Acushnet Holdings Corp (GOLF) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to Acushnet Company's first quarter 2026 earnings call. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加 Acushnet 公司 2026 年第一季財報電話會議。(接線員指示)

I will now hand the conference over to Cameron Vollmuth, Director of Investor Relations. Cameron, please go ahead.

我現在將會議交給投資人關係總監 Cameron Vollmuth。Cameron，請開始。

Good morning, everyone. Thank you for joining us today for Acushnet Holding Corp's first quarter 2026 earnings conference call. 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 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.

各位早安。感謝各位今天參加 Acushnet Holding Corp 2026 年第一季財報電話會議。今天早上與我一同出席的有：我們的總裁兼執行長 David Maher，以及我們的財務長 Sean Sullivan。在把電話交給 David 之前，我想提醒各位，我們今天的電話會議中將會發表前瞻性陳述。這些前瞻性陳述係基於 Acushnet 目前的預期，並可能受到不確定性及情勢變化的影響。

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。關於可能導致實際結果不同的因素清單，請參閱今日新聞稿、隨附於本次簡報的投影片，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.

在本次討論中，我們將提及非 GAAP 財務衡量指標，包括例如以固定匯率計算的淨銷售額及調整後 EBITDA。關於我們如何以及為何使用這些衡量指標的說明，以及這些項目與最直接可比的 GAAP 指標之間的調節表，可在今日新聞稿的附表、隨附於本次簡報的投影片，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 three-month period ended March 31, 2026, and the comparable three-month period in 2025. With that, I'll turn the call over to David.

另請注意，除非另有說明，本簡報中提及的年對年淨銷售額增減，皆以固定匯率基礎計算。我們認為此衡量方式最能提供有關本公司業務表現與趨勢的脈絡。此外，當我們提及年初至今的結果或比較時，係指截至 2026 年 3 月 31 日的三個月期間，以及 2025 年可比的三個月期間。接下來我把電話交給 David。

Thanks, Cameron, and good morning, everyone. As always, we appreciate your interest in Acushnet Holdings. I am pleased to report on a positive start to the year for Acushnet, highlighted by a wide range of new product launches and early season growth in our Titleist Golf Equipment and Golf Gear segments.

謝謝你，Cameron，各位早安。一如既往，我們感謝各位對 Acushnet Holdings 的關注。我很高興向各位報告，Acushnet 今年開局表現正面，亮點包括多項新產品上市，以及我們 Titleist 高爾夫裝備與高爾夫配件（Golf Gear）部門在季初的成長。

Acushnet delivered worldwide net sales of $753 million, a 5% constant currency increase over last year. Adjusted EBITDA was $145 million in the first quarter, an increase of $6 million year-over-year. These results reflect solid execution and synergies across our product development and supply chain teams and Acushnet's continued investment to drive future growth and operational excellence.

Acushnet 全球淨銷售額達 7.53 億美元，較去年以固定匯率計算成長 5%。第一季調整後 EBITDA 為 1.45 億美元，年增 600 萬美元。這些成果反映我們在產品開發與供應鏈團隊之間的扎實執行與協同效益，以及 Acushnet 持續投資以推動未來成長與營運卓越。

Now getting to segment results. You see Titleist Golf Equipment sales increased 7% in the quarter as our Titleist Golf Balls and Golf Clubs business continued to generate positive momentum. Titleist Balls and Clubs are helping players excel at the highest levels of the game, which affirms Titleist's 72% ball count across worldwide tours, more than 7 times the nearest competitor and number one driver positioning on the PGA and DP World tours.

接著談各部門表現。各位可以看到，Titleist 高爾夫裝備本季銷售成長 7%，因為我們的 Titleist 高爾夫球與球桿業務持續展現正向動能。Titleist 球與球桿協助球員在最高競技層級表現出色，這也印證了 Titleist 在全球巡迴賽的用球占比達 72%，是最接近競爭對手的 7 倍以上，並且在 PGA 與 DP World 巡迴賽上維持一號開球木（driver）地位。

In the quarter, golf ball volumes increased in all regions as our team successfully launched new Pro V1x Left Dash, AVX, Tour Soft and Velocity models. We typically expect modest volume declines in the first quarter of even years when comping against a prior year's Pro V1 launch. And this year's volume growth is commentary on our team's ability to innovate and the overall strength of the Titleist golf ball lineup heading into Q2.

本季各地區高爾夫球出貨量皆增加，因為我們團隊成功推出全新 Pro V1x Left Dash、AVX、Tour Soft 與 Velocity 型號。通常在偶數年度的第一季，若與前一年 Pro V1 上市的基期相比，我們預期出貨量會小幅下滑。而今年的出貨量成長，反映我們團隊的創新能力，以及 Titleist 高爾夫球產品線在進入第二季前的整體強勁實力。

Titleist Golf Clubs also delivered a strong first quarter, led by the successful launch of new Vokey SM11 wedges and healthy demand for GT drivers and fairway metals in their second year. The Titleist Equipment segment continues to benefit from our ongoing work at the Titleist Performance Institute. TPI, led by Dr. Greg Rose and Dave Phillips, is a powerful force within Acushnet, which informs our understanding of golfer biomechanics, is at the center of our commitment to help golfers play their best and shapes our R&D visions across golf balls, clubs and footwear.

Titleist 高爾夫球桿在第一季同樣表現強勁，主要受惠於全新 Vokey SM11 挖起桿成功上市，以及 GT 開球木與球道木在上市第二年仍維持健康需求。Titleist 裝備部門也持續受益於我們在 Titleist Performance Institute 的持續投入。由 Greg Rose 博士與 Dave Phillips 領導的 TPI，是 Acushnet 內部的重要力量，協助我們深化對高爾夫球手生物力學的理解，亦是我們致力協助球友打出最佳表現的核心，並形塑我們在高爾夫球、球桿與鞋款等研發願景。

As we have talked about on recent calls, we continue to invest in and develop our capabilities across our TPI platform. Now to Golf Gear. Q1 sales were up 8%, driven by higher sales volumes in golf bags and double-digit gains in the US and EMEA And our FootJoy segment is off to a good start as we operate an increasingly productive business with greater focus on premium franchises and fewer offerings at lower price points.

