GOLF - Earnings call transcript Q1 2018

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning. My name is Chris, and I will be your conference operator today. At this time, I would like to welcome everyone to the Acushnet Holding Corp 1Q 2018 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. you. Thank Instructions] [Operator President Relations, Vice you may conference. of Takazawa, you Investor begin Tony

Tony Takazawa

morning, and Acushnet on the of business welcome discuss you. David and Acushnet's and Thank Good discuss David CEO, to geographies. in we joined results our Maher. across the the President industry, and morning, provide the for our Holdings conditions first performance This quarter commentary of XXXX. will are segments by the financial to call golf

will spend results Burke, time discussing and Next, financial Bill Acushnet's some the overall for full-year. CFO, quarter the

will expectations. call circumstances. on in making statements to We Acushnet's be These based changes these forward-looking and Actual statements results subject the are are uncertainty today. on may current differ and expectations from forward-looking materially

filings could this to and Commission. my and today's at that, pleasure as release, items Throughout in to discussion, making Explanations we of CEO, list Maher. accompany results filings non-GAAP including of how Acushnet's factors actual slides these and David the basis is the with press financial our David? and GAAP Securities why Exchange these metrics Commission. see be such and that a be to this Exchange the use schedules revenues please of U.S. can and our metrics, constant EBITDA. reference with reconciliations in in U.S. currency it that a the found cause presentation, adjusted we With will Securities differ, to For introduce items

David Maher

first That as a two-year and will up hear report everyone, morning, quarter, by and new I today's three also of and how new business the as reflective Consolidated that pleased case balls, morning team. launch good timing, golf X.X% by execution posted the in you notably we on solid Acushnet's is is May product call. results about is driven the basis. product best period. especially replenishment. Tony. shoes. this joining product pleased for is and for in is of described far performance with year-to-year cycles, thank and and Conversely, life on said, quarter the as custom innovation sell-in Good currency June second variances the to us are which fittings, and our golf $XXX sales through global the quarter of FootJoy more X.X% Acushnet first tracking our a constant am sell-through, Thanks, our you were inventory year-over-year, million months year, down with

positive around optimistic have structurally globe, And As year, place, across tours. weather in has and this this is season across worldwide product exciting been good start season the the the up generating been to industry our again the categories. continues opens long-term professional a generally momentum on golf strategy, early around while what while deliver a various Acushnet our to once global patterns factor an

by the new the Pro SMX For Club business launch sales successful This Cameron Titleist Golf was the new the Ball anticipated Pro wedges VXx the Golf Titleist in strong year-over-year irons and Select successful continued which offset of year's launches and by comped for led demand way driven against quarter, VX Vokey XXX putters. of last the business, and models. decline Titleist

approximately and was first geographic dividend value and EBITDA announce success of of we the I Titleist has the our quarterly Acushnet or to commitment am to a importantly, trade approved $X.X business in position be Affirming net million posted payout Adjusted we XXth. our XXXX. product to shareholders, quarter, million. category partners year-over-year. Acushnet's pleased paid market for well the share $XX.X X% with on $XX.X Directors leadership on Board positions was million quarter For income June overall and the And and sell-in health diversity the cash target. us return $X.X up our that of or our of of million, $X.XX FootJoy Overall, supportive per believe to

the four at with take golf business X.X% headline were early with segments constant well for now for Tour closer and Velocity on have early currency. successful Acushnet's the business received, interest. Ball pleased the on of sales Titleist and models is Starting percentages five, late all Golf will presented in We and we new the off quarter. Both balls, been launches in and results very January. page are balls a XXXX look Soft shown with Titleist The buzz

benefitted year's against new VX last we franchise, a of off noted, some Pro prior robust and the inventory. where product both sell launch as from Our comped generation pipeline global

through where from launch quality. Pro unmatched Pro expectations its which the differs performance worldwide VX consecutive wins with Zurich our we Classic, tours, and year-two highest Tour. VX's PGA U.S. believe VXx, tours shipment across is by times including usage golf the have to the Pro tournaments provide and great all competitor. This for accounted continue for on across Pro with past start, seven year, total performance of the the is XX% than Pro profile a we the VX the game to XX% have nearest VX supported off And more golfers balls seven While

in the to regions were declined the approximately to grounds in X%, did note that golf starts as contribute cold as off ball year. play experienced poor quarter ex-U.S. and domestic wet ground will I performance XX% Finally, our weather many

to is development, is contributed in golf commitment the recognize foundation the stay new It unwavering balls ball on research manufacturing performance, driven an in Looking for consistency. is golf to which ball out forward, golf Titleist our process generation, which to leading this that in launched and was AVX innovation and Acushnet's excellence. the late patent across is quality, our April. expertise This which and we front focus rooted and in ability by commitment U.S.

