<SEC-DOCUMENT>0001193125-21-002066.txt : 20210302
<SEC-HEADER>0001193125-21-002066.hdr.sgml : 20210302
<ACCEPTANCE-DATETIME>20210105172259
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-002066
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CALLAWAY GOLF CO
		CENTRAL INDEX KEY:			0000837465
		STANDARD INDUSTRIAL CLASSIFICATION:	 [3949]
		IRS NUMBER:				953797580
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2180 RUTHERFORD RD
		CITY:			CARLSBAD
		STATE:			CA
		ZIP:			92008-8815
		BUSINESS PHONE:		7609311771

	MAIL ADDRESS:	
		STREET 1:		2180 RUTHERFORD ROAD
		CITY:			CARLSBAD
		STATE:			CA
		ZIP:			92008

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CALLAWAY GOLF
		DATE OF NAME CHANGE:	20070604

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CALLAWAY GOLF CO
		DATE OF NAME CHANGE:	20070604

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CALLAWAY GOLF CO /CA
		DATE OF NAME CHANGE:	19940222
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">January&nbsp;5, 2021 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street,
N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Andrew Blume </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:10pt; font-family:Times New Roman">Martin James </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Callaway Golf Company </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2019 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman"><B>Filed March&nbsp;2, 2020 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the Fiscal Quarter Ended September&nbsp;30, 2020 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman"><B>Filed November&nbsp;9, 2020 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-10962</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sirs: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This letter is in response to the
comment letter, dated December&nbsp;21, 2020, from the staff of the Division of Corporation Finance (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (&#147;<B><I>SEC</I></B>&#148;) regarding the above-referenced
filings for Callaway Golf Company (&#147;<B><I>Callaway</I></B>&#148; or the &#147;<B><I>Company</I></B>&#148;). Set forth below are the Staff&#146;s comments followed by the Company&#146;s responses thereto. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2019 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Executive Summary of Results of Operations, page 38 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that your presentation of <FONT STYLE="white-space:nowrap">non-GAAP</FONT> net income and diluted
EPS on pages 41 and 46 includes adjustments for &#147;acquisition and transition expenses&#148; or &#147;acquisition and other <FONT STYLE="white-space:nowrap">non-recurring</FONT> expenses.&#148; We further note that the Adjusted EBITDA
presentation within your Form <FONT STYLE="white-space:nowrap">8-K</FONT> earnings release filed on November&nbsp;9, 2020 similarly includes an adjustment for &#147;acquisitions and other <FONT STYLE="white-space:nowrap">non-recurring</FONT>
costs.&#148; Please provide us with the nature of all significant expenses included in these adjustments. Considering they appear to recur in multiple periods, also tell us how you determined they qualify to be described as <FONT
STYLE="white-space:nowrap">&#147;non-recurring&#148;</FONT> and do not represent normal, recurring cash expenses necessary to operate your business. See Questions 100.01 and 102.03 and of the Compliance and Disclosure Interpretations on <FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures. </I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: We respectfully acknowledge the
Staff&#146;s comment. The Company has excluded certain <FONT STYLE="white-space:nowrap">non-cash</FONT> and other <FONT STYLE="white-space:nowrap">non-recurring</FONT> items in its disclosure of <FONT STYLE="white-space:nowrap">non-GAAP</FONT> net
income and diluted EPS in its Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2019 as well as from its disclosure of Adjusted EBITDAS within its Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on
November&nbsp;9, 2020 to help investors evaluate period-over-period comparisons and in forecasting the Company&#146;s business going forward. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For the period ended December&nbsp;31, 2019, the Company excluded certain &#147;Acquisition and Transition Expenses&#148; from its <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> net income and diluted EPS which primarily consisted of $4.7&nbsp;million of transaction costs associated with the acquisition of Jack Wolfskin, including banker&#146;s fees, legal fees, consulting and
travel expenses, $5.5&nbsp;million of costs associated with transitioning and reporting on the Jack </P>
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Wolfskin business, including consulting, audit fees for SEC reporting requirements and valuation services associated with preparing Jack Wolfskin&#146;s opening balance sheet, $1.5&nbsp;million
of consulting fees to address an activist investor and $3.9&nbsp;million of foreign exchange losses primarily related to the remeasurement of a foreign currency contract established to mitigate the risk of foreign currency fluctuations on the
purchase price of Jack Wolfskin which was denominated in Euros. All of the foregoing were offset by the tax impact of $4.1&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For the period ended December&nbsp;31, 2018, the Company excluded certain &#147;Acquisition and Other
<FONT STYLE="white-space:nowrap">Non-recurring</FONT> Expenses&#148; from its <FONT STYLE="white-space:nowrap">non-GAAP</FONT> net income and diluted EPS which primarily consisted of $3.7&nbsp;million of transaction costs associated with the
acquisition of Jack Wolfskin completed in January 2019, including banker&#146;s fees, legal fees, and consulting and travel expenses. These fees were more than offset by a net gain of $4.4&nbsp;million recognized from the <FONT
STYLE="white-space:nowrap">re-measurement</FONT> of the foreign currency forward contract on the purchase price of Jack Wolfskin. All of the foregoing were offset by the tax impact of $0.2&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Adjusted EBITDAS presented within the Company&#146;s earnings release filed on Form <FONT STYLE="white-space:nowrap">8-K</FONT> on
November&nbsp;9, 2020 includes an adjustment for &#147;acquisitions and other <FONT STYLE="white-space:nowrap">non-recurring</FONT> costs,&#148; which consists of $5.3&nbsp;million of costs associated with the Company&#146;s transition to its new
North America Distribution Center, $0.9&nbsp;million of costs associated the implementation of new IT systems for Jack Wolfskin, as well as $4.8&nbsp;million of severance related to the Company&#146;s cost reduction initiatives in response to the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In accordance with Question 100.01 of the Compliance and Disclosure Interpretations
on <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures, the Company believes it is appropriate to exclude the items described above as they do not represent normal, recurring, cash operating expenses necessary to operate the
