Acushnet Holdings Corp. (NYSE:GOLF) Q3 2024 Results Conference Call November 7, 2024 8:30 AM ET

Company Participants

Sondra Lennon - VP of Financial Planning Analysis and IR
David Maher - President and CEO
Sean Sullivan - CFO

Conference Call Participants

Matthew Boss - JPMorgan

Operator

Good morning, everyone, and welcome to today's Acushnet Company 3Q '24 Earnings Call. My name is Drew, and I'll be the moderator for today's call. [Operator Instructions] It's now my pleasure to hand over to Sondra Lennon, Vice President, FP&A and Investor Relations, to begin. Please go ahead.

Sondra Lennon

Good morning, everyone. Thank you for joining us today for Acushnet Holding Corp.'s Third Quarter 2024 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 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. 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 U.S. Securities and Exchange Commission.

Throughout this discussion, we will make reference to non-GAAP financial metrics, including items such as net sales on a constant currency basis and adjusted EBITDA. Explanations of how and why we use these metrics and reconciliations of these items to the most directly comparable GAAP metrics can be found in the schedules in today's press release, the slides that accompany this presentation and in our filings with the U.S. Securities and Exchange Commission.

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 9-month period ended September 30, 2024, and the comparable 9-month period in 2023. With that, I'll turn the call over to David.

David Maher

Thanks, Sondra, and good morning, everyone. As always, we appreciate your interest in the Acushnet Company. I will start on Slide 4 and get right to our results. During the third quarter, Acushnet delivered net sales of $621 million, a 5% year-over-year increase. This growth contributed to adjusted EBITDA of $107 million in the quarter, up 9% from the third quarter of 2023.