Callaway Golf Co (CALY) 2025 Q4 法說會逐字稿

Good day and welcome to the Callaway Golf Company fourth-quarter 2025 earnings call.

大家好，歡迎參加 Callaway Golf Company 2025 年第四季財報電話會議。

(Operator Instructions) Please note, this event is being recorded.

(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Katina Metzidakis, Vice President of Investor Relations and Corporate Communications. Please go ahead.

現在我想把會議交給投資人關係與企業傳播副總裁 Katina Metzidakis。請開始。

Good afternoon and welcome to Callaway Golf Company's fourth-quarter earnings conference call.

各位下午好，歡迎參加 Callaway Golf Company 2025 年第四季財報電話會議。

I'm Katina Metzidakis, Vice President of Investor Relations and Corporate Communications. Joining me on today's call are Chip Brewer, our President and Chief Executive Officer; and Brian Lynch, our Chief Financial Officer and Chief Legal Officer.

我是 Katina Metzidakis，投資人關係與企業傳播副總裁。今天與我一同出席的有：我們的總裁暨執行長 Chip Brewer，以及我們的財務長暨法務長 Brian Lynch。

Earlier today, the company issued a press release announcing its fourth-quarter 2025 financial results. Our earnings presentation, as well as our earnings press release, are both available on our Investor Relations website, under the Financial Results tab.

公司今日稍早已發布新聞稿，公布 2025 年第四季財務結果。我們的財報簡報以及財報新聞稿，皆可於投資人關係網站的「財務結果」分頁取得。

Aside from revenue, the financial numbers reported and discussed on today's call are all non-GAAP measures. We identify these non-GAAP measures in the presentation; and reconcile the measures to the corresponding GAAP measures in accordance with Regulation G.

除營收外，今天電話會議中所報告與討論的財務數字皆為非 GAAP 指標。我們在簡報中標示這些非 GAAP 指標，並依據 Regulation G 將其與相對應的 GAAP 指標進行調節。

Please note that this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations. Please review the Safe Harbor statements that are contained in the presentation and the press release for a more complete description.

請注意，本次電話會議將包含前瞻性陳述，涉及風險與不確定性，可能導致實際結果與管理層目前預期存在重大差異。請查閱簡報與新聞稿中所載之「安全港」聲明，以取得更完整的說明。

With that, I'd like to turn the call over to Chip.

接下來，我想把電話會議交給 Chip。

Thanks, Katina. Hello, everyone.

謝謝你，Katina。各位好。

Before jumping into our results, I'd like to take a moment to reflect on the significant changes we've made to our business over this past year.

在進入我們的業績之前，我想先花一點時間回顧過去一年我們對業務所做的重大調整。

In May, we successfully completed the sale of the Jack Wolfskin Outdoor Apparel and Gear business to ANTA Sports for $290 million, representing an important first step towards refocusing our strategic priorities on our core Golf Equipment and Apparel businesses.

5 月，我們成功以 2.9 億美元將 Jack Wolfskin 戶外服飾與裝備業務出售給安踏體育（ANTA Sports），這是我們重新聚焦策略重點、回歸核心高爾夫球具與服飾業務的重要第一步。

Then, just last month, we announced the successful completion of the sale of a 60% stake in the Topgolf business to Leonard Green & Partners in a deal valued at approximately $1.1 billion. We've received approximately $800 million in cash in this transaction and immediately repaid $1 billion of our term loan B debt.

接著，就在上個月，我們宣布已成功完成將 Topgolf 業務 60% 股權出售給 Leonard Green & Partners 的交易，該交易估值約 11 億美元。本次交易我們約收到 8 億美元現金，並立即償還 10 億美元的 B 期定期貸款（term loan B）債務。

Following the deal close and the repayment of the debt, we are in a net cash-positive position. We anticipate generating positive cash flow this year, returning capital to shareholders, and ending the year with a continued net cash-to-zero net leverage position.

在交易完成及償債之後，我們目前處於淨現金為正的狀態。我們預期今年將產生正向現金流、回饋股東資本，並在年底維持淨現金至零淨槓桿的狀態。

We also expect Topgolf to thrive, going forward; and that this transaction will provide our investors with the upside of Topgolf, without any operational involvement from the Callaway management team and with no financial obligations. Importantly, all Topgolf lease and debt obligations stay with the new Topgolf entity, with no recourse back to Callaway Golf.

我們也預期 Topgolf 未來將持續蓬勃發展；而這筆交易將使投資人得以享有 Topgolf 的上行潛力，同時 Callaway 管理團隊不再參與其營運，且不承擔任何財務義務。重要的是，所有 Topgolf 的租賃與債務義務都將留在新的 Topgolf 實體中，且不對 Callaway Golf 追索。

With these transactions behind us, we've returned to our roots as a leading pure-play golf company, including returning to our prior name, Callaway Golf Company.

隨著這些交易告一段落，我們已回歸本業，成為領先的純高爾夫公司，並恢復使用先前的公司名稱 Callaway Golf Company。

I'd like to take a moment to thank the teams for all the hard work they put in to help us make this transition complete.

我想藉此機會感謝各團隊為完成這次轉型所付出的辛勤努力。

The excitement in our headquarters in Carlsbad is now palpable, as we turn our focus to bring the company vision to life, which is to make the game better for every golfer by being the global leader in innovation, performance, and craftsmanship across premium golf equipment, apparel, and accessories.

我們位於卡爾斯巴德（Carlsbad）的總部如今充滿可感受的興奮氛圍，因為我們正把重心放在實現公司的願景：透過在高端高爾夫球具、服飾與配件領域的創新、性能與工藝成為全球領導者，讓每一位高爾夫球友都能把這項運動打得更好。

Now, turning to our results:

接下來談我們的業績：

In Q4, Topgolf performed roughly consistent with expectations, finishing the year with a strong second half. We're optimistic about the future of this business.

第四季 Topgolf 的表現大致符合預期，下半年收官強勁。我們對該業務的未來感到樂觀。

As we are now a minority partner in a private business, we will no longer be reporting on this business during our earnings calls. We're back to being a pure play. This is back to being a golf-focused call.

