Acushnet Holdings Corp (GOLF) 2024 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Acushnet Holdings Conference. My name is Kat and I'll be your moderator today. (Operator Instructions) I would now like to pass the conference over to your host, Sondra Lennon, Vice President of FP&A and Investor Relations. Please go ahead.

各位早安，歡迎參加Acushnet控股公司會議。我叫凱特，今天由我擔任主持人。（操作員指示）現在，我將把會議交給主持人，財務規劃與分析及投資者關係副總裁桑德拉·倫農。請繼續。

Good morning, everyone. Thank you for joining us today for Acushnet Holdings Corp.'s first quarter 2024 earnings conference call. Joining me this morning are David Maher, our President and Chief Executive Officer; and Sean Sullivan, our Chief Financial Officer.

各位早安。感謝您今天參加 Acushnet Holdings Corp. 2024 年第一季財報電話會議。今天早上和我一起接受採訪的有我們的總裁兼執行長大衛·馬赫，以及我們的財務長肖恩·沙利文。

Before turning the call over to David, I would like to remind everyone that we will make forward-looking statements on the call today. These forward-looking statements are based on Acushnet's current expectations and are subject to uncertainty and changes in circumstances.

在將電話交給大衛之前，我想提醒大家，我們今天將在電話會議上發表一些前瞻性聲明。這些前瞻性聲明是基於 Acushnet 目前的預期，但會受到不確定性和情況變化的影響。

Actual results may differ materially from these expectations. For a list of factors that could cause actual results to differ, please see today's press release, the slides that accompany our presentation and our filings with the US Securities and Exchange Commission.

實際結果可能與預期有重大差異。有關可能導致實際結果出現差異的因素列表，請參閱今天的新聞稿、簡報以及我們向美國證券交易委員會提交的文件。

Throughout this discussion, we will make reference to non-GAAP financial metrics, including items, such as net sales on a constant currency basis and adjusted EBITDA. Explanations of how and why we use these metrics and reconciliations of these items to the most directly comparable GAAP metric can be found in the schedules in today's press release, the slides that accompany this presentation, and in our filings with the US Securities and Exchange Commission.

在整個討論過程中，我們將提及非GAAP財務指標，包括以固定匯率計算的淨銷售額和調整後的EBITDA等項目。有關我們如何以及為什麼使用這些指標以及這些項目與最直接可比較的 GAAP 指標的調節的解釋，可以在今天的新聞稿中的附表、本次演示的幻燈片以及我們向美國證券交易委員會提交的文件中找到。

Please also note that references throughout this presentation to year-on-year sales increases and decreases are on a constant currency basis unless otherwise stated as we feel this measurement best provides context as to the performance and trends of our business.

另請注意，除非另有說明，本簡報中提及的年比銷售額成長和下降均以固定匯率為基礎，因為我們認為這種衡量方式最能反映我們業務的業績和趨勢。

And when referring to year-to-date results or comparisons, we are referring to the three-month period ended March 31, 2024, and the comparable three-month period in 2023. With that, I'll turn the call over to David.

當提及年初至今的表現或比較時，我們指的是截至 2024 年 3 月 31 日的三個月期間，以及 2023 年同期三個月期間。接下來，我將把電話交給大衛。

Thanks, Sondra, and good morning, everyone. As always, we appreciate your interest in Acushnet Holdings. I am pleased to report on a strong start to the year for Acushnet led by our momentum in golf balls and clubs supported by continued supply chain enhancements and better-than-expected startup at our new North American distribution center.

謝謝桑德拉，大家早安。一如既往，感謝您對Acushnet Holdings的關注。我很高興地報告，Acushnet 今年開局強勁，這主要得益於高爾夫球和球桿業務的良好勢頭，以及供應鏈的持續改進和北美新配送中心超出預期的啟動。

As is customary in Q1, we launched a wide range of new products across our portfolio helping to deliver worldwide net sales of $708 million, a 4% constant currency increase over last year. This contributed to adjusted EBITDA of $154 million, a 5% gain for the quarter.

與往年第一季一樣，我們推出了一系列新產品，助力全球淨銷售額達到 7.08 億美元，以固定匯率計算比去年增長 4%。這使得調整後的 EBITDA 達到 1.54 億美元，較上季成長 5%。

Global interest in golf and rounds of play continue to be healthy. US rounds were up 21% in March and 7% for the quarter, positive trends particularly given poor weather across the Southeast. Conversely, rounds were off 9% and 12% in Korea and the UK where elevated rainfall caused delayed starts to their seasons.

全球對高爾夫的興趣和打球次數依然保持良好勢頭。美國3月的射擊次數增加了21%，本季成長了7%，考慮到東南部惡劣的天氣，這一正面趨勢尤為突出。相反，由於韓國和英國降雨量增加導致賽季開始延遲，兩地的比賽輪次分別下降了 9% 和 12%。

These weather related puts and takes are common for Q1 and in line with the widely held belief that the golf season more often than not starts with the Masters in early April.

這些與天氣相關的推桿和收桿在第一季很常見，也符合人們普遍認為的高爾夫賽季通常從四月初的大師賽開始的觀點。

Turning to our segment results. You see golf ball sales increased 9% in the quarter, which is noteworthy given the steep comp against last year's sizable Pro V1 launch and 21% growth.

接下來來看看我們各業務板塊的業績。本季高爾夫球銷量成長了 9%，考慮到去年同期 Pro V1 的大規模上市和 21% 的成長，這一數字值得關注。

This gain was led by double-digit growth in the US. We successfully launched new AVX, Tour Soft and TruFeel models in the quarter and also benefited from greater than expected demand and fulfillment in our Pro V1 loyalty rewarded program in March.

這一增長主要得益於美國兩位數的成長。本季我們成功推出了新的 AVX、Tour Soft 和 TruFeel 型號，並且在 3 月的 Pro V1 忠誠度獎勵計劃中也受益於超出預期的需求和滿足情況。

This golf ball success was supported by an especially fast start on the PGA Tour where Titleist golf balls were used by the winners of 16 of the first 18 events of the 2024 season. Titleist golf clubs also posted a strong quarter with sales up 14% led by solid gains in the US, Japan, and EMEA.

Titleist高爾夫球的成功得益於PGA巡迴賽的快速開局，在2024賽季的前18場比賽中，有16場比賽的冠軍都使用了Titleist高爾夫球。Titleist 高爾夫球桿也取得了強勁的季度業績，銷售額成長了 14%，這主要得益於美國、日本和歐洲、中東及非洲地區的穩健成長。

Our new T-Series irons have been well-received and we successfully launched new Vokey Design SM10 wedges and Scotty Cameron Phantom putters in the period. Our wedge launch was especially well-executed as our operations group completed our global launch in Q1 and a few weeks ahead of schedule. Titleist gear sales were up 2% in the quarter on double-digit growth in the US.

我們的新 T 系列鐵桿受到了熱烈歡迎，在此期間，我們也成功推出了新款 Vokey Design SM10 挖起桿和 Scotty Cameron Phantom 推桿。我們的楔形產品發布執行得非常出色，我們的營運團隊在第一季就完成了全球發布，比原計劃提前了幾週。Titleist裝備本季銷售額成長2%，其中美國市場實現了兩位數成長。

And our FootJoy business was off 6% in the quarter, in line with our expectations as growth in the US was more than offset by declines in international markets. We are pleased with the early response to new footwear and apparel lines and anticipate growing momentum for FootJoy as the footwear market stabilizes in the back half of the year.

我們的 FootJoy 業務在本季度下降了 6%，符合我們的預期，因為美國市場的成長被國際市場的下滑所抵消。我們對新款鞋服系列的早期反應感到滿意，並預計隨著鞋類市場在下半年趨於穩定，FootJoy 的發展勢頭將不斷增強。

Later this month FJ will launch the new mobile FitLab performance fitting system to help golfers select the best performing, best fitting, and most comfortable golf footwear. This tech-enabled golf footwear fitting experience will be in pilot mode in the US this summer and longer term we anticipate increasing our investment in FJ FitLab to support the global buildout of this value-added fitting service and golfer connection opportunity.

本月晚些時候，FJ 將推出全新的行動 FitLab 性能適配系統，幫助高爾夫球手選擇性能最佳、最合腳、最舒適的高爾夫球鞋。這款科技賦能的高爾夫球鞋適配體驗將於今年夏天在美國進行試點，從長遠來看，我們預計將增加對 FJ FitLab 的投資，以支持這項增值適配服務和高爾夫球手聯繫機會的全球推廣。

Also in the quarter, net sales of products not allocated to a reportable segment were down with continued momentum and growth from KJUS not enough to offset a decline in our Korean Titleist apparel business. Now looking at the quarter by region. You see the US market was up 13% with gains coming from all segments and coinciding with a positive rounds of play story.

