FOXF - Earnings call transcript Q3 2021 | Fox Factory Holding Corp.

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Operator

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to Fox Factory Holding Corporation’s Third Quarter 2021 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded. I’d now like to turn the conference over to your host, Vivek Bhakuni, Director of Investor Relations and Business Development. Thank you, sir.

begin. may You

Vivek Bhakuni

Chief afternoon, XXXX Good Mike to Factory Humphrey, Fox our Treasurer. Thank conference and call. quarter our Scott and earnings Executive by Officer I’m third and Chief you. Officer; welcome Financial joined Dennison, today

updates. provide then financial and Scott will outlook, Mike. followed by First, results business review the for Mike Then will from quarter the the closing remarks

went now, out call everyone open at will the up earnings for release, questions. the then Eastern which have should X:XX By today access approximately Time. to We your

company. If the throughout you website the portion to will FOX have not that had the Fox our call, this a Investor release, chance review to at of note as refer on it’s Please we investor.ridefox.com. available Factory Relations or

by company events statements no undertakes future required the obligation any law, risks differences cause the new Except company’s that factors control would remind response in as contribute whether number herein, involve prepared begin, and of other as to on to statements, or forward-looking and we statements a by that Form contain unknown cause forward-looking such otherwise. or Report your may many everyone Annual make forward-looking forward-looking are performance Before Important of Form update management a questions. expressed Such future XX-Q statements. and results, or Exchange which result the known remarks the uncertainties, I achievements with additional are Commission. Securities implied or and the differ in information, the in to or the significantly statements and like detailed to achievements results, performance from could can latest such and XX-K filed of or to company’s outside

measures metrics remarks been basis. In to to in useful is financial financial GAAP addition, CEO, over non-GAAP also will measures believe where And these better are to directly press turn pleasure of our on an our my comparable refer in call with release, it posted the ongoing financial reflect Reconciliations non-GAAP website. their on Dennison. of we has business Mike these performance evaluate business measures most to our are prepared that today’s we our which the and to within included release, as earnings today’s our that, appropriate

Mike Dennison

Thank conditions Vivek, past the This quarter appreciate afternoon. and to us as good teams test remained you, for our to We put time challenging. call. supply everyone chain the really overall join today’s taking

just peers worsened macro delivered Day environment Stop months a report to ever-growing operating volatile to quarters deliver quarterly performance-defining team five and Investor by After meet execution as investor community. current in was XXXX. this Day results products. rising performance-driven of the innovation revenue As September to to number strategies I we record record another am inaugural to and outpace proud represents to our happy base Investor these like continued commitment consecutive are thank culture our we delivering for, well Fox this performance. to best-in-class these innovate, planning, on message challenges out the quarter, enthusiasts. products our our stands am our what of our our obstacles also of and our I hosted that of of say received

their Gainesville. center driven Our and of a and included we a well equipped drive came full to with broader the dramatically of tour our experience full to e-bikes products manufacturing In products a as ambassadors vehicles presentations, performance. write what the Investors how very morning teams new in to This showroom together as maximize our best, bikes a do showcase our forward-looking experience. results improve of unique and off-road athletes, afternoon, way offer the management five opportunity had the to with fully sponsored we enthusiasts vehicles interact team understand and rides.

As phase to point but you the so perfect the team we XXXX, this of our felt revenue we since event IPO and our FOX of of think $X was for time we’ve the we new billion this achieving is had we we can know, The host inflection that think achieve we management remarkable growth our can in growth. X.X, over why vision target XXXX. growth by exhibit what call in next

growth with the to of year. third quarter third had $XXX quarter is numbers. over on Moving sales, over successful last We XX% a which versus million QX the

the growth driven an Something online This auto businesses, XX%, that growth QX categories behavior versus the to of double-digit outstanding shutdowns, signs revenue QX strong XXXX, coming against be and in by both of I shift rebound which want in customer more this channels. for which is our a surge X% analysis, product the brand COVID prior here back basis approximately loyalty. versus from is given in our strong Continuing demand across uncompromising highlight quarter reflects a also The fundamental our products OEMs compare strong the reflected period. health-conscious and continues of all growth toward year and to comes XXXX. consumer demand a respectively, our on unprecedented grew XX% in and by SSG outdoor very a our and abating growth complemented no with economy across PVG sequential lifestyle.