由於我們現在是這家私人企業的少數股東，我們將不再在財報電話會議中報告該業務。我們回到純粹的本業。這將回到以高爾夫為核心的電話會議。

To that end, I'm pleased to report the Callaway Golf Company's Q4 results were better than expected in both the top line and in EBITDA. This applies to all regions, as well as both TravisMathew and Callaway Golf.

因此，我很高興地報告，Callaway Golf Company 第四季的業績在營收與 EBITDA 兩方面都優於預期。這適用於所有地區，以及 TravisMathew 與 Callaway Golf 兩大業務。

Now, stepping back to look at the big picture, there is no doubt that the last several years have proven that the game of golf is as healthy as it's ever been; or, certainly, as I've ever seen in my career. According to the National Golf Foundation, 2025 was no exception.

再退一步看整體大局，毫無疑問，過去幾年已證明高爾夫運動的健康程度達到前所未有的水準；至少在我的職涯中從未見過如此。根據美國國家高爾夫基金會（National Golf Foundation），2025 年也不例外。

The year ended with US rounds played up 1.2%, marking another record year, the third consecutive year of growth and the sixth year of increases over the last seven years. Golf's US reach, including those who play, watch, read about, or follow golf is now more than 136 million or approximately 2 out of every 5 Americans.

全年美國打球回合數（rounds played）成長 1.2%，再創紀錄；這是連續第三年成長，也是過去七年中第六年增加。高爾夫在美國的觸及人數（包含打球、觀看、閱讀或關注高爾夫的人）現已超過 1.36 億人，約相當於每 5 位美國人就有 2 位。

Participation in off-course golf grew, once again, and is now estimated to be 38 million, an increase of 63% since 2019. This growth in off-course golf is clearly supporting more interest in the game and creating a greater on-ramp for on-course golf. On-course golf participation is now estimated to be 29.1 million; and is up 20% since 2019.

非球場高爾夫（off-course golf）的參與人數再次成長，目前估計為 3,800 萬人，較 2019 年增加 63%。非球場高爾夫的成長顯然正在提升對這項運動的興趣，並為球場高爾夫提供更大的導入管道。球場高爾夫（on-course golf）參與人數目前估計為 2,910 萬人，較 2019 年成長 20%。

Over the same period, on-course participation by women is up 46%. Young golfers aged 6 to 17 years of age is up 58%. Participation by people of color is up 61%. These are terrific numbers and trends.

在同一期間，女性的球場參與度成長 46%。6 至 17 歲的年輕球友成長 58%。有色人種的參與度成長 61%。這些都是非常亮眼的數字與趨勢。

The sport and business of golf is clearly in a good spot. At the same time, Callaway, Odyssey, and TravisMathew remain impressively strong brands, a position they've enjoyed for some time.

高爾夫這項運動與其商業面顯然正處於良好位置。同時，Callaway、Odyssey 與 TravisMathew 仍是極為強勢的品牌，而這樣的地位他們已維持一段時間。

On the Golf Equipment side, Callaway maintains a top 2 market share position in both clubs and balls in the US; and a top 1 or 2 club position in every primary market we compete. This past year, on global tours, the Callaway and Odyssey brands saw 61 driver, 92 putter, and 35 ball wins. We are generally viewed as the leader in technology and innovation, globally. Odyssey remained the number 1 putter across global tours.

在高爾夫球具方面，Callaway 在美國的球桿與球類市場皆維持前二大市占；並且在我們競爭的每個主要市場中，球桿市占皆位居第一或第二。過去一年在全球巡迴賽上，Callaway 與 Odyssey 品牌分別拿下 61 場一號木（driver）勝利、92 場推桿（putter）勝利，以及 35 場球（ball）勝利。整體而言，我們在全球被視為科技與創新的領導者。Odyssey 仍是全球巡迴賽上排名第一的推桿品牌。

Turning to the Apparel and Gear segment, our Callaway and OGIO Gear and Accessory business remains strong. TravisMathew remains a premium, scaled, men's apparel and lifestyle brand, with a growing presence in women's.

再看服飾與裝備部門，我們的 Callaway 與 OGIO 裝備及配件業務依然強勁。TravisMathew 仍是高端、具規模的男裝與生活風格品牌，並在女裝領域持續擴大布局。

Furthermore, on a net-of-new-tariff basis, we drove meaningful improvements in our Golf Equipment gross margins, last year. We also managed two strategic processes at corporate, delivered strong cash flow, and transformed our balance sheet.

此外，以扣除新增關稅的基礎來看，我們去年在高爾夫裝備的毛利率方面取得了顯著改善。我們也在公司層面推進了兩項策略性流程，帶來強勁的現金流，並改善了資產負債表。

Turning to the year ahead, we are very proud of our new product for 2026 across the company. Initial feedback on our new Golf Equipment from both our green grass and retail partners has been strong.

展望未來一年，我們對公司在 2026 年推出的新產品感到非常自豪。來自草地球場（green grass）與零售合作夥伴對我們新款高爾夫裝備的初步回饋都相當正面。

On the club side, we launched our Quantum family of woods and irons, as well as our new Odyssey AI-Dual Putters. These are engineered with groundbreaking technology across every category.

在球桿方面，我們推出了 Quantum 系列的木桿與鐵桿，以及全新的 Odyssey AI-Dual 推桿。這些產品在各個品類都採用了突破性的技術設計。

The new Quantum Driver, in particular, introduces a revolutionary Tri-Force Face, which we believe is the most advanced face technology in the world, consisting of three materials: titanium, Poly Mesh, and carbon fiber, engineered for exceptional speed and spin consistency and, thus, delivering improved distance and dispersion.

其中，全新的 Quantum 一號木尤其引人注目，導入革命性的 Tri-Force 桿面；我們相信這是全球最先進的桿面技術，由三種材料構成：鈦金屬、Poly Mesh 與碳纖維，旨在實現卓越的球速與旋轉一致性，進而提升距離與落點分散度表現。

On the ball side, we're excited about the second iteration of our premium Chrome Tour family of balls, which are designed to deliver more speed, along with unmatched consistency and overall performance.

