Acushnet Holdings Corp (GOLF) 2024 Q4 法說會逐字稿

Hello everyone and thank you for joining us for today's Acushnet Company 4Q 24 earnings call. My name is Drew and I'll be the operator today.

大家好，感謝您參加今天的 Acushnet Company 4Q 24 收益電話會議。我叫德魯，今天由我來擔任接線生。

(Operator instruction)

（操作員指令）

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

現在我很高興將發言權交給財務規劃與分析和投資者關係副總裁 Sondra Lennon。請繼續。

Good morning, everyone. Thank you for joining us today for a Acushnet Holding Corps 4th quarter and full year 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 Corps 2024 年第四季和全年財報電話會議。今天早上與我一起參加的是我們的總裁兼執行長 David Maher 和我們的財務長 Sean Sullivan

Before turning the call over to David, I would like to remind everyone that we will make forward-looking statements on the call today.

在將電話轉給大衛之前，我想提醒大家，我們將在今天的電話會議上發表前瞻性陳述。

These forward-looking statements are based on Aushna'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.

這些前瞻性陳述是基於 Aushna 目前的預期，並受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、隨我們的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.

在整個討論過程中，我們將參考非 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。

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.

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，可在今天的新聞稿中的附表中以及隨附於本簡報的幻燈片中找到。以及我們向美國證券交易委員會提交的文件中。

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 or full year results or comparisons, we are referring to the 12 month period ended December 30, 2024 and the comparable 12 month period in 2023.

另外請注意，除非另有說明，本簡報中對同比淨銷售額增減的引用都是以固定匯率計算的，因為我們認為這種衡量標準最能反映我們業務的表現和趨勢。當提及年初至今或全年業績或比較時，我們指的是截至 2024 年 12 月 30 日的 12 個月期間和 2023 年的可比 12 個月期間。

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

說完這些，我會把電話轉給大衛。

Thanks, Sandra, and good morning everyone. As always, we appreciate your interest in the Cush it and look forward to sharing our 2024 results and future outlook today.

謝謝，桑德拉，大家早安。像往常一樣，我們感謝您對 Cush it 的關注，並期待今天分享我們的 2024 年業績和未來展望。

Starting on slag 4, the company delivered 4th quarter sales of $445 million up 8% for the period. And adjusted EBITDA of $12.4 million. Strong golf equipment sales led by Titleist GT Metals and double-digit gains in gear drove this growth. And our team did good work balancing healthy at once demand while also preparing for several 1st quarter product launches.

從第 4 批礦渣開始，該公司第 4 季的銷售額達到 4.45 億美元，年增 8%。調整後的 EBITDA 為 1240 萬美元。以 Titleist GT Metals 為首的強勁高爾夫球具銷售和兩位數的裝備銷售成長推動了這一成長。我們的團隊在平衡健康的即時需求的同時，也為第一季的幾款產品發布做好了準備，做得很好。

Now to full year results, the Kush had achieved sales of $2.46 billion in 2024, a 4% constant currency gain, and adjusted EBITDA of $404 million a 7.5% increase for the year. These results were made possible thanks to the talented and dedicated associates who make up a cushion, including our longest serving teammate who works in golf ball operations, and next week celebrates his fifty-fifth anniversary with the company.

現在來看全年業績，Kush 在 2024 年實現了 24.6 億美元的銷售額，按固定匯率計算增長 4%，調整後 EBITDA 為 4.04 億美元，同比增長 7.5%。這些成績的取得要歸功於所有才華橫溢、盡職盡責的同事，其中包括在高爾夫球運營部門工作時間最長的隊友，下週他將在公司慶祝其五十五週年。

To underscore key themes of 2024, our team generated terrific momentum in Titleist golf equipment, which increased net sales 7% for the year. Titleist golf ball sales in 2024 grew 4%, which is noteworthy given this followed the 2023 Pro B1 launch year when ball sales increased double digits. We generally expect 2nd year sales to be down slightly due to the timing associated with our two-year product cycles.

為了強調 2024 年的關鍵主題，我們的團隊在 Titleist 高爾夫球具方面創造了驚人的發展勢頭，全年淨銷售額增長了 7%。Titleist 高爾夫球的銷量在 2024 年增長了 4%，這一點值得注意，因為在此之前，2023 年 Pro B1 的發布年，高爾夫球的銷量就實現了兩位數的增長。由於我們的兩年產品週期的時間關係，我們通常會預期第二年的銷售額會略有下降。

Our strong golf ball performance in 2024 was fueled by balanced growth across our Pro-B1 and performance models and strong adoption throughout the pyramid of influence.

我們的 Pro-B1 和性能模型的均衡成長以及整個影響力金字塔的大力採用推動了我們在 2024 年強勁的高爾夫球表現。

Titleist golf clubs also posted strong results in 2024 with overall sales up double digits and growth in all regions led by the US and Japan. Our SM 10 wedge launch in Q1 and GT Metals launch in Q3 were well received, and these franchises are in great shape as we start the 2025 season and also plan for the new putter and iron launches.

Titleist 高爾夫球桿在 2024 年也取得了強勁的業績，整體銷售額增長了兩位數，並在美國和日本等所有地區均實現了增長。我們在第一季度推出的 SM 10 挖起桿和在第三季度推出的 GT Metals 均獲得了一致好評，隨著我們開啟 2025 賽季併計劃推出新的推桿和鐵桿，這些特許經營權的狀況良好。

Our gear segment posted 5% growth for the year led by gains in our travel category. Again, growth was led by the US market, which was up double digits. FJ sales were off 2% for the year, with gains in the US more than offset by declines in international markets.

我們的裝備部門全年實現了 5% 的成長，主要得益於旅行類別的成長。再次，成長由美國市場引領，增幅達到兩位數。FJ 全年銷售下滑 2%，其中美國市場的銷售成長被國際市場的銷售下滑所抵銷。

Fooshoy has done good work navigating what has been a correcting footwear and apparel market, effectively managing inventories and leaning into high performance offerings across footwear, apparel, and gloves. In doing so, Foohoy delivered improved bottom line performance in 2024 despite a top line decline.

Fooshoy 在鞋類和服裝市場的調整方面做得非常出色，有效地管理了庫存，並在鞋類、服裝和手套領域提供高性能產品。透過這樣的做法，儘管營收下滑，但 2024 年 Foohoy 的獲利業績仍有所改善。

And in our other category, which is comprised of titles apparel and shoes, the key 2024 themes are continued growth of shoe golf in the US and UK and softness in the Asia-specific Titleist apparel market.

在我們的另一個類別中，包括服裝和鞋子，2024 年的關鍵主題是美國和英國的鞋高爾夫運動持續成長，以及亞洲特定的 Titleist 服裝市場的疲軟。

But cushion it's strong financial performance in 2024 supported ongoing investment across our business and the company's commitment to returning capital to shareholders. For the year, dividend and share repurchases totaled $227 million bringing our total return over the past 3 years to more than $850 million.

但其 2024 年強勁的財務表現支持了我們業務的持續投資以及公司向股東返還資本的承諾。全年股息和股票回購總額達 2.27 億美元，使我們過去 3 年的總回報超過 8.5 億美元。

And furthering this commitment to shareholders, I am pleased to announce that Acushnet it's directors have approved a 9% increase to our quarterly dividend payout in 2025 to $23.05 per share. This marks the eighth consecutive annual dividend increase since the program was initiated in 2017.

為了進一步履行對股東的承諾，我很高興地宣布，Acushnet 董事會已批准將 2025 年季度股息增加 9% 至每股 23.05 美元。這是該計劃自 2017 年啟動以來連續第八年增加股息。

As Sean will discuss, we have also increased our share repurchase authorization. These actions reflect the board's confidence in the Acushnet ability to execute and generate cash flow and their positive outlook towards the company's leading position within the golf industry. As you will continue to see, we are focused on investing to position the company for future growth while also returning capital to shareholders as appropriate.

