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Includes 1.0 million PSUs subject to the Company achieving certain Adjusted EBITDA and sales performance targets during each of fiscal years 2023, 2024, and 2025. The criteria are based on a range of these performance targets in which participants may earn between 0% to 150% of the base number of awards granted. The weighted average grant date fair value of these PSUs was $1.98. The Company assesses the attainment of target payout rates each reporting period. Equity-based compensation expense is recognized for awards deemed probable of vesting.
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2024
OR
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from __________to__________
Commission file number: 001-39599
HOLLEY INC.
(Exact name of registrant as specified in its charter)
Delaware | 87-1727560 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
1801 Russellville Road, Bowling Green, KY 42101
(Address of principal executive offices)
(270) 782-2900
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report) N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | | Trading symbol(s) | | Name of each exchange on which registered |
Common Stock, par value $0.0001 Warrants to purchase common stock | | HLLY HLLY WS | | New York Stock Exchange New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | | ☐ | | Accelerated filer | | ☒ |
| | | | | | |
Non-accelerated filer | | ☐ | | Smaller reporting company | | ☐ |
| | | | | | |
| | | | Emerging growth company | | ☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes ☐ No ☒
There were 119,311,341 shares of Common Stock, including 1,093,750 restricted earn-out shares, par value $0.0001 per share, issued and outstanding as of May 1, 2024.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") that are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Securities Act and Exchange Act, as well as protections afforded by other federal securities laws. These forward-looking statements relate to expectations for future financial performance, business strategies or expectations for the Company’s business. Forward-looking statements may be accompanied by words such as “believe,” “estimate,” “expect,” “project,” “forecast,” “may,” “will,” “should,” “seek,” “plan,” “scheduled,” “anticipate,” “intend” or similar expressions. These forward-looking statements are subject to various risks and uncertainties, many of which are outside our control. Therefore, you should not place undue reliance on such statements. Actual results could differ materially due to numerous factors, including but not limited to the Company’s ability to do any of the following:
|
• |
execute its business strategy, including monetization of services provided and expansions in and into existing and new lines of business; |
|
• |
anticipate and manage through disruptions and higher costs in manufacturing, supply chain, logistical operations, and shortages of certain company products in distribution channels; |
|
• |
anticipate and manage through supply shortages of key component parts used in our products and the need to shift the mix of products offered in response thereto; |
|
• |
respond to the impact of geopolitical events, including military conflicts (including the conflict in Ukraine, the conflict in the Middle East, the possible expansion of such conflicts and potential geopolitical consequences), the interruption from catastrophic events and problems such as terrorism, and public health crises; |
|
• |
maintain key strategic relationships with partners and resellers; |
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• |
anticipate and manage through the impact of elevated interest rate levels, which cause the cost of capital to increase, as well as respond to inflationary pressures; |
|
• |
enhance future operating and financial results, whether through anticipated organic or external growth initiatives or through the implementation of cost savings initiatives; |
|
• |
respond to uncertainties associated with product and service development and market acceptance; |
|
• |
anticipate and manage through increased constraints in consumer demand and/or shifts in the mix of products sold; |
|
• |
attract and retain qualified employees and key personnel; |
|
• |
protect and enhance the Company’s corporate reputation and brand awareness; |
|
• |
recognition of goodwill and other intangible asset impairment charges; |
|
• |
effectively respond to general economic and business conditions; |
|
• |
acquire and protect intellectual property; |
|
• |
collect, store, process and use personal and payment information and other consumer data; |
|
• |
comply with privacy and data protection laws and other legal obligations related to privacy, information security, and data protection; |
|
• |
manage the impact of any security breaches, cyber-attacks, or other cybersecurity threats or incidents, or the failure of any key information technology systems; |
|
• |
meet future liquidity requirements and comply with restrictive covenants related to long-term indebtedness; |
|
• |
obtain additional capital, including through the sale of equity or debt securities; |
|
• |
manage to finance operations on an economically viable basis; |
|
• |
maintain Holley’s New York Stock Exchange (“NYSE”) listing of its common stock (“Common Stock”) and warrants to purchase Common Stock ("Warrants"); |
|
• |
comply with existing and/or future laws and regulations applicable to our business, including laws and regulations related to environmental health and safety and the recently issued required climate-related disclosures; |
|
• |
respond to litigation, complaints, product liability claims and/or adverse publicity; |
|
• |
anticipate the significance and timing of contractual obligations; |
|
• |
anticipate the impact of, and response to, new accounting standards; |
|
• |
maintain proper and effective internal controls; |
|
• |
respond to the impact of changes in U.S. tax laws and regulations, including the impact on deferred tax assets; |
|
• |
anticipate the time during which we will be an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”); |
|
• |
anticipate the impact of changes in consumer spending patterns, consumer preferences, local, regional and national economic conditions, crime, weather, and demographic trends; and |
|
• |
respond to other risks and factors, listed under the caption “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the U.S. Securities and Exchange Commission (the "SEC") on March 14, 2024, and/or as disclosed in any subsequent filings with the SEC. |
Forward-looking statements are based on information available as of the date of this Quarterly Report on Form 10-Q and our management’s expectations, forecasts and assumptions, and involve a number of judgements, risks and uncertainties, and actual results, developments and business decisions may differ materially from those envisaged by such forward-looking statements. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
HOLLEY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
| | As of | |
| | March 31, 2024 | | | December 31, 2023 | |
ASSETS | | | | | | | | |
Cash and cash equivalents | | $ | 41,127 | | | $ | 41,081 | |
Accounts receivable, less allowance for credit losses of $1,368 and $1,577 respectively | | | 48,721 | | | | 48,360 | |
Inventory | | | 184,016 | | | | 192,260 | |
Prepaids and other current assets | | | 15,944 | | | | 15,665 | |
Total current assets | | | 289,808 | | | | 297,366 | |
Property, plant, and equipment, net | | | 46,376 | | | | 47,206 | |
Goodwill | | | 419,056 | | | | 419,056 | |
Other intangibles assets, net | | | 406,896 | | | | 410,465 | |
Right-of-use assets | | | 28,481 | | | | 29,250 | |
Other noncurrent assets | | | 1,117 | | | | — | |
Total assets | | $ | 1,191,734 | | | $ | 1,203,343 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | |
Accounts payable | | $ | 50,258 | | | $ | 43,692 | |
Accrued interest | | | 442 | | | | 455 | |
Accrued liabilities | | | 43,580 | | | | 42,129 | |
Current portion of long-term debt | | | 7,444 | | | | 7,461 | |
Total current liabilities | | | 101,724 | | | | 93,737 | |
Long-term debt, net of current portion | | | 560,112 | | | | 576,710 | |
Warrant liability | | | 5,256 | | | | 8,383 | |
Earn-out liability | | | 2,830 | | | | 3,479 | |
Deferred taxes | | | 51,631 | | | | 53,542 | |
Other noncurrent liabilities | | | 25,266 | | | | 26,341 | |
Total liabilities | | | 746,819 | | | | 762,192 | |
Commitments and contingencies (Refer to Note 15 - Commitments and Contingencies) | | | | | | | | |
Stockholders' equity: | | | | | | | | |
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding on March 31, 2024 and December 31, 2023 | | | — | | | | — | |
Common stock, $0.0001 par value, 550,000,000 shares authorized, 118,311,341 and 117,707,280 shares issued and outstanding on March 31, 2024 and December 31, 2023, respectively | | | 12 | | | | 12 | |
Additional paid-in capital | | | 374,089 | | | | 373,869 | |
Accumulated other comprehensive loss | | | (896 | ) | | | (710 | ) |
Retained earnings | | | 71,710 | | | | 67,980 | |
Total stockholders' equity | | | 444,915 | | | | 441,151 | |
Total liabilities and stockholders' equity | | $ | 1,191,734 | | | $ | 1,203,343 | |
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
HOLLEY INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
|
|
For the thirteen weeks ended |
|
|
|
March 31, 2024 |
|
|
April 2, 2023 |
|
Net sales |
|
$ |
158,636 |
|
|
$ |
172,205 |
|
Cost of goods sold |
|
|
106,577 |
|
|
|
104,492 |
|
Gross profit |
|
|
52,059 |
|
|
|
67,713 |
|
Selling, general, and administrative |
|
|
32,996 |
|
|
|
30,017 |
|
Research and development costs |
|
|
4,812 |
|
|
|
6,653 |
|
Amortization of intangible assets |
|
|
3,436 |
|
|
|
3,679 |
|
Restructuring costs |
|
|
615 |
|
|
|
1,339 |
|
Other operating expense (income) |
|
|
(8 |
) |
|
|
51 |
|
Total operating expense |
|
|
41,851 |
|
|
|
41,739 |
|
Operating income |
|
|
10,208 |
|
|
|
25,974 |
|
Change in fair value of warrant liability |
|
|
(3,127 |
) |
|
|
1,435 |
|
Change in fair value of earn-out liability |
|
|
(649 |
) |
|
|
428 |
|
Loss on early extinguishment of debt |
|
|
141 |
|
|
|
— |
|
Interest expense, net |
|
|
11,004 |
|
|
|
18,298 |
|
Total non-operating expense |
|
|
7,369 |
|
|
|
20,161 |
|
Income before income taxes |
|
|
2,839 |
|
|
|
5,813 |
|
Income tax expense (benefit) |
|
|
(891 |
) |
|
|
1,566 |
|
Net income |
|
$ |
3,730 |
|
|
$ |
4,247 |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(186 |
) |
|
|
(199 |
) |
Total comprehensive income |
|
$ |
3,544 |
|
|
$ |
4,048 |
|
Common Share Data: |
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - basic |
|
|
117,871,829 |
|
|
|
117,153,525 |
|
Weighted average common shares outstanding - diluted |
|
|
119,505,330 |
|
|
|
117,244,762 |
|
Basic net income per share |
|
$ |
0.03 |
|
|
$ |
0.04 |
|
Diluted net income per share |
|
$ |
0.03 |
|
|
$ |
0.04 |
|
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
HOLLEY INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(in thousands, except share data)
(unaudited)
|
|
Common Stock |
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-In |
|
|
Comprehensive |
|
|
Retained |
|
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Loss |
|
|
Earnings |
|
|
Total |
|
Balance at December 31, 2022 |
|
|
117,147,997 |
|
|
$ |
12 |
|
|
$ |
368,122 |
|
|
$ |
(944 |
) |
|
$ |
48,800 |
|
|
$ |
415,990 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,247 |
|
|
|
4,247 |
|
Equity compensation |
|
|
— |
|
|
|
— |
|
|
|
394 |
|
|
|
— |
|
|
|
— |
|
|
|
394 |
|
Foreign currency translation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(199 |
) |
|
|
— |
|
|
|
(199 |
) |
Tax withholding related to vesting of restricted stock units |
|
|
— |
|
|
|
— |
|
|
|
(34 |
) |
|
|
— |
|
|
|
— |
|
|
|
(34 |
) |
Issuance of shares for restricted stock units |
|
|
24,219 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance at April 2, 2023 |
|
|
117,172,216 |
|
|
$ |
12 |
|
|
$ |
368,482 |
|
|
$ |
(1,143 |
) |
|
$ |
53,047 |
|
|
$ |
420,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2023 |
|
|
117,707,280 |
|
|
$ |
12 |
|
|
$ |
373,869 |
|
|
$ |
(710 |
) |
|
$ |
67,980 |
|
|
$ |
441,151 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,730 |
|
|
|
3,730 |
|
Equity compensation |
|
|
— |
|
|
|
— |
|
|
|
1,141 |
|
|
|
— |
|
|
|
— |
|
|
|
1,141 |
|
Foreign currency translation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(186 |
) |
|
|
— |
|
|
|
(186 |
) |
Tax withholding related to vesting of restricted stock units |
|
|
— |
|
|
|
— |
|
|
|
(921 |
) |
|
|
— |
|
|
|
— |
|
|
|
(921 |
) |
Issuance of shares for restricted stock units |
|
|
604,061 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance at March 31, 2024 |
|
|
118,311,341 |
|
|
$ |
12 |
|
|
$ |
374,089 |
|
|
$ |
(896 |
) |
|
$ |
71,710 |
|
|
$ |
444,915 |
|
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
HOLLEY INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
|
|
For the thirteen weeks ended |
|
|
|
March 31, 2024 |
|
|
April 2, 2023 |
|
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,730 |
|
|
$ |
4,247 |
|
Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
2,464 |
|
|
|
2,485 |
|
Amortization of intangible assets |
|
|
3,436 |
|
|
|
3,679 |
|
Amortization of deferred loan costs |
|
|
436 |
|
|
|
445 |
|
Amortization of right of use assets |
|
|
1,421 |
|
|
|
1,371 |
|
Fair value adjustments to warrant liability |
|
|
(3,127 |
) |
|
|
1,435 |
|
Fair value adjustments to earn-out liability |
|
|
(649 |
) |
|
|
428 |
|
Fair value adjustments to interest rate collar |
|
|
(2,281 |
) |
|
|
3,020 |
|
Equity compensation |
|
|
1,141 |
|
|
|
394 |
|
Change in deferred taxes |
|
|
(1,911 |
) |
|
|
(2,302 |
) |
Loss on early extinguishment of long-term debt |
|
|
141 |
|
|
|
- |
|
Gain on disposal of property, plant and equipment |
|
|
(514 |
) |
|
|
(252 |
) |
Provision for inventory reserves |
|
|
10,338 |
|
|
|
2,735 |
|
Provision for credit losses |
|
|
76 |
|
|
|
436 |
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(467 |
) |
|
|
(9,623 |
) |
Inventories |
|
|
(2,257 |
) |
|
|
1,899 |
|
Prepaids and other current assets |
|
|
(302 |
) |
|
|
146 |
|
Accounts payable |
|
|
6,599 |
|
|
|
(7,611 |
) |
Accrued interest |
|
|
(13 |
) |
|
|
(86 |
) |
Accrued and other liabilities |
|
|
582 |
|
|
|
793 |
|
Net cash provided by operating activities |
|
|
18,843 |
|
|
|
3,639 |
|
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(1,265 |
) |
|
|
(1,001 |
) |
Proceeds from the disposal of fixed assets |
|
|
174 |
|
|
|
318 |
|
Net cash used in investing activities |
|
|
(1,091 |
) |
|
|
(683 |
) |
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Principal payments on long-term debt |
|
|
(16,748 |
) |
|
|
(7,284 |
) |
Deferred financing fees |
|
|
— |
|
|
|
(1,117 |
) |
Payments from stock-based award activities |
|
|
(921 |
) |
|
|
(34 |
) |
Net cash used in financing activities |
|
|
(17,669 |
) |
|
|
(8,435 |
) |
Effect of foreign currency rate fluctuations on cash |
|
|
(37 |
) |
|
|
145 |
|
Net change in cash and cash equivalents |
|
|
46 |
|
|
|
(5,334 |
) |
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
Beginning of period |
|
|
41,081 |
|
|
|
26,150 |
|
End of period |
|
$ |
41,127 |
|
|
$ |
20,816 |
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
13,307 |
|
|
$ |
14,919 |
|
Cash paid for income taxes |
|
|
— |
|
|
|
2,500 |
|
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share data)
1. | DESCRIPTION OF THE BUSINESS, BASIS OF PRESENTATION, AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Holley Inc., a Delaware corporation headquartered in Bowling Green, Kentucky, conducts operations through its wholly owned subsidiaries. These operating subsidiaries are comprised of Holley Performance Products Inc., Hot Rod Brands, Inc., Simpson Safety Solutions, Inc., B&M Racing and Performance Products, Inc., and Speedshop.com, Inc. When used in these notes, the terms the “Company” or “Holley” mean Holley, Inc. and all entities included in its consolidated financial statements.
The Company designs, manufactures and distributes high-performance automotive products to car and truck enthusiasts primarily in the United States, Canada and Europe. The Company is a leading manufacturer of a diversified line of performance automotive products, including carburetors, fuel pumps, fuel injection systems, nitrous oxide injection systems, superchargers, exhaust headers, mufflers, distributors, ignition components, engine tuners and automotive performance plumbing products. The Company is also a leading manufacturer of exhaust products as well as shifters, converters, transmission kits, transmissions, tuners and automotive software. The Company’s products are designed to enhance street, off-road, recreational and competitive vehicle performance through increased horsepower, torque and drivability. The Company has locations in the United States, Canada, Italy and China.
Emerging Growth Company Status
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company is an emerging growth company, and, as such, has elected to take advantage of the benefits of the extended transition period for new or revised financial accounting standards.
Risks and Uncertainties
The Company's business and results of operations, financial condition, and liquidity are impacted by broad economic conditions, as well as by geopolitical events, including the conflict in Ukraine, the conflict in the Middle East, and the possible expansion of such conflicts and potential geopolitical consequences. The Company's business is impacted by various economic factors that affect both consumers and the automotive aftermarket industry, including by not limited to inflation, fuel costs, wage rates, supply chain disruptions, hiring, and other economic conditions. In response to inflationary impacts and supply chain disruptions, the Company has attempted to minimize potential adverse impacts on its business with cost savings initiatives, price increases to customers, and increased attention to maintaining appropriate inventory levels in the distribution channel. The Company's profitability has been, and may continue to be, adversely affected by constrained consumer demand, a shift in sales to lower-margin products, and demands on our performance that increase our costs. Should the ongoing macroeconomic conditions not improve, or worsen, or if the Company's attempt to mitigate the impact on its supply chain, operations and costs is not successful, the Company’s business, results of operations and financial condition may be adversely affected.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP" or “GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto for the year ended December 31, 2023, as filed with the SEC on March 14, 2024, in the Company’s annual report on Form 10-K. In management’s opinion, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal and recurring nature, that are necessary for a fair presentation of financial results for the interim periods presented. Operating results for any quarter are not necessarily indicative of the results for the full fiscal year.
9
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share data)
The Company operates on a fiscal year that ends on December 31. The three-month periods ended March 31, 2024 and April 2, 2023 each included 13 weeks.
Principles of Consolidation
These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation.
Recent Accounting Pronouncements
Accounting Standards Not Yet Adopted
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to SEC's Disclosure Update and Simplification Initiative. This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but it does not anticipate that the adoption of the new guidance will have a material impact on the Company’s consolidated financial statements and related disclosures. The Company will continue to evaluate the impact of this guidance on its consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard requires interim and annual disclosure of significant segment expenses that are regularly provided to the chief operating decision-maker ("CODM") and included within the reported measure of a segment’s profit or loss, requires interim disclosures about a reportable segment’s profit or loss and assets that are currently required annually, requires disclosure of the position and title of the CODM, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and contains other disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires additional disclosures of various income tax components that affect the rate reconciliation based on the applicable taxing jurisdictions, as well as the qualitative and quantitative aspects of those components. The standard also requires information pertaining to taxes paid to be disaggregated for federal, state and foreign taxes, and contains other disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its consolidated financial statements and related disclosures.
Inventories of the Company consisted of the following:
| | As of | |
| | March 31, 2024 | | | December 31, 2023 | |
Raw materials | | $ | 57,416 | | | $ | 63,552 | |
Work-in-process | | | 6,145 | | | | 22,619 | |
Finished goods | | | 120,455 | | | | 106,089 | |
| | $ | 184,016 | | | $ | 192,260 | |
During the 13-week period ended March 31, 2024, the Company recognized inventory charges of $9,713, primarily due to product rationalization initiatives aimed at eliminating unprofitable or slow-moving stock keeping units.
10
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share data)
3. | PROPERTY, PLANT AND EQUIPMENT, NET |
Property, plant and equipment of the Company consisted of the following:
| | As of | |
| | March 31, 2024 | | | December 31, 2023 | |
Land | | $ | 3,326 | | | $ | 3,326 | |
Buildings and improvements | | | 11,576 | | | | 11,404 | |
Machinery and equipment | | | 73,774 | | | | 73,332 | |
Construction in process | | | 6,790 | | | | 6,224 | |
Total property, plant and equipment | | | 95,466 | | | | 94,286 | |
Less: accumulated depreciation | | | 49,090 | | | | 47,080 | |
Property, plant and equipment, net | | $ | 46,376 | | | $ | 47,206 | |
The Company’s long-lived assets by geographic locations are as follows:
| | As of | |
| | March 31, 2024 | | | December 31, 2023 | |
United States | | $ | 43,861 | | | $ | 44,931 | |
International | | | 2,515 | | | | 2,275 | |
Total property, plant and equipment, net | | $ | 46,376 | | | $ | 47,206 | |
4. | GOODWILL AND OTHER INTANGIBLE ASSETS |
Goodwill represents the premium paid over the fair value of the net tangible and identifiable intangible assets acquired in the Company's business combinations. There were no changes to goodwill during the 13-week period ended March 31, 2024.
No goodwill impairment charges were incurred during the 13-week period ended March 31, 2024 and April 2, 2023. Potential changes in the Company's costs and operating structure, the implementation of synergies, and overall performance in the automotive aftermarket industry, could negatively impact near-term cash-flow projections and could trigger a potential impairment of the Company's goodwill and / or indefinite-lived intangible assets. In addition, failure to execute the Company's strategic plans as well as increases in weighted average costs of capital could negatively impact the fair value of the reporting unit and increase the risk of future impairment charges.
