Fox Factory Holding (FOXF) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jul. 01, 2022	Jul. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 01, 2022
Document Transition Report	false
Entity File Number	001-36040
Entity Registrant Name	Fox Factory Holding Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1647258
Entity Address, Address Line One	2055 Sugarloaf Circle, Suite 300
Entity Address, City or Town	Duluth
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30097
City Area Code	831
Local Phone Number	274-6500
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	FOXF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,262,731
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001424929
Current Fiscal Year End Date	--12-30

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 108,637	$ 179,686
Accounts receivable (net of allowances of $322 and $410 at July 1, 2022 and December 31, 2021, respectively)	195,449	142,040
Inventory	349,050	279,837
Prepaids and other current assets	267,723	123,107
Total current assets	920,859	724,670
Property, plant and equipment, net	194,601	192,003
Lease right-of-use assets	42,606	38,752
Deferred tax assets	44,176	34,998
Goodwill	323,965	323,299
Intangibles, net	186,074	197,021
Other assets	5,942	4,986
Total assets	1,718,223	1,515,729
Current liabilities:
Accounts payable	161,614	99,984
Accrued expenses	110,846	112,378
Current portion of long-term debt	0	17,500
Total current liabilities	272,460	229,862
Line of credit	410,000	0
Long-term debt, less current portion	0	360,953
Other liabilities	33,836	30,832
Total liabilities	716,296	621,647
Commitments and contingencies (Refer to Note 9 - Commitments and Contingencies)
Stockholders’ equity
Preferred stock, $0.001 par value — 10,000 authorized and no shares issued or outstanding as of July 1, 2022 and December 31, 2021	0	0
Common stock, $0.001 par value — $90,000 authorized; $43,153 shares issued and $42,263 outstanding as of July 1, 2022; $43,010 shares issued and $42,120 outstanding as of December 31, 2021	42	42
Additional paid-in capital	347,439	344,119
Treasury stock, at cost; 890 common shares as of July 1, 2022 and December 31, 2021	(13,754)	(13,754)
Accumulated other comprehensive income	7,853	4,876
Retained earnings	660,347	558,799
Total stockholders’ equity	1,001,927	894,082
Total liabilities and stockholders’ equity	$ 1,718,223	$ 1,515,729

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 322	$ 410
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, shares issued (in shares)	43,153,000	43,010,000
Common stock, shares outstanding (in shares)	42,263,000	42,120,000
Treasury stock, shares (in shares)	890,000	890,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Income Statement [Abstract]
Sales	$ 406,705	$ 328,164	$ 784,682	$ 609,300
Cost of sales	263,761	217,076	521,478	400,288
Gross profit	142,944	111,088	263,204	209,012
Operating expenses:
Sales and marketing	24,175	17,840	46,764	34,698
Research and development	14,214	11,216	26,856	21,092
General and administrative	28,444	24,226	54,011	44,595
Amortization of purchased intangibles	5,636	5,083	10,943	10,048
Total operating expenses	72,469	58,365	138,574	110,433
Income from operations	70,475	52,723	124,630	98,579
Interest and other expense, net:
Interest expense	1,697	1,598	3,674	4,502
Other expense, net	2,816	83	4,508	1,042
Interest and other expense, net	4,513	1,681	8,182	5,544
Income before income taxes	65,962	51,042	116,448	93,035
Provision for income taxes	12,464	6,767	14,900	10,774
Net income	$ 53,498	$ 44,275	$ 101,548	$ 82,261
Earnings per share:
Basic (in dollars per share)	$ 1.27	$ 1.05	$ 2.41	$ 1.96
Diluted (in dollars per share)	$ 1.26	$ 1.05	$ 2.40	$ 1.94
Weighted-average shares used to compute earnings per share:
Basic (in shares)	42,218	42,028	42,181	41,940
Diluted (in shares)	42,352	42,367	42,367	42,355

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 53,498	$ 44,275	$ 101,548	$ 82,261
Other comprehensive (loss) income
Interest rate swap, net of tax effects	922	(525)	6,733	1,620
Foreign currency translation adjustments, net of tax effects	(2,688)	656	(3,756)	132
Other comprehensive (loss) income	(1,766)	131	2,977	1,752
Comprehensive income	$ 51,732	$ 44,406	$ 104,525	$ 84,013

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity and Redeemable Non-controlling Interest - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury	Additional paid-in capital	Accumulated other comprehensive income	Retained earnings
Beginning Balance (in shares) at Jan. 01, 2021		42,692	890
Beginning balance at Jan. 01, 2021	$ 719,171	$ 42	$ (13,754)	$ 336,834	$ 1,068	$ 394,981
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans, net of shares repurchased for income tax withholding (in shares)		162
Issuance of common stock under equity compensation plans, net of shares repurchased for income tax withholding	598			598
Stock-based compensation expense	2,915			2,915
Other comprehensive (loss) income	1,621				1,621
Net income	37,986					37,986
Ending Balance (in shares) at Apr. 02, 2021		42,854	890
Ending balance at Apr. 02, 2021	762,291	$ 42	$ (13,754)	340,347	2,689	432,967
Beginning Balance (in shares) at Jan. 01, 2021		42,692	890
Beginning balance at Jan. 01, 2021	719,171	$ 42	$ (13,754)	336,834	1,068	394,981
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive (loss) income	1,752
Ending Balance (in shares) at Jul. 02, 2021		42,972	890
Ending balance at Jul. 02, 2021	804,369	$ 42	$ (13,754)	338,019	2,820	477,242
Beginning Balance (in shares) at Apr. 02, 2021		42,854	890
Beginning balance at Apr. 02, 2021	762,291	$ 42	$ (13,754)	340,347	2,689	432,967
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans, net of shares repurchased for income tax withholding (in shares)		118
Issuance of common stock under equity compensation plans, net of shares repurchased for income tax withholding	(5,702)			(5,702)
Stock-based compensation expense	3,374			3,374
Other comprehensive (loss) income	131				131
Net income	44,275					44,275
Ending Balance (in shares) at Jul. 02, 2021		42,972	890
Ending balance at Jul. 02, 2021	$ 804,369	$ 42	$ (13,754)	338,019	2,820	477,242
Beginning Balance (in shares) at Dec. 31, 2021	42,120	43,010	890
Beginning balance at Dec. 31, 2021	$ 894,082	$ 42	$ (13,754)	344,119	4,876	558,799
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans, net of shares repurchased for income tax withholding (in shares)		29
Issuance of common stock under equity compensation plans, net of shares repurchased for income tax withholding	(820)			(820)
Stock-based compensation expense	3,029			3,029
Other comprehensive (loss) income	4,743				4,743
Net income	48,050					48,050
Ending Balance (in shares) at Apr. 01, 2022		43,039	890
Ending balance at Apr. 01, 2022	$ 949,084	$ 42	$ (13,754)	346,328	9,619	606,849
Beginning Balance (in shares) at Dec. 31, 2021	42,120	43,010	890
Beginning balance at Dec. 31, 2021	$ 894,082	$ 42	$ (13,754)	344,119	4,876	558,799
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive (loss) income	$ 2,977
Ending Balance (in shares) at Jul. 01, 2022	42,263	43,153	890
Ending balance at Jul. 01, 2022	$ 1,001,927	$ 42	$ (13,754)	347,439	7,853	660,347
Beginning Balance (in shares) at Apr. 01, 2022		43,039	890
Beginning balance at Apr. 01, 2022	949,084	$ 42	$ (13,754)	346,328	9,619	606,849
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans, net of shares repurchased for income tax withholding (in shares)		114
Issuance of common stock under equity compensation plans, net of shares repurchased for income tax withholding	(2,950)			(2,950)
Stock-based compensation expense	4,061			4,061
Other comprehensive (loss) income	(1,766)			(1,766)
Net income	$ 53,498					53,498
Ending Balance (in shares) at Jul. 01, 2022	42,263	43,153	890
Ending balance at Jul. 01, 2022	$ 1,001,927	$ 42	$ (13,754)	$ 347,439	$ 7,853	$ 660,347

