Acushnet Holdings Corp (GOLF) 2024 Q3 法說會逐字稿

Good morning, everyone, and welcome to today's Acushnet Company 3Q '24 earnings call. My name is Drew, and I'll be the moderator for today's call. (Operator Instructions)

大家早安，歡迎參加今天的 Acushnet 公司 24 年第三季財報電話會議。我叫德魯，我將擔任今天電話會議的主持人。（操作員說明）

It's now my pleasure to hand over to Sondra Lennon, Vice President, FP&A and Investor Relations, to begin. Please go ahead.

現在我很高興將會議交給負責 FP&A 和投資者關係的副總裁 Sondra Lennon 開始。請繼續。

Good morning, everyone. Thank you for joining us today for Acushnet Holding Corp.'s third-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 年第三季財報電話會議。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 turning 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.

在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。

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.

實際結果可能與這些預期有重大差異。有關可能導致實際結果有所不同的因素列表，請參閱今天的新聞稿、我們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。

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 nine-month period ended September 30, 2024, and the comparable nine-month period in 2023. With that, I'll turn the call over to David.

另請注意，除非另有說明，本簡報中提及的同比淨銷售額成長和下降均以固定貨幣為基礎，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 9 月 30 日的九個月期間以及 2023 年的可比九個月期間。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. I will start on slide 4 and get right to our results. During the third quarter, Acushnet delivered net sales of $621 million, a 5% year-over-year increase. This growth contributed to adjusted EBITDA of $107 million in the quarter, up 9% from the third quarter of 2023.

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。我將從幻燈片 4 開始，直接得出我們的結果。第三季度，Acushnet 實現淨銷售額 6.21 億美元，較去年同期成長 5%。這一成長使本季調整後 EBITDA 達到 1.07 億美元，比 2023 年第三季成長 9%。

Through September, year-to-date net sales were up 3%, surpassing $2 billion with growth coming from Titleist Clubs, Titleist Golf Balls and Gear. Adjusted EBITDA of $392 million was up 4% compared to the first 9 months of last year. And I will pause here to thank my teammates for their dedication, which fuels this company performance.

截至 9 月份，年初至今的淨銷售額成長了 3%，超過 20 億美元，成長主要來自 Titleist 球桿、Titleist 高爾夫球和裝備。調整後 EBITDA 為 3.92 億美元，比去年前 9 個月成長 4%。我要在此暫停一下，感謝我的隊友們的奉獻精神，正是他們的奉獻推動了公司的表現。

Looking at our business by segment. Titleist Golf Ball net sales were down 1% in the quarter and are up 5% year-to-date. This growth has been led by sustaining Pro V1 momentum, especially in the U.S. market, which is benefiting from increased rounds of play. As we said on our last call, we expect Golf Balls sales to be down modestly in the second half as we and our trade partners lower inventories in preparation for the launch of new Pro V1 models in January.

按細分市場查看我們的業務。Titleist 高爾夫球本季淨銷售額下降 1%，今年迄今成長 5%。這一增長得益於 Pro V1 的持續發展勢頭，尤其是在美國市場，該市場受益於遊戲輪數的增加。正如我們在上次電話會議中所說，我們預計下半年高爾夫球銷量將小幅下降，因為我們和我們的貿易夥伴降低了庫存，為 1 月份推出新的 Pro V1 型號做準備。

This upcoming launch, which will mark the 25th anniversary of Pro V1, is well underway as we recently debuted new Pro V1 models across worldwide tours. Player feedback has been very positive, and we have fully transitioned production lines to new models to support the upcoming launch.

此次即將推出的產品將紀念 Pro V1 誕生 25 週年，目前我們正在順利地進行中，因為我們最近在全球巡迴演出中首次推出了新的 Pro V1 型號。玩家的回饋非常積極，我們已將生產線完全轉換為新型號，以支援即將推出的產品。

Titleist Golf Clubs posted a healthy 19% increase in the third quarter as the team did great work bringing new GT drivers and Fairway Metals to market. Since its debut, GT has been the #1 driver on the PGA, DP World and Korn Ferry tours and early consumer response is meeting our high expectations and fueling segment momentum.

