Delivered third quarter financial results
within guidance Moody’s Ratings Upgrades Holley’s CFR to
B2 Targeted efforts and marketing calendar event support
normalizing distribution partner inventory levels
Holley Performance Brands (NYSE: HLLY), a leader in automotive
aftermarket performance solutions, today announced financial
results for its third quarter ended September 29, 2024.
Third Quarter Highlights vs. Prior Year
Period
- Net Sales decreased (14.4%) to $134.0 million compared to
$156.5 million last year
- Net Loss was $(6.3) million, or $(0.05) per diluted share,
compared to a Net Income of $0.8 million, or $0.01 per diluted
share, last year
- Net Cash Used in Operating Activities was $(1.7) million
compared to Net Cash Provided by Operating Activities of $22.5
million last year
- Adjusted Net Loss1 was $(0.5) million compared to Adjusted Net
Income of $3.5 million last year
- Adjusted EBITDA1 was $22.1 million compared to $29.7 million
last year
- Free Cash Flow1 was $(2.1) million compared to $21.7 million
last year
1See “Use and Reconciliation of Non-GAAP Financial Measures”
below.
“We continued our progress in our organizational transformation
through the third quarter and are encouraged by the immediate
impact that our new team members have made in their short time
here. Our organization now operates with unprecedented capabilities
and professionalism, as demonstrated by the significant
advancements we've made across our business operations, even in a
challenging macroeconomic environment. Of note, digital
modernization and customer service optimization, B2B sales
capabilities, new and targeted product launches and revamped
pricing strategy have all been upgraded within the last year and
well positioned to drive our organic growth engine,” said Matthew
Stevenson, President and CEO of Holley.
Stevenson commented, "We are pleased to report that our
well-executed marketing calendar helped drive a 16% year-over-year
increase in our direct-to-consumer channel and a 10% median lift in
B2B out-the-door sales during the event windows. Our marketing
events helped our B2B customers align their inventory positions
with overall market demand. Also, through focused effort, strategy,
and execution, we are seeing significant growth in some of our
power brands year to date, such as ADS, Stilo, Dinan, APR, and
Simpson, some up as much as over 30%.
However, overall quarterly sales were impacted by distributor
inventory normalization driven by two significant factors:
alignment to overall macro demand and our greatly improved order
fulfillment capability. Our lead times are significantly better
than a year ago, so our major customers are reducing their required
safety stock.
Our operational efforts also contributed to the quarter's
success, with year-over-year improvements in Gross Margin, a 133%
increase in revenue per SKU year-to-date, and a 25% rise in new
product revenue year-to-date. Additionally, we concluded the event
season with strong attendance at our flagship LS Fest East event in
Bowling Green, which attracted record attendance of 45,000
enthusiasts."
Key Operating Metrics and Strategic
Highlights
- Growth in significant areas of the business, including DTC and
multiple key power brands
- Total net inventory reduced to $179.3 million compared to
$207.2 million Q3 of last year; inventory turns improved to 2.2x
compared to 1.9x last year
- Moody’s Ratings (Moody’s) upgraded Holley's corporate family
rating (CFR) to B2 from B3, probability of default rating to B2-PD
from B3-PD and senior secured ratings to B2 from B3, noting that
the outlook remains stable and the speculative grade liquidity
(SGL) rating is unchanged at SGL-2 on August 8, 2024
- Holley’s bank-adjusted EBITDA leverage ratio1 at quarter end of
4.25x was well below covenant ceiling of 5.00x
1See “Use and Reconciliation of Non-GAAP Financial Measures”
below.
Jesse Weaver, Holley's CFO, added, "We continued to make
progress with our financial priorities in the third quarter. We
were, once again, recognized by the ratings agencies for the work
we have done to strengthen our balance sheet shown by the Moody’s
ratings upgrades in August.”
Weaver added, "While our sales were at the low end of the
guidance range, this was largely due to continued softness in the
industry and our distribution partners taking advantage of the
successful out-the-door sales events to clean up their inventories
going into the back half of the year. Overall, we're encouraged by
our out-the-door sales numbers relative to the overall market and
believe that, despite being down, our efforts to partner more
closely with distribution partners and investments in DTC are
allowing us to maintain our share gains in this challenging
environment. Given the performance in Q3 and the continued softness
impacting our consumer base, we have lowered our expectations for
the full year. While we’re excited about continuing our expanded
channel partnership going into Holley Days, we believe this revised
outlook is warranted given current industry trends and the current
level of uncertainty around distribution partner inventory
adjustments going into 2025."