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021
OPERATING ACTIVITIES:
Net income	$ 101,548	$ 82,261
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	24,449	21,433
Stock-based compensation	7,090	5,868
Write off of unamortized loan origination fees	1,927	0
Deferred taxes and uncertain tax positions	(9,361)	(578)
Amortization of loan fees	634	820
Amortization of swap settlements	(1,050)	(5)
Change in fair value of interest rate swap, net of taxes	(1,923)	(502)
Changes in operating assets and liabilities:
Accounts receivable	(57,444)	(28,258)
Inventory	(74,753)	(79,212)
Income taxes	(5,072)	2,340
Prepaids and other assets	(146,236)	(871)
Accounts payable	68,708	63,483
Accrued expenses and other liabilities	6,083	14,587
Net cash (used in) provided by operating activities	(85,400)	81,366
INVESTING ACTIVITIES:
Purchases of property and equipment	(19,912)	(27,648)
Acquisition of businesses, net of cash acquired	0	(15,625)
Net cash used in investing activities	(19,912)	(43,273)
FINANCING ACTIVITIES:
Proceeds from line of credit, net of origination fees of $1,980	582,356	17,093
Payments on line of credit	(174,336)	(13,855)
Repayment of term debt upon refinancing of Prior Credit Facility	(382,500)	(5,000)
Proceeds from termination of swap agreement	12,270	324
Installment on purchase of non-controlling interest	(1,800)	(2,750)
Repurchases from stock compensation program, net	(3,770)	(5,104)
Net cash provided by (used in) financing activities	32,220	(9,292)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	2,043	411
CHANGE IN CASH AND CASH EQUIVALENTS	(71,049)	29,212
CASH AND CASH EQUIVALENTS—Beginning of period	179,686	245,764
CASH AND CASH EQUIVALENTS—End of period	108,637	274,976
Interest and Income Taxes Paid [Abstract]
Income taxes	31,230	9,914
Cash paid for interest, net of capitalized interest	3,228	3,990
Cash paid for amounts included in the measurement of lease liabilities	5,290	4,021
Cash Flow, Noncash Operating Activities Disclosure [Abstract]
Right-of-use assets obtained in exchange for lease obligations	9,626	9,455
Capital expenditures included in accounts payable	$ 1,975	$ 4,888

Description of the Business, Ba

Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jul. 01, 2022
Accounting Policies [Abstract]
Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies	Description of the Business, Basis of Presentation, and Summary of Significant Accounting Policies - Fox Factory Holding Corp. (the "Company") designs, engineers, manufactures, and markets performance-defining products and systems for customers worldwide. Our premium brand, performance-defining products and systems are used primarily for bicycles ("bikes"), on-road vehicles with and without off-road capabilities, side-by-side vehicles ("Side-by-Sides"), off-road vehicles and trucks, all-terrain vehicles ("ATVs"), snowmobiles, specialty vehicles and applications, motorcycles and commercial trucks. Some of our products are specifically designed and marketed to the leading cycling and powered vehicle original equipment manufacturers ("OEMs"), while others are distributed to consumers through a global network of dealers and distributors. Throughout this Form 10-Q, unless stated otherwise or as the context otherwise requires, the "Company," "FOX," "Fox Factory," "we," "us," "our," and "ours" refer to Fox Factory Holding Corp. and its operating subsidiaries on a consolidated basis. Basis of Presentation - The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States of America ("U.S." or "United States") and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the fiscal year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 24, 2022. In management’s opinion, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal and recurring nature, that are necessary for a fair presentation of financial results for the interim periods presented. Operating results for any quarter are not necessarily indicative of the results for the full fiscal year. Fiscal Year Calendar - The Company operates on a 52-53 week fiscal year calendar. For 2022 and 2021, the Company's fiscal year will end or has ended on December 30, 2022 and December 31, 2021, respectively. The twelve month periods ended December 30, 2022 and December 31, 2021, will include or have included 52 weeks. The three and six month periods ended July 1, 2022 and July 2, 2021 each included 13 weeks and 26 weeks, respectively. Principles of Consolidation - These condensed consolidated financial statements include the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Summary of Significant Accounting Policies - There have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the SEC on February 24, 2022 that have had a material impact on our condensed consolidated financial statements and related notes. Revenue Recognition - Revenues are generated from the sale of performance-defining products and systems to customers worldwide. The Company’s performance-defining products and systems are solutions that improve performance of powered vehicles and bikes. Powered vehicles include on-road vehicles with off-road capabilities, Side-by-Sides, off-road vehicles and trucks, ATVs, snowmobiles, specialty vehicles and applications, and motorcycles. Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control of a product to a customer, generally at the time of shipment. Contracts are generally in the form of purchase orders and are governed by standard terms and conditions. For larger OEMs, the Company may also enter into master agreements. Sales tax and other similar taxes are excluded from revenues. Provisions for discounts, rebates, sales incentives, returns, and other adjustments are generally provided for in the period the related sales are recorded, based on management’s assessment of historical trends and projection of future results. Certain pricing provisions that provide the customer with future discounts are considered a material right. Such material rights result in the deferral of revenues that are recognized when the rights are exercised by the customer. Measuring the material rights requires judgments including forecasts of future sales and product mix. Segments - The Company has determined that it has a single operating and reportable segment: manufacturing, sale and service of performance-defining products. The Company considers operating segments to be components of the Company in which separate financial information is available that is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Use of Estimates - The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from management’s estimates. Reclassifications - We have reclassified certain prior period amounts within our condensed consolidated statement of cash flows for the six months ended July 2, 2021 to conform to our current year presentation. Certain Significant Risks and Uncertainties - The Company is subject to those risks common in manufacturing-driven markets, including, but not limited to, competitive forces, dependence on key personnel, customer demand for its products, the successful protection of its proprietary technologies, compliance with government regulations, and the possibility of not being able to obtain additional financing when needed. Additionally, the Company has been impacted by the ongoing coronavirus (“COVID-19”) pandemic. The global outbreak of COVID-19 has negatively affected the U.S. and global economy, disrupted global supply chains, resulted in significant travel and transport restrictions, including mandated closures and orders to “shelter-in-place,” and created significant disruption of the financial markets. Despite the Company’s efforts to manage and remedy these impacts to the Company, the ultimate impact and the extent to which the COVID-19 pandemic will continue to affect the business, results of operation and financial condition is difficult to predict and depends on numerous evolving factors outside of the Company’s control, including: the duration and scope of the COVID-19 pandemic; government, social, business and other actions that have been and will be taken in response to the COVID-19 pandemic; increases in COVID-19 case counts; any additional waves of the virus, availability and ultimate efficacy of the vaccine on the new variants of the virus, including the Omicron variant; and the effect of the COVID-19 pandemic on short- and long-term general economic conditions. In addition, heightened political tensions between China and Taiwan, could negatively impact our business and operations. For example, our bike suspension manufacturing is located in Taiwan. We cannot assure you that any contentious situation between Taiwan and China will always resolve in maintaining the current status quo or remain peaceful. Relations between Taiwan and China, potential confrontations between the United States and China and other factors affecting military, political, social or economic conditions in Taiwan could have a material adverse effect on our business, our supply chain and our operations. Furthermore, during the first quarter of 2022, Russia commenced a military invasion of Ukraine, and the ensuing conflict has created disruption in the region and around the world. In addition, in response to this invasion, the United States and several European and Asian countries instated sanctions against Russia. The impact of the Russia invasion of Ukraine on the global economy, energy supplies and raw materials is uncertain but may prove to negatively impact the Company’s business and operations. Fair Value Measurements and Financial Instruments - The Financial Accounting Standards Board ("FASB") has issued Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures, that requires the valuation of assets and liabilities required or permitted to be either recorded or disclosed at fair value based on hierarchy of available inputs as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The carrying amounts of the Company's financial instruments, including cash, receivables, accounts payable, accrued liabilities and line of credit approximate their fair values due to their short-term nature. Amounts owed under the Company's Prior Credit Facility (as defined in Note 8 - Debt below) approximated fair value due to the variable interest rate features embedded in the term debt. Recent Accounting Pronouncements - In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which helps simplify how entities account for income taxes by removing various exceptions related to the recognition of deferred tax liabilities and updating other tax computation requirements. This standard is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. The Company adopted ASU 2019-12 effective in the first quarter of fiscal year 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's condensed consolidated financial statements. In October 2020, the FASB issued ASU 2020-10, Codification Improvements. The amendments in ASU 2020-10 contain improvements to the Codification to ensure consistency by including disclosure guidance in the appropriate Disclosure Section. This guidance includes an option for an entity to provide certain information either on the face of the financial statements or in the notes. ASU 2020-10 amends the Codification to include this language in the appropriate disclosure section. The ASU also provides clarification to various codification topics to improve consistency in guidance application. The amendments are effective for interim and annual reporting periods in fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2020-10 effective in the first quarter of fiscal year 2021. The adoption of ASU 2020-10 did not have a material impact on the Company's condensed consolidated financial statements and related disclosures. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. Under ASU 2021-08, an acquirer must recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. The Company adopted this guidance in the first quarter of 2022. This adoption did not have a material impact on our financial statements.

