0001564590-20-052565.txt : 20201109 0001564590-20-052565.hdr.sgml : 20201109 20201109164712 ACCESSION NUMBER: 0001564590-20-052565 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20201109 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201109 DATE AS OF CHANGE: 20201109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALLAWAY GOLF CO CENTRAL INDEX KEY: 0000837465 STANDARD INDUSTRIAL CLASSIFICATION: [3949] IRS NUMBER: 953797580 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10962 FILM NUMBER: 201298370 BUSINESS ADDRESS: STREET 1: 2180 RUTHERFORD RD CITY: CARLSBAD STATE: CA ZIP: 92008-8815 BUSINESS PHONE: 7609311771 MAIL ADDRESS: STREET 1: 2180 RUTHERFORD ROAD CITY: CARLSBAD STATE: CA ZIP: 92008 FORMER COMPANY: FORMER CONFORMED NAME: CALLAWAY GOLF DATE OF NAME CHANGE: 20070604 FORMER COMPANY: FORMER CONFORMED NAME: CALLAWAY GOLF CO DATE OF NAME CHANGE: 20070604 FORMER COMPANY: FORMER CONFORMED NAME: CALLAWAY GOLF CO /CA DATE OF NAME CHANGE: 19940222 8-K 1 ely-8k_20201109.htm 8-K ely-8k_20201109.htm
false 0000837465 0000837465 2020-11-09 2020-11-09

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

 

November 9, 2020

Date of Report (Date of earliest event reported)

 

CALLAWAY GOLF COMPANY

(Exact name of registrant as specified in its charter)

 

Delaware

1-10962

95-3797580

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

 

2180 RUTHERFORD ROAD, CARLSBAD, California

92008-7328

(Address of principal executive offices)

(Zip Code)

 

(760) 931-1771
Registrant’s telephone number, including area code

 

NOT APPLICABLE

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☒ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value per share

ELY

The New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 2.02     Results of Operations and Financial Condition.

On November 9, 2020, Callaway Golf Company issued a press release and is holding a conference call regarding its financial results for the third quarter of 2020.  A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information furnished in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any registration statement or other filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01     Financial Statements and Exhibits.

 

(d)Exhibits.  

 

 

 

Exhibit 104

Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

 


 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

CALLAWAY GOLF COMPANY

 

 

 

Date:  November 9, 2020

By:

/s/ Sarah Kim

 

Name:

Sarah Kim

 

Title:

Vice President, General Counsel

 

 

and Corporate Secretary

 

 

 EX-99.1 2 d799893dex991.htm EX-99.1
Exhibit 99.1

Callaway Golf Company Announces Record Net Sales And Earnings For The Third Quarter Of 2020



- Third quarter 2020 net sales of $476 million, a 12% increase compared to the third quarter of 2019. 

- Third quarter 2020 net income of $52 million, a 69% increase compared to $31 million in the third quarter of 2019. On a non-GAAP basis, third quarter 2020 net income was $58 million, a 69% increase compared to $34 million in the third quarter of 2019.

- Third quarter 2020 diluted earnings per share of $0.54, a 69% increase compared to $0.32 in the third quarter of 2019. On a non-GAAP basis, third quarter 2020 diluted earnings per share increased to $0.60, a 67% increase compared to $0.36 in the third quarter of 2019.

- Third quarter 2020 adjusted EBITDAS of $87 million, a 53% increase compared to $57 million in the third quarter of 2019.

CARLSBAD, Calif., Nov. 9, 2020 /PRNewswire/ -- Callaway Golf Company (the "Company") (NYSE:ELY) announced today financial results for the quarter ended September 30, 2020.

"The world is embracing golf in a way that has led to a record quarter for the industry and our company," commented Chip Brewer, President and Chief Executive Officer of the Company. "Our golf business is now experiencing unprecedented demand and our soft goods business is recovering significantly more quickly than we expected; our third quarter results reflect this momentum. Our recent investments into our e-commerce capabilities have proven particularly valuable, showing strong growth across all of our business segments this year including 108% growth in e-commerce for our apparel brands in Q3."

Mr. Brewer continued, "Although we expect some level of continued volatility due to the ongoing pandemic, Q3's trends have thus far continued into Q4 and, perhaps more importantly, we also now appreciate even more that all of our businesses are likely to be favored in both the realities of the current world and likely consumer trends post-pandemic. All of our business segments, as well as the Topgolf business, support an outdoor, active and healthy way of life that is compatible with a world of social distancing. These are key factors that will likely be important for consumers over the next several months and will also likely continue post-pandemic."

