This Week in Powersports Business – Week of February 27, 2022.

For the week of February 27, 2022.

Here are a couple of stories that came across my desk that I think are relevant and interesting to the powersports business community.

1 – Polaris Continues to Lead the Industry with 2023 Snowmobile Lineup

MINNEAPOLIS (February 28, 2022) – Since 1954, Polaris Inc. (NYSE: PII) has been pioneering the sport of snowmobiling. The original Sno-Traveler was just the start, with the next 68 years representing a relentless pursuit to help our riders make the most out of winter. Introduced today, the lineup of 2023 Polaris Snowmobiles is the next chapter of the legacy, with new snowmobiles purpose built to hit the trails and climb mountains, get the job done, or spend the day on the snow with the family – only from The Original Snowmobile Company.

Ready to dominate the trails, lakes, forest roads, and the backcountry are the world’s first no compromise hypersleds – the 2023 Patriot Boost Indy VR1 and Patriot Boost Switchback Assault. Built on the rider-first Matryx platform and the industry-leading Patriot Boost engine, these SnowCheck exclusive hypersleds represent a step change in performance. Incredible speed and acceleration and up to 110 pounds lighter than competitive snowmobiles, these machines combine speed, handling, and control like never before.

“The new 2023 snowmobile lineup shows our commitment to bringing a better snowmobiling experience to every rider, whether they are new to the sport or a lifelong rider. From the mountains to the trails and everywhere in between, there is a sled for every rider in the 2023 lineup.” – John Stockman, Vice President & General Manager of Snowmobiles.

When the snow gets deep and the terrain gets steep, Polaris’ mountain lineup of RMKs leads the industry. The Rocky Mountain King is the world’s best family of mountain sleds, delivering lift, control, and response for superior deep snow performance. New for 2023 is the Patriot 9R, the latest factory mod engine from Polaris. Available in the SnowCheck exclusive Pro RMK Slash and RMK Khaos Slash, the new big bore Patriot 9R engine delivers fast response and lightweight power with its 900cc displacement and low inertia cranktrain. The new standard in the tight, technical terrain is here.

This winter, there is a new level of efficiency and reliability in the lineup with the new ProStar S4, built on the proven 4-stroke ProStar architecture. Available in INDY, Voyageur, and Titan snowmobiles, the ProStar S4 delivers spirited performance in the under 100 horsepower class, with the capability and fun to hit the trails, haul gear, and enjoy the winter.

The 2023 lineup of Polaris snowmobiles is destined to deliver more miles and smiles, deep snow lines, and winter adventures for all riders. Built with pride in Roseau, Minnesota, and ready to help riders make the most of their winter. Check out PolarisSnowmobiles.com for all the details on the 2023 lineup, the SnowCheck order program, and to learn more!

About Polaris

As the global leader in powersports, Polaris Inc. (NYSE: PII) pioneers product breakthroughs and enriching experiences and services that have invited people to discover the joy of being outdoors since our founding in 1954. With annual 2021 sales of $8.2 billion, Polaris’ high-quality product line-up includes the Polaris RANGER, RZR and GENERAL side-by-side off-road vehicles; Sportsman all-terrain off-road vehicles; Indian Motorcycle mid-size and heavyweight motorcycles; Slingshot moto-roadsters; snowmobiles; and deck, cruiser and pontoon boats, including industry-leading Bennington pontoons. Polaris enhances the riding experience with parts, garments and accessories, along with a growing aftermarket portfolio, including Transamerican Auto Parts. Polaris’ presence in adjacent markets includes military and commercial off-road vehicles, quadricycles, and electric vehicles. Proudly headquartered in Minnesota, Polaris serves more than 100 countries across the globe. www.polaris.com

Unless noted trademarks are the property of Polaris Industries Inc.

2 – Fox Factory Holding Corp. Announces Fourth Quarter and Fiscal 2021 Financial Results

DULUTH, Ga., Feb. 24, 2022 (GLOBE NEWSWIRE) — Fox Factory Holding Corp. (NASDAQ: FOXF) (“FOX” or the “Company”) today reported financial results for the fourth quarter and fiscal year ended December 31, 2021.

