Acushnet Holdings Corp (GOLF) 2024 Q2 法說會逐字稿

Good morning, everyone, and welcome to today's Acushnet Company 2Q '24 earnings call. My name is Drew, and I'll be your operator today. (Operator Instructions) I will now turn the call over to Sondra Lennon, Vice President, Planning Analysis and Investor Relations. To begin, please go ahead.

大家早安，歡迎參加今天的 Acushnet 公司 2024 年第二季財報電話會議。我叫德魯，今天我將成為您的接線生。（操作員指示）我現在將電話轉給負責規劃分析和投資者關係的副總裁 Sondra Lennon。首先，請繼續。

Good morning, everyone. Thank you for joining us today for Acushnet Holding Corp's second 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.

大家早安。感謝您今天參加 Acushnet Holding Corp 的 2024 年第二季財報電話會議。今天早上和我一起來的還有我們的總裁兼執行長 David Maher；和肖恩·沙利文，我們的財務長。

Before I turn the call over to David, I would like to remind everyone that we will be making 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. 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.

在我將電話轉交給大衛之前，我想提醒大家，我們將在今天的電話會議上發表前瞻性聲明。這些前瞻性陳述是基於 Acushnet 目前的預期，並可能受到不確定性和情況變化的影響。實際結果可能與這些預期有重大差異。有關可能導致實際結果不同的因素列表，請參閱今天的新聞稿。我們的簡報和向美國證券交易委員會提交的文件隨附的幻燈片。

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 metrics 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.

在整個討論中，我們將參考非公認會計原則財務指標，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何使用這些指標以及這些項目與最直接可比較的 GAAP 指標的調整的說明，請參閱今天新聞稿的時間表、本簡報附帶的幻燈片以及我們向美國證券交易委員會提交的文件。

Please also note that references throughout this presentation to year on year net 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. And when referring to year-to-date results or comparisons, we are referring to the six month period ended June 30, 2024 and the comparable six month period in 2024.

另請注意，除非另有說明，本簡報中提及的年比淨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法最能提供有關我們業務績效和趨勢的背景資訊。當提及年初至今的結果或比較時，我們指的是截至 2024 年 6 月 30 日的六個月期間以及 2024 年的可比較六個月期間。

With that, I'll turn the call over to David.

這樣，我就把電話轉給大衛。

Thanks, Sondra, and good morning, everyone. As always, we appreciate your interest in the Acushnet Company. We continue to be enthused about the overall state of the Golf industry, and I'm especially appreciative of my teammates for their great work and commitment to excellence, which fueled the company's first half success. Getting right to our comments here on slide 4, you see our second quarter and first half results.

謝謝桑德拉，大家早安。一如既往，我們感謝您對 Acushnet 公司的興趣。我們繼續對高爾夫行業的整體狀況充滿熱情，我特別感謝我的隊友們的出色工作和對卓越的承諾，這推動了公司上半年的成功。直接看我們在投影片 4 的評論，您會看到我們第二季和上半年的業績。

For the quarter, Acushnet delivered net sales of $684 million, a 1% year-over-year increase, primarily related to gains in Titleist golf balls. This contributed to adjusted EBITDA of $131 million in the quarter, down $1.1 million from last year's second quarter. And for the half, net sales of $1.39 billion were up 2%, while adjusted EBITDA of $285 million also increased 2% compared to last year's first half.

本季度，Acushnet 實現淨銷售額 6.84 億美元，年成長 1%，主要與 Titleist 高爾夫球的成長有關。這導致本季調整後 EBITDA 為 1.31 億美元，比去年第二季減少 110 萬美元。上半年淨銷售額為 13.9 億美元，成長 2%，調整後 EBITDA 為 2.85 億美元，與去年上半年相比也成長 2%。

There are several contributors to these results, which reflect the differences across segments and regions that we have experienced through the first half. First is the global momentum behind Titleist golf balls and golf clubs, which grew 7% and 5%, respectively in the half. Our Titleist golf ball business performed especially well in the half against a challenging comp with last year's Pro V1 launch. And in a year where we have seen a wide range of competitive golf ball introductions.

這些結果有多個因素促成，反映了我們在上半年所經歷的不同細分市場和地區之間的差異。首先是 Titleist 高爾夫球和高爾夫球桿背後的全球勢頭，上半年分別成長了 7% 和 5%。與去年推出的 Pro V1 相比，我們的 Titleist 高爾夫球業務在上半場表現尤其出色。在這一年裡，我們看到了各種各樣的競技高爾夫球的推出。

Double digit Titleist golf ball games in the US and growth in Korea are setting the first half pace and we entered the back half of the year with nice momentum. To meet healthy demand in all regions we continue to operate our three golf ball production facilities at full capacity.

美國兩位數的 Titleist 高爾夫球比賽和韓國的成長奠定了上半年的步伐，我們以良好的勢頭進入了下半年。為了滿足所有地區的健康需求，我們繼續滿載運作我們的三個高爾夫球生產設施。

Additionally, we are seeing the initial benefits from our recent capital investment program in the form of expanded urethane capacity and improved throughput efficiency and capabilities across our ball plants and custom imprint facilities. It has also been a terrific first-half for Titleist Golf Balls across the Pyramid of Influence with Pro V1 and Pro 1X notching 26 PGA Tour wins year-to-date, as compared to four for the nearest competitor.

