So, I think it’s working its way through the inventory cycle. The other part of that is, I would point to, it’s going to be on the lower end in the U.S. and the higher end outside the U.S. And then within the U.S., it’s important to note that a lot of that inventory tends to be concentrated in the off-course channel. You don’t see a lot of excess inventory on course. So, it is concentrated. But in terms of how do we work through it, we do think we’re a couple of cycles to go – to get to a more normalized state. But the reality is we made a nice step forward over the last three, four months.
Megan Alexander: Got it. Thank you very much.
Sondra Lennon: Thanks Megan. Operator, next question, please.
Operator: Our next question comes from Matthew Boss from JPMorgan. Matthew your line is now open, please go ahead.
Matthew Boss: Thanks, and congrats on a nice quarter.
Sean Sullivanr: Thanks, Matt.
Matthew Boss: So David, maybe higher level, could you elaborate on the underlying enthusiasm for the game of golf that you cited? Maybe how you see the brand positioned across categories to capture market share opportunity? And do you think multiyear, this could potentially change, if we think about pre-pandemic? I think it was basically a low to mid-single-digit revenue growth rate. Just any changes as you think multiyear.
David Maher: Yes. So, Matt, I’ll start with sort of our view of the sport over the last several years, rounds globally are tracking in the U.S., up about 19%, 20% ahead of where they were pre-pandemic. There has been a big step-up, right? We have more golfers. People are prioritizing the sport differently in their lives. People are working differently. And I think the game is benefiting from – it’s realizing the benefits of its exercise components, its outdoor components, its socialization components, all that goes along with it. So the sport, obviously, very, very healthy. In the U.S. and around the world, I’ve made the point a few times that I think we’re five years running where the golfer base has grown fastest-growing segments, juniors women.
So, a lot of positives in the sport, and I’ll bring that commentary to Acushnet in our business. As you know, we’re focused on the dedicated player. We tend to be a bit more focused in our product approach and our messaging approach. As we say routinely, they’re pretty resilient, they’re pretty passionate and in good times, they play and think about equipment. And we’re seeing that in our results, not only this year, but over the last several years. And then we also point to that audience in recessionary times and look at their resilience in recessionary time. So really, the core of the Acushnet story is this core dedicated player. There are some other factors that are playing out as well, and that is the professional game, right, vibrant, alive and well.
We’re seeing a return of corporate spend on golf that went very quiet during the pandemic years, but we’re seeing corporate spend, whether it’s through outings, whether it’s through promotion of events pick up again. That’s a healthy positive. And then more broadly, the game, the sport facilities, whether it’s golf courses, whether it’s golf specialty retailers have had a pretty good run these last few years. And they’re taking their successes in reinvesting in the future. So, what we’re seeing here in the last couple of years is the game is doing a nice job reinvesting in itself and understanding that, hey, there has to be evolution. There has to be some adaptation in order to continue this momentum that we’re experiencing. So, all in all, we feel really good about where the sport is today and the fundamentals are very strong.
Again, I made the point earlier that I would put an asterisk next to rounds of play this year, they’re going to be up about 4%. That’s with some real tough weather around the U.S., which says people are avid, people are committed and they’re utilizing the capacity that exists within golf courses at a higher level than they typically have. But a lot of positives and certainly, we’re aware of all the macro concerns in the marketplace in the world, and we factor those into our calculus and our forward thinking as well. But net-net, the sport is in a really good spot.
