Delivered second quarter net sales of $169.5
million Debt and Credit Ratings upgraded by S&P Global
Ratings Exited Covenant Relief Period and continues progress
on deleverage with $10MM prepayment
Holley Performance Brands (NYSE: HLLY), a leader in automotive
aftermarket performance solutions, today announced financial
results for its second quarter ended June 30, 2024.
Second Quarter Highlights vs. Prior
Year Period
- Net Sales decreased 3.3% to $169.5 million compared to $175.3
million last year
- Net Income was $17.1 million, or $0.14 per diluted share,
compared to $13.0 million, or $0.11 per diluted share, last
year
- Net Cash Provided by Operating Activities was $25.7 million
compared to $30.7 million last year
- Adjusted Net Income1 was $12.6 million compared to $16.0
million last year
- Adjusted EBITDA1 was $37.4 million compared to $37.9 million
last year
- Free Cash Flow1 was $24.4 million compared to $29.0 million
last year
1See “Use and Reconciliation of Non-GAAP Financial Measures”
below.
“In the second quarter, amidst a challenging macroeconomic
landscape, we achieved significant strides in the pivotal areas of
our transformation, which may not be immediately apparent due to
the broader market conditions. Through ongoing improvements in our
operations, we met all of our financial priorities related to cash
flow, deleveraging, and cost to serve, as well as completed the
final pieces of enhancing our organization's capabilities with the
addition of a new Senior Vice President of Operations and Supply
Chain. We are thrilled to welcome, Alex Buccilli, SVP of Operations
and Supply Chain to further strengthen our operational strategies,
supporting our vision for sustained growth,” said Matthew
Stevenson, President and CEO of Holley.
Stevenson commented, “Our focus on the transformation centered
on driving growth through enhancing our digital capabilities and
customer experiences, deepening distributor partnerships, product
management and innovation, and strategic pricing, is beginning to
bear fruit, as evident by the meaningful year-over-year growth in
our direct-to-consumer channel as well as the highly successful
Memorial Day campaign where we collaborated with our distribution
partners to drive their out the door sales. Moreover, we're proud
to continue teaming up with the industry distribution partners to
drive their out the door sales. Additionally, we take pride in the
innovative products we introduced during the second quarter, which
span across our remarkable innovative offerings of brands.”
Key Operating Metrics and Strategic
Highlights
- Year-over-Year Order trends improving both on an annual and
sequential basis
- Total net inventory reduced to $173.5 million compared to
$217.5 million Q2 of last year; inventory turns improved to 2.2x
compared to 1.9x last year
- S&P Global Ratings (S&P) upgraded Holley’s issuer
credit rating to ‘B’ from ‘B-’ and senior secured issue-level
rating to ‘B’ from ‘B-’ on June 13, 2024
- Completed additional $10 million in early debt paydown against
the Company’s first lien term loan facility in Q2
- Holley’s bank-adjusted EBITDA leverage ratio1 at quarter end of
4.02x was well below the amended covenant ceiling of 5.00x for Q2
of 2024
- Exited the Covenant Relief Period
1See “Use and Reconciliation of Non-GAAP Financial Measures”
below.
Jesse Weaver, Holley's CFO, added, "This quarter, we once again
met our financial priorities. Our improved leverage ratio, backed
by robust profitability, debt reduction, and more consistent free
cash flow generation, was recognized by S&P Global Ratings with
an upgraded credit and debt rating in June. I'm incredibly proud of
our team and their efforts during this transformation, which has
reinvigorated the focus on organic growth and allowed us to
effectively make progress on the financial priorities we set out
over 18 months ago."
Weaver added, "While we are making significant strides in our
transformation, the overall macroeconomic environment remains
fraught with uncertainty. Consequently, we believe adopting a
conservative stance in our outlook for the latter half of the year
is a prudent measure. Nonetheless, we are confident in the
trajectory we have set and remain enthusiastic about the company's
growth prospects. Our ability to capture market share, even in a
softening market, reinforces our optimism for the future."
