deliver I versus like XX, million, for tremendous recognizing Thanks, level David, put they X% our a talented in also XXXX. everyone. good XXXX. Slide with FX $XXX QX morning, to up Acushnet the to and by net consolidated year results associates begin XX% Starting reported on forth effort for sales up and our great would were
was XXX and basis Overall, the up basis. million, and margin the up metals of in all was by volumes, $XX continued were all lower quarter on points. a models gross our TSR higher $XXX quarter clubs million gross momentum a as increase golf in gross and freight across X% clubs showing by segments currency golf growth the costs. with and versus and margins fourth and profit or balls and XX% year, primarily Gross reportable The balls prior for result sales constant driven profit inbound
was million, million maintaining the segments down across $XX million, compared throughput, high was investments was expense and expense $XXX $X to categories, prior $XX SG&A for levels. quarter QX to to for down year. make expense down SG&A increase except all R&D XX% service or reportable distribution, X% across all our while in continue where the and million or we
of for quarter up over $X rates interest operations XXXX. Interest was $XX a year, income XXX% the loss as million, million of shift and million $XX year. $X Income million $XX mix prior was up outstanding and to from million the the higher or was $XX million, tax Net jurisdictional earnings. up attributable primarily higher $X EBITDA over borrowings and expense income from expense million, on from a was $X up adjusted million compared up to result Holdings was $XX million XXXX prior from in Acushnet our
margins $X.XX net sales the profit of in reported impact billion, result up on was net XX.X%, currency basis. Consolidated gross Gross full-year despite from points the to inbound XXXX. basis for constant XX input currency a Moving were a higher higher freight, $XX higher $X.XX up million Consolidated many $XXX record sales compared results. billion, X% a XX% million were and year product primarily sales were on or to basis of or up as year and costs. higher ASPs the categories down and prior X% volume a negative our
increase million, compared A&P in capabilities expenses mainly sales we The was to expenses. we costs, distribution came up volumes and and or selling all G&A XXXX higher to our from million employee-related in as making X% customization higher investments of higher which an costs XXXX. in due are partially and technology, expense were increase SG&A offset reductions fulfillment enhance from by $XXX $XX for
was R&D $X was in as from operations year. million, million to the higher $XX in debt mix Interest with prior from a the XXXX coming Income interest was and from $XX expense a higher effective from rates XX.X% of to two-thirds tax $XXX jurisdictional our balances. or up coming XX.X% earnings. compared higher of was increase one-third compared the of million result up X% shift million million, XXXX. rate And $X about our
million, million earnings Acushnet release $XXX to income million, and compared and was attributable in adjusted adjusted million our QX slide XXXX. of X% is the up or $XXX to of income net up a EBITDA was Holdings as for Net reconciliation the as in EBITDA the well to appendix $XX presentation. $XX full-year There
XX, Slide million of end our facility. At available approximately XXXX, the strength continue and sheet. of about borrowings benefit we $XXX to the approximately revolving from $XX $XXX unrestricted on our million, Moving of outstanding cash hand. debt Total of credit was under million we to we had had balance
end was of at X.Xx ratio leverage the Our XXXX.
at the Inventory and same from the and sales the of receivable and from the prior days were days XXX inventory up Consolidated XXXX $XXX outstanding year, of $XXX days, were was end end sales prior accounts million was our $XX XXXX. the year, XX as million, days. million, our up $XXX million
inventory We XXXX. with our enter we are as comfortable overall levels
base. And Golf ball material composition comparison inventory year's our varies the from unusually growing for levels out remain point can lower were segment. year-end sales like would and our The low up to we than I our of inventories last raw to as level misleading will catch continue be by XXXX as inventories we that shortage. year last
the we in the year. for Golf expected strategically however, in inventory of Gear is and product to of plans during early first club There and half positioned demand sell confident to of footwear in part pre-pandemic apparel FootJoy line are and DSIs excess level risks product mitigate with inventory, in upcoming inventories with our well of the some to launches are meet XXXX. fulfillment inventories elevated levels. are upcoming launches this advance
come outflow fourth than $XX Cash flow million inflows the changes rate at periods to the $XX returning down compares the business, the from for the inventory quarter in in was XXXX. operations first of more outflow full-year and mid-year. for levels of an $X prior This for $XXX million was our an of expect will years, normal XXXX given and seasonal a to half And in we million. faster same of million by
We during QX operations on million from up investments And comes $XX from million flows cash full-year, working inventory. in $XX continue XXXX. mainly million meaningful CapEx decrease in the for in from make was our periods both The increases we capital, for business. primarily $XX spent to which CapEx and
as XXXX, and the pulled For investments. XXXX increase we of expenditures has those activities. our of some capital into expect accelerate to forward capital acquisitions of provides Slide CapEx our benefits out is recent highlights allocation being to about the and $XX to some million shifted XX realization