本季度，未分配至可報告分部的產品淨銷售額有所下降，KJUS 的持續成長勢頭不足以抵消韓國 Titleist 服裝業務的下滑。現在按地區來看季度狀況。你看，美國股市上漲了 13%，所有板塊都實現成長，這與一系列利好消息不謀而合。

EMEA was off 5% reflecting an especially wet spring and slow start to their golf season. Japan was off 10% as gains in golf clubs were more than offset by declines in other product categories. And Korea was off 12% mainly from Titleist apparel declines and poor weather, which delayed the start to their golf season as rounds were off 9%.

歐洲、中東和非洲地區下跌 5%，反映出春季特別潮濕以及高爾夫球賽季開局緩慢。日本市場下跌 10%，高爾夫球桿的成長被其他產品類別的下滑所抵消。韓國的高爾夫球銷量下降了 12%，主要原因是 Titleist 服裝銷量下滑和惡劣天氣導致高爾夫球季開始時間推遲，高爾夫球輪數下降了 9%。

In summary, we are pleased with our start to the year as the strength of golf balls and golf clubs and benefits from continued progress at our North American DC offset delayed starts in EMEA and Asia where we anticipate improving results as their seasons open up.

總而言之，我們對今年的開局感到滿意，高爾夫球和高爾夫球桿的強勁表現以及我們在北美配送中心的持續進步，抵消了歐洲、中東和非洲以及亞洲地區開局的延遲，我們預計隨著這些地區賽季的開始，業績將會有所改善。

As Sean will address, the company is well-positioned as we enter Q2 with healthy inventory positions and a strong balance sheet to support our continued organic investment and shareholder return programs.

正如肖恩將要提到的，隨著我們進入第二季度，公司擁有健康的庫存狀況和強勁的資產負債表，這為支持我們持續的內生投資和股東回報計劃奠定了良好的基礎。

The golf industry is on firm footing. And while Acushnet is not immune to macroeconomic or weather related pressures, our business has over time proven to be resilient due to the avidity and favorable demographic profile of our core consumer, the sports dedicated golfer.

高爾夫產業基礎穩固。雖然 Acushnet 也無法免受宏觀經濟或天氣相關壓力的影響，但由於我們核心消費者（熱愛運動的高爾夫球手）的熱情和有利的人口統計特徵，我們的業務從長遠來看已經證明了其韌性。

Our global teams have done nice work positioning Titleist, FootJoy, and KJUS products in golf shops, and we are confident in our ability to deliver compelling product, fitting and service experiences to golfers throughout the upcoming season. Thanks for your attention this morning. I will now pass the call over to Sean.

我們的全球團隊在Titleist、FootJoy和KJUS產品在球具店的定位方面做得非常出色，我們有信心在即將到來的賽季中為高爾夫球手提供極具吸引力的產品、適配和服務體驗。謝謝大家今天早上的關注。現在我將把電話轉給肖恩。

Thank you, David. Good morning, everyone. As David highlighted, we had a strong start to 2024 with a first quarter net sales increase of 4% over prior year. Adjusted EBITDA was $153.7 million, a 4.7% increase from the first quarter of 2023. Net sales growth in the quarter was driven by continued momentum of our Titleist brand with golf clubs, golf balls and golf gear growing by 14%, 9%, and 2%, respectively.

謝謝你，大衛。各位早安。正如大衛所強調的，2024 年開局強勁，第一季淨銷售額比去年同期成長了 4%。調整後 EBITDA 為 1.537 億美元，比 2023 年第一季成長 4.7%。本季淨銷售額成長主要得益於 Titleist 品牌的持續強勁成長勢頭，其中高爾夫球桿、高爾夫球和高爾夫裝備分別成長了 14%、9% 和 2%。

FootJoy net sales declined 6% in the quarter. Geographically net sales were up in Q1 in the US; but declined in Korea, Japan and EMEA primarily due to lower net sales within our FootJoy golf wear segment and lower net sales of products that are not allocated to one of our four reportable segments.

FootJoy本季淨銷售額下降了6%。第一季度，美國淨銷售額有所增長；但韓國、日本和歐洲、中東及非洲地區的淨銷售額有所下降，這主要是由於 FootJoy 高爾夫服裝部門的淨銷售額下降，以及未分配到我們四個可報告部門之一的產品的淨銷售額下降所致。

Gross profit in the first quarter of $378 million was up 3% or $12 million compared to 2023 primarily due to increased net sales partially offset by lower net sales and unfavorable manufacturing overhead absorption in FootJoy golf wear.

第一季毛利為 3.78 億美元，比 2023 年成長 3% 或 1,200 萬美元，主要原因是淨銷售額增加，但部分被 FootJoy 高爾夫服裝淨銷售額下降和不利的製造費用吸收所抵消。

SG&A expense of $237 million in the quarter increased $14 million or 6% from 2023 due in part to increases in advertising and promotional expense, information technology related expenses and employee related selling expenses, which were partially offset by lower retail commission expense in Korea.

本季銷售、一般及行政費用為 2.37 億美元，比 2023 年增加了 1,400 萬美元，增幅為 6%，部分原因是廣告和促銷費用、資訊科技相關費用和員工相關銷售費用的增加，但韓國零售佣金支出的減少部分抵消了這些增加。

SG&A expense in the first quarter also included $7 million of restructuring costs related to the closing of certain production lines in China as a portion of our footwear production transitions to Vietnam.

第一季的銷售、一般及行政費用還包括 700 萬美元的重組成本，與關閉中國某些生產線有關，這是我們鞋類生產轉移到越南的一部分。

Interest expense of $13 million in the quarter was up $3 million due to an increase in interest rates and borrowings. Our effective tax rate in Q1 was 21.7%, up from 18.1% last year primarily driven by a shift in our jurisdictional mix of earnings.

由於利率和借款增加，本季利息支出為 1300 萬美元，增加了 300 萬美元。第一季我們的實際稅率為 21.7%，高於去年的 18.1%，這主要是由於我們的獲利來源地組合發生了變化。

Moving to our balance sheet and cash flow highlights. Our balance sheet and cash flow positions continue to be very strong allowing us to execute our capital allocation strategy with ongoing investments in the business and return of capital to shareholders being our highest priorities. Our net leverage ratio using average trailing net debt at the end of Q1 was 1.9 times.

接下來，我們來看資產負債表和現金流量表的重點內容。我們的資產負債表和現金流狀況依然非常強勁，使我們能夠執行資本配置策略，持續投資於業務並向股東返還資本是我們最重要的優先事項。截至第一季末，我們採用平均滾動淨債務計算的淨槓桿率為 1.9 倍。

Inventories overall declined 13% from the fourth quarter of 2023 with decreases across all of our product segments. When comparing to last year's first quarter, inventories are down 16% and at this point in the year, we are comfortable with our current inventory position.

2023 年第四季以來，庫存整體下降了 13%，所有產品類別的庫存均有所下降。與去年第一季相比，庫存下降了 16%，就目前而言，我們對目前的庫存狀況感到滿意。

Cash used in operations increased from the first quarter of 2023 primarily due to changes in working capital. Capital expenditures were $7 million in the first quarter of 2024 and are still expected to reach approximately $85 million in fiscal year '24. Through March, we returned roughly $50 million to shareholders with $35 million in share repurchases and $15 million in cash dividends.

2023 年第一季以來，經營活動所用現金增加，主要原因是營運資金的變動。2024 年第一季資本支出為 700 萬美元，預計 2024 財年仍將達到約 8,500 萬美元。截至 3 月份，我們透過股票回購 3,500 萬美元和現金分紅 1,500 萬美元，向股東返還了約 5,000 萬美元。

During April, our Board of Directors declared a quarterly cash dividend of $0.215 per share payable on June 21 to shareholders of record on June 7, 2024. On March 14, 2024, we entered into a new agreement with Magnus to purchase an equal amount of stock as we purchase on the open market from April 1 to June 28, 2024, up to an aggregate of $37.5 million.

4 月份，我們的董事會宣布派發每股 0.215 美元的季度現金股息，將於 2024 年 6 月 21 日支付給 2024 年 6 月 7 日登記在冊的股東。2024 年 3 月 14 日，我們與 Magnus 達成一項新協議，從 2024 年 4 月 1 日至 6 月 28 日，我們將購買與我們在公開市場上購買的股票數量相同的股票，總額不超過 3750 萬美元。

As of March 31, 2024, we had $340 million remaining under the current share repurchase authorization. Turning to our full year 2024 outlook. We are maintaining our view for revenue to be between $2.45 billion and $2.5 billion, up 4.3% at the midpoint on a constant currency basis compared to 2023.

截至 2024 年 3 月 31 日，我們在目前的股票回購授權下還有 3.4 億美元剩餘。接下來展望2024年全年。我們維持先前對營收的預期，即營收將在 24.5 億美元至 25 億美元之間，以固定匯率計算，中間值比 2023 年成長 4.3%。

We are also reaffirming our adjusted EBITDA outlook and still expect full year 2024 to be between $385 million and $405 million. As David mentioned, we had a solid start to the year behind our newly launched golf ball models and strong demand and fulfillment of our loyalty rewarded program during the quarter. In clubs, our operations team was successful in the launch of our Vokey SM10 wedges.