11
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share data)
Intangible assets consisted of the following:
| | March 31, 2024 | |
| | Gross Carrying Amount | | | Accumulated Amortization | | | Net Carrying Value | |
Finite-lived intangible assets: | | | | | | | | | | | | |
Customer relationships | | $ | 269,950 | | | $ | (58,620 | ) | | $ | 211,330 | |
Tradenames | | | 13,775 | | | | (5,750 | ) | | | 8,025 | |
Technology | | | 26,676 | | | | (14,167 | ) | | | 12,509 | |
Total finite-lived intangible assets | | $ | 310,401 | | | $ | (78,537 | ) | | $ | 231,864 | |
| | | | | | | | | | | | |
Indefinite-lived intangible assets: | | | | | | | | | | | | |
Tradenames | | $ | 175,032 | | | | — | | | $ | 175,032 | |
| | December 31, 2023 | |
| | Gross Carrying Amount | | | Accumulated Amortization | | | Net Carrying Value | |
Finite-lived intangible assets: | | | | | | | | | | | | |
Customer relationships | | $ | 269,950 | | | $ | (55,732 | ) | | $ | 214,218 | |
Tradenames | | | 13,775 | | | | (5,569 | ) | | | 8,206 | |
Technology | | | 26,676 | | | | (13,800 | ) | | | 12,876 | |
Total finite-lived intangible assets | | $ | 310,401 | | | $ | (75,101 | ) | | $ | 235,300 | |
| | | | | | | | | | | | |
Indefinite-lived intangible assets: | | | | | | | | | | | | |
Tradenames | | $ | 175,165 | | | | — | | | $ | 175,165 | |
The following outlines the estimated future amortization expense related to intangible assets held as of March 31, 2024:
2024 (excluding the thirteen weeks ended March 31, 2024) | | $ | 10,307 | |
2025 | | | 13,713 | |
2026 | | | 13,608 | |
2027 | | | 13,602 | |
2028 | | | 13,602 | |
Thereafter | | | 167,032 | |
Total | | $ | 231,864 | |
Accrued liabilities of the Company consisted of the following:
| | As of | |
| | March 31, 2024 | | | December 31, 2023 | |
Accrued freight | | $ | 6,010 | | | $ | 5,654 | |
Accrued employee compensation and benefits | | | 10,141 | | | | 11,696 | |
Accrued returns and allowances | | | 12,072 | | | | 11,267 | |
Accrued taxes | | | 1,581 | | | | 1,475 | |
Current portion of operating lease liabilities | | | 4,476 | | | | 4,948 | |
Accrued other | | | 9,300 | | | | 7,089 | |
Total accrued liabilities | | $ | 43,580 | | | $ | 42,129 | |
12
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share data)
Debt of the Company consisted of the following:
| | As of | |
| | March 31, 2024 | | | December 31, 2023 | |
First lien term loan due November 17, 2028 | | $ | 575,862 | | | $ | 592,505 | |
Revolver | | | — | | | | — | |
Other | | | 1,312 | | | | 1,974 | |
Less unamortized debt issuance costs | | | (9,618 | ) | | | (10,308 | ) |
| | | 567,556 | | | | 584,171 | |
Less current portion of long-term debt | | | (7,444 | ) | | | (7,461 | ) |
| | $ | 560,112 | | | $ | 576,710 | |
On November 18, 2021, the Company entered into a credit facility with a syndicate of lenders and Wells Fargo Bank, N.A., as administrative agent for the lenders, letter of credit issuer and swing line lender (the "Credit Agreement"). The financing consisted of a seven-year $600,000 first lien term loan, a five-year $125,000 revolving credit facility, and a $100,000 delayed draw term loan. The proceeds of delayed draw loans made after closing were available to the Company to finance acquisitions. Upon the expiration of the delayed draw term loan in May 2022, the Company had drawn $57,000, which is included in the amount outstanding under the first lien term loan due November 17, 2028. Proceeds from the credit facility were used to repay in full the Company’s obligations under its previously existing first lien and second lien notes and to pay $13,413 in deferred financing fees related to the refinancing.
The revolving credit facility includes a letter of credit facility in the amount of $10,000, pursuant to which letters of credit may be issued as long as revolving loans may be advanced and subject to availability under the revolving credit facility. The Company had $1,728 in outstanding letters of credit on March 31, 2024.
The first lien term loan is to be repaid in quarterly payments of $1,643 through September 30, 2028 with the balance due upon maturity on November 17, 2028. The Company is required to make annual payments on the term loan in an amount equal to 50% of annual excess cash flow greater than $5,000, as defined in the Credit Agreement. This percentage requirement may decrease or be eliminated if certain leverage ratios are achieved. Based on the Company's results for 2023, no excess cash flow payment was required in 2024. Any such payments offset future mandatory quarterly payments. The Credit Agreement permits voluntary prepayments at any time, in whole or in part. The Company repurchased $15,000 outstanding principal on its first lien term loan at a discount to par during the 13-week period ended March 31, 2024.
As of March 31, 2024, amounts outstanding under the credit facility accrue interest at a rate equal to either the Secured Overnight Financing Rate ("SOFR") or base rate, at the Company's election, plus a specified margin. In the case of revolving credit loans and letter of credit fees, the specified margin is based on the Company's Total Leverage Ratio, as defined in the Credit Agreement. Commitment fees payable under the revolving credit facility are based on the Company's Total Leverage Ratio. On March 31, 2024, the weighted average interest rate on the Company's borrowings under the credit facility was 9.2%.
The Company has entered into an interest rate collar in the notional amount of $500,000 to hedge the Company's exposure to fluctuations in interest rates on its variable-rate debt. Refer to Note 8, "Derivative Instruments," for additional information.
Obligations under the Credit Agreement are secured by substantially all of the Company’s assets, including a secured interest in the Company's headquarter, with a carrying value of $5,947. The Credit Agreement includes representations and warranties and affirmative and negative covenants customary for financings of this type, including, but not limited to, limitations on restricted payments, additional borrowings, additional investments, and asset sales.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share data)
In February 2023, the Company entered into an amendment to the Credit Agreement which, among other things, increases the Total Leverage Ratio applicable under the Credit Agreement as of the quarter ending April 2, 2023 to initially 7.25:1.00, and provides for modified step-down levels for such covenant thereafter through the fiscal quarter ending March 31, 2024 (the “Covenant Relief Period”). As of March 31, 2024, the required Total Leverage Ratio was5.75:1.00.As an ongoing condition to the Covenant Relief Period, the Company also agreed to (i) a minimum liquidity test, (ii) an interest coverage test, (iii) an anti-cash hoarding test at any time revolving loans are outstanding, and (iv) additional reporting obligations. Under the amended Credit Agreement, the revolving credit facility contains a minimum liquidity financial covenant of $45,000, which includes unrestricted cash and any available borrowing capacity under the revolving credit facility. In April 2023, the Company entered into a second amendment to the Credit Agreement in which the interest rate on any outstanding borrowings under the Credit Agreement was changed from LIBOR to SOFR. In May 2023, the Company entered into a third amendment to the Credit Agreement in which certain defined terms were clarified. The Company incurred $1,427 of deferred financing fees related to these amendments. On March 31, 2024, the Company was in compliance with all financial covenants.
Some of the lenders that are parties to the Credit Agreement, and their respective affiliates, have various relationships with the Company in the ordinary course of business involving the provision of financial services, including cash management, commercial banking, investment banking or other services.
Future maturities of long-term debt and amortization of debt issuance costs as of March 31, 2024 are as follows:
| | Debt | | | Debt Issuance Costs | |
2024 (excluding the thirteen weeks ended March 31, 2024) | | $ | 5,582 | | | $ | 1,307 | |
2025 | | | 7,230 | | | | 1,876 | |
2026 | | | 6,571 | | | | 2,034 | |
2027 | | | 6,572 | | | | 2,209 | |
2028 | | | 551,219 | | | | 2,192 | |
| | $ | 577,174 | | | $ | 9,618 | |
7. | COMMON STOCK WARRANTS AND EARN-OUT LIABILITY |
The Company consummated a business combination (the “Business Combination”) pursuant to that certain Agreement and Plan of Merger dated March 11, 2021 (the “Merger Agreement”), by and among Empower Ltd., (“Empower”), Empower Merger Sub I Inc., Empower Merger Sub II LLC, and Holley Intermediate Holdings, Inc. (“Holley Intermediate”) on July 16, 2021, (the “Closing” and such date, the “Closing Date”). Upon the Closing, there were 14,666,644 Warrants, consisting of 9,999,977 public warrants ("Public Warrants") and 4,666,667 private warrants ("Private Warrants" and together with the Public Warrants, the “Warrants”), outstanding to purchase shares of Common Stock that were issued by Empower prior to the Business Combination. Each Warrant entitles the registered holder to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustments, provided that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities laws of the state of residence of the holder. The Warrants may be exercised only for a whole number of shares of Common Stock. The Warrants expire on July 16, 2026, the date that is five years after the Closing Date, or earlier upon redemption or liquidation. Additionally, the Private Warrants will be non-redeemable and are exercisable on a cashless basis so long as they are held by Empower Sponsor Holdings, LLC (the "Sponsor") or any of its permitted transferees. If the Private Warrants are held by someone other than the Sponsor or its permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share data)
The Company may redeem the Public Warrants at a price of $0.01 per warrant upon 30 days' notice if the closing price of Common Stock equals or exceeds $18.00 per share, subject to adjustments, on the trading day prior to the date on which notice of redemption is given, provided there is an effective registration statement and current prospectus in effect with respect to the ordinary shares underlying such Warrants throughout the 30-day redemption period. If the foregoing conditions are satisfied and the Company issues a notice of redemption of the Warrants, the Warrant holder is entitled to exercise his, her or its Warrant prior to the scheduled redemption date. Any such exercise requires the Warrant holder to pay the exercise price for each Warrant being exercised. Further, the Company may redeem the Public Warrants at a price of $0.10 per warrant upon 30 days' notice if the closing price of Common Stock equals or exceeds $10.00 per share, subject to adjustments, on the trading day prior to the date on which notice of redemption is given. Beginning on the date the notice of redemption is given until the Warrants are redeemed or exercised, holders may elect to exercise their Warrants on a cashless basis and receive that number of shares of Common Stock as determined by reference to a table in the warrant agreement.
During any period when the Company has failed to maintain an effective registration statement, warrant holders may exercise Warrants on a cashless basis in accordance with Section 3(a)(9) of the Securities Act or another exemption, and the Company will use its commercially reasonable best efforts to register or qualify the shares under applicable blue-sky laws to the extent an exemption is not available.
The Company’s Warrants are accounted for as a liability in accordance with ASC 815-40 and are presented as a warrant liability on the balance sheet. The warrant liability was measured at fair value at inception and on a recurring basis, with changes in fair value recognized as non-operating expense. As of March 31, 2024 and December 31, 2023, a warrant liability with a fair value of $5,256 and $8,383, respectively, was reflected as a long-term liability in the condensed consolidated balance sheet. A decrease of $3,127 and an increase of $1,435 in the fair value of the warrant liability was reflected as change in fair value of warrant liability in the condensed consolidated statements of comprehensive income for the 13-week periods ended March 31, 2024 and April 2, 2023, respectively.
Additionally, the Sponsor received 2,187,500 shares of Common Stock upon the Closing, which vest in two equal tranches upon achievement of certain market share price milestones during the earn-out period, as outlined in the Merger Agreement (the “Earn-Out Shares”). The first tranche of Earn-Out Shares vested during the first quarter of 2022. Upon vesting, the first tranche of 1,093,750 Earn-Out Shares were issued and a liability of $14,689, representing the fair value of the shares on the date of vesting, was reclassified from liabilities to equity. The remaining tranche of Earn-Out Shares will be forfeited if the applicable conditions are not satisfied before July 16, 2028 (seven years after the Closing Date). The unvested Earn-Out Shares are presented as an earn-out liability on the balance sheet and are remeasured at fair value with changes in fair value recognized as non-operating expense. As of March 31, 2024 and December 31, 2023, an earn-out liability with a fair value of $2,830 and $3,479, respectively, was reflected as a long-term liability in the condensed consolidated balance sheet. A decrease of $649 and an increase of $428 in the fair value of the earn-out liability was reflected as change in fair value of earn-out liability in the condensed consolidated statements of comprehensive income for the 13-week periods ended March 31, 2024 and April 2, 2023, respectively.
8. | DERIVATIVE INSTRUMENTS |
The Company from time to time enters into derivative financial instruments, such as interest rate collar agreements (each, a “Collar”), to manage its exposure to fluctuations in interest rates on the Company’s variable rate debt. On January 4, 2023, the Company entered into a Collar with Wells Fargo Bank, N.A. ("Wells Fargo") with a notional amount of $500,000 that expires on February 18, 2026. The Collar has a floor of 2.811% and a cap of 5% (based on three-month SOFR). The structure of this Collar is such that the Company receives an incremental amount if the Collar index exceeds the cap rate. Conversely, the Company pays an incremental amount to Wells Fargo if the Collar index falls below the floor rate. No payments are required if the Collar index falls between the cap and floor rates.
As of March 31, 2024, the Company recognized a derivative asset of $1,117 for the Collar in other noncurrent assets on the condensed consolidated balance sheet. The Company recorded a net change in the fair value of the Collar as a decrease to interest expense of $2,281 and as an increase to interest expense of $3,020, for the 13-week periods ended March 31, 2024 and April 2, 2023, respectively. Cash receipts for the Collar totaled $469 for the 13-week period ended March 31, 2024.
The fair value of the Collar is determined using observable market-based inputs and the impact of credit risk on the derivative’s fair value (the creditworthiness of the Company’s counterparty for assets and the creditworthiness of the Company for liabilities) (a Level 2 measurement, as described in Note 9, "Fair Value Measurements").
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share data)
9. | FAIR VALUE MEASUREMENTS |
The Company’s financial liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows:
| | Fair Value Measured on March 31, 2024 | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Assets: | | | | | | | | | | | | | | | | |
Interest rate collar | | $ | — | | | $ | 1,117 | | | $ | — | | | $ | 1,117 | |
| | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Warrant liability (Public) | | $ | 3,488 | | | $ | — | | | $ | — | | | $ | 3,488 | |
Warrant liability (Private) | | | — | | | | — | | | | 1,768 | | | | 1,768 | |
Earn-out liability | | | — | | | | — | | | | 2,830 | | | | 2,830 | |
Total fair value liabilities | | $ | 3,488 | | | $ | — | | | $ | 4,598 | | | $ | 8,086 | |
| | Fair Value Measured on December 31, 2023 | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Liabilities: | | | | | | | | | | | | | | | | |
Warrant liability (Public) | | $ | 5,480 | | | $ | — | | | $ | — | | | $ | 5,480 | |
Warrant liability (Private) | | | — | | | | — | | | | 2,903 | | | | 2,903 | |
Earn-out liability | | | — | | | | — | | | | 3,479 | | | | 3,479 | |
Interest rate collar liability | | | — | | | | 1,164 | | | | — | | | | 1,164 | |
Total fair value liabilities | | $ | 5,480 | | | $ | 1,164 | | | $ | 6,382 | | | $ | 13,026 | |
As of March 31, 2024, the Company's derivative liabilities for its Private and Public Warrants, earn-out liability, and derivative asset for its Collar are measured at fair value on a recurring basis (see Note 7, “Common Stock Warrants and Earn-Out Liability,” and Note 8, "Derivative Instruments," for more details). The fair values of the Private Warrants and earn-out liability are determined based on significant inputs not observable in the market (Level 3). The valuation of the Level 3 liabilities uses assumptions and estimates the Company believes would be made by a market participant in making the same valuation. The Company assesses these assumptions and estimates on an on-going basis as additional data impacting the assumptions and estimates are obtained. The Company uses a Monte Carlo simulation model to estimate the fair value of its Private Warrants and earn-out liability. The fair value of the Collar, which is included in other noncurrent assets on the condensed consolidated balance sheet, is determined based on models that reflect the contractual terms of the derivative, yield curves, and the credit quality of the counterparties. Inputs are generally observable and do not contain a high level of subjectivity (Level 2). The fair value of the Public Warrants is determined using publicly traded prices (Level 1). Changes in the fair value of the derivative liabilities related to Warrants and the earn-out liability are recognized as non-operating expense in the condensed consolidated statements of comprehensive income. Changes in the fair value of the Collar is recognized as an adjustment to interest expense in the condensed consolidated statements of comprehensive income. Changes in the fair value of the derivative liabilities related to Warrants and the earn-out liability and changes in the fair value of the Collar are recognized in net cash provided by operating activities on the condensed consolidated statements of cash flows.
The fair value of Private Warrants was estimated as of the measurement date using the Monte Carlo simulation model with the following assumptions:
| | March 31, 2024 | | | December 31, 2023 | |
Valuation date price | | $ | 4.46 | | | $ | 4.87 | |
Strike price | | $ | 11.50 | | | $ | 11.50 | |
Remaining life (in years) | | | 2.29 | | | | 2.54 | |
Expected dividend | | $ | — | | | $ | — | |
Risk-free interest rate | | | 4.42 | % | | | 4.01 | % |
Price threshold | | $ | 18.00 | | | $ | 18.00 | |
16
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share data)
The fair value of the earn-out liability was estimated as of the measurement date using the Monte Carlo simulation model with the following assumptions:
| | March 31, 2024 | | | December 31, 2023 | |
Valuation date price | | $ | 4.46 | | | $ | 4.87 | |
Expected term (in years) | | | 4.29 | | | | 4.54 | |
Expected volatility | | | 65.22 | % | | | 67.20 | % |
Risk-free interest rate | | | 4.17 | % | | | 3.79 | % |
Price hurdle | | $ | 15.00 | | | $ | 15.00 | |
As of March 31, 2024 and December 31, 2023, the Company has accounts receivable, accounts payable and accrued expenses for which the carrying value approximates fair value due to the short-term nature of these instruments. The carrying value of the Company’s long-term debt approximates fair value as the rates used approximate the market rates currently available to the Company. Fair value measurements used in the impairment reviews of goodwill and intangible assets are Level 3 measurements.
The reconciliation of changes in Level 3 liabilities during the 13-week periods ended March 31, 2024 and April 2, 2023 is as follows:
| | Private Warrants | | | Earn-Out Liability | | | Total | |
Balance at December 31, 2022 | | $ | 1,581 | | | $ | 1,176 | | | $ | 2,757 | |
Losses included in earnings | | | 518 | | | | 428 | | | | 946 | |
Balance at April 2, 2023 | | $ | 2,099 | | | $ | 1,604 | | | $ | 3,703 | |
| | | | | | | | | | | | |
Balance at December 31, 2023 | | $ | 2,903 | | | $ | 3,479 | | | $ | 6,382 | |
Gains included in earnings | | | (1,135 | ) | | | (649 | ) | | | (1,784 | ) |
Balance at March 31, 2024 | | $ | 1,768 | | | $ | 2,830 | | | $ | 4,598 | |
The principal activity from which the Company generates its revenue is the manufacturing and distribution of after-market automotive parts for its customers, comprised of resellers and end users. The Company recognizes revenue at a point in time, rather than over time, as the performance obligation is satisfied when customer obtains control of the product upon title transfer and not as the product is manufactured or developed. The amount of revenue recognized is based on the purchase order price and adjusted for revenue allocated to variable consideration (i.e., estimated rebates, co-op advertising, etc.).
The Company collects sales tax and other taxes concurrent with revenue-producing activities which are excluded from revenue. Shipping and handling costs incurred after control of the product is transferred to our customers are treated as fulfillment costs and not a separate performance obligation.
The Company allows customers to return products when certain Company-established criteria are met. These sales returns are recorded as a charge against gross sales in the period in which the related sales are recognized, net of returns to stock. Returned products, which are recorded as inventories, are valued at the lower of cost or net realizable value. The physical condition and marketability of the returned products are the major factors considered in estimating realizable value. The Company also estimates expected sales returns and records the necessary adjustment as a charge against gross sales.
17
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share data)
The Company’s payment terms with customers are customary and vary by customer and geography but typically range from 30 to 365 days. The Company elected the practical expedient to disregard the possible existence of a significant financing component related to payment on contracts, as the Company expects that customers will pay for the products within one year. The Company has evaluated the terms of our arrangements and determined that they do not contain significant financing components. Additionally, as all contracts with customers have an expected duration of one year or less, the Company has elected the practical expedient to exclude disclosure of information regarding the aggregate amount and future timing of performance obligations that are unsatisfied or partially satisfied as of the end of the reporting period. The Company provides limited warranties on most of its products against certain manufacturing and other defects. Provisions for estimated expenses related to product warranty are made at the time products are sold. Refer to Note 15, “Commitments and Contingencies” for more information.
The following table summarizes total revenue by product category.
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Electronic systems | | $ | 63,880 | | | $ | 68,751 | |
Mechanical systems | | | 38,395 | | | | 43,318 | |
Exhaust | | | 13,990 | | | | 15,829 | |
Accessories | | | 23,384 | | | | 27,465 | |
Safety | | | 18,987 | | | | 16,842 | |
Net sales | | $ | 158,636 | | | $ | 172,205 | |
The following table summarizes total revenue based on geographic location from which the product is shipped:
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
United States | | $ | 153,325 | | | $ | 166,418 | |
Italy | | | 5,311 | | | | 5,787 | |
Net sales | | $ | 158,636 | | | $ | 172,205 | |
The Company's effective income tax rate is based on expected income, statutory rates and tax planning opportunities available in the various jurisdictions in which it operates. For interim financial reporting, the Company estimates the annual income tax rate based on projected taxable income for the full year and records a quarterly income tax provision or benefit in accordance with the anticipated annual rate. The Company refines the estimates of the year's taxable income as new information becomes available, including actual year-to-date financial results. This continual estimation process often results in a change to the expected effective income tax rate for the year. When this occurs, the Company adjusts the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected income tax rate. Significant judgment is required in determining the effective tax rate and in evaluating tax positions.
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Income tax expense (benefit) | | $ | (891 | ) | | $ | 1,566 | |
Effective tax rate | | | (31.4 | )% | | | 26.9 | % |
For the 13-week period ended March 31, 2024, the Company's effective tax rate of -31.4% differed from the 21% federal statutory rate primarily due to permanent differences related to changes in fair value of the warrant and earn-out liabilities recognized during the period, federal research and development tax credits, and the impact of foreign taxes in higher tax rate jurisdictions. In addition, the Company incurred expenses related to product rationalization that were determined to be significant and infrequent in nature; therefore, the full tax benefit of these expenses were recorded during the quarter as a discrete adjustment. For the 13-week period ended April 2, 2023, the Company’s effective tax rate of 26.9% differed from the 21% federal statutory rate primarily due to permanent differences related to changes in the fair value of the warrant and earn-out liabilities recognized during the period.
18
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share data)
The following table sets forth the calculation of basic and diluted earnings per share:
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Numerator: | | | | | | | | |
Net income | | $ | 3,730 | | | $ | 4,247 | |
Denominator: | | | | | | | | |
Weighted average common shares outstanding - basic | | | 117,871,829 | | | | 117,153,525 | |
Dilutive effect of potential common shares from RSUs | | | 1,429,198 | | | | 91,237 | |
Dilutive effect of potential common shares from PSUs | | | 204,303 | | | | — | |
Weighted average common shares outstanding - diluted | | | 119,505,330 | | | | 117,244,762 | |
Earnings per share: | | | | | | | | |
Basic | | $ | 0.03 | | | $ | 0.04 | |
Diluted | | $ | 0.03 | | | $ | 0.04 | |
The following outstanding shares of Common Stock equivalents were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive. Warrants to purchase shares of Common Stock having an exercise price greater than the average share market price are excluded from the calculation of diluted earnings per share.
