Callaway Investment Thesis and Business Transformation Overview
TOPTRACER GENERATING ATTRACTIVE ECONOMICS
1-Bubble Beach Galle
SCEPTRE
Annual Target Revenue
per Bay
Annual Target Cash
Adj. EBITDA per Bay
Target Average Cash on
Cash Returns
pin 110 yds
29 t downhill
05-44 PM
MULLIGAN
Bay Installs in '21
Potential Total
WW Bays
~7k
+650k
$2,000
$1.500
~50%
Targeted New
Bays per Year
8k+
1. Assumes 23% market share of worldwide addressable market of 650,000 bays. See page 16 of this presentation for more details on unit
economics and long-term Adjusted EBITDA opportunity. Additionally, as Adjusted EBITDA is a non-GAAP measure, please see the
Regulation G disclaimers on page 1 of this presentation.
2. 2019 Estimate.
Callaway
$200M+ UNIT-LEVEL LONG-TERM
CASH ADJ. EBITDA OPPORTUNITY1
ā
ā¢ 15k+ active bays worldwide as of December 2021
Attractive recurring revenue potential with limited upfront
investment
Callaway expertise and network present compelling
opportunity to accelerate Toptracer growth globally
Highly visible brand presence featured in over 140 golf
tournament broadcasts globally, reaching an estimated
500+ M viewers annually2
Strong upside for independent range owners - many
licensees have reported 25-60% revenue increases
Continued momentum expected to accelerate globally
and contribute meaningful EBITDA
Ability to deliver connected digital experiences from
games to lessons and more
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