我們也重申了調整後的 EBITDA 預期，仍預計 2024 年全年將在 3.85 億美元至 4.05 億美元之間。正如大衛所提到的，今年開局不錯，這得益於我們新推出的高爾夫球型號，以及本季忠誠度獎勵計劃的強勁需求和良好執行情況。在俱樂部方面，我們的營運團隊成功推出了 Vokey SM10 挖起桿。

Following these accomplishments, we still expect net sales in the first half to be up low single digits compared to the first half of 2023 and adjusted EBITDA to be flat with last year's first half. In closing, we are very pleased with our performance in the first quarter of the year and remain focused on executing on our strategic initiatives for the remainder of the year. With that, I will now turn the call over to Sondra for Q&A.

在取得這些成就之後，我們仍預計2023年上半年的淨銷售額將比2023年上半年達到個位數低成長，調整後的EBITDA將與去年上半年持平。最後，我們對今年第一季的業績感到非常滿意，並將繼續專注於在今年剩餘的時間內執行我們的策略計畫。接下來，我會把電話交給桑德拉，由她回答問題。

Thank you, Sean. Operator, could we now open up the lines for questions?

謝謝你，肖恩。接線員，現在可以開始接受提問了嗎？

(Operator Instructions) Matthew Boss, JPMorgan.

（操作說明）Matthew Boss，摩根大通。

And congrats on a really nice quarter. So David, you cited the golf industry is structurally healthy today. Could you elaborate on overall participation and engagement that you're seeing from your dedicated golfer? Any change in US momentum post the Masters? And on a global basis, any callouts on the international front just with the divergence in top line performance?

恭喜你本季業績出色。大衛，你剛才提到高爾夫產業目前結構健康。您能否詳細說明您從您的忠實高爾夫球手那裡看到的整體參與度和投入程度？美國隊在大師賽後勢頭是否有改變？從全球範圍來看，國際市場上是否存在因營收成長出現差異而引發的爭議？

So first off, I think it's worth a minute to look at the US market. Very strong rounds of play data, up 20% some-odd in March and up 6% or 7% for the quarter. That I think needs to be taken with a grain of salt because you had some tough weather in the Southeast that affected play and affected the market. So we're very pleased with the overall interest in demand and participation levels.

首先，我認為有必要花點時間了解美國市場。比賽數據非常強勁，3 月成長了 20% 多一點，整個季度成長了 6% 或 7%。我認為應該對此持保留態度，因為東南部的惡劣天氣影響了比賽和市場。因此，我們對整體需求和參與度都非常滿意。

Rounds of play in the north in Q1 are different than rounds of play in the south in Q1. I think that really just points to the weather differences we saw. But overall, structurally very pleased. And again in markets where you had tough weather, you saw rounds decline, you saw a slower retail, and conversely where you had favorable weather, you saw some nice upticks. Moving around the globe a bit, I called out we had some particularly wet starts to the season.

Q1 北方賽區的比賽輪次與 Q1 南部賽區的比賽輪次不同。我認為這確實反映了我們所看到的天氣差異。但總體而言，結構方面非常滿意。同樣，在天氣惡劣的市場，銷量下降，零售速度放緩；相反，在天氣有利的市場，銷量則出現了不錯的增長。稍微環顧一下全球，我注意到有些地方的賽季開局特別潮濕。

Very common in Q1, you're going to have some slow starts and some quicker starts. Wet weather, I think I called out Korea and the UK slowed their starts to the season. But generally speaking where you saw a decent weather, you saw rounds of play favorable. So to our golfer and the dedicated player, not a lot has changed in the last months and quarters.

第一季很常見，有些開局緩慢，有些開局迅速。潮濕的天氣，我認為韓國和英國的賽季開局都受到了影響。但總的來說，天氣好的地方，比賽也往往比較順利。所以對於我們的高爾夫球手和專注的球員來說，在過去的幾個月和幾個季度裡，並沒有太大的變化。

Demand is strong, they're avid, they're resilient. Again, the biggest callout at this stage is really focused on weather. But in terms of early demand, I'll point to some of our new product launches whether it's golf balls, I noted on the call that we're pleased and it was a unique quarter in that we drove gains from all newly launched performance models and also Pro V1, which comped against last year's launch.

需求強勁，他們熱情高漲，適應能力很強。再次強調，現階段最受關注的還是天氣。但就早期需求而言，我想指出我們的一些新產品發布，例如高爾夫球，我在電話會議上提到，我們對此感到滿意，而且這是一個獨特的季度，因為我們所有新推出的性能型號以及 Pro V1 都實現了增長，與去年的發布相比，Pro V1 的銷量有所增長。

So we like the way that played out in the quarter. Some strong club launches led by Vokey wedges and Phantom putters, that's a mallet putter.

所以我們對本季的表現感到滿意。一些強勁的球桿發布，其中以 Vokey 挖起桿和 Phantom 推桿（一種槌形推桿）為首。

Mallets are particularly strong these days so our timing was fortuitous with a mallet launch in 2024. But early days, Matt, in Q1 and we're always careful about deducing too much from what we see in Q1 because a lot of it is weather, a lot of what you see is simply shipments in. But in terms of consumer behavior, we like what we see in line with expectations.

如今錘子非常暢銷，因此我們在 2024 年推出錘子的時機非常有利。但馬特，現在還只是第一季度，我們總是很謹慎，不會從第一季的數據中得出太多結論，因為很多數據都與天氣有關，很多數據只是到貨量。但就消費者行為而言，我們看到的情況符合預期，這讓我們感到滿意。

I won't call out any highs or lows other than in key markets where weather was down, you saw some softness and again in key markets where you had decent weather, you saw rounds of play upticks. I do note that a lot of the increase again, which is why I say it needs to be taken with a grain of salt, a lot of the increase we saw in participation in the US came from the north and in Q1 that just plays differently than gains in the Carolinas, Florida, Alabama, et cetera.

除了天氣不佳的關鍵市場出現一些疲軟行情，以及天氣良好的關鍵市場出現幾輪交易上漲之外，我不會指出任何高點或低點。我注意到，很多增長再次出現，所以我說需要謹慎看待，我們看到的美國參與人數的增長很多來自北部，而第一季的情況與卡羅來納州、佛羅裡達州、阿拉巴馬州等地的增長情況截然不同。

So covered a lot of ground there, but hopefully gave you a quick snapshot on how we think about demand, participation and early state of the consumer.

所以，我們今天討論了很多內容，希望能夠讓您快速了解我們是如何看待需求、參與和消費者早期狀態的。

It's great color. And then maybe just with inventory exiting the first quarter down mid-teen. Could you just speak to your overall comfort with inventory on hand to support demand? And on the footwear category, just the latest timeline as we think about this category returning to clean across the marketplace and the potential return to top-line growth?

顏色真好看。然後，或許只是因為第一季末庫存下降了十幾個百分點。您能否談談您對現有庫存能否滿足需求的整體信心情況？至於鞋類品類，我們認為該品類恢復到市場清潔狀態並有可能恢復營收成長的最新時間表是什麼？

Yeah. Matt, maybe I'll start and David can jump in. So we feel very good about the inventory position. Obviously we wanted to call out where we are sequentially, where we are year over year. We've called out footwear for the last couple of quarters, we feel very good about the inventory position.

是的。馬特，或許我可以先開始，然後大衛可以加入。因此，我們對目前的庫存狀況非常滿意。顯然，我們想指出我們目前的進展情況，以及我們與去年相比的進展。過去幾季我們一直在追捧鞋類產品，我們對庫存狀況非常滿意。

So across the board in all of our product segments whether it's current gen or prior gen, we feel very good about the working capital investment there as we sit here in Q1.

因此，就我們所有產品領域而言，無論是當前一代產品還是上一代產品，我們都對第一季的營運資本投資感到非常滿意。

Yeah. Matt, I'll just follow on that a bit just to echo Sean's comments. The channels are full as they should be this time of year. So we don't see any outlying areas of inventory concern and I'll reinforce we really like our inventory position both in terms of quantity and quality. If there's one area we'd like to have more, it's golf balls and that's something we continue to work on.

是的。馬特，我再補充一點，呼應肖恩的觀點。正如每年的這個時候一樣，頻道都擠滿了人。因此，我們沒有發現任何庫存方面的隱患，而且我要強調，無論從數量還是品質方面，我們都對我們的庫存狀況非常滿意。如果說我們有什麼領域希望增加供應，那就是高爾夫球，這也是我們一直在努力的方向。

Maybe just a bit more color on footwear. The footwear market in the US, channel inventories all-in, total market's down about 12% from last year this time and really right where we think it ought to be not far off from believe it or not 2019. So the footwear category has grown nicely, but footwear inventories today are only up 2%, 3%, 4% from where they were in 2019. So after a year or 15 months of correction in footwear, we like where the US footwear market is.