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Anti-dilutive shares excluded from calculation of diluted EPS: | | | | | | | | |
Warrants | | | 14,633,311 | | | | 14,633,311 | |
Stock options | | | 701,849 | | | | 1,117,102 | |
Restricted stock units | | | 61,470 | | | | 429,948 | |
Performance stock units | | | 797,879 | | | | 949,412 | |
Unvested Earn-Out Shares | | | 1,093,750 | | | | 1,093,750 | |
Total anti-dilutive shares | | | 17,288,259 | | | | 18,223,523 | |
13. | EQUITY-BASED COMPENSATION PLANS |
In 2021, the Company adopted the 2021 Omnibus Incentive Plan (the “2021 Plan”), under which awards, including stock options, restricted stock units ("RSUs") and performance stock units ("PSUs") may be granted to employees and non-employee directors. The 2021 Plan authorized 8,850,000 shares of Common Stock to be available for award grants. As of March 31, 2024, 4,754,499 shares of Common Stock remained available for future issuance under the 2021 Plan. On June 6, 2023, the Company granted 1,000,000 RSUs and 1,520,000 PSUs to its new President and Chief Executive Officer. These awards were granted outside of the 2021 Plan as employment inducement awards and did not require shareholder approval under the rules of the NYSE or otherwise.
Equity-based compensation expense included the following components:
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Restricted stock units | | $ | 774 | | | $ | 648 | |
Performance stock units | | | 390 | | | | 52 | |
Stock options | | | (23 | ) | | | (306 | ) |
All equity-based compensation expenses are recorded in selling, general and administrative costs in the condensed consolidated statements of comprehensive income.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share data)
Restricted Stock Awards
RSUs and PSUs are collectively referred to as "Restricted Stock Awards". The Compensation Committee has awarded RSUs to select employees and non-employee directors and has awarded PSUs to select employees. The RSUs vest ratably over one to four years of continued employment. The grant date fair value of a time-based award or a performance-based award without a market condition is equal to the market price of Common Stock on the grant date and is recognized over the requisite service period. The grant date fair value of a performance-based award with a market condition is determined using a Monte Carlo simulation and is recognized over the requisite service period. On March 31, 2024, there was $8,977 of unrecognized compensation cost related to unvested Restricted Stock Awards that is expected to be recognized over a remaining weighted average period of 2.4 years.
The weighted-average grant-date fair value of Restricted Stock Awards granted during the 13-week periods ended March 31, 2024 and April 2, 2023, was $4.25 and $2.11, respectively. The fair value of Restricted Stock Awards vested and converted to shares of Common Stock during the 13-week periods ended March 31, 2024 and April 2, 2023, was $3,364 and $146, respectively.
The following table summarizes Restricted Stock Award for the 13-week period ended March 31, 2024:
| | Unvested Restricted Stock Awards | |
| | | | | | Weighted Average | |
| | Number of RSAs | | | Grant Date Fair Value | |
Balance on December 31, 2023 | | | 4,904,801 | | | $ | 2.86 | |
Granted | | | 803,080 | | | | 4.25 | |
Vested | | | (819,876 | ) | | | 2.61 | |
Forfeited | | | (478,261 | ) | | | 3.13 | |
Balance on March 31, 2024 | | | 4,409,744 | | | $ | 3.13 | |
Performance-based Restricted Stock Units
The PSUs granted under the 2021 Plan represent shares of Common Stock that are potentially issuable in the future based on a combination of performance and service requirements. On March 4, 2024, the Company granted 340,895 PSUs under the 2021 Plan to key employees with a grant date fair value of $4.22 and on March 18, 2024, the Company granted an additional 26,020 PSUs with a grant data fair value of $4.25. The PSUs granted to employees were based on salary and include annual net sales and adjusted EBITDA growth targets with threshold and stretch goals. The awards vest ratably over three years, subject to the employee’s continuous employment through the vesting date and the level of performance achieved. The number of PSUs granted reflects the target number able to be earned under a given award. Non-vested PSU compensation expense is based on the most recent performance assumption available and is adjusted as assumptions change. The fair value of a PSU at the grant date is equal to the market price of Common Stock on the grant date. The cost estimates for PSU grants represent initial target awards until the Company can reasonably forecast the financial performance of each PSU award grant. The actual number of shares of Common Stock to be issued at the end of each performance period will range from 0% to 150% of the initial target awards.
Stock Options
Stock option grants have an exercise price at least equal to the market value of the underlying Common Stock on the date of grant, have ten-year terms, and vest ratably over three years of continued employment. In general, vested options expire if not exercised within 90 days of termination of service. Compensation expense for stock options is recorded based on straight-line amortization of the grant date fair value over the requisite service period. As of March 31, 2024, there was $364 of unrecognized compensation cost related to unvested stock options that is expected to be recognized over a remaining weighted-average period of 0.8 years.
20
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share data)
The following table summarizes stock option activity for the 13-week period ended March 31, 2024:
| | | | | | | | | | Weighted Average | |
| | | | | | Weighted | | | Remaining | |
| | Number of | | | Average | | | Contractual | |
| | Stock Options | | | Exercise Price | | | Term (years) | |
Options outstanding on December 31, 2023 | | | 886,046 | | | $ | 10.97 | | | | | |
Forfeited | | | (134,066 | ) | | | 11.03 | | | | | |
Expired | | | (50,131 | ) | | | 10.76 | | | | | |
Options outstanding on March 31, 2024 | | | 701,849 | | | $ | 10.98 | | | | 4.95 | |
Options exercisable on March 31, 2024 | | | 535,805 | | | $ | 11.00 | | | | 4.12 | |
The Company leases retail stores, manufacturing, distribution, engineering, and research and development facilities, office space, equipment, and automobiles under operating lease agreements. Leases have remaining lease terms of one to 11 years, inclusive of renewal options that the Company is reasonably certain to exercise.
The following table summarizes operating lease assets and obligations, and provides information associated with the measurement of operating lease obligations.
| | As of | |
| | March 31, 2024 | | | December 31, 2023 | |
Assets: | | | | | | | | |
Operating right of use assets | | $ | 28,481 | | | $ | 29,250 | |
Liabilities: | | | | | | | | |
Current operating lease liabilities - Accrued liabilities | | $ | 4,476 | | | $ | 4,948 | |
Long-term operating lease liabilities | | | 25,266 | | | | 25,177 | |
Total lease liabilities | | $ | 29,742 | | | $ | 30,125 | |
Lease term and discount rate | | | | | | | | |
Weighted average remaining lease term (in years) | | | 7.2 | | | | 7.2 | |
Weighted average discount rate | | | 6.35 | % | | | 6.21 | % |
The following summarizes the components of operating lease expense and provides supplemental cash flow information for operating leases:
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Components of lease expense: | | | | | | | | |
Operating lease expense | | $ | 2,145 | | | $ | 1,586 | |
Short-term lease expense | | | 428 | | | | 512 | |
Variable lease expense | | | 80 | | | | 152 | |
Total lease expense | | $ | 2,653 | | | $ | 2,250 | |
Supplemental cash flow information related to leases: | | | | | | | | |
Cash paid for amounts included in measurement of operating lease liabilities | | $ | 1,849 | | | $ | 1,751 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | | | 2,014 | | | | — | |
Decapitalization of right-of-use assets upon lease termination or modification | | | 1,360 | | | | — | |
21
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share data)
The following table summarizes the maturities of the Company's operating lease liabilities as of March 31, 2024:
2024 (excluding the thirteen weeks ended March 31, 2024) | | $ | 4,857 | |
2025 | | | 5,289 | |
2026 | | | 4,814 | |
2027 | | | 4,807 | |
2028 | | | 4,568 | |
Thereafter | | | 12,896 | |
Total lease payments | | | 37,231 | |
Less imputed interest | | | (7,489 | ) |
Present value of lease liabilities | | $ | 29,742 | |
15. | COMMITMENTS AND CONTINGENCIES |
Litigation
The Company is a party to various lawsuits and claims in the normal course of business, as well as the putative securities class action described below. While the lawsuits and claims against the Company cannot be predicted with certainty, management believes that the ultimate resolution of such matters will not have a material effect on the consolidated financial position or liquidity of the Company; however, in light of the inherent uncertainties involved in such lawsuits and claims, some of which may be beyond the Company’s control, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. The Company has established loss provision for matters in which losses are probable and can be reasonably estimated. Although management will continue to reassess the estimated liability based on future developments, an objective assessment of such claims may not always be predictive of the outcome and actual results may vary from current estimates.
A putative securities class action was filed on November 6, 2023, against the Company, Tom Tomlinson (the Company’s former Director, President, and Chief Executive Officer), and Dominic Bardos (the Company’s former Chief Financial Officer) in the United States District Court for the Western District of Kentucky (the “Complaint”) and is captioned City of Fort Lauderdale General Employees’ Retirement System v. Holley, Inc., f/k/a Empower LTD., Tom Tomlinson, and Dominic Bardos, Civil Action No. 1:23-cv-148-S.
On February 26, 2024, the court appointed City of Fort Lauderdale General Employees’ Retirement System to serve as lead plaintiff to prosecute claims on behalf of a proposed class of stockholders who purchased or otherwise acquired Holley securities between July 21, 2021 and February 6, 2023. On April 26, 2024, lead plaintiff filed an amended complaint, adding Vinod Nimmagadda (the Company’s Executive Vice President of Corporate Development and New Ventures) as a defendant. Lead plaintiff alleges that statements made regarding the Company’s business, operations, and prospects violated Sections 10(b), Section 20(a) and Rule 10b-5 of the Securities Exchange Act of 1934 and seeks class certification, damages, interest, attorneys’ fees, and other relief. The Company’s response to the amended complaint is due by June 28, 2024.
Due to the early stage of this proceeding, we cannot reasonably estimate the potential range of loss, if any. The Company disputes the allegations and intends to vigorously defend against them.
22
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share data)
Product Warranties
The Company generally warrants its products against certain manufacturing and other defects. These product warranties are provided for specific periods of time depending on the nature of the product. The accrued product warranty costs are based primarily on historical experience of actual warranty claims and are recorded at the time of the sale.
The following table provides the changes in the Company's accrual for product warranties, which is classified as a component of accrued liabilities in the condensed consolidated balance sheets.
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Beginning balance | | $ | 3,325 | | | $ | 3,584 | |
Accrued for current year warranty claims | | | 3,343 | | | | 2,954 | |
Settlement of warranty claims | | | (1,897 | ) | | | (3,357 | ) |
Ending balance | | $ | 4,771 | | | $ | 3,181 | |
Employee Savings Plans
The Company has a defined-contribution savings plan under Section 401(k) of the Internal Revenue Code that covers United States-based employees.United States-based eligible employees may contribute up to the current statutory limits under the Internal Revenue Service regulations. Holley matches employee contributions to the 401(k) Plan up to 3.5% each pay period, and an additional discretionary match of up to 1.5% is made based on company performance targets. The Company also has defined-contribution saving plan for Canada-based employees. Canada-based eligible employees may contribute up to the current statutory limits for a Registered Retirement Savings Plan. Holley matches employee contributions to the Group Savings Plan up to 3.0% each pay period, and an additional discretionary match of up to 1.5% is made based on company performance targets.
During the 13-week periods ended March 31, 2024 and April 2, 2023, the Company made matching contributions under the savings plans totaling $616 and $575, respectively.
23
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Unless the context requires otherwise, references to “Holley,” “we,” “us,” “our” and “the Company” in this section are to the business and operations of Holley Inc. and its subsidiaries unless the context otherwise indicates. The following discussion and analysis should be read in conjunction with Holley’s condensed consolidated financial statements and related notes thereto included in this Quarterly Report on Form 10-Q. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties, and assumptions that could cause Holley’s actual results to differ materially from management’s expectations. Factors that could cause such differences are discussed herein and under the caption, “Cautionary Note Regarding Forward-Looking Statements.”
Overview
We are a leading designer, marketer, and manufacturer of high performance automotive aftermarket products serving car and truck enthusiasts, with sales, processing, and distribution facilities reaching most major markets in the United States, Canada, Europe and China. We design, market, manufacture and distribute a diversified line of performance automotive products including fuel injection systems, tuners, exhaust products, carburetors, safety equipment and various other performance automotive products. Our products are designed to enhance street, off-road, recreational and competitive vehicle performance and safety.
Innovation is at the core of our business and growth strategy. We have a history of developing innovative products, including new products in existing product families, product line expansions, and accessories, as well as products that bring us into new categories. We have thoughtfully expanded our product portfolio over time to adapt to consumer needs.
In addition, we have historically used strategic acquisitions to (i) expand our brand portfolio, (ii) enter new product categories and consumer segments, (iii) increase direct-to-consumer scale and connection, (iv) expand share in current product categories and (v) realize value-enhancing revenue and cost synergies. While we believe our business is positioned for continued organic growth, we intend to continue evaluating opportunities for strategic acquisitions that would complement our current business and expand our addressable target market.
Factors Affecting our Performance
We believe that our performance and future success depend on a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed above, under the caption, "Cautionary Note Regarding Forward-Looking Statements," in this Quarterly Report on Form 10-Q, under the caption, “Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on March 14, 2024, and in our subsequent filings with the SEC.
Business Environment
Our business and results of operations, financial condition, and liquidity are impacted by broad economic conditions, as well as by geopolitical events, including the conflict in Ukraine, the conflict in the Middle East, and the possible expansion of such conflicts and potential geopolitical consequences. Our business is impacted by various economic factors that affect both consumers and the automotive industry, including by not limited to inflation, fuel costs, wage rates, supply chain disruptions, hiring, and other economic conditions. In response to inflationary impacts and supply chain disruptions, we have attempted to minimize potential adverse impacts on our business with cost savings initiatives, price increases to customers, and increased attention to maintaining appropriate inventory levels in the distribution channel. Our profitability has been, and may continue to be, adversely affected by constrained consumer demand, a shift in sales to lower-margin products, and demands on our performance that increase our costs. Should the ongoing macroeconomic conditions not improve, or worsen, or if our attempt to mitigate the impact on our supply chain, operations and costs is not successful, our business, results of operations and financial condition may be adversely affected.
Key Components of Results of Operations
Net Sales
The principal activity from which we generate sales is the designing, marketing, manufacturing and distribution of performance after-market automotive parts for our end consumers. Sales are displayed net of rebates and sales returns allowances. Sales returns are recorded as a charge against gross sales in the period in which the related sales are recognized.
Cost of Goods Sold
Cost of goods sold consists primarily of the cost of purchased parts and manufactured products, including materials and direct labor costs. In addition, warranty, incoming shipping and handling and inspection and repair costs are also included within costs of goods sold. Reductions in the cost of inventory to its net realizable value are also a component of cost of goods sold.
Selling, General, and Administrative
Selling, general, and administrative costs consist of payroll and related personnel expenses, IT and office services, office rent expense and professional services. In addition, self-insurance, advertising, research and development, outgoing shipping costs, pre-production and start-up costs are also included within selling, general, and administrative.
Restructuring Costs
Restructuring costs include charges attributable to operational restructuring and integration activities, including professional and consulting services; termination related benefits; facilities relocation; and executive transition costs.
Interest Expense
Interest expense consists of interest due on the indebtedness under our credit facilities. Interest is based on SOFR or the base rate, at the Company's election, plus the applicable margin rate. As of March 31, 2024, $575.9 million was outstanding under our Credit Agreement.
Results of Operations
13-Week Period Ended March 31, 2024 Compared With 13-Week Period Ended April 2, 2023
The table below presents Holley’s results of operations for the 13-week periods ended March 31, 2024 and April 2, 2023 (dollars in thousands):
|
|
For the thirteen weeks ended |
|
|
|
March 31, 2024 |
|
|
April 2, 2023 |
|
|
Change ($) |
|
|
Change (%) |
|
Net sales |
|
$ |
158,636 |
|
|
$ |
172,205 |
|
|
$ |
(13,569 |
) |
|
|
(7.9 |
)% |
Cost of goods sold |
|
|
106,577 |
|
|
|
104,492 |
|
|
|
2,085 |
|
|
|
2.0 |
% |
Gross profit |
|
|
52,059 |
|
|
|
67,713 |
|
|
|
(15,654 |
) |
|
|
(23.1 |
)% |
Selling, general, and administrative |
|
|
32,996 |
|
|
|
30,017 |
|
|
|
2,979 |
|
|
|
9.9 |
% |
Research and development costs |
|
|
4,812 |
|
|
|
6,653 |
|
|
|
(1,841 |
) |
|
|
(27.7 |
)% |
Amortization of intangible assets |
|
|
3,436 |
|
|
|
3,679 |
|
|
|
(243 |
) |
|
|
(6.6 |
)% |
Restructuring costs |
|
|
615 |
|
|
|
1,339 |
|
|
|
(724 |
) |
|
|
(54.1 |
)% |
Other operating expense |
|
|
(8 |
) |
|
|
51 |
|
|
|
(59 |
) |
|
|
n/a |
|
Operating income |
|
|
10,208 |
|
|
|
25,974 |
|
|
|
(15,766 |
) |
|
|
(60.7 |
)% |
Change in fair value of warrant liability |
|
|
(3,127 |
) |
|
|
1,435 |
|
|
|
(4,562 |
) |
|
|
n/a |
|
Change in fair value of earn-out liability |
|
|
(649 |
) |
|
|
428 |
|
|
|
(1,077 |
) |
|
|
n/a |
|
Loss on early extinguishment of debt |
|
|
141 |
|
|
|
— |
|
|
|
141 |
|
|
|
n/a |
|
Interest expense |
|
|
11,004 |
|
|
|
18,298 |
|
|
|
(7,294 |
) |
|
|
(39.9 |
)% |
Income before income taxes |
|
|
2,839 |
|
|
|
5,813 |
|
|
|
(2,974 |
) |
|
|
(51.2 |
)% |
Income tax expense (benefit) |
|
|
(891 |
) |
|
|
1,566 |
|
|
|
(2,457 |
) |
|
|
(156.9 |
)% |
Net income |
|
|
3,730 |
|
|
|
4,247 |
|
|
|
(517 |
) |
|
|
(12.2 |
)% |
Foreign currency translation adjustment |
|
|
(186 |
) |
|
|
(199 |
) |
|
|
13 |
|
|
|
(6.5 |
)% |
Total comprehensive income |
|
$ |
3,544 |
|
|
$ |
4,048 |
|
|
$ |
(504 |
) |
|
|
(12.5 |
)% |
Net Sales
Net sales for the 13-week period ended March 31, 2024 decreased $13.6 million, or 7.9%, to $158.6 million, as compared to $172.2 million for the 13-week period ended April 2, 2023. Lower sales volume resulted in a decrease of approximately $16.7 million, offset partially by improved price realization of approximately $3.1 million compared to the prior year period. Major categories driving the comparable year-over-year results include a decrease in mechanical systems sales of $4.9 million (11.4% category decline), a decrease in electronic systems sales of $4.9 million (7.1% category decline), and a decrease in accessories sales of $4.1 million (14.9% category decline).
Cost of Goods Sold
Cost of goods sold for the 13-week period ended March 31, 2024 increased $2.1 million, or 2.0%, to $106.6 million, as compared to $104.5 million for the 13-week period ended April 2, 2023. The increase in cost of goods sold in 2024, a period in which product sales decreased 7.9%, was impacted by $9.1 million of product rationalization initiatives that are part of a portfolio transformation aimed at eliminating unprofitable or slow-moving stock keeping units ("SKUs"). Lower freight costs partially offset the impact of these charges.
Gross Profit and Gross Margin
Gross profit for the
13-week period ended March 31, 2024 decreased
$15.7 million, or
23.1%, to
$52.1 million, as compared to
$67.7 million for the
13-week period ended April 2, 2023. Gross margin for the
13-week period ended March 31, 2024 was
32.8% as compared to a gross margin of
39.3% for the
13-week period ended April 2, 2023. Gross profit margin declined primarily due to inventory charges driven by product rationalization initiatives, which was partially offset by
improvements in freight costs. After adjusting for the $9.1 million of product rationalization and $0.6 million in other inventory charges, Adjusted Gross Margin for the quarter was
38.9% for the
13-week period ended March 31, 2024 compared to
39.3% for the
13-week period ended April 2, 2023.
Gross profit was also negatively affected by lower sales volume.
Selling, General and Administrative
Selling, general and administrative costs for the 13-week period ended March 31, 2024 increased $3.0 million, or 9.9%, to $33.0 million, as compared to $30.0 million for the 13-week period ended April 2, 2023. Selling, general and administrative costs expressed as a percentage of sales increased to 20.8% for the 13-week period ended March 31, 2024 compared to 17.4% for the 13-week period ended April 2, 2023. The increase in selling, general and administrative costs was driven by $0.7 million increase in equity compensation, a $2 million reserve related to litigation settlements, and certain costs incurred for advisory services related to identifying performance initiatives. These increases were partially offset by lower outbound shipping and handling costs.
Research and Development Costs
Research and development costs for the 13-week period ended March 31, 2024 decreased to $4.8 million as compared to $6.7 million for the 13-week period ended April 2, 2023, primarily due to headcount reductions, reflecting the implementation of cost-saving initiatives.
Amortization and Impairment of Intangible Assets
Amortization of intangible assets was $3.4 million for the 13-week period ended March 31, 2024 compared to $3.7 million for the 13-week period ended April 2, 2023.
Restructuring Costs
Restructuring costs for the 13-week period ended March 31, 2024 decreased by $0.7 million to $0.6 million, as compared to $1.3 million for the 13-week period ended April 2, 2023, reflecting a reduction in restructuring and integration activities associated with acquisitions.
Operating Income
As a result of factors described above, operating income for the 13-week period ended March 31, 2024 decreased $15.8 million, or 60.7%, to $10.2 million, as compared to $26.0 million for the 13-week period ended April 2, 2023.
Change in Fair Value of Warrant Liability
For the 13-week period ended March 31, 2024, we recognized a gain of $3.1 million from the change in fair value of the warrant liability. For the 13-week period ended April 2, 2023, we recognized a loss of $1.4 million from the change in fair value of the warrant liability. The warrant liability reflects the fair value of the Warrants issued in connection with the Business Combination.
Change in Fair Value of Earn-Out Liability
For the 13-week period ended March 31, 2024, we recognized a gain of $0.7 million from the change in fair value of the earn-out liability. For the 13-week period ended April 2, 2023, we recognized a loss of $0.4 million, from the change in fair value of the earn-out liability. The earn-out liability reflects the fair value of the unvested Earn-Out Shares resulting from the Business Combination.
Interest Expense
Interest expense for the 13-week period ended March 31, 2024 decreased $7.3 million, or 39.9%, to $11.0 million, as compared to $18.3 million for the 13-week period ended April 2, 2023, reflecting lower outstanding debt balances and the positive impact of the interest rate collar, offset in part by a higher effective interest rate on outstanding debt.
Income before Income Taxes
As a result of factors described above, we recognized $2.8 million of income before income taxes for the 13-week period ended March 31, 2024, as compared to income before income taxes of $5.8 million for the 13-week period ended April 2, 2023.
