GOLF - Earnings call 3 2023 | Acushnet Holdings Corp.

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

Operator

Good morning, everyone, and welcome to the Acushnet Holdings Corp.

Third Quarter 2023 Earnings Conference Call. My name is Carla, and I will be your operator for today's call. [Operator Instructions] I will now hand over to your host, Sondra Lennon, Vice President of Planning, Analysis and Investor Relations, to begin.

Sondra, please go ahead.

Sondra Lennon

everyone. morning, Good joining Quarter for for Holdings Acushnet Thank Earnings us Conference Third XXXX Call. Corp's you today

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

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

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

David Maher

and Slide million. last increase will our get sales call. $XXX for $XX Thanks, X% your EBITDA appreciate interest today's third Adjusted in up was quarter on Sondra, and period start over results. Acushnet good posted year. morning, X I of right a the to XX% everyone. We million, into

September, to to their XX% my almost adjusted I XX% fuels $XXX increased will while thank dedication, EBITDA to were here which commitment performance. million. teammates net For $X pause the and sales up billion, for company's

of our Looking Balls segment, and you and at company's business Clubs, X% quarter the year-to-date. Titleist the Titleist up driving Golf momentum see Golf Balls and XX% strength by growth. were the in Golf

Pro our is VX Pro demand. this doing team New and golf keep with pace and VXx good are models work ball manufacturing to consumer growth leading strong

As we we retail inventory across healthy, worldwide availability launches ball our scheduled and to approach in at new have on is and is X Ball performance Championships, courses, define Titleist nearest Golf X than different the Open versatility golf. more total transitioned tours, XXXX. usage season, the and the position game majors the Xx support distinctly the product different ball golf for the early Open quality, to building competitor #X X And showcase winning and all Ball, golf Men's Titleist a winners champions, U.S. Golf and that Women's played holiday

year-to-date. with Clubs, and quarter posted period Moving strong team XX% for Titleist sales up the our to another XX% Golf

on posted Titleist also TSR XXth Golf Cameron Vokey and putters in their And and their years, Clubs most Balls played this the tours past the for Scotty drivers Titleist gains wedges sustained played worldwide strength, early demand New T-Series in demand in tour. Rounding our iron start a pleased meeting irons most have off driver Titleist in the the the marketplace. with was launched Titleist global the all as also and regions. Tour with we're the continue sales solid PGA streak momentum and expectations. past on across are business, August to and year-to-date time affirming high and club out for XX season Golf our the

Now moving Gear. to

You up year's This year-to-date. demand-driven of supply our see service expected levels our quarter experienced chain comped disruptions outsized of XX% timing of was that we QX normalized delayed against decline into to much in delivery the a last pleased business result healthy half the on our first We're a sales as X% volume gear as and in third quarter growth were of and and down returned when was the we that cadence. and 'XX. is have gear

due quarter crowded in was year-to-date protecting modest team mainly while last retail the shoe are to golf this apparel led will quarter a for to footwear new our positioning through business. excess and and of Sales inventories Affirming to manage in our Growth as confident comments long-term environment. on X% few we increase strength we will products period U.S. call, the and footwear FootJoy's and quarters, industry effectively by interests. in our Now the remain we flat our differentiate increased FootJoy. the in the through work that expect continue premium next a the

X Now at our look by business region. and to Slide

pace and compared see driving year-to-date off you and sales commentary Japan up positive XX%. sport X% on digits have the base. with as sales, portfolio are and up double quarterly U.S. of track their rounds in are previous U.S. high up Acushnet's in EMEA, market the our largely the as on of the surpass to single that see, and in in from posted and and for X% gains the U.S., we to results. estimate year-to-date, Korea Korea. of have and golfer off Rest mark World The strength Golf is across of weather rounds single-digit FootJoy our shoes this participation demand year-to-date were the and setting year-to-date the of high quarter last and EMEA, U.S. were while see and strong third gear overall additive impact Acushnet the September, Here, X% consumer expanding period. Outside to in increased year. the health unfavorable Healthy XX% through We you attributable X% XXXX. the Japan low digits balls, growth X% year-to-date clubs in down play

