FOX FACTORY HOLDING CORP

Listed Company

FOXFCIK 0001424929NasdaqLarge AcceleratedMotorcycles, Bicycles & PartsDelawareFY ends Jan 2

Period

FY 2025

Revenue

$1.47B

Net Income

$-544.58M

Total Assets

$1.67B

Equity

$670.18M

Shares Out

41.80M

Op. Cash Flow

$60.92M

Business

FOX FACTORY HOLDING CORP designs, engineers, manufactures and markets premium performance-defining products and systems for bicycles, powered vehicles, trucks, side-by-sides, ATVs, snowmobiles, motorcycles and baseball/softball. It offers suspension products (forks, shocks, semi-active electronic damping and air springs), wheels, cranks, lift kits, upfitting and tuning services, and premium baseball and softball gear and equipment. The company operates through three reportable segments: Powered Vehicles Group (PVG), Aftermarket Applications Group (AAG) and Specialty Sports Group (SSG). It sells to OEMs, a global dealer and distributor network and direct-to-consumer channels across North America and international markets.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	1,467	1,394	1,464	1,602	1,299
Cost of sales	1,024	970	999	1,071	867
Gross profit	443	424	465	531	432
Goodwill impairment	557	0	0	—	—
Sales and marketing	132	121	100	91	71
Research and development	69	60	53	56	47
General and administrative	152	140	125	116	97
Amortization of purchased intangibles	42	45	27	22	21
Intangible and long-lived asset impairment	14	0	0	—	—
Total operating expenses	966	366	305	285	235
(Loss) income from operations	−523	58	160	247	197
Interest expense	54	55	19	9	8
Other (income) expense, net	−311,000	2	2	4	371,000
(Loss) income before income taxes	−576	1	139	234	188
Income Tax Expense (Benefit)	−32	−6	18	28	25
Net (loss) income	−545	7	121	205	164
Less: net loss attributable to non-controlling interest	−141,000	−38,000	0	0	0
Net (loss) income attributable to Fox stockholders	−545	7	121	205	164
Basic (in dollars per share)	−13.03	0.16	2.86	4.86	3.9
Diluted (in dollars per share)	−13.03	0.16	2.85	4.84	3.87
Basic (in shares)	42	42	42	42	42
Diluted (in shares)	42	42	42	42	42

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	58	72	84	—	—
Accounts receivable (net of allowances of $2,881 and $1,848 at January 2, 2026 and January 3, 2025, respectively)	191	166	171	200	142
Inventory	389	405	372	351	280
Prepaids and other current assets	108	85	142	101	123
Total current assets	746	728	768	798	725
Property, plant and equipment, net	235	246	237	202	192
Lease right-of-use assets	99	104	84	48	39
Deferred tax assets	90	47	21	57	35
Goodwill	84	640	637	324	323
Finite-lived intangible assets	399	449	483	179	197
Other assets	19	21	12	10	5
Total assets	1,672	2,235	2,242	1,618	1,516
Accounts payable	141	136	104	131	100
Accrued expenses	92	100	103	128	112
Current portion of long-term debt	27	24	14	0	18
Total current liabilities	260	260	222	259	230
Revolver	150	153	370	200	0
Term Loan, less current portion	497	528	359	0	361
Other liabilities	95	93	69	38	31
Total liabilities	1,002	1,034	1,021	497	622
Commitments and contingent liabilities (Refer to Note 12. Commitments and Contingent Liabilities)	—	—	—	—	—
Non-controlling interest	−179,000	−38,000	0	—	—
Preferred stock, $0.001 par value 10,000 authorized and no shares issued or outstanding as of January 2, 2026 and January 3, 2025	0	0	0	0	0
Common stock, $0.001 par value 90,000 authorized; 42,692 shares issued and 41,802 outstanding as of January 2, 2026; 42,574 shares issued and 41,684 outstanding as of January 3, 2025	42,000	42,000	42,000	42,000	42,000
Additional paid-in capital	352	339	348	356	344
Treasury stock, at cost; 890 common shares as of January 2, 2026 and January 3, 2025	−14	−14	−14	−14	−14
Accumulated other comprehensive income (AOCI)	832,000	224,000	9	15	5
Retained earnings	331	875	878	764	559
Total stockholders equity	670	1,201	1,222	1,121	894
Total liabilities and stockholders equity	1,672	2,235	2,242	1,618	1,516

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Goodwill impairment	557	0	0	—	—
Depreciation and amortization	92	84	60	49	43
Provision for inventory reserve	4	6	6	9	4
Stock-based compensation	14	10	16	16	14
Amortization of acquired inventory step-up	342,000	4	13	0	0
Amortization of loan fees	5	4	905,000	1	2
Amortization of deferred gains on prior swap settlements	−783,000	−4	−4	−3	−48,000
Proceeds from interest rate swap settlements	4	4	3	−471,000	—
Intangible and long-lived asset impairment	13	0	0	—	—
Loss on extinguishment of debt	2	0	0	—	0
Deferred taxes	−45	−23	−8	−18	−17
Accounts receivable	−24	10	65	−64	−20
Inventory	18	−27	32	−87	−150
Income taxes	−2	−11	−19	9	27
Prepaids and other assets	−27	48	−41	19	−35
Accounts payable	1	15	−44	40	10
Accrued expenses and other liabilities	−7	5	−21	12	22
Net cash provided by operating activities	61	132	179	187	63
Acquisition of businesses, net of cash acquired	0	−26	−701	−714,000	−52
Acquisition foreign exchange hedge settlement	0	−1	0	0	—
Acquisition of other assets	0	−5	−2	−4	0
Purchases of property and equipment	−34	−44	−47	−44	−55
Net cash used in investing activities	−34	−76	−750	−45	−105
Proceeds from revolver	279	189	400	602	38
Payments on revolver	−282	−406	−230	−404	−38
Proceeds from issuance of debt, net of origination fees	535	200	394	0	0
Repayment of term debt	−567	−19	−20	−383	−13
Purchase and retirement of common stock	0	25	25	0	0
Repurchases from stock compensation program, net	−1	−3	−6	−4	−7
Deferred debt issuance/modification costs	3	3	3	0	0
Net cash (used in) provided by financing activities	−40	−67	509	−179	−24
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	−608,000	−185,000	1	2	−540,000
CHANGE IN CASH AND CASH EQUIVALENTS	−14	−12	−62	−34	−66
Income tax payment	15	29	45	37	15
Interest	50	57	21	10	6
Amounts included in the measurement of lease liabilities	21	19	14	10	9
Right-of-use assets obtained in exchange for lease obligations	16	40	55	21	20
Capital expenditures included in accounts payable	1	747,000	977,000	2	3
U.S. federal	3	14	6	—	—
U.S. state	4	6	5	—	—
Total Foreign	9	9	34	—	—
Total cash paid for income taxes, net of refunds	15	29	45	—	—

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