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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Acushnet Holdings Corp | NYSE:GOLF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.18 | -1.90% | 60.98 | 62.48 | 60.87 | 61.63 | 418,981 | 01:00:00 |
Form 10-Q
|
Acushnet Holdings Corp.
(Exact name of registrant as specified in its charter)
|
Delaware
|
45‑2644353
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
incorporation or organization)
|
Identification No.)
|
|
|
333 Bridge Street
|
|
Fairhaven, Massachusetts
|
02719
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated ☐
|
Accelerated filer ☒
|
Non-accelerated filer ☐
|
Smaller reporting company ☐
|
(Do not check if a smaller reporting company)
|
Emerging growth company ☐
|
|
|
|
|
Page No.
|
|
|
|
1
|
•
|
a reduction in the number of rounds of golf played or in the number of golf participants;
|
•
|
unfavorable weather conditions may impact the number of playable days and rounds played in a given year;
|
•
|
macroeconomic factors may affect the number of rounds of golf played and related spending on golf products;
|
•
|
demographic factors may affect the number of golf participants and related spending on our products;
|
•
|
a significant disruption in the operations of our manufacturing, assembly or distribution facilities;
|
•
|
our ability to procure raw materials or components of our products;
|
•
|
a disruption in the operations of our suppliers;
|
•
|
cost of raw materials and components;
|
•
|
currency transaction and translation risk;
|
•
|
our ability to successfully manage the frequent introduction of new products;
|
•
|
our reliance on technical innovation and high-quality products;
|
•
|
changes to the Rules of Golf with respect to equipment;
|
•
|
our ability to adequately enforce and protect our intellectual property rights;
|
•
|
involvement in lawsuits to protect, defend or enforce our intellectual property rights;
|
•
|
our ability to prevent infringement of intellectual property rights by others;
|
•
|
recent changes to U.S. patent laws and proposed changes to the rules of the U.S. Patent and Trademark Office;
|
•
|
intense competition and our ability to maintain a competitive advantage in each of our markets;
|
•
|
limited opportunities for future growth in sales of golf balls, golf shoes and golf gloves;
|
•
|
our customers’ financial condition, their levels of business activity and their ability to pay trade obligations;
|
•
|
a decrease in corporate spending on our custom logo golf balls;
|
•
|
our ability to maintain and further develop our sales channels;
|
•
|
consolidation of retailers or concentration of retail market share;
|
•
|
our ability to maintain and enhance our brands;
|
•
|
seasonal fluctuations of our business;
|
•
|
fluctuations of our business based on the timing of new product introductions;
|
•
|
risks associated with doing business globally;
|
•
|
compliance with laws, regulations and policies, including the U.S. Foreign Corrupt Practices Act or other applicable anti-corruption legislation;
|
•
|
our ability to secure professional golfers to endorse or use our products;
|
•
|
negative publicity relating to us or the golfers who use our products or the golf industry in general;
|
•
|
our ability to accurately forecast demand for our products;
|
•
|
a disruption in the service or increase in cost, of our primary delivery and shipping services or a significant disruption at shipping ports;
|
•
|
our ability to maintain our information systems to adequately perform their functions;
|
•
|
cybersecurity risks;
|
•
|
the ability of our eCommerce systems to function effectively;
|
•
|
occurrence of natural disasters or pandemic diseases;
|
•
|
impairment of goodwill and identifiable intangible assets;
|
•
|
our ability to attract and/or retain management and other key employees and hire qualified management, technical and manufacturing personnel;
|
2
|
•
|
our ability to prohibit sales of our products by unauthorized retailers or distributors;
|
•
|
our ability to grow our presence in existing international markets and expand into additional international markets;
|
•
|
tax uncertainties, including potential changes in tax laws, unanticipated tax liabilities and limitations on utilization of tax attributes after any change of control;
|
•
|
adequate levels of coverage of our insurance policies;
|
•
|
product liability, warranty and recall claims;
|
•
|
litigation and other regulatory proceedings;
|
•
|
compliance with environmental, health and safety laws and regulations;
|
•
|
our ability to secure additional capital on terms acceptable to us and potential dilution of holders of our common stock;
|
•
|
our estimates or judgments relating to our critical accounting policies;
|
•
|
terrorist activities and international political instability;
|
•
|
our substantial leverage, ability to service our indebtedness, ability to incur more indebtedness and restrictions in the agreements governing our indebtedness;
|
•
|
a sale, foreclosure, liquidation or other transfer of the shares of our common stock owned by Magnus Holdings Co., Ltd. (“Magnus”) as a result of the loans borrowed by Magnus which are secured by shares of our common stock (the “Magnus Loans”);
|
•
|
the ability of our controlling shareholder to control significant corporate activities, and our controlling shareholder’s interests may conflict with yours;
|
•
|
any pledge by Fila Korea Co., Ltd. of the common stock of Magnus;
|
•
|
the insolvency laws of Korea are different from U.S. bankruptcy laws;
|
•
|
our status as a controlled company;
|
•
|
the costs and regulatory requirements of operating as a public company;
|
•
|
our ability to maintain effective internal controls over financial reporting;
|
•
|
our ability to pay dividends;
|
•
|
dilution from future issuances or sales of our common stock;
|
•
|
anti-takeover provisions in our organizational documents;
|
•
|
reports from securities analysts; and
|
•
|
other factors discussed under the heading "Risk Factors" in our most recent Annual Report on Form 10-K.