正如肖恩所討論的，我們也增加了股票回購授權。這些舉措反映了董事會對 Acushnet 執行和產生現金流的能力的信心，以及對公司在高爾夫行業領先地位的積極展望。正如您將繼續看到的，我們專注於投資，為公司未來的成長做好準備，同時在適當的時候向股東返還資本。

Now looking ahead to 2025, starting with a few industry data points that inform our planning and outlook. In the US market, rounds increased 2% in 2024 to a record $543 million. Noteworthy is that these rounds were played across some 16,000 golf courses, a supply that is down about 1,500 courses since 2000. Driving this participation growth is a golfer base that increased 6% in 2024 to 28.1 million golfers. This 1.5 million net gain represents the largest single year increase since 2000, and the number of beginners topped 3 million for the fifth consecutive year in a row.

現在展望 2025 年，我們先從一些可為我們的規劃和展望提供資訊的產業數據點開始。在美國市場，2024 年融資額成長了 2%，達到創紀錄的 5.43 億美元。值得注意的是，這些比賽在約 16,000 個高爾夫球場舉行，自 2000 年以來，高爾夫球場數量減少了約 1,500 個。推動參與度成長的因素是高爾夫球手數量，到 2024 年，數量將增加 6%，達到 2,810 萬名高爾夫球手。這150萬的淨增加人數是2000年以來單年最大增幅，也是初學者人數連續第五年超過300萬人。

Given these metrics, it is not surprising that 70% of public facilities rate their financial health as good or excellent versus 23% in 2016. And 80% of private golf courses report good or excellent financial health versus 46% in 2016. Annual US rounds are up over 20% since 2019, as is participation in the UK, Canada, Korea, and Australia. Japan play has grown 10% during the same period.

從這些指標來看，70% 的公共設施將其財務狀況評為良好或優秀（2016 年這一比例為 23%）也就不足為奇了。80% 的私人高爾夫球場報告財務狀況良好或優秀，而 2016 年這一比例為 46%。自 2019 年以來，美國每年的比賽次數增加了 20% 以上，英國、加拿大、韓國和澳洲的比賽次數也是如此。同期，日本市場成長了 10%。

Healthy golfer participation and in particular the strength of a dedicated golfer are the foundation for our perspective on the state of the global game and particularly in the US.

健康的高爾夫球手參與度以及特別是專注的高爾夫球手的實力是我們了解全球比賽狀況（特別是美國比賽狀況）的基礎。

Looking outside the US, we are planning for growth. However, continue to take a measured approach, for while golf participation has been resilient, the macroeconomic backdrop in key regions continues to be more challenging.

放眼美國以外，我們正在規劃成長。然而，仍需繼續採取審慎態度，因為儘管高爾夫參與度一直保持強勁，但重點地區的宏觀經濟背景仍然更具挑戰性。

And while FX headwinds and tariff uncertainty are inevitable pieces of the planning process, we remain confident in our ability to execute against our priorities and what we can control.

儘管外匯逆風和關稅不確定性是規劃過程中不可避免的一部分，但我們仍然對我們執行優先事項和可控制事項的能力充滿信心。

Starting with our growth plans for golf equipment, we are excited about new Pro V1 and Pro V1X golf ball models and expect increases across all regions. The first Pro V1 was launched 25 years ago, and the past quarter century has been defined by innovation and our team's commitment to continuous improvement. While early in the season, Pro V1 usage on worldwide tours is up to 77%, more than 9 times the nearest competitor.

從我們的高爾夫設備成長計畫開始，我們對新的 Pro V1 和 Pro V1X 高爾夫球車型感到非常興奮，並預計所有地區都會出現成長。第一款 Pro V1 於 25 年前推出，過去的 25 年致力於創新以及我們團隊對持續改進的承諾。而在賽季初期，Pro V1 在全球巡迴賽上的使用率高達 77%，是最接近的競爭對手的 9 倍以上。

We are enthused about our opportunity and our team has developed some great campaigns to tell our story in 2025. For Titleist golf clubs, we carry healthy momentum into the year and expect to benefit from recent investments to our product development engine and expand in fitting networks across the globe.

我們對我們的機會充滿熱情，我們的團隊已經制定了一些精彩的活動來講述我們在 2025 年的故事。對於 Titleist 高爾夫球桿而言，我們在今年保持了健康的發展勢頭，並期望受益於最近對產品開發引擎的投資以及在全球範圍內擴展裝配網絡。

While our first quarter launch calendar is smaller than last year's, as is the case in odd numbered years, we look forward to launching new Titleist GT hybrids, GT1 metals, and a new lineup of Cameron studio style putters to start the season following the new irons later this year. We also expect growth from our gear segment led by new Titleist products and the continued development of our Club glove travel franchise in 2025.

雖然我們第一季的發布日程比去年要短（就像奇數年的情況一樣），但我們期待在今年晚些時候推出新款鐵桿之後，在新賽季伊始推出新款 Titleist GT 混合桿、GT1 金屬桿和全新系列的 Cameron 工作室風格推桿。我們也預計，在 2025 年，以 Titleist 新產品為主導的裝備部門將實現成長，而我們的 Club 手套旅行特許經營權也將持續發展。

We are confident in our outlook for Fooshoy, which anticipates a strong product pipeline and higher concentration of premium performance footwear products like Premiere, Hyperflex, and Quantum Golf shoes, leading to improved profitability. We expect FJ sales to be roughly flat for the year with organic growth offset by reduced close out sales and strategic product line rationalization. After a recent period of correction in global golf footwear, we see a healthier environment in 2025.

我們對 Fooshoy 的前景充滿信心，該公司預計擁有強大的產品線和更高的高性能鞋類產品集中度，例如 Premiere、Hyperflex 和 Quantum Golf 鞋，從而提高盈利能力。我們預計 FJ 全年銷售將基本持平，有機成長將被清倉銷售減少和戰略產品線合理化所抵消。經過近期全球高爾夫球鞋市場的調整，我們預計 2025 年市場環境將更加健康。

In support of these priorities and longer-term growth opportunities, we plan to make several strategic investments in 2025 to build out our global fitting network for golf equipment and footwear. Expand the reach of our B2B and B2C capabilities to new regions and invest in the future of the Titleist Performance Institute, or TPI, where we see expansion opportunities in the coming years.

為了支持這些優先事項和長期成長機會，我們計劃在 2025 年進行多項策略投資，以建立我們的高爾夫設備和鞋類全球組裝網路。將我們的 B2B 和 B2C 能力擴展到新的地區，並投資於 Titleist 高爾夫學院 (TPI) 的未來，我們看到未來幾年的擴展機會。

And we are pleased with recent capital investments in golf equipment, R&D, and operations and are confident these projects will fuel enhanced innovation, product development, and golfer connection capabilities, core attributes to the long term success of titleist equipment.

我們對近期在高爾夫設備、研發和營運方面的資本投資感到滿意，並相信這些項目將推動創新、產品開發和高爾夫球手聯繫能力的增強，這是 Titleist 設備長期成功的核心因素。

As noted on our last call, we recently completed the transition of our footwear manufacturing from China to Vietnam and expect this will lead to greater product development capabilities and a more durable supply chain. As Sean will address, we are also in the process of implementing a new global ERP system. Collectively, we expect these investments to support our future growth plans and generate increased operating leverage over the long term.

正如我們上次電話會議中提到的，我們最近完成了鞋類製造從中國到越南的轉變，並預計這將帶來更強的產品開發能力和更持久的供應鏈。正如 Sean 所說，我們也正在實施一個新的全球 ERP 系統。總的來說，我們預計這些投資將支持我們未來的成長計畫並在長期內產生更高的經營槓桿。

And in summary, we are optimistic about the structural health of the golf industry and are focused on expanding our momentum in the Titleist golf equipment segment, strengthening our gear and FJA wearables businesses, and investing in key initiatives that will pay dividends over the next several years.

總而言之，我們對高爾夫產業的結構性健康持樂觀態度，並專注於擴大我們在 Titleist 高爾夫設備領域的發展勢頭，加強我們的裝備和 FJA 可穿戴設備業務，並投資於將在未來幾年帶來回報的關鍵舉措。

I have confidence in the Acushnet team and their ability to provide dedicated golfers with leading products and services as we seek to build long-term value for our shareholders.