for terrific golfer flight, which of the down pleased high AVX and penetrating You very a cover. may in recall, Ball three and road test is our Bedford, a states new looking interest. in in urethane elastomer combination with we New feedback marketed offers year, feel, AVX have golfers right soft Plant for and AVX manufactured is last cast durability been late Massachusetts. Titleist at performance solution distance, X,

season launching in progresses ramp production we the to ex-U.S. after and forward AVX U.S. the Open. markets As look up we

selling moving was a XXX from momentum new fitting Now, This clubs, and first at-once increase golf in balls custom high behind XX% and wedges mix healthy golf through XXX well The pleased by launches become sales putters. And Cameron which of and Clubs is meeting iron are XXX in iron. how especially quarter expectations. and we irons alongside of APX APX pipelines. Select our demand the entire hybrids, continued our are Vokey posted product APX family growth with driven a SMX and quickly to performing new well and has top Titleist the checking good

played Titleist hybrids, fist Golf around year. support. network prominently the have part tour. putters fueled two The driver healthy the weather in far the robust most not attribute of pyramid usage, amount so we to advertising Tour and irons, Titleist increased pleased products, was Titleist fittings, PGA and And suited a new and of ideally Club with club by quarter drivers business interest fitters. to our And activity which are were club irons is talented Titleist on we been and wedges, the On this positioned as number great while

and gear the were to percent season product a four-tenths Next, quarter, moving been positive. line early to sales our Gear, an slide up six, response of Titleist XXXX has for

last best-performing with game's goal highest quality efforts paying continue fortify We design of of making couple products. evidence to and are the over our are capabilities We the chain that the off. our believe years that gear results supply gear these good

core team in special offerings lines while upon to collections continue to work around added Gear. refine Looking forward, and and limited our mixing improve generate will excitement to Titleist product our edition

lesser golf, the Now and our comparison mainly one year. the was X.X% to compliments spike-less in number this last sales footwear versus in quarter FootJoy, And SL The show of our final To context, year-on-year the some Tour-S impacted we golf which which down weather. the extent, moving provide to a launches. planned franchise. was we premium shoe Pro timing segment, launched first unfavorable of year glove believe,

ContourFIT However, of casual year. our last launched April this lines as instead were we in year's FJ and ARC SL did not Golf comp launch new against

While these the are comparisons, set with continues which footwear line standard trends shoe impact FootJoy is the we well. performance, apparel pleased the to style. for factors performing of FootJoy and year-over-year very and overall the architecture comfort, also

on market. golf position leading note the the one to women's U.S. And has authenticity for athleisure the line performance become with a and FootJoy. pleased collection fashion, course number are for We looking and golfers apparel in recently men's choice also achieved the of that our

glove FootJoy by of to associates. is remain market. on Gloves tour highest one FootJoy the Acushnet the quality Lastly, our in Every and number the undisputed team dedicated standards made

Korea every in impacted X.X%. retail looking had down often however planned the on Japan product play period. X.X% healthy, indexing comparison notably spoke hardest X.X%. hit were business, sell-through the positively golf sell-through in rounds our generally slide strong sales was Titleist as currency and in market. X.X%. quarter excess perspective sales by a for remain sales with of most On what clubs. The regionally, and weather EMEA Ball signs we XX%. Korea's strong were the I trends from constant the opening the down declined were Japan about seven, first were quarter for the basis region for U.S. off to and was were golf a Titleist year-over-year to at in quarter which just of sales continue Acushnet's in market Golf a retail Now vital have category, business in confidence FootJoy also previously. the geographic the results

cold the major a our to stable. region However weather. due start it slow unseasonably was Overall, markets are in

category heart new And in look the of We is excitement enter golf season. have the season. product to positions. conditions the soon we forward of strong golf as offerings there for the our start We improving

while are a also compelling XXXX. shareholders throughout our vibrant best industry sync services follow group dedicated and future opportunity. us new In and together more who confident is feel associates into I working our to And with we we the The are have our to to added many and willingness gear. products invest delivered week positions is debt. an engines structurally number Titleist to captivating operating achieve As we exceptional return in like and our optimistic positioning by golfers. game our we performance. turn Associates opportunity appreciate will And market track their valued remains investment years. more strongly We and about place golf long in I Acushnet enabling and and closing, the now returning players products year. golfer, in professional to the them in first the high a financial to at is to invest my Bill insights play The we for than over talented strong with in And deliver innovation our seen week. in exciting a look trade future. performance-oriented model defined and to for help your which Acushnet, remain a interest confidently shareholders. healthy FootJoy goals of term, reducing are partners quarter remain capital benefiting fellow products in from XXXX, will have provide of on our to younger the and recently supply total our demand call The golf, good attractive competing as

