Holley Reports Fourth Quarter and Full Year 2021 Results

Rhea-AI Summary

Holley Inc. (NYSE: HLLY) reported a strong fourth quarter and full-year results for 2021, with net sales rising 29.9% to $179.8 million in Q4 and 37.4% to $692.8 million for the year. Gross profit increased by 37.0% to $74.7 million in Q4, while for 2021, it rose 37.7% to $286.8 million. However, the company faced a net loss of $(18.0) million in Q4 and $(27.1) million for the year, compared to profits in the previous year. For 2022, Holley projects net sales between $765-$790 million and adjusted EBITDA of $186-$194 million.

Positive

• Q4 net sales increased by 29.9% to $179.8 million.
• Full-year sales grew by 37.4% to $692.8 million.
• Gross profit in Q4 rose 37.0% to $74.7 million.
• Full-year gross profit increased 37.7% to $286.8 million.
• Adjusted Net Income for Q4 was $9.0 million, up from $2.0 million.
• Adjusted EBITDA for Q4 improved to $36.1 million from $30.4 million.
• 2022 outlook projects net sales of $765-$790 million and adjusted EBITDA of $186-$194 million.

Negative

• Net loss of $(18.0) million in Q4 compared to net income of $2.0 million in Q4 2020.
• Full-year net loss of $(27.1) million versus net income of $32.9 million in 2020.
• Selling, general and administrative costs rose by 70.7% in Q4, reaching $37.7 million.
• Basic EPS for 2021 was $(0.30), down from $0.49 in 2020.

Results driven by robust sales growth and strong underlying consumer demand

Provides outlook and guidance for full year 2022

BOWLING GREEN, Ky.--(BUSINESS WIRE)-- Holley Inc. (NYSE: HLLY), the largest and fastest growing platform serving performance automotive enthusiasts, today announced financial results for its fourth quarter and full year ended December 31, 2021.

Fourth Quarter Highlights vs. Prior Year Period

• Net Sales increased 29.9% to $179.8 million compared to $138.4 million in 2020
• Gross Profit increased 37.0% to $74.7 million compared to $54.6 million last year
• Net Loss of $(18.0) million, or $(0.16) per share, compared to Net Income of $2.0 million, or $0.03 per share, in fourth quarter 2020
• Adjusted Net Income¹ of $9.0 million, compared to Adjusted Net Income of $2.0 million reported last year
• Adjusted EBITDA¹ rose to $36.1 million compared to $30.4 million in 2020

Full Year 2021 Highlights vs. Prior Year Period

• Net Sales increased 37.4% to $692.8 million compared to $504.2 million in 2020
• Gross Profit increased 37.7% to $286.8 million compared to $208.2 million last year
• Net Loss of $(27.1) million, or $(0.30) per share, compared to Net Income of $32.9 million, or $0.49 per share, in 2020
• Adjusted Net Income¹ of $61.8 million, compared to Adjusted Net Income of $32.9 million reported last year
• Adjusted EBITDA¹ rose to $169.5 million compared to $126.2 million in 2020

¹See "Use and Reconciliation of Non-GAAP Financial Measures" below.

“Holley delivered very solid fourth quarter results, capping off what has been a milestone year for the Company,” said Tom Tomlinson, Holley’s President and Chief Executive Officer. “Strong consumer demand for our products continues to drive growth across our various sales channels and we look forward to driving further consumer engagement as we enter 2022.”

Fourth Quarter 2021 Financial Results

Net sales increased 29.9% to $179.8 million in the fourth quarter of 2021, up from $138.4 million in the fourth quarter of 2020. Non-comparable sales associated with acquisitions contributed $24.0 million, or 17.3% of year-over-year net sales growth in the fourth quarter. Sales excluding the impact of acquisitions increased by $17.4 million and contributed 12.6% of year-over-year growth.