Revenues

Revenues	6 Months Ended
	Jul. 01, 2022
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The following table summarizes total sales by product category: For the three months ended For the six months ended July 1, 2022 July 2, 2021 July 1, 2022 July 2, 2021 Powered Vehicles $ 229,032 $ 189,419 $ 437,139 $ 352,166 Specialty Sports 177,673 138,745 347,543 257,134 Total sales $ 406,705 $ 328,164 $ 784,682 $ 609,300 The following table summarizes total sales by sales channel: For the three months ended For the six months ended July 1, 2022 July 2, 2021 July 1, 2022 July 2, 2021 OEM $ 223,110 $ 172,547 $ 424,375 $ 324,027 Aftermarket 183,595 155,617 360,307 285,273 Total sales $ 406,705 $ 328,164 $ 784,682 $ 609,300 The following table summarizes total sales generated by geographic location of the customer: For the three months ended For the six months ended July 1, 2022 July 2, 2021 July 1, 2022 July 2, 2021 North America $ 257,183 $ 217,695 $ 491,142 $ 398,178 Asia 61,812 60,245 121,829 112,101 Europe 81,540 46,818 160,074 92,557 Rest of the world 6,170 3,406 11,637 6,464 Total sales $ 406,705 $ 328,164 $ 784,682 $ 609,300 Remaining performance obligations represent the transaction price of contracts, generally considered to be the customer's purchase order, for which work has not been performed or has been partially performed. The Company has elected to exclude remaining performance obligations with an original expected duration of one year or less. Revenue expected to be recognized from remaining performance obligations as of July 1, 2022 for contracts with a duration more than one year was approximately $5,999, all of which is expected to be recognized during fiscal years 2023 to 2027.

Inventory

Inventory	6 Months Ended
	Jul. 01, 2022
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory consisted of the following: July 1, December 31, 2022 2021 Raw materials $ 247,358 $ 200,460 Work-in-process 12,445 7,539 Finished goods 89,247 71,838 Total inventory $ 349,050 $ 279,837

Prepaids and Other Assets

Prepaids and Other Assets	6 Months Ended
	Jul. 01, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaids and Other Current Assets	Prepaids and Other Current Assets Prepaids and other current assets consisted of the following: July 1, December 31, 2022 2021 Prepaid chassis deposits $ 235,362 $ 98,618 Advanced payments and prepaid contracts 19,011 14,024 Other current assets 13,350 10,465 Total $ 267,723 $ 123,107

Property, Plant and Equipment,

Property, Plant and Equipment, net	6 Months Ended
	Jul. 01, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, net	Property, Plant and Equipment, net Property, plant and equipment, net consisted of the following: July 1, December 31, 2022 2021 Building and building improvements $ 72,701 $ 72,088 Information systems, office equipment and furniture 23,325 20,988 Internal-use computer software 26,612 25,700 Land and land improvements 15,471 15,663 Leasehold improvements 17,511 22,835 Machinery and manufacturing equipment 113,398 106,628 Transportation equipment 8,716 7,372 Total 277,734 271,274 Less: accumulated depreciation and amortization (83,133) (79,271) Property, plant and equipment, net $ 194,601 $ 192,003 At the end of March 2022, the Company retired approximately $6,717 in assets that were fully depreciated in response to the shutdown of our Watsonville, California facility. The Company’s long-lived assets by geographic location are as follows: July 1, December 31, 2022 2021 United States $ 163,955 $ 161,451 International 30,646 30,552 Total long-lived assets $ 194,601 $ 192,003

Leases

Leases	6 Months Ended
	Jul. 01, 2022
Leases [Abstract]
Leases	Leases The Company has operating lease agreements for administrative, research and development, manufacturing, and sales and marketing facilities. These leases have remaining lease terms ranging from one As most of the Company's leases do not provide an interest rate, the Company used the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The weighted-average remaining lease term for the Company's operating leases was 5.21 years and the weighted-average incremental borrowing rate was 2.06% as of July 1, 2022. Operating lease costs consisted of the following: For the three months ended For the six months ended July 1, 2022 July 2, 2021 July 1, 2022 July 2, 2021 Operating lease cost $ 2,832 $ 1,983 $ 5,655 $ 4,053 Other lease costs (1) 1,272 397 1,990 622 Total $ 4,104 $ 2,380 $ 7,645 $ 4,675 (1) Includes short-term leases and variable lease costs. The Company elected a policy exclusion permitting leases with an original lease term of less than one year to be excluded from the right-of-use assets and lease liabilities. Supplemental balance sheet information related to the Company's operating leases is as follows: Balance Sheet Classification July 1, 2022 Operating lease right-of-use assets Lease right-of-use assets $ 42,606 Current lease liabilities Accrued expenses $ 9,721 Non-current lease liabilities Other liabilities $ 31,922 Maturities of lease liabilities by fiscal year for the Company's operating leases are as follows: For fiscal year Total future payments 2022 (remaining six months) $ 5,198 2023 10,178 2024 8,981 2025 6,723 2026 4,960 Thereafter 7,788 Total lease payments 43,828 Less: imputed interest (2,185) Present value of lease liabilities 41,643 Less: current portion (9,721) Lease liabilities less current portion $ 31,922

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jul. 01, 2022
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consisted of the following: July 1, December 31, 2022 2021 Payroll and related expenses $ 27,922 $ 32,968 Current portion of lease liabilities 9,721 9,095 Warranty 16,088 15,510 Income tax payable 28,927 34,845 Accrued sales rebate 12,183 8,568 Current portion of non-controlling interest buyout liability 900 2,700 Other accrued expenses 15,105 8,692 Total $ 110,846 $ 112,378 Activity related to warranties is as follows: For the three months ended For the six months ended July 1, 2022 July 2, 2021 July 1, 2022 July 2, 2021 Beginning warranty liability $ 15,993 $ 11,521 $ 15,510 $ 9,835 Charge to cost of sales 2,322 4,070 5,449 7,331 Fair value of warranty assumed in acquisition — 150 — 150 Costs incurred (2,227) (2,091) (4,871) (3,666) Ending warranty liability $ 16,088 $ 13,650 $ 16,088 $ 13,650

Debt

Debt	6 Months Ended
	Jul. 01, 2022
Debt Disclosure [Abstract]
Debt	Debt Prior Credit Facility In June 2019, the Company entered into a credit facility with Bank of America and other named lenders, which was periodically amended and restated and/or amended. The credit facility was amended and restated on March 11, 2020, and further amended on June 19, 2020, and June 11, 2021 (as amended, the "Prior Credit Facility"). The Prior Credit Facility (which was terminated on April 5, 2022 and replaced with the 2022 Credit Facility (as discussed below)), would have matured on March 11, 2025, and provided a senior secured revolving line of credit with a borrowing capacity of $250,000 and a term loan of $400,000. The term loan was subject to quarterly amortization payments. 2022 Credit Facility

