CALY FY 2022 Earnings Report — Callaway Golf Company Revenue & Financial Results | Market Cap Arena

Callaway Golf CompanyCALY

FY 2022 Earnings

Reported December 31, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2022	Prior Q	FY 2021	QoQ Change	YoY Change
Revenue	$4.0B	—	$3.1B	—	27.5%
Op. Income	$257M	—	$205M	—	25.5%
Gross Margin	60.3%	—	59.5%	—	0.9pp
Net Margin	4.0%	—	10.3%	—	-6.3pp
EPS (Diluted)	$0.78	—	$1.82	—	-57.1%
Free Cash Flow	-$571M	—	-$44M	—	-1196.8%

Revenue Flow

Item	Amount
REVENUE	$4.0B
Cost of Revenue	$1.6B
GROSS PROFIT	$2.4B
R&D Expenses	$76M
Selling & Marketing	$0
General & Administrative	$971M
SG&A Expenses	$971M
Other Expenses	$1.1B
Operating Expenses	$2.2B
Cost & Expenses	$3.7B
OPERATING INCOME	$257M
Interest Income	$0
Interest Expense	$143M
Other Income/Expenses	-$115M
INCOME BEFORE TAX	$142M
Income Tax Expense	-$16M
Net Income from Continuing Ops	$158M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$158M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$158M
D&A	$193M
EBIT	$285M
EBITDA	$478M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$4.0B
Cost of Revenue	$1.6B
GROSS PROFIT	$2.4B
R&D Expenses	$76M
Selling & Marketing	$0
General & Administrative	$971M
SG&A Expenses	$971M
Other Expenses	$1.1B
Operating Expenses	$2.2B
Cost & Expenses	$3.7B
OPERATING INCOME	$257M
Interest Income	$0
Interest Expense	$143M
Other Income/Expenses	-$115M
INCOME BEFORE TAX	$142M
Income Tax Expense	-$16M
Net Income from Continuing Ops	$158M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$158M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$158M
D&A	$193M
EBIT	$285M
EBITDA	$478M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$158M
Depreciation & Amortization	$193M
Stock-Based Compensation	$47M
Deferred Income Tax	-$31M
Other Non-Cash Items	$44M
Change in Working Capital	-$446M
OPERATING CASH FLOW	-$35M
Capital Expenditure	-$536M
Acquisitions (Net)	$400.0K
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$535M
Net Debt Issuance	$466M
Common Stock Repurchased	-$36M
Common Dividends Paid	$0
Other Financing Activities	-$5M
NET CASH FROM FINANCING	$425M
FREE CASH FLOW	-$571M
Net Change in Cash	-$154M

Balance Sheet

Item	Amount
Cash & Equivalents	$180M
Short-Term Investments	$0
Net Receivables	$247M
Inventory	$959M
Other Current Assets	$76M
TOTAL CURRENT ASSETS	$1.5B
PP&E (Net)	$3.2B
Goodwill	$2.0B
Intangible Assets	$1.5B
Long-Term Investments	$104M
Tax Assets	$0
Other Non-Current Assets	$252M
TOTAL NON-CURRENT ASSETS	$7.1B
TOTAL ASSETS	$8.6B
Account Payables	$159M
Short-Term Debt	$219M
Deferred Revenue	$95M
Other Current Liabilities	$206M
TOTAL CURRENT LIABILITIES	$1.2B
Long-Term Debt	$1.8B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$118M
Other Non-Current Liabilities	$251M
TOTAL NON-CURRENT LIABILITIES	$3.6B
TOTAL LIABILITIES	$4.8B
Common Stock	$2M
Additional Paid-In Capital	$3.0B
Retained Earnings	$853M
Treasury Stock	-$31M
Accum. Other Comp. Income	-$62M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.8B
Minority Interest	$0
TOTAL EQUITY	$3.8B
TOTAL LIABILITIES & EQUITY	$8.6B
Total Debt	$3.6B
Net Debt	$3.4B