此外，我們還看到了我們最近的資本投資計畫的初步效益，即擴大了聚氨酯產能，提高了球廠和客製化壓印設施的生產效率和能力。對於影響力金字塔上的Titleist 高爾夫球來說，上半場也取得了出色的成績，今年迄今為止，Pro V1 和Pro 1X 在PGA 巡迴賽上贏得了26 場勝利，而最接近的競爭對手則贏得了4 場勝利。

Titleist Golf Club growth in the half was fueled by steady demand for our new Vokey SM10 wedges, Scotty Cameron and Phantom putters, and T-Series Irons. Japan led the way with sales up double digits, followed by growth in EMEA in the US as well. While clubs in the first half were up 5% over last year, a more relevant comp is against two years ago, given our extended product life cycles. Compared to the first half of 2022, Titleist Club sales increased 22% with growth coming from wedges, putters, and irons.

Titleist 高爾夫俱樂部上半年的成長得益於對我們的新 Vokey SM10 挖起桿、Scotty Cameron 和 Phantom 推桿以及 T 系列鐵桿的穩定需求。日本以兩位數的銷售額領先，其次是美國、歐洲、中東和非洲地區的成長。雖然上半年的俱樂部比去年增長了 5%，但考慮到我們延長的產品生命週期，與兩年前相比更相關。與 2022 年上半年相比，Titleist Club 銷售額成長了 22%，成長來自挖起桿、推桿和鐵桿。

And our club team has been especially busy over the past few months preparing for the upcoming launch of new Titleist GT Metals. We are pleased with early player response as the new GT has been the most played driver at recent events on both the PGA and DP World Tours. As you would expect, we see this as powerful validation as we build interest and demand prior to our global market launch later this month.

在過去的幾個月裡，我們的俱樂部團隊一直特別忙碌，為即將推出的新款 Titleist GT Metals 做準備。我們對早期玩家的反應感到高興，因為新款 GT 一直是 PGA 和 DP 世界巡迴賽最近賽事中出場次數最多的車手。正如您所期望的，我們認為這是強有力的驗證，因為我們在本月稍後推出全球市場之前已經建立了興趣和需求。

In addition to this momentum in golf balls and clubs, another contributor to our first half performance was our strong across the board success in the US market, which grew 7% in the half. This was led by double-digit growth from golf balls and FJ Apparel along with gains from KJUS, Titleist gear, clubs and FJ footwear.

除了高爾夫球和球桿的勢頭之外，我們上半年業績的另一個貢獻者是我們在美國市場的全面成功，上半年成長了 7%。高爾夫球和 FJ Apparel 的兩位數增長以及 KJUS、Titleist 裝備、球桿和 FJ 鞋類的增長帶動了這一增長。

Our US business continues to benefit from healthy participation with rounds up 2% in the first half with this growth achieved despite poor weather comps across much of the East Coast. These tailwinds from balls, clubs in our US region helped to offset a slow start in Europe, where rounds were off high single digits as the region has endured an unusually cold and wet spring and summer. This slow start impacted each of our businesses and especially FootJoy footwear and apparel.

我們的美國業務繼續受益於健康的參與，上半年增長了 2%，儘管東海岸大部分地區天氣惡劣，但仍實現了這一增長。來自美國地區的球、俱樂部的這些順風車幫助抵消了歐洲開局緩慢的影響，由於該地區經歷了異常寒冷和潮濕的春季和夏季，歐洲地區的輪數從高個位數下降。這種緩慢的起步影響了我們的每項業務，尤其是 FootJoy 鞋類和服裝。

Our teams are closely monitoring channel inventories and promotional activity as this region reacts to the inevitable effects of poor weather and reduced early season traffic. First half rounds of play in Korea and Japan are projected to be up 2% and down 1% respectively, as both markets made up ground in Q2 after slow weather-related starts in Q1. And while we are pleased with our golf ball and club momentum across Asia, the region continues to work through excess footwear and apparel inventories, which has negatively impacted our results in these regions.

我們的團隊正在密切監控通路庫存和促銷活動，因為該地區對惡劣天氣和早季客流量減少的不可避免的影響做出了反應。韓國和日本的上半輪比賽預計將分別上漲 2% 和下降 1%，因為這兩個市場在第一季度因天氣原因開局緩慢後在第二季度收復失地。雖然我們對我們在亞洲的高爾夫球和球桿的勢頭感到滿意，但該地區繼續努力解決鞋類和服裝庫存過剩的問題，這對我們在這些地區的業績產生了負面影響。

As we said on our last call, we expect the Korea's premium apparel market will remain soft for the near-term as the market corrects following a period of accelerated growth, which brought in many new competitors and a significant amount of inventory in recent years.

正如我們在上次電話會議上所說，我們預計韓國高端服裝市場短期內將保持疲軟，因為市場在經歷了加速增長期後的調整，近年來引入了許多新的競爭對手和大量庫存。

And while we are comfortable that footwear inventories have normalized in the US market, we are still seeing elevated channel inventory levels in Europe and Asia. Looking forward, we are enthused by our brand momentum, the overall health of the golf market and the resilience and engagement of Acushnet's core consumer, the game's dedicated golfer.

儘管我們對美國市場鞋類庫存已經正常化感到滿意，但我們仍然看到歐洲和亞洲的通路庫存水準上升。展望未來，我們對我們的品牌勢頭、高爾夫市場的整體健康狀況以及 Acushnet 核心消費者（即高爾夫運動的忠實高爾夫球手）的韌性和參與度感到興奮。

From a product development and supply chain readiness standpoint, our team has done good work, and we expect healthy growth from Titleist clubs and gear, FJ and KJUS in the second half. Golf balls are projected to be down slightly for the half but up compared with their 2022 comp as we balance our production schedule to satisfy at-once demand with the need to build inventory to support new products scheduled for launch in early 2025.