Fourth Quarter Fiscal 2021 Highlights

Sales increased 30.5% to $342.3 million, compared to $262.4 million in the same period last fiscal year
Gross profit increased 28.5% to $107.3 million, compared to $83.5 million in the same period last fiscal year. Gross margin percentage decreased 50 basis points to 31.3%, compared to 31.8% in the same period last fiscal year; non-GAAP adjusted gross margin percentage decreased 40 basis points to 31.6% compared to 32.0% in the same period last fiscal year
Net income attributable to FOX stockholders was $37.7 million, or 11.0% of sales and $0.89 of earnings per diluted share, compared to $31.8 million, or 12.1% of sales and $0.75 of earnings per diluted share in the same period last fiscal year
Non-GAAP adjusted net income was $44.8 million, or $1.06 of non-GAAP adjusted earnings per diluted share, compared to $38.2 million, or $0.90 of non-GAAP adjusted earnings per diluted share in the same period last fiscal year
Adjusted EBITDA was $61.1 million, or 17.8% of sales, compared to $51.2 million, or 19.5% of sales in the same period last fiscal year

“I am pleased to report yet another year of record revenue and profitability in 2021, despite an incredibly volatile operating environment filled with numerous inflationary, labor, and supply chain challenges, which were only further exacerbated by the ongoing COVID-19 pandemic,” commented Mike Dennison, FOX’s Chief Executive Officer. “This year’s performance continues to demonstrate our team’s ability to overcome obstacles while laying the foundation for our future success. We recently completed the acquisition of Shock Therapy, a high-performance suspension tuning services company located in Phoenix, Arizona. The addition of Shock Therapy fits seamlessly with our growth strategy by super-charging our services and off-road aftermarket businesses, while establishing a meaningful eco-system around our end consumers. We are optimistic about our prospects as we move into 2022 with solid business momentum, expanded customer relationships, and enhanced production capabilities to serve our customers better than ever.”

Sales for the fourth quarter of fiscal 2021 were $342.3 million, an increase of 30.5% as compared to sales of $262.4 million in the fourth quarter of fiscal 2020. This increase reflects a 46.7% increase in Specialty Sports Group sales and a 18.6% increase in Powered Vehicles Group sales. The increase in Specialty Sports Group sales is driven by continued strong demand in the original equipment manufacturer (“OEM”) channel, increased capacity, and excellent execution by our team in meeting the needs of our customers. The increase in Powered Vehicles Group sales is primarily due to strong performance in our upfitting product lines.

Gross margin was 31.3% for the fourth quarter of fiscal 2021, a 50 basis point decrease from gross margin of 31.8% in the fourth quarter of fiscal 2020. Non-GAAP adjusted gross margin decreased 40 basis points to 31.6% from the same prior fiscal year period, excluding the effects of strategic transformation costs. The decrease in gross margin was primarily driven by supply chain related costs, including increased prices for raw materials and higher freight costs. A reconciliation of gross profit to non-GAAP adjusted gross profit and the resulting non-GAAP adjusted gross margin is provided at the end of this press release.

Total operating expenses were $64.2 million for the fourth quarter of fiscal 2021, compared to $45.8 million in the fourth quarter of fiscal 2020. Operating expenses increased by $18.4 million primarily due to higher employee related costs, higher commission costs, and higher investments to right size our administrative support functions. As a percentage of sales, operating expenses were 18.8% for the fourth quarter of fiscal 2021, compared to 17.5% in the fourth quarter of fiscal 2020. Non-GAAP operating expenses were $57.2 million, or 16.7% of sales, in the fourth quarter of fiscal 2021, compared to $39.4 million, or 15.0% of sales, in the fourth quarter of the prior fiscal year. Reconciliations of operating expense to non-GAAP operating expense are provided at the end of this press release.

The Company’s effective tax rate was 9.6% in the fourth quarter of fiscal 2021, compared to an effective tax rate of 9.2% in the fourth quarter of fiscal 2020. The increase is due to lower tax benefits on stock-based compensation, partially offset by additional benefit from a lower tax rate on U.S foreign derived earnings.

Net income attributable to FOX stockholders in the fourth quarter of fiscal 2021 was $37.7 million, compared to $31.8 million in the fourth quarter of the prior fiscal year. Earnings per diluted share for the fourth quarter of fiscal 2021 were $0.89, compared to earnings per diluted share of $0.75 for the fourth quarter of fiscal 2020.

Non-GAAP adjusted net income in the fourth quarter of fiscal 2021 was $44.8 million, or $1.06 of adjusted earnings per diluted share, compared to adjusted net income of $38.2 million, or $0.90 of adjusted earnings per diluted share, in the same period of the prior fiscal year. Reconciliations of net income attributable to FOX stockholders as compared to non-GAAP adjusted net income and the calculation of non-GAAP adjusted earnings per diluted share are provided at the end of this press release.