|
3
|
|
Page(s)
|
Unaudited Condensed Consolidated Financial Statements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
September 30,
|
|
December 31,
|
||||
(in thousands, except share and per share amounts)
|
|
2018
|
|
2017
|
||||
Assets
|
|
|
|
|
||||
Current assets
|
|
|
|
|
||||
Cash and restricted cash ($8,801 and $13,086 attributable to the variable interest entity ("VIE"))
|
|
$
|
57,992
|
|
|
$
|
47,722
|
|
Accounts receivable, net
|
|
241,488
|
|
|
190,851
|
|
||
Inventories ($9,588 and $13,692 attributable to the VIE)
|
|
324,968
|
|
|
363,962
|
|
||
Other assets
|
|
85,366
|
|
|
84,541
|
|
||
Total current assets
|
|
709,814
|
|
|
687,076
|
|
||
Property, plant and equipment, net ($10,603 and $10,240 attributable to the VIE)
|
|
223,852
|
|
|
228,922
|
|
||
Goodwill ($32,312 and $32,312 attributable to the VIE)
|
|
184,784
|
|
|
185,941
|
|
||
Intangible assets, net
|
|
475,799
|
|
|
481,234
|
|
||
Deferred income taxes
|
|
84,879
|
|
|
110,318
|
|
||
Other assets ($2,652 and $2,738 attributable to the VIE)
|
|
35,709
|
|
|
33,833
|
|
||
Total assets
|
|
$
|
1,714,837
|
|
|
$
|
1,727,324
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
||||
Short-term debt
|
|
$
|
14,567
|
|
|
$
|
20,364
|
|
Current portion of long-term debt
|
|
35,625
|
|
|
26,719
|
|
||
Accounts payable ($6,028 and $10,587 attributable to the VIE)
|
|
91,063
|
|
|
92,759
|
|
||
Accrued taxes
|
|
24,801
|
|
|
34,310
|
|
||
Accrued compensation and benefits
|
|
85,403
|
|
|
80,189
|
|
||
Accrued expenses and other liabilities ($2,864 and $2,719 attributable to the VIE)
|
|
75,224
|
|
|
52,442
|
|
||
Total current liabilities
|
|
326,683
|
|
|
306,783
|
|
||
Long-term debt and capital lease obligations
|
|
355,633
|
|
|
416,970
|
|
||
Deferred income taxes
|
|
10,110
|
|
|
9,318
|
|
||
Accrued pension and other postretirement benefits ($1,375 and $1,908 attributable to the VIE)
|
|
93,057
|
|
|
130,160
|
|
||
Other noncurrent liabilities ($5,350 and $4,689 attributable to the VIE)
|
|
15,764
|
|
|
16,701
|
|
||
Total liabilities
|
|
801,247
|
|
|
879,932
|
|
||
Commitments and contingencies (Note 16)
|
|
|
|
|
||||
Shareholders' equity
|
|
|
|
|
||||
Common stock, $0.001 par value, 500,000,000 shares authorized; 74,760,062 and 74,479,319 shares issued and outstanding
|
|
75
|
|
|
74
|
|
||
Additional paid-in capital
|
|
906,107
|
|
|
894,727
|
|
||
Accumulated other comprehensive loss, net of tax
|
|
(86,075
|
)
|
|
(81,691
|
)
|
||
Retained earnings
|
|
64,915
|
|
|
1,618
|
|
||
Total equity attributable to Acushnet Holdings Corp.
|
|
885,022
|
|
|
814,728
|
|
||
Noncontrolling interests
|
|
28,568
|
|
|
32,664
|
|
||
Total shareholders' equity
|
|
913,590
|
|
|
847,392
|
|
||
Total liabilities and shareholders' equity
|
|
$
|
1,714,837
|
|
|
$
|
1,727,324
|
|
5
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
(in thousands, except share and per share amounts)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net sales
|
|
$
|
370,427
|
|
|
$
|
347,263
|
|
|
$
|
1,290,366
|
|
|
$
|
1,208,866
|
|
Cost of goods sold
|
|
181,489
|
|
|
174,159
|
|
|
622,944
|
|
|
586,381
|
|
||||
Gross profit
|
|
188,938
|
|
|
173,104
|
|
|
667,422
|
|
|
622,485
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
|
148,653
|
|
|
141,514
|
|
|
471,706
|
|
|
440,959
|
|
||||
Research and development
|
|
12,787
|
|
|
10,784
|
|
|
38,095
|
|
|
35,108
|
|
||||
Intangible amortization
|
|
1,625
|
|
|
1,626
|
|
|
4,885
|
|
|
4,872
|
|
||||
Income from operations
|
|
25,873
|
|
|
19,180
|
|
|
152,736
|
|
|
141,546
|
|
||||
Interest expense, net
|
|
4,284
|
|
|
4,040
|
|
|
13,939
|
|
|
11,863
|
|
||||
Other (income) expense, net
|
|
4,142
|
|
|
1,018
|
|
|
4,252
|
|
|
1,201
|
|
||||
Income before income taxes
|
|
17,447
|
|
|
14,122
|
|
|
134,545
|
|
|
128,482
|
|
||||
Income tax expense
|
|
10,098
|
|
|
3,488
|
|
|
43,737
|
|
|
44,180
|
|
||||
Net income
|
|
7,349
|
|
|
10,634
|
|
|
90,808
|
|
|
84,302
|
|
||||
Less: Net income attributable to noncontrolling interests
|
|
(286
|
)
|
|
(1,316
|
)
|
|
(2,354
|
)
|
|
(3,854
|
)
|
||||
Net income attributable to Acushnet Holdings Corp.
|
|
$
|
7,063
|
|
|
$
|
9,318
|
|
|
$
|
88,454
|
|
|
$
|
80,448
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per common share attributable to Acushnet Holdings Corp.:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.09
|
|
|
$
|
0.13
|
|
|
$
|
1.18
|
|
|
$
|
1.08
|
|
Diluted
|
|
0.09
|
|
|
0.12
|
|
|
1.18
|
|
|
1.08
|
|
||||
Cash dividends declared per common share:
|
|
$
|
0.13
|
|
|
$
|
0.12
|
|
|
$
|
0.39
|
|
|
$
|
0.36
|
|
Weighted average number of common shares:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
74,823,954
|
|
|
74,451,977
|
|
|
74,746,190
|
|
|
74,375,756
|
|
||||
Diluted
|
|
75,867,562
|
|
|
74,702,704
|
|
|
75,230,651
|
|
|
74,507,356
|
|
6
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
(in thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
7,349
|
|
|
$
|
10,634
|
|
|
$
|
90,808
|
|
|
$
|
84,302
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
(2,900
|
)
|
|
11,173
|
|
|
(9,431
|
)
|
|
23,971
|
|
||||
Cash flow derivative instruments
|
|
|
|
|
|
|
|
||||||||
Unrealized holding gains (losses) arising during period
|
3,421
|
|
|
(4,407
|
)
|
|
5,280
|
|
|
(15,727
|
)
|
||||
Reclassification adjustments included in net income
|
1,621
|
|
|
1,133
|
|
|
3,551
|
|
|
(1,962
|
)
|
||||
Tax benefit (expense)
|
(1,345
|
)
|
|
497
|
|
|
(2,063
|
)
|
|
4,395
|
|
||||
Cash flow derivative instruments, net
|
3,697
|
|
|
(2,777
|
)
|
|
6,768
|
|
|
(13,294
|
)
|
||||
Available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
Unrealized holding gains arising during period
|
—
|
|
|
171
|
|
|
—
|
|
|
195
|
|
||||
Tax benefit
|
—
|
|
|
27
|
|
|
—
|
|
|
18
|
|
||||
Available-for-sale securities, net
|
—
|
|
|
198
|
|
|
—
|
|
|
213
|
|
||||
Pension and other postretirement benefits
|
|
|
|
|
|
|
|
||||||||
Pension and other postretirement benefits adjustments
|
4,520
|
|
|
239
|
|
|
5,516
|
|
|
397
|
|
||||
Tax expense
|
(957
|
)
|
|
(212
|
)
|
|
(1,105
|
)
|
|
(170
|
)
|
||||
Pension and other postretirement benefits adjustments, net
|
3,563
|
|
|
27
|
|
|
4,411
|
|
|
227
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total other comprehensive income
|
4,360
|
|
|
8,621
|
|
|
1,748
|
|
|
11,117
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income
|
11,709
|
|
|
19,255
|
|
|
92,556
|
|
|
95,419
|
|
||||
Less: Comprehensive income attributable to noncontrolling interests
|
(286
|
)
|
|
(1,316
|
)
|
|
(2,354
|
)
|
|
(3,854
|
)
|
||||
Comprehensive income attributable to Acushnet Holdings Corp.
