FOX FACTORY HOLDING CORP, 10-K filed on 2/28/2025
Annual Report
v3.25.0.1
Cover page - USD ($)
 12 Months Ended
Jan. 03, 2025
Feb. 20, 2025
Jun. 28, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --01-03    
Document Period End Date Jan. 03, 2025    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 1,338,778,148
Entity Common Stock, Shares Outstanding   41,683,905  
Documents Incorporated by Reference
Portions of the registrant’s Definitive Proxy Statement for the 2024 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference in Part III, Items 10-14 of this Annual Report on Form 10-K.
    
Document Financial Statement Error Correction false    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001424929    
Auditor Name GRANT THORNTON LLP    
Auditor Location San Jose, California    
Auditor Firm ID 248    
v3.25.0.1
Audit Information
 12 Months Ended
Jan. 03, 2025
Audit Information [Abstract]  
Auditor Name GRANT THORNTON LLP
Auditor Location San Jose, California
Auditor Firm ID 248
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jan. 03, 2025
Dec. 29, 2023
Current assets:    
Cash and cash equivalents $ 71,674 $ 83,642
Accounts receivable (net of allowances of $1,848 and $1,158 at January 3, 2025 and December 29, 2023, respectively) 165,827 171,060
Inventory 404,736 371,841
Prepaids and other current assets 85,443 141,512
Total current assets 727,680 768,055
Property, plant and equipment, net 246,393 237,192
Lease right-of-use assets 104,019 84,317
Deferred tax assets, net 44,364 21,297
Goodwill 639,505 636,565
Finite-lived intangible assets 448,865 483,347
Other assets 21,484 11,525
Total assets 2,232,310 2,242,298
Current liabilities:    
Accounts payable 144,067 104,150
Accrued expenses 91,427 103,400
Current portion of long-term debt 24,286 14,286
Total current liabilities 259,780 221,836
Revolver 153,000 370,000
Term Loans, less current portion 527,775 359,242
Other liabilities 90,611 69,459
Total liabilities 1,031,166 1,020,537
Commitments and contingent liabilities (Refer to Note 12. Commitments and Contingent Liabilities)
Non-controlling interest (38) 0
Stockholders’ equity    
Preferred stock, $0.001 par value — 10,000 authorized and no shares issued or outstanding as of January 3, 2025 and December 29, 2023 0 0
Common stock, $0.001 par value — 90,000 authorized; 42,574 shares issued and 41,684 outstanding as of January 3, 2025; 42,844 shares issued and 41,954 outstanding as of December 29, 2023 42 42
Additional paid-in capital 339,266 348,346
Treasury stock, at cost; 890 common shares as of January 3, 2025 and December 29, 2023 (13,754) (13,754)
Accumulated other comprehensive (loss) income (“AOCI”) 224 9,041
Retained earnings 875,404 878,086
Total stockholders’ equity 1,201,182 1,221,761
Total liabilities and stockholders’ equity 2,232,310 2,242,298
Trademarks and brands    
Current assets:    
Finite-lived intangible assets 264,126 273,293
Customer and distributor relationships    
Current assets:    
Finite-lived intangible assets 161,585 184,269
Core technologies    
Current assets:    
Finite-lived intangible assets $ 23,154 $ 25,785
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jan. 03, 2025
Dec. 29, 2023
Statement of Financial Position [Abstract]    
Accounts receivable, allowance for doubtful accounts $ 1,848 $ 1,158
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized 90,000,000 90,000,000
Common stock, shares issued 42,574,000 42,844,000
Common stock, shares outstanding 41,684,000 41,954,000
Treasury stock, common shares (in shares) 890,000 890,000
v3.25.0.1
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Income Statement [Abstract]      
Net sales $ 1,393,921 $ 1,464,178 $ 1,602,491
Cost of sales 970,345 999,366 1,071,148
Gross profit 423,576 464,812 531,343
Operating expenses:      
Sales and marketing 121,207 100,451 90,801
Research and development 60,314 53,179 56,205
General and administrative 139,857 124,582 116,103
Amortization of purchased intangibles 44,528 26,509 21,537
Total operating expenses 365,906 304,721 284,646
Income from operations 57,670 160,091 246,697
Interest expense 54,942 19,320 8,939
Other expense, net 1,716 2,108 3,994
Income before income taxes 1,012 138,663 233,764
(Benefit) provision for income taxes (5,500) 17,817 28,486
Net income 6,512 120,846 205,278
Less: net loss attributable to non-controlling interest (38) 0 0
Net income attributable to Fox stockholders $ 6,550 $ 120,846 $ 205,278
Earnings per share:      
Basic (in dollars per share) $ 0.16 $ 2.86 $ 4.86
Diluted (in dollars per share) $ 0.16 $ 2.85 $ 4.84
Weighted-average shares used to compute earnings per share:      
Basic (in shares) 41,681 42,305 42,232
Diluted (in shares) 41,717 42,432 42,384
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 6,512 $ 120,846 $ 205,278
Other comprehensive income (loss)      
Change in net unrealized gain 6,418 830 13,775
Reclassification of net gain on interest rate swaps to net earnings (8,460) (6,775) (3,177)
Tax effects (466) (1,303) 4,226
Net change, net of tax effects (2,508) (7,248) 14,824
Foreign currency translation adjustments (6,309) 1,507 (4,918)
Other comprehensive (loss) income (8,817) (5,741) 9,906
Comprehensive (loss) income (2,305) 115,105 215,184
Less: comprehensive loss attributable to non-controlling interest (38) 0 0
Comprehensive (loss) income attributable to Fox stockholders $ (2,267) $ 115,105 $ 215,184
v3.25.0.1
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Treasury
Additional paid-in capital
Accumulated other comprehensive income
Retained earnings
Non-controlling interest
Beginning Balance (in shares) at Dec. 31, 2021   43,010,000 890,000        
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)   150,000          
Issuance of common stock under equity compensation plans, net of shares repurchased for income tax withholding (4,231)     (4,231)      
Stock-based compensation expense 16,351     16,351      
Other comprehensive income (loss) 9,906       9,906    
Net income 205,278         205,278  
Ending Balance (in shares) at Dec. 30, 2022   43,160,000 890,000        
Ending Balance at Dec. 30, 2022 1,121,386 $ 42 $ (13,754) 356,239 14,782 764,077  
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)   112,000          
Issuance of common stock under equity compensation plans, net of shares repurchased for income tax withholding (6,195)     (6,195)      
Stock-based compensation expense 16,465     16,465      
Purchase and retirement of common stock (in shares)   (428,000)          
Purchase and retirement of common stock (25,000)     (18,163)   (6,837)  
Other comprehensive income (loss) (5,741)       (5,741)    
Net income $ 120,846         120,846  
Ending Balance (in shares) at Dec. 29, 2023 41,954,000 42,844,000 890,000        
Ending Balance at Dec. 29, 2023 $ 1,221,761 $ 42 $ (13,754) 348,346 9,041 878,086 $ 0
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)   108,000          
Issuance of common stock under equity compensation plans, net of shares repurchased for income tax withholding (2,609)     (2,609)      
Stock-based compensation expense 9,606     9,606      
Purchase and retirement of common stock (in shares)   (378,000)          
Purchase and retirement of common stock (25,309)     (16,077)   (9,232)  
Other comprehensive income (loss) (8,817)       (8,817)    
Net income $ 6,550         6,550 (38)
Ending Balance (in shares) at Jan. 03, 2025 41,684,000 42,574,000 890,000        
Ending Balance at Jan. 03, 2025 $ 1,201,182 $ 42 $ (13,754) $ 339,266 $ 224 $ 875,404 $ (38)
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
OPERATING ACTIVITIES:      
Net income $ 6,512 $ 120,846 $ 205,278
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 83,566 58,603 49,242
Provision for inventory reserve 5,631 6,184 8,923
Stock-based compensation 9,606 16,465 16,351
Amortization of acquired inventory step-up 4,485 13,008 0
Amortization of loan fees 3,748 905 1,086
Write off of unamortized loan origination fees 0 0 1,927
Amortization of deferred gains on prior swap settlements (4,334) (4,252) (3,177)
Proceeds from (cash paid for) interest rate swap settlements 4,026 2,522 (471)
Loss on fixed asset disposals related to organizational restructure 341 1,492 (1,740)
Deferred taxes (23,310) (7,867) (18,445)
Accounts receivable 10,372 64,527 (63,957)
Inventory (26,503) 31,613 (87,460)
Income taxes (11,168) (19,094) 8,717
Prepaids and other assets 48,463 (40,702) 18,603
Accounts payable 23,234 (44,029) 40,493
Accrued expenses and other liabilities (2,837) (21,478) 11,724
Net cash provided by operating activities 131,832 178,743 187,094
INVESTING ACTIVITIES:      
Acquisition of businesses, net of cash acquired (25,785) (701,112) (714)
Acquisition foreign exchange hedge settlement (1,118) 0 0
Acquisition of other assets (5,344) (2,432) (3,500)
Purchases of property and equipment (44,040) (46,852) (43,701)
Proceeds from sale of property and equipment 0 0 3,180
Net cash used in investing activities (76,287) (750,396) (44,735)
FINANCING ACTIVITIES:      
Proceeds from line of credit, net of origination fees 189,000 400,000 602,356
Payments on revolver (406,000) (230,000) (404,336)
Proceeds from issuance of debt 200,000 393,528 0
Repayment of term debt (19,286) (20,000) (382,500)
Purchase and retirement of common stock 25,000 25,000 0
Installment on purchase of non-controlling interest 0 0 (2,700)
Repurchases from stock compensation program, net (2,608) (6,195) (4,231)
Deferred debt issuance/modification costs 3,434 3,354 0
Proceeds from termination of swap agreement 0 0 12,270
Net cash (used in) provided by financing activities (67,328) 508,979 (179,141)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (185) 1,066 2,346
CHANGE IN CASH AND CASH EQUIVALENTS (11,968) (61,608) (34,436)
CASH AND CASH EQUIVALENTS—Beginning of year 83,642 145,250 179,686
CASH AND CASH EQUIVALENTS—End of year 71,674 83,642 145,250
Supplemental Cash Flow Information [Abstract]      
Income tax payment 29,159 44,655 37,493
Interest 57,004 21,147 9,922
Amounts included in the measurement of lease liabilities 18,844 14,009 10,499
Right-of-use assets obtained in exchange for lease obligations 39,541 54,949 21,167
Capital expenditures included in accounts payable $ 747 $ 977 $ 2,049
v3.25.0.1
Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Jan. 03, 2025
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 on bicycles (“bikes”), side-by-side vehicles (“side-by-sides”), on-road vehicles with and without off-road capabilities, off-road vehicles and trucks, all-terrain vehicles (“ATVs”), snowmobiles, and specialty vehicles and applications. In addition, we also offer premium baseball and softball gear and equipment. Some of our products are specifically designed and marketed to some of the leading cycling and powered vehicle original equipment manufacturers (“OEMs”), while others are distributed to consumers through a global network of dealers and distributors and retailers.
Throughout this Annual Report on Form 10-K, 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 consolidated financial statements have been prepared in accordance with United States of America (“U.S.”) generally accepted accounting principles (“GAAP”).
Fiscal Year Calendar - The Company operates using a 52-53-week fiscal year calendar ending on the Friday nearest to December 31. Therefore, the financial results of certain fiscal years and quarters, which will contain 53 and 14 weeks, respectively, will not be exactly comparable to the prior and subsequent fiscal years and quarters, which contain 52 and 13 weeks, respectively. For the fiscal years 2024, 2023 and 2022, the Company’s fiscal year ended on January 3, 2025, December 29, 2023 and December 30, 2022 and had 53, 52, and 52 weeks, respectively.
Principles of Consolidation - The consolidated financial statements include the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates - The preparation of the Company’s 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.
Foreign Currency Translation and Transaction - The functional currency of the Company’s non-U.S. entities is the local currency of the respective operations. The Company translates the financial statements of its non-U.S. entities into U.S. Dollars each reporting period for purposes of consolidation. Assets and liabilities of the Company’s foreign subsidiaries are translated at the period-end currency exchange rates while sales and expenses are translated at the average currency exchange rates in effect for the period. The effects of these translation adjustments are a component of other comprehensive income.
Foreign currency transaction losses of $1,811, $1,465, and $3,377 for the years ended January 3, 2025, December 29, 2023 and December 30, 2022, respectively, are included as a component of other income or expense.
Cash and Cash Equivalents - Cash consists of cash maintained in checking or money market accounts. All highly liquid investments purchased with an original maturity date of 90 days or less at the date of purchase are considered to be cash equivalents.
Accounts Receivable - Accounts receivable are unsecured customer obligations which generally require payment within various terms from the invoice date. The receivables are stated at the invoice amount. Financing terms vary by customer. Invoices are considered past due when payment is not received within the terms stated within the contract. Payments of accounts receivable are applied to the specific invoices identified on the customer’s remittance advice or if unspecified, generally to the earliest unpaid invoices.
The carrying amount of accounts receivable is reduced by an allowance for credit losses that reflects management’s best estimate of amounts that may not be collected. All accounts or portions thereof deemed to be uncollectible or that may require an excessive collection cost are written off to the allowance for credit losses. The Company records the allowance for credit losses using the aging method, considering the length of time a receivable has been outstanding. This assessment incorporates historical credit loss rates, current conditions, and reasonable and supportable forecasts of future economic conditions that may impact collectability. Our methodology follows the expected credit loss model, which not only accounts for past events and incurred losses but also integrates forward-looking information to estimate potential credit deterioration. If circumstances change, such as higher-than-expected defaults or an unexpected material adverse change in a major customer’s financial condition, we reassess our estimates to determine whether the recoverability of amounts due could be materially impacted.
The following table presents the activity in the allowance for credit losses:
For the fiscal years ended
Allowance for credit losses:January 3, 2025December 29, 2023December 30, 2022
Balance, beginning of year$1,158 $443 $410 
Add: bad debt expense (benefit)913 907 446 
Less: write-offs, net of recoveries(223)(192)(413)
Balance, end of year$1,848 $1,158 $443 
Concentration of Credit Risk - Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and accounts receivable. As of January 3, 2025 the Company held $63,743 in cash at U.S. subsidiaries and $7,931 at subsidiaries outside the U.S. The account balances may significantly exceed the insurance coverage provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company has not experienced any losses in its uninsured accounts.
The Company mitigates its credit risk with respect to accounts receivable by performing ongoing credit evaluations and monitoring of its customers’ accounts receivable balances. The following customers accounted for 10% or more of the Company’s accounts receivable balance:
 January 3, 2025December 29, 2023
Customer A14%18%
In 2024 and 2023, our sales to customer A accounted for approximately 15% and 13% of total net sales, respectively. No other customers were individually significant in any of these periods presented.
The Company depends on a limited number of vendors to supply component parts for its products. The Company purchased 26%, 29%, and 34% of its product components for the years ended January 3, 2025, December 29, 2023 and December 30, 2022, respectively, from ten vendors. As of January 3, 2025 and December 29, 2023, amounts due to these vendors represented 21% and 20% of accounts payable, respectively.
Inventories - Inventories are stated at the lower of actual cost (or standard cost which generally approximates actual costs on a first-in first-out basis) or net realizable value. Cost includes raw materials and inbound freight, as well as direct labor and manufacturing overhead for products we manufacture. Net realizable value is based on current replacement cost for raw materials and on a net realizable value for finished goods. Adjustments to reduce the cost of inventory to its net realizable value are made, if required, for estimated excess, obsolescence or impaired balances.
Property and Equipment - Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Maintenance and repairs are charged to expense as incurred, and improvements and betterments are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the balance sheet and any resulting gain or loss is reflected in operations in the period realized.
Leasehold improvements are amortized on a straight-line basis over the terms of the lease, or the useful lives of the assets, whichever is shorter. The value assigned to land associated with buildings we own is not amortized. Depreciation and amortization periods for the Company’s property and equipment are as follows:
Asset ClassificationEstimated useful life
Building and building improvements
15-39 years
Information systems, office equipment and furniture
3-7 years
Internal-use computer software
10 years
Land improvements
15 years
Machinery and manufacturing equipment
5-15 years
Transportation equipment
3-5 years
Internal-use Computer Software Costs - Costs incurred to purchase and develop computer software for internal use are capitalized during the application development and implementation stages. These software costs have been for enterprise-level business and finance software that is customized to meet the Company’s operational needs. Capitalized costs are included in property and equipment and are amortized on a straight-line basis over the estimated useful life of the software beginning when the software project is substantially complete and placed in service. Costs incurred during the preliminary project stage and costs for training, data conversion, and maintenance are expensed as incurred.
Impairment of Long-lived Assets - The Company periodically reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset is impaired or the estimated useful lives are no longer appropriate. If indicators of impairment exist and the undiscounted projected cash flows associated with such assets are less than the carrying amount of the assets, an impairment loss is recorded to write the assets down to their estimated fair values. Fair value is estimated based on discounted future cash flows. No impairment charges were recorded during the years ended January 3, 2025, December 29, 2023 and December 30, 2022.
Business Combinations - The Company accounts for acquisitions of entities that include inputs and processes and have the ability to create outputs as business combinations. The Company allocates the purchase price of the acquisition to the tangible assets acquired, liabilities assumed, and identifiable intangible assets acquired based on their estimated fair values. The excess of the purchase price over those fair values is recorded as goodwill. Acquisition-related expenses and restructuring costs are expensed as incurred. During the measurement period, the Company records adjustments to provisional amounts recorded for assets acquired and liabilities assumed with the corresponding offset to goodwill. After the measurement period, which could be up to one year after the transaction date, subsequent adjustments are recorded to the Company’s consolidated statements of income.
Goodwill and Intangible Assets - Goodwill represents the excess of purchase price over the fair value of the net assets of businesses acquired. On an annual basis, the Company makes a qualitative assessment to determine if it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. If the Company determines that the fair value of the reporting unit is less than its carrying amount, it will perform a quantitative analysis; otherwise, no further evaluation is necessary. For the quantitative impairment assessment, the Company compares the fair value of the reporting unit to its carrying value, including goodwill. The Company determines the fair value of the reporting unit based on a weighting of income and market approaches. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, goodwill is not impaired and no further testing is performed. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, then the Company will recognize a loss equal to the excess, limited to the total amount of goodwill allocated to that reporting unit. Impairments, if any, are charged directly to earnings. We completed our most recent annual impairment test in the third quarter of 2024 at which time we had three reporting units: PVG, AAG, and SSG for purposes of assessing goodwill impairment. The quantitative impairment test indicated that the fair values of our three reporting units - PVG, AAG, and SSG - exceeded their respective carrying values by 44%, 18%, and 38%, respectively. Additionally, we performed a qualitative analysis at year end and concluded that it was not more likely than not that the fair values of the reporting units were less than the carrying values. No impairment charges have been incurred to date.
Intangible assets including customer relationships, certain trademarks, and the Company’s core technology, are subject to amortization over their respective useful lives, and are classified in intangibles, net in the accompanying consolidated balance sheet. These intangibles are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be fully recoverable. If facts and circumstances indicate that the carrying value might not be recoverable, projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining useful lives is compared against their respective carrying amounts. If an asset is found to be impaired, the impairment charge will be measured as the amount by which the carrying amount of an entity exceeds its fair value. Certain trademarks and brands are considered to be indefinite life intangibles and are not amortized but are subject to testing for impairment annually. No impairments of intangible assets were identified in the years ended January 3, 2025, December 29, 2023 and December 30, 2022.
Self-Insurance - The Company is self-insured for its U.S. employee health and welfare benefits. The Company’s liability for self-insurance is based on claims filed and an estimate of claims incurred but not yet reported. The Company considers a number of factors, including historical claims information, when determining the amount of the accrual. Costs related to the administration of the plan and related claims are expensed as incurred. The Company has third-party insurance coverage to limit exposure for individually significant claims. The estimates for unpaid claims incurred as of January 3, 2025 and December 29, 2023 are $2,031 and $2,203 respectively, and are recorded within accrued expenses on the consolidated balance sheets.
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, bikes, and baseball and softball gear and equipment. Powered vehicles include side-by-sides, on-road vehicles with off-road capabilities, off-road vehicles and trucks, ATVs, snowmobiles, specialty vehicles and applications, 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. Revenues generated from upfit packages generally do not include the vehicle chassis, as the Company is not the principal in this arrangement and the automotive dealer purchases the chassis directly from the OEM. The Company is required to place a deposit on Stellantis vehicle chassis, however that deposit is refunded when the chassis is sold through to the end customer. For other chassis, the Company entered into floor plan financing agreements, in which the Company pays interest expense based on the duration of time the chassis stay on the Company's premises. Revenues generated from custom upfit packages from our Outside Van subsidiary generally include the vehicle chassis, of which the Company has the risks and rewards of ownership and are recognized over-time as work is performed based on actual costs incurred.
We elected as a practical expedient to not capitalize the incremental costs to obtain contracts with customers since the amortization period would have been one year or less.
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.
Cost of Sales - Cost of sales primarily consists of materials and labor expense in the manufacturing of the Company’s products sold to customers. Cost of sales also includes provisions for excess and obsolete inventory, warranty costs, certain allocated costs for facilities, depreciation and other manufacturing overhead. Additionally, it includes stock-based compensation for personnel directly involved with manufacturing the Company’s product offerings.