Outlook
Holley is providing the following outlook for the third quarter
and full-year 2024:
Metric
Third Quarter 2024
Outlook
Full Year 2024 Outlook
Net Sales
$133 - $153 million
$605 - $645 million
Adjusted EBITDA *
$20 - $30 million
$117 - $132 million
Capital Expenditures
$6 - $8 million
Depreciation and Amortization
Expense
$24 - $26 million
Interest Expense
$50 - $55 million
Bank-adjusted EBITDA Leverage
Ratio *
3.75x - 4.25x
* Holley is not providing reconciliations of forward-looking
third quarter 2024 and full year 2024 Adjusted EBITDA outlook and
full year 2024 Bank-adjusted EBITDA Leverage Ratio outlook because
certain information necessary to calculate the most comparable GAAP
measure, net income, is unavailable due to the uncertainty and
inherent difficulty of predicting the occurrence and the future
financial statement impact of certain items. Therefore, as a result
of the uncertainty and variability of the nature and amount of
future adjustments, which could be significant, Holley is unable to
provide these forward-looking reconciliations without unreasonable
effort. Accordingly, Holley is relying on the exception provided by
Item 10(e)(1)(i)(B) of Regulation S-K to exclude these
reconciliations.
Holley notes that its outlook for the third quarter and
full-year 2024 may vary due to changes in assumptions or market
conditions and other factors described below under “Forward-Looking
Statements.”
Conference Call A conference
call and audio webcast has been scheduled for 8:30 a.m. Eastern
Time today to discuss these results. Investors, analysts, and
members of the media interested in listening to the live
presentation are encouraged to join a webcast of the call available
on the investor relations portion of the Company’s website at
investor.holley.com. For those that cannot join the webcast, you
can participate by dialing 877-407-4019 (Toll Free) or 201-689-8337
(Toll) using the access code of 13747636.
For those unable to participate, a telephone replay recording
will be available until Wednesday, August 14, 2024. To access the
replay, please call 877-660-6853 (Toll Free) or 201-612-7415 (Toll)
and enter confirmation code 13747636. A web-based archive of the
conference call will also be available on the Company’s
website.
Additional Financial
Information The Investor Relations page of Holley’s
website, investor.holley.com contains a significant amount of
financial information about Holley, including our earnings
presentation, which can be found under Events & Presentations.
Holley encourages investors to visit this website regularly, as
information is updated, and new information is posted.
About Holley Inc. Holley
Performance Brands (NYSE: HLLY) is a leading designer, marketer,
and manufacturer of high-performance products for car and truck
enthusiasts. Holley offers a leading portfolio of iconic brands
that deliver innovation and inspiration to a large and diverse
community of millions of avid automotive enthusiasts who are
passionate about the performance and personalization of their
classic and modern cars. Holley has disrupted the performance
category by putting the enthusiast consumer first, developing
innovative new products, and building a robust M&A process that
has added meaningful scale and diversity to its platform. For more
information on Holley, visit https://www.holley.com.
Forward-Looking Statements
Certain statements in this press release may be considered
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
relate to future events or Holley’s future financial or operating
performance. For example, projections of future revenue and
adjusted EBITDA and other metrics, along with statements regarding
the impact of organizational changes, are forward-looking
statements. In some cases, you can identify forward-looking
statements by terminology such as “may,” “should,” “expect,”
“intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,”
“or” or the negatives of these terms or variations of them or
similar terminology. Such forward-looking statements are subject to
risks, uncertainties, and other factors which could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements. These forward-looking statements
are based upon estimates and assumptions that, while considered
reasonable by Holley and its management, are inherently uncertain.