Cost of goods sold increased $21.2 million, or 25.3%, to $105.1 million, as compared to $83.9 million for the fourth quarter of 2020 and is primarily attributable to the increase in product sales. Gross profit for the fourth quarter of 2021 increased $20.2 million, or 37.0%, to $74.7 million, as compared to $54.6 million for the fourth quarter of 2020. The increase in gross profit was driven by the increase in sales. Gross margin for the fourth quarter of 2021 was 41.6% compared to a gross margin of 39.4% for the fourth quarter of 2020. The increase in margin is attributable to price increases, increased leverage from the higher sales, and product mix.

Selling, general and administrative costs for the quarter increased $15.6 million to $37.7 million, representing an increase of 70.7% when compared to $22.1 million in 2020. Incremental SG&A from recent acquisitions were responsible for $4.1 million of the increase in the quarter. Additional cost drivers include an increase in non-cash compensation expense related to equity awards, increased costs associated with operating as a public company, an increase in outbound shipping costs related to higher sales, and an increase in professional fees related to acquisitions.

Net income for the fourth quarter of 2021 was impacted by a non-cash liability increase for warrants and earn-out shares, and a loss on early extinguishment of debt. Growth in operating income was more than offset by these expenses. As a result, we recorded a net loss of $(18.0) million in the fourth quarter compared to net income of $2.0 million in 2020.

Adjusted for the special transaction and non-cash items noted above this quarter, Adjusted Net Income was $9.0 million, compared to last year’s Adjusted Net Income of $2.0 million. Reconciliation to GAAP Net Income is included in the “Use and Reconciliation of Non-GAAP Financial Measures” table below.

Adjusted EBITDA grew to $36.1 million in the fourth quarter compared to $30.4 million in the fourth quarter last year. Reconciliation to GAAP Net Income is included in the “Use and Reconciliation of Non-GAAP Financial Measures” table below.

EPS of $(0.16) for the fourth quarter of 2021 compared to $0.03 in 2020.

Significant Events During the Quarter

On November 19, 2021, Holley announced the successful refinancing of its 2018 credit facility with a new $825 million credit facility.

During the fourth quarter, Holley completed the acquisitions of Arizona Desert Shocks (ADS), Baer Brakes, Brothers Trucks, and Rocket Racing Wheels for approximately $56 million.

Full Year 2021 Financial Results

Net sales increased 37.4% to $692.8 million in 2021, up from $504.2 million in 2020. Non-comparable sales associated with acquisitions contributed $116.4 million, or 23.1% of year-over-year growth. Sales excluding the impact of acquisitions increased by $72.3 million and contributed 14.3% of net sales growth in 2021.

Cost of goods sold increased $110.1 million, or 37.2%, to $406.0 million, as compared to $295.9 million for 2020 and is primarily attributable to the increase in product sales. Gross profit for 2021 increased $78.6 million, or 37.7%, to $286.8 million, as compared to $208.2 million for 2020. The increase in gross profit was driven by the increase in sales. Gross margin in 2021 was 41.4% compared to a gross margin of 41.3% in 2020.

Selling, general and administrative costs for year increased $45.9 million to $116.8 million, representing an increase of 64.8% when compared to $70.9 million in 2020. Incremental SG&A from recent acquisitions were responsible for $18.5 million of the increase. Additional cost drivers include increased professional fees, an increase in outbound shipping costs related to higher sales and domestic supply chain pressure, and an increase in non-cash compensation expense related to equity awards.

Net income for the year was impacted by a non-cash liability increase for warrants and earn-out shares, and a loss on early extinguishment of debt. As a result, we recorded a net loss of $(27.1) million in 2021 compared to net income of $32.9 million in 2020.

Adjusted for the special transaction and non-cash items noted above this year, Adjusted Net Income was $61.8 million, compared to last year’s Adjusted Net Income of $32.9 million. Reconciliation to GAAP Net Income is included in the “Use and Reconciliation of Non-GAAP Financial Measures” table below.

Adjusted EBITDA grew to $169.5 million in 2021 compared to $126.2 million last year. Reconciliation to GAAP Net Income is included in the “Use and Reconciliation of Non-GAAP Financial Measures” table below.

Basic EPS of $(0.30) in 2021 compared to $0.49 in 2020.