Adjusted EBITDA in the fourth quarter of fiscal 2021 was $61.1 million, compared to $51.2 million in the fourth quarter of fiscal 2020. Adjusted EBITDA margin in the fourth quarter of fiscal 2021 was 17.8%, compared to 19.5% in the fourth quarter of fiscal 2020. Reconciliations of net income to adjusted EBITDA and the calculation of adjusted EBITDA margin are provided at the end of this press release.

Fiscal Year 2021 Results

Sales for the year ended December 31, 2021 were $1,299.1 million, an increase of 45.9% compared to fiscal year 2020. Sales of Specialty Sports products and Powered Vehicle products increased 57.8% and 37.5%, respectively, in fiscal year 2021 compared to the prior fiscal year period. The increase in Specialty Sports Group sales is driven by increased demand, primarily in OEM channel. The increase in Powered Vehicle Group sales is primarily due to increased demand in the aftermarket channel, including strong performance from our upfitting product lines, and the inclusion of a full twelve months of revenues from our SCA Performance Holdings, inc. subsidiary. Additionally, our prior fiscal year period includes the impact of shutdowns at a majority of our OEM partners due to the COVID-19 pandemic.

Gross margin was 33.3% in fiscal year 2021, a 80 basis point increase, compared to gross margin of 32.5% in fiscal year 2020. On a non-GAAP basis, adjusted gross margin increased 80 basis points, excluding the effects of strategic transformation costs and the amortization of acquired inventory valuation markup. The increase in gross margin for fiscal year 2021 was primarily due to higher volume sales in our Specialty Sports Group and the strong performance of our upfitting product lines, as well as favorable product and channel mix. Additionally, our gross margin for the prior fiscal year period was negatively impacted by incremental costs related to the COVID-19 pandemic. A reconciliation of gross profit to non-GAAP adjusted gross profit and the resulting non-GAAP adjusted gross margin is provided at the end of this press release.

Net income attributable to FOX stockholders in fiscal 2021 was $163.8 million, compared to $90.7 million in the prior fiscal year. Earnings per diluted share for the fiscal year 2021 were $3.87, compared to $2.22 in fiscal 2020.

Non-GAAP adjusted net income in fiscal 2021 was $190.8 million, or $4.50 of adjusted earnings per diluted share, compared to $123.8 million, or $3.03 of adjusted earnings per diluted share in the same period of the prior fiscal year. Reconciliations of net income attributable to FOX stockholders to non-GAAP adjusted net income and the calculation of non-GAAP adjusted earnings per share are provided at the end of this press release.

Adjusted EBITDA increased to $263.9 million in fiscal 2021, compared to $176.3 million in fiscal 2020. Adjusted EBITDA margin increased to 20.3% in fiscal 2021, compared to 19.8% in fiscal 2020. Reconciliations of net income to adjusted EBITDA and the calculation of non-GAAP adjusted EBITDA margin are provided at the end of this press release.

Balance Sheet Highlights

As of December 31, 2021, the Company had cash and cash equivalents of $179.7 million compared to $245.8 million as of January 1, 2021. Inventory was $279.8 million as of December 31, 2021, compared to $127.1 million as of January 1, 2021. As of December 31, 2021, accounts receivable and accounts payable were $142.0 million and $100.0 million, respectively, compared to $121.2 million and $92.4 million, respectively, as of January 1, 2021. The increase in inventory is primarily due to additional raw materials purchases to mitigate risks associated with supply chain uncertainty. The changes in accounts receivable and accounts payable reflect business growth as well as the timing of vendor payments. Prepaids and other current assets were $123.1 million as of December 31, 2021, compared to $87.9 million as of January 1, 2021, primarily due to increased chassis deposits. Accrued expenses were $112.4 million as of December 31, 2021, compared to $59.4 million as of January 1, 2021, primarily due to income taxes payable. Property, plant and equipment, net increased to $192.0 million as of December 31, 2021, compared to $163.3 million as of January 1, 2021, reflecting capital expenditures of $54.8 million for the year ended December 31, 2021. Goodwill increased to $323.3 million as of December 31, 2021, compared to $289.3 million as of January 1, 2021, primarily due to our acquisitions of Manifest Joy LLC, d/b/a Outside Van, in May 2021 and Shock Therapy in December 2021.

Fiscal 2022 Guidance

For the first quarter of fiscal 2022, the Company expects sales in the range of $325 million to $340 million and non-GAAP adjusted earnings per diluted share in the range of $1.00 to $1.20.

