On this page of StockholderLetter.com we present the latest annual shareholder letter from Holley Inc. — ticker symbol HLLY. Reading current and past HLLY letters to shareholders can bring important insights into the investment thesis.
Fueling Future Success: Building the Structure & Capabilities for Growth 2024 A N N U A2 L REPORT 024 ANNUAL REPORT
FINANCIAL HIGHLIGHTS (In thousands, except net income per share) 2024 2023 2022 $ 602,224 $ 659,704 $ 688,415 238,554 256,089 253,658 14,668 94,038 50,742 (23,235) 19,180 73,774 STATEMENT OF OPERATIONS DATA Net sales Gross pro t Operating income Net income PER SHARE DATA Net income per diluted share (0.20) 118,442 Diluted weighted average common shares 0.16 118,510 0.14 117,248 BALANCE SHEET DATA Cash and cash equivalents 56,087 41,081 26,150 Working capital 202,175 204,519 223,704 Current ratio 3.12 to 1 3.17 to 1 3.21 to 1 Total assets 1,133,320 1,203,343 1,249,642 Total debt 552,586 584,171 650,563 Shareholders equity 421,152 441,151 415,990 NON-GAAP OPERATING MEASURES Adjusted net income* 24,838 24,893 8,414 Adjusted EBITDA* 110,494 130,885 109,150 Net cash provided by operating activities 46,899 88,092 12,312 Less: capital expenditures, net of dispositions (5,078) 4,453 12,702 Free cash ow 602.2M TOTAL SALES 41,821 83,639 (14,691) 45.6% 41.8M GROSS MARGIN FREE CASH FLOW *Adjusted EBITDA and Adjusted Net Income are non-GAAP measures. Please refer to the disclosure entitled Non-GAAP Financial Measures, in our 2024 Form 10-K led on March 14, 2025 and our Use and Reconciliation of Non-GAAP Financial Measures in our Form 8-K led on March 11, 2025.
Holley Performance Brands is on a journey to become the global leader in automotive performance solutions. With an unparalleled portfolio of more than 70 iconic and trusted brands, we deliver best-in-class products, services and solutions to a large and diverse community of automotive enthusiasts. We put our customers first with innovation and inspiration that fuels their passion. And we do it all with an equally passionate and talented team of people who are committed to our mission to bring performance, safety, fun and excitement to enthusiasts everywhere. OUR STEERING PRINCIPLES A Framework to Drive Our Vision We want to be the employer of choice for our passionate professionals, the provider of choice for our customers, and the investment of choice for our shareholders. We are driven by three simple principles: Fueling our teammates to impact our collective success and make Holley a great place to work. Supercharging our customers with best-in-class products and services that energize their passion for vehicle performance and personalization. Accelerating profitable growth by prioritizing what matters and empowering our brands to create value and d deliver on our commitments to our customers, partners and shareholders. 2024 ANNUAL REPORT 1


 • shareholder letter icon 3/20/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/21/2024 HLLY Stockholder Letter
 • stockholder letter icon More "Auto Parts" Category Stockholder Letters
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HLLY Shareholder/Stockholder Letter Transcript:

Fueling Future
Success:
Building the Structure &
Capabilities for Growth
2024
A N N U A2 L
REPORT
024 ANNUAL REPORT

FINANCIAL HIGHLIGHTS
(In thousands, except net income per share)
2024
2023
2022
$ 602,224
$ 659,704
$ 688,415
238,554
256,089
253,658
14,668
94,038
50,742
(23,235)
19,180
73,774
STATEMENT OF OPERATIONS DATA
Net sales
Gross pro   t
Operating income
Net income
PER SHARE DATA
Net income per diluted share

(0.20)

118,442
Diluted weighted average common shares
0.16

118,510
0.14
117,248
BALANCE SHEET DATA

Cash and cash equivalents
56,087

41,081

26,150
Working capital
202,175
204,519
223,704
Current ratio
3.12 to 1
3.17 to 1
3.21 to 1
Total assets
1,133,320
1,203,343
1,249,642
Total debt
552,586
584,171
650,563
Shareholders    equity
421,152
441,151
415,990
NON-GAAP OPERATING MEASURES

Adjusted net income*
24,838

24,893

8,414
Adjusted EBITDA*
110,494
130,885
109,150
Net cash provided by operating activities
46,899
88,092
12,312
Less: capital expenditures, net of dispositions
(5,078)
4,453
12,702
Free cash    ow

602.2M
TOTAL SALES

41,821

83,639

(14,691)
45.6%

41.8M
GROSS MARGIN
FREE CASH FLOW
*Adjusted EBITDA and Adjusted Net Income are non-GAAP measures. Please refer to the disclosure entitled    Non-GAAP Financial Measures,   in
our 2024 Form 10-K    led on March 14, 2025 and our    Use and Reconciliation of Non-GAAP Financial Measures    in our Form 8-K    led on
March 11, 2025.

Holley Performance Brands is on a journey to become the
global leader in automotive performance solutions. With
an unparalleled portfolio of more than 70 iconic and trusted
brands, we deliver best-in-class products, services and
solutions to a large and diverse community of automotive
enthusiasts. We put our customers first with innovation and
inspiration that fuels their passion. And we do it all with an
equally passionate and talented team of people who are
committed to our mission to bring performance, safety, fun
and excitement to enthusiasts everywhere.
OUR STEERING PRINCIPLES
A Framework to Drive Our Vision
We want to be the employer of choice for our passionate
professionals, the provider of choice for our customers,
and the investment of choice for our shareholders.
We are driven by three simple principles:
Fueling our teammates to impact our collective success
and make Holley a great place to work.
Supercharging our customers with best-in-class
products and services that energize their passion for
vehicle performance and personalization.
Accelerating profitable growth by prioritizing what
matters and empowering our brands to create value and
d
deliver on our commitments to our customers, partners
and shareholders.
2024 ANNUAL REPORT
1





shareholder letter icon 3/20/2025 Letter Continued (Full PDF)
 

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