Full Year 2022 Outlook

Holley is providing the following outlook for the full-year 2022:

• Net Sales in the range of $765-$790 million
• Adjusted EBITDA of $186-$194 million
• Capital Expenditures in the range of $14-$16 million
• Depreciation and Amortization Expense of $24-$26 million
• Interest Expense in the range of $30-$32 million

Additional information regarding 2022 Outlook is included in the “Use and Reconciliation of Non-GAAP Financial Measures” table below.

“We are encouraged by our performance in 2021 with strong financial results in our first year as a public company,” said Dominic Bardos, Holley’s Chief Financial Officer. “As we look to 2022, we believe we are positioned to achieve a good balance of organic and acquired growth while we welcome new enthusiasts to the Holley family.”

Conference Call

A conference call and audio webcast has been scheduled for 8:30 a.m. Eastern Time today to discuss these results. Investors, analysts, and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call available on the investor relations portion of the Company’s website at investor.holley.com. For those that cannot join the webcast, you can participate by dialing 877-407-4019 (Toll Free) or 201-689-8337 (Toll) using the access code of 13727022.

For those unable to participate, a telephone replay recording will be available until Thursday, March 10, 2022. To access the replay, please call 877-660-6853 (Toll Free) or 201-612-7415 (Toll) and enter confirmation code 13727022. A web-based archive of the conference call will also be available at the Company’s website.

About Holley Inc.

Holley Inc. (NYSE: HLLY) is a leading designer, marketer, and manufacturer of high-performance products for car and truck enthusiasts. Holley offers the largest portfolio of iconic brands that deliver innovation and inspiration to a large and diverse community of millions of avid automotive enthusiasts who are passionate about the performance and personalization of their classic and modern cars. Holley has disrupted the performance category by putting the enthusiast consumer first, developing innovative new products, and building a robust M&A process that has added meaningful scale and diversity to its platform. For more information on Holley, visit https://www.holley.com.

Forward-Looking Statements

Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Holley’s future financial or operating performance. For example, projections of future revenue and adjusted EBITDA and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “or” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Holley and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations including, but are not limited to: 1) the ability to recognize the anticipated benefits of the business combination with Empower LTD, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; 2) costs related to the business combination and Holley becoming a public company; 3) disruptions to Holley's operations, including as a result of cybersecurity incidents; 4) changes in applicable laws or regulations; 5) the outcome of any legal proceedings that may be instituted against Holley; 6) general economic and political conditions, including political tensions and war (such as the ongoing conflict in Ukraine); 7) the possibility that Holley may be adversely affected by other economic, business and/or competitive factors; 8) Holley’s estimates of its financial performance; 9) the impact of the novel coronavirus disease pandemic and its effect on business and financial conditions; and 10) other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Prospectus filed with the U.S. Securities and Exchange Commission (“SEC”) filed on February 23, 2022, and that are otherwise described or updated from time to time in Holley’s filings with the SEC. Although Holley believes the expectations reflected in the forward-looking statements are reasonable, nothing in this press release should be regarded as a representation by any person that the forward-looking statements or projections set forth herein will be achieved or that any of the contemplated results of such forward looking statements or projections will be achieved. There may be additional risks that Holley presently does not know or that Holley currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Holley undertakes any duty to update these forward-looking statements, except as otherwise required by law.