face performed an extremely in increases a businesses increasing of costs. well, chain of posting environment All the strong supply sales challenging input our and of

demand and say which increased of while demand levels the operational the reason such also to quarter not per in is challenges. primary the only team’s accelerate deliver of anticipate team earnings SSG Group. quarter. Sports their ability chain, been consecutive record supply have scale to numbers safe the managing Starting and but XXXX. the inflation meet Our was fantastic industry is was to to deliver XXXX to non-GAAP to results. due It with able $X.XX Specialty revenue we I adjusted $X.XX in to This required our fluctuations, quarter sixth third quarter-over-quarter to of staggering production our want acknowledge such third phenomenal from such to labor agility, share for

keep labor pulse to demand a orders. plans of strong in strong. Taiwan good view in are a a have and XXXX of for to position stay continues we the we as expansion continue optimize we OEM as aftermarket We which demand, throughout believe on our We and finger both capacity

talking where inventory it entering levels historic in As comments toward agreements. some the XXXX working supply long-term times continue capacity, supply lead into quarter to my inventory to remain lines XXXX, are to pertains levels expanding the we are and But and lows. replenishment, current last and to improving about additional close similar

we depleted XX months still take will industry current and to channels. meet customer months the to of level eight pace current XX believe to the demand, the inventory another it replenish XX to With demand

Additionally, areas our service of network process coverage. in regional we and our of terms our key in are improve to speed development grow to to capacity market continue investing and

an stay our team’s ability mobility suspension purpose-built example growing product As in a the of category. eSUV rapidly ahead our Fox and competition, AWL exciting the of Fork to launched we first new successfully adventure

racing. Menar, Championships. successful winning International athletes Nicole In in Miriam quarter addition, we race conclusion races World had winning Downhill the dominated the bike another included calendar. mountain XXXX in Fox-equipped Greg the the women’s world Highlights men’s of through in very and of

two our ways unlocking these revenue lines In Vehicles remarkable new while the Powered Shifting in and come as changeovers [inaudible] to mitigate remarkable to outfitting brand OEM teams relationships our lines powersport aftermarket online. to product power are the sides our by addition, The model of business. more of automotive we Linda claimed Group. and led in face David the the pressures our OEM expand marked year and growth is metals the strong Valve the at product the macroeconomic Olympics. in both on another leveraging quarter Tokyo Serono QX FOX Live sales [ph] as

which We us of our to and continue to are our Gainesville again gaining production quarter. leverage volume efficiency to confidence records in new factory, this trajectory unit growth set ability this allowed the

Fox making Moving course Fox world and podium. Performance at accomplishments on overall historic X,XXX or Surges, To Class odor. Baja, took motor live successful winds Pro Jr., and aren’t our level International in took a SCOR where Ford in vision, we meet At over where Labor UTV racing its quarter three continued sweep XX the our seven tacked Black five championships patented And raters Racing and at the its Hills the his were and the and class six demand. win of total BAW all points fourth World UltraX class Getin investments spots in or the Bronco. sports. clean spots XX the Crandon career to racked Fox FOX-equipped at Von wins earned four on first up short in to another the Sweeps theme pro-class our of technology best Vegas the Day top of Arena Ultra be the the In of off-road Desert top Championships valve just classrooms the weekend. in