For the fiscal year 2022, the Company expects sales in the range of $1,435 million to $1,465 million and non-GAAP adjusted earnings per diluted share in the range of $4.90 to $5.20. For purposes of our fiscal 2022 guidance, we expect our full year effective tax rate to be within the range of 11% to 15%. The Company is currently evaluating the impact of changes in international tax law which may have a favorable impact on our 2022 effective tax rate.

Non-GAAP adjusted earnings per diluted share exclude the following items net of applicable tax: amortization of purchased intangibles, patent litigation-related expenses, acquisition and integration-related expenses, and strategic transformation costs. A quantitative reconciliation of non-GAAP adjusted earnings per diluted share for the first quarter and full fiscal year 2022 is not available without unreasonable efforts because management cannot predict, with sufficient certainty, all of the elements necessary to provide such a reconciliation.

Conference Call & Webcast

The Company will hold an investor conference call today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The conference call dial-in number for North America listeners is (800) 891-3840, and international listeners may dial (203) 518-9544; the conference ID is FOXFQ421 or 36937421. Live audio of the conference call will be simultaneously webcast in the Investor Relations section of the Company’s website at http://www.ridefox.com. The webcast of the teleconference will be archived and available on the Company’s website.

About Fox Factory Holding Corp. (NASDAQ: FOXF)

Fox Factory Holding Corp. designs and manufactures performance-defining ride dynamics products primarily for bicycles, on-road and off-road vehicles and trucks, side-by-side vehicles, all-terrain vehicles, snowmobiles, specialty vehicles and applications, motorcycles, and commercial trucks. The Company is a direct supplier to leading powered vehicle OEMs. Additionally, the Company supplies top bicycle OEMs and their contract manufacturers, and provides aftermarket products to retailers and distributors.

Non-GAAP Financial Measures

In addition to reporting financial measures in accordance with generally accepted accounting principles (“GAAP”), FOX is including in this press release “non-GAAP adjusted gross profit,” “non-GAAP adjusted gross margin,” “non-GAAP operating expense,” “non-GAAP adjusted net income,” “non-GAAP adjusted earnings per diluted share,” “adjusted EBITDA,” and “adjusted EBITDA margin,” all of which are non-GAAP financial measures. FOX defines non-GAAP adjusted gross profit as gross profit margin adjusted for certain strategic transformation costs and the amortization of acquired inventory valuation markup. FOX defines non-GAAP operating expense as operating expense adjusted for amortization of purchased intangibles, patent litigation-related expenses, acquisition and integration-related expenses, and strategic transformation costs. FOX defines non-GAAP adjusted net income as net income attributable to FOX stockholders adjusted for amortization of purchased intangibles, patent litigation-related expenses, acquisition and integration-related expenses, and strategic transformation costs, all net of applicable tax. These adjustments are more fully described in the tables included at the end of this press release. Non-GAAP adjusted earnings per diluted share is defined as non-GAAP adjusted net income divided by the weighted average number of diluted shares of common stock outstanding during the period. FOX defines adjusted EBITDA as net income adjusted for interest expense, net other expense, income taxes, amortization of purchased intangibles, depreciation, stock-based compensation, patent litigation-related expenses, acquisition and integration-related expenses, and strategic transformation costs that are more fully described in the tables included at the end of this press release. Adjusted EBITDA margin is defined as adjusted EBITDA divided by sales.

FOX includes these non-GAAP financial measures because it believes they allow investors to understand and evaluate the Company’s core operating performance and trends. In particular, the exclusion of certain items in calculating non-GAAP adjusted gross profit, non-GAAP operating expense, non-GAAP adjusted net income and adjusted EBITDA (and accordingly, non-GAAP adjusted earnings per diluted share and adjusted EBITDA margin) can provide a useful measure for period-to-period comparisons of the Company’s core business. These non-GAAP financial measures have limitations as analytical tools, including the fact that such non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies because other companies may calculate non-GAAP adjusted gross profit, non-GAAP operating expense, non-GAAP adjusted net income, non-GAAP adjusted earnings per diluted share, adjusted EBITDA and adjusted EBITDA margin differently than FOX does. For more information regarding these non-GAAP financial measures, see the tables included at the end of this press release.