Outlook
Holley is providing the following outlook for the fourth quarter
and full-year 2024:
Metric
Fourth Quarter 2024
Outlook
Full Year 2024 Outlook
Net Sales
$133 – $143 million
$595 - $605 million
Adjusted EBITDA *
$24 - $29 million
$115 - $120 million
Capital Expenditures
$6 - $8 million
Depreciation and Amortization
Expense
$23 - $25 million
Interest Expense
$50 - $55 million
Bank-adjusted EBITDA Leverage
Ratio *
4. 35x - 4.15x
* Holley is not providing reconciliations of forward-looking
fourth quarter 2024 and full year 2024 Adjusted EBITDA outlook and
full year 2024 Bank-adjusted EBITDA Leverage Ratio outlook because
certain information necessary to calculate the most comparable GAAP
measure, net income, is unavailable due to the uncertainty and
inherent difficulty of predicting the occurrence and the future
financial statement impact of certain items. Therefore, as a result
of the uncertainty and variability of the nature and amount of
future adjustments, which could be significant, Holley is unable to
provide these forward-looking reconciliations without unreasonable
effort. Accordingly, Holley is relying on the exception provided by
Item 10(e)(1)(i)(B) of Regulation S-K to exclude these
reconciliations.
Holley notes that its outlook for the fourth quarter and
full-year 2024 may vary due to changes in assumptions or market
conditions and other factors described below under “Forward-Looking
Statements.”
Conference Call
A conference call and audio webcast has been scheduled for 8:30
a.m. Eastern Time today to discuss these results. Investors,
analysts, and members of the media interested in listening to the
live presentation are encouraged to join a webcast of the call
available on the investor relations portion of the Company’s
website at investor.holley.com. For those that cannot join the
webcast, you can participate by dialing 877-407-4019 (Toll Free) or
201-689-8337 (Toll) using the access code of 13748642.
For those unable to participate, a telephone replay recording
will be available until Friday, November 15, 2024. To access the
replay, please call 877-660-6853 (Toll Free) or 201-612-7415 (Toll)
and enter confirmation code 13748642. A web-based archive of the
conference call will also be available on the Company’s
website.
Additional Financial
Information
The Investor Relations page of Holley’s website,
investor.holley.com contains a significant amount of financial
information about Holley, including our earnings presentation,
which can be found under Events & Presentations. Holley
encourages investors to visit this website regularly, as
information is updated, and new information is posted.
About Holley Inc.
Holley Performance Brands (NYSE: HLLY) is a leading designer,
marketer, and manufacturer of high-performance products for car and
truck enthusiasts. Holley offers a leading portfolio of iconic
brands that deliver innovation and inspiration to a large and
diverse community of millions of avid automotive enthusiasts who
are passionate about the performance and personalization of their
classic and modern cars. Holley has disrupted the performance
category by putting the enthusiast consumer first, developing
innovative new products, and building a robust M&A process that
has added meaningful scale and diversity to its platform. For more
information on Holley, visit https://www.holley.com.
Forward-Looking
Statements
Certain statements in this press release 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, along with statements regarding
the impact of organizational changes, are forward-looking
statements. In some cases, you can identify forward-looking
statements by terminology such as “may,” “should,” “expect,”
“intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,”
“or” or the negatives of these terms or variations of them or
similar terminology. Such forward-looking statements are subject to
risks, uncertainties, and other factors which could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements. These forward-looking statements
are based upon estimates and assumptions that, while considered
reasonable by Holley and its management, are inherently uncertain.