Shipping and Handling Fees and Costs - The Company includes shipping and handling fees billed to customers in sales. Shipping costs associated with freight are capitalized as part of inventory and included in cost of sales as products are sold.
Sales and Marketing - Our sales and marketing expenses include costs related to our sales, customer service and marketing personnel, including their wages, employee benefits and related stock-based compensation, and occupancy related expenses. Other significant sales and marketing expenses include commissions paid to outside sales representatives, promotional materials and products, our sales office costs, race support and sponsorships of events and athletes, advertising and promotions related to trade shows, and travel and entertainment.
Research and Development - Research and development expenses consist primarily of salaries and personnel costs, including wages, employee benefits and related stock-based compensation for the Company’s engineering, research and development teams, occupancy related expenses, fees for third party consultants, service fees, and expenses for prototype tooling and materials, travel, and supplies. The Company expenses research and development costs as incurred.
General and Administrative - General and administrative expenses include costs related to executive, finance, information technology, human resources and administrative personnel, including wages, employee benefits and related stock-based compensation expenses. The Company records professional and contract service expenses, occupancy related expenses associated with corporate locations and equipment, and legal expenses in general and administrative expenses.
Stock-Based Compensation - The Company measures stock-based compensation for all stock-based awards, including stock options and RSUs, based on their estimated fair values on the date of the grant and recognizes the stock-based compensation cost for time-vested awards on a straight-line basis over the requisite service period. For performance-based RSUs, the number of shares ultimately expected to vest is estimated at each reporting date based on management’s expectations regarding the relevant performance criteria. To the extent shares are expected to vest, the stock-based compensation cost is recognized on a straight-line basis over the requisite service period. The fair value of each stock option granted is estimated using the Black-Scholes option-pricing model. The Company does not estimate forfeitures in recognizing stock-based compensation expense. The fair value of the RSUs is equal to the fair value of the Company’s common stock, that is a derivative of RSUs, on the grant date of the award.
Income Taxes - Income taxes are computed using the asset and liability method, under which deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Operating loss and tax credit carryforwards are measured by applying currently enacted tax laws. Valuation allowances are provided when necessary to reduce net deferred tax assets to an amount that is more likely than not to be realized.
The Company accounts for global intangible low-taxed income (“GILTI”) in the year the tax is incurred, rather than recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years. The net GILTI inclusion for the year ended January 3, 2025 was partially offset by foreign tax credits associated with the income.
The Company recognizes the tax effects of an uncertain tax position only if it is more likely than not to be sustained based solely on its technical merits as of the reporting date and then only in an amount more likely than not to be sustained upon review by the tax authorities. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments, and which may not accurately anticipate actual outcomes.
Advertising - Advertising costs are expensed as incurred and recorded as sales and marketing expenses on our Consolidated Statements of Income. Costs incurred for advertising totaled $10,695, $6,717, and $4,813 for the years ended January 3, 2025, December 29, 2023 and December 30, 2022, respectively.
Warranties - The Company offers limited warranties on its products generally for one to three years. The Company recognizes estimated costs related to warranty activities as a component of cost of sales upon product shipment. The estimates are based upon historical product failure rates and historical costs incurred in correcting product failures. The recorded amount is adjusted from time to time for specifically identified warranty exposures. Actual warranty expenses are charged against the Company’s estimated warranty liability when incurred. Factors that affect the Company’s liability include the number of units, historical and anticipated rates of warranty claims, and the cost per claim.
Segments - The Company determined that, as of the end of the first quarter of fiscal year 2024, due to the manner in which we began to operate the business to further drive long term value to our stockholders and customers, we have three operating and reportable segments: PVG, AAG, and SSG. 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 (“CODM”) in deciding how to allocate resources and in assessing performance. The CODM for the Company is the Chief Executive Officer. Starting in March 2024, the Chief Executive Officer reviews additional financial information by operating and reportable segment for purposes of allocating resources and evaluating financial performance. Adjusted EBITDA is utilized by the CODM to evaluate segment profitability and inform strategic decisions regarding investments, cost management, and resource allocation. On a regular basis, the CODM reviews budget-to-actual variances for adjusted EBITDA to guide capital and personnel distribution. During the annual budgeting and forecasting process, segment adjusted EBITDA is used by the CODM to measure segment performance and to allocate resources such as employees, financial assets, or capital. Additionally, adjusted EBITDA is reviewed by the CODM in evaluating the efficiency of cost management strategies within each segment, ensuring that financial and operational resources are optimized and in alignment with the Company's overall strategic objectives.
Reclassifications - We reclassified certain prior period amounts within our consolidated balance sheets, consolidated statements of other comprehensive income, consolidated statements of cash flows, Note 2 - Revenues, and Note 7 - Goodwill and Intangible Assets for the year ended December 30, 2022 to conform to our current year presentation. The reclassifications did not have any impact on net income or other major financial statement line items.
As of December 29, 2023, the Company classified all of its outstanding balance of the Incremental Term A Loan as non-current based on prepaying our required quarterly amortizing principal amounts for all of fiscal 2024. The prepayment was applied pro-rata to all future quarterly amounts instead. The Company analyzed the materiality of this accidental misclassification of current and non-current debt using Staff Accounting Bulletin No. 99 and concluded that in light of surrounding circumstances, this item would not have altered the judgement of a reasonable person relying on the Annual Report on Form 10-K. The current and non-current debt balances as of December 29, 2023 within our consolidated balance sheets in this Annual Report on Form 10-K are recast to reflect the correct classification. The recast did not have any impact on net income or earnings per share.
Fair Value Measurements and Financial Instruments - The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification 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 current portion of long-term debt approximate their fair values due to their short-term nature. The carrying amounts of the Company’s revolver and long-term debt, excluding current portion, approximate their fair values because the interest rates vary with the market.
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, disruptions in the operations of its or its customers’ facilities, or along its global supply chain, the successful protection of its proprietary technologies, compliance with government regulations, and the possibility of not being able to obtain additional financing when needed.
International geopolitical conflicts, including continuing tensions between Taiwan and China, the Russian war in Ukraine, and the Israel-Palestine conflict on the global economy, energy supplies and raw materials may prove to negatively impact the Company’s business and operations. Additionally, the imposition of U.S. tariffs on China and retaliatory tariffs by China on the U.S. may increase costs, disrupt supply chains, and impact demand for the Company’s products. Furthermore, domestic and foreign political instability and uncertainty may create economic volatility, regulatory changes, and trade disruptions that pose additional risks to the Company’s business environment.
Non-GAAP Financial Measures - Total adjusted EBITDA presents the sum of the results of our three operating segments and unallocated corporate expenses on a consolidated basis. We believe that total adjusted EBITDA is an operating performance measure that measures operating results unaffected by differences in capital structures, capital investment cycles, and ages of related assets among otherwise comparable companies. In reviewing our corporate operating results, we also believe it is important to review the aggregate consolidated performance of all of our segments on the same basis we review the performance of each of our segments and draw comparisons between periods based on the same measure of consolidated performance.
Management provides this non-GAAP financial measure as a supplemental tool to assist investors in understanding our performance and evaluating our ongoing results of operations. Many investors are interested in understanding the performance of our business by comparing our results from ongoing operations from one period to the next and would ordinarily add back items that are not part of normal day-to-day operations of our business. This measure is intended to facilitate period-to-period comparisons by excluding items that management does not view as indicative of the Company’s day-to-day operations. By presenting adjusted EBITDA, along with reconciliations to the most directly comparable GAAP measure, we aim to support investors’ ability to analyze our results of operations and assess our progress in executing strategic initiatives.
However, total adjusted EBITDA is not a measurement of financial performance under U.S. GAAP, and our total adjusted EBITDA may not be comparable to similarly titled measures of other companies. Total adjusted EBITDA has important limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. For example, total adjusted EBITDA:
•does not reflect the Company’s cash expenditures or requirements for capital expenditures or capital commitments;
•does not reflect changes in, or cash requirements for, the Company's working capital needs; and
•does not reflect any costs related to the current or future replacement of assets being depreciated or amortized.
We also use total adjusted EBITDA:
•as a measure of operating performance to assist us in comparing our operating performance on a consistent basis because it removes the impact of items not directly resulting from our core operations;
•for planning purposes, including the preparation of our internal annual operating budgets and financial projections;
•to evaluate the performance and effectiveness of our operational strategies; and
•as a basis to calculate incentive compensation payments for our key employees.
Please see Note 20 – Segment Information for our definition of adjusted EBITDA. Under ASC 280, adjusted EBITDA is the measure of segment profitability and financial performance of our operating segments, and when used in this context, the term adjusted EBITDA is a financial measure prepared in accordance with U.S. GAAP. Adjusted EBITDA reported for the Company on a consolidated basis is a non-U.S. GAAP financial measure.
Recent Accounting Pronouncements - 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.
In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405): Disclosure of Supplier Finance Program Obligations. Under ASU 2022-04, the buyer in a supplier finance program is required to disclose sufficient information to allow a user of the financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. The guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. These amendments will be applied retrospectively to each period in which a balance sheet is presented, except for the disclosure of rollforward information, which will be applied prospectively. The Company adopted the interim disclosure requirements, as applicable, during the first quarter of 2023 and adopted the annual disclosure requirements, except for the annual rollforward, in the Company’s 2023 Annual Report on Form 10-K. The Company adopted the annual rollforward requirement in our 2024 Annual Report on Form 10-K. Refer to the “Bailment Pool Arrangements” section within Note 12 - Commitments and Contingencies for further details of this adoption.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in ASU 2023-07 require disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. These amendments do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. The Company adopted ASU 2023-07 in this Annual Report on Form 10-K for fiscal year 2024 ending January 3, 2025. Refer to Significant Accounting Policies - Segments above and Note 20. Segment Information for further details.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the accounting standard update, but does not expect material impact on its consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 introduces enhanced income statement expense disclosure requirements. The amendments in ASU 2023-03 require new tabular disclosures in the notes to financial statements, disaggregating specific expense categories within relevant income statement captions. These categories include inventory purchases, employee compensation, depreciation, and intangible asset amortization. The guidance is effective for fiscal years beginning after December 15, 2026, and must be applied prospectively. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.
v3.25.0.1
Revenues
 12 Months Ended
Jan. 03, 2025
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
In the second quarter of fiscal year 2023, the Company realigned its Powered Vehicles Group into the Powered Vehicles Group and the Aftermarket Applications Group to be more aligned with the Company’s end customers and drive additional focus on product development. The new Powered Vehicles Group is comprised of sales to original equipment off-road and power sports manufacturers and aftermarket businesses that sell shocks directly to dealers and distributors. The Aftermarket Applications Group is comprised of aftermarket businesses that offer custom vehicle shock, tuning, suspension, lift kit, upfitting, and wheel and tire solutions for automotive and power sports enthusiasts. All prior-period amounts have been recast to conform with the current period presentation. The following table summarizes total net sales by segment:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Powered Vehicles Group$461,403 $523,862 $432,388 
Aftermarket Applications Group421,453 551,143 489,132 
Specialty Sports Group511,065 389,173 680,971 
Total net sales$1,393,921 $1,464,178 $1,602,491 

The following table summarizes total net sales by sales channel:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
OEM$612,679 $725,232 $909,550 
Aftermarket/Non-OEM(1)
781,242 738,946 692,941 
Total net sales$1,393,921 $1,464,178 $1,602,491 
(1) Aftermarket/non-OEM sales include sales to dealers and dealerships, distributors, sales through our websites, retail sales and various others, including Marucci’s sales within each of these.

The following table summarizes total net sales generated by geographic location of the customer:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
North America$1,097,329 $1,127,587 $1,009,203 
Europe165,043 187,762 320,545 
Asia109,074 125,488 252,275 
Rest of the World22,475 23,341 20,468 
Total net sales$1,393,921 $1,464,178 $1,602,491 
v3.25.0.1
Inventory
 12 Months Ended
Jan. 03, 2025
Inventory Disclosure [Abstract]  
Inventory Inventory
Inventory consisted of the following:
January 3, 2025December 29, 2023
Raw materials$245,368 $217,888 
Work-in-process16,519 8,813 
Finished goods142,849 145,140 
Total inventory$404,736 $371,841 
v3.25.0.1
Prepaids and Other Assets
 12 Months Ended
Jan. 03, 2025
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:
January 3, 2025December 29, 2023
Prepaid chassis deposits$47,094 $108,866 
Advanced payments and prepaid contracts26,496 14,025 
Other current assets11,853 18,621 
Total prepaids and other assets$85,443 $141,512 
v3.25.0.1
Property, Plant and Equipment, net
 12 Months Ended
Jan. 03, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, net Property, Plant and Equipment, net
Property, plant and equipment consisted of the following:
January 3, 2025December 29, 2023
Machinery and manufacturing equipment$177,261 $149,502 
Building and building improvements82,224 77,998 
Internal-use computer software38,572 35,518 
Information systems, office equipment and furniture28,725 26,972 
Leasehold improvements40,663 38,115 
Transportation equipment23,299 15,505 
Land and land improvements15,521 14,692 
Total property, plant and equipment406,265 358,302 
Less: accumulated depreciation and amortization(159,872)(121,110)
Total property, plant and equipment, net$246,393 $237,192 
Depreciation expense was $39,038, $32,094, and $27,705 for the years ended January 3, 2025, December 29, 2023 and December 30, 2022, respectively, including $3,949, $2,916, and $3,787 of internal-use software amortization for the years ended January 3, 2025, December 29, 2023 and December 30, 2022, respectively. The Company capitalized $3,054, $5,254, and $4,683 in internal use computer software costs during the years ended January 3, 2025, December 29, 2023, and December 30, 2022, respectively.
The following table summarizes the allocation of depreciation expense in the accompanying consolidated statements of income:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Cost of sales$19,153 $15,040 $13,741 
General and administrative15,092 13,098 11,003 
Research and development3,158 2,916 2,441 
Sales and marketing1,635 1,040 520 
Total depreciation expense$39,038 $32,094 $27,705 

The Company’s long-lived assets by geographic location are as follows:
January 3, 2025December 29, 2023
United States$203,937 $198,033 
International42,456 39,159 
Total long-lived assets$246,393 $237,192 
v3.25.0.1
Leases
 12 Months Ended
Jan. 03, 2025
Leases [Abstract]  
Leases Leases
An agreement is considered a lease when it gives the Company the right to substantially all of the economic benefits from an identified asset and the ability to direct its use throughout the term of the agreement. 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 under one year to twenty years, some of which include options to extend or terminate the leases. The Company considered these options to the extent that they were reasonably certain to be exercised in determining the lease term used to establish its right-of-use assets and lease liabilities. Certain leases are subject to annual escalations as specified in the lease agreements. These lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The Company elected the practical expedient related to treating lease and non-lease components as a single lease component for all of its leases and 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.
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 8.84 years and the weighted-average incremental borrowing rate was 3.96% as of January 3, 2025.
Operating lease costs consisted of the following:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Operating lease cost$21,467 $15,656 $11,209 
Other lease costs (1)4,443 3,846 3,638 
Total lease costs$25,910 $19,502 $14,847 
(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 ClassificationJanuary 3, 2025
Operating lease right-of-use assetsLease right-of-use assets$104,019 
Current lease liabilitiesAccrued expenses$16,683 
Non-current lease liabilitiesOther liabilities$88,168 
Maturities of lease liabilities by fiscal year for the Company’s operating leases are as follows:
For fiscal yearTotal future payments
2025$20,544 
202618,856 
202714,250 
202813,398 
202911,716 
Thereafter48,789 
Total lease payments127,553 
Less: imputed interest(22,702)
Present value of lease liabilities104,851 
Less: current portion(16,683)
Lease liabilities less current portion$88,168 
v3.25.0.1
Goodwill and Intangible Assets
 12 Months Ended
Jan. 03, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Intangible assets, excluding goodwill, are comprised of the following:
Gross
carrying
amount		Accumulated
amortization		Net
carrying
amount		Weighted
average life
(years)
January 03, 2025
Trademarks and brands, subject to amortization$233,728 $(25,172)$208,556 14
Customer and distributor relationships 292,934 (131,349)161,585 12
Core technologies62,169 (39,015)23,154 10
Total$588,831 $(195,536)393,295 
Trademarks and brands, not subject to amortization55,570 
Total$448,865 
December 29, 2023
Trademarks and brands, subject to amortization$226,563 $(8,840)$217,723 14
Customer and distributor relationships 290,518 (106,249)184,269 12
Core technologies61,439 (35,654)25,785 10
Total$578,520 $(150,743)427,777 
Trademarks and brands, not subject to amortization55,570 
Total$483,347 
The following table summarizes the amortization of intangible assets in the accompanying consolidated statements of income:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Amortization of intangibles$44,528 $26,509 $21,537 
Future amortization expense for finite-lived intangibles as of January 3, 2025 is as follows:
For fiscal year:Amortization Expense
2025$42,067 
202641,433 
202740,007 
202837,468 
202936,244 
Thereafter196,076 
Total expected future amortization$393,295 

Goodwill activity attributable to each reporting unit consisted of the following:
PVGAAGSSGTotal
Balance as of December 29, 2023$90,683 $257,972 $287,910 $636,565 
Acquisitions (Refer to Note 18. Acquisitions)
3,504 1,879 — 5,383 
Purchase price adjustments (Refer to Note 18. Acquisitions)
— (1,608)(670)(2,278)
Currency translation and other adjustments(124)— (41)(165)
Balance as of January 3, 2025$94,063 $258,243 $287,199 $639,505 
v3.25.0.1
Accrued Expenses
 12 Months Ended
Jan. 03, 2025
Payables and Accruals [Abstract]  
Accrued Expenses Accrued Expenses
Accrued expenses consisted of the following:
January 3, 2025December 29, 2023
Payroll and related expenses$22,504 $17,988 
Income tax payable9,343 21,743 
Warranty21,593 20,001 
Current portion of lease liabilities16,683 14,115 
Accrued sales rebate7,852 11,885 
Other accrued expenses13,452 17,668 
Total accrued expenses$91,427 $103,400 
Activity related to warranties is as follows:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Beginning warranty liability$20,001 $17,071 $15,510 
Charge to cost of sales18,276 16,114 11,387 
Fair value of warranty assumed in acquisition514 391 — 
Costs incurred(17,198)(13,575)(9,826)
Ending warranty liability$21,593 $20,001 $17,071 
v3.25.0.1
Related Party Transactions
 12 Months Ended
Jan. 03, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
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 and stock portions were settled in quarterly installments through July 2022. Refer to Note 12. Commitments and Contingent Liabilities for additional details of this agreement.
On March 3, 2023, the Company acquired all of the outstanding equity interest of Custom Wheel House. Custom Wheel House has building leases for its office facilities in California. The buildings are owned by the former owner of Custom Wheel House, who was an employee of the Company until May 2024. Rent expense under these leases was $371 and $600 for the years ended January 3, 2025 and December 29, 2023, respectively.
v3.25.0.1
Debt
 12 Months Ended
Jan. 03, 2025
Debt Disclosure [Abstract]  
Debt Debt
2022 Credit Facility
On April 5, 2022, the Company entered into a new credit agreement with Wells Fargo Bank, National Association, and other named lenders (the “2022 Credit Facility”), and concurrently repaid in full and terminated the Prior Credit Facility. The 2022 Credit Facility, which matures on April 5, 2027, provides for revolving loans, swingline loans and letters of credit up to an aggregate amount of $650,000.
On April 5, 2022, the Company borrowed $475,000 under the 2022 Credit Facility, which was used to repay all outstanding amounts owed under a prior credit facility and for general corporate purposes. Future advances under the 2022 Credit Facility will be used to finance working capital, capital expenditures and other general corporate purposes of the Company. To the extent not previously paid, all then-outstanding amounts under the 2022 Credit Facility are due and payable on the maturity date.
The Company paid $1,980 in debt issuance costs in connection with the 2022 Credit Facility, which were allocated to revolver and amortized on a straight-line basis over the term of the facility. Additionally, the Company had $4,473 of remaining unamortized debt issuance costs related to the Prior Credit Facility, of which $2,546 were carried forward to the 2022 Credit Facility.
The Company may borrow, prepay and re-borrow principal under the 2022 Credit Facility during its term. Advances under the 2022 Credit Facility can be either Adjusted Term Secured Overnight Financing Rate (“SOFR”) loans or base rate loans. SOFR rate revolving loans bear interest on the outstanding principal amount thereof for each interest period at a rate per annum equal to Term SOFR for such calculation plus 0.10% plus a margin ranging from 1.00% to 2.25%. Base rate revolving loans bear interest on the outstanding principal amount thereof at a rate per annum equal to the highest of (i) Federal Funds Rate plus 0.50%, (ii) the rate of interest in effect for such day as publicly announced from time to time by the administrative agent as its “prime rate”, and (iii) Adjusted Term SOFR rate for a one-month tenor plus 1.00%, subject to the interest rate floors set forth therein, plus a margin ranging from 0.00% to 1.00%.
