Yes. Nothing to discuss specifically today, Brett. But yes, progress continues and there's really two focuses for EV for us. One is providing aftermarket performance parts for EV vehicles that come out of the factory OE as well as looking at some retrofit applications for EV components for classic and modern cars. So some exciting things we're looking at, and I'd just say more to come in the future. Okay. And then one real quick question. I think somebody asked earlier, but just -- do you have any color on ...

Holley remains steadfast in its vision to inspire and enable enthusiasts in their automotive adventures by bringing innovation, discovery, and fun to motor life. Our team of enthusiasts supports the journeys of our enthusiast customers by focusing on five key pillars of our strategy. Those are: One, prioritizing key categories and platforms; Two, product innovation; Three, mergers and acquisitions; Four, our customer-focused channel strategy; and Five, engaging and inspiring the enthusiasts. IÂ'd like to up ...

| --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------|-------|----------------|----------------|----------------|---------------| | Net Income (Loss) | | 2Q22 \n$ 9.2 | 3Q22 \n$71.0 | 4Q22 \n$73.8 | 1Q23 \n$ 61.2 | | | | | | | | | Adjustments: | | | | | | | Interest Expense 34.2 34.8 40.2 51.1 | | | | | | | Income Taxes 10.1 12.1 4.5 (1.1) | | | | | | | Depreciation 11.8 11.7 10.1 10.4 | | | | | | | Amortization 14.5 14.6 14.7 14.7 | | | | | | | EBITDA 79.8 ...

Innovation and Product Development - Approximately 34% of the company's 2022 sales came from products introduced since 2017, highlighting the importance of innovation in its growth strategy[166] Debt and Interest Rates - The company has $659.4 million of floating-rate debt outstanding as of December 31, 2022, with a hypothetical 100 basis point change in interest rates impacting annual interest expense by approximately $6.6 million[241] Bad Debt and Inventory Reserves - The company's bad debt reserve increased from $956,000 in 2021 to $1,162,000 in 2022, reflecting changes in uncollectible accounts[262] - The expired and obsolete inventory reserve grew significantly from $26.28 million in 2021 to $38.53 million in 2022, indicating challenges in inventory management[262] Business Combination and Equity Issuance - The company completed a business combination on July 16, 2021, resulting in the issuance of 67,673,884 shares of common stock at a deemed value of $10.00 per share[333] - As part of the business combination, the company raised $240 million through a PIPE (Private Investment in Public Equity) offering, with $100 million used to partially pay off debt[333] - The company issued 5,000,000 shares of common stock and 1,666,667 warrants to investors as part of the Amended and Restated Forward Purchase Agreement, with warrants exercisable at $11.50 per share[334] - The Business Combination resulted in net cash contributions of $132,299 from Business Combination and PIPE Financing[337] Financial Reporting and Internal Controls - The company's internal control over financial reporting was deemed effective as of December 31, 2022, based on an assessment using the COSO framework[250] Accounting Standards and Policies - The company adopted ASU 2019-12 on January 1, 2022, which simplified accounting for income taxes but did not have a material impact on financial statements[328] - The company has not adopted any expedients or exceptions under ASU 2020-04 related to the transition from LIBOR to alternative reference rates[330] Warrants and Equity Holdings - The Company assumed 8,333,310 Public Warrants and 4,666,667 Private Warrants, each exercisable at $11.50 per share, expiring on July 16, 2026[335] - Empower Sponsor Holdings LLC received 2,187,500 shares of the Company's common stock, with 1,093,750 shares vested in Q1 2022, valued at $14,689[335] - Holley Stockholder and Sponsor collectively own approximately 55% of Common Stock (57% including warrants)[137] - Warrants can be redeemed at $0.01 per Warrant if Common Stock price exceeds $18.00 per share[138] Acquisitions and Goodwill - The Company completed 14 acquisitions over three years, enhancing its automotive aftermarket and safety solutions portfolio[338] - In 2022, the Company acquired John's Ind., Inc., Southern Kentucky Classics, and RaceQuip for $14,863, resulting in $9,618 in goodwill and intangibles[341] - In 2021, the Company acquired Finspeed, Classic Instruments, ADS, Rocket, and Speartech for $19,909, resulting in $13,247 in goodwill and intangibles[344] - The Company acquired Baer, Inc. for $22,170, resulting in $18,989 in goodwill and intangibles[347] - The Company acquired Brothers Mail Order Industries, Inc. for $26,135, resulting in $24,835 in goodwill and intangibles[350] - The Company acquired Advance Engine Management Inc. for $51,243, resulting in $44,486 in goodwill and intangibles[354] - The fair value of acquired customer relationships and tradenames was estimated using the excess earnings and relief from royalty methods, respectively[343][348] - The company's net sales from AEM since the date of acquisition were $16,593, with net income of $2,664[357] - The company incurred transaction costs of $2,264 related to the acquisition, reflected in operating expenses for the year ended December 31, 2021[357] - The purchase price for Drake Automotive Group LLC was $49,104, with $47,104 paid in cash and an earn-out payment of $2,000[358] - The acquisition of Simpson Performance Products, Inc. resulted in goodwill and intangibles totaling $105,882, with a purchase price of $117,409[361] - The fair value of the contingent payment for Simpson was adjusted to $24,373, resulting in a $17,173 adjustment recognized in acquisition and restructuring costs[362] Pro Forma Financials - The company's pro forma net sales for the year ended December 31, 2021, were $727,369, with a pro forma net loss of $16,248[369] Customer Concentration - Customer A accounted for 19.2% of the company's net sales in 2022 and 19.3% in 2021[446] Acquisition and Restructuring Costs - Total acquisition, restructuring, and management fee costs for 2021 were $49,457, including a $17,173 earn-out adjustment[447] - Acquisition costs include a fee of $23,275 paid to Sentinel Capital Partners in 2021 upon the Closing of the Business Combination[453] Warranty Costs - The company's accrued product warranty costs for 2022 were $12,261, with an ending balance of $3,584[451] Credit Agreements and Amendments - The company amended its Credit Agreement in February 2023, increasing the consolidated net leverage ratio financial covenant level to 7.25:1.00 for the Covenant Relief Period[452] - The company entered into a Credit Agreement dated November 18, 2021, with Wells Fargo Bank, N.A. as administrative agent[457] - An Amendment to the Credit Agreement was executed on March 3, 2023, involving Holley Inc. and certain subsidiaries[457] Director Compensation - Director compensation of $180 and $90 was paid to Sentinel Capital Partners for Mr. Basham's and Mr. Coady's service on Holley's Board of Directors for the years ended December 31, 2022 and 2021[453] Stock and Market Value - The aggregate market value of the company's common stock held by non-affiliates was approximately $560 million as of July 1, 2022[5] - There were 118,241,747 shares of Common Stock, including 1,093,750 restricted earn-out shares, issued and outstanding as of March 10, 2023[6] Agreements and Contracts - The company filed an Amended and Restated Forward Purchase Agreement dated March 11, 2021, with Empower Ltd. and Empower Funding LLC[457] - A Sponsor Agreement was established on March 11, 2021, involving Empower Ltd., Empower Sponsor Holdings LLC, and Holley Parent Holdings, LLC[457] - The company has management contracts and compensatory plans, including indemnity agreements and performance stock unit grants[457] Company Classification and Reporting - The company is classified as an accelerated filer and an emerging growth company as of the filing date[5] - Emerging growth company status allows exemptions from certain reporting requirements[144] - Extended transition period for adopting new accounting standards as an emerging growth company[145] NYSE Listing and Delisting Risks - NYSE listing requires maintaining minimum stockholders' equity and financial standards[139] - Delisting from NYSE could lead to over-the-counter trading and reduced liquidity[140] Future Financing and Dividends - Future debt or equity issuances may dilute existing stockholders and affect stock price[141] - No cash dividends planned for the foreseeable future[142] Facilities and Operations - Corporate headquarters occupies 200,000 square feet, including 69,000 square feet of office space[154] - 14 manufacturing facilities and 18 R&D/Engineering facilities globally[155]

