Callaway Golf (ELY) Q1 2019 Earnings Call Transcript

Callaway Golf (MODG 2.21%)
Q1 2019 Earnings Call
May. 09, 2019, 5:00 p.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Good afternoon. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Callaway Golf Company Q1 2019 earnings release. [Operator instructions] Mr.

Patrick Burke, company's head of investor relations, you may begin your conference.

Patrick Burke -- Head of Investor Relations

Thank you, Rob, and good afternoon, everyone. Welcome to Callaway's first-quarter 2019earnings conference call. I'm Patrick Burke, the company's head of investor relations. Joining me on today's call are Chip Brewer, our president and chief executive officer; Brian Lynch, our chief financial officer; and Jennifer Thomas, our chief accounting officer. Today, the company issued a press release announcing its first-quarter 2019 financial results. A copy of the press release and associated presentation are available on the Investor Relations section of the company's website at http://ir.callawaygolf.com. Most of the financial numbers reported and discussed on today's call are based on U.S.

generally accepted accounting principles. In the few instances where we report non-GAAP measures, we have reconciled the non-GAAP measures to the corresponding GAAP measures at the back of the presentation in accordance with Regulation G. Please note that this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations. We encourage you to review the safe harbor statement contained in this presentation and the press release for a more complete description. Please note that in connection with our prepared remarks, there is an accompanying PowerPoint presentation that may make it easier for you to follow the call today. This earnings presentation is available for download on the company Investor Relations website under the Webcasts and Presentations tab.

Also in the same tab, you can choose to join the webcast to listen to the call and view the slides. As a webcast participant, you are able to flip through the slides. I would now like to turn the call over to Chip.

Chip Brewer -- President and Chief Executive Officer

Thanks, Patrick. Good afternoon, everybody, and thank you for joining us in today's call. Starting on Page 4 of the presentation. I'm pleased to announce a strong start to the year with excellent performance in both our equipment and soft goods businesses. Revenues were up 28% overall driven by a 3.6% growth in our equipment business and 112% increase in our soft goods business driven by the recent acquisition of Jack Wolfskin, as well as continued strong performance in both the TravisMathew and Callaway brands. Revenues increased in all operating segments and all major product categories and regions.

Based on this start to the year and despite negative FX headwinds, we believe we're on track for another strong year of growth, and we are pleased to increase our EPS guidance for the full year. As is my custom, I'd like to take this chance to thank the Callaway Golf team for the hard work required in transforming the company over the last several years. Like me, I'm sure our team realizes that we have a lot more opportunity in front of us and remains motivated to continuously improve. Let's now take a look at our operating performance by business segment. Turning to Slide 5 of the presentation. Our equipment business had a strong quarter with revenues of 3.6% driven by market conditions that varied widely by region but met expectations overall.

As usual, we believe we grew faster than the market which we believe was approximately flat in the first quarter, and that with the exception of short-term quarterly variations and launch timing, we are positioned to continue to do so over the long run. This year-to-date, we are demonstrating strength across the breadth of our club lineup with our new Epic Flash Driver, Apex Irons and Stroke Lab Putters all doing well. Our golf ball business also continues to do extremely well with currency-neutral revenue growth of 14.4% for the quarter. The market reaction to Triple Track Technology and our new ERC Golf Balls has been excellent, and our U.S. market shares continue to set records. On the brand side, we had a strong start to the year on tour with multiple golf ball and driver wins across the globe.

And as part of a new strategic initiative, we have earned the claim of being the new No. 1 driver of major worldwide tours. And we continue to be the No.1 putter on tour. We also received great feedback on our brand. According Golf Datatech's 2019 spring golf product attitude and usage study, Callaway has moved in either the top spot or a statistical tie for that spot in every major golf club consumer measure, and the brand continues to show resilience and continued upward mobility in golf balls, as well as in clubs.

The brand is also -- has the highest net brand rating, total brand rating. And for the first time in over a decade it is the leader or statistically tied for the lead in innovation and technology. These results are a great testament to both our latent brand strength and our team's execution over the last several years. Perhaps even more importantly, we believe we are doing the right things to build on our strength here. Turning to Slide 6.

In our soft goods segment, revenues surged due to the recent acquisition of Jack Wolfskin, as well as strong performance across the majority of our branded business portfolio. TravisMathew is worthy of a special callout here as that business continues to deliver double-digit growth, and we remain energized about its future. The Jack Wolfskin business met expectations for the quarter, but our outlook for the full year has declined due to foreign exchange headwinds, as well as softer-than-expected market conditions in its key markets of Central Europe and China, which has led to lower-than-anticipated pre-books for the fall/winter season. As a result of this, we are anticipating our 2019 EBITDA from this business will be lower than initially expected, and we reflected this in our current guidance. We believe these short-term issues -- we believe these are short-term issues, and we remain excited about this business for the long term.

We are also finding more potential synergies across our soft goods business, as well as long-term opportunities in key markets such as China, Japan and North America that are at or above initial expectations. Our soft goods business is a large and rapidly growing segment of our company. We are confident and excited about the long-term outlook and potential here. We also continue to reinvest back in our business with several key infrastructure projects under way, many of which will extend through mid-2021. This include the before-mentioned Chicopee ball plant capital project which now is in its final year, multiple distribution center expansion projects all aimed at increased capacity and efficiency, as well as several IT systems upgrades and convergence related to both our recent acquisitions and growth ambitions. We are also in the process of establishing organizational infrastructure for our new brands in key markets where they are not currently operating.

These projects are progressing nicely and will set the foundation for continued future growth. Now on Slide 7. We believe we are on track for our full-year results and are, thus, confirming revenue and EBITDA guidance and raising EPS guidance based on slightly lower financing costs and tax projections. These projections have us overcoming a significant FX headwind, weather that was less than desired to start the year and slower-than-expected market conditions for our apparel business in China and Europe. We are pleased that the golf industry remains in a healthy position, and we believe we are well positioned to continue our leadership positions in the industry. We also remain energized by the Jack Wolfskin acquisition and are both getting our arms around this business quickly.

And from all we are learning, we are increasingly confident about the business for the long term. If successful in achieving these financial results, our adjusted EBITDA will be up double digits versus last year and nearly 2 times what it was only two years ago. This is the type of growth and increased scale that we have been targeting with our investments and growth initiatives. In addition to revenue and EBITDA growth, we anticipate further strengthening of all the brands in our portfolio and believe we are trending accordingly. We also believe our reinvestments in long-term-oriented management decisions are setting the stage for continued long-term strength in revenue growth and earnings. Brian, over to you.

