07 Mar 2025 Acushnet Holdings Corp. Announces Fourth Quarter 2024 Financial Results
Acushnet Holdings Corp. Announces
Full Year and Fourth Quarter 2024 Financial Results,
Declares Increased Quarterly Cash Dividend, Share Repurchase Authorization,
Introduces 2025 Outlook
Key Highlights:
• Full year net sales of $2.46 billion, up 3.2% year over year, up 3.9% in constant currency
• Full year gross margin of 48.3%, up 130 basis points year over year 1
• Full year net income attributable to Acushnet Holdings Corp. of $214.3 million, up $15.9 million year
over year
• Full year Adjusted EBITDA of $404.4 million, up $28.3 million, or 7.5%, year over year
• Fourth quarter net sales of $445.2 million, up 7.8% year over year, up 7.9% in constant currency
• Fourth quarter net loss attributable to Acushnet Holdings Corp. of $1.1 million, up $25.7 million year
over year
• Fourth quarter Adjusted EBITDA of $12.4 million, up $13.9 million year over year
• Increased quarterly cash dividend by 9.3% to $0.235 per share
• The Company provided its full year 2025 Outlook, with expected net sales of $2,485 to $2,535 million
and Adjusted EBITDA of $405 to $420 million. On a constant currency basis, consolidated net sales are
expected to be in the range of up 2.6% and 4.6%.
(1) See Basis of Presentation on page 5
FAIRHAVEN, MA – February 27, 2025 – Acushnet Holdings Corp. (NYSE: GOLF) (“Acushnet”), the global
leader in the design, development, manufacture and distribution of performance-driven golf products, today
reported financial results for the full year and fourth quarter ended December 31, 2024.
“Acushnet experienced another positive year in 2024, delivering 4% full year constant currency sales growth
and adjusted EBITDA growth of 7.5%,” said David Maher, Acushnet Company’s President and Chief
Executive Officer. “Titleist golf equipment posted healthy gains, driven by the successful introduction of GT
metals and SM10 wedges and continued golf ball success led by Pro V1, Pro V1x and AVX models. During the
year, we remained committed to investing in strategic initiatives, enhancing our operational and service
capabilities, and returning capital to shareholders.”
Maher continued, “Looking to 2025, we are excited about the launch of new Titleist Pro V1 and Pro V1x golf
balls, and celebrating our first twenty five years of Pro V1 innovation. The golf industry is healthy, with record
rounds of play in the U.S. in 2024 and worldwide rounds of play up almost 20% over the past five years. In the
year ahead, we are planning for continued growth in our business highlighted by exciting new products across
all our segments. I want to thank my Acushnet teammates for their commitment to developing industry leading
products that meet the high expectations of dedicated golfers. We are confident in our ability to successfully
execute our strategy in 2025 and beyond as we seek to create long-term value for our shareholders.”
1
Summary of Full Year 2024 Financial Results
Year ended
December 31, Increase/(Decrease)
Constant Currency
Increase
(in millions) 2024 2023 $ change % change $ change % change
Net sales $ 2,457.1 $ 2,382.0 $ 75.1 3.2 % $ 93.9 3.9 %
Net income attributable to Acushnet Holdings Corp $ 214.3 $ 198.4 $ 15.9 8.0 %
Adjusted EBITDA $ 404.4 $ 376.1 $ 28.3 7.5 %
Consolidated net sales for the full year increased 3.2%, or 3.9% on a constant currency basis, primarily driven
by higher sales volumes in Titleist golf equipment and Golf gear and higher average selling prices in FootJoy
golf wear and Golf gear, partially offset by a sales volume decline in FootJoy golf wear and products that are
not allocated to one of our three reportable segments.
On a geographic basis, consolidated net sales in the United States were higher primarily due to increases of
$74.9 million in Titleist golf equipment, $13.5 million in Golf gear and $6.8 million in FootJoy golf wear. The
increase in Titleist golf equipment was primarily driven by higher sales volumes of our SM10 wedges, GT
drivers and fairways and Pro V1 and Pro V1x golf balls, partially offset by lower sales volumes of hybrids
which are in their second model year. The increase in Golf gear was primarily due to higher sales volumes in
travel product categories. The increase in FootJoy golf wear was largely due to higher sales volumes in
footwear and higher average selling prices in apparel, partially offset by lower sales volumes in golf gloves.