從產品開發和供應鏈準備的角度來看，我們的團隊做得很好，我們預計下半年 Titleist 球桿和裝備、FJ 和 KJUS 會健康成長。預計上半年高爾夫球銷量將略有下降，但與 2022 年的比較相比有所上升，因為我們要平衡生產計劃以滿足即刻需求，同時需要建立庫存以支持計劃於 2025 年初推出的新產品。

Key product launches in the coming months include new Titleist GT Metals and new seasonal collections for FJ and KJUS and Titleist Apparel in Korea, Japan and China. FJ also launches Quantum, a new athletic inspired golf shoe for men and women that strives for maximum comfort and performance. We look for Quantum to complement the great momentum of our FJ Classics franchise, which is fueled by our popular and timeless Premiere and Traditions lines.

未來幾個月推出的主要產品包括新的 Titleist GT Metals 以及 FJ 和 KJUS 以及韓國、日本和中國的 Titleist Apparel 的新季節性系列。FJ 也推出了 Quantum，這是一款以運動為靈感的新款男女高爾夫球鞋，力求最大的舒適度和性能。我們希望 Quantum 能夠補充我們 FJ Classics 特許經營的巨大勢頭，而我們受歡迎且永恆的 Premiere 和 Traditions 系列則推動了這一勢頭。

And consistent with past practices, we continue to leverage the company's strong balance sheet and execute a disciplined approach to capital allocation for the long-term benefit of Acushnet, our brands and our shareholders. In summary, the company is well-positioned heading into the back half of the year, and we are confident in our ability to successfully execute against Acushnet's long-range goals.

與過去的做法一樣，我們繼續利用公司強大的資產負債表，並執行嚴格的資本配置方法，以實現 Acushnet、我們的品牌和股東的長期利益。總而言之，公司在今年下半年處於有利地位，我們對成功執行 Acushnet 長期目標的能力充滿信心。

Thanks for your attention this morning. I will now pass the call over to Sean.

感謝您今天早上的關注。我現在會把電話轉給肖恩。

Thank you, David. Good morning, everyone. As David mentioned, we had a solid second quarter and strong first half to start 2024. Second quarter net sales increased slightly and adjusted EBITDA was $131 million, down $1.1 million from last year's second quarter. For the first half of 2024 net sales and adjusted EBITDA both increased 2% in line with our expectations.

謝謝你，大衛。大家早安。正如 David 所提到的，我們在 2024 年伊始就實現了穩健的第二季和強勁的上半年。第二季淨銷售額略有成長，調整後 EBITDA 為 1.31 億美元，比去年第二季減少 110 萬美元。2024 年上半年淨銷售額和調整後 EBITDA 均成長 2%，符合我們的預期。

Net sales growth in the second quarter was driven by continued strength in our Titleist golf ball segment, up 5% compared to last year. As expected, Titleist golf clubs net sales were down 4% in the quarter, given the timing of product launches in the first half. Geographically, net sales in Q2 were up in all regions, except for rest of world were lower net sales in the FootJoy Golf Wear segment drove the year-over-year decline.

第二季淨銷售額成長得益於 Titleist 高爾夫球業務的持續強勁，與去年相比成長了 5%。正如預期的那樣，考慮到上半年產品發布的時間，Titleist 高爾夫球桿本季的淨銷售額下降了 4%。從地理上看，第二季度所有地區的淨銷售額均有所增長，但世界其他地區除外，因為 FootJoy 高爾夫服裝細分市場的淨銷售額較低，導致同比下降。

Gross profit in the second quarter of $372 million was up 1% or $3 million compared to 2023 primarily due to higher sales volumes and lower manufacturing costs in Titleist golf balls, higher average selling prices in Titleist golf gear and a favorable product mix within FootJoy. Titleist golf clubs gross profit was down in the quarter due to sales volumes and the repositioning of TSR metals at the end of their two year product life cycle.

第二季的毛利為3.72 億美元，與2023 年相比成長了1%，即300 萬美元，這主要是由於Titleist 高爾夫球的銷量增加和製造成本降低、Titleist 高爾夫球具的平均售價提高以及FootJoy 內部有利的產品組合。由於銷量以及 TSR 金屬在兩年產品生命週期結束時的重新定位，Titleist 高爾夫球桿本季的毛利有所下降。

Second quarter gross margin of 54.4% was up 90 basis points versus prior year. SG&A expense of $246 million in the quarter increased $4 million or 2% from 2023, mainly due to increases in IT related expenses and higher distribution expenses in the US. Interest expense of $14 million in the quarter was up $3 million due to increase in borrowings. Our effective tax rate in Q2 was 23.2%, up from 21.8% last year, primarily driven by a shift in our jurisdictional mix of earnings.

第二季毛利率為 54.4%，比去年同期成長 90 個基點。本季的 SG&A 費用為 2.46 億美元，較 2023 年增加 400 萬美元，即 2%，主要是由於 IT 相關費用的增加以及美國分銷費用的增加。由於借款增加，本季利息支出 1,400 萬美元增加了 300 萬美元。我們第二季的有效稅率為 23.2%，高於去年的 21.8%，這主要是由於我們管轄範圍內的獲利組合發生了變化。

Moving to our balance sheet and cash flow highlights, our balance sheet and cash flow positions continued 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 priority. Our net leverage ratio at the end of Q2 using average trailing net debt was 1.9 times. Our inventory position has significantly improved, having declined 22% from the fourth quarter of 2023 and 10% from the first quarter of 2024, with decreases across all of our product segments.