performance noted, club and are excellence Acushnet's and XXXX soft their As regions, Korea and avid footwear outlook strong of up investing market core is attractiveness market positive and participation Titleist Shoes the investments worldwide in growth. Golf consumer and forward, in drive negatively of with vibrant in while commitment making sales are partners a share are both apparel play golf to healthy today. tracking impacted brands now retail ahead to their has momentum consumer, and position the continue We're confident the our ball and apparel and across courses the fundamentals behind player all dedicated product rounds the game's company's declines the financial we looking and and in service sustaining evolving facilities FootJoy enduring to FootJoy enthused preferences. Titleist, businesses for to and with we're of peak, and our meet leadership experiences and and Acushnet sales. And

the and to and our high-quality our T-Series optimistic experiences On support irons chain meet about interest fitters ability supply new in our early and golfer front, will custom are demand confident we're anticipated new levels. product

AVX track on launched models several ball and early models. is Remember, years, even team XXXX. new performance in in launch to golf new Our we

These in company's connection to game's the will the Sean. manufacturing, pass supply our also growth these to wide well product this and we the We of chain remain positioned management capital and proven have foundation are track golf capacity, VX along in health on of and investment for added and next launches successfully now company's range availability thesis. Thanks and chain to I high-quality recently support long-term our product approach Titleist proven benefit our the ability of and the ongoing Gear, making to high which with will confident your to the objectives. improved high-performance, allocation, commitment demand summary, pipelines execute product going state anticipated call for the innovation morning. golfer forward. We're the Shoes FootJoy Acushnet's new look development, support will holiday equally Pro golfer, time launch over confidence from believe to supply dedicated and record company's in of products priorities, the focus a of QX quarter. In new and and meet products, disciplined investment

Sean Sullivan

you, David. Thank morning, Good everyone.

As David performance. highlighted, we had year-to-date a great and quarter strong

X% the period Golf Balls a increase. sales over million, driven sales in in Wear. Adjusted same XX.X% increased $XX quarter higher Clubs, net Golf XXXX, EBITDA Golf was by and Third Titleist Titleist FootJoy

decreased due segments. Titleist due by employee-related to FootJoy gross or Gear Golf of net commission driven manufacturing increased by Golf brand profit sales of in the increased in the Golf XX% and apparel. Titleist absorption reflects offset Balls, and X.X% and by profit all respectively. FootJoy volumes Golf mainly to basis higher Titleist Clubs, months offset volumes points, reportable mentioned, third was be in higher to expense of gross sales the quarter freight were EBITDA was last to due a promotion expense X.X%, XX.X%, selling and quarter the prices and XXXX, continues Balls and gross Clubs $XX respectively. Net to Overall $X expenses, driven partially expenses XXXX, down mentioned, mainly expenses. R&D activity year. Net inbound factors, sales sales from by higher sales for quarter in the Clubs had David inbound advertising million due largely reportable up the of and overhead to in continued For quarter were Balls up first XXXX, expense was in growth X.X% with was million adjusted growing Titleist our profit the momentum lower increased by freight X lower $XXX expense sales by Golf XX.X% by XX due also of X.X% down Titleist footwear. by due just mainly XX.X% Korea lower which, costs quarter quarter the down was million I and up mainly soft segments. SG&A sales. Gross employee-related and expenses. QX higher apparel across XXXX, and impacted from Golf selling FootJoy primarily Korea, the across primarily except million, all in footwear IT-related was compared due across primarily as where regions, in $XXX retail to Gear Titleist average to X.X% comparison up in to Golf higher to promotional in Titleist we unfavorable lower primarily and of all lower market outsized Golf margin

amortization up the the more with coming rates the in interest million $X higher and borrowings debt in balances. due $X of increase a increase quarter was half an trademarks million quarter expense little Titleist Gear to intangible Golf the quarter than from of fourth in due in acquisition and of increase XXXX, respectively. Interest to of Golf Our first Clubs the was related and XXXX to

tax Our XX.X% XX.X%, a effective from rate year, mix in QX primarily jurisdictional earnings. last by of driven shift down in was our

in is Our tax fiscal year year-to-date be XX%. forecasted approximately effective of 'XX expected rate our rate with line for to

