Acushnet (GOLF) came out with quarterly earnings of $1.11 per share, missing the Zacks Consensus Estimate of $1.18 per share. This compares to earnings of $1.09 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -5.93%. A quarter ago, it was expected that this golf products maker would post earnings of $1.24 per share when it actually produced earnings of $1.43, delivering a surprise of 15.32%. Over the last four quarters, the co ...

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Core Insights - Johnnie Walker is launching 'The Johnnie Walker Golf Collection' to celebrate the evolving culture of golf and attract a new generation of Scotch whisky drinkers and golfers [1][4] - The collaboration with Devereux Golf aims to create a vibrant and inclusive golfing experience through innovative apparel and cocktails [2][5] Group 1: Product Offerings - The 'Johnnie Walker Golf Collection' includes hand-stitched snapback hats, bold graphic t-shirts, and colorful golf towels, merging modern fashion with traditional golfing elements [2][3] - The collection is designed to appeal to both young and old golfers, honoring the sport's heritage while embracing contemporary styles [2][3] Group 2: Collaborative Efforts - Johnnie Walker has partnered with Devereux Golf, co-founded by Will and Bert Brunner, to push the boundaries of Scotch and golf culture [3][5] - The collaboration emphasizes inclusivity and aims to make golf more exciting and accessible to a diverse audience [3][5] Group 3: Engagement and Events - 'The Johnnie Walker Clubhouse' will provide elevated hospitality experiences at major golf tournaments, engaging next-generation Scotch drinkers and golfers [4][5] - Johnnie Walker is the presenting sponsor of the Hypegolf Invitational LA 2024 and other culture-forward events throughout the season [4] Group 4: Cocktail Innovations - New cocktails like the KEEP WALKING 18 and Johnnie Palmer are introduced, combining Johnnie Walker Black Label with fresh ingredients for a modern twist on classic drinks [6] - These cocktails are designed to enhance the golfing experience, promoting the connection between Scotch and golf [5][6] Group 5: Brand Background - Johnnie Walker is the world's number one Scotch whisky brand, with a history dating back to 1820 and a presence in over 180 countries [8][9] - The brand's portfolio includes various award-winning whiskies, accounting for nearly 19 million cases sold annually [10]

PART I. FINANCIAL INFORMATION [Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) This section presents Acushnet Holdings Corp.'s unaudited condensed consolidated financial statements for the quarter ended March 31, 2024, prepared under U.S. GAAP [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$2.36 billion** as of March 31, 2024, driven by accounts receivable, while total liabilities rose to **$1.43 billion** due to higher debt Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$2,356,959** | **$2,196,677** | | Accounts receivable, net | $464,954 | $201,352 | | Inventories | $537,412 | $615,535 | | **Total Liabilities** | **$1,427,916** | **$1,283,805** | | Long-term debt | $833,335 | $671,819 | | **Total Shareholders' Equity** | **$919,439** | **$903,087** | [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net sales increased to **$707.6 million** in Q1 2024, but higher expenses led to a decrease in net income to **$87.8 million** and diluted EPS to **$1.35** Q1 2024 vs. Q1 2023 Performance (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net sales | $707,554 | $686,290 | | Gross profit | $377,939 | $365,672 | | Income from operations | $121,381 | $124,904 | | Net income attributable to Acushnet | $87,762 | $93,275 | | Diluted EPS | $1.35 | $1.36 | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities resulted in a **$109.5 million** net cash outflow in Q1 2024, while financing activities provided **$101.6 million**, leading to a net decrease in cash Cash Flow Summary (in thousands) | Activity | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Cash flows used in operating activities | $(109,516) | $(86,418) | | Cash flows used in investing activities | $(7,275) | $(34,834) | | Cash flows provided by financing activities | $101,571 | $119,310 | | **Net decrease in cash** | **$(16,713)** | **$(1,620)** | [Notes to Financial Statements](index=13&type=section&id=Notes%20to%20Financial%20Statements) Notes detail significant accounting policies, debt arrangements including a **$950 million** credit facility and **$350 million** notes, share repurchases, and a restructuring plan - The company has a **$950.0 million** multi-currency revolving credit facility maturing in August 2027, with **$485.2 million** outstanding as of March 31, 2024[48](index=48&type=chunk) - In October 2023, a subsidiary issued **$350.0 million** of 7.375% senior unsecured notes due 2028[51](index=51&type=chunk) - During Q1 2024, the company repurchased **547,233 shares** for **$35.3 million** and