Net sales in regions outside of the United States were down 2.1%, or 0.3% on a constant currency basis,
primarily due to a net sales decrease in Japan, partially offset by increases in all other regions. The decrease in
Japan was due to lower net sales in FootJoy golf wear, primarily footwear, in products that are not allocated to
one of our three reportable segments and in Golf gear. These decreases were partially offset by higher net sales
in Titleist golf equipment, driven by golf clubs. In EMEA, the increase was due to higher net sales in Titleist
golf equipment, partially offset by lower net sales in FootJoy golf wear, primarily footwear, and lower net sales
of products that are not allocated to one of our three reportable segments. The increase in Rest of World was
due to higher net sales in Titleist golf equipment, primarily golf clubs, partially offset by lower net sales in
FootJoy golf wear, primarily footwear. In Korea, the increase was primarily due to higher net sales in Titleist
golf equipment, primarily golf clubs, largely offset by lower net sales in FootJoy golf wear, primarily apparel.
Segment specifics:
• 6.2% increase in net sales (6.9% on a constant currency basis) of Titleist golf equipment primarily
driven by higher sales volumes of our SM10 wedges and our GT drivers and fairways launched in 2024,
as well as higher sales volumes of Pro V1 and Pro V1x and our latest generation AVX, Tour Soft and
TruFeel models. This increase was partially offset by lower sales volumes of hybrids and irons.
• 2.6% decrease in net sales (2.0% on a constant currency basis) of FootJoy golf wear primarily due to
lower sales volumes across all product categories, partially offset by higher average selling prices in
apparel and golf gloves.
• 4.3% increase in net sales (5.1% on a constant currency basis) of Golf gear primarily driven by higher
sales volumes in travel product categories and higher average selling prices across all product categories,
partially offset by lower sales volumes in golf bags.
2
Net income attributable to Acushnet Holdings Corp. improved $15.9 million to $214.3 million, up 8.0% year
over year. This improvement was primarily a result of higher income from operations, partially offset by an
increase in interest expense, net and income tax expense. The increase in income from operations was driven by
higher gross profit, primarily due to increased sales volumes in Titleist golf equipment, partially offset by
higher operating expenses.
Adjusted EBITDA was $404.4 million, up 7.5% year over year. Adjusted EBITDA margin was 16.5% versus
15.8% for the prior year period.
Summary of Fourth Quarter 2024 Financial Results
Three months
ended December 31, Increase/(Decrease)
Constant Currency
Decrease
(in millions) 2024 2023 $ change % change $ change % change
Net sales $ 445.2 $ 413.0 $ 32.2 7.8 % $ 32.8 7.9 %
Net loss attributable to Acushnet Holdings Corp $ (1.1) $ (26.8) $ 25.7 (95.9) %
Adjusted EBITDA $ 12.4 $ (1.5) $ 13.9 *
_______________________________________________________________________________
* Percentage change not meaningful
Consolidated net sales for the quarter increased 7.8%, or 7.9% on a constant currency basis, driven by increased
average selling prices across all reportable segments, higher sales volumes in Titleist golf equipment and Golf
gear and higher net sales of products that are not allocated to one of our three reportable segments.
On a geographic basis, consolidated net sales in the United States were higher primarily as a result of increases
of $13.5 million in Titleist golf equipment and $4.8 million in Golf gear. The increase in Titleist golf equipment
was primarily related to higher sales volumes of GT drivers and fairways. The increase in Golf gear was largely
related to higher sales volumes in travel product categories.
Net sales in regions outside the United States were up 6.7%, or 7.1% on a constant currency basis due to net
sales increases in EMEA, Korea and Rest of World, partially offset by a decrease in net sales in Japan. In
EMEA, net sales increased primarily due to higher sales volumes of products that are not allocated to one of our
three reportable segments, Titleist golf equipment and Golf gear. In Korea, the increase was primarily due to
higher net sales of products that are not allocated to one of our three reportable segments and Titleist golf
equipment. The increase in Rest of World was driven by higher net sales across all reportable segments. In
Japan, the decrease was largely related to lower net sales across all reportable segments in addition to products
that are not allocated to one of our three reportable segments.
Segment specifics:
• 7.3% increase in net sales (7.4% on a constant currency basis) of Titleist golf equipment, largely due to
higher sales volumes of GT drivers and fairways launched in the third quarter of 2024 and higher
average selling prices across all club categories, partially offset by lower sales volumes of irons.