Brian Lynch -- Chief Financial Officer

Thank you, Chip. As Chip mentioned, we are pleased with our strong start to the year with good performance in both our golf equipment and soft goods businesses. We achieved record net sales in the quarter and growth in adjusted EBITDA compared to the first quarter of 2018. And we delivered these results despite further foreign exchange headwinds and a flat golf market in the first quarter. Despite these headwinds to date, we expect to achieve our 2019 plan and are reiterating our net sales and adjusted EBITDA guidance. Although we are lowering our guidance for the Jack Wolfskin business in 2019, we remain excited about the long-term prospects of this business and believe our other businesses will cover the short-term effects that the softer market conditions in Central Europe and China are having upon the Jack Wolfskin business. All in all, we remain focused on transforming Callaway into a premium golf equipment and active lifestyle company and are energized by the long-term revenue growth and earnings potential this opportunity presents. In evaluating our results for the first quarter, you should keep in mind some specific factors that affect year-over-year comparisons.

First, the Jack Wolfskin acquisition occurred in January 2019. As a result, that business was not included in our 2018 results. Second, as a result of the Jack Wolfskin acquisition, we incurred some nonrecurring transaction and transition-related expenses in both 2018 and 2019. When comparing our non-GAAP 2019 results to our 2018 non-GAAP results, we exclude these nonrecurring expenses, and that is how we evaluate our performance. Third, as a result of the OGIO, TravisMathew and Jack Wolfskin acquisition, we incurred some non-cash purchase accounting adjustments in 2019 and 2018. When discussing our non-GAAP results today, we exclude these non-cash adjustments, and that is how we evaluate our performance. Fourth, following the Jack Wolfskin acquisition, we reevaluated our segment reporting and changed our operating segments to the first segment being golf equipment, which includes golf clubs and golf balls; and the second segment is apparel, gear and other, which includes Callaway Golf, TravisMathew, OGIO and Jack Wolfskin, apparel, golf and lifestyle bags, golf accessories, footwear and other gear and accessories, as well as royalties from the licensing of soft goods. On a private-category basis, we will break out net sales for golf clubs, golf balls, apparel and then the remaining gear and accessories.

On a regional basis, we will continue to break out U.S., Japan and Europe. But due to size, we have consolidated rest of Asia and rest of world into simply rest of world. Fifth, this is a reminder, that for consistency with other comparable companies, our adjusted EBITDA now excludes non-cash stock compensation expense in addition to the acquisition-related costs. With those factors in mind, I will now provide some specific financial results. Turning now to Slide 9. Today, we are reporting consolidated first-quarter 2019 net sales of $516 million, compared to $403 million in 2018, an increase of $113 million or 28% and a record for net sales. The 28% growth was primarily driven by the Jack Wolfskin business, which contributed $93 million in the first quarter.

Changes in foreign currency rates negatively impacted first-quarter 2019 net sales by $15 million. On a constant-currency basis and excluding the Jack Wolfskin business, first-quarter 2019 net sales increased 7%. This increase in constant currency core net sales is driven by increased sales in all operating segments, in all major product categories and in all major regions, including double-digit growth in the TravisMathew business. As you can see on Slide 9, gross margin was 46.2% in the first quarter of 2019, compared to 49.7% in the first quarter of 2018, which was slightly better than planned. Excluding non-cash purchase accounting adjustments related to the Jack Wolfskin acquisition and the 70 basis points negative impact of changes in foreign currency, gross margin was 47.9%, 180-basis-point decrease compared to the first quarter of 2018. This decrease was primarily attributable to the seasonality of the Jack Wolfskin business, as well as the current year of -- mix of higher-priced products which typically have lower gross margins due to more advanced technology, partially offset by the TravisMathew business which is accretive on a gross-margin basis. Operating expense was $169 million in the first-quarter 2019, which is a $55 million increase, compared to $114 million in the first quarter of 2018 and includes the first-quarter operating expenses related to the new Jack Wolfskin business. Excluding onetime costs related to the Jack Wolfskin acquisition, operating expenses were $163 million, an increase of $49 million in the quarter. This increase is primarily due to the addition in 2019 of operating expenses from the Jack Wolfskin business and continued investments in the TravisMathew business and the golf equipment business. Operating income was $70 million in the first quarter of 2019, compared to operating income of $86 million for the same period in 2018, a decrease of 19%. When excluding the nonrecurring Jack Wolfskin transaction and transition-related expenses and non-cash purchase accounting adjustments, non-GAAP operating income for 2019 was $81 million, compared to non-GAAP operating income of $86 million in 2018, a decrease of $5 million or 6% which is predominantly related to the change in foreign currency rates. Other expense was $12 million in the first quarter of 2019, compared to other expense of $6 million in the same period of the prior year.

When excluding the nonrecurring purchase price hedging losses due to the Jack Wolfskin acquisition, other expense was $8 million in the first quarter of 2019, an increase of $2 million compared to the first quarter of 2018. The higher other expense in 2019 resulted primarily from $8 million in interest expense related to the new term loan entered into in January 2019 to fund the purchase of Jack Wolfskin, partially offset by foreign exchange hedging gains. Fully diluted earnings per share was $0.50 or 96.4 million shares in the first quarter of 2019, compared to $0.65 in the first quarter of 2018. Excluding the non-cash purchase accounting adjustments related to the Jack Wolfskin, OGIO TravisMathew acquisitions and the nonrecurring transaction and transition expenses related to the Jack Wolfskin transaction in 2019, non-GAAP fully diluted earnings per share was $0.63 versus non-GAAP fully diluted earnings per share of $0.65 to the first quarter of 2018. Adjusted EBITDA increased to $93 million in the first quarter of 2019, 4.5% increase, compared to $89 million in the first quarter of 2018. We are particularly pleased with this result given the adverse headwinds from changes in foreign currency. Turning now to Slide 10, I will now cover certain key balance sheet and cash flow items.