to We always our said of our period. see not $X Material increased spending has second the prior story freight we R&D the our the from biggest persist has taken foot throughout year, quarter component chain than to might half been the as this a longer Even we strategy. quarter. growth on have the starting innovation labor by input again, from costs, Once and easing some We which key increasing off have product in costs have may supply mid challenges million strength headwind. inflationary increased versus prior the year of remains inflationary but chain third been begin next environment, challenges in nearly in supply in the continued that. pedal the year, the

environment to the the for to We to our this continue quarter that, us FOX and cannot nimble, out on every our as every of solid impossible demand the close factors these be family always, day. with I delivering of results and monitor And each guidance remain turn celebrated, and, the year Scott. raising the in over enough will agile call impact to single deserves challenge third thank I’ll and unprecedented member and helping

Scott Humphrey

year-to-date the review of I’ll Good quarter $XXX.X and quarter the million third Mike. everyone. an of of million, Sales then third going quarter financial our XXXX. third XXXX increase of guidance. in by Thanks, in our versus $XXX.X afternoon, results were sales begin over XX.X% and

in channels of Group to both demand powersports our Vehicles due sales XX.X% in increase and to quarter compared lines. performance the a and Powered upfitting the product increased including OEM Our aftermarket primarily in strong third XXXX, delivered

Sports a the delivered basis, demand quarter year, compared $XXX.X last increase in XX.X% Specialty year-to-date in in of channels. and including in a the the high upfitting jump year from primarily their revenue a by demand, versus were SCA an continued Sales to lines this OEM year, $XXX.X and million the channel, driven of period inclusion in our last aftermarket by to the increased performance increase full same million XX.X% driven On subsidiary. is sales sales strong SSG of Moving our Group. in from product

in strong and driven Specialty mix results shutdowns basis power point XXXX. margin on Non-GAAP from year partners costs, Group were Fox the in the and basis freight performance volume OEM production gross margin of of XX.X% decrease in favorable in our gross channel of higher points prior inflationary a upfitting basis to our Factory’s costs both points costs operating labor prior sales compared in and XX% volume a majority costs. million Sports also quarter $XX.X in or as by basis, input led product XX.X% upfitting lines our and PVG costs, our year. increase the lines. pressures product expenses commission Sports our by by and mix. due third channel On last sales margin XXX of sales office third and gross product and or our of million our Total increased operating and back in investments XX XX higher the sales a in was decreased expenses primarily at Group versus XX.X% favorable the XX.X% higher our COVID-XX This and by due employee-related The fronts, year infrastructure. Additionally, was non-GAAP sports gross XX.X%, The Specialty margins period. strong as our respectively. XXXX, of to marginally quarter quarter all product was were gross well The right-size due the third pandemic. offset to impacted to higher to decrease XX.X% primarily primarily XXXX of QX in including higher $XX.X of margin to was increase year-to-date in was the by gross to performance

Looking operating expenses at sales. a of non-GAAP as percent

a sales, year-over-year. year-to-date XX.X% compared XX% to XXX prior of of $XXX.X XX.X% or basis XXX period. XX.X% year compared million Our expenses operating or non-GAAP OpEx $XXX.X basis, by a decrease points points increased million in to to basis of sales On the were

Our XXXX basis million XX.X% percent XX million a sales of $XXX non-GAAP XX.X% decreased to going by operating of and and $XXX.X in from XXXX. expenses as points sales of sales in

revenue, expenses future million Focusing to primarily higher primarily On in $X.X detail. versus functions. But approximately as Sales costs increases Research million and as employee-related to of $X.X expenses a basis, right-size personnel due on $X.X support the investments well spend million sales innovation. development and employee-related and a $X.X increased and investments expenses. percent and million, and quarter, million. commissions by of million basis General $X.X year. to year-to-date and other approximately increased XX various in in due prior more administrative of $X million, to growth growth dollar approximately by personnel our product to costs by the OpEx to expenses and primarily of $X.X as by costs of points marketing due other decreased support various increased million increased product $XX.X administrative due spend to continue the $X.X innovation. Research approximately approximately future commissions we spend marketing million due increased to as support development higher