|
$
|
11,423
|
|
|
$
|
17,939
|
|
|
$
|
90,202
|
|
|
$
|
91,565
|
|
7
|
|
Nine months ended September 30,
|
||||||
(in thousands)
|
2018
|
|
2017
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income
|
$
|
90,808
|
|
|
$
|
84,302
|
|
Adjustments to reconcile net income to cash provided by (used in) operating activities
|
|
|
|
||||
Depreciation and amortization
|
30,057
|
|
|
30,667
|
|
||
Unrealized foreign exchange loss (gain)
|
3,057
|
|
|
(2,885
|
)
|
||
Amortization of debt issuance costs
|
1,040
|
|
|
990
|
|
||
Share-based compensation
|
13,780
|
|
|
11,576
|
|
||
Loss on disposals of property, plant and equipment
|
153
|
|
|
466
|
|
||
Deferred income taxes
|
23,202
|
|
|
28,415
|
|
||
Changes in operating assets and liabilities
|
|
|
|
||||
Accounts receivable
|
(55,798
|
)
|
|
(21,432
|
)
|
||
Inventories
|
35,602
|
|
|
12,849
|
|
||
Accounts payable
|
(90
|
)
|
|
2,236
|
|
||
Accrued taxes
|
(8,987
|
)
|
|
(22,168
|
)
|
||
Other assets and liabilities
|
(2,759
|
)
|
|
(142,900
|
)
|
||
Cash flows provided by (used in) operating activities
|
130,065
|
|
|
(17,884
|
)
|
||
Cash flows from investing activities
|
|
|
|
||||
Additions to property, plant and equipment
|
(20,662
|
)
|
|
(12,781
|
)
|
||
Other investing activity
|
(2,350
|
)
|
|
—
|
|
||
Cash flows used in investing activities
|
(23,012
|
)
|
|
(12,781
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Repayments of short-term borrowings, net
|
(4,103
|
)
|
|
(31,719
|
)
|
||
Proceeds from delayed draw term loan A facility
|
—
|
|
|
100,000
|
|
||
Repayments of delayed draw term loan A facility
|
(38,750
|
)
|
|
(3,750
|
)
|
||
Repayment of term loan facilities
|
(14,063
|
)
|
|
(14,064
|
)
|
||
Debt issuance costs
|
(381
|
)
|
|
—
|
|
||
Dividends paid on common stock
|
(29,338
|
)
|
|
(26,802
|
)
|
||
Dividends paid to noncontrolling interests
|
(6,450
|
)
|
|
(2,400
|
)
|
||
Payment of employee restricted stock tax withholdings
|
(2,634
|
)
|
|
(903
|
)
|
||
Cash flows (used in) provided by financing activities
|
(95,719
|
)
|
|
20,362
|
|
||
Effect of foreign exchange rate changes on cash
|
(1,064
|
)
|
|
4,354
|
|
||
Net increase (decrease) in cash
|
10,270
|
|
|
(5,949
|
)
|
||
Cash and restricted cash, beginning of year
|
47,722
|
|
|
79,140
|
|
||
Cash and restricted cash, end of period
|
$
|
57,992
|
|
|
$
|
73,191
|
|
Supplemental information
|
|
|
|
||||
Non-cash additions to property, plant and equipment
|
$
|
1,648
|
|
|
$
|
200
|
|
Dividends declared to noncontrolling interests but not paid
|
—
|
|
|
2,400
|
|
||
Dividend equivalents rights ("DERs") declared not paid
|
635
|
|
|
645
|
|
8
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Other
Comprehensive
Loss,
Net of Tax
|
|
Retained
Earnings
|
|
Total
Shareholders'
Equity
Attributable
to Acushnet
Holdings Corp.