HOLLEY INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
		For the thirteen weeks ended																For the year ended
		December 31,												%				December 31,												%
		2021				2020				Variance				Variance				2021				2020				Variance				Variance
Net Sales		$	179,801			$	138,419			$	41,382				29.9	%		$	692,847			$	504,179			$	188,668				37.4	%
Cost of Goods Sold			105,071				83,865				21,206				25.3	%			406,040				295,935				110,105				37.2	%
Gross Profit			74,730				54,554				20,176				37.0	%			286,807				208,244				78,563				37.7	%
Selling, General, and Administrative			37,700				22,085				15,615				70.7	%			116,793				70,875				45,918				64.8	%
Research and Development Costs			8,113				6,285				1,828				29.1	%			28,280				23,483				4,797				20.4	%
Amortization of Intangible Assets			3,608				2,983				625				21.0	%			13,999				11,082				2,917				26.3	%
Acquisition and Restructuring Costs			1,791				4,119				(2,328	)			-56.5	%			23,668				9,743				13,925				142.9	%
Related Party Acquisition and Management Fee Costs			-				3,424				(3,424	)			-100.0	%			25,789				6,089				19,700				323.5	%
Other Operating Expense			752				2,606				(1,854	)			-71.1	%			755				1,517				(762	)			-50.2	%
Operating Expense			51,964				41,502				10,462				25.2	%			209,284				122,789				86,495				70.4	%
Operating Income			22,766				13,052				9,714				74.4	%			77,523				85,455				(7,932	)			-9.3	%
Change in Fair Value of Warrant Liability			15,307				-				15,307			nm					32,580				-				32,580			nm
Change in Fair Value of Earn-Out Liability			2,009				-				2,009			nm					8,875				-				8,875			nm
Loss on Early Extinguishment of Debt			12,225				-				12,225			nm					13,650				-				13,650			nm
Interest Expense			8,032				11,929				(3,897	)			-32.7	%			39,128				43,772				(4,644	)			-10.6	%
Non-Operating Expense			37,573				11,929				25,644				215.0	%			94,233				43,772				50,461				115.3	%
Income (Loss) Before Income Taxes			(14,807	)			1,123				(15,930	)		nm					(16,710	)			41,683				(58,393	)		nm
Income Tax Expense (Benefit)			3,174				(830	)			4,004			nm					10,429				8,826				1,603				18.2	%
Net Income (Loss)		$	(17,981	)		$	1,953			$	(19,934	)		nm				$	(27,139	)		$	32,857			$	(59,996	)		nm
Comprehensive Income (Loss):
Foreign Currency Translation Adjustment			42				16				26				162.5	%			30				16				14				87.5	%
Pension liability gain (loss)			388				(293	)			681			nm					388				(293	)			681			nm
Total Comprehensive Net Income (Loss):		$	(17,551	)		$	1,676			$	(19,227	)		nm				$	(26,721	)		$	32,580			$	(59,301	)		nm
Common Share Data:
Basic and Diluted Earnings per Common Share		$	(0.16	)		$	0.03			$	(0.18	)		nm				$	(0.30	)		$	0.49			$	(0.79	)		nm
Average Shares of Common Stock Outstanding - Basic and Diluted			115,807				67,674				48,133				71.1	%			89,960				67,674				22,286				32.9	%
nm - not meaningful

HOLLEY INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)
		December 31,
		2021				2020
Assets
Total Current Assets		$	291,717			$	257,980
Property, Plant and Equipment, Net			51,495				43,729
Goodwill			411,383				359,099
Other Intangibles, Net			438,461				404,522
Total Assets		$	1,193,056			$	1,065,330
Liabilities and Stockholders' Equity
Total Current Liabilities		$	90,816			$	82,009
Long-Term Debt, Net of Current Portion			637,673				649,458
Deferred Taxes			70,045				71,336
Other Noncurrent Liabilities			90,035				22,146
Total Liabilities			888,569				824,949
Common Stock			12				7
Additional Paid-In Capital			329,705				238,883
Accumulated Other Comprehensive Loss			(256	)			(674	)
Retained Earnings			(24,974	)			2,165
Total Stockholders' Equity			304,487				240,381
Total Liabilities and Stockholders' Equity		$	1,193,056			$	1,065,330