• 2.0% increase in net sales (1.9% on a constant currency basis) in FootJoy golf wear primarily due to
higher sales volumes in footwear. Net sales in apparel and golf gloves were slightly down, as higher
average selling prices were offset by lower sales volumes.
• 17.3% increase in net sales (17.3% on a constant currency basis) of Golf gear primarily due to higher
sales volumes in travel product categories and golf gloves.
3
Net loss attributable to Acushnet Holdings Corp. for the quarter was $1.1 million, compared to $26.8 million for
the same period in 2023. This improvement was primarily a result of a decrease in loss from operations driven
by higher gross profit, partially offset by higher operating expenses.
Adjusted EBITDA was $12.4 million, compared to a loss of $1.5 million in the prior year. Adjusted EBITDA
margin was 2.8% for the fourth quarter versus (0.4)% for the prior year period.
Cash Dividend and Share Repurchase
Acushnet’s board of directors today declared an increase of its quarterly cash dividend of 9.3% to $0.235 per
share of its common stock. The first quarter 2025 dividend will be payable on March 21, 2025 to shareholders
of record as of March 7, 2025. The number of shares outstanding as of February 21, 2025 was 59,928,969.
During the quarter, the Company repurchased 442,867 shares of its common stock on the open market at an
average price of $67.69 for an aggregate of $30.0 million. On December 17, 2024, the Company entered into a
new agreement with Magnus Holdings Co., Ltd., a wholly-owned subsidiary of Fila Holdings Corp., to purchase
from Magnus an equal amount of its common stock as it purchases on the open market over the period of time
from January 2, 2025 through June 30, 2025, up to an aggregate of $62.5 million, at the same weighted average
per share price.
On February 13, 2025, the Company’s board of directors authorized the Company to repurchase up to an
additional $250.0 million of its issued and outstanding common stock, bringing the total authorization up to
$1.25 billion since the share repurchase program was established in 2018.
2025 Outlook
The Company expects full year consolidated net sales to be approximately $2,485 to $2,535 million on a
reported basis, up 2.2% at the midpoint. This includes an estimated negative impact from foreign currency rates
of approximately $35 million. On a constant currency basis, consolidated net sales are expected to be up
between 2.6% and 4.6%. We expect full year adjusted EBITDA to be approximately $405 to $420 million.
This outlook does not reflect the impact of any imposition of import tariffs by the U.S. and potential retaliatory
actions taken by other countries.
The Company plans to share additional details of the 2025 Outlook during its investor conference call.
4
Basis of Presentation
During the fourth quarter of 2024, we changed the presentation of costs associated with operating our
distribution centers and costs associated with shipping and handling activities from selling, general and
administrative to cost of goods sold within our unaudited condensed consolidated statements of operations.
Tables outlining this presentation change are included near the end of this release. This change in accounting
principle had no impact to net sales, income from operations, income before income taxes, income tax expense,
net income, net income per common share, retained earnings, or other components of equity or net assets.
We also changed our reportable segments to combine the Titleist golf balls and Titleist golf clubs reportable
segments into a Titleist golf equipment reportable segment, resulting in three reportable segments: Titleist golf
equipment, FootJoy golf wear and Golf gear. As part of this change, certain other immaterial changes have been
made within our reportable segments.
Prior period amounts were updated to conform to the current year presentation for the change in accounting
principle and reportable segments.
Investor Conference Call
Acushnet will hold a conference call at 8:30 am (Eastern Time) on February 27, 2025 to discuss the financial
results and host a question and answer session. A live webcast of the conference call will be accessible at
www.AcushnetHoldingsCorp.com/ir. A replay archive of the webcast will be available shortly after the call
concludes.
About Acushnet Holdings Corp.
We are the global leader in the design, development, manufacture and distribution of performance-driven golf
products, which are widely recognized for their quality excellence. Driven by our focus on dedicated and
discerning golfers and the golf shops that serve them, we believe we are the most authentic and enduring
company in the golf industry. Our mission – to be the performance and quality leader in every golf product
category in which we compete – has remained consistent since we entered the golf ball business in 1932. Today,
we are the steward of two of the most revered brands in golf – Titleist, one of golf’s leading performance
equipment brands, and FootJoy, one of golf’s leading performance wearable brands. Additional information can
be found at www.acushnetholdingscorp.com.