Available liquidity, which represents additional availability under our credit facilities, plus cash on hand was $223 million at the end of the first quarter of 2019, compared to $220 million at the end of the first of quarter 2018. We have $479 million of principal outstanding under our term loan B facility that was used to purchase the Jack Wolfskin transaction. We have also entered into a cross-currency swap agreement with regard to a portion of this facility, specifically approximately $200 million of this facility effectively now has a fixed interest rate of 4.6%. Our consolidated net accounts receivables were $286 million, an increase of 8%, compared to $265 million at the end of the first quarter of 2018, which is attributable to the addition of the Jack Wolfskin business in 2019. Days sales outstanding in the core business was generally consistent with the same period in 2018. We remain comfortable with the overall quality of our accounts receivable at this time. Also displayed on Slide 10, our inventory balance increased by 46% to $382 million at the end of the first quarter of 2019.

This increase was primarily due to the addition of the Jack Wolfskin business, an increase in in-transit inventory and additional inventory needed to support an overall larger core business in 2019. We remain comfortable with the quality of our inventory at this time. Capital expenditures for the first quarter of 2019 were $11 million, a year-over-year increase of $3 million compared to the first quarter of 2018 due mainly to continued investments in our ball plant. Depreciation and amortization expense was $8 million for the first quarter of 2019, compared to $5 million in the first quarter of 2018. Finally, including both open-market repurchases and shares acquired through the settlement of equity awards, in the first quarter of 2019, we repurchased 1.65 million shares for approximately $27 million as compared to first quarter of 2018 when we repurchased 1.3 million shares for approximately $20 million. We currently have $22 million remaining under our current stock repurchase authorization. I'll now comment on our 2019 guidance which begins on Slide 11. I'd like to note that the non-GAAP guidance we are providing excludes the non-cash purchase accounting adjustments for Jack Wolfskin, as well as OGIO and TravisMathew, as well as the nonrecurring transaction and transition expenses related to the Jack Wolfskin transaction. As seen on Slide 11, we are reiterating our 2019 net sales range of $1.67 billion to $1.7 billion, an increase of 34% to 37% over 2018.

Due to softer market conditions in Central Europe and China, where approximately 75% of Jack Wolfskin's net sales originate and the concomitant decrease in pre-books sales for the upcoming fall/winter season, we now expect that Jack Wolfskin's full-year 2019 net sales will be 4% to 6% lower than previously anticipated or 2% to 3% lower on a constant-currency basis. Given the strong 2019 first-quarter growth in the company's other golf equipment, apparel and accessories businesses, we anticipate that growth in those other businesses will offset the anticipated lower Jack Wolfskin business. These estimates assume changes in foreign currency exchange rates in 2019, as well as negative impact of $35 million in 2019 full-year net sales compared in 2018. We reiterate our previous guidance for full-year 2019 gross margin of 47% which is 50 basis points higher than 2018. Further headwinds due to foreign currency exchange rates are expected to be offset by continued improvements in operating performance. We reiterate our previous guidance for full-year 2019 operating expenses of $630 million. We are increasing our non-GAAP earnings per share guidance from $0.96 to $1.06, compared to previous guidance of $0.93 to $1.03.

This increase is being driven by lower interest cost and a lower effective tax rate, which is estimated to be 20.5% in 2019. The 2019 figures are based on 97 million shares outstanding. Consistent with our previous guidance, we estimate our capital expenditures in 2019 to be approximately $55 million to $60 million, which includes incremental capital expenditures related to the Jack Wolfskin business. Capital expenditures were $37 million in 2018. Depreciation and amortization expense is estimated to be approximately $31 million in 2019 which includes $9 million for the Jack Wolfskin business. D&A expense for 2018 was $20 million. We are reiterating our previous adjusted EBITDA guidance of $200 million to $215 million.

An increase in adjusted EBITDA in the core golf equipment, apparel and accessories business is expected to cover the negative impact of foreign currency exchanges and the expected decrease in adjusted EBITDA for the Jack Wolfskin business. We now expect the 2019 adjusted EBITDA contribution of the Jack Wolfskin business to be $20 million to $26 million, compared to prior guidance of $33 million. The decrease, which is all in the second half of 2019, is due to softer market conditions in Central Europe and China which is impacting the fall/winter pre-books orders, as well as a little foreign currency impact. We estimate that the non-cash stock compensation expense will be approximately $13 million in 2019. Also on Slide 11, we are refining our first-half 2019 net sales guidance to $933 million to $948 million, which would represent a 17% to 19% increase compared to 2018. The new guidance reflects an increase in the core equipment, apparel and accessories businesses, offset by an estimated negative impact of $24 million related to changes in foreign currency exchange rates when compared to the same period in 2018. It also reflects the shift in the timing of some sales from the second quarter into the first quarter of 2019. We are increasing our first-half 2019 non-GAAP earnings per share guidance to $0.84 to $0.89, an increase of $0.11 to $0.13 compared to previous guidance which is driven by net sales increases in the core golf equipment, apparel and accessories businesses, and lower estimated tax rate and hedging gains recorded in the second quarter. We are increasing our first-half 2019 adjusted EBITDA guidance to $142 million to $148 million for the first half of 2019, compared to prior guidance of $132 million to $141 million.

The increase is driven by net sales increases in the core golf equipment, apparel and accessories businesses, and hedging gains recorded in the first quarter. Keep in mind, this adjusted EBITDA guidance excludes non-cash stock compensation expense, as well as purchase accounting adjustments and nonrecurring transaction and transition expenses related to the Jack Wolfskin acquisition. As discussed last quarter, the decrease in the estimated earnings and adjusted EBITDA for the first half of 2019 compared to the same period in the prior year reflects the intra-year timing of the company's earnings in 2019 compared to 2018. In 2019, a greater portion of the earnings are anticipated to occur in the second half of the year as compared to 2018 due to the seasonality of the Jack Wolfskin business, which generally results in operating loss in the first half; more golf equipment, new product launches in the second half of 2019 and less in the second quarter of 2019 to compared to the same period in the -- 2018; the negative impact of foreign -- of changes in foreign currency exchange rates in the first half of 2019 compared to 2018, with the first half being adversely affected by an estimated $24 million, as well as the timing of any incremental investments in 2019, which are weighted more heavily toward the first half. Conversely and for the same reasons, during the second half of 2019, the company anticipates increased profitability compared to the second half of 2018. All things considered, we are pleased with of our first-quarter results and the performance of our golf equipment and soft goods businesses. We also remain excited about the long-term prospects of our Jack Wolfskin business, including the strategic benefits it provides and the opportunities it presents for growth and for shareholder value creation over the long term. That concludes our prepared remarks today. We will now open the call for questions.

Questions & Answers:

Operator

[Operator instructions] And your first question comes from the line of Steven Zaccone from J.P. Morgan. Your line is open.

