Acushnet Holdings Corp. · NYSE:GOLF
Acushnet — Q4 2024 Earnings Presentation
13 slides from Acushnet's earnings presentation, Feb 27, 2025
Slide 1: Full Year and Fourth Quarter 2024 Earnings Call
Full Year and Fourth Quarter 2024 Earnings Call February 27, 2025
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 2025 outlook, our operations and our financial performance. These forward-looking statements are included throughout this presentation
Slide 3: 2024 Performance
2024 Performance David Maher President and Chief Executive Officer
Slide 4: FY and Q4 Overview and Net Sales by Segment
FY AND Q4 OVERVIEW AND NET SALES BY SEGMENT Growth Growth Growth Growth ($ in millions) Q4 2024 Y/Y Y/Y @ CC FY 2024 Y/Y Y/Y @ CC Net sales $445.2 7.8% 7.9% $2,457.1 3.2% 3.9% Adjusted EBITDA(1) $12.4 NM $404.4 7.5% Segment net sales Golf Balls $140.5 0.6% 0.9% $786.5 3.3% 4.0% Golf Clubs $126.0 15.
Slide 5: Outlook
OUTLOOK • Continued strong golfer participation and enthusiasm for game • US rounds of play up 2% in 2024 • Product Highlights • New Pro V1 and Pro V1x golf balls • New Scotty Cameron Studio Style putters and GT1 metals extension • Initiatives • Footwear fully transitioned to Vietnam from China • Ex
Slide 6: Q4 and Full Year 2024 Financial Results
Q4 and Full Year 2024 Financial Results Sean Sullivan Chief Financial Officer
Slide 7: Q4 and FY Net Sales by Region
Q4 AND FY NET SALES BY REGION Growth Growth Growth Growth ($ in millions) Q4 2024 FY 2024 Y/Y Y/Y @ CC Y/Y Y/Y @ CC United States $245.8 8.7% 8.7% $1,446.8 7.2% 7.2% EMEA $57.0 18.3% 15.1% $320.9 2.0% 0.4% Japan $25.3 (18.9)% (18.3)% $134.0 (10.3)% (3.5)% Korea $64.8 7.1% 11.1% $291.0 (3.6)% 0.1% Re
Slide 8: Income Statement Highlights
INCOME STATEMENT HIGHLIGHTS ($ in millions) Q4 2024 Q4 2023 FY 2024 FY 2023 Net sales $445.2 $413.0 $2,457.1 $2,382.0 Gross profit (1) $207.7 $180.3 $1,187.7 $1,120.0 GM% 46.7% 43.7% 48.3% 47.0% SG&A (1) $193.1 $183.9 $801.6 $755.7 R&D $16.3 $17.6 $67.8 $64.8 Intangible amortization $3.5 $3.5 $14.0
Slide 9: Balance Sheet and Capital Allocation
BALANCE SHEET AND CAPITAL ALLOCATION ($ in millions) As of 12/31/2024 As of 12/31/2023 Unrestricted Cash $51 $64 Total Debt Outstanding $764 $701 (1) Net Leverage Ratio 1.8x 1.9x Inventory $576 $616 (1) Ratio of average adjusted net funded debt for the prior four fiscal quarters to Adjusted EBITDA f
Slide 10: 2025 Financial Outlook
2025 FINANCIAL OUTLOOK ($ in millions) 2025 Outlook (1) $2,485 - $2,535 Net Sales Up ~2.2% at the mid-point Increase by ~2.6% to 4.6% Net Sales @ CC Up ~3.6% at the mid-point $405 - $420 Adjusted EBITDA Up ~2.0% at the mid-point (1) Change as compared to 2024. 10
Slide 11: Q&A
Q&A
Slide 12: Appendix
APPENDIX CLUBGLOVE TPI
Slide 13: Adjusted EBITDA
ADJUSTED EBITDA ($ in millions) Q4 2024 Q4 2023 FY 2024 FY 2023 Net (loss) income attributable to Acushnet Holdings Corp. $(1.1) $(26.8) $214.3 $198.4 Interest expense, net 12.3 11.1 52.6 41.3 Income tax (benefit) expense (10.0) (9.7) 47.8 43.0 Depreciation and amortization 14.2 13.2 55.9 51.4 Share