Acushnet Holdings Corp (GOLF) 2025 Q2 法說會逐字稿

Welcome to the Acushnet Holdings Corp. 2Q '25 earnings call. My name is Lauren, and I'll be your operator today. (Operator Instructions) I will now hand you over to your host, Sondra Lennon, Vice President, FP&A and Investor Relations, to begin. Please go ahead.

歡迎參加 Acushnet Holdings Corp. 2025 年第二季財報電話會議。我叫勞倫，今天我將擔任您的接線生。（操作員指示）現在，我將把您交給主持人、FP&A 和投資者關係副總裁 Sondra Lennon，開始。請繼續。

Good morning, everyone. Thank you for joining us today for Acushnet Holding Corp. second quarter 2025 earnings conference call.

大家早安。感謝您今天參加 Acushnet Holding Corp. 2025 年第二季財報電話會議。

Joining me this morning are David Maher, our President and Chief Executive Officer; and Sean Sullivan, our Chief Financial Officer. Before turning the call over to David, I would like to remind everyone that we will be making forward-looking statements on the call today. These forward-looking statements are based on Acushnet's current expectations and are subject to uncertainty and changes in circumstances.

今天早上與我一起出席的還有我們的總裁兼執行長 David Maher 和我們的財務長 Sean Sullivan。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. 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.

在整個討論過程中，我們將參考非公認會計準則財務指標，包括以固定匯率計算的淨銷售額和調整後的 EBITDA 等項目。有關我們如何以及為何使用這些指標以及這些項目與最直接可比較的 GAAP 指標的對帳的解釋，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 best provides context as to the performance and trends of our business. And when referring to year-to-date results or comparisons, we are referring to the six-month period ended June 30, 2025, and the comparable six-month period in 2024.

另請注意，除非另有說明，本簡報中提到的年比淨銷售額增減均以固定匯率計算，因為我們認為這種衡量方式最能反映我們業務的業績和趨勢。當提及年初至今的結果或比較時，我們指的是截至 2025 年 6 月 30 日的六個月以及 2024 年可比的六個月。

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

說完這些，我會把電話轉給大衛。

Thanks, Sondra, and good morning, everyone. We appreciate your interest in Acushnet Holdings. The sport and business of golf continue to be vibrant and healthy. Per the National Golf Foundation's read on the US market, 1.5 million new golfers entered the sport in 2024, marking the seventh consecutive year-on-year increase. These gains contributed to resilient participation results with worldwide rounds of play in the first half projected to be up 2% despite some of the weather-related volatility we have experienced in the US.

謝謝，桑德拉，大家早安。感謝您對 Acushnet Holdings 的關注。高爾夫運動和商業繼續蓬勃發展。根據美國國家高爾夫基金會對美國市場的解讀，2024年將有150萬名新高爾夫球手進入這項運動，這是連續第七年同比增長。這些增長促成了參與率的穩定增長，儘管美國經歷了一些與天氣有關的波動，但上半年全球比賽輪次預計仍將增長 2%。

Acushnet continues to benefit from our focus on the game's dedicated golfer, whose healthy demographic and deep commitment to the sport helped to offset some of the macro uncertainties consumers are facing. With that, I am pleased to report on a solid quarter and first half for Acushnet, led by our momentum in Titleist Golf Equipment and steady growth in the US and EMEA regions.

高仕利繼續受益於我們對專注於這項運動的高爾夫球手的關注，其健康的人口結構和對這項運動的深度投入有助於抵消消費者面臨的一些宏觀不確定性。我很高興地向大家報告，Acushnet 本季度和上半年業績表現穩健，這主要得益於 Titleist 高爾夫設備的強勁增長以及美國和歐洲、中東和非洲地區的穩步增長。

Moving to slide 4. You see our second quarter and first half results. For the quarter, Acushnet; delivered worldwide net sales of $720 million, a 5% increase over last year, driven by the strength of our Golf Equipment and Gear segments, which contributed to a 9% year-over-year increase in adjusted EBITDA. For the half, net sales of $1.42 billion were up 3%, while adjusted EBITDA of $282 million was down 1%, in line with our expectations as we made several investments across our business with a long-term focus on golf equipment innovation and our technology and golfer connection platforms.

