Loading...
Docoh

Acushnet (GOLF)

Acushnet Holdings is the global leader in the design, development, manufacture and distribution of performance-driven golf products, which are widely recognized for their quality excellence. Driven by our focus on dedicated and discerning golfers and the golf shops that serve them,we believe we are the most authentic and enduring company in the golf industry. Our mission - to be the performance and quality leader in every golf product category in which we compete -has remained consistent since we entered the golf ball business in 1932. Today, we are the steward of two of the most revered brands in golf - Titleist, one of golf's leading performance equipment brands, and FootJoy, one of golf's leading performance wear brands.

Company profile

Ticker
GOLF
Exchange
CEO
David Maher
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Acushnet Company • AASI, Inc. • ACTM LLC • Acushnet Australia • Acushnet Canada Inc. • Acushnet Cayman Limited • Acushnet Danmark ApS • Acushnet Europe Ltd. • Acushnet FootJoy (Thailand) Limited • Acushnet France S.A.S. ...

GOLF stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$50.00
Low target
$50.00
High target
$50.00
Tigress Financial
Initiated
Neutral
$50.00
16 Sep 22
Truist Securities
Maintains
Hold
$50.00
5 Aug 22

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

4 Aug 22
24 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 109.09M 109.09M 109.09M 109.09M 109.09M 109.09M
Cash burn (monthly) 1.77M 12.01M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 5M 33.96M n/a n/a n/a n/a
Cash remaining 104.09M 75.13M n/a n/a n/a n/a
Runway (months of cash) 58.8 6.3 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
16 Sep 22 Mary Louise Bohn Common Stock Grant Acquire A No No 48.03 320 15.37K 167,979
16 Sep 22 Roland A Giroux Common Stock Grant Acquire A No No 48.03 83 3.99K 29,293
16 Sep 22 Hewett Gregory A. Common Stock Grant Acquire A No No 48.03 88 4.23K 35,846
16 Sep 22 David Eugene Maher Common Stock Grant Acquire A No No 48.03 1,743 83.72K 580,858
16 Sep 22 Thomas Pacheco Common Stock Grant Acquire A No No 48.03 67 3.22K 73,707
37.4% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 177 193 -8.3%
Opened positions 28 26 +7.7%
Closed positions 44 29 +51.7%
Increased positions 61 70 -12.9%
Reduced positions 53 67 -20.9%
13F shares Current Prev Q Change
Total value 3.47B 3.47B +0.0%
Total shares 72.06M 71.63M +0.6%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
FILA 37.1M $1.97B 0.0%
Kayne Anderson Rudnick Investment Management 7.97M $332.25M -1.1%
Vanguard 3.11M $129.73M -0.5%
Wellington Management 2.59M $107.85M +44.5%
BLK Blackrock 2.31M $96.29M -3.4%
JPM JPMorgan Chase & Co. 2.31M $96.19M +6.1%
Dimensional Fund Advisors 1.61M $67.23M +5.4%
Victory Capital Management 1.44M $59.93M +8.8%
MCQEF Macquarie 1.31M $54.47M +21.1%
WFC Wells Fargo & Co. 1.23M $51.24M -5.9%
Largest transactions Shares Bought/sold Change
Wellington Management 2.59M +796.69K +44.5%
MCQEF Macquarie 1.31M +228.16K +21.1%
FMR 474.1K -221.1K -31.8%
JPM JPMorgan Chase & Co. 2.31M +133.08K +6.1%
Victory Capital Management 1.44M +116.29K +8.8%
Millennium Management 174.71K +95.73K +121.2%
Kayne Anderson Rudnick Investment Management 7.97M -90.86K -1.1%
Dimensional Fund Advisors 1.61M +82.31K +5.4%
BLK Blackrock 2.31M -80.76K -3.4%
WFC Wells Fargo & Co. 1.23M -76.42K -5.9%