Steven Zaccone -- J.P. Morgan -- Analyst

Great. Thanks very much. So first question I had was just on the golf business. So with the new reporting segment, we don't have the details on woods, irons and putters performance. So can you just comment on which categories within the club segment saw growth in the first quarter? And maybe how do you see the broader competitive backdrop in clubs thus far this year? And then I just have a follow-up.

Chip Brewer -- President and Chief Executive Officer

Steven, this is Chip. We had a very good quarter on the putter category, and I believe we also had a good quarter in irons, correct, and obviously, the categories overall. If you look at our competitive performance in the marketplace, we're showing really strong performance across the breadth of our lineup right now. So we like the position we're in throughout the entire club portfolio.

Steven Zaccone -- J.P. Morgan -- Analyst

OK. Great. And then just on Jack Wolfskin. So can you elaborate a little bit more on what you're seeing resulting in the guidance cut for revenue and EBITDA? Is the weakness in bookings equally spread between Europe and China? Or is it more weighted toward one region? And along those same lines, we're still pretty early in the year here, so what gives you confidence the new guidance is an achievable level for the year?

Chip Brewer -- President and Chief Executive Officer

Sure. So the Jack Wolfskin -- well, let me answer the last part of that question first. So the apparel business operates differently than our traditional equipment business in that it works on longer pre-book lead times. So we have pre-books now for the fall/winter season which is the shipments in Q3 and early Q4 of the year.

Those all came in basically during Q1. And so that's the level of visibility that we don't have in our traditional core business. What we saw over in Europe, primarily but also in China, are a couple of different factors. One was a general slowing of the economies over there which I think have been well documented. And secondly and probably a more acute issue right now is that the weather didn't cooperate.

They -- the fall/winter period is their largest period. And they had a warm early winter, if you would. That was also followed by last summer which was a very warm, dry period for them. And so that backed up sales in the channel and led to lower pre-books, which we are hearing is really a bit of an industrywide issue.

The wholesale channel in general is putting in less pre-books. And so we have pretty strong visibility now of our pre-books through the balance of the year, and it gives us improved visibility and improved confidence relative to those numbers. Did that answer your question, Steven, on the Jack Wolfskin?

Steven Zaccone -- J.P. Morgan -- Analyst

Yes. That's helpful. Thank you.

Chip Brewer -- President and Chief Executive Officer

OK.

Operator

Your next question comes from the line of Dave King from ROTH Capital. Your line is open.

Dave King -- ROTH Capital Partners -- Analyst

Thanks. Good afternoon, guys. I guess first on the equipment margins. Looked like those were down a fair bit year on year. Was that mainly involves -- or what are some of the puts and takes there? Was ERC Soft accretive or dilutive? And then I guess more importantly, what sort of recovery are you expecting in Q2 and beyond? Thanks.

Chip Brewer -- President and Chief Executive Officer

Chip -- Dave, it's Chip. And our ball margins were relatively flat year over year. As we've discussed in the past, that ball plant in Chicopee is going through a transformation process. It's pretty significant.

And so we do continue to see improvement in that business, and we're optimistic on that going forward. Obviously, the brand has momentum in the marketplace as well. The club margins were down in Q1 on a year-over-year basis. The majority of that comes out of the gross margin. There were some profitability impact as well on the operating expense side.

The operating expense is just strictly timing. The margin is an issue that we always see on this particular cycle when we're launching our most premium products. The Epic Flash Drivers and the Apex Irons have higher average selling prices but also higher costs. And as a result, the gross margin percentages are lower.

So that was an expected outcome for us. If you look at our projections for the full year, you see that our gross margins are going to be up on a year-over-year basis, and that's despite FX headwinds.

Dave King -- ROTH Capital Partners -- Analyst

OK. That's good color there. And then on Jack Wolfskin, of the $93 million in EBITDA you reported, how much did that contribute to that number in Q1? Was it breakeven like you expected?

Brian Lynch -- Chief Financial Officer

The $93 million was revenue, Dave, so...

Dave King -- ROTH Capital Partners -- Analyst

No, no. But the -- sorry, the $93 million of EBITDA for the overall company that you reported, I think, in Q1?

Brian Lynch -- Chief Financial Officer

Oh, yes. Got it. Dave, Jack was actually slightly profitable from an EBITDA perspective in Q1, so pretty close to our expectations.

Dave King -- ROTH Capital Partners -- Analyst

OK. And then one last quick one. In terms of the Jack Wolfskin, I think last year, when all was said and done, it contributed -- or they've booked $385 million of revenue. I think it was in the pro formas.

So in your outlook, for $363 million, call it, at the midpoint, are the bookings down kind of high single digits as well? Is that the right way to be thinking about it, the pre-books?

Brian Lynch -- Chief Financial Officer

Yes. Dave, this $392 million was at the last year's average euro. So -- but if you had moved that to the 1.14, it would have translated those sales into $382-ish million. So the down here is part currency and obviously part the Q3 pre-books.

Chip Brewer -- President and Chief Executive Officer

Yes. So we're expecting the revenues that Jack Wolfskin to be on a euro basis or a constant-currency basis down 2% to 3%, so a relevant down to adjust our guidance. But in context, 2% to 3%, not alarming from our perspective.

Dave King -- ROTH Capital Partners -- Analyst

Understood. So it sounds like the bookings are down kind of 2% to 3%. Is that right way to be thinking about that?

Chip Brewer -- President and Chief Executive Officer

Yes. We're not going to break out the bookings but -- for you as it relates, but we factored our bookings into the revenue estimates.

Dave King -- ROTH Capital Partners -- Analyst

All right. Fair enough. I thought I'd try. All right.

Thanks, guys.

Chip Brewer -- President and Chief Executive Officer

No problem.

Operator

Your next question comes from the line of Brett Andress from KeyBanc Capital. Your line is open.

Brett Andress -- KeyBanc Capital Markets -- Analyst

Hi. Good afternoon.

Chip Brewer -- President and Chief Executive Officer

Hi, Brett.

Brett Andress -- KeyBanc Capital Markets -- Analyst

Hi. So building off on some of the questions about the pre-bookings. I guess just to better understand this, do softer bookings historically represent lost sales? Or is there the potential that should the conditions improve in these markets, you could eventually get those sales back at some point this year?

