with the merger over approximately a 10-month period.
Lastly, adjusted EBITDA was $139 million in the third quarter of 2021, compared to $88 million in the third quarter of 2020.
The $51 million increase was driven by a $59 million contribution for the Topgolf business, which performed exceptionally well this quarter and was partially offset by a return toward more normal spend levels in the golf equipment and soft goods businesses.
As of September 30, 2021, available liquidity, which is comprised of cash on hand and availability under our credit facilities was $918 million, compared to $630 million at September 30, 2020.
At quarter end, we had a total net debt of $1 billion, including deemed landlord financing of $311 million related to the financing of Topgolf venues.
Our leverage ratios have improved significantly period over period and on a net debt basis is now 2.5 times, compared to 3.5 times at September 30, 2020.
Consolidated net accounts receivable was $255 million, an increase of 6%, compared to $240 million at the end of the third quarter of 2020.
This increase is primarily attributable to the increase in third quarter revenue, as well as an incremental $10 million of Topgolf accounts receivable.
Legacy days sales outstanding decreased to 53 days as of September 30, 2021, compared to 55 days as of September 30, 2020.
Our inventory balance increased to $385 million at the end of the third quarter of 2021, compared to $325 million at the end of the third quarter of the prior year.
This $60 million increase was due to higher golf equipment inventory, especially toward the end of the quarter, reflecting an increase in in-transit inventory and a shift to making '22 launch product.
The Topgolf business also added $18 million to total inventory this quarter.
Capital expenditures for the first nine months of 2021 were $149 million, net of expected REIT reimbursements.
This includes $109 million related to Topgolf.
From a full year 2021 forecast perspective, the golf equipment and soft goods business forecast is $60 million.
The 2021 full year forecast for Callaway and Topgolf is approximately $225 million, net of REIT reimbursements, primarily related to the new venue openings.
The foregoing amounts do not include approximately 33 million in capital expenditures for Topgolf in January and February, which was premerger.
Non-GAAP depreciation and amortization expense was $37 million in the third quarter of 2021, compared to $8 million in 2020.
This includes $28 million of non-GAAP depreciation and amortization related to Topgolf.
For the full year 2021, we expect non-GAAP depreciation and amortization expense to be approximately $130 million, which includes $93 million for the Topgolf business.
The foregoing does not include approximately 18 million of Topgolf non-GAAP depreciation and amortization from January and February in the aggregate.
For the full year, we expect revenue to range between 3.11 and $3.12 billion.
That compares to 1.59 billion in 2020 and 1.70 billion in 2019.
It also assumes continued strong momentum in the Topgolf business, which is expected to generate 10-month segment revenue that will come in slightly above its 2019 full 12-month revenue of $1.06 billion.
Full year adjusted EBITDA is projected to be between 424 and $430 million, which assumes approximately 158 million from Topgolf.
For the fourth quarter, our implied revenue guidance is increasing by approximately 30 million, with about 50% of that flowing through to adjusted EBITDA.

Summary:
Consolidated net revenue for the quarter was $856 million, an increase of 80% or $381 million compared to Q3 2020.
Non-GAAP earnings per share was $0.14 or an approximately 194 million shares in the third quarter of 2021, compared to $0.61 per share on approximately 97 million shares in the third quarter of 2020.