如同我們在近期電話會議中提到的，我們持續在 TPI 平台上投資並發展各項能力。接著談 Golf Gear。第一季銷售成長 8%，主要由高爾夫球袋銷量提升，以及美國與 EMEA 地區的雙位數成長所帶動。而我們的 FootJoy 部門也有良好開局，因為我們營運一個更具生產力的業務，並更聚焦於高端系列，同時減少低價位產品的供給。

FJ sales were down 1% in the quarter as our teams successfully launched new Pro/SL and Premier golf shoes and our spring apparel collections have been well received.FootJoy profitability, while still burdened with incremental tariffs, is on track with our internal plans.

FJ 本季銷售下滑 1%，但我們團隊成功推出全新 Pro/SL 與 Premier 高爾夫球鞋，且春季服飾系列也獲得良好回響。FootJoy 的獲利能力雖仍受新增關稅影響，但整體仍符合我們內部規劃。

Also, in the quarter, net sales of products not allocated to a reportable segment were up slightly with continued momentum and growth from KJUS' US golf business and modest gains from Titleist Apparel in Asia.

此外，本季未分配至可報導部門的產品淨銷售額小幅上升，主要來自 KJUS 在美國高爾夫業務的持續動能與成長，以及 Titleist 服飾在亞洲的溫和增長。

Now looking at the quarter by region, you see the US market was up 5% on the strength of the Titleist Golf Equipment and Golf Gear segments. Rounds of play in the US were up 5% through March with gains in key Sunbelt states, Arizona, California, Florida and Texas. EMEA was up 8%, reflecting gains from all reportable segments led by double-digit growth from Titleist Equipment and Gear as we continue to generate nice momentum across the region.

接著按地區來看本季表現，美國市場成長 5%，主要受 Titleist 高爾夫裝備與 Golf Gear 部門帶動。截至 3 月，美國打球回合數（rounds of play）成長 5%，其中亞利桑那、加州、佛羅里達與德州等主要陽光帶州別皆有增長。EMEA 成長 8%，反映所有可報導部門皆有成長，其中以 Titleist 裝備與配件的雙位數成長領先，我們在該區域持續累積良好動能。

Japan also delivered a solid start to the year, up 6%, led by gains in Golf Equipment. And Korea was in line with our expectations, yet off 7% as the timing of their first quarter golf club launch calendar differs from other regions, which we expect to normalize in the coming months. And the Rest of World region was up 9% with increased sales across all segments.

日本也有穩健的年度開局，成長 6%，主要由高爾夫裝備的增長帶動。韓國則符合我們的預期，但下滑 7%，原因在於其第一季球桿上市時程與其他地區不同，我們預期未來幾個月將趨於正常化。而世界其他地區成長 9%，各部門銷售皆增加。

Now looking forward, and as we shared on the Q4 call, we will be launching new Titleist GTS drivers and fairway metals in the second quarter, which we see as a favorable transition from our customary Q3 launch window.

展望未來，如同我們在第四季電話會議中分享的，我們將於第二季推出全新 Titleist GTS 開球木與球道木，我們認為這是相較於慣常第三季上市時點更有利的轉換。

New GTS metals debuted across professional tours in late March, and we are very pleased with the initial response and enthusiasm. Golfer fittings begin next week, and we are preparing for the global market launch on June 11. As you would expect, the shift from Q3 to Q2 will impact the cadence of our business in 2026, and Sean will share greater details during his remarks.

全新 GTS 木桿於 3 月下旬在各大職業巡迴賽亮相，我們對初期回饋與熱度感到非常滿意。球友試配將於下週開始，我們正為 6 月 11 日的全球上市做準備。如各位所預期，從第三季移至第二季將影響我們 2026 年的業務節奏，Sean 將在他的發言中分享更詳細內容。

In summary, we are pleased with our start to the year in what is best characterized as a product sell-in quarter. Industry fundamentals and the overall state of the game are healthy, and we point to global rounds growth in the quarter as an indicator of golf's durability and popularity. The Acushnet team is focused on providing exceptional product, fitting and service experiences to avid golfers and our trade partners as we seek to generate long-term value for our shareholders. Thanks for your attention this morning. I will now pass the call over to Sean.

總結來說，我們對今年的開局感到滿意，本季最貼切的描述是產品鋪貨（sell-in）季度。產業基本面與整體球運狀態維持健康，我們也以本季全球打球回合數的成長作為高爾夫運動韌性與受歡迎程度的指標。Acushnet 團隊專注於為熱衷高爾夫的球友與我們的通路夥伴提供卓越的產品、試配與服務體驗，以期為股東創造長期價值。感謝各位今天早上的聆聽。我現在把電話交給 Sean。

Thank you, David. Good morning, everyone. As highlighted, we started 2026 with an increase in net sales of 5% over last year's first quarter. Adjusted EBITDA was $144.6 million, an increase of 4% from the first quarter of 2025. Net sales growth in the quarter was driven by continued momentum of our Titleist brand with Golf Equipment growing 7% and Golf Gear growing 8%, while FootJoy net sales declined 1% in the quarter.

謝謝你，David。各位早安。如先前重點所述，我們在 2026 年開局，淨銷售額較去年第一季成長 5%。調整後 EBITDA 為 1.446 億美元，較 2025 年第一季增加 4%。本季淨銷售成長主要來自我們 Titleist 品牌動能延續，其中高爾夫球具成長 7%、高爾夫裝備成長 8%，而 FootJoy 本季淨銷售則下滑 1%。

Gross profit in the first quarter of $355 million was up $18 million compared to the first quarter of 2025, mainly due to higher net sales, which were partially offset by higher tariff costs of $17 million year-over-year. Gross margin was 47.2% in the quarter, down 70 basis points from last year, primarily due to the tariff cost headwind of 220 basis points just mentioned.