|
|
Noncontrolling
Interest
|
|
Total
Shareholders'
Equity
|
|||||||||||||||||
(in thousands)
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|||||||||||||||||||||
Balances at December 31, 2017
|
74,479
|
|
|
$
|
74
|
|
|
$
|
894,727
|
|
|
$
|
(81,691
|
)
|
|
$
|
1,618
|
|
|
$
|
814,728
|
|
|
$
|
32,664
|
|
|
$
|
847,392
|
|
Adoption of new accounting standards (Notes 1, 2 & 10)
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,132
|
)
|
|
4,631
|
|
|
(1,501
|
)
|
|
—
|
|
|
(1,501
|
)
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
88,454
|
|
|
88,454
|
|
|
2,354
|
|
|
90,808
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,748
|
|
|
—
|
|
|
1,748
|
|
|
—
|
|
|
1,748
|
|
|||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
14,011
|
|
|
—
|
|
|
—
|
|
|
14,011
|
|
|
—
|
|
|
14,011
|
|
|||||||
Vesting of restricted common stock, including impact of DERs, net of shares withheld for employee taxes (Note 12)
|
281
|
|
|
1
|
|
|
(2,631
|
)
|
|
—
|
|
|
—
|
|
|
(2,630
|
)
|
|
—
|
|
|
(2,630
|
)
|
|||||||
Dividends and dividend equivalents declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29,788
|
)
|
|
(29,788
|
)
|
|
—
|
|
|
(29,788
|
)
|
|||||||
Dividends declared to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,450
|
)
|
|
(6,450
|
)
|
|||||||
Balances at September 30, 2018
|
74,760
|
|
|
$
|
75
|
|
|
$
|
906,107
|
|
|
$
|
(86,075
|
)
|
|
$
|
64,915
|
|
|
$
|
885,022
|
|
|
$
|
28,568
|
|
|
$
|
913,590
|
|
9
|
10
|
11
|
Standard
|
|
|
|
Effective Date
|
ASU 2017‑09
|
|
Compensation—Stock Compensation: Scope of Modification Accounting
|
|
January 1, 2018
|
ASU 2017‑01
|
|
Business Combinations: Clarifying the Definition of a Business
|
|
January 1, 2018
|
ASU 2016‑16
|
|
Income Taxes: Intra-Entity Transfers of Assets other than Inventory
|
|
January 1, 2018
|
ASU 2016‑15
|
|
Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments
|
|
January 1, 2018
|
12
|
13
|
(in thousands)
|
|
September 30,
|
|
December 31,
|
||||
|
|
2018
|
|
2017
|
||||
Raw materials and supplies
|
|
$
|
69,702
|
|
|
$
|
72,342
|
|
Work-in-process
|
|
19,060
|
|
|
23,956
|
|
||
Finished goods
|
|
236,206
|
|
|
267,664
|
|
||
Inventories
|
|
$
|
324,968
|
|
|
$
|
363,962
|
|
14
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
(in thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Balance at beginning of period
|
$
|
3,938
|
|
|
$
|
3,779
|
|
|
$
|
3,823
|
|
|
$
|
3,526
|
|
Provision
|
520
|
|
|
1,525
|
|
|
3,276
|
|
|
3,845
|
|
||||
Claims paid/costs incurred
|
(838
|
)
|
|
(1,499
|
)
|
|
(3,417
|
)
|
|
(3,626
|
)
|
||||
Foreign currency translation
|
5
|
|
|
73
|
|
|
(57
|
)
|
|
133
|
|
||||
Balance at end of period
|
$
|
3,625
|
|
|
$
|
3,878
|
|
|
$
|
3,625
|
|
|
$
|
3,878
|
|
15
|
(in thousands)
|
|
|
|
September 30,
|
|
December 31,
|
||||
Balance Sheet Location
|
|
Hedge Instrument Type
|
|
2018
|
|
2017
|
||||
Other current assets
|
|
Foreign exchange forward
|
|
$
|
4,631
|
|
|
$
|
4,675
|
|
Other noncurrent assets
|
|
Foreign exchange forward
|
|
1,237
|
|
|
562
|
|
||
|
|
Interest rate swap
|
|
348
|
|
|
—
|
|
||
Other current liabilities
|
|
Foreign exchange forward
|
|
796
|
|
|
6,360
|
|
||
|
|
Interest rate swap
|
|
109
|
|
|
—
|
|
||
Other noncurrent liabilities
|
|
Foreign exchange forward
|
|
86
|
|
|
276
|
|
16
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Type of hedge
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange forward
|
|
$
|
3,175
|
|
|
$
|
(4,407
|
)
|
|
$
|
5,303
|
|
|
$
|
(15,727
|
)
|
Interest rate swap
|
|
246
|
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
||||
|
|
$
|
3,421
|
|
|
$
|
(4,407
|
)
|
|
$
|
5,280
|
|
|
$
|
(15,727
|
)
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Location of gain (loss) in statement of operations
|
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
|
$
|
(1,461
|
)
|
|
$
|
(1,133
|
)
|
|
$
|
(3,289
|
)
|
|
$
|
1,962
|
|
Selling, general and administrative expense
|
|
277
|
|
|
(1,064
|
)
|
|
1,293
|
|
|
(2,680
|
)
|
||||
Interest expense, net
|
|
(160
|
)
|
|
—
|
|
|
(262
|
)
|
|
—
|
|
||||
|
|
$
|
(1,344
|
)
|
|
$
|
(2,197
|
)
|
|
$
|
(2,258
|
)
|
|
$
|
(718
|
)
|
17
|
|
|
Fair Value Measurements as of
|
|
|
||||||||||
|
|
September 30, 2018 using:
|
|
|
||||||||||
(in thousands)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Balance Sheet Location
|
||||||
Assets
|
|
|
|
|
|
|
|
|
||||||
Rabbi trust
|
|
$
|
8,975
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Other current assets
|
Foreign exchange derivative instruments
|
|
—
|
|
|
4,679
|
|
|
—
|
|
|
Other current assets
|
|||
Deferred compensation program assets
|
|
1,384
|
|
|
—
|
|
|
—
|
|
|
Other noncurrent assets
|
|||
Foreign exchange derivative instruments
|
|
—
|
|
|
1,237
|
|
|
—
|
|
|
Other noncurrent assets
|
|||
Interest rate derivative instruments
|
|
—
|
|
|
348
|
|
|
—
|
|
|
Other noncurrent assets
|
|||
Total assets
|
|
$
|
10,359
|
|
|
$
|
6,264
|
|
|
$
|
—
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||
Foreign exchange derivative instruments
|
|
$
|
—
|
|
|
$
|
796
|
|
|
$
|
—
|
|
|
Other current liabilities
|
Interest rate derivative instruments
|
|
—
|
|
|
109
|
|
|
—
|
|
|
Other current liabilities
|
|||
Deferred compensation program liabilities
|
|
1,384
|
|
|
—
|
|
|
—
|
|
|
Other noncurrent liabilities
|
|||
Foreign exchange derivative instruments
|
|
—
|
|
|
86
|
|
|
—
|
|
|
Other noncurrent liabilities
|
|||
Total liabilities
|
|
$
|
1,384
|
|
|
$
|
991
|
|
|
$
|
—
|
|
|
|
|
|
Fair Value Measurements as of
|
|
|
||||||||||
|
|
December 31, 2017 using:
|
|
|
||||||||||