Income Tax Expense (Benefit)
Income tax benefit for the 13-week period ended March 31, 2024 was $0.9 million, as compared to income tax expense of $1.6 million for the 13-week period ended April 2, 2023. Our effective tax rate for the 13-week period ended March 31, 2024 was -31.4%. The difference between the effective tax rate for the 13-week period ended March 31, 2024 and the federal statutory rate in 2024 was due to permanent differences related to changes in fair value of the warrant and earn-out liabilities recognized during the period, federal research and development tax credits, and the impact of foreign taxes in higher tax rate jurisdictions. In addition, the company incurred expenses related to product rationalization that were determined to be significant and infrequent in nature, therefore, the full tax benefit of these expenses was recorded during first quarter 2024 as a discrete adjustment. The effective tax rate for the 13-week period ended April 2, 2023 was 26.9%. The difference between the effective tax rate and the federal statutory rate in 2023 was primarily due to permanent differences resulting from the change in fair value of the warrant and earn-out liabilities.
Net Income and Total Comprehensive Income
As a result of factors described above, we recognized net income of $3.7 million for the 13-week period ended March 31, 2024, as compared to net income of $4.3 million for the 13-week period ended April 2, 2023. Additionally, we recognized total comprehensive income of $3.5 million for the 13-week period ended March 31, 2024, as compared to total comprehensive income of $4.1 million for the 13-week period ended April 2, 2023. Comprehensive income includes the effect of foreign currency translation adjustments.
Non-GAAP Financial Measures
We present certain information with respect to EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, 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, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Net Income, Adjusted Diluted EPS, and Free Cash Flow are not prepared in accordance with GAAP and may be different from non-GAAP 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.
Adjusted EBITDA
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.
The following unaudited table presents the reconciliation of net income, the most directly comparable GAAP measure, to EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin for the 13-week periods ended March 31, 2024 and April 2, 2023 (dollars in thousands):
|
|
For the thirteen weeks ended |
|
|
|
March 31, 2024 |
|
|
April 2, 2023 |
|
Net income |
|
$ |
3,730 |
|
|
$ |
4,247 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
2,464 |
|
|
|
2,485 |
|
Amortization of intangible assets |
|
|
3,436 |
|
|
|
3,679 |
|
Interest expense, net |
|
|
11,004 |
|
|
|
18,298 |
|
Income tax expense |
|
|
(891 |
) |
|
|
1,566 |
|
EBITDA |
|
|
19,743 |
|
|
|
30,275 |
|
Change in fair value of warrant liability |
|
|
(3,127 |
) |
|
|
1,435 |
|
Change in fair value of earn-out liability |
|
|
(649 |
) |
|
|
428 |
|
Equity-based compensation expense |
|
|
1,141 |
|
|
|
394 |
|
Inventory charges |
|
|
9,713 |
|
|
|
— |
|
Loss on early extinguishment of debt |
|
|
141 |
|
|
|
— |
|
Restructuring costs |
|
|
615 |
|
|
|
1,339 |
|
Notable items |
|
|
3,100 |
|
|
|
24 |
|
Other expense (gain) |
|
|
(8 |
) |
|
|
51 |
|
Adjusted EBITDA |
|
$ |
30,669 |
|
|
$ |
33,946 |
|
Net sales |
|
$ |
158,636 |
|
|
$ |
172,205 |
|
Net income margin |
|
|
2.4 |
% |
|
|
2.5 |
% |
Adjusted EBITDA Margin |
|
|
19.3 |
% |
|
|
19.7 |
% |
Adjusted Gross Profit and Adjusted Gross Margin
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.
The following unaudited table presents the reconciliation of gross profit, the most directly comparable GAAP measure, to Adjusted Gross Profit and Adjusted Gross Margin for the 13-week periods ended March 31, 2024 and April 2, 2023 (dollars in thousands):
|
|
For the thirteen weeks ended |
|
|
|
March 31, 2024 |
|
|
April 2, 2023 |
|
Gross profit |
|
$ |
52,059 |
|
|
$ |
67,713 |
|
Adjust for: Inventory charges |
|
|
9,713 |
|
|
|
— |
|
Adjusted Gross Profit |
|
$ |
61,772 |
|
|
$ |
67,713 |
|
Net sales |
|
$ |
158,636 |
|
|
$ |
172,205 |
|
Gross margin |
|
|
32.8 |
% |
|
|
39.3 |
% |
Adjusted Gross Margin |
|
|
38.9 |
% |
|
|
39.3 |
% |
Adjusted Net Income and Adjusted Diluted EPS
We define Adjusted Net Income as earnings excluding the after-tax effect of changes in the fair value of the warrant liability, 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.
The following unaudited tables present the reconciliation of net income and net income per diluted share, the most directly comparable GAAP measures, to Adjusted Net Income and Adjusted Diluted EPS for the 13-week periods ended March 31, 2024 and April 2, 2023 (dollars in thousands):
|
|
For the thirteen weeks ended |
|
|
|
March 31, 2024 |
|
|
April 2, 2023 |
|
Net income |
|
$ |
3,730 |
|
|
$ |
4,247 |
|
Special items: |
|
|
|
|
|
|
|
|
Adjust for: Change in fair value of Warrant liability |
|
|
(3,127 |
) |
|
|
1,435 |
|
Adjust for: Change in fair value of earn-out liability |
|
|
(649 |
) |
|
|
428 |
|
Adjust for: Loss on early extinguishment of debt |
|
|
111 |
|
|
|
— |
|
Adjusted Net Income (Loss) |
|
$ |
65 |
|
|
$ |
6,110 |
|
|
|
For the thirteen weeks ended |
|
|
|
March 31, 2024 |
|
|
April 2, 2023 |
|
Net income per diluted share |
|
$ |
0.03 |
|
|
$ |
0.04 |
|
Special items: |
|
|
|
|
|
|
|
|
Adjust for: Change in fair value of Warrant liability |
|
|
(0.03 |
) |
|
|
0.01 |
|
Adjust for: Change in fair value of earn-out liability |
|
|
— |
|
|
|
— |
|
Adjust for: Loss on early extinguishment of debt |
|
|
— |
|
|
|
— |
|
Adjusted Diluted EPS |
|
$ |
— |
|
|
$ |
0.05 |
|
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.
The following unaudited table presents the reconciliation of net cash provided by operating activities, the most directly comparable GAAP measure, to Free Cash Flow for the 13-week periods ended March 31, 2024 and April 2, 2023 (dollars in thousands):
|
|
For the thirteen weeks ended |
|
|
|
March 31, 2024 |
|
|
April 2, 2023 |
|
Net cash provided by operating activities |
|
$ |
18,843 |
|
|
$ |
3,639 |
|
Capital expenditures |
|
|
(1,265 |
) |
|
|
(1,001 |
) |
Proceeds from the disposal of fixed assets |
|
|
174 |
|
|
|
318 |
|
Free Cash Flow |
|
$ |
17,752 |
|
|
$ |
2,956 |
|
Liquidity and Capital Resources
Our primary cash needs are to support working capital, capital expenditures, acquisitions, and debt repayments. We have generally financed our historical needs with operating cash flows, capital contributions and borrowings under our credit facilities. These sources of liquidity may be impacted by various factors, including demand for our products, investments made in acquired businesses, plant and equipment and other capital expenditures, and expenditures on general infrastructure and information technology.
As of March 31, 2024, the Company had cash of $41.1 million and availability of $123.3 million under its revolving credit facility. The Company has a senior secured revolving credit facility with $125 million in borrowing capacity. As of March 31, 2024, the Company had $1.7 million in letters of credit outstanding under the revolving credit facility. In February 2023, the Company entered into an amendment to its Credit Agreement which, among other things, contains a minimum liquidity financial covenant of $45 million, which includes unrestricted cash and any available borrowing capacity under the revolving credit facility. The amendment also increases the Total Leverage Ratio applicable under the Credit Agreement as of the fiscal quarter ending April 2, 2023, to initially 7.25:1.00, and provides for modified step-down levels for such covenant thereafter through the fiscal quarter ending March 31, 2024.
The Company is obligated under various operating leases for facilities, equipment and automobiles with estimated lease payments of approximately $5.3 million, including short term leases, due during the remainder of fiscal year 2024. See Note 14, "Lease Commitments" in the Notes to the Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q for additional information related to the Company’s lease obligations.
Holley's capital expenditures are primarily related to ongoing maintenance and improvements, including investments related to upgrading and maintaining our information technology systems, tooling for new products, vehicles for product development, and machinery and equipment for operations. We expect capital expenditures in the range of $8 million to $12 million in fiscal year 2024.
See Note 6, "Debt" in the Notes to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for further detail of our credit facility and the timing of principal maturities. As of March 31, 2024, based on the then current weighted average interest rate of 9.2%, expected interest payments associated with outstanding debt totaled approximately $39.7 million for the remainder of fiscal year 2024.
As discussed under “Business Environment” above, although the future impact of supply chain disruptions and inflationary pressures are highly uncertain, we believe that cash generated through our current operating performance, and our operating plans, cash position, and borrowings available under our revolving credit facility, will be sufficient to satisfy our liquidity needs and capital expenditure requirements for the next 12 months and thereafter for the foreseeable future.
Cash Flows
The following table provides a summary of cash flows from operating, investing, and financing activities for the periods presented (dollars in thousands):
13-week period ended March 31, 2024 Compared With 13-week period ended April 2, 2023
|
|
For the thirteen weeks ended |
|
|
|
March 31, 2024 |
|
|
April 2, 2023 |
|
Cash flows provided by operating activities |
|
$ |
18,843 |
|
|
$ |
3,639 |
|
Cash flows used in investing activities |
|
|
(1,091 |
) |
|
|
(683 |
) |
Cash flows used in financing activities |
|
|
(17,669 |
) |
|
|
(8,435 |
) |
Effect of foreign currency rate fluctuations on cash |
|
|
(37 |
) |
|
|
145 |
|
Net (decrease) increase in cash and cash equivalents |
|
$ |
46 |
|
|
$ |
(5,334 |
) |
Operating Activities. Net cash provided by operating activities for the 13-week period ended March 31, 2024 was $18.8 million compared to net cash provided by operating activities of $3.6 million for the 13-week period ended April 2, 2023. Significant changes in the year-over-year change in working capital activity included positive fluctuations from accounts payable of $14.2 million and accounts receivable of $9.2 million. Partially offsetting these increases were negative fluctuations in inventories of $4.2 million. The change in inventory reflects the impact of fluctuations in sales while changes in accounts payable and accounts receivable are impacted by the timing of payments and receipts.
Investing Activities. Cash used in investing activities for the 13-week periods ended March 31, 2024 and April 2, 2023 were $1.1 million and $0.7 million, respectively, due to capital expenditures.
Financing Activities. Cash used in financing activities for the 13-week period ended March 31, 2024 was $17.7 million, which primarily reflects $16.7 million in principal payments on long-term debt. The principal payments of long-term debt during the 13-week period ended March 31, 2024 include the repurchase of $15.0 million outstanding principal on the first lien term loan at a discount to par. Cash used in financing activities for the 13-week period ended April 2, 2023 was $8.4 million, which primarily reflects principal payments on long-term debt and deferred financing fees.
Critical Accounting Estimates
Our consolidated financial statements are prepared in accordance with GAAP. The preparation of these consolidated financial statements requires us to make estimates, judgements and assumptions that affect the reported amounts of assets, liabilities, sales, expenses and related disclosures. We evaluate our estimates, judgements and assumptions on an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Our actual results could differ from these estimates. For a discussion of our critical accounting estimates, refer to the section entitled “Critical Accounting Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on March 14, 2024. For further information see also Note 1, “Description of the Business, Basis of Presentation, and Summary of Significant Accounting Policies” in the Notes to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q. There have been no material changes to the Company’s critical accounting estimates included in our Annual Report on Form 10-K for the year ended December 31, 2023.
Recent Accounting Pronouncements
For a discussion of Holley’s new or recently adopted accounting pronouncements, see Note 1, “Description of the Business, Basis of Presentation, and Summary of Significant Accounting Policies,” in the Notes to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Interest Rate Risk. Holley is exposed to market risk in the normal course of business due to the Company’s ongoing investing and financing activities. The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings. Holley has established policies and procedures governing the Company’s management of market risks and the use of financial instruments to manage exposure to such risks. When appropriate, the Company uses derivative financial instruments to mitigate the risk from its interest rate exposure. The Company's interest rate collar is intended to mitigate some of the effects of increases in interest rates. As of March 31, 2024, a total of $575.9 million of term loan and revolver borrowings were subject to variable interest rates, with a weighted average borrowing rate of 9.2%. A hypothetical 100 basis point increase in interest rates would result in an approximately $0.8 million increase in annual interest expense, while a hypothetical 100 basis point decrease in interest rates would result in an approximately $4.0 million decrease to Holley’s annual interest expense.
Credit and other Risks. Holley is exposed to credit risk associated with cash and cash equivalents and trade receivables. As of March 31, 2024, the majority of the Company’s cash and cash equivalents consisted of cash balances in an overnight sweep account where funds are transferred to an interest-bearing deposit account that is insured by the Federal Deposit Insurance Corporation ("FDIC"). The FDIC insures financial institution deposits up to $250 thousand. Holley maintains deposits in certain accounts which exceed the insurance coverage provided on such deposits. The Company does not believe that its cash equivalents present significant credit risks because the counterparties to the instruments consist of major financial institutions. Substantially all trade receivable balances of the business are unsecured. The credit risk with respect to trade receivables is concentrated by the number of significant customers that the Company has in its customer base and a prolonged economic downturn could increase exposure to credit risk on the Company’s trade receivables. To manage exposure to such risks, Holley performs ongoing credit evaluations of the Company’s customers and maintains an allowance for potential credit losses.
Exchange Rate Sensitivity. As of March 31, 2024, the Company is exposed to changes in foreign currency exchange rates. While historically this exposure to changes in foreign currency exchange rates has not had a material effect on the Company’s financial condition or results of operations, foreign currency fluctuations could have a material adverse effect on business and results of operations in the future. Historically, Holley’s primary exposure has been related to transactions denominated in the Euro and Canadian dollars. The majority of the Company’s sales, both domestically and internationally, are denominated in U.S. Dollars. Historically, the majority of the Company’s expenses have also been in U.S. Dollars and we have been somewhat insulated from currency fluctuations. However, Holley may be exposed to greater exchange rate sensitivity in the future. Currently, the Company does not hedge foreign currency exposure; however, the Company may consider strategies to mitigate foreign currency exposure in the future if deemed necessary.
Item 4. Controls and Procedures.
Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act were effective as of March 31, 2024 to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There were no changes in the Company's internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
Part II - Other Information
Item 1. Legal Proceedings
See Litigation in Note 15 “Commitments and Contingencies” to the Condensed Consolidated Financial Statements, which is incorporated by reference in this Item 1. Legal Proceedings.
Item 1A. Risk Factors
We operate in a changing environment that involves numerous known and unknown risks and uncertainties that could materially affect our operations. Factors that could materially affect our actual results, levels of activity, performance or achievements include, but are not limited to, those under the caption “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on March 14, 2024. Such risks, uncertainties and other factors may cause our actual results, performance, and achievements to be materially different from those expressed or implied by our forward-looking statements. If any of these risks or events occur, our business, financial condition or results of operations may be adversely affected.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Trading Plans
During the fiscal quarter ended March 31, 2024, no director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K).
Item 6. Exhibits
Exhibit No. |
|
Description |
2.1 |
|
Agreement and Plan of Merger, dated as of March 11, 2021, by and among Empower Ltd., Empower Merger Sub I Inc., Empower Merger Sub II LLC and Holley Intermediate Holdings, Inc. (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K, filed with the SEC on March 12, 2021). |
3.1 |
|
Certificate of Incorporation of the Company, dated July 16, 2021 (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K, filed with the SEC on July 21, 2021). |
3.2 |
|
Amended and Restated By-Laws of the Company, dated August 8, 2023 (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K, filed with the SEC on August 9, 2023). |
31.1 |
|
Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Exchange Act |
31.2 |
|
Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) of the Exchange Act |
32.1 |
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32.2 |
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS |
|
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
101.SCH |
|
Inline XBRL Taxonomy Extension Schema Document |
101.CAL |
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
|
Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
|
Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL Document and include in Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Holley Inc. |
|
/s/ Jesse Weaver |
Jesse Weaver |
Chief Financial Officer (Duly Authorized Officer) |
|
May 8, 2024 |
Exhibit 31.1
CERTIFICATIONS
I, Matthew Stevenson, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Holley Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
/s/ Matthew Stevenson
|
Matthew Stevenson
|
President and Chief Executive Officer
|
|
May 8, 2024
|
Exhibit 31.2
CERTIFICATIONS
I, Jesse Weaver, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Holley Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
/s/ Jesse Weaver
|
Jesse Weaver
|
Chief Financial Officer
|
|
May 8, 2024
|
Exhibit 32.1
CERTIFICATIONS PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
(18 U.S.C. SECTION 1350)
In connection with the Quarterly Report of Holley Inc. (the "Company") on Form 10-Q for the period ended March 31, 2024, as filed with the Securities and Exchange Commission (the "Report"), I, Matthew Stevenson, President and Chief Executive Officer of the Company, certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ Matthew Stevenson
|
Matthew Stevenson
|
President and Chief Executive Officer
|
|
May 8, 2024 |
A signed original of this statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.
Exhibit 32.2
CERTIFICATIONS PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
(18 U.S.C. SECTION 1350)
In connection with the Quarterly Report of Holley Inc. (the "Company") on Form 10-Q for the period ended March 31, 2024, as filed with the Securities and Exchange Commission (the "Report"), I, Jesse Weaver, Chief Financial Officer of the Company, certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ Jesse Weaver
|
Jesse Weaver
|
Chief Financial Officer
|
|
May 8, 2024 |
A signed original of this statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.
v3.24.1.u1
Document And Entity Information - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
May 01, 2024 |
Document Information [Line Items] |
|
|
Entity Central Index Key |
0001822928
|
|
Entity Registrant Name |
Holley Inc.
