FOX Factory Holding Corp. Files 2023 Annual Report on Form 10-K

AI Summary

FOX FACTORY HOLDING CORP (FOXF) filed a Annual Report (10-K) with the SEC on February 23, 2024. The company filed its 10-K for the fiscal year ended December 29, 2023. The filing covers the period from January 1, 2023, to December 29, 2023. Key financial statement elements like common stock, additional paid-in capital, and retained earnings are detailed. The report includes data for fiscal years 2021, 2022, and 2023. The company's principal business is in Motorcycles, Bicycles & Parts (SIC 3751).

Why It Matters

For investors and stakeholders tracking FOX FACTORY HOLDING CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of FOX Factory's financial health and operational results for the fiscal year 2023, crucial for investors assessing performance and future prospects. The detailed financial data, including balance sheet components and historical comparisons, allows stakeholders to analyze trends, evaluate the company's financial position, and make informed investment decisions.

Risk Assessment

Risk Level: low — FOX FACTORY HOLDING CORP shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant negative news or disclosures that would elevate the risk level.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to understand the company's performance drivers and outlook for 2024.

Key Numbers

• 2023-12-29 — Fiscal Year End (Reporting period)
• 2024-02-23 — Filing Date (Date of submission)
• 2021-01-01 — Start of earliest reported period (Historical data reference)
• 2023-12-29 — End of latest reported period (Current fiscal year end)

Key Players & Entities

• FOX FACTORY HOLDING CORP (company) — Filer name
• 2023-12-29 (date) — Fiscal year end
• 2024-02-23 (date) — Filing date
• 3751 (industry_code) — Standard Industrial Classification
• DE (location) — State of Incorporation
• 001-36040 (other) — SEC File Number

FAQ

Key Dates

• 2023-12-29: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial overview for FOX Factory Holding Corp.)

Fiscal Year End

The last day of a company's fiscal year, used for financial reporting. (Indicates the specific date up to which the financial results in the 10-K are reported.)

Key Financial Figures

• $0.001 — ich Registered Common Stock, par value $0.001 per share FOXF The NASDAQ Stock Market

Filing Documents

• foxf-20231229.htm (10-K) — 2107KB
• exhibit1010retirementpolic.htm (EX-10.10) — 10KB
• exhibit1011sixthamendedand.htm (EX-10.11) — 24KB
• exhibit1017formofrestricte.htm (EX-10.17) — 37KB
• exhibit1018formofperforman.htm (EX-10.18) — 79KB
• exhibit191insidertrading.htm (EX-19.1) — 31KB
• exhibit211listofsubsidiari.htm (EX-21.1) — 42KB
• exhibit231consentofindepen.htm (EX-23.1) — 2KB
• exhibit311certificationofc.htm (EX-31.1) — 8KB
• exhibit312certificationofc.htm (EX-31.2) — 9KB
• exhibit321section1350certi.htm (EX-32.1) — 6KB
• exhibit322section1350certi.htm (EX-32.2) — 6KB
• exhibit971clawbackpolicy.htm (EX-97.1) — 13KB
• exhibit191insidertrading001.jpg (GRAPHIC) — 226KB
• exhibit191insidertrading002.jpg (GRAPHIC) — 234KB
• exhibit191insidertrading003.jpg (GRAPHIC) — 277KB
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• exhibit191insidertrading007.jpg (GRAPHIC) — 344KB
• exhibit191insidertrading008.jpg (GRAPHIC) — 106KB
• exhibit971clawbackpolicy001.jpg (GRAPHIC) — 231KB
• exhibit971clawbackpolicy002.jpg (GRAPHIC) — 218KB
• exhibit971clawbackpolicy003.jpg (GRAPHIC) — 271KB
• exhibit971clawbackpolicy004.jpg (GRAPHIC) — 105KB
• foxf-20231229_g1.gif (GRAPHIC) — 14KB
• foxf-20231229_g2.jpg (GRAPHIC) — 85KB
• 0001424929-24-000006.txt ( ) — 15057KB
• foxf-20231229.xsd (EX-101.SCH) — 68KB
• foxf-20231229_cal.xml (EX-101.CAL) — 122KB
• foxf-20231229_def.xml (EX-101.DEF) — 302KB
• foxf-20231229_lab.xml (EX-101.LAB) — 927KB
• foxf-20231229_pre.xml (EX-101.PRE) — 632KB
• foxf-20231229_htm.xml (XML) — 1507KB