移至幻燈片 4。您將看到我們第二季和上半年的業績。本季度，Acushnet 全球淨銷售額達 7.2 億美元，較去年同期成長 5%，這得益於高爾夫設備和齒輪部門的強勁表現，調整後 EBITDA 較去年同期成長 9%。上半年，淨銷售額為 14.2 億美元，成長 3%，而調整後的 EBITDA 為 2.82 億美元，下降 1%，符合我們的預期，因為我們對整個業務進行了多項投資，長期專注於高爾夫設備創新以及我們的技術和高爾夫球手連接平台。

Getting to our segment results. Golf Equipment sales were up mid-single digits in the quarter and first half, led by the success of new Pro V1 golf ball models and strength within our GT Metals and hybrid franchise. Titleist golf equipment sales were up in all regions for the half, led by the US and EMEA. And compared with the first half of 2023 and a similar product launch cycle, equipment revenues are up 10%. The Titleist golf ball business is well positioned for the back half of the year as our team keeps pace with healthy demand and activates our golf ball fitting initiatives in all markets.

了解我們的分部表現。本季度和上半年，高爾夫設備銷售額增長了中等個位數，這主要得益於新款 Pro V1 高爾夫球的成功以及 GT Metals 和混合特許經營的強勁增長。Titleist 高爾夫球具的銷售量在上半年所有地區均有所成長，其中美國和歐洲、中東和非洲地區 (EMEA) 的銷量最高。與 2023 年上半年及類似的產品發布週期相比，設備收入成長了 10%。由於我們的團隊緊跟健康的需求並在所有市場啟動我們的高爾夫球適配計劃，Titleist 高爾夫球業務在下半年處於有利地位。

On the Club side, we're excited about our new T-Series irons, which were launched last month. This innovative new product lineup delivers enhanced performance and feel. And while early, initial response is meeting our high expectations. Within our Golf Equipment business, we are confident in the strength and diversity across our supply chain with golf balls benefiting from our two production facilities in the US and third in Thailand. Our ability to assemble golf clubs in most major regions also provides flexibility as we navigate evolving tariff policies.

在俱樂部方面，我們對上個月推出的新款 T 系列鐵桿感到非常興奮。這個創新的新產品系列提供了增強的性能和感覺。雖然還很早，但初步反應已經滿足了我們高的期望。在我們的高爾夫設備業務中，我們對整個供應鏈的實力和多樣性充滿信心，高爾夫球受益於我們位於美國的兩個生產設施和位於泰國的第三個生產設施。我們能夠在大多數主要地區組裝高爾夫球桿，這也為我們應對不斷變化的關稅政策提供了靈活性。

Moving to Gear. This business is healthy with sales increasing 7% in the second quarter and 6% for the first half. The core Titleist bag, glove and headwear categories grew mid-single digits, while our travel brands led by Club Glove grew more than 20%. Our FootJoy business was off 2% in the quarter and 4% in the half. These results were in line with our expectations as we shift towards a higher concentration of premium performance footwear led by Premier, HyperFlex and Quantum golf shoes. At the same time, we have reduced discounted closeout volumes and elevated our entry-level price points across the brand.

移至 Gear。該業務發展狀況良好，第二季銷售額成長 7%，上半年成長 6%。Titleist 核心球包、手套和頭飾類別的銷售額實現了中等個位數成長，而以 Club Glove 為首的旅遊品牌銷售額則成長了 20% 以上。我們的 FootJoy 業務本季下降了 2%，上半年下降了 4%。隨著我們轉向以 Premier、HyperFlex 和 Quantum 高爾夫球鞋為主導的更集中的高端性能鞋類，這些結果符合我們的預期。同時，我們減少了折扣清倉量，並提高了整個品牌的入門價格點。

We are pleased with FJ's market positioning, product lineup and sell-through trends. And as you will see in our financials, these are positively impacting FJ's operating results. Lastly, products not allocated to a reportable segment also posted steady growth in the half, led by double-digit gains from our shoes, outerwear and apparel business, which continues to build nice momentum.

我們對 FJ 的市場定位、產品陣容和銷售趨勢感到滿意。正如您在我們的財務報表中所看到的，這些都對 FJ 的經營業績產生了正面影響。最後，未分配到報告分部的產品在上半年也實現了穩步增長，其中鞋類、外套和服裝業務實現了兩位數的增長，並繼續保持良好的增長勢頭。

Now looking at our regional results, you see ongoing strength from our US business despite rounds of play being down slightly due to unfavorable weather. EMEA was up 6% in the first half, reflecting gains in Titleist Golf Equipment, primarily golf balls as well as golf gear. The region is benefiting from outsized growth in the UK where rounds of play are up 20% through June.