Chip Brewer -- President and Chief Executive Officer

They do usually lead to lost sales. So you can obviously make up a portion of that in at-once business. And then there's also a significant portion of the Jack Wolfskin business that's a direct-to-consumer business booked through e-comm and our own retail. But the wholesale is the largest portion of that business, and the pre-bookings are a strong indicator.

It also gives us more confidence than we would in our core business in the quality of the forecast.

Brett Andress -- KeyBanc Capital Markets -- Analyst

Got it. Thank you for that clarification. And then, Chip, can you elaborate a little bit more on how the golf industry, I guess, both here in the U.S. and internationally played out in the first quarter versus your expectations? And at least in some of the Datatech data that we look at, with some share losses in the first quarter for you guys here in the U.S., how much of that was expected? When do you expect to start recouping share? Just -- can you elaborate on the golf industry, I guess, in general?

Chip Brewer -- President and Chief Executive Officer

Yes, sure. So the golf industry is in a healthy position overall. The -- I call it flat for the first quarter on a global basis. It was down a little bit in Asia.

It was up a little bit in Europe, and it was flat here in North America, is my estimate. Weather wasn't as cooperative as we'd like it to have been year-to-date. But the industry is still quite healthy, and we're within the -- lower part of our range, but within the range of what we would have expected. So we said flat to 2% up for the market.

We were flat. And candidly, we're fine with that. We think that the industry is in a good position, and we like our position in it. The share, you are correct. If you look at our market shares in the U.S., we were down in the first quarter.

We had a very tough comp on a share basis in the first quarter. So our shares last year were quite high. Our shares now in the channels that they report into Datatech declined a little bit, but we're still in a very strong position. We're No.

1 in all clubs, No. 1 in woods, No. 1 in drivers, No. 1 in fairway wood, No.

1 in hybrids, No. 1 in irons, No. 1 in putters, and the Epic Flash Driver was the No. 1 selling model. So I'm not altogether too disappointed in our position, and I think our brand strength is pretty evident there in a healthy market.

Candidly, the core business, as you pore through our numbers, is performing very strongly and showing continued momentum year after year.

Brett Andress -- KeyBanc Capital Markets -- Analyst

Great. And then last one, just housekeeping I guess. The apparel segment, I think you guys reported $96 million of revenue. Jack Wolfskin did $93 million.

And I'm assuming TravisMathew was greater than $3 million. So does the Jack Wolfskin business fall into other segments? I'm trying to understand this new reclassification.

Brian Lynch -- Chief Financial Officer

Yes. They have a portion in apparel, as well as gear and other. They have footwear, we have tents, they have -- a whole host of other products, so it's not just the apparel.

Patrick Burke -- Head of Investor Relations

And Brett, Travis continues to do -- it's growing in that double digits that Brian had referred to in his comments.

Brett Andress -- KeyBanc Capital Markets -- Analyst

Awesome. Thank you, guys.

Chip Brewer -- President and Chief Executive Officer

Thank you.

Operator

Your next question comes from the line of Michael Swartz from SunTrust Robinson Humphrey. Your line is open.

Michael Swartz -- SunTrust Robinson Humphrey -- Analyst

Hey guys, good evening. I just wanted -- a point of clarification, understanding you're taking down your expectations for Jack Wolfskin in 2019. But I think at the time of the acquisition, you laid out some medium- to longer-term goals. I think it was $400 million or so in revenue. It was about $50 million in EBITDA.

I just wanted to confirm, are those targets still achievable? Are they still what you're kind of aiming for?

Chip Brewer -- President and Chief Executive Officer

No change in the long-term outlook, Mike.

Michael Swartz -- SunTrust Robinson Humphrey -- Analyst

OK. Great. And then just next question and kind of piggybacking on one of Brett's questions was it looks like you're looking for organic growth and kind of the 5.5% to 7.5% range in 2019. I think you said your expectations for the market are flat to up to -- so I would assume that that plus 5% that you're looking for from Callaway. I mean how much should we think about that as being share versus unit volume or pricing?

Chip Brewer -- President and Chief Executive Officer

I think that our -- correct me if I'm wrong, but I think our projections in the core even -- a little higher than what you just articulated. Is that correct?

Patrick Burke -- Head of Investor Relations

Currency-neutral is a couple of points higher than that. But currency impacted, we're...

Chip Brewer -- President and Chief Executive Officer

OK. Fair enough. And then we really don't project share, so I don't really have an estimate for you. I do think we'll be stronger on a share basis in the second half of the year, but we also believe our revenues are going to be strong in the second half of the year. And so it's a little more difficult to be able to give you -- basically, I can't give you an estimate how much of the share versus the others at this point. We do see average selling prices that have been going up for us.

We're in a cycle that supports that, and we're being successful with the products that we have at the prices that they are in the marketplace currently.

Michael Swartz -- SunTrust Robinson Humphrey -- Analyst

OK. Great. And one final question, also a kind of clarification on the guidance. I think you're saying now that currency's going to be a $35 million headwind.

I think prior, you said $6 million. Were you including Jack Wolfskin in the year-over-year currency negative in both of those? I'm just trying to parse out is currency really almost $30 million worse than it was two months ago?

Brian Lynch -- Chief Financial Officer

There was probably $9 million related to Jack Wolfskin in the first quarter that we had not previously included when we gave the guidance last time. But the balance would be increased currency.

Michael Swartz -- SunTrust Robinson Humphrey -- Analyst

OK. Wonderful. Thank you.

Chip Brewer -- President and Chief Executive Officer

Thank you.

Operator

Your next question comes from the line of Daniel Imbro from Stephens. Your line is open.

Daniel Imbro -- Stephens Inc. -- Analyst

Yes. Hey, thanks. Good afternoon, guys.

Chip Brewer -- President and Chief Executive Officer

Good afternoon.

Daniel Imbro -- Stephens Inc. -- Analyst

Chip, I wanted to start on some of the long-term synergy targets you just talked about. I think in your prepared remarks you noted you guys have identified some additional synergies between existing soft goods and the Jack Wolfskin assets. One, can you just provide some more detail on what those look like? And then two, are any of those now included in your updated guidance for the back half of the year?

Chip Brewer -- President and Chief Executive Officer

The nature of the synergies really come from three areas right now, and we're really only talking about cost-based energies. There are some others that are clearly we think we're going to be able to help them grow in certain markets and they will be able to help us in others. But it's supply chain across our apparel and soft goods business, it's logistics across the business, and distribution centers. And as we dug into this and obviously been a lot of learning over the last several months, we are literally drinking from the fire hose and getting a lot of good information.