Bill Burke

Good morning David. to the call. Thanks, on everyone

was models of had performance Consolidated up in Clubs. million, gross our margin This VX up Gear, decline FootJoy The to the was partially introduced And we gross expected shift and and was XX.X%, and the gross the million, from solid and a a was constant X.X% from margins Pro X.X% quarter. year-over-year. largely indicated, in higher a down $XXX.X Golf quarter Titleist was mix David on points profit decline year-over-year VXx was margin models Pro and result by offset Titleist $XXX.X new Wear, start As year. last QX down in X.X% basis Year. a New XX revenue currency. to

for half $XXX.X $XX.X however, due to of last by million increase year. year outstanding million loan $XXX,XXX versus expense was was of first the development in $X.X flat expense essentially was borrowings from increase. quarter Looking $X.X foreign with year, million million expenses, million QX term research interest This A primarily due rates exchange SG&A of at up when one increased currency with roughly changes primarily the average million; operating quarter. last our to SG&A, flat only the for increase last of to the accounted down last delayed was was year. In draw $X.X outstanding higher compared and which of X.X% of QX, year-on-year

addition, rates outstanding borrowings. now on In have higher average interest we

rate Our and of enactment geographical decline year-over-year was mix. QX Tax and result Cut a Jobs Act tax of effective is The XX.X%. primarily in the earnings changes

As closer to guidance conjunction in we XXXX. interpretative to Act, XX% be the ETR review we with will year believe that issued now continue the our for

As a expense, driven or QX million X.X% result, last Holdings Acushnet by by income to lower offset partially $X.X attributable $XX.X income of improved million interest income operations from by year, our net higher the tax over QX lower expense. and of

$X.X as a adjusted To EBITDA of adjusted reconciliation presentation. of as well assist we million earnings review quarter, in the this year. down from in For the on prior $XX.X provided was million, our slide release EBITDA calculation, your

quarters, that levels to XX, launches first timing note, million normalized. quarter-end compared March CapEx inventory-intensive, XXXX. $XXX And capacity club changes products new our at our million. our to But on $XX to cash was currency have facility Looking Inventory we quarter-end hand $X.X had over course in the that presence are elevated to inventory from up last increase of Please prior of QX approximately We'll more levels of second which the footwear year, that was balance somewhat million, our rolling credit million. our debt and focus is but for sheet four-quarter factors $XXX and a basis, straddling the $XX $XX total inventories for EBITDA $XXX And the unrestricted we're major to approximately sheet, million. adjusted year. X.Xx. as ample in reducing growing debt at comfortable million the year-on-year to will of when On at look year. borrowing revolving that strengthen rates as apparel three Total was however, contributed of account continue million the clean. we roll on of outstanding appear approximately become as balance other debt we increase. launches include are foreign out, on

For XXXX, approximately be we still expect to million. $XX CapEx

continued additional is We good related, spend to portion growth. the also While to excellent this and an plan drive market and this in technology use believe we investments innovation maintenance of leadership of make capital. is future

$X.XX Directors this has mentioned, we're voted quarter. Board to Acushnet announce David to As declare pleased a that the of dividend

our confidence continues strategy the Our generation capabilities to strong of dividend be indicative and cash we have forward. moving in

full-year $X.XXX XXXX, the to reported On X.X% of versus up X.X% for range continue we expect last outlook up the expect to would the we sales basis increase to As billion. constant to be range in $X.XXX year. revenues in to currency billion of a

analyze significant strengthening we had have over a of our on impact we've a of adjust as to so forecast not some impact a currencies movement largely revenue, quarter, currencies exposures strengthening longer Although for but period. ex reminder, a chance Also, our a currencies we hedge the would positively U.S. would QX international over earnings. of the course don't typically after we've experienced key until currency key