Factors that may cause actual results to differ materially from
current expectations include, but are not limited to: 1) the
ability of Holley to grow and manage growth profitably which may be
affected by, among other things, competition; to maintain
relationships with customers and suppliers; and to retain its
management and key employees; 2) Holley’s ability to compete
effectively in our market; 3) Holley’s ability to successfully
design, develop, and market new products; 4) Holley’s ability to
respond to changes in vehicle ownership and type; 5) Holley’s
ability to maintain and strengthen demand for our products; 6)
Holley’s ability to effectively manage our growth; 7) Holley’s
ability to attract new customers in a cost-effective manner; 8)
Holley’s ability to expand into additional consumer markets; 9)
costs related to Holley being a public company; 10) disruptions to
Holley’s operations, including as a result of cybersecurity
incidents; 11) changes in applicable laws or regulations; 12) the
outcome of any legal proceedings that have been or may be
instituted against Holley; 13) general economic and political
conditions, including the current macroeconomic environment,
political tensions, and war (including the conflict in Ukraine, the
conflict in the Middle East, and the possible expansion of such
conflicts and potential geopolitical consequences); 14) the
possibility that Holley may be adversely affected by other
economic, business, and/or competitive factors, including recent
events affecting the financial services industry (such as the
closures of certain regional banks); 15) Holley’s estimates and
expectations of its financial performance and future growth
prospects; 16) Holley’s ability to anticipate and manage through
disruptions and higher costs in manufacturing, supply chain,
logistical operations, and shortages of certain company products in
distribution channels; and 17) other risks and uncertainties set
forth in the section entitled “Risk Factors” and “Cautionary Note
Regarding Forward-Looking Statements” in the Annual Report on Form
10-K for the year ended December 31, 2023 filed with the U.S.
Securities and Exchange Commission (“SEC”) on March 14, 2024,
and/or disclosed in any subsequent filings with the SEC. Although
Holley believes the expectations reflected in the forward-looking
statements are reasonable, nothing in this press release should be
regarded as a representation by any person that the forward-looking
statements or projections set forth herein will be achieved or that
any of the contemplated results of such forward looking statements
or projections will be achieved. There may be additional risks that
Holley presently does not know or that Holley currently believes
are immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. You should not
place undue reliance on forward-looking statements, which speak
only as of the date they are made. Holley undertakes no duty to
update these forward-looking statements, except as otherwise
required by law.
[Financial Tables to Follow]
HOLLEY INC. and SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
For the thirteen weeks
ended
For the thirty-nine weeks
ended
September 29,
October 1,
Variance
Variance
September 29,
October 1,
Variance
Variance
2024
2023
($)
(%)
2024
2023
($)
(%)
Net Sales
$
134,038
$
156,530
$
(22,492
)
-14.4
%
$
462,170
$
503,997
$
(41,827
)
-8.3
%
Cost of Goods Sold
81,732
98,156
(16,424
)
-16.7
%
287,512
308,162
(20,650
)
-6.7
%
Gross Profit
52,306
58,374
(6,068
)
-10.4
%
174,658
195,835
(21,177
)
-10.8
%
Selling, General, and Administrative
30,109
28,880
1,229
4.3
%
97,675
87,998
9,677
11.0
%
Research and Development Costs
4,620
6,100
(1,480
)
-24.3
%
13,743
18,935
(5,192
)
-27.4
%
Amortization of Intangible Assets
3,436
3,687
(251
)
-6.8
%
10,307
11,040
(733
)
-6.6
%
Restructuring Costs
954
415
539
129.9
%
1,566
2,106
(540
)
-25.6
%
Write-down of assets held-for-sale
7,505
-
7,505
100.0
%
7,505
-
7,505
100.0
%
Other Operating Expense (Income)
119
(28
)
147
nm
213
508
(295
)
-58.1
%
Operating Expense
46,743
39,054
7,689
19.7
%
131,009
120,587
10,422
8.6
%
Operating Income
5,563
19,320
(13,757
)
-71.2
%
43,649
75,248
(31,599
)
-42.0
%
Change in Fair Value of Warrant
Liability
(1,041
)
2,064
(3,105
)
nm
(7,570
)
5,516
(13,086
)
-237.2
%
Change in Fair Value of Earn-Out
Liability
(634
)
700
(1,334
)
nm
(2,341
)
2,089
(4,430
)
-212.1
%
Loss on Early Extinguishment of Debt
—
—
-
nm
141
—
141
100.0
%
Interest Expense, Net
15,010