percent revenue, decreased prior basis However, of points year. again, versus a by as XX this the

on is dollars points higher in but various as to due million of as other spend right-size percent year-to-date prior $XX.X continue how expenses base. highlights These costs administrative spend investments employee-related lower $XX.X revenue we was focusing support as management The of growing and the offset to by general the Lastly, costs million increase were $X.X and increased lower as while efficient our $X.X functions. by acquisition-related partially million more million. XXX administrative of litigation is by increases dollar year. of $X.X million performance of lower revenue basis becoming well our versus This a

third the rate in in primarily consecutive by the team EBITDA was due XX.X% quarter reduced compared increased XXXX rate last quarter, $XX.X in guidance million previous our quarter effective first increase to XXXX EBITDA half Adjusted I is congratulate of compensation. the line stock-based long-range on benefits same The of For the of third This our to the to of the tax to from XX% to quarter million for third record year. $XX.X generation. rate our XX.X%. with want versus is XX%.

$X.X income and year year decrease prior XXX in basis, the adjusted adjusted million was EBITDA the third net $XX.X net period. mix. diluted $XX higher $XX.X third the $X.XX $XXX.X was However, compared prior million an expanded FOX to and period. margin product million, to points attributable $XX.X approximately year-to-date share and in to Year-to-date, million, quarter $XXX.X share was a decreased by to adjusted million increased diluted third as $X.XX or by XXXX. per share share non-GAAP by third of XX% is the XXXX income million of share On income higher adjusted to basis compared million EBITDA XX% the XX.X% approximately per third compared Non-GAAP million, prior to The EBITDA offset attributable to period. points compared $X.XX increase million impact XXX partially in of or margin basis, favorable earlier, to or diluted per $X.XX per in $XX.X sales in GAAP year. $XX.X primarily the the by XXXX per adjusted compared compared XXXX. the EBITDA quarter pressures and to quarter Year-to-date, an was discussed XX.X% $X.XX a $X.XX to of XX.X% margin of of diluted XX.X% or diluted or $XXX in On non-GAAP versus net of due in to of $XX.X of period. the We increase basis or adjusted the net million quarter in year the FOX delivered year quarter last earnings in prior to income million inflationary

earnings $X.XX year-to-date to per We of year. in diluted $X.XX the share compared prior also adjusted non-GAAP delivered

Now focusing our balance on sheet.

XXXX, well which $XX.X to on risks to year-end with due October was cash payable million. was material third Accounts the X, accounts costs. ended of quarter of business raw purchases to $XXX.X to as ended million -- was with was our Inventory XXXX, growth mitigate higher to $XXX.X payable on The changes For to $XXX.X receivable primarily timing compared we inventory in is compared reflect $XXX $XXX.X Accounts million increase associated $XXX.X million. compared quarter, vendor $XXX.X on payments. million receivable and X, XXXX chain supply input hand The January million. uncertainty as in and accounts compared million. the additional million

and to October of net in Gainesville, XXXX, plant the expenditures October reflects XXXX, million. of as Georgia. the $XXX.X during XXXX. equipment nine outside compared second $XX investments The increased million of as manufacturing van XXXX, in Our XXXX, million to X, at January months quarter. in increase of to $XXX.X million facility property, of to end due $XXX.X of Goodwill increased to first million as our $XXX.X compared reflecting acquisition X, capital our X, of the

guidance. turning Now to

expecting out strong on to XXXX a note. close are We

$XXX For also to we $X.XX like range expect the fourth diluted provided to sales of the GAAP the guidance I’d $XXX the actually and million that EPS as due reconciliations. necessary provide without it to to to difficulty be guidance of elements and such predicting on we’re cannot note not efforts quarter, in providing unreasonable per of the share in adjusted per $X.XX non-GAAP million range share. earnings

to would turn guidance, that, to provided our closer XX%. expect XX% For I With end be tax like to range previously the the to Mike. lower our of rate full back still to over year call the of we tax

Mike Dennison

Scott. Thanks,

consumer recent Cove fifth serve, we confident in brand variant healthy. Therefore, remains very quarter record also in The long-term news. our the world-class Our demand and results and consecutive of decline positive of proof focused Delta is continued strong connections, deep the business momentum. remain we industries Across team spread our outlook.

