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 ...

Core Insights - Marucci Sports LLC has entered into a licensing agreement with Major League Baseball (MLB) to become the Official Bats of MLB for its Marucci and Victus brands, effective from January 1, 2025, to December 31, 2028 [1][16] - The agreement includes exclusive rights to use MLB trademarks in connection with Marucci's Smart Bat products, which feature an embedded Diamond Kinetics bat sensor [1] Company Overview - Marucci Sports, founded in 2004 by former professional baseball players, has evolved from handcrafting bats in a garage to becoming a premier brand in diamond sports [3] - Victus, established in 2012, has quickly gained recognition as an elite baseball brand, known for its design-driven craftsmanship and commitment to performance-based quality [4] - Fox Factory Holding Corp. is a global leader in designing and manufacturing premium products for specialty sports and vehicles, with a diverse portfolio that includes brands like FOX, Marucci, and Method Race Wheels [6][21] Brand Positioning - Marucci and Victus are recognized as the top two most-used bats among MLB players, solidifying their leadership position in the market [16] - Lizard Skins, another brand under Marucci Sports, is currently the Official Bat Grip of MLB, enhancing the overall brand strength in the baseball equipment sector [8]

Investors interested in Automotive - Domestic stocks are likely familiar with General Motors (GM) and Fox Factory Holding (FOXF) . But which of these two companies is the best option for those looking for undervalued stocks? Let's 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 strong earnings estimate revisio ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company reported a net loss of $3.5 million in Q1 2024, a significant downturn from the prior-year's $41.8 million net income, driven by a 16.6% decrease in net sales, while total assets remained stable at approximately $2.25 billion | Financial Metric | Q1 2024 (ended Mar 29) | Q1 2023 (ended Mar 31) | | :--- | :--- | :--- | | **Net Sales** | $333.5 million | $399.9 million | | **Gross Profit** | $103.2 million | $133.3 million | | **Net (Loss) Income** | $(3.5) million | $41.8 million | | **Diluted (Loss) Earnings Per Share** | $(0.08) | $0.98 | | Balance Sheet Item | As of Mar 29, 2024 | As of Dec 29, 2023 | | :--- | :--- | :--- | | **Total Assets** | $2,248.3 million | $2,242.3 million | | **Total Liabilities** | $1,055.8 million | $1,020.5 million | | **Total Stockholders' Equity** | $1,192.5 million | $1,221.8 million | | Cash Flow Activity (Q1) | 2024 | 2023 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $9.4 million | $(66.8) million | | **Net Cash used in Investing Activities** | $(15.3) million | $(144.3) million | | **Net Cash (used in) provided by Financing Activities** | $(7.9) million | $157.8 million | [Note 2: Revenues](index=13&type=section&id=2.%20Revenues) Total net sales for Q1 2024 decreased by 16.6% year-over-year to $333.5 million, with declines across product groups and geographies, and a shift in sales channels | Net Sales by Product Group (Q1) | 2024 | 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Powered Vehicles Group | $118.1 M | $142.2 M | -16.9% | | Aftermarket Applications Group | $101.9 M | $138.7 M | -26.5% | | Specialty Sports Group | $113.5 M | $118.9 M | -4.5% | | **Total Net Sales** | **$333.5 M** | **$399.9 M** | **-16.6%** | | Net Sales by Channel (Q1) | 2024 | 2023 | Change (%) | | :--- | :--- | :--- | :--- | | OEM | $137.8 M | $217.7 M | -36.7% | | Aftermarket/Non-OEM | $195.7 M | $182.2 M | +7.4% | | Net Sales by Geography (Q1) | 2024 | 2023 | Change (%) | | :--- | :--- | :--- | :--- | | North America | $284.7 M | $291.9 M | -2.5% | | Europe | $27.3 M | $61.2 M | -55.4% | | Asia | $18.2 M | $42.1 M | -56.9% | [Note 7: Debt](index=15&type=section&id=7.%20Debt) The company's debt is primarily structured under the 2022 Credit Facility, including a $650 million revolver and a $400 million Incremental Term A Loan, with a 6.93% weighted-average interest rate - The 2022 Credit Facility was amended in November 2023 to add a **$400 million** Incremental Term A Loan and a **$200 million** Delayed Draw Term Loan to fund the Marucci acquisition[66](index=66&type=chunk) | Revolver Status (as of Mar 29, 2024) | Amount | | :--- | :--- | | Total Borrowing Capacity | $650.0 million | | Amount Outstanding | $392.0 million | | Available Borrowing Capacity | $258.0 million | - As of March 29, 2024, the weighted-average interest rate on outstanding borrowing was **6.93%**[65](index=65&type=chunk) [Note 11: Stockholders' Equity](index=20&type=section&id=11.