13,712
1,298
9.5
%
39,192
41,909
(2,717
)
-6.5
%
Non-Operating Expense
13,335
16,476
(3,141
)
-19.1
%
29,422
49,514
(20,092
)
-40.6
%
Income Before Income Taxes
(7,772
)
2,844
(10,616
)
-373.3
%
14,227
25,734
(11,507
)
-44.7
%
Income Tax Expense (Benefit)
(1,484
)
2,092
(3,576
)
nm
(320
)
7,756
(8,076
)
-104.1
%
Net Income
$
(6,288
)
$
752
$
(7,040
)
-936.2
%
$
14,547
$
17,978
$
(3,431
)
-19.1
%
Comprehensive Income:
Foreign Currency Translation
Adjustment
386
(176
)
562
-319.3
%
244
(103
)
347
-336.9
%
Total Comprehensive Income
$
(5,902
)
$
576
$
(6,478
)
-1124.7
%
$
14,791
$
17,875
$
(3,084
)
-17.3
%
Common Share Data:
Basic Net Income per Share
$
(0.05
)
$
0.01
$
(0.06
)
-600.0
%
$
0.12
$
0.15
$
(0.03
)
-20.0
%
Diluted Net Income per Share
$
(0.05
)
$
0.01
$
(0.06
)
-600.0
%
$
0.12
$
0.15
$
(0.03
)
-20.0
%
Weighted Average Common Shares Outstanding
- Basic
118,694
117,397
1,297
1.1
%
118,345
117,257
1,088
0.9
%
Weighted Average Common Shares Outstanding
- Diluted
118,694
119,246
(552
)
-0.5
%
119,154
118,120
1,034
0.9
%
nm - not meaningful
HOLLEY INC. and
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEET
(In thousands)
(Unaudited)
As of
September 29,
December 31,
2024
2023
Assets
Cash and cash equivalents
$
50,751
$
41,081
Accounts receivable
44,492
48,360
Inventory
179,285
192,260
Prepaids and other current assets
16,332
15,665
Assets held for sale
7,696
-
Total Current Assets
298,556
297,366
Property, Plant and Equipment, Net
42,718
47,206
Goodwill
413,245
419,056
Other Intangibles, Net
398,804
410,465
Other Noncurrent Assets
30,911
29,250
Total Assets
$
1,184,234
$
1,203,343
Liabilities and Stockholders’ Equity
Accounts payable
$
52,738
$
43,692
Accrued interest
487
455
Accrued liabilities
41,164
42,129
Current portion of long-term debt
7,479
7,461
Total Current Liabilities
101,868
93,737
Long-Term Debt, Net of Current Portion
548,905
576,710
Deferred Taxes
45,008
53,542
Other Noncurrent Liabilities
29,710
38,203
Total Liabilities
725,491
762,192
Common Stock
12
12
Additional Paid-In Capital
376,670
373,869
Accumulated Other Comprehensive Loss
(466
)
(710
)
Retained Earnings
82,527
67,980
Total Stockholders’ Equity
458,743
441,151
Total Liabilities and Stockholders’
Equity
$
1,184,234
$
1,203,343
HOLLEY INC. and
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
For the thirteen weeks
ended
For the thirty-nine weeks
ended
September 29,
October 1,
September 29,
October 1,
2024
2023
2024
2023
Operating
Activities
Net Income
$
(6,288
)
$
752
$
14,547
$
17,978
Adjustments to Reconcile to Net Cash
12,879
15,463
26,832
29,446
Changes in Operating Assets and
Liabilities
(8,339
)
6,265
1,394
9,439
Net Cash Provided by (Used in) Operating
Activities
(1,748
)
22,480
42,773
56,863
Investing
Activities
Capital Expenditures, Net of
Dispositions
(311
)
(743
)
(2,727
)
(3,125
)
Net Cash Used in Investing Activities
(311
)
(743
)
(2,727
)
(3,125
)
Financing
Activities
Net Change in Debt
(227
)
(26,365
)
(28,832
)
(40,437
)
Deferred financing fees
—
—
—
(1,427
)
Payments from Stock-Based Award
Activities
(45
)
(1,061
)
(1,482
)
(1,134
)
Net Cash Used in Financing Activities
(272
)
(27,426
)
(30,314
)
(42,998
)
Effect of Foreign Currency Rate
Fluctuations on Cash
2
(218
)
(62
)
(57
)
Net Change in Cash and Cash
Equivalents
(2,329
)
(5,907
)
9,670
10,683
Cash and Cash
Equivalents
Beginning of Period
53,080
42,740
41,081
26,150
End of Period
$
50,751
$
36,833
$
50,751
$
36,833
We present certain information with respect to EBITDA, Adjusted
EBITDA, Adjusted EBITDA Margin, Bank-adjusted EBITDA Leverage
Ratio, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Net
Income, Adjusted Diluted EPS and Free Cash Flow as supplemental
measures of our operating performance and believe that such
non-GAAP financial measures are useful to investors in evaluating
our financial performance and in comparing our financial results
between periods because they exclude the impact of certain items
that we do not consider indicative of our ongoing operating
performance. We believe that the presentation of these non-GAAP
financial measures enhances the usefulness of our financial
information by presenting measures that management uses internally
to establish forecasts, budgets, and operational goals to manage
and monitor our business. We believe that these non-GAAP financial
measures help to depict a more realistic representation of the
performance of our underlying business, enabling us to evaluate and
plan more effectively for the future.
EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Bank-adjusted
EBITDA Leverage Ratio, Adjusted Gross Profit, Adjusted Gross
Margin, Adjusted Net Income, Adjusted Diluted EPS and Free Cash
Flow are not prepared in accordance with generally accepted
accounting principles (“GAAP”) and may be different from non-GAAP
and other financial measures used by other companies. These
measures should not be considered as measures of financial
performance under GAAP, and the items excluded from or included in
these metrics are significant components in understanding and
assessing our financial performance. These metrics should not be
considered as alternatives to net income, gross profit, net cash
provided by operating activities, or any other performance
measures, as applicable, derived in accordance with GAAP.
We define EBITDA as earnings before depreciation, amortization
of intangible assets, interest expense, and income tax expense. We
define Adjusted EBITDA as EBITDA adjusted to exclude, to the extent
applicable, restructuring costs, which includes operational
restructuring and integration activities, termination related
benefits, facilities relocation, and executive transition costs;
changes in the fair value of the warrant liability; changes in the
fair value of the earn-out liability; equity-based compensation
expense; inventory charges primarily due to product rationalization
initiatives that are part of a portfolio transformation aimed at
eliminating unprofitable or slow-moving SKUs; gain or loss on the
early extinguishment of debt; notable items that we do not believe
are reflective of our underlying operating performance, including
litigation settlements and certain costs incurred for advisory
services related to identifying performance initiatives; and other
expenses or gains, which includes gains or losses from disposal of
fixed assets, franchise taxes, and gains or losses from foreign
currency transactions. We define Adjusted EBITDA Margin as Adjusted
EBITDA divided by net sales.
HOLLEY INC. and
SUBSIDIARIES
USE AND RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
(In thousands)
(Unaudited)
For the thirteen weeks
ended
For the thirty-nine weeks
ended
September 29,
October 1,
September 29,
October 1,
2024
2023
2024
2023
Net Income
$
(6,288
)
$
752
$
14,547
$
17,978
Adjustments:
Interest Expense, Net
15,010
13,712
39,192
41,909
Income Tax Expense (Benefit)
(1,484
)
2,092
(320
)
7,756
Depreciation
2,231
2,785
7,364
7,738
Amortization
3,436
3,687
10,307
11,040
EBITDA
12,905
23,028
71,090
86,421
Restructuring Costs
954
415
1,566
2,106
Change in Fair Value of Warrant
Liability
(1,041
)
2,064
(7,570
)
5,516
Change in Fair Value of Earn-Out
Liability
(634
)
700
(2,341
)
2,089
Equity-Based Compensation Expense
1,521
2,970
4,283
5,170
Write-down of Assets Held-for-Sale
7,505
-
7,505
-
Strategic Product Rationalization
Charge
—
—
8,835
(800
)
Loss on Early Extinguishment of Debt
—
—
141
—
Notable Items
785
556
6,479
564
Other Expense (Income)
119
(28
)
213
508
Adjusted EBITDA
$
22,114
$
29,705
$
90,201
$
101,574
Net Sales
$
134,038
$
156,530
$
462,170
$
503,997
Net Income Margin
-4.7
%
0.5
%
3.1
%
3.6
%
Adjusted EBITDA Margin
16.5
%
19.0
%
19.5
%
20.2
%
We define the Bank-adjusted EBITDA Leverage Ratio as Net Debt
divided by our Bank-adjusted EBITDA for the trailing twelve-month
(“TTM”) period, as defined under our Credit Agreement entered into
in November 2021, as amended, which is used in calculating covenant
compliance.