declared a quarterly dividend of **$0.215 per share**[74](index=74&type=chunk)[79](index=79&type=chunk) - A restructuring plan was approved in Q1 2024 to close certain production lines at the FDL factory, resulting in **$7.0 million** of involuntary employee termination costs[103](index=103&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 financial results, highlighting a **3.1%** net sales increase driven by Titleist golf products, offset by FootJoy declines, and reviews liquidity and capital resources Q1 2024 vs. Q1 2023 Key Metrics (in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Sales | $707,554 | $686,290 | | Net Income Attributable to Acushnet | $87,762 | $93,275 | | Adjusted EBITDA | $153,691 | $146,782 | | Adjusted EBITDA Margin | 21.7% | 21.4% | - Net sales in the U.S. grew **13.1%** to **$418.2 million**, while sales outside the U.S. decreased by **8.5%** (**6.5%** in constant currency)[121](index=121&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) [Results of Operations Analysis](index=32&type=section&id=Results%20of%20Operations%20Analysis) Net sales increased **3.1%** to **$707.6 million**, but higher SG&A expenses, including **$7.0 million** in restructuring costs, and increased interest expense led to lower net income - Gross profit increased by **$12.2 million**, primarily from higher sales volumes in Titleist golf clubs and balls[126](index=126&type=chunk) - SG&A expenses increased due to higher advertising, administrative costs, and **$7.0 million** in restructuring charges[127](index=127&type=chunk) - Interest expense increased by **$3.2 million** due to higher interest rates and borrowing levels[129](index=129&type=chunk) [Segment Performance Analysis](index=33&type=section&id=Segment%20Performance%20Analysis) Titleist golf balls and clubs sales grew **8.3%** and **12.8%** respectively in Q1 2024, driven by new products, while FootJoy golf wear sales decreased by **6.3%** Q1 2024 Net Sales Change by Segment | Segment | % Change (Reported) | % Change (Constant Currency) | Key Drivers | | :--- | :--- | :--- | :--- | | Titleist golf balls | +8.3% | +9.4% | Higher volumes of Pro V1/V1x and new AVX models | | Titleist golf clubs | +12.8% | +14.0% | Higher volumes of new SM10 wedges and T-Series irons | | Titleist golf gear | +1.8% | +2.4% | Higher sales in travel gear, gloves, and bags | | FootJoy golf wear | -6.3% | -5.7% | Lower sales volumes across all product categories | [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains **$47.1 million** in cash and **$459.8 million** in credit facility availability, deeming resources sufficient for future liquidity needs, with **$85.0 million** projected for 2024 capital expenditures - Primary liquidity sources include cash from operations and borrowings under multi-currency and local credit facilities[140](index=140&type=chunk) - As of March 31, 2024, **$459.8 million** was available under the multi-currency revolving credit facility[145](index=145&type=chunk) - Capital expenditures for full year 2024 are projected to be approximately **$85.0 million**[153](index=153&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rates, foreign exchange, and commodity prices, using derivatives to mitigate these exposures, with sensitivity analyses provided - A hypothetical **1%** increase in interest rates on variable-rate debt would increase annual pre-tax interest expense by **$4.2 million**[164](index=164&type=chunk) - A hypothetical **10%** weakening of the U.S. dollar would decrease the net settlement asset value of outstanding foreign exchange forward contracts by **$13.7 million**[167](index=167&type=chunk) - The company is exposed to commodity price risks for materials including polybutadiene, urethane, titanium, steel, and leather[170](index=170&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting during the quarter - The principal executive and financial officers concluded that disclosure controls and procedures were effective as of March 31, 2024[172](index=172&type=chunk) - No material changes occurred in internal controls over financial reporting during the quarter[173](index=173&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various lawsuits arising from normal business operations, with unpredictable outcomes that could be unfavorable - The company is party to lawsuits associated with the normal conduct of its business, with unpredictable outcomes[175](index=175&type=chunk) [Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes to risk factors have occurred since the Annual Report on Form 10-K for the year ended December 31, 2023[176](index=176&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **547,233 shares** for **$35.3 million** in Q1 2024, with **$339.7 million** remaining under the share repurchase authorization Q1 2024 Share Repurchases | Period | Shares Purchased | Average Price Paid | | :--- | :--- | :--- | | Jan 2024 | 136,500 | $63.78 | | Feb 2024 | 130,000 | $66.58 | | Mar 2024 | 280,733 | $63.91 | | **Total** | **547,233** | **$64.51** | - As of March 31, 2024, **$339.7 million** remained available for share repurchases under the program[177](index=177&type=chunk) [Other Information](index=39&type=section&id=Item%205.