On November 14, 2023, in connection and concurrently with the closing of the Marucci acquisition, the Company entered into the Amendment amending the 2022 Credit Facility. The Amendment provided the Company with the Incremental Term A Loan in an amount of $400,000 and the Delayed Draw Term Loan in an amount of $200,000, each of which are permitted under the 2022 Credit Facility, subject to satisfaction of certain conditions. The Incremental Term A Loan was fully funded on November 14, 2023 and used to fund a portion of the consideration owed under the Marucci acquisition. The Delayed Draw Term Loan is available to the Company for up to six months commencing on December 6, 2023, until the earlier of (a) May 14, 2024 and (b) the date on which the Delayed Draw Term commitments have been terminated. Each of the Incremental Term Loans is subject to quarterly amortization payments of principal at a rate of 5.00% per annum. The Incremental Term Loans are in the form of term SOFR loans and base rate loans, at the option of the Company, and have an applicable margin ranging from 0.50% to 1.50% for base rate loans and 1.50% to 2.50% for term SOFR loans, subject to adjustment provisions. Each of the Incremental Term Loans has a maturity date of April 5, 2027, consistent with the 2022 Credit Facility.
The Company paid $10,063 in debt issuance costs, of which $6,709 were allocated to the Incremental Term A Loan and $3,354 were allocated to the Delayed Draw Term Loan. Loan fees allocated to the Incremental Term A Loan are amortized using the interest method over the term of the 2022 Credit Facility. Loan fees allocated to the Delayed Draw Term Loan were deferred as an asset until the debt was drawn.
On May 13, 2024, the Company borrowed the full amount of $200,000 of the Delayed Draw Term Loan. The fees were reclassified to a contra-liability account and amortized over the term of the drawn debt using the interest method.
On July 31, 2024 and December 20, 2024, the Company entered into the Third and Fourth Amendments to the 2022 Credit Facility, respectively, to secure an improved covenant profile on its capital structure to provide more flexibility given the uncertain macro environment. The Company paid $3,490 in loan fees for the Third and Fourth Amendments, of which $3,433 were allocated among the revolver and the Incremental Term Loans to be amortized over the remaining term of the 2022 Credit Facility.
At January 3, 2025, the one-month SOFR and three-month SOFR rates were 4.51% and 4.68%, respectively. At January 3, 2025, our weighted-average interest rate on outstanding borrowing was 6.43%.
The 2022 Credit Facility is secured by substantially all of the Company’s assets, restricts the Company’s ability to make certain payments and engage in certain transactions, and requires that the Company satisfy customary financial ratios. The Company was in compliance with the covenants as of January 3, 2025.
The following table summarizes the revolver under the 2022 Credit Facility:
January 3, 2025December 29, 2023
Amount outstanding$153,000 $370,000 
Standby letters of credit$155 $— 
Available borrowing capacity$496,845 $280,000 
Total borrowing capacity$650,000 $650,000 
Maturity dateApril 5, 2027April 5, 2027

As of January 3, 2025, future principal payments for term loan debt, including the current portion, as summarized as follows:
For fiscal yearJanuary 3, 2025
2025$24,286 
202624,286 
2027512,142 
Total$560,714 
Debt issuance cost(8,653)
Long-term debt, net of issuance cost552,061 
Less: current portion(24,286)
Long-term debt less current portion$527,775 
v3.25.0.1
Derivatives and Hedging
 12 Months Ended
Jan. 03, 2025
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 three-month Term SOFR over the lives of the agreements without an exchange of the underlying principal amounts. The Company hedges the variability of cash flows in interest payments associated with the first $500,000 of its variable rate debt through the interest rate swaps.
As of January 3, 2025 and December 29, 2023, the Company had the following interest rate swap contracts:
January 3, 2025December 29, 2023
Effective DateTermination DateNotional AmountUnrealized Gain (Loss) in AOCIUnrealized Gain in AOCI
September 2, 2020June 11, 2021$200,000$16 $104 
July 2, 2021April 5, 2022$200,000767 5,013 
April 5, 2022April 5, 2027$100,0002,650 3,394 
September 20, 2024December 26, 2025$100,000(87)— 
September 20, 2024December 25, 2026$200,000903 — 
September 20, 2024September 21, 2029$100,0002,219 — 
Total $6,468 $8,511 
On June 11, 2021, the Company terminated its existing swap agreement (the “2020 Swap Agreement”) with an effective date of September 2, 2020 and entered into an interest rate swap agreement (the “2021 Swap Agreement”) with an effective date of July 2, 2021 and 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 with a notional amount of $100,000 with an effective date of April 5, 2022. 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 remaining unrealized gains from the terminated agreements as of January 3, 2025 will be fully amortized during the first quarter of fiscal year 2025. On August 26, 2024, the Company entered into new interest rate swap agreements with an aggregate notional amount of $400,000.
The interest rate swaps are indexed to a three-month Term SOFR as defined in the agreements. The interest rate swaps met the criteria as cash flow hedges under ASC 815, Derivatives and Hedging (“ASC 815”), and are recorded to other assets or other liabilities on the condensed consolidated balance sheets. Refer to Note 16. 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 statements 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 unrealized gains and losses deferred to accumulated other comprehensive income resulting from the derivative instruments designated as cash flow hedges for the years ended January 3, 2025, December 29, 2023, and December 30, 2022 were gains of $6,418, and $830, and a gain of $13,775, respectively. The reclassifications of gains from accumulated other comprehensive income into earnings related to the derivative instruments designated as cash flow hedges during the years ended January 3, 2025, December 29, 2023 and December 30, 2022 were $8,460, $6,775 and $3,177, respectively. The aggregate tax effects on activity in accumulated other comprehensive income associated with the derivative instruments designated as cash flow hedges during the years ended January 3, 2025, December 29, 2023 and December 30, 2022 were losses of $466, $1,303, and a gain of $4,226, respectively.
Over the next 12 months, the Company estimates that $5,285 will be reclassified as a decrease to interest expense related to the interest rate swap contracts.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Jan. 03, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingent Liabilities
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 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, either individually or in the aggregate, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.
On February 20, 2024, a complaint alleging violations of federal securities laws and seeking certification as a class action was filed against the Company and certain of its current and former officers in the United States District Court for the Northern District of Georgia in Atlanta. On August 16, 2024, the plaintiff filed an amended complaint that purports to seek damages on behalf of a putative class of persons who purchased the Company’s common stock between May 6, 2021 and November 2, 2023. The amended complaint asserts claims under Sections 10(b) and 20 of the Securities Exchange Act and alleges that the Company and certain current and former officers made material misstatements and omissions to investors regarding demand for the Company’s products and its inventory levels. The amended complaint generally seeks monetary damages, interest, attorneys’ fees, and other costs. The defendants deny all allegations of wrongdoing, believe the plaintiff’s positions are without merit, and intend to vigorously defend themselves. On October 15, 2024, the defendants filed a motion to dismiss the amended complaint. Plaintiff filed his opposition on December 13, 2024, and defendants filed their reply on January 13, 2025. The motion is fully briefed and the parties await the court’s ruling.
On October 9, 2024, and October 29, 2024, two stockholder derivative complaints were filed in the United States District Court for the Northern District of Georgia against certain of the Company’s officers and its directors, with the Company named as a nominal defendant. The cases are assigned to the same judge presiding over the securities fraud class action. The complaints are premised on substantially the same factual allegations as the securities fraud class action, but in these complaints, the plaintiff claims that the Company’s officers and directors breached their fiduciary duties or otherwise engaged in wrongdoing by allowing the underlying securities fraud to occur. The defendants deny all allegations of wrongdoing, believe the plaintiffs’ claims are without merit, and intend to vigorously defend themselves.
Bailment Pool Arrangements - The Company has relationships with several OEM partners, including General Motors (“GM”), Ford Motor Company (“Ford”), and Stellantis to obtain truck chassis. For Stellantis chassis, the Company pays a cash deposit upon transfer of the chassis to the Company’s premises, and records the chassis within prepaids and other current assets on the condensed consolidated balance sheets until the chassis are transferred to the dealer customer’s floor plan, at which time the cash deposit is returned to the Company. For GM and Ford, the Company has entered into floor plan financing agreements with the OEM. The Company receives an allocation of chassis and pays interest expense on the allocated value of chassis based on the duration of time they are on the Company’s premises. Bailment, which is the non-ownership transfer of the chassis from GM and Ford to the Company, ends when the vehicle is sold to an authorized dealer, or upon authorized return of the vehicle to the manufacturer. The Company does not pay a cash deposit to obtain GM and Ford chassis, and accordingly it does not recognize an asset or a liability related to these chassis. Interest payments made to manufacturer-affiliated finance companies are classified as operating activities in the condensed consolidated statements of cash flows.
At January 3, 2025 and December 29, 2023, the Company utilized $36,008 and $9,036 out of a maximum of $36,100 and $49,400 of Ford allocation of chassis, respectively, and $10,857 and $11,362, respectively, out of a maximum of $49,500 and $100,000 GM allocation of chassis. The Company incurred $1,271 and $4,760 of interest expense related to chassis on hand during the years ended January 3, 2025 and December 29, 2023, respectively.
The following table sets forth a rollforward of GM and Ford chassis utilization for the year ended January 3, 2025:
January 3, 2025
Beginning balance: Supplier financed chassis$20,398 
Add: New supplier financed chassis298,156 
Less: Supplier financed chassis sold(271,689)
Ending balance: Supplier financed chassis$46,865 
Other Commitments - On November 30, 2017, the Company through FF US Holding Corp., acquired the assets of Flagship, Inc. d/b/a Tuscany (“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 was settled in quarterly installment payments beginning in July 2020 through July 2022, which amounted to $6,556, $4,550 and $2,700 in 2020, 2021 and 2022, respectively. The Company had no remaining liability as of December 30, 2022. The stock portion of 136 shares were released from escrow on a quarterly basis starting January 2021 through July 2022. The Company released 58 shares during the years ended December 30, 2022. The Company had no remaining shares to be released as of December 30, 2022. The exercise of the Call Option effectively canceled the put option held by Flagship, Inc.
v3.25.0.1
Stockholders' Equity
 12 Months Ended
Jan. 03, 2025
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity Stockholders’ Equity
Share Repurchase Plan
During the fiscal years ended January 3, 2025 and December 29, 2023, the Company repurchased approximately 378 and 428 shares for $25,000 and $25,000, at an average price of $66.03 and $58.44, respectively. All repurchased shares were immediately retired. The aggregate cost of share repurchases and average price paid per share exclude 1% excise tax on share repurchases imposed as part of the Inflation Reduction Act of 2022. Common stock was reduced by the number of shares retired at $0.001 par value per shares. The excess purchase price over par value was allocated between additional paid-in capital and retained earnings.
Equity Incentive Plans
The Company has outstanding awards under the following equity incentive plans: the 2008 Stock Option Plan (the “2008 Plan”), the 2008 Non-Statutory Stock Option Plan (the “2008 Non-Statutory Plan”) and the 2013 Omnibus Plan (the “2013 Plan”). On February 23, 2022, the Board of Directors, upon recommendation of the Compensation Committee approved the 2022 Omnibus Plan (the “2022 Plan”), which replaced the 2013 Plan. All remaining available shares under the 2013 Plan were rolled into the 2022 Plan and made available for issuance. No further awards will be granted pursuant to the 2008 Plan or the 2008 Non-Statutory Plan. Under the 2022 Plan, the Company has the ability to issue incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, RSUs, performance units and/or performance shares.
The equity incentive plans are administered by the Compensation Committee of the Board of Directors of the Company, which has the authority to determine the type of incentive award, as well as the terms and conditions of the awards. Options granted under the plans have vesting periods ranging from one to ten years and expire no later than ten years from the date of grant. As of January 3, 2025, there were no outstanding options remaining. RSUs generally vest over a three to four-year period with equal annual installments beginning at the end of one year and the remaining vesting annually thereafter. In addition to time-based vesting criteria, certain of our RSUs include performance-based vesting criteria. As of January 3, 2025, there were 2,872 shares available for issuance under the 2022 Plan. The Company generally issues new shares in connection with awards under its equity incentive plans.
Stock-Based Compensation
Compensation expense related to the Company’s share-based awards for the fiscal years ended January 3, 2025, December 29, 2023, and December 30, 2022 was $9,606, $16,465, and $16,351, respectively, all of which related to RSUs and performance share units (“PSUs”). No compensation expense related to stock options was incurred during the fiscal years ended January 3, 2025, December 29, 2023, and December 30, 2022.
The following table summarizes the allocation of stock-based compensation in the accompanying consolidated statements of income:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Cost of sales$1,124 $1,179 $957 
Sales and marketing1,303 1,501 924 
Research and development1,198 1,175 946 
General and administrative5,981 12,610 13,524 
Total$9,606 $16,465 $16,351 

Stock-based compensation expense capitalized to inventory was not material for the years ended January 3, 2025, December 29, 2023 and December 30, 2022.
Restricted Stock Units
The Company grants both time-based and performance-based stock awards, which also include a time-based vesting feature. Compensation expense for time-based stock awards is measured at the grant date based on the closing market price of the Company’s common stock and recognized ratably over the vesting period.
For performance-based stock awards, compensation expense is measured based on estimates of the number of shares ultimately expected to vest at each reporting date based on management’s expectations regarding the relevant performance criteria. The recognition of compensation expense associated with performance-based stock awards requires defined criteria for assessing achievement and judgment in assessing the probability of meeting the performance goals.
The following table summarizes RSU activity:
Unvested RSUs
Number of shares outstandingWeighted-average grant date fair value
Unvested at December 30, 2021338 $76.30 
Granted142 $95.34 
Canceled(17)$97.00 
Vested(166)$73.14 
Unvested at December 30, 2022297 $87.05 
Granted135 $109.23 
Canceled(44)$90.91 
Vested(141)$83.97 
Unvested at December 29, 2023247 $100.21 
Granted333 $45.82 
Canceled(43)$71.30 
Vested(137)$94.76 
Unvested at January 3, 2025400 $59.88 
The fair value of vested RSUs was $5,837, $15,516 and $15,140 for the years ended January 3, 2025, December 29, 2023 and December 30, 2022, respectively. As of January 3, 2025, the Company had approximately $15,377 of unrecognized stock-based compensation expense related to RSUs, which will be recognized over the remaining weighted-average vesting period of approximately 1.86 years.
Performance Stock Units
During the year ended January 3, 2025, the Company issued PSUs to certain executives that represent shares potentially issuable in the future. Issuance is based upon the Company’s performance, over a three-year performance period, on certain measures including EBITDA margin. 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 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 year ended January 3, 2025:
Unvested PSUs
Number of shares outstandingWeighted-average grant date fair value
Unvested at December 31, 202129 $141.46 
Granted37 $120.90 
Canceled(4)$126.73 
Vested(14)$141.46 
Unvested at December 30, 202248 $126.69 
Granted45 $114.04 
Canceled(10)$120.08 
Vested(13)$141.57 
Unvested at December 29, 202370 $116.54 
Granted232 $46.38 
Canceled(26)$52.30 
Vested(30)$118.09 
Unvested at January 3, 2025246 $57.00 
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 $19,024 assuming achievement at the maximum level. The unrecognized stock-based compensation expense is expected to be recognized over a weighted average period of 2.24 years.
Stock Options
The following table summarizes stock option activity:
Number of shares outstandingWeighted-average exercise priceWeighted-average remaining contractual life (years)Aggregate intrinsic value
Balance at December 31, 202133 $5.16 2$5,389 
Options exercised(33)$5.16 $2,470 
Balance at December 30, 2022— $— 0$— 
Options exercised— $— $— 
Balance at December 29, 2023— $— 0$— 
Options exercised— $— $— 
Balance at January 3, 2025— $— 0$— 
Options vested and expected to vest - January 3, 2025— $— 0$— 
Options exercisable - January 3, 2025— $— 0$— 
Aggregate intrinsic value represents the difference between the closing price of the Company’s common stock on NASDAQ and the exercise price of outstanding, in-the-money options. As of December 30, 2022, stock-based compensation expense related to stock options has been fully recognized.
During the year ended December 30, 2022, 33 shares of common stock, were issued due to the exercise of stock options, resulting in proceeds to the Company of approximately $169.
v3.25.0.1
Earnings Per Share
 12 Months Ended
Jan. 03, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic earnings per share (“EPS”) amounts are computed by dividing net income attributable to Fox stockholders for the period by the weighted average number of common shares outstanding during the period. Diluted EPS amounts are computed by dividing net income for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding during the period. Potentially dilutive common shares include shares issuable upon the exercise of outstanding stock options and vesting of restricted stock units, which are reflected in diluted earnings per share by application of the treasury stock method.
The following table presents the calculation of basic and diluted earnings per share:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Net income attributable to FOX stockholders$6,550 $120,846 $205,278 
Weighted average shares used to compute basic earnings per share41,681 42,305 42,232 
Dilutive effect of employee stock plans36 127 152 
Weighted average shares used to compute diluted earnings per share41,717 42,432 42,384 
Earnings per share:
Basic$0.16 $2.86 $4.86 
Diluted$0.16 $2.85 $4.84 
The Company excluded 127, 12, and 20 shares from the calculation of diluted earnings per share for the years ended January 3, 2025, December 29, 2023, and December 30, 2022, respectively, as these shares would have been antidilutive.
v3.25.0.1
Income Taxes
 12 Months Ended
Jan. 03, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Provision for Income Taxes
The components of income tax expense are as follows:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Current:
Federal$9,464 $14,427 $33,622 
State3,568 5,404 4,372 
Foreign4,646 5,850 11,964 
Total current17,678 25,681 49,958 
Deferred:
Federal(21,107)(4,782)(17,447)
State(2,041)(2,693)(2,837)
Foreign(30)(389)(1,188)
Total deferred(23,178)(7,864)(21,472)
(Benefit) provision for income taxes$(5,500)$17,817 $28,486 
The Company’s income (loss) before provision for income taxes was subject to taxes in the following jurisdictions for the following periods:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
United States$(13,351)$114,128 $197,640 
Foreign14,363 24,535 36,124 
Total income before provision for income taxes$1,012 $138,663 $233,764 
The following table presents a reconciliation of the statutory federal rate and the Company’s effective tax rate for the periods presented:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Tax at federal statutory rate21.0 %21.0 %21.0 %
Research and development tax credit(645.2)(3.8)(2.9)
Foreign derived income benefit(263.8)(4.4)(6.6)
Adjustments with respect to prior periods(243.5)— — 
Stock-based compensation182.1 (0.2)(0.5)
GILTI126.2 0.7 0.4 
State taxes, net of federal benefit120.6 0.8 0.6 
Valuation allowance on DTAs111.5 0.3 (3.8)
Executive compensation deduction limitation20.2 0.6 0.8 
Federal return to provision15.8 (2.2)1.0 
Change in liability for unrecognized tax benefits(1.4)0.7 — 
Foreign withholding taxes, net of foreign tax credits— — 1.1 
Other13.0 (0.7)1.1 
Effective tax rate(543.5)%12.8 %12.2 %
Deferred Income Taxes
January 3, 2025December 29, 2023
Deferred tax assets:
Foreign tax credits, including amounts associated with accrued charges$47,394 $51,232 
Capitalized research & development44,967 23,778 
 Lease liability21,368 16,597 
 Inventory 9,555 9,673 
 Accrued liabilities 7,519 7,299 
Interest Carryforward5,868 — 
Net operating losses2,071 3,226 
Research and development tax credits4,946 2,402 
Interest rate swap1,544 2,010 
Other2,441 3,014 
Total deferred tax asset147,673 119,231 
Valuation allowance(1,785)(693)
Net deferred tax asset145,888 118,538 
Deferred tax liabilities:
Intangible assets(63,016)(65,090)
Lease right-of-use-asset(21,389)(17,117)
Depreciation(12,554)(12,192)
Other(4,565)(2,842)
Total deferred tax liability(101,524)(97,241)
Net deferred tax asset$44,364 $21,297 
As of January 3, 2025, the Company had foreign tax credits of $47,394 that begin to expire in 2027, unless previously utilized.
As of January 3, 2025, the Company assessed the realizability of deferred tax assets and evaluated the need for a valuation allowance for deferred tax assets for each jurisdiction based on the framework of ASC 740. For the year ended January 3, 2025, the valuation allowance increased by $1,092 due to a taxable loss at the Company’s UK Thailand and Sweden subsidiaries. It is reasonably possible that the company could record a material adjustment to the valuation allowance in the next twelve months related to the carrying value of foreign tax credits.
Unrecognized Tax Benefits
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Balance - beginning of period$1,274 $119 $228 
Increase related to current year tax positions686 1,274 — 
Decrease related to prior year tax positions(1,931)(119)(109)
Balance - end of period$29 $1,274 $119 
As of January 3, 2025, the Company had $29 of unrecognized tax benefits related to certain state tax positions. The Company regularly engages in discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. It is reasonably possible that significant changes in the unrecognized tax benefit may occur within the next twelve months, including settlement of the full amount with the taxing authority.
The Company’s 2020 and forward federal tax returns, state tax returns from 2018 and forward, and foreign tax returns from 2020 and forward are subject to examination by tax authorities. In 2024, the IRS commenced an examination of our 2021 income tax return, which is ongoing.
v3.25.0.1
Fair Value Measurement and Financial Instruments
 12 Months Ended
Jan. 03, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement and Financial Instruments Fair Value Measurements and Financial Instruments
The FASB’s Accounting Standards Codification 820, “Fair Value Measurements and Disclosures” 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 following table presents the Company’s hierarchy for its assets, liabilities and redeemable non-controlling interest measured at fair value on a recurring basis as of the following periods:
January 3, 2025December 29, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Interest Rate Swaps$— $5,685 $— $5,685 $— $3,394 $— $3,394 
Deferred Compensation Plan Investments4,394 — — 4,394 3,794 — — 3,794 
Total assets measured at fair value$4,394 $5,685 $— $10,079 $3,794 $3,394 $— $7,188 
Liabilities:
Incremental Term Loans— 552,061 — 552,061 — 373,528 — 373,528 
Revolver— 153,000 — 153,000 — 370,000 — 370,000 
Total liabilities measured at fair value$— $705,061 $— $705,061 $— $743,528 $— $743,528 
There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 categories of the fair value hierarchy during the years ended January 3, 2025, and December 29, 2023.
