Acushnet Holdings (GOLF) FY2019 results: revenue $1.7 billion, up 2.9% on the year
Acushnet Holdings Corp. (GOLF) reported revenue of $1.7 billion for fiscal 2019, the year ended 31 December 2019, up 2.9% on the year before. Net income was $121 million, up 21.2%, and diluted earnings per share $1.60. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$1.7 billion
+2.9% on the year
FY2014FY2019
Operating margin
11.0%
10.5% a year earlier
FY2014FY2019
Net income
$121 million
+21.2% on the year
FY2014FY2019
Diluted EPS
$1.60
+21.2% on the year
FY2014FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,681
1,634
1,560
+2.9%
Cost of revenue
809
791
758
+2.2%
Gross profit
872
842
801
+3.5%
Gross margin
51.9%
51.6%
51.3%
Research and development
51.6
51.5
47.2
+0.2%
Selling, general and administrative
628
612
578
+2.6%
Operating income
186
172
170
+7.7%
Operating margin
11.0%
10.5%
10.9%
Interest expense
0.4
n/a
n/a
Pre-tax income
165
150
152
+9.9%
Income tax
40.6
47.2
48.5
-14.0%
Effective tax rate
24.6%
31.4%
32.0%
Net income
121
99.9
98.7
+21.2%
Net margin
7.2%
6.1%
6.3%
Diluted EPS
$1.60
$1.32
$1.32
+21.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
134
164
-27.0
-18.0%
Capital expenditure
33.0
32.8
18.8
+0.5%
Free cash flow
101
131
-45.9
-22.6%
Free cash flow margin
6.0%
8.0%
-2.9%
Cash from investing
-61.1
-49.7
-18.8
Cash from financing
-70.3
-129
9.3
Depreciation and amortisation
43.0
40.5
40.9
+6.2%
Share-based compensation
11.0
18.6
15.3
-40.9%
Buybacks
29.4
0.0
0.0
Dividends paid
43.5
39.1
35.7
+11.4%
Dividend per share
$0.56
$0.52
$0.48
+7.7%
Diluted shares, weighted
76m
75m
75m
+0.4%
Shares outstanding at period end
n/a
75m
74m
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
918
895
821
+2.6%
Non-controlling interest
32.4
32.1
32.7
+0.9%
Redeemable equity
0.8
0.0
0.0
Short-term borrowings
n/a
0.9
n/a
Debt
402
385
464
+4.5%
Operating lease liabilities
34.1
n/a
n/a
Finance lease liabilities
0.3
n/a
n/a
Other liabilities
429
379
416
+13.1%
Total liabilities and equity
1,817
1,692
1,734
+7.4%
Fixed assets
232
228
229
+1.4%
Goodwill
214
210
203
+2.1%
Intangible assets
481
478
481
+0.5%
Cash and equivalents
34.2
31.0
47.7
+10.2%
Receivables
215
186
191
+15.8%
Inventory
398
361
364
+10.3%
Other assets
243
197
218
+23.2%
Total assets
1,817
1,692
1,734
+7.4%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.