轉向我們的資產負債表和現金流亮點，我們的資產負債表和現金流狀況仍然非常強勁，使我們能夠執行我們的資本配置策略，持續投資業務並將資本回報股東作為我們的首要任務。我們在第二季末使用平均追蹤淨債務的淨槓桿率為 1.9 倍。我們的庫存狀況顯著改善，較 2023 年第四季下降了 22%，較 2024 年第一季下降了 10%，所有產品領域均出現下降。

When comparing to last year second quarter, inventories were down 14%. We are comfortable with our inventory position given the current state of demand and expect inventories to increase in the back half of 2024 in support of second-half product introductions and the 2025 Pro V1 launch. First half cash flow from operations decreased from the first half of 2023, primarily due to a decrease in net income and deferred income tax expense, offset by a change in working capital.

與去年第二季相比，庫存下降了14%。鑑於目前的需求狀況，我們對庫存狀況感到滿意，並預計 2024 年下半年庫存將增加，以支持下半年產品推出和 2025 年 Pro V1 的發布。上半年營運現金流量較 2023 年上半年下降，主要是因為淨利和遞延所得稅費用減少，但被營運資本變動所抵銷。

Capital expenditures were $22 million in the first half of 2024, and based on project timing, we now expect full year 2024 CapEx spend to be approximately $80 million rather than $85 million. Through June, we returned roughly $101 million to shareholders with $73 million in share repurchases and $28 million in cash dividends.

2024 年上半年的資本支出為 2,200 萬美元，根據專案時間安排，我們現在預計 2024 年全年資本支出約為 8,000 萬美元，而不是 8,500 萬美元。截至 6 月份，我們向股東返還了約 1.01 億美元，其中包括 7,300 萬美元的股票回購和 2,800 萬美元的現金股利。

Today, our Board of Directors declared a quarterly cash dividend of $0.215 per share, payable on September 20, to shareholders of record on September 6, 2024. In relation to the March 14, 2024 agreement with Magnus, on July 10th, we purchased approximately 588,000 shares of our common stock for an aggregate of $37.5 million.

今天，我們的董事會宣佈於 9 月 20 日向 2024 年 9 月 6 日登記在冊的股東派發每股 0.215 美元的季度現金股利。根據 2024 年 3 月 14 日與 Magnus 達成的協議，7 月 10 日，我們以總計 3,750 萬美元的價格購買了約 588,000 股普通股。

On June 14, we entered into a new agreement with Magnus to purchase an equal amount of our common stock as we purchase on the open market from July 1, 2024 to December 31, 2024, up to an aggregate of $62.5 million. As of June 30, 2024, after giving effect to the July 10 settlement, we had approximately $265 million remaining under the current share repurchase authorization. Turning to our full year 2024 outlook, we are reaffirming our full year 2024 net sales outlook of $2.45 billion to $2.5 billion on a reported basis in our adjusted EBITDA range of $385 million to $405 million.

6 月14 日，我們與Magnus 簽訂了一項新協議，從2024 年7 月1 日到2024 年12 月31 日，我們將購買與我們在公開市場上購買的同等數量的普通股，總額最高可達6250 萬美元。截至 2024 年 6 月 30 日，在 7 月 10 日和解生效後，我們目前的股票回購授權剩餘約 2.65 億美元。談到 2024 年全年展望，我們重申 2024 年全年淨銷售額預期為 24.5 億美元至 25 億美元，調整後 EBITDA 範圍為 3.85 億美元至 4.05 億美元。

With respect to our revenue outlook, while we are maintaining our full year constant currency revenue range of approximately 3.2% to 5.3% as compared to 2023. We are trending towards the lower end of our range on a reported basis, primarily due to continued currency headwinds as well as market conditions impacting the FootJoy and Titleist golf gear segments.

就我們的收入前景而言，我們將全年固定貨幣收入範圍維持在與 2023 年相比約 3.2% 至 5.3% 的水平。根據報告，我們正趨向於我們範圍的下限，這主要是由於持續的貨幣逆風以及影響 FootJoy 和 Titleist 高爾夫球裝備細分市場的市場狀況。

It is worth noting that during the first half of 2024, we experienced currency headwinds impacting net sales of approximately $16 million. Providing some additional context around timing, similar to last year second half we expect third quarter net sales to be greater than 50% of our second half net sales behind the strength in Titleist golf clubs and the launch of our new GT metals. We also expect third quarter adjusted EBITDA to be greater than 75% of second half adjusted EBITDA. Overall, we are very pleased with our first half performance and remain focused on executing our strategic priorities for 2024 and beyond.

值得注意的是，2024 年上半年，我們經歷了貨幣逆風，影響了約 1,600 萬美元的淨銷售額。提供一些有關時間安排的額外背景信息，與去年下半年類似，我們預計第三季度淨銷售額將超過下半年淨銷售額的50%，這得益於Titleist 高爾夫球桿的強勢和新GT 金屬的推出。我們也預期第三季調整後 EBITDA 將超過下半年調整後 EBITDA 的 75%。總體而言，我們對上半年的表現非常滿意，並將繼續專注於執行 2024 年及以後的策略重點。

With that, I will now turn the call over to Sondra for Q&A.

現在，我將把電話轉給桑德拉進行問答。

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

謝謝你，肖恩。接線員，我們現在可以開放提問線了嗎？

Thank you. (Operator Instructions) Matthew Boss, JPMorgan.

