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- **Revenue Growth**: Q3 net sales up 5% YoY to $658 million; YTD up 4% to $2.08 billion.
- **Product Success**: Titleist Golf Equipment (+5% Q3), Golf Gear (+13% Q3), and FootJoy (+3% Q3) all outperform.
- **Regional Strength**: U.S. (+6% Q3), EMEA (+14% Q3), offsetting Japan/Korea softness.
- **Tariff Impact**: 2025 impact $30 million; 2026 expected at $70 million+ but partially mitigated.
- **Financial Health**: Adjusted EBITDA up 10% YoY to $119 million; gross margin 48.5%.
- **Shareholder Returns**: $188 million buybacks YTD; dividend of $0.235/share declared.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 net sales of $658 million, up 5% year-over-year (YoY) on a constant currency basis. Year-to-date (YTD) sales of $2.08 billion, up 4% YoY.
- **Segment Performance**: 
  - **Titleist Golf Equipment**: 5% Q3 and 5% YTD growth, driven by Pro V1 golf ball sales and successful launches of T-Series irons and Vokey SM10 wedges.
  - **Golf Gear**: 13% Q3 and 8% YTD growth, with travel brands (e.g., Links & Kings) up 20% YTD.
  - **FootJoy**: 3% Q3 growth, benefiting from Premiere and HyperFlex footwear models and apparel resilience.
- **Regional Highlights**: 
  - **U.S.**: 6% Q3 growth, strong across all segments.
  - **EMEA**: 14% Q3 growth, 8% YTD, driven by favorable weather and rounds of play.
  - **Japan/Korea**: Japan down 13% Q3, Korea up 3% Q3, with equipment strength offsetting footwear/apparel softness.
- **Inventory Management**: Channel inventories in line with seasonal expectations, with company-owned inventory up 3% YoY.

**【CFO Financial Commentary】**
- **Q3 Financials**: 
  - Adjusted EBITDA: $119 million (10% YoY growth).
  - Gross Profit: $319 million (+$15 million YoY), gross margin 48.5% (-50bps YoY due to tariffs).
  - SG&A: $205 million (+$5 million YoY), including $2 million restructuring costs.
- **Tariffs**: Full-year 2025 impact $30 million (mitigated to $15 million), 2026 impact estimated at $70 million+.
- **Cash Flow**: 
  - YTD free cash flow down due to strategic investments (e.g., IT systems).
  - Share buybacks: $188 million YTD; dividend declared at $0.235/share.
- **Full Year Guidance**: 
  - Revenue: $2.52-$2.54 billion (3% midpoint growth).
  - EBITDA: $405-$415 million.

**【Q&A Key Highlights】**
- **U.S. Sales Breakdown**: Equipment growth driven by volume (not pricing), with selective price increases in FootJoy and Gear.
- **Tariff Mitigation**: 2026 impact expected to be partially offset via supply chain adjustments.
- **Inventory Health**: Channel inventories healthy, with company inventory quality strong.
- **EMEA Growth**: Driven by favorable weather and increased fitting activity.
- **Working Capital**: Usage reflects IT investments and inventory pull-forward for tariffs.


Acushnet Holdings Corp. (GOLF) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GOLF

GOLF fundamentals

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