或許可以在鞋子上增加一些顏色。美國鞋類市場，通路庫存總和，整體市場比去年同期下降了約 12%，這其實正是我們認為它應該在的水平，信不信由你，與 2019 年的水平相差不遠。因此，鞋類品類發展良好，但目前的鞋類庫存僅比 2019 年成長了 2%、3% 或 4%。經過一年或十五個月的鞋類市場調整，我們對美國鞋類市場的現況感到滿意。

Little different story around the world, I think that's trailing a quarter or two, which is not surprising. So we see rest of world inventories, and we'd call out Japan and EMEA principally, we see that correction probably take another quarter or two.

世界各地的情況略有不同，我認為這方面落後了一到兩個季度，這並不奇怪。因此，我們看到世界其他地區的庫存情況，特別是日本和歐洲、中東及非洲地區，我們認為這種調整可能還需要一到兩個季度。

Congrats. Best of luck.

恭喜。祝你好運。

Megan Alexander, Morgan Stanley.

梅根亞歷山大，摩根士丹利。

Wanted to ask a little bit, Sean, you gave some commentary on the guidance, you left it unchanged for the year. You kept your first half expectations unchanged despite a solid 1Q beat at least versus what the Street was expecting and it seems like momentum over the quarter after a slower start.

肖恩，我想問你一點，你之前對指導意見發表了一些看法，你表示今年的指導意見沒有改變。儘管第一季業績遠超華爾街預期，但你仍然維持了上半年的預期不變。而且，在開局稍顯緩慢之後，本季似乎已經取得了不錯的勢頭。

I know it's historically been your practice to wait until 2Q to make any changes given 1Q is more of a sell-in quarter. So is that how we should think about the guidance being unchanged today? Maybe related to that, you did mention that you completed the global launch of some clubs a few weeks ahead of schedule.

我知道你們歷來都會等到第二季才進行任何調整，因為第一季更多的是推銷產品。那麼，我們應該這樣看待今天指導方針保持不變這件事嗎？或許與此有關，你確實提到過，你提前幾週完成了部分俱樂部的全球上線。

So was there any pull forward into 1Q and how are you seeing kind of sell-through in that golf club segment trends versus your expectations?

那麼，第一季是否有任何提前銷售的情況？您如何看待高爾夫球桿細分市場的銷售趨勢與您的預期相比如何？

Yeah, Megan. So to the guidance in the first half, I think as David said, it's really a first half, second half. So the expectation is to hold for the first half. We do think that all the vital signs are positive with the exception of weather what David has talked about. So we just think it's prudent at this stage of the year to hold in terms of what our expectations are for the first half and the full year.

是的，梅根。所以對於上半場的指導，我認為正如大衛所說，這實際上是分為上半場和下半場。因此，預計上半年情況將保持不變。我們認為，除了大衛提到的天氣問題之外，所有生命體徵都是正面的。因此，我們認為在今年的這個階段，謹慎起見，還是不要過早地對上半年和全年的預期做出預測。

That being said, certainly as you look across the board, we're pleased with the balls and the loyalty rewarded program, obviously clubs had a very strong SM10 Vokey launch in Q1. And we still feel good about Q2, obviously it still implies a low single-digit growth for the quarter.

也就是說，總的來說，我們對球和忠誠度獎勵計劃感到滿意，顯然，俱樂部在第一季對 SM10 Vokey 的推出非常成功。我們對第二季度仍然感到樂觀，顯然這意味著該季度仍將保持個位數低成長。

We'll continue to invest, as we've said, across the board to support our advertising, promotion, fitting network, some of the IT related expenses. So we continue to invest appropriately in SG&A. And the last thing I'll say is, and David called it out in his comments, we really are pleased with our distribution center and probably we're more efficient in the month of March than we had anticipated.

正如我們之前所說，我們將繼續全面投資，以支援我們的廣告、推廣、安裝網路以及一些與 IT 相關的支出。因此，我們將繼續在銷售、管理及行政費用方面進行適當的投資。最後我想說的是，正如大衛在他的評論中提到的那樣，我們對我們的配送中心非常滿意，而且我們三月的效率可能比我們預期的還要高。

So certainly that exceeded our expectations a bit. But all in all, I think we still see the first half and the full year as we've articulated and certainly when we're back together in July or early August, whenever the call is, we can certainly revisit. But all things positive, again I'll leave it at that.

這確實有點超出我們的預期。但總的來說，我認為我們仍然會像之前闡述的那樣看待上半年和全年的計劃，當然，當我們在七月或八月初再次聚首時，無論何時，我們都可以重新審視這些計劃。但總的來說都是好事，我就說到這裡吧。

Megan, just maybe some historical color. In all my time with the company, I don't know that we've ever adjusted guidance after Q1 and it really speaks to a reality of the golf business that everybody's crystal ball gets a lot clearer in the second quarter as markets open up. I made the comment about the golf season in many respects truly begins with the Masters in April, that's true.

梅根，或許可以加一些歷史背景介紹。在我為公司效力的這段時間裡，我印像中我們從未在第一季之後調整過業績預期，這確實反映了高爾夫行業的現實，那就是隨著市場開放，每個人對第二季度的預測都會變得更加清晰。我之前說過，高爾夫球季在很多方面都是從四月的大師賽開始的，這沒錯。

So you need to see how mid-belt and snow belt markets open up, how markets around the world open up. And again it's always been our feeling that you can't really have a clear, clear sense of the industry in the year until you get through Q2.

所以你需要觀察中部地區和雪帶地區的市場如何開放，以及世界各地的市場如何開放。我們一直認為，只有等到第二季結束，才能真正對一年的產業狀況有一個清晰、明確的認識。

And then maybe just another thought on distribution center progress really related to staffing and training and that's gone along quite a bit better than we anticipated some six, eight weeks ago. So we're very pleased with the progress being made at our new DC.

然後，關於配送中心的進展，還有一點想法，這主要與人員配備和培訓有關，而且進展比我們大約六到八週前預期的要好得多。我們對新資料中心的進展非常滿意。

Great. That's really helpful. And then maybe just a follow-up to that point. The gross margin up again, can you just talk a little bit about how that played out relative to your expectations and particularly how the promotional environment looks out there?

偉大的。這真的很有幫助。然後或許可以就此進行一些後續探討。毛利率再次上升，您能否談談這與您的預期相比如何，特別是當前的促銷環境如何？

I think you talked about perhaps margins and EBITDA growth being a bit more pressured in 1Q just given the promotional environment. So just trying to understand how that played out relative to your expectations as we think about the second quarter.

我認為你之前提到過，鑑於促銷環境，第一季的利潤率和 EBITDA 成長可能會面臨更大的壓力。所以，我們想了解一下，在展望第二季時，實際情況與您的預期相比如何。

Sure. Megan, I'll take the margin question. I think it was in line with expectations and certainly given the margin profile of both balls and clubs and the performance of those two product segments, I guess we weren't surprised by the gross margin trajectory in the quarter.

當然。梅根，我來回答利潤率的問題。我認為這符合預期，考慮到球和球桿的利潤率以及這兩個產品板塊的表現，我們對本季的毛利率走勢並不感到驚訝。

As to the market, Megan, the promotional environment; again the markets are full, retailers are full as they should be this time of year in anticipation of the peak Q2 and Q3 playing seasons. There are two areas that we would point to drivers simply because there were a whole lot of competitive launches and with that, you get some degree of sell-off and discounting of prior generation.

至於市場，梅根，促銷環境；市場再次爆滿，零售商也人滿為患，這在每年的這個時候都是正常的，因為人們都在期待著第二季和第三季的旺季。有兩個方面值得我們關注，因為當時有很多競爭激烈的車型推出，所以上一代車型難免會出現一定程度的清倉甩賣和折扣。

Same thing happened in golf balls. I don't know that I would characterize any of those as out of the ordinary though. So I don't see promotional activity as being noteworthy as either high or low or too far off from the norms and just another reality.

高爾夫球上也發生過同樣的情況。不過，我倒不覺得其中任何一件是不尋常的。所以我認為促銷活動本身並沒有什麼值得注意的地方，無論是高或低，也沒有什麼偏離正常水準的地方，它只是另一個現實而已。

When you see promotional activity pick up, it tends to be late Q2, early Q3 after the season. So not a lot of new color to add other than what we're seeing is about what we expected for this time of year.

促銷活動增多的時候，通常是在賽季結束後的第二季末或第三季初。所以除了我們看到的景象與往年同期預期基本一致之外，並沒有太多新的色彩可以添加。

Randy Konik, Jefferies.

Randy Konik，傑富瑞集團。

I guess David, first for you. You've always been very balanced about your view on the industry and never to get too fork yet the industry continues to power ahead. Is this surprising you or how much is it surprising you?

