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CLOSED · 08:25 ET
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Sun Nov 1 · markets closed1 signal on Oct 31129 insider buys this week · $10BCIRO short report next: Nov 15The week ahead

GOLF

Acushnet Holdings Corp.
NYSE · CONSUMER DISCRETIONARY · SPORTING & ATHLETIC GOODS, NEC
85.26
−0.41 −0.48%
USD · close Oct 30
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MKT CAP $5BP/E 23.2DIV YIELD 1.15%FCF YIELD 3.69%REV TTM $2.7B +8.8%NET INCOME $219.9M −4.4%NET DEBT $857.3M52W 75.29 – 118.53SEC XBRL · TTM TO Invalid Date

How GOLF rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
33%
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Added
490
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Dropped
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sentences removed
Length
+40
words, now 37,970

New in FY2025

  • These consolidated financial statements include the accounts of Acushnet Holdings Corp. and Acushnet Company, including Acushnet Company's wholly-owned subsidiaries and less than wholly-owned subsidiaries, which include variable interest entities (“VIE”) in which Acushnet Company is the primary beneficiary.
  • In addition, investments in entities over which the Company has significant influence but not control are accounted for using the equity method of accounting.
  • The Company conducts substantially all its business through Acushnet Company and its subsidiaries.
  • These segments include Titleist golf equipment, FootJoy golf wear and Golf gear.
  • Segment operating income (loss) includes directly attributable expenses and certain shared costs of corporate administration that are allocated to the operating segments, but excludes certain other costs, such as interest expense, net; restructuring costs; the non-service cost component of net periodic benefit cost; transaction fees; as well as other non-operating gains and losses that are not allocated to the reportable segments.
  • The game of golf remained in high demand in 2025, with the number of on-course golf participants in the U.S. increasing for the eighth consecutive year.
  • Worldwide, the number of rounds played increased by approximately 2% compared to 2024, and by approximately 22% compared to 2019.
  • In the U.S., which represents the game’s largest market, the number of rounds played increased by approximately 1% compared to 2024, and by approximately 25% compared to 2019.
  • We anticipate that the number of rounds played will remain resilient in 2026, driven by an increased number of dedicated golfers and continued participation.
  • Consumers are generally more willing to make discretionary purchases of golf products when economic conditions are favorable and when consumers feel confident and prosperous.
  • Demographic Factors Golf is a recreational activity that requires both time and financial resources.
  • The industry has historically been driven by adults aged 30 and above—primarily gen x-ers, baby boomers, millennials, and, increasingly, gen z—who have the capacity to participate consistently in the sport.
  • Beyond the gen x and baby boomer cohorts, promising developments include a generational shift in golfer demographics fueled by millennial and gen z golfers making their marks at both professional and amateur levels, as well as a notable rise in junior participation among players ages 6–17.
  • The sport’s demographic base is further broadening, supported by a sustained increase in women participating in golf in recent years.
  • In general, we launch: • drivers and fairways in the second quarter of even‑numbered years, which typically results in an increase in sales of drivers and fairways in the ensuing months because retailers take on initial supplies of these products as stock inventory as well as increase custom fitting activity of these new products, with increased sales continuing into the following spring and summer of odd‑numbered years; • hybrids in the first or second quarter of odd-numbered years, with the majority of sales generated by such new products occurring in the spring, summer and fall of odd‑numbered years; • irons in the second quarter of odd‑numbered years, which typically results in an increase in sales of irons in the ensuing months because retailers take on initial supplies of these products as stock inventory as well as increase custom fitting activity of these new products, with increased sales continuing into the following spring and summer of even-numbered years; • Vokey Design wedges in the first quarter of even‑numbered years, with the majority of sales generated by such new products occurring in the spring and summer of such even‑numbered years; and • Scotty Cameron putters in the first quarter, with Super Select models launched in odd-numbered years and Phantom X models launched in even-numbered years, with the majority of sales generated by such new products occurring in the spring and summer of the year in which they are launched.
  • Foreign Currency Net sales generated in regions outside of the United States represented over 40% of our net sales in each of the three years ended December 31, 2025.
