Callaway Golf Company ($CALY)

Hello, and welcome to the Annual Meeting of Shareholders of Callaway Golf Company. Please note that today's meeting is being recorded. It is now my pleasure to turn today's meeting over to Chip Brewer. Chip, the floor is yours.

Thank you, and welcome to the Callaway Golf Company 2026 Annual Meeting of Shareholders. I'm Chip Brewer, President and Chief Executive Officer of the company. Today's virtual-only meeting is a live audio webcast. We believe in engaging with our shareholders, and we hope that this virtual meeting will maximize the participation of shareholders regardless of their location. Thank you very much to those who are participating in our virtual meeting online today. At this meeting, we will first address the matters to be voted upon at the meeting, and afterwards, we will have a question-and-answer session. The meeting is now called to order. Computershare represented today by Tiffany Skiles, has been appointed as Inspector of Elections and is in attendance. If you have not yet voted, please do so now by clicking on the link provided online. If you need a copy of the annual report or the proxy statement, the links are provided online as well. I would now like to introduce our Board members and director nominees. More detailed information concerning their background is included in the proxy statement as well as on our website. John Lundgren. John is the current Chairman of the Board. John is the former Chairman and Chief Executive Officer of Stanley Black & Decker and is currently also the Chairman of the Board for Visa. Russ Fleischer. Russ is a General Partner at Battery Ventures and previously served as Chief Executive Officer at 3 privately held corporations. Bavan Holloway. Bavan was appointed to our Board in 2021 and was previously Vice President of Corporate Audit for Boeing, among the other senior roles and spent 16 years at KPMG. Bayo Ogunlesi. Bayo is a Senior Managing Director of BlackRock and Founder of Global Infrastructure Partners, and he previously spent 23 years at Credit Suisse. Linda Segre. Linda is a former professional golfer and a former Executive Vice President, Chief Strategy and People Officer at Diamond Foods. Tony Thornley. Tony served as the Interim President and Chief Executive Officer of the company prior to my arrival and is the former President and Chief Operating Officer at Qualcomm. Tom Dundon. Tom is a nominee for Director and is the Chairman of Dundon Capital Partners. Tom previously served on our Board from 2021 through 2023. And was an investor and Board member of Topgolf prior to the merger. Mark Mandel. Mark is a nominee for Director and a former partner an equity portfolio manager for Wellington Management. Also joining me today are Brian Lynch, the company's Executive Vice President and Chief Financial Officer; and Heather McAllister, Senior Vice President, General Counsel and Corporate Secretary. At this meeting, shareholders are being asked to vote upon the following 3 proposals: the election of 9 directors, the ratification of the appointment of Deloitte & Touche as our independent registered public accounting firm for 2026, and the approval of the compensation of our named executive officers. Details of these 3 matters are included in the company's proxy statement. The online voting will now be closed. Heather, can you report whether we have a quorum and the result of the voting.

Chip, the Inspector of Elections has informed me that a quorum is present with over 87% of shares being represented today. Based on the preliminary review of the votes cast, the Inspector of Elections has informed me that all 9 director nominees were elected, and that the other proposals were approved in accordance with the recommendation of the Board of Directors. A final report will be available online in the next few days.

Thank you, Heather. That concludes the official business portion of the meeting, and the meeting is now adjourned. Before we proceed, I'm going to ask Heather to provide our required notices.

Any statements that are made today that relate to future plans, events, financial results, performance, prospects or growth opportunities are forward-looking statements subject to the safe harbor protection under the federal securities laws. Such statements reflect our best estimates based on current circumstances and conditions. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risks and uncertainties applicable to the company and its businesses. For details concerning these risks, you should consult the Risk Factors section of the company's annual report on Form 10-K for the year ended December 31, 2025, together with the company's reports on Forms 10-Q and 8-K subsequently filed with the Securities and Exchange Commission and the company's May 7, 2026, earnings release, which is available on the Investor Relations section of the company's website located at www.callawaygolf.com.

As mentioned in the proxy statement, there is no business presentation today, as the purpose of this meeting is to elect directors and vote upon the other matters. I would like to note, however, that our results in the first quarter exceeded expectations with strong performance from both of our segments. We're off to a good start in our return to a pure-play golf company and are encouraged by the long-term direction of our business. You can find more details about our business in our May 7, 2026 earnings release. With that said, I would like to now turn the call open for questions. You may submit questions online by clicking on the message icon. Since there are no questions, this concludes our Annual Meeting of Shareholders. Thank you for your continued interest in Callaway Golf Company.

This concludes the meeting. You may now disconnect.