%20Other%20Information) On May 2, 2024, the company amended its credit agreement to transition from CDOR to Adjusted Term CORRA for Canadian dollar borrowings - The company amended its credit agreement on May 2, 2024, to transition from CDOR to Adjusted Term CORRA for Canadian dollar borrowings, effective after June 28, 2024[181](index=181&type=chunk) [Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the Stock Repurchase Agreement, Third Amendment to Credit Agreement, and CEO/CFO certifications - Key exhibits filed include the Stock Repurchase Agreement dated March 14, 2024, and the Third Amendment to Credit Agreement dated May 2, 2024[185](index=185&type=chunk)

Financial Data and Key Metrics Changes - The company reported a net sales increase of 4% year-over-year for Q1 2024, totaling $708 million [5][30] - Adjusted EBITDA for the quarter was $153.7 million, reflecting a 4.7% increase from Q1 2023 [5][30] - Gross profit increased by 3% to $378 million compared to the previous year, primarily due to higher net sales [5][30] - SG&A expenses rose by 6% to $237 million, influenced by increased advertising, IT expenses, and restructuring costs [5][30] - Interest expense increased by $3 million to $13 million due to higher interest rates [5] Business Line Data and Key Metrics Changes - Titleist golf clubs saw a 14% sales increase, driven by strong performance in the US, Japan, and EMEA [4][5] - Golf ball sales increased by 9%, supported by successful new product launches and demand fulfillment from the loyalty program [5][30] - FootJoy net sales declined by 6%, with growth in the US offset by declines in international markets [5][30] - Sales of products not allocated to a reportable segment decreased, with a notable decline in Korean Titleist apparel [4][5] Market Data and Key Metrics Changes - US market sales increased by 13%, benefiting from positive rounds of play [31] - EMEA sales declined by 5% due to poor weather conditions affecting the golf season [31] - Japan experienced a 10% decline, with gains in golf clubs offset by losses in other categories [31] - Korea saw a 12% decline, primarily due to poor weather and reduced sales in Titleist apparel [31] Company Strategy and Development Direction - The company plans to increase investment in the FJ FitLab performance fitting system to enhance customer experience [4][5] - The focus remains on executing strategic initiatives and maintaining a strong balance sheet to support organic growth and shareholder returns [6][30] - The company is optimistic about the golf industry's long-term health, driven by increased participation and demographic trends [57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance despite weather-related challenges impacting sales in certain regions [33][90] - The outlook for 2024 remains unchanged, with revenue expected between $2.45 billion and $2.5 billion, reflecting a 4.3% increase at the midpoint [6] - Management noted that the golf season typically gains momentum after the Masters, making Q2 critical for assessing overall performance [10][33] Other Important Information - The company returned approximately $50 million to shareholders through share repurchases and dividends [19] - The effective tax rate increased to 21.7% from 18.1% due to changes in the jurisdictional mix of earnings [5] Q&A Session Summary Question: Guidance for the year remains unchanged despite a strong Q1 - Management indicated that it is customary not to adjust guidance after Q1, as clarity on the golf season typically improves in Q2 [10][11] Question: Commentary on gross margin and promotional environment - Management stated that gross margins were in line with expectations, and promotional activity was typical for this time of year [11][12] Question: Industry outlook and participation trends - Management highlighted strong participation levels and noted that the golf industry has seen consistent growth in recent years [56][57] Question: Inventory levels and comfort with current stock - Management expressed confidence in inventory levels, indicating that they are well-positioned to meet demand [35][36] Question: Impact of weather on sales and demand - Management acknowledged that weather significantly affects demand, with positive trends in regions with favorable conditions [90]

Acushnet (GOLF) reported $707.55 million in revenue for the quarter ended March 2024, representing a year-over-year increase of 3.1%. EPS of $1.43 for the same period compares to $1.36 a year ago.The reported revenue represents a surprise of +2.19% over the Zacks Consensus Estimate of $692.41 million. With the consensus EPS estimate being $1.24, the EPS surprise was +15.32%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...

