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Acushnet Holdings Corp. (GOLF) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Acushnet Holdings Corp.

CIK: 1672013 Ticker: GOLF


Exhibit 99.1

Acushnet Holdings Corp. Announces
Second Quarter and First Half 2020 Financial Results

Second Quarter and First Half 2020 Financial Results
The COVID-19 pandemic and resulting government mandated shutdowns impacted net sales, results of operations and adjusted EBITDA significantly
Second quarter net sales of $300.0 million, down 35.1% year over year, down 34.1% in constant currency
First half net sales of $708.7 million, down 20.9% year over year, down 19.8% in constant currency
Second quarter net income attributable to Acushnet Holdings Corp. of $2.3 million, down 94.0% year over year
First half net income attributable to Acushnet Holdings Corp. of $11.2 million, down 84.7% year over year
Second quarter Adjusted EBITDA of $33.1 million, down 56.3% year over year
First half Adjusted EBITDA of $85.9 million, down 38.6% year over year

FAIRHAVEN, MA – August 5, 2020
– Acushnet Holdings Corp. (NYSE: GOLF) ("Acushnet"), a global leader in the design, development, manufacture and distribution of performance-driven golf products, today reported financial results for the three and six months ended June 30, 2020.
“After a challenging start to the second quarter, the game of golf, with its outdoor field of play and ease of social distancing, has been in high demand in recent months and the broader golf community has done great work to safely welcome golfers back from shutdown and accommodate increased interest in the sport,” stated David Maher, Acushnet's President and Chief Executive Officer. “Following the re-opening of our production facilities and distribution centers in late May, we have seen strong demand across all segments of our business, and most notably for Titleist golf balls, which have directly benefited from increased rounds of play.”

Mr. Maher continued, “My fellow Acushnet associates have effectively embraced new safety and social distancing protocols throughout our organization, and I am especially appreciative of their dedication and resolve during these unprecedented times.”

Impact of COVID-19 on our Business

Through the second quarter of 2020, our business was significantly disrupted by the COVID-19 pandemic. In Asia, our operations were impacted earlier in the year and are at varying stages of recovery, with Korea nearly fully recovered and other markets continuing to progress. In the United States and Europe, as a result of
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The following information was filed by Acushnet Holdings Corp. (GOLF) on Wednesday, August 5, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Shareholders??? Equity (Unaudited)
Accumulated Other Comprehensive Loss, Net Of Tax
Accumulated Other Comprehensive Loss, Net Of Tax (Details)
Accumulated Other Comprehensive Loss, Net Of Tax (Tables)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Purchase Commitments (Details)
Common Stock
Common Stock (Tables)
Common Stock - Dividends And Share Repurchase Program (Details)
Common Stock - Schedule Of Share Repurchase Activity (Details)
Debt And Financing Arrangements
Debt And Financing Arrangements (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Effect Of Hedge Instruments In Unaudited Condensed Comprehensive Income (Loss) And Statement Of Operations (Details)
Derivative Financial Instruments - Fair Value Of Hedge Instruments In Unaudited Condensed Consolidated Balance Sheets (Details)
Derivative Instruments And Hedging Activities - Effect Of Hedge Instruments In Unaudited Condensed Comprehensive Income (Loss) (Details)
Derivative Instruments And Hedging Activities - Narrative (Details)
Equity Incentive Plans
Equity Incentive Plans (Tables)
Equity Incentive Plans - Allocation Of 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 (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Details)
Inventories (Tables)
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 (Details)
Pension And Other Postretirement Benefits (Tables)
Product Warranty
Product Warranty (Details)
Product Warranty (Tables)
Restructuring And Related Activities (Tables)
Restructuring Charges
Restructuring Charges - Restructuring Liabilities Recognized On Balance Sheet (Details)
Restructuring Charges - Schedule Of Company's Restructuring Program Rollforward (Details)
Segment Information
Segment Information (Tables)
Segment Information - Geographical Areas (Details)
Segment Information - Reconciliation (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Activity Related To The Allowance For Doubtful Accounts (Details)
Summary Of Significant Accounting Policies - Narrative (Details)

Material Contracts, Statements, Certifications & more

Acushnet Holdings Corp. provided additional information to their SEC Filing as exhibits

Ticker: GOLF
CIK: 1672013
Form Type: 10-Q Quarterly Report
Accession Number: 0001672013-20-000048
Submitted to the SEC: Wed Aug 05 2020 4:25:04 PM EST
Accepted by the SEC: Wed Aug 05 2020
Period: Tuesday, June 30, 2020
Industry: Sporting And Athletic Goods

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