5
Forward-Looking Statements
This press release includes forward-looking statements that reflect our current views with respect to, among other things,
our 2025 outlook, our operations and our financial performance. These forward-looking statements are included
throughout this press release and relate to matters such as our industry, business strategy, goals and expectations
concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital
resources and other financial and operating information such as our anticipated consolidated net sales, consolidated net
sales on a constant currency basis and Adjusted EBITDA. We use words like “guidance,” “outlook,” “anticipate,”
“assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,”
“project,” “future,” “will,” “seek,” “foreseeable” and similar terms and phrases to identify forward-looking statements
in this press release.
The forward-looking statements contained in this press release are based on management’s current expectations and are
subject to uncertainty and changes in circumstances. We cannot assure you that future developments affecting us will be
those that we have anticipated. Actual results may differ materially from these expectations due to changes in global,
regional or local economic, business, competitive, market, regulatory and other factors, many of which are beyond our
control. Important factors that could cause or contribute to such differences include: a reduction in the number of rounds
of golf played or in the number of golf participants; unfavorable weather conditions may impact the number of playable
days and rounds played in a given year; consumer spending habits and macroeconomic and demographic factors may
affect the number of rounds of golf played, the number of golf participants and related spending on our products; changes
to the Rules of Golf with respect to equipment; a significant disruption in the operations of our manufacturing, assembly
or distribution facilities; our ability to procure and the cost of raw materials or product components; a disruption in the
operations of our suppliers; the cost of raw materials and components; currency transaction and translation risk; our
ability to successfully manage the frequent introduction of new products or satisfy changing consumer preferences and
quality and regulatory standards; our reliance on technical innovation and high-quality products; our ability to
adequately enforce and protect our intellectual property rights; our involvement in lawsuits to protect, defend or enforce
our intellectual property rights; our ability to prevent our products from infringing the intellectual property rights of
others; changes to patent laws; intense competition and our ability to maintain a competitive advantage in each of our
markets; limited opportunities for future growth in sales of certain of our products; our customers’ financial conditions,
levels of business activity and ability to pay their trade obligations; a decrease in corporate spending on our custom logo
golf balls; our ability to maintain and further develop our sales channels; consolidation of retailers or concentration of
retail market share; our ability to maintain and enhance our brands; fluctuations of our business due to seasonality and
product launch cycles; risks associated with doing business globally, including potential new, expanded or retaliatory
tariffs; compliance with laws, regulations and policies, including the U.S. Foreign Corrupt Practices Act or other
applicable anti-corruption legislation; our ability to secure professional golfers to endorse or use our products; negative
publicity relating to us, the golfers who use our products or the golf industry in general; our ability to accurately forecast
demand for our products; a disruption in the service, or a significant increase in the cost, of our primary delivery and
shipping services or a significant disruption at shipping ports; our ability to maintain our information systems to
adequately perform their functions; cybersecurity risks; risks associated with artificial intelligence; our ability to
successfully manage the implementation of a new enterprise resource planning platform; our ability to comply with data
privacy and security laws; the ability of our eCommerce systems to function effectively; impairment of goodwill and
identifiable intangible assets; our ability to attract and/or retain management and other key employees and hire qualified
management, technical and manufacturing personnel; our ability to prohibit sales of our products by unauthorized
retailers or distributors; our ability to grow our presence in existing international markets and expand into additional
international markets; tax uncertainties, including potential changes in tax laws, unanticipated tax liabilities and
limitations on utilization of tax attributes after any change of control; our ability to secure and maintain adequate levels
of coverage under our insurance policies; product liability, warranty and recall claims; litigation and other regulatory
proceedings; compliance with environmental, health and safety laws and regulations; our ability to secure additional
capital at all or on terms acceptable to us; lack of assurance of positive returns on capital investments; risks associated
with acquisitions and investments; the accuracy of our estimates or judgments relating to our critical accounting
6
estimates; terrorist activities and international political instability; occurrence of natural disasters or pandemic diseases;
a high degree of leverage, ability to service our indebtedness, ability to incur more indebtedness and restrictions in the
agreements governing our indebtedness; our use of derivative financial instruments; the ability of our controlling
shareholder to control significant corporate activities; our status as a controlled company; the market price of shares of
our common stock; the execution of our share repurchase program and effects thereof; our ability to maintain effective
internal controls over financial reporting; our ability to pay dividends; our status as a holding company; potential
dilution from future issuances or sales of our common stock; anti-takeover provisions in our organizational documents
and Delaware law; reports from securities analysts; and the other factors set forth in the section entitled “Risk Factors”
in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange
Commission (“SEC”) on February 29, 2024 as it may be updated by our periodic reports subsequently filed with the SEC,
including, when available, our Annual Report on Form 10-K for the year ended December 31, 2024. These factors should
not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should any of our
assumptions prove incorrect, our actual results may vary in material respects from those projected in these forwardlooking
statements.