在球類方面，我們對高階 Chrome Tour 系列高爾夫球的第二代產品感到振奮；其設計目標是提供更高球速，同時具備無與倫比的一致性與整體性能。

As we get ready for the peak spring and summer sales seasons, we are excited about our new product offerings across our business, as well as healthy market fundamentals.

隨著我們準備迎接春夏銷售旺季，我們對全業務的新產品組合以及健康的市場基本面感到期待。

At the same time, there are some external factors to consider:

同時，也有一些外部因素需要考量：

First, incremental tariff expense of approximately $40 million in 2026, on top of approximately $35 million last year, is driving higher-than-historical price points in several categories.

第一，2026 年新增的關稅費用約 4,000 萬美元，加上去年約 3,500 萬美元，正推動多個品類的定價水準高於歷史水平。

In addition, although the golf consumers remained healthy and engaged, over the last year, both overall consumer confidence and job growth have been at lower-than -desired levels.

此外，儘管過去一年高爾夫消費者仍維持健康且投入，但整體消費者信心與就業成長均低於理想水準。

Taken all together, these dynamics warrant close monitoring. Still, as we return our full focus to our core business, we're excited about the opportunities we see.

綜合來看，這些動態值得密切關注。即便如此，當我們把全部重心重新聚焦於核心業務時，我們對所看到的機會感到振奮。

We're seizing this moment as a newly focused company to make three fundamental changes that we believe will maximize efficiency and drive long-term improvement in both our share and our margins:

作為一家重新聚焦的公司，我們正把握此刻推動三項根本性變革；我們相信這將最大化效率，並在長期推動市占率與利潤率的改善：

First, we're pulling back on sales of some of our lower-margin categories and channels across the business.

第一，我們將在全公司範圍內縮減部分低毛利品類與通路的銷售。

Secondly, we're making incremental investments into our fitting program, an area that is important for us to maintain our leadership position in Equipment.

第二，我們將對配桿（fitting）計畫進行增量投資；這是我們維持裝備領導地位的重要領域。

Thirdly, we will be making some changes to our launch cadences, taking a longer-term view on a product line that we would have normally launched this fall; and extending product life cycles in another.

第三，我們將調整產品上市節奏：對原本通常會在今年秋季推出的一條產品線採取更長期的規劃；並在另一條產品線上延長產品生命週期。

These changes will have a negative impact on our revenues this year, particularly in the second half; but should improve our long-term profitability and market share, going forward.

這些變更將在今年對營收造成負面影響，尤其是在下半年；但展望未來，應可提升我們的長期獲利能力與市占率。

In conclusion, we ended last year on a fantastic note, executing two transformational transactions and returning to our roots as a leader in golf, with a strong balance sheet and the opportunity to drive further improvements in our business.

總結來說，我們在去年以非常亮眼的表現作結，完成兩筆具轉型意義的交易，並以強健的資產負債表回歸高爾夫領導者的本業，同時也具備推動業務進一步改善的機會。

However, we're not content. We see opportunity. We believe that our renewed focus will drive an even stronger company, going forward.

然而，我們並不滿足。我們看見機會。我們相信，重新聚焦將在未來打造一家更強大的公司。

We know our teams are fired up to take on this challenge. Our management team is entering 2026 clear-eyed, energized, and optimistic about our opportunity as a pure-play golf company, again.

我們知道團隊已蓄勢待發，準備迎接這項挑戰。管理團隊以清醒的視角、充沛的動能與樂觀的態度迎接 2026 年，並再次對我們作為純高爾夫（pure-play）公司的機會充滿信心。

Thank you for taking the time to join our call today. With that, I'll turn it over to Brian.

感謝各位今天撥冗參加我們的電話會議。接下來我把時間交給 Brian。

Thank you, Chip. Good afternoon, everyone.

謝謝你，Chip。各位下午好。

As you will see, following the sale of the Jack Wolfskin business and the 60% interest in Topgolf, both businesses have been reflected as discontinued operations in our financial results. As required -- and to make prior periods comparable -- the prior periods have also been restated to reflect the discontinued operations presentation.

如各位所見，在出售 Jack Wolfskin 業務以及 Topgolf 60% 權益之後，這兩項業務在我們的財務結果中均已列為終止營業（discontinued operations）。依規定——並為了使前期期間具可比性——前期期間也已重述，以反映終止營業的呈列方式。

On today's call, I will be discussing our financial results for our continuing operations on a non-GAAP basis. Unless otherwise noted, all comparisons are on a year-over-year basis.

在今天的電話會議中，我將以非 GAAP 基礎討論我們持續營業（continuing operations）的財務結果。除非另有說明，所有比較均為年對年（YoY）比較。

Before jumping into results, I want to review some details surrounding the Topgolf transaction, which you can see on slides 7 and 8. As Chip mentioned, we are very pleased with our recent Topgolf transaction, which re-establishes us as a pure-play golf business, while our 40% minority stake preserves our ability to participate in any future upside at Topgolf.

在進入業績之前，我想先回顧一些與 Topgolf 交易相關的細節，各位可在投影片第 7 與第 8 頁看到。如 Chip 所提，我們對近期的 Topgolf 交易非常滿意；該交易使我們重新成為純高爾夫業務，同時我們保留的 40% 少數股權也讓我們能參與 Topgolf 未來任何上行空間。

In terms of the specifics of the transaction, we sold a 60% stake in Topgolf, based on a $1.1 billion valuation. The sale proceeds and related financing transactions resulted in approximately $800 million in cash proceeds, net of working capital adjustments and transaction costs. We subsequently used this cash, as well as a portion of the cash on our balance sheet, to pay down $1 billion of the $1.2 billion term loan debt.