GAAP and Non-GAAP Results

In addition to the Company's results prepared in accordance with GAAP, the Company provided information on a non-GAAP basis. The purpose of this non-GAAP presentation is to provide additional information to investors regarding the underlying performance of the Company's business without certain non-cash amortization of intangibles and other assets related to the Company's acquisitions, non-recurring transaction and transition costs related to acquisitions, and other non-recurring costs, including costs related to the transition to the Company's new North American Distribution Center, implementation of a new IT system for Jack Wolfskin, severance costs related to the Company's cost-reduction initiatives, the $174 million non-cash impairment charge related to the Jack Wolfskin goodwill and trade name, as well as non-cash amortization of the debt discount related to the Company's convertible notes. The Company also provided sales information on a constant currency basis and information regarding its earnings before interest, taxes, depreciation and amortization expense, non-cash stock compensation expense, and the non-recurring and non-cash items previously mentioned ("Adjusted EBITDAS"). The manner in which this non-GAAP information is derived is discussed further toward the end of this release, and the Company has provided in the tables to this release a reconciliation of the non-GAAP information to the most directly comparable GAAP information.

Summary of Third Quarter 2020 Financial Results

The Company announced the following GAAP and non-GAAP financial results for the third quarter of 2020 (in millions, except EPS):

GAAP RESULTS 

NON-GAAP PRESENTATION


Q3 2020

Q3 2019

Change

Q3 2020

  Non-GAAP

Q3 2019
Non-GAAP

Change

Net Sales

$476

$426

$50

$476

$426

$50

Gross Profit

% of Sales

$201

42.2%

$191

44.9%

$10

(270) bps

$203

42.7%

$191

44.9%

$12

(220) bps

Operating Expenses

$137

$151

($14)

$135

$147

($12)

Other Income /
(Expense)

($6)

($7)

$1

($3)

($7)

$4

Income Tax
Provision/(Benefit)

$5

$2

$3

$7

$3

$4

Net Income/(Loss)

$52

$31

$21

$58

$34

$24

Earnings/
(Loss)
Per Share

$0.54

$0.32

$0.22

$0.60

$0.36

$0.24


Q3 2020

Q3 2019

Change

Adjusted EBITDAS

$87

$57

$30

For the third quarter of 2020, the Company's net sales increased $50 million (12%) to $476 million, a new third quarter record for the Company, compared to $426 million for the same period in 2019. This increase was driven by a 27% increase in the Golf Equipment Segment resulting from an unexpected escalated interest in golf and demand for golf products as well as the strength of the Company's product offerings across all skill levels. The Company's soft goods segment is also recovering faster than expected with third quarter 2020 sales decreasing only 3.4% versus the same period in 2019. Changes in foreign currency rates had an $8 million favorable impact on third quarter 2020 net sales.

For the third quarter of 2020, the Company's gross margin decreased 270 basis points to 42.2% compared to 44.9% for the third quarter of 2019. Non-GAAP gross margin decreased 220 basis points to 42.7% compared to 44.9% for the third quarter of 2019. The decrease is primarily attributable to a decline in gross margin in the soft goods segment due to the impact of COVID-19 on that business, including the decreased sales and the Company's proactive inventory reduction initiatives, and was partially offset by favorable changes in foreign currency exchange rates, an increase in the Company's e-commerce sales and a slight increase in golf equipment gross margins.

Operating expenses decreased $14 million to $137 million in the third quarter of 2020 compared to $151 million for the same period in 2019. Non-GAAP operating expenses for the third quarter of 2020 were $135 million, a decrease of $12 million compared to the third quarter of 2019. This decrease was primarily driven by lower travel and entertainment costs as well as the cost reduction efforts the Company began implementing in March 2020 in response to the COVID-19 pandemic.

Third quarter 2020 fully diluted earnings per share was $0.54, compared to fully diluted earnings per share of $0.32 for the third quarter of 2019. Non-GAAP third quarter 2020 earnings per share was $0.60, compared to fully diluted earnings per share of $0.36 for the third quarter of 2019.

Summary of First Nine Months 2020 Financial Results

The Company announced the following GAAP and non-GAAP financial results for the first nine months of 2020 (in millions, except EPS):

GAAP RESULTS

NON-GAAP PRESENTATION


First Nine
Months
2020

First Nine
Months  
2019

Change

First Nine
Months 2020

     Non-GAAP

First Nine
Months 2019  
Non-GAAP

Change

Net Sales

$1,215

$1,389

($174)

$1,215

$1,389

($174)

Gross Profit

% of Sales

$518

42.7%

$637

45.8%

($119)

(310) bps

$525

43.3%

$647

46.6%

($122)

(330) bps

Operating Expenses

$592

$481

$111

$410

$468

($58)

Other Income

($7)

($28)

$21

($3)

($24)

$21

Income Tax Provision

$7

$19

($12)

$19

$25

($6)

Net Income/(Loss)

($86)

$109

($195)

$94

$130

($36)

Earnings/(Loss)
Per Share

($0.92)

$1.13

($2.05)

$0.98

$1.35

($0.37)


Q3 YTD 2020

Q3 YTD 2019

Change

Adjusted EBITDAS

$175

$216

($41)

For the first nine months of 2020, the Company's net sales decreased $174 million (13%) to $1,215 million, compared to $1,389 million for the same period in 2019. This decrease reflects decreased sales in both the golf equipment and soft goods operating segments globally due to the negative impact of the COVID-19 pandemic, including the temporary closure of most of the Company's operations and retail doors during the second quarter of 2020. This decrease was partially offset by a significant increase in the Company's e-commerce sales for the first nine months of 2020 compared to the same period in 2019. Changes in foreign currency rates had a $2 million positive impact on first nine months of 2020 net sales.

