Acushnet Holdings Corp (GOLF) 2025 Q1 法說會逐字稿

Good morning all and thank you for joining us for today's Acushnet Company first quarter 2025 earnings call. My name is Drew and I'll be the operator today.

大家早安，謝謝您參加今天的 Acushnet 公司 2025 年第一季財報電話會議。我叫德魯，今天由我來擔任接線生。

During today's call, after the prepared remarks, there will be a Q&A session. If you would like to register a question, please press star followed by 1 on your telephone keypad. And to withdraw your question, it's followed by 2.

在今天的電話會議中，準備好的發言之後，將有一個問答環節。如果您想提出問題，請在電話鍵盤上按星號，然後按 1。撤回你的問題，後面跟著 2。

It's now my pleasure to hand over to Sondra Lennon, Vice President at P&A and investor relations, to begin, please go ahead when you're ready.

現在我很高興將發言權交給 P&A 和投資者關係副總裁 Sondra Lennon，請您準備好後開始發言。

Good morning, everyone Thank you for joining us today for an Acushnet Holding Corps first quarter 2025 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，謝謝您今天參加 Acushnet Holding Corps 2025 年第一季財報電話會議。今天早上與我一起出席的還有我們的總裁兼執行長 David Maher 和財務長 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. These forward-looking statements are based on Acushnet's current expectations and are subject to uncertainty and changes in circumstances.

在將電話轉給大衛之前，我想提醒大家，我們將在今天的電話會議上做出前瞻性的陳述。這些前瞻性陳述是基於 Acushnet 目前的預期，並受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不同的因素列表，請參閱今天的新聞稿、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 measures 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 measures and reconciliations of these items to the most directly comparable GAAP measures 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 指標的對帳的解釋，可以在今天的新聞稿中的附表、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中找到。

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 provides context as to the and trends of our business and when referring to year-to-date results or comparisons, we are referring to the three month period ended March 30, 2025 and the comparable three month period in 2024. With that, I'll turn the call over to David.

另請注意，除非另有說明，本簡報中提到的同比淨銷售額增減均按固定匯率計算，因為我們認為這種衡量標準為我們的業務和趨勢提供了背景信息，而在提及年初至今的結果或比較時，我們指的是截至 2025 年 3 月 30 日的三個月以及 2024 年可比的三個月。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 Acushnet Holdings.

謝謝，桑德拉，大家早安。像往常一樣，我們感謝您對 Acushnet Holdings 的關注。

I am pleased to report on a solid start to the year for a cushion led by Momentum and our title is golf equipment and golf gear segments.

我很高興地報告，今年開局良好，由 Momentum 引領，我們的標題是高爾夫設備和高爾夫裝備部門。

For the quarter, Acushnet delivered worldwide net sales of $703 million a 1% increase over last year.

本季度，Acushnet 全球淨銷售額為 7.03 億美元，比去年同期成長 1%。

Adjusted EBITDA was $139 million which reflects a decrease of $15 million related to our decision to step up investment.

調整後的 EBITDA 為 1.39 億美元，由於我們決定增加投資，導致 1500 萬美元的減少。

In our equipment segment in 2025.

在我們的設備領域，到2025年。

Getting to our segment results, you see golf equipment net sales increased almost 4% in the quarter with gains in every region.

從我們的分部業績來看，您會發現高爾夫設備淨銷售額在本季成長了近 4%，每個地區都有成長。

This growth was led by the successful launch of new Pro V1 and Pro V1X golf ball models and continued momentum across our title is GT Metals franchise, which was expanded in Q1 with the launch of new hybrids and GT1 metals.

這一增長得益於新款 Pro V1 和 Pro V1X 高爾夫球模型的成功推出，我們的 GT Metals 特許經營權也繼續保持增長勢頭，該特許經營權在第一季度隨著新款混合球和 GT1 金屬球的推出而擴展。

The title of golf ball business grew 4% with gains led by the EMEA region, which was up double digits as favourable weather contributed to an early start to their golf season.

高爾夫球業務成長了 4%，其中歐洲、中東和非洲地區的成長最為顯著，由於天氣條件良好，高爾夫賽季提前開始，該地區的高爾夫球業務實現了兩位數的成長。

And for context, golf ball revenues were up 11% on a reported basis versus two years ago, our most recent Pro-V1 launch quarter.

就背景而言，與兩年前（我們最近推出 Pro-V1 的一個季度）相比，高爾夫球收入報告顯示增加了 11%。

Our title is golf club business grew 4% versus last year and 15% on a reported basis when compared to the similar product launch cycle in Q1 2023.

我們的標題是高爾夫球桿業務與去年相比成長了 4%，與 2023 年第一季類似的產品發布週期相比，報告顯示成長了 15%。

In most cases we would expect Q1 club sales to be down in an odd year given the challenging comp against even year buy wedge launches. This was obviously not the case in 2025 as GT Metals and Scotty Cameron Putters contributed to our growth over last year.

在大多數情況下，我們預計奇數年第一季的球桿銷售額將會下降，因為與偶數年購買楔形球桿的銷售額相比，競爭十分激烈。2025 年的情況顯然並非如此，因為 GT Metals 和 Scotty Cameron Putters 為我們去年的成長做出了貢獻。

The cushion at gear sales were up almost 4% in the quarter with growth in all major markets led by EMEA and Japan.

本季度，裝備銷售額成長了近 4%，其中歐洲、中東和非洲地區以及日本引領了所有主要市場的成長。

Titleist gear posted steady gains while the combined club glove and Lins and King's business was up double digits. Gear margin and OI trends were also favourable as our team is doing good work generating operating leverage across the segment.

Titleist 裝備業務穩定成長，而球桿手套和 Lins and King 業務的合併則實現了兩位數的成長。由於我們的團隊在整個部門中出色地創造了營運槓桿，齒輪利潤率和 OI 趨勢也十分有利。

FootJoy sales were down 5% in the quarter, which is attributable to lower closeout footwear sales and some targeted product line rationalization across the brand.