Holley Inc. (NYSE:HLLY) Q4 2022 Earnings Conference Call March 9, 2023 8:30 AM ET Company Participants Ross Collins - Investor Relations Matt Rubel - Executive Chairman Michelle Gloeckler - Interim President and Chief Executive Officer Jesse Weaver - Chief Financial Officer Vinny Nimmagadda - Executive Vice President, Corporate Development and New Ventures Conference Call Participants Joe Altobello - Raymond James John Lawrence - Benchmark Company Anna Glaessgen - Jefferies Mike Swartz - Truist Christian Ca ...

March 9, 2023 Certain statements in this presentation may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Holley's future financial or operating performance. For example, projections of future revenue and adjusted EBITDA and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements b ...

Holley Inc. (NYSE:HLLY) Q3 2022 Results Conference Call November 14, 2022 4:30 PM ET Company Participants Ross Collins - Investor Relations Tom Tomlinson - President, CEO and Director Vinny Nimmagadda - EVP of Corporate Development and New Ventures Steve Trussell - VP of Finance and Interim CFO Conference Call Participants Joe Altobello - Raymond James Ryan Sundby - William Blair Christian Carlino - JPMorgan Alex Perry - Bank of America Joe Feldman - Telsey Advisory Group Operator Good afternoon, and welcom ...

Holley Inc. (NYSE:HLLY) Q2 2022 Earnings Conference Call August 11, 2022 8:30 AM ET Company Participants Ross Collins - Investor Relations Tom Tomlinson - Chief Executive Officer Dominic Bardos - Chief Financial Officer Vinny Nimmagadda - Executive Vice President, Corporate Development and New Ventures Conference Call Participants Joe Altobello - Raymond James Ryan Sundby - William Blair Joe Feldman - Telsey Advisory Anna Glaessgen - Jefferies Alex Perry - Bank of America John Lawrence - Benchmark Christian ...

Holley Inc. (NYSE:HLLY) Q1 2022 Results Earnings Conference Call May 12, 2022 8:30 AM ET Company Participants Ross Collins - Investor Relations, Alpha IR Group Tom Tomlinson - President and Chief Executive Officer Vinod Nimmagadda - Executive Vice President of Corporate Development and New Ventures Dominic Bardos - Chief Financial Officer Conference Call Participants Anna Glaessgen - Jefferies Joseph Altobello - Raymond James Michael Swartz - Truist Securities Ryan Sundby - William Blair Joseph Feldman - Te ...

Start Time: 08:30 January 1, 0000 8:59 AM ET Holley Inc. (NYSE:HLLY) Q4 2021 Earnings Conference Call March 03, 2022, 08:30 AM ET Company Participants Tom Tomlinson - President and CEO Dominic Bardos - CFO Vinny Nimmagadda - EVP of Corporate Development and New Ventures Sean Crawford - Chief Marketing Officer Ross Collins - Managing Director, Alpha IR Group Conference Call Participants Joseph Altobello - Raymond James Mike Swartz - Truist Securities Ryan Sundby - William Blair Jeff Walter - D.A. Davidson Jo ...