Thank to like a XXXX items you, discuss David. financials. the have that I'd impacted begin, To Good morning, everyone. few
reporting Golf allocating into Titleist discussed Golf Titleist equipment our I and managing segments Equipment last quarter, This resources Golf previous want the the now new to golf the which in best to structure reflects way we First, as highlight segment. we combination and of Balls Club are business.
financials. for in will see Golf detail we net can sales release, earnings you the Clubs still today's Balls and As within provide
is sold. change to peers. essential of moving made from delivery costs, shipping distribution related fulfillment handling a accounting Next, our expense to goods presentation expense products been as our earnings XXXX company and in the more cost cost presentation of costs of Distribution SG&A into customers, our of our and as the and of in and rather more change industry to makes principle these a the to presented included statements today's this of SG&A. in sales than a comparable release. also for some closest cost The financial change impact has XXXX such, is meaningfully This
$X PTO Lastly, we The in total gross million is respectively. noted recorded with point $X to the million, amount statement benefit R&D of in policy has and as fourth million, reconciliation. the million associated income $XX in profit, quarter. or adjusted want from The EBITDA, change a and in to the amount that approximately totaling been our onetime company's that out $X excluded benefit time SG&A I the included off paid our is
quarter. to in with million Adjusted segments. reportable our with EBITDA financial our X.X% compared sales line expectations higher approximately $XX Fourth of results. quarter $XX.X fourth across to the was quarter XXXX and all than when XXXX turning fourth last up sales were net Now net year's better million,
of was by to Looking equipment our the by increased XX.X%, were and our higher fourth quarter, average volumes the of volumes selling year FootJoy second and drivers Golf sales net sales along higher segments. in These our at model lower largely increases Titleist categories Gear partially footwear. sales in sales net grew driven Golf GT travel golf higher by offset due X.X% product X.X% up prices. iron. with during fairways launched volumes quarter, driven in volumes recently Gloves. higher
full at Looking segment. adjusted Titleist XXXX, sales our Golf X.X%, and and increased results and net the net X.X% Gear EBITDA in golf increases respectively, equipment year in with sales
U.S. segments. was In gross X.X% quarter equipment categories. results compared the golf X. net EMEA, quarter, and the was in Korea than Japan. increases slightly million of or saw XX.X% year's we as regions quarter, net fourth sales the In World last full other $XX growth with year. Overall, across all by X.X% profit the sales to all on region more by Titleist the Slide reportable Japan across growth were was down in of during year, up up million fourth decreases of and Rest to except offset fourth led $XXX higher Turning
the last $X.X in gross was PTO XXX margin Titleist resulting quarter. mix Reported billion, margin full margin basis from increased $XX year, on by from Gear. basis for year XXX Gross a or from volumes up favorable points benefit Gross gross product to for the X% was onetime gross primarily margin golf of the XXX million, XX.X% The PTO Golf points impact primarily impact the was benefit basis points. The and grew shift. for XX.X% equipment XX points from driven was up and onetime on XXXX. up basis profit
related SG&A related X% million expense PTO $XXX primarily million income to expense benefit support purposes. our in of included is in higher by PTO XXXX information the adjusted initiatives, impacted new expense The XXXX was quarter for $XX expenses equipment SG&A of increased to from to $XX restructuring XXXX. costs footwear EBITDA for due the full was expenses, but related Vietnam, rate which million added fourth product borrowings for million full million weighted also and $X a a million or employee the higher quarter operating benefit. of million higher of the The including and $XXX $X includes golf to compared was move increase year our up an back interest A&P technology-related fitting million onetime $XX year the increase the to Interest includes X.X% or launches. due in increased increase adjustment. $X in manufacturing and and the of average expense higher to to
effective year. our tax of rate primarily by as allowance. changes ETR jurisdictional in year well increase valuation was and XX.X% XX.X% was earnings up mix changes The in from our in last Our driven as full
Moving flow cash sheet balance to our highlights. and
sheet balance being very cash business, of Our shareholders priorities. our and to allocation highest strategy in our be to continue and strong, allowing investments return flow execute ongoing the positions with capital us capital to
leverage Our X.Xx. end ratio was at the of XXXX net
down Our slightly year. $XX $XX inventory and expectation $XX expenditures Capital or million, levels lower the million our year-end were for remain XXXX. than X% XXXX for about and were from healthy million
quarterly in March of XXXX, in $X.XXX XX $XXX payable to dividends. announced million share we to share, dividend roughly noted, March repurchases $XX shareholders and an David Today, on increased XXXX. which shareholders be returned million As per will in with million $XXX record of on we cash X,
$XX total million. full year approximately to bringing fourth for shares quarter, $XXX million, the During a we of XXX,XXX repurchased for our of repurchases X.X our million stock approximately common shares
of million, XXXX. to Board repurchase XX, the $XXX program by our established an in billion bringing XXXX, authorization repurchase total was the February increased since share On share additional authorization $X.XX Directors the
As of XX.X and share million, February was was number outstanding authorization $XXX XX, repurchase approximately XXXX, of shares the remaining million.