FootJoy 的銷售額在本季度下降了 5%，這歸因於清倉鞋類銷售額的下降以及整個品牌的一些有針對性的產品線合理化。

We are pleased with the initial responses to new Hyperflex, Premiere, and Quantum footwear models and FootJoy gloves, the global category leader also had a nice start in the quarter.

我們對新款 Hyperflex、Premiere 和 Quantum 鞋類以及 FootJoy 手套的初步反應感到滿意，該全球品類領導者在本季度也取得了良好的開端。

As noted on our last call, we characterize 2025 as a year of stability and improving profitability for FootJoy, with a higher percentage of premium sales as we exit what has been a two-year period of correction in the global footwear space.

正如我們上次電話會議所指出的，我們將 2025 年定義為 FootJoy 穩定和盈利能力提升的一年，隨著我們走出全球鞋類領域為期兩年的調整期，高端銷售額的比例將更高。

Finally, net sales of products not allocated to a reportable segment were down slightly in the quarter.

最後，本季未分配至報告部門的產品淨銷售額略有下降。

Shoots again posted nice gains which were offset by a decline in titles apparel as Korea's super premium apparel segment continues to correct after a period of outsized growth.

由於韓國超高端服裝市場在經歷了一段超高速增長之後繼續回調，Shoots 再次取得了不錯的增長，但被品牌服裝的下滑所抵消。

Now looking at the quarter by region, you see the US market was up 1%. EMEA grew 4% with gains from all segments, and Japan and Korea were off 2 and 4% respectively.

現在按地區來看季度數據，你會發現美國市場成長了 1%。歐洲、中東和非洲地區 (EMEA) 成長 4%，所有部門均實現成長，而日本和韓國則分別下降 2% 和 4%。

Common themes in the quarter with our Asia business, our growth entitle us to equipment and gear and declines in FootJoy and Titleist apparel.

本季我們的亞洲業務的共同主題是，我們的成長使我們有權獲得設備和裝備，而 FootJoy 和 Titleist 服裝的銷售則出現下滑。

The season started slowly in Japan and Korea due to poor weather, but we have seen improved conditions in March and April.

由於天氣惡劣，日本和韓國的產季起步緩慢，但三月和四月的情況有所改善。

With a solid 1st quarter in the books, we are now focused on executing a full slate of ball, club, and footwear fitting events across all markets.

憑藉第一季的出色表現，我們現在專注於在所有市場開展一系列球類、俱樂部和鞋類試穿活動。

Despite poor weather and a slow start in the US where rounds were off 2%, we project that total worldwide rounds of play were up slightly for the quarter, led by a nice start in the EMEA and the UK, up 15%.

儘管美國天氣不佳，開局緩慢，比賽輪次下降了 2%，但我們預計本季度全球比賽輪次總數將略有上升，其中歐洲、中東和非洲地區和英國的開局良好，增長了 15%。

I will now comment on how the changing tariff landscape is impacting a cushion it and some of the steps we are taking across the organization to mitigate these new costs.

我現在將評論不斷變化的關稅格局如何影響緩衝，以及我們在整個組織內為降低這些新成本而採取的一些措施。

As we have noted in recent years, the company's supply chain is durable and regionally diverse, which provides our teams a good amount of operational flexibility to adapt to an uncertain and evolving tariff dynamic.

正如我們近年來所注意到的，該公司的供應鏈持久且區域多樣化，這為我們的團隊提供了良好的營運靈活性，以適應不確定且不斷變化的關稅動態。

Our vertical integration in golf balls, golf clubs, footwear, and golf gloves first and foremost supports our efforts to achieve the highest quality standards in the products we produce.

我們對高爾夫球、高爾夫球桿、鞋類和高爾夫手套的垂直整合首先支持了我們努力在所生產的產品中達到最高品質標準。

It also provides a good amount of control and agility as it relates to demand planning and global supply chain management. Roughly 2/3 of our worldwide golf ball output is produced in the United States, and our two Massachusetts-based ball plants supply the majority of our US golf ball demand.

它還在需求計劃和全球供應鏈管理方面提供了良好的控制力和靈活性。我們全球高爾夫球產量的大約 2/3 是在美國生產的，我們位於馬薩諸塞州的兩家高爾夫球工廠滿足了美國大部分高爾夫球需求。

Our Thailand plant supplies ProV1 models to all other regions now including Canada. Our golf ball business has a small exposure to tariffs from China sourced raw materials which we expect to mitigate by the end of the year.

我們的泰國工廠現在向包括加拿大在內的所有其他地區供應 ProV1 車型。我們的高爾夫球業務受到來自中國的原材料關稅的影響較小，我們預計到今年年底這一影響將會減輕。

Additionally, we ship US produced performance model golf balls into Canada and Mexico, which are presently incurring a 25% tariff. We have not yet reacted to this temporary rate. However, if this becomes permanent, we will likely take pricing measures.

此外，我們還將美國生產的高性能高爾夫球運往加拿大和墨西哥，目前這兩個國家需繳納 25% 的關稅。我們尚未對這一臨時利率做出反應。然而，如果這種情況變成永久性的，我們可能會採取定價措施。

Club components are sourced from China, Taiwan, Vietnam, and the US, and we operate our own assembly centres in most major regions. All of our US club demand is assembled in our Carlsbad, California facility.

球桿零件來自中國大陸、台灣、越南和美國，我們在大多數主要地區都有自己的組裝中​​心。我們所有的美國俱樂部需求均在我們位於加州卡爾斯巴德的工廠組裝。

Our primary golf club tariff exposure today is from China sourced clubheads shipped into the US. Over time we will reroute these heads to our international facilities and supply our US production centre with components sourced from the US, Taiwan, and Vietnam.

我們今天面臨的主要高爾夫球桿關稅是來自中國運往美國的球桿頭。隨著時間的推移，我們將把這些主管重新安排到我們的國際設施，並為我們的美國生產中心提供來自美國、台灣和越南的零件。

As we recently relocated our footwear manufacturing centre from China to Vietnam. While we are confident this move has a long-term benefit, FootJoy, like most footwear companies, is exposed to tariff uncertainty in Vietnam, which was originally posted at 46% but is now at 10% during the current pause period.

