Holley (US:HLLY)2024-02-28 15:57Financial Performance - Q4 2023 - Net sales increased by 1.0% year-over-year, reaching $155.7 million[13] - Gross margin improved significantly to 38.7%, an increase of 800 basis points compared to the previous year[13] - Adjusted EBITDA margin also saw substantial growth, reaching 18.3%, an increase of 850 basis points year-over-year[13] - Free cash flow generation improved significantly, reaching $29.9 million, a $31.2 million increase compared to the previous year[13] Financial Performance - Full Year 2023 - Net sales were $659.7 million, a decrease of 4.2% compared to the previous year's $688.4 million[43] - Gross margin improved to 38.8%, a 200 basis points increase from the previous year's 36.8%[43] - Adjusted EBITDA increased to $130.1 million, compared to $114.7 million in the previous year[43] - Adjusted EBITDA margin improved to 19.7%, a 300 basis points increase from the previous year's 16.7%[43] - Free cash flow generation was $83.6 million, a significant improvement from the previous year's negative $0.4 million[43] Outlook for 2024 - Q1 2024 net sales are projected to be between $150 million and $160 million[71] - Full year 2024 net sales are projected to be between $640 million and $680 million[71] - Full year 2024 adjusted EBITDA is projected to be between $125 million and $145 million[71] - Year-end bank-adjusted EBITDA leverage ratio is expected to be between 4.0x and 3.5x[71]