EBITDA good continue team excellence, the We adjusted for laser-like through provide million value remain golfer, to operational generating is and executing against innovation, is plan. In to we $XXX are be forecast continue product And on our to over as that, in ensure growth. products yield our And for turn Tony and present an our the deployment to off the continued will dividend that approximately With Lastly, to to themselves. Q&A. start investing million. focus well, time include new subject to reduction a We'll lastly, I'll earnings opportunities performing XXXXto selective over dedicated ongoing committed delivering shareholder a review XXXX capital our summary, also $XXX a our to will always on of reviewing call attractive policy debt payout. flexibility. may our now financial increase focus and strategy we M&A

Tony Takazawa

can up Chris, Bill. Thanks, questions, lines for open we please? the

Operator

Siegel [Operator Nomura Instructions] of from first Simeon comes Instinet. question Your

open. is line Your

Dan Stroller

Dan Simeon. for is This taking question. Hi. Thanks on our Stroller for

we then the we driver And ASP material? comment is if increase Within as category just you. business should the there more how were going were you wondering about could Thank price forward. any think the on a was gear one increases,

Bill Burke

really business. our categories it gear of quality Hi, ability and this It really the across for do And innovation garner has higher price is products is out to all, of Bill. [ph] it's product with all and three the incremental there, our and across to it.

Dan Stroller

with any had color on irons particularly And just then I there seen you've fitting? Is and I quarter-to-date if more, can. what one

David Maher

Yes, prepared as more environment we fitting weather had and a bit we actually than robust mentioned iron our business held in strong. but worked standpoint, activity a real against remarks, up And from weather the the would've fitting attribute messaging, we then product, number of different given employed the advertising for the throughout which months. also course demand last to in we And launch six some thought strong increased one. us

while been have business, that see we the would in weather quarter. didn't So you may suggest on a iron the that drag

Dan Stroller

you very Thank much. Awesome.

David Maher

you. Thank

Next question, please.

Operator

Morgan of comes Greenberger question Stanley. from next the line of Your Kimberly

line open. Your is

Kimberly Greenberger

so to about Great. the ask Thank you I much. gross in margin Bill, quarter. wanted the

I higher in Pro category your if given ball play? Was gross a in Pro was other, year margin your shift with think was balls launch. out golf that revenue mix of say, mix ball lower lower in this also golf a meaning there VX there at line, VX year-over-year I'm mentioned last shift margin that was impact into -- let's also a categories. and revenue performance wondering you the is business the

Bill Burke

opening other his other what categories is that an of even VX mitigated No, when in against Pro categories. launch is gear actually and number you spoke It that this or was the of all of by Dave comments. you're three three typical all in increases comping large primarily it segments result And actually initially mentioned.

of category on It Pro VX, of so contributing going all it. wasn't mitigate with really result was mix anything segments there there. to much So a a three

Kimberly Greenberger

follow-up are any wanted on seeing Great, your comment ask about thank just you. prices. sort gross to to then separately, And of you higher And rates. oil input just then I margin, interest on pressures given cost

year? pay environment interest rising of over the that and thinking higher next rate that and both then you you'll projections what's interest the slightly we're are Given the in given obviously it's in current about debt environment, rates. timing pace How rate here understandable be happening seeing forecaster the the down

Bill Burke

the to one. Okay, first

price increase, into We oil golf always use major have some that our that we in commodity balls. in seen polybutadiene, but increases translate doesn't

modest we that but not significant fact, that In are we're are higher so. at least another right down forecasting some Yes, we polybutadiene, in we in think increases to not built and significantly ability two we're seeing but XX predominantly to over achieve impact year-end at certainly year. or debt I expect, at rate our expecting they're now around year, last factoring forecast, And target early present, looking rates leverage increases our for into going that's we're pay this XXXX. [indiscernible] is somewhere our

Kimberly Greenberger

you Thank so Great. much.

Tony Takazawa

Thank you.

Next question, please.

Operator

from next Wewer James. Dan of comes Raymond Your question

is Your open. line

Dan Wewer

and AVX last And XXXX, for the think revenues, look golfers' year, ball preference why lower but Dave, to is revenues Pro that? was of year also you compared would account VX Pro to the change VX still balls that going against which at for to know, the product is given is Thanks. second launch the the it's last second Do year be revenue you not family. target? cycle. of lower that year last against compared What But would compression make year on previous that we golf and for sense down cycle. a product

David Maher

notably a weather But that question, cadence. themes two in certainly response your of the to was emerge Dan, Well, part launch it right. it, played

in that market not 'XX XXX well, If to as shipping terms product stores open the doors in some you still back today. are then that were of open we were in look

Soft year color some on Tour the through So But came bit our cadences Velocity, we our of some the talked highs which We stated again, really didn't of national a April models 'XX of of And performance AVX, just but We and to started 'XX and the we expected real story the as a business my two. view had we're about opening about remarks, lot requires for commentary. business. till function again, as in that unfold excited was launch. about. when little a this ball

Dan Wewer

Okay.