我們最近將鞋類製造中心從中國遷至越南。雖然我們相信此舉將帶來長期利益，但與大多數鞋類公司一樣，FootJoy 也面臨越南關稅的不確定性，越南關稅最初為 46%，但在當前暫停期內已降至 10%。

And finally, the company owns and operates a stand-alone glove facility in Thailand which produces both FootJoy and Titleist gloves, the number one and number two selling glove brands in the market.

最後，該公司在泰國擁有並經營一家獨立的手套工廠，生產 FootJoy 和 Titleist 手套，這兩個品牌分別是市場上銷售第一和第二的手套品牌。

We are confident that Acushnet’s supply chain footprint provides us with flexibility to adapt, most notably within golf equipment, our largest segment.

我們相信，Acushnet 的供應鏈覆蓋範圍為我們提供了適應的靈活性，尤其是在我們最大的細分市場——高爾夫設備領域。

As Sean will outline, we expect to mitigate a good portion of the current tariff impact by end of year and expect to realize further relief in 2026 from some of our actions that will take longer to materialize.

正如肖恩所概述的，我們預計到今年年底將減輕很大一部分當前關稅的影響，並預計到 2026 年我們的一些行動將進一步減輕關稅的影響，但這些行動需要更長時間才能實現。

With regards to pricing, we have not yet passed along increased tariff costs to consumers, but do anticipate taking some regional pricing action on select products as we gain clarity on the extent and timing of our mitigation efforts.

在定價方面，我們尚未將增加的關稅成本轉嫁給消費者，但隨著我們明確緩解措施的程度和時間，我們預計會對部分產品採取一些區域定價行動。

In summary, we are pleased with our strong start to the year and the continued strength and resiliency of a Acushnet’s core consumer, the game's dedicated golfer.

總而言之，我們對今年的強勁開局以及 Acushnet 核心消費者——高爾夫運動的忠實玩家——的持續實力和韌性感到滿意。

As you would expect, our teams are focused on providing exceptional product, fitting and service experiences to golfers and our trade partners and making the right long term based decisions while we navigate this period of tariff uncertainty.

正如您所期望的，我們的團隊致力於為高爾夫球手和我們的貿易夥伴提供卓越的產品、組裝和服務體驗，並在我們度過這段關稅不確定時期時做出正確的長期決策。

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. As highlighted, we started 2025 with an increase in net sales of 1.2% over last year's first quarter. Adjusted EBITDA was 138.9 million, a decrease of 9.6% in the first quarter of 2024, but in line with our expectations as we continue to invest in key strategic initiatives.

謝謝你，大衛。大家早安。正如所強調的，我們在 2025 年伊始的淨銷售額比去年第一季成長了 1.2%。調整後的 EBITDA 為 1.389 億，比 2024 年第一季下降了 9.6%，但由於我們繼續對關鍵策略舉措進行投資，因此符合我們的預期。

Net sales growth in the quarter was driven by continued momentum of our Titleist brand with golf equipment and golf gear both growing by 4%.

本季淨銷售額的成長得益於 Titleist 品牌的持續成長，高爾夫設備和高爾夫裝備均成長了 4%。

Foot joint net sales declined 5% in the quarter, primarily due to lower footwear and apparel volumes.

本季足部淨銷售額下降 5%，主要原因是鞋類和服裝銷售下降。

Geographically, Q1 net sales were up year over year in the US, EMIA, and the rest of the world, driven by golf equipment and golf gear. First quarter net sales declined in Korea and Japan, primarily due to our foot joint golf wear segment, largely in footwear and lower net sales of Titleist apparel products that are not allocated to one of our three reportable segments.

從地理上看，受高爾夫設備和高爾夫裝備的推動，美國、歐洲、中東和非洲 (EMIA) 以及世界其他地區第一季的淨銷售額同比增長。第一季韓國和日本的淨銷售額下降，主要是由於我們的足部高爾夫服裝部門（主要是鞋類）以及未分配給我們三個報告部門之一的 Titleist 服裝產品的淨銷售額下降。

Gross profit in the first quarter of $337 million was down $5 million compared to the first quarter of 2024, primarily due to higher manufacturing costs in the Titleist golf equipment segment, as well as lower net sales and FootJoy golf wear.

第一季毛利為 3.37 億美元，與 2024 年第一季相比下降了 500 萬美元，主要原因是 Titleist 高爾夫球具部門的製造成本較高，以及淨銷售額和 FootJoy 高爾夫球服的下降。

These were partially offset by higher average selling prices and lower distribution costs in golf gear and higher net sales in Titleist golf equipment.

這些影響被高爾夫裝備的平均售價上漲、分銷成本降低以及 Titleist 高爾夫設備的淨銷售額增加部分抵消。

SG and An expense of $200 million in the quarter decreased almost $1 million from 2024.

本季 SG 和 A 支出為 2 億美元，比 2024 年減少了近 100 萬美元。

Increases in advertising and promotional expense to support new product launches and selling expense primarily related to fitting network investments were more than offset by lower retail commission expense in Korea as well as a $7 million decrease in restructuring expense related to a charge recognized in the first quarter of 2024 associated with our footwear production transition to Vietnam.

用於支持新產品發布的廣告和促銷費用以及主要與試穿網路投資相關的銷售費用的增加，被韓國零售佣金費用的降低以及與 2024 年第一季度確認的與鞋類生產向越南轉型相關的費用相關的重組費用的減少 700 萬美元所抵消。

R&D expense of $18.9 million was up to $0.4 million compared to last year's first quarter, primarily to support next generation product introductions.

研發費用為 1,890 萬美元，與去年第一季相比增加了 40 萬美元，主要用於支援下一代產品的推出。

That interest expense of $13.8 million in the quarter was up almost $1 million due to an increase in borrowings partially offset by a decrease in interest rates.