Any forward-looking statement made by us in this press release speaks only as of the date of this press release. Factors or
events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all
of them. We may not actually achieve the plans, intentions or expectations described in our forward-looking statements
and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not
reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments or other strategic
transactions we may pursue. We undertake no obligation to publicly update or review any forward-looking statement,
whether as a result of new information, future developments or otherwise, except as may be required by any applicable
securities laws.
Media Contact:
AcushnetPR@icrinc.com
Investor Contact:
IR@AcushnetGolf.com
7
ACUSHNET HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three months ended December 31, Year ended December 31,
(in thousands, except share and per share amounts) 2024 2023 2024 2023
Net sales $ 445,169 $ 412,961 $ 2,457,091 $ 2,381,995
Cost of goods sold 237,468 232,653 1,269,364 1,261,958
Gross profit 207,701 180,308 1,187,727 1,120,037
Operating expenses:
Selling, general and administrative 193,084 183,939 801,600 755,671
Research and development 16,325 17,553 67,841 64,839
Intangible amortization 3,501 3,510 14,024 14,222
(Loss) income from operations (5,209) (24,694) 304,262 285,305
Interest expense, net 12,270 11,054 52,637 41,288
Other expense, net 669 407 1,958 2,417
(Loss) income before income taxes (18,148) (36,155) 249,667 241,600
Income tax (benefit) expense (9,992) (9,733) 47,825 42,993
Net (loss) income (8,156) (26,422) 201,842 198,607
Less: Net loss (income) attributable to noncontrolling interests 7,040 (386) 12,456 (178)
Net (loss) income attributable to Acushnet Holdings Corp. $ (1,116) $ (26,808) $ 214,298 $ 198,429
Net (loss) income per common share attributable to Acushnet Holdings
Corp.:
Basic $ (0.02) $ (0.41) $ 3.38 $ 2.96
Diluted (0.02) (0.41) 3.37 2.94
Weighted average number of common shares:
Basic 61,951,984 64,841,674 63,345,806 67,063,933
Diluted 61,951,984 64,841,674 63,648,238 67,517,105
8
ACUSHNET HOLDINGS CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
December 31, December 31,
(in thousands, except share and per share amounts) 2024 2023
Assets
Current assets
Cash, cash equivalents and restricted cash ($10,647 and $12,532 attributable to the FootJoy golf shoe joint venture (“FootJoy
JV”)) $ 53,059 $ 65,435
Accounts receivable, net 218,368 201,352
Inventories ($3,667 and $9,621 attributable to the FootJoy JV) 575,964 615,535
Prepaid and other assets 126,482 114,370
Total current assets 973,873 996,692
Property, plant and equipment, net ($8,135 and $9,044 attributable to the FootJoy JV) 325,747 295,343
Goodwill ($32,312 and $32,312 attributable to the FootJoy JV) 220,136 225,302
Intangible assets, net 523,131 537,407
Deferred income taxes 34,306 31,454
Other assets ($1,884 and $1,972 attributable to the FootJoy JV) 103,013 110,479
Total assets $ 2,180,206 $ 2,196,677
Liabilities, Redeemable Noncontrolling Interests and Shareholders’ Equity
Current liabilities
Short-term debt $ 10,160 $ 28,997
Current portion of long-term debt 722 351
Accounts payable ($2,400 and $6,059 attributable to the FootJoy JV) 150,322 150,514
Accrued taxes 36,009 46,398
Accrued compensation and benefits ($643 and $1,233 attributable to the FootJoy JV) 95,064 111,136
Accrued expenses and other liabilities ($13,893 and $1,687 attributable to the FootJoy JV) 180,430 113,739
Total current liabilities 472,707 451,135
Long-term debt 753,081 671,819
Deferred income taxes 8,107 7,080
Accrued pension and other postretirement benefits 74,410 69,634
Other noncurrent liabilities 74,737 84,137
Total liabilities 1,383,042 1,283,805
Redeemable noncontrolling interests 4,028 9,785
Shareholders’ equity
Common stock, $0.001 par value, 500,000,000 shares authorized; 61,214,541 and 63,429,243 shares issued 61 63
Additional paid-in capital 787,725 808,615
Accumulated other comprehensive loss, net of tax (140,315) (104,349)