[Q1 2024 Financial Performance Overview](index=1&type=section&id=Q1%202024%20Financial%20Performance%20Overview) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management reported solid Q1 with **4% constant currency net sales growth**, driven by Titleist golf balls and clubs, strong U.S. market performance, and successful new product launches - Constant currency net sales grew **4%** in Q1, led by strong performance in the U.S. market which saw a **13% increase**[4](index=4&type=chunk) - Growth was supported by the successful launch of new products across the Titleist and FootJoy brands, including Vokey SM10 wedges, Scotty Cameron Phantom putters, and new golf ball and shoe models[4](index=4&type=chunk)[5](index=5&type=chunk) - Management views the golf industry as structurally healthy, with resilient participation despite poor weather affecting some regions early in the year[6](index=6&type=chunk) [Key Financial Highlights](index=1&type=section&id=Key%20Financial%20Highlights) Acushnet's Q1 2024 saw **3.1% net sales growth** to **$707.6 million**, a **5.9% decline** in net income to **$87.8 million**, and a **4.7% increase** in Adjusted EBITDA to **$153.7 million** Q1 2024 Key Financial Metrics | Metric | Q1 2024 | Q1 2023 | % Change | Constant Currency % Change | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $707.6M | $686.3M | +3.1% | +4.0% | | Net Income | $87.8M | $93.3M | -5.9% | N/A | | Adjusted EBITDA | $153.7M | $146.8M | +4.7% | N/A | [Detailed Financial Analysis](index=2&type=section&id=Detailed%20Financial%20Analysis) Sales growth was driven by Titleist golf clubs and balls, particularly in the U.S., offsetting international declines, with mixed profitability as net income decreased but Adjusted EBITDA improved [Performance by Business Segment](index=2&type=section&id=Performance%20by%20Business%20Segment) Titleist branded products led growth, with golf clubs and balls sales increasing by **12.8%** and **8.3%** respectively, driven by new products, while FootJoy golf wear sales declined by **6.3%** Q1 2024 Net Sales Growth by Segment | Segment | % Change (Reported) | % Change (Constant Currency) | Key Drivers | | :--- | :--- | :--- | :--- | | Titleist golf balls | +8.3% | +9.4% | Higher volumes of Pro V1/V1x and new models | | Titleist golf clubs | +12.8% | +14.0% | Higher volumes of new SM10 wedges and T-Series irons | | Titleist golf gear | +1.8% | +2.4% | Higher sales in travel gear, gloves, and bags | | FootJoy golf wear | -6.3% | -5.7% | Lower sales volumes across all product categories | [Performance by Geographic Region](index=2&type=section&id=Performance%20by%20Geographic%20Region) The United States was the standout performer, with net sales increasing by **13.1%** driven by strong Titleist product growth, while sales in regions outside the U.S. decreased by **8.5%** - Net sales in the United States grew **13.1%**, driven by strong performance in Titleist golf clubs (**+20.6%**), Titleist golf balls (**+15.5%**), and Titleist golf gear (**+13.9%**)[9](index=9&type=chunk) - Net sales in regions outside the United States decreased by **8.5%** (**6.5% constant currency**), primarily due to lower sales in Korea, EMEA, and Japan[10](index=10&type=chunk) [Profitability Analysis](index=4&type=section&id=Profitability%20Analysis) Net income decreased **5.9%** to **$87.8 million** due to higher interest and tax expenses, while Adjusted EBITDA rose **4.7%** to **$153.7 million**, with its margin expanding to **21.7%** - The **5.9% decrease** in net income to **$87.8 million** was mainly caused by an increase in net interest expense and income tax expense[12](index=12&type=chunk) - Adjusted EBITDA increased by **4.7%** to **$153.7 million**, with the Adjusted EBITDA margin improving to **21.7%** from **21.4%** in the prior year period[12](index=12&type=chunk) [Shareholder Returns and Capital Allocation](index=4&type=section&id=Shareholder%20Returns%20and%20Capital%20Allocation) [Dividends](index=4&type=section&id=Dividends) The