As of January 3, 2025, the carrying amount of the principal under the Company’s 2022 Credit Facility - Incremental Term Loans and Revolver approximated fair value because they had variable interest rates that reflected market changes in interest rates and changes in the Company’s net leverage ratio.
The Company mitigate the cash flow risk associated with changes in interest rates on its variable rate debt through interest rate swap agreements. Refer to Note 11. Derivatives and Hedging for additional details of the agreements. In accordance with ASC 815, interest rate swap contracts are recognized as assets or liabilities on the condensed consolidated balance sheets and are measured at fair values. The fair values were estimated based on expected cash flows over the life of the swaps. These expected cash flows were determined using a pricing model that incorporated reasonable assumptions and available market data.
The Company invests in marketable securities to mitigate the risk associated with the investment return on the non-qualified deferred compensation plan provided to executives and non-employee directors. The investments are recorded as cash and cash equivalents at their quoted market price.
v3.25.0.1
Retirement Plan
 12 Months Ended
Jan. 03, 2025
Retirement Benefits [Abstract]  
Retirement Plan Retirement Plan
The Company established a 401(k) plan to provide tax deferred salary deductions for all eligible employees. Participants may make voluntary contributions to the 401(k) plan, limited by certain IRS restrictions. The Company made matching contributions of $3,687, $3,873, and $3,649 for each of the years ended January 3, 2025, December 29, 2023 and December 30, 2022, respectively.
v3.25.0.1
Acquisitions
 12 Months Ended
Jan. 03, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Acquisition of Custom Wheel House
On February 17, 2023 the Company entered into a Securities Purchase Agreement with CWH Holdco, LLC (“CWH”), CWH Blocker Corp., (“Blocker”), Thompson Street Capital Partners V, L.P., and each other member of CWH to purchase all of the outstanding equity of Blocker, and thereafter Blocker acquired all of the outstanding equity interest of CWH. CWH is the parent company of Custom Wheel House, LLC. Custom Wheel House is a designer, marketer, and distributor of high-performance wheels, performance off-road tires, and accessories, including the premier flagship brand Method Race Wheels. The Company believes that this acquisition will be complementary to its upfitting businesses and will help to expand its product offerings. This acquisition was financed through the Company’s existing 2022 Credit Facility. The acquisition was closed on March 3, 2023 and accounted for as a business combination.
The purchase price of Custom Wheel House is allocated to the assets acquired and liabilities assumed based on their estimated respective fair values as of March 3, 2023 with the excess purchase price allocated to goodwill. During the year ended January 3, 2025, the Company recorded an increase of $1,608 to net assets and a decrease of the same amount to goodwill. The weighted average amortization period of the total acquired intangible assets was 11 years. The weighted average amortization periods of the acquired trade name, customer relationship and core technology assets were 12, 7, and 10 years, respectively. The acquired goodwill represents the value of combining operations of Custom Wheel House and the Company, $25,000 of which is deductible for tax purposes.
The Company’s allocation of the purchase price to the net tangible and intangible assets acquired and liabilities assumed is as follows:
Fair market values
Tangible assets acquired$34,622 
Liabilities assumed(19,593)
Intangible assets48,753 
Goodwill66,002 
Total$129,784 
The Company incurred $1,001 of transaction costs related to the acquisition of Custom Wheel House during the year ended December 29, 2023. These costs are classified as general and administrative expenses in the accompanying consolidated statements of income. The results of operations for Custom Wheel House have been included in the Company's consolidated statements of income since the closing date of the acquisition on March 3, 2023. The total revenue and pre-tax income for the year ended January 3, 2025 amounted to $75,769 and $8,163, respectively. The total revenue and pre-tax loss for the year ended December 29, 2023 amounted to $65,558 and $1,630, respectively.
Acquisition of Marucci Sports LLC
On November 14, 2023, the Company, through Fox Factory, Inc., acquired 100% of the issued and outstanding stock of Wheelhouse Holdings Inc. ("Wheelhouse") from Compass Group Diversified Holdings LLC for $567,236, net of cash acquired. Wheelhouse is the parent company of Marucci, which is an industry-leading designer, manufacturer, and distributor of premium performance baseball, softball, and other sports-related products. Marucci also develops and licenses franchises for sports training facilities, and its customer base is primarily located in the United States and certain international markets. The Company believes the acquisition advances FOX’s position as a diversified provider of market-leading branded products with a proven ability to win over both professional athletes and passionate consumer bases, while positioning the combined company for future profitable growth. This transaction was accounted for as a business combination.
The purchase price of Marucci is allocated to the assets acquired and liabilities assumed based on their estimated respective fair values as of November 14, 2023 with the excess purchase price allocated to goodwill. During the year ended January 3, 2025, the Company updated the purchase price allocation and recorded adjustments to net assets of $713 and goodwill of $670. The following table summarizes the fair values of the identifiable assets acquired and liabilities assumed at the date of the acquisition:
Acquisition consideration
Cash consideration, net of cash acquired$567,092 
Due to sellers144 
Total consideration at closing$567,236 
Fair market values
Accounts receivable$31,268 
Inventory52,672 
Prepaid and other current assets1,256 
Property, plant and equipment19,257 
Lease right-of-use assets9,423 
Trademarks and brands174,700 
Customer and distributor relationships83,800 
Core technologies20,600 
Goodwill244,120 
Other assets583 
Total assets acquired$637,679 
Accounts payable$13,626 
Accrued expenses10,512 
Other current liabilities1,854 
Deferred Taxes37,462 
Other liabilities6,989 
Total liabilities assumed$70,443 
Purchase price allocation$567,236 
The gross contractual accounts receivable acquired in the acquisition was $32,455, of which $1,187 was not expected to be collected.
The Company incurred $3,798 of acquisition costs in conjunction with the Marucci acquisition, of which $672 were incurred during the year ended January 3, 2025. These costs are classified as general and administrative expenses in the accompanying consolidated statements of income. Additional debt issuance costs of $6,709 were incurred in association with financing the transaction and will be amortized over the term of the Incremental Term Loan A. Refer to Note 10 - Debt for further details.
The values assigned to the identifiable intangible assets were determined by discounting the estimated future cash flows associated with these assets to their present value. The goodwill of $244,120 reflects the strategic fit of Marucci with the
Company’s operations. The weighted average amortization period of the total acquired intangible assets was 16 years. The weighted average amortization periods of the customer and distributor relationship, trade name and trademark, and developed technology assets were 18, 15, and 13 years, respectively. Goodwill is expected to have an indefinite life and will be subject to impairment testing. The goodwill is not deductible for income tax purposes. Marucci previously purchased intangibles in asset acquisitions with a remaining net tax basis approximating $57,735, which the Company may deduct for income tax purposes.
The results of operations for Marucci have been included in the Company's consolidated statements of income since the closing date of the acquisition on November 14, 2023. The total revenue and pre-tax income for the year ended January 3, 2025 amounted to $192,372 and $9,989, respectively. The total revenue and pre-tax loss for the year ended December 29, 2023 amounted to $16,791 and $3,150, respectively.
Acquisition of Marzocchi Suspension S.r.l.
On December 19, 2024, the Company, through Marzocchi Suspension Holding S.r.l., acquired all of the outstanding equity of Marzocchi from VRM S.P.A. for $20,501, net of cash acquired. Marzocchi is a leader in motorbike suspension manufacturing. The Company believes that this acquisition will be complementary to its powered vehicle businesses and will help to expand its product offerings. This transaction was accounted for as a business combination.
The purchase price of Marzocchi is preliminary allocated to the assets acquired and liabilities assumed based on their estimated respective fair values as of December 19, 2024 with the excess purchase price allocated to goodwill. The following table summarizes the provisional fair values of the identifiable assets acquired and liabilities assumed at the date of the acquisition:
Acquisition consideration
Cash consideration, net of cash acquired$20,501 
Total consideration at closing$20,501 
Fair market value
Accounts receivable$6,706 
Inventory12,097 
Prepaids and other current assets1,527 
Property, plant, and equipment5,888 
Trademarks and brands1,491 
Customer and distributor relationships2,000 
Core technologies12 
Goodwill3,475 
Other assets4,854 
Total assets acquired$38,050 
Accounts payable$12,175 
Accrued expenses2,176 
Deferred tax liability840 
Other liabilities2,358 
Total liabilities assumed$17,549 
Purchase price allocation$20,501 
The amounts above represent the Company’s provisional fair value estimates related to the acquisition as of December 19, 2024, and are subject to subsequent adjustments as additional information is obtained during the applicable measurement period. The primary areas of estimates that are not yet finalized include certain tangible assets acquired and liabilities assumed, as well as the identifiable intangible assets. The Company incurred $1,476 of acquisition costs in conjunction with the Marzocchi acquisition, of which $999 were incurred during the year ended January 3, 2025. These costs are classified as general and administrative expenses in the accompanying consolidated statements of income.
The values assigned to the identifiable intangible assets were determined by discounting the estimated future cash flows associated with these assets to their present value. The goodwill of $3,475 reflects the strategic fit of Marzocchi with the Company’s operations. The weighted average amortization periods of the customer and distributor relationships and trade names and trademarks were 15 years. Goodwill is expected to have an indefinite life and will be subject to impairment testing. In the acquisition of Marzocchi, the Company stepped up the intangibles by $3,503, which is not deductible for Italian income tax purposes.
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Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Jan. 03, 2025
Foreign Currency [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in accumulated other comprehensive income (loss):
Interest Rate SwapsForeign Currency TranslationTotal
Balance as of December 30, 202217,770 (2,988)14,782 
Change in interest rate swaps fair value830 — 830 
Net gain reclassified to interest expense(6,775)— (6,775)
Income tax provision on interest rate swaps(1,303)— (1,303)
Foreign currency translation adjustments— 1,507 1,507 
Balance as of December 29, 202310,522 (1,481)9,041 
Change in interest rate swaps fair value6,418 — 6,418 
Net gain reclassified to interest expense(8,460)— (8,460)
Income tax provision on interest rate swaps(466)— (466)
Foreign currency translation adjustments— (6,309)(6,309)
Balance as of January 3, 2025$8,014 $(7,790)$224 
v3.25.0.1
Segment Information
 12 Months Ended
Jan. 03, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Due in part to how we operate our business and to best serve our customers, we manage our activities based on three operating segments: Powered Vehicles Group, Aftermarket Applications Group, and Specialty Sports Group. All of our segments design, engineer and manufacture performance-defining products and systems for customers worldwide.
The following is a description of our operating segments.
Powered Vehicles Group: This segment operates 2 plants in the United States and 1 plant in Italy. Our premium products sold under the FOX brand are for off-road vehicles and trucks, side-by-sides, on-road vehicles with and without off-road capabilities, ATVs, snowmobiles, specialty vehicles and applications, motorcycles, and commercial trucks. These products are sold through both OEM and aftermarket channels.
Aftermarket Applications Group: This segment operates 15 plants across the United States. Our range of aftermarket applications products includes premium products under the BDS Suspension, Zone Offroad, JKS Manufacturing, RT Pro UTV, 4x4 Posi-Lok, Ridetech, Tuscany, Outside Van, SCA, and Custom Wheel House brands designed for off-road vehicles and trucks, side-by-sides, on-road vehicles with or without off-road capabilities, specialty vehicles and applications, and commercial trucks.
Specialty Sports Group: This segment operates 10 plants and 13 distribution facilities (12 in the United States, 4 in Taiwan, and one facility each in Australia, Canada, Germany, Japan, Sweden, Switzerland, and United Kingdom). Our bike product offerings are used on a wide range of performance mountain bikes, e-bikes and gravel bikes under the FOX, Race Face, Easton Cycling and Marzocchi brands. These products are sold through both OEM and aftermarket channels. Our products for diamond sports include premium baseball and softball equipment under the Marucci, Victus, Lizard Skins, and Baum Bat brands and are sold through dealers and distributors and through direct-to-customer channels.
Net sales and expenses are measured in accordance with the policies and procedures described in Note 1 – Business and Summary of Significant Accounting Policies.
We measure the profitability and financial performance of our operating segments based on adjusted EBITDA. Adjusted EBITDA provides a measure of our underlying segment results that is in line with our approach to risk management. We define adjusted EBITDA as net income adjusted for (a) interest expense, (b) income tax or tax benefits, (c) amortization including amortization of purchased intangibles, (d) depreciation, (e) stock-based compensation, (f) litigation and settlement related expenses, (g) organizational restructuring expenses, (h) acquisition and integration-related expenses, and (i) strategic transformation costs. Adjusted EBITDA Margin is defined as adjusted EBITDA divided by net sales.
Segment asset information is not presented because it is not evaluated by the CODM at the segment level. All transactions between reportable segments are eliminated in consolidation.
The tables that follow show selected segment financial information including information for prior comparative periods. Unallocated corporate expenses are corporate overhead expenses that are not directly attributable to one of our business segments and include unallocated occupancy costs for our corporate headquarters, acquisition costs, other benefit and compensation programs, including performance-based compensation, and administrative expenses such as accounting, finance, legal, human resources, and information technology expenses.
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Net sales
Powered Vehicles Group$461,403 $523,862 $432,388 
Aftermarket Applications Group421,453 551,143 489,132 
Specialty Sports Group511,065 389,173 680,971 
Net sales$1,393,921 $1,464,178 $1,602,491 
Net income6,512 120,846 205,278 
(Benefit) provision for income taxes(5,500)17,817 28,486 
Depreciation and amortization83,566 58,603 49,241 
Non-cash stock-based compensation9,606 16,465 16,351 
Litigation and settlement-related expenses4,329 2,724 4,222 
Other acquisition and integration-related expenses (1)8,054 19,214 1,710 
Organizational restructuring expenses3,218 3,952 — 
Loss on fixed asset disposals related to organizational restructure— 1,027 — 
Strategic transformation costs1,689 — 2,769 
Non-recurring property tax assessment— — 841 
Interest and other expense, net55,539 20,400 12,933 
Adjusted EBITDA$167,013 $261,048 $321,831 
Powered Vehicles Group53,819 79,159 (6,163)
Aftermarket Applications Group51,745 126,784 130,947 
Specialty Sports Group117,811 117,766 260,101 
Unallocated corporate expenses(56,362)(62,661)(63,054)
Adjusted EBITDA$167,013 $261,048 $321,831 
(1) Represents various acquisition-related costs and expenses incurred to integrate acquired entities into the Company’s operations and the impact of the finished goods inventory valuation adjustment recorded in connection with the purchase of acquired assets, per period as follows:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Acquisition related costs and expenses$3,569 $6,206 $1,710 
Purchase accounting inventory fair value adjustment amortization4,485 13,008 — 
Other acquisition and integration-related expenses$8,054 $19,214 $1,710 
Individual expenses are not a primary focus in segment-level decision-making as the CODM relies on adjusted EBITDA as the key financial metric for assessing performance and allocating resources across segments. The following table presents the Company’s other segment items that consist of costs of sales and operating expenses excluding depreciation and amortization, non-cash stock-based compensation, litigation and settlement-related expenses, other acquisition and integration-related expenses, organizational restructuring-related expenses, strategic transformation costs, and non-recurring property tax assessment.
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Powered Vehicles Group$407,584 $444,703 $438,551 
Aftermarket Applications Group369,708 424,359 358,185 
Specialty Sports Group393,254 271,407 420,870 
Unallocated corporate expenses56,362 62,661 63,054 
$1,226,908 $1,203,130 $1,280,660 
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Pay vs Performance Disclosure      
Net income $ 6,550 $ 120,846 $ 205,278
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Insider Trading Arrangements
 3 Months Ended
Jan. 03, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Jan. 03, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Jan. 03, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Our cybersecurity risk management program includes:
•policies, process, and tools designed to identify, assess, and mitigate cyber risks across all aspects of our operations;
•a cybersecurity team principally responsible for managing our cybersecurity risk assessment processes, our security controls, and our response to cybersecurity incidents (as such term is used and defined in Item 106(a) of Regulation S-K, as amended and supplemented, of the Securities Act (“Regulation S-K”));
•the use of external service providers, where appropriate, to assess, test, monitor, or otherwise assist with aspects of our cybersecurity controls;
•cybersecurity awareness training for our employees and contractors; and
•a Cybersecurity Incident Response Plan that includes procedures for responding to cybersecurity incidents.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program is integrated into our overall enterprise risk management program and shares common methodologies, reporting channels, and governance processes that apply across other legal, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board of Directors has ultimate oversight of cybersecurity risk, which it manages as part of our enterprise risk management program while our executive officers are responsible for the day-to-day management of the material risks we face. Our Board of Directors administers its cybersecurity risk oversight function directly, as well as through the Audit Committee of the Board of Directors, and receives regular updates on relevant information regarding cybersecurity.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Board of Directors has ultimate oversight of cybersecurity risk, which it manages as part of our enterprise risk management program while our executive officers are responsible for the day-to-day management of the material risks we face. Our Board of Directors administers its cybersecurity risk oversight function directly, as well as through the Audit Committee of the Board of Directors, and receives regular updates on relevant information regarding cybersecurity.
The Audit Committee receives regular reports from management on our Company's cybersecurity risks and activities, including but not limited to any recent cybersecurity incidents and related responses, and any cybersecurity systems testing. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser potential impact.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Board of Directors has ultimate oversight of cybersecurity risk, which it manages as part of our enterprise risk management program while our executive officers are responsible for the day-to-day management of the material risks we face. Our Board of Directors administers its cybersecurity risk oversight function directly, as well as through the Audit Committee of the Board of Directors, and receives regular updates on relevant information regarding cybersecurity.
The Audit Committee receives regular reports from management on our Company's cybersecurity risks and activities, including but not limited to any recent cybersecurity incidents and related responses, and any cybersecurity systems testing. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser potential impact.
Cybersecurity Risk Role of Management [Text Block]
The Audit Committee receives regular reports from management on our Company's cybersecurity risks and activities, including but not limited to any recent cybersecurity incidents and related responses, and any cybersecurity systems testing. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser potential impact.
Our Chief Information Officer, who oversees our cybersecurity team, is responsible for assessing and managing our material risks from cybersecurity threats (as such term is used and defined in Item 106(a) of Regulation S-K). The Chief Information Officer and our cybersecurity team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal personnel dedicated to cybersecurity as well as our engaged and retained external cybersecurity consultants. Our cybersecurity team is supported by the information technology department as well as our engaged third parties and our retained service providers and, in addition, is informed about policies and processes to monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our Chief Information Officer has over 20 years of experience in managing large-scale information technology infrastructure and associated technologies and other members of our cybersecurity team have experience and certifications relevant to cybersecurity. In addition, all personnel involved in cybersecurity engage in regular training on cybersecurity matters.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Chief Information Officer, who oversees our cybersecurity team, is responsible for assessing and managing our material risks from cybersecurity threats (as such term is used and defined in Item 106(a) of Regulation S-K). The Chief Information Officer and our cybersecurity team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal personnel dedicated to cybersecurity as well as our engaged and retained external cybersecurity consultants.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our Chief Information Officer has over 20 years of experience in managing large-scale information technology infrastructure and associated technologies and other members of our cybersecurity team have experience and certifications relevant to cybersecurity. In addition, all personnel involved in cybersecurity engage in regular training on cybersecurity matters.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our Chief Information Officer, who oversees our cybersecurity team, is responsible for assessing and managing our material risks from cybersecurity threats (as such term is used and defined in Item 106(a) of Regulation S-K). The Chief Information Officer and our cybersecurity team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal personnel dedicated to cybersecurity as well as our engaged and retained external cybersecurity consultants. Our cybersecurity team is supported by the information technology department as well as our engaged third parties and our retained service providers and, in addition, is informed about policies and processes to monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our Chief Information Officer has over 20 years of experience in managing large-scale information technology infrastructure and associated technologies and other members of our cybersecurity team have experience and certifications relevant to cybersecurity. In addition, all personnel involved in cybersecurity engage in regular training on cybersecurity matters.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Jan. 03, 2025
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation - The accompanying consolidated financial statements have been prepared in accordance with United States of America (“U.S.”) generally accepted accounting principles (“GAAP”).
Change in Fiscal Year
Fiscal Year Calendar - The Company operates using a 52-53-week fiscal year calendar ending on the Friday nearest to December 31. Therefore, the financial results of certain fiscal years and quarters, which will contain 53 and 14 weeks, respectively, will not be exactly comparable to the prior and subsequent fiscal years and quarters, which contain 52 and 13 weeks, respectively. For the fiscal years 2024, 2023 and 2022, the Company’s fiscal year ended on January 3, 2025, December 29, 2023 and December 30, 2022 and had 53, 52, and 52 weeks, respectively.
Principles of Consolidation Principles of Consolidation - The consolidated financial statements include the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates
Use of Estimates - The preparation of the Company’s 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.