For the first nine months of 2020, the Company's gross margin decreased 310 basis points to 42.7% compared to 45.8% for the same period in 2019. Non-GAAP gross margin decreased 330 basis points to 43.3% compared to 46.6% for the first nine months of 2019. The decrease in non-GAAP gross margin is primarily attributable to the decrease in sales related to the COVID-19 pandemic, the proactive soft goods inventory reduction initiatives, and costs associated with idle facilities during the government mandated shut-down. The decrease in gross margin during the first nine months was partially offset by an increase in the Company's e-commerce business.

Operating expenses increased $111 million to $592 million in the first nine months of 2020 compared to $481 million for the same period in 2019. The increase is primarily due to a pre-tax non-cash impairment charge related to the Jack Wolfskin goodwill and trade name. Excluding the non-cash impairment charge and other items mentioned above, non-GAAP operating expenses were $410 million for the third quarter of 2020, a decrease of $58 million compared to the first nine months of 2019. This decrease was driven by the cost reduction actions the Company began in March 2020 in response to the COVID-19 pandemic as well as lower variable expenses.

First nine months of 2020 loss per share was $0.92, compared to fully diluted earnings per share of $1.13 for the first nine months of 2019. Excluding the impairment charge and the other non-recurring items mentioned above, first nine months of 2020 non-GAAP fully diluted earnings per share was $0.98, compared to fully diluted earnings per share of $1.35 for the first nine months of 2019. The non-GAAP earnings for the first nine months of 2020 included foreign currency related gains of approximately $0.20 per share (including approximately $0.09 per share related to the settlement of a cross-currency swap program), compared to approximately $0.01 per share of foreign currency related gains for the comparable period in 2019.

Outlook

The Company previously reported that it suspended its prior financial guidance for 2020 due to the uncertainty around the COVID-19 pandemic. Furthermore, while both the Company's golf and apparel businesses have been recovering more quickly than the Company expected, there has been a recent uptick in COVID-19 cases around the globe as well as some increase in regulatory restrictions designed to mitigate the COVID-19 impact. As a result, the Company is not providing financial guidance for the fourth quarter of 2020.

Conference Call and Webcast

The Company will be holding a conference call at 2:00 p.m. Pacific time today to discuss the Company's financial results, outlook and business. The call will be broadcast live over the Internet and can be accessed at http://ir.callawaygolf.com/. To listen to the call, and to access the Company's presentation materials, please go to the website at least 15 minutes before the call to register and for instructions on how to access the broadcast. A replay of the conference call will be available approximately two hours after the call ends, and will remain available through 9:00 p.m. Pacific time on November 16, 2020. The replay may be accessed through the Internet at http://ir.callawaygolf.com/.

Topgolf Virtual Conference

The Company previously announced that it had entered into a merger agreement with Topgolf International, Inc. ("Topgolf") pursuant to which Topgolf would become a wholly-owned subsidiary of the Company. The Company announced today that it would be holding a virtual conference for analysts and shareholders on November 12, 2020 at 11:00 a.m. Pacific Time to provide further insight into the Topgolf business. The call will be broadcast live over the Internet and can be accessed at http://ir.callawaygolf.com/. To listen to the call, and to access the Company's presentation materials, please go to the website at least 15 minutes before the call to register and for instructions on how to access the broadcast. A replay of the conference call will be available approximately two hours after the call ends, and will remain available through 9:00 p.m. Pacific time on November 19, 2020. The replay may be accessed through the Internet at http://ir.callawaygolf.com/.

Non-GAAP Information

The GAAP results contained in this press release and the financial statement schedules attached to this press release have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). To supplement the GAAP results, the Company has provided certain non-GAAP financial information as follows:

Constant Currency Basis. The Company provided certain information regarding the Company's financial results or projected financial results on a "constant currency basis." This information estimates the impact of changes in foreign currency rates on the translation of the Company's current or projected future period financial results as compared to the applicable comparable period. This impact is derived by taking the current or projected local currency results and translating them into U.S. dollars based upon the foreign currency exchange rates for the applicable comparable period. It does not include any other effect of changes in foreign currency rates on the Company's results or business.

Non-Recurring and Non-cash Adjustments. The Company provided information excluding certain non-cash amortization of intangibles and other assets related to the Company's acquisitions, non-recurring transaction and transition costs related to acquisitions, and other non-recurring costs, including costs related to the transition to the Company's new North American Distribution Center, implementation of a new IT system for Jack Wolfskin, severance costs related to the Company's cost-reduction initiatives, the $174 million non-cash impairment charge related to the Jack Wolfskin goodwill and trade name, as well as non-cash amortization of the debt discount related to the Company's convertible notes.

