Fox Factory Holding (FOXF) FY2021 results: revenue $1.3 billion, up 45.9% on the year

Fox Factory Holding Corp. (FOXF) reported revenue of $1.3 billion for fiscal 2021, the year ended 31 December 2021, up 45.9% on the year before. Net income was $164 million, up 80.7%, and diluted earnings per share $3.87. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2022.

Revenue

$1.3 billion

+45.9% on the year

FY2014FY2021

Operating margin

15.2%

12.8% a year earlier

FY2014FY2021

Net income

$164 million

+80.7% on the year

FY2014FY2021

Diluted EPS

$3.87

+74.3% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,299	891	751	+45.9%
Cost of revenue	867	601	508	+44.2%
Gross profit	432	290	243	+49.3%
Gross margin	33.3%	32.5%	32.3%
Research and development	46.6	34.3	31.8	+35.8%
Operating income	197	114	113	+72.5%
Operating margin	15.2%	12.8%	15.0%
Interest expense	8.2	9.3	3.2	-12.2%
Pre-tax income	188	105	109	+80.2%
Income tax	24.6	12.8	14.1	+92.1%
Effective tax rate	13.0%	12.2%	13.0%
Net income	164	90.7	93.0	+80.7%
Net margin	12.6%	10.2%	12.4%
Diluted EPS	$3.87	$2.22	$2.38	+74.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	63.2	82.5	74.8	-23.4%
Capital expenditure	54.8	56.7	53.5	-3.3%
Free cash flow	8.3	25.8	21.3	-67.6%
Free cash flow margin	0.6%	2.9%	2.8%
Cash from investing	-105	-389	-60.3
Cash from financing	-23.8	507	0.9
Depreciation and amortisation	43.4	33.9	17.6	+28.0%
Share-based compensation	13.9	8.6	6.9	+61.5%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	42m	41m	39m	+3.8%
Shares outstanding at period end	42m	42m	39m	+0.8%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	894	719	422	+24.3%
Redeemable equity	0.0	0.0	15.7
Debt	378	390	68.0	-2.9%
Operating lease liabilities	28.9	19.1	11.6	+51.3%
Other liabilities	214	159	91.8	+35.0%
Total liabilities and equity	1,516	1,287	609	+17.8%
Fixed assets	192	163	108	+17.6%
Goodwill	323	289	93.5	+11.7%
Intangible assets	197	204	81.9	-3.7%
Cash and equivalents	180	246	43.7	-26.9%
Receivables	142	121	91.6	+17.2%
Inventory	280	127	129	+120.2%
Other assets	202	135	61.6	+49.1%
Total assets	1,516	1,287	609	+17.8%

10-K for the year ended 31 December 2021, filed 24 February 2022: the filing.