Foreign Currency Translation and Transaction
Foreign Currency Translation and Transaction - The functional currency of the Company’s non-U.S. entities is the local currency of the respective operations. The Company translates the financial statements of its non-U.S. entities into U.S. Dollars each reporting period for purposes of consolidation. Assets and liabilities of the Company’s foreign subsidiaries are translated at the period-end currency exchange rates while sales and expenses are translated at the average currency exchange rates in effect for the period. The effects of these translation adjustments are a component of other comprehensive income.
Cash and Cash Equivalents Cash and Cash Equivalents - Cash consists of cash maintained in checking or money market accounts. All highly liquid investments purchased with an original maturity date of 90 days or less at the date of purchase are considered to be cash equivalents.
Accounts Receivable
Accounts Receivable - Accounts receivable are unsecured customer obligations which generally require payment within various terms from the invoice date. The receivables are stated at the invoice amount. Financing terms vary by customer. Invoices are considered past due when payment is not received within the terms stated within the contract. Payments of accounts receivable are applied to the specific invoices identified on the customer’s remittance advice or if unspecified, generally to the earliest unpaid invoices.
The carrying amount of accounts receivable is reduced by an allowance for credit losses that reflects management’s best estimate of amounts that may not be collected. All accounts or portions thereof deemed to be uncollectible or that may require an excessive collection cost are written off to the allowance for credit losses. The Company records the allowance for credit losses using the aging method, considering the length of time a receivable has been outstanding. This assessment incorporates historical credit loss rates, current conditions, and reasonable and supportable forecasts of future economic conditions that may impact collectability. Our methodology follows the expected credit loss model, which not only accounts for past events and incurred losses but also integrates forward-looking information to estimate potential credit deterioration. If circumstances change, such as higher-than-expected defaults or an unexpected material adverse change in a major customer’s financial condition, we reassess our estimates to determine whether the recoverability of amounts due could be materially impacted.
Concentration of Credit Risk
Concentration of Credit Risk - Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and accounts receivable. As of January 3, 2025 the Company held $63,743 in cash at U.S. subsidiaries and $7,931 at subsidiaries outside the U.S. The account balances may significantly exceed the insurance coverage provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company has not experienced any losses in its uninsured accounts.
The Company mitigates its credit risk with respect to accounts receivable by performing ongoing credit evaluations and monitoring of its customers’ accounts receivable balances.
Inventories
Inventories - Inventories are stated at the lower of actual cost (or standard cost which generally approximates actual costs on a first-in first-out basis) or net realizable value. Cost includes raw materials and inbound freight, as well as direct labor and manufacturing overhead for products we manufacture. Net realizable value is based on current replacement cost for raw materials and on a net realizable value for finished goods. Adjustments to reduce the cost of inventory to its net realizable value are made, if required, for estimated excess, obsolescence or impaired balances.
Property and Equipment
Property and Equipment - Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Maintenance and repairs are charged to expense as incurred, and improvements and betterments are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the balance sheet and any resulting gain or loss is reflected in operations in the period realized.
Leasehold improvements are amortized on a straight-line basis over the terms of the lease, or the useful lives of the assets, whichever is shorter. The value assigned to land associated with buildings we own is not amortized. Depreciation and amortization periods for the Company’s property and equipment are as follows:
Asset ClassificationEstimated useful life
Building and building improvements
15-39 years
Information systems, office equipment and furniture
3-7 years
Internal-use computer software
10 years
Land improvements
15 years
Machinery and manufacturing equipment
5-15 years
Transportation equipment
3-5 years
Internal Use Computer Software Costs
Internal-use Computer Software Costs - Costs incurred to purchase and develop computer software for internal use are capitalized during the application development and implementation stages. These software costs have been for enterprise-level business and finance software that is customized to meet the Company’s operational needs. Capitalized costs are included in property and equipment and are amortized on a straight-line basis over the estimated useful life of the software beginning when the software project is substantially complete and placed in service. Costs incurred during the preliminary project stage and costs for training, data conversion, and maintenance are expensed as incurred.
Impairment of Long-lived Assets Impairment of Long-lived Assets - The Company periodically reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset is impaired or the estimated useful lives are no longer appropriate. If indicators of impairment exist and the undiscounted projected cash flows associated with such assets are less than the carrying amount of the assets, an impairment loss is recorded to write the assets down to their estimated fair values. Fair value is estimated based on discounted future cash flows.
Business Combinations
Business Combinations - The Company accounts for acquisitions of entities that include inputs and processes and have the ability to create outputs as business combinations. The Company allocates the purchase price of the acquisition to the tangible assets acquired, liabilities assumed, and identifiable intangible assets acquired based on their estimated fair values. The excess of the purchase price over those fair values is recorded as goodwill. Acquisition-related expenses and restructuring costs are expensed as incurred. During the measurement period, the Company records adjustments to provisional amounts recorded for assets acquired and liabilities assumed with the corresponding offset to goodwill. After the measurement period, which could be up to one year after the transaction date, subsequent adjustments are recorded to the Company’s consolidated statements of income.
Goodwill and Intangible Assets
Goodwill and Intangible Assets - Goodwill represents the excess of purchase price over the fair value of the net assets of businesses acquired. On an annual basis, the Company makes a qualitative assessment to determine if it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. If the Company determines that the fair value of the reporting unit is less than its carrying amount, it will perform a quantitative analysis; otherwise, no further evaluation is necessary. For the quantitative impairment assessment, the Company compares the fair value of the reporting unit to its carrying value, including goodwill. The Company determines the fair value of the reporting unit based on a weighting of income and market approaches. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, goodwill is not impaired and no further testing is performed. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, then the Company will recognize a loss equal to the excess, limited to the total amount of goodwill allocated to that reporting unit. Impairments, if any, are charged directly to earnings. We completed our most recent annual impairment test in the third quarter of 2024 at which time we had three reporting units: PVG, AAG, and SSG for purposes of assessing goodwill impairment. The quantitative impairment test indicated that the fair values of our three reporting units - PVG, AAG, and SSG - exceeded their respective carrying values by 44%, 18%, and 38%, respectively. Additionally, we performed a qualitative analysis at year end and concluded that it was not more likely than not that the fair values of the reporting units were less than the carrying values. No impairment charges have been incurred to date.
Intangible assets including customer relationships, certain trademarks, and the Company’s core technology, are subject to amortization over their respective useful lives, and are classified in intangibles, net in the accompanying consolidated balance sheet. These intangibles are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be fully recoverable. If facts and circumstances indicate that the carrying value might not be recoverable, projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining useful lives is compared against their respective carrying amounts. If an asset is found to be impaired, the impairment charge will be measured as the amount by which the carrying amount of an entity exceeds its fair value. Certain trademarks and brands are considered to be indefinite life intangibles and are not amortized but are subject to testing for impairment annually.
Self Insurance Self-Insurance - The Company is self-insured for its U.S. employee health and welfare benefits. The Company’s liability for self-insurance is based on claims filed and an estimate of claims incurred but not yet reported. The Company considers a number of factors, including historical claims information, when determining the amount of the accrual. Costs related to the administration of the plan and related claims are expensed as incurred. The Company has third-party insurance coverage to limit exposure for individually significant claims.
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, bikes, and baseball and softball gear and equipment. Powered vehicles include side-by-sides, on-road vehicles with off-road capabilities, off-road vehicles and trucks, ATVs, snowmobiles, specialty vehicles and applications, 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. Revenues generated from upfit packages generally do not include the vehicle chassis, as the Company is not the principal in this arrangement and the automotive dealer purchases the chassis directly from the OEM. The Company is required to place a deposit on Stellantis vehicle chassis, however that deposit is refunded when the chassis is sold through to the end customer. For other chassis, the Company entered into floor plan financing agreements, in which the Company pays interest expense based on the duration of time the chassis stay on the Company's premises. Revenues generated from custom upfit packages from our Outside Van subsidiary generally include the vehicle chassis, of which the Company has the risks and rewards of ownership and are recognized over-time as work is performed based on actual costs incurred.
We elected as a practical expedient to not capitalize the incremental costs to obtain contracts with customers since the amortization period would have been one year or less.
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.
Cost of Sales
Cost of Sales - Cost of sales primarily consists of materials and labor expense in the manufacturing of the Company’s products sold to customers. Cost of sales also includes provisions for excess and obsolete inventory, warranty costs, certain allocated costs for facilities, depreciation and other manufacturing overhead. Additionally, it includes stock-based compensation for personnel directly involved with manufacturing the Company’s product offerings.
Shipping and Handling Fees and Costs
Shipping and Handling Fees and Costs - The Company includes shipping and handling fees billed to customers in sales. Shipping costs associated with freight are capitalized as part of inventory and included in cost of sales as products are sold.
Sales and Marketing
Sales and Marketing - Our sales and marketing expenses include costs related to our sales, customer service and marketing personnel, including their wages, employee benefits and related stock-based compensation, and occupancy related expenses. Other significant sales and marketing expenses include commissions paid to outside sales representatives, promotional materials and products, our sales office costs, race support and sponsorships of events and athletes, advertising and promotions related to trade shows, and travel and entertainment.
Research and Development
Research and Development - Research and development expenses consist primarily of salaries and personnel costs, including wages, employee benefits and related stock-based compensation for the Company’s engineering, research and development teams, occupancy related expenses, fees for third party consultants, service fees, and expenses for prototype tooling and materials, travel, and supplies. The Company expenses research and development costs as incurred.
General and Administrative General and Administrative - General and administrative expenses include costs related to executive, finance, information technology, human resources and administrative personnel, including wages, employee benefits and related stock-based compensation expenses. The Company records professional and contract service expenses, occupancy related expenses associated with corporate locations and equipment, and legal expenses in general and administrative expenses.
Stock-Based Compensation
Stock-Based Compensation - The Company measures stock-based compensation for all stock-based awards, including stock options and RSUs, based on their estimated fair values on the date of the grant and recognizes the stock-based compensation cost for time-vested awards on a straight-line basis over the requisite service period. For performance-based RSUs, the number of shares ultimately expected to vest is estimated at each reporting date based on management’s expectations regarding the relevant performance criteria. To the extent shares are expected to vest, the stock-based compensation cost is recognized on a straight-line basis over the requisite service period. The fair value of each stock option granted is estimated using the Black-Scholes option-pricing model. The Company does not estimate forfeitures in recognizing stock-based compensation expense. The fair value of the RSUs is equal to the fair value of the Company’s common stock, that is a derivative of RSUs, on the grant date of the award.
Income Taxes
Income Taxes - Income taxes are computed using the asset and liability method, under which deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Operating loss and tax credit carryforwards are measured by applying currently enacted tax laws. Valuation allowances are provided when necessary to reduce net deferred tax assets to an amount that is more likely than not to be realized.
The Company accounts for global intangible low-taxed income (“GILTI”) in the year the tax is incurred, rather than recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years. The net GILTI inclusion for the year ended January 3, 2025 was partially offset by foreign tax credits associated with the income.
The Company recognizes the tax effects of an uncertain tax position only if it is more likely than not to be sustained based solely on its technical merits as of the reporting date and then only in an amount more likely than not to be sustained upon review by the tax authorities. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments, and which may not accurately anticipate actual outcomes.
Advertising Advertising - Advertising costs are expensed as incurred and recorded as sales and marketing expenses on our Consolidated Statements of Income.
Warranties Warranties - The Company offers limited warranties on its products generally for one to three years. The Company recognizes estimated costs related to warranty activities as a component of cost of sales upon product shipment. The estimates are based upon historical product failure rates and historical costs incurred in correcting product failures. The recorded amount is adjusted from time to time for specifically identified warranty exposures. Actual warranty expenses are charged against the Company’s estimated warranty liability when incurred. Factors that affect the Company’s liability include the number of units, historical and anticipated rates of warranty claims, and the cost per claim.
Segments
Segments - The Company determined that, as of the end of the first quarter of fiscal year 2024, due to the manner in which we began to operate the business to further drive long term value to our stockholders and customers, we have three operating and reportable segments: PVG, AAG, and SSG. 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 (“CODM”) in deciding how to allocate resources and in assessing performance. The CODM for the Company is the Chief Executive Officer. Starting in March 2024, the Chief Executive Officer reviews additional financial information by operating and reportable segment for purposes of allocating resources and evaluating financial performance. Adjusted EBITDA is utilized by the CODM to evaluate segment profitability and inform strategic decisions regarding investments, cost management, and resource allocation. On a regular basis, the CODM reviews budget-to-actual variances for adjusted EBITDA to guide capital and personnel distribution. During the annual budgeting and forecasting process, segment adjusted EBITDA is used by the CODM to measure segment performance and to allocate resources such as employees, financial assets, or capital. Additionally, adjusted EBITDA is reviewed by the CODM in evaluating the efficiency of cost management strategies within each segment, ensuring that financial and operational resources are optimized and in alignment with the Company's overall strategic objectives.
Reclassifications - We reclassified certain prior period amounts within our consolidated balance sheets, consolidated statements of other comprehensive income, consolidated statements of cash flows, Note 2 - Revenues, and Note 7 - Goodwill and Intangible Assets for the year ended December 30, 2022 to conform to our current year presentation. The reclassifications did not have any impact on net income or other major financial statement line items.
As of December 29, 2023, the Company classified all of its outstanding balance of the Incremental Term A Loan as non-current based on prepaying our required quarterly amortizing principal amounts for all of fiscal 2024. The prepayment was applied pro-rata to all future quarterly amounts instead. The Company analyzed the materiality of this accidental misclassification of current and non-current debt using Staff Accounting Bulletin No. 99 and concluded that in light of surrounding circumstances, this item would not have altered the judgement of a reasonable person relying on the Annual Report on Form 10-K. The current and non-current debt balances as of December 29, 2023 within our consolidated balance sheets in this Annual Report on Form 10-K are recast to reflect the correct classification. The recast did not have any impact on net income or earnings per share.
Fair Value Measurements and Financial Instruments
Fair Value Measurements and Financial Instruments - The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification 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 current portion of long-term debt approximate their fair values due to their short-term nature. The carrying amounts of the Company’s revolver and long-term debt, excluding current portion, approximate their fair values because the interest rates vary with the market.
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, disruptions in the operations of its or its customers’ facilities, or along its global supply chain, the successful protection of its proprietary technologies, compliance with government regulations, and the possibility of not being able to obtain additional financing when needed.
International geopolitical conflicts, including continuing tensions between Taiwan and China, the Russian war in Ukraine, and the Israel-Palestine conflict on the global economy, energy supplies and raw materials may prove to negatively impact the Company’s business and operations. Additionally, the imposition of U.S. tariffs on China and retaliatory tariffs by China on the U.S. may increase costs, disrupt supply chains, and impact demand for the Company’s products. Furthermore, domestic and foreign political instability and uncertainty may create economic volatility, regulatory changes, and trade disruptions that pose additional risks to the Company’s business environment.
Non-GAAP Financial Measures - Total adjusted EBITDA presents the sum of the results of our three operating segments and unallocated corporate expenses on a consolidated basis. We believe that total adjusted EBITDA is an operating performance measure that measures operating results unaffected by differences in capital structures, capital investment cycles, and ages of related assets among otherwise comparable companies. In reviewing our corporate operating results, we also believe it is important to review the aggregate consolidated performance of all of our segments on the same basis we review the performance of each of our segments and draw comparisons between periods based on the same measure of consolidated performance.
Management provides this non-GAAP financial measure as a supplemental tool to assist investors in understanding our performance and evaluating our ongoing results of operations. Many investors are interested in understanding the performance of our business by comparing our results from ongoing operations from one period to the next and would ordinarily add back items that are not part of normal day-to-day operations of our business. This measure is intended to facilitate period-to-period comparisons by excluding items that management does not view as indicative of the Company’s day-to-day operations. By presenting adjusted EBITDA, along with reconciliations to the most directly comparable GAAP measure, we aim to support investors’ ability to analyze our results of operations and assess our progress in executing strategic initiatives.
However, total adjusted EBITDA is not a measurement of financial performance under U.S. GAAP, and our total adjusted EBITDA may not be comparable to similarly titled measures of other companies. Total adjusted EBITDA has important limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. For example, total adjusted EBITDA:
•does not reflect the Company’s cash expenditures or requirements for capital expenditures or capital commitments;
•does not reflect changes in, or cash requirements for, the Company's working capital needs; and
•does not reflect any costs related to the current or future replacement of assets being depreciated or amortized.
We also use total adjusted EBITDA:
•as a measure of operating performance to assist us in comparing our operating performance on a consistent basis because it removes the impact of items not directly resulting from our core operations;
•for planning purposes, including the preparation of our internal annual operating budgets and financial projections;
•to evaluate the performance and effectiveness of our operational strategies; and
•as a basis to calculate incentive compensation payments for our key employees.
Please see Note 20 – Segment Information for our definition of adjusted EBITDA. Under ASC 280, adjusted EBITDA is the measure of segment profitability and financial performance of our operating segments, and when used in this context, the term adjusted EBITDA is a financial measure prepared in accordance with U.S. GAAP. Adjusted EBITDA reported for the Company on a consolidated basis is a non-U.S. GAAP financial measure.
Recent Accounting Pronouncements
Recent Accounting Pronouncements - 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.
In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405): Disclosure of Supplier Finance Program Obligations. Under ASU 2022-04, the buyer in a supplier finance program is required to disclose sufficient information to allow a user of the financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. The guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. These amendments will be applied retrospectively to each period in which a balance sheet is presented, except for the disclosure of rollforward information, which will be applied prospectively. The Company adopted the interim disclosure requirements, as applicable, during the first quarter of 2023 and adopted the annual disclosure requirements, except for the annual rollforward, in the Company’s 2023 Annual Report on Form 10-K. The Company adopted the annual rollforward requirement in our 2024 Annual Report on Form 10-K. Refer to the “Bailment Pool Arrangements” section within Note 12 - Commitments and Contingencies for further details of this adoption.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in ASU 2023-07 require disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. These amendments do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. The Company adopted ASU 2023-07 in this Annual Report on Form 10-K for fiscal year 2024 ending January 3, 2025. Refer to Significant Accounting Policies - Segments above and Note 20. Segment Information for further details.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the accounting standard update, but does not expect material impact on its consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 introduces enhanced income statement expense disclosure requirements. The amendments in ASU 2023-03 require new tabular disclosures in the notes to financial statements, disaggregating specific expense categories within relevant income statement captions. These categories include inventory purchases, employee compensation, depreciation, and intangible asset amortization. The guidance is effective for fiscal years beginning after December 15, 2026, and must be applied prospectively. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.
v3.25.0.1
Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jan. 03, 2025
Accounting Policies [Abstract]  
Accounts Receivable, Allowance for Credit Loss
The following table presents the activity in the allowance for credit losses:
For the fiscal years ended
Allowance for credit losses:January 3, 2025December 29, 2023December 30, 2022
Balance, beginning of year$1,158 $443 $410 
Add: bad debt expense (benefit)913 907 446 
Less: write-offs, net of recoveries(223)(192)(413)
Balance, end of year$1,848 $1,158 $443 
Schedules of Concentration of Risk, by Risk Factor The following customers accounted for 10% or more of the Company’s accounts receivable balance:
 January 3, 2025December 29, 2023
Customer A14%18%
Schedule of Depreciation and Amortization Periods Depreciation and amortization periods for the Company’s property and equipment are as follows:
Asset ClassificationEstimated useful life
Building and building improvements
15-39 years
Information systems, office equipment and furniture
3-7 years
Internal-use computer software
10 years
Land improvements
15 years
Machinery and manufacturing equipment
5-15 years
Transportation equipment
3-5 years
Property, plant and equipment consisted of the following:
January 3, 2025December 29, 2023
Machinery and manufacturing equipment$177,261 $149,502 
Building and building improvements82,224 77,998 
Internal-use computer software38,572 35,518 
Information systems, office equipment and furniture28,725 26,972 
Leasehold improvements40,663 38,115 
Transportation equipment23,299 15,505 
Land and land improvements15,521 14,692 
Total property, plant and equipment406,265 358,302 
Less: accumulated depreciation and amortization(159,872)(121,110)
Total property, plant and equipment, net$246,393 $237,192 
The following table summarizes the allocation of depreciation expense in the accompanying consolidated statements of income:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Cost of sales$19,153 $15,040 $13,741 
General and administrative15,092 13,098 11,003 
Research and development3,158 2,916 2,441 
Sales and marketing1,635 1,040 520 
Total depreciation expense$39,038 $32,094 $27,705 

The Company’s long-lived assets by geographic location are as follows:
January 3, 2025December 29, 2023
United States$203,937 $198,033 
International42,456 39,159 
Total long-lived assets$246,393 $237,192 
v3.25.0.1
Revenues (Tables)
 12 Months Ended
Jan. 03, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenues The following table summarizes total net sales by segment:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Powered Vehicles Group$461,403 $523,862 $432,388 
Aftermarket Applications Group421,453 551,143 489,132 
Specialty Sports Group511,065 389,173 680,971 
Total net sales$1,393,921 $1,464,178 $1,602,491 

The following table summarizes total net sales by sales channel:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
OEM$612,679 $725,232 $909,550 
Aftermarket/Non-OEM(1)
781,242 738,946 692,941 
Total net sales$1,393,921 $1,464,178 $1,602,491 
(1) Aftermarket/non-OEM sales include sales to dealers and dealerships, distributors, sales through our websites, retail sales and various others, including Marucci’s sales within each of these.