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 01, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Indemnification Agreements - In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to customers, vendors, lessors, business partners, and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company or intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. While the outcome of these matters cannot be predicted with certainty, the Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on the Company’s results of operations, financial position or liquidity. Legal Proceedings - From time to time, the Company is involved in legal proceedings that arise in the ordinary course of business. Although the Company cannot assure the outcome of any such legal proceedings, based on information currently available, management does not believe that the ultimate resolution of any pending matters will have a material adverse effect on the Company's financial condition, results of operations or cash flows. Other Commitments - On November 30, 2017, the Company through FF US Holding Corp., acquired the assets of Flagship, Inc. d/b/a Tuscany and issued a 20% interest in FF US Holding Corp. to Flagship, Inc. A stockholders' agreement with Flagship, Inc. provided the Company with a call option (the "Call Option") to acquire the remaining 20% of FF US Holding Corp. at any time from November 30, 2019 through November 30, 2024 at a value that approximates fair market value. On July 22, 2020, the Company exercised the Call Option and, pursuant to a stock purchase agreement with Flagship, Inc., the Company purchased the remaining 20% interest for $24,975 payable in a combination of stock and cash. The cash portion has been or will be settled in quarterly installment payments beginning in July 2020 through July 2022, which amount to $6,556, $4,550 and $2,700 in 2020, 2021 and 2022, respectively. The Company paid $900 and $1,800 during the three and six months ended July 1, 2022 and $900 and $2,750 during the three and six months ended July 2, 2021, respectively. The Company had a remaining liability of $900 as of July 1, 2022. The stock portion of 136 shares held in escrow has been or will be released quarterly starting January 2021 through July 2022. The Company released 19 and 39 shares of stock during the three and six months ended July 1, 2022 and 19 and 39 shares of stock during the three and six months ended July 2, 2021, respectively. The exercise of the Call Option effectively canceled the put option held by Flagship, Inc.

Derivatives and Hedging

Derivatives and Hedging	6 Months Ended
	Jul. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is interest rate risk. The Company utilizes interest rate swaps to limit its exposure to interest rate risk by converting a portion of its floating-rate debt to a fixed-rate basis, thus reducing the impact of interest rate changes on future interest expense. Interest rate swaps involve the receipt of floating-rate amounts in exchange for fixed-rate interest payments based on the one-month London Interbank Offered Rate ("LIBOR") or SOFR over the lives of the agreements without an exchange of the underlying principal amounts. As of July 1, 2022 and December 31, 2021, the Company had the following interest rate swap contracts: July 1, 2022 December 31, 2021 Effective Date Termination Date Notional Amount Unrealized Gain in AOCI Unrealized Gain in AOCI September 2, 2020 June 11, 2021 $200,000 $ 233 $ 276 July 2, 2021 April 5, 2022 $200,000 11,263 3,583 April 5, 2022 April 5, 2027 $100,000 1,018 — Total $ 12,514 $ 3,859 On June 11, 2021, the Company terminated its existing swap agreement (the "2020 Swap Agreement") and entered into an interest rate swap agreement (the "2021 Swap Agreement") with a notional amount of $200,000. On April 5, 2022, the Company terminated its 2021 Swap Agreement and entered into a new interest rate swap agreement (the "2022 Swap Agreement") with a notional amount of $100,000. The terminated 2020 and 2021 Swap Agreements resulted in unrealized gains of $324 and $12,270, respectively, at the termination dates that will continue to be accounted for in accumulated other comprehensive income and amortized into earnings over the term of the associated debt instrument. The 2022 Swap Agreement has a maturity date of April 5, 2027 and is indexed to a three-month Term SOFR (as defined in the 2022 Swap Agreement). The 2022 Swap Agreement met the criteria for cash flow hedges under ASC 815, Derivatives and Hedging ("ASC 815"), and will be recorded to other assets or other liabilities on the Condensed Consolidated Balance Sheet. Refer to Note 11 - Fair Value Measurements and Financial Instruments for additional information on determining the fair value. The unrealized gains or losses, after tax, will be recorded in accumulated other comprehensive income, a component of equity, and are expected to be reclassified into interest expense on the Condensed Consolidated Statement of Income when the forecasted transactions affect earnings. As required under ASC 815, the interest rate swap contracts’ effectiveness will be assessed on a quarterly basis using a quantitative regression analysis. The gains and losses, net of tax, related to the derivative instruments designated as cash flow hedges recognized in accumulated other comprehensive income for the three and six months ended July 1, 2022 were a gain of $922 and $6,732, respectively; and for the three and six months ended July 2, 2021 were a loss of $525 and a gain of $1,620, respectively. Over the next twelve months, the Company expects to recognize $4,252 of the $12,514 of unrealized gains included in accumulated other comprehensive income related to the interest rate swap contracts.