本季利息支出為 1,380 萬美元，由於借款增加但被利率下降部分抵消，因此增加了近 100 萬美元。

Moving to the other income expense line, I want to highlight a gain resulting from the transition of our footwear manufacturing from our China joint venture to Vietnam.

轉到另一項收入支出項目，我想強調我們將鞋類製造從中國合資企業轉移到越南所帶來的收益。

Because of the shift in footwear manufacturing out of China, we are no longer the primary beneficiary of the joint venture and therefore have deconsolidated JV accounts from our financial statements.

由於鞋類製造業從中國轉移，我們不再是合資企業的主要受益者，因此已將合資企業帳戶從我們的財務報表中分離出來。

As a result of this deconsolidation, we recognize a non-cash pre-tax gain of $20.9 million during the first quarter, which has been excluded from the adjusted EBITDA do calculation as noted in the reconciliation attached to our earnings release.

由於此次拆分，我們在第一季確認了 2,090 萬美元的非現金稅前收益，該收益已從調整後的 EBITDA 計算中排除，如我們的收益報告附帶的對帳單中所述。

Our effective tax rate in Q1 was 17.9%, down from 21.7% last year, primarily driven by a shift in our jurisdictional mix of earnings.

我們第一季的有效稅率為 17.9%，低於去年的 21.7%，這主要是由於我們的管轄收益結構發生了變化。

Moving to our balance sheet and cash flow highlights, our balance sheet and cash flow positions continue to be very strong, allowing us to execute our capital allocation strategy while also navigating the current macroeconomic uncertainty.

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繼續非常強勁，使我們能夠執行資本配置策略，同時應對當前的宏觀經濟不確定性。

Our net leverage ratio using average trailing net debt at the end of Q1 was 2 times. Overall, inventories declined 7% in the fourth quarter of 2024 and were roughly flat when compared to last year's first quarter.

我們採用第一季末平均淨負債計算的淨槓桿比率為 2 倍。總體而言，2024 年第四季庫存下降了 7%，與去年第一季相比基本持平。

Overall, we are comfortable with our inventory quality and position. Capital expenditures were $11 million in the first quarter of 2025, and while we plan for approximately $85 million to spend in 2025, we will continue to assess considering the current environment.

總體而言，我們對我們的庫存品質和狀況感到滿意。2025 年第一季的資本支出為 1,100 萬美元，雖然我們計劃在 2025 年支出約 8,500 萬美元，但我們將繼續根據當前環境進行評估。

Through March we returned roughly $51 million to shareholders with $36.6 million in share repurchases and $14.8 million in cash dividends. During April, our board of directors declared a quarterly cash dividend of 23.$0.05 per share payable on June 20th to shareholders of record on June 6th.

截至三月份，我們向股東返還了約 5,100 萬美元，其中包括 3,660 萬美元的股票回購和 1,480 萬美元的現金股利。四月份，我們的董事會宣布季度現金股利為每股 23.05 美元，將於 6 月 20 日支付給 6 月 6 日登記在冊的股東。

As of March 30th, first, we had 415.5 million remaining under the current share repurchase authorization. On April 10th, 2025, we repurchase approximately 936,000 shares of our common stock from Magnus for an aggregate of 62.5 million related to our June 2024 share repurchase agreement.

首先，截至 3 月 30 日，我們目前的股票回購授權剩餘 4.155 億股。2025 年 4 月 10 日，我們從 Magnus 回購了約 936,000 股普通股，總計 6,250 萬股，與我們 2024 年 6 月的股票回購協議有關。

With respect to our previously disclosed December 2024 Magnus share repurchase agreement, through the end of April, we've repurchased approximately 90% of the 62.5 million target and expect to settle the related Magnus share repurchase obligation during the third quarter of 2025.

關於我們先前揭露的 2024 年 12 月 Magnus 股票回購協議，截至 4 月底，我們已回購了 6,250 萬股目標中的約 90%，並預計將在 2025 年第三季結清相關的 Magnus 股票回購義務。

Given the current market conditions, we will continue to assess our previously stated capital allocation approach for the balance of the year while monitoring leverage, liquidity needs, and the appropriate levels of investment.

鑑於目前的市場狀況，我們將繼續評估我們之前所述的今年剩餘時間的資本配置方法，同時監控槓桿率、流動性需求和適當的投資水準。

Moving to guidance for 2025, the macro environment remains highly uncertain due to changing trade policy. For that reason, we are not providing any updates to our consolidated full year outlook until there's more clarity.

對於 2025 年的預期，由於貿易政策的變化，宏觀環境仍然具有很大的不確定性。因此，在情況更加明朗之前，我們不會對我們的全年綜合展望提供任何更新。

On a positive note, as David said, our core consumer remains strong and resilient. In terms of overall tariff exposure, based on our estimates, we expect our gross impact in 2025 to be approximately $75 million on the assumption that the current rate regime extends through the year end. The largest impact, or about 70%, relates to the China import tariff rate of 145%.

從積極的一面來看，正如大衛所說，我們的核心消費者依然強勁且富有彈性。就整體關稅風險而言，根據我們的估計，假設現行關稅制度延續到年底，我們預期 2025 年的總影響約為 7,500 萬美元。其中，影響最大的是中國145%的進口關稅，約佔70%。

If we had not worked to diversify our supply chain over the past few years, our tariff exposure would be much higher.

如果我們過去幾年沒有努力實現供應鏈多元化，我們的關稅風險將會更高。

We are taking actions to implement mitigation plans, including adjusting our global supply chain footprint, initiating cost and productivity programs, both internally and externally with our suppliers, and considering selective price increases.

我們正在採取行動實施緩解計劃，包括調整我們的全球供應鏈足跡、與我們的供應商在內部和外部啟動成本和生產力計劃，以及考慮有選擇地提高價格。

Through these actions we believe we can offset greater than 50% of the $75 million gross tariff impact during 2025. Now turning to the first half, similar to our 2024 4th quarter call, we currently expect first half sales to be up low single digits versus the first half of 2024.