就交易細節而言，我們以 11 億美元估值出售了 Topgolf 60% 的股權。出售所得與相關融資交易帶來約 8 億美元的現金收入（扣除營運資金調整與交易成本後）。隨後，我們使用這筆現金以及資產負債表上的部分現金，償還了 12 億美元定期貸款債務中的 10 億美元。

In addition, immediately following the repayment of our loan, we had approximately $480 million in outstanding debt, which includes $258 million of convertible notes and $166 million in remaining term debt, as well as unrestricted cash and cash equivalents of approximately $680 million. As a result, there is currently no net leverage on our business.

此外，在償還貸款後，我們尚有約 4.8 億美元未償債務，其中包括 2.58 億美元可轉換公司債與 1.66 億美元剩餘定期債務；同時，受限制以外的現金及約當現金約為 6.8 億美元。因此，目前我們的業務不存在淨槓桿（net leverage）。

We are in a net cash position. We intend to settle the $250 million of convertible notes due May 2026 in cash; and expect to end the year in a net cash-to-zero net leverage position.

我們目前處於淨現金部位。我們計畫以現金償付將於 2026 年 5 月到期的 2.5 億美元可轉換公司債；並預期年底將維持淨現金至零淨槓桿的狀態。

Looking ahead, Callaway Golf's capital allocation priorities are to: one, reinvest in our business; two, maintain a healthy balance sheet; and, three, return capital to shareholders through the $200 million stock repurchase program we announced last month.

展望未來，Callaway Golf 的資本配置優先順序為：第一，再投資於本業；第二，維持健康的資產負債表；第三，透過我們上月宣布的 2 億美元庫藏股回購計畫回饋股東。

Before moving to our results, I want to reiterate one point that Chip made: Callaway Golf has no future cash obligation to Topgolf. All of Topgolf's debt, including its venue financing debt and operating leases, as well as any new debt raised in the transaction, went with Topgolf as part of the transaction. There is no recourse against us for any of Topgolf's debt, venue financing, or operating leases.

在進入業績之前，我想重申 Chip 提到的一點：Callaway Golf 對 Topgolf 不再有任何未來現金義務。Topgolf 的所有債務（包括場館融資債務與營運租賃），以及交易中新增的任何債務，均隨 Topgolf 一併移轉。對於 Topgolf 的任何債務、場館融資或營運租賃，均不得向我們追索（no recourse）。

Now, turning to our financial results, we are pleased to report a strong close to 2025, with fourth-quarter and full-year financials exceeding our expectations for revenue and adjusted EBITDA.

接著談我們的財務結果：我們很高興報告 2025 年強勁收官，第四季與全年財務表現的營收與調整後 EBITDA 均超出我們的預期。

Starting with full-year results, consolidated net sales were down slightly, primarily due to a 1.4% decrease in our [Soft Goods] segment, which was impacted by soft market conditions, globally. Golf Equipment sales were approximately flat.

先從全年結果開始，合併淨銷售額小幅下滑，主要原因是我們的 [Soft Goods] 部門下滑 1.4%，受到全球市場疲弱狀況影響。高爾夫裝備銷售額約略持平。

With regard to tariffs, in 2025, the company incurred $34 million of incremental tariff costs; of which, $25 million impacted our Golf Equipment segment, with the remainder impacting the Soft Goods segment.

關於關稅方面，2025 年公司產生了 3,400 萬美元的新增關稅成本；其中 2,500 萬美元影響了我們的高爾夫球具（Golf Equipment）部門，其餘則影響軟性用品（Soft Goods）部門。

Our full-year consolidated gross margin declined approximately 60 basis points to 42.2% due to the $34 million of incremental tariffs, which impacted gross margins by 166 basis points. Our Golf Equipment gross margin, however, actually increased 10 basis points; and, importantly, would have increased 189 basis points, excluding tariffs. These results are a testament to the hard work and good progress our teams have made on our gross margin initiatives.

我們全年合併毛利率下降約 60 個基點至 42.2%，原因是 3,400 萬美元的新增關稅，對毛利率造成 166 個基點的影響。然而，我們的高爾夫球具毛利率實際上增加了 10 個基點；且重要的是，若排除關稅影響，本應增加 189 個基點。這些結果證明了我們團隊在毛利率提升計畫上所付出的努力與取得的良好進展。

Our operating expenses increased 1%, as our cost savings initiatives offset almost all normal inflationary pressures and the year-over-year increase in annual compensation expense. As a reminder, we paid very little annual incentive compensation in 2024.

我們的營業費用增加 1%，因為成本節省措施幾乎抵銷了所有正常的通膨壓力以及年度薪酬費用的年增。提醒一下，2024 年我們支付的年度激勵獎金非常少。

Adjusted EBITDA was $222 million, representing a $39 million decrease. This result was better than expected.

調整後 EBITDA 為 2.22 億美元，較前一年減少 3,900 萬美元。此結果優於預期。

FX had a minimal impact on our full-year 2025 results.

匯率（FX）對我們 2025 全年結果的影響很小。

Moving to quarterly results, fourth-quarter consolidated sales of $368 million decreased 1% year over year. This decrease was due to an $11 million decline in Golf Equipment sales due to fewer second-half product launches, partially offset by a $7 million increase in our Soft Goods segment.

接著看季度表現，第四季合併銷售額為 3.68 億美元，年減 1%。此下降主要因高爾夫球具銷售額減少 1,100 萬美元（由於下半年新品上市較少），部分被軟性用品部門增加 700 萬美元所抵銷。

Q4 gross margin declined 220 basis points to 37.4% due to a 340 basis points impact from incremental tariffs.

第四季毛利率下降 220 個基點至 37.4%，原因是新增關稅帶來 340 個基點的影響。

Q4 operating expenses increased $19 million due to a $19 million increase in annual incentive compensation expense. As a reminder, we are lapping a reversal of the amount of incentive compensation accrual in Q4, last year.

第四季營業費用增加 1,900 萬美元，係因年度激勵獎金費用增加 1,900 萬美元。提醒一下，我們正在與去年第四季激勵獎金應計金額回轉的基期相比。

Adjusted EBITDA of negative $25 million declined $30 million. This decrease is better than expected and was impacted by the $12 million of incremental new tariff expense and the higher annual incentive compensation expense.