Titleist 高爾夫俱樂部在第三季度實現了 19% 的健康成長，因為球隊在將新 GT 發球桿和 Fairway Metals 推向市場方面做出了巨大努力。自首次亮相以來，GT 一直是 PGA、DP World 和光輝國際巡迴賽中的排名第一的車手，早期消費者的反應滿足了我們的高期望並推動了細分市場的發展勢頭。

Year-to-date, Titleist Golf Clubs were up 9% with growth in all regions led by gains in the U.S. and Japan and an especially strong year for our Vokey wedge franchise.

今年迄今為止，Titleist 高爾夫球桿成長了 9%，在美國和日本的成長帶動下，所有地區都實現了成長，而我們的 Vokey 挖起桿系列產品今年表現尤其強勁。

Gear was up 9% in the quarter and 3% year-to-date, primarily related to higher sales volumes in travel with the inclusion of Club Glove in 2024. And now to FootJoy, where you see revenues were down 2% during the third quarter and off 3% year-to-date. Despite the decline, FJ has executed well in what has been a soft apparel and footwear market across most regions. The FJ team also continues to make good progress in diversifying and strengthening our footwear supply chain and will soon complete the full transition of our footwear production lines to a state-of-the-art new facility in Vietnam.

Gear 在本季成長了 9%，今年迄今成長了 3%，這主要與 2024 年 Club Glove 納入其中後的旅遊銷售增加有關。現在看看 FootJoy，您可以看到第三季的收入下降了 2%，今年迄今下降了 3%。儘管業績下滑，但 FJ 在大多數地區的軟服裝和鞋類市場表現良好。FJ團隊也在多元化和加強我們的鞋類供應鏈方面繼續取得良好進展，並將很快完成我們鞋類生產線向越南最先進的新工廠的全面過渡。

We continue to work with our long-standing JV production partner and are confident that over time, this move will facilitate enhanced innovation and speed to market.

我們將繼續與長期的合資生產合作夥伴合作，並相信隨著時間的推移，這項舉措將促進創新和加快上市速度。

And lastly, net sales of products not allocated to a reportable segment were down in the third quarter and year-to-date. This Q3 shortfall is partly related to the timing of shoe shipments, which moved from late Q3 in 2023 to early Q4 this year.

最後，未分配到可報告部門的產品淨銷售額在第三季和年初至今均有所下降。第三季的短缺部分與鞋類出貨時間有關，出貨時間從 2023 年第三季末移至今年第四季初。

Now for a brief overview by region, where you see the U.S. market continues to benefit from healthy participation and resilient consumer demand with Q3 net sales up 6% and year-to-date up 7% with growth coming from all segments. Despite a slow start due to poor weather, U.S. rounds of play are now up 2% year-to-date and keeping pace with the record level set in 2021.

現在按地區進行簡要概述，您可以看到美國市場繼續受益於健康的參與和富有彈性的消費者需求，第三季度淨銷售額增長6%，年初至今增長7%，所有細分市場均實現增長。儘管由於天氣惡劣，開局緩慢，但今年迄今美國的比賽輪數增加了 2%，與 2021 年創下的紀錄水平持平。

During the quarter, Japan, Korea and Rest of World were up, partially offset by a decline in EMEA. During the first 9 months, Korea, EMEA and Rest of World declined low single digits, while we posted a slight increase in Japan. Again, softness in the footwear and apparel markets have been the main contributors to these declines, while our Golf Clubs and ball businesses have been more resilient.

本季度，日本、韓國和世界其他地區的成長，部分被歐洲、中東和非洲地區的下降所抵消。前 9 個月，韓國、歐洲、中東和非洲和世界其他地區出現低個位數下降，而日本則出現小幅成長。同樣，鞋類和服裝市場的疲軟是造成這些下降的主要原因，而我們的高爾夫球桿和球業務則更具彈性。

Rounds outside the U.S. are projected to be off 2% year-to-date, with Korea up slightly and other regions down. Looking to Q4, we are comfortable with our inventory positions, both owned and at retail, and look to build upon our momentum in Golf Balls, Clubs and premium FJ footwear for the holiday season and heading into 2025.

預計今年迄今，美國以外的融資額將下降 2%，其中韓國略有上升，其他地區則有所下降。展望第四季度，我們對自有庫存和零售庫存狀況感到滿意，並希望在假期季節和 2025 年繼續鞏固我們在高爾夫球、球桿和優質 FJ 鞋類方面的勢頭。

And we point to the attractiveness and resilience of Acushnet's core consumer, the game's dedicated golfer and the company's enduring commitment to product and service excellence as pillars of the company's efforts to deliver great experiences to golfers and trade partners and in turn, drive shareholder value.

