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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)March 31,December 31,(in thousands, except share and per share amounts)20182017AssetsCurrent assetsCash and restricted cash ($16,031 and $13,086 attributable to the variable interest entity ("VIE"))Accounts receivable, netInventories ($10,841 and $13,692 attributable to the VIE)Other assetsTotal current assetsProperty, plant and equipment, net ($10,010 and $10,240 attributable to the VIE)Goodwill ($32,312 and $32,312 attributable to the VIE)Intangible assets, netDeferred income taxesOther assets ($2,740 and $2,738 attributable to the VIE)Total assetsLiabilities and Shareholders' EquityCurrent liabilitiesShort-term debtCurrent portion of long-term debtAccounts payable ($7,276 and $10,587 attributable to the VIE)Accrued income taxesAccrued compensation and benefitsAccrued expenses and other liabilities ($4,925 and $2,719 attributable to the VIE)Total current liabilitiesLong-term debt and capital lease obligationsAccrued pension and other postretirement benefits ($1,691 and $1,908 attributable to the VIE)Other noncurrent liabilities ($4,903 and $4,689 attributable to the VIE)Total liabilitiesCommitments and contingencies (Note 16)Shareholders' equityCommon stock, $0.001 par value, 500,000,000 shares authorized; 74,744,536 and 74,479,319 shares issued and outstandingAdditional paid-in capitalAccumulated other comprehensive loss, net of taxRetained earningsTotal equity attributable to Acushnet Holdings Corp.Noncontrolling interestsTotal shareholders' equityTotal liabilities and shareholders' equityCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)Three months ended March 31,Net salesCost of goods soldGross profitOperating expenses:Selling, general and administrativeResearch and developmentIntangible amortizationIncome from operationsInterest expense, netOther (income) expense, netIncome before income taxesIncome tax expenseNet incomeLess: Net income attributable to noncontrolling interestsNet income attributable to Acushnet Holdings Corp.Net income per common share attributable to Acushnet Holdings Corp.:BasicDilutedCash dividends declared per common share:Weighted average number of common shares:CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)(in thousands)Other comprehensive income (loss)Foreign currency translation adjustmentsUnrealized holding gains arising during periodForeign exchange translation adjustments, netForeign exchange derivative instrumentsUnrealized holding losses arising during periodReclassification adjustments included in net incomeTax benefitForeign exchange derivative instruments, netAvailable-for-sale securities—Available-for-sale securities, netPension and other postretirement benefitsPension and other postretirement benefits adjustmentsTax benefit (expense)Pension and other postretirement benefits adjustments, netTotal other comprehensive incomeComprehensive incomeLess: Comprehensive income attributable to noncontrolling interestsComprehensive income attributable to Acushnet Holdings Corp.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)Cash flows from operating activitiesAdjustments to reconcile net income to cash provided by (used in) operating activitiesDepreciation and amortizationUnrealized foreign exchange (gain) lossAmortization of debt issuance costsShare-based compensationLoss on disposals of property, plant and equipmentChanges in operating assets and liabilitiesAccounts receivableInventoriesAccounts payableOther assets and liabilitiesCash flows used in operating activitiesCash flows from investing activitiesAdditions to property, plant and equipmentOther investing activityCash flows used in investing activitiesCash flows from financing activitiesProceeds from short-term borrowings, netProceeds from delayed draw term loan A facilityRepayments of delayed draw term loan A facilityRepayment of term loan facilitiesDividends paid on common stockPayment of employee restricted stock tax withholdingsCash flows provided by financing activitiesEffect of foreign exchange rate changes on cashNet increase (decrease) in cashCash and restricted cash, beginning of yearCash and restricted cash, end of periodSupplemental informationNon-cash additions to