透過這些行動，我們相信我們可以在 2025 年抵銷 7,500 萬美元總關稅影響的 50% 以上。現在轉向上半年，與我們對 2024 年第四季的預測類似，我們目前預計上半年銷售額將比 2024 年上半年成長低個位數。

We expect most of the additional tariff impact to fall in the second half based on our current inventory levels. For Q2, we expect an approximately $4 million tariff impact.

根據我們目前的庫存水平，我們預計大部分額外關稅影響將在下半年下降。對於第二季度，我們預計關稅影響約為 400 萬美元。

Including this impact, we expect the first half of adjusted EBITDA to be down low single digits as compared to last year's first half.

計入這一影響，我們預計上半年調整後的 EBITDA 將與去年上半年相比下降個位數。

In closing, we are very pleased with our performance in the 1st quarter of the year and remain focused on controlling what we can while servicing the needs of dedicated golfers.

最後，我們對今年第一季的表現感到非常滿意，並將繼續專注於控制我們所能控制的範圍，同時滿足專業高爾夫球手的需求。

Our business and balance sheet are well positioned for the current market environment and we'll continue to monitor the tariff situation and provide updates when appropriate.

我們的業務和資產負債表已做好充分準備以適應當前的市場環境，我們將繼續監測關稅情況並在適當的時候提供更新。

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

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?

謝謝你，肖恩。接線員，現在可以開始回答問題了嗎？

Of course, thank you. We will now start today's Q&A session. If you would like to register a question, please press start, followed by 1 on your telephone keypad, and to withdraw your question, it's followed by 2.

當然，謝謝。我們現在開始今天的問答環節。如果您想登記一個問題，請按電話鍵盤上的“開始”，然後按“1”，要撤回您的問題，請按“2”。

Our first question today comes from Megan Platt from Morgan Stanley. Your line is now open. Please go ahead.

我們今天的第一個問題來自摩根士丹利的梅根普拉特。您的線路現已開通。請繼續。

Hey, good morning, Dave Sean, thanks for the question.

嘿，早上好，戴夫·肖恩，謝謝你的提問。

I wanted to start maybe with the guidance. It seems like you're more pausing the guide to wait until there's more clarity, and it doesn't seem like anything has really changed around your second quarter expectations. So, is the decision to pause, is it driven by anything you're seeing?

我想從指導開始。看起來您更像是在暫停指南，等待情況更加明朗，而且似乎您對第二季度的預期並沒有什麼改變。那麼，暫停的決定是否是由您所看到的任何事情所驅動的？

Today as it relates to consumer demand or customer ordering patterns or is it more so just the acknowledgement that there's less visibility today than there was 3 months ago and there's a lot that can occur over the next couple of months.

今天，這與消費者需求或客戶訂購模式有關，或者只是承認今天的可見度比三個月前要低，並且在接下來的幾個月裡可能會發生很多事情。

Yeah, hi Megan. I'll start with that one. Typically, this time of year we do not update guidance, right? We say often Q1 is about pipeline and shipping product into the market. Q2.

是的，你好，梅根。我先從那一個開始。通常，每年的這個時候我們都不會更新指導，對嗎？我們經常說第一季是關於管道和將產品運送到市場。問2.

You get a read on consumer behaviour. You get a read on early response to your products, but as Sean said, we were prescriptive as it relates to the first half of low single. That is certainly informed by what we've seen up to this point in the year.

您可以了解消費者行為。您可以了解對您的產品的早期反應，但正如肖恩所說，我們是規定性的，因為它與低單的前半部分有關。這當然是根據我們今年到目前為止所看到的情況得出的結論。

Rounds of play as noted resilience and if I look at a slight decline in the US and an uptick outside the US for a net positive. That's a nice position to be in looking in the US, Florida up slightly in the quarter, California, Arizona up 8 and 5% in the quarter. So going back to we feel really positive about our consumer and the structural health of the industry.

幾輪比賽顯示出了明顯的韌性，如果我觀察美國國內略有下降，而美國以外地區則出現上升，那麼淨收益為正。在美國，這是一個不錯的位置，佛羅裡達州在本季略有上漲，加州和亞利桑那州在本季分別上漲了 8% 和 5%。所以回過頭來看，我們對我們的消費者和產業的結構健康狀況感到非常樂觀。

Certainly we're careful and cautious with regards to what's happening from a from a tariff perspective.

當然，從關稅角度來看，我們對正在發生的事情持謹慎和小心的態度。

But our guide, I'm not sure it's pause as much as this is how we generally play at this time of year, and we just exit Q2 which with a much more informed position. What you could infer is we've reiterated our first half based on what we've seen today, and that is.

但對於我們的指南，我不確定它是否會暫停，因為這是我們在每年這個時候通常的做法，我們剛剛退出 Q2，並且擁有更明智的立場。您可以推斷，根據我們今天所看到的情況，我們已經重申了上半部的內容。

Rounds of play stable. Consumer purchasing stable through April.

比賽輪次穩定。四月消費者購買力維持穩定。

Okay, that's clear and helpful Thank you.

好的，這很清楚並且很有幫助，謝謝。

And then as it relates to the tariffs, maybe a follow up for Sean, when you think about the mitigating actions more than 50% of the 75 million this year, it seems like pricing is maybe the last resort, but could you spend a little bit of time just bucketing the actions, maybe, what's first in your minds in terms of what you're going to do and you know at what point do you think you'll make a decision on pricing?

然後，就關稅而言，也許是 Sean 的後續問題，當您考慮今年 7500 萬中的 50% 以上的緩解措施時，似乎定價可能是最後的手段，但您能否花一點時間對這些行動進行分類，也許，就您要做什麼而言，您首先想到的是什麼，您知道您認為您會在什麼時候做出定價決定？

Yeah, I can start. David certainly can chime in afterwards. I think that certainly you're right. I think the price is probably the last lever we would pull, in the intervening period we're very focused on how we redirect certain activities to markets and sourcing into the United States at the lower tariff rate.