TPI to for a an XX% of of acquired and $XX we November, impact leading our million EBITDA will in educational sales and less we XXXX. programs, add and up for reporting. supplier segment results online golf TPI interest minimis TPI external for than results is seminars in our certifications, expect neutral. live primarily In on in for initially roll be sales EBITDA de to TPI golfers. million. TPI's into XXXX, were The dedicated financial our club And $XX
of West a highly February in in leader Coast to set trends the the acquired XXXX, licensee and Coast for our all products. a relevant brand respected operate West Club travel golf of Glove we we premium through Club including Gloves million. trade products the Club year, internal end is Glove $XX from performance names, Trends, And service Inc. domains while as in operations. will Acushnet up continue of
EBITDA of very product Club and Club brand to under our to sales segment our annual to Club Glove for business we reporting. into branded external Gear be to EBITDA the this a of royalty running add revenue results. under our would are amount structure, results Titleist accretive. initial be $XX million Glove will financial The Once would we internally, roll in brand limited expect the Glove While we and expect the
in licensing to a had through related of Additionally, we accessing to for $XX trademarks been cash trademarks arrangement. this Prior business our 'XX, consideration acquired we transaction, these putter million. December
allocation, strategy. our financial terms In capital execution the of results continued of allocation capital support our strong
and in remains and highest on focus the a Our with business OpEx product operational excellence. in CapEx priority investing connection innovation, the form golfer of
continue potential products other focus performance will premium on to that investments that align evaluate We to and our acquisitions golfers. dedicated with appeal
that believe and We these a drive favorable investments our strategy long-term growth advance at return.
to up to on December, for the paid shareholders high continues be total a generating compared focus Our In year X% returning dividends priority. capital million, flow free cash increased and XXXX. dividend, previously our announced to we paid $XX strong which QX our to
And Directors our $X.XXX cash cash March million. a record dividend as XX of David in on share expected more X% quarterly XX. declared March an than on This of increase of QX payable Board approximately and per shareholders dividend of mentioned, represents our today to outflow $XX
we our to million. quarter, fourth for about million share million $XXX shares shares by the the million, repurchases a just X% During X full-year over These course common approximately total for our over our about $XX bringing the stock repurchased reduced of of X.X count year. repurchases of
At Magnus. January XX, repurchase the remaining had XXX,XXX an the the recent $XXX stock repurchase and additional for agreement our end on under XXXX, with closing of $X.X shares share common of of XXXX, million we authorization. million, most about triggering our open January Between share purchased market X we our
common count As This complete XX, Magnus to from million X% our additional of total the of purchased $XXX on agreement. a for the share by decrease a from an X% we million January stock XXXX. X.X about of our result, shares for reduced further beginning
additional authorized XXXX. in repurchase our the to program total to our Directors to million of Board up of an outstanding million established was repurchase authorization common On bringing share February $XXX since X, us XXXX, $XXX stock, our up
strategy Our a we compelling which capital to return a of our believe shareholders. long-term continue proposition, element Acushnet's allocation is creates total value foundational for
to Moving Slide XX.
continued golf demand and of new and Acushnet for products XXXX for outlook product reflects Our healthy pipeline strong introductions. a
As overall you by the would expect, is economic our environment. tempered given caution somewhat outlook
that currency we we growth headwind to in While currency the than in the the expect basis constant show in so QX full-year. mostly all a a segments expect half for more continue be QX, to will first on and of year
the input we our And be from XXXX while albeit range and sales freight rates expect we full-year some air levels. and the net factors lower on Taking consideration, billion costs to basis into from lower from $X.XXX expect at freight higher these up utilization, of $X.XXX reported inbound consolidated expect of X.X% than we promotional benefit reduced midpoint. pre-pandemic headwinds activity, a at the to in billion return to
in a of the up to X% compared up currency includes X% net expected foreign On expect consolidated and sales midpoint. the range between currency are and This million. adjusted of to full-year million, XXXX negative $XX to be about $XXX to million basis, impact EBITDA be from $XXX a constant X.X%, we at
acquisitions Within we investments make and includes as up full-year impact the the expect the we OpEx over sales margins years. we slightly, support the to expect slightly this, significant discussed. few to business to be continue than reported in faster outlook This have growth past previously we grow full-year full-year to seen I of gross the
in above expected of timing our be EBITDA adjusted to first of and sales to to expect XX% XX% XXXX, first of consolidated We XXXX range full-year the of half half net similar sales in XX% just XXXX to business the represent EBITDA. be full-year to with adjusted
and Acushnet In us strong results trade deliver enabled associates conclusion, to in for XXXX. our partners
in and uncertainty, given brands the we are the of cautious health are industry, are momentum we economic current investments pleased structural business. the While the we making the our of by
for solid and will We for financial goals shareholders. are a our deliver our we XXXX long-term beyond return total confident and achieve
the With that, to I now turn call Sondra will over for Q&A.