Adjusted EBITDAS. The Company provides information about its results excluding interest, taxes, depreciation and amortization expenses, non-cash stock compensation expense, and the non-recurring and non-cash items referenced above.

In addition, the Company has included in the schedules to this release a reconciliation of certain non-GAAP information to the most directly comparable GAAP information. The non-GAAP information presented in this release and related schedules should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP. The non-GAAP information may also be inconsistent with the manner in which similar measures are derived or used by other companies. Management uses such non-GAAP information for financial and operational decision-making purposes and as a means to evaluate period-over-period comparisons and in forecasting the Company's business going forward. Management believes that the presentation of such non-GAAP information, when considered in conjunction with the most directly comparable GAAP information, provides additional useful comparative information for investors in their assessment of the underlying performance of the Company's business with regard to these items. The Company has provided reconciling information in the attached schedules.

Additional Information and Where You Can Find It

The Company will file with the SEC a registration statement on Form S-4, which will include the proxy statement of the Company that also constitutes a prospectus of the Company and a consent solicitation statement of Topgolf International, Inc. (the "proxy statement/prospectus/consent solicitation"). INVESTORS AND STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT/PROSPECTUS/ CONSENT SOLICITATION, AND OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC, IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, TOPGOLF, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and stockholders will be able to obtain free copies of the proxy statement/prospectus/consent solicitation and other documents filed with the SEC by the parties through the website maintained by the SEC at www.sec.gov. In addition, investors and stockholders will be able to obtain free copies of the proxy statement/prospectus/consent solicitation and other documents filed with the SEC on the Company's website at https://www.callawaygolf.com (for documents filed with the SEC by the Company).

No Offer or Solicitation

This communication is for information purposes only and is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

The Company, Topgolf, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of the Company in connection with the proposed transaction. Information regarding the persons who are, under the rules of the SEC, participants in the solicitation of the stockholders of the Company and Topgolf, respectively, in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement/prospectus/consent solicitation when it is filed with the SEC. Information regarding the Company's directors and executive officers is contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 and its Revised Definitive Proxy Statement on Schedule 14A, dated March 27, 2020, which are filed with the SEC and can be obtained free of charge from the sources indicated above.

Forward-Looking Statements

Statements used in this press release that relate to future plans, events, financial results, performance, prospects, or growth opportunities, including statements relating to the Company's sales, future industry and market conditions, strength of the Company's brands and products, the continued impact of the COVID-19 pandemic on the Company's business, results of operations and financial condition and the impact of any measures taken to mitigate the effect of the pandemic, the Company's continued efforts to effectively manage its cost/expense reduction, growth, momentum and opportunities in the golf and soft goods industries, post-pandemic consumer trends and behavior, the Company's continued ability to improve and recover from the impact of the COVID-19 pandemic, the benefits of the business combination transaction involving the Company and Topgolf, including the anticipated operations, financial position, liquidity, performance, prospects or growth and scale opportunities of the Company, Topgolf or the combined company, the strategies, prospects, plans, expectations or objectives of management of the Company or Topgolf for future operations of the combined company, any statements regarding the approval and closing of the merger, including the need for stockholder approval and the satisfaction of closing conditions, and statements of belief and any statement of assumptions underlying any of the foregoing, are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "estimate," "could," "should," "intend," "may," "plan," "seek," "anticipate," "project" and similar expressions, among others, generally identify forward-looking statements, which speak only as of the date the statements were made and are not guarantees of future performance. These statements are based upon current information and expectations. Accurately estimating the forward-looking statements is based upon various risks and unknowns, including disruptions to business operations from additional regulatory restrictions in response to COVID-19 pandemic (such as travel restrictions, government-mandated shut-down orders or quarantines) or voluntary "social distancing" that affects employees, customers and suppliers; risks and uncertainties related to our pending merger with Topgolf, including the failure to obtain, or delays in obtaining shareholder approval or required regulatory approval, the risk that such regulatory approval may result in the imposition of conditions that could adversely affect the Company or the expected benefits of the proposed transaction, any termination fee that may be payable by the Company pursuant to the terms of the merger agreement, or the failure to satisfy any of the closing conditions to the proposed transaction on a timely basis or at all; costs, expenses or difficulties related to the merger with Topgolf, including the integration of the Topgolf business; failure to realize the expected benefits and synergies of the proposed transaction in the expected timeframes or at all; the potential impact of the announcement, pendency or consummation of the proposed transaction on relationships with the Company's and/or Topgolf's employees, customers, suppliers and other business partners; the risk of litigation or regulatory actions to the Company and/or Topgolf; production delays, closures of manufacturing facilities, retail locations, warehouses and supply and distribution chains; staffing shortages as a result of remote working requirements or otherwise; uncertainty regarding global economic conditions, particularly the uncertainty related to the duration and impact of the COVID-19 pandemic, and related decreases in customer demand and spending; our level of indebtedness; continued availability of credit facilities and liquidity and ability to comply with applicable debt covenants; effectiveness of capital allocation and cost/expense reduction efforts; continued brand momentum and product success; growth in the direct-to-consumer and e-commerce channels; consumer acceptance of and demand for the Company's and its subsidiaries' products; competitive pressures; any changes in U.S. trade, tax or other policies, including restrictions on imports or an increase in import tariffs; future consumer discretionary purchasing activity, which can be significantly adversely affected by unfavorable economic or market conditions; future retailer purchasing activity, which can be significantly negatively affected by adverse industry conditions and overall retail inventory levels; and future changes in foreign currency exchange rates and the degree of effectiveness of the Company's hedging programs. Actual results may differ materially from those estimated or anticipated as a result of these risks and unknowns or other risks and uncertainties, including the effect of terrorist activity, armed conflict, natural disasters or pandemic diseases, including expanded outbreak of COVID-19, on the economy generally, on the level of demand for the Company's and its subsidiaries' products or on the Company's ability to manage its operations, supply chain and delivery logistics in such an environment; delays, difficulties or increased costs in the supply of components or commodities needed to manufacture the Company's products or in manufacturing the Company's products; and a decrease in participation levels in golf generally, during or as a result of the COVID-19 pandemic. For additional information concerning these and other risks and uncertainties that could affect these statements and the Company's business, see the Company's Annual Report on Form 10-K for the year ended December 31, 2019 as well as other risks and uncertainties detailed from time to time in the Company's reports on Forms 10-Q and 8-K subsequently filed with the Securities and Exchange Commission, including the Form 10-Q to be filed on the date hereof. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

