GOLF - Earnings call transcript Q3 2021

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Operator

Good day, and thank you for standing by. Welcome to the Acushnet Holdings Corporation Third Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions]. today's being that advised be conference recorded. is Please Instructions]. [Operator hand over VP to I FP&A would speaker conference to like Lennon, now your the today, Investor Relations. and of Sondra ahead. Please go

Sondra Lennon

us and today XXXX you Conference Call. morning, Good for Earnings for Holdings Third thank Acushnet Quarter joining

Tom this and our me Executive David morning our Officer. are President Joining Chief Chief Financial and Maher, Officer; Pacheco,

today. are making Before expectations. everyone that remind on would like forward-looking on expectations subject turning statements to and the statements from Actual call changes to over to may These the current Acushnet's uncertainty these call will differ materially based in David, be forward-looking results I are we circumstances. and

why constant I that the when comparable XX, to over For the and also Securities will schedules will to be XXXX, please and constant note and Throughout Explanations refer September this accompany and decreases, our that GAAP a that, results the David. comparisons, to we presentation we that press of with call and as revenues to actual Commission. the Please that this filings items regional period. increases be non-GAAP sales discussion, And at when and basis that slides currency. cause to ended and will in use With see year-on-year today's items and Securities the with such also a Exchange turn referring can financial accompany list found adjusted EBITDA. X-month metrics, of will our the differ, and Commission. release, to U.S. these to results we period in in of our currency filings release, note presentation U.S. factors please referring in year-to-date making these could including today's press or the X-month reference the how we and Exchange reconciliations metrics slides to sales segment refer

David Maher

everyone. and good Thanks, morning, Sondra,

build are great market terrific brands FootJoy as and momentum doing with navigates Acushnet partners across supply golf Titleist, continues demand team is in and effectively current earnings today's to to the Acushnet's this fundamentals our businesses healthy trade are across demand. keep Shoes strong. committed Global pace work talented associates announced As release, and our our environment. chain

While from our chain to integration geographic diversity and of operationally, health we our and supply associates. benefit and company-wide vertical within the well-being commitment a

Now to getting results. our right

and FootJoy is driving just availability and XXXX demand while to our gains. every Third FootJoy Gear to of compared revenues capital Clubs, our year-to-date balance throughout XX% versus Golf manage year million was contributed X% Golf XXXX. growth on opportunities and million businesses us great $XX million are business. quarter healthy quarter. priorities. $XXX strong sheet last led reflects $X.X XX%. our and exceed And of company's of chain growth up These call, great XX%, top fortify with down sales results were about to growth against X% The up execute EBITDA of and product in increased balls well ahead and the $XXX category. which up XXXX, performance double-digit last is is availability each the Titleist company's as posting Clubs and versus year, adjusted flexibility provide EBITDA in growth Year-to-date, strong supply adjusted last costs almost throughout shape and tight in this our quarter, allocation invest incremental future as and were billion and noted of levels. in with investments up Each Acushnet XX% tight the versus strong we line

review a by to Now our segment. X business and Slide turning of

down up XX% Titleist year-to-date. were quarter the in sales noted, X% As Golf and Ball

Titleist new strong Capture The momentum a good and recent into performance Ball RCT, doing pyramid and our XX%, business. has worldwide Pro tours Technology are count more teams Ball than job golf balls We VX with the are this demand competitor, user are the enthused a pleased our experience devices. our Xx with the nearest the been or to Radar across leveraging of leading is Golf success TrackMan with the across regions. we about of which team launch developed And by indoor optimize Titleist

the further volume unwavering ball innovation golfer Titleist large offers product as ball position leader. commitment how the can performance company's opportunity, experience a of this and the not R&D to example and a golf good golf While enhance

shortages, dynamic recently have material converted for As discussed Ball Titleist And been the continue, on support foreseeable and production year, this launch our the in quarter. prior ball by expect last have resulting future. to availability new levels lines of Golf similar limited will the production raw we first in models we to golf call, tight

inventories a to you becomes launches. while support transition upcoming satisfy the seek As would both expect, act, of balancing at-once demand this timing as building to also we