現在看看我們的區域業績，儘管由於惡劣天氣導致比賽輪次略有減少，但您會看到我們美國業務的持續強勁增長。上半年，歐洲、中東和非洲地區 (EMEA) 成長了 6%，反映了 Titleist 高爾夫設備（主要是高爾夫球和高爾夫裝備）的成長。該地區受益於英國的迅猛增長，截至 6 月份，英國的博彩場次增長了 20%。

Revenues in Japan and Korea are up 4% and 3% in the half, respectively. As noted on our last call, we are pleased with our equipment growth in these countries, but the markets for apparel, footwear and gear have been relatively soft. We expect our business in these regions to stabilize in the back half of the year.

日本和韓國的營收上半年分別成長了 4% 和 3%。正如我們上次電話會議中提到的，我們對這些國家的設備成長感到滿意，但服裝、鞋類和裝備市場相對疲軟。我們預計這些地區的業務將在下半年穩定下來。

In summary, golf industry fundamentals are in good shape, and we are pleased with our new product pipelines and the overall health of our business as we look to the future. As always, we appreciate the good work of our associates and support of partners. And while Acushnet is not immune to macro uncertainties, we are confident in our ability to effectively manage all that is in our control as we seek to deliver the highest quality products and services to dedicated golfers and in turn grow, invest in our future and return capital to shareholders.

總而言之，高爾夫產業基本上很好，展望未來，我們對我們的新產品線和業務的整體健康狀況感到滿意。一如既往，我們感謝同事的出色工作和合作夥伴的支持。儘管 Acushnet 不能免受宏觀不確定性的影響，但我們有信心能夠有效地管理我們所能控制的一切，因為我們致力於為熱忱的高爾夫球手提供最優質的產品和服務，從而實現增長、投資未來並向股東返還資本。

Thanks for your interest 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. We had a solid second quarter and strong first half to start 2025. Second quarter net sales were up 5% and adjusted EBITDA was $143 million, up $12 million from last year's second quarter. For the first half of 2025, net sales increased 3% and adjusted EBITDA decreased 1%, in line with our expectations.

謝謝你，大衛。大家早安。2025 年伊始，我們第二季表現穩健，上半年表現強勁。第二季淨銷售額成長 5%，調整後 EBITDA 為 1.43 億美元，比去年第二季成長 1,200 萬美元。2025 年上半年，淨銷售額成長 3%，調整後 EBITDA 下降 1%，符合我們的預期。

Net sales growth in the second quarter was driven by continued strength in our Titleist Golf Equipment segment, up 6% in the quarter behind the continued momentum of our latest Pro V1 golf balls launch and GT Metal success. Gross profit in the second quarter of $354 million was up $21 million compared to 2024, driven by increases in the Titleist Golf Equipment, Golf Gear and FootJoy golf wear segments. The increase in Titleist Golf Equipment was primarily driven by higher sales volumes and higher average selling prices, partially offset by mix. Increased sales volumes and lower distribution costs were the primary drivers in golf gear.

第二季淨銷售額的成長得益於 Titleist 高爾夫裝備部門的持續強勁成長，得益於我們最新推出的 Pro V1 高爾夫球和 GT Metal 的持續成功，本季淨銷售額成長了 6%。第二季毛利為 3.54 億美元，較 2024 年成長 2,100 萬美元，這得益於 Titleist 高爾夫設備、高爾夫裝備和 FootJoy 高爾夫服裝部門的成長。Titleist 高爾夫設備業務的成長主要得益於銷售增加和平均售價上漲，但部分被產品組合所抵銷。銷售量的增加和分銷成本的降低是高爾夫裝備的主要動力。

In FootJoy golf wear, the increase was driven by lower manufacturing costs and a favorable product mix, including less closeout sales. Also impacting gross profit in the second quarter was approximately $5 million of costs related to the recently implemented tariff policies.

FootJoy 高爾夫服裝的成長得益於較低的製造成本和有利的產品組合，包括較少的清倉銷售。與最近實施的關稅政策相關的約 500 萬美元的成本也影響了第二季的毛利。

Second quarter gross margin of 49.2% was up 40 basis points versus prior year, while first half gross margin of 48.6% was consistent with last year. SG&A expense of $222 million in the quarter increased $14 million from 2024 as we continue to invest in our fitting network, IT systems and A&P to support new product launches and future growth.

第二季毛利率為 49.2%，較上年同期上升 40 個基點，而上半年毛利率為 48.6%，與去年同期持平。本季銷售、一般及行政開支為 2.22 億美元，較 2024 年增加 1,400 萬美元，因為我們繼續投資於組裝網路、IT 系統和 A&P，以支援新產品的發布和未來的成長。

During the second quarter, the company initiated a voluntary bridge to retirement program to reduce operating costs and bridge long-tenured eligible employees to retirement. As a result, SG&A expense includes restructuring costs of $6.4 million related to this program.