調整後 EBITDA 為負 2,500 萬美元，下降 3,000 萬美元。此降幅優於預期，並受到 1,200 萬美元新增關稅費用及較高的年度激勵獎金費用影響。

Moving to liquidity, as of January 2, 2026, we had approximately $480 million in outstanding debt; and had unrestricted cash and cash equivalents of approximately $680 million, putting the company in a net cash-positive position. As I mentioned earlier, we expect to maintain this net cash-to-zero net leverage position in 2026.

接著看流動性，截至 2026 年 1 月 2 日，我們約有 4.80 億美元的未償債務；且不受限制的現金及約當現金約為 6.80 億美元，使公司處於淨現金為正的狀態。如我先前提到的，我們預期在 2026 年維持此淨現金至零淨槓桿的狀態。

Capital expenditures for 2025 were $32 million.

2025 年資本支出為 3,200 萬美元。

Now, moving to guidance, which you will see on slides 13 and 14, given our renewed pure-play focus, as Chip noted, we are making some fundamental shifts to our business to prioritize long-term margin expansion and free cash flow.

接著談指引（你們會在第 13 與第 14 張投影片看到），鑑於我們重新聚焦於純粹本業（pure-play），如 Chip 所提，我們正對業務做出一些根本性的調整，以優先推動長期毛利率擴張與自由現金流。

For 2026 full-year revenue, we anticipate a range of $1.98 billion to $2.05 billion, down slightly at the midpoint versus last year due to the fundamental changes Chip discussed earlier.

就 2026 全年營收而言，我們預期區間為 19.8 億至 20.5 億美元；由於 Chip 先前討論的根本性變革，中位數較去年略為下降。

As a reminder, these changes include rationalizing and reducing sales of some of our lower-margin categories and channels. We are also planning to increase product lifecycles in certain Golf Equipment areas, which will impact our financial results in the back half of the year. We believe both of these changes will positively impact those margins over the long term.

提醒一下，這些變革包括對部分低毛利品類與通路的銷售進行合理化並予以縮減。我們也計畫在某些高爾夫球具領域延長產品生命週期，這將在下半年影響我們的財務結果。我們相信這兩項變革將在長期對毛利率帶來正面影響。

Moving to EBITDA, we expect full-year adjusted EBITDA in the range of $170 million to $195 million. This outlook includes incremental tariffs of approximately $40 million compared to 2025; or a gross tariff impact of approximately $75 million versus 2024; and approximately $16 million in lower dividend income due to a significantly lower cash balance compared to 2025 due to the $1 billion of cash we used to pay down debt.

就 EBITDA 而言，我們預期全年調整後 EBITDA 介於 1.70 億至 1.95 億美元。此展望包含相較 2025 年約 4,000 萬美元的新增關稅；或相較 2024 年約 7,500 萬美元的關稅總影響；以及因現金餘額相較 2025 年顯著降低（由於我們使用 10 億美元現金償還債務）而導致股利收入減少約 1,600 萬美元。

This will, of course, also mean that we (inaudible) realize savings in interest expense in 2026; and is overall cash flow-accretive.

當然，這也意味著我們在 2026 年將（聽不清）實現利息費用的節省；整體而言對現金流具有增益。

We anticipate 2026 CapEx to be in the range of $35million to $40 million.

我們預期 2026 年資本支出介於 3,500 萬至 4,000 萬美元。

Free cash flow will remain a top priority. We expect to generate approximately $100 million of free cash flow in 2026.

自由現金流仍將是最優先事項。我們預期 2026 年可產生約 1 億美元的自由現金流。

Now, turning to Q1 guidance, for Q1, we are forecasting total revenue of $635 million to $665 million, representing an approximate 3% year-over-year increase at the midpoint; and adjusted EBITDA of $110 million to $125 million.

接著看第一季指引，就第一季而言，我們預測總營收為 6.35 億至 6.65 億美元，中位數約年增 3%；調整後 EBITDA 為 1.10 億至 1.25 億美元。

In Q1 2026, we expect an incremental $24 million of tariff expense compared to Q1 2025. We are lapping a $12 million benefit from the early termination of our former Japan headquarters lease in Q1, last year.

在 2026 年第一季，我們預期相較 2025 年第一季將增加 2,400 萬美元的關稅費用。我們也正在與去年第一季因提前終止前日本總部租約而帶來 1,200 萬美元利益的基期相比。

This is an exciting period of transformation for Callaway. As Chip mentioned, in the last seven months of 2025, we sold the Jack Wolfskin business and a 60% stake in Topgolf. These transactions and the subsequent use of transaction proceeds to reduce our debt profile not only returned us to our core golf heritage but also changed our capital structure, such that we are now in a net cash position.

這是 Callaway 令人振奮的轉型時期。如 Chip 所提，在 2025 年最後七個月，我們出售了 Jack Wolfskin 業務以及 Topgolf 60% 的持股。這些交易以及後續將交易所得用於降低債務結構，不僅讓我們回歸核心的高爾夫傳承，也改變了我們的資本結構，使我們目前處於淨現金狀態。

We are now in the process of resetting our business by emphasizing our most profitable products and channels and reducing costs, while continuing to invest in the areas that matter most for the health of the business.

我們目前正著手重置業務：強調最具獲利性的產品與通路並降低成本，同時持續投資於對企業健康最重要的領域。

From this reset base, we believe we can grow sales more profitably, generate stronger free cash flow, and be in a position to return significant capital to shareholders.

在此重置基礎上，我們相信能以更高的獲利能力成長銷售、產生更強勁的自由現金流，並具備向股東回饋可觀資本的條件。

We have strong brand. With our renewed focus on our core business, we are excited about the future.

我們擁有強大的品牌。隨著我們重新聚焦核心業務，我們對未來感到振奮。

With that said, I will turn the call back over to the operator to begin Q&A.

話說到這裡，我將把電話交回給接線員，開始問答環節。

Thank you. We will now begin the question-and-answer session.