  • For each of the three years ended December 31, 2025, approximately 80% of our cost of goods sold incurred by our subsidiaries in regions outside of the United States were denominated in U.S. dollars.
  • In each of the three years ended December 31, 2025, over 40% of our net sales and over 25% of our total operating expenses (which amounts represent substantially all of the operating expenses incurred by our subsidiaries in regions outside of the United States) were denominated in foreign currencies.
  • Recent Developments Debt Refinancing ("2025 Debt Refinancing"): During the fourth quarter of 2025, we (i) amended and restated our credit agreement to, among other things, extend the maturity of our multi-currency revolving credit facility from August 2, 2027 to November 24, 2030, and (ii) completed the issuance and sale of $500.0 million in gross proceeds of 5.625% senior notes due 2033 (the “2033 Notes”) through Acushnet Company, our primary operating subsidiary.
  • The proceeds from the 2033 Notes offering were used to redeem all $350.0 million aggregate principal amount of our then-outstanding 7.375% senior notes due 2028 (the “2028 Notes”), repay a portion of our indebtedness under our multi-currency revolving credit facility and pay related fees and expenses.
  • As a result, during the year ended December 31, 2025 we recognized a $17.0 million loss on debt extinguishment on the consolidated statement of operations; driven primarily by a $12.9 million premium paid upon redemption of the 2028 Notes, as well as the derecognition of $3.9 million of unamortized debt issuance costs.
  • See “ – Liquidity and Capital Resources – Debt and Financing Arrangements” and “Notes to Consolidated Financial Statements – Note 11 – Debt and Financing Arrangements ,” Item 8 of Part II to this report.
  • Voluntary Bridge to Retirement (“VBR”) Program : During the second quarter of 2025, we initiated a VBR program to reduce operating costs and bridge certain long-tenured eligible employees to retirement.
  • As part of this program, eligible employees were offered severance in the form of salary and benefit continuation.
  • In connection with the VBR program, during the year ended December 31, 2025, we incurred restructuring costs of $13.7 million.
  • There are no further material costs expected to be incurred in relation to the VBR program.
  • See “Notes to Consolidated Financial Statements – Note 24 – Restructuring Costs,” Item 8 of Part II to this report.
  • Additional implementation activities are expected to continue in phases by geographic region over the next several years.
  • The operating expenses represent costs directly related to the deployment of the global ERP platform above the normal ongoing level of spending on information technology to support our operations.
  • In connection with this strategic initiative, during the years ended December 31, 2025, 2024 and 2023, we incurred expenses of $10.5 million, $11.0 million and $1.9 million, respectively.
  • In addition, we invested $38.2 million and $12.6 million for capitalized implementation costs associated with the integration, configuration and customization of this new global ERP platform during the years ended December 31, 2025 and 2024, respectively.
  • We anticipate spending approximately $30 million to $35 million in total during 2026 related to the deployment of the new global ERP platform.
  • Until 2024, the majority of our FootJoy footwear was manufactured in a facility in Fuzhou, China, owned by Acushnet Lionscore Limited ("Lionscore"), a joint venture in which we have a 40% interest, with the remaining 60% owned by Myre, our long‑standing Taiwan-based supply partner.
  • During 2024, FootJoy shifted footwear production volume from Fuzhou, China to the Long An Facility in Vietnam, which is operated by an affiliate of Myre.
  • FootJoy subsequently ceased production at Lionscore's Fuzhou, China facility in January 2025.
  • In relation to this initiative, we incurred restructuring charges of $18.0 million during the year ended December 31, 2024, as described in “Notes to Consolidated Financial Statements – Note 24 – Restructuring Costs,” Item 8 of Part II to this report.
  • In addition, we are no longer the primary beneficiary of Lionscore and have deconsolidated its accounts from our consolidated financial statements.
  • As a result of this deconsolidation, we recognized a non-cash gain of $20.9 million during the year ended December 31, 2025.
  • See “Notes to Consolidated Financial Statements – Note 8 – Other Business Developments,” Item 8 of Part II to this report.
  • On January 6, 2026, we formed a new joint venture with Myre and subscribed for shares in the capital of ACL FootJoy, in which we have a 40% interest, with the remaining 60% owned by Myre, with the primary purpose of sourcing raw materials for, and contracting for the manufacture and production of, footwear in Vietnam at one or more factories owned and/or controlled by Myre and/or its affiliates.