Retained earnings 180,276 159,906
Treasury stock, at cost; (including 935,907 of accrued share repurchases) (62,500) —
Total equity attributable to Acushnet Holdings Corp. 765,247 864,235
Noncontrolling interests 27,889 38,852
Total shareholders’ equity 793,136 903,087
Total liabilities, redeemable noncontrolling interests and shareholders’ equity $ 2,180,206 $ 2,196,677
9
ACUSHNET HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Year ended December 31,
(in thousands) 2024 2023
Cash flows from operating activities
Net income $ 201,842 $ 198,607
Adjustments to reconcile net income to cash flows provided by operating activities
Depreciation and amortization 55,888 51,356
Unrealized foreign exchange (gain) loss (2,856) 1,507
Amortization of debt issuance costs 1,754 927
Share-based compensation 30,792 29,709
Loss on disposals of property, plant and equipment 902 99
Deferred income taxes 915 15,413
Changes in operating assets and liabilities (44,129) 74,209
Cash flows provided by operating activities 245,108 371,827
Cash flows from investing activities
Additions to property, plant and equipment (74,624) (75,364)
Additions to intangible assets — (25,235)
Other, net — (887)
Cash flows used in investing activities (74,624) (101,486)
Cash flows from financing activities
Proceeds from credit facilities 1,243,120 1,527,896
Repayments of credit facilities (1,178,799) (1,739,308)
Proceeds from senior unsecured notes — 350,000
Purchases of common stock (172,799) (334,088)
Payment of debt issuance costs — (6,328)
Dividends paid on common stock (54,291) (52,480)
Payment of employee restricted stock tax withholdings (16,914) (11,495)
Other, net — 1,078
Cash flows used in financing activities (179,683) (264,725)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (3,177) 915
Net (decrease) increase in cash, cash equivalents and restricted cash (12,376) 6,531
Cash, cash equivalents and restricted cash, beginning of year 65,435 58,904
Cash, cash equivalents and restricted cash, end of year $ 53,059 $ 65,435
10
ACUSHNET HOLDINGS CORP.
Supplemental Net Sales Information (Unaudited)
Full Year Net Sales by Segment
Year ended Constant Currency
December 31, Increase/(Decrease) Increase/(Decrease)
(in millions) 2024 2023 $ change % change $ change % change
Golf balls $ 786.5 $ 761.7 $ 24.8 3.3 % $ 30.2 4.0 %
Golf clubs 721.3 658.7 62.6 9.5 % 68.4 10.4 %
Titleist golf equipment 1,507.8 1,420.4 87.4 6.2 % 98.6 6.9 %
FootJoy golf wear 574.6 590.0 (15.4) (2.6) % (11.9) (2.0) %
Golf gear 232.1 222.6 9.5 4.3 % 11.3 5.1 %
Full Year Net Sales by Region
Year ended Constant Currency
December 31, Increase/(Decrease) Increase/(Decrease)
(in millions) 2024 2023 $ change % change $ change % change
United States $ 1,446.8 $ 1,350.0 $ 96.8 7.2 % $ 96.8 7.2 %
EMEA (1) 320.9 314.7 6.2 2.0 % 1.3 0.4 %
Japan 134.0 149.4 (15.4) (10.3) % (5.2) (3.5) %
Korea 291.0 301.8 (10.8) (3.6) % 0.3 0.1 %
Rest of World 264.4 266.1 (1.7) (0.6) % 0.7 0.3 %
Total net sales $ 2,457.1 $ 2,382.0 $ 75.1 3.2 % $ 93.9 3.9 %
Fourth Quarter Net Sales by Segment
Three months ended Constant Currency
December 31, Increase/(Decrease) Increase/(Decrease)
(in millions) 2024 2023 $ change % change $ change % change
Golf balls $ 140.5 $ 139.6 $ 0.9 0.6 % $ 1.2 0.9 %
Golf clubs 126.0 108.8 17.2 15.8 % 17.1 15.7 %
Titleist golf equipment 266.5 248.4 18.1 7.3 % 18.3 7.4 %
FootJoy golf wear 97.4 95.5 1.9 2.0 % 1.8 1.9 %
Golf gear 37.9 32.3 5.6 17.3 % 5.6 17.3 %
Fourth Quarter Net Sales by Region
Three months ended Constant Currency
December 31, Increase/(Decrease) Increase/(Decrease)
(in millions) 2024 2023 $ change % change $ change % change
United States $ 245.8 $ 226.2 $ 19.6 8.7 % $ 19.6 8.7 %
EMEA (1) 57.0 48.2 8.8 18.3 % 7.3 15.1 %
Japan 25.3 31.2 (5.9) (18.9) % (5.7) (18.3) %
Korea 64.8 60.5 4.3 7.1 % 6.7 11.1 %
Rest of World 52.3 46.9 5.4 11.5 % 4.9 10.4 %
Total net sales $ 445.2 $ 413.0 $ 32.2 7.8 % $ 32.8 7.9 %
_______________________________________________________________________________
(1) Europe, the Middle East and Africa (“EMEA”)
11
ACUSHNET HOLDINGS CORP.