|
|
Amendment Flag |
false
|
|
Current Fiscal Year End Date |
--12-31
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2024
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Mar. 31, 2024
|
|
Document Transition Report |
false
|
|
Entity File Number |
001-39599
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
87-1727560
|
|
Entity Address, Address Line One |
1801 Russellville Road
|
|
Entity Address, City or Town |
Bowling Green
|
|
Entity Address, State or Province |
KY
|
|
Entity Address, Postal Zip Code |
42101
|
|
City Area Code |
270
|
|
Local Phone Number |
782-2900
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Accelerated Filer
|
|
Entity Small Business |
false
|
|
Entity Emerging Growth Company |
true
|
|
Entity Ex Transition Period |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
119,311,341
|
Warrant [Member] |
|
|
Document Information [Line Items] |
|
|
Title of 12(b) Security |
Warrants to purchase common stock
|
|
Trading Symbol |
HLLY WS
|
|
Security Exchange Name |
NYSE
|
|
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v3.24.1.u1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
ASSETS |
|
|
Cash and cash equivalents |
$ 41,127
|
$ 41,081
|
Accounts receivable, less allowance for credit losses of $1,368 and $1,577 respectively |
48,721
|
48,360
|
Inventory |
184,016
|
192,260
|
Prepaids and other current assets |
15,944
|
15,665
|
Total current assets |
289,808
|
297,366
|
Property, plant, and equipment, net |
46,376
|
47,206
|
Goodwill |
419,056
|
419,056
|
Other intangibles assets, net |
406,896
|
410,465
|
Right-of-use assets |
28,481
|
29,250
|
Other noncurrent assets |
1,117
|
0
|
Total assets |
1,191,734
|
1,203,343
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
Accounts payable |
50,258
|
43,692
|
Accrued interest |
442
|
455
|
Accrued liabilities |
43,580
|
42,129
|
Current portion of long-term debt |
7,444
|
7,461
|
Total current liabilities |
101,724
|
93,737
|
Long-term debt, net of current portion |
560,112
|
576,710
|
Warrant liability |
5,256
|
8,383
|
Earn-out liability |
2,830
|
3,479
|
Deferred taxes |
51,631
|
53,542
|
Other noncurrent liabilities |
25,266
|
26,341
|
Total liabilities |
746,819
|
762,192
|
Commitments and contingencies (Refer to Note 15 - Commitments and Contingencies) |
|
|
Stockholders' equity: |
|
|
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding on March 31, 2024 and December 31, 2023 |
0
|
0
|
Common stock, $0.0001 par value, 550,000,000 shares authorized, 118,311,341 and 117,707,280 shares issued and outstanding on March 31, 2024 and December 31, 2023, respectively |
12
|
12
|
Additional paid-in capital |
374,089
|
373,869
|
Accumulated other comprehensive loss |
(896)
|
(710)
|
Retained earnings |
71,710
|
67,980
|
Total stockholders' equity |
444,915
|
441,151
|
Total liabilities and stockholders' equity |
$ 1,191,734
|
$ 1,203,343
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v3.24.1.u1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Accounts Receivable, Allowance for Credit Loss, Current |
$ 1,368
|
$ 1,577
|
Preferred Stock, Par or Stated Value Per Share (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
Preferred Stock, Shares Authorized (in shares) |
5,000,000
|
5,000,000
|
Preferred Stock, Shares Issued (in shares) |
0
|
0
|
Preferred Stock, Shares Outstanding (in shares) |
0
|
0
|
Common Stock, Par or Stated Value Per Share (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
Common Stock, Shares Authorized (in shares) |
550,000,000
|
550,000,000
|
Common Stock, Shares, Issued (in shares) |
118,311,341
|
117,707,280
|
Common Stock, Shares, Outstanding (in shares) |
118,311,341
|
117,707,280
|
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v3.24.1.u1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Apr. 02, 2023 |
Net sales |
$ 158,636
|
$ 172,205
|
Cost of goods sold |
106,577
|
104,492
|
Gross profit |
52,059
|
67,713
|
Selling, general, and administrative |
32,996
|
30,017
|
Research and development costs |
4,812
|
6,653
|
Amortization of intangible assets |
3,436
|
3,679
|
Restructuring costs |
615
|
1,339
|
Other operating expense (income) |
(8)
|
51
|
Total operating expense |
41,851
|
41,739
|
Operating income |
10,208
|
25,974
|
Fair value adjustments to warrant liability |
(3,127)
|
1,435
|
Fair value adjustments to earn-out liability |
(649)
|
428
|
Loss on early extinguishment of long-term debt |
141
|
0
|
Interest expense, net |
(11,004)
|
(18,298)
|
Total non-operating expense |
7,369
|
20,161
|
Income before income taxes |
2,839
|
5,813
|
Income tax expense (benefit) |
(891)
|
1,566
|
Net income |
3,730
|
4,247
|
Comprehensive income: |
|
|
Foreign currency translation adjustment |
(186)
|
(199)
|
Total comprehensive income |
$ 3,544
|
$ 4,048
|
Common Share Data: |
|
|
Weighted average common shares outstanding - basic (in shares) |
117,871,829
|
117,153,525
|
Weighted average common shares outstanding - diluted (in shares) |
119,505,330
|
117,244,762
|
Basic net income per share (in dollars per share) |
$ 0.03
|
$ 0.04
|
Diluted net income per share (in dollars per share) |
$ 0.03
|
$ 0.04
|
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v3.24.1.u1
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Total |
Balance (in shares) at Dec. 31, 2022 |
117,147,997
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 12
|
$ 368,122
|
$ (944)
|
$ 48,800
|
$ 415,990
|
Net income (loss) |
0
|
0
|
0
|
4,247
|
4,247
|
Equity compensation |
0
|
394
|
0
|
0
|
394
|
Foreign currency translation adjustment |
0
|
0
|
(199)
|
0
|
(199)
|
Tax withholding related to vesting of restricted stock units |
$ 0
|
(34)
|
0
|
0
|
(34)
|
Issuance of shares for restricted stock units (in shares) |
24,219
|
|
|
|
|
Issuance of shares for restricted stock units |
$ 0
|
0
|
0
|
0
|
0
|
Balance (in shares) at Apr. 02, 2023 |
117,172,216
|
|
|
|
|
Balance at Apr. 02, 2023 |
$ 12
|
368,482
|
(1,143)
|
53,047
|
420,398
|
Balance (in shares) at Dec. 31, 2023 |
117,707,280
|
|
|
|
|
Balance at Dec. 31, 2023 |
$ 12
|
373,869
|
(710)
|
67,980
|
441,151
|
Net income (loss) |
0
|
0
|
0
|
3,730
|
3,730
|
Equity compensation |
0
|
1,141
|
0
|
0
|
1,141
|
Foreign currency translation adjustment |
0
|
0
|
(186)
|
0
|
(186)
|
Tax withholding related to vesting of restricted stock units |
$ 0
|
(921)
|
0
|
0
|
(921)
|
Issuance of shares for restricted stock units (in shares) |
604,061
|
|
|
|
|
Issuance of shares for restricted stock units |
$ 0
|
0
|
0
|
0
|
0
|
Balance (in shares) at Mar. 31, 2024 |
118,311,341
|
|
|
|
|
Balance at Mar. 31, 2024 |
$ 12
|
$ 374,089
|
$ (896)
|
$ 71,710
|
$ 444,915
|
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v3.24.1.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Apr. 02, 2023 |
OPERATING ACTIVITIES: |
|
|
Net income |
$ 3,730
|
$ 4,247
|
Adjustments to reconcile net income to net cash from operating activities: |
|
|
Depreciation |
2,464
|
2,485
|
Amortization of intangible assets |
3,436
|
3,679
|
Amortization of deferred loan costs |
436
|
445
|
Amortization of right of use assets |
1,421
|
1,371
|
Fair value adjustments to warrant liability |
(3,127)
|
1,435
|
Fair value adjustments to earn-out liability |
(649)
|
428
|
Fair value adjustments to interest rate collar |
(2,281)
|
3,020
|
Equity compensation |
1,141
|
394
|
Change in deferred taxes |
(1,911)
|
(2,302)
|
Loss on early extinguishment of long-term debt |
141
|
0
|
Gain on disposal of property, plant and equipment |
(514)
|
(252)
|
Provision for inventory reserves |
10,338
|
2,735
|
Provision for credit losses |
76
|
436
|
Accounts receivable |
(467)
|
(9,623)
|
Inventories |
(2,257)
|
1,899
|
Prepaids and other current assets |
(302)
|
146
|
Accounts payable |
6,599
|
(7,611)
|
Accrued interest |
(13)
|
(86)
|
Accrued and other liabilities |
582
|
793
|
Net cash provided by operating activities |
18,843
|
3,639
|
INVESTING ACTIVITIES: |
|
|
Capital expenditures |
(1,265)
|
(1,001)
|
Proceeds from the disposal of fixed assets |
174
|
318
|
Net cash used in investing activities |
(1,091)
|
(683)
|
FINANCING ACTIVITIES: |
|
|
Deferred financing fees |
0
|
(1,117)
|
Payments from stock-based award activities |
(921)
|
(34)
|
Net cash used in financing activities |
(17,669)
|
(8,435)
|
Effect of foreign currency rate fluctuations on cash |
(37)
|
145
|
Net change in cash and cash equivalents |
46
|
(5,334)
|
Beginning of period |
41,081
|
26,150
|
End of period |
41,127
|
20,816
|
Supplemental disclosures of cash flow information: |
|
|
Cash paid for interest |
13,307
|
14,919
|
Cash paid for income taxes |
0
|
2,500
|
Principal Payment [Member] |
|
|
FINANCING ACTIVITIES: |
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v3.24.1.u1
Note 1 - Description of the Business, Basis of Presentation, and Summary of Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
1. | DESCRIPTION OF THE BUSINESS, BASIS OF PRESENTATION, AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Holley Inc., a Delaware corporation headquartered in Bowling Green, Kentucky, conducts operations through its wholly owned subsidiaries. These operating subsidiaries are comprised of Holley Performance Products Inc., Hot Rod Brands, Inc., Simpson Safety Solutions, Inc., B&M Racing and Performance Products, Inc., and Speedshop.com, Inc. When used in these notes, the terms the “Company” or “Holley” mean Holley, Inc. and all entities included in its consolidated financial statements.
The Company designs, manufactures and distributes high-performance automotive products to car and truck enthusiasts primarily in the United States, Canada and Europe. The Company is a leading manufacturer of a diversified line of performance automotive products, including carburetors, fuel pumps, fuel injection systems, nitrous oxide injection systems, superchargers, exhaust headers, mufflers, distributors, ignition components, engine tuners and automotive performance plumbing products. The Company is also a leading manufacturer of exhaust products as well as shifters, converters, transmission kits, transmissions, tuners and automotive software. The Company’s products are designed to enhance street, off-road, recreational and competitive vehicle performance through increased horsepower, torque and drivability. The Company has locations in the United States, Canada, Italy and China.
Emerging Growth Company Status
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company is an emerging growth company, and, as such, has elected to take advantage of the benefits of the extended transition period for new or revised financial accounting standards.
Risks and Uncertainties
The Company's business and results of operations, financial condition, and liquidity are impacted by broad economic conditions, as well as by geopolitical events, including the conflict in Ukraine, the conflict in the Middle East, and the possible expansion of such conflicts and potential geopolitical consequences. The Company's business is impacted by various economic factors that affect both consumers and the automotive aftermarket industry, including by not limited to inflation, fuel costs, wage rates, supply chain disruptions, hiring, and other economic conditions. In response to inflationary impacts and supply chain disruptions, the Company has attempted to minimize potential adverse impacts on its business with cost savings initiatives, price increases to customers, and increased attention to maintaining appropriate inventory levels in the distribution channel. The Company's profitability has been, and may continue to be, adversely affected by constrained consumer demand, a shift in sales to lower-margin products, and demands on our performance that increase our costs. Should the ongoing macroeconomic conditions not improve, or worsen, or if the Company's attempt to mitigate the impact on its supply chain, operations and costs is not successful, the Company’s business, results of operations and financial condition may be adversely affected.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP" or “GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto for the year ended December 31, 2023, as filed with the SEC on March 14, 2024, in the Company’s annual report on Form 10-K. In management’s opinion, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal and recurring nature, that are necessary for a fair presentation of financial results for the interim periods presented. Operating results for any quarter are not necessarily indicative of the results for the full fiscal year.
The Company operates on a fiscal year that ends on December 31. The three-month periods ended March 31, 2024 and April 2, 2023 each included 13 weeks.
Principles of Consolidation
These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation.
Recent Accounting Pronouncements
Accounting Standards Not Yet Adopted
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to SEC's Disclosure Update and Simplification Initiative. This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but it does not anticipate that the adoption of the new guidance will have a material impact on the Company’s consolidated financial statements and related disclosures. The Company will continue to evaluate the impact of this guidance on its consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard requires interim and annual disclosure of significant segment expenses that are regularly provided to the chief operating decision-maker ("CODM") and included within the reported measure of a segment’s profit or loss, requires interim disclosures about a reportable segment’s profit or loss and assets that are currently required annually, requires disclosure of the position and title of the CODM, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and contains other disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires additional disclosures of various income tax components that affect the rate reconciliation based on the applicable taxing jurisdictions, as well as the qualitative and quantitative aspects of those components. The standard also requires information pertaining to taxes paid to be disaggregated for federal, state and foreign taxes, and contains other disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its consolidated financial statements and related disclosures.
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v3.24.1.u1
Note 2 - Inventory
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Inventory Disclosure [Text Block] |
Inventories of the Company consisted of the following:
| | As of | |
| | March 31, 2024 | | | December 31, 2023 | |
Raw materials | | $ | 57,416 | | | $ | 63,552 | |
Work-in-process | | | 6,145 | | | | 22,619 | |
Finished goods | | | 120,455 | | | | 106,089 | |
| | $ | 184,016 | | | $ | 192,260 | |
During the 13-week period ended March 31, 2024, the Company recognized inventory charges of $9,713, primarily due to product rationalization initiatives aimed at eliminating unprofitable or slow-moving stock keeping units.
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v3.24.1.u1
Note 3 - Property, Plant and Equipment, Net
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Property, Plant and Equipment Disclosure [Text Block] |
3. | PROPERTY, PLANT AND EQUIPMENT, NET |
Property, plant and equipment of the Company consisted of the following:
| | As of | |
| | March 31, 2024 | | | December 31, 2023 | |
Land | | $ | 3,326 | | | $ | 3,326 | |
Buildings and improvements | | | 11,576 | | | | 11,404 | |
Machinery and equipment | | | 73,774 | | | | 73,332 | |
Construction in process | | | 6,790 | | | | 6,224 | |
Total property, plant and equipment | | | 95,466 | | | | 94,286 | |
Less: accumulated depreciation | | | 49,090 | | | | 47,080 | |
Property, plant and equipment, net | | $ | 46,376 | | | $ | 47,206 | |
The Company’s long-lived assets by geographic locations are as follows:
| | As of | |
| | March 31, 2024 | | | December 31, 2023 | |
United States | | $ | 43,861 | | | $ | 44,931 | |
International | | | 2,515 | | | | 2,275 | |
Total property, plant and equipment, net | | $ | 46,376 | | | $ | 47,206 | |
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v3.24.1.u1
Note 4 - Goodwill and Other Intangible Assets
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Goodwill and Intangible Assets Disclosure [Text Block] |
4. | GOODWILL AND OTHER INTANGIBLE ASSETS |
Goodwill represents the premium paid over the fair value of the net tangible and identifiable intangible assets acquired in the Company's business combinations. There were no changes to goodwill during the 13-week period ended March 31, 2024.
No goodwill impairment charges were incurred during the 13-week period ended March 31, 2024 and April 2, 2023. Potential changes in the Company's costs and operating structure, the implementation of synergies, and overall performance in the automotive aftermarket industry, could negatively impact near-term cash-flow projections and could trigger a potential impairment of the Company's goodwill and / or indefinite-lived intangible assets. In addition, failure to execute the Company's strategic plans as well as increases in weighted average costs of capital could negatively impact the fair value of the reporting unit and increase the risk of future impairment charges.
Intangible assets consisted of the following:
| | March 31, 2024 | |
| | Gross Carrying Amount | | | Accumulated Amortization | | | Net Carrying Value | |
Finite-lived intangible assets: | | | | | | | | | | | | |
Customer relationships | | $ | 269,950 | | | $ | (58,620 | ) | | $ | 211,330 | |
Tradenames | | | 13,775 | | | | (5,750 | ) | | | 8,025 | |
Technology | | | 26,676 | | | | (14,167 | ) | | | 12,509 | |
Total finite-lived intangible assets | | $ | 310,401 | | | $ | (78,537 | ) | | $ | 231,864 | |
| | | | | | | | | | | | |
Indefinite-lived intangible assets: | | | | | | | | | | | | |
Tradenames | | $ | 175,032 | | | | — | | | $ | 175,032 | |
| | December 31, 2023 | |
| | Gross Carrying Amount | | | Accumulated Amortization | | | Net Carrying Value | |
Finite-lived intangible assets: | | | | | | | | | | | | |
Customer relationships | | $ | 269,950 | | | $ | (55,732 | ) | | $ | 214,218 | |
Tradenames | | | 13,775 | | | | (5,569 | ) | | | 8,206 | |
Technology | | | 26,676 | | | | (13,800 | ) | | | 12,876 | |
Total finite-lived intangible assets | | $ | 310,401 | | | $ | (75,101 | ) | | $ | 235,300 | |
| | | | | | | | | | | | |
Indefinite-lived intangible assets: | | | | | | | | | | | | |
Tradenames | | $ | 175,165 | | | | — | | | $ | 175,165 | |
The following outlines the estimated future amortization expense related to intangible assets held as of March 31, 2024:
2024 (excluding the thirteen weeks ended March 31, 2024) | | $ | 10,307 | |
2025 | | | 13,713 | |
2026 | | | 13,608 | |
2027 | | | 13,602 | |
2028 | | | 13,602 | |
Thereafter | | | 167,032 | |
Total | | $ | 231,864 | |
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v3.24.1.u1
Note 5 - Accrued Liabilities
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Accrued Liabilities Disclosure [Text Block] |
Accrued liabilities of the Company consisted of the following:
| | As of | |
| | March 31, 2024 | | | December 31, 2023 | |
Accrued freight | | $ | 6,010 | | | $ | 5,654 | |
Accrued employee compensation and benefits | | | 10,141 | | | | 11,696 | |
Accrued returns and allowances | | | 12,072 | | | | 11,267 | |
Accrued taxes | | | 1,581 | | | | 1,475 | |
Current portion of operating lease liabilities | | | 4,476 | | | | 4,948 | |
Accrued other | | | 9,300 | | | | 7,089 | |
Total accrued liabilities | | $ | 43,580 | | | $ | 42,129 | |
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v3.24.1.u1
Note 6 - Debt
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Debt Disclosure [Text Block] |
Debt of the Company consisted of the following:
| | As of | |
| | March 31, 2024 | | | December 31, 2023 | |
First lien term loan due November 17, 2028 | | $ | 575,862 | | | $ | 592,505 | |
Revolver | | | — | | | | — | |
Other | | | 1,312 | | | | 1,974 | |
Less unamortized debt issuance costs | | | (9,618 | ) | | | (10,308 | ) |
| | | 567,556 | | | | 584,171 | |
Less current portion of long-term debt | | | (7,444 | ) | | | (7,461 | ) |
| | $ | 560,112 | | | $ | 576,710 | |
On November 18, 2021, the Company entered into a credit facility with a syndicate of lenders and Wells Fargo Bank, N.A., as administrative agent for the lenders, letter of credit issuer and swing line lender (the "Credit Agreement"). The financing consisted of a seven-year $600,000 first lien term loan, a five-year $125,000 revolving credit facility, and a $100,000 delayed draw term loan. The proceeds of delayed draw loans made after closing were available to the Company to finance acquisitions. Upon the expiration of the delayed draw term loan in May 2022, the Company had drawn $57,000, which is included in the amount outstanding under the first lien term loan due November 17, 2028. Proceeds from the credit facility were used to repay in full the Company’s obligations under its previously existing first lien and second lien notes and to pay $13,413 in deferred financing fees related to the refinancing.
The revolving credit facility includes a letter of credit facility in the amount of $10,000, pursuant to which letters of credit may be issued as long as revolving loans may be advanced and subject to availability under the revolving credit facility. The Company had $1,728 in outstanding letters of credit on March 31, 2024.
The first lien term loan is to be repaid in quarterly payments of $1,643 through September 30, 2028 with the balance due upon maturity on November 17, 2028. The Company is required to make annual payments on the term loan in an amount equal to 50% of annual excess cash flow greater than $5,000, as defined in the Credit Agreement. This percentage requirement may decrease or be eliminated if certain leverage ratios are achieved. Based on the Company's results for 2023, no excess cash flow payment was required in 2024. Any such payments offset future mandatory quarterly payments. The Credit Agreement permits voluntary prepayments at any time, in whole or in part. The Company repurchased $15,000 outstanding principal on its first lien term loan at a discount to par during the 13-week period ended March 31, 2024.
As of March 31, 2024, amounts outstanding under the credit facility accrue interest at a rate equal to either the Secured Overnight Financing Rate ("SOFR") or base rate, at the Company's election, plus a specified margin. In the case of revolving credit loans and letter of credit fees, the specified margin is based on the Company's Total Leverage Ratio, as defined in the Credit Agreement. Commitment fees payable under the revolving credit facility are based on the Company's Total Leverage Ratio. On March 31, 2024, the weighted average interest rate on the Company's borrowings under the credit facility was 9.2%.
The Company has entered into an interest rate collar in the notional amount of $500,000 to hedge the Company's exposure to fluctuations in interest rates on its variable-rate debt. Refer to Note 8, "Derivative Instruments," for additional information.
Obligations under the Credit Agreement are secured by substantially all of the Company’s assets, including a secured interest in the Company's headquarter, with a carrying value of $5,947. The Credit Agreement includes representations and warranties and affirmative and negative covenants customary for financings of this type, including, but not limited to, limitations on restricted payments, additional borrowings, additional investments, and asset sales.
In February 2023, the Company entered into an amendment to the Credit Agreement which, among other things, increases the Total Leverage Ratio applicable under the Credit Agreement as of the quarter ending April 2, 2023 to initially 7.25:1.00, and provides for modified step-down levels for such covenant thereafter through the fiscal quarter ending March 31, 2024 (the “Covenant Relief Period”). As of March 31, 2024, the required Total Leverage Ratio was5.75:1.00.As an ongoing condition to the Covenant Relief Period, the Company also agreed to (i) a minimum liquidity test, (ii) an interest coverage test, (iii) an anti-cash hoarding test at any time revolving loans are outstanding, and (iv) additional reporting obligations. Under the amended Credit Agreement, the revolving credit facility contains a minimum liquidity financial covenant of $45,000, which includes unrestricted cash and any available borrowing capacity under the revolving credit facility. In April 2023, the Company entered into a second amendment to the Credit Agreement in which the interest rate on any outstanding borrowings under the Credit Agreement was changed from LIBOR to SOFR. In May 2023, the Company entered into a third amendment to the Credit Agreement in which certain defined terms were clarified. The Company incurred $1,427 of deferred financing fees related to these amendments. On March 31, 2024, the Company was in compliance with all financial covenants.
Some of the lenders that are parties to the Credit Agreement, and their respective affiliates, have various relationships with the Company in the ordinary course of business involving the provision of financial services, including cash management, commercial banking, investment banking or other services.
Future maturities of long-term debt and amortization of debt issuance costs as of March 31, 2024 are as follows:
| | Debt | | | Debt Issuance Costs | |
2024 (excluding the thirteen weeks ended March 31, 2024) | | $ | 5,582 | | | $ | 1,307 | |
2025 | | | 7,230 | | | | 1,876 | |
2026 | | | 6,571 | | | | 2,034 | |
2027 | | | 6,572 | | | | 2,209 | |
2028 | | | 551,219 | | | | 2,192 | |
| | $ | 577,174 | | | $ | 9,618 | |
|
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v3.24.1.u1
Note 7 - Common Stock Warrants and Earn-out Liability
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Warrant Liability [Text Block] |
7. | COMMON STOCK WARRANTS AND EARN-OUT LIABILITY |
The Company consummated a business combination (the “Business Combination”) pursuant to that certain Agreement and Plan of Merger dated March 11, 2021 (the “Merger Agreement”), by and among Empower Ltd., (“Empower”), Empower Merger Sub I Inc., Empower Merger Sub II LLC, and Holley Intermediate Holdings, Inc. (“Holley Intermediate”) on July 16, 2021, (the “Closing” and such date, the “Closing Date”). Upon the Closing, there were 14,666,644 Warrants, consisting of 9,999,977 public warrants ("Public Warrants") and 4,666,667 private warrants ("Private Warrants" and together with the Public Warrants, the “Warrants”), outstanding to purchase shares of Common Stock that were issued by Empower prior to the Business Combination. Each Warrant entitles the registered holder to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustments, provided that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities laws of the state of residence of the holder. The Warrants may be exercised only for a whole number of shares of Common Stock. The Warrants expire on July 16, 2026, the date that is five years after the Closing Date, or earlier upon redemption or liquidation. Additionally, the Private Warrants will be non-redeemable and are exercisable on a cashless basis so long as they are held by Empower Sponsor Holdings, LLC (the "Sponsor") or any of its permitted transferees. If the Private Warrants are held by someone other than the Sponsor or its permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.
The Company may redeem the Public Warrants at a price of $0.01 per warrant upon 30 days' notice if the closing price of Common Stock equals or exceeds $18.00 per share, subject to adjustments, on the trading day prior to the date on which notice of redemption is given, provided there is an effective registration statement and current prospectus in effect with respect to the ordinary shares underlying such Warrants throughout the 30-day redemption period. If the foregoing conditions are satisfied and the Company issues a notice of redemption of the Warrants, the Warrant holder is entitled to exercise his, her or its Warrant prior to the scheduled redemption date. Any such exercise requires the Warrant holder to pay the exercise price for each Warrant being exercised. Further, the Company may redeem the Public Warrants at a price of $0.10 per warrant upon 30 days' notice if the closing price of Common Stock equals or exceeds $10.00 per share, subject to adjustments, on the trading day prior to the date on which notice of redemption is given. Beginning on the date the notice of redemption is given until the Warrants are redeemed or exercised, holders may elect to exercise their Warrants on a cashless basis and receive that number of shares of Common Stock as determined by reference to a table in the warrant agreement.
During any period when the Company has failed to maintain an effective registration statement, warrant holders may exercise Warrants on a cashless basis in accordance with Section 3(a)(9) of the Securities Act or another exemption, and the Company will use its commercially reasonable best efforts to register or qualify the shares under applicable blue-sky laws to the extent an exemption is not available.
The Company’s Warrants are accounted for as a liability in accordance with ASC 815-40 and are presented as a warrant liability on the balance sheet. The warrant liability was measured at fair value at inception and on a recurring basis, with changes in fair value recognized as non-operating expense. As of March 31, 2024 and December 31, 2023, a warrant liability with a fair value of $5,256 and $8,383, respectively, was reflected as a long-term liability in the condensed consolidated balance sheet. A decrease of $3,127 and an increase of $1,435 in the fair value of the warrant liability was reflected as change in fair value of warrant liability in the condensed consolidated statements of comprehensive income for the 13-week periods ended March 31, 2024 and April 2, 2023, respectively.