是的，我可以開始了。大衛當然可以在事後插話。我認為你肯定是對的。我認為價格可能是我們最後一個槓桿，在此期間，我們非常關注如何將某些活動重新導向市場，並以較低的關稅稅率購買到美國。

Number one. Number two, we're having conversations with many of our suppliers and vendors and identifying opportunities to either cost share or reimagine the price points at which we're procuring the product.

第一。第二，我們正在與許多供應商和廠商進行對話，尋找分攤成本或重新考慮採購產品價格點的機會。

We do have a diversified supply chain, the biggest impact in terms of our business is really the club business and FootJoy and as David talked about, I think, the club side, we have a plan and a path for later this year to source clubs in the United States out of non-China territories, so that's good. And on the foot choice side, certainly pleased that our footwear is in is in Vietnam, but there's certainly apparel categories that we're looking at alternative opportunities,

我們確實擁有多元化的供應鏈，對我們的業務而言，影響最大的實際上是俱樂部業務和 FootJoy，正如大衛談到的，我認為，在俱樂部方面，我們有一個計劃和途徑，在今年晚些時候從中國以外的地區採購美國的俱樂部，所以這很好。在鞋類選擇方面，我們非常高興我們的鞋類產品進入了越南市場，但我們也在尋找服裝類別的替代機會，

So first and foremost, look at the supply chain, see where we can source into country from alternative areas, and over the longer term I think we have a plan to, move out of China in certain aspects of our business.

因此，首先，我們要看看供應鏈，看看我們可以從哪裡採購替代地區，從長遠來看，我認為我們有一個計劃，將我們業務的某些方面轉移到中國以外。

Okay, great, super helpful thanks I'll pass it on.

好的，太好了，非常有幫助，謝謝，我會傳達的。

Thanks Megan operate our next question.

感謝梅根回答我們的下一個問題。

Our next question today comes from Joe Altobello from Raymond James. Your line is now open. Please proceed.

我們今天的下一個問題來自 Raymond James 的 Joe Altobello。您的線路現已開通。請繼續。

Thanks. Hey guys, good morning. Appreciate the clarity on tariffs, obviously. I guess one question.

謝謝。大家好，早安。顯然，我很欣賞關稅方面的明確性。我想問一個問題。

I'm not sure anybody expects China to stay 145%. So what does that 75 million look like if China was at say 50%, for example?

我不確定是否有人預計中國會維持 145% 的成長率。那麼，如果中國的比例達到 50%，那麼這 7,500 萬人會是什麼樣子呢？

Yeah, Joe, I mean again I highlighted in our remarks, I mean, of our 75 million, 70% or more of that is related to China specifically. So, you know that's what, $50 some odd million dollars is China. So presumably if it's at 50, we're looking at a third of that number. So that's a big, a big opportunity to mitigate it if we go from $145 to 50.

是的，喬，我再次強調，在我們的 7500 萬人中，有 70% 或更多與中國有關。所以，你知道那是什麼，5000多萬美元來自中國。因此，如果數量是 50，那麼我們大概會看到這個數字的三分之一。因此，如果我們將價格從 145 美元降至 50 美元，這將是一個緩解這個問題的巨大機會。

So hopefully I've given you those pieces to assess that.

所以希望我已經給你提供了這些片段來評估這一點。

No, I appreciate that. I missed that. I apologize. And maybe kind of moving on to Asia, still a little bit of weakness, particularly in apparel in Korea and Japan. I think you mentioned that you saw a little bit of improvement, later in the quarter and into Q2. Could you sort of elaborate on that a little bit?

不，我很感激。我錯過了。我很抱歉。或許從亞洲來看，市場仍有些疲軟，尤其是韓國和日本的服飾市場。我想您提到過，在本季度後期和第二季度，您看到了一些改善。能稍微詳細解釋一下嗎？

Yeah, Joe, slow starts January, February weather turns March, April have been pretty good, so we're back on track, but certainly a slow weather-related start there.

是的，喬，一月、二月天氣開始緩慢，三月、四月天氣轉好，所以我們又回到了正軌，但肯定是由於天氣原因，開始比較慢。

A quick comment on Asia and you know we like the trends of our equipment business and our gear business as we've said recently, there's been some pressure on apparel in Asia and just for context, and I have called out before.

對亞洲進行簡短評論，您知道我們喜歡我們的設備業務和裝備業務的趨勢，正如我們最近所說的那樣，亞洲的服裝業面臨一些壓力，僅就背景而言，我之前已經說過了。

This premium super premium market in Korea, and it is outsized. It represents about 40% of the global golf apparel market opportunities, so it's a very sizable market.

這是韓國的高端超高端市場，而且規模龐大。它佔據了全球高爾夫服裝市場約 40% 的份額，因此是一個非常大的市場。

It went on a big run over the last 4 or 5 years and it is correcting. We saw it last year and we see it this year. So, a, we're prepared for it. It's not surprising to us, but I would, if I break up Asia and, in this case, really Japan and Korea, which are the 2nd and 3rd largest markets, I'll park China aside just because it's not that big.

過去四、五年來，它經歷了一次大漲，目前正在回調。去年我們看到了這一點，今年我們也看到了這一點。所以，我們已經做好準備了。這對我們來說並不奇怪，但如果我把亞洲分開來看，在這種情況下，日本和韓國實際上是第二大和第三大市場，我會把中國放在一邊，因為它沒有那麼大。

But if you look at Asia and Japan and Korea, rounds are resilient after a slow start. We like the trends of balls and clubs, and a watch out continues to be apparel and footwear, which again we've planned for.

但如果你看看亞洲的日本和韓國，你會發現雖然開局緩慢，但輪次已經恢復。我們喜歡球類和俱樂部的潮流，並且繼續關注服裝和鞋類，這也是我們計劃好的。

Got it. Okay.

知道了。好的。

Thank you.

謝謝。

Thanks Joe operator, next question please.

謝謝接線生喬，請問下一個問題。

Our next question today comes from Michael Shortz from Truist. Your line is now open. Please go ahead.