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	6 Months Ended
	Jul. 01, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements and Financial Instruments	Fair Value Measurements and Financial Instruments The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the following periods: July 1, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Interest Rate Swap $ — $ 1,018 $ — $ 1,018 $ — $ 3,583 $ — $ 3,583 Total assets measured at fair value $ — $ 1,018 $ — $ 1,018 $ — $ 3,583 $ — $ 3,583 Liabilities: Prior Credit Facility $ — $ — $ — $ — $ — $ 378,453 $ — $ 378,453 Total liabilities measured at fair value $ — $ — $ — $ — $ — $ 378,453 $ — $ 378,453 There were no transfers of assets or liabilities between Level 1, Level 2, and Level 3 categories of the fair value hierarchy during the three and six month period ended July 1, 2022. As of December 31, 2021, the carrying amount of the principal under the Company’s Prior Credit Facility approximated fair value because it had a variable interest rate that reflected market changes in interest rates and changes in the Company’s net leverage ratio. The Prior Credit Facility was terminated on April 5, 2022 and replaced with the revolving 2022 Credit Facility. On June 11, 2021, the Company entered into the 2021 Swap Agreement to mitigate the cash flow risk associated with changes in interest rates on its variable rate debt. On April 5, 2022, the Company terminated its 2021 Swap Agreement and entered into the 2022 Swap Agreement. Refer to N ote 10 - Derivatives and Hedging for additional details of the agreement. In accordance with ASC 815, an interest rate swap contract is recognized as an asset or liability on the Condensed Consolidated Balance Sheets and is measured at fair value. The fair value was calculated utilizing Level 2 inputs.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jul. 01, 2022
Share-Based Payment Arrangement [Abstract]
Stockholders' Equity	Stockholders' Equity Equity Incentive Plans The following table summarizes the allocation of stock-based compensation in the accompanying Condensed Consolidated Statements of Income: For the three months ended For the six months ended July 1, 2022 July 2, 2021 July 1, 2022 July 2, 2021 Cost of sales $ 231 $ 190 $ 409 $ 311 Sales and marketing 227 213 453 365 Research and development 262 238 490 425 General and administrative 3,341 2,733 5,738 4,767 Total $ 4,061 $ 3,374 $ 7,090 $ 5,868 As of January 1, 2021, $421 of stock-based compensation expense related to our executive bonus plan is included in Accrued Expenses on the Condensed Consolidated Balance Sheets. This amount was recognized as additional paid in capital during the six months ended July 2, 2021 upon the issuance of the underlying restricted stock units ("RSUs"). The following table summarizes the activity for the Company's unvested RSUs for the six months ended July 1, 2022: Unvested RSUs Number of shares outstanding Weighted-average grant date fair value Unvested at December 31, 2021 338 $ 76.30 Granted 141 $ 95.24 Canceled (9) $ 83.56 Vested (154) $ 72.81 Unvested at July 1, 2022 316 $ 86.24 As of July 1, 2022, the Company had approximately $24,281 of unrecognized stock-based compensation expense related to RSUs, which will be recognized over the remaining weighted-average vesting period of approximately 2.23 years. During the six months ended July 1, 2022, the Company issued performance share units (“PSUs”) to certain executives that represent shares potentially issuable in the future. Issuance is based upon the Company's performance, over a 2-3 year performance period, on certain measures including return on invested capital and free cash flow. The PSUs vest only upon the achievement of the applicable performance goals for the performance period, and, depending on the actual achievement on the performance goals, the grantee may earn between 0% and 200% of the target PSUs. The Company considered it probable that the performance goals would be achieved, therefore the fair value of PSUs is calculated based on the stock price on the date of grant. The following table summarizes the activity for the Company's unvested PSUs for the six months ended July 1, 2022: Unvested PSUs Number of shares outstanding Weighted-average grant date fair value Unvested at December 31, 2021 29 $ 141.46 Granted 37 $ 120.90 Unvested at July 1, 2022 66 $ 129.94 The stock-based compensation expense recognized each period is dependent upon our estimate of the number of shares that will ultimately vest based on the achievement of certain performance conditions. Future stock-based compensation expense for unvested performance-based awards could reach a maximum of $11,191 assuming achievement at the maximum level. The unrecognized stock-based compensation expense is expected to be recognized over a weighted average period of 2.02 years. For the six months ended July 1, 2022, the Company had 152 unvested RSUs and PSUs outstanding which were excluded from the calculation of dilutive earnings per share because the effect would be anti-dilutive. During the six months ended July 1, 2022, 33 shares of common stock were issued due to the exercise of stock options. As of July 1, 2022, stock-based compensation expense related to stock options has been fully recognized and there are no outstanding options to purchase common stock.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 01, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended For the six months ended July 1, 2022 July 2, 2021 July 1, 2022 July 2, 2021 Provision for income taxes $ 12,464 $ 6,767 $ 14,900 $ 10,774 Effective tax rates 18.9 % 13.3 % 12.8 % 11.6 % For the three months ended July 1, 2022, the difference between the Company's effective tax rate of 18.9% and the 21% federal statutory rate resulted primarily from a lower tax rate on foreign derived intangible income and excess benefits related to stock-based compensation. The benefits were partially offset by withholding and state taxes. For the six months ended July 1, 2022, the difference between the Company's effective tax rate and the 21% federal statutory rate resulted primarily from the impact of the recently finalized U.S. tax regulations published by the U.S. Treasury and Internal Revenue Service on January 4, 2022 and from a lower tax rate on foreign derived intangible income. These regulations limit the amount of newly generated foreign taxes that are creditable against U.S. income taxes, which resulted in a release of the Company’s valuation allowance against foreign tax credits due to the Company's ability to use foreign tax credit carryforwards that had previously been reserved against. These benefits were partially offset by withholding and state taxes. For the three months ended July 2, 2021, the difference between the Company's effective tax rate of 13.3% and the 21% federal statutory rate resulted primarily from excess benefits related to stock-based compensation, and a lower tax rate on foreign derived intangible income. These benefits were partially offset by an increase in the valuation allowance for foreign tax credits, state taxes and non-deductible expenses. For the six months ended July 2, 2021, the difference between the Company’s effective tax rate and the 21% federal statutory rate resulted primarily from excess benefits related to stock-based compensation, a lower tax rate on foreign derived intangible income and the recognition of uncertain tax positions due to the conclusion of an audit. These benefits were partially offset by an increase in the valuation allowance for foreign tax credits, state taxes and non-deductible expenses. We do not expect the results from any ongoing income tax audits to have a material impact on our consolidated financial condition, results of operations, or cash flows.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jul. 01, 2022
Related Party Transactions [Abstract]
Related Party Agreements	Related Party Transactions On March 11, 2020, the Company acquired 100% of the issued and outstanding stock of SCA Performance Holdings, Inc. ("SCA"). The Company has transactions with an automotive dealership owned by a former owner of SCA, who is now an employee of the Company. The Company purchased approximately $339 and $620 of parts and vehicles and sold approximately $253 and $710 of upfit packages to the dealership during the three and six months ended July 1, 2022, respectively. The Company purchased approximately $262 and $464 of parts and vehicles and sold approximately $130 and $250 of upfit packages to the dealership during the three and six months ended July 2, 2021, respectively. The Company had $37 and $40 in accounts payable and accounts receivable as of July 1, 2022, respectively, and $143 and $8 in accounts payable and accounts receivable as of July 2, 2021, respectively, related to this dealership. On July 22, 2020, the Company, pursuant to a stock purchase agreement with Flagship, Inc., purchased the remaining 20% interest of FF US Holding Corp. for $24,975 payable in a combination of stock and cash. The cash portion will be settled in quarterly installment payments through July 2022. Refer to Note 9 - Commitments and Contingencies for additional details of this agreement.

Acquisitions

Acquisitions	6 Months Ended
	Jul. 01, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On May 21, 2021, the Company, through its wholly owned subsidiary, Fox Factory Australia Pty Ltd., acquired substantially all the assets of Sola Sport Pty Ltd. for $486. The acquisition was not material to the Company's financial statements. On May 25, 2021, the Company, through its wholly owned subsidiary, SCA Performance, Inc., acquired 100% of the issued and outstanding stock of Manifest Joy LLC, d/b/a Outside Van ("Outside Van") a custom van conversion company. The total purchase price of $15,275, net of cash acquired, was allocated to the net liabilities assumed of $1,057, identifiable intangible assets of $5,560 and goodwill acquired of $10,772, based on their respective fair values as of May 25, 2021, with the excess purchase price allocated to goodwill. The Company will amortize the acquired customer relationship and trade name assets over their expected useful lives of one and ten years, respectively. This purchase was accounted for as a business combination and was not material to the Company's financial statements. five

