Fox Factory Holding (FOXF) FY2023 results: revenue $1.5 billion, down 8.6% on the year

Fox Factory Holding Corp. (FOXF) reported revenue of $1.5 billion for fiscal 2023, the year ended 29 December 2023, down 8.6% on the year before. Net income was $121 million, down 41.1%, and diluted earnings per share $2.85. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue

$1.5 billion

-8.6% on the year

FY2016FY2023

Operating margin

10.9%

15.4% a year earlier

FY2016FY2023

Net income

$121 million

-41.1% on the year

FY2016FY2023

Diluted EPS

$2.85

-41.1% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,464	1,602	1,299	-8.6%
Cost of revenue	999	1,071	867	-6.7%
Gross profit	465	531	432	-12.5%
Gross margin	31.7%	33.2%	33.3%
Research and development	53.2	56.2	46.6	-5.4%
Operating income	160	247	197	-35.1%
Operating margin	10.9%	15.4%	15.2%
Interest expense	19.3	8.9	8.2	+116.1%
Pre-tax income	139	234	188	-40.7%
Income tax	17.8	28.5	24.6	-37.5%
Effective tax rate	12.8%	12.2%	13.0%
Net income	121	205	164	-41.1%
Net margin	8.3%	12.8%	12.6%
Diluted EPS	$2.85	$4.84	$3.87	-41.1%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	179	187	63.2	-4.5%
Capital expenditure	46.9	43.7	54.8	+7.2%
Free cash flow	132	143	8.3	-8.0%
Free cash flow margin	9.0%	8.9%	0.6%
Cash from investing	-750	-44.7	-105
Cash from financing	509	-179	-23.8
Depreciation and amortisation	60.1	49.2	43.4	+22.0%
Share-based compensation	16.5	16.4	13.9	+0.7%
Buybacks	25.0	0.0	0.0
Diluted shares, weighted	42m	42m	42m	+0.1%
Shares outstanding at period end	42m	42m	42m	-0.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,222	1,121	894	+9.0%
Redeemable equity	0.0	0.0	0.0
Debt	744	200	378	+271.8%
Operating lease liabilities	69.2	37.1	28.9	+86.6%
Other liabilities	208	260	214	-20.0%
Total liabilities and equity	2,242	1,618	1,516	+38.6%
Fixed assets	237	202	192	+17.3%
Goodwill	637	324	323	+96.5%
Intangible assets	483	179	197	+170.1%
Cash and equivalents	83.6	145	180	-42.4%
Receivables	171	200	142	-14.7%
Inventory	372	351	280	+6.1%
Other assets	259	217	202	+19.3%
Total assets	2,242	1,618	1,516	+38.6%

10-K for the year ended 29 December 2023, filed 23 February 2024: the filing.