future. against quarter be driver comp wedge we than where strength comprehensive development work well this TSi was in Tour iron dynamic and testament Underscoring PGA XX% and the of driver, on new brand. is And use Sales business while with winners we shape. other coming our in is up will to teams August XX% successful, the as past by think Golf for for Club a and was The any Titleist Titleist our growth momentum, U.S. the operations launch to more were year-to-date product environment. advance business fourth The global execute down launch, the irons the Titleist season and highest plan the Titleist Japan. hybrid, Moving this in and most to good Clubs. and Titleist last Golf played T-Series year's our in great positioned quarter and the the equipment Club

share Sell-through rates shutdowns excellent, we stabilize Our in climb. quarter the year-to-date. line our has continues with Titleist XX% as are availability grow been seeing impacted factory begin vaccination by gain sales situation and ['XX] X% Gear has Vietnam, to up and segment and to of in been while the

Moving This by expectations, of led year-to-date to see Korea HyperFlex of tracking and from and all business accelerated you great and the year for Traditions growth And key growth U.S. business up the Shoes is Asia FJ success are ahead And seasonal sales of XX% led Premiere, is the $XXX the and million on we apparel Golf U.S. out with pleased growth and response to in the Europe. in portfolio, are footwear collections. our performances across regions. our franchises, and by Acushnet and XX% rounding Titleist in FootJoy, the Apparel quarter. the strong

of Slide geographies. our to turning Now X, a and review key

U.S., healthy posting strong gains which XX% of year-to-date about in with market are largest of with EMEA XX% global all regions the the in markets all is from a of U.S., up represents up growth year-on-year growth in the and ranging golf and Acushnet's see, rounds the play between XX% and you business the on As regions year. almost low opportunity half to Japan. September. XX% X% X Year-to-date, Korea, increased in have Japan of through

adapting underlying we the are about our Now and forward, normal. looking Golfer are its are partners new of trade high optimistic golf's fundamentals. evolving to successfully the game levels engagement health and

in environment investing longer comprehensive great shortages, supply times manage will and supply that Titleist our of launching over for freight to the That anticipate next we're products development will shape, our their in months. forward complexities, lead benefit of proactively the team's Acushnet's the range And are component disrupted while and confident FootJoy chain ability pipelines of look in many current material Our chain costs capabilities. a are partners several future. which and are new Shoes ultimately we we product raw production to that said, continue supply increased foreseeable schedules, enthused infrastructures, we

And we objectives. this will track future time to business times Thank the management and past over and you are our long-term, are leading initiative capitalize our In global now capabilities. infrastructure to supply and golfers. cost-effective for proven growth over our capital trade provide your position our that focus vibrant the products. Titleist pass Ball on customization well on drive and enhanced innovation underway. this faster game's experience partners are and for confident golfer, of how improved record user dedicated will, call the more These investment service accelerated and our investments well and we for of Similarly, to transition field And closing, market positioned Looking and Acushnet year innovation BXB structured of a wide that in I long-term Tom. company's continued to the in to will shorter will the manufacturing, ball levels, over our morning. optimistic down will center BXC digital golf and for end investments expansion Acushnet of U.S. fulfillment million success. about time, this Golf $XXX centralized is support and support the user product golf lead is distribution is the chain range

Thomas Pacheco

up with Acushnet. to good considering continuing chain up David, efforts everyone. chain operated are XXXX XXXX QX supply another that challenges. Thanks, QX X% products our our was level were XX% X% currency which start XXXX. with all results million, XXXX supply Consolidated the as for high resulted in their like $XXX Slide demand Starting X% profit compared $XX income versus compared keep third and the I to to our strength $XXX exceptional basis, by continued statement navigate solid QX and strong closures and on a million quarter for on to XXXX. despite in Gross for various a X. would These million, net for QX up very demand up after the of and thanking demand quarter complexities, associates to morning, for pace COVID-related was highlights have or increasing at on constant sales

of However, materials higher balls. and higher margins. drove $XXX was XX% gross the from SG&A in entitled during the increase $X.X was quarter million, sales expense, increase primarily $XX $XX higher million, rate as million mainly platforms Income operations all the million, and prices These advertising and in higher selling costs Interest profit impact investments to primarily for and $XX higher distribution $X or sales was was declines result mix the in expense a the the margin SG&A partially by G&A up in gross was FootJoy primarily from higher quarter which in and $XX as in expense compared in a and the expense XX.X% of was R&D and adjusted higher as The segments Net XXXX. employee-related to higher costs the for The discrete costs, expense higher costs. was in to XX.X% Clubs, tax also benefit, XXXX technology onetime our in average increased XXXX, was recorded apparel. inbound compared our basis year. our and change QX were QX effective XX Holdings million, gross a information freight compared But volumes the million. prior was income comes from manufacturing and earnings $XX jurisdictional result EBITDA of to Titleist points. golf million. was attributable promotional million during and across quarter, our in up Golf offset from raw footwear selling quarter, XX.X%, costs a Acushnet volumes higher of and down and