我想大衛，你肯定排第一。你對這個行業的看法一直非常平衡，從不妄下斷言，但這個行業仍在不斷向前發展。這讓你感到驚訝嗎？或者說，這讓你有多驚訝？

And then maybe you could give us some perspective on drivers of long-term participation. Anything you can share with us from a data point perspective with your partners in the green grass area as it relates to junior programming level, female participation and lesson levels? And then just Country Club waiting list would be very helpful to get your perspective on?

然後，您或許可以給我們談談長期參與的驅動因素。從數據角度來看，您能否與您在草坪草坪領域的合作夥伴分享一些關於初級程式設計水平、女性參與度和課程水平方面的資訊？那麼，如果您對鄉村俱樂部的候補名單有任何看法，那就太好了？

Okay, Randy. Well, I appreciate your questions. From an industry standpoint, we're at a point in time where we've seen six years where the number of golfers has increased, right? So obviously a real positive and the industry is working hard to make good use of that interest in demand.

好的，蘭迪。感謝您的提問。從行業角度來看，我們已經連續六年見證了高爾夫球手數量的增長，對吧？所以這顯然是一個非常積極的信號，業界正在努力利用這種需求。

Our focus is obviously on what happens on course and certainly there's a whole another world happening off course that we don't participate in, but I would say is additive to the on course experience.

我們顯然更關注球場上發生的事情，當然，球場外還有另一個我們無法參與的世界，但我認為它對球場上的體驗是有益的。

You look at NGF profile data, they'll point to women and juniors being some of the fastest growing segments. So what's the game doing about it? There was a line from I think it was Seth Watt, the PGA, who said let's make sure we don't just let this great parade go by without doing something about it.

查看 NGF 的概況數據，你會發現女性和青少年是成長最快的群體之一。那麼遊戲對此有何因應措施呢？我記得好像是 PGA 的塞思·瓦特說過一句話，他說，我們一定要確保不會眼睜睜地看著這場盛大的遊行悄然過去而不採取任何行動。

And the game and the industry are working hard to be responsive and welcoming and accommodating to new players and I think a couple of themes that stand out there would be number of lessons. And the game is hard and one of the reasons people leave is because it's difficult.

遊戲和行業都在努力對新玩家做出積極響應，熱情歡迎並提供幫助，我認為其中幾個突出的主題是課程數量。這款遊戲很難，人們離開的原因之一就是因為它太難了。

So one way you can make the game less difficult and more sticky if you will, is to execute and provide more lessons. So globally, we're seeing that, teachers are as busy as they've been in a long time both in the US and around the world. And in terms of how we think about drivers of long-term participation, I would call out the reality that what we've seen in the last handful of years and it's sort of an unintended benefit of the game.

所以，讓遊戲變得不那麼難，更有趣（或更吸引人）的一個方法就是提供更多的課程。因此，在全球範圍內，無論是在美國還是在世界各地，我們都看到教師們比以往任何時候都更加忙碌。至於我們如何看待長期參與的驅動因素，我想指出，過去幾年我們所看到的現實是，這可以說是這項運動帶來的一個意想不到的好處。

As the game has done quite well as golf participants, golf clubs, golf retailers have done well in recent years; there's been an incredible amount of capital investment in facilities to position golf courses, golf clubs, family centers for the needs of tomorrow's consumer and we hadn't seen that for a few decades prior.

近年來，高爾夫運動發展良好，高爾夫參與者、高爾夫俱樂部和高爾夫零售商也都發展得很好；大量的資本投資湧入高爾夫球場、高爾夫俱樂部和家庭中心等設施，以滿足未來消費者的需求，而這種情況在之前的幾十年裡是看不到的。

So I like the level of investment that the game is making to position itself to meet the needs of tomorrow's consumers. And then, Randy, your final thought on waitlists and such is a good one in the sense that I'm quick to point out that about three-fourth of the rounds played are public not private.

所以我很欣賞這款遊戲為滿足未來消費者的需求而進行的投入。蘭迪，你最後關於候補名單之類的想法很好，因為我很快指出，大約四分之三的比賽是公開的，而不是私下的。

So a little bit immune to the waitlist reality. But nonetheless, we continually hear from golfers it's just tough to get tee times and particularly on weekends and peak season in key markets. But the general narrative is most clubs are at capacity and have waitlists maybe not as long as they were two, three years ago during the peak of COVID demand.

所以多少不受候補名單現實的影響。儘管如此，我們不斷聽到高爾夫球手反映，在主要市場，尤其是在週末和旺季，很難預訂到開球時間。但總體情況是，大多數俱樂部都已滿員，候補名單可能沒有兩三年前新冠疫情高峰期那麼長了。

But I would say the industry is as healthy as it's been in quite some time and again that feeds itself because that allows facilities to reinvest in their value proposition for tomorrow. So here we are with a nice start to the year in some markets, I do call out a slower start in other markets. Demand is high and a reality is it's still tough to get tee times in key markets and it's tough to get to join clubs in key markets. Now does that last forever? Probably not, but that's the current state today.

但我認為，該行業目前處於近段時間的健康狀態，而且這種健康狀態會自我促進，因為這能讓企業有資金重新投資於其未來的價值主張。所以，有些市場今年開局不錯，但我也注意到有些市場的開局較為緩慢。需求很高，但現實情況是，在主要市場仍然很難預訂到開球時間，也很難加入俱樂部。這種情況會永遠持續下去嗎？可能不會，但這就是目前的狀況。

That's super helpful. And then I guess maybe last question just for Sean. When you look at the 10-year historical model for this company, you have EBITDA margins that were usually around 12% to 13%. We're now around, I don't know, 15%, 16%, somewhere in that ballpark. You have lower comps, there's a consolidated industry, there's customization fittings, et cetera.

這太有幫助了。然後，我想最後一個問題可能只會問肖恩。從這家公司過去 10 年的歷史模型來看，其 EBITDA 利潤率通常在 12% 到 13% 左右。我們現在大概是，我不知道，15%，16%，差不多在這個範圍內。競爭較小，產業集中化程度較高，配件可以客製化等等。

Have you kind of put some thoughts to how we should be thinking about long-term margin potential in this business? Just kind of puts and takes that we should be thinking about over the long term?

你有沒有認真思考過我們該如何看待這個產業的長期利潤潛力？我們應該從長遠角度考慮哪些投入和投入？

So we talk about it quite often. I guess before I get specifically into the margin, I think that what we're most excited about is the building blocks for growth here in terms of the portfolio of assets that we have and products to service the dedicated golfer and certainly as that dedicated golfer universe continues to expand to the extent that all of these investments that are occurring and the participation rates continue, we feel we've got real building blocks for long-term growth that we're excited about, number one, and that's excluding any potential M&A.

所以我們常常談論這件事。我想在具體討論利潤率之前，我們最興奮的是這裡為成長奠定的基礎，包括我們擁有的資產組合和為忠實高爾夫球手提供服務的產品。當然，隨著忠實高爾夫球手群體不斷擴大，所有這些投資都在進行，參與率也在持續提高，我們認為我們已經擁有了真正令人興奮的長期成長基礎，這是第一點，這還不包括任何潛在的併購。

We've done a few things over the last five or six years that still have opportunities for growth. So first and foremost, we're excited about what the growth outlook can be on the top line for the company over a 5 to 10 year period. Number two, we're making a lot of investments as we've talked about across the company to meet the needs of the dedicated golfer; that's in terms of customization, in terms of fitting.

在過去五、六年裡，我們做了一些事情，這些事情仍然有發展的機會。首先，我們對公司未來 5 到 10 年的營收成長前景感到非常興奮。第二，正如我們在公司內部討論的那樣，我們正在進行大量投資，以滿足專業高爾夫球手的需求；這體現在客製化和適配方面。

So we believe we're well-positioned there and certainly we like the margin profile of customization and personalized fitting of our products. In addition through technology, through direct-to-consumer channels, obviously managing all channels and all key on and off-course partners, we think there's opportunity. Certainly we talk about operating leverage in the business and the ability to continue to through the use of technology and efficiency deliver incremental EBITDA and long-term margin growth.

因此，我們相信我們在這方面處於有利地位，當然我們也喜歡我們產品客製化和個人化適應帶來的利潤率。此外，透過技術，透過直接面向消費者的管道，顯然還要管理所有管道以及所有重要的場上和場下合作夥伴，我們認為存在機會。當然，我們會在業務中談論經營槓桿，以及透過運用技術和提高效率來持續實現增量 EBITDA 和長期利潤率成長的能力。

So those are kind of the puts and the outlook that I see. I'm certainly not going to dimensionalize what I see the road map in 5 to 10 years, certainly a long time from now. But we believe that, as I said, we've got the revenue trajectory and we're making the appropriate investments across the globe and portfolio that will drive long-term growth and hopefully margin expansion.