我們指出，Acushnet 的核心消費者、高爾夫運動的忠實高爾夫球手的吸引力和韌性，以及公司對卓越產品和服務的持久承諾，是公司努力為高爾夫球手和貿易夥伴提供卓越體驗並進而推動股東價值的支柱。

These priorities, along with the company's strong balance sheet and disciplined approach to capital allocation, remain the foundation of Acushnet's proven investment thesis. Thanks for your attention this morning. I will now pass the call over to Sean.

這些優先事項，加上公司強大的資產負債表和嚴格的資本配置方法，仍然是 Acushnet 經驗證的投資理論的基礎。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 great third quarter and solid year-to-date performance. In the third quarter, net sales increased 5% over the same period in 2023, primarily driven by higher net sales in Titleist Golf Clubs. Adjusted EBITDA of $107 million was up $8.6 million.

謝謝你，大衛。大家早安。正如大衛所提到的，我們第三季表現出色，年初至今表現也很穩定。第三季的淨銷售額較 2023 年同期成長 5%，這主要是受到 Titleist 高爾夫球桿淨銷售額增加的推動。調整後 EBITDA 為 1.07 億美元，增加了 860 萬美元。

For the first 9 months of 2024, net sales and adjusted EBITDA increased 3.1% and 3.8%, respectively. The 19% increase in Titleist Golf Club net sales in the quarter was driven by the successful launch of our GT drivers and Fairway Metals.

2024 年前 9 個月，淨銷售額和調整後 EBITDA 分別成長 3.1% 和 3.8%。由於 GT 發球桿和 Fairway Metals 的成功推出，Titleist 高爾夫俱樂部本季淨銷售額成長了 19%。

Titleist Golf Gear was also up in the quarter, almost 9% compared to last year. Titleist Golf Balls were down 1% in the quarter, primarily due to lower sales volumes of our performance models.

Titleist Golf Gear 本季的銷售量也有所成長，與去年相比成長了近 9%。Titleist 高爾夫球本季下降了 1%，主要是因為我們的高性能車型銷售下降。

FootJoy was down 2% in the quarter, primarily on lower sales volumes in footwear and apparel. Gross profit in the third quarter of $337 million was up 9% or $29 million compared to 2023, primarily due to higher sales volumes in Titleist Golf Clubs and Golf Gear and higher average selling prices across all FootJoy categories.

FootJoy 本季下降 2%，主要是由於鞋類和服裝銷量下降。第三季的毛利為 3.37 億美元，與 2023 年相比增長 9%，即 2,900 萬美元，這主要是由於 Titleist 高爾夫球桿和高爾夫裝備的銷量增加以及所有 FootJoy 類別的平均售價上漲。

Third quarter gross margin of 54.4% was up 240 basis points versus prior year, largely due to higher sales volumes and a favorable product mix in Titleist Golf Clubs.

第三季毛利率為 54.4%，比去年同期成長 240 個基點，這主要歸功於 Titleist 高爾夫球桿銷量的增加和有利的產品組合。

SG&A expense of $233 million in the quarter increased $23 million or 11% from 2023, mainly due to higher employee-related expenses related to administration and to support our golf club and ball fitting initiatives and increases in advertising and promotional expenses, mainly supporting the launch of the GT drivers and metals in the quarter.

本季度的SG&A 費用為2.33 億美元，較2023 年增加了2300 萬美元，即11%，主要是由於與管理以及支持我們的高爾夫球桿和球配件計劃相關的員工相關費用增加，以及廣告和促銷費用的增加，主要是支持推出本季的 GT 車手和金屬。

Interest expense of $13 million in the quarter was up $4 million due to an increase in borrowings. Our effective tax rate in Q3 was 19.3% as compared to 16.5% in last year's third quarter, primarily driven by changes in our jurisdictional mix of earnings.