HOLLEY INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
		For the thirteen weeks ended								For the year ended
		December 31,								December 31,
		2021				2020				2021				2020
Operating Activities
Net Income (Loss)		$	(17,981	)		$	1,953			$	(27,139	)		$	32,857
Adjustments to Reconcile to Net Cash			25,858				13,960				93,002				31,837
Changes in Operating Assets and Liabilities			(11,211	)			(3,104	)			(44,280	)			23,719
Net Cash from Operating Activities			(3,334	)			12,809				21,583				88,413
Investing Activities
Capital Expenditures, Net of Dispositions			(4,724	)			(2,082	)			(14,869	)			(8,735	)
Acquisitions			(57,434	)			(156,833	)			(119,220	)			(156,883	)
Net Cash from Investing Activities			(62,158	)			(158,915	)			(134,089	)			(165,618	)
Financing Activities
Net Change in Debt			57,090				163,044				(45,942	)			140,544
Recapitalization			-				-				132,299				-
Payment of acquisition contingent consideration			(9,200	)			-				(9,200	)			-
Net cash from Financing Activities			47,890				163,044				77,157				140,544
Net Change in Cash and Cash Equivalents			(17,602	)			16,938				(35,349	)			63,339
Cash and Cash Equivalents
Beginning of Period			53,927				54,736				71,674				8,335
End of Period		$	36,325			$	71,674			$	36,325			$	71,674

Holley believes EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income Per Share, and Organic Sales are useful to investors in evaluating the Company’s financial performance. In addition, Holley uses these measures internally to establish forecasts, budgets and operational goals to manage and monitor its business. Holley believes that these non-GAAP financial measures help to depict a more realistic representation of the performance of the underlying business, enabling the Company to evaluate and plan more effectively for the future.

HOLLEY INC.
USE AND RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands)
(Unaudited)
		For the thirteen weeks ended								For the year ended
		December 31,								December 31,
		2021				2020				2021				2020
Net Income (Loss)		$	(17,981	)		$	1,953			$	(27,139	)		$	32,857
Adjustments:
Interest Expense			8,032				11,929				39,128				43,772
Income Taxes			3,174				(830	)			10,429				8,826
Depreciation			4,199				1,847				11,527				7,886
Amortization			3,608				2,983				13,999				11,082
EBITDA			1,032				17,882				47,944				104,423
Acquisition Integration & Restructuring			1,791				4,119				6,495				9,743
Earn-Out from Simpson Acquisition			-				-				17,173				-
Notable Items			757				2,248				11,270				3,891
Equity-Based Compensation Expense			2,215				131				4,963				487
Change in Fair Value of Warrant Liability			15,307				-				32,580				-
Change in Fair Value of Earn-Out Liability			2,009				-				8,875				-
Loss on Early Extinguishment of Debt			12,225				-				13,650				-
Related Party Acquisition and Management Fee Expenses			-				3,424				25,789				6,089
Other Expense			752				2,606				755				1,517
Adjusted EBITDA		$	36,088			$	30,410			$	169,494			$	126,150

		For the thirteen weeks ended								For the year ended
		December 31,								December 31,
		2021				2020				2021				2020
Net income (loss)		$	(17,981	)		$	1,953			$	(27,139	)		$	32,857
Special items:
Add back: Change in Fair Value of Warrant Liability			15,307				-				32,580				-
Add back: Change in Fair Value of Earn-Out Liability			2,009				-				8,875				-
Add back: Change in Fair Value of Acquisition Contingent Consideration payable			-				-				17,173				-
Add back: Loss on Early Extinguishment of Debt			9,658				-				10,784				-
Add back: Fees paid related to the Business Combination			-				-				19,561				-
Adjusted Net Income		$	8,993			$	1,953			$	61,834			$	32,857

		For the thirteen weeks ended								For the year ended
		December 31,								December 31,
		2021				2020				2021				2020
Net income (loss) per share		$	(0.16	)		$	0.03			$	(0.30	)		$	0.49
Special items:
Add back: Change in Fair Value of Warrant Liability			0.13				-				0.36				-
Add back: Change in Fair Value of Earn-Out Liability			0.02				-				0.10				-
Add back: Change in Fair Value of Acquisition Contingent Consideration payable			-				-				0.19				-
Add back: Loss on Early Extinguishment of Debt			0.09				-				0.12				-
Add back: Fees paid related to the Business Combination			-				-				0.22				-
Net income per share, as adjusted		$	0.08			$	0.03			$	0.69			$	0.49