Financial report summary

?
Risks
  • A reduction in the number of rounds of golf played or in the number of golf participants could materially adversely affect our business, financial condition and results of operations.
  • Unfavorable weather conditions may impact the number of playable days and rounds played in a given year.
  • Consumer spending habits and macroeconomic factors may affect the number of rounds of golf played and related spending on golf products.
  • Demographic factors may affect the number of golf participants and related spending on our products.
  • Our business, financial position, results of operations and cash flows have been, and could continue to be, negatively impacted by the COVID-19 pandemic.
  • Changes to the Rules of Golf with respect to equipment could materially adversely affect our business, financial condition and results of operations.
  • A significant disruption in the operations of our manufacturing, assembly or distribution facilities could materially adversely affect our business, financial condition and results of operations.
  • Many of our raw materials or components of our products are provided by a sole or limited number of third‑party suppliers and manufacturers.
  • A disruption in the operations of our suppliers could materially adversely affect our business, financial condition and results of operations.
  • The cost of raw materials and components could affect our operating results.
  • Our operations are conducted worldwide and our results of operations are subject to currency transaction risk and currency translation risk that could materially adversely affect our business, financial condition and results of operations.
  • We may not successfully manage the frequent introduction of new products or satisfy changing consumer preferences, quality and regulatory standards.
  • Failure to successfully innovate and offer high‑quality products may adversely affect our ability to compete in the market for our products.
  • Failure to adequately enforce and protect our intellectual property rights could materially adversely affect our business, financial condition and results of operations.
  • We may be involved in lawsuits to protect, defend or enforce our intellectual property rights, which could be expensive, time consuming and unsuccessful.
  • Our products may infringe the intellectual property rights of others, which may cause us to incur unexpected costs or prevent us from selling our products.
  • Changes to patent laws could adversely affect our ability to protect our intellectual property.
  • We face intense competition in each of our markets and if we are unable to maintain a competitive advantage, loss of market share, sales or profitability may result.
  • We may have limited opportunities for future growth in sales of certain of our products, including golf balls, golf shoes and golf gloves.
  • A severe or prolonged economic downturn could adversely affect our customers’ financial condition, their levels of business activity and their ability to pay trade obligations.
  • A decrease in corporate spending on our custom logo golf balls could materially adversely affect our business, financial condition and results of operations.
  • We depend on retailers and distributors to market and sell our products, and our failure to maintain and further develop our sales channels could materially adversely affect our business, financial condition and results of operations.
  • Consolidation of retailers or concentration of retail market share among a few retailers may increase and concentrate our credit risk, put pressure on our margins and impair our ability to sell products.
  • Our business depends on strong brands, and if we are not able to maintain and enhance our brands we may be unable to sell our products.
  • Our business operations are subject to seasonal fluctuations, which could result in fluctuations in our operating results and stock price.
  • Our business and results of operations are also subject to fluctuations based on the timing of new product introductions.
  • We have significant international operations and are exposed to risks associated with doing business globally.
  • Failure to comply with laws, regulations and policies, including the FCPA or other applicable anti‑corruption legislation, could result in fines and criminal penalties and materially adversely affect our business, financial condition and results of operations.
  • Our business, financial condition and results of operations could be materially adversely affected if professional golfers do not endorse or use our products.
  • The value of our brands and sales of our products could be diminished if we, the golfers who use our products or the golf industry in general are associated with negative publicity.
  • If we inaccurately forecast demand for our products, we may manufacture insufficient or excess quantities, which could materially adversely affect our business, financial condition and results of operations.
  • We may experience a disruption in the service, or a significant increase in the cost, of our primary delivery and shipping services for our products and component parts or a significant disruption at shipping ports.
  • We rely on complex information systems for management of our manufacturing, distribution, sales and other functions. If our information systems fail to perform these functions adequately or if we experience an interruption in our operations, including a breach in cybersecurity, our business, financial condition and results of operations could be materially adversely affected.
  • Cybersecurity risks could disrupt our operations and negatively impact our reputation.
  • Failure to comply with data privacy and security laws and regulations could adversely affect our operating results and business.
  • If the technology‑based systems that give consumers the ability to shop with us online do not function effectively, our ability to grow our eCommerce business globally could be adversely affected.
  • Goodwill and identifiable intangible assets represent a significant portion of our total assets and any impairment of these assets could negatively impact our results of operations and shareholders’ equity.
  • Our current senior management team and other key employees are critical to our success and if we are unable to attract and/or retain key employees and hire qualified management, technical and manufacturing personnel, our ability to compete could be harmed.
