Acushnet Holdings Corp. · NYSE:GOLF
Acushnet — Q2 2024 Earnings Presentation
14 slides from Acushnet's earnings presentation, Aug 6, 2024
Slide 1: Second Quarter 2024 Earnings Call
Second Quarter 2024 Earnings Call August 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: Q2 and First Half 2024 Performance
Q2 and First Half 2024 Performance David Maher President and Chief Executive Officer
Slide 4: Q2 and H1 Overview
Q2 AND H1 OVERVIEW Growth Growth Growth Growth ($ in millions) Q2 2024 H1 2024 Y/Y Y/Y @ CC Y/Y Y/Y @ CC Net sales $683.9 (0.8)% 0.6% $1,391.4 1.1% 2.3% Adjusted EBITDA(1) $131.0 (0.8)% $284.7 2.1% Justin Thomas Alexa Pano Cameron Billy Young Horschel (1) See Appendix for Adjusted EBITDA reconciliat
Slide 5: Q2 and H1 Net Sales by Segment
Q2 AND H1 NET SALES BY SEGMENT Growth Growth Growth Growth ($ in millions) Q2 2024 H1 2024 Y/Y Y/Y @ CC Y/Y Y/Y @ CC Titleist Golf Balls $247.5 4.2% 5.3% $455.5 6.0% 7.1% Titleist Golf Clubs $177.5 (5.6)% (4.1)% $381.4 3.4% 4.7% Titleist Golf Gear $68.9 (1.4)% 0.1% $137.1 0.1% 1.2% FootJoy Golf Wear
Slide 6: Q2 and H1 Net Sales by Region
Q2 AND H1 NET SALES BY REGION Growth Growth Growth Growth ($ in millions) Q2 2024 H1 2024 Y/Y Y/Y @ CC Y/Y Y/Y @ CC United States $408.5 1.8% 1.8% $826.8 7.2% 7.2% EMEA $86.7 0.7% 1.0% $188.4 (1.3)% (2.5)% Japan $29.8 (9.1)% 3.7% $67.0 (15.3)% (4.6)% Korea $83.8 (3.2)% 0.8% $159.1 (9.4)% (5.7)% Rest
Slide 7: Outlook
OUTLOOK • Continued brand momentum heading into second half • Healthy participation levels • Strength in golf balls and golf clubs • Exciting product launches in the back half of 2024 • Strong balance sheet and cash flow positions 7
Slide 8: Q2 and First Half 2024 Financial Results
Q2 and First Half 2024 Financial Results Sean Sullivan Chief Financial Officer
Slide 9: Income Statement Highlights
INCOME STATEMENT HIGHLIGHTS ($ in millions) Q2 2024 Q2 2023 H1 2024 H1 2023 Net sales $683.9 $689.4 $1,391.4 $1,375.7 Gross profit $371.8 $368.5 $749.7 $734.2 GM% 54.4% 53.5% 53.9% 53.4% SG&A $246.1 $242.0 $482.7 $464.6 R&D $16.1 $16.5 $32.6 $31.0 Intangible amortization $3.5 $3.5 $7.0 $7.2 Income f
Slide 10: Balance Sheet and Capital Allocation
BALANCE SHEET AND CAPITAL ALLOCATION ($ in millions) As of 6/30/2024 As of 12/31/2023 Unrestricted Cash $79 $64 Total Debt Outstanding $752 $701 (1) Net Leverage Ratio 1.9x 1.9x Inventory $483 $616 (1) Ratio of average adjusted net funded debt for the prior four fiscal quarters to Adjusted EBITDA fo
Slide 11: 2024 Financial Outlook
2024 FINANCIAL OUTLOOK ($ in millions) 2024 Outlook (1) Net Sales $2,450 - $2,500 Increase by ~3.2% to 5.3% Net Sales @ CC Up ~4.3% at the mid-point $385 - $405 Adjusted EBITDA Up ~5.0% at the mid-point (1) Change as compared to 2023 11
Slide 12: Q&A
Q&A
Slide 13: Appendix
APPENDIX CLUBGLOVE TPr
Slide 14: Adjusted EBITDA
ADJUSTED EBITDA ($ in millions) Q2 2024 Q2 2023 1H 2024 1H 2023 Net income attributable to Acushnet Holdings Corp. $71.4 $74.7 $159.2 $167.9 Interest expense, net 14.1 10.9 27.2 20.8 Income tax expense 21.2 20.7 44.6 41.5 Depreciation and amortization 14.0 12.7 27.8 25.4 Share-based compensation 7.5