* * * * *

About Callaway Golf Company
Callaway Golf Company (NYSE: ELY) is a premium golf equipment and active lifestyle company with a portfolio of global brands, including Callaway Golf, Odyssey, OGIO, TravisMathew and Jack Wolfskin. Through an unwavering commitment to innovation, Callaway manufactures and sells premium golf clubs, golf balls, golf and lifestyle bags, golf and lifestyle apparel and other accessories. For more information please visit www.callawaygolf.com, www.odysseygolf.com, www.OGIO.com, www.travismathew.com, and www.jack-wolfskin.com.

*****

Contacts: 

Brian Lynch


Patrick Burke


(760) 931-1771

CALLAWAY GOLF COMPANY
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(In thousands)



September 30,
2020

December 31,
2019

ASSETS










Current assets:




Cash and cash equivalents

$

286,656


$

106,666

Accounts receivable, net

239,650


140,455

Inventories

324,852


456,639

Other current assets

73,988


85,590

Total current assets

925,146


789,350






Property, plant and equipment, net

145,758


132,760

Operating lease right-of-use assets, net

186,721


160,098

Intangible assets, net

531,014


697,166

Deferred taxes, net

51,872


73,948

Investment in golf-related ventures

111,442


90,134

Other assets

14,355


17,092

Total assets

$

1,966,308


$

1,960,548






LIABILITIES AND SHAREHOLDERS' EQUITY










Current liabilities:




Accounts payable and accrued expenses

$

245,053


$

276,300

Accrued employee compensation and benefits

33,522


46,891

Asset-based credit facilities

30,235


144,580

Accrued warranty expense

9,640


9,636

Current operating lease liabilities

28,011


26,418

Long-term debt, current portion

14,623


7,317

Income tax liability

10,326


12,104

Total current liabilities

371,410


523,246






Long-term debt

651,011


443,259

Long-term operating lease liabilities

170,732


137,696

Long-term liabilities

84,621


88,994

Total Callaway Golf Company shareholders' equity

688,534


767,353

Total liabilities and shareholders' equity

$

1,966,308


$

1,960,548

CALLAWAY GOLF COMPANY
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)

Three Months Ended
September 30,


2020

2019

Net sales

$

475,559

$

426,217

Cost of sales

274,826

234,828

Gross profit

200,733

191,389

Operating expenses:


Selling

93,855

101,984

General and administrative

33,230

36,378

Research and development

10,139

12,538

Total operating expenses

137,224

150,900

Income from operations

63,509

40,489

Other expense, net

(5,717)

(7,313)

Income before income taxes

57,792

33,176

Income tax provision

5,360

2,128

Net income

$

52,432

$

31,048




Earnings per common share:


Basic

$0.56

$0.33

Diluted

$0.54

$0.32

Weighted-average common shares outstanding:


Basic

94,171

94,100

Diluted

96,612

96,287





Nine Months Ended

September 30,


2020

2019

Net sales

$

1,214,831

$

1,389,122

Cost of sales

696,369

752,483

Gross profit

518,462

636,639

Operating expenses:


Selling

285,082

334,418

General and administrative

98,972

108,739

Research and development

33,399

38,158

Goodwill and trade name impairment

174,269

—

Total operating expenses

591,722

481,315

Income/(loss) from operations

(73,260)

155,324

Other expense, net

(6,518)

(27,985)

Income/(loss) before income taxes

(79,778)

127,339

Income tax provision

6,580

18,892

Net Income/(loss)

(86,358)

108,447

Less: Net loss attributable to non-controlling interest

—

(179)