Factors that may cause actual results to differ materially from
current expectations include, but are not limited to: 1) the
ability of Holley to grow and manage growth profitably which may be
affected by, among other things, competition; to maintain
relationships with customers and suppliers; and to retain its
management and key employees; 2) Holley’s ability to compete
effectively in our market; 3) Holley’s ability to successfully
design, develop, and market new products; 4) Holley’s ability to
respond to changes in vehicle ownership and type; 5) Holley’s
ability to maintain and strengthen demand for our products; 6)
Holley’s ability to effectively manage our growth; 7) Holley’s
ability to attract new customers in a cost-effective manner; 8)
Holley’s ability to expand into additional consumer markets; 9)
costs related to Holley being a public company; 10) disruptions to
Holley’s operations, including as a result of cybersecurity
incidents; 11) changes in applicable laws or regulations; 12) the
outcome of any legal proceedings that have been or may be
instituted against Holley; 13) general economic and political
conditions, including the current macroeconomic environment,
political tensions, and war (including the conflict in Ukraine, the
conflict in the Middle East, and the possible expansion of such
conflicts and potential geopolitical consequences); 14) the
possibility that Holley may be adversely affected by other
economic, business, and/or competitive factors, including recent
events affecting the financial services industry (such as the
closures of certain regional banks); 15) Holley’s estimates and
expectations of its financial performance and future growth
prospects; 16) Holley’s ability to anticipate and manage through
disruptions and higher costs in manufacturing, supply chain,
logistical operations, and shortages of certain company products in
distribution channels; and 17) other risks and uncertainties set
forth in the section entitled “Risk Factors” and “Cautionary Note
Regarding Forward-Looking Statements” in the Annual Report on Form
10-K for the year ended December 31, 2023 filed with the U.S.
Securities and Exchange Commission (“SEC”) on March 14, 2024,
and/or disclosed in any subsequent filings with the SEC. Although
Holley believes the expectations reflected in the forward-looking
statements are reasonable, nothing in this press release should be
regarded as a representation by any person that the forward-looking
statements or projections set forth herein will be achieved or that
any of the contemplated results of such forward looking statements
or projections will be achieved. There may be additional risks that
Holley presently does not know or that Holley currently believes
are immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. You should not
place undue reliance on forward-looking statements, which speak
only as of the date they are made. Holley undertakes no duty to
update these forward-looking statements, except as otherwise
required by law.
[Financial Tables to Follow]
HOLLEY INC. and
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (In thousands) (Unaudited)
For the thirteen weeks
ended
For the twenty-six weeks
ended
June 30,
July 2,
Variance
Variance
June 30,
July 2,
Variance
Variance
2024
2023
($)
(%)
2024
2023
($)
(%)
Net Sales
$
169,496
$
175,262
$
(5,766
)
-3.3
%
$
328,132
$
347,467
$
(19,335
)
-5.6
%
Cost of Goods Sold
99,203
105,514
(6,311
)
-6.0
%
205,780
210,006
(4,226
)
-2.0
%
Gross Profit
70,293
69,748
545
0.8
%
122,352
137,461
(15,109
)
-11.0
%
Selling, General, and Administrative
34,570
29,101
5,469
18.8
%
67,566
59,118
8,448
14.3
%
Research and Development Costs
4,311
6,182
(1,871
)
-30.3
%
9,123
12,835
(3,712
)
-28.9
%
Amortization of Intangible Assets
3,435
3,674
(239
)
-6.5
%
6,871
7,353
(482
)
-6.6
%
Restructuring Costs
(3
)
352
(355
)
nm
612
1,691
(1,079
)
-63.8
%
Other Operating Expense (Income)
102
485
(383
)
-79.0
%
94
536
(442
)
-82.5
%
Operating Expense
42,415
39,794
2,621
6.6
%
84,266
81,533
2,733
3.4
%
Operating Income
27,878
29,954
(2,076
)
-6.9
%
38,086
55,928
(17,842
)
-31.9
%
Change in Fair Value of Warrant
Liability
(3,402
)
2,017
(5,419
)
nm
(6,529
)
3,452
(9,981
)
nm
Change in Fair Value of Earn-Out
Liability
(1,058
)
961
(2,019
)
nm
(1,707
)
1,389
(3,096
)
nm
Loss on Early Extinguishment of Debt
—
—
-
nm
141
—
141
nm
Interest Expense, Net
13,178
9,899
3,279
33.1
%
24,182