Board declared a quarterly cash dividend of **$0.215 per share**, payable in June 2024 - A quarterly cash dividend of **$0.215 per share** was declared[13](index=13&type=chunk) - The dividend is payable on June 21, 2024, to shareholders of record on June 7, 2024[13](index=13&type=chunk) [Share Repurchases](index=4&type=section&id=Share%20Repurchases) Acushnet repurchased **$35.3 million** of common stock in Q1 and entered a new agreement with its majority shareholder for further stock purchases up to **$37.5 million** - In Q1, the Company repurchased **547,233 shares** on the open market for an aggregate of **$35.3 million**, at an average price of **$64.51 per share**[14](index=14&type=chunk) - A new agreement was made with Magnus Holdings Co., Ltd. for the company to purchase an equal amount of stock as open market purchases from April 1, 2024, through June 28, 2024, up to an aggregate of **$37.5 million**[14](index=14&type=chunk) [Full-Year 2024 Outlook](index=4&type=section&id=Full-Year%202024%20Outlook) [Financial Guidance](index=4&type=section&id=Financial%20Guidance) Acushnet reaffirmed full-year 2024 guidance, expecting consolidated net sales of **$2,450M - $2,500M** and Adjusted EBITDA of **$385M - $405M** Full-Year 2024 Guidance | Metric | Guidance Range | | :--- | :--- | | Consolidated Net Sales | $2,450M - $2,500M | | Adjusted EBITDA | $385M - $405M | - On a constant currency basis, full-year consolidated net sales are expected to increase by **3.2% to 5.3%**[15](index=15&type=chunk) [Financial Statements (Unaudited)](index=7&type=section&id=Financial%20Statements%20%28Unaudited%29) [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2024 saw net sales increase to **$707.6 million** and gross profit to **$377.9 million**, but higher expenses led to decreased net income of **$87.8 million** and diluted EPS of **$1.35** Q1 Statement of Operations Highlights (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net sales | $707,554 | $686,290 | | Gross profit | $377,939 | $365,672 | | Income from operations | $121,381 | $124,904 | | Net income attributable to Acushnet | $87,762 | $93,275 | | Diluted EPS | $1.35 | $1.36 | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets increased to **$2.36 billion** due to higher accounts receivable, total liabilities rose to **$1.43 billion** from long-term debt, and total shareholders' equity modestly increased to **$919.4 million** Balance Sheet Highlights (in thousands) | Line Item | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total current assets | $1,174,448 | $996,692 | | Total assets | $2,356,959 | $2,196,677 | | Total current liabilities | $436,077 | $451,135 | | Long-term debt | $833,335 | $671,819 | | Total liabilities | $1,427,916 | $1,283,805 | | Total shareholders' equity | $919,439 | $903,087 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2024, the company used **$109.5 million** in cash from operating activities, with financing activities providing **$101.6 million** from credit facilities, resulting in an overall cash decrease of **$16.7 million** Q1 Cash Flow Summary (in thousands) | Cash Flow Category | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Cash flows used in operating activities | $(109,516) | $(86,418) | | Cash flows used in investing activities | $(7,275) | $(34,834) | | Cash flows provided by financing activities | $101,571 | $119,310 | | Net decrease in cash | $(16,713) | $(1,620) | [Supplemental and Non-GAAP Information](index=10&type=section&id=Supplemental%20and%20Non-GAAP%20Information) [Supplemental Net Sales Information](index=10&type=section&id=Supplemental%20Net%20Sales%20Information) This section details Q1 net sales by segment and region, highlighting strong Titleist golf clubs and balls performance, especially in the U.S., contrasting with declines in FootJoy golf wear and most international markets Q1 2024 Net Sales by