We've become not only more confident that we've found some areas we think would increase synergies as we'll get this. None of those are factored into 2019. Most of those won't really even materialize until late in '21 and kind of scaling up from there. In fact, we're investing right now. So now that is in our guidance.

But this is a period of incremental investment and building for the future. But that has been our practice over the last several years. And so far, it appears to be paying off well for shareholders with the growth of the business and such.

Daniel Imbro -- Stephens Inc. -- Analyst

Definitely. Thanks. That's helpful. And then, Brian, one on gross margin.

Adjusting out some of the other purchase accounting, still some heavier pressure in 1Q. I know some of that was seasonality, but could you just shed some more light on what the different buckets of the pressure were? And then which of those is expected to improve to get to that full-year guided target of 47%?

Brian Lynch -- Chief Financial Officer

Sure. I think you start with 49.7% last year and we have 46.2% this year. There's probably 100 basis points related to the one-timers related to the inventory step-up and things like that. There was 70 basis points related to FX.

So if you back all that out, it's only down 180 basis points. Some of that seasonality is the Jack Wolfskin business. They're less profitable in the first half than they are in the second half. And then also had to do with the cyclicality that Chip mentioned earlier of our products this year versus -- with the higher-priced products and having more technology just lower margin percent.

And then you have to offset there TravisMathew, which is accretive to gross margins.

Patrick Burke -- Head of Investor Relations

And then Daniel, remember, because we're launching more products in the second half, you're going to have margin opportunity as your percent of new business is higher.

Daniel Imbro -- Stephens Inc. -- Analyst

Got it. And we shouldn't expect headwind, what you guys called out, from higher product costs on the new launched, what we saw this quarter?

Chip Brewer -- President and Chief Executive Officer

Well, we'll see it being higher than the margin we had last year, but we're not commenting at this point the nature of those new product launches, if you would.

Daniel Imbro -- Stephens Inc. -- Analyst

Got it. Thanks so much, guys. Best of luck.

Chip Brewer -- President and Chief Executive Officer

Yes. Thank you.

Operator

Your next question comes from the line off John Kernan from Cowen and Company. Your line is open.

John Kernan -- Cowen and Company -- Analyst

Good afternoon, guys. Thanks for taking my questions.

Chip Brewer -- President and Chief Executive Officer

Sure.

John Kernan -- Cowen and Company -- Analyst

Can you just talk again to the gross margin confidence in the back half of the year? There's a bit of an inflection. I know there's obvious seasonality with the Jack Wolfskin business, but it does imply a pretty big inflection based on where you're walking us through different -- for the first half of the year. Are you at all concerned given some of the pre-booking weakness about gross margin in the Jack Wolfskin business? Thank you.

Brian Lynch -- Chief Financial Officer

It's just overall -- I mean we think we're pretty comfortable with the gross margin estimates. And in golf, you just have to remember also that we have a lot of new product launches coming in the second half, which we did it. And those are typically much better margins than just continued selling. So I think overall, we're pretty comfortable.

Anything to add?

Patrick Burke -- Head of Investor Relations

Yes. And we do continue to believe that the ball margins will continue to improve as we get more experience in that plan. So some of that is healthy. But I think to Brian's point, it's mostly related to the launches in the second half, which from a mix perspective, it is helping a good chunk.

John Kernan -- Cowen and Company -- Analyst

That's helpful. That was actually leading to my second question. Just on the golf ball -- state of golf ball profitability right now versus where you think it can go long term. I know Triple Track and Chrome Soft have had a lot of share gains, and you've invested a lot in the manufacturing part of the business.

So I'm just wondering where those golf ball margins lie now versus where you think they can go in the medium to near term.

Chip Brewer -- President and Chief Executive Officer

The golf ball, we're still in a learning curve so -- and we will be for the next year, quite frankly, in terms of the investments we're making in Chicopee and the efficiencies of that facility. So we are paying a short-term penalty in terms of the profitability of that business. It's still very profitable. It is -- we're very pleased with it, but we've got some upside potential in that facility as we finish up the transformation process.

And if we're able to continue to build volume and come off the learning curve, which we are demonstrating the ability to do on the facility, then it should be a growth opportunity for us, an improvement opportunity and eventually be accretive to overall business. It's very close to neutral right now, quite frankly. But as we move further down the road, it will probably be accretive in terms of the overall profitability and gross margin.

John Kernan -- Cowen and Company -- Analyst

Got it. And then just one final thematic question about the sport of golf. It feels like there's momentum. Tiger winning the Masters is obviously a big deal.

There's a lot of good young players, excitement building for the PGA here in New York coming up. I'm just wondering where you think we are. The industry, you had it kind of flat for the first quarter. Where do you think -- where are we in the overall cycle for golf and overall consumer interest?

Chip Brewer -- President and Chief Executive Officer

I think it's improving. I think your metrics are very clear. The fact that we are flat as an industry, given the rounds were down, is a pretty good performance. The -- we didn't have average weather.

You never know when you're going to or not, but it wasn't as well -- as good as we would expect. You're right, Tiger Woods is very good for the game. There are a lot of young players out there. The National Golf Foundation has reported for the first time in a long time increased participation and interest.

You've got these noncore golf opportunities such as Topgolf and other segments that are really growing interest and availability to the game. So it's in a healthy spot right now.

John Kernan -- Cowen and Company -- Analyst

Excellent. Thanks, guys, and congrats on all the momentum at Callaway.

Chip Brewer -- President and Chief Executive Officer

Thank you.

Operator

Your next question comes from the line of Susan Anderson from B. Riley FBR. Your line is open.

Susan Anderson -- B. Riley FBR -- Analyst

Hi, good evening. Congrats on a good quarter.

Chip Brewer -- President and Chief Executive Officer

Thank you.

Susan Anderson -- B. Riley FBR -- Analyst

Just a follow-up on the Jack Wolfskin business. I was wondering, do you guys break out the gear accessories versus apparel for the business? And what percent?

Chip Brewer -- President and Chief Executive Officer

We do not, Susan, to the best of my knowledge. But that's -- the majority of the business is apparel and gear, and other is...

Brian Lynch -- Chief Financial Officer

Three-fourths is the apparel.

Chip Brewer -- President and Chief Executive Officer

Yes. So the three-fourths is apparel. 25% gear and other.

