Acushnet Holdings Corp. · NYSE:GOLF
Acushnet — Q3 2024 Earnings Presentation
14 slides from Acushnet's earnings presentation, Nov 7, 2024
Slide 1: Third Quarter 2024 Earnings Call
Third Quarter 2024 Earnings Call November 7, 2024
Slide 2: Disclaimers: Forward-Looking Statements
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: Q3 and YTD 2024 Performance
Q3 and YTD 2024 Performance David Maher President and Chief Executive Officer
Slide 4: Q3 and YTD Overview
Q3 AND YTD OVERVIEW Growth Growth Growth Growth ($ in millions) Q3 2024 YTD 2024 Y/Y Y/Y @ CC Y/Y Y/Y @ CC Net sales $620.5 4.6% 5.0% $2,011.9 2.2% 3.1% Adjusted EBITDA(1) $107.4 8.7% $392.1 3.8% Justin Thomas Lydia Ko – Pro V1x Cameron Young (1) See Appendix for Adjusted EBITDA reconciliation 4
Slide 5: Q3 and YTD Net Sales by Segment
Q3 AND YTD NET SALES BY SEGMENT Growth Growth Growth Growth ($ in millions) Q3 2024 YTD 2024 Y/Y Y/Y @ CC Y/Y Y/Y @ CC Titleist Golf Balls $190.6 (1.0)% (0.8)% $646.0 3.8% 4.7% Titleist Golf Clubs $213.9 18.2% 18.7% $595.3 8.3% 9.3% Titleist Golf Gear $51.6 8.2% 8.8% $188.7 2.2% 3.2% FootJoy Golf We
Slide 6: Q3 and YTD Net Sales by Region
Q3 AND YTD NET SALES BY REGION Growth Growth Growth Growth ($ in millions) Q3 2024 YTD 2024 Y/Y Y/Y @ CC Y/Y Y/Y @ CC United States $374.2 6.2% 6.2% $1,201.0 6.9% 6.9% EMEA $75.5 (0.1)% (1.7)% $263.9 (1.0)% (2.3)% Japan $41.7 6.9% 10.5% $108.7 (8.0)% 0.4% Korea $67.1 2.1% 5.5% $226.2 (6.3)% (2.7)% R
Slide 7: Outlook
OUTLOOK • Successful GT drivers and fairways launch • Healthy participation levels • Preparation for Pro V1 launch in January • Strong balance sheet and cash flow positions • Well positioned heading into 2025 7
Slide 8: Q3 and YTD 2024 Financial Results
Q3 and YTD 2024 Financial Results Sean Sullivan Chief Financial Officer
Slide 9: Income Statement Highlights
INCOME STATEMENT HIGHLIGHTS ($ in millions) Q3 2024 Q3 2023 YTD 2024 YTD 2023 Net sales $620.5 $593.4 $2,011.9 $1,969.0 Gross profit $337.4 $308.5 $1,087.1 $1,042.7 GM% 54.4% 52.0% 54.0% 53.0% SG&A $232.9 $210.2 $715.6 $674.7 R&D $18.9 $16.2 $51.5 $47.3 Intangible amortization $3.5 $3.5 $10.5 $10.7
Slide 10: Balance Sheet and Capital Allocation
BALANCE SHEET AND CAPITAL ALLOCATION ($ in millions) As of 9/30/2024 As of 12/31/2023 Unrestricted Cash $97 $64 Total Debt Outstanding $730 $701 (1) Net Leverage Ratio 1.8x 1.9x Inventory $498 $616 (1) Ratio of average adjusted net funded debt for the prior four fiscal quarters to Adjusted EBITDA fo
Slide 11: 2024 Financial Outlook
2024 FINANCIAL OUTLOOK ($ 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 $395 - $405 Adjusted EBITDA Up ~6.3% at the mid-point (1) Change as compared to 2023 11
Slide 12: Q&A
Q&A
Slide 13: Appendix
APPENDIX CLUBGLOVE TPr
Slide 14: Adjusted EBITDA
ADJUSTED EBITDA ($ in millions) Q3 2024 Q3 2023 YTD 2024 YTD 2023 Net income attributable to Acushnet Holdings Corp. $56.2 $57.3 $215.4 $225.2 Interest expense, net 13.2 9.4 40.4 30.2 Income tax expense 13.2 11.3 57.8 52.7 Depreciation and amortization 14.0 12.8 41.7 38.2 Share-based compensation 9.