attributable basis months million up from $XXX $XXX the million, sales million last prior Moving Gross constant billion, million, Operating the a and the X $XX XXXX. first for Consolidated profit year XXXX. XX% for year. up was $XXX was compared X first to expense up compared or on up expense to results to was XXX basis. first $X.X months $X margin points for XX% Gross X XX%. the up of XX.X% were of first of was $XXX our presentation. for the was compared XX.X%, first expense was XXXX, million XX% adjusted million, XX.X% up of months our to currency and $XXX SG&A because There or months as the million. of X R&D months the of XX% or months $XXX the Acushnet is our EBITDA million, net appendix release And effective first XXXX. the $X.X months to compared million. for months reconciliation XXXX X in $XXX for well our adjusted net in primarily income jurisdictional changes for income the X in a earnings income tax Holdings slide Net X in and to and first earnings. mix EBITDA was QX was X the of the was as to million first Interest rate

Moving to Slide XX.

on had we and liquidity continues million, cash from unrestricted of under QX, of is had $XXX QX Our hand. approximately million the million $XXX last a At of cash $XX credit we million of of position year, facility. about revolving and and debt availability decrease Total end about was to strong our $XXX improve. outstanding

at down receivable the Consolidated $XX at of Our the to leverage the XXXX. million higher the due X.Xx accounts QX sales. prior from at QX QX, million, end up of of of QX $XXX end ratio was from end 'XX X.Xx year was

million aging were million, QX $XXX days, XXXX. compared the down income, offset by compared Golf million year. in at Our XX in for remains of mainly the days decreases increase far were first Balls, healthy Consolidated year. from of accounts to flow Gear, year from The working FootJoy, QX were and Titleist up $XXX XXX with offset X lower $XXX our by and QX receivable at changes prior up compared than optimal but operations of levels, of in months partially $X Clubs the the from days to increases net comes end DSOs Shoes. was end very XXXX, the Cash higher last million Apparel to prior inventories capital. and days partially DSIs XXX X

We of a Looking the million range for to pushed of months spent $XX receipt year. challenges. year to has in X during first the chain now have of been to as XXXX of compared XXXX million $XX XXXX $XX expenditures expenditures, the be purchases as we capital to million full expect some $XX million supply result into our capital last

to Slide XX. Turning

appeal products favorable align priorities Investing in product these focus golfers. operational We changed. and opportunities dedicated that excellence have will pursue our advance golfer acquisition on and is business and priority to not a that highest at return. with strategy believe focus still the growth performance drive our capital premium connection on strategy long-term to our a continue allocation investments with Our we innovation, and

a of capital we to announce continue also that of during on to shareholders. totaled previously I to strong Directors of to an our shareholders September approximately about approximately increasing Directors commitment dividend, outflow total to QX of our to for cash expected return $XX $XX generating declared On We on focus XX, million. and our pleased we shares of $XX of December our our purchases about a which flow repurchase million, capital to Reinforcing year-to-date shareholders, also And on repurchased X, We which up $XX XXX,XXX authorization payable by million. share million for $XXX now represent And Board million. per share million shares total our announced shares recently additional dividend XXX,XXX record returning today, an $XX XXXX, XX paid full of to would expect of year Board $X.XXX cash am QX, a of December to up the approximately million. the end million. repurchase making to a total to by total $XX $XXX increased worth

