Fox Factory Holding Corp. Announces Fourth Quarter and Fiscal 2022 Financial Results

Achieves Quarterly Sales of $408.6 Million
Reports Earnings per Diluted Share of $1.25
Reports Non-GAAP Adjusted Earnings per Diluted Share of $1.43
Introduces Fiscal 2023 Guidance

DULUTH, GA – February 24, 2023 – (Motor Sports NewsWire) – Fox Factory Holding Corp. (NASDAQ: FOXF) (“FOX” or the “Company”) today reported financial results for the fourth quarter and fiscal year ended December 30, 2022.

Fourth Quarter Fiscal 2022 Highlights

• Sales increased 19.4% to $408.6 million, compared to $342.3 million in the same period last fiscal year
• Gross profit increased 22.0% to $130.9 million, compared to $107.3 million in the same period last fiscal year. Gross margin percentage increased 70 basis points to 32.0%, compared to 31.3% in the same period last fiscal year; non-GAAP adjusted gross margin percentage increased 40 basis points to 32.0%, compared to 31.6% in the same period last fiscal year
• Net income was $53.0 million, or 13.0% of sales and $1.25 of earnings per diluted share, compared to $37.7 million, or 11.0% of sales and $0.89 of earnings per diluted share in the same period last fiscal year
• Non-GAAP adjusted net income was $60.8 million, or $1.43 of non-GAAP adjusted earnings per diluted share, compared to $44.8 million, or $1.06 of non-GAAP adjusted earnings per diluted share in the same period last fiscal year
• Adjusted EBITDA was $76.8 million, or 18.8% of sales, compared to $61.1 million, or 17.8% of sales in the same period last fiscal year

“Thanks to a strong finish in the fourth quarter, FOX had another record year for both revenue and earnings in 2022. Our team stayed focused on our mission, leveraging our diverse portfolio to combat supply chain and labor constraints, as well as threats from inflation. In the fourth quarter, we also saw continued improvement in our Gainesville, Georgia facility, which provides a solid foundation for continued improvement in 2023. To further diversify our business and to continue building on our vertical integration strategy, we recently announced the acquisition of Custom Wheel House, LLC. Custom Wheel House, based out of Rancho Dominguez, California, designs, markets, and distributes high-performance wheels, performance off-road tires, and accessories including the premier flagship brand Method Race Wheels. This acquisition provides us with additional market diversification, as well as significant vertical integration for our lift kit and up-fitted truck business,” said…