Callaway Golf : First Quarter 2021 Earnings Conference Call Presentation

First Quarter 2021 Earnings Conference Call

May 10, 2021

IMPORTANT NOTICES

Forward-lookingStatements: During the presentation, any comments made about future performance, profitability, events, prospects, circumstances or growth, including the Company's financial outlook for 2021 (including same-venue sales, revenue and Adjusted EBITDA), strength of the Company's financial position, future industry and market conditions, impact of the COVID-19 pandemic on the business and the Company's ability to improve and recover from such impact, impact of any measures taken to mitigate the effect of the pandemic, long term benefits from increased participation and interest in golf and creation of larger market for golf, the Company's ability to continue to capture the demand for golf equipment, continued investments in the Company's business and undertaking of strategic growth initiatives, the Company's efforts to manage its operating costs and create efficiencies, the Company's ability to handle challenges in supply chain, logistics and labor and create synergies, speed of growth in the soft goods business and ability to deliver operating leverage and enhanced profitability, performance of the direct-to-consumer/e-commerce channels, the Company's brand momentum and strength of its products and technology, the projected capital expenditures, liquidity, depreciation and amortization, one-time expenses and foreign currency hedging, the benefits of the merger with Topgolf International, Inc. ("Topgolf"), including the anticipated operations, financial position, liquidity, performance, strategies, prospects, plans (including new venue openings and Toptracer bay installations) or growth and scale opportunities of the Company, Topgolf or the combined company, and statements of belief and any statement of assumptions underlying any of the foregoing are forward-looking statements, subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often characterized by the use of words such as "estimate," "expect," "anticipate," "project," "plan," "intend," "seek," "believe," "forecast," "foresee," "likely," "may," "should," "goal," "target," "might," "will," "could," "predict," "continue" and the negative or plural of these words and other comparable terminology. Such statements reflect the Company's best judgment as of the time made based on then current market trends and conditions. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risks and uncertainties applicable to the Company and its business. For details concerning these and other risks and uncertainties, you should consult the Company's earnings release issued on May 10, 2021, as well as Part I, Item 1A of the Company's most recent Annual Report on Form 10-K, together with the Company's other reports subsequently filed with the SEC from time to time. 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.

Regulation G: In addition, in order to assist you with period-over-period comparisons on a consistent and comparable basis, today's presentation includes certain non-GAAP information. This information excludes 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 merger and integration with Topgolf, transition to the Company's new North American Distribution Center, implementation of a new IT system for Jack Wolfskin, the $39 million non-cash valuation allowance recorded against certain of the Company's deferred tax assets as a result of the merger, the $253 million non-cash gain as the result of the Company's prior equity position in Topgolf, as well as non-cash amortization of the debt discount related to the Company's convertible notes. This non-GAAP information may include non-GAAP financial measures within the meaning of Regulation G. These non-GAAP measures should not be considered 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 reconciliations of such non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP. The reconciliations are included in this presentation or in the schedules to the Company's May 10, 2021 earnings release, which is available on the Investor Relations section of the Company's website located at http://ir.callawaygolf.com/.

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Company & Strategic Overview

Chip Brewer

President and CEO

Q1 BUSINESS UPDATE

• Q1 results exceeded revenue and profitability expectations across all three principal business segments
• Golf equipment continues to experience unprecedented demand and our supply chain was able to capture more of that demand than we projected
• • 29% revenue growth vs. 2020, +$85M
• Apparel and soft goods over-performed amidst COVID restrictions and shutdowns driven by positive brand momentum at TravisMathew and Jack Wolfskin, extremely pleased with segment given COVID lockdowns in Europe.
• • 21% revenue growth vs. 2020
  • Returned to positive operating profit
• Topgolf is recovering faster than anticipated and remains poised for significant growth

TEAM IS MOTIVATED TO CAPTURE THE OPPORTUNITIES AHEAD OF US

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OVERVIEW OF GOLF EQUIPMENT SEGMENT

• Golf equipment segment experienced record levels of Q1 demand globally as interest and participation in the sport have surged
• • US retail sales of golf equipment were up 72% compared to Q1 2020 and up 49% compared to Q1 2019, the highest Q1 on record and the third consecutive quarter of record sales1
  • US rounds played were up 24% YoY in Q1 20212
  • Post-COVID,we expect the industry to have a significantly larger total addressable market and strong momentum
• Global supply chain team did an excellent job at capturing demand in the market
• #1 club brand in overall brand rating in the US and leader in Innovation and Technology1
• Pleased with 2021 product range, including our premium EPIC and APEX lines, and entire golf ball lineup

GOLF EQUIPMENT BUSINESS CONTINUES TO DELIVER RECORD PERFORMANCE

1 - per Golf Datatech

2 - Per National Golf Foundation5

3 - per GfK revenue sell thru