由於借款增加，本季利息支出 1,300 萬美元增加了 400 萬美元。我們第三季的有效稅率為 19.3%，而去年第三季的有效稅率為 16.5%，這主要是由於我們管轄範圍內的獲利組合發生了變化。

Looking to the full year, we expect our annual effective tax rate to be in line with our year-to-date rate of 21.6%. Moving to our balance sheet and cash flow highlights. As we head into 2025, our balance sheet and cash flow positions are strong, and we continue to prioritize ongoing investments in the business and returning capital to shareholders. Our net leverage ratio at the end of Q3 using average trailing net debt was 1.8x, sequentially down from 1.9x in the second quarter.

展望全年，我們預計年度有效稅率將與年初至今 21.6% 的稅率一致。轉向我們的資產負債表和現金流亮點。進入 2025 年，我們的資產負債表和現金流狀況強勁，我們繼續優先考慮對業務的持續投資和向股東返還資本。使用平均追蹤淨債務計算，我們第三季末的淨槓桿率為 1.8 倍，比第二季的 1.9 倍有所下降。

Our inventory position has significantly improved, having declined 19% and 6% when comparing to year-end 2023 and last year's third quarter, respectively. We are comfortable with our inventory position given the current state of demand and expect inventories to increase at year-end primarily to support the 2025 Pro V1 and Pro V1x launch as well as the 2025 club launches.

我們的庫存狀況顯著改善，與 2023 年底和去年第三季相比分別下降了 19% 和 6%。鑑於目前的需求狀況，我們對庫存狀況感到滿意，並預計年底庫存將增加，主要是為了支持 2025 年 Pro V1 和 Pro V1x 的發布以及 2025 年俱樂部的發布。

Year-to-date cash flow from operations decreased from the first 9 months of 2023, primarily due to decreases in net income and deferred income tax expense as well as changes in working capital. Capital expenditures were $43 million through the first 9 months of 2024, and we still expect full year CapEx spend to be approximately $80 million.

年初至今的營運現金流量較 2023 年前 9 個月有所下降，主要是由於淨利潤和遞延所得稅費用的減少以及營運資本的變化。2024 年前 9 個月的資本支出為 4,300 萬美元，我們仍預計全年資本支出約為 8,000 萬美元。

Through September, we returned roughly $184 million to shareholders with $143 million in share repurchases and $41 million in cash dividends. Today, our Board of Directors declared a quarterly cash dividend of $0.215 per share payable on December 20 to shareholders of record on December 6, 2024.

截至 9 月份，我們向股東返還了約 1.84 億美元，其中包括 1.43 億美元的股票回購和 4,100 萬美元的現金股利。今天，我們的董事會宣佈於 12 月 20 日向 2024 年 12 月 6 日登記在冊的股東派發每股 0.215 美元的季度現金股息。

During the quarter, we repurchased 1.1 million shares for an aggregate of $70 million. Included in this amount were shares repurchased from Magnus for $37.5 million in relation with our previously disclosed March 2024 share purchase agreement.

本季度，我們回購了 110 萬股股票，總金額為 7,000 萬美元。其中包括根據我們先前揭露的 2024 年 3 月股票購買協議，以 3,750 萬美元從 Magnus 回購的股票。

As of September 30, 2024, we had $232.2 million remaining under the current share repurchase authorization, including $62.5 million related to the June 2024 share purchase agreement.

截至 2024 年 9 月 30 日，我們目前的股票回購授權剩餘 2.322 億美元，其中包括與 2024 年 6 月股票購買協議相關的 6,250 萬美元。

Turning to our full year 2024 outlook. We are narrowing our adjusted EBITDA range to $395 million to $405 million. With respect to our 2024 net sales outlook, we are reaffirming a range of $2.45 billion to $2.5 billion on a reported basis. As we discussed on our second quarter call, we still expect to be towards the lower end of the reported sales range in part due to FX impacts and closer to the midpoint of our 3.2% to 5.3% constant currency sales range.

轉向我們對 2024 年全年的展望。我們將調整後 EBITDA 範圍縮小至 3.95 億美元至 4.05 億美元。對於我們 2024 年的淨銷售額展望，我們重申了報告基礎上 24.5 億美元至 25 億美元的範圍。正如我們在第二季度電話會議上討論的那樣，我們仍然預計銷售額將接近所報告銷售範圍的下限，部分原因是匯率影響，並且接近 3.2% 至 5.3% 固定匯率銷售範圍的中點。

When looking at the fourth quarter, our outlook incorporates year-over-year sales growth in all segments except Golf Balls, which is expected in the last quarter of our two-year product life cycle. We also expect year-over-year fourth quarter adjusted EBITDA improvement, which includes incremental investments across SG&A and R&D as we look to build upon this year's momentum heading into 2025.