Moving and to flow our balance sheet highlights. cash

issuance position. completed borrowings sale October enhances to Our with ongoing The to strategy credit notes continue of X.XXX% primarily to repay in I'm liquidity sheet be shareholders execute to our flow to further investments of in proceeds our the Acushnet's under used and continue $XXX were and allowing facility. the X, pleased to from due and report return allocation million unsecured highest notes that capital senior balance us cash offering business being revolving very priorities. capital XXXX, XXXX, which positions of our strong, the we on

ratio Inventories and year-end, and leverage both current end state of the and we're inventory the supply the quarter given and net last demand X.Xx. net quality with QX chain. from our Our comfortable at position of declined was

year-end Today, Directors XXXX, with repurchases per million million first mainly year the declared primarily in our $XXX support X. shareholders at was payable cash dividend Year-to-date in are $XXX were dividends. launches. still product Board pipeline. Through in XXXX expected X fiscal cash on of $XX QX of prior $XX approximately quarterly We expenditures XXXX, to increase share due $X.XXX significantly given a million to expect to in of to shareholders million roughly $XX inventories of inventory. Capital working in September, we returned and December operations reach months record and on XX heavily up share year, flow changes loaded XXXX a to the for cash to December from million capital, in

since share we stock aggregate million had common and share current of bringing As of million. Between XX, on under open we XXXX, an million, repurchase October to the $XXX XXXX XX, purchases XXX,XXX $XXX authorization. repurchase the Magnus the the of shares of X total September market $XX.X the inception approximately remaining agreement cumulative market October purchased open for our with

X.X from XXXX approximately common After As million $XXX of shares for have approximately our expect agreement, of authorization. November in on aggregate we our this stock of a XXXX, we under agreement. will of remaining repurchase satisfaction Magnus X, commitment an the result, $XX the million purchase million under to share settlement

full a our momentum between XXXX to for This outlook constant view revenue year golf compared to on outlook, maintaining the in Turning up XXXX. we're incorporates and $X.X $X.XX to club golf and our X.X% billion to basis continued X% billion, currency ball categories. be

narrowing basis. With notably However, our would adjusted range quarter than iron in revenue metal a to clubs quarter some million was timing, our be $XXX last launch $XXX the third Japan, year's our be we're golf a fourth midpoint, year's was X.X% up constant where EBITDA, quarter between currency launch. and of in this on respect due outperformance to to earlier At million.

our the of to I XXXX. In Q&A. into beyond. With build reflects golf revenue closing, of over the turn selling, outlook months I of that the with top on to just club X we pleased in and our now I out in in performance of as priorities balance want of heading shift particular, also to momentum will and year focused A&P terms R&D on on quarter, and XXXX very call first for fourth look our QX the the the remain fourth incremental for upon point the In to Sondra that, we're executing quarter, investments mentioned,

Sondra Lennon

up open Thank you, now we for lines questions. could the Operator, Sean.

Operator

Absolutely Instructions]. [Operator

will now Randy our We Konik Jefferies. question first from today from take

Randal Konik

on real give guess, third give us way to that into there. I to Sean, of clarify. just little region. continues quick market guess, the quantify And in with quarter? wet power U.S. weather. by David, thoughts Japan a just there update market to I fourth Is any then, impact flavor an even shift quarter ahead Just very The just from

very that's positive. So

thoughts your point Just cycle? feel this Europe wanted market to U.S. about to relative get just the at you the and Asia how in

David Maher

that. take I'll Randy,

of certainly So point U.S. play, to rounds healthy. obviously

I which against think particularly X% spring year-to-date, markets, in we're West. the very we're backdrop of -- be wet to up set about a track open on up the

good I think seeing the about industry really participation. what we're generally feels in

that's So single weather got single, U.S. the low bit terms outside of a U.S., play. participation, a as up low impact in down rounds well. of And

the the when quarter think I third at was I it flat looked X%. to outside rounds up profile U.S.,

pleased of apparel it very U.S., consumer outlier area little out that and of be terms with note the the Korean the both Europe. U.S. particularly sit is consumer of of rounds. And I in in say we play consumer in with a where in like a outpacing We bit as would spending. But would of slight I is, Japan, expected. outpacing Korea, pullback prepared a consumer trailing and market. by today that the spending certainly rounds don't outside consumer U.S., market bit one the Europe consumer spending spending that where bit year, called it is, space. U.S. we and But which with the you with So remarks may group it the resilience we U.S. sport. our participation, more a an And where bit from well, our that the to as than think in you on The with dedicated when us. speaks into broader think of that a large, space golfer, where resilient which in the surprises saw any refine strength just I this even happy and then see a in the

