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Acushnet Holdings Corp. (GOLF) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

Acushnet Holdings Corp.

CIK: 1672013 Ticker: GOLF


Exhibit 99.1

Acushnet Holdings Corp. Announces
Full Year and Fourth Quarter 2021 Financial Results,
Declares Increased Quarterly Cash Dividend
Full Year and Fourth Quarter 2021 Financial Results
Full year net sales of $2,147.9 million, up 33.2% year over year, up 30.6% in constant currency
Fourth quarter net sales of $420.6 million, flat year over year, up 1.4% in constant currency
Full year net income attributable to Acushnet Holdings Corp. of $178.9 million, up 86.4% year over year
Fourth quarter net loss attributable to Acushnet Holdings Corp. of $26.4 million, down 222.2% year over year
Full year Adjusted EBITDA of $328.3 million, up 40.8% year over year
Fourth quarter Adjusted EBITDA loss of $5.0 million, down 110.4% year over year
Cash Dividend
Increased quarterly cash dividend by 9.1% to $0.18 per share, or $13.0 million in aggregate
FAIRHAVEN, MA – March 1, 2022
– Acushnet Holdings Corp. (NYSE: GOLF) ("Acushnet"), the global leader in the design, development, manufacture and distribution of performance-driven golf products, today reported financial results for the full year and fourth quarter ended December 31, 2021.
“We delivered tremendous results in 2021, including 33% net sales growth, higher adjusted EBITDA and $314 million in operating cash flow, all while navigating unprecedented supply chain challenges. These results supported a wide range of strategic investments in the business and expansion of our capital return to shareholders,” said David Maher, Acushnet’s President and Chief Executive Officer.
Mr. Maher continued, “Golf industry fundamentals are strong, our trade partners are healthy and channel inventories are generally lean. Looking forward, we are enthused by strong golfer participation and remain committed to continuous improvement and innovation in all areas of our business, with exciting new product launches planned in every category. Our new AVX, Velocity and TruFeel golf balls all feature new technology to help golfers of all levels play their best. New Vokey Design SM9 wedges provide golfers with the “ultimate in optionality” when choosing a wedge and Vokey wedges have been the most played wedge on the PGA Tour every year since 2004. The all-new FootJoy Fuel is the latest in athletic golf footwear innovation. New Titleist gear and KJUS apparel offerings will also feature key performance and design enhancements.
“Our results and product innovation underscore the Acushnet team’s passion for the game of golf and providing leading products for dedicated golfers. I am proud of our team and all they accomplished throughout the year under ever changing circumstances. While demand for Acushnet’s products remains strong, we expect that supply chain constraints will continue for the foreseeable future. I am confident that our dedicated team of Acushnet associates will continue to effectively navigate these challenges as we set out to provide leading service levels to our trade partners and golfers and deliver positive returns for our shareholders.”
1