and 450 more.

Gone since FY2024

  • These consolidated financial statements include the accounts of Acushnet Holdings Corp. and Acushnet Company, including its wholly-owned subsidiaries and less than wholly-owned subsidiaries, which include a VIE in which Acushnet Company is the primary beneficiary.
  • The Company conducts substantially all of its business through Acushnet Company and its subsidiaries.
  • During the fourth quarter of 2024, we changed our accounting principle related to the presentation of costs associated with operating our distribution centers and costs associated with shipping and handling activities from selling, general and administrative to cost of goods sold within our consolidated statements of operations.
  • We also changed our reportable segments to combine the Titleist golf balls and Titleist golf clubs reportable segments into a Titleist golf equipment reportable segment, resulting in three reportable segments: Titleist golf equipment, FootJoy golf wear and Golf gear.
  • As part of this change, certain other immaterial changes have been made within our reportable segments.
  • Prior period amounts were updated to conform to the current year presentation for the change in accounting principle and reportable segments.
  • See “Notes to Consolidated Financial Statements – Note 2 – Summary of Significant Accounting Policies,” Item 8 of Part II to this report, for additional detail.
  • While rounds of play had been relatively stable for years, the game experienced an approximate 8% global increase in rounds in both 2020 and 2021 as dedicated golfers took full advantage of favorable weather, hybrid work schedules and an increase in discretionary time due to the circumstances attendant to the COVID-19 pandemic.
  • Golf remained in high demand in 2022 and 2023, with the number of rounds played in the U.S. approximately 16% and 20% higher, respectively, than the number of rounds played in 2019.
  • In 2024, the number of rounds played in the U.S. grew approximately 2% compared to 2023, and were 22% higher compared to 2019.
  • We anticipate that global rounds of golf played will remain resilient in 2025, driven by golfer demographics, dedicated golfers and continued participation.
  • Consumers are generally more willing to spend their time and money on golf and golf products when economic conditions are favorable and when consumers feel confident and prosperous.
  • Demographic Factors Golf is a recreational activity that requires time and money.
  • The golf industry has been principally driven by the age cohort of 30 years and above, primarily “gen x-ers,” “baby boomers,” “millennials” and, increasingly, “gen z” who have the time and money to engage in the sport.
  • We believe that the percentage of women golfers will continue to grow, as a higher percentage of new golfers in recent years have been women.
  • Beyond the gen x and baby boomer generations, promising developments in golf include the generational shift resulting from millennial and gen z golfers making their marks at both professional and amateur levels and the increase in the number of juniors (ages 6-17) who play golf in recent years.
  • Golf participation among younger generations and certain socioeconomic and ethnic groups may not prove to be as popular as it is among older generations.
  • In such case, sales of our products could be negatively impacted.
  • Given the Pro V1 franchise is our highest volume and our highest priced product in this product category, we typically have higher net sales of Titleist golf balls in odd-numbered years.
  • In general, we launch: • drivers and fairways in the third or fourth quarter of even‑numbered years, which typically results in an increase in sales of drivers and fairways during such quarters because retailers take on initial supplies of these products as stock inventory, with increased sales generated by such new products continuing the following spring and summer of odd‑numbered years; • hybrids in the first or second quarter of odd-numbered years, with the majority of sales generated by such new products occurring in the spring, summer and fall of odd‑numbered years; • irons in the third or fourth quarter of odd‑numbered years, with the majority of sales generated by such new products occurring in the following spring and summer of even‑numbered years because a higher percentage of our new irons as compared to our drivers and fairways are sold through on a custom fit basis and the spring and summer is when golfers tend to make such custom fit purchases; • Vokey Design wedges in the first quarter of even‑numbered years, with the majority of sales generated by such new products occurring in the spring and summer of such even‑numbered years; and • Scotty Cameron putters in the first quarter, with Super Select models launched in odd-numbered years and Phantom X models launched in even-numbered years, with the majority of sales generated by such new products occurring in the spring and summer of the year in which they are launched.
  • As a result of this product launch cycle, we generally expect to have higher net sales of Titleist golf clubs in even‑numbered years.
  • Foreign Currency Net sales generated in regions outside of the United States represented approximately 40-50% of our net sales in each of the three years ended December 31, 2024.
  • For each of the three years ended December 31, 2024, approximately 80% of our cost of goods sold incurred by our subsidiaries in regions outside of the United States were denominated in U.S. dollars.
  • In each of the three years ended December 31, 2024, over 40% of our net sales and approximately 30% of our total operating expenses (which amounts represent substantially all of the operating expenses incurred by our subsidiaries in regions outside of the United States) were denominated in foreign currencies.