在第二季度，該公司啟動了一項自願的退休過渡計劃，以降低營運成本並幫助長期任職的合格員工順利退休。因此，銷售、一般及行政費用包括與該計劃相關的 640 萬美元的重組成本。

For the second half of the year, we are expecting approximately $7 million of additional charges related to this program. Interest expense of $15 million in the quarter was up $1 million due to increase in borrowings, partially offset by a decrease in interest rates. Our effective tax rate in Q2 was 19.9%, down from 23.2% last year, primarily driven by a shift in our jurisdictional mix of earnings.

預計今年下半年與該計劃相關的額外費用約為 700 萬美元。本季利息支出為 1500 萬美元，由於借款增加而增加了 100 萬美元，但部分被利率下降所抵消。我們第二季的有效稅率為 19.9%，低於去年的 23.2%，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. The strength in our balance sheet and cash flow supports the continued execution of our capital allocation strategy. Our focus remains on investing in the business to support long-term growth and returning capital to shareholders. Our net leverage ratio at the end of Q2 using average trailing net debt was 2 times. Inventories were up 11% when compared to last year's second quarter, reflecting the advancement of inventory ahead of tariff deadlines and the impact of our iron launch. Overall, we are comfortable with our inventory quality and position.

轉到我們的資產負債表和現金流量重點。我們的資產負債表和現金流量的強勁支持我們繼續執行資本配置策略。我們的重點仍然是投資業務以支持長期成長並向股東返還資本。我們第二季末的淨槓桿率為 2 倍（採用平均過去淨負債）。與去年第二季相比，庫存增加了 11%，反映了關稅截止日期之前庫存的增加以及我們推出鐵礦石產品的影響。總體而言，我們對我們的庫存品質和狀況感到滿意。

First half cash flow from operations decreased from the first half of 2024, primarily due to an increase in cash used to fund working capital. Capital expenditures were $25 million in the first half of 2025, and we now expect full year 2025 CapEx spend to be approximately $70 million rather than the $85 million previously stated.

上半年營運現金流較 2024 年上半年減少，主要原因是用於資助營運資金的現金增加。2025 年上半年的資本支出為 2,500 萬美元，我們現在預計 2025 年全年資本支出約為 7,000 萬美元，而不是之前所說的 8,500 萬美元。

Through June, we returned roughly $154 million to shareholders with $125 million in share repurchases and $29 million in cash dividends. Today, our Board of Directors declared a quarterly cash dividend of $0.235 per share payable on September 19 to shareholders of record on September 5, 2025. On July 10, we repurchased approximately 953,000 shares of our common stock from Magnus for an aggregate of $62.5 million in satisfaction of our previously disclosed obligations under our share repurchase agreement.

截至 6 月份，我們向股東返還了約 1.54 億美元，其中包括 1.25 億美元的股票回購和 2,900 萬美元的現金股利。今天，我們的董事會宣布季度現金股利為每股 0.235 美元，將於 9 月 19 日支付給 2025 年 9 月 5 日登記在冊的股東。7 月 10 日，我們從 Magnus 回購了約 953,000 股普通股，總計 6,250 萬美元，以履行我們先前根據股份回購協議披露的義務。

While the game of golf is healthy and dedicated golfers demand for our products is strong, we continue to operate with caution given tariffs and their potential impact on consumer spending. For these reasons, similar to our Q1 call, we're not going to formally update our full year guidance at this time, but instead provide some color around the second half of the year as we see it today.

儘管高爾夫運動很健康，而且高爾夫球愛好者對我們產品的需求也很強勁，但考慮到關稅及其對消費者支出的潛在影響，我們仍將謹慎經營。基於這些原因，與我們的第一季電話會議類似，我們目前不會正式更新我們的全年指引，而是提供一些我們今天所看到的下半年的預測。

During the second half of 2025, we expect net sales to be up low single digits, taking into account a full year FX headwind of approximately $5 million as compared to last year. The second half quarterly cadence is expected to align with our historical seasonality. We anticipate net sales growth across all segments, driven by the continued strength of Golf Equipment, while FJ continues to execute on their premium performance strategy. The situation remains very fluid, and we continue to closely monitor developments in the dynamic tariff landscape and broader macroeconomic environment.