我對 Acushnet 團隊充滿信心，相信他們有能力為忠誠的高爾夫球手提供領先的產品和服務，因為我們致力於為股東創造長期價值。

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

感謝您今天上午的關注。我現在將電話轉給肖恩。

Thank you, David. Good morning, everyone. To begin, I'd like to discuss a few items that have impacted the 2024 financials. First, as we discussed last quarter, I want to highlight the combination of our previous Titleist golf balls and golf club segments into Titleist golf equipment segments.

謝謝你，大衛。大家早安。首先，我想討論一些對 2024 年財務狀況產生影響的因素。首先，正如我們在上個季度所討論的那樣，我想強調我們之前的 Titleist 高爾夫球和高爾夫球桿部分與 Titleist 高爾夫球設備部分的結合。

This new reporting structure best reflects the way in which we are now managing and allocating resources to the golf equipment business. As you can see in today's earnings relief, we will still provide net sales detail for golf balls and clubs within the financials.

這種新的報告架構最能反映我們目前管理和分配高爾夫設備業務資源的方式。正如您在今天的收益報告中看到的，我們仍將在財務報表中提供高爾夫球和球桿的淨銷售額細節。

Next, the company made a change in accounting principle related to the presentation of distribution and shipping and handling costs, moving these costs from SGA expense into cost of goods sold. Distribution expense is a cost essential to the fulfillment and delivery of our products to our customers and as such is more meaningfully presented as a cost of sales rather than SGA.

接下來，公司對與分銷和運輸及處理成本列報相關的會計原則進行了更改，將這些成本從 SGA 費用轉移到銷售成本中。分銷費用是我們為客戶完成和交付產品所需的成本，因此，更有意義地將其呈現為銷售成本，而不是 SGA。

This presentation change also makes our financial statements more comparable to some of our closest industry peers. The impact of this change for 2024 and 2023 has been included in today's earnings release.

這種呈現方式的改變也使我們的財務報表與一些最接近的行業同業更具可比性。這項變更對 2024 年和 2023 年的影響已包含在今天的收益報告中。

Lastly, I want to point out that we recorded a one-time benefit to our income statement associated with a change in the company's paid time off policy, or PTO, totaling approximately $18 million in the fourth quarter. The amount of the benefit that is included in gross profit, SGA, and R&D is $7 million and $0.09 million dollars, and $2 million respectively. The total amount has been excluded from adjusted as noted in our reconciliation.

最後，我想指出的是，我們在損益表中記錄了與公司帶薪休假政策（PTO）變化相關的一次性福利，第四季度總額約為 1800 萬美元。毛利、SGA 和研發中包含的福利金額分別為 700 萬美元、9 萬美元和 200 萬美元。正如我們在對帳表中所述，總金額已被排除在調整之外。

Now turning to our 2024 financial results. Fourth quarter net sales were in line with our expectations and up 7.9% when compared to the fourth quarter of 2023 with higher net sales across all reportable segments. The Justice I was $12.4 million approximately $14 million better than last year's fourth quarter. Looking at our segments, Titleist golf equipment was up 7.4% in the quarter, largely due to higher sales volumes of our recently launched GT drivers and fairways, along with higher average selling prices. These increases were partially offset by lower volumes of our second model year irons. Foothoy net sales grew 1.9% during the fourth quarter, driven by higher volumes and footwear.

現在來談談我們的 2024 年財務表現。第四季的淨銷售額符合我們的預期，與 2023 年第四季相比成長 7.9%，所有可報告部門的淨銷售額均有所增加。《正義》第一季的票房收入為 1,240 萬美元，比去年第四季高出約 1,400 萬美元。縱觀我們的分部，Titleist 高爾夫球具在本季度上漲了 7.4%，這主要歸功於我們最近推出的 GT 發球桿和球道木桿的銷量增加，以及平均售價的上漲。這些成長被我們第二款鐵桿的銷售下降部分抵消。受銷量和鞋類銷售額成長的推動，Foothoy 在第四季淨銷售額成長了 1.9%。

Golf gear net sales increased 17.3%, driven by higher sales volumes and travel product categories than golf gloves. Looking at the full year results in 2024, net sales and adjusted EBITDA increased 3.9% and 7.5% respectively, with net sales increases in our Titleist golf equipment and golf gear segments.

高爾夫裝備淨銷售額成長了 17.3%，這得益於銷售量和旅遊產品類別比高爾夫手套更高的成長。綜觀 2024 年全年業績，淨銷售額和調整後 EBITDA 分別成長 3.9% 和 7.5%，其中 Titleist 高爾夫裝備和高爾夫裝備部門的淨銷售額有所增長。

Turning to results by region on slide 7 in the 4th quarter, we saw net sales growth across all regions except Japan. In the full year, the US led the growth of 7.2%, and EMIA, rest of the world, and Korea were slightly up during the year. Japan was down 3.5% as higher net sales and tireless golf equipment was more than offset by decreases in other categories.

查看第四季第 7 張投影片上各地區的業績，我們發現除日本外所有地區的淨銷售額均有所成長。全年來看，美國引領成長7.2%，歐洲、中東和非洲（EMIA）、世界其他地區以及韓國均小幅上漲。日本的銷售額下降了 3.5%，因為淨銷售額的增加和不知疲倦的高爾夫設備的銷售額被其他類別的銷售額的下降所抵消。

Overall, fourth quarter gross profit of $208 million was up $27 million or 15.2% compared to last year's fourth quarter with increases across all reportable segments. Reported gross margin of 46.7% was up 300 basis points. The impact from the one-time PTO benefit was 150 basis points on gross margin for the quarter.

整體而言，第四季毛利為 2.08 億美元，比去年同期增加 2,700 萬美元，增幅為 15.2%，所有報告部門均成長。報告的毛利率為46.7%，上漲了300個基點。一次性 PTO 福利對本季毛利率的影響為 150 個基點。

Gross profit for the full year was $1.2 billion up 6% or $68 million primarily resulting from increased volumes and tireless golf equipment and golf gear. Gross margining grew to 48.3%, up 130 basis points from last year, primarily driven by a favorable product mix shift. The impact from the one-time PTO benefit was 20 basis points on gross margin for 2024.

全年毛利為 12 億美元，成長 6% 或 6,800 萬美元，主要得益於銷售成長以及高爾夫設備及高爾夫裝備的不懈努力。毛利率成長至48.3%，較去年同期上升130個基點，主要得益於產品組合的有利轉變。一次性 PTO 福利對 2024 年毛利率的影響為 20 個基點。

SGA expense of $193 million in the quarter increased $9 million or 5% compared to the fourth quarter of 2023 and includes a $9 million benefit related to the one-time PTO adjustment.

本季的 SGA 費用為 1.93 億美元，與 2023 年第四季相比增加了 900 萬美元或 5%，其中包括與一次性 PTO 調整相關的 900 萬美元收益。

SG&A expense of $802 million for the full year, increased $46 million or 6.1% from 2023 and includes the $9 million PTO benefit.

全年銷售、一般及行政開支為 8.02 億美元，較 2023 年增加 4,600 萬美元或 6.1%，其中包括 900 萬美元的 PTO 福利。

The increase was primarily due to $18 million of restructuring costs related to our footwear manufacturing move to Vietnam, which is included in operating income but added back for adjusted IBA purposes.

成長的主要原因是我們將鞋類製造業務轉移到越南，產生了 1800 萬美元的重組成本，該成本已計入營業收入，但出於調整後 IBA 目的而加回。

The increase was also impacted by higher employee expenses, including the support of our golf equipment fitting initiatives, higher information technology related expenses, and higher A&P expense related to new product launches.

成長也受到員工費用增加的影響，包括對高爾夫設備組裝計畫的支援、資訊科技相關費用的增加以及與新產品發布相關的廣告和宣傳費用的增加。

Interest expense was up $11 million for the full year due to an increase in borrowings and a higher weighted average interest rate in 2024. Our full year effective tax rate was 19.2%, up from 17.8% last year. The increase in ETR was primarily driven by changes in our jurisdictional mix of earnings as well as changes in our valuation allowance.

