Holley Inc.

For the period ended Dec 31, 2024. Filed Mar 14, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Mar 14, 2025

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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Contents

Item 8. Consolidated Statements of Cash Flows

(in thousands)

	For the years ended December 31,
2024 · 2023 · 2022
OPERATING ACTIVITIES:
Net income (loss)		$(23,235)		$19,180		$73,774
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation		10,551		10,308		10,107
Amortization of intangible assets		13,884		14,557		14,683
Impairment of indefinite-lived intangible assets		7,695		-		2,395
Impairment of goodwill		40,906		-		-
Amortization of deferred loan costs		1,756		1,780		1,707
Amortization of right of use assets		5,234		5,480		5,666
Gain on termination of leases		-		-		(279)
Fair value adjustments to warrant liability		(7,570)		4,111		(57,021)
Fair value adjustments to earn-out liability		(2,333)		2,303		(10,731)
Fair value adjustments to interest rate collar		(1,104)		1,164		-
Equity compensation		5,170		7,291		24,395
Change in deferred taxes		(16,151)		(4,848)		(11,655)
Loss on sale assets		9,234		-		1,037
Loss (gain) on early extinguishment of long-term debt		141		(701)		-
Loss (gain) on disposal of property, plant and equipment		(568)		(192)		253
Provision for inventory reserves		11,057		1,802		13,410
Provision for credit losses		1,343		1,016		878
Change in operating assets and liabilities:
Accounts receivable		10,756		(2,280)		3,777
Inventories		(16,557)		38,199		(58,406)
Prepaids and other current assets		2,979		2,555		1,142
Accounts payable		1,233		(1,626)		(740)
Accrued interest		(455)		(5,539)		2,635
Accrued and other liabilities		(7,067)		(6,468)		(4,715)
Net cash provided by operating activities		46,899		88,092		12,312
INVESTING ACTIVITIES:
Capital expenditures		(6,804)		(5,934)		(13,590)
Proceeds from the disposal of fixed assets		1,726		1,481		888
Proceeds from sale of business		7,099		-		1,966
Cash paid for acquisitions, net		-		-		(14,301)
Net cash (used in) provided by investing activities		2,021		(4,453)		(25,037)
FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt		-		-		37,000
Principal payments on long-term debt		(32,444)		(66,038)		(33,483)
Deferred financing fees		(679)		(1,427)		-
Payments from stock-based award activities		(1,482)		(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		(34,605)		(69,008)		2,850
Effect of foreign currency rate fluctuations on cash		691		300		(300)
Net change in cash and cash equivalents		15,006		14,931		(10,175)
Cash and cash equivalents:
Beginning of period		41,081		26,150		36,325
End of period		$56,087		$41,081		$26,150
Supplemental disclosures of cash flow information:
Cash paid for interest		$52,160		$64,693		$36,868
Cash paid for income taxes		11,142		16,041		6,834
Noncash investing and financing activities:
Property and equipment additions included in accounts payable		$1,134	$	-	$	-
Vested Earn-Out Shares issued to Empower Sponsor Holdings LLC	$	-	$	-		$14,689

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.