28,197
(4,015
)
-14.2
%
Non-Operating Expense
8,718
12,877
(4,159
)
-32.3
%
16,087
33,038
(16,951
)
nm
Income Before Income Taxes
19,160
17,077
2,083
12.2
%
21,999
22,890
(891
)
-3.9
%
Income Tax Expense (Benefit)
2,055
4,098
(2,043
)
nm
1,164
5,664
(4,500
)
-79.4
%
Net Income
$
17,105
$
12,979
$
4,126
31.8
%
$
20,835
$
17,226
$
3,609
21.0
%
Comprehensive Income:
Foreign Currency Translation
Adjustment
44
272
(228
)
-83.8
%
(142
)
73
(215
)
nm
Total Comprehensive Income
$
17,149
$
13,251
$
3,898
29.4
%
$
20,693
$
17,299
$
3,394
19.6
%
Common Share Data:
Basic Net Income per Share
$
0.14
$
0.11
$
0.03
27.3
%
$
0.18
$
0.15
$
0.03
20.0
%
Diluted Net Income per Share
$
0.14
$
0.11
$
0.03
27.3
%
$
0.17
$
0.15
$
0.02
13.3
%
Weighted Average Common Shares Outstanding
- Basic
118,470
117,221
1,249
1.1
%
118,171
117,187
984
0.8
%
Weighted Average Common Shares Outstanding
- Diluted
119,261
117,869
1,392
1.2
%
119,383
117,557
1,826
1.6
%
nm - not meaningful
HOLLEY INC. and
SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (In
thousands) (Unaudited)
As of
June 30,
December 31,
2024
2023
Assets
Cash and cash equivalents
$
53,080
$
41,081
Accounts receivable
56,061
48,360
Inventory
173,518
192,260
Prepaids and other current assets
16,348
15,665
Assets held for sale
2,096
-
Total Current Assets
301,103
297,366
Property, Plant and Equipment, Net
43,491
47,206
Goodwill
419,056
419,056
Other Intangibles, Net
403,483
410,465
Other Noncurrent Assets
30,958
29,250
Total Assets
$
1,198,091
$
1,203,343
Liabilities and Stockholders’ Equity
Accounts payable
$
58,595
$
43,692
Accrued interest
359
455
Accrued liabilities
41,130
42,129
Current portion of long-term debt
7,437
7,461
Total Current Liabilities
107,521
93,737
Long-Term Debt, Net of Current Portion
548,698
576,710
Deferred Taxes
48,642
53,542
Other Noncurrent Liabilities
30,061
38,203
Total Liabilities
734,922
762,192
Common Stock
12
12
Additional Paid-In Capital
375,194
373,869
Accumulated Other Comprehensive Loss
(852
)
(710
)
Retained Earnings
88,815
67,980
Total Stockholders’ Equity
463,169
441,151
Total Liabilities and Stockholders’
Equity
$
1,198,091
$
1,203,343
HOLLEY INC. and
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (In thousands) (Unaudited)
For the thirteen weeks
ended
For the twenty-six weeks
ended
June 30,
July 2,
June 30,
July 2,
2024
2023
2024
2023
Operating
Activities
Net Income
$
17,105
$
12,979
$
20,835
$
17,226
Adjustments to Reconcile to Net Cash
3,621
109
14,592
13,983
Changes in Operating Assets and
Liabilities
4,952
17,656
9,094
3,174
Net Cash Provided by Operating
Activities
25,678
30,744
44,521
34,383
Investing
Activities
Capital Expenditures, Net of
Dispositions
(1,325
)
(1,699
)
(2,416
)
(2,382
)
Net Cash Provided by (Used in) Investing
Activities
(1,325
)
(1,699
)
(2,416
)
(2,382
)
Financing
Activities
Net Change in Debt
(11,857
)
(6,788
)
(28,605
)
(14,072
)
Deferred financing fees
—
(310
)
—
(1,427
)
Payments from Stock-Based Award
Activities
(516
)
(39
)
(1,437
)
(73
)
Net Cash Provided by (Used in) Financing
Activities
(12,373
)
(7,137
)
(30,042
)
(15,572
)
Effect of Foreign Currency Rate
Fluctuations on Cash
(27
)
16
(64
)
161
Net Change in Cash and Cash
Equivalents
11,953
21,924
11,999
16,590
Cash and Cash
Equivalents
Beginning of Period
41,127
20,816
41,081
26,150
End of Period
$
53,080
$
42,740
$
53,080
$
42,740
We present certain information with respect to EBITDA, Adjusted
EBITDA, Adjusted EBITDA Margin, Bank-adjusted EBITDA Leverage
Ratio, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Net
Income, Adjusted Diluted EPS and Free Cash Flow as supplemental
measures of our operating performance and believe that such
non-GAAP financial measures are useful to investors in evaluating
our financial performance and in comparing our financial results
between periods because they exclude the impact of certain items
that we do not consider indicative of our ongoing operating
performance. We believe that the presentation of these non-GAAP
financial measures enhances the usefulness of our financial
information by presenting measures that management uses internally
to establish forecasts, budgets, and operational goals to manage
and monitor our business. We believe that these non-GAAP financial
measures help to depict a more realistic representation of the
performance of our underlying business, enabling us to evaluate and
plan more effectively for the future.
EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Bank-adjusted
EBITDA Leverage Ratio, Adjusted Gross Profit, Adjusted Gross
Margin, Adjusted Net Income, Adjusted Diluted EPS and Free Cash
Flow are not prepared in accordance with generally accepted
accounting principles (“GAAP”) and may be different from non-GAAP
and other financial measures used by other companies. These
measures should not be considered as measures of financial
performance under GAAP, and the items excluded from or included in
these metrics are significant components in understanding and
assessing our financial performance. These metrics should not be
considered as alternatives to net income, gross profit, net cash
provided by operating activities, or any other performance
measures, as applicable, derived in accordance with GAAP.
We define EBITDA as earnings before depreciation, amortization
of intangible assets, interest expense, and income tax expense. We
define Adjusted EBITDA as EBITDA adjusted to exclude, to the extent
applicable, restructuring costs, which includes operational
restructuring and integration activities, termination related
benefits, facilities relocation, and executive transition costs;
changes in the fair value of the warrant liability; changes in the
fair value of the earn-out liability; equity-based compensation
expense; inventory charges primarily due to product rationalization
initiatives that are part of a portfolio transformation aimed at
eliminating unprofitable or slow-moving SKUs; gain or loss on the
early extinguishment of debt; notable items that we do not believe
are reflective of our underlying operating performance, including
litigation settlements and certain costs incurred for advisory
services related to identifying performance initiatives; and other
expenses or gains, which includes gains or losses from disposal of
fixed assets, franchise taxes, and gains or losses from foreign
currency transactions. We define Adjusted EBITDA Margin as Adjusted
EBITDA divided by net sales.
HOLLEY INC. and
SUBSIDIARIES USE AND RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES (In thousands) (Unaudited)
For the thirteen weeks
ended
For the twenty-six weeks
ended
June 30,
July 2,
June 30,
July 2,
2024
2023
2024
2023
Net Income
$
17,105
$
12,979
$
20,835
$
17,226
Adjustments:
Interest Expense, Net
13,178
9,899
24,182
28,197
Income Tax Expense
2,055
4,098
1,164
5,664
Depreciation
2,669
2,468
5,133
4,953
Amortization
3,435
3,674
6,871
7,353
EBITDA
38,442
33,118
58,185
63,393
Restructuring Costs
(3
)
352
612
1,691
Change in Fair Value of Warrant
Liability
(3,402
)
2,017
(6,529
)
3,452
Change in Fair Value of Earn-Out
Liability
(1,058
)
961
(1,707
)
1,389
Equity-Based Compensation Expense
1,621
1,806
2,762
2,200
Inventory Charges (Gain)
(878
)
(800
)
8,835
(800
)
Loss on Early Extinguishment of Debt
—
—
141
—
Notable Items
2,594
(16
)
5,694
8
Other Expense
102
485
94
536
Adjusted EBITDA
$
37,418
$
37,923
$
68,087
$
71,869
Net Sales
$
169,496
$
175,262
$
328,132
$
347,467
Net Income Margin
10.1
%
7.4
%
6.3
%
5.0
%
Adjusted EBITDA Margin
22.1
%
21.6
%
20.7
%
20.7
%
We define the Bank-adjusted EBITDA Leverage Ratio as Net Debt
divided by our Bank-adjusted EBITDA for the trailing twelve-month
(“TTM”) period, as defined under our Credit Agreement entered into
in November 2021, as amended, which is used in calculating covenant
compliance.