  • Sales of our products by unauthorized retailers or distributors could adversely affect our authorized distribution channels and harm our reputation.
  • We may not be successful in our efforts to grow our presence in existing international markets and expand into additional international markets.
  • We are exposed to a number of different tax uncertainties, including potential changes in tax laws, unanticipated tax liabilities and limitations on utilization of tax attributes after any change of control, which could materially adversely affect our business, financial condition and results of operations.
  • Our insurance policies may not provide adequate levels of coverage against all claims and we may incur losses that are not covered by our insurance.
  • We are subject to product liability, warranty and recall claims, and our insurance coverage may not cover such claims.
  • We may be subject to litigation and other regulatory proceedings which may result in the expense of time and resources and could materially adversely affect our business, financial condition and results of operations.
  • We are subject to environmental, health and safety laws and regulations, which could subject us to liabilities, increase our costs or restrict our operations in the future.
  • We may require additional capital in the future and we cannot give any assurance that such capital will be available at all or available on terms acceptable to us and, if it is available, additional capital raised by us may dilute holders of our common stock.
  • Our growth initiatives require significant capital investments and there can be no assurance that we will realize a positive return on these investments.
  • Our business could be materially adversely affected as a result of the risks associated with acquisitions and investments.
  • If our estimates or judgments relating to our critical accounting estimates prove to be incorrect, our financial condition and results of operations could be adversely affected.
  • Terrorist activities and international political instability may decrease demand for our products and disrupt our business.
  • Our business could be harmed by the occurrence of natural disasters or pandemic diseases.
  • A high degree of leverage could adversely affect our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or in our industry, expose us to interest rate risk to the extent of our variable rate debt, and prevent us from meeting our obligations under our indebtedness.
  • Servicing our indebtedness will require a significant amount of cash. Our ability to generate sufficient cash depends on many factors, some of which are not within our control.
  • We and our subsidiaries may be able to incur significant amounts of debt, which could exacerbate the risks associated with our current indebtedness.
  • Our credit agreements contain restrictions that limit our flexibility in operating our business.
  • We utilize derivative financial instruments to reduce our exposure to market risks from changes in interest rates on our variable rate indebtedness and we are exposed to risks related to counterparty credit worthiness or non‑performance of these instruments.
  • The interests of Magnus and Fila and any of their successors or transferees may conflict with other holders of our common stock.
  • The market price of shares of our common stock may be volatile, which could cause the value of your investment to decline.
  • If we are unable to maintain effective internal controls over financial reporting, we may not be able to produce timely and accurate financial statements, which could have a material adverse effect on our business and stock price.
  • We cannot assure you that we will pay dividends on our common stock, and our indebtedness and other factors could limit our ability to pay dividends on our common stock.
  • Acushnet Holdings Corp. is a holding company with no operations of its own and, as such, it depends on its subsidiaries for cash to fund all of its operations and expenses, including future dividend payments, if any.
  • You may be diluted by the future issuance of additional common stock in connection with our incentive plans, acquisitions or otherwise.
  • Future sales, or the perception of future sales, by us or our existing shareholders in the public market could cause the market price for our common stock to decline.
  • Anti‑takeover provisions in our organizational documents and Delaware law might discourage or delay acquisition attempts for us that you might consider favorable.
  • If securities analysts do not publish research or reports about our business or if they downgrade our stock or our sector, our stock price and trading volume could decline.
Management Discussion
  • For the three months ended June 30, 2022, net sales increased 5.4%, or 10.6% on a constant currency basis, as compared to the three months ended June 30, 2021. The increase was driven by growth across all reportable segments primarily as a result of higher sales volumes and higher average selling prices.
  • Net sales in the United States were higher across all reportable segments primarily driven by an increase of $14.0 million in Titleist golf clubs and $13.3 million in FootJoy golf wear. The increase in Titleist golf clubs was primarily driven by higher sales volumes of our newly introduced SM9 wedges, T Series irons and Phantom X putters, partially offset by lower sales volumes of drivers, fairways and hybrids. The increase in FootJoy golf wear was primarily due to higher average selling prices and sales volumes in footwear.
  • Net sales in regions outside the United States decreased 0.8% or increased 9.7% on a constant currency basis. In Korea, the increase was primarily due to increases in FootJoy golf wear, Titleist golf gear and Titleist golf clubs. In EMEA and Rest of World, net sales increased across all reportable segments. In Japan, net sales increased in all reportable segments except Titleist golf clubs.

Content analysis

?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: acquired, agency, appointment, assumption, August, bank, Chase, consideration, Daily, established, EURIBOR, Europe, forma, greatest, incurrence, Journal, JPMorgan, letter, line, LLC, long, National, noncurrent, overnight, PG, Phantom, precedent, prepay, published, request, Reserve, resignation, resigning, Restated, RFR, Simple, SOFR, SONIA, Street, sublimit, successor, swing, TIBOR, unlimited, Wall, York
Removed: approved, club, immaterial, voluntary