Additionally, the Sponsor received 2,187,500 shares of Common Stock upon the Closing, which vest in two equal tranches upon achievement of certain market share price milestones during the earn-out period, as outlined in the Merger Agreement (the “Earn-Out Shares”). The first tranche of Earn-Out Shares vested during the first quarter of 2022. Upon vesting, the first tranche of 1,093,750 Earn-Out Shares were issued and a liability of $14,689, representing the fair value of the shares on the date of vesting, was reclassified from liabilities to equity. The remaining tranche of Earn-Out Shares will be forfeited if the applicable conditions are not satisfied before July 16, 2028 (seven years after the Closing Date). The unvested Earn-Out Shares are presented as an earn-out liability on the balance sheet and are remeasured at fair value with changes in fair value recognized as non-operating expense. As of March 31, 2024 and December 31, 2023, an earn-out liability with a fair value of $2,830 and $3,479, respectively, was reflected as a long-term liability in the condensed consolidated balance sheet. A decrease of $649 and an increase of $428 in the fair value of the earn-out liability was reflected as change in fair value of earn-out liability in the condensed consolidated statements of comprehensive income for the 13-week periods ended March 31, 2024 and April 2, 2023, respectively.
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v3.24.1.u1
Note 8 - Derivative Instruments
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Derivative Instruments and Hedging Activities Disclosure [Text Block] |
8. | DERIVATIVE INSTRUMENTS |
The Company from time to time enters into derivative financial instruments, such as interest rate collar agreements (each, a “Collar”), to manage its exposure to fluctuations in interest rates on the Company’s variable rate debt. On January 4, 2023, the Company entered into a Collar with Wells Fargo Bank, N.A. ("Wells Fargo") with a notional amount of $500,000 that expires on February 18, 2026. The Collar has a floor of 2.811% and a cap of 5% (based on three-month SOFR). The structure of this Collar is such that the Company receives an incremental amount if the Collar index exceeds the cap rate. Conversely, the Company pays an incremental amount to Wells Fargo if the Collar index falls below the floor rate. No payments are required if the Collar index falls between the cap and floor rates.
As of March 31, 2024, the Company recognized a derivative asset of $1,117 for the Collar in other noncurrent assets on the condensed consolidated balance sheet. The Company recorded a net change in the fair value of the Collar as a decrease to interest expense of $2,281 and as an increase to interest expense of $3,020, for the 13-week periods ended March 31, 2024 and April 2, 2023, respectively. Cash receipts for the Collar totaled $469 for the 13-week period ended March 31, 2024.
The fair value of the Collar is determined using observable market-based inputs and the impact of credit risk on the derivative’s fair value (the creditworthiness of the Company’s counterparty for assets and the creditworthiness of the Company for liabilities) (a Level 2 measurement, as described in Note 9, "Fair Value Measurements").
|
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- DefinitionThe entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.
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v3.24.1.u1
Note 9 - Fair Value Measurements
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Fair Value Disclosures [Text Block] |
9. | FAIR VALUE MEASUREMENTS |
The Company’s financial liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows:
| | Fair Value Measured on March 31, 2024 | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Assets: | | | | | | | | | | | | | | | | |
Interest rate collar | | $ | — | | | $ | 1,117 | | | $ | — | | | $ | 1,117 | |
| | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Warrant liability (Public) | | $ | 3,488 | | | $ | — | | | $ | — | | | $ | 3,488 | |
Warrant liability (Private) | | | — | | | | — | | | | 1,768 | | | | 1,768 | |
Earn-out liability | | | — | | | | — | | | | 2,830 | | | | 2,830 | |
Total fair value liabilities | | $ | 3,488 | | | $ | — | | | $ | 4,598 | | | $ | 8,086 | |
| | Fair Value Measured on December 31, 2023 | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Liabilities: | | | | | | | | | | | | | | | | |
Warrant liability (Public) | | $ | 5,480 | | | $ | — | | | $ | — | | | $ | 5,480 | |
Warrant liability (Private) | | | — | | | | — | | | | 2,903 | | | | 2,903 | |
Earn-out liability | | | — | | | | — | | | | 3,479 | | | | 3,479 | |
Interest rate collar liability | | | — | | | | 1,164 | | | | — | | | | 1,164 | |
Total fair value liabilities | | $ | 5,480 | | | $ | 1,164 | | | $ | 6,382 | | | $ | 13,026 | |
As of March 31, 2024, the Company's derivative liabilities for its Private and Public Warrants, earn-out liability, and derivative asset for its Collar are measured at fair value on a recurring basis (see Note 7, “Common Stock Warrants and Earn-Out Liability,” and Note 8, "Derivative Instruments," for more details). The fair values of the Private Warrants and earn-out liability are determined based on significant inputs not observable in the market (Level 3). The valuation of the Level 3 liabilities uses assumptions and estimates the Company believes would be made by a market participant in making the same valuation. The Company assesses these assumptions and estimates on an on-going basis as additional data impacting the assumptions and estimates are obtained. The Company uses a Monte Carlo simulation model to estimate the fair value of its Private Warrants and earn-out liability. The fair value of the Collar, which is included in other noncurrent assets on the condensed consolidated balance sheet, is determined based on models that reflect the contractual terms of the derivative, yield curves, and the credit quality of the counterparties. Inputs are generally observable and do not contain a high level of subjectivity (Level 2). The fair value of the Public Warrants is determined using publicly traded prices (Level 1). Changes in the fair value of the derivative liabilities related to Warrants and the earn-out liability are recognized as non-operating expense in the condensed consolidated statements of comprehensive income. Changes in the fair value of the Collar is recognized as an adjustment to interest expense in the condensed consolidated statements of comprehensive income. Changes in the fair value of the derivative liabilities related to Warrants and the earn-out liability and changes in the fair value of the Collar are recognized in net cash provided by operating activities on the condensed consolidated statements of cash flows.
The fair value of Private Warrants was estimated as of the measurement date using the Monte Carlo simulation model with the following assumptions:
| | March 31, 2024 | | | December 31, 2023 | |
Valuation date price | | $ | 4.46 | | | $ | 4.87 | |
Strike price | | $ | 11.50 | | | $ | 11.50 | |
Remaining life (in years) | | | 2.29 | | | | 2.54 | |
Expected dividend | | $ | — | | | $ | — | |
Risk-free interest rate | | | 4.42 | % | | | 4.01 | % |
Price threshold | | $ | 18.00 | | | $ | 18.00 | |
The fair value of the earn-out liability was estimated as of the measurement date using the Monte Carlo simulation model with the following assumptions:
| | March 31, 2024 | | | December 31, 2023 | |
Valuation date price | | $ | 4.46 | | | $ | 4.87 | |
Expected term (in years) | | | 4.29 | | | | 4.54 | |
Expected volatility | | | 65.22 | % | | | 67.20 | % |
Risk-free interest rate | | | 4.17 | % | | | 3.79 | % |
Price hurdle | | $ | 15.00 | | | $ | 15.00 | |
As of March 31, 2024 and December 31, 2023, the Company has accounts receivable, accounts payable and accrued expenses for which the carrying value approximates fair value due to the short-term nature of these instruments. The carrying value of the Company’s long-term debt approximates fair value as the rates used approximate the market rates currently available to the Company. Fair value measurements used in the impairment reviews of goodwill and intangible assets are Level 3 measurements.
The reconciliation of changes in Level 3 liabilities during the 13-week periods ended March 31, 2024 and April 2, 2023 is as follows:
| | Private Warrants | | | Earn-Out Liability | | | Total | |
Balance at December 31, 2022 | | $ | 1,581 | | | $ | 1,176 | | | $ | 2,757 | |
Losses included in earnings | | | 518 | | | | 428 | | | | 946 | |
Balance at April 2, 2023 | | $ | 2,099 | | | $ | 1,604 | | | $ | 3,703 | |
| | | | | | | | | | | | |
Balance at December 31, 2023 | | $ | 2,903 | | | $ | 3,479 | | | $ | 6,382 | |
Gains included in earnings | | | (1,135 | ) | | | (649 | ) | | | (1,784 | ) |
Balance at March 31, 2024 | | $ | 1,768 | | | $ | 2,830 | | | $ | 4,598 | |
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.24.1.u1
Note 10 - Revenue
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Revenue from Contract with Customer [Text Block] |
The principal activity from which the Company generates its revenue is the manufacturing and distribution of after-market automotive parts for its customers, comprised of resellers and end users. The Company recognizes revenue at a point in time, rather than over time, as the performance obligation is satisfied when customer obtains control of the product upon title transfer and not as the product is manufactured or developed. The amount of revenue recognized is based on the purchase order price and adjusted for revenue allocated to variable consideration (i.e., estimated rebates, co-op advertising, etc.).
The Company collects sales tax and other taxes concurrent with revenue-producing activities which are excluded from revenue. Shipping and handling costs incurred after control of the product is transferred to our customers are treated as fulfillment costs and not a separate performance obligation.
The Company allows customers to return products when certain Company-established criteria are met. These sales returns are recorded as a charge against gross sales in the period in which the related sales are recognized, net of returns to stock. Returned products, which are recorded as inventories, are valued at the lower of cost or net realizable value. The physical condition and marketability of the returned products are the major factors considered in estimating realizable value. The Company also estimates expected sales returns and records the necessary adjustment as a charge against gross sales.
The Company’s payment terms with customers are customary and vary by customer and geography but typically range from 30 to 365 days. The Company elected the practical expedient to disregard the possible existence of a significant financing component related to payment on contracts, as the Company expects that customers will pay for the products within one year. The Company has evaluated the terms of our arrangements and determined that they do not contain significant financing components. Additionally, as all contracts with customers have an expected duration of one year or less, the Company has elected the practical expedient to exclude disclosure of information regarding the aggregate amount and future timing of performance obligations that are unsatisfied or partially satisfied as of the end of the reporting period. The Company provides limited warranties on most of its products against certain manufacturing and other defects. Provisions for estimated expenses related to product warranty are made at the time products are sold. Refer to Note 15, “Commitments and Contingencies” for more information.
The following table summarizes total revenue by product category.
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Electronic systems | | $ | 63,880 | | | $ | 68,751 | |
Mechanical systems | | | 38,395 | | | | 43,318 | |
Exhaust | | | 13,990 | | | | 15,829 | |
Accessories | | | 23,384 | | | | 27,465 | |
Safety | | | 18,987 | | | | 16,842 | |
Net sales | | $ | 158,636 | | | $ | 172,205 | |
The following table summarizes total revenue based on geographic location from which the product is shipped:
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
United States | | $ | 153,325 | | | $ | 166,418 | |
Italy | | | 5,311 | | | | 5,787 | |
Net sales | | $ | 158,636 | | | $ | 172,205 | |
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
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v3.24.1.u1
Note 11 - Income Taxes
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Income Tax Disclosure [Text Block] |
The Company's effective income tax rate is based on expected income, statutory rates and tax planning opportunities available in the various jurisdictions in which it operates. For interim financial reporting, the Company estimates the annual income tax rate based on projected taxable income for the full year and records a quarterly income tax provision or benefit in accordance with the anticipated annual rate. The Company refines the estimates of the year's taxable income as new information becomes available, including actual year-to-date financial results. This continual estimation process often results in a change to the expected effective income tax rate for the year. When this occurs, the Company adjusts the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected income tax rate. Significant judgment is required in determining the effective tax rate and in evaluating tax positions.
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Income tax expense (benefit) | | $ | (891 | ) | | $ | 1,566 | |
Effective tax rate | | | (31.4 | )% | | | 26.9 | % |
For the 13-week period ended March 31, 2024, the Company's effective tax rate of -31.4% differed from the 21% federal statutory rate primarily due to permanent differences related to changes in fair value of the warrant and earn-out liabilities recognized during the period, federal research and development tax credits, and the impact of foreign taxes in higher tax rate jurisdictions. In addition, the Company incurred expenses related to product rationalization that were determined to be significant and infrequent in nature; therefore, the full tax benefit of these expenses were recorded during the quarter as a discrete adjustment. For the 13-week period ended April 2, 2023, the Company’s effective tax rate of 26.9% differed from the 21% federal statutory rate primarily due to permanent differences related to changes in the fair value of the warrant and earn-out liabilities recognized during the period.
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v3.24.1.u1
Note 12 - Earnings Per Share
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Earnings Per Share [Text Block] |
The following table sets forth the calculation of basic and diluted earnings per share:
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Numerator: | | | | | | | | |
Net income | | $ | 3,730 | | | $ | 4,247 | |
Denominator: | | | | | | | | |
Weighted average common shares outstanding - basic | | | 117,871,829 | | | | 117,153,525 | |
Dilutive effect of potential common shares from RSUs | | | 1,429,198 | | | | 91,237 | |
Dilutive effect of potential common shares from PSUs | | | 204,303 | | | | — | |
Weighted average common shares outstanding - diluted | | | 119,505,330 | | | | 117,244,762 | |
Earnings per share: | | | | | | | | |
Basic | | $ | 0.03 | | | $ | 0.04 | |
Diluted | | $ | 0.03 | | | $ | 0.04 | |
The following outstanding shares of Common Stock equivalents were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive. Warrants to purchase shares of Common Stock having an exercise price greater than the average share market price are excluded from the calculation of diluted earnings per share.
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Anti-dilutive shares excluded from calculation of diluted EPS: | | | | | | | | |
Warrants | | | 14,633,311 | | | | 14,633,311 | |
Stock options | | | 701,849 | | | | 1,117,102 | |
Restricted stock units | | | 61,470 | | | | 429,948 | |
Performance stock units | | | 797,879 | | | | 949,412 | |
Unvested Earn-Out Shares | | | 1,093,750 | | | | 1,093,750 | |
Total anti-dilutive shares | | | 17,288,259 | | | | 18,223,523 | |
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v3.24.1.u1
Note 13 - Equity-based Compensation Plans
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Shareholders' Equity and Share-Based Payments [Text Block] |
13. | EQUITY-BASED COMPENSATION PLANS |
In 2021, the Company adopted the 2021 Omnibus Incentive Plan (the “2021 Plan”), under which awards, including stock options, restricted stock units ("RSUs") and performance stock units ("PSUs") may be granted to employees and non-employee directors. The 2021 Plan authorized 8,850,000 shares of Common Stock to be available for award grants. As of March 31, 2024, 4,754,499 shares of Common Stock remained available for future issuance under the 2021 Plan. On June 6, 2023, the Company granted 1,000,000 RSUs and 1,520,000 PSUs to its new President and Chief Executive Officer. These awards were granted outside of the 2021 Plan as employment inducement awards and did not require shareholder approval under the rules of the NYSE or otherwise.
Equity-based compensation expense included the following components:
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Restricted stock units | | $ | 774 | | | $ | 648 | |
Performance stock units | | | 390 | | | | 52 | |
Stock options | | | (23 | ) | | | (306 | ) |
All equity-based compensation expenses are recorded in selling, general and administrative costs in the condensed consolidated statements of comprehensive income.
Restricted Stock Awards
RSUs and PSUs are collectively referred to as "Restricted Stock Awards". The Compensation Committee has awarded RSUs to select employees and non-employee directors and has awarded PSUs to select employees. The RSUs vest ratably over one to four years of continued employment. The grant date fair value of a time-based award or a performance-based award without a market condition is equal to the market price of Common Stock on the grant date and is recognized over the requisite service period. The grant date fair value of a performance-based award with a market condition is determined using a Monte Carlo simulation and is recognized over the requisite service period. On March 31, 2024, there was $8,977 of unrecognized compensation cost related to unvested Restricted Stock Awards that is expected to be recognized over a remaining weighted average period of 2.4 years.
The weighted-average grant-date fair value of Restricted Stock Awards granted during the 13-week periods ended March 31, 2024 and April 2, 2023, was $4.25 and $2.11, respectively. The fair value of Restricted Stock Awards vested and converted to shares of Common Stock during the 13-week periods ended March 31, 2024 and April 2, 2023, was $3,364 and $146, respectively.
The following table summarizes Restricted Stock Award for the 13-week period ended March 31, 2024:
| | Unvested Restricted Stock Awards | |
| | | | | | Weighted Average | |
| | Number of RSAs | | | Grant Date Fair Value | |
Balance on December 31, 2023 | | | 4,904,801 | | | $ | 2.86 | |
Granted | | | 803,080 | | | | 4.25 | |
Vested | | | (819,876 | ) | | | 2.61 | |
Forfeited | | | (478,261 | ) | | | 3.13 | |
Balance on March 31, 2024 | | | 4,409,744 | | | $ | 3.13 | |
Performance-based Restricted Stock Units
The PSUs granted under the 2021 Plan represent shares of Common Stock that are potentially issuable in the future based on a combination of performance and service requirements. On March 4, 2024, the Company granted 340,895 PSUs under the 2021 Plan to key employees with a grant date fair value of $4.22 and on March 18, 2024, the Company granted an additional 26,020 PSUs with a grant data fair value of $4.25. The PSUs granted to employees were based on salary and include annual net sales and adjusted EBITDA growth targets with threshold and stretch goals. The awards vest ratably over three years, subject to the employee’s continuous employment through the vesting date and the level of performance achieved. The number of PSUs granted reflects the target number able to be earned under a given award. Non-vested PSU compensation expense is based on the most recent performance assumption available and is adjusted as assumptions change. The fair value of a PSU at the grant date is equal to the market price of Common Stock on the grant date. The cost estimates for PSU grants represent initial target awards until the Company can reasonably forecast the financial performance of each PSU award grant. The actual number of shares of Common Stock to be issued at the end of each performance period will range from 0% to 150% of the initial target awards.
Stock Options
Stock option grants have an exercise price at least equal to the market value of the underlying Common Stock on the date of grant, have ten-year terms, and vest ratably over three years of continued employment. In general, vested options expire if not exercised within 90 days of termination of service. Compensation expense for stock options is recorded based on straight-line amortization of the grant date fair value over the requisite service period. As of March 31, 2024, there was $364 of unrecognized compensation cost related to unvested stock options that is expected to be recognized over a remaining weighted-average period of 0.8 years.
The following table summarizes stock option activity for the 13-week period ended March 31, 2024:
| | | | | | | | | | Weighted Average | |
| | | | | | Weighted | | | Remaining | |
| | Number of | | | Average | | | Contractual | |
| | Stock Options | | | Exercise Price | | | Term (years) | |
Options outstanding on December 31, 2023 | | | 886,046 | | | $ | 10.97 | | | | | |
Forfeited | | | (134,066 | ) | | | 11.03 | | | | | |
Expired | | | (50,131 | ) | | | 10.76 | | | | | |
Options outstanding on March 31, 2024 | | | 701,849 | | | $ | 10.98 | | | | 4.95 | |
Options exercisable on March 31, 2024 | | | 535,805 | | | $ | 11.00 | | | | 4.12 | |
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v3.24.1.u1
Note 14 - Lease Commitments
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Lessee, Operating Leases [Text Block] |
The Company leases retail stores, manufacturing, distribution, engineering, and research and development facilities, office space, equipment, and automobiles under operating lease agreements. Leases have remaining lease terms of one to 11 years, inclusive of renewal options that the Company is reasonably certain to exercise.
The following table summarizes operating lease assets and obligations, and provides information associated with the measurement of operating lease obligations.
| | As of | |
| | March 31, 2024 | | | December 31, 2023 | |
Assets: | | | | | | | | |
Operating right of use assets | | $ | 28,481 | | | $ | 29,250 | |
Liabilities: | | | | | | | | |
Current operating lease liabilities - Accrued liabilities | | $ | 4,476 | | | $ | 4,948 | |
Long-term operating lease liabilities | | | 25,266 | | | | 25,177 | |
Total lease liabilities | | $ | 29,742 | | | $ | 30,125 | |
Lease term and discount rate | | | | | | | | |
Weighted average remaining lease term (in years) | | | 7.2 | | | | 7.2 | |
Weighted average discount rate | | | 6.35 | % | | | 6.21 | % |
The following summarizes the components of operating lease expense and provides supplemental cash flow information for operating leases:
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Components of lease expense: | | | | | | | | |
Operating lease expense | | $ | 2,145 | | | $ | 1,586 | |
Short-term lease expense | | | 428 | | | | 512 | |
Variable lease expense | | | 80 | | | | 152 | |
Total lease expense | | $ | 2,653 | | | $ | 2,250 | |
Supplemental cash flow information related to leases: | | | | | | | | |
Cash paid for amounts included in measurement of operating lease liabilities | | $ | 1,849 | | | $ | 1,751 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | | | 2,014 | | | | — | |
Decapitalization of right-of-use assets upon lease termination or modification | | | 1,360 | | | | — | |
The following table summarizes the maturities of the Company's operating lease liabilities as of March 31, 2024:
2024 (excluding the thirteen weeks ended March 31, 2024) | | $ | 4,857 | |
2025 | | | 5,289 | |
2026 | | | 4,814 | |
2027 | | | 4,807 | |
2028 | | | 4,568 | |
Thereafter | | | 12,896 | |
Total lease payments | | | 37,231 | |
Less imputed interest | | | (7,489 | ) |
Present value of lease liabilities | | $ | 29,742 | |
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v3.24.1.u1
Note 15 - Commitments and Contingencies
|
3 Months Ended |
Mar. 31, 2024 |
Notes to Financial Statements |
|
Commitments and Contingencies Disclosure [Text Block] |
15. | COMMITMENTS AND CONTINGENCIES |
Litigation
The Company is a party to various lawsuits and claims in the normal course of business, as well as the putative securities class action described below. While the lawsuits and claims against the Company cannot be predicted with certainty, management believes that the ultimate resolution of such matters will not have a material effect on the consolidated financial position or liquidity of the Company; however, in light of the inherent uncertainties involved in such lawsuits and claims, some of which may be beyond the Company’s control, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. The Company has established loss provision for matters in which losses are probable and can be reasonably estimated. Although management will continue to reassess the estimated liability based on future developments, an objective assessment of such claims may not always be predictive of the outcome and actual results may vary from current estimates.
A putative securities class action was filed on November 6, 2023, against the Company, Tom Tomlinson (the Company’s former Director, President, and Chief Executive Officer), and Dominic Bardos (the Company’s former Chief Financial Officer) in the United States District Court for the Western District of Kentucky (the “Complaint”) and is captioned City of Fort Lauderdale General Employees’ Retirement System v. Holley, Inc., f/k/a Empower LTD., Tom Tomlinson, and Dominic Bardos, Civil Action No. 1:23-cv-148-S.
On February 26, 2024, the court appointed City of Fort Lauderdale General Employees’ Retirement System to serve as lead plaintiff to prosecute claims on behalf of a proposed class of stockholders who purchased or otherwise acquired Holley securities between July 21, 2021 and February 6, 2023. On April 26, 2024, lead plaintiff filed an amended complaint, adding Vinod Nimmagadda (the Company’s Executive Vice President of Corporate Development and New Ventures) as a defendant. Lead plaintiff alleges that statements made regarding the Company’s business, operations, and prospects violated Sections 10(b), Section 20(a) and Rule 10b-5 of the Securities Exchange Act of 1934 and seeks class certification, damages, interest, attorneys’ fees, and other relief. The Company’s response to the amended complaint is due by June 28, 2024.