TTM September 29, 2024
Net Income
$
15,749
Adjustments:
Interest Expense, Net
58,029
Income Tax Expense (Benefit)
323
Depreciation
9,934
Amortization
13,824
EBITDA
97,859
Restructuring Costs
2,101
Change in Fair Value of Warrant
Liability
(8,975
)
Change in Fair Value of Earn-Out
Liability
(2,127
)
Equity-Based Compensation Expense
6,404
Write-down of Assets Held-for-Sale
7,505
Strategic Product Rationalization
Charge
8,835
Gain on Early Extinguishment of Debt
(560
)
Notable Items
7,200
Other Expense
470
Adjusted EBITDA
118,712
Additional Permitted Charges
2,441
Adjusted EBITDA per Credit
Agreement
$
121,153
Total Debt
$
565,126
Less: Permitted Cash and Cash
Equivalents
50,000
Net Indebtedness per Credit Agreement
$
515,126
Bank-adjusted EBITDA Leverage Ratio
4.25 x
We define adjusted gross profit as gross profit excluding
inventory charges primarily due to product rationalization
initiatives that are part of a portfolio transformation aimed at
eliminating unprofitable or slow-moving SKUs. We define Adjusted
Gross Margin as Adjusted Gross Profit divided by net sales.
For the thirteen weeks
ended
For the thirty-nine weeks
ended
September 29,
October 1,
September 29,
October 1,
2024
2023
2024
2023
Gross Profit
$
52,306
$
58,374
$
174,658
$
195,835
Adjust for: Strategic Product
Rationalization Charge
—
—
8,835
(800
)
Adjusted Gross Profit
$
52,306
$
58,374
$
183,493
$
195,035
Net Sales
$
134,038
$
156,530
$
462,170
$
503,997
Gross Margin
39.0
%
37.3
%
37.8
%
38.9
%
Adjusted Gross Margin
39.0
%
37.3
%
39.7
%
38.7
%
We define Adjusted Net Income as earnings excluding the
after-tax effect of changes in the fair value of the warrant
liability, write-downs of assets held-for-sale, changes in the fair
value of the earn-out liability, and gain or loss on the early
extinguishment of debt. We define Adjusted Diluted EPS as Adjusted
Net Income on a per share basis. Management uses these measures to
focus on on-going operations and believes that it is useful to
investors because it enables them to perform meaningful comparisons
of past and present consolidated operating results. We believe that
using this information, along with net income and net income per
diluted share, provides for a more complete analysis of the results
of operations.
For the thirteen weeks
ended
For the thirty-nine weeks
ended
September 29,
October 1,
September 29,
October 1,
2024
2023
2024
2023
Net Income
$
(6,288
)
$
752
$
14,547
$
17,978
Special items:
Adjust for: Change in Fair Value of
Warrant Liability
(1,041
)
2,064
(7,570
)
5,516
Adjust for: Change in Fair Value of
Earn-Out Liability
(634
)
700
(2,341
)
2,089
Adjust for: Write-down of Assets
Held-for-Sale
7,505
—
7,505
—
Adjust for: Loss on Early Extinguishment
of Debt
—
—
111
—
Adjusted Net Income
$
(458
)
$
3,516
$
12,252
$
25,583
For the thirteen weeks
ended
For the thirty-nine weeks
ended
September 29,
October 1,
September 29,
October 1,
2024
2023
2024
2023
Net Income per Diluted Share
$
(0.05
)
$
0.01
$
0.12
$
0.15
Special items:
Adjust for: Change in Fair Value of
Warrant Liability
(0.01
)
0.02
(0.06
)
0.05
Adjust for: Change in Fair Value of
Earn-Out Liability
(0.01
)
0.01
(0.02
)
0.02
Adjust for: Write-down of Assets
Held-for-Sale
0.06
—
0.06
—
Adjust for: Loss on Early Extinguishment
of Debt
—
—
—
—
Adjusted Diluted EPS
$
(0.01
)
$
0.04
$
0.10
$
0.22
We define Free Cash Flow as net cash provided by operating
activities minus cash payments for capital expenditures, net of
dispositions. Management believes providing Free Cash Flow is
useful for investors to understand our performance and results of
cash generation after making capital investments required to
support ongoing business operations.
For the thirteen weeks
ended
For the thirty-nine weeks
ended
September 29,
October 1,
September 29,
October 1,
2024
2023
2024
2023
Net Cash Provided by (Used in)
Operating Activities
$
(1,748
)
$
22,480
$
42,773
$
56,863
Capital Expenditures, Net of
Dispositions
(311
)
(743
)
(2,727
)
(3,125
)
Free Cash Flow
$
(2,059
)
$
21,737
$
40,046
$
53,738
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241107801809/en/
Investor Relations: Anthony Rozmus / Neel Sikka Solebury
Strategic Communications 203-428-3324 holley@soleburystrat.com
Media Relations Contacts: Jordan Moore,
jmoore@tinymightyco.com / Rachel Withers, rwithers@tinymightyco.com
Tiny Mighty Communications 615-454-2913
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