由於借款增加和 2024 年加權平均利率上升，全年利息支出增加了 1,100 萬美元。我們的全年有效稅率為 19.2%，高於去年的 17.8%。ETR 的增加主要是由於我們的管轄收入組合變化以及我們的估值準備金變化所致。

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.

談到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繼續非常強勁，使我們能夠執行我們的資本配置策略，持續投資於業務和向股東返還資本是我們的最高優先事項。

Our net leverage ratio at the end of 2024 was 1.8 times. Our inventory levels remain healthy and we're down $40 million or about 6% from year end 2023. Capital expenditures for 2024 were $75 million slightly lower than our $80 million dollar expectation for the year.

我們的2024年底淨槓桿率為1.8倍。我們的庫存水準保持健康，與 2023 年底相比下降了 4,000 萬美元，約 6%。2024 年的資本支出為 7,500 萬美元，略低於我們對該年度 8,000 萬美元的預期。

As David noted, in 2024, we returned roughly $227 million to shareholders with $173 million in share repurchases and $54 million in cash dividends. Today we announced an increased quarterly dividend of 23.$0.05 per share, which will be payable on March 201 to shareholders of record on March 7, 2025.

正如戴維所說，2024 年，我們向股東返還了約 2.27 億美元，其中 1.73 億美元為股票回購，5,400 萬美元為現金股利。今天，我們宣布將季度股息增加至每股 23.05 美元，並將於 201 年 3 月支付給 2025 年 3 月 7 日登記在冊的股東。

During the fourth quarter, we repurchased approximately 440,000 shares of our common stock for $30 million bringing our full year repurchases to approximately 2.7 million shares for a total of $173 million.

第四季度，我們以 3,000 萬美元回購了約 44 萬股普通股，使我們全年回購量達到約 270 萬股，總額為 1.73 億美元。

On February 13, 2025, our board of directors increased the share repurchase authorization by an additional $250 million bringing the total authorization to $1.25 billion since the share repurchase program was established in 2018. As of February 20, 2025, the remaining share repurchase authorization was approximately $434 million and the number of shares outstanding was $59.9 million.

2025 年 2 月 13 日，我們的董事會將股票回購授權額外增加了 2.5 億美元，使自 2018 年建立股票回購計畫以來的總授權金額達到 12.5 億美元。截至 2025 年 2 月 20 日，剩餘股票回購授權約 4.34 億美元，流通股數為 5,990 萬美元。

Turning to our full year 2025 outlook, full year net sales is projected to be between $2.485 billion and $2.535 billion on a reported basis, including an estimated $35 million negative impact from foreign currency year over year. On a constant currency basis, our current expectation is that consolidating net sales will be up between 2.6% and 4.6% compared to 2024, with growth across all reportable segments as well as growth both domestically and internationally. Our full year adjusted IAA is expected to be between $405 and $420 million and includes the estimated negative impacts from foreign currency.

展望 2025 年全年展望，預計全年淨銷售額在報告基礎上介於 24.85 億美元至 25.35 億美元之間，其中包括年比預計 3,500 萬美元的外匯負面影響。以固定匯率計算，我們目前預計，合併淨銷售額將比 2024 年增長 2.6% 至 4.6%，所有可報告部門均將實現成長，國內和國際市場也將實現成長。我們全年調整後的 IAA 預計在 4.05 億美元至 4.2 億美元之間，其中包括預期的外幣負面影響。

At the midpoint, our adjusted EBITDA margin would be approximately 16.4%. This outlook does not reflect the impact of any recently announced tariffs by the US or potential retaliatory actions taken by other countries, as the tariff and trade environment remains uncertain at this time and continues to evolve.

中間值時，我們的調整後 EBITDA 利潤率約為 16.4%。這一前景並未反映美國近期宣布的關稅或其他國家可能採取的報復行動的影響，因為目前關稅和貿易環境仍不確定且不斷變化。

As we have previously mentioned, we source about 6% of our cost of goods sold from China and have limited exposure to Canada and Mexico. The China 10% incremental tariff would equate to an approximately $7 million headwind. We are actively exploring actions to mitigate this impact, including leveraging our supply chain and potential pricing actions.

正如我們之前提到的，我們的銷售成本中約有 6% 來自中國，對加拿大和墨西哥的依賴有限。中國10%的增量關稅將相當於約700萬美元的逆風。我們正在積極探索減輕這種影響的行動，包括利用我們的供應鏈和潛在的定價行動。

As we remain committed to driving sustainable long-term growth, we are investing in the business through many strategic initiatives extending into 2025 and beyond. As David mentioned, this includes investments in our global fitting network across both our titleless golf equipment and foot choice segments and expanding our global digital commerce presence.

由於我們始終致力於推動永續的長期成長，我們正在透過許多延伸至 2025 年及以後的策略性舉措對業務進行投資。正如大衛所提到的，這包括對我們無產權高爾夫設備和腳部選擇領域的全球裝配網絡的投資，以及擴大我們的全球數位商務影響力。

We are also in the process of a multi-year implementation of a new global cloud-based ERP system to provide scalability, simplified, standardized processes, and enhanced supply chain and finance capabilities. We anticipate this new global ERP platform will enable further operating efficiencies and support our digital transformation.

我們還正在進行一項為期多年的新的基於雲端的全球 ERP 系統實施工作，以提供可擴展性、簡化、標準化流程以及增強的供應鏈和財務能力。我們預計這個新的全球 ERP 平台將進一步提高營運效率並支援我們的數位轉型。

As a result of these key strategic initiatives, we expect full year 2025 SGNA growth to be higher than our sales growth projections. These initiatives are critical to delivering long-term sustainable growth and operating leverage in the years to come.

由於這些關鍵策略舉措，我們預計 2025 年全年 SGNA 成長將高於我們的銷售成長預測。這些措施對於實現未來幾年的長期永續成長和經營槓桿至關重要。

We expect capital expenditures for 2025 to be approximately $85 million. In addition, we expect to invest $15 to $20 million in capitalized implementation costs associated with our worldwide ERP platform.

我們預計 2025 年的資本支出約為 8,500 萬美元。此外，我們預計將投資1500萬至2000萬美元用於與我們的全球 ERP 平台相關的資本化實施成本。

Looking at the first half of 2025, we expect reported net sales to be up low single digits compared to the first half of 2024, with growth primarily coming from tireless golf equipment driven by the new Pro-V1 launch and continued momentum of our GT Metals product line, including the launch of the GT1 drivers and Fairways and GT hybrids. We expect the just IIA to be slightly lower than the first half of 2024 due to increased operating expenses and the estimated negative impacts from foreign currency.

展望 2025 年上半年，我們預計報告的淨銷售額將比 2024 年上半年增長低個位數，增長主要來自不知疲倦的高爾夫設備，受新款 Pro-V1 推出的推動，以及我們 GT Metals 產品線的持續發展勢頭，包括 GT1 發球木桿和球道木桿和 GT 混合桿的推出。我們預計，由於營運費用增加和預計的外匯負面影響，剛結束的 IIA 將略低於 2024 年上半年。

From a quarterly standpoint, we expect net sales and adjust theBA to be more weighted to the 2nd quarter. This is different than last year's cadence to the outsized impact of oy wedges launched in the 1st quarter of last year. On a reported basis, we expect first quarter net sales to be below prior year as we are forecasting a $10 to $15 million dollar foreign currency headwind. We would also expect this currency headwind to have a negative impact on adjusted EBITDA in the 1st quarter.

從季度角度來看，我們預計淨銷售額和調整 BA 將更集中在第二季。這與去年的節奏不同，去年第一季推出的 oy wedges 產生了巨大影響。據報道，我們預計第一季淨銷售額將低於去年同期，因為我們預測外匯逆風將達到 1,000 萬至 1,500 萬美元。我們也預期這種貨幣逆風將對第一季的調整後 EBITDA 產生負面影響。

In closing, we were pleased with our performance in 2024 and remain focused on executing on our priorities in 2025 and beyond. With that, I'll now turn the call over to Sondra for Q&A.

最後，我們對 2024 年的表現感到滿意，並將繼續專注於執行 2025 年及以後的優先事項。說完這些，我現在將電話轉給桑德拉進行問答。

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

謝謝接線生 Sean，我們現在可以開始回答問題了嗎？

Absolutely. (Operator instruction)

絕對地。（操作員指令）

Our first question today comes from Joseph Altobello from Raymond James. If your line is now open, please go ahead.