Due to the early stage of this proceeding, we cannot reasonably estimate the potential range of loss, if any. The Company disputes the allegations and intends to vigorously defend against them.
Product Warranties
The Company generally warrants its products against certain manufacturing and other defects. These product warranties are provided for specific periods of time depending on the nature of the product. The accrued product warranty costs are based primarily on historical experience of actual warranty claims and are recorded at the time of the sale.
The following table provides the changes in the Company's accrual for product warranties, which is classified as a component of accrued liabilities in the condensed consolidated balance sheets.
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Beginning balance | | $ | 3,325 | | | $ | 3,584 | |
Accrued for current year warranty claims | | | 3,343 | | | | 2,954 | |
Settlement of warranty claims | | | (1,897 | ) | | | (3,357 | ) |
Ending balance | | $ | 4,771 | | | $ | 3,181 | |
Employee Savings Plans
The Company has a defined-contribution savings plan under Section 401(k) of the Internal Revenue Code that covers United States-based employees.United States-based eligible employees may contribute up to the current statutory limits under the Internal Revenue Service regulations. Holley matches employee contributions to the 401(k) Plan up to 3.5% each pay period, and an additional discretionary match of up to 1.5% is made based on company performance targets. The Company also has defined-contribution saving plan for Canada-based employees. Canada-based eligible employees may contribute up to the current statutory limits for a Registered Retirement Savings Plan. Holley matches employee contributions to the Group Savings Plan up to 3.0% each pay period, and an additional discretionary match of up to 1.5% is made based on company performance targets.
During the 13-week periods ended March 31, 2024 and April 2, 2023, the Company made matching contributions under the savings plans totaling $616 and $575, respectively.
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v3.24.1.u1
Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Emerging Growth Company [Policy Text Block] |
Emerging Growth Company Status
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company is an emerging growth company, and, as such, has elected to take advantage of the benefits of the extended transition period for new or revised financial accounting standards.
|
Risks And Uncertainties [Policy Text Block] |
Risks and Uncertainties
The Company's business and results of operations, financial condition, and liquidity are impacted by broad economic conditions, as well as by geopolitical events, including the conflict in Ukraine, the conflict in the Middle East, and the possible expansion of such conflicts and potential geopolitical consequences. The Company's business is impacted by various economic factors that affect both consumers and the automotive aftermarket industry, including by not limited to inflation, fuel costs, wage rates, supply chain disruptions, hiring, and other economic conditions. In response to inflationary impacts and supply chain disruptions, the Company has attempted to minimize potential adverse impacts on its business with cost savings initiatives, price increases to customers, and increased attention to maintaining appropriate inventory levels in the distribution channel. The Company's profitability has been, and may continue to be, adversely affected by constrained consumer demand, a shift in sales to lower-margin products, and demands on our performance that increase our costs. Should the ongoing macroeconomic conditions not improve, or worsen, or if the Company's attempt to mitigate the impact on its supply chain, operations and costs is not successful, the Company’s business, results of operations and financial condition may be adversely affected.
|
Basis of Accounting, Policy [Policy Text Block] |
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP" or “GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto for the year ended December 31, 2023, as filed with the SEC on March 14, 2024, in the Company’s annual report on Form 10-K. In management’s opinion, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal and recurring nature, that are necessary for a fair presentation of financial results for the interim periods presented. Operating results for any quarter are not necessarily indicative of the results for the full fiscal year.
The Company operates on a fiscal year that ends on December 31. The three-month periods ended March 31, 2024 and April 2, 2023 each included 13 weeks.
|
Consolidation, Policy [Policy Text Block] |
Principles of Consolidation
These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation.
|
New Accounting Pronouncements, Policy [Policy Text Block] |
Recent Accounting Pronouncements
Accounting Standards Not Yet Adopted
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to SEC's Disclosure Update and Simplification Initiative. This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but it does not anticipate that the adoption of the new guidance will have a material impact on the Company’s consolidated financial statements and related disclosures. The Company will continue to evaluate the impact of this guidance on its consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard requires interim and annual disclosure of significant segment expenses that are regularly provided to the chief operating decision-maker ("CODM") and included within the reported measure of a segment’s profit or loss, requires interim disclosures about a reportable segment’s profit or loss and assets that are currently required annually, requires disclosure of the position and title of the CODM, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and contains other disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires additional disclosures of various income tax components that affect the rate reconciliation based on the applicable taxing jurisdictions, as well as the qualitative and quantitative aspects of those components. The standard also requires information pertaining to taxes paid to be disaggregated for federal, state and foreign taxes, and contains other disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its consolidated financial statements and related disclosures.
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v3.24.1.u1
Note 2 - Inventory (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Notes Tables |
|
Schedule of Inventory, Current [Table Text Block] |
| | As of | |
| | March 31, 2024 | | | December 31, 2023 | |
Raw materials | | $ | 57,416 | | | $ | 63,552 | |
Work-in-process | | | 6,145 | | | | 22,619 | |
Finished goods | | | 120,455 | | | | 106,089 | |
| | $ | 184,016 | | | $ | 192,260 | |
|
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- DefinitionTabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.
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v3.24.1.u1
Note 3 - Property, Plant and Equipment, Net (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Notes Tables |
|
Property, Plant and Equipment [Table Text Block] |
| | As of | |
| | March 31, 2024 | | | December 31, 2023 | |
Land | | $ | 3,326 | | | $ | 3,326 | |
Buildings and improvements | | | 11,576 | | | | 11,404 | |
Machinery and equipment | | | 73,774 | | | | 73,332 | |
Construction in process | | | 6,790 | | | | 6,224 | |
Total property, plant and equipment | | | 95,466 | | | | 94,286 | |
Less: accumulated depreciation | | | 49,090 | | | | 47,080 | |
Property, plant and equipment, net | | $ | 46,376 | | | $ | 47,206 | |
|
Long-Lived Assets by Geographic Areas [Table Text Block] |
| | As of | |
| | March 31, 2024 | | | December 31, 2023 | |
United States | | $ | 43,861 | | | $ | 44,931 | |
International | | | 2,515 | | | | 2,275 | |
Total property, plant and equipment, net | | $ | 46,376 | | | $ | 47,206 | |
|
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v3.24.1.u1
Note 4 - Goodwill and Other Intangible Assets (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Notes Tables |
|
Schedule of Intangible Assets [Table Text Block] |
| | March 31, 2024 | |
| | Gross Carrying Amount | | | Accumulated Amortization | | | Net Carrying Value | |
Finite-lived intangible assets: | | | | | | | | | | | | |
Customer relationships | | $ | 269,950 | | | $ | (58,620 | ) | | $ | 211,330 | |
Tradenames | | | 13,775 | | | | (5,750 | ) | | | 8,025 | |
Technology | | | 26,676 | | | | (14,167 | ) | | | 12,509 | |
Total finite-lived intangible assets | | $ | 310,401 | | | $ | (78,537 | ) | | $ | 231,864 | |
| | | | | | | | | | | | |
Indefinite-lived intangible assets: | | | | | | | | | | | | |
Tradenames | | $ | 175,032 | | | | — | | | $ | 175,032 | |
| | December 31, 2023 | |
| | Gross Carrying Amount | | | Accumulated Amortization | | | Net Carrying Value | |
Finite-lived intangible assets: | | | | | | | | | | | | |
Customer relationships | | $ | 269,950 | | | $ | (55,732 | ) | | $ | 214,218 | |
Tradenames | | | 13,775 | | | | (5,569 | ) | | | 8,206 | |
Technology | | | 26,676 | | | | (13,800 | ) | | | 12,876 | |
Total finite-lived intangible assets | | $ | 310,401 | | | $ | (75,101 | ) | | $ | 235,300 | |
| | | | | | | | | | | | |
Indefinite-lived intangible assets: | | | | | | | | | | | | |
Tradenames | | $ | 175,165 | | | | — | | | $ | 175,165 | |
|
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] |
2024 (excluding the thirteen weeks ended March 31, 2024) | | $ | 10,307 | |
2025 | | | 13,713 | |
2026 | | | 13,608 | |
2027 | | | 13,602 | |
2028 | | | 13,602 | |
Thereafter | | | 167,032 | |
Total | | $ | 231,864 | |
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v3.24.1.u1
Note 5 - Accrued Liabilities (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Notes Tables |
|
Schedule of Accrued Liabilities [Table Text Block] |
| | As of | |
| | March 31, 2024 | | | December 31, 2023 | |
Accrued freight | | $ | 6,010 | | | $ | 5,654 | |
Accrued employee compensation and benefits | | | 10,141 | | | | 11,696 | |
Accrued returns and allowances | | | 12,072 | | | | 11,267 | |
Accrued taxes | | | 1,581 | | | | 1,475 | |
Current portion of operating lease liabilities | | | 4,476 | | | | 4,948 | |
Accrued other | | | 9,300 | | | | 7,089 | |
Total accrued liabilities | | $ | 43,580 | | | $ | 42,129 | |
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v3.24.1.u1
Note 6 - Debt (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Notes Tables |
|
Schedule of Debt [Table Text Block] |
| | As of | |
| | March 31, 2024 | | | December 31, 2023 | |
First lien term loan due November 17, 2028 | | $ | 575,862 | | | $ | 592,505 | |
Revolver | | | — | | | | — | |
Other | | | 1,312 | | | | 1,974 | |
Less unamortized debt issuance costs | | | (9,618 | ) | | | (10,308 | ) |
| | | 567,556 | | | | 584,171 | |
Less current portion of long-term debt | | | (7,444 | ) | | | (7,461 | ) |
| | $ | 560,112 | | | $ | 576,710 | |
|
Schedule of Maturities of Long-Term Debt [Table Text Block] |
| | Debt | | | Debt Issuance Costs | |
2024 (excluding the thirteen weeks ended March 31, 2024) | | $ | 5,582 | | | $ | 1,307 | |
2025 | | | 7,230 | | | | 1,876 | |
2026 | | | 6,571 | | | | 2,034 | |
2027 | | | 6,572 | | | | 2,209 | |
2028 | | | 551,219 | | | | 2,192 | |
| | $ | 577,174 | | | $ | 9,618 | |
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v3.24.1.u1
Note 9 - Fair Value Measurements (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Notes Tables |
|
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
| | Fair Value Measured on March 31, 2024 | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Assets: | | | | | | | | | | | | | | | | |
Interest rate collar | | $ | — | | | $ | 1,117 | | | $ | — | | | $ | 1,117 | |
| | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Warrant liability (Public) | | $ | 3,488 | | | $ | — | | | $ | — | | | $ | 3,488 | |
Warrant liability (Private) | | | — | | | | — | | | | 1,768 | | | | 1,768 | |
Earn-out liability | | | — | | | | — | | | | 2,830 | | | | 2,830 | |
Total fair value liabilities | | $ | 3,488 | | | $ | — | | | $ | 4,598 | | | $ | 8,086 | |
| | Fair Value Measured on December 31, 2023 | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Liabilities: | | | | | | | | | | | | | | | | |
Warrant liability (Public) | | $ | 5,480 | | | $ | — | | | $ | — | | | $ | 5,480 | |
Warrant liability (Private) | | | — | | | | — | | | | 2,903 | | | | 2,903 | |
Earn-out liability | | | — | | | | — | | | | 3,479 | | | | 3,479 | |
Interest rate collar liability | | | — | | | | 1,164 | | | | — | | | | 1,164 | |
Total fair value liabilities | | $ | 5,480 | | | $ | 1,164 | | | $ | 6,382 | | | $ | 13,026 | |
|
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] |
| | March 31, 2024 | | | December 31, 2023 | |
Valuation date price | | $ | 4.46 | | | $ | 4.87 | |
Strike price | | $ | 11.50 | | | $ | 11.50 | |
Remaining life (in years) | | | 2.29 | | | | 2.54 | |
Expected dividend | | $ | — | | | $ | — | |
Risk-free interest rate | | | 4.42 | % | | | 4.01 | % |
Price threshold | | $ | 18.00 | | | $ | 18.00 | |
| | March 31, 2024 | | | December 31, 2023 | |
Valuation date price | | $ | 4.46 | | | $ | 4.87 | |
Expected term (in years) | | | 4.29 | | | | 4.54 | |
Expected volatility | | | 65.22 | % | | | 67.20 | % |
Risk-free interest rate | | | 4.17 | % | | | 3.79 | % |
Price hurdle | | $ | 15.00 | | | $ | 15.00 | |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
| | Private Warrants | | | Earn-Out Liability | | | Total | |
Balance at December 31, 2022 | | $ | 1,581 | | | $ | 1,176 | | | $ | 2,757 | |
Losses included in earnings | | | 518 | | | | 428 | | | | 946 | |
Balance at April 2, 2023 | | $ | 2,099 | | | $ | 1,604 | | | $ | 3,703 | |
| | | | | | | | | | | | |
Balance at December 31, 2023 | | $ | 2,903 | | | $ | 3,479 | | | $ | 6,382 | |
Gains included in earnings | | | (1,135 | ) | | | (649 | ) | | | (1,784 | ) |
Balance at March 31, 2024 | | $ | 1,768 | | | $ | 2,830 | | | $ | 4,598 | |
|
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v3.24.1.u1
Note 10 - Revenue (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Notes Tables |
|
Revenue from External Customers by Products and Services [Table Text Block] |
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Electronic systems | | $ | 63,880 | | | $ | 68,751 | |
Mechanical systems | | | 38,395 | | | | 43,318 | |
Exhaust | | | 13,990 | | | | 15,829 | |
Accessories | | | 23,384 | | | | 27,465 | |
Safety | | | 18,987 | | | | 16,842 | |
Net sales | | $ | 158,636 | | | $ | 172,205 | |
|
Revenue from External Customers by Geographic Areas [Table Text Block] |
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
United States | | $ | 153,325 | | | $ | 166,418 | |
Italy | | | 5,311 | | | | 5,787 | |
Net sales | | $ | 158,636 | | | $ | 172,205 | |
|
X |
- DefinitionTabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue.
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v3.24.1.u1
Note 12 - Earnings Per Share (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Notes Tables |
|
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Numerator: | | | | | | | | |
Net income | | $ | 3,730 | | | $ | 4,247 | |
Denominator: | | | | | | | | |
Weighted average common shares outstanding - basic | | | 117,871,829 | | | | 117,153,525 | |
Dilutive effect of potential common shares from RSUs | | | 1,429,198 | | | | 91,237 | |
Dilutive effect of potential common shares from PSUs | | | 204,303 | | | | — | |
Weighted average common shares outstanding - diluted | | | 119,505,330 | | | | 117,244,762 | |
Earnings per share: | | | | | | | | |
Basic | | $ | 0.03 | | | $ | 0.04 | |
Diluted | | $ | 0.03 | | | $ | 0.04 | |
|
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] |
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Anti-dilutive shares excluded from calculation of diluted EPS: | | | | | | | | |
Warrants | | | 14,633,311 | | | | 14,633,311 | |
Stock options | | | 701,849 | | | | 1,117,102 | |
Restricted stock units | | | 61,470 | | | | 429,948 | |
Performance stock units | | | 797,879 | | | | 949,412 | |
Unvested Earn-Out Shares | | | 1,093,750 | | | | 1,093,750 | |
Total anti-dilutive shares | | | 17,288,259 | | | | 18,223,523 | |
|
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v3.24.1.u1
Note 13 - Equity-based Compensation Plans (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Notes Tables |
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] |
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Restricted stock units | | $ | 774 | | | $ | 648 | |
Performance stock units | | | 390 | | | | 52 | |
Stock options | | | (23 | ) | | | (306 | ) |
All equity-based compensation expenses are recorded in selling, general and administrative costs in the condensed consolidated statements of comprehensive income.
|
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] |
| | Unvested Restricted Stock Awards | |
| | | | | | Weighted Average | |
| | Number of RSAs | | | Grant Date Fair Value | |
Balance on December 31, 2023 | | | 4,904,801 | | | $ | 2.86 | |
Granted | | | 803,080 | | | | 4.25 | |
Vested | | | (819,876 | ) | | | 2.61 | |
Forfeited | | | (478,261 | ) | | | 3.13 | |
Balance on March 31, 2024 | | | 4,409,744 | | | $ | 3.13 | |
|
Share-Based Payment Arrangement, Option, Activity [Table Text Block] |
| | | | | | | | | | Weighted Average | |
| | | | | | Weighted | | | Remaining | |
| | Number of | | | Average | | | Contractual | |
| | Stock Options | | | Exercise Price | | | Term (years) | |
Options outstanding on December 31, 2023 | | | 886,046 | | | $ | 10.97 | | | | | |
Forfeited | | | (134,066 | ) | | | 11.03 | | | | | |
Expired | | | (50,131 | ) | | | 10.76 | | | | | |
Options outstanding on March 31, 2024 | | | 701,849 | | | $ | 10.98 | | | | 4.95 | |
Options exercisable on March 31, 2024 | | | 535,805 | | | $ | 11.00 | | | | 4.12 | |
|
X |
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v3.24.1.u1
Note 14 - Lease Commitments (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Notes Tables |
|
Schedule of Operating Lease Assets and Obligations [Table Text Block] |
| | As of | |
| | March 31, 2024 | | | December 31, 2023 | |
Assets: | | | | | | | | |
Operating right of use assets | | $ | 28,481 | | | $ | 29,250 | |
Liabilities: | | | | | | | | |
Current operating lease liabilities - Accrued liabilities | | $ | 4,476 | | | $ | 4,948 | |
Long-term operating lease liabilities | | | 25,266 | | | | 25,177 | |
Total lease liabilities | | $ | 29,742 | | | $ | 30,125 | |
Lease term and discount rate | | | | | | | | |
Weighted average remaining lease term (in years) | | | 7.2 | | | | 7.2 | |
Weighted average discount rate | | | 6.35 | % | | | 6.21 | % |
|
Lease, Cost [Table Text Block] |
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Components of lease expense: | | | | | | | | |
Operating lease expense | | $ | 2,145 | | | $ | 1,586 | |
Short-term lease expense | | | 428 | | | | 512 | |
Variable lease expense | | | 80 | | | | 152 | |
Total lease expense | | $ | 2,653 | | | $ | 2,250 | |
Supplemental cash flow information related to leases: | | | | | | | | |
Cash paid for amounts included in measurement of operating lease liabilities | | $ | 1,849 | | | $ | 1,751 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | | | 2,014 | | | | — | |
Decapitalization of right-of-use assets upon lease termination or modification | | | 1,360 | | | | — | |
|
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] |
2024 (excluding the thirteen weeks ended March 31, 2024) | | $ | 4,857 | |
2025 | | | 5,289 | |
2026 | | | 4,814 | |
2027 | | | 4,807 | |
2028 | | | 4,568 | |
Thereafter | | | 12,896 | |
Total lease payments | | | 37,231 | |
Less imputed interest | | | (7,489 | ) |
Present value of lease liabilities | | $ | 29,742 | |
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v3.24.1.u1
Note 15 - Commitments and Contingencies (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Notes Tables |
|
Schedule of Product Warranty Liability [Table Text Block] |
| | For the thirteen weeks ended | |
| | March 31, 2024 | | | April 2, 2023 | |
Beginning balance | | $ | 3,325 | | | $ | 3,584 | |
Accrued for current year warranty claims | | | 3,343 | | | | 2,954 | |
Settlement of warranty claims | | | (1,897 | ) | | | (3,357 | ) |
Ending balance | | $ | 4,771 | | | $ | 3,181 | |
|
X |
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v3.24.1.u1
Note 2 - Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Raw materials |
$ 57,416
|
$ 63,552
|
Work-in-process |
6,145
|
22,619
|
Finished goods |
120,455
|
106,089
|
Inventory, Net |
$ 184,016
|
$ 192,260
|
X |
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v3.24.1.u1
Note 3 - Property, Plant and Equipment, Net - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Property, Plant, and Equipment, Gross |
$ 95,466
|
$ 94,286
|
Less: accumulated depreciation |
49,090
|
47,080
|
Property, plant and equipment, net |
46,376
|
47,206
|
Land [Member] |
|
|
Property, Plant, and Equipment, Gross |
3,326
|
3,326
|
Building and Building Improvements [Member] |
|
|
Property, Plant, and Equipment, Gross |
11,576
|
11,404
|
Machinery and Equipment [Member] |
|
|
Property, Plant, and Equipment, Gross |
73,774
|
73,332
|
Construction in Progress [Member] |
|
|
Property, Plant, and Equipment, Gross |
$ 6,790
|
$ 6,224
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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Note 3 - Property, Plant and Equipment, Net - Schedule of Long-lived Assets by Geographic Locations (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Property, plant, and equipment, net |
$ 46,376
|
$ 47,206
|
UNITED STATES |
|
|
Property, plant, and equipment, net |
43,861
|
44,931
|
Non-US [Member] |
|
|
Property, plant, and equipment, net |
$ 2,515
|
$ 2,275
|
X |
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v3.24.1.u1
Note 4 - Goodwill and Other Intangible Assets (Details Textual) $ in Thousands |
3 Months Ended |
Mar. 31, 2024
USD ($)
|
Goodwill, Impairment Loss |
$ 0
|
X |
- DefinitionAmount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.
