Acushnet Holdings (GOLF) FY2020 results: revenue $1.6 billion, down 4.1% on the year
Acushnet Holdings Corp. (GOLF) reported revenue of $1.6 billion for fiscal 2020, the year ended 31 December 2020, down 4.1% on the year before. Net income was $96 million, down 20.7%, and diluted earnings per share $1.28. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$1.6 billion
-4.1% on the year
FY2014FY2020
Operating margin
9.0%
11.0% a year earlier
FY2014FY2020
Net income
$96 million
-20.7% on the year
FY2014FY2020
Diluted EPS
$1.28
-20.0% on the year
FY2014FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,612
1,681
1,634
-4.1%
Cost of revenue
782
809
791
-3.3%
Gross profit
830
872
842
-4.9%
Gross margin
51.5%
51.9%
51.6%
Research and development
48.9
51.6
51.5
-5.2%
Selling, general and administrative
611
628
612
-2.7%
Operating income
145
186
172
-21.7%
Operating margin
9.0%
11.0%
10.5%
Interest expense
n/a
0.4
n/a
Pre-tax income
113
165
150
-31.6%
Income tax
13.0
40.6
47.2
-67.9%
Effective tax rate
11.5%
24.6%
31.4%
Net income
96.0
121
99.9
-20.7%
Net margin
6.0%
7.2%
6.1%
Diluted EPS
$1.28
$1.60
$1.32
-20.0%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
264
134
164
+96.9%
Capital expenditure
24.7
33.0
32.8
-25.1%
Free cash flow
240
101
131
+136.6%
Free cash flow margin
14.9%
6.0%
8.0%
Cash from investing
-24.7
-61.1
-49.7
Cash from financing
-129
-70.3
-129
Depreciation and amortisation
45.4
43.0
40.5
+5.6%
Share-based compensation
16.0
11.0
18.6
+45.9%
Buybacks
7.0
29.4
0.0
-76.2%
Dividends paid
46.1
43.5
39.1
+5.9%
Dividend per share
$0.62
$0.56
$0.52
+10.7%
Diluted shares, weighted
75m
76m
75m
-0.9%
Shares outstanding at period end
n/a
n/a
75m
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
984
918
895
+7.1%
Non-controlling interest
33.3
32.4
32.1
+2.8%
Redeemable equity
0.1
0.8
0.0
-84.4%
Short-term borrowings
2.8
n/a
0.9
Debt
332
402
385
-17.4%
Operating lease liabilities
41.0
34.1
n/a
+20.1%
Finance lease liabilities
0.5
0.3
n/a
+76.6%
Other liabilities
472
429
379
+10.2%
Total liabilities and equity
1,867
1,817
1,692
+2.7%
Fixed assets
n/a
232
228
Goodwill
215
214
210
+0.5%
Intangible assets
474
481
478
-1.5%
Cash and equivalents
151
34.2
31.0
+343.0%
Receivables
202
215
186
-6.5%
Inventory
358
398
361
-10.2%
Other assets
467
243
197
+92.5%
Total assets
1,867
1,817
1,692
+2.7%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.