PHOENIX, March 11, 2024 (GLOBE NEWSWIRE) -- Upfit UTV Inc., a subsidiary of Fox Factory Holding Corp. (NASDAQ:FOXF) ("FOX" or the "Company"), announces the launch of its high-performance luxury utility terrain vehicles (UTVs) to showroom floors on March 22. Upfit UTV offers vehicles with unmatched quality, performance, and reliability. "I could not be more excited to introduce these state-of-the-art UTVs to the marketplace. What was once a dream over five years ago is now a reality, backed by precision engi ...

Investors looking for stocks in the Automotive - Domestic sector might want to consider either General Motors Company (GM) or Fox Factory Holding (FOXF) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank favors stocks with s ...

One of the most unforgivable transgressions a publicly traded company can commit is to miss on its earnings. That was the reason investors punished vehicle components manufacturer Fox Factory Holding (FOXF -26.82%) on Friday. The market reacted sharply to the company's latest set of quarterly figures, trading out of the stock and sending its value down by almost 27% in price.Top- and bottom-line skidsDue to what management characterized as "challenging macro and industry headwinds," Fox Factory's fourth-qua ...

Financial Data and Key Metrics Changes - For fiscal year 2024, the company expects sales in the range of $1.53 billion to $1.68 billion and adjusted earnings per diluted share of $2.30 to $2.60 [6] - Total consolidated net sales in Q4 2023 were $332.5 million, a decrease of 18.6% compared to $408.6 million in Q4 2022 [59] - Net income in Q4 2023 was $4 million or $0.10 per diluted share, down from $53 million or $1.25 per diluted share in the same prior year period [72] Business Line Data and Key Metrics Changes - In the Powered Vehicle Group (PVG), net sales were $118 million, down from $133 million in the prior year quarter due to the UAW strike's impact [31] - The Aftermarket Applications Group (AAG) saw sales rise to $121 million from $117 million in the prior year quarter, driven by the custom warehouse business [34] - Specialty Sports Group (SSG) experienced a 41.4% decrease in net sales compared to Q4 2022, primarily due to high inventory levels [51] Market Data and Key Metrics Changes - The company noted that the high interest rate environment has pressured dealer inventory levels, leading to conservative purchasing practices [32] - The e-commerce business expanded significantly, with direct-to-consumer sales reaching 3.6% of total sales, up 260 basis points from 2022 [46] - The company expects the first half of 2024 to decline year-over-year, with growth anticipated in the second half driven by easing macro pressures [71] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet and investing in R&D to support new product launches and market share growth [4][8] - The strategy includes a commitment to innovation and product development, with plans to launch over 150 new products in 2024 [88] - The company aims to leverage its acquisitions, such as Marucci, to enhance growth and market presence [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business despite ongoing challenges, citing a robust pipeline of innovative products and strong customer relationships [3][4] - The company anticipates a return to a more normal operating environment by late Q2 2024, contingent on improved chassis supply and OEM production [24] - Management acknowledged the need for caution in forecasting due to the dynamic environment and uncertainties in customer demand [7][90] Other Important Information - The company reported an adjusted gross margin decrease of 300 basis points to 29% in Q4 2023 compared to 32% in Q4 2022 [53] - The effective tax benefit was $3.1 million in Q4 2023, compared to an effective tax expense of $0.2 million in Q4 2022 [56] - The company has a flexible capital structure, allowing for investments in growth and share repurchases [57] Q&A Session Summary Question: What is the idea with the revisions that are working on? - Management highlighted optimism due to product launches and new customer relationships, indicating a positive outlook for the second half of the year [2] Question: How much of the improvement is driven by demand versus supply chain improvements? - Management noted that improvements are expected from both demand recovery and supply chain enhancements, particularly in chassis availability [21] Question: What are the expectations for the various business segments in 2024? - Management indicated that SSG is expected to be flat to down, while PVG and AAG are anticipated to show growth, driven by new product launches [95][97]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 29, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36040 Fox Factory Holding Corp. (Exact Name of Registrant as Specified in its Charter) Delaware 26-1647258 (State ...

