Acushnet : Annual Report 2021 (opens in new window)

2021 Annual Report

73%

Titleist Ball Count on 2021

Worldwide Professional Tours

Most Played

Driver, Hybrid, Iron and Wedge on the 2020-2021 PGA Tour

58%

of players who competed in 2020-2021 PGA Tour events wore FootJoy shoes

Equipment counts provided by Darrell Survey Company and Sports Marketing Surveys

2

v

Our MissionOur VisionOur Values

Enrich the experience of dedicated golfers through products and services of superior performance, quality and innovation.

Build a family of golf performance brands that are unrivaled leaders in every category in which we compete.

Passion for Dedicated

Golfers, Performance & Quality Excellence, Driven

to Innovate, A Spirit of Leadership, Integrity & Respect,

Bridge Builder Mindset.

2021 Highlights

LETTER FROM THE PRESIDENT AND CEO

Dear Valued Stockholders,

At the heart of every successful company is a strong and enduring culture. It enables people to see the north star and remain focused and aligned on moving together in the same direction. Acushnet's 6,500 associates embrace our mission and vision. We live by a set of timeless core values that drive our work every day and serve as guiding principles for building high performing teams, creating lasting partnerships and fostering a diverse, inclusive and respectful workplace. Our culture also underpins how and why we delivered one of the most successful years in Acushnet's storied history.

Passion for Dedicated Golfers

The golfer experience is at the center of all that we do, from how we design and sell products to the way we connect with and fit players to perform their best. Our associates are empowered to take the actions required to meet golfers' evolving needs and preferences.

Performance and Quality Excellence We approach our work with an unwavering focus on superior performance, quality and consistency. This is how we build the trust and support of golfers and our valued trade partners. We encourage every associate to "always be willing to sign your name to everything you do."

Driven to Innovate

We have a burning desire to continuously improve. We are innovators and problem solvers who are inspired to constantly challenge the status quo. This results in our industry-leading patent portfolio, technologically advanced products and ongoing enhancements to our processes and services.

Spirit of Leadership

Resilient and optimistic, we have never set out to be the biggest; our goal, rather, is to be the best. We are competitive and decisive. We are confident, yet lead with humility. This is reflected in how we connect with our trade partners, players, associates and stockholders.

Integrity and Respect

We are trusted because we do what we say we will. We hold each other accountable to deliver results and to do so with the highest standards of ethical behavior. We believe in the power that comes from diversity, inclusion and belonging. When all voices are heard, we are at our best.

Bridge Builder Mindset

As brand caretakers and stewards, we have always paid heed to those who will follow behind us. We make a promise to one another to hand off our company, communities and the game of golf to the next generation, better in all ways than when we arrived.

Net Sales

$2.2B

Acushnet's net sales rose to nearly $2.2 billion, an increase of 33% year-over-year

These are simple ideals. Yet they are only words until they become the deeds, the focus and the work. In this Annual Report, you will see the achievements that come from our associates, who are committed to these time-honored values. In 2021, we advanced our product technologies, strengthened our global leadership positions and delivered exceptional financial results.

In January, we launched new Titleist Pro V1® and Pro V1x® balls to effusive golfer acceptance. In the fourth quarter, new Pro V1 Radar Capture Technology (RCT) models were introduced, underscoring our technological capabilities and allowing for a true indoor precision fitting. New

Acushnet Holdings Corp.