The following information was filed by Acushnet Holdings Corp. (GOLF) on Tuesday, March 1, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Acushnet Holdings Corp.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Accumulated Other Comprehensive Loss, Net Of Tax
Accumulated Other Comprehensive Loss, Net Of Tax (Details)
Accumulated Other Comprehensive Loss, Net Of Tax (Tables)
Allowance For Doubtful Accounts
Allowance For Doubtful Accounts (Details)
Allowance For Doubtful Accounts (Tables)
Business Combinations
Business Combinations (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Contingencies (Details)
Commitments And Contingencies - Purchase Commitments (Details)
Common Stock
Common Stock (Tables)
Common Stock - Dividends (Details)
Common Stock - Narrative (Details)
Common Stock - Schedule Of Share Repurchase Activity (Details)
Debt And Financing Arrangements
Debt And Financing Arrangements (Tables)
Debt And Financing Arrangements - Letters Of Credit (Details)
Debt And Financing Arrangements - Other Short-Term Borrowings (Details)
Debt And Financing Arrangements - Payments Of Debt Obligations Due By Period (Details)
Debt And Financing Arrangements - Schedule Of Debt And Financing Arrangements (Details)
Debt And Financing Arrangements - Senior Secured Credit Facility (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Effect Of Foreign Exchange Derivative Instruments In Comprehensive Loss And Statement Of Operations (Details)
Derivative Financial Instruments - Fair Value Of Hedge Instruments In Condensed Consolidated Balance Sheets (Details)
Derivative Financial Instruments - Narrative (Details)
Derivative Instruments And Hedging Activities - Effect Of Hedge Instruments In Condensed Comprehensive Income (Loss) (Details)
Description Of Business
Description Of Business (Details)
Equity Incentive Plans
Equity Incentive Plans (Tables)
Equity Incentive Plans - Compensation Expense (Details)
Equity Incentive Plans - Compensation Expense Recorded In The Consolidated Statement Of Operations (Details)
Equity Incentive Plans - Narrative (Details)
Equity Incentive Plans - Restricted Stock And Performance Stock Units (Details)
Equity Incentive Plans - Summary Of Shares Of Common Stock Issued (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities At Fair Value (Details)
Goodwill And Identifiable Intangible Assets, Net
Goodwill And Identifiable Intangible Assets, Net (Tables)
Goodwill And Identifiable Intangible Assets, Net - Class Of Identifiable Intangible Assets (Details)
Goodwill And Identifiable Intangible Assets, Net - Net Carrying Value &Amp; Reportable Segments (Details)
Goodwill And Identifiable Intangible Assets, Net - Net Carrying Value By Class (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Changes In Valuation Allowance (Details)
Income Taxes - Components Of Income Before Income Taxes (Details)
Income Taxes - Income Tax Expenses (Details)
Income Taxes - Narrative (Details)
Income Taxes - Net Deferred Tax Assets (Liabilities) (Details)
Income Taxes - Reconciliation (Details)
Income Taxes - Unrecognized Tax Benefit (Details)
Interest Expense, Net And Other Expense, Net
Interest Expense, Net And Other Expense, Net (Details)
Interest Expense, Net And Other Expense, Net (Tables)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Tables)
Leases - Components Of Lease Cost (Details)
Leases - Reconciliation Of Lease Liabilities (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Cash Flow Information (Details)
Leases - Weighted Average Remaining Lease Term And Weighted Average Discount Rate (Details)
Net Income Per Common Share
Net Income Per Common Share (Tables)
Net Income Per Common Share - Calculation Of Diluted Weighted Average Common Shares Outstanding (Details)
Net Income Per Common Share - Computation Of Basic And Diluted Net Income Per Common Share (Details)
Pension And Other Postretirement Benefits
Pension And Other Postretirement Benefits (Tables)
Pension And Other Postretirement Benefits - Defined Contribution Plans (Details)
Pension And Other Postretirement Benefits - Estimated Contributions And Estimated Future Retirement Benefit Payments (Details)
Pension And Other Postretirement Benefits - Healthcare Cost Trend Rates (Details)
Pension And Other Postretirement Benefits - International Plans (Details)
Pension And Other Postretirement Benefits - Narrative (Details)
Pension And Other Postretirement Benefits - Periodic Benefit Cost (Details)
Pension And Other Postretirement Benefits - Plan Assets And Funded Status (Details)
Pension And Other Postretirement Benefits - Plan Assets And Type Of Fair Value Measurement (Details)
Pension And Other Postretirement Benefits - Recognized On Consolidated Balance Sheets (Details)
Pension And Other Postretirement Benefits - U.S. Defined Benefit Plan (Details)
Pension And Other Postretirement Benefits - Weighted Average Assumptions (Details)
Product Warranty
Product Warranty (Details)
Product Warranty (Tables)
Property, Plant And Equipment, Net
Property, Plant And Equipment, Net (Details)
Property, Plant And Equipment, Net (Tables)
Restructuring Charges
Restructuring Charges (Tables)
Restructuring Charges - Narrative (Details)
Restructuring Charges - Restructuring Liabilities Recognized On Balance Sheet (Details)
Restructuring Charges - Schedule Of Company's Restructuring Program (Details)
Revenue
Revenue (Details)
Segment Information
Segment Information (Tables)
Segment Information - Depreciation And Amortization (Details)
Segment Information - Geographical Areas (Details)
Segment Information - Reconciliation (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Property, Plant, And Equipment (Details)
Ticker: GOLF
CIK: 1672013
Form Type: 10-K Annual Report
Accession Number: 0001672013-22-000009
Submitted to the SEC: Tue Mar 01 2022 4:34:30 PM EST
Accepted by the SEC: Tue Mar 01 2022
Period: Friday, December 31, 2021
Industry: Sporting And Athletic Goods

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