第一季毛利為 3.55 億美元，較 2025 年第一季增加 1,800 萬美元，主要因淨銷售額提高，但部分被年增 1,700 萬美元的較高關稅成本所抵銷。本季毛利率為 47.2%，較去年下降 70 個基點，主要是因為剛才提到的關稅成本帶來 220 個基點的不利影響。

SG&A expense of $214 million in the quarter increased $13 million from the first quarter of 2025. This increase was due to higher selling expenses incurred in connection with the higher sales volumes, costs related to the expansion of our product fitting networks, higher IT-related expenses and additional A&P expenses to support new product launches.

本季 SG&A 費用為 2.14 億美元，較 2025 年第一季增加 1,300 萬美元。此增幅主要來自與較高銷售量相關的較高銷售費用、擴展我們產品配適（fitting）網絡所產生的成本、較高的 IT 相關費用，以及為支援新產品上市而增加的 A&P 費用。

Net interest expense of $13.1 million in the quarter was down modestly from last year. Our effective tax rate in Q1 was 22.9%, up from 17.9% last year. The increase in ETR was primarily driven by changes in our jurisdictional mix of earnings and a reduced income tax benefit related to the US deduction of foreign-derived intangible income.

本季淨利息費用為 1,310 萬美元，較去年小幅下降。我們第一季有效稅率為 22.9%，高於去年的 17.9%。有效稅率上升主要是由於獲利在各司法管轄區的組合變化，以及與美國外國衍生無形所得（FDII）扣除相關的所得稅利益減少。

Moving to our balance sheet and cash flow highlights. Our balance sheet and cash flow positions continue to be strong, allowing us to execute our disciplined capital allocation strategy while also navigating the current macroeconomic uncertainty. Our net leverage ratio using average trailing net debt at the end of Q1 was 2.3 times.

接著看資產負債表與現金流重點。我們的資產負債表與現金流狀況持續強勁，使我們得以在因應當前總體經濟不確定性的同時，執行嚴謹的資本配置策略。以第一季末的平均過去十二個月淨負債計算，我們的淨槓桿比率為 2.3 倍。

As discussed on our fourth quarter call, we remain focused on maintaining net leverage at or below 2.25 times on average, while we maintain flexibility to account for seasonality and other business needs as evidenced by our leverage position at the end of this quarter. With respect to inventories in the first quarter, FootJoy and Golf Gear inventories were down year-over-year.

如同我們在第四季電話會議中所討論的，我們仍專注於將平均淨槓桿維持在 2.25 倍或以下，同時保有彈性以因應季節性與其他業務需求，這也反映在本季末的槓桿水準。就第一季存貨而言，FootJoy 與高爾夫裝備存貨較去年同期下降。

However, total inventories were up 7% as we built golf equipment inventory to support our accelerated GTS metals launch in the second quarter.

然而，總存貨增加 7%，因我們為第二季加速推出 GTS 金屬桿（metals）而建立高爾夫球具存貨。

Overall, we remain comfortable with our inventory quality and position. Capital expenditures were $19 million in the first quarter of 2026, up $8 million from last year, and we continue to expect full year spend to be approximately $95 million.

整體而言，我們對存貨品質與水位仍感到安心。2026 年第一季資本支出為 1,900 萬美元，較去年增加 800 萬美元；我們仍預期全年支出約為 9,500 萬美元。

Free cash flow in the first quarter was down $31 million compared to last year, in part related to the increased inventory levels associated with the upcoming GTS metals launch. We still expect free cash flow to meaningfully improve versus 2025 with the benefit mainly occurring in the second half of the year.

第一季自由現金流較去年減少 3,100 萬美元，部分原因與即將推出的 GTS 金屬桿所帶動的存貨水位上升有關。我們仍預期在 2025 年的基礎上，自由現金流將顯著改善，主要改善將發生在下半年。

Through March, we returned roughly $26 million to shareholders with $16 million in cash dividends and $10 million in share repurchases. Today, our Board of Directors declared a quarterly cash dividend of $0.255 per share payable on June 22 to shareholders of record on June 5. As of March 31, we had $231 million remaining under the current share repurchase authorization.

截至 3 月，我們透過現金股利 1,600 萬美元與庫藏股回購 1,000 萬美元，合計約回饋股東 2,600 萬美元。今天，我們董事會宣告每股 0.255 美元的季度現金股利，將於 6 月 22 日支付給 6 月 5 日登記在冊的股東。截至 3 月 31 日，我們在現行股票回購授權下尚餘 2.31 億美元可用額度。

Now let's turn to Slide 10 and review our financial outlook for 2026. We are pleased with our strong results in the first quarter, and we note that as the golf season is just about to begin in many markets around the world, there remains uncertainty in the macroeconomic and geopolitical environment. As is our practice at this time of the year, we are maintaining our full year outlook and continue to expect full year 2026 net sales to be in the range of $2,625 million and $2,675 million and adjusted EBITDA to be in the range of $415 million to $435 million. This outlook excludes any potential IEEPA tariff refunds. On calendarization, reflecting the first quarter results, we now expect reported first half net sales and adjusted EBITDA to be closer to the high end of our previous range of up mid- to high single digits.

現在請看第 10 張投影片，回顧我們對 2026 年的財務展望。我們對第一季的強勁表現感到滿意；同時也注意到，隨著全球許多市場的高爾夫球季即將開始，總體經濟與地緣政治環境仍存在不確定性。依照我們每年此時的慣例，我們維持全年展望不變，並持續預期 2026 年全年淨銷售額將介於 26.25 億至 26.75 億美元之間，調整後 EBITDA 將介於 4.15 億至 4.35 億美元之間。此展望不包含任何潛在的 IEEPA 關稅退稅。就年度分布而言，反映第一季結果，我們現在預期上半年揭露的淨銷售額與調整後 EBITDA 將更接近先前區間的高端，也就是年增中到高個位數。

As it relates to tariffs, we previously cited a $70 million full year impact or $40 million year-over-year incremental headwind in 2026. Since then, there have been several developments, including the recent Supreme Court ruling on IEEPA tariffs, the implementation of Section 122 tariffs and changes to the application of Section 232 tariffs.