Sean Sullivan

about last, region. launch gone. your has comping QX we're about look in pleased you with in launch Japan the we're again, metals Yes. how the obviously $X versus first probably at irons up clubs, I we're that a the then And When certainly, key in happened think million point this And QX. we're on the is comping. against here very And year question Randy,

in what about much in experienced QX. as it's expect So you QX should what we as

Randal Konik

last follow-up. then And

expect ahead? are impact us down. to Just just don't rates Can just margin. of raw like gross puts if materials still Freight you margin again for you, ASP as well or I gross are takes just there's and through you Sean, strength. labor. upcoming on sounds It some walk know

get takes thoughts be trends Just should to and we about the around around, gross how on your just want puts thinking again, margin?

Sean Sullivan

Yes, sure.

I So the gross good feel very about margin outlook.

think as I the side, experienced XXXX positive we on in out. benefits have freight, called you from

Randy, that, X I the through the months. have we majority think of experienced

look I moving more ball club probably strength a normalized small the the about and but tailwind to segment. state. at on I year, think think of a as freight We QX, relative to I the talked prior

that bolster side, margin. And gross our on talked we've the to I talked So We've distribution. about the customization, will overhead. again, our think manufacturing continue flip about

our a respects, as drag. what and impact in manufacturing footwear the bit So in and a was it category has many quarter, production the of

And I guess, feel margin I hand, normalizing. about overall, things So on gross one good those the the a other are couple that of are outlook.

other think David start hand, footwear said, manufacturing hopefully, we'll cycle we'll absorption. turnaround as see, market, the -- to hopefully, a in terms the I of On as we'll through we the

Sondra Lennon

Operator, questions, please. Randy. Thanks, next

Operator

Stanley. now next take will Alexander from Megan from Morgan our We question

Megan Christine Alexander

expectations? on in that XQ in third And number Maybe about, Can gross if was. quarter guess, you margin in was 'XX then I where I from XQ with just the broadly, maybe last follow Randy. talk question relative line could relatively more up to came the your

not think are year pressures or is in you right the base and Sean, XXXX about maybe recapture the to this So your seeing as to to maybe right year? can footwear we them point, about? transitory the some So year, perhaps you're think about think next XXXX base next of

David Maher

the is from versus think a we a year, product even into cadence right, profile. Remember, a and Certainly, comment We'll launch 'XX, our sort AVX XXXX. performance of fair 'XX I'll to new look launch driver. 'XX changes and Megan, We comp. launch on launched standpoint, that Yes. I models. get back

So the and look cadence as you The the changing. lot business, of even-to-even than odds in the always look and is a it. way product, back product flow know, bigger, a of that's about wildcard, it's terms -- well just a better is back. But I right to to think which odds better are think the of is

by how think to profile the aside. margin spend. But little go like the changes large, forward. a and right to in kind of to shift what's terms when have way I to even-to-even 'XX Our on do with spend, you bit about XXXX the business what in comparison we happened the pointing we and there's to do understanding park that of of

Sean Sullivan

And terms with margin I expectations. generally Yes. just of line in was Megan, the gross it quarter, then in for mean,

I think clubs from we had performance we offsets expected knew category. the and FootJoy and contribution. We balls in some strong the

question I didn't comment pricing. I raw of was things think Randy's on material one the in really

I normalization there, board. think the we've moderation seen some across

to good really and materials, clubs So in we, really, have visibility primarily business. ball raw our

So quarter all was our with expectation. line the margin for in in all, gross

Megan Christine Alexander

can just update Okay. retail inventory. on That's probably maybe helpful. then an give And you

I Or how into year? itself kind does that mentioned out expect look footwear guess, perhaps you that could You quarter? again. And work of last fourth to relative the would that bleed in to quarter? next

David Maher

at of lot courses have just the caveat a lot time I'll our soon low by closed saying seasonally -- in of the So retailers, golf a industry, November or close. a and in will golf It's right? this point we're

about as next called inventories characterize normal, feel been would outlier and good I low. And that, global mind, XX% the footwear And say but not think seasonal XX% heading be. speaking which across it range to about again, generally holiday in our business, channels, footwear. we out a where healthy one within at the has we're I probably heavier broader than channels. way we've just year. The inventories and I'm keep would broadly the about into So we it's of should

it it at it XX% have to heavier should XX% to been XX% heavier I XX% than if look might months be, So as being maybe, X, ago. X what

way working it's through inventory its I the think cycle. So

lower outside The end be point the channel. to U.S., the in of the to to that and U.S. on And the a tends the that of within lot in is, it's the U.S. be important higher then concentrated it's end other that off-course I'd note part to, inventory going

