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Financial ResultsThree months ended September 30,Increase/(Decrease)Constant Currency Increase/(Decrease)(in millions)20192018$ change% changeNet sales12.6%13.8%Net income attributable to Acushnet Holdings Corp319.7%Adjusted EBITDA45.7%Nine months ended September 30,1.8%3.9%16.6%0.4% CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(in thousands, except share and per share amounts)Cost of goods soldGross profitOperating expenses:Selling, general and administrativeResearch and developmentIntangible amortizationIncome from operationsInterest expense, netOther 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.:BasicDilutedWeighted average number of common shares: CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)September 30,December 31,AssetsCurrent assetsCash and restricted cash ($7,732 and $8,436 attributable to the FootJoy golf shoe joint venture ("JV"))Accounts receivable, netInventories ($8,199 and $9,658 attributable to the FootJoy JV)Other assetsTotal current assetsProperty, plant and equipment, net ($11,279 and $11,615 attributable to the FootJoy JV)Goodwill ($32,312 and $32,312 attributable to the FootJoy JV)Intangible assets, netDeferred income taxesOther assets ($2,521 and $2,593 attributable to the FootJoy JV)Total assetsLiabilities, Redeemable Noncontrolling Interest and Shareholders' EquityCurrent liabilitiesShort-term debtCurrent portion of long-term debtAccounts payable ($5,918 and $6,882 attributable to the FootJoy JV)Accrued taxesAccrued compensation and benefits ($1,480 and $1,634 attributable to the FootJoy JV)Accrued expenses and other liabilities ($2,651 and $3,462 attributable to the FootJoy JV)Total current liabilitiesLong-term debtAccrued pension and other postretirement benefitsOther noncurrent liabilities ($5,262 and $4,831 attributable to the FootJoy JV)Total liabilitiesRedeemable noncontrolling interest—Shareholders' equityCommon stock, $0.001 par value, 500,000,000 shares authorized; 75,619,112 and 74,760,062 shares issuedAdditional paid-in capitalAccumulated other comprehensive loss, net of taxRetained earningsTreasury stock, at cost; 840,714 shares (including 420,357 of accrued share repurchase) and no sharesTotal equity attributable to Acushnet Holdings Corp.Noncontrolling interestsTotal shareholders' equityTotal liabilities, redeemable noncontrolling interest and shareholders' equity CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(in thousands)Cash flows from operating activitiesAdjustments to reconcile net income to cash provided by operating activitiesDepreciation and amortizationUnrealized foreign exchange lossesAmortization of debt issuance costsShare-based compensationLoss on disposals of property, plant and equipmentChanges in operating assets and liabilitiesCash flows provided by operating activitiesCash flows from investing activitiesAdditions to property, plant and equipmentBusiness acquisitions, net of cash acquiredCash flows used in investing activitiesCash flows from financing activitiesProceeds from (repayments of) short-term borrowings, netRepayments of delayed draw term loan A facilityRepayment of term loan A facilityPurchases of common stockDebt issuance costsDividends paid on common stockDividends paid to noncontrolling interestsPayment of employee restricted stock tax withholdingsCash flows used in financing activitiesEffect of foreign exchange rate changes on cashNet increase in cashCash and restricted cash, beginning of yearCash and restricted cash, end of period Quarter Net Sales by SegmentThree months endedConstant CurrencyTitleist golf balls(0.7)%Titleist golf clubs28.1%28.7%Titleist golf gear13.4%14.8%FootJoy golf wear2.4%3.5% Quarter Net Sales by RegionConstant Currency$ change% changeUnited States6.2%EMEA33.6%39.3%Japan32.4%27.6%Korea11.4%18.4%Rest of world3.3%5.0%Total net sales Months Net Sales by SegmentNine months ended4.1%6.0%(2.6(1.04.9%7.5%(0.81.6% Months Net Sales by Region4.0%9.3%(3.3(3.50.3%6.9%(3.60.2% Use of Non-GAAP Financial MeasuresNet income attributable to Acushnet Holdings Corp.Transaction feesExecutive pension settlement(1)Other non-cash income, net (2)Net income attributable to noncontrolling interestsAdjusted EBITDA margin10.4%14.9%15.1%PK ! x< docProps/app.xml
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