Acushnet Holdings Corp. (NYSE:GOLF) Q2 2020 Earnings Conference Call - Final Transcript

Aug 05, 2020 • 08:30 am ET

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Acushnet Holdings Corp. (NYSE:GOLF) Q2 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. Q2 2020 Earnings Conference Call. [Operator Instructions]

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

Executive
Sondra Lennon

Good morning, everyone. Thank you for joining us today for Acushnet Holdings second 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, the COVID-19 pandemic has had significant impact on the company's business and results of operations and will likely continue to impact our business in the near future. The ultimate duration, scope and impact of this pandemic are uncertain. 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 also 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 reconciliation 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 six-month period ended June 30, 2020, and the comparable six-month period.

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

Executive
David Maher

Thank you, Sondra, and good morning, everyone. I hope that you are all staying well during these trying times. As always, we appreciate your interest in Acushnet Holdings and look forward to providing you with an overview of our second quarter results, along with insights into how Acushnet and the golf industry are adapting and evolving as we enter the back half of 2020.

On our previous call, in early May, we were in the middle of government-imposed shutdowns, impacting our golf ball and club plants, embroidery operations and distribution centers in the U.S. and across Europe. Most golf