Company&#146;s business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Additionally, management believes excluding these items from its
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> results gives a more accurate picture of how the business will perform in future periods as these expenses are not expected to occur in future periods, which is consistent with the definition of <FONT
STYLE="white-space:nowrap">non-recurring</FONT> charges as defined in Question 102.03 of the Compliance and Disclosure Interpretations on <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to Consolidated Financial Statements </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 2. Summary of Significant Accounting Policies, page <FONT STYLE="white-space:nowrap">F-10</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please revise future filings to clearly disclose the nature of expenses included within each of the
material expense line items on your statements of operations. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: We respectfully acknowledge the
Staff&#146;s comment. In future filings, the Company will clearly disclose the nature of expenses included within each of the material expense line items on its statements of operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the Fiscal Quarter Ended September&nbsp;30, 2020 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 6. Financing Arrangements </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Convertible
Senior Notes, page 23 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that you amortize the debt discount and debt issuance costs associated with the liability component
of your 2.75% Convertible Senior Notes over the &#147;remaining term.&#148; Please tell us how your amortization policy complies with the guidance in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">470-20-35-13</FONT></FONT></FONT> requiring amortization of such items over the expected life of a similar liability that does not have an associated equity component. </I></P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: We respectfully acknowledge the Staff&#146;s comment. The debt discount and
debt issuance costs associated with our 2.75% Convertible Senior Notes (the &#147;<B><I>Convertible Notes</I></B>&#148;) are required to be amortized over the remaining term using the effective interest rate method in accordance with the following
paragraphs of ASC <FONT STYLE="white-space:nowrap">470-20:</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I><FONT STYLE="white-space:nowrap">35-12</FONT> The excess of the
principal amount of a liability component recognized in accordance with paragraph <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">470-20-25-23</FONT></FONT></FONT> over its carrying amount shall be
amortized to interest cost using the interest method as described in paragraphs <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">835-30-35-2</FONT></FONT></FONT> through <FONT
STYLE="white-space:nowrap">35-4.</FONT> </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I><FONT STYLE="white-space:nowrap">35-13</FONT> For purposes of applying the interest method
to a convertible debt instrument within the scope of the Cash Conversion Subsections, debt discounts and debt issuance costs shall be amortized over the expected life of a similar liability that does not have an associated equity component
(considering the effects of embedded features other than the conversion option). </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I><FONT STYLE="white-space:nowrap">35-14</FONT> If,
under Subtopic <FONT STYLE="white-space:nowrap">820-10,</FONT> an issuer uses a valuation technique consistent with an income approach to measure the fair value of the liability component at initial recognition, the issuer shall consider the periods
of cash flows used in the fair value measurement when determining the appropriate discount amortization period. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The cash conversion
guidance requires the amortization period for the debt discount to match the expected life of a similar nonconvertible instrument, considering the potential effect only of substantive embedded features other than the conversion option. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">To determine the expected life of similar nonconvertible debt, for both initial and subsequent measurement of the liability component, the
Company considered all of the features of the Convertible Notes that are substantive other than the conversion feature. A feature is not considered substantive if it is probable that the feature will not be exercised. Apart from the conversion
feature, the Convertible Notes contain contingent interest and contingent redemption features. The contingent interest feature does not have an impact on the expected life of the Convertible Notes. Management determined that the contingent
redemption features are not probable of being exercised because (i)&nbsp;the Event of Default and Fundamental Change (each as defined in the indenture governing the Convertible Notes) events are deemed remote and (ii)&nbsp;the Company&#146;s call
option upon a market price condition is only exercisable on or after May&nbsp;6, 2023 and if that contingency is met. Therefore, the Company determined that the expected term of a similar nonconvertible debt would be the actual maturity date of the
Convertible Notes. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that for purposes of calculating diluted earnings per share you appear to presume cash settlement of
the principal amount of your Convertible Senior Notes upon conversion and utilize the treasury stock method. Explain in sufficient detail how you determined it was not appropriate to presume share settlement and apply the <FONT
STYLE="white-space:nowrap">if-converted</FONT> method and how you determined use of the treasury stock method was appropriate. See ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">260-10-45-45</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap">-47,</FONT> ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">260-10-45-40</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap">-41,</FONT> and ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">260-10-55-36A.</FONT></FONT></FONT> </I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: We respectfully acknowledge the
Staff&#146;s comment. The Company has the option to settle the Convertible Notes though cash settlement, physical settlement or combination settlement (an &#147;Instrument X&#148;). ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">260-10-55-32</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap">55-36A</FONT> provides that when the entity has the choice of and control
of the settlement method, physical settlement should be presumed for earnings per share (&#147;<B><I>EPS</I></B>&#148;) purposes as this would be the more dilutive method. Therefore, the <FONT STYLE="white-space:nowrap">if-converted</FONT> method
described in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">260-10-45-40</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap">-42</FONT> is presumed to be the appropriate treatment.
