Callaway Golf (CALY) FY2019 results: revenue $1.7 billion, up 36.9% on the year
Callaway Golf Co. (CALY) reported revenue of $1.7 billion for fiscal 2019, the year ended 31 December 2019, up 36.9% on the year before. Net income was $79 million, down 24.2%, and diluted earnings per share $0.82. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2020.
Revenue
$1.7 billion
+36.9% on the year
FY2012FY2019
Operating margin
7.8%
10.3% a year earlier
FY2012FY2019
Net income
$79 million
-24.2% on the year
FY2012FY2019
Diluted EPS
$0.82
-24.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,701
1,243
1,049
+36.9%
Cost of revenue
934
664
568
+40.6%
Gross profit
767
578
480
+32.6%
Gross margin
45.1%
46.5%
45.8%
Research and development
50.6
40.8
36.6
+24.1%
Selling, general and administrative
584
n/a
n/a
Operating income
133
128
78.8
+3.3%
Operating margin
7.8%
10.3%
7.5%
Interest expense
38.5
5.5
4.4
+594.4%
Pre-tax income
95.8
131
68.1
-27.0%
Income tax
16.5
26.0
26.4
-36.4%
Effective tax rate
17.3%
19.8%
38.8%
Net income
79.4
105
40.8
-24.2%
Net margin
4.7%
8.4%
3.9%
Diluted EPS
$0.82
$1.08
$0.42
-24.1%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
86.5
92.3
118
-6.2%
Capital expenditure
54.7
36.8
26.2
+48.5%
Free cash flow
31.8
55.5
91.5
-42.6%
Free cash flow margin
1.9%
4.5%
8.7%
Cash from investing
-536
-38.5
-231
Cash from financing
493
-75.1
69.4
Depreciation and amortisation
35.0
19.9
17.6
+75.2%
Share-based compensation
12.9
13.5
12.6
-4.7%
Buybacks
28.1
22.5
16.6
+25.0%
Dividends paid
3.8
3.8
3.8
-0.3%
Dividend per share
$0.04
$0.04
$0.04
0.0%
Diluted shares, weighted
96m
97m
97m
-0.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
767
725
650
+5.9%
Non-controlling interest
0.0
9.7
9.7
Debt
595
49.9
99.6
+1,092.0%
Operating lease liabilities
138
0.0
n/a
Finance lease liabilities
0.6
n/a
n/a
Other liabilities
460
269
232
+71.1%
Total liabilities and equity
1,961
1,053
991
+86.2%
Fixed assets
133
88.5
70.2
+50.1%
Goodwill
204
55.8
56.4
+265.0%
Intangible assets
493
225
226
+119.6%
Cash and equivalents
107
64.0
85.7
+66.7%
Receivables
140
71.4
94.7
+96.8%
Inventory
457
338
262
+35.1%
Other assets
427
211
196
+102.7%
Total assets
1,961
1,053
991
+86.2%
10-K for the year ended 31 December 2019, filed 2 March 2020: the filing.