(in thousands)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Balance Sheet Location
|
||||||
Assets
|
|
|
|
|
|
|
|
|
||||||
Rabbi trust
|
|
$
|
10,637
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Other current assets
|
Foreign exchange derivative instruments
|
|
—
|
|
|
4,675
|
|
|
—
|
|
|
Other current assets
|
|||
Deferred compensation program assets
|
|
1,866
|
|
|
—
|
|
|
—
|
|
|
Other noncurrent assets
|
|||
Foreign exchange derivative instruments
|
|
—
|
|
|
562
|
|
|
—
|
|
|
Other noncurrent assets
|
|||
Total assets
|
|
$
|
12,503
|
|
|
$
|
5,237
|
|
|
$
|
—
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||
Foreign exchange derivative instruments
|
|
$
|
—
|
|
|
$
|
6,360
|
|
|
$
|
—
|
|
|
Other current liabilities
|
Deferred compensation program liabilities
|
|
1,866
|
|
|
—
|
|
|
—
|
|
|
Other noncurrent liabilities
|
|||
Foreign exchange derivative instruments
|
|
—
|
|
|
276
|
|
|
—
|
|
|
Other noncurrent liabilities
|
|||
Total liabilities
|
|
$
|
1,866
|
|
|
$
|
6,636
|
|
|
$
|
—
|
|
|
|
18
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
|
|
Three months ended September 30,
|
||||||||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Components of net periodic benefit cost
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
2,217
|
|
|
$
|
2,300
|
|
|
$
|
164
|
|
|
$
|
239
|
|
Interest cost
|
|
2,950
|
|
|
2,934
|
|
|
123
|
|
|
178
|
|
||||
Expected return on plan assets
|
|
(3,006
|
)
|
|
(3,059
|
)
|
|
—
|
|
|
—
|
|
||||
Settlement expense
|
|
4,611
|
|
|
754
|
|
|
—
|
|
|
—
|
|
||||
Curtailment income
|
|
(40
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Amortization of net (gain) loss
|
|
329
|
|
|
249
|
|
|
(385
|
)
|
|
(150
|
)
|
||||
Amortization of prior service cost (credit)
|
|
44
|
|
|
44
|
|
|
(35
|
)
|
|
(35
|
)
|
||||
Net periodic benefit cost (income)
|
|
$
|
7,105
|
|
|
$
|
3,222
|
|
|
$
|
(133
|
)
|
|
$
|
232
|
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
|
|
Nine months ended September 30,
|
||||||||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Components of net periodic benefit cost
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
6,919
|
|
|
$
|
6,821
|
|
|
$
|
493
|
|
|
$
|
717
|
|
Interest cost
|
|
8,897
|
|
|
8,886
|
|
|
368
|
|
|
535
|
|
||||
Expected return on plan assets
|
|
(9,483
|
)
|
|
(9,006
|
)
|
|
—
|
|
|
—
|
|
||||
Settlement expense
|
|
5,083
|
|
|
1,070
|
|
|
—
|
|
|
—
|
|
||||
Curtailment income
|
|
(40
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Amortization of net (gain) loss
|
|
1,581
|
|
|
546
|
|
|
(1,155
|
)
|
|
(451
|
)
|
||||
Amortization of prior service cost (credit)
|
|
131
|
|
|
131
|
|
|
(103
|
)
|
|
(103
|
)
|
||||
Net periodic benefit cost (income)
|
|
$
|
13,088
|
|
|
$
|
8,448
|
|
|
$
|
(397
|
)
|
|
$
|
698
|
|
19
|
(in thousands, except per share amounts)
|
|
Dividends per Common Share
|
|
Amount
|
||||
2018:
|
|
|
|
|
||||
Third Quarter
|
|
$
|
0.13
|
|
|
$
|
9,954
|
|
Second Quarter
|
|
0.13
|
|
|
9,917
|
|
||
First Quarter
|
|
0.13
|
|
|
9,917
|
|
||
Total dividends declared in 2018
|
|
$
|
0.39
|
|
|
$
|
29,788
|
|
|
|
|
|
|
||||
2017:
|
|
|
|
|
||||
Fourth Quarter
|
|
$
|
0.12
|
|
|
$
|
9,098
|
|
Third Quarter
|
|
0.12
|
|
|
9,146
|
|
||
Second Quarter
|
|
0.12
|
|
|
9,149
|
|
||
First Quarter
|
|
0.12
|
|
|
9,152
|
|
||
Total dividends declared in 2017
|
|
$
|
0.48
|
|
|
$
|
36,545
|
|
20
|
|
|
|
|
Weighted-
|
|||
|
|
Number
|
|
Average
|
|||
|
|
of
|
|
Fair
|
|||
|
|
RSUs and PSUs
|
|
Value
|
|||
Outstanding at December 31, 2017
|
|
2,060,854
|
|
|
$
|
20.23
|
|
Granted
|
|
473,724
|
|
|
23.49
|
|
|
Vested (1)
|
|
(466,834
|
)
|
|
20.52
|
|
|
Forfeited
|
|
—
|
|
|
—
|
|
|
Outstanding at September 30, 2018
|
|
2,067,744
|
|
|
$
|
20.91
|
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Cost of goods sold
|
|
$
|
217
|
|
|
$
|
100
|
|
|
$
|
424
|
|
|
$
|
327
|
|
Selling, general and administrative expense
|
|
4,073
|
|
|
3,302
|
|
|
12,365
|
|
|
10,318
|
|
||||
Research and development
|
|
380
|
|
|
273
|
|
|
991
|
|
|
931
|
|
||||
Total compensation expense before income tax
|
|
4,670
|
|
|
3,675
|
|
|
13,780
|
|
|
11,576
|
|
||||
Income tax benefit
|
|
938
|
|
|
1,266
|
|
|
2,820
|
|
|
3,985
|
|
||||
Total compensation expense, net of income tax
|
|
$
|
3,732
|
|
|
$
|
2,409
|
|
|
$
|
10,960
|
|
|
$
|
7,591
|
|
21
|
|
|
Foreign
|
|
Gains (Losses) on
|
|
Gains (Losses)
|
|
Pension and
|
|
Accumulated
|
||||||||||
|
|
Currency
|
|
Cash Flow
|
|
on Available-
|
|
Other
|
|
Other
|
||||||||||
|
|
Translation
|
|
Derivative
|
|
for-Sale
|
|
Postretirement
|
|
Comprehensive
|
||||||||||
(in thousands)
|
|
Adjustments
|
|
Instruments
|
|
Securities
|
|
Adjustments
|
|
Loss, Net of Tax
|
||||||||||
Balance at December 31, 2017
|
|
$
|
(57,711
|
)
|
|
$
|
(2,280
|
)
|
|
$
|
1,721
|
|
|
$
|
(23,421
|
)
|
|
$
|
(81,691
|
)
|
Adoption of new accounting standards (Note 1 & 10)
|
|
(2,171
|
)
|
|
—
|
|
|
(1,721
|
)
|
|
(2,240
|
)
|
|
(6,132
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
|
(9,431
|
)
|
|
5,280
|
|
|
—
|
|
|
19
|
|
|
(4,132
|
)
|
|||||
Amounts reclassified from accumulated other comprehensive loss, net of tax
|
|
—
|
|
|
3,551
|
|
|
—
|
|
|
5,497
|
|
|
9,048
|
|
|||||
Tax expense
|
|
—
|
|
|
(2,063
|
)
|
|
—
|
|
|
(1,105
|
)
|
|
(3,168
|
)
|
|||||
Balance at September 30, 2018
|
|
$
|
(69,313
|
)
|
|
$
|
4,488
|
|
|
$
|
—
|
|
|
$
|
(21,250
|
)
|
|
$
|
(86,075
|
)
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
(in thousands, except share and per share amounts)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Acushnet Holdings Corp.
