Page 1

Callaway Contacts : Brian Lynch Patrick Burke ( 760 ) 931-1771 CALLAWAY GOLF COMPANY ANNOUNCES RECORD FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2021 ; TOPGOLF ACQUISITION EXCEEDS EXPECTATIONS ; AND CALLAWAY INCREASES FINANCIAL PROJECTIONS ● First quarter 2021 consolidated Net Revenue of $ 652 million , a new record for the Company and a 47 % increase compared to the first quarter of 2020 . First quarter 2021 Net Income of $ 272 million compared to $ 29 million in the first quarter of 2020. Non - GAAP Net Income of $ 77 million in the first quarter of 2021 , an increase of $ 46 million ( 148 % ) over the first quarter of 2020 . First quarter 2021 Adjusted EBITDA of $ 128 million , a $ 68 million ( 113 % ) increase over the first quarter of 2020 . Full Year 2021 Adjusted EBITDA is now anticipated to exceed full year 2019 levels for the legacy Callaway business and to meet or exceed the full twelve - month 2019 levels for the Topgolf business acquired on March 8 , 2021 . CARLSBAD , CA / May 10 , 2021 / Callaway Golf Company ( the " Company " or " Callaway " ) ( NYSE : ELY ) announced today its financial results for the first quarter ended March 31 , 2021 . " We are very pleased with our first quarter financial results , with revenues increasing 47 % and Adjusted EBITDA increasing 113 % in the first quarter of 2021 compared to the same period in 2020 , " commented Chip Brewer , President and Chief Executive Officer of the Company . " Our golf equipment business is continuing to experience unprecedented demand while our soft goods business and Topgolf business are recovering from the pandemic faster than anticipated . We believe our three operating segments are well positioned for both the current environment and our expectations over the next several years . " " Although the COVID - 19 pandemic continues , especially in international markets , we are pleased with the current state and trends of our business , " continued Mr. Brewer . " The Topgolf merger is off to a strong start ; each of our businesses is performing ahead of plan ; and our available liquidity , comprised of cash - on - hand and availability under our credit facilities , is at an all - time high of $ 713 million at March 31 , 2021 compared to $ 260 million for the same date in 2020. As a result , we now project that full year 2021 revenue and Adjusted EBITDA levels will exceed 2019 levels for the legacy Callaway business and will meet or exceed the full twelve - month 2019 levels for the Topgolf business . "