Correct but constant question in it reduced that reduction wrong, constant would've me the Second currency what changing, accounted I'm rate for revenue if looks currency the rate? guidance in but like growth on not the revenue was growth slightly.

David Maher

prior, No, those change did rates Dan. not from

Dan Wewer

Didn't change there?

David Maher

No.

Dan Wewer

make Kimberly's well different revenues to same, margin these Okay. categories And at your understand then have rate golf balls are categories. now because that gross a would've about where the the question answer we point margin essentially last overall Are in sure as the the across rate? lower question, just I gross I would thought to hurt

David Maher

to rates discuss segment, than specific margin overall. year. higher but categories so VX again, in No. quarter wasn't But has prior we said our got the that mix the We we've first it's what past equipment comp the soft much don't the actually Pro really by margins in launch categories -- our certainly as saw a goods category not

Dan Wewer

Okay, thank you.

David Maher

Thanks, Dan.

Tony Takazawa

you, Dan. Thank

please. question Next

Operator

Your line ROTH next the Capital. comes of from King Dave of question

open. Your line is

Dave King

on Thanks, morning And Has cannibalization quarter. ball an from? the V? the Thanks. have I AVX read How launch? guess thoughts ball has there? guys. been David, revenue sell-through what the did there contribute Pro U.S. was there any in Any you versus been much do and share early widespread taking then, to how

David Maher

Dave. morning, Good Yes.

We and market on did of our So, into of very ship launch the AVX test the really amount the took in story several But just a markets timing, weeks. the quarter. April. really, over weeks modest place third of the second just in unfolded last very, first in product some

too of terms market product early Again, the we the coming where are roughly it's from. say here it's in of or days X second marketplace. U.S. your So, to of to the part question, around in XX

David King

follow-up the about that QX, how FX then would the you fair on sort guidance I a year And you gears given moves Shifting should first enough. on taking we the after And taking of key we see? drivers are if then, equal fair it think it bit, that to that improve What for Okay, up constant is it not can else the up think currency guidance been appears until all versus is expected bi-quarter? have for to then overall currency assume there? a quarter. the the growth

Bill Burke

first I'll not last then guidance the the I'll constant the end we and at Dave. currently the what answer cadence one. And question Well, to throw fourth change from did quarter. launch gave The of

-- that's are there. where So a we if in you do there no are seeing to But second closing plan. is And change anything rates, we until December not at you look looking currencies, -- the look are at we our of quarter. kind at what our tend don't look if we when at we

getting fairly euro But we pulled worries adjusting more to the we the right are second pound and selectively now, too currencies. into quarter see quickly some about some back until react January. we are the have We get as And into Brexit. in significantly don't sterling you currencies then, can regards because

So, tend portion we sales until in we quarter you'll the to second large a that of involved don't have get and to that to period. not react

as to that. for far cadence launch quarter, speak to As might want the Dave the

David Maher

trying get at to question Repeat what Dave. -- your Yes, is I am specifically.

David King

I It says there. of difference I think. trying of in from currency the quarter. are I seems overall you with seems like am in get guess down first memory like revenue a but what's it year, the first for Yes, so constant to the -- X%, improvement X.X% the is there sense guiding to quarter, to up is X% your

are we should of think that how bi-quarter and then the drivers So, that? what about

David Maher

Okay.

domestic XXX shoe as what's And April for little a the that piece out and quarter took otherwise fourth we first is launch a in got world -- the year. then and launch couple driver AVX last is the the up about talked that have QX. We've in of talked So year. around is final launches quarter in this a an some queued around playing timing are got bit QX launch about. We quarter different which we of

really just whereas use really So, timing cadence periods that stated, year. QX our a which this as for about QX replenishment I'll bit reinforce different importance are in pipeline. is to expected. And this QX, of happened us we fitting the through the as and filling just And sell

David King

Thanks for of the and color Perfect. the luck year. good rest for

David Maher

you. Thank

Tony Takazawa

Thanks, Dave.

question please. Next

Operator

next Your from comes of SunTrust. question Michael Schwartz

is open. line Your

Michael Schwartz

Hey, good everyone. morning

David Maher

Good morning.