關於關稅，我們先前提到全年影響為 7,000 萬美元，或 2026 年相較去年增加 4,000 萬美元的不利因素。自那之後出現了數項發展，包括近期最高法院對 IEEPA 關稅的裁決、Section 122 關稅的實施，以及 Section 232 關稅適用方式的變更。

Overall, we believe these changes to the tariff rate environment could be favorable in 2026. That said, uncertainty around the structure and duration of tariffs remains high, making it difficult to quantify the total impact at this time. In addition, we expect that the potential benefits from these tariff rate changes will be largely offset by higher product costs due to rising commodity prices and related raw material input and freight costs associated with the current geopolitical environment.

整體而言，我們認為這些關稅稅率環境的變化在 2026 年可能是有利的。但關稅的架構與持續期間仍高度不確定，使得目前難以量化總體影響。此外，我們預期這些關稅稅率變化帶來的潛在好處，將在很大程度上被商品價格上漲所導致的較高產品成本，以及當前地緣政治環境下相關的原物料投入成本與運費上升所抵銷。

We're monitoring these dynamics closely and taking actions where possible to mitigate impacts on the business. In closing, we are pleased with where the business is positioned amid this volatile global environment and remain focused on servicing the needs of the dedicated golfer as many global golf markets open in the second quarter. With that, I'll now turn the call over to Cameron for Q&A.

我們正密切監控這些動態，並在可行之處採取行動，以減輕對業務的影響。最後，在這個波動的全球環境中，我們對公司目前的布局感到滿意，並將持續專注於滿足核心高爾夫球愛好者的需求，因為許多全球高爾夫市場將在第二季開打。接下來我把電話交給 Cameron 進行問答。

Thanks, Sean. Jen, could we now open up the lines for questions?

謝謝，Sean。Jen，我們現在可以開放電話線進行提問嗎？

(Operator Instructions)

(接線員指示)

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

Hey, good morning, David. Good morning, Sean. My first question, it's on the shape of the year. So the first quarter, there was some margin headwind, which I would have said was expected, and it looks like you got through it relatively well. While there is uncertainty about tariffs, whether you probably are going to pay less and you could get refunds.

嗨，早安，David。早安，Sean。我的第一個問題是關於全年走勢的形狀。第一季有一些毛利率的不利因素，我原本會說這是預期之內的，而看起來你們相對順利地度過了。雖然關稅仍有不確定性，可能你們會付得更少，且可能拿到退稅。

And I do think the balance of the year, there is an adjusted EBITDA margin expansion modestly. But it feels like -- and then as you push the guidance for the first half at the high end, it feels like there's more upward pressure here than there is downward pressure.

而我確實認為今年剩餘期間調整後 EBITDA 利潤率會小幅擴張。但感覺是——再加上你們把上半年指引推向區間高端——感覺上行壓力比下行壓力更大。

Is that fair? And then how -- I guess, it would be more pronounced in the back half as you lap some of this tariff stuff?

這樣理解公平嗎？另外我想問——是不是在下半年會更明顯，因為你們會跨過（lap）部分關稅因素的比較基期？

Yes, Simeon, I think it's a reasonable view of our comments today. Again, very pleased with Q1. Obviously, we're guiding you to the higher end of the range for Q2. I did call out, obviously, we had $17 million of tariff headwind in Q1. We're going to still have the Section 122s in Q2, which will be a headwind versus prior year.

是的，Simeon，我認為這是對我們今天評論的合理解讀。再次強調，我們對第一季非常滿意。很明顯地，我們也指引你們第二季會落在區間的高端。我也特別提到，第一季我們承受了 1,700 萬美元的關稅不利影響。第二季我們仍會有 Section 122 的影響，與去年相比仍將是不利因素。

So yes, all in all, we're pleased. Again, it's early in the year. But again, I do want to be balanced and disciplined, right? We've got raw material input costs that are affected by the price of oil. We have other materials in our club business.

所以是的，總體而言，我們感到滿意。再說一次，現在還是年初。但同樣地，我確實希望保持平衡並且自律，對吧？我們的原物料投入成本會受到油價影響。在我們的會員俱樂部業務中，還有其他材料成本。

We have freight in, freight out. So I don't want to understate that there are headwinds. But as I said in my comments, we hope that the tariff opportunity, whether it's lower relative to where we had expected to be versus $17 million. We'll see some offset from the input costs, and this doesn't factor anything related to any potential refunds. So I think you've got the outlook for the year.

我們有進貨運費、出貨運費。所以我不想淡化逆風的存在。但正如我在評論中所說，我們希望關稅帶來的機會——無論是相較於我們原先預期的水準更低，對比原本預估的1,700萬美元——我們會看到部分能抵銷投入成本的影響，而這還沒有把任何可能的退款因素納入。所以我認為你已經掌握了今年的展望。

But again, we're pleased with the consumer, and we're pleased with the demand in spite of all of those things.

但再說一次，儘管有所有這些因素，我們對消費者表現感到滿意，也對需求感到滿意。

And then can I follow up on product, the driver. You've done this every year. You've seen it every year you release or every other year when you have a driver release, you have competitive release. This year, the competitive set, I think, was a little more forceful across most brands. Can you talk about that in the context of expectations around GTS, whether it's timing or sell-in, sell-through?

接著我想追問一下產品，也就是一號木（driver）這個驅動因素。你們每年都做這件事。你們每次推出、或每隔一年推出一號木時，都會看到競品也同步推出。今年我認為競品組合在多數品牌上都更強勢一些。你能否在這樣的背景下談談對GTS的預期，不論是時程、通路鋪貨（sell-in）或終端銷售（sell-through）？

You talked about early success on tour. Curious how that can translate in a more competitive release year.

你提到在巡迴賽上有早期成功。我很好奇在競爭更激烈的發售年度，這如何轉化為市場表現。

Yes. Thanks, Simeon. So new timing for us this year, GTS, right? We typically launch Q3. We're moving to Q2.

是的。謝謝你，Simeon。所以今年對我們來說，GTS的時程是新的，對吧？我們通常在第三季上市。我們正在把它提前到第二季。

We're very excited about that. Not as easy as it may sound. You got to adjust your entire supply chain to pull it all forward a few months. So we're a couple of months ahead of schedule from our historical Q3 timing. But really starting with the product, we're just very enthused about the product, great early success across the worldwide tours, great adoption from players, which is a good indicator.

