Callaway Golf Company Announces New $100 Million Stock Repurchase Program

Rhea-AI Summary

Callaway Golf Company (NYSE: ELY) has announced a new $100 million stock repurchase program, authorized by its Board of Directors. The program allows the company to buy back shares in open markets or private transactions, evaluating market conditions and opportunities periodically. The repurchase will comply with securities regulations and align with the company's credit facility terms. This initiative aims to enhance shareholder value and may positively impact earnings per share, although it does not require the company to purchase a specific number of shares.

Positive

• Authorized $100 million stock repurchase program to enhance shareholder value.
• Potential positive impact on earnings per share (EPS) due to stock buybacks.

Negative

• None.

CARLSBAD, Calif., May 26, 2022 /PRNewswire/ -- Callaway Golf Company (NYSE: ELY) (the "Company") announced today that the Board of Directors has authorized the Company to repurchase up to $100 million of the Company's common stock in open market or in private transactions. The Company will assess market conditions, buying opportunities and other factors from time to time and will make strategic repurchases as appropriate.  The repurchases will be made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, subject to market conditions, applicable legal requirements and other factors, and the repurchases will be made consistent with the terms of the Company's credit facilities, which define the amount of stock that can be repurchased.  The repurchase program does not require the Company to acquire a specific number of shares and it will remain in effect until completed or until terminated by the Board of Directors.

Forward-Looking Statements

This press release contains forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements include the Company's intention to purchase shares of its common stock pursuant to a stock repurchase program, the anticipated timing, amount and impact of the stock repurchase program on the Company's financial statements and other statements regarding the Company's "expectations," "beliefs," "hopes," "intentions," "strategies," or the like. These statements are based upon current information and expectations and involve unknown risks, uncertainties, assumptions and other factors, many of which are out of the Company's control and difficult to forecast, which could cause actual results to differ materially from the forward-looking statements. For additional information concerning these and other risks and uncertainties that could affect these statements and the Company's business, see the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as well as other risks and uncertainties detailed from time to time in the Company's reports on Forms 10-K, 10-Q and 8-K subsequently filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

About Callaway Golf Company

Callaway Golf Company (NYSE: ELY) is an unrivaled tech-enabled modern golf and active lifestyle company delivering leading golf equipment, apparel and entertainment, with a portfolio of global brands including Callaway Golf, Topgolf, Odyssey, OGIO, TravisMathew and Jack Wolfskin. Through an unwavering commitment to innovation, Callaway manufactures and sells premium golf clubs, golf balls, golf and lifestyle bags, golf and lifestyle apparel and other accessories, and provides world-class golf entertainment experiences through Topgolf, its wholly-owned subsidiary. For more information please visit www.callawaygolf.com, www.topgolf.com, www.odysseygolf.com, www.OGIO.com, www.travismathew.com, and www.jack-wolfskin.com.

Contacts:	Brian Lynch
	Patrick Burke
	(760) 931-1771

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SOURCE Callaway Golf Company

FAQ

What is the purpose of Callaway Golf's $100 million stock repurchase program?

The program aims to enhance shareholder value and may positively impact the company's earnings per share.

When was the stock repurchase program announced for Callaway Golf (ELY)?

The stock repurchase program was announced on May 26, 2022.

How will Callaway Golf (ELY) execute the stock buyback?

The repurchases will be made in open markets or private transactions, subject to market conditions and regulatory compliance.

Is there a specific number of shares Callaway Golf (ELY) is required to repurchase?

No, the repurchase program does not require the company to acquire a specific number of shares.