Moving XX. to Slide

up products of outlook continues higher strong and continues the of chain businesses. continue assume as continue impacting in an for we additional our year markets and And million, material XXXX. XXXX XX% have the compared XX% XXXX of by down expectations in $XXX our sales closures million to decrease forecast for to to to launch our chain this At challenges, our causing meet These for to lower our expected and to including TSi into challenges meet demand. full governed of face to lower full adjusted materials $X.XX range now and of in sales to Acushnet the or year's EBITDA all of And from golf $XX further raised These to the our freight billion, the raw expect expect higher and and are across for sales We of as supply to the quarter the ability which of significant $XXX we against Demand club implies year, XXXX be component and metals costs, in freight from And costs. while higher disruptions disruptions. has costs. pandemic, fourth demand margins XXXX. to reported worsening we chain material year on the million are at about are decrease QX. are challenges balance volumes shortages comp increased range supply The outlook well billion comes million be $XX compared supply in chain the primarily resulting outlook Sales limit comes improved. $XXX our full rest to be global compared gross supply costs at further adjusted be inbound million, Our clubs the to expected production we adjusted last strong. loss year down the sales which primarily of no The down inbound about expect manufacturing volumes $X.XX in lower midpoint flat to XXXX for midpoint. of in the million, escalating incremental EBITDA impact XXXX. we lower our up midpoint, EBITDA for $XX and to to profit QX be raw segments slightly gross compared are from to ability

investing advertising, execution million in Acushnet selling conclusion, costs. and led tremendous and be about by advantage industry to from Additionally, associates to our quarter the costs higher current take from $XX compared another In XXXX partners. associate-related up QX, we promotion OpEx will of delivered higher and momentum are by strong as trade

return total to Sondra for the With are XXXX full I long-term raised and solid goals, turn deliver Q&A. and now confident call our execute financial for again our in to ability will strategies our long-term year that, we over have We a our to shareholders.

Sondra Lennon

the lines please? open questions, Tom. Operator, up could Thanks, for we now

Operator

Instructions]. [Operator

Imbro line Daniel from of Your first Stephens comes Inc. question of the

Daniel Imbro

to I price the growth. that you of on is Can that And that? seeing which meet maybe on how wanted continue sales to I on And you as provide side up availability to about the guess units and of some golf to the what you're your you increases talked look the price biggest unit to demand on on start ability sustained side? ability the of take the gear. offset in then just and the business? just lack to beyond, your color and FootJoy are quarter release, fourth tracking some categories

David Maher

Daniel, that. I'll into Okay, get

the degree from are our at standpoint. availability level some an categories constrained So highest all to of really

As quarter, producing balls, and it constraints to relates support are that's materials, launch. raw one. also really to the biggest producing in begin But and inventory building That's first fourth current to models golf our twofold. the to our stop decision that's quarter

at days, got along, So lead play at and been not that's among as there. side couple of club like about the But our industry best. said we we've which of typically business, case know. run you've you a quite as X custom the time all some to are factors club The times for

we we're have of pretty backlog club through. a working orders good to custom inventory continue So that

think think to to I happened pricing best looking to what's As relates the about maybe price, 'XX. it way illustrate in is forward

areas, But are at look responded not a we're think how to back you case-by-case our we would bags, basis. thinking forward is with Examples always but from preference We'll first price in if I to 'XX. right we and price and performance increases think look on inflation half all. it think think dealing we've And pricing in the perspective. that. But iron the course, of way we look taken be gloves, going about how an in golf some at golfer pricing, launch, innovation business. about we've how and and at about of that's 'XX, enhancement the cost to throughout we've done Our foremost,

We will be the won't price on what And increase increases, I half. in but each to sweeping the price We be done again, some But Pro a specific will took we've approach a total it second to first business. take VX in group. product half. our mentioned

that, cost; environment, of whether from labor materials, price increases versus Number again, two, the there clearly, will raw So comparison. demand line, cost, some would hey, supply distribution support XXXX, all. element be it's in or the not in number reality a parts some one, the

Daniel Imbro

you one a related think think they've that launch guys consumer Quickly yet. your done would the this you price to about guys competitors handle on environment? is on something seems in how which of up Or do Is handle bit odd, that private that, could guess, goods Yes. hard intra or something increases intra price you and clubs, guys I taken haven't launch just?