Description of the Business, _2

Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 01, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation - The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States of America ("U.S." or "United States") and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the fiscal year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 24, 2022. In management’s opinion, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal and recurring nature, that are necessary for a fair presentation of financial results for the interim periods presented. Operating results for any quarter are not necessarily indicative of the results for the full fiscal year.
Fiscal Year	Fiscal Year Calendar - The Company operates on a 52-53 week fiscal year calendar. For 2022 and 2021, the Company's fiscal year will end or has ended on December 30, 2022 and December 31, 2021, respectively. The twelve month periods ended December 30, 2022 and December 31, 2021, will include or have included 52 weeks. The three and six month periods ended July 1, 2022 and July 2, 2021 each included 13 weeks and 26 weeks, respectively.
Principles of Consolidation	Principles of Consolidation - These condensed consolidated financial statements include the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Revenue Recognition	Revenue Recognition - Revenues are generated from the sale of performance-defining products and systems to customers worldwide. The Company’s performance-defining products and systems are solutions that improve performance of powered vehicles and bikes. Powered vehicles include on-road vehicles with off-road capabilities, Side-by-Sides, off-road vehicles and trucks, ATVs, snowmobiles, specialty vehicles and applications, and motorcycles. Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control of a product to a customer, generally at the time of shipment. Contracts are generally in the form of purchase orders and are governed by standard terms and conditions. For larger OEMs, the Company may also enter into master agreements. Sales tax and other similar taxes are excluded from revenues. Provisions for discounts, rebates, sales incentives, returns, and other adjustments are generally provided for in the period the related sales are recorded, based on management’s assessment of historical trends and projection of future results. Certain pricing provisions that provide the customer with future discounts are considered a material right. Such material rights result in the deferral of revenues that are recognized when the rights are exercised by the customer. Measuring the material rights requires judgments including forecasts of future sales and product mix.
Segments	Segments - The Company has determined that it has a single operating and reportable segment: manufacturing, sale and service of performance-defining products. The Company considers operating segments to be components of the Company in which separate financial information is available that is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance.
Use of Estimates	Use of Estimates - The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from management’s estimates.
Certain Significant Risks and Uncertainties	Certain Significant Risks and Uncertainties - The Company is subject to those risks common in manufacturing-driven markets, including, but not limited to, competitive forces, dependence on key personnel, customer demand for its products, the successful protection of its proprietary technologies, compliance with government regulations, and the possibility of not being able to obtain additional financing when needed. Additionally, the Company has been impacted by the ongoing coronavirus (“COVID-19”) pandemic. The global outbreak of COVID-19 has negatively affected the U.S. and global economy, disrupted global supply chains, resulted in significant travel and transport restrictions, including mandated closures and orders to “shelter-in-place,” and created significant disruption of the financial markets. Despite the Company’s efforts to manage and remedy these impacts to the Company, the ultimate impact and the extent to which the COVID-19 pandemic will continue to affect the business, results of operation and financial condition is difficult to predict and depends on numerous evolving factors outside of the Company’s control, including: the duration and scope of the COVID-19 pandemic; government, social, business and other actions that have been and will be taken in response to the COVID-19 pandemic; increases in COVID-19 case counts; any additional waves of the virus, availability and ultimate efficacy of the vaccine on the new variants of the virus, including the Omicron variant; and the effect of the COVID-19 pandemic on short- and long-term general economic conditions. In addition, heightened political tensions between China and Taiwan, could negatively impact our business and operations. For example, our bike suspension manufacturing is located in Taiwan. We cannot assure you that any contentious situation between Taiwan and China will always resolve in maintaining the current status quo or remain peaceful. Relations between Taiwan and China, potential confrontations between the United States and China and other factors affecting military, political, social or economic conditions in Taiwan could have a material adverse effect on our business, our supply chain and our operations. Furthermore, during the first quarter of 2022, Russia commenced a military invasion of Ukraine, and the ensuing conflict has created disruption in the region and around the world. In addition, in response to this invasion, the United States and several European and Asian countries instated sanctions against Russia. The impact of the Russia invasion of Ukraine on the global economy, energy supplies and raw materials is uncertain but may prove to negatively impact the Company’s business and operations.
Fair Value Measurements and Financial Instruments	Fair Value Measurements and Financial Instruments - The Financial Accounting Standards Board ("FASB") has issued Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures, that requires the valuation of assets and liabilities required or permitted to be either recorded or disclosed at fair value based on hierarchy of available inputs as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
Recent Accounting Pronouncements	Recent Accounting Pronouncements - In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which helps simplify how entities account for income taxes by removing various exceptions related to the recognition of deferred tax liabilities and updating other tax computation requirements. This standard is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. The Company adopted ASU 2019-12 effective in the first quarter of fiscal year 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's condensed consolidated financial statements. In October 2020, the FASB issued ASU 2020-10, Codification Improvements. The amendments in ASU 2020-10 contain improvements to the Codification to ensure consistency by including disclosure guidance in the appropriate Disclosure Section. This guidance includes an option for an entity to provide certain information either on the face of the financial statements or in the notes. ASU 2020-10 amends the Codification to include this language in the appropriate disclosure section. The ASU also provides clarification to various codification topics to improve consistency in guidance application. The amendments are effective for interim and annual reporting periods in fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2020-10 effective in the first quarter of fiscal year 2021. The adoption of ASU 2020-10 did not have a material impact on the Company's condensed consolidated financial statements and related disclosures. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. Under ASU 2021-08, an acquirer must recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. The Company adopted this guidance in the first quarter of 2022. This adoption did not have a material impact on our financial statements.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jul. 01, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenues	The following table summarizes total sales by product category: For the three months ended For the six months ended July 1, 2022 July 2, 2021 July 1, 2022 July 2, 2021 Powered Vehicles $ 229,032 $ 189,419 $ 437,139 $ 352,166 Specialty Sports 177,673 138,745 347,543 257,134 Total sales $ 406,705 $ 328,164 $ 784,682 $ 609,300 The following table summarizes total sales by sales channel: For the three months ended For the six months ended July 1, 2022 July 2, 2021 July 1, 2022 July 2, 2021 OEM $ 223,110 $ 172,547 $ 424,375 $ 324,027 Aftermarket 183,595 155,617 360,307 285,273 Total sales $ 406,705 $ 328,164 $ 784,682 $ 609,300 The following table summarizes total sales generated by geographic location of the customer: For the three months ended For the six months ended July 1, 2022 July 2, 2021 July 1, 2022 July 2, 2021 North America $ 257,183 $ 217,695 $ 491,142 $ 398,178 Asia 61,812 60,245 121,829 112,101 Europe 81,540 46,818 160,074 92,557 Rest of the world 6,170 3,406 11,637 6,464 Total sales $ 406,705 $ 328,164 $ 784,682 $ 609,300 Remaining performance obligations represent the transaction price of contracts, generally considered to be the customer's purchase order, for which work has not been performed or has been partially performed. The Company has elected to exclude remaining performance obligations with an original expected duration of one year or less. Revenue expected to be recognized from remaining performance obligations as of July 1, 2022 for contracts with a duration more than one year was approximately $5,999, all of which is expected to be recognized during fiscal years 2023 to 2027.

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jul. 01, 2022
Inventory Disclosure [Abstract]
Inventory	Inventory consisted of the following: July 1, December 31, 2022 2021 Raw materials $ 247,358 $ 200,460 Work-in-process 12,445 7,539 Finished goods 89,247 71,838 Total inventory $ 349,050 $ 279,837

Prepaids and Other Current Asse

Prepaids and Other Current Assets (Tables)	6 Months Ended
	Jul. 01, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	Prepaids and other current assets consisted of the following: July 1, December 31, 2022 2021 Prepaid chassis deposits $ 235,362 $ 98,618 Advanced payments and prepaid contracts 19,011 14,024 Other current assets 13,350 10,465 Total $ 267,723 $ 123,107

Property, Plant and Equipment_2

Property, Plant and Equipment, net (Tables)	6 Months Ended
	Jul. 01, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, net	Property, plant and equipment, net consisted of the following: July 1, December 31, 2022 2021 Building and building improvements $ 72,701 $ 72,088 Information systems, office equipment and furniture 23,325 20,988 Internal-use computer software 26,612 25,700 Land and land improvements 15,471 15,663 Leasehold improvements 17,511 22,835 Machinery and manufacturing equipment 113,398 106,628 Transportation equipment 8,716 7,372 Total 277,734 271,274 Less: accumulated depreciation and amortization (83,133) (79,271) Property, plant and equipment, net $ 194,601 $ 192,003
Long-lived Assets by Geographic Location	The Company’s long-lived assets by geographic location are as follows: July 1, December 31, 2022 2021 United States $ 163,955 $ 161,451 International 30,646 30,552 Total long-lived assets $ 194,601 $ 192,003

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jul. 01, 2022
Leases [Abstract]
Lease Costs	Operating lease costs consisted of the following: For the three months ended For the six months ended July 1, 2022 July 2, 2021 July 1, 2022 July 2, 2021 Operating lease cost $ 2,832 $ 1,983 $ 5,655 $ 4,053 Other lease costs (1) 1,272 397 1,990 622 Total $ 4,104 $ 2,380 $ 7,645 $ 4,675 (1) Includes short-term leases and variable lease costs. The Company elected a policy exclusion permitting leases with an original lease term of less than one year to be excluded from the right-of-use assets and lease liabilities.
Supplemental Balance Sheet Disclosure	Supplemental balance sheet information related to the Company's operating leases is as follows: Balance Sheet Classification July 1, 2022 Operating lease right-of-use assets Lease right-of-use assets $ 42,606 Current lease liabilities Accrued expenses $ 9,721 Non-current lease liabilities Other liabilities $ 31,922
Maturity of Lease Liabilities	Maturities of lease liabilities by fiscal year for the Company's operating leases are as follows: For fiscal year Total future payments 2022 (remaining six months) $ 5,198 2023 10,178 2024 8,981 2025 6,723 2026 4,960 Thereafter 7,788 Total lease payments 43,828 Less: imputed interest (2,185) Present value of lease liabilities 41,643 Less: current portion (9,721) Lease liabilities less current portion $ 31,922

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jul. 01, 2022
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses consisted of the following: July 1, December 31, 2022 2021 Payroll and related expenses $ 27,922 $ 32,968 Current portion of lease liabilities 9,721 9,095 Warranty 16,088 15,510 Income tax payable 28,927 34,845 Accrued sales rebate 12,183 8,568 Current portion of non-controlling interest buyout liability 900 2,700 Other accrued expenses 15,105 8,692 Total $ 110,846 $ 112,378
Activity Related to Warranties	Activity related to warranties is as follows: For the three months ended For the six months ended July 1, 2022 July 2, 2021 July 1, 2022 July 2, 2021 Beginning warranty liability $ 15,993 $ 11,521 $ 15,510 $ 9,835 Charge to cost of sales 2,322 4,070 5,449 7,331 Fair value of warranty assumed in acquisition — 150 — 150 Costs incurred (2,227) (2,091) (4,871) (3,666) Ending warranty liability $ 16,088 $ 13,650 $ 16,088 $ 13,650