Net income/(loss) attributable to Callaway Golf Company

$

(86,358)

$

108,626




Earnings/(loss) per common share:


Basic

($0.92)

$1.15

Diluted

($0.92)

$1.13

Weighted-average common shares outstanding:


Basic

94,207

94,284

Diluted

94,207

96,197

CALLAWAY GOLF COMPANY
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW
(Unaudited)
(In thousands)



Nine Months Ended

September 30,


2020

2019

Cash flows from operating activities:


Net income (loss)

$

(86,358)

$

108,447

Adjustments to reconcile net income (loss) to net cash provided by operating activities:


   Depreciation and amortization

28,668

25,471

   Lease amortization expense

24,293

23,615

   Amortization of debt issuance costs

3,024

2,428

   Debt discount amortization

3,857

—

   Inventory step-up on acquisition

—

10,703

   Impairment loss

174,269

—

   Deferred taxes, net

(117)

8,407

   Non-cash share-based compensation

8,066

9,476

   Loss on disposal of long-lived assets

297

649

   Gain on conversion of note receivable

(1,252)

—

   Unrealized net (gains) losses on hedging instruments

(8,899)

999

Changes in assets and liabilities

(23,297)

(126,342)

Net cash provided by operating activities

122,551

63,853




Cash flows from investing activities:


Capital expenditures

(30,911)

(36,843)

Investments in golf related ventures

(19,999)

—

Acquisitions, net of cash acquired

—

(463,105)

Proceeds from sales of property and equipment

8

43

Net cash used in investing activities

(50,902)

(499,905)




Cash flows from financing activities:


Proceeds from issuance of convertible notes

258,750

—

Proceeds from issuance of long-term debt

37,728

493,167

Premium paid for capped call confirmations

(31,775)

—

Debt issuance cost

(9,143)

(19,088)

(Repayments of) proceeds from credit facilities, net

(114,345)

70,411

Repayments of long-term debt

(8,203)

(34,298)

Repayments of financing leases

(530)

(583)

Exercise of stock options

130

—

Dividends paid, net

(1,891)

(2,834)

Acquisition of treasury stock

(22,143)

(27,505)

Purchase of non-controlling interest

—

(18,538)

Net cash provided by financing activities

108,578

460,732

Effect of exchange rate changes on cash and cash equivalents

(237)

(445)

Net increase in cash and cash equivalents

179,990

24,235

Cash and cash equivalents at beginning of period

106,666

63,981

Cash and cash equivalents at end of period

$

286,656

$

88,216

CALLAWAY GOLF COMPANY
Consolidated Net Sales and Operating Segment Information
(Unaudited)
(In thousands)




Net Sales by Product Category

Net Sales by Product Category


Three Months Ended

September 30,

Growth/(Decline)

Non-GAAP

Constant

Currency

vs. 2019(1)

Nine Months Ended

September 30,

Decline

Non-GAAP

Constant

Currency

vs. 2019(1)


2020

2019

Dollars

Percent

Percent

2020

2019

Dollars

Percent

Percent

Net sales:


















Golf Clubs

$

209,356

$

168,005

$

41,351

24.6%

23.5%

$

616,620

$

653,531

$

(36,911)

-5.6%

-5.6%

Golf Balls

57,921

42,497

15,424

36.3%

35.1%

152,261

172,943

(20,682)

-12.0%

-11.9%

Apparel

125,609

139,998

(14,389)

-10.3%

-13.0%

239,201

309,439

(70,238)

-22.7%

-23.4%

Gear and Other

82,673

75,717

6,956

9.2%

6.7%

206,749

253,209

(46,460)

-18.3%

-18.5%


$

475,559

$

426,217

$

49,342

11.6%

9.7%

$

1,214,831

$

1,389,122

$

(174,291)

-12.5%

-12.7%

(1) Calculated by applying 2019 exchange rates to 2020 reported sales in regions outside the U.S.



















Net Sales by Region

Net Sales by Region


Three Months Ended

September 30,

Growth/(Decline)

Non-GAAP

Constant

Currency

vs. 2019(1)

Nine Months Ended

September 30,

Decline

Non-GAAP

Constant

Currency

vs. 2019(1)


2020

2019

Dollars

Percent

Percent

2020

2019

Dollars

Percent

Percent

Net Sales


















United States

$

214,619

$

161,631

$

52,988

32.8%

32.8%

$

603,836

$

658,051

$

(54,215)

-8.2%

-8.2%

Europe

134,680

133,351

1,329

1.0%

-3.9%

281,473

341,594

(60,121)

-17.6%

-18.5%

Japan

56,530

64,176

(7,646)

-11.9%

-13.0%

158,517

193,080

(34,563)

-17.9%

-19.0%

Rest of World

69,730

67,059

2,671

4.0%

2.5%

171,005

196,397

(25,392)

-12.9%

-11.4%


$

475,559

$

426,217

$

49,342

11.6%

9.7%

$

1,214,831

$

1,389,122

$

(174,291)

-12.5%

-12.7%


















(1) Calculated by applying 2019 exchange rates to 2020 reported sales in regions outside the U.S.



