property, plant and equipmentDividends declared to noncontrolling interests but not paidDividend equivalents declared not paidDividends declared to stockholders but not paidCONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (UNAUDITED)Common StockAdditionalPaid-inCapitalAccumulatedOtherComprehensiveLossRetainedEarningsTotalShareholders'EquityAttributableto AcushnetHoldings Corp.NoncontrollingInterestTotalShareholders'EquitySharesAmountBalances at December 31, 2017Adoption of new accounting standards (Notes 1, 2 & 10)Other comprehensive incomeVesting of restricted common stock, net of shares withheld for employee taxesDividends and dividend equivalents declaredDividends declared to noncontrolling interestsBalances at March 31, 2018StandardEffective DateASU 2017‑09Compensation—Stock Compensation: Scope of Modification AccountingJanuary 1, 2018ASU 2017‑01Business Combinations: Clarifying the Definition of a BusinessASU 2016‑16Income Taxes: Intra-Entity Transfers of Assets other than InventoryASU 2016‑15Statement of Cash Flows: Classification of Certain Cash Receipts and Cash PaymentsDisaggregated RevenueRaw materials and suppliesWork-in-processFinished goods. Product WarrantyBalance at beginning of periodProvisionClaims paid/costs incurredForeign currency translationBalance at end of periodForeign Exchange Derivative InstrumentsBalance SheetDecember 31,LocationAsset derivativesOther current assetsOther noncurrent assetsLiability derivativesOther current liabilitiesOther noncurrent liabilitiesThree months endedType of hedgeCash flowLocation of gain (loss) in statement of operationsSelling, general and administrative expense. Pension and Other Postretirement BenefitsPension BenefitsPostretirement BenefitsComponents of net periodic benefit costService costInterest costExpected return on plan assetsSettlement expenseAmortization of net (gain) lossAmortization of prior service cost (credit)Net periodic benefit cost. Common Stock(in thousands, except per share amounts)Dividends per Common Share2018:First Quarter2017:Fourth QuarterThird QuarterSecond QuarterTotal dividends declared in 2017Restricted Stock and Performance Stock UnitsWeighted-NumberAverageofFairRSUs and PSUsValueOutstanding at December 31, 2017GrantedVestedForfeitedOutstanding at March 31, 2018Total compensation expense before income taxIncome tax benefitTotal compensation expense, net of income tax. Accumulated Other Comprehensive Income (Loss), Net of TaxForeignGains (Losses) onGains (Losses)Pension andAccumulatedCurrencyForeign Exchangeon Available-OtherTranslationDerivativefor-SalePostretirementComprehensiveAdjustmentsInstrumentsSecuritiesLossBalance at December 31, 2017Adoption of new accounting standards (Note 1 & 10)Other comprehensive income (loss) before reclassificationsAmounts reclassified from accumulated other comprehensive lossBalance at March 31, 2018$—. Net Income per Common Share. Segment InformationTitleist golf ballsTitleist golf clubsTitleist golf gearFootJoy golf wearTotal net salesSegment operating incomeTotal segment operating incomeReconciling items:Transaction feesTotal income before income taxThree months ended March 31,United StatesEMEAJapanKoreaRest of worldPurchase ObligationsPayments Due by PeriodRemainder of2019202020212022ThereafterPurchase obligationsResults of OperationsLess: Net income attributable to noncontrolling interestsNet income attributable to Acushnet Holdings Corp.Adjusted EBITDA:Shared-based compensation(a)Transaction fees(b)Beam indemnification expense (income)(c)Other non-cash gains, netNet income attributable to noncontrolling interests(d)Adjusted EBITDAAdjusted EBITDA margin17.4%18.1%Segment ResultsConstant CurrencyIncrease/(Decrease)$ change% change(6.9)%(9.814.7%10.4%4.6%0.4%(1.1(5.7Segment operating income(1)(33.943.4%6.6%(4.2Net Sales(1.77.4%(5.24.1%(1.45.6%(2.35.0%(0.5Total sales1.9%(2.2Cash FlowsCash flows provided by (used in):Operating activitiesInvesting activitiesFinancing activitiesAcushnet Holdings CorpDate: May 3, 2018/s/ David MaherName: David MaherPresident and Chief Executive Officer/s/ William BurkeName: William BurkeExecutive Vice President, Chief Financial Officer and TreasurerCERTIFICATION OF PERIODIC FINANCIAL REPORTSPK ! 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