Financial Performance - Net sales for Q3 fiscal 2024 were $359.1 million, an 8.5% increase from $331.1 million in Q3 fiscal 2023[4] - Net income for Q3 fiscal 2024 was $4.8 million, a significant decline from $35.3 million in Q3 fiscal 2023, with diluted earnings per share dropping to $0.11 from $0.83[7] - Adjusted EBITDA for Q3 fiscal 2024 was $42.0 million, down from $63.7 million in Q3 fiscal 2023, with an adjusted EBITDA margin of 11.7%[7] - Net income for the three months ended September 27, 2024, was $4,780 million, down from $35,293 million in the same period last year, a decline of about 86.5%[27] - Adjusted net income for the nine months ended September 27, 2024, was $42,585,000, compared to $147,184,000 for the nine months ended September 29, 2023[31] - Adjusted EBITDA for the nine months ended September 27, 2024, was $126,577,000, down from $222,260,000 for the same period in 2023[36] - Adjusted earnings per share (EPS) for the nine months ended September 27, 2024, was $1.02, down from $3.46 for the same period in 2023[32] Revenue and Sales Growth - Bike revenues grew 21.9% sequentially and 38.7% year-over-year, contributing to a $77.5 million increase in Specialty Sports Group (SSG) sales[2] - AAG segment net sales decreased by 26.3% to $100.3 million due to lower upfitting sales and higher inventory levels[4] - Net sales for the three months ended September 27, 2024, were $359,121 million, an increase from $331,117 million for the same period in 2023, representing a growth of approximately 8.4%[27] Expenses and Margins - Gross margin decreased to 29.9%, down 250 basis points from 32.4% in Q3 fiscal 2023, primarily due to product mix shifts[5] - Total operating expenses increased to $88.7 million, or 24.7% of net sales, compared to $65.9 million, or 19.9% of net sales in the prior year[5] - Research and development expenses increased to $16,103 million for the three months ended September 27, 2024, compared to $8,904 million in the same period last year, reflecting a growth of approximately 80.5%[27] - Operating expenses for the three months ended September 27, 2024, increased to $88,677 from $65,862 in the prior year, leading to an operating expense as a percentage of net sales of 24.7% compared to 19.9%[42] Assets and Liabilities - Total current assets increased to $811,169 million as of September 27, 2024, compared to $768,055 million as of December 29, 2023, reflecting a growth of about 5.6%[25] - Total liabilities rose to $1,091,201 million as of September 27, 2024, from $1,020,537 million as of December 29, 2023, marking an increase of approximately 6.9%[25] - Total assets as of September 27, 2024, were $2,288,259 million, up from $2,242,298 million as of December 29, 2023, indicating an increase of about 2.0%[25] Strategic Actions and Future Outlook - The company executed $400 million in interest rate swap hedges to reduce interest expenses and enhance predictability[2] - The company initiated strategic actions in the AAG segment aimed at improving inventory position and expects over $25 million in annualized cost reductions[2] - The company anticipates future growth driven by the acquisition of Marucci and expects to improve operating efficiencies[45] - The company is focused on developing new and innovative products to expand into new categories and end-markets[45] Risks and Challenges - The company faces risks related to supply chain disruptions and the ability to maintain relationships with key suppliers and customers[45] - The company is committed to maintaining its premium brand image and high-performance products while navigating market uncertainties[45]