Distribution Cost Presentation Change (Unaudited)
Three months ended
March 31, 2024 June 30, 2024 September 30, 2024
Cost of Goods Sold $ 329,615 $ 312,113 $ 283,126
Gross Profit 377,939 371,754 337,375
Selling, general and administrative 236,592 246,084 232,882
2024 – As Adjusted
Three months ended
March 31, 2024 June 30, 2024 September 30, 2024
Cost of Goods Sold $ 365,202 $ 350,407 $ 316,287
Gross Profit 342,352 333,460 304,214
Selling, general and administrative 201,005 207,790 199,721
2024 – As Reported (1)
_______________________________________________________________________________
(1) For the three months ended December 31, 2024, $28.2 million of costs associated with operating our distribution centers and shipping and
handling activities were presented within cost of goods sold on the unaudited condensed consolidated statement of operations.
2023 – As Reported
Three months ended
March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023
Cost of Goods Sold $ 320,618 $ 320,840 $ 284,859 $ 203,167
Gross Profit 365,672 368,523 308,522 209,794
Selling, general and administrative 222,539 242,015 210,166 213,425
2023 – As Adjusted
Three months ended
March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023
Cost of Goods Sold $ 357,071 $ 357,513 $ 314,721 $ 232,653
Gross Profit 329,219 331,850 278,660 180,308
Selling, general and administrative 186,086 205,342 180,304 183,939
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ACUSHNET HOLDINGS CORP.
Reconciliation of GAAP to Non-GAAP Measures
(Unaudited)
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with generally accepted accounting principles in the
United States (“GAAP”). However, this release includes the non-GAAP financial measures of net sales in
constant currency, Adjusted EBITDA and Adjusted EBITDA margin. These non-GAAP financial measures are
not measures of financial performance in accordance with GAAP and may exclude items that are significant to
understanding and assessing the Company’s financial results. Therefore, these measures should not be
considered in isolation or as an alternative to net sales, net income or other measures of profitability or
performance under GAAP. You should be aware that the Company’s presentation of these measures may not be
comparable to similarly-titled measures used by other companies.
We use net sales on a constant currency basis to evaluate the sales performance of our business in period over
period comparisons and to forecast our business going forward. Constant currency information allows us to
estimate what our sales performance would have been without changes in foreign currency exchange rates. This
information is calculated by taking the current period local currency net sales and translating them into U.S.
dollars based upon the foreign currency exchange rates for the applicable comparable prior period. This
constant currency information should not be considered in isolation or as a substitute for any measure derived in
accordance with GAAP. Our presentation of constant currency information may not be consistent with the
manner in which similar measures are derived or used by other companies.
We define Adjusted EBITDA in a manner consistent with the term “Consolidated EBITDA” as it is defined in
our credit agreement. Adjusted EBITDA represents net income attributable to Acushnet Holdings Corp.
adjusted for interest expense, net, income tax expense (benefit), depreciation and amortization; and other items
defined in our credit agreement, including: share-based compensation expense; restructuring and transformation
costs; certain transaction fees; extraordinary, unusual or non-recurring losses or charges; indemnification
expense (income); certain pension settlement costs; certain other non-cash (gains) losses, net and the net income
(loss) relating to noncontrolling interests.