all as year an foreign full from reported million billion currency our basis, and up sales segments reportable compared current outlook. growth both impact net that as is our domestically XXXX be billion a projected basis year be consolidated to on constant estimated currency expectation to X.X% X.X% to between well $X.XXX net year-over-year. $X.XXX and Turning will $XX a Full growth sales negative XXXX, with between and internationally. is including across On
from expected million full year Our between adjusted be the EBITDA is includes be negative the and EBITDA to $XXX $XXX impacts million XX.X%. adjusted midpoint, currency. would approximately At estimated foreign our and margin
not uncertain countries tariffs potential the as trade actions This or tariff to the impact recently the announced time does other this any remains retaliatory outlook environment U.S. of by at taken by and and evolve. continues reflect
tariff sold Mexico. XX% approximately $X from equate incremental would sourced As headwind. Canada we China have of goods to have an limited exposure we and million mentioned, of previously cost China about The our X% and to
leveraging impact, pricing potential supply mitigate chain actions. We actively this exploring actions our including are to and
driving XXXX we are we initiatives extending committed strategic to and growth, remain the investing sustainable in business through As beyond. long-term many into
David includes As across and and digital global our our our mentioned, commerce in fitting global golf Titleist both presence. [indiscernible] investments this segments, network expanding equipment
provide scalability, finance new transformation. global of further this a simplified, enable to cloud-based system efficiencies support and chain ERP enhanced We are capabilities. process processes ERP the multiyear and digital a anticipate implementation and global also operating platform supply of in our will new standardized We
sustainable growth growth these of our expect come. operating to delivering to and higher year years result be sales critical full strategic initiatives to in initiatives, These projections. growth we long-term are the leverage than a key SG&A As XXXX
expenditures be million. We expect $XX capital to XXXX approximately for
platform. invest In addition, we costs to to expect capitalized in associated $XX implementation ERP with million $XX million worldwide our
growth the Titleist of of XXXX, by at the equipment primarily and the XXXX, momentum of and line, VX new and reported be fairways the half up product hybrids. of our single continued first launch golf GT with to we Pro sales from including GT low GTX driven compared Metals half Looking the launch and to digits coming first drivers net expect
to We expenses than from operating first to half expect EBITDA slightly due and foreign be currency. lower increased the impacts the estimated adjusted XXXX negative of
reported we net sales quarter and year. second a of quarterly forecasting basis, to negative wedges EBITDA On in the standpoint, last the net this million to to impact below headwind a also weighted EBITDA more in expect adjusted From the of quarter. be we have is sales first adjusted impact first we $XX expect to outsized first million different than foreign cadence as We to the a quarter due currency on prior headwind. launched to Vokey be expect last This currency would $XX quarter. a year year's are
on pleased XXXX in closing, our in with XXXX In we are focused priorities executing performance our and and remain beyond. on
turn call for With that, Sondra I'll over Q&A. now to the