We as now open positioning FOX strong a I Operator? to for questions. we to our are and call multiyear ourselves new out accomplish look excited X.X. the would forward like to goal XXXX closing very

Operator

[Operator Instructions] from with Truist We’ll take our question Swartz first Michael Securities.

is open. Your line

Mike Swartz

out start And flattish looks margins to like Thanks, pressures I fourth maybe Scott’s quarter. the quarter. third the for to sounded guidance. for It cost Mike, on the you’re quarter commentary just think, with guiding through be like got your worse and

So offsetting how mix Is I that think pressure? due that about flat? pricing? some due inflationary that should being Is that of favorable to to

Mike Dennison

Yes, first, channels were Mike, I’ll even as revisiting inflationary pricing to costs this is as add go Really, costs. of with those also dynamic offset to comments. can increasing, and were more Mike. in Scott inflationary know, our try his we pricing customers. QX, and kind you and

you in, natural So up balance out those a that QX. is and between and against catch price roll sometimes to the catching I there’s really the up. but start we saw when in those prices cost think lag, increase And know, as grow the cost

pretty that. about feel we good So

a Now that’s the inflation be also continue I track, we aware, not assuming and necessarily on current think that things environment. stable is

in watch feel on a that guidance. it, and like But we see So good now, us QX and we’ll for to have right pretty close we deployed. pricing have what that confidence the initiatives gives will handle it have be to

Mike Swartz

And about maybe kind how bike talk offset consumers. some to the the to of OEMs maybe respect Is from suppliers then to decontent it you of to the going price Can to pricing move of thinking there OEMs off contenting? passed about obviously, increases? are lot specialty seeing through a the sports with just of any business,

Mike Dennison

the why higher We the that. that is the equipment. the haven’t prices seen And much for willing of better we see consumer reason pay to

customers far. higher to looking pieces So the And even of we might get for those and are of to willing pay equipment haven’t those. seen be end so that any it kind decontenting opposite fact, where extra of in

now. right actually opposite an the of environment, decontenting interesting it’s So but we see

Operator

comes The Duffy Jim next Stifel. question with from

Your line is open.

Jim Duffy

environment. difficult sports Nice execution then and I guys question a a on specialty question a on materials the have business. through

And was solved to spoke the third you You cost. believe materials that inventory material quarter wondering, as I’m a availability investment? challenge your problem you’ve with do well? in

Mike Dennison

continuity do manufacturing, our Great worry products. place I that and make those challenges question. in China time got at sure we in brownouts supply supply made factories It’s to energy supply material as we’ve the battle right team supply for chain Inventory right about back daily parts. inventory the the continue. to to investments a the help do like deliver things they’re the I or think cutting where us in to considerably try

close eye we to that. on a So have keep

any close next to But I And I for handled But so and we I so challenge of results. the them keep supply to can you easier. I don’t as have magnesium it well, the probably to think magnesium think think, for far. a Jim, first a see, be half got eye can us be chain teams year and has from continues to we able the on far, supply. deliver, see continue what

Jim Duffy

Mike, on is suggest than North the for America? that? manufacturing am for greater materials demands maybe comments Or I that Taiwan misinterpreting your the challenge

Mike Dennison

I different. maybe it. America more you chain. I mentioned a We’ve North think it. focused North investment was a get to lot around our in misinterpreting. a because kind added It’s bit But It’s is on of of You’re complicated. broader supply America just SSG hands little a