Operating Segment Information

Operating Segment Information


Three Months Ended

September 30,

Growth/(Decline)

Non-GAAP

Constant

Currency

vs. 2019(1)

Nine Months Ended

September 30,

Decline

Non-GAAP

Constant

Currency

vs. 2019(1)


2020

2019

Dollars

Percent

Percent

2020

2019

Dollars

Percent

Percent

Net Sales


















Golf Equipment

$

267,277

$

210,502

$

56,775

27.0%

25.8%

$

768,881

$

826,474

$

(57,593)

-7.0%

-6.9%

Apparel, Gear and Other

208,282

215,715

(7,433)

-3.4%

-6.1%

445,950

562,648

(116,698)

-20.7%

-21.2%


$

475,559

$

426,217

$

49,342

11.6%

9.7%

$

1,214,831

$

1,389,122

$

(174,291)

-12.5%

-12.7%


















Income (loss) before income taxes:

















Golf Equipment

$

56,784

$

23,124

$

33,660

145.6%


$

144,585

$

148,782

$

(4,197)

-2.8%

Apparel, Gear and Other

25,909

34,877

(8,968)

-25.7%


10,399

68,909

(58,510)

-84.9%

Reconciling items(2)

(24,901)

(24,825)

(76)

0.3%


(234,762)

(90,352)

(144,410)

159.8%


$

57,792

$

33,176

$

24,616

74.2%


$

(79,778)

$

127,339

$

(207,117)

-162.7%





















(1) Calculated by applying 2019 exchange rates to 2020 reported sales in regions outside the U.S.

(2) Amount includes corporate general and administrative expenses and other income (expense) not utilized by management in determining segment profitability, as well as amortization expense of intangible assets from the acquisitions of OGIO, TravisMathew and Jack Wolfskin. In addition, the reconciling items for 2020 include (i) an impairment charge of $174.3 million related to Jack Wolfskin, (ii) the non-cash amortization of the debt discount on the convertible notes issued in May 2020, and (iii) certain non-recurring costs, including costs associated with the Company's transition to its new North America Distribution Center and the implementation of new IT systems for Jack Wolfskin, as well as $4.8 million of severance related to the Company's cost reduction initiatives. Reconciling items for 2019 represent certain non-recurring and non-cash costs, including costs associated with the acquisition of Jack Wolfskin and the amortization of the inventory step-up related to the Jack Wolfskin acquisition.

CALLAWAY GOLF COMPANY
Supplemental Financial Information and Non-GAAP Reconciliation
(Unaudited)
(In thousands)



















Three Months Ended September 30,

2020

2019

GAAP

Non-Cash
Intangible
Amortization(1)

Non-Cash
Amortization
of Discount on
Convertible
Notes(2)

Other Non-
Recurring
Charges(3)

Non-
GAAP

GAAP

Non-Cash
Intangible
Amortization(1)

Acquisition
and Other
Non-
Recurring
Expenses(4)

Non-
GAAP

Gross profit

$

200,733

$

—

$

—

$

(2,366)

$

203,099

$

191,389

$

—

$

—

$

191,389

Operating expenses, net

137,224

1,235

—

1,178

134,811

150,900

1,208

3,009

146,683

Income (loss) from operations

63,509

(1,235)

—

(3,544)

68,288

40,489

(1,208)

(3,009)

44,706

Other expense, net

(5,717)

—

(2,415)

—

(3,302)

(7,313)

—

—

(7,313)

Income tax provision (benefit)

5,360

(284)

(555)

(815)

7,014

2,128

(278)

(692)

3,098

Net income (loss) attributable to Callaway 
     Golf Company

$

52,432

$

(951)

$

(1,860)

$

(2,729)

$

57,972

$

31,048

$

(930)

$

(2,317)

$

34,295




















Diluted earnings (loss) per share:

$

0.54

$

(0.01)

$

(0.02)

$

(0.03)

$

0.60

$

0.32

$

(0.01)

$

(0.03)

$

0.36




















(1) Represents amortization expense of intangible assets from the acquisitions of OGIO, TravisMathew and Jack Wolfskin.

(2) Represents the non-cash amortization of the debt discount on the convertible notes issued in May 2020.

(3) Represents non-recurring costs associated with the Company's transition to its new North America Distribution Center, implementation of new IT systems for Jack Wolfskin, and $0.7 million of severance related to the Company's cost reduction initiatives.

(4) Represents certain non-recurring costs, including consulting, professional fees and other costs associated with the acquisition of Jack Wolfskin.