|
|
$
|
7,063
|
|
|
$
|
9,318
|
|
|
$
|
88,454
|
|
|
$
|
80,448
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
74,823,954
|
|
|
74,451,977
|
|
|
74,746,190
|
|
|
74,375,756
|
|
||||
Diluted
|
|
75,867,562
|
|
|
74,702,704
|
|
|
75,230,651
|
|
|
74,507,356
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net income per common share attributable to Acushnet Holdings Corp.:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.09
|
|
|
$
|
0.13
|
|
|
$
|
1.18
|
|
|
$
|
1.08
|
|
Diluted
|
|
$
|
0.09
|
|
|
$
|
0.12
|
|
|
$
|
1.18
|
|
|
$
|
1.08
|
|
22
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||
|
|
September 30,
|
|
September 30,
|
||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
RSUs
|
|
—
|
|
|
356,083
|
|
|
—
|
|
|
367,145
|
|
(in thousands)
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net sales
|
|
|
|
|
|
|
|
|
||||||||
Titleist golf balls
|
|
$
|
121,794
|
|
|
$
|
114,950
|
|
|
$
|
418,911
|
|
|
$
|
404,101
|
|
Titleist golf clubs
|
|
99,018
|
|
|
84,676
|
|
|
333,750
|
|
|
279,955
|
|
||||
Titleist golf gear
|
|
30,497
|
|
|
30,895
|
|
|
120,664
|
|
|
120,585
|
|
||||
FootJoy golf wear
|
|
100,165
|
|
|
101,010
|
|
|
360,367
|
|
|
355,750
|
|
||||
Other
|
|
18,953
|
|
|
15,732
|
|
|
56,674
|
|
|
48,475
|
|
||||
Total net sales
|
|
$
|
370,427
|
|
|
$
|
347,263
|
|
|
$
|
1,290,366
|
|
|
$
|
1,208,866
|
|
|
|
|
|
|
|
|
|
|
||||||||
Segment operating income (loss)
|
|
|
|
|
|
|
|
|
||||||||
Titleist golf balls
|
|
$
|
20,865
|
|
|
$
|
12,169
|
|
|
$
|
71,693
|
|
|
$
|
64,511
|
|
Titleist golf clubs
|
|
2,908
|
|
|
(2,553
|
)
|
|
29,812
|
|
|
13,653
|
|
||||
Titleist golf gear
|
|
223
|
|
|
1,462
|
|
|
16,261
|
|
|
19,076
|
|
||||
FootJoy golf wear
|
|
(1,521
|
)
|
|
5,107
|
|
|
24,121
|
|
|
31,883
|
|
||||
Other
|
|
3,788
|
|
|
3,032
|
|
|
11,201
|
|
|
10,982
|
|
||||
Total segment operating income
|
|
26,263
|
|
|
19,217
|
|
|
153,088
|
|
|
140,105
|
|
||||
Reconciling items:
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
|
(4,284
|
)
|
|
(4,040
|
)
|
|
(13,939
|
)
|
|
(11,863
|
)
|
||||
Transaction fees
|
|
(470
|
)
|
|
—
|
|
|
(470
|
)
|
|
(146
|
)
|
||||
Other
|
|
(4,062
|
)
|
|
(1,055
|
)
|
|
(4,134
|
)
|
|
386
|
|
||||
Total income before income tax
|
|
$
|
17,447
|
|
|
$
|
14,122
|
|
|
$
|
134,545
|
|
|
$
|
128,482
|
|
23
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
United States
|
|
$
|
203,194
|
|
|
$
|
183,495
|
|
|
$
|
675,223
|
|
|
$
|
630,784
|
|
EMEA (1)
|
|
41,659
|
|
|
40,646
|
|
|
182,375
|
|
|
166,533
|
|
||||
Japan
|
|
41,683
|
|
|
41,130
|
|
|
139,299
|
|
|
135,607
|
|
||||
Korea
|
|
50,030
|
|
|
47,502
|
|
|
164,679
|
|
|
153,354
|
|
||||
Rest of world
|
|
33,861
|
|
|
34,490
|
|
|
128,790
|
|
|
122,588
|
|
||||
Total net sales
|
|
$
|
370,427
|
|
|
$
|
347,263
|
|
|
$
|
1,290,366
|
|
|
$
|
1,208,866
|
|
|
|
Payments Due by Period
|
||||||||||||||||||||||
|
|
Remainder of
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(in thousands)
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
||||||||||||
Purchase obligations
|
|
$
|
122,187
|
|
|
$
|
27,635
|
|
|
$
|
9,618
|
|
|
$
|
4,818
|
|
|
$
|
918
|
|
|
$
|
2,417
|
|
24
|
25
|
26
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net sales
|
|
$
|
370,427
|
|
|
$
|
347,263
|
|
|
$
|
1,290,366
|
|
|
$
|
1,208,866
|
|
Cost of goods sold
|
|
181,489
|
|
|
174,159
|
|
|
622,944
|
|
|
586,381
|
|
||||
Gross profit
|
|
188,938
|
|
|
173,104
|
|
|
667,422
|
|
|
622,485
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative
|
|
148,653
|
|
|
141,514
|
|
|
471,706
|
|
|
440,959
|
|
||||
Research and development
|
|
12,787
|
|
|
10,784
|
|
|
38,095
|
|
|
35,108
|
|
||||
Intangible amortization
|
|
1,625
|
|
|
1,626
|
|
|
4,885
|
|
|
4,872
|
|
||||
Income from operations
|
|
25,873
|
|
|
19,180
|
|
|
152,736
|
|
|
141,546
|
|
||||
Interest expense, net
|
|
4,284
|
|
|
4,040
|
|
|
13,939
|
|
|
11,863
|
|
||||
Other (income) expense, net
|
|
4,142
|
|
|
1,018
|
|
|
4,252
|
|
|
1,201
|
|
||||
Income before income taxes
|
|
17,447
|
|
|
14,122
|
|
|
134,545
|
|
|
128,482
|
|
||||
Income tax expense
|
|
10,098
|
|
|
3,488
|
|
|
43,737
|
|
|
44,180
|
|
||||
Net income
|
|
7,349
|
|
|
10,634
|
|
|
90,808
|
|
|
84,302
|
|
||||
Less: Net income attributable to noncontrolling interests
|
|
(286
|
)
|
|
(1,316
|
)
|
|
(2,354
|
)
|
|
(3,854
|
)
|
||||
Net income attributable to Acushnet Holdings Corp.