考慮到全年外匯逆風約為 500 萬美元，我們預計 2025 年下半年淨銷售額將成長低個位數，與去年相比。預計下半年季度節奏將與我們的歷史季節性保持一致。我們預計，在高爾夫設備業務持續強勁成長的推動下，所有部門的淨銷售額都將實現成長，而 FJ 將繼續執行其高端性能策略。情況仍然非常不穩定，我們將繼續密切關注動態關稅格局和更廣泛的宏觀經濟環境的發展。

Based on the recently announced tariff rates and agreements, we expect to have an estimated impact of approximately $30 million in the second half of the year in addition to the $5 million impact in the first half of 2025. Our mitigation efforts include optimizing our supply chain footprint, vendor sharing programs, selective pricing actions and cost reduction initiatives such as the VBR program. As a result, we estimate mitigating greater than 50% of the tariff impact in the second half. Overall, we are very pleased with our first half performance and remain focused on executing our long-term strategic priorities.

根據最近公佈的關稅稅率和協議，我們預計除了 2025 年上半年 500 萬美元的影響外，下半年還將產生約 3,000 萬美元的影響。我們的緩解措施包括優化我們的供應鏈足跡、供應商共享計劃、選擇性定價行動和成本削減措施（例如 VBR 計劃）。因此，我們預計下半年關稅影響將減輕50%以上。總體而言，我們對上半年的表現非常滿意，並將繼續專注於執行我們的長期策略重點。

With that, I will 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 please open the line for questions?

謝謝你，肖恩。接線員，我們可以開通熱線來回答問題嗎？

(Operator Instructions) Simeon Gutman, Morgan Stanley.

（操作員指示） 西緬古特曼，摩根士丹利。

My first question, it's around inflation and pricing. So there is a certain amount of inflation driven by innovation every year in this category. Now we have tariff on top of that. Do you have a sense of where that number on a percentage basis can go for the industry, not just Acushnet for the second half, given some of the tariff impacts? And how will that compare to some of the annual rate of inflation that's happened in the past?

我的第一個問題是關於通貨膨脹和定價。因此，該類別每年都會因創新而出現一定程度的通貨膨脹。現在我們還要加徵關稅。考慮到關稅的影響，您是否知道下半年除了 Acushnet 以外，整個產業的百分比數字會達到多少？這與過去的年度通貨膨脹率相比如何？

Simeon, I'll touch that more in a general sense than a hard number and tell you what we've seen up to this point. We've certainly seen price increases in gear, footwear and apparel across the industry, and we've taken select moves in those categories, would be part one.

西緬，我將從總體上而不是確切的數字來談論這個問題，並告訴你我們到目前為止所看到的情況。我們確實看到整個行業的裝備、鞋類和服裝價格上漲，並且我們在這些類別中採取了選擇性舉措，這將是第一部分。

Part two, our ball business is not entirely immune, but somewhat immune to some of the tariff risks as we manufacture so much of our product in the US. So we haven't seen as much in balls. Clubs has really been all over the map depending on sourcing and where manufacturers assemble products. So it's certainly part of the story. It has been to this date. We saw some price increases introduced into the industry in late Q2, some of which really flowed in Q3 after prebooks had shipped.

第二部分，我們的球類業務並非完全不受關稅風險影響，但由於我們的大部分產品都在美國生產，因此在一定程度上可以免受關稅風險的影響。所以我們沒看過那麼多球。根據採購和製造商組裝產品的地點，俱樂部確實遍布各地。所以這當然是故事的一部分。至今已經過了。我們看到第二季末該行業出現了一些價格上漲，其中一些價格上漲是在預售書發貨後的第三季真正開始的。

But to your question, how does it compare to historical? I would say it's almost too soon to say in part because we're dealing with rapidly changing rates, even today, right, the narrative changes. But you have seen some pricing action taken. And again, I'd point you more so to gear, footwear and apparel than equipment at this stage. But we are doing what everybody is doing, and that is assessing what it means for balance of year and future product introductions, what it means for next year and how much dexterity do we have within our sourcing and supply chain to mitigate before we take price.

但對於你的問題，它與歷史相比如何？我想說現在說還為時過早，部分原因是我們正在應對快速變化的利率，即使在今天，敘述也在改變。但您已經看到採取了一些定價行動。再次強調，現階段我更建議你專注在裝備、鞋類和服裝，而不是裝備。但我們正在做每個人都在做的事情，那就是評估它對今年和未來產品推出的平衡意味著什麼，對明年意味著什麼，以及在我們定價之前，我們的採購和供應鏈中有多少靈活性可以緩解。

So again, hopefully, some general overview of what we're seeing in the industry is helpful as you think about inflation and how golf responds to tariffs and how it compares to some of the broader national numbers.

因此，再次希望，當您思考通貨膨脹以及高爾夫如何應對關稅以及與一些更廣泛的全國數據相比時，我們對該行業所看到的一些總體概述會有所幫助。

And if I can, one follow-up, same topic, which it's somewhat nebulous. But given the customer profile who you sell to and the premium product line, how much do you worry about your customers' ability to take price, not just in the golf category, not just from Acushnet, but as they face higher prices in general in the second half and beyond?

