Holley Announces Preliminary First Quarter 2022 Results
19 Avril 2022 - 10:23PM
Business Wire
While the company is still conducting financial closing
procedures for the first quarter, Holley Inc. (NYSE: HLLY) today
announced preliminary results for the 13-week period ended April 3,
2022.
Preliminary First Quarter
Highlights
- Preliminary Net Sales of $199 million to $200 million
- Preliminary Gross Profit of $81 million to $82 million
- Preliminary Net Income of $16 million to $17 million
- Preliminary Adjusted EBITDA1 of $45 million to $46 million
1See “Use and Reconciliation of Non-GAAP Financial Measures”
below.
The financial information contained in this press release is
preliminary and subject to the completion of our ongoing financial
reporting processes, which may result in adjustments to this
financial information. Holley expects to release the full financial
results for the first quarter on Thursday, May 12, 2022. A press
release announcing details of the earnings release conference call
will be published at a later date.
About Holley Inc.
Holley Inc. (NYSE: HLLY) is a leading designer, marketer, and
manufacturer of high-performance products for car and truck
enthusiasts. Holley offers the largest 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 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 to recognize the anticipated benefits of the business
combination with Empower LTD, which may be affected by, among other
things, competition, the ability of the combined company to grow
and manage growth profitably, maintain relationships with customers
and suppliers and retain its management and key employees; 2) costs
related to the business combination and Holley becoming a public
company; 3) disruptions to Holley's operations, including as a
result of cybersecurity incidents; 4) changes in applicable laws or
regulations; 5) the outcome of any legal proceedings that may be
instituted against Holley; 6) general economic and political
conditions, including political tensions and war (such as the
ongoing conflict in Ukraine); 7) the possibility that Holley may be
adversely affected by other economic, business and/or competitive
factors; 8) Holley’s estimates of its financial performance; 9) the
impact of the novel coronavirus disease pandemic and its effect on
business and financial conditions; and 10) 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 filed with the U.S. Securities and
Exchange Commission (“SEC”) filed on March 15, 2022, and that are
otherwise described or updated from time to time in Holley’s
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 any duty to update these
forward-looking statements, except as otherwise required by
law.
[Use and Reconciliation of Non-GAAP Financial
Measures to Follow]
Holley believes EBITDA and Adjusted EBITDA are useful to
investors in evaluating the Company’s financial performance. In
addition, Holley uses these measures internally to establish
forecasts, budgets and operational goals to manage and monitor its
business. Holley believes that these non-GAAP financial measures
help to depict a more realistic representation of the performance
of the underlying business, enabling the Company to evaluate and
plan more effectively for the future.
HOLLEY INC. USE AND RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES (In millions) (Unaudited)
Reconciliation of
GAAP Financial Measures
Low Range
High Range
Net Income
$16
$17
Adjustments:
Depreciation
2
2
Amortization of Intangible Assets
4
4
Interest Expense
7
7
Income Tax expense
8
8
EBITDA
$37
$38
Notable items
1
1
Equity-based compensation expense
2
2
Change in fair value of warrant
liability
2
2
Change in fair value of earn-out
liability
3
3
Adjusted
EBITDA
$45
$46
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220419006022/en/
Investor Relations: Ross Collins / Stephen Poe Alpha IR
Group 312-445-2870 HLLY@alpha-ir.com
Holley (NYSE:HLLY)
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