我們今天的下一個問題來自 Truist 的 Michael Shortz。您的線路現已開通。請繼續。

Hey, good morning. This is Julian on for M. Just one question, I guess relative to your to your guide in February.

嘿，早安。我是 M 的 Julian。我只想問一個問題，我想這與你二月份的指南有關。

How would a change in exchange rates that we've.

我們的匯率將如何變動。

Seen impact on Outlook?

對 Outlook 有影響嗎？

Yeah, so as we had entered the year, Julian, we had expected, as a $35 million headwind. We experienced about a $12 million dollars impact in Q1 right in line with our 10 to 15 that we had highlighted.

是的，所以當我們進入這一年時，朱利安，我們預計會有 3500 萬美元的逆風。我們在第一季遭受了約 1200 萬美元的影響，與我們強調的 10 到 15 億美元一致。

I think that if today's rate were to persist through the end of the year, it's probably worth something north of $20 million dollar tailwind for Q2 through Q4.

我認為，如果今天的利率持續到今年年底，那麼對於第二季到第四季來說，它可能會帶來超過 2000 萬美元的順風。

Great, thank you very.

太好了，非常感謝。

Much.

很多。

Thank you, operator.

謝謝您，接線生。

Next question please.

請問下一個問題。

Our next question today comes from Noah Atkinson from KeyBanc Capital Markets. Your line is now open. Please go ahead.

我們今天的下一個問題來自 KeyBanc Capital Markets 的 Noah Atkinson。您的線路現已開通。請繼續。

Hi, thanks for taking my questions. I guess first, maybe just a quick follow up on the $20 million dollar tailwind comment. Is that a kind of tailwind to overall numbers or is that a tailwind versus kind of the run rate $35 million dollar impact that you had laid out previously?

你好，謝謝你回答我的問題。我想首先，也許只是對 2000 萬美元順風評論進行快速跟進。這是對總體數字的一種順風嗎？還是對您之前列出的 3500 萬美元的運行率影響的一種順風？

Yeah. It's 20 million versus prior year is what I've highlighted.

是的。我強調的是，與前一年相比，這一數字增加了 2,000 萬。

Right, so we've got the $12 million dollar impact in Q1, that's a year over year headwind and the $20 million dollar would be a tailwind relative to prior year, I guess therefore net $8 million for the year.

好的，所以我們在第一季受到了 1200 萬美元的影響，這是同比逆風，而 2000 萬美元相對於前一年來說是一個順風，我猜因此今年的淨利潤為 800 萬美元。

Is how I'm laying it out for you.

這就是我為你安排的。

Okay, that's very helpful, and just as you think about kind of mitigation efforts beyond this year, is there a scenario where you'd be able to presumably like diversify fully away from China or are there some critical components like that will have to remain in China and just in general like. If you think you can mitigate 50% this year, do you have any kind of guidepost in mind looking ahead?

好的，這非常有幫助，正如您考慮今年以後的緩解措施一樣，是否存在一種情況，您可以大概完全擺脫對中國的依賴，或者是否有一些關鍵組件必須留在中國，總體而言是這樣。如果您認為今年可以減輕 50%，那麼您心中是否有任何未來的指導方針？

Thanks. Yeah, so a couple of examples right now we source club heads from China, Taiwan, and Vietnam. We have assembly centres around the world.

謝謝。是的，目前有幾個例子，我們從中國、台灣和越南採購球桿頭。我們在世界各地設有組裝中心。

What we said is that we would Move sourcing to the US away from China into Vietnam and Taiwan. So that's an existing move that we can make fairly quickly, yet we still anticipate China supplying our assembly centres in markets outside the United States.

我們所說的是，我們將把採購從中國轉移到美國，轉移到越南和台灣。因此，這是我們可以相當快地採取的現有舉措，但我們仍然預期中國將為我們在美國以外市場的組裝中心提供產品。

Similar, we've got we've got a diverse supply chain across our apparel franchises, but a good amount comes from China and the Far East and South America.

類似地，我們的服裝特許經營店擁有多樣化的供應鏈，但很大一部分來自中國、遠東和南美。

It's more a function of moving away from China for products shipped and sold in the United States and rerouting some of that capacity. To markets outside the United States. So, I think in many cases we've got a lot of dexterity and flexibility to move pieces around the board.

它更多的是將在美國運輸和銷售的產品從中國轉移出去，並重新安排部分產能。面向美國以外的市場。所以，我認為在很多情況下，我們有足夠的靈活性和靈活性在棋盤上移動棋子。

Where it gets a little interesting is we've got a small exposure in our golf ball business. We source raw materials from China, some raw materials from China to our ball plants in the United States and Thailand. We'll keep sourcing into Thailand. Thailand will look to Move out of China in terms of our sourcing coming into the US. That takes a little while.

有趣的是，我們在高爾夫球業務方面獲得了少量曝光。我們從中國採購原料，有些原料從中國運往我們位於美國和泰國的球廠。我們將繼續向泰國採購。就我們的採購管道而言，泰國將考慮從中國轉移到美國。這需要一點時間。

You need to qualify new vendors that probably won't realize or materialize until sometime next year. So, it's not a full exit from China. It's a move pieces around the board and minimize the product we bring in from China into the US, but I still expect we'll have.

您需要對可能要到明年某個時候才能實現的新供應商進行資格審查。所以，這並不是完全退出中國。這是棋盤上的變動，盡量減少我們從中國進口到美國的產品，但我仍然希望我們能夠做到。

Some products flowing from China into markets outside the United States where there's no tariff exposure.

有些產品從中國流入美國以外的市場，而這些市場不存在關稅問題。

But to your very helpful question for sure again it's a fluid situation seemingly is changing by the day. We don't want to move too quickly in effect demand or the consumer, but the expectation is once we If the current environment is the steady state, we would be in a position to mitigate 100% of this impact in 2026. That would be the expectation.

但對於您提出的非常有幫助的問題，可以肯定的是，情況似乎每天都在改變。我們不想在實際需求或消費者方面行動過快，但我們期望，一旦當前環境達到穩定狀態，我們就能夠在 2026 年減輕 100% 的影響。這正是我們所期望的。

Yeah, I'll underscore John's comment. Our objective is to take a very measured long-term view in what is a period of significant uncertainty.