FOX FACTORY HOLDING CORP.
Condensed Consolidated Balance Sheets
(in thousands, except per share data)

	As of		As of
	December 31,		January 1
		2021			2021

	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	179,686		$	245,764
Accounts receivable (net of allowances of $410 and $663 at December 31, 2021 and January 1, 2021, respectively)		142,040			121,194
Inventory		279,837			127,091
Prepaids and other current assets		123,107			87,920
Total current assets		724,670			581,969
Property, plant and equipment, net		192,003			163,288
Lease right-of-use assets		38,752			26,148
Deferred tax assets		34,998			19,362
Goodwill		323,299			289,349
Intangibles, net		197,021			204,491
Other assets		4,986			1,954
Total assets	$	1,515,729		$	1,286,561
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	99,984		$	92,403
Accrued expenses		112,378			59,391
Reserve for uncertain tax positions		—			1,095
Current portion of long-term debt		17,500			12,500
Total current liabilities		229,862			165,389
Long-term debt, less current portion		360,953			377,088
Other liabilities		30,832			24,913
Total liabilities		621,647			567,390
Stockholders’ equity
Preferred stock, $0.001 par value — 10,000 authorized and no shares issued or outstanding as of December 31, 2021 and January 1, 2021		—			—
Common stock, $0.001 par value — 90,000 authorized; 43,010 shares issued and 42,120 outstanding as of December 31, 2021; 42,692 shares issued and 41,802 outstanding as of January 1, 2021		42			42
Additional paid-in capital		344,119			336,834
Treasury stock, at cost; 890 common shares as of December 31, 2021 and January 1, 2021		(13,754	)		(13,754	)
Accumulated other comprehensive income		4,876			1,068
Retained earnings		558,799			394,981
Total stockholders’ equity		894,082			719,171
Total liabilities and stockholders’ equity	$	1,515,729		$	1,286,561

FOX FACTORY HOLDING CORP.
Condensed Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)

	For the three months ended		For the twelve months ended
	December 31,		January 1,	December 31,		January 1,
		2021			2021			2021		2021
Sales	$	342,329		$	262,391		$	1,299,064	$	890,554
Cost of sales		235,027			178,919			866,732		601,007
Gross profit		107,302			83,472			432,332		289,547
Operating expenses:
Sales and marketing		18,710			13,923			70,925		52,214
Research and development		13,157			9,513			46,567		34,292
General and administrative		27,032			17,867			97,241		71,309
Amortization of purchased intangibles		5,317			4,499			20,685		17,583
Total operating expenses		64,216			45,802			235,418		175,398
Income from operations		43,086			37,670			196,914		114,149
Interest and other expense, net:
Interest expense		1,811			2,264			8,162		9,294
Other (income) expense, net		(484	)		381			371		325
Interest and other expense, net		1,327			2,645			8,533		9,619
Income before income taxes		41,759			35,025			188,381		104,530
Provision for income taxes		4,025			3,229			24,563		12,784
Net income		37,734			31,796			163,818		91,746
Less: net income attributable to non-controlling interest		—			—			—		1,072
Net income attributable to FOX stockholders	$	37,734		$	31,796		$	163,818	$	90,674
Earnings per share:
Basic	$	0.90		$	0.76		$	3.90	$	2.25
Diluted	$	0.89		$	0.75		$	3.87	$	2.22
Weighted-average shares used to compute earnings per share:
Basic		42,112			41,740			42,022		40,229
Diluted		42,389			42,260			42,366		40,801

FOX FACTORY HOLDING CORP.
NET INCOME TO NON-GAAP ADJUSTED NET INCOME RECONCILIATION
AND CALCULATION OF NON-GAAP ADJUSTED EARNINGS PER SHARE
(In thousands, except per share data)
(Unaudited)

The following table provides a reconciliation of net income attributable to FOX stockholders, the most directly comparable financial measure calculated and presented in accordance with GAAP, to non-GAAP adjusted net income (a non-GAAP measure), and the calculation of non-GAAP adjusted earnings per share (a non-GAAP measure) for the three and twelve months ended December 31, 2021 and January 1, 2021. These non-GAAP financial measures are provided in addition to, and not as alternatives for, the Company’s reported GAAP results.


	For the three months ended		For the twelve months ended
	December 31,		January 1,	December 31,		January 1,
		2021			2021			2021			2021
Net income attributable to FOX stockholders	$	37,734		$	31,796		$	163,818		$	90,674
Amortization of purchased intangibles		5,317			4,499			20,685			17,583
Patent litigation-related expenses		123			333			821			1,960
Other acquisition and integration-related expenses (1)		1,572			1,485			6,094			15,429
Strategic transformation costs (2)		851			476			3,422			2,798
Tax impacts of reconciling items above (3)		(794	)		(361	)		(4,045	)		(4,619	)
Non-GAAP adjusted net income	$	44,803		$	38,228		$	190,795		$	123,825

Non-GAAP adjusted EPS
Basic	$	1.06		$	0.92		$	4.54		$	3.08
Diluted	$	1.06		$	0.90		$	4.50		$	3.03

Weighted average shares used to compute non-GAAP adjusted EPS
Basic		42,112			41,740			42,022			40,229
Diluted		42,389			42,260			42,366			40,801

(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.