I feel pretty shape that say wouldn’t in North is good I Taiwan. but it, America better about So than

Jim Duffy

related book there it that Sports demand can that a million in And a unusual good quarters? you you to and between or Or then number going and that you high it, such revenue new quarter revenue. ship manufacture Okay. believe for what forward? ship if Is category, it for so. figure in can of quarterly you build is the is Specialty timing anything $XXX there sounds can like

Mike Dennison

anomalies quarter any figure. all. all the it’s wasn’t in There Yes, at

Jim, demand. keeping signal, and what always the think thing everyone the balance, think get I we up we’re is is a doing. doing job the with our OEMs else great I

build, us. get as we much can’t can’t keep else as up So can everybody built. bikes with

have not we eye an what than So the numbers might can keep stretching else, this we quarter on bigger a always supply factories. our out giving that produced demand and no, were in to sure that be But make do we factor we’re solid. on and and yes, everybody that

Operator

next question Jefferies. Anna Glaessgen The comes from with

Your line open. is

Anna Glaessgen

Hi, where Just wanted to kind terms innings when right-size touch in on in of kind infrastructure, year-over-year to change investments? the we of see should are investments we the these of And to gross

Scott Humphrey

Yes. Anna, this is Scott.

I together think toward end our some for next see we’ll to on we’re OpEx outlook putting start improvement guess still of the is the year. year. my side next

get I excited numbers. where think keep be of even to should little this let’s some those you’re But a kind seeing I I though already. me to we of and by, need on it to call think it. start we telling next then it, be middle of not leverage think enjoy about bit we’ll year overly we year,

Anna Glaessgen

-- progress is and then it. of tense SSG. kind acquisitions to you synergy there? turning van speak Can between There about marrying recent any and how two capturing to the and marketing opportunity And day, of in Got terms the substantial a talked we maybe outside

Scott Humphrey

Yes.

the SSG that lot we on of you’re Van enthusiasts they a our are what in picked also think referring up outside I acquisition the customers side. to that is that

be are band they I also be for broad our mountain the base world, think of good outside if on into going side. we’re enthusiasts opportunity outside next the of marketing on our to us customers it’s plan with kind getting business, working biking and with and to think in develop a indoctrinated continuing I year. still upfitting them the marketing that we’ll around But

Mike Dennison

demand ban, is Yes. I outside significant. Anna, pretty that add, would the

We’re year still out. a

for in backlog upside So like now a to would people into who ban. buy XXXX our is ban

is challenge now biggest about scale. more Our right less marketing about

We daily to a produced can get ensure we have basis. that bands more to continue on

a now. So right that’s focus big

think a customers drive continuing outside team I great that genre seeing to we’re the is grow the doing ban And culture. of significantly. job of

it. to just keep with able up to We’re going

Operator

Scott question with next Instructions] Stember [Operator take from King. We’ll CL our

is Your line open.

Scott Stember

Side, of and about Hi, year this good on is If place, things model side pretty obviously, the, this is just Powered that guess, at that guess type my trying to afternoon, up much that On thinking in OEM supply from is has that a to thanks for it here, get least and again. Vehicle the Are taken but starting talked regards change the guys that and taking could that the better I Raptor you questions. you that? pick an be back should the with inflection of that sense to slow, Fords, get business point of I

Mike Dennison

powered kind with. of I both that things think stabilize. of PVD see our it in We the our sides upfitting do two or business business. the vehicle familiar in for chassis you’re

with meaningful. And really support, toward So and see will believe business Raptor models be our for I think the is some within some in we’re we we next year. next seeing think, stabilization, in that which only us, quarter, especially relationship that business, the stabilization, we which good not for this Scott, do year for I but

their road. see to most with I as and that supply And going the still for still chain well, there’s think as stabilize to of a or the I few to of part, we’re But bumps parts issues Gadithe struggling otherwise. OEMs ships, come are you in start think it. out know