The following table summarizes total net sales generated by geographic location of the customer:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
North America$1,097,329 $1,127,587 $1,009,203 
Europe165,043 187,762 320,545 
Asia109,074 125,488 252,275 
Rest of the World22,475 23,341 20,468 
Total net sales$1,393,921 $1,464,178 $1,602,491 
v3.25.0.1
Inventory (Tables)
 12 Months Ended
Jan. 03, 2025
Inventory Disclosure [Abstract]  
Inventory
Inventory consisted of the following:
January 3, 2025December 29, 2023
Raw materials$245,368 $217,888 
Work-in-process16,519 8,813 
Finished goods142,849 145,140 
Total inventory$404,736 $371,841 
v3.25.0.1
Prepaids and Other Current Assets (Tables)
 12 Months Ended
Jan. 03, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Accrued Expenses
Prepaids and other current assets consisted of the following:
January 3, 2025December 29, 2023
Prepaid chassis deposits$47,094 $108,866 
Advanced payments and prepaid contracts26,496 14,025 
Other current assets11,853 18,621 
Total prepaids and other assets$85,443 $141,512 
Accrued expenses consisted of the following:
January 3, 2025December 29, 2023
Payroll and related expenses$22,504 $17,988 
Income tax payable9,343 21,743 
Warranty21,593 20,001 
Current portion of lease liabilities16,683 14,115 
Accrued sales rebate7,852 11,885 
Other accrued expenses13,452 17,668 
Total accrued expenses$91,427 $103,400 
v3.25.0.1
Property, Plant and Equipment, net (Tables)
 12 Months Ended
Jan. 03, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Depreciation and amortization periods for the Company’s property and equipment are as follows:
Asset ClassificationEstimated useful life
Building and building improvements
15-39 years
Information systems, office equipment and furniture
3-7 years
Internal-use computer software
10 years
Land improvements
15 years
Machinery and manufacturing equipment
5-15 years
Transportation equipment
3-5 years
Property, plant and equipment consisted of the following:
January 3, 2025December 29, 2023
Machinery and manufacturing equipment$177,261 $149,502 
Building and building improvements82,224 77,998 
Internal-use computer software38,572 35,518 
Information systems, office equipment and furniture28,725 26,972 
Leasehold improvements40,663 38,115 
Transportation equipment23,299 15,505 
Land and land improvements15,521 14,692 
Total property, plant and equipment406,265 358,302 
Less: accumulated depreciation and amortization(159,872)(121,110)
Total property, plant and equipment, net$246,393 $237,192 
The following table summarizes the allocation of depreciation expense in the accompanying consolidated statements of income:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Cost of sales$19,153 $15,040 $13,741 
General and administrative15,092 13,098 11,003 
Research and development3,158 2,916 2,441 
Sales and marketing1,635 1,040 520 
Total depreciation expense$39,038 $32,094 $27,705 

The Company’s long-lived assets by geographic location are as follows:
January 3, 2025December 29, 2023
United States$203,937 $198,033 
International42,456 39,159 
Total long-lived assets$246,393 $237,192 
v3.25.0.1
Leases - (Tables)
 12 Months Ended
Jan. 03, 2025
Leases [Abstract]  
Lease Costs
Operating lease costs consisted of the following:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Operating lease cost$21,467 $15,656 $11,209 
Other lease costs (1)4,443 3,846 3,638 
Total lease costs$25,910 $19,502 $14,847 
(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
Supplemental balance sheet information related to the Company’s operating leases is as follows:
Balance Sheet ClassificationJanuary 3, 2025
Operating lease right-of-use assetsLease right-of-use assets$104,019 
Current lease liabilitiesAccrued expenses$16,683 
Non-current lease liabilitiesOther liabilities$88,168 
Maturity of Lease Liabilities
Maturities of lease liabilities by fiscal year for the Company’s operating leases are as follows:
For fiscal yearTotal future payments
2025$20,544 
202618,856 
202714,250 
202813,398 
202911,716 
Thereafter48,789 
Total lease payments127,553 
Less: imputed interest(22,702)
Present value of lease liabilities104,851 
Less: current portion(16,683)
Lease liabilities less current portion$88,168 
v3.25.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Jan. 03, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Excluding Goodwill
Intangible assets, excluding goodwill, are comprised of the following:
Gross
carrying
amount		Accumulated
amortization		Net
carrying
amount		Weighted
average life
(years)
January 03, 2025
Trademarks and brands, subject to amortization$233,728 $(25,172)$208,556 14
Customer and distributor relationships 292,934 (131,349)161,585 12
Core technologies62,169 (39,015)23,154 10
Total$588,831 $(195,536)393,295 
Trademarks and brands, not subject to amortization55,570 
Total$448,865 
December 29, 2023
Trademarks and brands, subject to amortization$226,563 $(8,840)$217,723 14
Customer and distributor relationships 290,518 (106,249)184,269 12
Core technologies61,439 (35,654)25,785 10
Total$578,520 $(150,743)427,777 
Trademarks and brands, not subject to amortization55,570 
Total$483,347 
Schedule of Finite-Lived Intangible Assets, Amortization Expense
The following table summarizes the amortization of intangible assets in the accompanying consolidated statements of income:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Amortization of intangibles$44,528 $26,509 $21,537 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Future amortization expense for finite-lived intangibles as of January 3, 2025 is as follows:
For fiscal year:Amortization Expense
2025$42,067 
202641,433 
202740,007 
202837,468 
202936,244 
Thereafter196,076 
Total expected future amortization$393,295 
Schedule of Goodwill
Goodwill activity attributable to each reporting unit consisted of the following:
PVGAAGSSGTotal
Balance as of December 29, 2023$90,683 $257,972 $287,910 $636,565 
Acquisitions (Refer to Note 18. Acquisitions)
3,504 1,879 — 5,383 
Purchase price adjustments (Refer to Note 18. Acquisitions)
— (1,608)(670)(2,278)
Currency translation and other adjustments(124)— (41)(165)
Balance as of January 3, 2025$94,063 $258,243 $287,199 $639,505 
v3.25.0.1
Accrued Expenses (Tables)
 12 Months Ended
Jan. 03, 2025
Payables and Accruals [Abstract]  
Accrued Expenses
Prepaids and other current assets consisted of the following:
January 3, 2025December 29, 2023
Prepaid chassis deposits$47,094 $108,866 
Advanced payments and prepaid contracts26,496 14,025 
Other current assets11,853 18,621 
Total prepaids and other assets$85,443 $141,512 
Accrued expenses consisted of the following:
January 3, 2025December 29, 2023
Payroll and related expenses$22,504 $17,988 
Income tax payable9,343 21,743 
Warranty21,593 20,001 
Current portion of lease liabilities16,683 14,115 
Accrued sales rebate7,852 11,885 
Other accrued expenses13,452 17,668 
Total accrued expenses$91,427 $103,400 
Activity Related to Warranties
Activity related to warranties is as follows:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Beginning warranty liability$20,001 $17,071 $15,510 
Charge to cost of sales18,276 16,114 11,387 
Fair value of warranty assumed in acquisition514 391 — 
Costs incurred(17,198)(13,575)(9,826)
Ending warranty liability$21,593 $20,001 $17,071 
v3.25.0.1
Debt (Tables)
 12 Months Ended
Jan. 03, 2025
Debt Disclosure [Abstract]  
Summary of Amended and Restated Credit Facility
The following table summarizes the revolver under the 2022 Credit Facility:
January 3, 2025December 29, 2023
Amount outstanding$153,000 $370,000 
Standby letters of credit$155 $— 
Available borrowing capacity$496,845 $280,000 
Total borrowing capacity$650,000 $650,000 
Maturity dateApril 5, 2027April 5, 2027
Schedule of Future Principal Payments
As of January 3, 2025, future principal payments for term loan debt, including the current portion, as summarized as follows:
For fiscal yearJanuary 3, 2025
2025$24,286 
202624,286 
2027512,142 
Total$560,714 
Debt issuance cost(8,653)
Long-term debt, net of issuance cost552,061 
Less: current portion(24,286)
Long-term debt less current portion$527,775 
v3.25.0.1
Derivatives and Hedging (Tables)
 12 Months Ended
Jan. 03, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives
As of January 3, 2025 and December 29, 2023, the Company had the following interest rate swap contracts:
January 3, 2025December 29, 2023
Effective DateTermination DateNotional AmountUnrealized Gain (Loss) in AOCIUnrealized Gain in AOCI
September 2, 2020June 11, 2021$200,000$16 $104 
July 2, 2021April 5, 2022$200,000767 5,013 
April 5, 2022April 5, 2027$100,0002,650 3,394 
September 20, 2024December 26, 2025$100,000(87)— 
September 20, 2024December 25, 2026$200,000903 — 
September 20, 2024September 21, 2029$100,0002,219 — 
Total $6,468 $8,511 
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Jan. 03, 2025
Commitments and Contingencies Disclosure [Abstract]  
Supplier Finance Program
The following table sets forth a rollforward of GM and Ford chassis utilization for the year ended January 3, 2025:
January 3, 2025
Beginning balance: Supplier financed chassis$20,398 
Add: New supplier financed chassis298,156 
Less: Supplier financed chassis sold(271,689)
Ending balance: Supplier financed chassis$46,865 
v3.25.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Jan. 03, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
The following table summarizes the allocation of stock-based compensation in the accompanying consolidated statements of income:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Cost of sales$1,124 $1,179 $957 
Sales and marketing1,303 1,501 924 
Research and development1,198 1,175 946 
General and administrative5,981 12,610 13,524 
Total$9,606 $16,465 $16,351 
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
The following table summarizes RSU activity:
Unvested RSUs
Number of shares outstandingWeighted-average grant date fair value
Unvested at December 30, 2021338 $76.30 
Granted142 $95.34 
Canceled(17)$97.00 
Vested(166)$73.14 
Unvested at December 30, 2022297 $87.05 
Granted135 $109.23 
Canceled(44)$90.91 
Vested(141)$83.97 
Unvested at December 29, 2023247 $100.21 
Granted333 $45.82 
Canceled(43)$71.30 
Vested(137)$94.76 
Unvested at January 3, 2025400 $59.88 
Schedule of Nonvested Performance-based Units Activity
The following table summarizes the activity for the Company’s unvested PSUs for the year ended January 3, 2025:
Unvested PSUs
Number of shares outstandingWeighted-average grant date fair value
Unvested at December 31, 202129 $141.46 
Granted37 $120.90 
Canceled(4)$126.73 
Vested(14)$141.46 
Unvested at December 30, 202248 $126.69 
Granted45 $114.04 
Canceled(10)$120.08 
Vested(13)$141.57 
Unvested at December 29, 202370 $116.54 
Granted232 $46.38 
Canceled(26)$52.30 
Vested(30)$118.09 
Unvested at January 3, 2025246 $57.00 
Schedule of Share-based Compensation, Stock Options, Activity
The following table summarizes stock option activity:
Number of shares outstandingWeighted-average exercise priceWeighted-average remaining contractual life (years)Aggregate intrinsic value
Balance at December 31, 202133 $5.16 2$5,389 
Options exercised(33)$5.16 $2,470 
Balance at December 30, 2022— $— 0$— 
Options exercised— $— $— 
Balance at December 29, 2023— $— 0$— 
Options exercised— $— $— 
Balance at January 3, 2025— $— 0$— 
Options vested and expected to vest - January 3, 2025— $— 0$— 
Options exercisable - January 3, 2025— $— 0$— 
v3.25.0.1
Earnings Per Share (Tables)
 12 Months Ended
Jan. 03, 2025
Earnings Per Share [Abstract]  
Calculation of Basic and Diluted Earnings Per Share
The following table presents the calculation of basic and diluted earnings per share:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Net income attributable to FOX stockholders$6,550 $120,846 $205,278 
Weighted average shares used to compute basic earnings per share41,681 42,305 42,232 
Dilutive effect of employee stock plans36 127 152 
Weighted average shares used to compute diluted earnings per share41,717 42,432 42,384 
Earnings per share:
Basic$0.16 $2.86 $4.86 
Diluted$0.16 $2.85 $4.84 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Jan. 03, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense
The components of income tax expense are as follows:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Current:
Federal$9,464 $14,427 $33,622 
State3,568 5,404 4,372 
Foreign4,646 5,850 11,964 
Total current17,678 25,681 49,958 
Deferred:
Federal(21,107)(4,782)(17,447)
State(2,041)(2,693)(2,837)
Foreign(30)(389)(1,188)
Total deferred(23,178)(7,864)(21,472)
(Benefit) provision for income taxes$(5,500)$17,817 $28,486 
Schedule of Income before Income Tax, Domestic and Foreign
The Company’s income (loss) before provision for income taxes was subject to taxes in the following jurisdictions for the following periods:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
United States$(13,351)$114,128 $197,640 
Foreign14,363 24,535 36,124 
Total income before provision for income taxes$1,012 $138,663 $233,764 
Schedule of Effective Income Tax Rate Reconciliation
The following table presents a reconciliation of the statutory federal rate and the Company’s effective tax rate for the periods presented:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Tax at federal statutory rate21.0 %21.0 %21.0 %
Research and development tax credit(645.2)(3.8)(2.9)
Foreign derived income benefit(263.8)(4.4)(6.6)
Adjustments with respect to prior periods(243.5)— — 
Stock-based compensation182.1 (0.2)(0.5)
GILTI126.2 0.7 0.4 
State taxes, net of federal benefit120.6 0.8 0.6 
Valuation allowance on DTAs111.5 0.3 (3.8)
Executive compensation deduction limitation20.2 0.6 0.8 
Federal return to provision15.8 (2.2)1.0 
Change in liability for unrecognized tax benefits(1.4)0.7 — 
Foreign withholding taxes, net of foreign tax credits— — 1.1 
Other13.0 (0.7)1.1 
Effective tax rate(543.5)%12.8 %12.2 %
Schedule of Deferred Tax Assets and Liabilities
Deferred Income Taxes
January 3, 2025December 29, 2023
Deferred tax assets:
Foreign tax credits, including amounts associated with accrued charges$47,394 $51,232 
Capitalized research & development44,967 23,778 
 Lease liability21,368 16,597 
 Inventory 9,555 9,673 
 Accrued liabilities 7,519 7,299 
Interest Carryforward5,868 — 
Net operating losses2,071 3,226 
Research and development tax credits4,946 2,402 
Interest rate swap1,544 2,010 
Other2,441 3,014 
Total deferred tax asset147,673 119,231 
Valuation allowance(1,785)(693)
Net deferred tax asset145,888 118,538 
Deferred tax liabilities:
Intangible assets(63,016)(65,090)
Lease right-of-use-asset(21,389)(17,117)
Depreciation(12,554)(12,192)
Other(4,565)(2,842)
Total deferred tax liability(101,524)(97,241)
Net deferred tax asset$44,364 $21,297 
Schedule of Unrecognized Tax Benefits Roll Forward
Unrecognized Tax Benefits
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Balance - beginning of period$1,274 $119 $228 
Increase related to current year tax positions686 1,274 — 
Decrease related to prior year tax positions(1,931)(119)(109)
Balance - end of period$29 $1,274 $119 
v3.25.0.1
Fair Value Measurement and Financial Instruments (Tables)
 12 Months Ended
Jan. 03, 2025
Fair Value Disclosures [Abstract]  
Liabilities Measured at Fair Value on Recurring Basis
The following table presents the Company’s hierarchy for its assets, liabilities and redeemable non-controlling interest measured at fair value on a recurring basis as of the following periods:
January 3, 2025December 29, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Interest Rate Swaps$— $5,685 $— $5,685 $— $3,394 $— $3,394 
Deferred Compensation Plan Investments4,394 — — 4,394 3,794 — — 3,794 
Total assets measured at fair value$4,394 $5,685 $— $10,079 $3,794 $3,394 $— $7,188 
Liabilities:
Incremental Term Loans— 552,061 — 552,061 — 373,528 — 373,528 
Revolver— 153,000 — 153,000 — 370,000 — 370,000 
Total liabilities measured at fair value$— $705,061 $— $705,061 $— $743,528 $— $743,528 
v3.25.0.1
Acquisitions (Tables)
 12 Months Ended
Jan. 03, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Allocation of Purchase Price to Assets Acquired and Liabilities Assumed
The Company’s allocation of the purchase price to the net tangible and intangible assets acquired and liabilities assumed is as follows:
Fair market values
Tangible assets acquired$34,622 
Liabilities assumed(19,593)
Intangible assets48,753 
Goodwill66,002 
Total$129,784 
The following table summarizes the fair values of the identifiable assets acquired and liabilities assumed at the date of the acquisition:
Acquisition consideration
Cash consideration, net of cash acquired$567,092 
Due to sellers144 
Total consideration at closing$567,236 
Fair market values
Accounts receivable$31,268 
Inventory52,672 
Prepaid and other current assets1,256 
Property, plant and equipment19,257 
Lease right-of-use assets9,423 
Trademarks and brands174,700 
Customer and distributor relationships83,800 
Core technologies20,600 
Goodwill244,120 
Other assets583 
Total assets acquired$637,679 
Accounts payable$13,626 
Accrued expenses10,512 
Other current liabilities1,854 
Deferred Taxes37,462 
Other liabilities6,989 
Total liabilities assumed$70,443 
Purchase price allocation$567,236 
The following table summarizes the provisional fair values of the identifiable assets acquired and liabilities assumed at the date of the acquisition:
Acquisition consideration
Cash consideration, net of cash acquired$20,501 
Total consideration at closing$20,501 
Fair market value
Accounts receivable$6,706 
Inventory12,097 
Prepaids and other current assets1,527 
Property, plant, and equipment5,888 
Trademarks and brands1,491 
Customer and distributor relationships2,000 
Core technologies12 
Goodwill3,475 
Other assets4,854 
Total assets acquired$38,050 
Accounts payable$12,175 
Accrued expenses2,176 
Deferred tax liability840 
Other liabilities2,358 
Total liabilities assumed$17,549 
Purchase price allocation$20,501 
v3.25.0.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Jan. 03, 2025
Foreign Currency [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in accumulated other comprehensive income (loss):
Interest Rate SwapsForeign Currency TranslationTotal
Balance as of December 30, 202217,770 (2,988)14,782 
Change in interest rate swaps fair value830 — 830 
Net gain reclassified to interest expense(6,775)— (6,775)
Income tax provision on interest rate swaps(1,303)— (1,303)
Foreign currency translation adjustments— 1,507 1,507 
Balance as of December 29, 202310,522 (1,481)9,041 
Change in interest rate swaps fair value6,418 — 6,418 
Net gain reclassified to interest expense(8,460)— (8,460)
Income tax provision on interest rate swaps(466)— (466)
Foreign currency translation adjustments— (6,309)(6,309)
Balance as of January 3, 2025$8,014 $(7,790)$224 
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Jan. 03, 2025
Segment Reporting [Abstract]  
Summary of Segment Information
The tables that follow show selected segment financial information including information for prior comparative periods. Unallocated corporate expenses are corporate overhead expenses that are not directly attributable to one of our business segments and include unallocated occupancy costs for our corporate headquarters, acquisition costs, other benefit and compensation programs, including performance-based compensation, and administrative expenses such as accounting, finance, legal, human resources, and information technology expenses.
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Net sales
Powered Vehicles Group$461,403 $523,862 $432,388 
Aftermarket Applications Group421,453 551,143 489,132 
Specialty Sports Group511,065 389,173 680,971 
Net sales$1,393,921 $1,464,178 $1,602,491 
Net income6,512 120,846 205,278 
(Benefit) provision for income taxes(5,500)17,817 28,486 
Depreciation and amortization83,566 58,603 49,241 
Non-cash stock-based compensation9,606 16,465 16,351 
Litigation and settlement-related expenses4,329 2,724 4,222 
Other acquisition and integration-related expenses (1)8,054 19,214 1,710 
Organizational restructuring expenses3,218 3,952 — 
Loss on fixed asset disposals related to organizational restructure— 1,027 — 
Strategic transformation costs1,689 — 2,769 
Non-recurring property tax assessment— — 841 
Interest and other expense, net55,539 20,400 12,933 
Adjusted EBITDA$167,013 $261,048 $321,831 
Powered Vehicles Group53,819 79,159 (6,163)
Aftermarket Applications Group51,745 126,784 130,947 
Specialty Sports Group117,811 117,766 260,101 
Unallocated corporate expenses(56,362)(62,661)(63,054)
Adjusted EBITDA$167,013 $261,048 $321,831 
(1) Represents various acquisition-related costs and expenses incurred to integrate acquired entities into the Company’s operations and the impact of the finished goods inventory valuation adjustment recorded in connection with the purchase of acquired assets, per period as follows:
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Acquisition related costs and expenses$3,569 $6,206 $1,710 
Purchase accounting inventory fair value adjustment amortization4,485 13,008 — 
Other acquisition and integration-related expenses$8,054 $19,214 $1,710 
Individual expenses are not a primary focus in segment-level decision-making as the CODM relies on adjusted EBITDA as the key financial metric for assessing performance and allocating resources across segments. The following table presents the Company’s other segment items that consist of costs of sales and operating expenses excluding depreciation and amortization, non-cash stock-based compensation, litigation and settlement-related expenses, other acquisition and integration-related expenses, organizational restructuring-related expenses, strategic transformation costs, and non-recurring property tax assessment.