You of course. don't inventory see on a lot excess

X to do state. we the So it in a get terms more think work is we months. step But the forward we're a reality to normalized of concentrated. how -- go through to of over is made do we a But X, couple nice cycles it, last

Sondra Lennon

Thanks Megan. next please. question, Operator,

Operator

Our from Matthew question next Boss from JPMorgan. comes

Matthew Boss

Congrats on nice a quarter.

-- was So that market opportunity? share pre-pandemic? underlying And the the low could revenue higher potentially on think maybe Maybe basically for do rate. brand how across to multiyear, you this this could level, see a categories you think of cited? if enthusiasm game you David, golf capture and the do think think you growth elaborate about we you to it mid-single-digit change, I positioned

Just think you changes multiyear. as any

David Maher

Yes.

So, prioritizing Matt, golfers. outdoor in components, pre-pandemic. the goes sport it's We are the more about over rounds lives. realizing were they right? components, I'll benefiting it. are globally I sport in working differently. benefits a People start been with the with years, sort XX% are its that the several game tracking of all And components, their exercise our ahead have step-up, the of -- socialization where its think last of along its U.S., big from XX%, There's People view of the is differently up

I the U.S. grown X juniors think the healthy. the sport, the around women. very obviously, point So golfer made we're base fastest-growing and that few In very, has where years a world, times the running I've segments,

So to business. in of in that Acushnet positives a and the bring sport, our commentary lot I'll

approach our approach. product to bit As we're focused in We and messaging dedicated on a you know, focused the player. more tend be our

resilience point routinely, year, and not in and that we're and think several recessionary pretty last time. in their the this to As times we look times, only we And and play that They're in in equipment, recessionary over pretty passionate they years. results, at our good seeing also resilient. but they're then audience say about

out That's right, alive core dedicated are playing well, spend pandemic is player. There went well. that we're corporate and the quiet very through healthy then corporate core a broadly, run game, that promotion during spend, whether golf taking outings, whether sport Acushnet professional the retailers it's whether the seeing really, but the good And factors some it's courses, it's game, they're other positive. events and more the a are of again. this had years, that of in seeing of specialty is through story up future. return vibrant, last their it's the pick a successes few these have golf on as So And years. golf We're facilities, whether pretty reinvesting in the

So what momentum and some to game itself doing that be experiencing. evolution. reinvesting we're to in here there nice be this is hey, to is that, adaptation last a has in seeing the we're There has in job order of years understanding couple continue the

to higher the in That's level people be of real X%. that typically feel point rounds strong. all within people about today capacity and an I earlier at really some we than are avid, they're where exists put to have. committed a utilizing tough around they're So is U.S., the would all, they with golf says course are which that weather asterisk fundamentals good up made the are year, and Again, play I very the the about this next going sport is

the our world, But good thinking lot positives and well. into we aware concerns factor of our we're So in -- but net-net, all as the sport in is calculus and the and marketplace forward a spot. those certainly, in really a of the macro

Matthew Boss

across opportunity growth leverage operating Sean, we Great. think investments expense just And multiyear. growth the to segments? you us in XQ relative cited sales expense operating on dollar then, And could as think that help the about about elaborate for you to

Sean Sullivan

Yes.

I on out, 'XX I really momentum selling, and beyond. the the other we're we As for to I on R&D business, cited build build for and have cited A&P. invest 'XX now in called the trying momentum the --

obviously, and and big the So franchises that. is part club the Titleist of ball a brand

our in relative growth. meaningful see investment going sales expectation to OpEx a -- QX is you're in So to

still that and guess, ambition QX. again, technology So but about and probably called talked our where on certainly around that number more investment of the well, slightly the lagging some are last areas at are we were that is IT call, We going initiatives spend had we a on other -- enterprise-wide was, out. had the of I expectations probably end pace of working

out as that well slight call I'd figured is because a that positive. I So

certainly will investment the we expect in So QX.

got we've on leverage we think EBITDA I do for perspective, ourselves an And certainly OpEx distribution calls, that our where we're investment. investing we that, talk about think business. good ambitious customization can capabilities I we plans. up think in again, the some and from setting more margin we're we that like our we're in significantly think operating future but really

have think an number create in business the leverage a real the scalable As build to business long out really times, distribution, significantly called we X we've to term. operating of grown this platform years. in technology, I opportunity And between last and customization, has over the mid or X

Sondra Lennon

Matt. Thanks next Operator, call, please.