Scott Stember

on supply being of up probably you because chain, about All the on sales this? to pushed quarters getting maybe much are or related the right. of subsequent left can And how talk SSG to table

Mike Dennison

to time before for where now times moved from the XX – XX they’re be XXX know, made lot would It’s out have days. quite a we days they we’ve what lead lead Scott, you actually at as times normally plus. statements the normal

and our schedule customers pretty the able quarter. factory work consistently our So our to we’re in actually orders purchase with

back the in but how know can close to to see soon. was we’re world and anytime know times, we a will happening to So we pretty six place we lead we on delivering if better don’t which that. build eight much build, I that

the from leaving prebooked, we’re conversations not a through all we’re prior as you table, already but the lot XXXX. So know on in

Scott Stember

Thanks. have. all That’s I

Operator

with Perry Bank of Alex from comes question Next America.

Your line is open.

Alex Perry

another for question thanks quarter. and on my congrats Hi, taking strong

terms little of year wanted maybe sort of next PVG get tough the SSG bit we how on and sort side in Just think and market in as comparison the a growth. growth business? the just with next of shaping the we of backlog organic terms both about year to should of of balance

Mike Dennison

We in incredibly we Gainesville. guided and we add means capacity which XXXX throughout think yet, the demand Taiwan. But are Alex. build capacity the year haven’t as strong, and added clearly, signals out remained We’ve for strong

I think we’re growth. handle incremental that well positioned to

continue from will backlog especially in powered to quarter-to-quarter, we carry think I vehicles.

that my in the quarter powered that business in into cetera, going backlog. of that’s comments next lot quarter-to-quarter, of side kind continue to can it. But the we as in demand, for team, prior year. the backlog a create on and have through good we’ll I chunk tell with build that be schedule et carries bike I’d heard a of rather the backlog and vehicles aftermarket that looking does You

into XXXX – drive So a But QX optimize our good and business try to to out. year we’re we’ll do manufacturing finish on take go book and get it, growth knowing going we’ll next best we’ll top numbers. of we’ll of continue the to we go to got to it we’ve

Alex Perry

that a follow-up on all you versus And side just ago. not at That’s really SSG the the backlog inventory did of months business, the then cited helpful. three change

in of the stands and you in the can of on chain. points maybe comment where choke levels terms supply inventory the sort rebuilding So where channel

the you point. I were time think not that choke you mentioned last guys

there more would a So maybe great. be just little commentary

Mike Dennison

believe take us the done good reacting, that in supply made second job question which very the responding I’ll I we’ve of and a do nimble chain. first. really has

little in there. still long first able the whole might getting That supply in and in times think lead from the both guy to little the fundamentally business of chain inventory show up showrooms that That starting a more race. to and hubs empty. while to and behind system and still see into the question we’ve better channels lead a you is region to bikes bit internationally. dealer There’s a selection. distribution frequently the bit said, for because I back So absolutely not is our been scale part your the

like And to us think the or prepared through I the said the all I got carries beyond new new months deliver months to I several in demand demand beyond. of partners you’ve our think I XXXX rebuilding remarks, we’ve XX of fresh multiple just of takes preorders XX So inventory demand, think still in believe that. coming that and even clearly and way customers system that got

think on part positively years you’ll out XXXX. early the way and and comment of we see, I about we very the but we think XXXX see later,

Alex Perry

helpful. really going luck you. Thank That’s Best forward.

Operator

back this like hand no for Dennison, additional We closing remarks. further to time. questions call would have at now any Mike I or CEO, the to

Mike Dennison

Thank appreciate your and evening. attendance you. as we good and forward time call, And Thank seeing have a we to you. you soon, always, for today’s and look

Operator

Thank conclude today’s does program. your This you for participation.

You time. may any disconnect at

Fox Factory Holding (FOXF) 7 Nov 212021 Q3 Earnings call transcript