We present Adjusted EBITDA as a supplemental measure because it excludes the impact of certain items that
we do not consider indicative of our ongoing operating performance. Management uses Adjusted EBITDA to
evaluate the effectiveness of our business strategies, assess our consolidated operating performance and make
decisions regarding the pricing of our products, go-to-market execution and costs to incur across our business.
We believe Adjusted EBITDA provides useful information to investors regarding our consolidated operating
performance. By presenting Adjusted EBITDA, we provide a basis for comparison of our business operations
between different periods by excluding items that we do not believe are indicative of our core operating
performance.
Adjusted EBITDA is not a measurement of financial performance under GAAP. It should not be considered an
alternative to net income attributable to Acushnet Holdings Corp. as a measure of our operating performance or
any other measure of performance derived in accordance with GAAP. In addition, Adjusted EBITDA should
not be construed as an inference that our future results will be unaffected by unusual or non-recurring items, or
affected by similar non-recurring items. Adjusted EBITDA has limitations as an analytical tool, and you should
not consider such measure either in isolation or as a substitute for analyzing our results as reported under
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GAAP. Our definition and calculation of Adjusted EBITDA is not necessarily comparable to other similarly
titled measures used by other companies due to different methods of calculation.
We also use Adjusted EBITDA margin on a consolidated basis, which measures our Adjusted EBITDA as a
percentage of net sales, because our management uses it to evaluate the effectiveness of our business strategies,
assess our consolidated operating performance and make decisions regarding the pricing of our products, go-tomarket
execution and costs to incur across our business. We present Adjusted EBITDA margin as a
supplemental measure of our operating performance because it excludes the impact of certain items that we do
not consider indicative of our ongoing operating performance. Adjusted EBITDA margin is not a measurement
of financial performance under GAAP. It should not be considered an alternative to any measure of
performance derived in accordance with GAAP.
The following table presents reconciliations of net (loss) income attributable to Acushnet Holdings Corp. to
Adjusted EBITDA for the periods presented (dollars in thousands):
Three months ended Year ended
December 31, December 31,
2024 2023 2024 2023
Net (loss) income attributable to Acushnet Holdings Corp. $ (1,116) $ (26,808) $ 214,298 $ 198,429
Interest expense, net 12,270 11,054 52,637 41,288
Income tax (benefit) expense (9,992) (9,733) 47,825 42,993
Depreciation and amortization 14,172 13,175 55,888 51,356
Share-based compensation 6,794 8,340 30,792 29,709
Restructuring costs (1) 11,024 (4) 18,549 705
Transformation costs (2)(3) 3,847 2,465 14,404 12,236
Other extraordinary, unusual or non-recurring items, net (4) (17,609) (374) (17,489) (756)
Net (loss) income attributable to noncontrolling interests (7,040) 386 (12,456) 178
Adjusted EBITDA $ 12,350 $ (1,499) $ 404,448 $ 376,138
Adjusted EBITDA margin 2.8 % (0.4) % 16.5 % 15.8 %
___________________________________
(1) For the three months and year ended December 31, 2024, includes $11.0 million and $18.0 million, respectively related to restructuring costs associated with the
closure of all production lines at our footwear manufacturing joint venture, as we shift footwear and production volume to a third-party supplier.
(2) For the three months and year ended December 31, 2024, includes $3.0 million and $11.0 million, respectively related to the optimization of our information
technology systems. For the three months and year ended December 31, 2023, includes $0.1 million and $1.9 million, respectively related to the optimization of our
information technology systems.
(3) For the three months and year ended December 31, 2024, includes $0.9 million and $3.4 million, respectively related to the optimization of our distribution and
custom fulfillment capabilities. For the three months and year ended December 31, 2023, includes $2.4 million and $10.3 million, respectively related to the
optimization of our distribution and custom fulfillment capabilities.
(4) For the three months and year ended December 31, 2024, includes a non-cash benefit of $17.7 million associated with a change in the Company’s paid time off
policy. In addition, the years ended December 31, 2024 and 2023, include other gains, losses or costs added back for purposes of calculating Adjusted EBITDA as
defined in our credit agreement.
A reconciliation of non-GAAP Adjusted EBITDA, as forecasted for 2025, to the closest corresponding GAAP
measure, net income (loss), is not available without unreasonable efforts on a forward-looking basis due to the
high variability and low visibility of certain charges that may impact our GAAP results on a forward-looking
basis, such as the measures and effects of share-based compensation and other extraordinary, unusual or nonrecurring
items, net.
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