以上就是我目前看到的看跌期權和前景展望。我當然不會去設想未來 5 到 10 年，甚至更長一段時間的發展路線圖。但正如我所說，我們相信，我們已經找到了收入成長的正確方向，並且正在全球範圍內進行適當的投資，這些投資將推動長期成長，並有望擴大利潤率。

Joe Altobello, Raymond James.

Joe Altobello，Raymond James。

I guess first question, I wanted to get your thoughts on the growth in the quarter of Pro V1, Pro V1x against the launch period, which I think is sort of unusual. Maybe what did sell-through look like in the quarter and did you guys experience any meaningful share gain in the quarter?

我想問的第一個問題是，我想聽聽您對 Pro V1 和 Pro V1x 在上市初期季度增長情況的看法，我認為這有點不尋常。你們本季的銷售情況如何？你們的市佔率是否取得了顯著成長？

Joe, I'll take that one. So it is, we had a significant launch last year and it's unusual when you comp favorably against a launch in the following year given our two-year product life cycles. I think the key differential, we saw really nice demand for our loyalty rewarded program, which is our buy three get one free to start the season and our ops team did a nice job fulfilling that demand in March. So we like the message that sends around demand for our product. So that was theme one.

喬，我來做這個。確實如此，我們去年進行了一次重要的產品發布，考慮到我們兩年的產品生命週期，第二年發布的產品能夠取得比去年更好的成績是不尋常的。我認為關鍵區別在於，我們看到了對我們忠誠度獎勵計劃的良好需求，該計劃在賽季開始時提供買三送一的優惠，而我們的營運團隊在三月份很好地滿足了這一需求。我們喜歡這種能帶動對我們產品需求的宣傳訊息。這就是第一個主題。

In terms of market share, again we're coming off a big comp last year. We launched a whole new range of new products this year. We feel very strong about our market position. It's always a little different in the first quarter of an even year as we comp against last year when we sold off some prior generation inventory. And conversely, our competitors sell off some of their prior generation inventory this year.

就市場佔有率而言，我們去年的年比數據也相當高。今年我們推出了一系列全新的產品。我們對自己的市場地位非常有信心。偶數年的第一季總是略有不同，因為我們要與去年同期進行比較，而去年同期我們出售了一些上一代庫存。反之，我們的競爭對手今年也賣了一些上一代產品的庫存。

So net-net we like the way our ball business is moving along. And I would add we continue to see nice demand in the corporate space for corporate logo products. So that's just another dimension of the golf ball business that's driving our success.

總而言之，我們對球類業務目前的進展感到滿意。我還要補充一點，我們看到企業界對有企業識別的產品需求依然強勁。所以，這只是推動我們成功的另一個高爾夫球業務維度。

To demand, I hate to keep drilling on the regional piece and the weather piece, but said simply where people are playing, we like demand; where they're not playing due to weather or slow starts, obviously demand is slower. But again that's life in the golf business in Q1.

至於需求方面，我不想再贅述地區性和天氣因素，但簡單來說，在人們玩遊戲的地方，我們喜歡需求；在人們因為天氣或開局緩慢而無法玩遊戲的地方，需求顯然會比較慢。但這就是高爾夫產業第一季的現狀。

But overall, we are really pleased with our first quarter performance and the overall state and readiness of our golf ball business and our ball fitting teams around the globe to do what they're going to do here in the next couple of months.

但總的來說，我們對第一季的業績以及高爾夫球業務的整體狀況和準備情況，還有我們遍布全球的球類適配團隊，都非常滿意，他們能夠在接下來的幾個月裡做好充分的準備。

Very helpful. And maybe a couple of follow-ups for Sean. I guess first, the yen has weakened a little bit here. Is there any impact on your business or is it too insignificant to really call out? And maybe secondly, how are you thinking about free cash flow conversion in terms of your EBITDA outlook for this year?

很有幫助。或許還需要給肖恩幾個後續問題。首先，日元在這裡略微走弱了。這對您的業務有任何影響嗎？還是影響微乎其微，無需特別指出？其次，您如何看待今年自由現金流轉換為 EBITDA 的情況？

Sorry, I'm not sure I got the second one. But the yen, we're certainly watching it. Obviously it's at historic levels. We definitely had an impact in the first quarter, which was probably $5 million-plus in terms of impact year over year. So we're keeping an eye on it.

抱歉，我不確定我是否理解了第二個意思。但日圓走勢，我們當然會密切注意。顯然，它已經達到了歷史最高水準。我們在第一季確實產生了影響，與去年同期相比，影響可能超過 500 萬美元。所以我們會密切關注此事。

Overall, we continue to like the overall international businesses for 2024 in the aggregate. Certainly, we're keeping our eye on Japan. And sorry, Joe, your second question?

整體而言，我們仍然看好 2024 年國際商業的整體前景。當然，我們一直在關注日本。還有，喬，不好意思，你的第二個問題是什麼？

Yeah, free cash flow conversion relative to EBITDA this year?

是的，今年的自由現金流與 EBITDA 的轉換率是多少？

Yeah, I don't know that we guide to that. But again I would expect us to convert not at the similar rate that we have historically.

是的，我不知道我們是否應該引導他們這樣做。但我再次預計，我們的轉換速度不會像歷史上那麼快。

Casey Alexander, Compass Point.

凱西·亞歷山大，指南針角。

He just stole my Japan question, but I'll move on to my next one. There seemed to be sort of a hat tip towards travel related products in the press release. Is this a nod towards Club Glove, which you basically took control of this year? Has there been sort of an uptick in demand for that new company that you brought on? Did you kind of walk into a nice little uptick in demand at Club Glove?

他搶了我的日本問題，不過我會繼續問下一個問題。新聞稿中似乎對旅遊相關產品有所暗示。這是在向 Club Glove 致敬嗎？你今年基本上接管了 Club Glove。你引進的那家新公司是否有成長？Club Glove 的需求量是不是意外地出現了小幅成長？

Casey, I wouldn't make that assumption. I think it's more commentary on the total of our gear business. We were looking last year, we were up some 50% in the quarter and felt we had a nice comp this year even while we added Club Glove and also pulled back on some Titleist branded travel products that were maybe a bit redundant to Club Glove.

凱西，我不會妄下斷言。我認為這更多是對我們整個裝備業務的一種評論。我們回顧了去年的情況，當季增長了約 50%，感覺今年的業績比較不錯，即便我們增加了 Club Glove 產品，並且減少了一些 Titleist 品牌的旅行產品，因為這些產品可能與 Club Glove 有些重複。

But I wouldn't point to that simply because while we're pleased with the early start to Club Glove, it's a rather small piece of the gear story. And again, while we're bullish and enthused about Club Glove both today and longer term, again I wouldn't read too much into that piece of the story.

但我不會因為這一點就斷定俱樂部手套取得了不錯的開局，但這只是裝備故事中很小的一部分。再次強調，雖然我們目前以及長期都對 Club Glove 持樂觀和熱情，但我不會對此過度解讀。

All right. And secondly, my second question is historically the repurchase from Magnus has been in $100 million increments and this most recent one pulled down to $37.5 million. Why the change in the cadence of when do you repurchase? Is it to try to keep the stock closer to what the repurchase price is? I'm just curious why change that cadence after several that were at $100 million.

好的。其次，我的第二個問題是，從歷史上看，Magnus 的回購金額都是以 1 億美元為單位遞增的，而最近一次的回購金額卻降至 3,750 萬美元。為什麼你們的複購頻率會改變？是為了讓股價更接近回購價格嗎？我只是好奇，為什麼在連續幾期融資額達到 1 億美元之後，要改變融資節奏。

Casey, it's Sean. That's a good question. At the end of the day, as I've said a few times, we're really guided by the leverage, right, in terms of maintaining leverage below 2.25 times. So often given the cadence of the year with the sell-in in the first quarter, the investment in working capital, we look at the share repurchase and the Magnus agreement in the context of overall leverage.

凱西，我是肖恩。這是個好問題。歸根結底，正如我之前多次說過的那樣，我們真正關注的是槓桿率，對吧，要將槓桿率保持在 2.25 倍以下。因此，考慮到一年中的節奏，第一季進行股票出售，對營運資本進行投資，我們會在整體槓桿率的背景下審視股票回購和馬格努斯協議。

So I don't know that I would read a whole lot into past practice or current practice, but I really point to you to we're trying to manage the business and maintain a very strong balance sheet with that leverage target.

所以，我不太確定是否應該過度解讀過去的做法或現在的做法，但我確實想強調的是，我們正在努力管理業務，並在槓桿目標範圍內保持非常強勁的資產負債表。

Mike Swartz, Truist Securities.

Mike Swartz，Truist Securities。

I just wanted to start with the ball business and maybe following up on Joe's question, but taking a little higher level view of it. In a typical even numbered year lapping a Pro V1 launch if it's been very rare that the ball business has grown and I think even back in February, you had said you expected the ball business to grow year over year.

