Acushnet Holdings Corp. (NYSE:GOLF) Q1 2020 Earnings Conference Call - Final Transcript

May 07, 2020 • 08:30 am ET

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Acushnet Holdings Corp. (NYSE:GOLF) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Acushnet Holdings Corp. First Quarter 2020 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]

I'd now like to hand the conference over to your speaker for today, Sondra Lennon, Vice President, FP&A and Investor Relations. Please go ahead.

Executive
Sondra Lennon

Good morning, everyone. Thank you for joining us today for Acushnet Holdings First Quarter 2020 Earnings Conference Call. Joining me this morning are David Maher, our President and Chief Executive Officer; and Tom Pacheco, our Chief Financial Officer.

Before I turn 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. In particular, at this time, the COVID-19 pandemic is having a significant impact on the company's business and results of operations. There is significant uncertainty about the duration and scope of this pandemic and its ultimate impact. Due to the dynamic nature of these circumstances, our plans could change, and our actual results could differ materially from those contemplated by our forward-looking statements.

The company undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or other factors, except as required. Reported results should not be considered as an indication of future performance. 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 be making reference to non-GAAP financial metrics, including items such as revenues at constant currency and adjusted EBITDA. Explanations of how and why we use these metrics and reconciliations of these items to a GAAP basis, 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 when referring to segment and regional year-on-year sales increases and decreases, we are referring to sales in constant currency. And please also note that when referring to year-to-date results or comparisons, we are referring to the three-month period ended March 31, 2020, and the comparable three-month period.

With that, I'll turn the call over to David.

Executive
David Maher

Thanks, Sondra. Good morning, everyone. On behalf of the Acushnet team, we hope that you and your families are staying safe and positive while you make your way through these trying times.

As we report our first quarter earnings, I would like to first recognize the impact that the COVID-19 pandemic has had on our associates, their families, our trade partners and communities. Since entering the golf ball business in 1932, Acushnet has withstood hurricanes, wars, recessions and other significant challenges, thanks to the resolve and spirit of our dedicated associates. The