謝謝。我們現在開始問答環節。

(Operator Instructions)

(接線員指示)

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

Hey. Good morning, everyone -- or good afternoon, everyone.

嗨。各位早安——或各位午安。

I, first, have a question about sales and the way you approach the guidance with all the newness. Would you say you built it based on moderate product success with the newness -- very successful with the launch of the newness.

我首先想問關於銷售，以及在這麼多新品因素下你們如何制定指引。你會說你們是以新品表現中等的情境來建模——還是以新品上市非常成功的情境來建模？

Maybe, if you think about, like, drivers, balls, and irons, did you build in the simple price and inflation component? Or are you thinking that there's a lot more unit growth on top of that, as well?

另外，如果你想像一下，例如一號木（drivers）、球（balls）和鐵桿（irons），你們是否已納入單純的價格與通膨因素？還是你們也認為在此之上還會有更多的銷量（unit）成長？

And then, I have one follow-up.

然後我還有一個追問。

Hi, Simeon.

嗨，Simeon。

I would guess that we're looking at it from a moderate perspective, in direct answer to that question. We are cautiously optimistic, based on what we know, right now.

我猜我們是以較為溫和的角度來看，直接回答你的問題。基於我們目前所掌握的資訊，我們抱持審慎樂觀的態度。

The golf market, as you know, is healthy. We feel good about our product, our plans. We've got a proven track record, where over the last 12 years, in 9 of them, we were number 1 in clubs. We've delivered steady growth in golf ball. We feel good about the brand; R&D delivering innovation edge. We should benefit from greater focus on being a pure play.

如你所知，高爾夫市場很健康。我們對我們的產品與計畫感到樂觀。我們有經過驗證的實績：過去12年中有9年，我們在球桿品類排名第1。我們在高爾夫球方面也實現了穩健成長。我們對品牌很有信心；研發持續帶來創新優勢。我們應可受惠於更聚焦、成為純粹的單一業務公司。

But, with all that said, it's too soon to be sure. We're not yet in peak season. We have to see how our products and the price points perform, at that time; how the weather is; et cetera.

不過，話雖如此，現在要有把握還太早。我們尚未進入旺季。我們必須看到屆時我們的產品與定價帶的表現如何；天氣如何；等等。

Our Q1 revenue is forecast to be up. Perhaps, that's a cleaner look. But it's also a little pre-season. In the second half of the year, we'll be impacted by the revised launch cadence.

我們預期第一季營收將成長。或許那會是更乾淨的觀察角度。但那也仍有點偏淡季前。在下半年，我們將受到調整後的新品上市節奏影響。

But we feel good about our position. We feel really good about the market. We're making some fundamental improvements in the business.

但我們對自身的定位感到樂觀。我們對市場也非常有信心。我們正在對業務做一些根本性的改善。

Specific to the second part of your question, we feel really good about all the products. But the driver, in particular, we're getting very strong feedback. The technology in that product is simply outstanding.

就你問題的第二部分而言，我們對所有產品都非常有信心。但特別是木桿（driver），我們收到非常強勁的回饋。那款產品的技術確實非常出色。

And then, the follow-up, on margin, are you in a position to say how much better the margin profile of the business could look like? Is this (inaudible) iterative process for you, Chip, where there are certain things you'll keep doing? And then, do you reinvest what you get or you let it flow and let the business just look more profitable?

接著追問毛利：你們是否能說明公司的毛利結構可能會改善多少？Chip，這對你而言是否是（聽不清）一個持續迭代的流程，也就是有些事情你會一直做下去？另外，你們會把改善帶來的成果再投資回去，還是讓它直接流到損益表上，讓公司看起來更獲利？

Well, we certainly are extremely focused on driving improvements in the margin and, just, overall strengthening the business over the long term. We're taking a long-term perspective on this, which I think is clear. The margin's a top priority.

我們當然非常專注於推動毛利改善，以及從長期來看全面強化業務。我們以長期視角看待這件事，我想這點很清楚。毛利是最優先事項。

I also want to point out that, net of tariffs, we increased our Equipment gross margins nearly 200 basis points, last year. We're forecasting our total company gross margins to be approximately flat this year despite $40 million of incremental tariffs.

我也想指出，扣除關稅影響後，我們去年設備（Equipment）毛利率提升了將近200個基點。儘管今年將新增4,000萬美元的關稅成本，我們仍預期公司整體毛利率大致持平。

On the margin front, we're on it. We're not providing specific long-term targets, at this time. But we've got a good track record. We feel good about the direction.

在毛利方面，我們正在積極推進。目前我們不提供具體的長期目標。但我們有不錯的實績。我們對方向感到樂觀。

Anna Glaessgen, B Riley.

Anna Glaessgen，B Riley。

Good afternoon. Thanks for taking my question.

下午好。謝謝讓我提問。

I'd like to start with the discussion around exiting some lower-margin profile businesses across category and, maybe, channel. Could you expand a bit on what you're exiting and put a finer point on what the headwind is for the back half? Thanks.

我想先從你們討論退出一些低毛利結構的業務開始，可能跨品類、也可能跨通路。你們能否再多說一些你們要退出哪些業務，並更明確說明下半年逆風的來源？謝謝。

Sure. Sure, Anna.

當然。當然，Anna。

That really touches two of these improvement initiatives that we're making in our business this year.

這其實涉及我們今年在業務上推動的兩項改善措施。

One is, as we mentioned, pulling back on sales of some lower-margin products and categories. That's really a mixed optimization. We're focusing on the higher-octane products and categories that are most profitable and have the highest long-term potential.

第一項是，如我們提到的，縮減部分低毛利產品與品類的銷售。這本質上是組合優化。我們將聚焦在更高動能、最具獲利性且長期潛力最高的產品與品類。

It'll include less close-out, off-price, and second-year product. It's some SKU rationalization, less low-margin products. Some examples here may be range balls, certain SMU product, things like that.