Risk Factors 13

Item 1A Risk Factors 13

Unresolved Staff Comments 35

Item 1B Unresolved Staff Comments 35

Cybersecurity 36

Item 1C Cybersecurity 36

Properties 37

Item 2 Properties 37

Legal Proceedings 37

Item 3 Legal Proceedings 37

Mine Safety Disclosures 37

Item 4 Mine Safety Disclosures 37 PART II.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38

Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38

Management's Discussion and Analysis of Financial Condition and Results of Operations 41

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 41

Quantitative and Qualitative Disclosures About Market Risk 58

Item 7A Quantitative and Qualitative Disclosures About Market Risk 58

Financial Statements and Supplementary Data 58

Item 8 Financial Statements and Supplementary Data 58

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 58

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 58

Controls and Procedures 58

Item 9A Controls and Procedures 58

Other Information 59

Item 9B Other Information 59

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 59

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 59 PART III.

Directors, Executive Officers and Corporate Governance 59

Item 10 Directors, Executive Officers and Corporate Governance 59

Executive Compensation 60

Item 11 Executive Compensation 60

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 60

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 60

Certain Relationships and Related Transactions, and Director Independence 60

Item 13 Certain Relationships and Related Transactions, and Director Independence 60

Principal Accountant Fees and Services 60

Item 14 Principal Accountant Fees and Services 60 PART IV.

Exhibits, Financial Statement Schedules 61

Item 15 Exhibits, Financial Statement Schedules 61

Form 10-K Summary 61

Item 16 Form 10-K Summary 61 Signatures 65

Financial Statements

Financial Statements Management's Report on Internal Control Over Financial Reporting 67 Reports of Independent Registered Public Accounting Firm 68 Consolidated Balance Sheets as of December 29, 2023 and December 30, 2022 72 Consolidated Statements of Income for the years ended December 29, 2023, December 30, 2022 and December 31, 2021 73 Consolidated Statements of Comprehensive Income for the years ended December 29, 2023, December 30, 2022 and December 31, 2021 74 Consolidated Statements of Stockholders' Equity for the years ended December 29, 2023, December 30, 2022 and December 31, 2021 75 Consolidated Statements of Cash Flows for the years ended December 29, 2023, December 30, 2022 and December 31, 2021 76

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 78 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS Our company, Fox Factory Holding Corp., is a global leader in the design, engineering, manufacturing and marketing of premium products and systems that deliver championship-level performance for customers worldwide. Fox Factory Holding Corp. is the holding company of Fox Factory, Inc. As used herein, "Fox Factory," "FOX," the "Company," "we," "our," and similar terms refer to Fox Factory Holding Corp. and its subsidiaries, unless the context indicates otherwise. Our premium brand, performance-defining products and systems are used primarily on bicycles ("bikes"), side-by-side vehicles ("side-by-sides"), on-road vehicles with and without off-road capabilities, off-road vehicles and trucks, all-terrain vehicles ("ATVs"), snowmobiles, and specialty vehicles and applications. In addition, we also offer premium baseball and softball gear and equipment. Some of our products are specifically designed and marketed to some of the leading cycling and powered vehicle original equipment manufacturers ("OEMs"). while others are distributed to consumers through a global network of dealers and distributors and through direct-to-consumer channels. Fox Factory, Inc., our operating subsidiary, was incorporated in California in 1978. Fox Factory Holding Corp. was incorporated in Delaware on December 28, 2007. In October 2018, we announced the relocation of our business headquarters from Scotts Valley, California to Braselton, Georgia, which was effective on December 31, 2018. In June 2021, we established a principal executive office in Duluth, Georgia. In August 2013, we completed an initial public offering ("IPO") of our common stock. Our common stock is traded on the NASDAQ Global Select Market (the "NASDAQ") under the symbol "FOXF." Description of our business We are a designer, manufacturer and marketer of performance-defining products and systems used primarily on bikes, off-road vehicles and trucks, side-by-sides, on-road vehicles with and without off-road

View Full Filing

View this 10-K filing on SEC EDGAR