Callaway Investment Thesis and Business Transformation Overview
ADJUSTED EBITDA RECONCILIATION (2019)
1.
CALLAWAY GOLF COMPANY
Non-GAAP Reconciliation and Supplemental Financial Information
(Unaudited)
(In thousands)
2019 Trailing Twelve Month Adjusted EBITDA
March 31,
June 30,
2019
2019
Quarter Ended
September 30,
2019
December 31,
Total
2019
Net income (loss)
Interest expense, net
Income tax provision (benefit)
Depreciation and amortization expense
St
$
48,647
$
28,931
$
31,048
$
(29,218)
$
79,408
9,639
10,260
9,545
9,049
38,493
9,556
7,208
2,128
(2,352)
16,540
7,977
9,022
8,472
9,480
34,951
Non-cash stock compensation expense
3,435
3,530
2,513
3,418
12,896
Non-cash lease amortization expense
(140)
(9)
(36)
(120)
(305)
Acquisitions & other non-recurring costs, before taxes (1)
Adjusted EBITDA
13,986
6,939
3,009
4,090
28,024
$
93,100
$
65,881
$
56,679
$
(5,653)
St
$
210,007
In 2019, amounts represent certain non-recurring transaction costs, including banker's fees, legal fees, consulting and travel expenses, and transition costs, including consulting, audit fees and valuations services associated with the acquisition of Jack Wolfskin,
in addition to other non-recurring advisory fees.
Callaway
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