這將包含更少的清倉、折扣通路（off-price）以及第二年產品。也會做一些SKU精簡，減少低毛利產品。一些例子可能包括練習場用球（range balls）、某些SMU產品之類。

And then, in the second half of the year, we're making some changes on our launch timing and product cycles. Normally, Anna, we have more launches in the second half of the year in even years, if you would. We're making a change this year, which will make that not the case.

第二項是在下半年，我們會對上市時點與產品週期做一些調整。通常，Anna，如果你這麼看，在偶數年我們下半年的新品上市會更多。我們今年要做一個改變，讓情況不再如此。

We're doing that because we believe that will provide long-term benefits; longer overall life cycles; greater focus; hopefully, more impactful launches; again, less close-out; greater efficiency on our launch assets; and tooling. It'll have a little bit of an impact in the second half of this year on that launch cadence item.

我們這麼做是因為我們相信這會帶來長期效益：更長的整體產品生命週期、更高的聚焦度、希望能有更具影響力的上市；同樣地，減少清倉；提升上市資產與模具（tooling）的效率。在今年下半年，這個上市節奏的調整會帶來一些影響。

But we believe it will help both profitability and margins, going forward.

但我們相信，往後這將有助於提升獲利能力與毛利率。

And then, thinking through the annual guide, could you maybe share some perspective on general expectations around the broader Golf Equipment market performance; and what you're assuming, as far as potential market share gains, on top of that? Thank you.

另外，從全年指引來看，你能否分享一下對整體高爾夫球具市場表現的一般預期；以及在此之上，你們對潛在市占提升的假設是什麼？謝謝。

Sure.

當然。

We feel good, as I mentioned, about the golf market. It's been excellent over the last year. As I mentioned in my prepared comments, the fundamentals of the golf business participation continue to be fantastic.

如我提到的，我們對高爾夫市場感到樂觀。過去一年表現非常出色。如我在事先準備的發言中提到，高爾夫產業的參與度基本面仍然非常強勁。

There's a lot of variables that will go into how this specific year plays out in our share. I hope I answered that reasonably well in Simeon's question. We're cautiously optimistic, from that perspective.

至於今年我們的市占如何演變，會受到很多變數影響。我希望在Simeon的問題中已經相當合理地回答了這點。從這個角度看，我們審慎樂觀。

But the golf market itself has been quite good. We would expect it to remain there. T

但高爾夫市場本身一直相當不錯。我們預期它會維持在這樣的水準。T

Arpine Kocharyan, UBS.

Arpine Kocharyan，UBS。

Hi. Thank you for taking my question.

嗨。謝謝讓我提問。

I was hoping you could bridge a little bit more the growth guidance for revenue for 2026; and, more importantly, EBITDA from what you did in 2025. I know you've talked about incremental tariff of $40 million. But you have taken, I think, 8% to 10% of pricing in the core product line.

我希望你能更進一步銜接一下2026年的營收成長指引；更重要的是，EBITDA相較於你們在2025年的表現如何推導。我知道你們提到新增4,000萬美元的關稅。但我認為你們在核心產品線已經做了約8%到10%的漲價。

First, does that sound right? Second, if you could maybe help us bridge then how much of that tariff impact you're able to offset through pricing; and how that flows through to your revenue in EBITDA.

第一，這樣的理解對嗎？第二，你能否協助我們銜接：你們能透過定價抵銷多少關稅影響；以及這如何反映到你們的營收與EBITDA？

And then, I have a quick follow-up.

然後我還有一個簡短的追問。

Sure. I'll start.

好的。我先開始。

On the pricing, we did take some select pricing. I do not believe it's 8% to 10% across the core product line. I think that would be more aggressive.

關於定價，我們確實對部分品項做了選擇性的調價。但我不認為在核心產品線是全面8%到10%。我覺得那會更激進一些。

And then, Brian, why don't you talk about the delta between EBITDA between the years?

接著，Brian，你來談談各年度之間 EBITDA 的差異（delta）好嗎？

Sure. At the midpoint, it's down about $40 million. That represents the $40 million of incremental tariffs that we'll have in this year, as well as $16 million less in dividend income in 2024.

當然。以中位數來看，大約下降 4,000 萬美元。這反映了我們今年將承擔的 4,000 萬美元新增關稅，以及 2024 年股利收入減少 1,600 萬美元。

I mentioned during my script that our cash balance is a lot lower than last year because we paid down a billion dollars of debt. Therefore, we'll just have less dividend income.

我在講稿中提到，我們的現金餘額比去年低很多，因為我們償還了 10 億美元的債務。因此，我們的股利收入就會比較少。

Right. But the net would've been up without, if you factor (multiple speakers) --

對。但如果把……納入考量，淨額本來會上升(多位講者) --

Without those two things, we'd be up.

如果沒有那兩件事，我們就會成長。

Right.

對。

Thank you. Okay. Chip, I did want to ask you about new product line-up this year, specifically about Tri-Force. What is the response you've seen from pro shops, mainly in Sunbelt regions, although we are early in the season, obviously. But, in terms of that initial feedback, it sounded like you were pretty positive and upbeat about Tri-Force.

謝謝。好。Chip，我想問你今年的新產品陣容，特別是 Tri-Force。你從專業球具店（pro shops）看到的反應如何？主要是在陽光帶（Sunbelt）地區，當然我們現在還在季初。不過就初步回饋而言，聽起來你對 Tri-Force 相當正面、也很有信心。

I really am. I'm very excited about the technology. This is the type of thing that Callaway does so well and really fires us up, quite frankly. This is, we think, a breakthrough product.

確實如此。我對這項技術非常興奮。坦白說，這正是 Callaway 最擅長、也真正讓我們熱血沸騰的事情。我們認為這是一款突破性的產品。

But just to give you an idea how early it is: The product hasn't launched yet. It launches tomorrow. It's premature to know definitively. But we are cautiously optimistic. We think we've got a terrific product.

不過先讓你了解一下目前有多早：產品其實還沒正式上市。明天才會上市。現在要下定論還太早。但我們審慎樂觀。我們認為這是一個非常棒的產品。

Casey Alexander, Compass Point Research & Trading.