Susan Anderson -- B. Riley FBR -- Analyst

Got it. OK. That's helpful. And then I guess I was kind of curious how you're managing inventory for that business.

I guess, you're making products, so you have sales down 2% to 3% given the orders, or are you making more maybe anticipation that sales could come in better than expected? Or how should we think about that?

Chip Brewer -- President and Chief Executive Officer

Go ahead, Brian.

Brian Lynch -- Chief Financial Officer

Yes. In the wholesale -- so it varies by channel a little bit. But if you look at their wholesale channel, which is probably 70%, 75% of their business, pre-books account for most of it, 85% of that channel. And so you have some opportunity for -- to pick up on in-season orders if it takes off and weather is better than you think.

But it is a little bit limited given the lead times. And then, of course, the other channel. We think we're OK in inventory right now, but there's still limited opportunity to make up for low pre-books.

Susan Anderson -- B. Riley FBR -- Analyst

Got it. OK. And then last one on Jack Wolfskin. I guess are you expecting your DTC business to also be down a similar amount this fall/winter, and then I guess with the lighter orders booked in bags and accessories and then also apparel?

Chip Brewer -- President and Chief Executive Officer

Susan, we don't have -- we're not going to break out the estimates by channel for Jack Wolfskin. But at this point, I would assume it's premature to estimate that -- I wouldn't be expecting to lower the forecast for direct-to-consumer based on what happened a year ago's winter. So the wholesale channel has no choice because of their inventory positions and open to buys, etc. That is absolutely an industrywide phenomenon.

But the nice part of our direct-to-consumer is it's going to be what it's going to be at that point.

Susan Anderson -- B. Riley FBR -- Analyst

OK. And then I guess maybe if you could talk a little bit about just the health of the industry across the geographies. I mean it sounds like it's obviously still very healthy in the U.S. How are you feeling in Europe with some macro pressures there and then also over Asia?

Chip Brewer -- President and Chief Executive Officer

Asia got off to a little bit of a slow start to the year, in Japan specifically, but has been improving. So the trend is good, but they're down -- that market in general this year. Our business though has been strong there and continues to perform very well. And we do like the trend.

Europe, the golf business had a very good start to the year which means the weather was warm, which means that the Jack Wolfskin business was challenged from that same weather perspective. So we are naturally hedged in Europe now on weather, but that business in the market is positive. And the market in the U.S. got off to -- we'll call it a slow start in Q1, roughly flat and has improved a little bit since then, but not anything outside of the trends that we're expecting.

Susan Anderson -- B. Riley FBR -- Analyst

Great. That's very helpful. Thanks so much. Good luck next quarter.

Chip Brewer -- President and Chief Executive Officer

Thank you.

Operator

Your next question comes from the line of Randy Konik from Jefferies. Your line is open.

Randy Konik -- Jefferies -- Analyst

Yes, thanks. Thanks a lot. I guess I wanted to start with the success of TravisMathew, continue to talk about the double-digit growth. The lifestyle of the brand seems to be wider, and it gets wider after potential demand of consumers that want to buy the brand. How do you guys think about your learnings from the couple of stores you have opened -- a few stores you have opened now? Alternative points of wholesale distribution, when should we see international development accelerate? Just kind of curious on your thoughts around what's ahead of the next couple of years for TravisMathew to begin here.

Chip Brewer -- President and Chief Executive Officer

OK. Randy, you're right in that the brand is really resonating, and it's resonating outside of traditional golf. So it's very golf brand. It's golf DNA.

But it's a lifestyle brand. Its largest customers are outside of golf. And it is worn on the golf course but also off golf course. And we really find that as an attractive element of that brand because of the broader reach and scale potential with that. We're really not looking for greater wholesale distribution on that.

We're going to be pretty measured on that. We've got good momentum in that brand, and we want to control that process of growth. The -- we are investing in the brand internationally. And we're in the middle of starting up some efforts on that both in Asia, specifically Japan, as well as Europe.

Those are very small revenue numbers in this year's forecast. But there are revenues associated with it and efforts, and we do believe that over time that will scale -- it will scale relative to the size of the TravisMathew business. But it is a nice added element to our total business.

Randy Konik -- Jefferies -- Analyst

Great. On Jack Wolfskin, I think two things you said in the past. One, there's plans to expand the business or the brand in North America. Just curious on how you're thinking about time lining that.

And I think you also said in the past that the business will be run kind of independently. But one area looks to me where that brand or that business can leverage your core strengths is in the digital side of community, communities you build across things like the ShipShow or Callaway Live with Callaway or Life On Tour with TravisMathew. So just kind of curious of how you're thinking about keeping the business, I guess, separately, one, but also bringing kind of expertise or things that you've done really, really around -- particularly around digital marketing and community building with digital means on the -- with Callaway and TravisMathew. Just curious how you're thinking about that for Jack Wolfskin.

Chip Brewer -- President and Chief Executive Officer

Yes. I think Randy, you come up with some very good points there. They're not lost on us. So the Jack Wolfskin North America business, we anticipate that will launch here in North America sometime between early Q2 and Q3 of next year.

So we're still dialing in the specifics of that, but it should be by -- in the ballpark of mid-next year. We're putting a new organization together on plans on that currently. We expect it to leverage some of the synergies that we have here in the U.S., both with the TravisMathew brand and apparel positions, back office, infrastructure. We expect it to leverage off of our digital and brand-building expertise associated with the Callaway Golf, and we're sharing some resources from that perspective. We don't anticipate what I call co-brand.

If you look at how we operate these brands, TravisMathew and Callaway are operated separately even though there are some synergies that are invisible to the consumer. And we think that will certainly be the case with the Jack Wolfskin brand. And we're putting our plans in place now to launch that for us next year.

Randy Konik -- Jefferies -- Analyst

Great. And I guess last question. When you came out with the Epic Flash Driver, the marketing campaign talked about the use of AI and the algorithms and so forth. What -- how did customers respond to that marketing messaging? And more importantly, the product seems like it's been well received.

Does this kind of process that you use for this particular driver, how do you think about particularly using that in other product-development cycles or other product categories going forward? What is -- the development of Epic Flash taught you about utilization of AI in other areas of the business?

Chip Brewer -- President and Chief Executive Officer

Well, Epic Flash is the No. 1 selling model driver in golf. So it appears to have resonated nicely with consumers. We think that the reason it does is just based on the performance of the product and the added ball speed that our technology delivers. AI is a key technology for us, and candidly, for anybody else in the design space.