TTM June 30, 2024
Net Income
$
22,789
Adjustments:
Interest Expense, Net
56,731
Income Tax Expense (Benefit)
3,899
Depreciation
10,488
Amortization
14,075
EBITDA
107,982
Restructuring Costs
1,562
Change in Fair Value of Warrant
Liability
(5,870
)
Change in Fair Value of Earn-Out
Liability
(793
)
Equity-Based Compensation Expense
7,853
Inventory Charges
8,835
Gain on Early Extinguishment of Debt
(560
)
Notable Items
6,971
Other Expense
323
Adjusted EBITDA
126,303
Additional Permitted Charges
1,903
Adjusted EBITDA per Credit
Agreement
$
128,206
Total Debt
$
565,317
Less: Permitted Cash and Cash
Equivalents
50,000
Net Indebtedness per Credit Agreement
$
515,317
Bank-adjusted EBITDA Leverage Ratio
4.02 x
We define adjusted gross profit as gross profit excluding
inventory charges primarily due to product rationalization
initiatives that are part of a portfolio transformation aimed at
eliminating unprofitable or slow-moving SKUs. We define Adjusted
Gross Margin as Adjusted Gross Profit divided by net sales.
For the thirteen weeks
ended
For the twenty-six weeks
ended
June 30,
July 2,
June 30,
July 2,
2024
2023
2024
2023
Gross Profit
$
70,293
$
69,748
$
122,352
$
137,461
Adjust for: Inventory Charges (Gains)
(878
)
(800)
8,835
(800)
Adjusted Gross Profit
$
69,415
$
68,948
$
131,187
$
136,661
Net Sales
$
169,496
$
175,262
$
328,132
$
347,467
Gross Margin
41.5
%
39.8
%
37.3
%
39.6
%
Adjusted Gross Margin
41.0
%
39.3
%
40.0
%
39.3
%
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.
For the thirteen weeks
ended
For the twenty-six weeks
ended
June 30,
July 2,
June 30,
July 2,
2024
2023
2024
2023
Net Income
$
17,105
$
12,979
$
20,835
$
17,226
Special items:
Adjust for: Change in Fair Value of
Warrant Liability
(3,402
)
2,017
(6,529
)
3,452
Adjust for: Change in Fair Value of
Earn-Out Liability
(1,058
)
961
(1,707
)
1,389
Adjust for: Loss on Early Extinguishment
of Debt
—
—
111
—
Adjusted Net Income
$
12,645
$
15,957
$
12,710
$
22,067
For the thirteen weeks
ended
For the twenty-six weeks
ended
June 30,
July 2,
June 30,
July 2,
2024
2023
2024
2023
Net Income per Diluted Share
$
0.14
$
0.11
$
0.17
$
0.15
Special items:
Adjust for: Change in Fair Value of
Warrant Liability
(0.03
)
0.02
(0.05
)
0.03
Adjust for: Change in Fair Value of
Earn-Out Liability
(0.01
)
0.01
(0.01
)
0.01
Adjust for: Loss on Early Extinguishment
of Debt
—
—
—
—
Adjusted Diluted EPS
$
0.10
$
0.14
$
0.11
$
0.19
We define Free Cash Flow as net cash provided by operating
activities minus cash payments for capital expenditures, net of
dispositions. Management believes providing Free Cash Flow is
useful for investors to understand our performance and results of
cash generation after making capital investments required to
support ongoing business operations.
For the thirteen weeks
ended
For the twenty-six weeks
ended
June 30,
July 2,
June 30,
July 2,
2024
2023
2024
2023
Net Cash Provided by Operating
Activities
$
25,678
$
30,744
$
44,521
$
34,383
Capital Expenditures, Net of
Dispositions
(1,325
)
(1,699
)
(2,416
)
(2,382
)
Free Cash Flow
$
24,353
$
29,045
$
42,105
$
32,001
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240806428779/en/
Investor Relations: Anthony Rozmus / Neel Sikka Solebury
Strategic Communications 203-428-3324 holley@soleburystrat.com
Media Relations Contacts: Jordan Moore,
jmoore@tinymightyco.com / Rachel Withers, rwithers@tinymightyco.com
Tiny Mighty Communications 615-454-2913
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