(2) Represents costs associated with various strategic initiatives including the expansion of the Powered Vehicles Group’s manufacturing operations. For the three and twelve month periods ended December 31, 2021, $851 and $3,422 is classified as cost of sales, respectively. For the three and twelve month periods ended January 1, 2021, $98 and $1,063 is classified as operating expenses, respectively, and $378 and $1,735 is classified as cost of sales, respectively.

(3) Tax impact calculated based on the respective year to date effective tax rate.

FOX FACTORY HOLDING CORP.
NET INCOME TO ADJUSTED EBITDA RECONCILIATION AND
CALCULATION OF NET INCOME MARGIN AND ADJUSTED EBITDA MARGIN
(In thousands)
(Unaudited)

The following tables provide a reconciliation of net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to adjusted EBITDA (a non-GAAP measure), and the calculations of net income margin and adjusted EBITDA margin (a non-GAAP measure) for the three and twelve months ended December 31, 2021 and January 1, 2021. These non-GAAP financial measures are provided in addition to, and not as alternatives for, the Company’s reported GAAP results.


	For the three months ended		For the twelve months ended
	December 31,		January 1,	December 31,		January 1,
		2021			2021			2021			2021
Net income	$	37,734		$	31,796		$	163,818		$	91,746
Provision for income taxes		4,025			3,229			24,563			12,784
Depreciation and amortization		11,519			9,184			43,425			33,923
Non-cash stock-based compensation		4,060			2,258			13,914			8,618
Patent litigation-related expenses		123			333			821			1,960
Other acquisition and integration-related expenses (1)		1,412			1,324			5,453			14,894
Strategic transformation costs (2)		851			476			3,422			2,798
Interest and other expense, net		1,327			2,645			8,533			9,619
Adjusted EBITDA	$	61,051		$	51,245		$	263,949		$	176,342

Net Income Margin		11.0	%		12.1	%		12.6	%		10.3	%

Adjusted EBITDA Margin		17.8	%		19.5	%		20.3	%		19.8	%

(1) Represents various acquisition-related costs and expenses incurred to integrate acquired entities into the Company’s operations, excluding $160 and $641 in stock-based compensation for the three and twelve month periods ended December 31, 2021, respectively, and $160 and $534 in stock-based compensation for the three and twelve month periods ended January 1, 2021, respectively, as well as the impact of the finished goods inventory valuation adjustment recorded in connection with the purchase of acquired assets.

FOX FACTORY HOLDING CORP.
GROSS PROFIT TO NON-GAAP ADJUSTED GROSS PROFIT RECONCILIATION AND
CALCULATION OF GROSS MARGIN AND NON-GAAP ADJUSTED GROSS MARGIN
(In thousands)
(Unaudited)

The following table provides a reconciliation of gross profit to non-GAAP adjusted gross profit (a non-GAAP measure) for the three and twelve months ended December 31, 2021 and January 1, 2021, and the calculation of gross margin and non-GAAP adjusted gross margin (a non-GAAP measure). These non-GAAP financial measures are provided in addition to, and not as alternatives for, the Company’s reported GAAP results.


	For the three months ended		For the twelve months ended
	December 31,		January 1,	December 31,		January 1,
		2021			2021			2021			2021
Sales	$	342,329		$	262,391		$	1,299,064		$	890,554

Gross Profit	$	107,302		$	83,472		$	432,332		$	289,547
Strategic transformation costs (1)		851			378			3,422			1,735
Amortization of acquired inventory valuation markup (2)		—			—			—			60
Non-GAAP Adjusted Gross Profit	$	108,153		$	83,850		$	435,754		$	291,342

Gross Margin		31.3	%		31.8	%		33.3	%		32.5	%

Non-GAAP Adjusted Gross Margin		31.6	%		32.0	%		33.5	%		32.7	%

(1) Represents costs associated with various strategic initiatives including the expansion of the Powered Vehicles Group’s manufacturing operations.

(2) Represents the impact of the finished goods inventory valuation adjustment recorded in connection with our 2020 acquisition of SCA.