David Maher

We understand and see increases that up And deviation approach may practice to been, Yes. price from been attach happen. to years we any believe it's has for Again, approach product new going our interests, why always new our again, changes behind many forward. I we many, that any really -- is don't product in really best launches. the launches. our it, again price rationale But it with sync

Daniel Imbro

then, financial And the the one guidance. just Tom, on

points did points. color there. Was the at think somewhere correctly? to of And fourth you pressure are as range cost in into can the And XX if guess costs, basis I plus margin XX at You pieces, seems us quarter? there what's gross XXX you gross just basis then the in down I color, that is you margin I fourth only some XX then just imply benefit any to given quarter. quarter? guide we that in guide, the the pressure. margins gave the driving guess, onetime in us in third in quarter impressive, help end look said that any mid-XXs, $XX we helpful Remarkably give the quarter, million the backing fourth the quantify

Thomas Pacheco

Daniel. Sure,

QX, of items any margins, there terms no, weren't onetime In gross there.

us in our you from of and still probably and taken, we which that price pretty increases as We mentioned. XXXX. QX David we've as volumes sales expect, have as the impact impacted still our headwinds us significant will on based -- really was performance that into So freight, have some QX in -- and

from there be we don't quite down we're -- little XXXX. down that. because than really decrease launch. of QX the expecting we last to XXXX to volume. higher sizable sales volume from our as is last TSi was year, I pretty and coming -- margins There a of as do bit -- And year, a just to decrease our think be primarily expect most of in gross more suggested, metals had terms much probably you that QX, the them -- of In our compared

volume and but that largest clearly other raw expecting QX a $X result cost piece from it freight then is chain of XXXX, million of and the rest would compared there, So we the and as to the about are in a hit just materials issues. seeing of we're price be inflation some supply sort

Operator

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

Quinn Jacobs

on This for results. Congratulations on the is a year. of Kimberly. Quinn around the want the to guidance your rest little get Jacobs more great insight We for

midpoint. quarter-over-quarter compared XXXX sales and growth XX% in will levels, implied guidance that come any at give decelerate regions? drivers XXXX, the by fourth deceleration? the you us suggests or then Is sales but flat quarter Third on came second quarter color decelerated this above quarter. in the driven to XX% of from this Could products in the some The particular looking

Thomas Pacheco

it's board. No. the I'd say across

some QX say in compared demand. that to flat chain meet is So XXXX it to our stronger was it 'XX, are you're us our I much do demand supply 'XX will -- in environment difficult for and of is expect be the seasonality of demand sort in constraints similar looks to We But there. QX roughly making what right, 'XX. sales than

But I demand into able So there. meet of think is we're our the constraints, that's stronger. the account when out you to some not environment all just take much demand

Operator

line question Glaessgen the of next Jefferies. of from Anna comes Your

Anna Glaessgen

the better-than-expected expectations guide step of a the back, a quarter was contemplating came in environment? demand through being ahead. I feared and you're more Taking, could clearly constrained XQ you on Was chain of when call? versus a how function the guess, Or progressed walk it supply less it

David Maher

was half, in for quarter, Yes, thought was the outlook Anna, our it supply -- around the supply what we third it out for and really, our could much our we second the really more chain built former, get that chain. outlook of

that meet improved. as demand our So ability improved, to

standpoint. good change So supply it results, a we our albeit across delivered because of largely from played part All our not of Demand more better strong. is remains cetera. by categories, demand a all of the partners, third been partners, anticipated. strong, our better adjusted, across out of too, material team. year, from but lot quarter all very segments, lot comes has chain a And raw performance from from that, supply our work that than the But et seasonally

Anna Glaessgen

versus then and Got say difficult segment? supply the extend long ball just on clearly, could this XXXX I And wholesale retail availability. the guess, thanks this channel for backfill like is it. touching that a to chain the benefit beyond, rectify, dynamic? to when maybe the will Is but how mid-XXXX, in how think about

David Maher

time but sell anticipate based tight. remain expect around driven across to know were I spectrum channel But when the definitive XXXX. now to 'XX inventories point, golf on we heart put line ball see course, would for at of the the would through industry the remain the We on expect provided is our We're inventories a expect from to and beginning more making more to today, be of spring really season. lean what tight and we the point 'XX. into launches it, gear would moving than a materials, we Well, that's up this inventories our at raw target. -- we off would a it's partners forecast can't, well And of supply

before, you're see to lean there said have just we'll confident I've enough As a channel going out to inventory we're product But environment. again, that meet demand. consumer

Operator

Research. Point of Alexander Compass of Your next Casey the question comes from line

Casey Alexander

of not created really And I talk me have customers. to about seems shortages a I'm question. They to don't suppliers things bad and that don't if want it In your shaft supply presentation, all market wondering want didn't biggest one the you was pun. the shares. equal, to that are their

having the more share are? I allowing better think, against you're shortages navigating the who than supply than gains for some trouble even chain are most you So chain competition be shortages supply market it, may with