我們今天的第一個問題來自雷蒙德詹姆斯公司的約瑟夫阿爾托貝洛。如果您的線路現在開通，請繼續。

Thanks. Hey guys, good morning. I guess first question on the quarter, the gross margin of 300 basis points. I think the the PTO benefit was half of that. So, and I apologize if I missed this. What drove the other half of the improvement year over year?

謝謝。大家早安。我想第一個問題是關於本季的，毛利率為 300 個基點。我認為 PTO 福利是這個的一半。所以，如果我錯過了這一點，我深感抱歉。是什麼推動了另一半的逐年改善？

Yeah, Joe, just continued performance in the golf equipment segment, we had growth across all of the product segments on the top line. I think we've got a more normalized supply chain, moderating freight and distribution environment which allowed us to deliver incremental gross margin for Q4.

是的，喬，高爾夫設備領域的表現持續良好，我們所有產品領域的營收都實現了成長。我認為我們擁有更規範的供應鏈、適度的貨運和配送環境，這使我們能夠在第四季實現更高的毛利率。

Okay, and shifting over to the investments you guys called out this morning, is there a way to quantify how much of that is hitting in 25 and should we think of those as sort of one time in nature or are they going to continue going forward?

好的，轉到你們今天早上提到的投資，有沒有辦法量化其中有多少是在 25 年內實現的，我們應該把它們看作是一次性的，還是它們會持續進行？

Yeah, I don't know that we quantify how much hits in 25, Joe, but we did call out a handful that will be outsized in 25 and normalized in the out years.

是的，喬，我不知道我們能否量化 25 年內的命中率，但我們確實指出了一些在 25 年內會超額完成並在未來幾年內正常化的情況。

Yeah, I think Joe, again, I just pointed to the guy who gave you on revenue and adjusted EBITDA. We do think that 2025 brings, a consistent or expanding gross margin. For the company in total, we talked a bit about the SGA in delivering an excuse me, EBITDA margin generally in line with where we're at today. So obviously the global ERP is a multi-year Building out the fitting network globally is something that we will continue to do, but obviously, as you see, given the performance of the golf equipment segment has and yields, tremendous benefits. So. I'll leave it at that. Yeah.

是的，我想喬，我再次指出了那個給你收入和調整後 EBITDA 的人。我們確實認為 2025 年將帶來穩定或擴大的毛利率。就整個公司而言，我們討論了一下有關 SGA 的問題，對不起，EBITDA 利潤率與我們今天的水平大致一致。因此，顯然全球 ERP 是一個多年的項目，在全球範圍內建立組裝網路是我們將繼續做的事情，但顯然，正如您所看到的，考慮到高爾夫設備部門的表現和收益，我們獲得了巨大的利益。所以。我就不說了。是的。

And I just said we've talked for a while, Joe, about the build out of our digital capabilities, the build out of our fitting network. At some point they'll be built out, right? This is us taking our efforts to new markets and again at some point they will be built out. We think we're spending and investing in 25, but in 26 and 27 we should be. Closer to the build out phase than we are now.

喬，我剛才說了，我們已經討論了一段時間，關於建立我們的數位能力，建立我們的組裝網路。在某個時候它們會被建成，對嗎？這是我們努力開拓新市場，並在某個時候再次開拓新市場。我們認為我們會在 25 年進行支出和投資，但我們應該在 26 年和 27 年這樣做。比現在更接近建設階段。

Okay. Very helpful. Thank you.

好的。非常有幫助。謝謝。

Thanks Jo operator, next question please.

謝謝接線生喬，請問下一個問題。

Of course. Our next question comes from Megan Clapp from Morgan Stanley. Your line is now open. Please proceed.

當然。下一個問題來自摩根士丹利的梅根·克拉普 (Megan Clapp)。您的線路現已開通。請繼續。

Hey, good morning, thanks so much. I wanted to start with the top line guide, Sean. You gave a lot of helpful commentary on the first half, but as it relates to the full year midpoint and constant currency up 3.5%, should we expect your commentary around the first half to be consistent with the full year in terms of most of the growth is coming from golf equipment and within that between balls and clubs, understand you're not going to. Disclose the difference between the two going forward, but if you just help us understand how you're thinking about balls versus clubs, in the context of the overall golf equipment guide for the year?

嘿，早上好，非常感謝。我想從頂級導遊肖恩開始。您對上半年給出了許多有益的評論，但由於它與全年中點和固定匯率上漲 3.5% 相關，我們是否應該期望您對上半年的評論與全年保持一致，因為大部分增長來自高爾夫設備，其中高爾夫球和球桿之間，請理解您不會這樣做。請透露兩者之間的區別，但如果您能幫助我們了解您在年度整體高爾夫設備指南的背景下對球和球桿的看法嗎？

Sure, and just to clarify, we will be continuing to give you sales information for clubs and balls separately, so you're not losing that. It's really the aggregated segment P&L through OI. That will be aggregated. So as we talk about the guide, balls again it's a prov1 launch year, so I would expect a large part of the growth in balls to be first half versus second half.

當然，只是為了澄清一下，我們將繼續分別向您提供球桿和球的銷售信息，這樣您就不會失去這些信息。它實際上是透過 OI 匯總的分部損益。這些將會被匯總。因此，當我們談論指南時，球再次成為 prov1 的發布年，因此我預計球的增長很大一部分將是上半年而不是下半年。

At the same time, the club business, as David and I talked about, we've got some upcoming. A launches with the Cameron Putters as well as the GT1 and the GT hybrid. So and then irons later in the year. So you know I would expect, the growth in the club business to be more weighted to the 2nd quarter, but overall we feel very good about the growth in the golf equipment segment for the full year.

同時，正如大衛和我談到的，俱樂部業務我們也有一些新動向。與 Cameron Putters、GT1 和 GT 混合桿一起推出。因此，今年晚些時候再進行熨燙。因此，我預計俱樂部業務的成長將更集中在第二季度，但總體而言，我們對全年高爾夫設備部門的成長感到非常樂觀。

You didn't ask this question, but again, foot joy. Is very much focused on profitability as we've gone and taken some pricing actions, some product line rationalization, and really are more focused on driving higher profitability with a more premium appropriate offering in that segment. So, I don't know if that's helpful color or context to the overall guide, but those are some of the thoughts that are impacting again the foreign currency headwind is obviously a real one.

你沒有問這個問題，但再一次，腳的快樂。我們非常關注獲利能力，因為我們採取了一些定價行動，一些產品線合理化，並且真正更加重視透過在該領域提供更優質的產品來提高獲利能力。所以，我不知道這是否對整體指南有幫助，但這些想法再次產生了影響，外匯逆風顯然是真實存在的。

Our next question comes from Matthew Boss from JP Morgan.

下一個問題來自摩根大通的 Matthew Boss。

Great, thanks. So maybe David, if you could elaborate on the current health of the golf industry, maybe in the US versus international, and just how you see that translating to rounds played in 25 and sustainability of the trends that you're seeing today.

非常好，謝謝。所以也許大衛，你能否詳細說明高爾夫行業的當前健康狀況，也許是在美國與國際上的狀況，以及你如何看待這對 25 輪比賽的影響以及你今天看到的趨勢的可持續性。

Yeah, Matt, so I'll start with rounds of play, right, really strong year in the US. Given all the inputs, whether it's new golfers, capacity, etc. Our general approach, and this wouldn't differ given particularly we're coming off a record year, would be to think about rounds as being flat and then and then Mother Nature does what she does and that pushes you up or down.

是的，馬特，所以我將從幾輪比賽開始，對吧，這是美國非常強勁的一年。考慮到所有的投入，無論是新球員、容量等等。我們的一般方法，特別是考慮到我們剛剛度過了創紀錄的一年，這種方法不會有所不同，就是把回合看作是平緩的，然後大自然會按照它的方式將你推上推下。

But the golfer supply, the participation rates are healthy. So we've been doing this for a long time, and in my time here we generally think of rounds as flat and then that informs our planning process again, when we get good weather, we'll see upward ticks when we when we get poor weather, we'll see it go downwards.