FOX FACTORY HOLDING CORP.
OPERATING EXPENSE TO NON-GAAP OPERATING EXPENSE RECONCILIATION AND
CALCULATION OF OPERATING EXPENSE AND NON-GAAP OPERATING EXPENSE AS A PERCENTAGE OF SALES
(In thousands)
(Unaudited)

The following tables provide a reconciliation of operating expense to non-GAAP operating expense (a non-GAAP measure) and the calculations of operating expense as a percentage of sales and non-GAAP operating expense as a percentage of sales (a non-GAAP measure), for the three and twelve months ended December 31, 2021 and January 1, 2021. These non-GAAP financial measures are provided in addition to, and not as an alternative for, the Company’s reported GAAP results.


	For the three months ended		For the twelve months ended
	December 31,		January 1,	December 31,		January 1,
		2021			2021			2021			2021
Sales	$	342,329		$	262,391		$	1,299,064		$	890,554

Operating Expense	$	64,216		$	45,802		$	235,418		$	175,398
Amortization of purchased intangibles		(5,317	)		(4,499	)		(20,685	)		(17,583	)
Patent litigation-related expenses		(123	)		(333	)		(821	)		(1,960	)
Other acquisition and integration-related expenses (1)		(1,572	)		(1,485	)		(6,094	)		(15,369	)
Strategic transformation costs (2)		—			(98	)		—			(1,063	)
Non-GAAP operating expense	$	57,204		$	39,387		$	207,818		$	139,423

Operating expense as a percentage of sales		18.8	%		17.5	%		18.1	%		19.7	%

Non-GAAP operating expense as a percentage of sales		16.7	%		15.0	%		16.0	%		15.7	%

(1) Represents various acquisition-related costs and expenses incurred to integrate acquired entities into the Company’s operations.

(2) Represents costs associated with various strategic initiatives including the expansion of the Powered Vehicles Group’s manufacturing operations.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release including earnings guidance may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends that all such statements be subject to the “safe-harbor” provisions contained in those sections. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “might,” “will,” “would,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “likely,” “potential” or “continue” or other similar terms or expressions and such forward-looking statements include, but are not limited to, statements about the impact of the global outbreak of COVID-19 on the Company’s business and operations; the Company’s continued growing demand for its products; the Company’s execution on its strategy to improve operating efficiencies; the Company’s optimism about its operating results and future growth prospects; the Company’s expected future sales and future non-GAAP adjusted earnings per diluted share; and any other statements in this press release that are not of a historical nature. Many important factors may cause the Company’s actual results, events or circumstances to differ materially from those discussed in any such forward-looking statements, including but not limited to: the Company’s ability to complete any acquisition and/or incorporate any acquired assets into its business; the Company’s ability to maintain its suppliers for materials, product parts and vehicle chassis without significant supply chain disruptions; the Company’s ability to improve operating and supply chain efficiencies; the Company’s ability to enforce its intellectual property rights; the Company’s future financial performance, including its sales, cost of sales, gross profit or gross margin, operating expenses, ability to generate positive cash flow and ability to maintain profitability; the Company’s ability to adapt its business model to mitigate the impact of certain changes in tax laws; changes in the relative proportion of profit earned in the numerous jurisdictions in which the Company does business and in tax legislation, case law and other authoritative guidance in those jurisdictions; factors which impact the calculation of the weighted average number of diluted shares of common stock outstanding, including the market price of the Company’s common stock, grants of equity-based awards and the vesting schedules of equity-based awards; the Company’s ability to develop new and innovative products in its current end-markets and to leverage its technologies and brand to expand into new categories and end-markets; the Company’s ability to increase its aftermarket penetration; the Company’s exposure to exchange rate fluctuations; the loss of key customers; strategic transformation costs; the outcome of pending litigation; the possibility that the Company may not be able to accelerate its international growth; the Company’s ability to maintain its premium brand image and high-performance products; the Company’s ability to maintain relationships with the professional athletes and race teams that it sponsors; the possibility that the Company may not be able to selectively add additional dealers and distributors in certain geographic markets; the overall growth of the markets in which the Company competes; the Company’s expectations regarding consumer preferences and its ability to respond to changes in consumer preferences; changes in demand for high-end suspension and ride dynamics products; the Company’s loss of key personnel, management and skilled engineers; the Company’s ability to successfully identify, evaluate and manage potential acquisitions and to benefit from such acquisitions; product recalls and product liability claims; future economic or market conditions; and the other risks and uncertainties described in “Risk Factors” contained in its Annual Report on Form 10-K for the fiscal year ended January 1, 2021 and filed with the Securities and Exchange Commission on February 25, 2021, or Quarterly Reports on Form 10-Q or otherwise described in the Company’s other filings with the Securities and Exchange Commission. New risks and uncertainties emerge from time to time and it is not possible for the Company to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the Company’s expectations, objectives or plans will be achieved in the timeframe anticipated or at all. Investors are cautioned not to place undue reliance on the Company’s forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

CONTACT:

Fox Factory Holding Corp.