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">However, ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">260-10-45-46</FONT></FONT></FONT> states that this presumption could be overcome if there is past practice or stated policy that provides a reasonable basis to believe that it is probable that the contract will be
partially or wholly settled in cash. If such presumption is overcome, the principal amount will be assumed to be settled in cash and therefore have no impact to diluted EPS, and the conversion premium will be assumed to be settled in shares using
the method described under ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">260-10-55-32</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap">55-36A,</FONT> similar to how EPS would be
considered for an instrument where conversion requires settlement in cash of the principal value (commonly known as &#147;Instrument C&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company considered the following factors to determine whether a &#147;stated policy&#148; has substance and an analysis of each of the
factors: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Factors to consider</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Analysis</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Settlement alternatives as a selling point</B> &#150; The Company examined the extent to which the flexibility associated with the ability to share settle factored into senior management&#146;s decision to approve the issuance of
the instrument rather than an instrument that only allowed for cash settlement.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Management elected to issue an Instrument X (as opposed to an Instrument C) to gain flexibility. However, there was no substantial cost incurred by the Company to issue an Instrument X as it is believed that most participants price
an Instrument X and Instrument C in a similar fashion.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Intent and Ability</B> &#150; The Company considered the extent to which it has the positive intent and ability to cash settle the face value and interest components of the instrument upon conversion or redemption. Both current
and projected liquidity were considered in determining whether positive intent and ability exists.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Company does intend to utilize the option to settle the principal amount of the Convertible Notes in cash. The Company had $286.7&nbsp;million of cash and cash equivalents and $324.9&nbsp;million of inventories on its
September&nbsp;30, 2020 consolidated balance sheet. Management believes that its existing cash along with its expected future cash flows should provide the Company the liquidity and access to capital markets necessary to cash settle the principal
value of the Convertible Notes upon conversion or redemption. The Company also has current access to borrowings or can refinance the instrument if needed.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Disclosure Commensurate with Intent</B> &#150; The disclosures included in the Company&#146;s current period financial statements as well as those included in the instrument&#146;s offering documents acknowledge and support the
Company&#146;s positive intent and ability to adhere to its &#147;stated policy.&#148;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company does not have a previously stated policy documented as this is the first Instrument X the Company has issued. Management notes
that the Company previously issued convertible debt in 2012 which, however, was an Instrument B (that is, upon conversion, the entire obligation should be satisfied in shares).</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Nonetheless, in conjunction with this issuance, the Company disclosed its intent in the
Offering Memorandum for the Convertible Notes to effect a combination settlement where the principal amount of the Convertible Notes would be settled in cash.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Past Practice</B> &#150; The Company considered whether it has previously share settled contracts that provided a choice of settlement alternatives.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Company does not have past practice as the Convertible Notes are the first Instrument X the Company has issued.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g99364g58e27.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Based on our analysis of the above factors, we believe the Company has a stated policy in
substance. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Executive Summary to the Results of Operations and Financial Condition, page 42 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>5.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that you derive revenues through various channels, including wholesale, retail, and <FONT
STYLE="white-space:nowrap">e-commerce</FONT> operations. Your disclosures throughout your results of operations discussions indicate that the <FONT STYLE="white-space:nowrap">e-commerce</FONT> channel had a positive impact on your sales and gross
margins during the three and nine month periods ended September&nbsp;30, 2020. In future filings, to the extent results and trends are not materially consistent across all sales channels, please quantify in dollars and/or percentage change the
impact each channel had and is expected to have on your consolidated and operating segment sales and gross margins. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: We respectfully acknowledge the Staff&#146;s comment. In future filings, to the extent results and trends are not materially
consistent across all sales channels, the Company will quantify in dollars and/or percentage change the impact each channel had and is expected to have on its consolidated and operating segment sales and gross margins to the extent material to the
discussion of the financial results. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g99364g58e27.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Please contact the undersigned at (760) <FONT STYLE="white-space:nowrap">930-5891</FONT> or
Sarah Kim, Vice President, General Counsel&nbsp;&amp; Corporate Secretary, at (760) <FONT STYLE="white-space:nowrap">804-4368</FONT> if you have any further questions or require any further information. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Jennifer Thomas</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Jennifer Thomas</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Chief Accounting Officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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