FOX FACTORY HOLDING CORP.

(FOXF)
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Delayed Nasdaq  -  04:00 2022-06-29 pm EDT
82.24 USD   -2.01%
06/24Jefferies & Co Adjusts Fox Factory Holding Price Target to $110 From $140, Maintains Buy Rating
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06/06Fox Factory Releases First Global Sustainability Report
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05/19Berenberg Bank Adjusts Fox Factory's Price Target to $92 From $121, Maintains Hold Rating
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FOX FACTORY HOLDING CORP : Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)

05/06/2022 | 04:43pm EDT

Item 2.02. Results of Operations and Financial Condition.

On May 5, 2022, management of Fox Factory Holding Corp. (the "Company") held a conference call relating to financial results for the first quarter ended April 1, 2022, as well as Company developments. A replay of the conference call is available on the Company's website in the Investor Relations section of the Company's website at http://www.ridefox.com. The text of the transcript of the conference call is furnished as Exhibit 99.1 hereto and is hereby incorporated herein by reference.

During the conference call, as reflected in the transcript of such call attached as Exhibit 99.1 hereto, management of the Company referenced the following non-Generally Accepted Accounting Principles ("GAAP") financial measures: "non-GAAP adjusted gross margin," "non-GAAP operating expense," "non-GAAP adjusted net income," "non-GAAP adjusted earnings per diluted share," "adjusted EBITDA," and "adjusted EBITDA margin." The Company defines non-GAAP adjusted gross profit as gross profit margin adjusted for certain strategic transformation costs, and non-GAAP adjusted gross margin as non-GAAP adjusted gross profit divided by sales. The Company defines non-GAAP operating expense as operating expense adjusted for amortization of purchased intangibles, patent litigation-related expenses, acquisition and integration-related expenses, and strategic transformation costs. The Company defines non-GAAP adjusted net income as net income adjusted for amortization of purchased intangibles, patent litigation-related expenses, acquisition and integration-related expenses, and strategic transformation costs, all net of applicable tax. These adjustments are more fully described in the tables included under "Non-GAAP Financial Measures" in the press release attached as Exhibit 99.2 hereto and incorporated herein by reference. Non-GAAP adjusted earnings per diluted share is defined as non-GAAP adjusted net income divided by the weighted average number of diluted shares of common stock outstanding during the period. The Company defines adjusted EBITDA as net income adjusted for interest expense, net other expense, income taxes, amortization of purchased intangibles, depreciation, stock-based compensation, patent litigation-related expenses, acquisition and integration-related expenses, and strategic transformation costs that are more fully described in the tables included under "Non-GAAP Financial Measures" in the press release attached as Exhibit 99.2 hereto and incorporated herein by reference. Adjusted EBITDA margin is defined as adjusted EBITDA divided by sales.

The Company includes these non-GAAP financial measures because it believes they allow investors to understand and evaluate the Company's core operating performance and trends. In particular, the exclusion of certain items in calculating non-GAAP operating expense, non-GAAP adjusted net income and adjusted EBITDA (and accordingly, non-GAAP adjusted earnings per diluted share and adjusted EBITDA margin) can provide a useful measure for period-to-period comparisons of the Company's core business. These non-GAAP financial measures have limitations as analytical tools, including the fact that such non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies because other companies may calculate non-GAAP operating expense, non-GAAP adjusted net income, non-GAAP adjusted earnings per diluted share, adjusted EBITDA and adjusted EBITDA margin differently than the Company does. For more information regarding these non-GAAP financial measures, see the tables included under "Non-GAAP Financial Measures" in the press release attached as Exhibit 99.2 hereto and incorporated herein by reference for the reconciliations of these non-GAAP financial measures to their respective nearest comparable GAAP measures.

Item 7.01 Regulation FD Disclosure.

The information set forth in Item 2.02 of this Current Report on Form 8-K is incorporated by reference into this Item 7.01. The information contained in this Current Report, including in Item 2.02, Item 7.01, Exhibit 99.1 and Exhibit 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are furnished herewith:

      Exhibit Number        Description
           99.1             Earnings Call Transcript dated May 5, 2022
           99.2             Press Release dated May 5, 2022
                            Cover Page Interactive Data File (embedded with the Inline XBRL
            104             document)



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