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Acushnet Holdings Corp. (GOLF) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Acushnet Holdings Corp.

CIK: 1672013 Ticker: GOLF


Exhibit 99.1

Acushnet Holdings Corp. Announces
Third Quarter and Year-to-Date 2021 Financial Results

Third Quarter and Year-to-Date 2021 Financial Results
Third quarter net sales of $521.6 million, up 8.0% year over year, up 7.0% in constant currency; up 25.0% compared to 2019
Year-to-date net sales of $1,727.4 million, up 45.0% year over year, up 40.9% in constant currency; up 31.6% compared to 2019
Third quarter net income attributable to Acushnet Holdings Corp. of $39.3 million, down $23.9 million year over year; up $9.5 million compared to 2019
Year-to-date net income attributable to Acushnet Holdings Corp. of $205.3 million, up $130.9 million year over year; up $102.1 million compared to 2019
Third quarter Adjusted EBITDA of $70.3 million, down 29.1% year over year; up 26.0% compared to 2019
Year-to-date Adjusted EBITDA of $333.3 million, up 80.1% year over year; up 70.4% compared to 2019
Share repurchase program authorization increased by $100.0 million in October

FAIRHAVEN, MA – November 4, 2021
– 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 nine months ended September 30, 2021.
“The company delivered a strong third quarter performance, with sales growth versus both last year and pre-pandemic 2019 levels, despite being constrained by supply chain disruptions across all of our segments,” said David Maher, Acushnet’s President and Chief Executive Officer.

Maher continued, “Our golf ball segment performed well against difficult year-over-year comparisons with robust demand across all models and markets. Double digit growth in our Titleist club and FootJoy golf wear segments were fueled by our next generation T-Series irons, continued success of our TSi metals and innovative new FootJoy footwear and apparel products. Our KJUS golf business continues to flourish both in the United States and Europe.

“Looking ahead, we anticipate supply chain disruptions to continue throughout the fourth quarter and into 2022. Despite these challenges, we are raising our full-year 2021 guidance. We remain committed to rewarding shareholders through our dividend program and today announced the expansion of our existing $100 million share repurchase program to $200 million.

I am proud of my fellow associates who continue to navigate a complex and dynamic supply chain environment and rise up to these near-term challenges while most importantly keeping our long-term strategies their top priority.”
1

The following information was filed by Acushnet Holdings Corp. (GOLF) on Thursday, November 4, 2021 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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Inside Acushnet Holdings Corp.'s 10-Q Quarterly Report:

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)
Accounts Receivable
Accounts Receivable (Details)
Accounts Receivable (Tables)
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 - Purchase Commitments (Details)
Common Stock
Common Stock (Tables)
Common Stock - Dividends (Details)
Common Stock - Schedule Of Share Repurchase Activity (Details)
Common Stock - Share Repurchase Program (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 Charges
Restructuring Charges (Tables)
Restructuring Charges - Additional Information (Details)
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 - 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: 0001672013-21-000067
Submitted to the SEC: Thu Nov 04 2021 4:16:47 PM EST
Accepted by the SEC: Thu Nov 04 2021
Period: Thursday, September 30, 2021
Industry: Sporting And Athletic Goods

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