謝謝。（操作員指示）Matthew Boss，摩根大通。

Great, thanks. So David, maybe just to kick off, any change in your view as it relates to the health of the golf industry, how it typically holds up during more volatile macro backdrop? And maybe more near-term, could you speak to channel feedback or just initial excitement on your drivers and metal launches ahead in the back half of the year that supports the embedded revenue growth acceleration in the back half?

太好了，謝謝。那麼大衛，也許只是為了開始，您對高爾夫行業健康狀況的看法有什麼變化嗎？也許更近期，您能否談談通路回饋，或者只是對今年下半年即將推出的驅動程式和金屬產品的最初興奮，這支持下半年的嵌入式收入成長加速？

Yes, Matt. Maybe I'll break that out regionally to start. We're -- our business, as we outlined, healthiest in the US, I think aided by rounds increase, rounds up a couple of percent despite some soft weather in the East. So we like what we see there, called out the inherent strength of balls and clubs and gear, just an overall healthy profile in the US. As we move into EMEA, really two stories UK, a little bit healthier than the continent. I think the UK is aided nicely by golf tourism.

是的，馬特。也許我會先按地區劃分。正如我們所概述的，我們的業務在美國是最健康的，我認為在融資增加的幫助下，儘管東部天氣有些疲軟，但我們的業務增長了幾個百分點。因此，我們喜歡我們在那裡看到的情況，強調了球、球桿和裝備的內在強度，以及美國的整體健康狀況。當我們進入歐洲、中東和非洲地區時，英國確實比歐洲大陸健康一點。我認為高爾夫旅遊業對英國有很大幫助。

I would say we lost about half a turn or so due to a slow start that happens in poor weather conditions. Rounds, I said, were down high single digits. Again, they had a very cold and wet spring so no real surprises there. And then Japan, Korea, we're actually pleased with rounds of play. I think Japan up -- down slightly, Korea, up slightly.

我想說，由於天氣條件惡劣，起步緩慢，我們損失了大約半個轉彎。我說過，回合數下降了高個位數。同樣，他們經歷了一個非常寒冷和潮濕的春天，所以沒有真正的驚喜。然後是日本、韓國，我們實際上對幾輪比賽感到滿意。我認為日本略有上升，略有下降，韓國則略有上升。

So round and participation remain healthy, balls and clubs, particularly resilient. When we think about Asia, there is an apparel correction happening, and we talk about that really with focus on Korea, which is a sizable premium apparel market. That's been correcting for a year or so, and we expect that to continue for the near-term.

因此，球和參與保持健康，球和球桿特別有彈性。當我們想到亞洲時，服裝正在調整，我們談論這一點時真正關注的是韓國，這是一個相當大的高端服裝市場。這種情況已經持續了一年左右的時間，我們預計這種情況在短期內會持續下去。

And then gears just been soft, so we're cautious in Asia. So really, you look at the three main theaters and you see a resilience, you see a resilient consumer, some tailwinds with participation in some regions, some headwinds elsewhere with other regions. So structurally, we like where the game is. Obviously, it's been a major step-up over the last several years and to sit here today and talk about rounds growth in the US and rounds growth in Korea is a real positive.

然後齒輪一直疲軟，所以我們在亞洲持謹慎態度。所以說真的，你看看三個主要領域，你會看到一種彈性，你會看到一種有彈性的消費者，一些地區的參與帶來了一些順風，而其他地區的一些參與帶來了一些逆風。所以從結構上來說，我們喜歡遊戲的位置。顯然，這是過去幾年的重大進步，今天坐在這裡談論美國的融資輪增長和韓國的融資輪增長是一個真正的積極因素。

And then consistent with what we've said over the last couple of cycles, clearly, the US consumer is the strongest consumer that we see across the globe. And Matt, as to your question about forward outlook certainly our -- we're looking for growth in all segments. I think we said with the exception of golf ball, that's just part of our two-year calendar down low single digits. Really fueled by product launches and excitement around I called out drivers and apparel collections and footwear. But you're right, you called out the GT that's -- there's a lot of excitement around that. We've had some nice early success across tours and in the Pyramid that gives us confidence that we're off to a nice start.

然後，與我們在過去幾個週期中所說的一致，顯然，美國消費者是我們在全球看到的最強勁的消費者。馬特，至於你關於未來前景的問題，我們當然正在尋求所有領域的成長。我想我們說過，除了高爾夫球之外，這只是我們兩年日曆中低個位數的一部分。產品發布和周圍的興奮確實推動了我召集司機、服裝系列和鞋類。但你是對的，你喊出了 GT，這確實令人興奮。我們在巡迴賽和金字塔中取得了一些不錯的早期成功，這讓我們相信我們有一個好的開始。

Now we do start shipping that product in earnest here in the coming weeks. We just put out our fitting supplies in the marketplace. So that will start here really right around August 1. So continuing with the momentum of balls and clubs, that's sort of the benchmark of how we think about the back half of the year. And yes, clubs, we're enthused about around the early response and enthusiasm around the new GT series.

現在我們確實會在未來幾週內開始認真運送該產品。我們剛剛在市場上推出了我們的配件用品。所以這將從 8 月 1 日左右開始。因此，繼續保持球和球桿的勢頭，這是我們如何看待下半年的基準。是的，俱樂部們，我們對新 GT 系列的早期反應和熱情感到興奮。

Great. And then maybe just one for Sean. Could you speak to expectations for gross margin in the back half of the year? Maybe what you've embedded for promotional activity in the marketplace across segments?