Financial Performance - Fourth quarter 2023 net sales were $332 million, a decrease of 18.6% from $408.6 million in Q4 2022, driven by a 41.4% decrease in Specialty Sports Group (SSG) sales[5] - The company achieved a net income of $4 million, with earnings per diluted share of $0.10, compared to $53 million and $1.25 in Q4 2022[9] - Adjusted EBITDA for Q4 2023 was $38.8 million, resulting in an adjusted EBITDA margin of 11.7%, down from 18.8% in Q4 2022[10] - For the fiscal year 2023, net sales totaled $1.464 billion, an 8.6% decrease compared to fiscal 2022, with SSG sales down 42.8%[11] - Gross profit for the twelve months ended December 29, 2023, was $464,812 thousand, down 12.5% from $531,343 thousand in the previous year[28] - Adjusted net income for the twelve months ended December 29, 2023, was $120,846 thousand, a decline of 41.0% compared to $205,278 thousand for the same period in 2022[30] - For the three months ended December 29, 2023, net income was $4,051 thousand, a decrease of 92.3% compared to $52,959 thousand for the same period in 2022[33] - Adjusted net income for the twelve months ended December 29, 2023, was $167,473 thousand, down 28.0% from $232,670 thousand in the previous year[33] - Adjusted EBITDA for the twelve months ended December 29, 2023, was $261,048 thousand, a decrease of 18.9% compared to $321,831 thousand for the previous year[37] Expenses and Margins - The company reported a gross margin of 31.7% for fiscal 2023, a decrease of 150 basis points from 33.2% in fiscal 2022[11] - Total operating expenses for fiscal 2023 were $304.7 million, or 20.8% of net sales, compared to $284.6 million, or 17.8% in fiscal 2022[12] - Operating expense for the three months ended December 29, 2023, was $81,009 thousand, an increase of 9.9% from $74,167 thousand in the same period of 2022[44] - The company reported a net income margin of 1.2% for the three months ended December 29, 2023, down from 13.0% in the same period of 2022[37] - Adjusted gross margin for the twelve months ended December 29, 2023, was 32.8%, compared to 33.4% for the previous year[41] - Adjusted operating margin for the three months ended December 29, 2023, was 20.6%, compared to 16.2% for the same period in 2022[44] Acquisitions and Growth - The company completed the acquisition of Marucci, contributing $17 million in revenue for Q4 2023, and also acquired Custom Wheel House earlier in the year[4] - The company is focused on the acquisition of Marucci and expects future performance improvements from this acquisition[45] - The company aims for $2 billion in sales by 2025, contingent on various market factors including OEM demand and macroeconomic conditions[18] - The company is exploring opportunities for international growth and market expansion[45] - The company is focused on increasing its aftermarket penetration to enhance revenue streams[45] Cash and Assets - The company had cash and cash equivalents of $83.6 million as of December 29, 2023, down from $145.3 million a year earlier, primarily due to debt payments and share repurchases[16] - Total assets increased to $2,242,298 thousand as of December 29, 2023, from $1,618,336 thousand as of December 30, 2022, representing a growth of 38.5%[26] - Cash and cash equivalents decreased to $83,642 thousand as of December 29, 2023, from $145,250 thousand as of December 30, 2022, a decline of 42.4%[26] - Total liabilities rose to $1,020,537 thousand as of December 29, 2023, compared to $496,950 thousand as of December 30, 2022, an increase of 105.5%[26] Future Outlook and Challenges - Fiscal 2024 guidance projects net sales between $1.53 billion and $1.68 billion, with adjusted earnings per diluted share expected to range from $2.30 to $2.60[17] - The company anticipates demand for its products to remain strong despite potential supply chain disruptions[45] - The company aims to improve operating efficiencies and maintain profitability in the upcoming quarters[45] - The company is committed to developing new and innovative products to expand into new categories and end-markets[45] - The company is facing risks related to inflation and interest rate increases by the U.S. Federal Reserve[45] - The company acknowledges potential challenges from geopolitical tensions affecting its supply chain[45] - The company is aware of the impact of consumer preferences on its product demand and is prepared to adapt accordingly[45] - The company incurred interest expenses of $19,320 thousand for the twelve months ended December 29, 2023, compared to $8,939 thousand in the previous year, reflecting a significant increase[28] - Research and development expenses for the twelve months ended December 29, 2023, were $53,179 thousand, a decrease of 5.4% from $56,205 thousand in the previous year[28] - The weighted-average shares used to compute diluted earnings per share for the twelve months ended December 29, 2023, were 42,432 thousand, slightly up from 42,384 thousand in the previous year[28]

Fox Factory Holding Corp. (NASDAQ:FOXF) Q3 2023 Earnings Conference Call November 2, 2023 4:30 PM ET Company Participants Vivek Bhakuni - Senior Director, Investor Relations & Business Development Mike Dennison - Chief Executive Officer Dennis Schemm - Chief Financial Officer & Treasurer Conference Call Participants Larry Solow - CJS Securities Jim Duffy - Stifel Anna Glaessgen - B. Riley Mike Swartz - Truist Alex Perry - Bank of America Craig Kennison - Baird Operator Good afternoon ladies and gentlemen an ...