Michael Schwartz

are know wanted early -- the Just on touch in year. and we I

piece is some quarter I of channel year. grass. course exposed here off of But green more to green you've maybe can April? the we not about big are differences maybe a First know the grass retail the and between you talk through heavily that seen

on has that assume of would I to a relative a So maybe impact out bigger there? you folks a lot other

David Maher

we Well, weaving are think in you as comment I and seen well. have weather the

Michael Schwartz

Yes.

David Maher

have be irons, down. which club of well. gloves benefited our both Titleist business best from But, a sell with the good benefited hard this that the a hard through this putters, and seen time Consumables, we've fronts year that real goods play rounds goods quite to weather. of ball have as have to start has to of wedges, co-related is couple are equipment On fared and we with well year. year which bit and We seen that odds at tend

the about think another overall we QX but again through XX% first of with quarter So which and represents you But and first less from this standpoint. that QX. not again less is into down sell coming surprising of yes have through given seen slightly channel, would April, the the overall quarter consumables expect weather. quarter In rounds in year than happening is is thought XX% about to it U.S. relatively a the small here of play really

hard nice glean think both a channels than from have had - probably year. other the run lot a a first I than of three standpoint, not more than on months standpoint So good four to channel from off a

Michael Schwartz

the into now And strategy mean maybe in going a in things your the XXX, Okay, on us changed now half with maybe around that give particularly a this year? touching expect you exactly great. I year That's differently greater helpful. before? maybe of to you're so And, just you've sense club doing versus launches, then, the marketing XXX replicate of just with what how little some second

David Maher

Yes.

launch very been XXX effective us. So, successful for has a

lot quarter with media out. advertising. We is what and our pull to our of successfully different We very that needed to was whole fitters around advertising behind a approach And play that activity. social continue put and we this seen both behind we drive the behind have pyramid. a fitting, invest extra traditional felt attention more bit that fitting But resources did

process. with that's is We think more in As And, late the template. to you'll we summer seeding important. Plans our earnest - the us to a for sometime noise an XX allows. what right fourth opportunity And always when see make forward availability you right XXX quarter. plans that ship you'll But timing, rather the same XXX, fourth the to idea with begin XXX. can pull as look little we we quarter. are to for seeing was like XXX if than now now bit did follow happened are start But in XXX the

Michael Schwartz

good Okay, you. great. color. It's Thank

Tony Takazawa

you. Thank

question Next please.

Operator

comes Morgan from Stanley. next Your Greenberger question of Kimberly

open. is line Your

Kimberly Greenberger

Thanks much. so

year one? the might your ask to revenue in any have think the about Sorry, on we AVX you ball initial one, estimates forgot do how North opportunity America for

David Maher

AVX, be reflects three standpoint. do say states. Kimberly, best share misleading have what lot is that market really a to -- are And you XXXXX. the AVX and going just it seen repeat get of the can going a in for can really purchases. sense importantly, We far more where we point smarter think tune a point larger we through. believe bit is the coming do it us size months that's will out. only whole it's franchise as be shake because to test be sell that way sure the we on We're a exactly to for we from VX a at of to this to The a But bit Pro in the

to but So, of you specifics to that. a give I on do little have color to time bit would for and love to ask more bit going a it,

Kimberly Greenberger

Absolutely understood. Thanks, David.

Tony Takazawa

Kimberly. Thank Okay. you,

please. question Next

Operator

this questions no are There further at time.

Tony Takazawa

Okay, thanks.

have concluding comments few from David. We a

David Maher

everybody. Thanks,

weather we've going put and be the low Here is us. seems in New to the England, XXs as though in it temperature finally today, behind

week and this warm out go enjoy all weather you the play suggest we that, and with some So golf.

week's good here [ph] a Charlotte. game a the market Club with Golf in for Greatfield wonderful Quail in an is run We're exciting playing a Championship, beginning of Hollow where stated, As place. in terrific Fargo is golf Wells this

optimism game do reasons attention your to of this in And forward we morning. a of So, We for and the look Thank lots you. months. golf. up time few around appreciate catching

Operator

concludes today's call. conference This

disconnect. now may You

Acushnet (GOLF) 3 May 182018 Q1 Earnings call transcript