但高爾夫球手的供應和參與率都很健康。因此，我們已經這樣做了很長時間，在我在這裡的時間裡，我們通常認為輪次是平緩的，然後這再次指導我們的規劃過程，當我們遇到好天氣時，我們會看到上升的趨勢，而當我們遇到惡劣天氣時，我們會看到它下降。

But I will point to just the inputs that that inform our thinking, and I made a couple of these comments in my prepared remarks around the golfer supply and the golfer base. So generally a health healthy golfer base, that is the starting point to our thinking.

但我只想指出那些能啟發我們思考的意見，我在準備好的發言中就高爾夫球手供應和高爾夫球手基礎發表了一些評論。因此整體而言，健康的高爾夫球手基礎是我們思考的起點。

In terms of in terms of the rest of the world, the trends are similar. The dedicated golfer behavior is similar, but macroeconomic conditions have not been as robust. They were softer in 23 and 24, and we expect similar conditions in 25.

就世界其他地區而言，趨勢是類似的。專注的高爾夫球手的行為類似，但宏觀經濟條件並不那麼強勁。23日和24日的情況較為溫和，我們預期25日的情況也會類似。

That said, we are planning for growth outside the US in our business, so part of that's new products, part of that share, etc. So high level we like what we see from a golfer perspective. We like what we see from a participation perspective. There's always an element of caution baked into our planning, whether it's US and tariffs and inflation or ex, particularly in Japan and Korea. And the final area I'd look at is what does the market look like.

也就是說，我們計劃在美國以外的地區實現業務成長，因此部分業務是新產品，部分業務是份額，等等。因此，從高水準來看，我們喜歡從高爾夫球手的角度看到的東西。從參與的角度來看，我們喜歡所看到的結果。我們的計劃中總是包含謹慎因素，無論是美國、關稅、通貨膨脹或其他，尤其是在日本和韓國。我最後要關注的領域是市場狀況。

Certainly the green grass channel globally is very healthy. Our retail partners of course are healthy as well, and inventories are in are in very much a normal place for this time of year, and we were asked. We've been asked over the last couple of weeks about January sell through and my key takeaways from January sell through, which which was generally positive, was that pricing held up pretty well. And what you sometimes see in January is you see you see some real price pressure as retailers and OEMs sometimes clear the decks to prepare for new product launches.

當然，全球的綠草通路非常健康。我們的零售合作夥伴當然也很健康，庫存也處於每年這個時候的正常水平，我們也被問到。過去幾週我們一直被問及一月份的銷售情況，而我對一月份銷售情況的主要感受是，總體來說是積極的，即定價保持得相當好。一月份有時會出現的情況是，你會看到一些真正的價格壓力，因為零售商和原始設備製造商有時會做好準備，準備推出新產品。

We didn't see that in January. So Matt, threw a lot at you there, but some review, golfers still in pretty good shape, the macroeconomic pressures as well as I do. We feel better about the US than we do in Japan and Korea. That's not different from the last couple of years.

我們在一月沒有看到這種情況。所以馬特，你在那裡遇到了很多問題，但有些評論說，高爾夫球手的狀態仍然很好，宏觀經濟壓力也和我一樣。我們對美國的感覺比對日本和韓國的感覺好。這與過去幾年的情況沒有什麼不同。

And again our retailers are in a generally healthy spot. So, I think the I think the summation of all that is our guide, and we're projecting growth in segments and growth in all regions, albeit a little faster paced in the US.

我們的零售商整體狀況良好。因此，我認為所有這些的總結都是我們的指導，我們預測各個領域和所有地區的成長，儘管美國的成長速度會稍微快一些。

Great, maybe. And then Sean, just on gross margin, could you walk through puts and takes to consider this year and just health of channel inventory in the US versus overseas today?

或許，很棒。然後 Sean，僅就毛利率而言，您能否介紹今年的利弊，以及目前美國和海外渠道庫存的健康狀況？

Yeah, just to add on, I'll take the second first. I think the health of the channel inventory is very good. We obviously have worked through the foot joy, apparel and footwear that we've been talking about probably for several quarters internationally, but we feel very good about the health of the channel inventory for 25 as it relates to gross margin. I'll talk a bit on the top line. Certainly we didn't raise pricing on Pro B1 in the US, but we did take pricing action, I think, in 3 or 4 of the international markets.

是的，補充一下，我先選擇第二個。我認為渠道庫存的健康狀況非常好。顯然，我們已經解決了國際上可能已經討論了幾個季度的 Foot Joy、服裝和鞋類問題，但我們對 25 年通路庫存的健康狀況感到非常滿意，因為它與毛利率有關。我就講一點最重要的事情。當然，我們並沒有在美國提高 Pro B1 的價格，但我認為，我們確實在 3 或 4 個國際市場採取了定價行動。

You're from, you're aware of the pricing we took in the club business, etc. We'll do similarly in certain product categories within footjoy. So I think there's an element of higher ESPs coming into 2025.

您來自哪裡，您知道我們在俱樂部業務中採取的定價等等。我們將在 footjoy 內的某些產品類別中採取類似的措施。因此我認為到 2025 年 ESP 會有所提升。

As it relates to cost of goods sold and distribution, as I said, the supply chain feels normalized. I think the freight environment, freight in, freight out is a little more normalized with no longer the threat of strikes, etc.

正如我所說，由於它與銷售成本和分銷相關，供應鏈感覺正常化。我認為貨運環境，貨運進出都比較正常化，不再有罷工的威脅等等。

We are continuing to see the benefits and efficiencies of our owned and controlled distribution center here domestically in Massachusetts. Which I would expect would continue to drive incremental efficiencies and leverage in the business. So overall, we feel about the gross margin environment, as I said, meeting and expanding relative to 24 in the 2025 period.

我們不斷看到我們在馬薩諸塞州擁有和控制的配送中心的優勢和效率。我希望這將繼續推動業務效率和槓桿的提升。因此總體而言，正如我所說，我們對毛利率環境的看法是，到 2025 年，毛利率將達到並相對於 24 有所擴大。

Thanks, talk later next question.

謝謝，下次再談下一個問題。

Yeah, our next question comes from Michael Swartz from Truist Securities.

是的，我們的下一個問題來自 Truist Securities 的 Michael Swartz。

Hey, good morning, guys. Let me just follow up to Matt's last question. I think with the global outlook, it sounds like you're thinking kind of flattish status quo sounds like you're taking some pricing.

嘿，大家早安。讓我繼續回答馬特的最後一個問題。我認為，從全球視角來看，聽起來你正在思考一種持平的現狀，聽起來你正在採取一些定價措施。

How do you think about just in that organic organic growth outlook just the view between maybe unit volume and pricing is most of that pricing, or are you looking for some unit volume growth as well?

您如何看待有機成長前景？也許單位數量和定價之間的差異決定了大部分定價，還是您也希望實現一定的單位數量增長？

Yeah, I would say it's a combination of the two, I often refer to our product launch life cycle calendars. It's a Pro B1 year. They, if I look back, I think we were up double digits in 203. We had a nice ball year last year, which is not always the case in a year following a launch year, but we would certainly see a combination of unit growth and pricing. Particularly on the equipment side, Mike, maybe a little bit of a different story in the rest of our business which would be probably more level volumes but a bit more price on on the gear and wearable side.

是的，我想說這是兩者的結合，我經常參考我們的產品發布生命週期日曆。這是 Pro B1 年。如果我回顧一下，我認為我們在 203 賽季就領先了兩位數。去年，我們度過了一個愉快的一年，這在新推出的一年中並不常見，但我們肯定會看到銷售成長和定價的結合。特別是在設備方面，麥克，也許我們其他業務的情況會有所不同，可能是產量水平更高，但裝備和可穿戴設備的價格會更高一些。

Okay, that's helpful. And then just with the with the tariff commentary, just maybe a little more context there. I think you had said your guidance doesn't include any potential tariffs or retaliatory actions, but then I think you also said that it's about $10 or $7 million dollar hit on the incremental 10% to China coming out of China. Does the guidance actually include that $7 million or not include that $7 million dollars?