%20Stockholders'%20Equity) A $300 million share repurchase plan authorized in November 2023 led to $25 million in repurchases during Q1 2024, leaving $250 million available - A share repurchase plan for up to **$300 million** was authorized on November 1, 2023, with an expiration date of November 1, 2028[90](index=90&type=chunk) - During Q1 2024, the company repurchased **378,464 shares** for **$25.0 million** at an average price of **$66.03 per share**; as of March 29, 2024, **$250 million** remained available for repurchase[91](index=91&type=chunk)[180](index=180&type=chunk) - Total stock-based compensation expense was **$3.9 million** for Q1 2024, compared to **$5.7 million** for Q1 2023[93](index=93&type=chunk) [Note 15: Acquisitions](index=23&type=section&id=15.%20Acquisitions) The acquisition of Marucci Sports LLC for $567.2 million in November 2023 contributed $59.6 million in Q1 2024 revenue and $4.4 million in pre-tax income - The company acquired 100% of Marucci's parent company, Wheelhouse Holdings Inc., on November 14, 2023, for **$567.2 million**, net of cash acquired[105](index=105&type=chunk) - For the three months ended March 29, 2024, the Marucci acquisition contributed **$59.6 million** in revenue and **$4.4 million** in pre-tax income[111](index=111&type=chunk) | Preliminary Purchase Price Allocation | Amount (in thousands) | | :--- | :--- | | Goodwill | $243,940 | | Trademarks and brands | $174,700 | | Customer and distributor relationships | $83,800 | | Core technologies | $20,600 | [Note 16: Segment Information](index=25&type=section&id=16.%20Segment%20Information) The company now reports across three segments, all experiencing year-over-year declines in Q1 2024 net sales and adjusted EBITDA, with AAG showing the largest profitability drop | Segment Performance (Q1 2024 vs Q1 2023) | Net Sales | Adjusted EBITDA | | :--- | :--- | :--- | | **Powered Vehicles Group** | $118.1M (-16.9%) | $15.9M (-10.2%) | | **Aftermarket Applications Group** | $101.9M (-26.5%) | $14.9M (-59.0%) | | **Specialty Sports Group** | $113.5M (-4.5%) | $24.1M (-40.9%) | | **Unallocated Corporate Expenses** | N/A | $(14.4)M (-13.3%) | - The company re-aligned its segments in Q2 2023 and changed its reporting structure to three operating segments starting in Q1 2024[34](index=34&type=chunk)[53](index=53&type=chunk) [Management's Discussion and Analysis (MD&A)](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 2024 net sales declined 16.6% due to higher interest rates and inventory recalibration, resulting in a net loss of $3.5 million from lower sales, gross margin contraction, and increased interest expense [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Net sales fell by $66.3 million (16.6%) in Q1 2024, driven by unfavorable product mix, reduced operating leverage, and a significant increase in interest expense, leading to a net loss - Net sales decreased **16.6%** YoY, primarily due to product mix, higher interest rates impacting demand, and ongoing Bike channel inventory recalibration, offset by **$59.6 million** in sales from the Marucci acquisition[135](index=135&type=chunk) - Gross margin decreased **240 basis points** to **30.9%** due to a shift in product line mix and operating leverage on lower volume[136](index=136&type=chunk) - Total operating expenses increased by **$15.7 million (20.0%)**, mainly due to the inclusion of Marucci operating expenses and a **$5.3 million** increase in amortization of purchased intangibles[137](index=137&type=chunk) - Interest expense increased by **$9.8 million** to **$13.3 million** due to additional debt from the Marucci acquisition and higher interest rates[139](index=139&type=chunk) [Segment Review](index=32&type=section&id=Segment%20Review) Segment performance in Q1 2024 saw PVG sales decrease due to high interest rates, AAG sales decline from lower upfitting, and SSG sales impacted by Bike inventory recalibration offset by Marucci - Powered Vehicles Group sales decreased **16.9%** due to lower industry demand in Power Sports because of higher interest rates[147](index=147&type=chunk) - Aftermarket Applications Group