Callaway Golf (CALY) FY2020 results: revenue $1.6 billion, down 6.6% on the year
Callaway Golf Co. (CALY) reported revenue of $1.6 billion for fiscal 2020, the year ended 31 December 2020, down 6.6% on the year before. Net income was -$127 million, and diluted earnings per share $-1.35. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2021.
Revenue
$1.6 billion
-6.6% on the year
FY2013FY2020
Operating margin
-6.6%
7.8% a year earlier
FY2013FY2020
Net income
-$127 million
FY2013FY2020
Diluted EPS
-$1.35
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,589
1,701
1,243
-6.6%
Cost of revenue
932
934
664
-0.3%
Gross profit
658
767
578
-14.2%
Gross margin
41.4%
45.1%
46.5%
Research and development
46.3
50.6
40.8
-8.5%
Selling, general and administrative
543
584
n/a
-7.0%
Operating income
-106
133
128
Operating margin
-6.6%
7.8%
10.3%
Interest expense
46.9
38.5
5.5
+21.8%
Pre-tax income
-127
95.8
131
Income tax
-0.6
16.5
26.0
Effective tax rate
n/a
17.3%
19.8%
Net income
-127
79.4
105
Net margin
-8.0%
4.7%
8.4%
Diluted EPS
-$1.35
$0.82
$1.08
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
228
86.5
92.3
+163.7%
Capital expenditure
39.3
54.7
36.8
-28.2%
Free cash flow
189
31.8
55.5
+493.4%
Free cash flow margin
11.9%
1.9%
4.5%
Cash from investing
-59.2
-536
-38.5
Cash from financing
96.1
493
-75.1
-80.5%
Depreciation and amortisation
39.5
35.0
19.9
+13.0%
Share-based compensation
10.9
12.9
13.5
-15.5%
Buybacks
22.2
28.1
22.5
-20.9%
Dividends paid
1.9
3.8
3.8
-49.7%
Dividend per share
$0.02
$0.04
$0.04
-50.0%
Diluted shares, weighted
94m
96m
97m
-2.2%
Shares outstanding at period end
96m
n/a
n/a
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
676
767
725
-12.0%
Non-controlling interest
n/a
0.0
9.7
Debt
673
595
49.9
+13.0%
Operating lease liabilities
178
138
0.0
+29.3%
Finance lease liabilities
0.4
0.6
n/a
-19.9%
Other liabilities
454
460
269
-1.3%
Total liabilities and equity
1,981
1,961
1,053
+1.0%
Fixed assets
146
133
88.5
+10.3%
Goodwill
56.7
204
55.8
-72.2%
Intangible assets
484
493
225
-1.8%
Cash and equivalents
366
107
64.0
+243.2%
Receivables
138
140
71.4
-1.4%
Inventory
353
457
338
-22.8%
Other assets
436
427
211
+2.1%
Total assets
1,981
1,961
1,053
+1.0%
10-K for the year ended 31 December 2020, filed 1 March 2021: the filing.