好的，這很有幫助。然後結合關稅評論，可能會有更多背景資訊。我想您曾說過，您的指引不包括任何潛在的關稅或報復行動，但我想您也說過，中國對華出口每增加 10% 的關稅，將帶來約 1000 萬美元或 700 萬美元的損失。該指導意見實際上是否包括了這 700 萬美元？還是沒有包括這 700 萬美元？

Yeah, Mike, it does not include, I just think the environment is fairly dynamic right now, so we thought to be reasonable and prudent was to highlight what we saw as the potential risk. And isolate it for everyone as opposed to baking it in. So, as we go forward here, we can update you each quarter. But again, I think that the important points for the for the investor base is that we have minimal exposure to Canada and Mexico given our operations. We've done a wonderful job with our supply chain in having, for one example, moving to Vietnam with the footwear production which was completed. And is fully operational here in 25, so I think to have 6% exposure of cost of goods sold to China, I think is a good place for us to be.

是的，麥克，它不包括，我只是認為現在的環境相當動態，所以我們認為合理和謹慎的是強調我們所看到的潛在風險。並將其隔離給每個人，而不是將其烘烤進去。因此，隨著我們不斷前進，我們可以每季向您更新最新情況。但我再次認為，對於投資者群體而言，重要的一點是，考慮到我們的業務，我們對加拿大和墨西哥的投資極少。我們的供應鏈做得非常出色，例如，我們將已經完成的鞋類生產轉移到了越南。並且在 25 年內全面投入運營，所以我認為，將銷往中國的商品成本敞口控制在 6% 左右，對我們來說是一個不錯的水平。

You can imagine we're working with the teams to evaluate the supply chain, other geographic sourcing options, as well as any potential pricing actions to mitigate that. So. That's our best outlook today and felt best to exclude it from the guide and you know we've quantified it for you and we're hard at work looking for ways to mitigate.

你可以想像我們正在與團隊合作評估供應鏈、其他地理採購選項以及任何潛在的定價行動，以緩解這種情況。所以。這是我們今天最好的展望，感覺最好將其排除在指南之外，您知道我們已經為您量化了它，我們正在努力尋找緩解的方法。

Okay, helpful.

好的，很有幫助。

Thank you. Great thank you operator next question please.

謝謝。非常感謝接線員，請問下一個問題。

Thank you. Our next question comes from JP Wallen from Ross Capital Partners.

謝謝。我們的下一個問題來自 Ross Capital Partners 的 JP Wallen。

Morning everyone. Thanks for taking my questions. If we could maybe just start, kind of assessing the ball segment here, I just wanted to maybe click in on, and I know you said that I think it was (inaudible)?

大家早安。感謝您回答我的問題。如果我們可以從這裡開始，評估一下球的部分，我只是想點擊一下，我知道你說過我認為它是（聽不清楚）？

JP, you just broke up a bit, so I don't know that we got your entire question.

JP，你剛剛分手了，所以我不知道我們是否理解了你的全部問題。

I'm sorry, can you hear me all right?

對不起，你聽得到我說話嗎？

Yeah, that's a little bit better.

是的，這樣稍微好一點。

Perfect, really just assessing the Prov1 strength in 2024 and kind of what that can tell us about, just how strong of a launch here we can have in 2025?

完美，實際上只是評估 2024 年 Prov1 的實力，以及這可以告訴我們什麼，我們在 2025 年能有多麼強勁的推出？

Yeah, okay, JP, thanks. As I said, this just to walk it back a bit, we're in year 25 of Pro V1, which we're incredibly excited about, and I said it earlier, it's a, it's a journey of innovation and continuous improvement. We take that initiative and charge very seriously. So, on the product side, we're very excited about Pro V1.

是啊，好的，JP，謝謝。正如我所說的，這只是稍微回顧一下，我們正處於 Pro V1 的第 25 個年頭，我們對此感到非常興奮，我之前就說過，這是一段創新和持續改進的旅程。我們非常重視這項措施並十分重視。因此，從產品方面來看，我們對 Pro V1 感到非常興奮。

Counts around the worldwide tours are up to 77%, which is higher than we would typically see, and we point to the performance and quality of the Pro B1 as a key driver to that.

全球巡迴賽的計數高達 77%，這高於我們通常看到的水平，我們指出 Pro B1 的性能和品質是實現這一目標的關鍵驅動因素。

In terms of the last couple of years and what it means for 2025. It starts with product. It is followed by, we talk a lot about expanding our fitting networks. That's not just clubs, that's balls too. We've got a whole lot of ball fitting happening around the world that we think pays off.

就過去幾年而言，這對 2025 年意味著什麼。一切從產品開始。接下來，我們討論了很多有關擴大我們的組裝網路的事情。這不僅僅是球桿，也是球。我們在世界各地開展了大量的球類運動，我們認為這些運動是有回報的。

It's the positioning of ADX within the line. It's our performance model. So, it's not just Pro B1, and again it was a terrific year for us to grow on the on the heels of a 13% increase in 2023 in golf balls to do so in 204, when you think about the pipeline realities that happen in a launch year that don't that don't repeat in a non-launch year. So, I'll get to 2025 and really, it's a product story. It's a fitting story. It's a, the team is committed to really telling our story well. Part of our investment in 2025 is in A&B to tell the great story that we think we have to tell.

這是 ADX 在線內的定位。這是我們的績效模型。因此，這不僅僅是 Pro B1，而且這對我們來說也是一個非常棒的一年，2023 年高爾夫球的銷量增長了 13%，而 204 年我們又實現了同樣的增長，當您考慮到在發布年份發生的管道現實情況時，這些現實情況在非發布年份不會重複出現。所以，我會到 2025 年，這實際上是一個產品故事。這是一個恰當的故事。這是一個，團隊致力於真實地講述我們的故事。我們對 2025 年的部分投資將用於 A&B，以講述我們認為必須講述的精彩故事。

As we look to expand our reach in the golf marketplace, so we are anticipating and planning for growth, as Sean said, a lot of that will be first half, but we're anticipating and planning for growth in 2020. 5, it won't be the double-digit level. We're not planning for the double digit level we saw in 2023, our last launch, but we're certainly planning for a nice growth in the golf ball franchise. It's, if there's one takeaway from today, it's the health and vibrancy of our equipment segment balls and clubs, and our willingness to continue to invest behind those franchises to continue to grow them.

由於我們希望擴大我們在高爾夫市場的影響力，因此我們正在預期併計劃增長，正如肖恩所說，很多增長將在上半年實現，但我們預計併計劃在 2020 年實現增長。 5，不會達到兩位數的水平。我們沒有計劃達到 2023 年（我們上次發佈時）的兩位數水平，但我們確實計劃讓高爾夫球特許經營實現良好的增長。如果我們今天能得出一個結論，那就是我們的設備部門的球和球桿的健康和活力，以及我們願意繼續投資這些特許經營權以繼續發展它們。

Great, thank you. And one follows up just on foot joy. I know you mentioned kind of a skew rationalization and maybe some price, but can you just share what else gives you confidence that that maybe we've kind of roughed in that business?

太好了，謝謝。而人們則以步行追隨歡樂。我知道您提到了某種偏差合理化，也許還有某種價格，但您能否分享一下還有什麼讓您有信心我們可能已經在該業務上取得了粗略的進展？

Yeah, I think it starts, you hit, it's what we're the actions we're taking, and there's some skew reduction. There's some line rationalization, but more than anything it's the new product pipeline we have on the footwear side. We've had some outsized growth and apparel. We that business is in really good shape. So the things we're controlling, we think are very positive.

是的，我認為它開始了，你擊中了，這就是我們正在採取的行動，並且有一些偏差減少。有一些生產線合理化，但最重要的是我們在鞋類方面擁有新的產品線。我們的服裝業務取得了超乎尋常的成長。我們的業務狀況非常好。因此，我們認為我們所控制的事情是非常積極的。

This also underscores the reality that the last couple of years in footwear have been very tough. I think global footwear, or at least footwear sell through in the US, was down upwards of 10% last year, and I think that we're at a point where the footwear marketplace has corrected. I think it's going to normalize a bit in 2025, which should provide a better backdrop for us to. Execute our strategy and again the strategy really leads with premium performance product.