我們對此非常興奮。這並不像聽起來那麼容易。你必須調整整個供應鏈，把所有事情往前拉幾個月。因此相較於我們過去第三季的歷史節奏，我們提前了幾個月。但真正從產品本身來看，我們對產品非常振奮；在全球各大巡迴賽上有很好的早期成功，球員採用率很高，這是一個很好的指標。

As I noted in my remarks, we start fitting next week globally, and we're in market in mid-June. So I think the key takeaway separate from product, is we're going to hit the market really in a peak window, which is May, June, July, where historically, we've hit the market in the third quarter, which is clearly a less than peak window. So we like the timing. We really like the product. Yes, you're right, it's a competitive market, nothing new there.

如我在發言中提到的，我們下週開始在全球進行配桿（fitting），並在6月中旬正式上市。所以我認為，撇開產品本身不談，關鍵重點是：我們將在真正的旺季窗口切入市場，也就是5月、6月、7月；而過去我們通常在第三季上市，顯然那不是旺季窗口。所以我們喜歡這個時程。我們也非常喜歡這個產品。是的，你說得對，這是個競爭激烈的市場，這並不新鮮。

But I would say we're very, very excited about this launch. And again, the comments about what's happened on tour, that's as much about early adoption and validation, which is very important to us and our consumer, and that's really right on track. So what we've done in the last couple of months is do a lot of training of our fitters to get them ready to go out and give golfers great experiences. We've got fitting tools in the market around the world. So we're ready.

但我會說，我們對這次上市非常、非常興奮。再者，關於巡迴賽上的表現，那更多是關於早期採用與驗證，這對我們以及我們的消費者都非常重要，而目前一切都很符合進度。所以過去幾個月我們做了大量的訓練，讓我們的配桿師（fitters）準備好出去為高爾夫球友提供很棒的體驗。我們也已在全球市場部署配桿工具。所以我們準備好了。

And again, a key differentiator is going to be the benefit of timing in which we're launching in a peak window versus prior years.

而且再說一次，一個關鍵差異化因素將是上市時點的優勢：我們是在旺季窗口推出，而不是像前幾年那樣。

Thanks, Simeon.

謝謝你，Simeon。

Thank you. Good luck.

謝謝。祝你好運。

Thanks. Next question, please.

謝謝。請下一題。

Matthew Boss, JPMorgan.

Matthew Boss，摩根大通（JPMorgan）。

So David, could you speak to participation and engagement? Maybe just elaborate on what you're seeing from your dedicated golfer today. Any impact at all from the volatile macro backdrop that you cited across regions so far to date? Or any pushback on any recent pricing or price increases across categories that you would call out?

David，你能談談參與度與投入度嗎？也許再多說一些你目前從核心高爾夫球友身上看到的情況。到目前為止，你提到的各地區宏觀環境波動，是否對你們有任何影響？或者在各品類近期的定價或漲價上，有沒有你會特別點出的任何阻力？

Yes, Matt, we of course, we watch that very carefully, and I'll maybe give you two answers of what we see, one of what we see and two, just sort of our annual seasonal caveat that, hey, it's early in the season. But in terms of what we see, we're just very pleased with the game's durability and resilience right? If I look at the big three or four markets around the world, US rounds up 5%, I said earlier, growth in California, Arizona, Texas, Florida, that's a great way to start the year.

是的，Matt，當然，我們非常密切地觀察這些；我可能給你兩個層面的回答：第一是我們看到的現況；第二是我們每年都會提醒的季節性注意事項——也就是，現在仍是球季初期。但就我們看到的情況而言，我們對這項運動的持久性與韌性非常滿意，對吧？如果我看全球三到四個主要市場，美國下場回合數（rounds）成長5%；我先前也說過，加州、亞利桑那、德州、佛州都有成長，這是很好的開年表現。

Here in New England, we're slow out of the gates, but frankly, we're always slow out of the gates given just weather realities. As you move around the board: Korea, nice start. Again, small basis. First quarter is not a real meaningful piece of the full year. I think it's about 15% of total rounds.

在新英格蘭這邊，我們起步比較慢，但坦白說，考量到天候現實，我們一向都起步較慢。再看其他地區：韓國開局不錯。同樣地，基期不大。第一季並不是全年中真正有代表性的一段。我認為第一季大約只占總回合數的15%。

Rounds are up 10% in Korea, flat to down slightly in Japan. And the UK was down pretty good in the first quarter. But again, it's their winter quarter and they're coming off a real outlier year last year with weather.

韓國回合數成長10%，日本持平到小幅下滑。英國第一季下滑得相當明顯。但同樣地，那是他們的冬季季度，而且他們去年因天候因素出現了非常異常的一年。

But net-net, to sit here today and have global rounds be up low single digits, again, commentary on the health of the game and the durability of our consumer. So participation is metric one we watch. And then, of course, like everybody else, we're paying close attention to consumer spending and how they're -- just their overall behavior in light of this macro uncertainty and certainly some of the challenges vis-a-vis oil pricing pressures.

但總的來說，今天坐在這裡看到全球回合數仍有低個位數成長，再次說明這項運動的健康狀況，以及我們消費者的韌性。所以參與度是我們觀察的第一個指標。然後當然，跟所有人一樣，我們也非常關注消費支出，以及在宏觀不確定性之下他們的整體行為——當然也包括油價壓力帶來的一些挑戰。

But the best way to frame it would be we're generally in line with where we think we ought to be for this time of year. I've said before that the golf industry, the crystal ball gets a lot clearer in Q2 as the season unfolds in the Northeast and Midwest and around the world. But here we are early May. We like the trends. We like the state of our consumer.

但最好的表述方式是：以一年中的這個時間點來看，我們整體上與我們認為應該達到的狀態大致一致。我以前說過，隨著第二季展開、東北部與中西部以及全球各地球季逐步進入狀態，高爾夫產業的「水晶球」會清晰很多。但現在是5月初。我們喜歡這些趨勢。我們也喜歡我們消費者的狀態。

Of course, there's some caution. But in terms of how we're tracking versus expectations, I would say we're right where we'd like to be. And again, here we are in year five, six, seven of growth vis-a-vis the game and number of golfers and participation. And I think everybody in the industry would feel pretty positive about that.

