Callaway Investment Thesis and Business Transformation Overview
RECENT PERFORMANCE UPDATE
Callaway
Full year Combined Pro Forma Net
Revenue +42% to ~$3.3 billion
Full year Combined Pro Forma Adjusted
EBITDA +347% to $448 million
Pivotal year, marked by exceptional results,
significant growth, and strong momentum.
across all business segments
Closed on the acquisition of Topgolf in Q1,
transforming Callaway into the unrivaled.
leader in the modern golf and lifestyle
space
Made key investments in infrastructure and
people to support a larger business and set
Callaway up for continued growth and
financial success
($ in millions)
Achieved Record Results
in 2021
FY 2021
Combined Pro Forma
Net Revenue¹
Topgolf 1
Change vs.
2020
Change vs.
2019
$3,276
+42%
+19%
1,231
+72%
+16%
1,229
+25%
+26%
Apparel, Gear & Other
817
+35%
+13%
Combined Pro Forma
Adjusted EBITDA 1,2
$448
+347%
+66%
Golf Equipment
EXCEEDED EXPECTATIONS ACROSS ALL BUSINESS SEGMENTS AND SHOWED SIGNIFICANT GROWTH COMPARED TO 2019 PRE-PANDEMIC LEVELS
Note: Table assumes Topgolf included in consolidated financials for all periods.
Due to the timing of the Topgolf acquisition on March 8, 2021, Callaway's reported full year financial results will only include 10 months of Topgolf results. The pro forma financial results shown above include Topgolf contribution for January and February 2021.
See Appendix for Adjusted EBITDA reconciliation to GAAP. Additionally, as Adjusted EBITDA is a non-GAAP measure, please see the Regulation G disclaimers on page 1 of this presentation.
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