如果可以的話，我會繼續跟進同一個主題，但這個主題有點模糊。但考慮到您的銷售對象和高端產品線，您是否擔心您的客戶接受價格的能力，不僅僅是高爾夫產品，不僅僅是 Acushnet 產品，而且因為他們在下半年及以後普遍面臨更高的價格？

Yes. We think about it a lot. And every time we think about price, we think about our ability to show improved performance. If you look at our results, certainly, we've called it out earlier, balls, right? It was driven by premium performance Pro V1, FootJoy there performance driven by premium -- Premier, HyperFlex, Clubs. We don't really run a multi-tier pricing strategy.

是的。我們對此想了很多。每當我們考慮價格時，我們就會考慮我們展示改進性能的能力。如果你看一下我們的結果，當然，我們早就把它說出來了，對吧？它由優質性能 Pro V1、FootJoy 驅動，其性能由優質性能驅動——Premier、HyperFlex、Clubs。我們其實並沒有實行多層定價策略。

So we're careful. We're, in many respects, premium positioned across the board. And we balance the need to pass along tariff costs with the need to constantly show value and prove to our consumers who -- yes, I guess they are certainly higher end and more performance-oriented in nature. But we're careful about it, and we realize that there's got to be a performance story attached to any pricing action.

所以我們很小心。從很多方面來看，我們都處於領先地位。我們在轉嫁關稅成本的需求和不斷向消費者展示價值的需求之間取得平衡——是的，我猜他們的產品本質上肯定是高端的，而且更注重性能。但我們對此非常謹慎，我們意識到任何定價行動都必須有一個附帶的績效故事。

Joseph Altobello, Raymond James.

約瑟夫‧阿爾托貝洛、雷蒙‧詹姆斯。

This is Martin on for Joe. I was just trying to get an idea of how did demand play out as you expected? And any kind of commentary you might have when it comes to sell-in and sell-through?

我是馬丁，代替喬回答問題。我只是想了解需求狀況是否符合您的預期？對於銷售和銷售率，您有什麼評論嗎？

I'm sorry, Martin, could you -- you cut out just a little bit in the beginning of that question. Would you mind repeating?

抱歉，馬丁，你能不能──你在這個問題的開頭就停頓一下。您介意再說一次嗎？

Yes. I was wondering if we can get any commentary regarding kind of sell-in and sell-through?

是的。我想知道我們是否可以得到有關銷售和銷售量的評論？

Yes. Well, I think sell-in, I'd point to our results. We're pleased with our results in the quarter and half. I would link that to inventory levels in the market, which I would say are normalized and the bridge between sell-in and inventory is sell-through. So we're pleased. It was -- I guess, our last call would have been early May, and there was a lot of angst around the state of the consumer, certainly for the second quarter and balance of the year.

是的。好吧，我認為賣出，我會指出我們的結果。我們對本季和上半年的業績感到滿意。我會將其與市場庫存水準聯繫起來，我認為庫存水準已經正常化，而銷售和庫存之間的橋樑就是銷售率。所以我們很高興。我想，我們最後一次打電話應該是在五月初，當時人們對消費者的狀況感到非常擔憂，尤其是對第二季和今年餘下時間的擔憂。

And we've been pleased both in terms of participation, rounds of play down slightly in the US, but up overall worldwide. And our consumer is engaged, and we're pleased with what we're seeing. And again, certainly, when you reference that against some of the early narrative and concerns around tariffs and inflation and what it might mean to the consumer. I think we're in a pretty good spot industry-wide.

就參與人數而言，我們感到很高興，美國的比賽輪次略有減少，但全球整體參與人數有所增加。我們的消費者參與其中，我們對所看到的結果感到滿意。當然，當你將其與早期的一些敘述和對關稅和通貨膨脹的擔憂以及它們對消費者可能意味著什麼進行比較時。我認為我們整個行業都處於相當良好的狀態。

And again, if we had meaningful sell-through concerns, you'd see it in inventory levels on the rise, which, again, I would characterize inventory as seasonally normal. You're always going to have some pockets around the world, and we do. But by and large, I would characterize it as seasonally normal, which again links back to sell-through in pretty good shape, particularly given the backdrop of all the tariff uncertainty.