當然，仍有一些謹慎。但就我們相對於預期的追蹤情況而言，我會說我們正處在我們希望的位置。而且再說一次，這已經是第5年、第6年、第7年，這項運動的成長——不論是高爾夫球友人數或參與度——都在增加。我想產業內的每個人對此都會感到相當正面。

Great. And then maybe a follow-up for Sean. So with this year's bottom line outlook calling for EBITDA dollar growth roughly in line with sales, maybe could you just speak to drivers for EBITDA margin expansion multiyear or beyond this year? Or just help us to think about bottom line growth relative to your low to mid-single-digit top line algorithm?

很好。接著可能想對Sean追問一下。今年的最終獲利展望顯示EBITDA金額成長大致與銷售成長一致；你能否談談EBITDA利潤率在多年期、或今年以後擴張的驅動因素？或者幫助我們思考：在你們低到中個位數營收成長的既定模型下，最終獲利成長應如何相對應？

Yes. As we've talked about in the past, Matt, we're making significant investments across the globe to meet the demands of our dedicated golfer and first and foremost, around golf equipment, that's capacity, that's club assembly, et cetera. That's the fitting network, along with, obviously, a lot of technology unlocks as well, whether it be the ERP system or other digital direct-to-consumer activities. So we're in that continued phase of investing for the long term. We think that, again, we're still in the middle of that.

是的。如同我們過去談過的，Matt，我們正在全球各地進行重大投資，以滿足我們忠實高爾夫球友的需求；而且首先、最重要的是在高爾夫裝備方面，包括產能、球桿組裝等等。這也包含配桿（fitting）網絡，當然還有許多技術面的解鎖，不論是 ERP 系統或其他數位化的直面消費者（DTC）活動。因此我們仍處於為長期持續投資的階段。我們認為，再次強調，我們仍在這個過程的中段。

There's no question there will be operating leverage here over the long term as it relates to the investments and the realization of those for the company. So I'm not going to get into a multiyear outlook, but given where our EBITDA growth and EBITDA margins are, we feel they're very healthy. We're making the requisite operating and capital investments, I think that will generate very positive long-term growth and margin.

毫無疑問，從長期來看，隨著這些投資以及公司對其成果的實現，這裡將會出現營運槓桿。所以我不會去談多年的展望，但就我們 EBITDA 成長與 EBITDA 利潤率的水準而言，我們覺得非常健康。我們正在進行必要的營運與資本投資，我認為這將帶來非常正面的長期成長與利潤率表現。

Great. Best of luck.

很好。祝你們好運。

Thanks man. Next question please

謝啦，兄弟。請下一題

Joe Altobello.

Joe Altobello。

Thanks. Hey, guys. Good morning. I want to ask about the GTS launch and how we should think about this because it seems like you're implying that it's sort of a pull forward, right, that sales that normally would have happened in the third quarter get pulled into June to some degree. But is it accretive to the full year in the sense that you now have seven months of sales versus five months in a normal year?

謝謝。嗨，各位。早安。我想問一下 GTS 的上市（launch），以及我們應該如何看待這件事，因為聽起來你們在暗示這有點像是把需求提前（pull forward），對吧？也就是原本通常會在第三季發生的銷售，在某種程度上被拉到 6 月。但就全年而言，它是否具有增益（accretive）？因為相較於正常年度的五個月，你們現在等於有七個月的銷售？

Hey, Joe, maybe Sean and I will give you a two-part answer. But yes, we are very enthused about the timing, right, to get a driver launch into Q2 is meaningful for us. And I would say, yes, we do see -- you're going to get more months out of the driver in 2026 than you typically would in prior years. So we think that's a real positive. In terms of modeling, maybe Sean has some additional thoughts on that.

嗨，Joe，也許 Sean 和我會給你一個兩段式的回答。不過是的，我們對這個時點非常振奮，對吧，把一個一號木（driver）的上市放在第二季，對我們很有意義。我會說，是的，我們確實看到——在 2026 年，你會比以往年度通常情況下，從這支一號木獲得更多月份的銷售。所以我們認為這是非常正面的。至於建模（modeling）方面，也許 Sean 還有一些補充想法。

Yes, Joe. So I think that you're very familiar with our two-year product cadence. So I guess I would bring you back to probably Q3 of 2024 might be a good starting point in terms of growth in the overall club business vis-a-vis the GT launch. Obviously, we're pulling it forward. We expect it to be accretive to the full year.

是的，Joe。我想你對我們兩年一次的產品節奏非常熟悉。所以我想把你帶回到 2024 年第三季，作為觀察整體球桿業務成長、相對於 GT 上市的一個不錯起點。很明顯，我們把它提前了。我們預期它對全年是有增益（accretive）的。

But if you're looking at just first half or Q2, I think that Q3 of '24 is instructive. Obviously, we've got momentum in terms of volume, price, and we're not necessarily comping off of prior irons launch. A lot to unpack there, but I figure it was worthwhile putting that out there for you as you think about the golf club and golf equipment growth rates in light of the new accelerated launch.

但如果你只看上半年或第二季，我認為 2024 年第三季具有參考性。顯然，我們在銷量與價格方面都有動能，而且我們不一定是在與先前鐵桿（irons）上市做比較。這裡面有很多可以拆解的點，但我想把這些提供給你，讓你在考量新一輪加速上市的情況下，思考高爾夫球桿與高爾夫裝備的成長率。

I appreciate it. Maybe just kind of moving on to balls. And I know you touched on this earlier in your prepared remarks. But if you look at growth in the first quarter in a non-Pro V1 year, we sort of saw this as well in 2024, strong first quarter growth in an even year -- and it sounds like that's obviously a testament to the rest of the portfolio. But what are the other takeaways from that in terms of -- is it that your ball business is much more diversified and broad beyond just Pro V1 at this point?