是的，我會強調約翰的評論。我們的目標是在這個充滿不確定性的時期採取非常謹慎的長期眼光。

We think it's best for our business, it's best for our trade partners, and most importantly, it's best for our consumers. So if there's one takeaway, it is that we've got a lot of flexibility within our supply chain and we're being measured and whenever wherever we can, taking a long term view and keeping our options open with the understanding that it's highly unlikely whatever the situation is today will be the situation it is 2 or 3 months from now.

我們認為這對我們的業務最有利，對我們的貿易夥伴最有利，最重要的是，對我們的消費者最有利。因此，如果有什麼值得注意的話，那就是我們的供應鏈具有很大的靈活性，我們正在進行衡量，並且隨時隨地都盡可能地進行衡量，以長遠的眼光看待問題，並保留我們的選擇，同時要理解，今天的情況不太可能會是兩三個月後的情況。

Very helpful.

非常有幫助。

Thank you.

謝謝。

Great Thank you operate our next question.

非常感謝你回答我們的下一個問題。

Our question comes from Carlos Gallagher from Jefferies. Your line is now open, please proceed.

我們的問題來自 Jefferies 的 Carlos Gallagher。您的線路現已開通，請繼續。

Good morning. Thanks for the question. Could you could you guys unpack what you're seeing in terms of quarter to date demand trends, and are you seeing any signs of, or do you anticipate any reduced demand in international markets related to the move away from American brands?

早安.謝謝你的提問。您能否解釋一下本季迄今為止的需求趨勢，您是否看到任何跡象，或者您是否預計由於遠離美國品牌而導致國際市場需求減少？

Yeah, Carlos, good question. Obviously we're watching it very carefully both in the United States and in markets outside the United States.

是的，卡洛斯，這個問題問得好。顯然，我們正在密切關注美國國內和美國以外的市場。

I will say early days in the golf world as so many markets just opened up in the last couple of weeks, so we don't have a deep or long bank of consumer data to work with, but I, what I will say is here we are in early May and we like the state of participation rounds.

我想說的是，高爾夫世界還處於早期階段，因為過去幾週許多市場才剛剛開放，所以我們沒有大量或長期的消費者資料庫可供使用，但我想說的是，現在是五月初，我們對參與輪次的狀態感到滿意。

And I would characterize our business in just about every market as normal for this time of year. So said differently, we haven't seen any meaningful swings or noteworthy swings in one direction or another, either in the United States or in markets outside the US, but to your question, It's something we're watching very carefully and more notably we're watching the state of the consumer very carefully and when we do that we also do it with the Understanding and some degree of comfort that our consumer, the dedicated golfer as we call it, over cycles has proven to be quite resilient.

我認為，就今年這個時候而言，我們在幾乎所有市場的業務都正常。換句話說，無論是在美國還是在美國以外的市場，我們都沒有看到任何有意義的變化或值得注意的變化，但對於你的問題，這是我們正在非常仔細地觀察的事情，更值得注意的是，我們正在非常仔細地觀察消費者的狀況，當我們這樣做時，我們也會理解並在一定程度上感到安慰，因為我們的消費者，我們稱之為相當專注的高爾夫球手，在一定程度上被證明是相當的彈性。

But as we sit today, what we're seeing is about what we expected out of the US markets and in markets around the world.

但就我們今天所見，美國市場和全球市場的情況與我們的預期一致。

Super helpful, thanks. And then just could you give us an update on the dynamics in the footwear space just related to some of the new entrance we saw last year and channel inventors.

非常有幫助，謝謝。然後，您能否向我們介紹鞋類領域的動態，包括我們去年看到的一些新入口和通路發明者。

Yeah, hey, we're really happy with our footwear business.

是的，嘿，我們對我們的鞋類業務非常滿意。

We've got a handful of new launches that have been that have been well received Hyperflex, Premiere, Quantum.

我們推出了一些廣受好評的新產品，包括 Hyperflex、Premiere 和 Quantum。

We did comment on the top line decline. We're selling fewer closeouts, which is a net positive, and we've done some product line rationalization which we think over time will be a positive for FootJoy I did comment.

我們確實對營業收入的下降發表了評論。我們清倉銷售的商品減少了，這是一個淨收益，而且我們對產品線進行了一些合理化，我們認為從長遠來看這對 FootJoy 來說將是一個利好，我確實評論過這一點。

We look at 2025 as a year of top line stability, a greater percentage of premium performance, full price product, if you will, and a path to improve profitability. But after what's been 18 to 24 months of correction in the foot in the footwear space as it worked through what we would characterize as an oversupply.

我們認為 2025 年將是營收穩定的一年，高端性能、全價產品的比例將更高，也是提高獲利能力的一年。但經過 18 至 24 個月的調整，鞋類市場已經解決了我們所謂的供應過剩問題。

Generally we look around the world and we see footwear inventories at a proper level for this time of year. So differently stores, retailers are full as they should be at the beginning of the season, but we think. We think the year and footwear should be characterized as being more normal, normalized than we've seen in the last couple of years, and we like the early response and trends within our foot or foot choice business as well.

總體而言，我們環顧全球，發現今年這個時候的鞋類庫存處於合理水平。因此，不同的商店和零售商在季節開始時就處於滿載狀態，但我們認為。我們認為今年和鞋類應該比過去幾年更加正常、更加正常，我們也喜歡我們的腳或腳選擇業務的早期反應和趨勢。

Great, thank you. I'll pass it on.

太好了，謝謝。我會傳達的。

Thanks everybody. We appreciate your interest and hopefully Mother Nature cooperates this spring and we all get out and play some golf and we look forward to speaking to you after Q2.

謝謝大家。我們感謝您的關注，希望大自然今年春天能夠合作，讓我們都出去打高爾夫球，我們期待在第二季度之後與您交談。

That does conclude 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。