For the fiscal years ended
January 3, 2025December 29, 2023December 30, 2022
Powered Vehicles Group$407,584 $444,703 $438,551 
Aftermarket Applications Group369,708 424,359 358,185 
Specialty Sports Group393,254 271,407 420,870 
Unallocated corporate expenses56,362 62,661 63,054 
$1,226,908 $1,203,130 $1,280,660 
v3.25.0.1
Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)
 9 Months Ended 12 Months Ended
Sep. 27, 2024
unit
Sep. 30, 2022
USD ($)
Jan. 03, 2025
USD ($)
segment
Dec. 29, 2023
USD ($)
Dec. 30, 2022
USD ($)
Description of Business and Basis of Presentation [Line Items]          
Foreign currency transaction (losses) gains   $ 3,377,000 $ 1,811,000 $ 1,465,000  
Cash and cash equivalents     71,674,000 83,642,000  
Internal use computer software costs capitalized     3,054,000 5,254,000 $ 4,683,000
Asset impairment charges     0 0 0
Number of reporting units | unit 3        
Goodwill impairment     0    
Impairment of intangible assets     0 0 0
Estimates for unpaid claims     2,031,000 2,203,000  
Advertising expense     $ 10,695,000 $ 6,717,000 $ 4,813,000
Number of operating segments | segment     3    
Number of reportable segments | segment     3    
PVG          
Description of Business and Basis of Presentation [Line Items]          
Fair value exceeded respective carrying value, percentage     44.00%    
AAG          
Description of Business and Basis of Presentation [Line Items]          
Fair value exceeded respective carrying value, percentage     18.00%    
SSG          
Description of Business and Basis of Presentation [Line Items]          
Fair value exceeded respective carrying value, percentage     38.00%    
Minimum          
Description of Business and Basis of Presentation [Line Items]          
Warranty period     1 year    
Maximum          
Description of Business and Basis of Presentation [Line Items]          
Warranty period     3 years    
Purchases | Supplier Concentration Risk          
Description of Business and Basis of Presentation [Line Items]          
Concentration risk, accounts receivable percentage   34.00% 26.00% 29.00%  
Accounts Payable | Supplier Concentration Risk          
Description of Business and Basis of Presentation [Line Items]          
Concentration risk, accounts receivable percentage     21.00% 20.00%  
U.S.          
Description of Business and Basis of Presentation [Line Items]          
Cash and cash equivalents     $ 63,743,000    
International          
Description of Business and Basis of Presentation [Line Items]          
Cash and cash equivalents     $ 7,931,000    
v3.25.0.1
Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies - Customers Accounted for 10% or More of Accounts Receivable Balance (Details)
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Accounts Receivable | Customer A | Customer Concentration Risk    
Concentration Risk [Line Items]    
Concentration risk, percentage 14.00% 18.00%
v3.25.0.1
Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies - Activity in Allowance For Doubtful Accounts (Details) - Allowance for Doubtful Accounts - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance, beginning of year $ 1,158 $ 443 $ 410
Add: bad debt expense (benefit) 913 907 446
Less: write-offs, net of recoveries (223) (192) (413)
Balance, end of year $ 1,848 $ 1,158 $ 443
v3.25.0.1
Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies - Depreciation and Amortization Periods for the Company's Property and Equipment (Details)
Jan. 03, 2025
Building and building improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful life 15 years
Building and building improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful life 39 years
Information systems, office equipment and furniture | Minimum  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful life 3 years
Information systems, office equipment and furniture | Maximum  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful life 7 years
Internal-use computer software  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful life 10 years
Land improvements  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful life 15 years
Machinery and manufacturing equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful life 5 years
Machinery and manufacturing equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful life 15 years
Transportation equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful life 3 years
Transportation equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful life 5 years
v3.25.0.1
Revenues - Sales by Product Category (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Disaggregation of Revenue [Line Items]      
Net sales $ 1,393,921 $ 1,464,178 $ 1,602,491
Powered Vehicles Group      
Disaggregation of Revenue [Line Items]      
Net sales 461,403 523,862 432,388
Aftermarket Applications Group      
Disaggregation of Revenue [Line Items]      
Net sales 421,453 551,143 489,132
Specialty Sports Group      
Disaggregation of Revenue [Line Items]      
Net sales $ 511,065 $ 389,173 $ 680,971
v3.25.0.1
Revenues - Sales by Sales Channel (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Disaggregation of Revenue [Line Items]      
Net sales $ 1,393,921 $ 1,464,178 $ 1,602,491
OEM      
Disaggregation of Revenue [Line Items]      
Net sales 612,679 725,232 909,550
Aftermarket      
Disaggregation of Revenue [Line Items]      
Net sales $ 781,242 $ 738,946 $ 692,941
v3.25.0.1
Revenues - Sales by Geographic Location (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Disaggregation of Revenue [Line Items]      
Net sales $ 1,393,921 $ 1,464,178 $ 1,602,491
North America      
Disaggregation of Revenue [Line Items]      
Net sales 1,097,329 1,127,587 1,009,203
Asia      
Disaggregation of Revenue [Line Items]      
Net sales 109,074 125,488 252,275
Europe      
Disaggregation of Revenue [Line Items]      
Net sales 165,043 187,762 320,545
Rest of the world      
Disaggregation of Revenue [Line Items]      
Net sales $ 22,475 $ 23,341 $ 20,468
v3.25.0.1
Inventory (Details) - USD ($)
$ in Thousands
Jan. 03, 2025
Dec. 29, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 245,368 $ 217,888
Work-in-process 16,519 8,813
Finished goods 142,849 145,140
Total inventory $ 404,736 $ 371,841
v3.25.0.1
Prepaids and Other Current Assets (Details) - USD ($)
$ in Thousands
Jan. 03, 2025
Dec. 29, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepaid chassis deposits $ 47,094 $ 108,866
Advanced payments and prepaid contracts 26,496 14,025
Other current assets 11,853 18,621
Total prepaids and other assets $ 85,443 $ 141,512
v3.25.0.1
Property, Plant and Equipment, net - Components (Details) - USD ($)
$ in Thousands
Jan. 03, 2025
Dec. 29, 2023
Property, Plant and Equipment [Line Items]    
Property, plant and equipment gross $ 406,265 $ 358,302
Less: accumulated depreciation and amortization (159,872) (121,110)
Total property, plant and equipment, net 246,393 237,192
Building and building improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment gross 82,224 77,998
Information systems, office equipment and furniture    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment gross 28,725 26,972
Internal-use computer software    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment gross 38,572 35,518
Land and land improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment gross 15,521 14,692
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment gross 40,663 38,115
Machinery and manufacturing equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment gross 177,261 149,502
Transportation equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment gross $ 23,299 $ 15,505
v3.25.0.1
Property, Plant and Equipment, net - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 39,038 $ 32,094 $ 27,705
Amortization of internal use software 3,949 2,916 3,787
Internal use computer software costs capitalized $ 3,054 $ 5,254 $ 4,683
v3.25.0.1
Property, Plant and Equipment, net - Summary of Depreciation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Property, Plant and Equipment [Line Items]      
Depreciation expense $ 39,038 $ 32,094 $ 27,705
Cost of sales      
Property, Plant and Equipment [Line Items]      
Depreciation expense 19,153 15,040 13,741
General and administrative      
Property, Plant and Equipment [Line Items]      
Depreciation expense 15,092 13,098 11,003
Research and development      
Property, Plant and Equipment [Line Items]      
Depreciation expense 3,158 2,916 2,441
Sales and marketing      
Property, Plant and Equipment [Line Items]      
Depreciation expense $ 1,635 $ 1,040 $ 520
v3.25.0.1
Property, Plant and Equipment, net - Long-lived Assets by Geographic Location (Details) - USD ($)
$ in Thousands
Jan. 03, 2025
Dec. 29, 2023
Property, Plant and Equipment [Line Items]    
Long-lived assets $ 246,393 $ 237,192
United States    
Property, Plant and Equipment [Line Items]    
Long-lived assets 203,937 198,033
International    
Property, Plant and Equipment [Line Items]    
Long-lived assets $ 42,456 $ 39,159
v3.25.0.1
Leases - Narrative (Details)
Jan. 03, 2025
Lessee, Lease, Description [Line Items]  
Weighted average remaining lease term 8 years 10 months 2 days
Weighted-average incremental borrowing rate 3.96%
Minimum  
Lessee, Lease, Description [Line Items]  
Remaining term 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Remaining term 20 years
v3.25.0.1
Leases - Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Leases [Abstract]      
Operating lease cost $ 21,467 $ 15,656 $ 11,209
Other lease costs 4,443 3,846 3,638
Total $ 25,910 $ 19,502 $ 14,847
v3.25.0.1
Leases - Supplemental Balance Sheet Information (Details) - USD ($)
$ in Thousands
Jan. 03, 2025
Dec. 29, 2023
Leases [Abstract]    
Lease right-of-use assets $ 104,019 $ 84,317
Current portion of lease liabilities 16,683  
Lease liabilities less current portion $ 88,168  
v3.25.0.1
Leases - Maturity of Lease Liabilities (Details) - USD ($)
$ in Thousands
Jan. 03, 2025
Dec. 29, 2023
Leases [Abstract]    
2025 $ 20,544  
2026 18,856  
2027 14,250  
2028 13,398  
2029 11,716  
Thereafter 48,789  
Total lease payments 127,553  
Less: imputed interest (22,702)  
Present value of lease liabilities 104,851  
Less: current portion (16,683)  
Lease liabilities less current portion $ 88,168  
Operating Lease, Liability, Statement of Financial Position [Extensible List] Liabilities  
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses Accrued expenses
v3.25.0.1
Goodwill and Intangible Assets - Intangible Assets Excluding Goodwill (Details) - USD ($)
$ in Thousands
Jan. 03, 2025
Dec. 29, 2023
Intangible Asset Excluding Goodwill [Line Items]    
Gross carrying amount $ 588,831 $ 578,520
Accumulated amortization (195,536) (150,743)
Net carrying amount 393,295 427,777
Finite-lived intangible assets 448,865 483,347
Trademarks and brands    
Intangible Asset Excluding Goodwill [Line Items]    
Trademarks and brands, not subject to amortization 55,570 55,570
Trademarks and brands    
Intangible Asset Excluding Goodwill [Line Items]    
Gross carrying amount 233,728 226,563
Accumulated amortization (25,172) (8,840)
Net carrying amount 208,556 217,723
Finite-lived intangible assets $ 264,126 $ 273,293
Weighted average life (years) 14 years 14 years
Customer and distributor relationships    
Intangible Asset Excluding Goodwill [Line Items]    
Gross carrying amount $ 292,934 $ 290,518
Accumulated amortization (131,349) (106,249)
Net carrying amount 161,585 184,269
Finite-lived intangible assets $ 161,585 $ 184,269
Weighted average life (years) 12 years 12 years
Core technologies    
Intangible Asset Excluding Goodwill [Line Items]    
Gross carrying amount $ 62,169 $ 61,439
Accumulated amortization (39,015) (35,654)
Net carrying amount 23,154 25,785
Finite-lived intangible assets $ 23,154 $ 25,785
Weighted average life (years) 10 years 10 years
v3.25.0.1
Goodwill and Intangible Assets - Amortization of Intangibles (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Finite-Lived Intangible Assets, Net [Abstract]      
Amortization of intangibles $ 44,528 $ 26,509 $ 21,537
v3.25.0.1
Goodwill and Intangible Assets - Future Amortization Expense (Details) - USD ($)
$ in Thousands
Jan. 03, 2025
Dec. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
2025 $ 42,067  
2026 41,433  
2027 40,007  
2028 37,468  
2029 36,244  
Thereafter 196,076  
Net carrying amount $ 393,295 $ 427,777
v3.25.0.1
Goodwill and Intangible Assets - Goodwill Rollforward Activity (Details)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
USD ($)
Goodwill [Line Items]  
Balance as of December 29, 2023 $ 636,565
Acquisitions (Refer to Note 18. Acquisitions) 5,383
Purchase price adjustments (Refer to Note 18. Acquisitions) (2,278)
Currency translation and other adjustments (165)
Balance as of January 3, 2025 639,505
PVG  
Goodwill [Line Items]  
Balance as of December 29, 2023 90,683
Acquisitions (Refer to Note 18. Acquisitions) 3,504
Purchase price adjustments (Refer to Note 18. Acquisitions) 0
Currency translation and other adjustments (124)
Balance as of January 3, 2025 94,063
AAG  
Goodwill [Line Items]  
Balance as of December 29, 2023 257,972
Acquisitions (Refer to Note 18. Acquisitions) 1,879
Purchase price adjustments (Refer to Note 18. Acquisitions) (1,608)
Currency translation and other adjustments 0
Balance as of January 3, 2025 258,243
SSG  
Goodwill [Line Items]  
Balance as of December 29, 2023 287,910
Acquisitions (Refer to Note 18. Acquisitions) 0
Purchase price adjustments (Refer to Note 18. Acquisitions) (670)
Currency translation and other adjustments (41)
Balance as of January 3, 2025 $ 287,199
v3.25.0.1
Accrued Expenses - Components (Details) - USD ($)
$ in Thousands
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Dec. 31, 2021
Payables and Accruals [Abstract]        
Payroll and related expenses $ 22,504 $ 17,988    
Current portion of lease liabilities 16,683 14,115    
Warranty 21,593 20,001 $ 17,071 $ 15,510
Income tax payable 9,343 21,743    
Accrued sales rebate 7,852 11,885    
Other accrued expenses 13,452 17,668    
Accrued expenses $ 91,427 $ 103,400    
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses Accrued expenses    
v3.25.0.1
Accrued Expenses - Activity Related to Warranties (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2022
Jan. 03, 2025
Dec. 29, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]      
Beginning warranty liability $ 15,510 $ 20,001 $ 17,071
Charge to cost of sales 11,387 18,276 16,114
Fair value of warranty assumed in acquisition 0 514 391
Costs incurred $ (9,826) (17,198) (13,575)
Ending warranty liability   $ 21,593 $ 20,001
v3.25.0.1
Related Party Transactions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 22, 2020
Jan. 03, 2025
Dec. 29, 2023
SCA      
Related Party Transaction [Line Items]      
Total consideration at closing $ 24,975    
SCA | FF US Holding Corp.      
Related Party Transaction [Line Items]      
Ownership interest acquired (as a percent) 20.00%    
Total consideration at closing $ 24,975    
Related Party      
Related Party Transaction [Line Items]      
Rent expense   $ 371 $ 600
v3.25.0.1
Debt - First Amended and Restated Credit Facility (Details) - USD ($)
 12 Months Ended
Nov. 14, 2023
Apr. 05, 2022
Jan. 03, 2025
Dec. 29, 2023
Jun. 30, 2019
Debt Instrument [Line Items]          
Maximum borrowing capacity     $ 650,000,000 $ 650,000,000  
Debt issuance costs $ 10,063,000 $ 1,980,000      
Unamortized debt issuance costs   4,473,000      
Weighted average interest rate on outstanding borrowings     6.43%    
Amendment to the 2022 Credit Facility          
Debt Instrument [Line Items]          
Loan fees     $ 3,490,000    
Letter of Credit          
Debt Instrument [Line Items]          
Maximum borrowing capacity   $ 650,000,000      
Revolving Credit Facility          
Debt Instrument [Line Items]          
Loan fees     $ 3,433,000    
Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent)   0.10%      
Secured Overnight Financing Rate (SOFR) | One-Month Rate          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent)     4.51%    
Secured Overnight Financing Rate (SOFR) | Three-Month Rate          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent)     4.68%    
Fed Funds Effective Rate Overnight Index Swap Rate          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent)   0.50%      
Minimum | Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent)   1.00%      
Maximum | Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent)   2.25%      
Term Loan          
Debt Instrument [Line Items]          
Term loan amount         $ 400,000,000
Term Loan | Marucci          
Debt Instrument [Line Items]          
Debt issuance costs 6,709,000        
Line of Credit          
Debt Instrument [Line Items]          
Proceeds from lines of credit   $ 475,000,000      
Unamortized debt issuance costs       $ 2,546,000  
Line of Credit | Delayed Draw Term Loan Facility | Amendment to the 2022 Credit Facility          
Debt Instrument [Line Items]          
Maximum borrowing capacity 200,000,000        
Debt issuance costs $ 3,354,000        
Interest rate, stated percentage 5.00%        
Line of Credit | Base Rate | Revolving Credit Facility          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent)   1.00%      
Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR) | Delayed Draw Term Loan Facility | Amendment to the 2022 Credit Facility          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 0.50%        
Line of Credit | Minimum | Base Rate | Revolving Credit Facility          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent)   0.00%      
Line of Credit | Minimum | Base Rate | Delayed Draw Term Loan Facility | Amendment to the 2022 Credit Facility          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 1.50%        
Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR) | Delayed Draw Term Loan Facility | Amendment to the 2022 Credit Facility          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 1.50%        
Line of Credit | Maximum | Base Rate | Revolving Credit Facility          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent)   1.00%      
Line of Credit | Maximum | Base Rate | Delayed Draw Term Loan Facility | Amendment to the 2022 Credit Facility          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 2.50%        
v3.25.0.1
Debt - Summary of Amended and Restated Credit Facility (Details) - USD ($)
$ in Thousands
Jan. 03, 2025
Dec. 29, 2023
Debt Disclosure [Abstract]    
Amount outstanding $ 153,000 $ 370,000
Standby letters of credit 155 0
Available borrowing capacity 496,845 280,000
Total borrowing capacity $ 650,000 $ 650,000
v3.25.0.1
Debt - Future Payments for Long-term Debt (Details) - USD ($)
$ in Thousands
Jan. 03, 2025
Dec. 29, 2023
Debt Disclosure [Abstract]    
2025 $ 24,286  
2026 24,286  
2027 512,142  
Total 560,714  
Debt issuance cost (8,653)  
Long-term debt, net of issuance cost 552,061  
Less: current portion (24,286) $ (14,286)
Term Loans, less current portion $ 527,775 $ 359,242
v3.25.0.1
Derivatives and Hedging (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Aug. 26, 2024
Apr. 05, 2022
Jun. 11, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Other comprehensive income (loss), derivative instruments $ (2,508) $ (7,248) $ 14,824      
Reclassification of net gain on interest rate swaps to net earnings 8,460 6,775 3,177      
Interest Rate Swaps            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Amount of hedged item 500,000     $ 400,000    
Notional Amount         $ 100,000  
Unrealized gain in AOCI on terminated swap 6,468 8,511        
Other comprehensive income (loss), derivative instruments 6,418 830 13,775      
Reclassification of net gain on interest rate swaps to net earnings (8,460) (6,775) $ (3,177)      
Losses to be reclassified over the next twelve months (5,285)          
Interest Rate Swap September 2020 To June 2021            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Notional Amount 200,000          
Unrealized gain in AOCI on terminated swap 16 104       $ 324
Interest Rate Swap July 2021 To March 2025            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Notional amount terminated           200,000
Notional Amount 200,000          
Unrealized gain in AOCI on terminated swap $ 767 $ 5,013       $ 12,270
v3.25.0.1
Derivatives and Hedging - Schedule of Interest Rate Derivatives (Details) - USD ($)
$ in Thousands
Jan. 03, 2025
Dec. 29, 2023
Apr. 05, 2022
Jun. 11, 2021
Interest Rate Swap September 2020 To June 2021        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Notional Amount $ 200,000      
Unrealized Gain (Loss) in AOCI 16 $ 104   $ 324
Interest Rate Swap July 2021 To March 2025        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Notional Amount 200,000      
Unrealized Gain (Loss) in AOCI 767 5,013   $ 12,270
Interest Rate Swap April 2022 To April 2027        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Notional Amount 100,000      
Unrealized Gain (Loss) in AOCI 2,650 3,394    
Interest Rate Swap September 2024 To December 2025        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Notional Amount 100,000      
Unrealized Gain (Loss) in AOCI (87) 0    
Interest Rate Swap September 2024 To December 2026        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Notional Amount 200,000      
Unrealized Gain (Loss) in AOCI 903 0    
Interest Rate Swap September 2024 To December 2029        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Notional Amount 100,000      
Unrealized Gain (Loss) in AOCI 2,219 0    
Interest Rate Swaps        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Notional Amount     $ 100,000  
Unrealized Gain (Loss) in AOCI $ 6,468 $ 8,511    
v3.25.0.1
Commitments and Contingencies - Additional Information (Details)
$ in Thousands
 12 Months Ended
Jul. 22, 2020
USD ($)
Dec. 30, 2022
USD ($)
shares
Dec. 31, 2021
USD ($)
Jan. 01, 2021
USD ($)
Jan. 03, 2025
USD ($)
Oct. 09, 2024
complaint
Dec. 29, 2023
USD ($)
Nov. 30, 2017
Business Acquisition [Line Items]                
Bailment pool arrangement, interest expense         $ 1,271   $ 4,760  
Installment Payments to Acquire Business, Remainder of Year       $ 6,556        
Installment Payment to Acquire Business, Year Two     $ 4,550          
Installment Payments to Acquire Business, Year Three   $ 2,700            
Redeemable non-controlling interest (in shares) | shares   136            
Shares released (in shares) | shares   58            
Breach of Fiduciary Duties | Pending Litigation                
Business Acquisition [Line Items]                
Number of derivative complaints | complaint           2    
Ford                
Business Acquisition [Line Items]                
Bailment pool arrangement, allocation         36,008   9,036  