在展望第四季時，我們的展望涵蓋了除高爾夫球之外的所有細分市場的同比銷售成長，預計這是我們兩年產品生命週期的最後一個季度。我們也預計第四季度調整後 EBITDA 將同比改善，其中包括 SG&A 和研發方面的增量投資，因為我們希望在今年的勢頭基礎上繼續邁向 2025 年。

Also in the fourth quarter, we anticipate incurring a restructuring charge related to the full transition of our footwear supply chain to Vietnam in early 2025, as David just highlighted.

同樣在第四季度，我們預計會產生與 2025 年初將我們的鞋類供應鏈全面過渡到越南相關的重組費用，正如 David 剛剛強調的那樣。

Lastly, beginning with our 2024 10-K filing, we expect to combine Titleist Golf Balls and Golf Clubs into one operating segment that will be reported as Titleist Golf Equipment. In recent years, Golf Balls and Golf Clubs have increasingly converged from a strategic and economic standpoint, and we believe this new reporting structure best reflects the way in which we are now viewing and managing the Golf Equipment business.

最後，從 2024 年 10-K 備案開始，我們預計將 Titleist 高爾夫球和高爾夫球桿合併為一個營運部門，並報告為 Titleist 高爾夫設備。近年來，高爾夫球和高爾夫球桿從戰略和經濟角度越來越趨同，我們相信這種新的報告結構最好地反映了我們現在看待和管理高爾夫設備業務的方式。

Golf Gear and FootJoy Golf Wear will remain as reportable segments. In closing, really pleased with our year-to-date performance, and the team remains focused on finishing the year strong and continuing to execute on our strategic priorities for 2025 and beyond. With that, I will now turn the call over to Sondra for Q&A.

Golf Gear 和 FootJoy Golf Wear 將繼續作為可報告分部。最後，我們對今年迄今為止的表現感到非常滿意，團隊仍然致力於以強勁的表現結束這一年，並繼續執行我們 2025 年及以後的戰略重點。現在，我將把電話轉給桑德拉進行問答。

Thank you, Sean. Operator, could we please open the line for questions?

謝謝你，肖恩。接線員，我們可以開通提問線嗎？

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示）Matthew Boss，摩根大通。

So David, maybe if you could elaborate on participation and engagement trends that you're seeing in the current landscape? And just any notable callouts across geographies as we think about the U.S. market relative to international?

大衛，也許您可以詳細說明您在當前情況下看到的參與度和參與趨勢嗎？當我們考慮美國市場相對於國際市場時，是否有任何跨地區值得注意的標註？

Yes. Matt, so as noted, we're really pleased -- the industry is really pleased with rounds of play in the US, up just about 2% year to date. After a slow start in January and February, primarily in the Southeast. And as you look at sort of the map of the country, you see all regions up versus the -- with the exception of the Southeast, again, a slow start in the early part of the year.

是的。馬特，正如前面提到的，我們真的很高興——業界對美國的幾輪比賽非常滿意，今年迄今為止僅增長了約 2%。一月和二月開始緩慢，主要是在東南部。當你看一下這個國家的地圖時，你會發現所有地區的情況都在上漲——除了東南部，同樣，今年年初的開局緩慢。

So to sit here today and look at '24 rounds on pace with the record of '21, I think, is really a positive indicator and trend of what's happening in golf, both with dedicated golfers and the benefit of some of the new golfers that have joined the game in the last couple of years.

因此，今天坐在這裡，以21 輪記錄的速度看24 輪比賽，我認為，這確實是高爾夫運動中正在發生的事情的積極指標和趨勢，無論是對於專注的高爾夫球手還是一些新高爾夫球手的好處在過去的幾年裡加入了這個遊戲。

As we move around the globe, Matt, we project rounds through September, down about 2%, Korea up slightly, the others down modestly. A little bit of weather, a little bit of maybe macroeconomic, and we've said consistently U.S. market, U.S. consumer stronger than we're seeing around the world. But by and large, we think rounds are holding up very well.