偉大的。然後也許只是給肖恩的一個。您能否談談對下半年毛利率的預期？也許您在跨細分市場的促銷活動中嵌入了哪些內容？

Sure, Matt. So just to take the last point, I think you saw in my comments or heard in my comments anyway, we did have some promotional activity in our Club business that was probably a little earlier than we had anticipated. So we absorbed that in Q2, and we'll get the benefit in the back half. But I don't really see the gross margin outlook in the back half that much dissimilar to what we've experienced in the first half. Again, very pleased with the mix that we're seeing, product mix, the manufacturing efficiencies, et cetera. So nothing really material to call out as we think about the back half gross margin profile.

當然，馬特。因此，就最後一點而言，我想您在我的評論中看到或在我的評論中聽到了，無論如何，我們確實在俱樂部業務中進行了一些促銷活動，這可能比我們預期的要早一些。所以我們在第二季吸收了這一點，我們將在後半段獲得收益。但我認為下半年的毛利率前景與上半年的情況並沒有太大不同。再次，我們對我們所看到的組合、產品組合、製造效率等感到非常滿意。因此，當我們考慮後半部分的毛利率狀況時，沒有什麼真正值得指出的。

Great color. Best of luck.

顏色很棒。祝你好運。

Thanks, Matt.

謝謝，馬特。

Thanks, Matt. Operator, next question, please.

謝謝，馬特。接線員，請下一個問題。

Joseph Altobello, Raymond James.

約瑟夫·阿爾托貝洛，雷蒙德·詹姆斯。

Good morning. This is Martin on for Joe. I was just wondering if you can give any color if there's any pushback on ball pricing. Have you seen anyone to sort of trade down?

早安.這是為喬代言的馬丁。我只是想知道如果球的定價有任何阻力，你是否可以給出任何顏色。你有看過有人進行低價交易嗎？

Martin, we look at our ball business over the last couple of years, I think we were up [20%-some-odd] in full year 2023 and up 7% for the first half. So we like what we see. I would say conversely, to a trade down, we see continued interest in our premium urethane offerings, Pro V1, Pro V1x, AVX. So haven't necessarily seen trade down. And in fact, we tend to over the years, and certainly this year, almost see it go the other way. There's a stronger appetite and demand for our premium urethane products and that's been consistent over the last few years.

馬丁，我們回顧了過去幾年的球業務，我認為 2023 年全年我們增長了 [20%，有些奇怪]，上半年增長了 7%。所以我們喜歡我們所看到的。相反，我想說的是，對於向下的交易，我們看到人們對我們的優質聚氨酯產品 Pro V1、Pro V1x、AVX 持續感興趣。所以不一定會看到貿易下降。事實上，多年來，尤其是今年，我們幾乎看到了相反的情況。人們對我們的優質聚氨酯產品的興趣和需求更加強勁，並且在過去幾年中一直如此。

Great. Appreciate it. And is there any sense that golfers are delaying club purchases?

偉大的。欣賞它。高爾夫球手是否有推遲購買球桿的感覺？

Well, I would speak to our club purchases. And so stepping out of the macro and into our business, we had a really nice half. We launched wedges successfully, putters, irons. We're seeing some nice steady growth in our business. Clubs were up, I think, in every market, but Korea in the first half, and we're enthused about what lies ahead for the drivers. So we haven't seen an indication of that, and our view is as long as we can continue to deliver great product and a great fitting experience our business will be healthy, and that's what we're seeing nowadays.

好吧，我想談談我們的俱樂部採購。因此，走出宏觀並進入我們的業務，我們度過了非常美好的一半。我們成功推出了挖起桿、推桿、鐵桿。我們看到我們的業務取得了良好的穩定成長。我認為，每個市場的俱樂部都在上漲，但上半場韓國除外，我們對車手的未來充滿熱情。因此，我們還沒有看到這方面的跡象，我們的觀點是，只要我們能夠繼續提供出色的產品和出色的合身體驗，我們的業務就會健康發展，這就是我們現在所看到的。

Great. Thank you. Appreciate it.

偉大的。謝謝。欣賞它。

Thanks.

謝謝。

Thanks, Martin. Operator, next question, please.

謝謝，馬丁。接線員，請下一個問題。

Randy Konik, Jefferies.

蘭迪·科尼克，傑弗里斯。

Yeah. Thanks a lot. Good morning, everyone. Maybe David, give us maybe some perspective as you think about the GT family of products and how it compared to the TS family of product and product series before that in other years. Maybe give us some perspective on what you've changed from a marketing standpoint, pricing changes? And just early reads on enthusiasm, reception from the different channels that you're going to be selling through with that family of products. Thank you.

是的。多謝。大家早安。也許 David，請給我們一些關於 GT 系列產品的看法，以及它與其他年份之前的 TS 系列產品和產品系列的比較。也許可以給我們一些關於您從行銷角度所做的改變、定價變化的看法？儘早了解您將透過此系列產品銷售的不同管道的熱情和接受程度。謝謝。

Well first off it's really GT is generational technology for us. It's a meaningful change in its construction. It's our prior drivers, the TS Series. And before that we're all titanium. This is titanium and composite, which allows us to do a few things differently in terms of construction and ball and flight performance. Early testing with the Pyramid professionals and Amateurs has been terrific. And to -- I said it in my earlier remarks, to win a driver counts with a new model on both the PGA Tour and DP World Tour is really powerful. And I think that speaks to early player response to not only the drivers, but also the fairways as well.