了解，謝謝。接著我想談談球（balls）。我知道你在事先準備的談話中稍早也提到過。但如果你看在非 Pro V1 年的第一季成長，我們在 2024 年也有點看到類似情況：在偶數年第一季成長很強——而聽起來這顯然是其他產品組合的實力展現。但除此之外，還有哪些重點？例如——是不是代表你們的球類業務現在已經比過去更分散、版圖更廣，不再只靠 Pro V1？

Yes, Joe, I'll point to a couple of factors. One, there may have been a bit of catch-up in '24. But for '26, it's a couple of themes. I think generally speaking, our team did a terrific job with the launch with our performance models. Adding to it, we've talked over the years about our meaningful capital investment across golf ball operations. One of those investments was expanded customization capabilities.

是的，Joe，我會指出幾個因素。第一，2024 年可能有一點補回（catch-up）的效應。但就 2026 年而言，有幾個主題。我認為整體來說，我們團隊在性能款（performance models）的上市上做得非常出色。此外，多年來我們也談過在高爾夫球營運上的重大資本投資。其中一項投資是擴大客製化能力。

So what you'll see in our line is a whole lot more what we call AIM alignment integrated marking. So you just got a lot more features and technology and benefits embedded into the products. That's all been additive. And then we did launch a new Pro V1x Left Dash, which was new to the story, too.

所以你會在我們的產品線中看到更多我們所稱的 AIM alignment integrated marking（AIM 對準整合標記）。也就是產品內嵌了更多功能、技術與效益。這些都帶來了額外的增量。另外我們也推出了新的 Pro V1x Left Dash，這也是故事中的新元素。

So add it up, I think it's part innovation, part momentum and certainly rounds of play growth is contributory as well. So yes, really like the tone and tenor and state of the Titleist golf ball business right now. Over the long haul, we do expect even years to be down slightly versus odd years in which we launched Pro V1. We've bucked that trend in the last couple of years. And again, commentary on our team's ability to innovate and bring great products to market.

所以綜合來看，我認為一部分是創新，一部分是動能；當然，打球回合數（rounds of play）的成長也有所貢獻。所以是的，我非常喜歡目前 Titleist 高爾夫球業務的氛圍、基調與狀態。長期來看，我們確實預期偶數年會比推出 Pro V1 的奇數年略低一些。但過去幾年我們打破了這個趨勢。這也再次說明我們團隊創新並把優秀產品推向市場的能力。

Okay, great. Thank you.

好的，很棒。謝謝。

Thanks, Joe. Next question, please, Jen.

謝謝你，Joe。請下一題，Jen。

Noah Zatzkin, KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Noah Zatzkin。

Hi. Thanks for taking my questions. I guess, first, just wondering what you're seeing in terms of year-over-year price increases from competitors and where you think you stack up there as well as any thoughts on the current state of channel inventories? Thanks.

嗨。謝謝讓我提問。我想先請教，你們看到競爭對手在年對年（year-over-year）的漲價幅度大概如何？你們認為自己在其中的位置如何？另外也想請你們談談目前通路庫存（channel inventories）的狀況。謝謝。

Yes. I guess, as it relates, Noah, to competitors, the industry, I think, a fair characterization, we saw pricing upticks last year largely in wearables across footwear and apparel. And this year, we're seeing more in clubs and balls.

是的。Noah，若談到競爭對手與整個產業，我認為可以這樣概括：去年我們看到的漲價主要發生在穿戴類（wearables），涵蓋鞋類與服飾。而今年，我們看到更多是在球桿與球。

So I think it's been a fairly consistent pricing scheme in 2026 from key competitors. We're comfortable at a premium. And whether it's balls or clubs, we are comfortable at a premium to the pack, and that's where we are. We're either at parity or premium to the pack, number one. Number two, within our club business, too, not only is it the price of the product, but we invest a whole lot in fitting, which is reflected in the pricing as well.

所以我認為 2026 年主要競爭對手的定價策略相當一致。我們對維持溢價（premium）很有信心。不論是球或球桿，我們都很有信心能夠相對同業維持溢價，而我們目前就是這樣的位置。第一，我們不是與同業持平，就是高於同業（parity or premium to the pack）。第二，在我們的球桿業務中，不只是產品本身的價格，我們也在配桿（fitting）上投入很多，這也反映在定價上。

So very comfortable with where we are in the state of premium performance products around the world. Your second question, Noah, around competitive channel inventories rather. Its channels should be full and they are. So that's sort of a shorthand answer for. I think we're in a normalized state.

因此，我們對於全球高端性能產品（premium performance products）的定位現況非常有信心。你第二個問題，Noah，是關於競爭性的通路庫存。通路應該要是滿的，而它們確實是滿的。所以這算是一個簡短的回答。我認為我們處於一個正常化的狀態。

The watchouts would be, is there any carryover inventory from the prior year that's clogging up the system. We don't necessarily see that. So I think, generally speaking, inventories are healthy. And again, that's codeword for full and as they should be at this time of year on the eve of the golf season really taking full flight. It's a different answer three months from now when you see who the winners and losers were and who sold -- which products sold through and which maybe didn't quite sell through to expectations. But certainly, here we are in early May, I would characterize channel inventories globally as healthy and in line with where they ought to be.

需要留意的是，是否有前一年度結轉的庫存把系統塞住。我們不一定看到這種情況。所以我認為，整體而言，庫存是健康的。再說一次，這是暗語，表示在一年中這個時點、在高爾夫球季即將全面起飛之際，庫存是充足且符合應有水準的。三個月後你看到誰是贏家、誰是輸家，以及哪些產品賣得動、哪些可能未達預期時，答案就會不同。但可以肯定的是，在五月初這個時間點，我會將全球通路庫存形容為健康，且符合其應有水準。

Great. And maybe just one on Japan. A couple of quarters in a row of growth there. Obviously, this is a smaller quarter, but wondering if you could kind of give a quick update on that market and your opportunity there as you see it.