馬特，當我們在全球範圍內移動時，我們預計 9 月的融資輪數將下降約 2%，韓國略有上升，其他地區略有下降。一點天氣，一點宏觀經濟，我們一直說美國市場，美國消費者比我們在世界各地看到的都要強大。但總的來說，我們認為各輪融資進展順利。

There's always going to be a variability due to weather. And as I think about where we are today versus sort of a 2019 baseline, the major markets, U.S., Korea, up 20-plus percent. Japan would be in my top 3 markets, up 10% and worldwide rounds up about 15%. So structurally, Matt, game is in a good place. And we're always going to have weather ups and downs.

由於天氣的原因，總是會有一些變化。當我思考我們今天的情況與 2019 年的基準相比時，美國、韓國等主要市場成長了 20% 以上。日本將躋身我的前 3 大市場之列，成長 10%，全球成長約 15%。馬特，從結構上來說，遊戲處於一個很好的位置。我們總是會遇到天氣的起伏。

But net-net, we're really confident with where we are through the first three quarters.

但是，我們對前三個季度的情況非常有信心。

Great. And then maybe just a follow-up for Sean. As we think about gross margin, just any puts and takes in terms of the fourth quarter on gross margin? And how best to think about the promotional landscape and inventory in the channel today?

偉大的。然後也許只是肖恩的後續行動。當我們考慮毛利率時，第四季的毛利率有多少看跌選擇權和賣出選擇權？如何最好地考慮當今通路的促銷環境和庫存？

Yes. So I'll take the first one. I think gross margin, you saw the positive trend in Q3. I think I spoke on the last call about the back half gross margin approximating where we ended the first half. That statement still holds true.

是的。所以我會選第一個。我認為毛利率在第三季出現了正面的趨勢。我想我在上次電話會議上談到了後半部分的毛利率接近我們上半年的毛利率。這句話至今仍然成立。

Obviously, given the performance of the club business in Q3, that really helped drive. But again, it's both volume and price and efficiency. So very pleased with that. In terms of the promotional environment and inventory, I'll turn it over to David.

顯然，考慮到第三季俱樂部業務的表現，這確實有助於推動。但同樣，這既是數量、價格和效率。對此非常滿意。至於促銷環境和庫存，我就交給David了。

Yes, I'll weigh in, Matt. So from an equipment standpoint, balls and clubs, I would say steady state, normal. You're going to see some promotional activity at the holidays, which we always do. So again, I would characterize that as normal.

是的，我會權衡的，馬特。因此，從設備的角度來看，球和球桿，我會說穩定狀態，正常。您會在假期看到一些促銷活動，我們總是這樣做。再說一遍，我認為這是正常的。

I've said this before, clubs, we tend to be a little bit isolated or resilient just because so much of what we do is custom-fit. So net-net, I would put equipment balls and clubs in a steady state normalized position. If there is some watch out, it's the continued discussion we've had all year about footwear. While better than it has been, I would expect to see some promotional activity over the holidays.

我之前說過，俱樂部，我們往往有點孤立或有彈性，因為我們所做的很多事情都是客製化的。因此，網-網，我會將裝備球和球桿置於穩定狀態的標準化位置。如果有什麼需要注意的話，那就是我們一整年都在持續討論鞋類問題。雖然比以前好多了，但我希望在假期期間看到一些促銷活動。

Apparel, again, we don't see too many swings within apparel simply because so much of what we do is custom embroidered. But I would overall characterize the landscape as within the range of normal, balls, clubs, healthiest and maybe a watch out in footwear.

服裝方面，我們並沒有看到服裝有太多的波動，因為我們所做的大部分工作都是訂製刺繡。但我總體上將景觀描述為正常、球、俱樂部、最健康的範圍，也許還需要注意鞋類。

(Operator Instructions)

（操作員說明）

Okay. Thanks, everybody. Short Q&A today. Everybody gets a little time back on their calendar. As always, we appreciate your interest and look forward to getting together again in three months' time.

好的。謝謝大家。今天簡短的問答。每個人的行事曆上都會有一點時間。一如既往，我們感謝您的關注，並期待三個月後再次相聚。

Thanks again.

再次感謝。

That concludes today's Acushnet Company call. You may now disconnect your line.

今天的 Acushnet 公司電話會議到此結束。現在您可以斷開線路。