這也強調了過去幾年鞋類產業非常艱難的現實。我認為去年全球鞋類銷量，或至少是美國鞋類銷量，下降了 10% 以上，我認為我們正處於鞋類市場調整的階段。我認為到 2025 年它會逐漸正常化，這將為我們提供更好的背景。執行我們的策略，而該策略確實再次以優質性能產品引領。

I mentioned Premiere. We're launching Hyperflex next week. We launched Quantum a few weeks ago, high performance products that we think have meaningful points of difference both in terms of performance benefit and style.

我提到了 Premiere。我們將於下週推出 Hyperflex。幾週前，我們推出了 Quantum，這是一款高性能產品，我們認為它在性能優勢和風格方面都有顯著的不同。

So like the actions we're taking and I think the marketplace is going to be healthier, and we see that in inventory data. We call that out in the US. We saw it improve last year. We thought it would take longer X to improve, and it has, but we're approaching 2025 for the first time in a couple of years, as though the footwear market will be normalized.

所以就像我們正在採取的行動一樣，我認為市場將會更加健康，我們在庫存數據中看到了這一點。我們在美國呼籲這一點。去年我們看到了它的改善。我們認為需要更長的時間才能改善，事實也確實如此，但我們幾年來第一次接近 2025 年，就好像鞋類市場將會正常化一樣。

Great, thank you and best of luck going forward.

太好了，謝謝你，祝你未來好運。

Thanks, JP.

謝謝，JP。

Operator, next question.

接線員，下一個問題。

Our next question today is from Noah Zatzkin from Key Bank Capital Markets.

今天的下一個問題來自 Key Bank Capital Markets 的 Noah Zatzkin。

Hi, thanks for taking my questions. I guess first, just wondering if you could kind of, provide any thoughts around the competitive environment looking out to 2025. I know some others have kind of pointed to maybe a more robust launch calendar.

你好，謝謝你回答我的問題。首先，我想知道您是否可以就 2025 年的競爭環境提供一些看法。我知道其他人已經指出也許需要更完善的發布日程表。

In terms of industry product launches than in recent prior years, so just wondering if you had any thoughts there. I know you also kind of pointed to maybe promo kind of in check in January, but just any thoughts on promo looking out as well?

就行業產品發布而言，與前幾年相比，我只是想知道您對此有什麼想法。我知道您也提到 1 月份可能會有促銷活動，但是您對促銷活動有什麼看法嗎？

Thank you. Yeah, real time data promos in check in January. That's that's the best way to think about it. We're on a little bit of a different calendar than most of the market. We launched our driver in Q3. A lot of our competitors launched products in the first part of the year.

謝謝。是的，一月會檢查即時數據促銷。這是思考這個問題的最好方式。我們的日程表與市場上的大多數稍有不同。我們在第三季推出了我們的驅動程式。我們的許多競爭對手都在今年上半年推出了產品。

We see the market as very competitive as it always is, so I'm not sure I see it meaningfully different from years past. It does sort of prompt me to remind everybody of our dedicated golfer focus and that we're a bit more narrow in our approach and reach. And sometimes that that allows us to be less susceptible to the broader market competitive forces in terms of, going after a broader base of the marketplace, but it's competitive. It's competitive in drivers. It's competitive in balls. I'm not sure it's any more or less competitive than it's been in years prior.

我們認為市場競爭一如既往地激烈，因此我不確定它與過去幾年有何重大不同。這確實促使我提醒大家我們專注於高爾夫球手，並且我們的方法和範圍比較狹窄。有時，這使我們不太容易受到更廣泛的市場競爭力量的影響，因為我們追求的是更廣泛的市場基礎，但競爭仍然是激烈的。它的車手很有競爭力。球類運動很有競爭力。我不確定現在的競爭力是比前幾年更強還是更弱。

What we will watch, given all this is what happens to pricing in the months ahead and really in Q2, Q3, when all the product that arrived in the market, right, the winners will march forward and hold price and others will maybe have to take some pricing action, so.

考慮到這一切，我們將關注未來幾個月以及第二季和第三季的價格變化，當所有產品進入市場時，贏家將繼續前進並保持價格，而其他產品可能需要採取一些定價行動。

Again, I don't see this as an extreme outlier year. I see this as a typically competitive environment, and that's how that's how we're approaching things. And again, data point of one month, but promotional activity seems to be in check and normalized, and at minimum no worse than what we saw a year ago.

我再說一遍，我不認為今年是個極端異常的年份。我認為這是一個典型的競爭環境，這就是我們處理事情的方式。再次，這是一個月的數據點，但促銷活動似乎得到了控制和正常化，至少沒有比我們一年前看到的更糟。

Great, that's really helpful, and then maybe just one on Korea, yeah, just I think the results were pretty strong during 4Q but you kinda flagged that as kind of a market that you're watching just maybe any update there. In terms of kind of the state of play on the ground and how you're thinking about that piece of the business? Thanks.

太好了，這真的很有幫助，然後也許只問一個關於韓國的問題，是的，我認為第四季度的結果非常強勁，但你把它標記為你正在關注的市場，也許那裡有任何更新。就實際情況而言，您如何看待這部分業務？謝謝。

Yeah, so Korea's a terrific market, right? Rounds up 20 some odd 22% since 2019. I think they were down 2 or 3% last year. They had some tough weather early, but it, but it's a resilient, vibrant golf market, yet their consumers under some duress. It has been for a little bit. And they've got some political unrest that just we're watching as we think about Korea.

是的，韓國是一個很棒的市場，對吧？自 2019 年以來，成長了 20 多%，達到 22%。我認為去年下降了2%或3%。他們早期遇到了一些艱難的天氣，但這是一個有彈性、充滿活力的高爾夫市場，但他們的消費者承受著一些壓力。已經有一段時間了。當我們思考韓國時，我們看到他們出現了一些政治動盪。

I would characterize it this way we're we're bullish on equipment, as excuse me, as we have been. A lot of our Korea commentary has been built around the wearable space. And that that market went through a ride in the early 2020, 21, 202, some exponential growth in premium, super premium apparel, and we've seen a correction in that space. So as we have a sizable apparel presence in Korea. Our title is apparel franchise.

我想這樣描述：我們對設備持樂觀態度，對不起，就像我們一直那樣。我們對韓國的許多評論都是圍繞著穿戴領域展開的。該市場在 2020、21、202 年初經歷了一段時期的波動，高端服裝和超高端服裝呈現指數級增長，而我們看到該領域出現了調整。因此我們在韓國擁有相當大的服裝業務。我們的名稱是服裝特許經營。

And that entire segment of premium apparel has been soft the last couple of years. So as we think about as we think about Korea, feel stronger about equipment than we do apparel. And it is an outsized apparel market just for the size of it.

過去幾年來，整個高檔服裝市場一直表現疲軟。因此，當我們思考韓國時，我們對裝備的感覺比對服裝的感覺更強烈。就其規模而言，這是一個超大的服裝市場。

That said, we think another year of correction should put it back to a path of normalcy. But in terms of a dedicated golfer in that market, alive and well, and we're confident in their continued resilience, but there are some macro forces and really the outsized impact of wearables in that market, and that's really been the The root of our caution in the last couple of years and into 2025.

儘管如此，我們認為經過一年的調整應該可以恢復正常。但就該市場中專注的高爾夫球手而言，他們活得好好的，我們對他們持續的韌性充滿信心，但也存在一些宏觀力量，而且可穿戴設備對該市場的影響確實非常大，這才是我們在過去幾年以及 2025 年保持謹慎的根源。

Great, thank you.

太好了，謝謝。

Thanks, Noah.

謝謝，諾亞。

Thanks, Noah, and everybody, we appreciate your time and interest and attention on the call. Hope you have a great spring and we look forward to catching up on our next on our next call.

謝謝，諾亞和大家，我們感謝您在電話會議上所花的時間、興趣和關注。祝您有個美好的春天，我們期待在下次通話中繼續交流。

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

今天的電話會議到此結束。現在您可以斷開線路了。