  • Recent Developments Distribution Optimization : In 2023, we opened a new customization and distribution center in Lakeville, Massachusetts.
  • Additional implementation activities are expected to continue in phases by geographic region over the next three years.
  • The operating expenses associated with the deployment of the global ERP platform represent incremental transformation costs above the normal ongoing level of spending on information technology to support our operations.
  • In connection with this strategic initiative, during the years ended December 31, 2024 and 2023, we incurred expenses of $11.0 million and $1.9 million, respectively.
  • In addition, we invested $12.6 million for capitalized implementation costs associated with the integration, configuration and customization of this new global ERP platform during the year ended December 31, 2024.
  • We anticipate spending approximately $30 million to $35 million in total during 2025 related to deployment of the new global ERP platform.
  • Until 2024, the majority of our FootJoy footwear was manufactured in a facility in Fuzhou, China, owned by a joint venture in which we have a 40% interest, with the remaining 60% owned by our long‑standing Taiwan-based supply partners.
  • During 2024, FootJoy shifted footwear production volume from Fuzhou, China to a third-party facility located in Long An Province, Vietnam, which is operated by an affiliate of certain members of the same group of Taiwan-based supply partners.
  • The joint venture ceased production at its Fuzhou, China facility in January 2025 and FootJoy currently contracts to manufacture substantially all of its footwear at the third-party owned Vietnam manufacturing facility.
  • In relation to this initiative, we incurred restructuring charges of $18.0 million during the year ended December 31, 2024, as described in “Notes to Consolidated Financial Statements – Note 23 – Restructuring Costs,” Item 8 of Part II to this report.
  • Year ended December 31, (in thousands) 2024 2023 2022 Net sales $ 2,457,091 $ 2,381,995 $ 2,270,336 Cost of goods sold 1,269,364 1,261,958 1,221,647 Gross profit 1,187,727 1,120,037 1,048,689 Operating expenses: Selling, general and administrative 801,600 755,671 702,878 Research and development 67,841 64,839 56,393 Intangible amortization 14,024 14,222 7,885 Income from operations 304,262 285,305 281,533 Interest expense, net 52,637 41,288 13,269 Other expense, net 1,958 2,417 8,829 Income before income taxes 249,667 241,600 259,435 Income tax expense 47,825 42,993 54,351 Net income 201,842 198,607 205,084 Less: Net loss (income) attributable to noncontrolling interests 12,456 (178) (5,806) Net income attributable to Acushnet Holdings Corp. $ 214,298 $ 198,429 $ 199,278 Adjusted EBITDA: Net income attributable to Acushnet Holdings Corp. $ 214,298 $ 198,429 $ 199,278 Interest expense, net 52,637 41,288 13,269 Income tax expense 47,825 42,993 54,351 Depreciation and amortization 55,888 51,356 41,706 Share-based compensation 30,792 29,709 24,083 Restructuring costs (1) 18,549 705 — Transformation costs (2) (3) 14,404 12,236 — Other (4) (17,489) (756) (85) Net (loss) income attributable to noncontrolling interests (12,456) 178 5,806 Adjusted EBITDA $ 404,448 $ 376,138 $ 338,408 Adjusted EBITDA margin 16.5 % 15.8 % 14.9 % ___________________________________ (1) For the year ended December 31, 2024, includes $18.0 million related to our supply chain optimization.
  • (2) For the years ended December 31, 2024 and 2023, includes $11.0 million and $1.9 million related to our information technology optimization.
  • (3) For the years ended December 31, 2024 and 2023, includes $3.4 million and $10.3 million related to our distribution optimization.
  • (4) For the year ended December 31, 2024, includes the non-cash benefit of $17.7 million associated with the PTO Policy Change.
  • In addition, the years ended December 31, 2024 and 2023, include other gains, losses or costs added back for purposes of calculating Adjusted EBITDA as defined in our credit agreement.
  • Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023 Net sales by reportable segment is summarized as follows: Year ended Constant Currency December 31, Increase/(Decrease) Increase/(Decrease) (in millions) 2024 2023 $ change % change $ change % change Golf balls $ 786.5 $ 761.7 $ 24.8 3.3 % $ 30.2 4.0 % Golf clubs 721.3 658.7 62.6 9.5 % 68.4 10.4 % Titleist golf equipment 1,507.8 1,420.4 87.4 6.2 % 98.6 6.9 % FootJoy golf wear 574.6 590.0 (15.4) (2.6) % (11.9) (2.0) % Golf gear 232.1 222.6 9.5 4.3 % 11.3 5.1 % Net sales information by region is summarized as follows: Year ended Constant Currency December 31, Increase/(Decrease) Increase/(Decrease) (in millions) 2024 2023 $ change % change $ change % change United States $ 1,446.8 $ 1,350.0 $ 96.8 7.2 % $ 96.8 7.2 % EMEA 320.9 314.7 6.2 2.0 % 1.3 0.4 % Japan 134.0 149.4 (15.4) (10.3) % (5.2) (3.5) % Korea 291.0 301.8 (10.8) (3.6) % 0.3 0.1 % Rest of World 264.4 266.1 (1.7) (0.6) % 0.7 0.3 % Total net sales $ 2,457.1 $ 2,382.0 $ 75.1 3.2 % $ 93.9 3.9 % Segment operating income by reportable segment is summarized as follows: Year ended December 31, Increase/(Decrease) (in millions) 2024 2023 $ change % change Titleist golf equipment $ 273.9 $ 250.8 $ 23.1 9.2 % FootJoy golf wear 25.0 17.8 7.2 40.4 % Golf gear 25.8 19.5 6.3 32.3 % Net Sales For the year ended December 31, 2024, net sales increased 3.2%, or 3.9% on a constant currency basis, compared to the year ended December 31, 2023, primarily driven by higher sales volumes in Titleist golf equipment and Golf gear and higher average selling prices in FootJoy golf wear and Golf gear, partially offset by a sales volume decline in FootJoy golf wear.

and 439 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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