Segment (in millions) | Segment | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Titleist golf balls | $208.0 | $192.0 | +8.3% | | Titleist golf clubs | $203.9 | $180.8 | +12.8% | | Titleist golf gear | $68.2 | $67.0 | +1.8% | | FootJoy golf wear | $192.4 | $205.3 | -6.3% | Q1 2024 Net Sales by Region (in millions) | Region | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | United States | $418.2 | $369.9 | +13.1% | | EMEA | $101.7 | $104.8 | -3.0% | | Japan | $37.2 | $46.4 | -19.8% | | Korea | $75.3 | $89.0 | -15.4% | | Rest of World | $75.2 | $76.2 | -1.3% | [Reconciliation of GAAP to Non-GAAP Measures](index=11&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) The company reconciles Net Income to Adjusted EBITDA, showing Q1 2024 Net Income of **$87.8 million** was adjusted for various expenses to arrive at an Adjusted EBITDA of **$153.7 million** - The company uses non-GAAP measures like constant currency net sales and Adjusted EBITDA to evaluate business performance, excluding items it does not consider indicative of ongoing operations[35](index=35&type=chunk)[38](index=38&type=chunk) Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net income attributable to Acushnet | $87,762 | $93,275 | | Interest expense, net | $13,076 | $9,896 | | Income tax expense | $23,407 | $20,725 | | Depreciation and amortization | $13,781 | $12,631 | | Share-based compensation | $7,424 | $7,283 | | Restructuring & Transformation costs | $10,792 | $2,956 | | Other adjustments | $(2,551) | $16 | | **Adjusted EBITDA** | **$153,691** | **$146,782** |

Analysts on Wall Street project that Acushnet (GOLF) will announce quarterly earnings of $1.24 per share in its forthcoming report, representing a decline of 8.8% year over year. Revenues are projected to reach $692.41 million, increasing 0.9% from the same quarter last year.Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.Prior to a co ...

Financial Performance - Full Year 2023 - Net sales reached $2382 million, a 4.9% increase year-over-year, or 6.2% on a constant currency basis[6] - Adjusted EBITDA was $376.1 million, representing an 11.1% increase year-over-year[6] - Gross profit reached $1252.5 million with a gross margin of 52.6%[25] - Net income attributable to Acushnet Holdings Corp was $198.4 million[25] Segment Performance - Full Year 2023 - Titleist Golf Balls net sales were $761.7 million, a 12.2% increase year-over-year, or 13.5% on a constant currency basis[6] - Titleist Golf Clubs net sales were $658.6 million, an 8.0% increase year-over-year, or 9.5% on a constant currency basis[6] - Titleist Golf Gear net sales were $216.2 million, a 5.5% increase year-over-year, or 7.0% on a constant currency basis[6] - FootJoy Golf Wear net sales were $596.4 million, a decrease of 3.5% year-over-year, or a decrease of 2.1% on a constant currency basis[6] Regional Performance - Full Year 2023 - United States net sales were $1350 million, a 10.0% increase year-over-year[22] - EMEA net sales were $314.7 million, a decrease of 2.1% year-over-year, or a decrease of 1.4% on a constant currency basis[22] - Japan net sales were $149.4 million, a decrease of 7.2% year-over-year, or an increase of 0.1% on a constant currency basis[22] - Korea net sales were $301.8 million, a decrease of 3.5% year-over-year, or a decrease of 1.7% on a constant currency basis[22] - Rest of World net sales were $266.1 million, a 7.6% increase year-over-year, or 11.7% on a constant currency basis[22] 2024 Outlook - Net sales are projected to be between $2450 million and $2500 million, representing an increase of approximately 3.9% at the midpoint[32] - Adjusted EBITDA is projected to be between $385 million and $405 million, representing an increase of approximately 5.0% at the midpoint[32]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-37935 Acushnet Holdings Corp. (Exact name of registrant as specified in its charter) Delaware 45-2644353 (State or other juri ...