![]() Additional covenant information is available in the Company’s supplemental earnings materials and full details of the agreement can be found in the Company’s Form 8-K filed on March 8, 2023. The terms of the agreement now call for a net leverage ratio, as defined in the credit agreement, of 7.25x in Q1 and Q2 of 2023, 6.50x in Q3 of 2023, 5.75x in Q4 of 2023 and Q1 of 2024 before returning to the original agreement level of 5.0x in Q2 of 2024 and thereafter. The Company reached an agreement with its lending group to amend the net leverage covenant applicable to the revolver. ![]() Our superior engineering capabilities and unparalleled understanding of the performance enthusiast consumer will benefit this effort and position Holley to remain a leader in the attractive growth market." "New products are our Company’s lifeblood, and we are positioned to capitalize on many new opportunities such as the modification of electric vehicles and electric powertrain conversions in the future. "I believe that we are well positioned to take this business to the next level and that our team is highly capable of executing Holley’s strategic vision, which is to inspire and enable enthusiasts in their automotive adventures by bringing innovation, discovery, and fun to motor life," said Gloeckler. "We are extremely focused heading into 2023, with dedicated efforts to realize additional cost savings and M&A synergy capture, prioritize key product categories and platforms, and return to operational excellence through the refinement of our organizational structure." "2022 was a challenging year for Holley, and one that surfaced many areas of improvement for the broader organization," said Matthew Rubel, Executive Chairman of the Board. ![]() "We are intently focused on strategically aligning our cost structure, delivering strong free cash flow, and returning the Company’s growth and margin performance to historical levels." "Despite ongoing supply-chain disruptions and demand normalization impacting financial results during the quarter, we remain encouraged by the underlying strength of our core enthusiast base and are confident that Holley remains a clear leader in the performance enthusiast automotive space," said Michelle Gloeckler, Holley’s Interim President and Chief Executive Officer. Net Loss of $(15.2) million, or $(0.13) per diluted share, compared to a Net Loss of $(18.0) million, or $(0.16) per diluted share, in the prior year's fourth quarterĪdjusted Net Loss 1 of $(22.6) million, compared to Adjusted Net Income 1 of $9.0 million reported in the prior year's fourth quarterĪdjusted EBITDA 1 of $15.1 million compared to $36.1 million in the prior year's fourth quarterġSee "Use and Reconciliation of Non-GAAP Financial Measures" below. Gross Profit decreased 36.8% to $47.3 million compared to $74.7 million in the prior year's fourth quarter Net Sales decreased 14.3% to $154.2 million compared to $179.8 million in the prior year's fourth quarter Net Income of $73.8 million, or $0.14 per diluted share, in 2022 compared to a Net Loss of $(27.1) million, or $(0.30) per diluted share, in 2021Īdjusted Net Income 1 of $7.9 million, in 2022 compared to Adjusted Net Income 1 of $61.8 million reported in 2021Īdjusted EBITDA 1 of $114.7 million in 2022 compared to $169.5 million in 2021įourth Quarter Highlights vs. ![]() Gross Profit decreased 11.6% to $253.7 million in 2022 compared to $286.8 million in 2021 Net Sales decreased 0.6% to $688.4 million in 2022 compared to $692.9 million in 2021 (NYSE: HLLY), the leading platform serving performance automotive enthusiasts, today announced financial results for its fourth quarter and full year ended December 31, 2022.įull Year 2022 Highlights vs. Provides outlook and guidance for full year 2023īOWLING GREEN, Ky., March 09, 2023-( BUSINESS WIRE)-Holley Inc. Operational improvements and cost initiatives to drive 2023 margin and free cash flow improvementĬompany reaches covenant relief agreement with financial partners and reduces interest rate risk
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