再說一次，如果我們對銷售情況有重大擔憂，您會看到庫存水準上升，我會再次將庫存描述為季節性正常現象。你總會在世界各地擁有一些據點，而我們也有。但總的來說，我將其描述為季節性正常現象，這又與銷售情況良好有關，特別是考慮到所有關稅不確定性的背景。

Great. And you mentioned there's some stabilization in the Asian region. What can we sort of expect a return to growth?

偉大的。您提到亞洲地區局勢有所穩定。我們能期待什麼樣的成長回歸呢？

Yes. I think I'll speak of Japan, and it's really Japan and Korea, and I'll speak of them in two parts. Part one is equipment, balls and clubs, which have been for us steady and stable, and we like the trends there.

是的。我想我會講日本，實際上是日本和韓國，我會分兩部分來講。第一部分是設備、球和球桿，這些對我們來說一直很穩定，我們喜歡那裡的趨勢。

Part two is footwear and gear and apparel. And we've seen, particularly in apparel, almost a bit of a bubble in the last couple of years as that has been correcting. It went on such a rise during the COVID years, and it's been correcting. But we like the way we're approaching it. Nothing has necessarily surprised us and that we planned for it.

第二部分是鞋類、裝備和服裝。我們看到，特別是在服裝業，過去幾年幾乎出現了泡沫，但這種泡沫正在逐漸得到糾正。在新冠疫情期間，這一數字持續上升，目前正處於調整階段。但我們喜歡我們處理這個問題的方式。沒有什麼事情會讓我們感到驚訝，而且我們已經做好了計劃。

We saw a whole lot of new entrants in apparel, particularly in Korea and Japan, jump into the market in the last handful of years. And we expect to see some of those new entrants exit the market. So I think it's part of a correction. It's part of a rationalization, most noteworthy in apparel, and I would say Korea first. Korea is the largest apparel market across Asia.

我們看到，在過去幾年裡，大量服裝業新進者，尤其是韓國和日本的服裝業新進者進入市場。我們預計一些新進入者將退出市場。所以我認為這是修正的一部分。這是合理化的一部分，最值得注意的是服裝領域，我想首先是韓國。韓國是亞洲最大的服飾市場。

But I did call out also, I think we see things stabilizing in the back half of the year. So I feel like we're okay. And again, I think it's important as you think about Japan and Korea, at least on our side, to break apart what's happening with equipment, with what's happening with footwear and apparel because really, the drag has been on the latter.

但我也確實說過，我認為我們會看到今年下半年情況趨於穩定。所以我覺得我們還好。再次強調，我認為，當你考慮日本和韓國時，至少從我們的角度來看，重要的是要區分設備方面的情況、鞋類和服裝方面的情況，因為實際上，拖累的是後者。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

So David, could you elaborate on customer response to new launches maybe across both clubs and balls in the marketplace today? And speak to your level of visibility as we look out to the low single-digit back half revenue growth forecast across segments?

那麼，大衛，您能否詳細說明一下客戶對當今市場上新推出的球桿和球的反應？當我們展望各部門下半年營收成長預測的低個位數時，您能談談您的預見程度嗎？

Yes. Matt, we're obviously pleased with our launches. Pro V1 launched in Q1. We like our sell-through trends. We like our share trends across all markets. I think we made the point that our equipment business was up in all regions in the half.

是的。馬特，我們對我們的發布感到非常滿意。Pro V1 於第一季推出。我們喜歡我們的銷售趨勢。我們看好所有市場的股票趨勢。我認為我們已經表明，上半年我們的設備業務在所有地區都有所成長。

Similarly, while not a new product in that we didn't launch it in '25, we launched it in the back half of 2024. We're very pleased with what's happening on the driver front. So sell-through trends, pyramid usage, meeting our high expectations, I think, is the best way to characterize it. And again, we're in a good place as we enter the back half of the year.

同樣，雖然它不是一個新產品，因為我們沒有在 25 年推出它，但我們在 2024 年下半年推出了它。我們對駕駛員方面的情況非常滿意。因此，我認為，銷售趨勢、金字塔使用、滿足我們的高期望是描述它的最佳方式。進入下半年，我們又處於良好的狀態。

Your comment about -- your question about second half and how do we think about second half, it starts with our new product pipeline, it starts with our order book, inventory levels and just initial response and demand. And I'd point to, we've got a new iron in the market, our T-Series, which is off and running. We launched it in July. And again, early response is, again, meeting our high expectations.

您的評論——您關於下半年的問題以及我們如何看待下半年，它從我們的新產品線開始，從我們的訂單、庫存水平以及初步反應和需求開始。我想指出的是，我們在市場上推出了一款新的熨斗，即 T 系列，它已經投入使用。我們在七月推出了它。而且，早期的回應再次滿足了我們高的期望。

As you'd expect, we get pretty good sell-through data week-to-week, which just gives us a read on trends and which way the wind is blowing and how our inventory is holding up. So all that informs what Sean said was our outlook for the back half of the year, which we characterized as low single, I think, with growth coming from all segments.

