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FORM 10-K
CALLAWAY GOLF COMPANY
2015 ANNUAL REPORT
For the fi scal year ended December 31, 2015
CERTIFICATIONS
In May 2015, the Company filed with the New York Stock Exchange the Annual CEO Certification required under Section 303A.12(a)
of the NYSE’s Listed Company Manual regarding the Company’s compliance with the NYSE’s corporate governance listing standards.
In March 2016, the Company filed with the Securities and Exchange Commission the certifications of the Company’s Chief Executive
Officer and Chief Financial Officer required under Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 as Exhibits 31.1, 31.2 and 32.1
to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015.
FORWARD - LOOKING INFORMATION
Statements made in the letter to shareholders that relate to future plans, events, financial results, performance, or growth, including
statements relating to future industry conditions, brand momentum, leadership position, product success, and the creation of long-
term shareholder value, are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These
statements are based upon current goals, estimates, information and expectations. Actual results may differ materially from those
anticipated as a result of certain risks and uncertainties, including consumer acceptance and demand for the Company’s products, the
level of promotional activity in the marketplace, future consumer discretionary purchasing activity (which can be significantly adversely
affected by unfavorable economic or market conditions or weather), changes in foreign currency exchange rates, as well as the general
risks and uncertainties applicable to the Company and its business. For details concerning these and other risks and uncertainties, see
Part I, Item IA, “Risk Factors” contained in the following Annual Report on Form 10-K, as well as the Company’s other reports on Forms
10-Q and 8-K subsequently filed with the Securities and Exchange Commission from time to time. Investors 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
update forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
NON-GAAP INFORMATION
In addition to the Company’s results prepared in accordance with generally accepted accounting principles in the United States (“GAAP”),
the Company has also provided in the letter to shareholders additional information concerning its results on a non-GAAP basis. This
non-GAAP information estimates the effect that changes in foreign currency rates had on the Company’s 2015 financial results. This
effect is derived by (i) taking the 2015 local currency results and translating them into U.S. Dollars based upon the applicable foreign
currency exchange rates for 2014 and (ii) excluding foreign currency net gains and losses recognized in other income/expense from the
translation of transactions denominated in foreign currencies and foreign currency gains and losses recognized from the Company’s
hedging contracts. The Company has included in the letter to shareholders information to reconcile the non-GAAP information to the
most directly correlated GAAP information. The non-GAAP information should not be considered in isolation or as a substitute for
any measure derived in accordance with GAAP. The non-GAAP information may also be inconsistent with the manner in which similar
measures are derived or used by other companies. Management uses such non-GAAP information for financial and operational decision-
making purposes and as a means to evaluate period over period comparisons and in forecasting the Company’s business going forward.
Management believes that the presentation of such non-GAAP information, when considered in conjunction with the most directly
comparable GAAP information, provides additional useful comparative information for investors in their assessment of the underlying
performance of the Company’s business without regard to these items.