Bailment pool arrangement, maximum allocation         36,100   49,400  
General Motors                
Business Acquisition [Line Items]                
Bailment pool arrangement, allocation         10,857   11,362  
Bailment pool arrangement, maximum allocation         $ 49,500   $ 100,000  
SCA                
Business Acquisition [Line Items]                
Total consideration at closing $ 24,975              
SCA                
Business Acquisition [Line Items]                
Call option to acquire remaining interest (as a percent) 20.00%             20.00%
v3.25.0.1
Commitments and Contingencies - Supplier Finance Rollforward (Details)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
USD ($)
Supplier Finance Program, Obligation [Roll Forward]  
Beginning balance: Supplier financed chassis $ 20,398
Add: New supplier financed chassis 298,156
Less: Supplier financed chassis sold (271,689)
Ending balance: Supplier financed chassis $ 46,865
Supplier Finance Program, Obligation, Statement Of Financial Position Extensible Enumeration Not Disclosed Flag false
v3.25.0.1
Stockholders' Equity - Share Repurchase Plan (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Purchase and retirement of common stock $ 25,309 $ 25,000
Share Repurchase Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Par value (in dollars per share) $ 0.001  
Purchase and retirement of common stock (in shares) 378 428
Purchase and retirement of common stock $ 25,000 $ 25,000
Average cost per share (in dollars per share) $ 66.03 $ 58.44
v3.25.0.1
Stockholders' Equity - Equity Incentive Plans (Details)
shares in Thousands
 12 Months Ended
Jan. 03, 2025
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of shares available for grant 2,872
Stock Option  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award expiration period 10 years
Stock Option | Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 1 year
Stock Option | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 10 years
RSUs | Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 3 years
RSUs | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 4 years
v3.25.0.1
Stockholders' Equity - Summary of Allocation of Stock-Based Compensation in Accompanying Consolidated Statements of Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Allocation of stock-based compensation $ 9,606 $ 16,465 $ 16,351
Cost of sales      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Allocation of stock-based compensation   1,179 957
Sales and marketing      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Allocation of stock-based compensation   1,501 924
Research and development      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Allocation of stock-based compensation   1,175 946
General and administrative      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Allocation of stock-based compensation   $ 12,610 $ 13,524
v3.25.0.1
Stockholders' Equity - Summary of Unvested RSUs Activity (Details) - RSUs - $ / shares
shares in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Number of shares outstanding      
Unvested outstanding, beginning balance (in shares) 247 297 338
Granted (in shares) 333 135 142
Canceled (in shares) (43) (44) (17)
Vested (in shares) (137) (141) (166)
Unvested outstanding, ending balance (in shares) 400 247 297
Weighted-average grant date fair value      
Unvested outstanding, beginning balance (in dollars per share) $ 100.21 $ 87.05 $ 76.30
Granted (in dollars per share) 45.82 109.23 95.34
Canceled (in dollars per share) 71.30 90.91 97.00
Vested (in dollars per share) 94.76 83.97 73.14
Unvested outstanding, ending balance (in dollars per share) $ 59.88 $ 100.21 $ 87.05
v3.25.0.1
Stockholders' Equity - Restricted Stock Units (Details) - RSUs - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of vested awards $ 5,837 $ 15,516 $ 15,140
Unrecognized stock-based compensation expense $ 15,377    
Period for recognition of unrecognized stock-based compensation expense 1 year 10 months 9 days    
v3.25.0.1
Stockholders' Equity - Unvested PSU Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Number of shares outstanding      
Canceled (in shares) 0 0  
PSU      
Number of shares outstanding      
Unvested outstanding, beginning balance (in shares) 70 48 29
Granted (in shares) 232 45 37
Canceled (in shares) (26) (10) (4)
Vested (in shares) (30) (13) (14)
Unvested outstanding, ending balance (in shares) 246 70 48
Weighted-average grant date fair value      
Unvested outstanding, beginning balance (in dollars per share) $ 116.54 $ 126.69 $ 141.46
Granted (in dollars per share) 46.38 114.04 120.90
Canceled (in dollars per share) 52.30 120.08 126.73
Vested (in dollars per share) 118.09 141.57 141.46
Unvested outstanding, ending balance (in dollars per share) $ 57.00 $ 116.54 $ 126.69
Unrecognized stock-based compensation expense $ 19,024    
Period for recognition of unrecognized stock-based compensation expense 2 years 2 months 26 days    
PSU | Minimum      
Weighted-average grant date fair value      
Award vesting percentage 0.00%    
PSU | Maximum      
Weighted-average grant date fair value      
Performance period three-year    
Award vesting percentage 200.00%    
v3.25.0.1
Stockholders' Equity - Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Dec. 31, 2021
Number of shares outstanding        
Options outstanding, beginning balance (in shares) 0   33  
Options exercised (in shares)     (33)  
Options forfeited (in shares)     0  
Options expired (in shares) 0 0    
Options outstanding, ending balance (in shares) 0 0   33
Weighted-average exercise price        
Options outstanding, beginning of period (in dollars per share)   $ 0 $ 5.16  
Options exercised (in dollars per share) $ 0 0 5.16  
Options forfeited (in dollars per share)   $ 0    
Options expired (in dollars per share) 0      
Options outstanding, ending balance (in dollars per share) $ 0   $ 0 $ 5.16
Weighted-average remaining contractual life (years)        
Options outstanding 0 years 0 years 0 years 2 years
Aggregate intrinsic value        
Options outstanding $ 0   $ 0 $ 5,389
Options exercised 0 $ 0 $ 2,470  
Balance at December 29, 2023   $ 0    
Options exercised $ 0      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number 0      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term 0 years      
v3.25.0.1
Stockholders' Equity - Stock Options (Details)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 30, 2022
USD ($)
shares
Share-Based Payment Arrangement [Abstract]  
Shares issued due to exercise of stock options | shares 33
Proceeds from exercise of stock options | $ $ 169
v3.25.0.1
Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Earnings Per Share [Abstract]      
Net income $ 6,550 $ 120,846 $ 205,278
Weighted average shares used to compute basic earnings per share (in shares) 41,681,000 42,305,000 42,232,000
Dilutive effect of employee stock plans (in shares) 36,000 127,000 152,000
Weighted average shares used to compute diluted earnings per share (in shares) 41,717,000 42,432,000 42,384,000
Basic (in dollars per share) $ 0.16 $ 2.86 $ 4.86
Diluted (in dollars per share) $ 0.16 $ 2.85 $ 4.84
Anti-dilutive shares excluded from calculation of diluted earnings per share 127 12 20,000
v3.25.0.1
Income Taxes - Components of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Current:      
Federal $ 9,464 $ 14,427 $ 33,622
State 3,568 5,404 4,372
Foreign 4,646 5,850 11,964
Total current 17,678 25,681 49,958
Deferred:      
Federal (21,107) (4,782) (17,447)
State (2,041) (2,693) (2,837)
Foreign (30) (389) (1,188)
Total deferred (23,178) (7,864) (21,472)
Total provision $ (5,500) $ 17,817 $ 28,486
v3.25.0.1
Income Taxes - Income Before Provision by Jurisdiction (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Income Tax Disclosure [Abstract]      
United States $ (13,351) $ 114,128 $ 197,640
Foreign 14,363 24,535 36,124
Total income before provision for income taxes $ 1,012 $ 138,663 $ 233,764
v3.25.0.1
Income Taxes - Reconciliation of Statutory Federal Rate and Effective Tax Rate (Details)
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract]      
Tax at federal statutory rate 21.00% 21.00% 21.00%
Research and development tax credit (645.20%) (3.80%) (2.90%)
Foreign derived income benefit (263.80%) (4.40%) (6.60%)
Adjustments with respect to prior periods (243.50%) 0.00% 0.00%
Stock-based compensation 182.10% (0.20%) (0.50%)
GILTI 126.20% 0.70% 0.40%
State taxes, net of federal benefit 120.60% 0.80% 0.60%
Valuation allowance on DTAs 111.50% 0.30% (3.80%)
Executive compensation deduction limitation 20.20% 0.60% 0.80%
Federal return to provision 0.158 (0.022) 0.010
Change in liability for unrecognized tax benefits (1.40%) 0.70% 0.00%
Foreign withholding taxes, net of foreign tax credits 0.00% 0.00% 1.10%
Other 13.00% (0.70%) 1.10%
Effective tax rate (543.50%) 12.80% 12.20%
v3.25.0.1
Income Taxes - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Dec. 31, 2021
Tax Credit Carryforward [Line Items]        
Increase in valuation allowance $ 1,092      
Unrecognized tax benefits $ 29 $ 1,274 $ 119 $ 228
Foreign        
Tax Credit Carryforward [Line Items]        
Tax credit carryforward   $ 47,394    
v3.25.0.1
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jan. 03, 2025
Dec. 29, 2023
Deferred tax assets:    
Foreign tax credits, including amounts associated with accrued charges $ 47,394 $ 51,232
Capitalized research & development 44,967 23,778
Lease liability 21,368 16,597
Inventory 9,555 9,673
Accrued liabilities 7,519 7,299
Interest Carryforward 5,868 0
Research and development tax credits 4,946 2,402
Interest rate swap 1,544 2,010
Net operating losses 2,071 3,226
Other 2,441 3,014
Total deferred tax asset 147,673 119,231
Valuation allowance (1,785) (693)
Net deferred tax asset 145,888 118,538
Deferred tax liabilities:    
Intangible assets (63,016) (65,090)
Depreciation (12,554) (12,192)
Lease right-of-use-asset (21,389) (17,117)
Other (4,565) (2,842)
Total deferred tax liability (101,524) (97,241)
Deferred tax assets, net $ 44,364 $ 21,297
v3.25.0.1
Income Taxes - Unrecognized Tax Benefit - Activity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Unrecognized Tax Benefits [Roll Forward]      
Balance - beginning of period $ 1,274 $ 119 $ 228
Increase related to current year tax positions 686 1,274 0
Decrease related to prior year tax positions (1,931) (119) (109)
Balance - end of period $ 29 $ 1,274 $ 119
v3.25.0.1
Fair Value Measurements and Financial Instruments - Liabilities at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total assets measured at fair value $ 10,079 $ 7,188
Incremental Term Loans 552,061 373,528
Total liabilities measured at fair value $ 705,061 $ 743,528
Derivative Asset, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag assets assets
Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Incremental Term Loans $ 153,000 $ 370,000
Interest Rate Swaps    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest Rate Swaps 5,685 3,394
Deferred Compensation Plan Investments 4,394 3,794
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total assets measured at fair value 4,394 3,794
Incremental Term Loans 0 0
Total liabilities measured at fair value 0 0
Level 1 | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Incremental Term Loans 0 0
Level 1 | Interest Rate Swaps    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest Rate Swaps 0 0
Deferred Compensation Plan Investments 4,394 3,794
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total assets measured at fair value 5,685 3,394
Incremental Term Loans 552,061 373,528
Total liabilities measured at fair value 705,061 743,528
Level 2 | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Incremental Term Loans 153,000 370,000
Level 2 | Interest Rate Swaps    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest Rate Swaps 5,685 3,394
Deferred Compensation Plan Investments 0 0
Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total assets measured at fair value 0 0
Incremental Term Loans 0 0
Total liabilities measured at fair value 0 0
Level 3 | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Incremental Term Loans 0 0
Level 3 | Interest Rate Swaps    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest Rate Swaps 0 0
Deferred Compensation Plan Investments $ 0 $ 0
v3.25.0.1
Retirement Plan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Retirement Benefits [Abstract]      
Matching contribution made under the plan $ 3,687 $ 3,873 $ 3,649
v3.25.0.1
Acquisitions - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended 14 Months Ended
Dec. 19, 2024
Nov. 14, 2023
Feb. 17, 2023
Jan. 03, 2025
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Dec. 31, 2024
Mar. 03, 2023
Apr. 05, 2022
Business Acquisition [Line Items]                    
Transaction costs         $ 3,569 $ 6,206 $ 1,710      
Goodwill       $ 639,505 639,505 636,565        
Debt issuance costs   $ 10,063               $ 1,980
CWH Blocker Corp                    
Business Acquisition [Line Items]                    
Transaction costs         1,001          
Remaining net tax basis                 $ 25,000  
Goodwill                 66,002  
Useful lives     11 years              
Liabilities assumed                 (19,593)  
Intangible assets                 48,753  
Business acquisition, total revenue         75,769 65,558        
Business acquisition, pre-tax loss         8,163 (1,630)        
Adjustments to net assets         1,608          
Goodwill adjustment         1,608          
CWH Blocker Corp | Customer and distributor relationships                    
Business Acquisition [Line Items]                    
Useful lives     7 years              
CWH Blocker Corp | Trademarks and brands                    
Business Acquisition [Line Items]                    
Useful lives     12 years              
CWH Blocker Corp | Developed Technology Rights                    
Business Acquisition [Line Items]                    
Useful lives     10 years              
Marucci                    
Business Acquisition [Line Items]                    
Ownership interest acquired (as a percent)   100.00%                
Total consideration at closing   $ 567,236                
Gross contractual accounts receivable                 32,455  
Estimated uncollectible                 $ 1,187  
Transaction costs         672     $ 3,798    
Goodwill   $ 244,120                
Useful lives   16 years                
Liabilities assumed   $ (70,443)                
Business acquisition, total revenue         192,372 16,791        
Business acquisition, pre-tax loss         9,989 $ (3,150)        
Finite-lived intangible assets acquired   57,735                
Adjustments to net assets         713          
Goodwill adjustment         670          
Marucci | Term Loan                    
Business Acquisition [Line Items]                    
Debt issuance costs   6,709                
Marucci | Customer and distributor relationships                    
Business Acquisition [Line Items]                    
Finite-lived intangible assets   $ 83,800                
Marucci | Trademarks and brands                    
Business Acquisition [Line Items]                    
Useful lives   15 years                
Marucci | Minimum | Customer and distributor relationships                    
Business Acquisition [Line Items]                    
Useful lives   18 years                
Marucci | Minimum | Developed Technology Rights                    
Business Acquisition [Line Items]                    
Useful lives   13 years                
Marzocchi                    
Business Acquisition [Line Items]                    
Total consideration at closing $ 20,501                  
Transaction costs       $ 1,476 $ 999          
Goodwill 3,475                  
Liabilities assumed (17,549)                  
Stepped up intangibles $ 3,503                  
Marzocchi | Customer and distributor relationships                    
Business Acquisition [Line Items]                    
Useful lives 15 years                  
Finite-lived intangible assets $ 2,000                  
v3.25.0.1
Acquisitions - Allocation of Purchase Price - Custom Wheel House (Details) - USD ($)
$ in Thousands
Jan. 03, 2025
Dec. 29, 2023
Mar. 03, 2023
Business Acquisition [Line Items]      
Goodwill $ 639,505 $ 636,565  
CWH Blocker Corp      
Business Acquisition [Line Items]      
Tangible assets acquired     $ 34,622
Liabilities assumed     (19,593)
Intangible assets     48,753
Goodwill     66,002
Purchase price allocation     $ 129,784
v3.25.0.1
Acquisitions - Allocation of Purchase Price - Marucci Sports LLC (Details) - USD ($)
$ in Thousands
Nov. 14, 2023
Jan. 03, 2025
Dec. 29, 2023
Fair market values      
Goodwill   $ 639,505 $ 636,565
Marucci      
Acquisition consideration      
Cash consideration $ 567,092    
Due to sellers 144    
Total consideration at closing 567,236    
Fair market values      
Accounts receivable 31,268    
Inventory 52,672    
Prepaid and other current assets 1,256    
Property, plant and equipment 19,257    
Lease right-of-use assets 9,423    
Goodwill 244,120    
Other assets 583    
Total assets acquired 637,679    
Accounts payable and accrued expenses 13,626    
Accrued expenses 10,512    
Other current liabilities 1,854    
Deferred taxes 37,462    
Other liabilities 6,989    
Total liabilities assumed 70,443    
Purchase price allocation 567,236    
Marucci | Trademarks and brands      
Fair market values      
Finite-lived intangible assets 174,700    
Marucci | Customer and distributor relationships      
Fair market values      
Finite-lived intangible assets 83,800    
Marucci | Core technologies      
Fair market values      
Finite-lived intangible assets $ 20,600    
v3.25.0.1
Acquisitions - Allocation of Purchase Price - Marzocchi (Details) - USD ($)
$ in Thousands
Dec. 19, 2024
Jan. 03, 2025
Dec. 29, 2023
Fair market values      
Goodwill   $ 639,505 $ 636,565
Marzocchi      
Acquisition consideration      
Cash consideration $ 20,501    
Total consideration at closing 20,501    
Fair market values      
Accounts receivable 6,706    
Inventory 12,097    
Prepaid and other current assets 1,527    
Property, plant and equipment 5,888    
Goodwill 3,475    
Other assets 4,854    
Total assets acquired 38,050    
Accounts payable and accrued expenses 12,175    
Accrued expenses 2,176    
Deferred taxes 840    
Other liabilities 2,358    
Total liabilities assumed 17,549    
Purchase price allocation 20,501    
Marzocchi | Trademarks and brands      
Fair market values      
Finite-lived intangible assets 1,491    
Marzocchi | Customer and distributor relationships      
Fair market values      
Finite-lived intangible assets 2,000    
Marzocchi | Core technologies      
Fair market values      
Finite-lived intangible assets $ 12    
v3.25.0.1
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning Balance $ 1,221,761 $ 1,121,386 $ 894,082
Change in net unrealized gain 6,418 830 13,775
Reclassification of net gain on interest rate swaps to net earnings (8,460) (6,775) (3,177)
Tax effects (466) (1,303) 4,226
Foreign currency translation adjustments (6,309) 1,507 (4,918)
Ending Balance 1,201,182 1,221,761 1,121,386
Interest Rate Swaps      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning Balance 10,522 17,770  
Change in net unrealized gain 6,418 830  
Reclassification of net gain on interest rate swaps to net earnings (8,460) (6,775)  
Tax effects (466) (1,303)  
Foreign currency translation adjustments 0 0  
Ending Balance 8,014 10,522 17,770
Foreign Currency Translation      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning Balance (1,481) (2,988)  
Change in net unrealized gain 0 0  
Reclassification of net gain on interest rate swaps to net earnings 0 0  
Tax effects 0 0  
Foreign currency translation adjustments (6,309) 1,507  
Ending Balance (7,790) (1,481) (2,988)
Total      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning Balance 9,041 14,782 4,876
Ending Balance $ 224 $ 9,041 $ 14,782
v3.25.0.1
Segment Information - Narrative (Details)
 12 Months Ended
Jan. 03, 2025
plant
segment
distribution_facility
Segment Reporting Information [Line Items]  
Number of operating segments | segment 3
Powered Vehicles Group | United States  
Segment Reporting Information [Line Items]  
Number of plants 2
Powered Vehicles Group | ITALY  
Segment Reporting Information [Line Items]  
Number of plants 1
Aftermarket Applications Group  
Segment Reporting Information [Line Items]  
Number of plants 15
Specialty Sports Group  
Segment Reporting Information [Line Items]  
Number of plants 10
Number of distribution facilities | distribution_facility 13
v3.25.0.1
Segment Information - Summary of Segment Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 03, 2025
Dec. 29, 2023
Dec. 30, 2022
Segment Reporting Information [Line Items]      
Net sales $ 1,393,921 $ 1,464,178 $ 1,602,491
Net income 6,512 120,846 205,278
(Benefit) provision for income taxes (5,500) 17,817 28,486
Depreciation and amortization 83,566 58,603 49,241
Stock-based compensation 9,606 16,465 16,351
Litigation and settlement-related expenses 4,329 2,724 4,222
Other acquisition and integration-related expenses 8,054 19,214 1,710
Organizational restructuring expenses 3,218 3,952 0
Loss on fixed asset disposals related to organizational restructure 0 1,027 0
Strategic transformation costs 1,689 0 2,769
Non-recurring property tax assessment 0 0 841
Interest and other expense, net 55,539 20,400 12,933
Adjusted EBITDA 167,013 261,048 321,831
Transaction costs 3,569 6,206 1,710
Purchase accounting inventory fair value adjustment amortization 4,485 13,008 0
Other acquisition and integration-related expenses 8,054 19,214 1,710
Other segment items 1,226,908 1,203,130 1,280,660
Segment Reporting, Reconciling Item, Corporate Nonsegment      
Segment Reporting Information [Line Items]      
Adjusted EBITDA (56,362) (62,661) (63,054)
Other segment items 56,362 62,661 63,054
Powered Vehicles Group      
Segment Reporting Information [Line Items]      
Net sales 461,403 523,862 432,388
Powered Vehicles Group | Operating Segments      
Segment Reporting Information [Line Items]      
Adjusted EBITDA 53,819 79,159 (6,163)
Other segment items 407,584 444,703 438,551
Aftermarket Applications Group      
Segment Reporting Information [Line Items]      
Net sales 421,453 551,143 489,132
Aftermarket Applications Group | Operating Segments      
Segment Reporting Information [Line Items]      
Adjusted EBITDA 51,745 126,784 130,947
Other segment items 369,708 424,359 358,185
Specialty Sports Group      
Segment Reporting Information [Line Items]      
Net sales 511,065 389,173 680,971
Specialty Sports Group | Operating Segments      
Segment Reporting Information [Line Items]      
Adjusted EBITDA 117,811 117,766 260,101
Other segment items $ 393,254 $ 271,407 $ 420,870