Acushnet Holdings Corp. · NYSE:GOLF
Acushnet — Raymond James 2024 Institutional Investors Conference
10 slides from Acushnet's conference presentation, Mar 6, 2024
Slide 1: Raymond James 2024 Institutional Investors Conference
A C U S H N E T H O L D I N G S C O R P. Raymond James 2024 Institutional Investors Conference David Maher, President and CEO Sean Sullivan, EVP and CFO March 6, 2024
Slide 2: Disclaimers
Disclaimers FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements that reflect our current views with respect to, among other things, our 2024 outlook, our operations and our financial performance. These forward-looking statements are included throughout this presentation
Slide 3: Who We Are
Who We Are OUR MISSION OUR BRANDS To be the Performance and Quality Leader in every golf product category in which we compete LEADER IN GOLF • Global leader in the design, development, manufacture and distribution of performance-driven golf products • Steward of two of the most revered brands in gol
Slide 4: Acushnet at a Glance
Acushnet at a Glance 2023 FINANCIAL NET SALES ADJUSTED EBITDA* CASH FLOW FROM OPS RESULTS $2.4B $376.1M $371.8M CAPITAL TO TA L R E T U R N DIVIDENDS BUY BACK ALLOCATION $384M $52M $332M Returned ~$384M to Dividends paid in 2023 Repurchased ~6.5M shareholders in 2023 shares for ~$332M in Ann
Slide 5: Acushnet at a Glance
Acushnet at a Glance 2023 REVENUE BY REGION 2023 REVENUE BY SEGMENT Rest of World Other 11% 6% Korea 32% Balls 13% 25% FootJoy United States 6% 57% Japan 13% 9% 28% Gear EMEA Clubs G E O G R AP H I C M I X PRODUCT MIX • Balanced geographic mix • Industry leading platform across all performance • ~57
Slide 6: 2024 Outlook
2024 Outlook (1) $2,450 - $2,500M Net Sales Up ~3.9% at the mid-point Increase by ~3.2% to 5.3% Net Sales @ CC Up ~4.3% at the mid-point $385 - $405M Adjusted EBITDA Up ~5.0% at the mid-point (1) Change as compared to 2023 Acushnet Holdings Corp. Raymond James 2024 March 6, 2024 6 Institutional Inve
Slide 7: Positive Momentum Heading into 2024
Positive Momentum Heading into 2024 • Healthy golf industry vital signs • WW rounds of play +2% in 2023 • US rounds +4% in 2023 to 530M rounds • # of US golfers increased for 6th consecutive year • Fastest growing cohorts: juniors, women • Golf facilities investing to meet evolving golfer preference
Slide 8: Compelling Industry Tailwinds are Driving Participation
Compelling Industry Tailwinds are Driving Participation U.S. Rounds of Play Non-Golfer Perceptions of Golf (M) Trending Responses by Type – Past 10 years 529 531 Q. What words or phrases would you use to describe the game of golf? 502 510 434 441 Favorable Mixed/Neutral Unfavorable 37% 57% 33% 33% 2
Slide 9: Q&A
Q&A Acushnet Holdings Corp. Raymond James 2024 March 6, 2024 Institutional Investors Conference
Slide 10: 2023 Adjusted EBITDA Reconciliation
2023 Adjusted EBITDA Reconciliation ($ in Millions) FY 2023 Net income attributable to Acushnet Holdings Corp. $198.4 Interest expense, net 41.3 Income tax expense 43.0 Depreciation and amortization 51.4 Share-based compensation 29.7 Other extraordinary, unusual or non-recurring items, net (1) 12.2
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