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jul. 01, 2022
Debt Disclosure [Abstract]
Summary of line of credit under 2022 Credit Facility	The following table summarizes the line of credit under the 2022 Credit Facility: July 1, 2022 Amount outstanding $ 410,000 Standby letters of credit 15,000 Available borrowing capacity 225,000 Total borrowing capacity $ 650,000 Maturity date April 5, 2027

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jul. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	As of July 1, 2022 and December 31, 2021, the Company had the following interest rate swap contracts: July 1, 2022 December 31, 2021 Effective Date Termination Date Notional Amount Unrealized Gain in AOCI Unrealized Gain in AOCI September 2, 2020 June 11, 2021 $200,000 $ 233 $ 276 July 2, 2021 April 5, 2022 $200,000 11,263 3,583 April 5, 2022 April 5, 2027 $100,000 1,018 — Total $ 12,514 $ 3,859

Fair Value Measurements and F_2

Fair Value Measurements and Financial Instruments (Tables)	6 Months Ended
	Jul. 01, 2022
Fair Value Disclosures [Abstract]
Liabilities Measured at Fair Value on Recurring Basis	The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the following periods: July 1, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Interest Rate Swap $ — $ 1,018 $ — $ 1,018 $ — $ 3,583 $ — $ 3,583 Total assets measured at fair value $ — $ 1,018 $ — $ 1,018 $ — $ 3,583 $ — $ 3,583 Liabilities: Prior Credit Facility $ — $ — $ — $ — $ — $ 378,453 $ — $ 378,453 Total liabilities measured at fair value $ — $ — $ — $ — $ — $ 378,453 $ — $ 378,453

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jul. 01, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Stock-based Compensation Allocation	The following table summarizes the allocation of stock-based compensation in the accompanying Condensed Consolidated Statements of Income: For the three months ended For the six months ended July 1, 2022 July 2, 2021 July 1, 2022 July 2, 2021 Cost of sales $ 231 $ 190 $ 409 $ 311 Sales and marketing 227 213 453 365 Research and development 262 238 490 425 General and administrative 3,341 2,733 5,738 4,767 Total $ 4,061 $ 3,374 $ 7,090 $ 5,868
Summary of Unvested Restricted Stock Units (RSU) Activity	The following table summarizes the activity for the Company's unvested RSUs for the six months ended July 1, 2022: Unvested RSUs Number of shares outstanding Weighted-average grant date fair value Unvested at December 31, 2021 338 $ 76.30 Granted 141 $ 95.24 Canceled (9) $ 83.56 Vested (154) $ 72.81 Unvested at July 1, 2022 316 $ 86.24
Summary of Unvested PSUs Activity	The following table summarizes the activity for the Company's unvested PSUs for the six months ended July 1, 2022: Unvested PSUs Number of shares outstanding Weighted-average grant date fair value Unvested at December 31, 2021 29 $ 141.46 Granted 37 $ 120.90 Unvested at July 1, 2022 66 $ 129.94

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jul. 01, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	For the three months ended For the six months ended July 1, 2022 July 2, 2021 July 1, 2022 July 2, 2021 Provision for income taxes $ 12,464 $ 6,767 $ 14,900 $ 10,774 Effective tax rates 18.9 % 13.3 % 12.8 % 11.6 %

Revenues - Sales by Product Cat

Revenues - Sales by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Disaggregation of Revenue [Line Items]
Total sales	$ 406,705	$ 328,164	$ 784,682	$ 609,300
Powered Vehicles
Disaggregation of Revenue [Line Items]
Total sales	229,032	189,419	437,139	352,166
Specialty Sports
Disaggregation of Revenue [Line Items]
Total sales	$ 177,673	$ 138,745	$ 347,543	$ 257,134

Revenues - Sales by Sales Chann

Revenues - Sales by Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Disaggregation of Revenue [Line Items]
Total sales	$ 406,705	$ 328,164	$ 784,682	$ 609,300
OEM
Disaggregation of Revenue [Line Items]
Total sales	223,110	172,547	424,375	324,027
Aftermarket
Disaggregation of Revenue [Line Items]
Total sales	$ 183,595	$ 155,617	$ 360,307	$ 285,273

Revenues - Sales by Geographic

Revenues - Sales by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Disaggregation of Revenue [Line Items]
Total sales	$ 406,705	$ 328,164	$ 784,682	$ 609,300
North America
Disaggregation of Revenue [Line Items]
Total sales	257,183	217,695	491,142	398,178
Asia
Disaggregation of Revenue [Line Items]
Total sales	61,812	60,245	121,829	112,101
Europe
Disaggregation of Revenue [Line Items]
Total sales	81,540	46,818	160,074	92,557
Rest of the world
Disaggregation of Revenue [Line Items]
Total sales	$ 6,170	$ 3,406	$ 11,637	$ 6,464

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 247,358	$ 200,460
Work-in-process	12,445	7,539
Finished goods	89,247	71,838
Total inventory	$ 349,050	$ 279,837

Prepaids and Other Current As_2

Prepaids and Other Current Assets (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid chassis deposits	$ 235,362	$ 98,618
Advanced payments and prepaid contracts	19,011	14,024
Other current assets	13,350	10,465
Total	$ 267,723	$ 123,107

Property, Plant and Equipment_3

Property, Plant and Equipment, net - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	$ 277,734	$ 271,274
Less: accumulated depreciation and amortization	(83,133)	(79,271)
Property, plant and equipment, net	194,601	192,003
Building and building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	72,701	72,088
Information systems, office equipment and furniture
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	23,325	20,988
Internal-use computer software
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	26,612	25,700
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	15,471	15,663
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	17,511	22,835
Machinery and manufacturing equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	113,398	106,628
Transportation equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	$ 8,716	$ 7,372

Property, Plant and Equipment_4

Property, Plant and Equipment, net - Long-lived Assets by Geographic Location (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total long-lived assets	$ 194,601	$ 192,003
United States
Property, Plant and Equipment [Line Items]
Total long-lived assets	163,955	161,451
International
Property, Plant and Equipment [Line Items]
Total long-lived assets	$ 30,646	$ 30,552

Leases - Narrative (Details)

Leases - Narrative (Details)	6 Months Ended
	Jul. 01, 2022
Lessee, Lease, Description [Line Items]
Renewal term	5 years
Option to terminate, term	1 year
Weighted-average remaining lease term	5 years 2 months 15 days
Weighted-average incremental borrowing rate	2.06%
Minimum
Lessee, Lease, Description [Line Items]
Contract term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Contract term	10 years

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Leases [Abstract]
Operating lease cost	$ 2,832	$ 1,983	$ 5,655	$ 4,053
Other lease costs	1,272	397	1,990	622
Total	$ 4,104	$ 2,380	$ 7,645	$ 4,675

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease right-of-use assets	$ 42,606	$ 38,752
Current lease liabilities	9,721	$ 9,095
Non-current lease liabilities	$ 31,922

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Leases [Abstract]
2022 (remaining six months)	$ 5,198
2023	10,178
2024	8,981
2025	6,723
2026	4,960
Thereafter	7,788
Total lease payments	43,828
Less: imputed interest	(2,185)
Present value of lease liabilities	41,643
Less: current portion	(9,721)	$ (9,095)
Lease liabilities less current portion	$ 31,922

Accrued Expenses - Accrued Expe

Accrued Expenses - Accrued Expense Components (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Apr. 01, 2022	Dec. 31, 2021	Jul. 02, 2021	Apr. 02, 2021	Jan. 01, 2021
Payables and Accruals [Abstract]
Payroll and related expenses	$ 27,922		$ 32,968
Current portion of lease liabilities	9,721		9,095
Warranty	16,088	$ 15,993	15,510	$ 13,650	$ 11,521	$ 9,835
Income tax payable	28,927		34,845
Accrued sales rebate	12,183		8,568
Current portion of non-controlling interest buyout liability	900		2,700
Other accrued expenses	15,105		8,692
Accrued expenses	$ 110,846		$ 112,378

