Fox Factory Holding Corp. Files Q1 2024 10-Q Report

TL;DR

<b>Fox Factory Holding Corp. has filed its Q1 2024 10-Q report</b>, detailing financial performance for the quarter ending March 29, 2024.

AI Summary

FOX FACTORY HOLDING CORP (FOXF) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Fox Factory Holding Corp. reported its Q1 2024 financial results. The filing covers the period ending March 29, 2024. The company's fiscal year ends on January 3rd. The filing is a 10-Q, indicating a quarterly report. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking FOX FACTORY HOLDING CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data for Fox Factory Holding Corp., crucial for assessing recent performance and trends. Understanding the details within this report allows stakeholders to evaluate the company's financial health, operational efficiency, and market position as of Q1 2024.

Risk Assessment

Risk Level: low — FOX FACTORY HOLDING CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative disclosures.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue drivers and cost structures for Q1 2024.

Key Numbers

• 2024-03-29 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-03 — Filing Date (FILED AS OF DATE)
• 0103 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• FOX FACTORY HOLDING CORP (company) — FILER
• 2024-03-29 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-03 (date) — FILED AS OF DATE
• DE (jurisdiction) — STATE OF INCORPORATION
• 0103 (date) — FISCAL YEAR END
• 3751 (sic_code) — STANDARD INDUSTRIAL CLASSIFICATION
• 0001424929-24-000057 (accession_number) — ACCESSION NUMBER

FAQ

Industry Context

Fox Factory Holding Corp. operates within the manufacturing sector, specifically focusing on powersports and automotive suspension and related products.

Regulatory Implications

This filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures like the 10-Q.

What Investors Should Do

1. Analyze the financial statements (Balance Sheet, Income Statement, Cash Flow) for the period ending March 29, 2024.
2. Review any disclosed risk factors or management's discussion and analysis (MD&A) for insights into operational challenges or opportunities.
3. Compare key financial metrics to previous periods to identify trends and performance changes.

Key Dates

• 2024-03-29: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, following the Q4 2023 10-K annual report and previous quarterly filings.

Key Financial Figures

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

Filing Documents

• foxf-20240329.htm (10-Q) — 1012KB
• foxf2024-03x2910xqex311.htm (EX-31.1) — 11KB
• foxf2024-03x2910xqex312.htm (EX-31.2) — 11KB
• foxf2024-03x2910xqex321.htm (EX-32.1) — 6KB
• 0001424929-24-000057.txt (&nbsp;) — 6281KB
• foxf-20240329.xsd (EX-101.SCH) — 42KB
• foxf-20240329_cal.xml (EX-101.CAL) — 83KB
• foxf-20240329_def.xml (EX-101.DEF) — 225KB
• foxf-20240329_lab.xml (EX-101.LAB) — 582KB
• foxf-20240329_pre.xml (EX-101.PRE) — 427KB
• foxf-20240329_htm.xml (XML) — 788KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Unaudited Condensed Consolidated Balance Sheets as of March 29, 2024 and December 29, 2023 3 Unaudited Condensed Consolidated Statements of (Loss) Income for the Three Months Ended March 29, 2024 and March 31, 2023 4 Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three Months Ended March 29, 2024 and March 31, 2023 5 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 29, 2024 and March 31, 2023 6 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 29, 2024 and March 31, 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38

Signatures

Signatures 39 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS FOX FACTORY HOLDING CORP. Condensed Consolidated Balance Sheets (in thousands, except per share data) (unaudited) As of As of March 29, 2024 December 29, 2023 Assets Current assets: Cash and cash equivalents $ 69,583 $ 83,642 Accounts receivable (net of allowances of $ 969 and $ 1,158 at March 29, 2024 and December 29, 2023, respectively) 164,943 171,060 Inventory 353,980 371,841 Prepaids and other current assets 176,957 141,512 Total current assets 765,463 768,055 Property, plant and equipment, net 237,355 237,192 Lease right-of-use assets 99,797 84,317 Deferred tax assets 20,692 21,297 Goodwill 637,579 636,565 Trademarks and brands, net 271,563 273,293 Customer and distributor relationships, net 178,046 184,269 Core technologies, net 25,014 25,785 Other assets 12,768 11,525 Total assets $ 2,248,277 $ 2,242,298 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 107,693 $ 104,150 Accrued expenses 101,046 103,400 Current portion of long-term debt 14,286 14,286 Total current liabilities 223,025 221,836 Revolver 392,000 370,000 Term A Loan, less current portion 356,144 359,242 Other liabilities 84,619 69,459 Total liabilities 1,055,788 1,020,537 Commitments and contingencies (Refer to Note 8 - Commitments and Contingencies ) Stockholders' equity Preferred stock, $ 0.001 par value — 10,000 authorized and no shares issued or outstanding as of March 29, 2024 and December 29, 2023 — — Common stock, $ 0.001 par value — 90,000 authorized; 42,506 shares issued and 41,616 outstanding as of March 29, 2024; 42,844 shares issued and 41,954 outstanding as of December 29, 2023 42 42 Additional paid-in capital 334,860 348,346 Treasury stock, at cost; 890 common shares as of March 29, 2024 and December 29, 2023 ( 13,754 ) ( 13,754 ) Accumulated other comprehensive income 5,833 9,041 Retained earnings 865,508 878,086 Total stockholders' equity 1,192,489 1,221,761 Total liabilitie

View Full Filing

View this 10-Q filing on SEC EDGAR