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Acushnet Holdings Corp. (GOLF) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

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Acushnet Holdings Corp.

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CIK: 1672013 Ticker: GOLF


Exhibit 99.1

Acushnet Holdings Corp. Announces
Second Quarter and Year-to-Date 2022 Financial Results

Second Quarter and Year-to-Date 2022 Financial Results
•Second quarter net sales of $658.6 million, up 5.4% year over year, up 10.6% in constant currency
•Year-to-date net sales of $1,264.7 million, up 4.9% year over year, up 9.1% in constant currency
•Second quarter net income attributable to Acushnet Holdings Corp. of $66.5 million, down 18.0% year over year
•Year-to-date net income attributable to Acushnet Holdings Corp. of $147.5 million, down 11.1% year over year
•Second quarter Adjusted EBITDA of $106.5 million, down 16.7% year over year
•Year-to-date Adjusted EBITDA of $226.5 million, down 13.9% year over year
•Share repurchase program authorization increased by $100.0 million in July

FAIRHAVEN, MA – August 4, 2022
– Acushnet Holdings Corp. (NYSE: GOLF) ("Acushnet" or, the "Company"), the 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, 2022.
“The Company continues to build momentum, with second quarter sales increasing 11% in constant currency from growth across all segments. These results reflect the Company’s commitment to product innovation, healthy consumer demand across our portfolio and the unwavering dedication of our associates,” stated David Maher, Acushnet Company’s President and Chief Executive Officer.

“Our supply chain is strengthening, particularly with respect to golf balls and golf clubs, and we are encouraged by our first half performance both in the marketplace and across golf’s pyramid of influence,” Maher continued. “Titleist Pro V1 and Pro V1x golf balls and Vokey wedges were trusted by the winners of all 4 men’s Major Championships in 2022, while Titleist drivers and Scotty Cameron putters were used by 3 of the 4 Major champions.

“Given our strong sales performance in the first half we are raising our full year sales outlook, while maintaining our adjusted EBITDA guidance to reflect currency headwinds, higher freight costs, and investments we are making to expand distribution and custom fulfillment capabilities for apparel and gear products. We believe these investments will support future growth, reduce lead times and pay long-term dividends for our trade partners and shareholders.”



1
The following information was filed by Acushnet Holdings Corp. (GOLF) on Thursday, August 4, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Acushnet Holdings Corp.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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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)
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)
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)
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)
Ticker: GOLF
CIK: 1672013
Form Type: 10-Q Quarterly Report
Accession Number: 0001672013-22-000049
Submitted to the SEC: Thu Aug 04 2022 4:03:05 PM EST
Accepted by the SEC: Thu Aug 04 2022
Period: Thursday, June 30, 2022
Industry: Sporting And Athletic Goods

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