首先，GT 對我們來說確實是一代技術。這是其結構上的一個有意義的變化。這是我們之前的發球桿，TS 系列。在此之前我們都是鈦。這是鈦和複合材料，這使我們能夠在結構、球和飛行性能方面做一些不同的事情。金字塔專業人士和業餘愛好者的早期測試非常棒。我在之前的講話中說過，在 PGA 巡迴賽和 DP 世界巡迴賽上以新車型贏得車手冠軍真的很強大。我認為這說明了早期球員不僅對發球桿的反應，而且也對球道的反應。

So we're very enthused. This one has been in the works for a long, long time. And as enthused as we are about the products, we're equally enthused about the fitting plans we have. We've got a big vast network of fittersm, they're ready. We've got fitting tools in the marketplace. So there's a good interest and energy level around the driver. Pricing is we -- the prior TSR was $599, this is priced in the market at $649. So you'll see a price increase on the GT. And again, just everything we've done to this point has been real positive.

所以我們非常興奮。這個作品已經醞釀了很久了。正如我們對產品充滿熱情一樣，我們對我們的試穿計劃也同樣充滿熱情。我們有一個龐大的裝配工網絡，他們已經準備好了。我們在市場上有合適的工具。因此，駕駛員的興趣和精力都很高。我們的定價是——之前的 TSR 為 599 美元，現在的市場定價為 649 美元。所以你會看到 GT 的價格上漲。再說一次，我們到目前為止所做的一切都是非常積極的。

The other piece that we look is our supply chain readiness. As I said, it's a new construction that always brings an element of risk. Our team has been on this for quite some time. So we feel really good about our readiness to capture early season demand. So early days in that, again, we started -- I think the global launch date is August 23, we start fittings in earnest on August 1. So early days, but up to this point, we're very enthused about the product and its performance deliverables. It performs very well on miss-hits for some players. They pick up club head speed, which is a positive. So yes, all the early indicators are positive. And again, now it's time to go to go execute.

我們關注的另一部分是我們的供應鏈準備。正如我所說，這是一個新的建築，總是會帶來風險。我們的團隊已經在這方面投入了相當長的一段時間了。因此，我們對捕捉早季需求的準備感到非常滿意。所以很早的時候，我們又開始了——我認為全球發布日期是 8 月 23 日，我們在 8 月 1 日開始認真裝修。雖然還處於早期階段，但到目前為止，我們對該產品及其交付的性能非常熱情。對於某些玩家來說，它在未擊中時表現得非常好。他們提高了桿頭速度，這是積極的。所以是的，所有早期指標都是正面的。再說一次，現在是時候去執行了。

Helpful. I guess last question. Just on FootJoy, where do you think we are in this cycle from the industry backdrop perspective? How many quarters do you think we need until we get to a kind of more equilibrium in terms of inventory around the world, pricing and promotional levels. Just give us some flavor on where you see things unfolding over the next two to four to six quarters?

有幫助。我猜最後一個問題。就FootJoy而言，從行業背景的角度來看，您認為我們在這個週期中處於什麼位置？您認為我們需要多少個季度才能在全球庫存、定價和促銷水平方面達到更加平衡。請告訴我們您對未來兩到四到六個季度的情況的看法？

Yeah. And I'll give it a regional flare too, Randy. So in FootJoy, I think we're where we need to be in the US market. We talked about that a quarter ago from a total footwear inventory standpoint. And so we're comfortable with where footwear stands in the US. We thought the ex-US markets lagged a quarter or two and that was probably exacerbated due to some weather in Europe.

是的。我也會給它一個區域性的亮點，蘭迪。因此，我認為 FootJoy 已經達到了美國市場的目標。我們在一個季度前從鞋類庫存總量的角度討論了這一點。因此，我們對鞋類在美國的現況感到滿意。我們認為美國以外的市場落後一兩個季度，而且由於歐洲的某些天氣，這種情況可能會加劇。

So we're probably a few quarters away from getting the global footwear market where we like it to be. But with that said, footwear has always been a low barrier to entry. It's always seen as a tempting entry point for a lot of brands and with that comes a lot of inventory. So it's just a reality we deal with.

因此，我們可能還需要幾個季度才能讓全球鞋類市場達到我們想要的水平。但話雖如此，鞋類的進入門檻一直很低。對於許多品牌來說，它始終被視為一個誘人的切入點，隨之而來的是大量庫存。所以這只是我們面對的現實。

There are some bright spots in our FootJoy business. Certainly, I mentioned apparel up double digits in the US. And we've had some great success with our Premiere and Traditions, which I think green grass were up some 40% year-to-date. So there are some bright spots within the footwear and apparel space. Again, I would say the US market in somewhat steady state, normal state. And I'd like to thank markets around the world will be steady state come early 2025.

我們的 FootJoy 業務有一些亮點。當然，我提到美國的服裝銷量成長了兩位數。我們的首映和傳統節目取得了巨大成功，我認為今年迄今為止，綠草數量增加了約 40%。因此，鞋類和服裝領域有一些亮點。我再說一遍，美國市場處於某種穩定、正常的狀態。我要感謝世界各地的市場將在 2025 年初達到穩定狀態。

But we're working through it. There are some positives. There's a positive margin story happening within FootJoy. There's a positive momentum story certainly within our product lines, and we're just -- we're dealing with some inventory issues. Probably the biggest and I mentioned it earlier as well is Korea and just that super premium market is so unique, and you see it as a negative drag within the other segment, and you also see it as a negative drag within FootJoy apparel.

但我們正在解決這個問題。有一些正面的方面。FootJoy 內部發生了一個正面的利潤故事。我們的產品線中肯定有一個積極的勢頭故事，我們只是——我們正在處理一些庫存問題。可能最大的，我之前也提到過的是韓國，超級高端市場是如此獨特，你將其視為其他細分市場的負面拖累，你也將其視為 FootJoy 服裝的負面拖累。

Super helpful. Thanks.