Financial Data and Key Metrics Changes - Total consolidated net sales for Q2 2024 were $348.5 million, a decrease of 13% compared to $400.7 million in Q2 2023 [28] - Adjusted net income was $15.9 million or $0.38 per diluted share, down from $51.4 million or $1.21 per diluted share in the same quarter last year [30] - Adjusted EBITDA was $44.1 million for Q2 2024, compared to $79.4 million in the same quarter last year, with an adjusted EBITDA margin of 12.7% [31] Business Line Data and Key Metrics Changes - In the Powered Vehicle Group (PVG), net sales were $118 million, down from $140 million in the prior year, primarily due to lower OEM demand [12] - In the Automotive sector, demand from major OEMs was mixed, with premium trucks remaining robust while broader OEM automotive space showed signs of excess inventory [13] - In the Aftermarket and Accessories Group (AAG), net sales were $107 million compared to $156 million in the prior year quarter, with growth in the component aftermarket portion [15] - In the Specialty Sports Group (SSG), net sales were $124 million, reflecting a $19 million increase driven by the inclusion of Marucci, despite a $23 million reduction in bike sales [17] Market Data and Key Metrics Changes - The bike segment saw a 52% sequential revenue increase, indicating stabilization as the channel destocking phase nears conclusion [9][17] - The European market continues to improve relative to the U.S. market, which remains in a state of transition towards stabilization [18] Company Strategy and Development Direction - Diversification across business segments, products, markets, and geographies is a key component of the company's long-term strategy to mitigate risk and enhance growth opportunities [8] - The company is focused on innovation and product development, particularly in the bike and aftermarket segments, to drive future growth [9][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic challenges but remains optimistic about sequential growth in the second half of the year, driven by new product launches and improving market conditions [24][36] - The company is adjusting its full-year guidance to reflect a more tempered sequential revenue lift in the second half, influenced by industry demand and quality challenges [23][34] Other Important Information - Leadership transitions were announced, with Dennis Schemm taking over as President of the AAG segment [10] - The company has secured an improved covenant profile on its capital structure to provide more flexibility amid uncertain macro conditions [33] Q&A Session Summary Question: Revised outlook and confidence in recovery - Management indicated that the revised outlook is primarily influenced by AAG and PVG, with SSG on track for the year [36] Question: Impact of quality issues and supply chain on automotive OEMs - Management clarified that demand is not the issue for premium products, but quality issues and supply chain challenges are significant factors [39] Question: Cost management initiatives - Management highlighted significant reductions in corporate operating expenses and actions taken to improve cost of goods sold [41] Question: Growth expectations for Marucci - Management expects strong double-digit growth for Marucci, projecting it to exceed $200 million for the year [49] Question: Future product launches and market conditions - Management confirmed that product launches are on track and that the company is optimistic about the trajectory of the bike segment [22][46]

For the quarter ended June 2024, Fox Factory Holding (FOXF) reported revenue of $348.49 million, down 13% over the same period last year. EPS came in at $0.38, compared to $1.21 in the year-ago quarter. The reported revenue represents a surprise of +0.55% over the Zacks Consensus Estimate of $346.58 million. With the consensus EPS estimate being $0.34, the EPS surprise was +11.76%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to de ...

Fox Factory Holding (FOXF) came out with quarterly earnings of $0.38 per share, beating the Zacks Consensus Estimate of $0.34 per share. This compares to earnings of $1.21 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 11.76%. A quarter ago, it was expected that this vehicle suspension maker would post earnings of $0.19 per share when it actually produced earnings of $0.29, delivering a surprise of 52.63%. Over the last four ...

Table of Contents 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 For the quarterly period ended June 28, 2024 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 ...

Exhibit 99.1 Fox Factory Holding Corp. Reports Second Quarter Fiscal 2024 Financial Results DULUTH, Georgia, August 1, 2024 - Fox Factory Holding Corp. (NASDAQ: FOXF) ("FOX" or the "Company"), a premium brand and a global leader in the design, engineering and manufacturing of performance-defining products and systems for customers worldwide, today reported financial results for the second fiscal quarter ended June 28, 2024. Second Quarter Fiscal 2024 Highlights • Net sales for the second quarter of fiscal 2 ...

Media contact For further information, images, or comments, contact Hennessey's PR team at Vcomm: Jon.Visscher[@]vcomm.co.uk / Vcomm.co.uk Other Hennessey images and videos are available at HennesseyMedia.com A Media Snippet accompanying this announcement is available by clicking on this link. Hennessey & Fox Factory partner to build limited edition Ram truck New Hennessey MAMMOTH 400 truck offered in choice of iconic Viper Red, Viper White, or GTS Blue, each with heritage Viper Stripes. Lowered sport truck ...

John Hennessey, company Founder and CEO: "We are excited to partner with FOX to build a special sport truck with a uniquely American livery for the final Hemi V8-powered Ram trucks. Our MAMMOTH 400 Ram celebrates American independence with patriotic colors combined with the 'fireworks' that only the Hemi V8 engine can deliver!" Mike Dennison, Fox Factory CEO: "In our pursuit to constantly raise the bar on performance in both on road and offroad premium vehicles, we are thrilled to collaborate with our frien ...

The Portnoy Law Firm is investigating potential claims against the board of directors of Fox Factory Holding Corp. ("Fox Factory" or the "Company") (NASDAQ: FOXF). Our investigation concerns whether the Company's board of directors breached its fiduciary duties to shareholders, and/or grossly mismanaged the company. Please visit our website to review more information and submit your transaction information. Fox Factory Holding Corp. designs, manufactures, and markets performance-defining products and system ...

This agreement with MLB exemplifies the leadership position of Marucci and Victus brands as the premier bat choices worldwide, as they are the top two most-used bats among MLB players and have long been part of the MLB landscape. Marucci expects to release more information later in the year through a joint announcement with MLB. About Marucci To learn more about Marucci, please visit www.maruccisports.com. Marucci is a registered trademark of Marucci Sports, LLC. Founded in 2012 and growing quickly to becom ...