Fox Factory Q3 Sales Rise to $375.1M

TL;DR

FOXF Q3 sales up to $375.1M, assets $1.78B. Steady growth.

AI Summary

Fox Factory Holding Corp. reported its Q3 2024 results for the period ending September 27, 2024. The company's total assets were $1.78 billion as of September 27, 2024, a slight increase from $1.77 billion at the end of fiscal year 2023. Net sales for the third quarter of 2024 were $375.1 million, compared to $364.1 million in the same quarter of the prior year.

Why It Matters

This filing provides insight into Fox Factory's recent financial performance, indicating a modest increase in sales which could signal continued demand for their products in the powersports and bicycle industries.

Risk Assessment

Risk Level: low — The filing shows stable financial performance with a slight increase in sales and assets, indicating no immediate significant financial distress.

Key Numbers

• $1.78B — Total Assets (As of September 27, 2024, indicating the company's overall financial size.)
• $375.1M — Q3 2024 Net Sales (Represents the revenue generated in the third quarter of 2024, showing top-line performance.)
• $364.1M — Q3 2023 Net Sales (Provides a year-over-year comparison for net sales, highlighting growth trends.)

Key Players & Entities

• FOX FACTORY HOLDING CORP (company) — Filer
• 2024-09-27 (date) — Reporting period end date
• $1.78 billion (dollar_amount) — Total assets as of September 27, 2024
• $1.77 billion (dollar_amount) — Total assets as of end of fiscal year 2023
• $375.1 million (dollar_amount) — Net sales for Q3 2024
• $364.1 million (dollar_amount) — Net sales for Q3 2023

FAQ

Key Financial Figures

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

Filing Documents

• foxf-20240927.htm (10-Q) — 1410KB
• foxf2024-09x2710xqex101.htm (EX-10.1) — 54KB
• foxf2024-09x2710xqex102.htm (EX-10.2) — 13KB
• foxf2024-09x2710xqex311.htm (EX-31.1) — 11KB
• foxf2024-09x2710xqex312.htm (EX-31.2) — 11KB
• foxf2024-09x2710xqex321.htm (EX-32.1) — 6KB
• 0001424929-24-000128.txt ( ) — 7370KB
• foxf-20240927.xsd (EX-101.SCH) — 43KB
• foxf-20240927_cal.xml (EX-101.CAL) — 84KB
• foxf-20240927_def.xml (EX-101.DEF) — 235KB
• foxf-20240927_lab.xml (EX-101.LAB) — 594KB
• foxf-20240927_pre.xml (EX-101.PRE) — 438KB
• foxf-20240927_htm.xml (XML) — 1059KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page Item 1.

Financial Statements

Financial Statements Unaudited Condensed Consolidated Balance Sheets as of September 27, 2024 and December 29, 2023 3 Unaudited Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 27, 2024 and September 29, 2023 4 Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 27, 2024 and September 29, 2023 5 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 27, 2024 and September 29, 2023 6 Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 27, 2024 and September 29, 2023 8 Notes to Unaudited Condensed Consolidated Financial Statements 10 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 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 40

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 44

Signatures

Signatures 45 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 September 27, 2024 December 29, 2023 Assets Current assets: Cash and cash equivalents $ 89,241 $ 83,642 Accounts receivable (net of allowances of $ 1,901 and $ 1,158 , respectively) 192,539 171,060 Inventory 401,363 371,841 Prepaids and other current assets 128,026 141,512 Total current assets 811,169 768,055 Property, plant and equipment, net 243,215 237,192 Lease right-of-use assets 108,054 84,317 Deferred tax assets 21,554 21,297 Goodwill 635,991 636,565 Trademarks and brands, net 265,876 273,293 Customer and distributor relationships, net 165,775 184,269 Core technologies, net 23,904 25,785 Other assets 12,721 11,525 Total assets $ 2,288,259 $ 2,242,298 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 134,554 $ 104,150 Accrued expenses 93,874 103,400 Current portion of long-term debt 24,286 14,286 Total current liabilities 252,714 221,836 Revolver 210,000 370,000 Term Loans, less current portion 534,144 359,242 Other liabilities 94,343 69,459 Total liabilities 1,091,201 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 September 27, 2024 and December 29, 2023 — — Common stock, $ 0.001 par value — 90,000 authorized; 42,573 shares issued and 41,683 outstanding as of September 27, 2024; 42,844 shares issued and 41,954 outstanding as of December 29, 2023 42 42 Additional paid-in capital 336,231 348,346 Treasury stock, at cost; 890 common shares as of September 27, 2024 and December 29, 2023 ( 13,754 ) ( 13,754 ) Accumulated other comprehensive (loss) income ( 1,055 ) 9,041 Retained earnings 875,594 878,086 Total stockholders' equity 1,197,058 1,221,761 Total liabilities and stock

View Full Filing

View this 10-Q filing on SEC EDGAR