超有幫助。謝謝。

Thanks, Randy.

謝謝，蘭迪。

Thanks, Randy. Operator, next question please.

謝謝，蘭迪。接線員，請下一個問題。

George Kelly, ROTH Capital Partners.

喬治凱利，羅仕資本合夥人。

Hay, everybody, thanks. So a couple of questions for you. First, if I heard you right in your prepared remarks, you expect -- I think you said in the third quarter should be more than 50% of your back half total. And if I go back to the last couple of years, it had been well over 50%, closer to 60% in the prior two years. So I'm just curious if you're using kind of an overly -- or just a broader over 50% certainly even at the last two years. Or is it more of a kind of an even split this year just due to product launches and the Pro V1 launch early next year?

嘿，大家，謝謝。有幾個問題想問你。首先，如果我在你準備好的發言中沒有聽錯的話，你預計——我認為你說第三季度應該超過後半場總數的 50%。如果我回顧過去幾年，這個比例遠超過 50%，前兩年接近 60%。所以我只是好奇你是否使用了某種過度的——或者只是更廣泛的超過 50%，甚至在過去兩年也是如此。或者說，今年的情況更像是一種平分秋色，只是因為產品的發布和明年初 Pro V1 的發布？

Yes, George, I -- it's definitely more than 50%. It's not intended to guide you to an equal split. So maybe to your point, it's a broader comment than we have made historically. Again, I think on being a bit more cautious in the context of currency headwinds and FX given the volatile market environment we're in. So again, with the GT launch that David just spoke about and some of the other product cadences, certainly, it's more than 50% will be in Q3. And obviously, in the ball business, in Q4, we start to prepare for the 2025 Pro V1 launch. So I wouldn't read much into it. I think we're just being a little more cautious and a little more broad with the revenue guide on a quarterly basis.

是的，喬治，我——肯定超過 50%。它並不是為了引導您平等分配。因此，也許就您的觀點而言，這是比我們歷史上所做的更廣泛的評論。再次，考慮到我們所處的動盪的市場環境，我認為在貨幣逆風和外匯的背景下要更加謹慎。再說一次，隨著 David 剛才談到的 GT 發布以及其他一些產品節奏，當然，超過 50% 將在第三季完成。顯然，在球業務方面，在第四季度，我們開始為 2025 年 Pro V1 的發布做準備。所以我不會讀太多。我認為我們只是對季度收入指南更加謹慎和更加廣泛。

Okay, understood. And then second question for you. What is your expectations with respect to the Olympics? And have you historically -- I know there's not a lot of history to draw on there, but have you seen an uplift before? And how are you factoring that into guidance?

好的，明白了。然後是第二個問題。您對奧運有何期待？從歷史上看，我知道沒有太多歷史可以藉鑑，但你以前見過經濟的提升嗎？您如何將其納入指導？

Well, to answer the question about have we seen an uplift before, right? 2016 was Rio, that was new. That was golf's first entry into the Olympics in 100 years. 2020 or 2021 in Tokyo was COVID-related, 2024 was terrific. So it was in many respects after a couple of starts. This was golf's big arrival into the Olympics. We put it in the calendar of golf events that are happening around the world throughout the year. I'm not sure we give it a lot of weight in terms of our forward guidance.

好吧，回答我們之前是否看到過提升的問題，對嗎？2016年是裡約，那是新鮮事。這是高爾夫100年來首次進入奧運。東京 2020 或 2021 年與新冠病毒相關，2024 年則非常棒。經過幾次首發後，在很多方面都是如此。這是高爾夫首次進入奧運。我們將其列入全年世界各地舉辦的高爾夫賽事日曆中。我不確定我們在前瞻性指導方面是否給予了極大的重視。

But we certainly like what it means for the game over the longest term, when you expose new regions and new fans and new consumers to the game, that's a positive. But I would think that's a positive over the very long term, not so in the near-term. So to your question, George, don't read anything into it in terms of how we're thinking about the near-term. But that said, it was certainly a terrific, it was a terrific competition. And I think most golf fans would agree it's arrived after a couple of years in sort of incubation over the last couple of cycles.

但從長遠來看，我們當然喜歡這對遊戲的意義，當你讓新的地區、新的粉絲和新的消費者接觸到遊戲時，這是正面的。但我認為，從長遠來看，這是正面的，但短期內則不然。所以，對於你的問題，喬治，不要從我們如何看待近期的角度來解讀它。但話雖如此，這確實是一場了不起的比賽，一場了不起的比賽。我認為大多數高爾夫球迷都會同意，它是在過去幾個週期的孵化幾年後到來的。

Okay. And then just one last quick one. Where did your share count end the quarter?

好的。然後是最後一個快速的。本季末您的股票數量是多少？

Share count (multiple speakers) I'll give you a different number, George. At the end of July, we had 61.8 million shares roughly of common stock.

分享數數（多個發言者） 我會給你一個不同的數字，喬治。截至 7 月底，我們約有 6,180 萬股普通股。

Okay. That's great. Thank you.

好的。那太棒了。謝謝。

Thanks, George. Thanks, everyone. As always, we appreciate your interest in the company and hope you have a great rest of summer and look forward to following up in a few months' time.

謝謝，喬治。謝謝大家。一如既往，我們感謝您對公司的興趣，並希望您度過一個愉快的暑假，並期待在幾個月後進行跟進。

Thank you. That concludes today's call. You may now disconnect your line.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。