Operator

from question Raymond James. Joe next from is Altobello Our

Martin Mitela

gap. guide million X great uncertainties the the of guide. million, you to mind believe months on the year? view about $XX to narrowed wide. quarter. you've the It's for left. the touch little Martin just a for I is This Joe. on on only year, a There's I so Would really $XX revenue touching last quickly And remainder some on do Congratulations we the want bit based of

Sean Sullivan

Martin. to, Happy Yes.

David again, is as -- talked point, year. in seasonally So obviously about. new we're It a low months the left X

eye the QX we're keeping we're conservative a think expectations. out. the just results macroeconomic an to environment, that with sales line FootJoy I approach the board, side. given think footwear taking on October adjusted are category the I certainly Across in We've of and talked the number holding a the it year. in about But the times range for prudent it tightened our sales We think QX performance -- side. just certainly firm approach seemed the EBITDA about like the on outlook as given we to now. coming

be So was where tighten at appropriate -- seemed wide the but confidence one, prudent the to have to certainly and more thought it at leaving we we point. range that this -- sales

David Maher

Martin, that there year. irons which -- only year, his Japan add there's thing won't was in this We Sean shift the a shipped right? Hey, just did in QX we QX. remarks, clubs, mentioned a in within clubs, launched That -- to repeat. we in metals Last is I'd timing remember,

is the that's call year-on-year comp that noting. a on worth only unusual So out

Martin Mitela

get it. question the about just Is ball to for Appreciate Taiwan. fire a to gain share? opportunity in Great. I got incremental Titleist that an

David Maher

a Tech, pass are with Launch Well, left Martin, lot A to and others you, of on questions I certainly have think tell I'll that we're one. best to on going possibilities. I'm relationship considering that unanswered. don't positioned speak We one.

say point, to So scenarios. too certainly, we're but this possibilities and at and modeling -- it's early

Martin Mitela

Got again, congratulations. Once it.

David Maher

Thanks.

Sondra Lennon

Thanks Operator, next please. questions, Martin.

Operator

[Operator Instructions] MKM. JP is Wollam ROTH Our from from next question

John-Paul Wollam

Great.

could think thinking are any the just next pro are revenue kind major of the with how think a to note, revenue for kind price on touch to to on conversations just year, after any out there's there just you of about or season any year, of shops then this have exiting we change as price in First off, any way point impact are VX retailers about consumers you share think as seen consumers how perspective? that year, from kind maybe as that Pro response from change? buying? that peak in taking Or trends maybe going the impact that you you next forward? And about also price and Any from you changes this year about retailers position or

David Maher

Yes.

Okay, JP.

both pricing. to well, sell-in XX X into standpoint. very a new of and the It in from we're a months good -- share into we're has months we're pricing, Obviously, So having settled in. Pro sell-through VX terms year as

price most we think a done about price showing change. think want and price cavalier the to with good that market accepts but the change. importantly, never associated we And value we've be increases, job understands You

So again, And good take never and data the the reasoning has the positioning lightly, job consumer I want data understands associated but increases and we that. would the value in certainly, sell-through to with think and did again, suggest price sales new our models accepted marketplace. a

golf VX on and even the pipeline years We shifts, that that major and retailers of next we'll but and Pro pipelined even nothing differently launched particularly won't other I'll balls, year terms than 'XX, and make year. AVX call than, In this out our We new right? years, performance trend models. again, do odd point flow launch in to years,

looks big will that's stepped made in the certainly the our this as as their course. up our before, say revenues, a businesses story. different is on retailers just have it I though So half cadence, and I of U.S. almost point

only might and purchase think product. The you see running activating -- clubs, be or really how and keep our works really good in about little success keeping it's stock and business fitting than our our they we're in network, demand. with green call bit different And out I partners an a stepped-up pace can't total. But have maybe change we and well retail differently done of I really exception the So job where profile partners grass they're specific that and to for got our a how it's market think a going to custom us. area golf

inventory invite the envelope we and we're at might or standpoint, more a retail only because behind pushing club keep lesser that's -- custom-fitting our pushing investing from that golf So a efforts. but measured position