|
|
$
|
7,063
|
|
|
$
|
9,318
|
|
|
$
|
88,454
|
|
|
$
|
80,448
|
|
Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to Acushnet Holdings Corp.
|
|
$
|
7,063
|
|
|
$
|
9,318
|
|
|
$
|
88,454
|
|
|
$
|
80,448
|
|
Income tax expense
|
|
10,098
|
|
|
3,488
|
|
|
43,737
|
|
|
44,180
|
|
||||
Interest expense, net
|
|
4,284
|
|
|
4,040
|
|
|
13,939
|
|
|
11,863
|
|
||||
Depreciation and amortization
|
|
9,345
|
|
|
10,214
|
|
|
30,057
|
|
|
30,667
|
|
||||
Share-based compensation
|
|
4,670
|
|
|
3,674
|
|
|
13,780
|
|
|
11,576
|
|
||||
Transaction fees
|
|
470
|
|
|
—
|
|
|
470
|
|
|
146
|
|
||||
Beam indemnification expense (income)(a)
|
|
(68
|
)
|
|
145
|
|
|
(181
|
)
|
|
342
|
|
||||
Executive pension settlement(b)
|
|
2,543
|
|
|
—
|
|
|
2,543
|
|
|
—
|
|
||||
Other non-cash (gains) losses, net
|
|
(350
|
)
|
|
(17
|
)
|
|
(389
|
)
|
|
(613
|
)
|
||||
Net income attributable to noncontrolling interests
|
|
286
|
|
|
1,316
|
|
|
2,354
|
|
|
3,854
|
|
||||
Adjusted EBITDA
|
|
$
|
38,341
|
|
|
$
|
32,178
|
|
|
$
|
194,764
|
|
|
$
|
182,463
|
|
Adjusted EBITDA margin
|
|
10.4
|
%
|
|
9.3
|
%
|
|
15.1
|
%
|
|
15.1
|
%
|
(a)
|
Reflects the non-cash charges related to the indemnification obligations owed to us by Beam that are included when calculating net income attributable to Acushnet Holdings Corp.
|
(b)
|
In the third quarter of 2018, our former Chief Executive Officer ("CEO") received lump-sum pension benefit payments in connection with his retirement, which resulted in a non-cash settlement expense of $2.5 million.
|
27
|
|
|
Three months ended
|
|
|
|
|
|
Constant Currency
|
||||||||||||||
|
|
September 30,
|
|
Increase/(Decrease)
|
|
Increase/(Decrease)
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
$ change
|
|
% change
|
|
$ change
|
|
% change
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||||
Titleist golf balls
|
|
$
|
121,794
|
|
|
$
|
114,950
|
|
|
$
|
6,844
|
|
|
6.0
|
%
|
|
$
|
7,172
|
|
|
6.2
|
%
|
Titleist golf clubs
|
|
99,018
|
|
|
84,676
|
|
|
14,342
|
|
|
16.9
|
%
|
|
14,739
|
|
|
17.4
|
%
|
||||
Titleist golf gear
|
|
30,497
|
|
|
30,895
|
|
|
(398
|
)
|
|
(1.3
|
)%
|
|
(306
|
)
|
|
(1.0
|
)%
|
||||
FootJoy golf wear
|
|
100,165
|
|
|
101,010
|
|
|
(845
|
)
|
|
(0.8
|
)%
|
|
(307
|
)
|
|
(0.3
|
)%
|
|
|
Three months ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
Increase/(Decrease)
|
|||||||||||
|
|
2018
|
|
2017
|
|
$ change
|
|
% change
|
|||||||
|
|
(in thousands)
|
|||||||||||||
Segment operating income (loss) (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Titleist golf balls
|
|
$
|
20,865
|
|
|
$
|
12,169
|
|
|
$
|
8,696
|
|
|
71.5
|
%
|
Titleist golf clubs
|
|
2,908
|
|
|
(2,553
|
)
|
|
5,461
|
|
|
213.9
|
%
|
|||
Titleist golf gear
|
|
223
|
|
|
1,462
|
|
|
(1,239
|
)
|
|
(84.7
|
)%
|
|||
FootJoy golf wear
|
|
(1,521
|
)
|
|
5,107
|
|
|
(6,628
|
)
|
|
(129.8
|
)%
|
(1)
|
Expenses relating to transaction fees and restructuring charges and other non-operating gains and losses, to the extent incurred in the applicable period, are not reflected in segment operating income (loss).