CALLAWAY GOLF COMPANY
Supplemental Financial Information and Non-GAAP Reconciliation
(Unaudited)
(In thousands)




Nine Months Ended September 30,

2020

2019

GAAP

Non-Cash
Intangible
Amortization
and
Impairment
Charges(1)

Non-Cash
Amortization
of Discount on
Convertible
Notes(2)

Other Non-
Recurring
Charges(3)

Non-
GAAP(4)

GAAP

Non-Cash
Intangible
Amortization,
and Other (1)

Acquisition
and Other
Non-
Recurring
Expenses(5)

Non-
GAAP

Gross profit

$

518,462

$

—

$

—

$

(6,988)

$

525,450

$

636,639

$

(10,703)

$

—

$

647,342

Operating expenses

591,722

177,861

—

3,994

409,867

481,315

3,624

9,335

468,356

Income (loss) from operations

(73,260)

(177,861)

—

(10,982)

115,583

155,324

(14,327)

(9,335)

178,986

Other expense, net

(6,518)

—

(3,914)

—

(2,604)

(27,985)

—

(3,896)

(24,089)

Income tax provision (benefit)

6,580

(8,750)

(900)

(2,526)

18,756

18,892

(3,295)

(3,043)

25,230

Net income (loss) attributable to Callaway 
     Golf Company

$

(86,358)

$

(169,111)

$

(3,014)

$

(8,456)

$

94,223

$

108,626

$

(11,032)

$

(10,188)

$

129,846




















Diluted earnings (loss) per share:

$

(0.92)

$

(1.80)

$

(0.03)

$

(0.09)

$

0.98

$

1.13

$

(0.11)

$

(0.11)

$

1.35




















(1) Represents amortization expense of intangible assets from the acquisitions of OGIO, TravisMathew and Jack Wolfskin. In addition, 2020 includes an impairment charge of $174.3 million related to Jack Wolfskin, and 2019 includes the amortization of the inventory step-up recorded in connection with the Jack Wolfskin acquisition.

(2) Represents the non-cash amortization of the debt discount on the convertible notes issued in May 2020.

(3) Represents certain non-recurring costs, including costs associated with the Company's transition to its new North America Distribution Center and the implementation of new IT systems for Jack Wolfskin, as well as $4.8 million of severance related to the Company's cost reduction initiatives.

(4) Total earnings per share on a non-GAAP basis for the nine months ended September 30, 2020 was calculated using diluted weighted average shares outstanding of 96,055, as earnings on a non-GAAP basis resulted in net income after giving effect to one-time charges.

(5) Represents certain non-recurring costs, including consulting, professional fees and other costs associated with the acquisition of Jack Wolfskin.

CALLAWAY GOLF COMPANY
Non-GAAP Reconciliation and Supplemental Financial Information
(Unaudited)
(In thousands)




2020 Trailing Twelve Month Adjusted EBITDAS

2019 Trailing Twelve Month Adjusted EBITDAS


Quarter Ended

Quarter Ended


December 31,

March 31,

June 30,

September 30,


December 31,

March 31,

June 30,

September 30,


2019

2020

2020

2020

Total

2018

2019

2019

2019

Total

Net income (loss)

$

(29,218)

$

28,894

$

(167,684)

$

52,432

$

(115,576)

$

(28,499)

$

48,647

$

28,931

$

31,048

$

80,127

Interest expense, net

9,049

9,115

12,163

12,727

43,054

704

9,639

10,260

9,545

30,148

Income tax provision (benefit)

(2,352)

9,151

(7,931)

5,360

4,228

(9,783)

9,556

7,208

2,128

9,109

Depreciation and amortization expense

9,480

8,997

9,360

10,311

38,148

5,186

7,977

9,022

8,472

30,657

JW goodwill and trade name impairment

—

—

174,269

—

174,269

—

—

—

—

—

Non-cash stock compensation expense

3,418

1,861

2,942

3,263

11,484

3,555

3,435

3,530

2,513

13,033

EBITDAS

$

(9,623)

$

58,018

$

23,119

$

84,093

$

155,607

$

(28,837)

$

79,254

$

58,951

$

53,706

$

163,074

Acquisitions & other non-recurring costs, 
     before taxes(1)

4,090

1,516

5,856

2,858

14,320

(2,269)

13,986

6,939

3,009

21,665

Adjusted EBITDAS

$

(5,533)

$

59,534

$

28,975

$

86,951

$

169,927

$

(31,106)

$

93,240

$

65,890

$

56,715

$

184,739




















(1) In 2020, amounts represent certain non-recurring costs, including costs associated with the Company's transition to its new North America Distribution Center and the implementation of new IT systems for Jack Wolfskin, as well as $4.8 million of severance related to the Company's cost reduction initiatives. 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.



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Document and Entity Information
Nov. 09, 2020
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 09, 2020
Entity Registrant Name CALLAWAY GOLF CO
Entity Central Index Key 0000837465
Entity Emerging Growth Company false
Entity File Number 1-10962
Entity Incorporation State Country Code DE
Entity Tax Identification Number 95-3797580
Entity Address, Address Line One 2180 RUTHERFORD ROAD
Entity Address, City or Town CARLSBAD
Entity Address, State or Province CA
Entity Address, Postal Zip Code 92008-7328
City Area Code (760)
Local Phone Number 931-1771
Written Communications true
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, $0.01 par value per share
Trading Symbol ELY
Security Exchange Name NYSE

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