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v3.24.1.u1
Note 4 - Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets, Gross |
$ 310,401
|
$ 310,401
|
Finite-Lived Intangible Assets, Accumulated Amortization |
(78,537)
|
(75,101)
|
Finite-Lived Intangible Assets, Net |
231,864
|
235,300
|
Trade Names 1 [Member] |
|
|
Tradenames |
175,032
|
175,165
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets, Gross |
269,950
|
269,950
|
Finite-Lived Intangible Assets, Accumulated Amortization |
(58,620)
|
(55,732)
|
Finite-Lived Intangible Assets, Net |
211,330
|
214,218
|
Trade Names [Member] |
|
|
Finite-Lived Intangible Assets, Gross |
13,775
|
13,775
|
Finite-Lived Intangible Assets, Accumulated Amortization |
(5,750)
|
(5,569)
|
Finite-Lived Intangible Assets, Net |
8,025
|
8,206
|
Technology-Based Intangible Assets [Member] |
|
|
Finite-Lived Intangible Assets, Gross |
26,676
|
26,676
|
Finite-Lived Intangible Assets, Accumulated Amortization |
(14,167)
|
(13,800)
|
Finite-Lived Intangible Assets, Net |
$ 12,509
|
$ 12,876
|
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v3.24.1.u1
Note 4 - Goodwill and Other Intangible Assets - Schedule of Finite-lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
2024 (excluding the thirteen weeks ended March 31, 2024) |
$ 10,307
|
|
2025 |
13,713
|
|
2026 |
13,608
|
|
2027 |
13,602
|
|
2028 |
13,602
|
|
Thereafter |
167,032
|
|
Total |
$ 231,864
|
$ 235,300
|
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v3.24.1.u1
Note 5 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Accrued freight |
$ 6,010
|
$ 5,654
|
|
Accrued employee compensation and benefits |
10,141
|
11,696
|
|
Accrued returns and allowances |
12,072
|
11,267
|
|
Accrued taxes |
1,581
|
1,475
|
|
Current portion of operating lease liabilities |
4,476
|
4,948
|
$ 4,948
|
Accrued other |
9,300
|
7,089
|
|
Total accrued liabilities |
$ 43,580
|
$ 42,129
|
|
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v3.24.1.u1
Note 6 - Debt (Details Textual) $ in Thousands |
|
3 Months Ended |
12 Months Ended |
|
|
|
Nov. 18, 2021
USD ($)
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Feb. 28, 2023
USD ($)
|
Jan. 04, 2023
USD ($)
|
May 31, 2022
USD ($)
|
Property, Plant and Equipment, Net |
|
$ 46,376
|
$ 47,206
|
|
|
|
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] |
|
|
|
|
|
|
Derivative, Notional Amount |
|
500,000
|
|
|
$ 500,000
|
|
Revolving Credit Facility [Member] |
|
|
|
|
|
|
Debt Instrument, Term (Year) |
5 years
|
|
|
|
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
$ 125,000
|
|
|
|
|
|
Letter of Credit [Member] |
|
|
|
|
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
|
10,000
|
|
|
|
|
Letters of Credit Outstanding, Amount |
|
1,728
|
|
|
|
|
Delayed Draw Term Loan (DDTL) [Member] |
|
|
|
|
|
|
Debt Instrument, Face Amount |
100,000
|
|
|
|
|
|
Debt Instrument, Withdrawn Amount |
|
|
|
|
|
$ 57,000
|
First Lien Note Due November 17, 2028 [Member] |
|
|
|
|
|
|
Debt Issuance Costs, Gross |
13,413
|
|
|
|
|
|
First Lien Note Due November 17, 2028 [Member] | Term Loan [Member] |
|
|
|
|
|
|
Debt Instrument, Face Amount |
600,000
|
|
|
|
|
|
First Lien Note Due November 17, 2028 [Member] | Delayed Draw Term Loan (DDTL) [Member] |
|
|
|
|
|
|
Debt Instrument, Periodic Payment, Principal |
$ 1,643
|
|
|
|
|
|
Debt Instrument, Periodic Payment, Percentage of Annual Excess Cash FLow |
|
|
50.00%
|
|
|
|
Repayments of Long-Term Debt |
|
15,000
|
|
|
|
|
The Credit Agreement [Member] |
|
|
|
|
|
|
Debt Issuance Costs, Gross |
|
|
|
$ 1,427
|
|
|
Debt, Weighted Average Interest Rate |
|
|
9.20%
|
|
|
|
Debt Instrument, Covenant, Consolidated Net Leverage Ratio |
|
|
5.75
|
7.25
|
|
|
Debt Instrument, Covenant, Minimum Liquidity |
|
|
|
$ 45,000
|
|
|
The Credit Agreement [Member] | Asset Pledged as Collateral [Member] | Corporate Headquarters [Member] |
|
|
|
|
|
|
Property, Plant and Equipment, Net |
|
$ 5,947
|
|
|
|
|
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v3.24.1.u1
Note 6 - Debt - Schedule of Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Long-Term Debt, Gross |
$ 577,174
|
|
Other |
1,312
|
$ 1,974
|
Less unamortized debt issuance costs |
(9,618)
|
(10,308)
|
Long-Term Debt |
567,556
|
584,171
|
Less current portion of long-term debt |
(7,444)
|
(7,461)
|
Long-Term Debt, Excluding Current Maturities |
560,112
|
576,710
|
Revolving Credit Facility [Member] |
|
|
Long-Term Debt, Gross |
0
|
0
|
First Lien Note Due November 17, 2028 [Member] |
|
|
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$ 575,862
|
$ 592,505
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Note 6 - Debt - Future Maturities of Long-term Debt and Amortization of Debt Issuance Cost (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
2024 (excluding the thirteen weeks ended March 31, 2024), future maturities |
$ 5,582
|
|
2024 (excluding the thirteen weeks ended March 31, 2024) |
1,307
|
|
2025, future maturities |
7,230
|
|
2025, debt issuance costs amortization |
1,876
|
|
2026, future maturities |
6,571
|
|
2026, debt issuance costs amortization |
2,034
|
|
2027, future maturities |
6,572
|
|
2027, debt issuance costs amortization |
2,209
|
|
2028, future maturities |
551,219
|
|
2028, debt issuance costs amortization |
2,192
|
|
Future maturities |
577,174
|
|
Debt Issuance Cost Amortization |
$ 9,618
|
$ 10,308
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v3.24.1.u1
Note 7 - Common Stock Warrants and Earn-out Liability (Details Textual) - USD ($) $ / shares in Units, $ in Thousands |
|
3 Months Ended |
|
|
Jul. 16, 2021 |
Mar. 31, 2024 |
Apr. 02, 2023 |
Apr. 03, 2022 |
Dec. 31, 2023 |
Oct. 09, 2021 |
Class of Warrant or Right, Outstanding (in shares) |
|
|
|
|
|
14,666,644
|
Warrant Liability |
|
$ 5,256
|
|
|
$ 8,383
|
|
Fair Value Adjustment of Warrants |
|
(3,127)
|
$ 1,435
|
|
|
|
Business Combination, Contingent Consideration, Liability, Noncurrent |
|
2,830
|
|
|
3,479
|
|
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability |
|
(649)
|
$ 428
|
|
|
|
Empower Sponsor Holdings LLC [Member] |
|
|
|
|
|
|
Business Combination, Contingent Consideration, Liability, Noncurrent |
|
$ 2,830
|
|
|
$ 3,479
|
|
Empower Sponsor Holdings LLC [Member] | Earn Out Shares [Member] |
|
|
|
|
|
|
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) |
2,187,500
|
|
|
|
|
|
Empower Sponsor Holdings LLC [Member] | Tranche One [Member] |
|
|
|
|
|
|
Stock Issued During Period, Shares, Acquisitions (in shares) |
|
|
|
1,093,750
|
|
|
Stock Issued During Period, Value, Acquisitions |
|
|
|
$ 14,689
|
|
|
Public Warrants [Member] |
|
|
|
|
|
|
Class of Warrant or Right, Outstanding (in shares) |
|
|
|
|
|
9,999,977
|
Public Warrants [Member] | Measurement Input, Share Price [Member] |
|
|
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) |
|
|
|
|
|
$ 0.01
|
Share Price (in dollars per share) |
|
|
|
|
|
18
|
Public Warrants [Member] | Measurement Input Share Price1 [Member] |
|
|
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) |
|
|
|
|
|
0.1
|
Share Price (in dollars per share) |
|
|
|
|
|
$ 10
|
Private Placement Warrants [Member] |
|
|
|
|
|
|
Class of Warrant or Right, Outstanding (in shares) |
|
|
|
|
|
4,666,667
|
Private and Public Warrants [Member] |
|
|
|
|
|
|
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) |
|
|
|
|
|
1
|
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) |
|
|
|
|
|
$ 11.5
|
Warrants and Rights Outstanding, Term (Year) |
|
|
|
|
|
5 years
|
X |
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v3.24.1.u1
Note 8 - Derivative Instruments (Details Textual) - USD ($) $ in Thousands |
3 Months Ended |
|
Mar. 31, 2024 |
Apr. 02, 2023 |
Jan. 04, 2023 |
Unrealized Gain (Loss) on Derivatives |
$ 2,281
|
$ (3,020)
|
|
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] |
|
|
|
Derivative, Notional Amount |
500,000
|
|
$ 500,000
|
Derivative, Floor Interest Rate |
|
|
2.811%
|
Derivative, Cap Interest Rate |
|
|
5.00%
|
Derivative Liability |
1,117
|
|
|
Unrealized Gain (Loss) on Derivatives |
2,281
|
$ 3,020
|
|
Payments for (Proceeds from) Hedge, Investing Activities |
$ 469
|
|
|
X |
- DefinitionCap rate on an interest rate derivative such as an interest rate cap or collar. If market rates exceed the cap rate, a payment or receipt is triggered on the contract.
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Note 9 - Fair Value Measurements - Schedule of Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Liability |
$ 8,086
|
$ 13,026
|
Warrant Liability Public Warrants [Member] |
|
|
Liability |
3,488
|
5,480
|
Warrant Liability Private Placement Warrants [Member] |
|
|
Liability |
1,768
|
2,903
|
Earn Out Liability [Member] |
|
|
Liability |
2,830
|
3,479
|
Interest Rate Collar Liability [Member] |
|
|
Liability |
|
1,164
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Liability |
3,488
|
5,480
|
Fair Value, Inputs, Level 1 [Member] | Warrant Liability Public Warrants [Member] |
|
|
Liability |
3,488
|
5,480
|
Fair Value, Inputs, Level 1 [Member] | Warrant Liability Private Placement Warrants [Member] |
|
|
Liability |
0
|
0
|
Fair Value, Inputs, Level 1 [Member] | Earn Out Liability [Member] |
|
|
Liability |
0
|
0
|
Fair Value, Inputs, Level 1 [Member] | Interest Rate Collar Liability [Member] |
|
|
Liability |
|
0
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Liability |
0
|
1,164
|
Fair Value, Inputs, Level 2 [Member] | Warrant Liability Public Warrants [Member] |
|
|
Liability |
0
|
0
|
Fair Value, Inputs, Level 2 [Member] | Warrant Liability Private Placement Warrants [Member] |
|
|
Liability |
0
|
0
|
Fair Value, Inputs, Level 2 [Member] | Earn Out Liability [Member] |
|
|
Liability |
0
|
0
|
Fair Value, Inputs, Level 2 [Member] | Interest Rate Collar Liability [Member] |
|
|
Liability |
|
1,164
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Liability |
4,598
|
6,382
|
Fair Value, Inputs, Level 3 [Member] | Warrant Liability Public Warrants [Member] |
|
|
Liability |
0
|
0
|
Fair Value, Inputs, Level 3 [Member] | Warrant Liability Private Placement Warrants [Member] |
|
|
Liability |
1,768
|
2,903
|
Fair Value, Inputs, Level 3 [Member] | Earn Out Liability [Member] |
|
|
Liability |
2,830
|
3,479
|
Fair Value, Inputs, Level 3 [Member] | Interest Rate Collar Liability [Member] |
|
|
Liability |
|
$ 0
|
Interest Rate Contract [Member] | Derivative Financial Instruments, Assets [Member] |
|
|
Interest rate collar |
1,117
|
|
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|
|
Interest rate collar |
0
|
|
Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member] |
|
|
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1,117
|
|
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|
|
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$ 0
|
|
X |
- DefinitionFair value portion of asset recognized for present right to economic benefit.
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v3.24.1.u1
Note 9 - Fair Value Measurements - Summary of Assumptions for Estimated Fair Value Using Monte Carlo Simulation Model (Details) - Monte Carlo Simulation Model [Member]
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Measurement Input, Share Price [Member] | Earn Out Liability [Member] |
|
|
Alternative Investment, Measurement Input |
4.46
|
4.87
|
Measurement Input, Share Price [Member] | Warrant Liability Private Placement Warrants [Member] |
|
|
Alternative Investment, Measurement Input |
4.46
|
4.87
|
Measurement Input Strike Price [Member] | Warrant Liability Private Placement Warrants [Member] |
|
|
Alternative Investment, Measurement Input |
11.5
|
11.5
|
Measurement Input, Expected Term [Member] | Earn Out Liability [Member] |
|
|
Alternative Investment, Measurement Input |
4.29
|
4.54
|
Measurement Input, Expected Term [Member] | Warrant Liability Private Placement Warrants [Member] |
|
|
Alternative Investment, Measurement Input |
2.29
|
2.54
|
Measurement Input, Price Volatility [Member] | Earn Out Liability [Member] |
|
|
Alternative Investment, Measurement Input |
0.6522
|
0.672
|
Measurement Input, Risk Free Interest Rate [Member] | Earn Out Liability [Member] |
|
|
Alternative Investment, Measurement Input |
0.0417
|
0.0379
|
Measurement Input, Risk Free Interest Rate [Member] | Warrant Liability Private Placement Warrants [Member] |
|
|
Alternative Investment, Measurement Input |
0.0442
|
0.0401
|
Measurement Input Price Hurdle One [Member] | Earn Out Liability [Member] |
|
|
Alternative Investment, Measurement Input |
15
|
15
|
Measurement Input Price Threshold [Member] | Warrant Liability Private Placement Warrants [Member] |
|
|
Alternative Investment, Measurement Input |
18
|
18
|
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v3.24.1.u1
Note 9 - Fair Value Measurements - Reconciliation of Changes (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Apr. 02, 2023 |
Balance |
$ 6,382
|
$ 2,757
|
Losses included in earnings |
(1,784)
|
946
|
Balance |
4,598
|
3,703
|
Private Placement Warrants [Member] |
|
|
Balance |
2,903
|
1,581
|
Losses included in earnings |
(1,135)
|
518
|
Balance |
1,768
|
2,099
|
Earn Out Liability [Member] |
|
|
Balance |
3,479
|
1,176
|
Losses included in earnings |
(649)
|
428
|
Balance |
$ 2,830
|
$ 1,604
|
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v3.24.1.u1
Note 10 - Revenue - Summary of Revenue by Product Category (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Apr. 02, 2023 |
Net sales |
$ 158,636
|
$ 172,205
|
Electronic Systems [Member] |
|
|
Net sales |
63,880
|
68,751
|
Mechanical System [Member] |
|
|
Net sales |
38,395
|
43,318
|
Exhaust [Member] |
|
|
Net sales |
13,990
|
15,829
|
Accessories [Member] |
|
|
Net sales |
23,384
|
27,465
|
Safety [Member] |
|
|
Net sales |
$ 18,987
|
$ 16,842
|
X |
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Note 10 - Revenue - Summary of Revenue Based on Geographic Location (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Apr. 02, 2023 |
Net sales |
$ 158,636
|
$ 172,205
|
UNITED STATES |
|
|
Net sales |
153,325
|
166,418
|
ITALY |
|
|
Net sales |
$ 5,311
|
$ 5,787
|
X |
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v3.24.1.u1
v3.24.1.u1
v3.24.1.u1
Note 12 - Earnings Per Share - Schedule of Basic and Diluted Earning Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Apr. 02, 2023 |
Net income |
$ 3,730
|
$ 4,247
|
Weighted average common shares outstanding - basic (in shares) |
117,871,829
|
117,153,525
|
Weighted average common shares outstanding - diluted (in shares) |
119,505,330
|
117,244,762
|
Earnings per share: |
|
|
Basic net income per share (in dollars per share) |
$ 0.03
|
$ 0.04
|
Diluted net income per share (in dollars per share) |
$ 0.03
|
$ 0.04
|
Restricted Stock Units (RSUs) [Member] |
|
|
Dilutive effect of potential common shares from share-based payment arrangement (in shares) |
1,429,198
|
91,237
|
Performance Shares [Member] |
|
|
Dilutive effect of potential common shares from share-based payment arrangement (in shares) |
204,303
|
0
|
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v3.24.1.u1
Note 12 - Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
|
3 Months Ended |
Mar. 31, 2024 |
Apr. 02, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares) |
17,288,259
|
18,223,523
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares) |
14,633,311
|
14,633,311
|
Share-Based Payment Arrangement, Option [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares) |
701,849
|
1,117,102
|
Restricted Stock Units (RSUs) [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares) |
61,470
|
429,948
|
Performance Shares [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares) |
797,879
|
949,412
|
Earn Out Shares [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares) |
1,093,750
|
1,093,750
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.24.1.u1
Note 13 - Equity-based Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands |
|
|
|
3 Months Ended |
12 Months Ended |
|
Mar. 18, 2024 |
Mar. 04, 2024 |
Jun. 06, 2023 |
Mar. 31, 2024 |
Apr. 02, 2023 |
Dec. 31, 2023 |
Dec. 31, 2021 |
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) |
[1] |
|
|
|
803,080
|
|
|
|
|
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount |
|
|
|
|
$ 8,977
|
|
|
|
|
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) |
|
|
|
|
2 years 4 months 24 days
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) |
|
|
|
|
$ 4.25
|
[1] |
$ 2.11
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value |
|
|
|
|
$ 3,364
|
|
$ 146
|
|
|
Restricted Stock Units (RSUs) [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) |
|
|
|
|
1 year
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) |
|
|
|
|
4 years
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | President [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) |
|
|
|
1,000,000
|
|
|
|
|
|
Performance Shares [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) |
|
26,020
|
340,895
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) |
|
|
|
|
|
|
|
3 years
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) |
|
$ 4.25
|
$ 4.22
|
|
|
|
|
|
|
Performance Shares [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement, Vesting Award Rights, Percentage of Initial Target Awards |
|
|
|
|
|
|
|
0.00%
|
|
Performance Shares [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement, Vesting Award Rights, Percentage of Initial Target Awards |
|
|
|
|
|
|
|
150.00%
|
|
Performance Shares [Member] | President [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) |
|
|
|
1,520,000
|
|
|
|
|
|
Share-Based Payment Arrangement [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) |
|
|
|
|
|
|
|
10 years
|
|
Share-Based Payment Arrangement [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) |
|
|
|
|
|
|
|
3 years
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount |
|
|
|
|
$ 364
|
|
|
|
|
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) |
|
|
|
|
9 months 18 days
|
|
|
|
|
The 2021 Omnibus Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) |
|
|
|
|
|
|
|
|
8,850,000
|
Common Stock, Capital Shares Reserved for Future Issuance (in shares) |
|
|
|
|
4,754,499
|
|
|
|
|
|
|
X |
- DefinitionPercentage of initial target awards for vesting awards rights under share based payment arrangement.
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v3.24.1.u1
Note 13 - Equity-based Compensation Plans - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares
|
3 Months Ended |
Mar. 31, 2024 |
Apr. 02, 2023 |
Balance (in shares) |
|
4,904,801
|
|
|
Balance (in dollars per share) |
|
$ 2.86
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) |
[1] |
803,080
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) |
|
$ 4.25
|
[1] |
$ 2.11
|
Vested, shares (in shares) |
|
(819,876)
|
|
|
Vested, weighted average grant date fair value (in dollars per share) |
|
$ 2.61
|
|
|
Forfeited, shares (in shares) |
|
(478,261)
|
|
|
Forfeited, weighted average grant date fair value (in dollars per share) |
|
$ 3.13
|
|
|
Balance (in shares) |
|
4,409,744
|
|
|
Balance (in dollars per share) |
|
$ 3.13
|
|
|
|
|
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- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.
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v3.24.1.u1
Note 13 - Equity-based Compensation Plans - Summary of Stock Option Activity (Details)
|
3 Months Ended |
Mar. 31, 2024
$ / shares
shares
|
Options outstanding, shares (in shares) | shares |
886,046
|
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares |
$ 10.97
|
Forfeited, shares (in shares) | shares |
(134,066)
|
Forfeited, weighted average exercise price (in dollars per share) | $ / shares |
$ 11.03
|
Expired, shares (in shares) | shares |
(50,131)
|
Expired, weighted average exercise price (in dollars per share) | $ / shares |
$ 10.76
|
Options outstanding, shares (in shares) | shares |
701,849
|
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares |
$ 10.98
|
Options outstanding, weighted average remaining contractual term (Year) |
4 years 11 months 12 days
|
Options exercisable, shares (in shares) | shares |
535,805
|
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares |
$ 11
|
Options exercisable, weighted average remaining contractual term (Year) |
4 years 1 month 13 days
|
X |
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v3.24.1.u1
Note 14 - Lease Commitments - Schedule of Operating Lease Assets and Obligations (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Liabilities, Current [Abstract] |
|
|
|
Accrued liabilities |
$ 43,580
|
$ 42,129
|
|
Right-of-use assets |
$ 28,481
|
29,250
|
$ 29,250
|
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] |
Accrued liabilities
|
|
|
Current operating lease liabilities - Accrued liabilities |
$ 4,476
|
$ 4,948
|
4,948
|
Long-term operating lease liabilities |
25,266
|
|
25,177
|
Total lease liabilities |
$ 29,742
|
|
$ 30,125
|
Weighted average remaining lease term (in years) (Year) |
7 years 2 months 12 days
|
|
7 years 2 months 12 days
|
Weighted average discount rate |
6.35%
|
|
6.21%
|
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v3.24.1.u1
Note 14 - Lease Commitments - Schedule of Operating Lease Expense Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Apr. 02, 2023 |
Components of lease expense: |
|
|
Operating lease expense |
$ 2,145
|
$ 1,586
|
Short-term lease expense |
428
|
512
|
Variable lease expense |
80
|
152
|
Total lease expense |
2,653
|
2,250
|
Cash paid for amounts included in measurement of operating lease liabilities |
1,849
|
1,751
|
Right-of-use assets obtained in exchange for new operating lease liabilities |
2,014
|
0
|
Decapitalization of right-of-use assets upon lease termination or modification |
$ 1,360
|
$ 0
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v3.24.1.u1
Note 14 - Lease Commitments - Schedule of Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Mar. 31, 2023 |
2024 (excluding the thirteen weeks ended March 31, 2024) |
$ 4,857
|
|
2025 |
5,289
|
|
2026 |
4,814
|
|
2027 |
4,807
|
|
2028 |
4,568
|
|
Thereafter |
12,896
|
|
Total lease payments |
37,231
|
|
Less imputed interest |
(7,489)
|
|
Present value of lease liabilities |
$ 29,742
|
$ 30,125
|
X |
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v3.24.1.u1
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Apr. 02, 2023 |
The 401K [Member] |
|
|
Defined Contribution Plan, Employer Discretionary Contribution Amount |
$ 616
|
$ 575
|
UNITED STATES |
|
|
Defined Contribution Plan, Employer Matching Contribution, Percent of Match |
3.50%
|
|
Defined Contribution Plan, Employer Discretionary Contribution, Percent of Match |
1.50%
|
|
Foreign Plan [Member] |
|
|
Defined Contribution Plan, Employer Matching Contribution, Percent of Match |
3.00%
|
|
Defined Contribution Plan, Employer Discretionary Contribution, Percent of Match |
1.50%
|
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v3.24.1.u1
Note 15 - Commitments and Contingencies - Schedule of Accrual For Product Warranties (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Apr. 02, 2023 |
Beginning balance |
$ 3,325
|
$ 3,584
|
Accrued for current year warranty claims |
3,343
|
2,954
|
Settlement of warranty claims |
(1,897)
|
(3,357)
|
Ending balance |
$ 4,771
|
$ 3,181
|
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