Holley Inc
For the period ended Dec 31, 2023. Filed Mar 14, 2024.
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FY2023 · Filed Mar 14, 2024
HLLY$2.610.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| For the years ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| OPERATING ACTIVITIES: | |||
| Net income (loss) | $19,180 | $73,774 | $(27,139) |
| Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
| Depreciation | 10,308 | 10,107 | 11,527 |
| Amortization of intangible assets | 14,557 | 14,683 | 13,999 |
| Impairment of indefinite-lived intangible assets | — | 2,395 | — |
| Amortization of deferred loan costs | 1,780 | 1,707 | 3,182 |
| Amortization of right of use assets | 5,480 | 5,666 | — |
| Gain on termination of leases | — | (279) | — |
| Fair value adjustments to warrant liability | 4,111 | (57,021) | 32,580 |
| Fair value adjustments to earn-out liability | 2,303 | (10,731) | 8,875 |
| Fair value adjustments to interest rate collar | 1,164 | — | — |
| Equity compensation | 7,291 | 24,395 | 4,963 |
| Change in deferred taxes | (4,848) | (11,655) | (66) |
| Loss on sale of business | — | 1,037 | — |
| Loss (gain) on early extinguishment of long-term debt | (701) | — | 13,650 |
| Loss (gain) on disposal of property, plant and equipment | (192) | 253 | (82) |
| Provision for inventory reserves | 1,802 | 13,410 | 4,228 |
| Provision for credit losses | 1,016 | 878 | 147 |
| Change in operating assets and liabilities: | |||
| Accounts receivable | (2,280) | 3,777 | 464 |
| Inventories | 38,199 | (58,406) | (45,073) |
| Prepaids and other current assets | 2,555 | 1,142 | (13,408) |
| Accounts payable | (1,626) | (740) | 8,727 |
| Accrued interest | (5,539) | 2,635 | (3,229) |
| Accrued and other liabilities | (6,468) | (4,715) | 8,238 |
| Net cash provided by operating activities | 88,092 | 12,312 | 21,583 |
| INVESTING ACTIVITIES: | |||
| Capital expenditures | (5,934) | (13,590) | (15,233) |
| Proceeds from the disposal of fixed assets | 1,481 | 888 | 364 |
| Proceeds from sale of business | — | 1,966 | — |
| Cash paid for acquisitions, net | — | (14,301) | (119,220) |
| Net cash used in investing activities | (4,453) | (25,037) | (134,089) |
| FINANCING ACTIVITIES: | |||
| Proceeds from issuance of long-term debt | — | 37,000 | 655,000 |
| Principal payments on long-term debt | (66,038) | (33,483) | (687,529) |
| Deferred financing fees | (1,427) | — | (13,413) |
| Payment of acquisition contingent consideration | — | — | (9,200) |
| Proceeds from Business Combination and PIPE financing, net of issuance costs paid | — | — | 132,299 |
| Payments from stock-based award activities | (1,543) | (1,050) | — |
| Proceeds from issuance of common stock in connection with the exercise of Warrants | — | 383 | — |
| Net cash (used in) provided by financing activities | (69,008) | 2,850 | 77,157 |
| Effect of foreign currency rate fluctuations on cash | 300 | (300) | — |
| Net change in cash and cash equivalents | 14,931 | (10,175) | (35,349) |
| Cash and cash equivalents: | |||
| Beginning of period | 26,150 | 36,325 | 71,674 |
| End of period | $41,081 | $26,150 | $36,325 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid for interest | $64,693 | $36,868 | $38,067 |
| Cash paid for income taxes | 16,041 | 6,834 | 10,648 |
| Noncash investing and financing activities: | |||
| Vested Earn-Out Shares issued to Empower Sponsor Holdings LLC | $— | $14,689 | $— |
| Assumption of warrant liability | — | — | 28,713 |
| Assumption of earn-out liability | — | — | 17,722 |
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