|
|
|
Three months ended
|
|
|
|
|
|
Constant Currency
|
||||||||||||||
|
|
September 30,
|
|
Increase/(Decrease)
|
|
Increase/(Decrease)
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
$ change
|
|
% change
|
|
$ change
|
|
% change
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||||
United States
|
|
$
|
203,194
|
|
|
$
|
183,495
|
|
|
$
|
19,699
|
|
|
10.7
|
%
|
|
$
|
19,699
|
|
|
10.7
|
%
|
EMEA
|
|
41,659
|
|
|
40,646
|
|
|
1,013
|
|
|
2.5
|
%
|
|
1,534
|
|
|
3.8
|
%
|
||||
Japan
|
|
41,683
|
|
|
41,130
|
|
|
553
|
|
|
1.3
|
%
|
|
749
|
|
|
1.8
|
%
|
||||
Korea
|
|
50,030
|
|
|
47,502
|
|
|
2,528
|
|
|
5.3
|
%
|
|
1,998
|
|
|
4.2
|
%
|
||||
Rest of world
|
|
33,861
|
|
|
34,490
|
|
|
(629
|
)
|
|
(1.8
|
)%
|
|
428
|
|
|
1.2
|
%
|
||||
Total net sales
|
|
$
|
370,427
|
|
|
$
|
347,263
|
|
|
$
|
23,164
|
|
|
6.7
|
%
|
|
$
|
24,408
|
|
|
7.0
|
%
|
28
|
29
|
30
|
|
|
Nine months ended
|
|
|
|
|
|
Constant Currency
|
||||||||||||||
|
|
September 30,
|
|
Increase/(Decrease)
|
|
Increase/(Decrease)
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
$ change
|
|
% change
|
|
$ change
|
|
% change
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||||
Titleist golf balls
|
|
$
|
418,911
|
|
|
$
|
404,101
|
|
|
$
|
14,810
|
|
|
3.7
|
%
|
|
$
|
8,002
|
|
|
2.0
|
%
|
Titleist golf clubs
|
|
333,750
|
|
|
279,955
|
|
|
53,795
|
|
|
19.2
|
%
|
|
47,221
|
|
|
16.9
|
%
|
||||
Titleist golf gear
|
|
120,664
|
|
|
120,585
|
|
|
79
|
|
|
0.1
|
%
|
|
(2,854
|
)
|
|
(2.4
|
)%
|
||||
FootJoy golf wear
|
|
360,367
|
|
|
355,750
|
|
|
4,617
|
|
|
1.3
|
%
|
|
(4,675
|
)
|
|
(1.3
|
)%
|
|
|
Nine months ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
Increase/(Decrease)
|
|||||||||||
|
|
2018
|
|
2017
|
|
$ change
|
|
% change
|
|||||||
|
|
(in thousands)
|
|||||||||||||
Segment operating income(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Titleist golf balls
|
|
$
|
71,693
|
|
|
$
|
64,511
|
|
|
$
|
7,182
|
|
|
11.1
|
%
|
Titleist golf clubs
|
|
29,812
|
|
|
13,653
|
|
|
16,159
|
|
|
118.4
|
%
|
|||
Titleist golf gear
|
|
16,261
|
|
|
19,076
|
|
|
(2,815
|
)
|
|
(14.8
|
)%
|
|||
FootJoy golf wear
|
|
24,121
|
|
|
31,883
|
|
|
(7,762
|
)
|
|
(24.3
|
)%
|
(1)
|
Expenses relating to transaction fees and restructuring charges and other non-operating gains and losses, to the extent incurred in the applicable period, are not reflected in segment operating income.
|
31
|
|
|
Nine months ended
|
|
|
|
|
|
Constant Currency
|
||||||||||||||
|
|
September 30,
|
|
Increase/(Decrease)
|
|
Increase/(Decrease)
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
$ change
|
|
% change
|
|
$ change
|
|
% change
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||||
United States
|
|
$
|
675,223
|
|
|
$
|
630,784
|
|
|
$
|
44,439
|
|
|
7.0
|
%
|
|
$
|
44,439
|
|
|
7.0
|
%
|
EMEA
|
|
182,375
|
|
|
166,533
|
|
|
15,842
|
|
|
9.5
|
%
|
|
2,637
|
|
|
1.6
|
%
|
||||
Japan
|
|
139,299
|
|
|
135,607
|
|
|
3,692
|
|
|
2.7
|
%
|
|
81
|
|
|
0.1
|
%
|
||||
Korea
|
|
164,679
|
|
|
153,354
|
|
|
11,325
|
|
|
7.4
|
%
|
|
3,794
|
|
|
2.5
|
%
|
||||
Rest of world
|
|
128,790
|
|
|
122,588
|
|
|
6,202
|
|
|
5.1
|
%
|
|
2,675
|
|
|
2.2
|
%
|
||||
Total net sales
|
|
$
|
1,290,366
|
|
|
$
|
1,208,866
|
|
|
$
|
81,500
|
|
|
6.7
|
%
|
|
$
|
53,626
|
|
|
4.4
|
%
|
32
|
33
|
34
|
35
|
|
|
Nine months ended
|
||||||
|
|
September 30,
|
||||||
(in thousands)
|
|
2018
|
|
2017
|
||||
Cash flows provided by (used in):
|
|
|
|
|
|
|
||
Operating activities
|
|
$
|
130,065
|
|
|
$
|
(17,884
|
)
|
Investing activities
|
|
(23,012
|
)
|
|
(12,781
|
)
|
||
Financing activities
|
|
(95,719
|
)
|
|
20,362
|
|
||
Effect of foreign exchange rate changes on cash
|
|
(1,064
|
)
|
|
4,354
|
|
||
Net increase (decrease) in cash
|
|
$
|
10,270
|
|
|
$
|
(5,949
|
)
|
36
|
37
|
38
|
39
|
Exhibit No.
|
|
Description
|
|
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
|
|
101.SCH
|
|
Taxonomy Extension Schema Document
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Labels Linkbase Document
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
40
|
|
ACUSHNET HOLDINGS CORP.
|
|
|
|
|
Dated: November 1, 2018
|
By:
|
/s/ David Maher
|
|
|
David Maher
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
Dated: November 1, 2018
|
By:
|
/s/ William Burke
|
|
|
William Burke
|
|
|
Executive Vice President, Chief Financial Officer and Treasurer
|
|
|
(Principal Financial Officer)
|
41
|
1 Year Acushnet Chart |
1 Month Acushnet Chart |
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