John-Paul Wollam

then Great. And maybe one just follow-up.

that of $XX-ish ongoing the and about wondering thinking And hear to of talks just that? jump any but curious terms in of of that million. when the we kind I about cadence there's don't you're just there's if that terms might maybe share gun, if plan about kind re-upping any In want remaining repurchases,

Sean Sullivan

good Yes. No, question.

million. with leave us That So will obviously, we'll settle tomorrow. $XX

answer pattern I we We've as as allocation. approach got investing out the business, and and half dividend today. as program. you I robust a of called expenditures way repurchase the capital we're R&D $XX our know, million heavily best is Again, in revisited. you'd see be historical to guess expect is nice probably to think share the that would at form of our predictor the needing first capital to that some point in of in as a a I 'XX, good that

John-Paul Wollam

forward. moving luck of best And Great.

David Maher

you. Thank

Sondra Lennon

next question, Operator, please. JP. Thanks

Operator

question from Stephens Imbro from Daniel comes next Our Inc.

Reed Seay

is just one for Daniel. This had on you. for quick Reed I question

into more differently? disrupt does in are these new that around you move notes, business anyway of off you guys the see smaller your senior your like would and And acquiring businesses, run strategy? Also, we think sold of one on space market? just of about anything the the competitive As balls the change players to as specifically maybe landscape starting these that you thinking apparel, go-to-market would your one up-and-coming any smaller

David Maher

prefer I'll just it I'll competition all very, -- take Reed, Yes. by we saying certainly seriously. very

little of in competitive As bit new. see competitors. influenced And carefully. time. We don't continually you being today. a differently or than we again, about a apparel. new always is by know, players balls not I that we've speak the a been But balls long dynamic have I will smaller at this flow landscape this seen watch

see just low the an term, sure a where So us. narrative maybe difficult to as that's cost is in it entry. as What's apparel get most important sustaining is the difficult you I'm entry, to apparel business not not do and you of got low-barrier in outsized It's over that long apparel business. see

portfolio, a said our we've with player well. in the Western got apparel global which the markets, and as Titleist So and Asian approaches markets strength Korea got specific FootJoy across super we've as shoes got apparel premium to our in we've this markets. portfolio, premium, before, We've

apparel this likely like portfolio and we size the and at inclined of composition So to our add not point. to construct and it

been investment watch think well. we're very our has certainly But So it, and speak primary competitors, results all you've our I as attention. focus serving take them totally, us We seriously. seen, that's and and paying in to

Sondra Lennon

you, Operator, question, next Thank Reed. please.

Operator

question next take Point. Casey go We Casey, Alexander our from from will now Compass ahead. please

Casey Alexander

out incremental but brands, shortage take to that customers due the advantage to aspect. capacity value you ball other the terms is you fire were market there? a an that The using of a capturing Taiwanese bit guys recent reintroduce new like your from does possible little the appears of particularly of balls, system, to for value and to of in balls. approach with guys plant out maybe opportunity out substantial of there that at right, have of who Is different when take share of that could I'd the building affinity you're capacity system, golf provide golf portion about taken to golf share a lines of some there a new some fact that

David Maher

I would to point Yes, a public, end of you their not is Casey, A get ball is -- so can of practice the inclined I'm company segment. the sense down you our to, go has and for the road. and lot at that production, been But value what produced. understanding they've

production of we where lot their compete. a So don't is

is it of Some certainly.

have we with know a open. Launch when explosion relationship Tech, fire happening and and I don't again, the and they'll around lot a So there's the

particularly So on Launch that, again, I'm affected just others party, -- I'm inclined let comment the to Tech.

Sondra Lennon

Casey. Thanks,

David Maher

Casey, thanks. thanks, everybody. And

season quarter to As a appreciate look interest. you together call you again best and forward holiday and look for wish next our the on into always, our good again. to our Thanks we I give your the getting plans. update 'XX fourth

Operator

your today's concludes call. This you participation. Thank for

may You your now lines. disconnect

Acushnet (GOLF) 2 Nov 232023 Q3 Earnings call transcript