Compass Point Research & Trading 的 Casey Alexander。

Yeah. Hi. Thanks for taking my question.

是的。嗨。謝謝讓我提問。

Looking at your guidance for 2026 -- and I understand tariffs but you did also say that there have been some price increases to offset some of the tariffs. But it presumes about a 9% EBITDA margin. Your last year, prior to purchasing Topgolf, you had about a 12% EBITDA margin.

看你們對 2026 年的指引——我理解關稅因素，但你們也提到已經有一些漲價來抵銷部分關稅。不過這似乎假設 EBITDA 利潤率約 9%。而在你們收購 Topgolf 之前的最後一年，EBITDA 利潤率大約是 12%。

How do you refill that gulf? What's different between now and then because that's a pretty substantial difference? How do you eat into that gulf and make up some of that ground?

你們要如何填補這個落差？現在和當時有什麼不同？因為這是相當大的差距。你們要如何縮小差距、把部分失土拿回來？

Yeah. Great question, Casey.

是的。很好的問題，Casey。

As we're back to being a pure play, we can't be more focused on that. We're excited about that opportunity.

既然我們回到純粹的單一業務（pure play），我們對此再也不可能更專注。我們對這個機會感到興奮。

To give us some color on that, as well, over the last year, we would have grown our Golf Equipment margins by 200 basis points, net of tariffs. We've got more work to do.

也補充一些背景：過去一年，我們的高爾夫球具（Golf Equipment）毛利率在扣除關稅影響後，仍可提升 200 個基點。我們還有更多工作要做。

Some of that is baked into the things that you're hearing about, with these three improvement initiatives: changing the mix; refocusing on the higher-octane, higher-margin products and pieces of business; changing some launch cadence and the lifecycles; reinvesting in fitting, driving even a higher percentage of our business there, and creating some differentiated approaches.

其中一部分已反映在你聽到的三項改善計畫：調整產品組合；重新聚焦在更高動能、更高毛利的產品與業務；調整新品上市節奏與產品生命週期；加碼投資客製化配桿（fitting），推動更高比例的業務來自 fitting，並打造一些差異化作法。

Those are the types of initiatives intended to move us back into the direction that you mentioned.

這些就是要把我們帶回你所提到方向的各項措施。

Just a reminder, Casey, that the tariff impact over the two years is $75 million, which has obviously impacted margins significantly.

提醒一下，Casey，兩年合計的關稅影響是 7,500 萬美元，這顯然已大幅影響利潤率。

Okay. Thank you for taking my question.

好的。謝謝回答我的問題。

Thank you, Casey.

謝謝你，Casey。

Noah Zatzkin, KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Noah Zatzkin。

Hi. Thanks for taking my question.

嗨。謝謝讓我提問。

Adding on or continuing in that train of thought, structurally, how are you thinking about the change in mix and product launch cadence, in terms of opportunity to margin?

延續剛才的思路，從結構面來看，你們如何看待產品組合變化與新品上市節奏的調整，對利潤率帶來的機會？

And then, on the $75 million of tariffs, how are you feeling about the ability to offset that, if at all, looking ahead?

另外，關於 7,500 萬美元的關稅，你們對未來能否抵銷（如果能的話）有何看法？

Thanks.

謝謝。

Sure, Noah. Those are fundamental questions.

當然，Noah。這些都是根本性的問題。

Structurally, we believe that these three improvement initiatives are what we're doing to invest in the long-term and improving the long-term margin profile; but as well as improving share, going forward. These are structural investments in the further improvement of the business.

從結構面來看，我們相信這三項改善計畫，就是我們為長期投資、並改善長期利潤率結構所做的事；同時也會在未來提升市占。這些是對業務進一步改善的結構性投資。

The $75 million of tariff impact, that's obviously significant. We've been working through that over the last year-plus. We've taken that very seriously.

至於 7,500 萬美元的關稅影響，這顯然很重大。過去一年多我們一直在處理這件事。我們非常嚴肅看待。

We talked about -- last time, we spoke (inaudible) restructuring efforts. We've talked about how we are working with our vendor partners. We're changing our mix. We're redesigning product, where appropriate. We're taking some pricing.

我們談到——上次我們通話時（聽不清）重整措施。我們也談到我們如何與供應商夥伴合作。我們正在調整產品組合。在適當之處重新設計產品。我們也進行部分定價調整。

All of these things are having the intended impact in the business. Although we're absorbing these, you can see that our projection for gross margin -- which is a forecast, at this stage -- in 2026 is for gross margins to be approximately flat.

所有這些措施都在業務中產生預期效果。雖然我們正在吸收這些影響，但你可以看到我們對 2026 年毛利率的預估——目前仍是預測——是毛利率大致持平。

That, plus the structural improvements; and then, further initiatives -- because we're building momentum on these -- is the plan, going forward.

再加上這些結構性改善；以及進一步的措施——因為我們在這些方面正在累積動能——這就是我們未來的計畫。

Thank you.

謝謝。

This concludes our question-and-answer session.

問答環節到此結束。

I would like to turn the conference back over to Chip Brewer for any closing remarks. isconnect.

我想把會議交回給 Chip Brewer，請他做結語。 isconnect.

Well, thank you, everybody, for joining our call today.

好的，謝謝各位今天參加我們的電話會議。

We're excited about the opportunity, being back to Callaway Golf Company, a pure play with excellent balance sheet and opportunity, going forward.

我們對這個機會感到興奮：回到 Callaway Golf Company，成為一家純粹的單一業務公司（pure play），擁有優異的資產負債表與未來發展機會。

We look forward to updating your progress on our Q1 call, which will occur in May.

我們期待在第一季（Q1）電話會議上向各位更新進展，該會議將於 5 月舉行。

Thank you. Have a great golfing season.

謝謝。祝各位有個精彩的高爾夫球季。

The conference is now concluded.

本次會議到此結束。

Thank you for attending today's presentation.

感謝您參加今天的簡報。

You may now disconnect.

您現在可以斷線。