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Acushnet Holdings Annual Report 2018

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Acushnet Holdings Annual Report 2018 2018 Annual Report Dear Valued Shareholder, 2018 was another year of market leadership for Acushnet Holdings driven by our unwavering focus on satisfying the performance and quality demands of the dedicated golfer and their preferred golf shops, product innovation and a disciplined approach to our operational and financial processes. On the course, we continued our global leadership, with Titleist again the #1 Ball in golf and FootJoy as the #1 Shoe in golf and the #1 Glove in golf. Our tour leadership validates these positions, with Pro V1 or Pro V1x the ball of choice of nearly 75% of all touring professionals worldwide and used by the winners of all four men’s and all five women’s majors in 2018. Innovation and Execution Golf is a people and product business. Acushnet associates are focused every day on innovation and bringing to market exciting new products which meet the high expectations of the game's passionate and resilient dedicated golfer. This focus has led to technological advancements in every product category in which we compete and fueled our long-term and recent successes. Our investments in R&D, intellectual property, advanced engineering, manufacturing and supply chain capabilities led to a full pipeline of new product introductions this past year. In Q1, we launched our new Titleist Tour Soft and Velocity performance balls. In the premium performance category, our new AVX ball debuted in May and generated resoundingly positive performance feedback from golfers. Titleist clubs had an exceptionally strong year starting with new Vokey SM7 wedges and Scotty Cameron Select putters in the first half of the year, and then our TS metals launch took the tours and market by storm with a formidable Q3 introduction of drivers and fairways. Both Titleist Gear and FJ enhanced their premium offerings with such launches as the Players 4 Up golf bags and the FJ 1857 collection. The company’s product development success in 2018 was well supported by our disciplined approach to the operational and financial processes across our global business. The good work of our team of Acushnet associates and partners enabled us to drive our business forward and to achieve goals such as delivering compelling new products and reaching our long-term leverage target. I would like to thank them all for their ongoing dedication and effort. Building on Product Momentum In 2019, the Titleist and FootJoy innovation engines have continued in high gear. In January, Titleist launched the new Pro V1 and Pro V1x models. Our R&D team was challenged to improve the best- performing, best-selling and winningest golf balls in the game, and they delivered, engineering our flagship product to provide golfers with more speed, more precision and more consistency. and more color with the addition of high optic yellow models. The speed and performance of TS metals have propelled Titleist to a fast start in the driver category in 2019 in the market, at club fitting events and on tour. In fact, the Titleist TS driver has been the most played driver in 85% of the PGA Tour events in 2019 through the Players Championship. In early Q2, new Phantom X putters, Scotty Cameron’s latest creations, will also be introduced. Both Titleist Gear and FootJoy Golf Wear are introducing exciting new products this year. In Titleist Gear, new golf bag models led by the Players 4 Plus, fresh new headwear models, special collections and increased customization capabilities will be important contributors. FootJoy is already the # 1 Glove in golf and the #1 Shoe in golf and looks to fortify its position in footwear with new products such as the Fury, Flex, new women’s offerings and an update to the market leading Pro SL. New offerings in apparel are aimed to further solidify FootJoy as a leader in men’s and women’s golf apparel and performance outerwear. Disciplined Capital Use In addition to our product performance, we believe Acushnet’s disciplined approach to managing capital is a competitive advantage. In 2018, we achieved our target leverage ratio, providing us with additional capital allocation flexibility. Our first priority for investment is in our existing businesses, namely in R&D and innovation, cultivating golfer connections, targeted sales and marketing efforts and improving operating efficiency. We also routinely review M&A opportunities in an effort to build out our brand portfolio and service the dedicated golfer. In 2018, we made two acquisitions, Links & Kings and PG Golf, and we plan to continue to evaluate strategic opportunities that we believe can drive synergistic growth with a favorable return on investment. Returning cash to shareholders is also an important element of our capital allocation strategy, beginning with an initial dividend declaration two years ago in our first full quarter as a public company. In February 2019, we again raised our quarterly dividend and have now cumulatively returned approximately $85 million to shareholders via dividends. We also announced an increase to our share repurchase authorization, which we view as another key element of our capital allocation plan, to $50 million. This authorization is a strong indicator of the confidence our board of directors has in the strength of our strategy, our proven ability to execute and the exciting opportunities that we believe lie ahead. Moving forward We are confident in our strategy and ability to execute and are excited about the opportunities ahead. The golf industry is structurally in a good place; the professional men’s and women’s game is benefiting from a talented group of exciting players competing week to week; and the dedicated golfer remains a vibrant and resilient market opportunity. The Titleist and FootJoy innovation engines are in high gear. Acushnet associates and our valued trade partners are working together to deliver exceptional products and experiences to golfers. My fellow associates and I are optimistic about the future as we continue to work diligently to provide Acushnet’s shareholders with an attractive, long term, total return investment opportunity. We would like to thank all of our shareholders for your continued support. Sincerely, David Maher President and Chief Executive Officer Forward-Looking Statements This Annual Report, including our President and CEO’s letter to shareholders, includes forward-looking statements that reflect our current views with respect to, among other things, our industry, business strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. We use words like “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “future,” “will,” “seek,” and similar terms and phrases to identify forward-looking statements. The forward-looking statements contained in this Annual Report are based on management’s current expectations and are subject to uncertainty and changes in circumstances. We cannot assure you that future developments affecting us will be those that we have anticipated. Actual results may differ materially from these expectations due to changes in global, regional or local economic, business, competitive, market, regulatory and other factors, many of which are beyond our control. For additional information, please see the Special Note Regarding Forward-Looking Statement and the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on February 28, 2019 (enclosed herein), as it may be updated by our periodic reports subsequently filed with the SEC. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual results may vary in material respects from those projected in these forward-looking statements. Any forward-looking statement made by us in this Annual Report speaks only as of the date of this Annual Report. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments or other strategic transactions we may make. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. [This page intentionally left blank] FOLLOWING IS THE COMPANY’S ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2018 [This page intentionally left blank] Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to Commission File Number: 001-37935 _____________________________________________________ Acushnet Holdings Corp. (Exact name of registrant as specified in its charter) Delaware 45-2644353 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 333 Bridge Street Fairhaven, Massachusetts 02719 (Address of principal executive offices) (800) 225-8500 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, par value $0.001 per share New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
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