sales decreased **26.5%**, driven by lower upfitting sales due to product mix and higher interest rates impacting dealers and consumers[148](index=148&type=chunk) - Specialty Sports Group sales decreased **4.5%**, reflecting a **$65.0 million** reduction in Bike sales offset by the inclusion of **$59.6 million** in net sales from Marucci[149](index=149&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) Operating cash flow significantly improved to $9.4 million in Q1 2024, primarily due to inventory reduction, with key cash uses including capital expenditures and share repurchases - Net cash provided by operating activities was **$9.4 million** in Q1 2024, a significant improvement from **$(66.8) million** in Q1 2023[154](index=154&type=chunk) - The improvement in operating cash flow was largely due to a **$20.0 million** decrease in inventory, reflecting efforts to optimize inventory levels[156](index=156&type=chunk) - Financing activities in Q1 2024 included **$25.0 million** to repurchase common stock and a net increase of **$22.0 million** in revolver borrowings[159](index=159&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes have occurred to the company's market risk disclosures since its 2023 Annual Report on Form 10-K - There have been no material changes to the disclosures regarding market risk from the company's 2023 Annual Report on Form 10-K[170](index=170&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of March 29, 2024, with no material changes to internal controls during the quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 29, 2024[172](index=172&type=chunk) - No changes in internal control over financial reporting were identified during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[173](index=173&type=chunk) [PART II. OTHER INFORMATION](index=37&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) A class action lawsuit filed on February 20, 2024, alleges federal securities law violations regarding product demand and inventory levels, which the company denies and plans to vigorously defend - A class action complaint was filed on February 20, 2024, alleging violations of federal securities laws[75](index=75&type=chunk)[176](index=176&type=chunk) - The suit alleges material misstatements and omissions regarding demand for the Company's products and inventory levels during the period from May 6, 2021, to November 2, 2023[75](index=75&type=chunk)[176](index=176&type=chunk) - The Company denies all allegations of wrongdoing and intends to vigorously defend itself[75](index=75&type=chunk)[176](index=176&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) Updated risk factors emphasize potential adverse effects from work stoppages and supply chain disruptions, including U.S. port issues and customer labor disputes, with other risks consistent with the 2023 Form 10-K - The company highlights its vulnerability to supply chain disruptions from work stoppages at U.S. ports, citing potential impacts from events like the Baltimore bridge collapse and ongoing port congestion[177](index=177&type=chunk) - Labor disputes involving customers, such as the 2023 UAW strike against Ford, GM, and Stellantis, are noted as a risk that could adversely affect operating results[178](index=178&type=chunk) - Aside from the newly emphasized risks, there have been no other material changes to the risk factors described in the 2023 Form 10-K[179](index=179&type=chunk) [Issuer Purchases of Equity Securities](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2024, the company repurchased 400,820 shares for $26.3 million, including 378,464 shares under its $300 million repurchase plan, leaving $250 million available | Share Repurchases (Q1 2024) | Shares Purchased | Average Price Paid | Purchased Under Plan | Remaining Plan Value (Millions) | | :--- | :--- | :--- | :--- | :--- | | **Total** | **400,820** | **$65.50** | **378,464** | **$250,000,000** | *Note: Total shares purchased includes 22,356 shares acquired to satisfy tax withholding obligations, not part of the public plan*

Exhibit 99.1 Fox Factory Holding Corp. Reports First Quarter Fiscal 2024 Financial Results DULUTH, Georgia, May 3, 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 first fiscal quarter ended March 29, 2024. First Quarter Fiscal 2024 Highlights Management Commentary "We delivered net sales that ...

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]