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Acushnet Holdings Corp. (GOLF) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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Acushnet Holdings Corp.

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CIK: 1672013 Ticker: GOLF


Exhibit 99.1

Acushnet Holdings Corp. Announces
Full Year and Fourth Quarter 2022 Financial Results,
Declares Increased Quarterly Cash Dividend, Announces Increased Share Repurchase Authorization, Introduces 2023 Outlook

Key Highlights:
•Full year net sales of $2.27 billion, up 5.7% year over year, up 11.2% in constant currency
•Full year net income attributable to Acushnet Holdings Corp. of $199.3 million, up $20.4 million year over year
•Full year Adjusted EBITDA of $338.4 million, up $10.1 million year over year
•Fourth quarter net sales of $447.4 million, up 6.4% year over year, up 14.3% in constant currency
•Fourth quarter net loss attributable to Acushnet Holdings Corp. of $0.1 million improved by $26.3 million compared to 2021
•Fourth quarter Adjusted EBITDA of $25.4 million, up $30.4 million year over year
•Returned $52.2 million to shareholders through quarterly dividend payments during 2022
•Repurchased 4.1 million shares for $190.8 million during 2022, reducing total shares outstanding by approximately 5%
•The Company provided its full year 2023 Outlook, with expected net sales of $2.33 to $2.38 billion and Adjusted EBITDA of $345 to $365 million. On a constant currency basis, consolidated net sales are expected to be in the range of up 5.0% to up 7.2%.

FAIRHAVEN, MA – March 1, 2023
– 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, 2022.
“As we continue to build momentum across our brands, we are pleased to report the Acushnet team delivered another strong year in 2022, including healthy acceleration in Q4,” said David Maher, Acushnet’s President and Chief Executive Officer. “The Company’s commitment to product development, manufacturing and supply chain excellence contributed to growth across all segments and regions, leading to an 11% constant currency sales increase in 2022."
Mr. Maher continued, “Titleist golf balls continue to be the overwhelming choice of PGA and LPGA Tour players, and Pro V1 golf balls were the winning choice of all four men’s Major Champions in 2022. We are pleased with our ability to grow sales in this segment despite raw material availability challenges during the year. Double digit sales growth in our Titleist golf club, Titleist gear and FootJoy golf wear segments was driven by a wide range of innovative new products, including new TSR drivers that quickly became the most played model on the PGA Tour.
1
The following information was filed by Acushnet Holdings Corp. (GOLF) on Wednesday, March 1, 2023 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 - Change Of Control (Details)
Debt And Financing Arrangements - First Amended Credit Facility (Details)
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 - Second Amended 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 (Details)
Fair Value Measurements (Tables)
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 - Narrative (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 (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 (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - Property, Plant, And Equipment (Details)
Ticker: GOLF
CIK: 1672013
Form Type: 10-K Annual Report
Accession Number: 0001672013-23-000011
Submitted to the SEC: Wed Mar 01 2023 4:10:39 PM EST
Accepted by the SEC: Wed Mar 01 2023
Period: Saturday, December 31, 2022
Industry: Sporting And Athletic Goods

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