我只是想先談談球類運動，也許可以接著喬的問題談談，但我想從更高的層次來看這個問題。在典型的偶數年（如果 Pro V1 發布的話），球類業務很少會增長，而且我認為早在二月份，你就說過你預計球類業務會逐年增長。

I think you've had a loyalty program before, understanding you've got some new product launches this year. But I guess has something structurally changed relative to maybe the pre-pandemic level where you can now grow in even number years in that business or is this more of a factor of inventory levels are just still too low and you're still rebuilding some of that this year?

我認為你們之前有過會員忠誠度計劃，而且我知道你們今年推出了一些新產品。但我認為，相對於疫情前的水平，是否發生了結構性變化，使得該行業現在可以在偶數年實現增長？或者這更多是由於庫存水平仍然太低，而你今年仍在重建庫存？

Mike, I would say it's a good question. What's different today versus a handful of years ago, I've said this before, annually there are about 150 million or so more rounds of golf being played today than were played in 2019, right? So you do the math on that and what it means to a golf ball company.

麥克，我覺得這是個好問題。與幾年前相比，如今有什麼不同呢？我以前說過，如今每年打高爾夫球的輪數比 2019 年多了大約 1.5 億輪，對吧？所以，你來算算這其中的利弊，以及這對高爾夫球公司意味著什麼。

I would also say that we've been producing golf balls at near full capacity for quite some time to keep pace with demand and to put enough product in the market to represent the brand the way we want it to be represented.

我還要補充一點，為了滿足市場需求，並向市場投放足夠的產品以達到我們想要的品牌形象，我們已經有一段時間接近滿載生產高爾夫球了。

So without pointing to one singular event, I would say overall demand is up. We think our shares are up. We think our manufacturing capabilities and output certainly this year versus last year are in better shape and I would point to global channel inventories as being healthy and where they ought to be. So not one singular answer, but rather health across the board. I mentioned a moment or two ago, we're seeing a nice return of the corporate business and have for the last couple of years.

因此，在不指出某個單一事件的情況下，我認為整體需求正在上升。我們認為我們的股價上漲了。我們認為，與去年相比，今年的生產能力和產量肯定有所提高，而且我認為全球通路庫存狀況良好，處於應有的水平。所以，這不是單一的答案，而是整體健康狀況的問題。我剛才提到過，在過去幾年裡，企業業務出現了良好的復甦勢頭。

So a lot of positives there and particularly to the quarter. We were a bit constrained last year from a supply standpoint and lead times were longer than we would have liked. That is no longer the case. So I think you're seeing the business perform sort of without limitations right now whereas the last couple of years we've had limitations due to raw materials, we've had limitations due to strong demand, et cetera, et cetera. So we like where we are.

所以有很多正面因素，尤其是對本季而言。去年我們在供應方面遇到了一些限制，交貨週期比我們預期的要長。情況已經不同了。所以我認為，目前公司業務的運作幾乎沒有受到任何限制，而過去幾年，由於原材料短缺、需求旺盛等等原因，我們受到了一些限制。所以我們對現狀很滿意。

I will say longer term we'd like to normalize our production schedules so we're not operating at peak capacity for as long as we are and we do expect that at some point that will happen. But for the time being, we like the way the business is running and again I think I've given you three or four ideas as to why we saw what we saw in Q1 of '24 where again a Pro V1 launch was comped favorably.

從長遠來看，我們希望使生產計劃正常化，這樣我們就不會像現在這樣長時間處於滿載運轉狀態，我們也預計這種情況在某個時候會發生。但就目前而言，我們對公司的運作方式感到滿意，而且我認為我已經向你們解釋了為什麼我們在 2024 年第一季度看到了 Pro V1 的發布業績再次取得了不錯的成績。

So obviously, we feel really good about the ball business and our most pressing not threat, but our most pressing area of interest right now is really weather because when weather's decent, people are out playing golf and purchasing Titleist golf balls. So hopefully, that gives you some color.

顯然，我們對高爾夫球業務感覺非常好，我們目前最緊迫的威脅不是威脅，而是天氣，因為天氣好的時候，人們會出去打高爾夫球，購買 Titleist 高爾夫球。希望這能帶給你一些色彩上的感受。

Yeah, that was great, And then just second question just to put a finer point on the first quarter because I think when you gave kind of the guidance and the cadence of the year back in February, I think it implied EBITDA dollars down year over year. Obviously, you came in ahead of that.

是的，那太好了。第二個問題是為了更詳細地說明第一季度的情況，因為我認為您在二月份給出的業績指引和全年節奏，暗示了 EBITDA 金額同比下降。顯然，你比他們先到。

So is that simply the product of better performance at your distribution center and maybe a little bit of the Vokey launch slipping into the first quarter versus I guess your assumption that some of that would have been in the second quarter when we talked in February?

所以，這只是因為你們的配送中心業績更好，以及 Vokey 的上市稍微推遲到了第一季度，而我猜你之前在我們二月份談話時認為其中一些產品會在第二季度上市？

Yeah, that's fair. That's a fair portrayal of the first half in terms of where we sit here today versus the end of February.

嗯，這很合理。就我們目前所處的位置與二月底的情況相比，這大致反映了上半年的狀況。

Noah Zatzkin, KeyBanc Capital Markets.

Noah Zatzkin，KeyBanc Capital Markets。

Just wondering if there's any early reads on your sense of sell-through across categories exiting the quarter in terms of trajectory from March into and through April? Has demand in April remained strong? Any color there would be great particularly as it relates to FootJoy.

想了解一下，對於本季末各品類的銷售情況，以及從3月到4月的發展趨勢，您目前是否有任何初步的預測？4月份的需求是否依然強勁？任何顏色都很棒，尤其與 FootJoy 相關。

Yeah. I would say the common theme in Q1 was where weather was decent, demand was good; where weather was less than decent, demand was affected. So the Southeast in particular was slower than we would have liked, again not surprising given the rounds profile.

是的。我認為第一季的共同點是，天氣好的地方，需求旺盛；天氣不好的地方，需求受到影響。因此，東南地區的進展速度尤其比我們預期的要慢，考慮到輪次分佈情況，這並不令人意外。

I would say and we hear this every year as weather turned and as March turned to April, we did begin to hear some more positives from our retail partners as their seasons opened up. So I think the narrative is more about delayed start to season versus strong demand, weak demand.

我想說，而且我們每年都會聽到這樣的說法：隨著天氣轉涼，三月進入四月，隨著零售合作夥伴的銷售旺季到來，我們也開始聽到更多正面的回饋。所以我認為，目前的問題更多在於賽季開始時間的延遲，以及強勁的需求和疲軟的需求。

Within our product lines, we've been especially pleased with our wedge launch and early demand there. Team did a great job as I've said and early demand has been strong. So much of our products are custom fit and a lot of that activity is going to start here in April, May, June, July.

在我們的產品線中，我們對楔形鞋的推出及其早期需求尤其感到滿意。正如我所說，團隊做得非常出色，早期需求也很強勁。我們的許多產品都是客製化的，而許多這類業務將在四月、五月、六月、七月開始。

So we'll have just a much better read on our custom fitting activity, whether it's golf clubs, golf balls, I called out some new footwear fitting opportunities that we're going to embark on here later this month. And now to your final comment about FootJoy, again we really like the product story.

因此，我們將對我們的客製化服務活動有更清晰的了解，無論是高爾夫球桿還是高爾夫球。我還提到了一些我們將在本月稍後開展的新的鞋類客製化服務。最後，關於您最後對 FootJoy 的評論，我們再次強調，我們非常喜歡他們的產品故事。

We like what's happening in our footwear business, and our apparel business, and our glove business. I think we've pointed to back half growth in that business after what was obviously a slow start although we did call out growth in the US, which we were pleased with more than offset by some declines outside the US. So FootJoy is working its way through a correction period and again we're optimistic for growth in the back three quarters of the year really built around a product portfolio that we feel really good about.

我們對鞋類業務、服裝業務和手套業務的發展狀況感到滿意。我認為，儘管該業務的開局明顯緩慢，但我們已經實現了增長的一半，儘管我們確實提到了美國市場的增長，我們對此感到滿意，但這被美國以外地區的一些下滑所抵消。所以 FootJoy 正在經歷一段調整期，我們再次對今年後三個季度的成長持樂觀態度，這主要得益於我們非常滿意的產品組合。

Great. Maybe just one other question just on your comments around the North America distribution center startup exceeding expectations. Just wondering if you could provide a bit of color there in terms of how we should be thinking about the potential P&L benefits both near term and long term.

偉大的。關於您之前提到的北美配送中心啟動超出預期，我可能還有一個問題。我想知道您能否就我們應該如何看待近期和長期的潛在損益收益提供一些細節方面的說明。

Noah, so again as David said, it's really about hiring, it's about training, and it's about getting the throughput and the efficiency up to where we want it to be. So the primary products there are FootJoy and Titleist gear. When we think longer term, I think it's much about efficiency as it is ownership and control and customization. So a big part of the strategic benefit of this distribution center, it's also a customization center of excellence. So this is much about quality product and serving our customers well as it is about doing it efficiently.