Table of Contents For the quarterly period ended September 29, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-36040 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 2055 Sugarloaf Circle, Suite 300, Duluth GA 30097 (Address of principal executive offic ...

Fox Factory Holding Corp. (NASDAQ:FOXF) Q2 2023 Earnings Conference Call August 3, 2023 4:30 PM ET Company Participants Vivek Bhakuni – Senior Director of Investor Relations and Business Development Mike Dennison – Chief Executive Officer Dennis Schemm – Chief Financial Officer and Treasurer Conference Call Participants Larry Solow – CJS Securities Jim Duffy – Stifel Anna Glaessgen – B. Riley Michael Swartz – Truist Securities Scott Stember – Roth MKM Alice Wycklendt – Baird Operator Good afternoon, ladies ...

Financial Performance - Net sales for Q2 2023 were $400.7 million, a decrease of $6.0 million or 1.5% compared to Q2 2022[109] - Powered Vehicle Group net sales increased by $34.5 million, or 32.6%, driven by higher demand in the OEM channel[109] - Aftermarket Applications Group net sales rose by $32.3 million, or 26.2%, due to the acquisition of Custom Wheel House and strong performance in upfitting products[109] - Specialty Sports Group net sales decreased by $72.8 million, or 41.0%, attributed to higher inventory levels across various channels[109] - Total net sales for the six months ended June 30, 2023 increased by $15.9 million, or 2.0%, to $800.6 million compared to $784.7 million for the same period in 2022[119] - Powered Vehicle Group net sales increased by $92.0 million, or 48.4%, primarily due to increased demand in the OEM channel[119] Expenses and Costs - Cost of sales for Q2 2023 increased by $4.9 million, or 1.9%, leading to a gross margin decrease of 220 basis points to 32.9%[110] - Total operating expenses for Q2 2023 were $79.2 million, an increase of $6.7 million or 9.2% compared to Q2 2022[111] - General and administrative expenses rose by $1.7 million, or 6.0%, primarily due to the inclusion of Custom Wheel House operating costs[111] - Research and development costs increased by $1.0 million, reflecting investments in personnel for future growth and product innovation[111] - Operating expenses for the six months ended June 30, 2023 increased by $19.3 million, or 13.9%, to $157.9 million compared to $138.6 million for the same period in 2022[121] Income and Profitability - Net income for the six months ended June 30, 2023, was $81.5 million, compared to $101.5 million for the same period in 2022[107] - Income from operations for the three months ended June 30, 2023 decreased by $17.7 million, or 25.1%, to $52.8 million compared to $70.5 million for the same period in 2022[112] - Net income for the three months ended June 30, 2023 decreased by $13.8 million, or 25.8%, to $39.7 million from $53.5 million for the same period in 2022[117] - Net income for the six months ended June 30, 2023 decreased by $20.0 million, or 19.7%, to $81.5 million from $101.5 million for the same period in 2022[127] Cash Flow and Financing - Net cash used in operating activities for the six months ended June 30, 2023 was $3.3 million, a significant improvement compared to $85.4 million for the same period in 2022[130][131] - Net cash used in investing activities for the six months ended June 30, 2023, was $156.5 million, compared to $19.9 million for the same period in 2022[133] - Cash consideration of $130.9 million was used for the purchase of Custom Wheel House in the first half of 2023[133] - Net cash provided by financing activities for the six months ended June 30, 2023, was $119.8 million, significantly up from $32.3 million in the same period of 2022[134][135] Debt and Interest - The 2022 Credit Facility provides for revolving loans and letters of credit up to an aggregate amount of $650.0 million, maturing on April 5, 2027[137] - The company borrowed $475.0 million under the 2022 Credit Facility, which was used to repay all outstanding amounts owed under the Prior Credit Facility[138] - As of June 30, 2023, the weighted-average interest rate on outstanding borrowing was 5.56%[140] - The company was in compliance with the covenants of the 2022 Credit Facility as of June 30, 2023[141] Market and Economic Conditions - Significant increases in inflation, particularly related to wages and raw materials, could adversely impact the company's financial condition and results of operations[143] - There have been no material changes to the company's material cash requirements related to commitments or contractual obligations since the last annual report[142] - No material changes were reported in the disclosures about market risk compared to the previous annual report[144]