很好。另外再問一個關於日本的問題。那邊已經連續幾個季度成長。顯然這是一個較小的季度，但想請你簡單更新一下你對該市場的看法，以及你所看到的機會。

Yes. We've talked a bit about Japan over the last couple of years. We are pleased with the team and some of our recent investments, starting really with balls and clubs and the equipment segment, which I think has the most momentum and is driving some of that growth. We've done some repositioning within our wearables business. We actually pulled back our Titleist apparel business in that market. So some of the offsets.

是的。過去幾年我們談過一些日本的情況。我們對團隊以及近期的一些投資感到滿意，真正的起點是球與球桿、以及裝備（equipment）部門；我認為那裡的動能最強，也帶動了部分成長。我們也在穿戴類（wearables）業務上做了一些重新定位。我們其實在該市場縮減了 Titleist 服飾業務。所以有一些相互抵銷的因素。

But I would say Japan, really, at this stage, two parts. One would be growth and momentum in equipment, balls and clubs and a cautious conservative view around wearables, but I think we're being smart and taking a long-term approach there. So yes, we're pleased with the momentum. We've got a team there that's really making some good sound, smart decisions and executing well. Our counts on the men's and women's tours are improving.

但我會說，日本在這個階段基本上分成兩部分。一部分是裝備、球與球桿的成長與動能；另一部分是對穿戴類採取謹慎保守的看法，但我認為我們做得很聰明，並採取長期策略。所以是的，我們對這股動能感到滿意。我們在那裡的團隊正在做出一些良好、穩健且明智的決策，並且執行得很好。我們在男子與女子巡迴賽的使用人數（counts）正在改善。

Our counts across the amateur game are improving, which is part of our affirmation and validation story. So yes, like where we are with the direction we're heading in Japan. And the final point I'd make is, I've talked about this a lot over the years. It's a market where our percentage of fit clubs is probably the lowest in the world. We're chipping away at that, and that's certainly benefiting balls, that's certainly benefiting golf clubs.

我們在業餘賽事的使用人數也在改善，這是我們「肯定與驗證」故事的一部分。所以是的，我們喜歡目前在日本的狀態與前進方向。最後一點我想說的是，這些年我談過很多次。日本市場中，我們的客製化配桿（fit clubs）占比可能是全球最低的。我們正在逐步改善，而這確實有利於球，也確實有利於高爾夫球桿。

Thank you.

謝謝。

Thanks, Noah. Operator, next question, please.

謝謝你，Noah。接線員，請下一個問題。

Doug Lane, Water Tower Research.

Doug Lane，Water Tower Research。

Yes, hi. Good morning, everybody. I noticed you reiterated your CapEx expectation for $95 million this year, which is elevated. And I'm just wondering what are some of the things you're investing in this year that you may not be investing in future years? And should we look for CapEx to return to maybe something in the mid-70 range like it's been in the last couple of years after this year?

是的，你好。各位早安。我注意到你們重申今年資本支出（CapEx）預期為 9,500 萬美元，這個水準偏高。我想了解一下，今年你們投資了哪些項目，是未來年度可能不會再投資的？以及今年之後，CapEx 是否應該會回到過去幾年大約 7,000 多萬美元中段的水準？

Yes, Doug, thanks for the question. Yes, I do expect it to be more in line with what you articulated over the midterm. As we've talked about here, it's very much focused on the Golf Equipment segment our investments. So we continue to add golf ball capacity, both domestically and abroad. We continue to add club assembly capacity around the world as well, as you can see from the growth of the club business.

是的，Doug，謝謝你的問題。是的，我確實預期中期會更接近你所描述的水準。如同我們在這裡談到的，投資重點非常集中在高爾夫裝備（Golf Equipment）部門。因此我們持續增加高爾夫球產能，包含在國內與海外。我們也持續在全球增加球桿組裝產能，正如你從球桿業務的成長所看到的。

So those are our primary investments to really meet the continued demand of our products. And I think very strategic and probably more than half of the money we're spending. There's certainly investments in facilities. There's investments in technology, et cetera, that we believe are necessary and will deliver not only incremental sales, but operating efficiencies. So again, high watermark this year at $95 million, and we expect it will moderate over the next few years to a more reasonable run rate as you articulated.

所以這些是我們的主要投資，用來真正滿足產品持續的需求。我認為這非常具策略性，而且可能超過我們支出的一半。當然也有對廠房設施的投資。也有對技術等方面的投資，我們相信這些是必要的，且不僅能帶來增量銷售，也能帶來營運效率。所以再說一次，今年是 9,500 萬美元的高點，我們預期未來幾年會趨於溫和，回到你所說較合理的常態水準。

Okay. That's helpful. And just one follow-up on working capital. It was a pretty substantial use last year. I know it's difficult to forecast, but that sort of elevated $87 million of use last year, I assume, is also not going to be repeated and that should come down as well.

好的。這很有幫助。另外再追問一個關於營運資金的問題。去年使用（占用）了相當可觀的營運資金。我知道很難預測，但我想去年那種偏高的 8,700 萬美元占用，我猜也不會再重演，應該也會下降。

Yes. And we talked about free cash flow meaningfully improving over 2025, mostly in the back half of the year. Obviously, significant investment in working capital in Q1 due to the inventory position for golf equipment. Timing of sales was probably more end of quarter weighted versus prior year. So AR was up a bit as well.

是的。我們談到 2025 年自由現金流會顯著改善，主要在下半年。很明顯地，第一季因高爾夫裝備的庫存部位而對營運資金有顯著投入。銷售時點可能較前一年更集中在季末。因此應收帳款（AR）也略有上升。

But we feel very good about the full year free cash flow generation given the seasonality of the business. So yes, it definitely will meaningfully improve this year versus '25.

但考量到業務的季節性，我們對全年自由現金流的創造能力感到非常有信心。所以是的，相較於 2025 年，今年肯定會顯著改善。

Okay. Thank you.

好的。謝謝。

Thanks, everybody. As always, we appreciate your interest in Acushnet and look forward to reporting back after Q2 in sometime this summer. Thanks again. Have a great spring.

謝謝各位。一如往常，我們感謝大家對 Acushnet 的關注，也期待在今年夏天某個時間點於第二季後再向各位回報。再次感謝。祝大家春季愉快。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。