If you're not using that type of an approach pretty soon, I think you're going to be -- have a hard time keeping up, candidly. We're learning a lot. We're starting to learn how to apply it in other areas of the business in terms of products, broader than just the face technology. And I think that you're going to see that technology.

Others will be following it, I'm sure. I believe within the space we have first-mover advantage, and I believe it's going to be something that we're going to continue to mine and understand, and we'll see it impact our product line with our technologies in broad ways going forward.

Randy Konik -- Jefferies -- Analyst

Very helpful. Thanks guys.

Chip Brewer -- President and Chief Executive Officer

Thank you.

Brian Lynch -- Chief Financial Officer

Thanks, Randy.

Operator

Your next question comes from the line of Alex Maroccia from Berenberg Capital Markets. Your line is open.

Alex Maroccia -- Berenberg Capital Markets -- Analyst

Hey guys, good afternoon. Just to expand on one of the prior questions in regards to Jack Wolfskin's distribution going forward. It looks like there's been some expansion upon the retailers in the U.S. where the brand is currently sold.

Are you seeing any type of early pull-through there, and how is it resonating with consumers?

Chip Brewer -- President and Chief Executive Officer

Alex, I'm not really familiar with that in the U.S. at this point. We have not really leaned in on the U.S. business at this point.

If there is expanded distribution in the U.S. for Jack Wolfskin it has not hit my radar screen yet. We appreciate the support that we've -- must have received, but it's still very, very small. There's been no marketing.

We have not had the opportunity to lean in that. They always had a little bit of a presence here. I think they have one employee and a few independent agents. It's been a very, very small presence and it remains that. But it wouldn't surprise me if just the fact that we acquired them and that Jack Wolfskin is probably getting a little bit more PR now.

And retailers establishing a partnership, they probably know we're going to be coming with some energy in the near future. So glad to hear that some are jumping on board.

Alex Maroccia -- Berenberg Capital Markets -- Analyst

OK. Got it. That's helpful. And then one more, switching to golf balls specifically.

You alluded to this earlier, but it looks the rounds played data came in pretty poor in Q1, and most importantly, in the Sun Belt. And as a result, where exactly are you seeing the strong growth in balls? Is it in market share? Is it with the new products that you've released?

Chip Brewer -- President and Chief Executive Officer

Yes, our market share overall, so it's within Chrome Soft, and it's within ERC. But our lineup across the board has -- candidly, it met or exceeded expectations throughout the quarter, particularly. Our biggest launch was the ERC with Triple Track Technology. Triple Track Technology is clearly resonating with consumers, as is that new ERC Golf Ball, which we're very excited about.

And our Chrome Soft business remains very strong as well, really, across channels. So delighted with the overall view of our golf ball business.

Alex Maroccia -- Berenberg Capital Markets -- Analyst

OK. Great. Thank you for taking my question.

Chip Brewer -- President and Chief Executive Officer

Sure.

Operator

Your next question comes from the line of Casey Alexander from Compass Point. Your line is open.

Casey Alexander -- Compass Point -- Analyst

Yes. Hi, good afternoon. Most of the questions have been asked and answered. But I will ask most of the time when there's a technological change like artificial intelligence that takes place in the golf club equipment business. There's a competitor set that simply can't afford to access those types of resources.

Is that possible in the future of the industry as you look forward to the next few years?

Chip Brewer -- President and Chief Executive Officer

It will be a little harder, Casey. It's not like the supercomputer itself is that expensive. The supercomputer itself is not going to keep any -- it will be hard if you were working out of your garage, but that's not really what we're facing anymore. It's the quality of the engineering and support staff.

It's the integration with IT. It's designing your own software that integrates with other software packages, both open market and some that we have to create ourselves. It's the finite element analysis and predictive work that has to go into creating the algorithms. It is an example of an item that could lead to further consolidation and helps to have good scale.

Casey Alexander -- Compass Point -- Analyst

Yes. OK. And secondly, you're still generating a lot of cash flow here. How do you think about debt repayment versus share repurchase going forward? And at what point in time can you actually start to pay down on the term debt?

Chip Brewer -- President and Chief Executive Officer

We hope we are generating what we think is positive free cash flow. We are finding good, attractive investment opportunities. As you saw, we repurchased some shares during the first quarter, and we're -- as we look at our uses of free cash flow and capital, we're certainly going to take a strong look at some debt repayment through the balance of the year as well.

Casey Alexander -- Compass Point -- Analyst

OK. Great. Thanks very much.

Chip Brewer -- President and Chief Executive Officer

Thanks, Casey.

Brian Lynch -- Chief Financial Officer

Thanks, Casey.

Operator

And your next question comes from the line of Brett Andress from KeyBanc Capital. Your line is open.

Brett Andress -- KeyBanc Capital Markets -- Analyst

Just a follow-up. Are we going to get the historical segment reclassification results for 2018 quarterly at some point?

Patrick Burke -- Head of Investor Relations

Yes, Brett. We can give you the future quarters. Obviously, Q1 has been restated, but yes, we will send that out to you guys.

Brett Andress -- KeyBanc Capital Markets -- Analyst

All right. Thank you.

Chip Brewer -- President and Chief Executive Officer

Thank you.

Operator

There are no further questions at this time. I will turn the call back over to Chip Brewer for some closing remarks.

Chip Brewer -- President and Chief Executive Officer

Well, thanks, everybody, for calling in. We went a little over, so I appreciate your patience on that. But we wanted to answer the questions that were in the queue. Thanks for your time and attention. We'll look forward to talking to you again at the end of Q2.

Operator

[Operator signoff]

Duration: 70 minutes

Call participants:

Patrick Burke -- Head of Investor Relations

Chip Brewer -- President and Chief Executive Officer

Brian Lynch -- Chief Financial Officer

Steven Zaccone -- J.P. Morgan -- Analyst

Dave King -- ROTH Capital Partners -- Analyst

Brett Andress -- KeyBanc Capital Markets -- Analyst

Michael Swartz -- SunTrust Robinson Humphrey -- Analyst

Daniel Imbro -- Stephens Inc. -- Analyst

John Kernan -- Cowen and Company -- Analyst

Susan Anderson -- B. Riley FBR -- Analyst

Randy Konik -- Jefferies -- Analyst

Alex Maroccia -- Berenberg Capital Markets -- Analyst

Casey Alexander -- Compass Point -- Analyst

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