Callaway Golf (CALY) FY2018 results: revenue $1.2 billion, up 18.5% on the year
Callaway Golf Co. (CALY) reported revenue of $1.2 billion for fiscal 2018, the year ended 31 December 2018, up 18.5% on the year before. Net income was $105 million, up 156.7%, and diluted earnings per share $1.08. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2019.
Revenue
$1.2 billion
+18.5% on the year
FY2011FY2018
Operating margin
10.3%
7.5% a year earlier
FY2011FY2018
Net income
$105 million
+156.7% on the year
FY2011FY2018
Diluted EPS
$1.08
+157.1% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,243
1,049
871
+18.5%
Cost of revenue
664
568
486
+16.9%
Gross profit
578
480
385
+20.4%
Gross margin
46.5%
45.8%
44.2%
Research and development
40.8
36.6
33.3
+11.4%
Operating income
128
78.8
44.2
+62.9%
Operating margin
10.3%
7.5%
5.1%
Interest expense
5.5
4.4
2.4
+27.0%
Pre-tax income
131
68.1
58.4
+92.9%
Income tax
26.0
26.4
-133
-1.4%
Effective tax rate
19.8%
38.8%
-227.0%
Net income
105
40.8
190
+156.7%
Net margin
8.4%
3.9%
21.8%
Diluted EPS
$1.08
$0.42
$1.98
+157.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
92.3
118
77.7
-21.6%
Capital expenditure
36.8
26.2
16.2
+40.5%
Free cash flow
55.5
91.5
61.6
-39.4%
Free cash flow margin
4.5%
8.7%
7.1%
Cash from investing
-38.5
-231
9.0
Cash from financing
-75.1
69.4
-9.3
Depreciation and amortisation
19.9
17.6
16.6
+13.3%
Share-based compensation
13.5
12.6
9.0
+7.0%
Buybacks
22.5
16.6
5.1
+35.1%
Dividends paid
3.8
3.8
3.8
+0.4%
Dividend per share
$0.04
$0.04
$0.04
0.0%
Diluted shares, weighted
97m
97m
96m
+0.6%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
725
650
599
+11.5%
Non-controlling interest
9.7
9.7
9.7
-0.1%
Debt
49.9
99.6
12.0
-49.9%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
269
232
181
+15.7%
Total liabilities and equity
1,053
991
801
+6.2%
Fixed assets
88.5
70.2
54.5
+26.0%
Goodwill
55.8
56.4
25.6
-1.1%
Intangible assets
225
226
88.7
-0.5%
Cash and equivalents
64.0
85.7
126
-25.3%
Receivables
71.4
94.7
128
-24.7%
Inventory
338
262
189
+28.8%
Other assets
211
196
189
+7.5%
Total assets
1,053
991
801
+6.2%
10-K for the year ended 31 December 2018, filed 1 March 2019: the filing.