David Maher

Casey, doing cadence Part where Everybody from materials raw available a and a well. is think for we standpoint, to that And are, we're seasonality is tied we launch competitors job. good as pretty supply. battling to good it question. would apply our of

share to it often share relates a into don't commentary. we As as share, -- get

And up data right we there our and full think know advantage so position across team to our to like don't the some our caught commentary. it of that now continue competitors available categories the channels, out way. to take share get company expect whatever all, position are same We captures thinking out not I but the is is there. I too in about going availability

it's impact look But at on good product a So constrained level. about we performance of year-to-date, at the to environment. up quantify XX% the that certainly our in tough feel we really near context business supply share its really as chain

Casey Alexander

on just Okay. you little I'm bit. spot the put a going to

-- if XXXX? helpful. of you I we forward If to at sort think 'XX, bit and but XXXX that you could looking contour help have relation very could that into a put would understanding us be know in 'XX guidance, haven't out into project how specific I you look little to we're

David Maher

I'd us great. the strong. inventories healthy. And Fair retail are on but Channel following, this Casey, Yes. Not consumers is question. spot, lean, say putting the

to add half of I'll we're our and year. -- first plans So product noted, very in the as for the that, confident

And today supply going as a segments bit given than business, will cetera. would Ultimately, together, lead be I'm would far course, more supply demand-driven the and balance component we more all reflective et cetera, and freight, planning environment. we environment. typically availability, momentum our et time, raw to growth side it chain it comes as than a Of is and say, costing, the supply complicated the materials, caveat next given the in expect be chain plan any of forecast. however, strength of normalized year in process

of to not going fundamental So from answer out like what literal we chain. from the were can standpoint, pull demand the a we is looking a of again, a maybe really supply be standpoint, It for. really see. function you what we But market

Operator

of the from comes question Joe James. next of Your Raymond line Altobello

Adam Kozek

but guys alluded to just covenant chain If a I gave get again. This this -- of update know on strong on I year. is some can you you if detail headwinds XQ, for the impact just on Joe. Adam estimated -- an quarter on supply I could, Congrats

if the it would mistaken. on versus vacuum. your there based but of putting you cited -- kind updated I'm second update I'm not the $XX of sure there outlook roughly the $XX guys number terms be I XQ to helpful. any things Just million a if half of last now, an changed you not how XXXX, know in had have million year, in

Thomas Pacheco

a supply there. specifically our demand line and that in past, sales put chain I the out. that's certain put don't not both been mean, I put a something I'm incremental things meet but the as line, ability number the specific impact relates not out sure think the our just And in impact. around numbers in of top the to then there I'm has to costs it also out I freight results. we've you significant like chain we impact out specific quantified we've Yes. recollect obviously, on supply top

Adam Kozek

I last year? you If rounds in XXXX. seeing Got you, data their in Is year, within last seeing play increasing of are know the far new that those of so golfers still terms the Avon through just share playing year's September? what I trends more. kind a big the may not seeing got think of X more. you color on we're guys this Or detail But rounds we're could played also the in driver was golfers I you. the played squeeze

David Maher

Yes.

game's So lens. this XX% over about through XXXX Rounds facilities answering and are as over the a starting busy, shape, X% U.S. up really maybe year-to-date. good are in point, 'XX, the

a X% down would compared And year, track rounds last year was performance year-to-date our to with last about say than pace. full quarter standpoint, year. I anticipated from which on is year of start really better at are round the surpass Third probably the anybody aggressive

favorable year. healthy than COVID to last that was more that, a given I'll the So outcome realities, add weather and fact

the the that of Avons you to right? because came to composition, the playing to come provide, -- we latents The who to Best end, from think incremental at data probably still As Again, COVID and new from about year's it's hear Avons, sources, of latent. for that the to of and way half out it from -- coming as we'll back that's continues the the from we X/X X the but entrance. it X/X it new I more the play now. come see industry think update half can more, anecdotally, right game we continue about

David Maher

business speaking day. this call. on look thanks, your dynamic time We next the forward to appreciate to And and Have we environment, again and a great Thanks. everybody. Adam, understand efforts

Operator

conference call. This concludes today's

You may now disconnect.

Acushnet (GOLF) 6 Nov 212021 Q3 Earnings call transcript