Accrued Expenses - Activity Rel

Accrued Expenses - Activity Related to Warranties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning warranty liability	$ 15,993	$ 11,521	$ 15,510	$ 9,835
Charge to cost of sales	2,322	4,070	5,449	7,331
Fair value of warranty assumed in acquisition	0	150	0	150
Costs incurred	(2,227)	(2,091)	(4,871)	(3,666)
Ending warranty liability	$ 16,088	$ 13,650	$ 16,088	$ 13,650

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands		6 Months Ended
	Apr. 05, 2022	Jul. 01, 2022	Jun. 30, 2019
Debt Instrument [Line Items]
Debt issuance costs	$ 1,980
Unamortized debt issuance costs	4,473
Weighted average interest rate on outstanding borrowings		2.54%
Interest rate swap
Debt Instrument [Line Items]
Amount of interest rate swap	$ 100,000
LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.11%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.10%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2%
Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Term Loan
Debt Instrument [Line Items]
Term loan amount			$ 400,000
Line of Credit
Debt Instrument [Line Items]
Proceeds from Lines of Credit	$ 475,000
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility		$ 650,000
Standby letters of credit		$ 15,000
Revolving Credit Facility | Line of Credit | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1%
Revolving Credit Facility | Line of Credit | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0%
Revolving Credit Facility | Line of Credit | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1%
Letter of Credit
Debt Instrument [Line Items]
Credit facility	$ 650,000

Debt - Summary of Amended and R

Debt - Summary of Amended and Restated Credit Facility (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Amount outstanding	$ 410,000	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Amount outstanding	410,000
Standby letters of credit	15,000
Available borrowing capacity	225,000
Total borrowing capacity	$ 650,000

Commitment and Contingencies (D

Commitment and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021	Jul. 22, 2020	Nov. 30, 2017
Loss Contingencies [Line Items]
Installment payment, 2020			$ 6,556
Installment payment, 2021			4,550
Installment payment, 2022			2,700
Payments for Repurchase of Redeemable Noncontrolling Interest	$ 900	$ 900	$ 1,800	$ 2,750
Shares held in escrow (in shares)			136,000
Remaining liability			$ 900
Shares released (in shares)	19,000
SCA
Loss Contingencies [Line Items]
Call option to acquire remaining interest					20%	20%

Derivatives and Hedging - Sched

Derivatives and Hedging - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain in AOCI	$ 12,514	$ 3,859
Interest Rate Swap September 2020 To June 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	200,000
Unrealized Gain in AOCI	233	276
Interest Rate Swap July 2021 To March 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	200,000
Unrealized Gain in AOCI	$ 11,263	$ 3,583

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021	Apr. 05, 2022	Dec. 31, 2021	Jun. 11, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain in AOCI on terminated swap	$ 12,514		$ 12,514			$ 3,859
Other comprehensive income (loss), derivatives gain (loss)	922	$ (525)	6,733	$ 1,620
Interest rate swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount terminated							$ 200,000
Unrealized gain in AOCI on terminated swap							$ 324
Other comprehensive income (loss), derivatives gain (loss)	922	$ 6,732
Losses to be reclassified over the next twelve months	$ 4,252		$ 4,252
Amount of interest rate swap					$ 100,000

Fair Value Measurements and F_3

Fair Value Measurements and Financial Instruments - Liabilities at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets measured at fair value	$ 1,018	$ 3,583
Prior Credit Facility	0	378,453
Total liabilities measured at fair value	0	378,453
Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap, asset	1,018	3,583
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets measured at fair value	0	0
Prior Credit Facility	0	0
Total liabilities measured at fair value	0	0
Level 1 | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap, asset	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets measured at fair value	1,018	3,583
Prior Credit Facility		378,453
Total liabilities measured at fair value	0	378,453
Level 2 | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap, asset	1,018	3,583
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets measured at fair value	0	0
Prior Credit Facility	0	0
Total liabilities measured at fair value	0	0
Level 3 | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap, asset	$ 0	$ 0

Stockholders' Equity - Narrtive

Stockholders' Equity - Narrtive (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 01, 2021	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 421	$ 4,061	$ 3,374	$ 7,090	$ 5,868
Number of stock options exercised (in shares)				33,000
Anti-dilutive shares excluded from calculation of diluted earnings per share				152,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to RSUs		24,281		$ 24,281
Period for recognition of unrecognized stock-based compensation expense				2 years 2 months 23 days
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to RSUs		$ 11,191		$ 11,191
Period for recognition of unrecognized stock-based compensation expense				2 years 7 days
PSU | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period				2
Performance goal, percentage				0%
PSU | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period				3
Performance goal, percentage				200%

Stockholders' Equity - Equity I

Stockholders' Equity - Equity Incentive Plans (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 01, 2021	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense	$ 421	$ 4,061	$ 3,374	$ 7,090	$ 5,868
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense		231	190	409	311
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense		227	213	453	365
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense		262	238	490	425
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense		$ 3,341	$ 2,733	$ 5,738	$ 4,767

Stockholders' Equity - Unvested

Stockholders' Equity - Unvested RSU Activity (Details)	6 Months Ended
	Jul. 01, 2022 $ / shares shares
Number of shares outstanding
Granted (in shares) | shares	141,000
Canceled (in shares) | shares	(9,000)
Vested (in shares) | shares	(154,000)
Unvested at end of period (in shares) | shares	316,000
Weighted-average grant date fair value
Granted (in usd per share) | $ / shares	$ 95.24
Forfeited (in usd per share) | $ / shares	83.56
Vested (in usd per share) | $ / shares	72.81
Unvested at end of period (in usd per share) | $ / shares	$ 86.24
RSUs
Number of shares outstanding
Unvested at beginning of period (in shares) | shares	338,000
Weighted-average grant date fair value
Unvested at beginning of period (in usd per share) | $ / shares	$ 76.30

Stockholders' Equity - Unvest_2

Stockholders' Equity - Unvested PSU Activity (Details)	6 Months Ended
	Jul. 01, 2022 $ / shares shares
Number of shares outstanding
Granted (in shares) | shares	141,000
Unvested at end of period (in shares) | shares	316,000
Weighted-average grant date fair value
Granted (in usd per share) | $ / shares	$ 95.24
Unvested at end of period (in usd per share) | $ / shares	$ 86.24
PSU
Number of shares outstanding
Unvested at beginning of period (in shares) | shares	29,000
Granted (in shares) | shares	37,000
Unvested at end of period (in shares) | shares	66,000
Weighted-average grant date fair value
Unvested at beginning of period (in usd per share) | $ / shares	$ 141.46
Granted (in usd per share) | $ / shares	120.90
Unvested at end of period (in usd per share) | $ / shares	$ 129.94

Income Taxes - Components (Deta

Income Taxes - Components (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 12,464	$ 6,767	$ 14,900	$ 10,774
Effective tax rates	18.90%	13.30%	12.80%	11.60%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Income Tax Disclosure [Abstract]
Effective tax rates	18.90%	13.30%	12.80%	11.60%
Federal statutory rate	21%

Related Party Transactions (Det

Related Party Transactions (Details) - SCA - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Jul. 22, 2020	Jul. 01, 2022	Jul. 02, 2021
Related Party Transaction [Line Items]
Purchase of vehicle parts		$ 339	$ 262
Sale of unfit packages		253	130
Related parties, accounts payable		37	143
Related parties, accounts receivable		$ 40	$ 8
Call option to acquire remaining interest	20%
Business combination, consideration transferred	$ 24,975

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Dec. 30, 2021	May 25, 2021	May 21, 2021	Jul. 01, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill				$ 323,965	$ 323,299
Manifest Joy LLC
Business Acquisition [Line Items]
Business combination, consideration transferred		$ 15,275
Liabilities assumed		1,057
Intangible assets		5,560
Goodwill		$ 10,772
Sola Sport Pty Ltd.
Business Acquisition [Line Items]
Business combination, consideration transferred			$ 486
Shock Therapy LLC
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 36,834
Liabilities assumed	5,244
Intangible assets	7,086
Goodwill	$ 24,504
Shock Therapy LLC | Minimum
Business Acquisition [Line Items]
Useful life	5 years