諾亞，所以就像大衛說的那樣，關鍵在於招聘，在於培訓，在於將產量和效率提升到我們想要的水平。所以那裡的主要產品是 FootJoy 和 Titleist 的裝備。長遠來看，我認為這不僅關乎所有權、控制權和客製化，更關乎效率。因此，該配送中心的一大戰略優勢在於，它也是一個卓越的客製化中心。所以，這不僅關乎產品品質和良好的客戶服務，也關乎效率。

So we're still in the early stages of ramp up. We feel very good about where we're at. Certainly hope that there is more opportunity to further leverage that facility across the portfolio. So that's a little bit of the color of what transpired in Q1. Again, we went live on January 1 from that location. So we're pleased where we are after four months of operation.

所以我們目前仍處於初期啟動階段。我們對目前的狀況非常滿意。當然希望未來有更多機會在整個投資組合中進一步利用這一優勢。以上就是第一季發生的一些事情的大致情況。我們再次於1月1日從該地點進行了直播。經過四個月的運營，我們對目前的狀況感到滿意。

I'll just add some historical context on that, Noah. We felt some pressure points with customization and distribution for FootJoy and gear throughout the COVID years and that led to the decision that Sean outlined to take greater control of golf bag embroidery, apparel embroidery and distribution of those products.

諾亞，我再補充一些歷史背景。在新冠疫情期間，我們在 FootJoy 和裝備的定制和分銷方面感受到了一些壓力，這促使 Sean 做出了決定，即更好地控制高爾夫球包刺繡、服裝刺繡和這些產品的分銷。

So really the origins were some pressure points of a few years back and the team has done a nice job mobilizing and we like the control we have because, again I'll echo Sean's comments, we just think it allows us to deliver better service to our trade partners and to golfers.

所以，這一切的根源其實是幾年前的一些壓力點，團隊在調動資源方面做得很好，我們喜歡我們現在所擁有的控制權，因為，我再次贊同肖恩的評論，我們認為這使我們能夠為我們的貿易夥伴和高爾夫球手提供更好的服務。

JP Wollam, ROTH MKM.

JP Wollam，ROTH MKM。

Maybe first in terms of kind of the investments in IT and infrastructure and understanding kind of usual protocol about forward guidance, but putting together kind of Q1 EBITDA and just the investments that have been made so far. I'm curious if there's anything to read through in terms of maybe more than expected investment costs going forward particularly in the back half of the year?

首先，或許應該專注於對 IT 和基礎設施的投資，以及對前瞻性指引的通常協議的理解，但要把第一季度的 EBITDA 和迄今為止的投資匯總起來。我很好奇是否有任何資料可以參考，以了解未來，特別是下半年，投資成本可能會超出預期？

And then you alluded to kind of maybe some investments for that FJ fitting lab. Are those new or have that always been contemplated and will that be impacting kind of SG&A in the back half of the year?

然後你暗示可能會對那個 FJ 改裝實驗室進行一些投資。這些是新推出的，還是一直以來都在考慮的？這些會對下半年的銷售、一般及行政費用產生影響嗎？

Yeah JP, I'll start. So I think that at the end of the year, we did talk about growth in OpEx in '24, right, outpacing sales if I recall correctly. So this is expected. I think we're still in the early stages of this and you'll see this flow through throughout the year. But again important to recognize that some of these things are enterprise investments, some of these are specific to product segments around fitting networks, about fitting apps and technology.

好的，JP，我先來。所以我覺得在年底的時候，我們確實討論過 2024 年營運支出成長的情況，對吧，如果我沒記錯的話，成長速度超過了銷售額。這是意料之中的事。我認為我們仍處於早期階段，你會看到這一趨勢貫穿全年。但同樣重要的是要認識到，其中一些是企業投資，其中一些是專門針對組裝網路、組裝應用程式和技術等產品領域的。

So we do intend to continue to invest and you'll see that flow through in SG&A in 2024 and it's embedded in our full year guidance. So we think these are all certainly appropriate, necessary to better serve and create the operating leverage that we expect to deliver here in outer years.

因此，我們打算繼續投資，您將在 2024 年的銷售、一般及行政費用中看到這一趨勢，並且這已納入我們的全年業績指引。因此，我們認為這些措施都是恰當的，也是必要的，以便更好地服務和創造我們期望在未來幾年實現的營運槓桿。

And JP, just a quick follow on to your question about for FootJoy's FitLab. Yes, that has been contemplated and planned for in our outyear plans. I think more of it to follow in 2025 than late '24, but we're enthused about getting that program running.

JP，關於你提出的 FootJoy 的 FitLab 的問題，我還有一個後續問題。是的，我們已經在未來一年的計劃中考慮並規劃了這個問題。我認為 2025 年比 2024 年底更有可能取得進展，但我們對啟動該計劃充滿熱情。

Okay. Understood. And then maybe just on FootJoy. In thinking about kind of international markets, I think you may be touched on being optimistic about the product portfolio. But could you maybe just give a little bit more color?

好的。明白了。然後或許就只在 FootJoy 上。在考慮國際市場時，我認為你可能會對產品組合感到樂觀。但您能不能再添加一些色彩呢？

In your prepared remarks, you said that you are kind of optimistic about things stabilizing in the back half of the year. So what gives you confidence there? And then just maybe anything you're seeing with kind of broader customer behavior specifically on the international side?

你在事先準備好的發言稿中表示，你對下半年局勢趨於穩定持樂觀態度。那是什麼讓你對此充滿信心呢？那麼，您是否觀察到任何與國際客戶行為相關的更廣泛趨勢？

Yeah, so to part one of your question, what gives us comfort is the correcting footwear inventory landscape. As I noted, it's all but corrected and normalized in the US. We think that process takes another quarter or two outside the US and when that happens, we just feel confident that our products will be better positioned to succeed.

是的，對於你問題的第一部分，讓我們感到欣慰的是鞋類庫存狀況的改善。正如我所指出的，這種情況在美國幾乎已經被糾正和規範化。我們認為這個過程還需要一到兩個季度才能在美國以外地區完成，屆時我們有信心我們的產品將更有把握取得成功。

I will call out as you think about markets around the world, and we spoke of this before, Korea has a very unique super premium golf apparel market and we pursue that with both the FootJoy brand and a Korea specific Titleist apparel brand.

當您考慮世界各地的市場時，我想特別指出一點，我們之前也談到過，韓國擁有非常獨特的高端高爾夫服裝市場，我們透過 FootJoy 品牌和韓國專屬的 Titleist 服裝品牌來開拓這個市場。

That region has seen some outsized growth in the last couple of years and more recently we're seeing a bit of a correction. Strong demand followed by a whole lot of new entrants resulted in excess inventory and promotional activities.

該地區在過去幾年經歷了超常增長，但最近我們看到出現了一些調整。強勁的需求加上大量新進入者，導致庫存過剩和促銷活動增加。

So we feel as though we're in the midst of a correction within the Korea golf apparel market space. We've planned for it and while we like our positioning over the long term and we like our ability to withstand the effects of this correction in 2024, we have factored in market softness. That's the only real unique callout that I think is worth noting.

因此，我們感覺韓國高爾夫服裝市場正處於調整期。我們已經為此做好了準備，雖然我們對目前的長期情況感到滿意，也相信自己有能力承受 2024 年的這次調整的影響，但我們也考慮到了市場疲軟的因素。我認為這是唯一真正值得注意的獨特之處。

The others I think I hit on, particularly EMEA which is just a slow start. But one area we're seeing it does affect, it shows up in our other segment on the Titleist side, it shows up on the FootJoy side is just a softness after a period of outsized growth in Korea and we think that market is going to correct throughout the year and will probably correct for the full year we anticipate again.

其他方面我覺得我都說對了，特別是歐洲、中東和非洲地區，那裡只是起步比較慢。但我們發現，它確實影響了一個領域，那就是 Titleist 和 FootJoy 這兩個品牌在經歷了韓國市場的超高速成長後出現的疲軟態勢。我們認為，韓國市場將在今年內進行調整，並且可能會像我們預期的那樣，在全年都保持調整狀態。

We like our positioning over the long term and we think we're in a good shape to withstand the effects of the correction. But that's the only market that I think warrants a unique callout at this stage.

我們對目前的長期市場定位感到滿意，並認為我們有能力抵禦市場調整的影響。但我認為，在現階段，只有這個市場值得特別關注。

Great. I appreciate the color. Best of luck moving forward.

偉大的。我喜歡這個顏色。祝你未來一切順利。

JP, thanks. Thanks to all for your questions and interest. Hopefully you take advantage of some nice weather here in the few months and go play some golf and we look forward to speaking with you on our next call. Thanks again.

JP，謝謝。感謝大家的提問與關注。希望您能好好利用接下來幾個月的好天氣去打高爾夫，我們期待下次與您通話。再次感謝。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。