Callaway Investment Thesis and Business Transformation Overview
OUR ADDRESSABLE MARKET IS INCREASING
TOTAL GOLF PARTICIPATION ON THE RISE1
'17-'21 CAGR: 4.0%
36.9
37.5
33.5
34.2
32.1
12.1
12.4
10.6%
9.3
9.9
8.3
23.8
24.2
24.3
24.8
25.1
1.3%
2017
2018
■ On-course Golfers
2019
2020
Callaway
OFF-COURSE GOLF
Off-course golf remains the fastest growing
segment across the golf ecosystem in the US,
up 25% in 2021 to 12.4M participants (from
9.9M 2019)²
Projected 30M Topgolf visitors per year by
2022, serving as key funnel for new entrants
ON-COURSE GOLF
Added 300k new on-course golfers in the US
in 2021 and 500k in 20202
2021 rounds played increased +6% vs. 2020
and +20% vs. 20193
Expect accelerated growth in on-course as
Topgolf participation increases
Dining, Sports, Media
& Entertainment
Apparel &
Active Lifestyle
Off-Course
Golf
APPAREL AND ACTIVE LIFESTYLE
2021
Global outdoor apparel market expected to
grow 5.3% CAGR through 20244
Significant runway related to new markets.
On-Course
Golf
Creating significant infrastructure and
operational synergies
■ Off-course Golfers
DIVERSIFIED PORTFOLIO PROVIDES ADVANTAGE OVER COMPETITION FOCUSED ONLY ON GOLF EQUIPMENT
1. Golf Datatech/National Golf Foundation December 2021 report.
2. National Golf Foundation 2021 Annual Report.
3. Technomic research as of 2021.
4. Technavio research as of November 2019.
5View entire presentation