$GOLF

Acushnet Holdings Corp.

CIK:0001672013|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 819,951	$ 720,476	$ 1,572,926	$ 1,423,848
Cost of goods sold	374,120	366,160	771,835	732,370
Gross profit	445,831	354,316	801,091	691,478
Operating expenses:
Selling, general and administrative	246,241	222,006	459,912	422,267
Research and development	20,761	18,933	39,956	37,792
Intangible amortization	2,243	3,509	4,488	7,004
Income from operations	176,586	109,868	296,735	224,415
Interest expense, net	12,305	15,198	25,377	29,013
Other expense (income), net	274	988	2,090	(18,875)
Income before income taxes	164,007	93,682	269,268	214,277
Income tax expense	38,685	18,603	62,786	40,173
Net income	125,322	75,079	206,482	174,104
Less: Net (income) loss attributable to noncontrolling interests	(490)	484	(234)	831
Net income attributable to Acushnet Holdings Corp.	$ 124,832	$ 75,563	$ 206,248	$ 174,935
Net income per common share attributable to Acushnet Holdings Corp.:
Basic (in dollars per share)	$ 2.09	$ 1.26	$ 3.45	$ 2.88
Diluted (in dollars per share)	$ 2.08	$ 1.25	$ 3.44	$ 2.87
Weighted average number of common shares:
Basic (in shares)	59,752,024	60,156,224	59,798,591	60,737,693
Diluted (in shares)	59,929,313	60,333,409	59,968,950	60,905,869

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 206,482	$ 174,104
Adjustments to reconcile net income to cash flows provided by operating activities
Depreciation and amortization	26,222	29,206
Unrealized foreign exchange loss (gain)	1,617	(2,783)
Amortization of debt issuance costs	696	910
Share-based compensation	19,053	15,530
Loss on disposals of property, plant and equipment	31	593
Gain on deconsolidation of VIE (Note 16)	0	(20,887)
(Gain) loss from equity method investment (Note 16)	(324)	408
Deferred income taxes	20,139	4,861
Changes in operating assets and liabilities
Accounts receivable	(277,869)	(197,402)
Inventories	68,939	57,857
Accounts payable	43,460	24,104
Accrued taxes	22,158	7,697
Other assets and liabilities	(23,160)	(62,590)
Cash flows provided by operating activities	107,444	31,608
Cash flows from investing activities
Additions to property, plant and equipment	(37,273)	(25,146)
Other, net	0	(646)
Cash flows used in investing activities	(37,273)	(25,792)
Cash flows from financing activities
Proceeds from credit facilities (Note $5)	682,351	790,476
Repayments of credit facilities (Note $5)	(664,141)	(626,260)
Purchases of common stock	(26,003)	(125,009)
Dividends paid on common stock	(30,766)	(28,623)
Payment of employee restricted stock tax withholdings	(19,888)	(10,974)
Other, net	7,500	(1,742)
Cash flows used in financing activities	(50,947)	(2,132)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(1,371)	3,312
Net increase in cash, cash equivalents and restricted cash	17,853	6,996
Cash, cash equivalents and restricted cash, beginning of year	50,088	53,059
Cash, cash equivalents and restricted cash, end of period	67,941	60,055
Supplemental non-cash information
Purchases of property, plant and equipment, accrued not paid	5,999	4,960
Additions to right-of-use assets obtained in exchange for operating lease obligations	8,544	8,843
Additions to right-of-use assets obtained in exchange for finance lease obligations	224	0
Dividend equivalents rights ("DERs") declared not paid	1,261	1,016
Additions to share repurchase liability (Note 10)	0	62,508
Additional investment in less than wholly-owned subsidiary (Note 16)	$ 6,361	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash, cash equivalents and restricted cash ($2,799 and $0 attributable to a variable interest entity ("VIE"))	$ 67,941	$ 50,088
Accounts receivable, net	489,378	217,480
Inventories ($6,599 and $0 attributable to a VIE)	532,209	608,571
Prepaid and other current assets	179,856	149,232
Total current assets	1,269,384	1,025,371
Property, plant and equipment, net	368,493	356,575
Goodwill	222,151	224,258
Intangible assets, net	506,889	511,430
Deferred income taxes	13,148	21,081
Other noncurrent assets	196,011	203,984
Total assets	2,576,076	2,342,699
Current liabilities
Short-term debt	22,902	16,005
Current portion of long-term debt	639	661
Accounts payable ($7,957 and $0 attributable to a VIE)	195,609	156,984
Accrued taxes	54,768	34,219
Accrued compensation and benefits	93,496	100,975
Accrued expenses and other current liabilities	130,351	121,310
Total current liabilities	497,765	430,154
Long-term debt	936,525	926,244
Deferred income taxes	21,907	7,604
Accrued pension and other postretirement benefits	68,005	68,756
Other noncurrent liabilities ($7,500 and $0 attributable to a VIE)	125,562	124,605
Total liabilities	1,649,764	1,557,363
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests	1,180	1,770
Shareholders' equity
Common stock, $0.001 par value, 500,000,000 shares authorized; 58,379,528 and 58,371,822 shares issued	58	58
Additional paid-in capital	759,361	763,828
Accumulated other comprehensive loss, net of tax	(129,901)	(122,281)
Retained earnings	294,853	141,961
Total equity attributable to Acushnet Holdings Corp.	924,371	783,566
Noncontrolling interests	761	0
Total shareholders' equity	925,132	783,566
Total liabilities, redeemable noncontrolling interests and shareholders' equity	$ 2,576,076	$ 2,342,699