		13 Weeks Ended
		December 31, 2021
Net Sales			179,801
Adjustments:
Sales from Acquisitions within 365 Days of Purchase (Non-Comparable to Prior Year)			(23,993	)
Organic Sales (Comparable to Prior Year Period Net Sales)		$	155,808

		Full Year 2022
		2022 Forecast			2022 Forecast
		Low Range			High Range
Net Sales		$	765,000		$	790,000
Adjusted EBITDA			186,000			194,000
Depreciation and Amortization			24,000			26,000
Interest Expense			30,000			32,000
Capital Expenditures			14,000			16,000

Holley defines EBITDA as earnings before (a) interest expense, (b) income taxes and (c) depreciation and amortization. Holley defines Adjusted EBITDA as EBITDA plus (i) acquisition integration and restructuring costs, (ii) an adjustment due to a change in the fair value of the Simpson acquisition contingent consideration payable, (iii) notable items that in 2021 consist primarily of the amortization of the fair market value increase in inventory and in 2020 consist primarily of the amortization of the fair market value increase in inventory and a legal settlement, (iv) compensation expense related to equity awards (v) changes in the fair value of the warrant liability, (vi) changes in the fair value of the Earn-Out Shares, (vii) losses from the early extinguishment of debt, (viii) related party acquisition and management fee costs, and (ix) other expenses, which includes losses from disposal of fixed assets and foreign currency transactions. We have included within the definition of Adjusted EBITDA the changes in the fair value of the warrant liability, changes in the fair value of the earn-out liability and losses from the early extinguishment of debt, as management believes such matters, when they occur, do not directly reflect the performance of the underlying business.

Holley calculates Adjusted Net Income and Adjusted Net Income per share by excluding the after-tax effect of items considered by management to be special items from the earnings reported under U.S. GAAP. Management uses this measure to focus on on-going operations, and believes that it is useful to investors because it enables them to perform meaningful comparisons of past and present consolidated operating results. Holley believes that using this information, along with net income (loss) and net income (loss) per share, provides for a more complete analysis of the results of operations.

Organic sales, or sales excluding the impact of acquisitions, excludes the impact from sales from acquisitions within 365 days of the consummation of such acquisition. Holley believes organic sales provides investors with useful supplemental information regarding Holley's underlying sales trends.

EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per share, and organic sales are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and may be different from non-GAAP financial measures used by other companies. These measures should not be considered as measures of financial performance under GAAP, and the items excluded from or included in these metrics are significant components in understanding and assessing Holley’s financial performance. These metrics should not be considered as alternatives to net income (loss) or any other performance measures derived in accordance with GAAP.

A forecast for full year 2022 Adjusted EBITDA is provided on a non-GAAP basis only because certain information necessary to calculate the most comparable GAAP measure is unavailable due to the uncertainty and inherent difficulty of predicting the occurrence and the future financial statement impact of certain items. Therefore, as a result of the uncertainty and variability of the nature and amount of future adjustments, which could be significant, Holley is unable to provide a reconciliation of these measures without unreasonable effort.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220303005228/en/

Investor Relations:

Ross Collins / Stephen Poe

Alpha IR Group

312-445-2870

HLLY@alpha-ir.com

Source: Holley Inc.

FAQ

What were Holley Inc.'s Q4 2021 net sales results for HLLY?

Holley Inc. reported net sales of $179.8 million in Q4 2021, a 29.9% increase compared to $138.4 million in Q4 2020.

How did Holley perform financially in 2021?

In 2021, Holley Inc. achieved net sales of $692.8 million, up 37.4% from $504.2 million in 2020.

What was the net loss reported by Holley for the fourth quarter of 2021?

Holley reported a net loss of $(18.0) million in Q4 2021, compared to a net income of $2.0 million in the same quarter the previous year.

What is the projected outlook for Holley Inc. in 2022?

Holley projects net sales to be between $765-$790 million and adjusted EBITDA of $186-$194 million for 2022.

What was the adjusted EBITDA for Holley in Q4 2021?

Holley's adjusted EBITDA for Q4 2021 was $36.1 million, an increase from $30.4 million in Q4 2020.