正如您所期望的，我們每週都會獲得相當不錯的銷售數據，這讓我們了解趨勢、風向以及我們的庫存情況。因此，肖恩所說的一切都表明了我們對今年下半年的展望，我認為我們將下半年描述為低迷的單一時期，所有部門都會出現增長。

And I just -- final point, I'd add, much of my commentary was balls, clubs, but FootJoy as well continues to generate momentum. And I noted top line down slightly, but really pleased with the profitability and sort of operational results within FootJoy and our confidence there really driven behind some exciting new product line extensions. So a lot of parts and pieces go into it, Matt, but I think that certainly fuels how we think about the half and our confidence in our outlook.

最後我想補充一點，我的大部分評論都是關於球和球桿的，但 FootJoy 也繼續產生勢頭。我注意到營業額略有下降，但對 FootJoy 的盈利能力和營運業績感到非常滿意，我們的信心確實推動了一些令人興奮的新產品線擴展。所以，馬特，這其中涉及很多部分，但我認為這肯定會增強我們對一半的看法以及我們對前景的信心。

That's great. And then maybe, Sean, could you speak to gross margin considerations for the back half of the year? And maybe just how best to think about the timing of operating expense dollar growth relative to your low single-digit sales forecast for the back half?

那太棒了。那麼肖恩，您能否談談下半年的毛利率考量？也許只是如何最好地考慮相對於下半年低個位數銷售預測的營運費用美元成長時機？

Sure. Yes. I mean, just, Matt, to go back to the script, obviously, I'm trying to guide you to the top line relative to some historical cadence in terms of Q3 versus Q4. So that was helpful. Obviously, we're pleased with the gross margin profile through the first half.

當然。是的。我的意思是，馬特，回到腳本，顯然，我試圖引導你找到相對於第三季度與第四季度的一些歷史節奏的頂線。這很有幫助。顯然，我們對上半年的毛利率狀況感到滿意。

As I look in the back half, I've obviously given you some impact as a result of the tariffs. So that certainly will spread across Q3 and Q4. But again, we're going to have that burden. But again, we see growth across all segments in the back half.

當我回顧後半部分時，我顯然已經給出了關稅帶來的一些影響。所以這肯定會蔓延到第三季和第四季。但再次，我們將承擔這個負擔。但我們再次看到下半年所有領域都實現了成長。

In terms of operating expense, I don't think there's anything more to say in terms of the profile. We feel very good about the conversion from sales to adjusted EBITDA, the overall margin profile. Obviously, we're investing for long-term growth. We'll continue to do that. You do have the impact of the VBR that we talked about in Q2 that will roll through in the back half as well. So I'll give you that number as well.

就營運費用而言，我認為就概況而言沒有什麼可說的了。我們對銷售額向調整後 EBITDA（整體利潤率狀況）的轉變感到非常滿意。顯然，我們投資是為了長期成長。我們將繼續這樣做。我們在第二季度討論過的 VBR 確實會產生影響，這種影響也會在後半段持續下去。所以我也會給你這個號碼。

So all in all, I guess, absent tariffs, we're pleased with where we're at for the year and the outlook for the year. David talked at length about the demand, the dedicated golfer, and it's really about execution at this point for us. And certainly, the tariff and the supply chain and vendor sharing and all those things will happen over the course of the year, so we position ourselves for 2026.

所以總而言之，我想，如果沒有關稅，我們對今年的狀況和前景感到滿意。大衛詳細地談論了需求、專注的高爾夫球手，對我們來說，現在真正重要的是執行力。當然，關稅、供應鏈、供應商共享以及所有這些事情都將在今年內發生，因此我們為 2026 年做好了準備。

Thanks, everyone. Yes, we appreciate your interest in the company as always and now more than ever, your understanding as we attempt to thoughtfully manage and navigate these tariff uncertainties and always stay connected to our core consumer. So we appreciate your interest and understanding and hope you have a great rest of the day. Thanks very much.

謝謝大家。是的，我們一如既往地感謝您對公司的關注，現在我們比以往任何時候都更加感謝您的理解，因為我們試圖周到地管理和應對這些關稅不確定性，並始終與我們的核心消費者保持聯繫。因此，我們感謝您的關注和理解，並希望您今天剩餘的時間過得愉快。非常感謝。

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

今天的電話會議到此結束。謝謝大家的加入。現在您可以斷開線路了。