Vivek Bhakuni

Sr. Director of Investor Relations and Business Development

706-471-5241

[email protected]

3 – RumbleOn adds national marketing director from Powersports Business

According to a recent LinkedIn post, RumbleOn will be getting a familiar face to helm the company’s role as national marketing director.

Announcing the update in a LinkedIn Post, Michelle Hains revealed that she is now national marketing director at RumbleOn. She will be supporting the company’s Harley-Davidson and Indian Motorcycle dealership locations.

She spent the previous 14 years as marketing director for Harley-Davidson dealership locations for RideNow Powersports.

4 – 2023 Timbersled Snow Bike Lineup Challenges Back Country Riding From Polaris

New For 2023, ARO 3 Gen 2 Suspension, QDT and New Upgrades across the Lineup

Sandpoint, ID (March 1, 2022) – Polaris Timbersled, reinforces its position as the industry leader in snow bike systems with an exciting new 2023 lineup of Timbersled models, choices of new model upgrades and options, and industry-leading accessory selections to take riders anywhere they want to go.

Timbersled is an innovative kit that attaches to a dirt bike, allowing the rider to convert their bike into a snow bike. By removing the front and rear wheel in a simple conversion process and replacing them with a ski and track, the enduro enthusiast can experience the snow-covered mountains in a season and environment they usually would not be able to ride in. Not only can this open up dirt bikers to a whole new world of snow, but it can also get them further into the back country than almost any other machine on the market. Timbersled is pushing the frontier of easily accessible snow biking through continued innovation and top-quality Polaris engineering.

“Timbersled continues to lead the snow bike industry by bringing innovation that delivers immediate response, precise handling and control and loads of fun in a reliable and durable package. This allows consumers to be able to go anywhere they want to go and explore areas of the mountain they never thought possible. I am just getting into the sport myself and can understand why snow biking continues to grow so rapidly with Timbersled leading the way!” – John Stockman, Vice President & General Manager, Polaris Snowmobiles & Timbersled

The new ARO 3 Redesigned Lightweight Suspension Platform
Take riding to the extreme with the new ARO 3 Gen 2 platform. This new second-generation suspension design combines world class engineering with rider-in-mind designs that allow the ARO 3 to capitalize on effortless handling and precision in the back country. With a dramatic 12lb overall weight reduction that includes a new lightweight single-arm design and narrow rail system, the ARO 3 delivers a smooth edge to edge transition with less feedback from uneven terrain.

The Gen 2 Platform is also designed with an all-new lightweight track that features 3” paddles and 2lbs less rotating mass. The paddles have an improved lug design that maintains the legendary ARO deep snow traction while increasing lift and maneuverability.

Timbersled ARO and Timbersled RIOT Efficient Power Delivery
Timbersled has revamped power delivery for 2023 by introducing the Quick Drive Timbersled (QDT) belt drive system reinforced with carbon fiber and shared with the popular Polaris Patriot Boost snowmobiles. with 48 percent less driveline inertia, QDT delivers more power and quicker track spool up for optimal deep snow performance., With significantly less maintenance than a traditional chain system by removing the need to lube a chain during the winter ride season, QDT offers a more effortless owner experience while minimizing noise and vibration on the mountain for a more enjoyable ride. Quick Drive for Timbersled provides riders with the most durable belt drive system in the industry and is available on Timbersled Pro and Race models during SnowCheck only.

Trim Levels and Options for 2023
Timbersled provides customization options for every rider to tune their systems to perfectly suit their unique riding style, equipment preferences, and all types of terrain. For 2023, Timbersled snow bike systems will be available in three trim levels: PRO, Premium, and Sport.

The PRO trim is the most-exclusive option, available only during the SnowCheck pre-order period. The PRO package comes with new QDT, high performance Fox^® IBP QS3^® shocks with internal bypass and lightweight springs. It also includes lightweight driveline components developed on the racetrack for ultimate throttle response. The Pro trim level is available on Timbersled RIOT 3 and ARO 3 and comes with a variety of color options to choose from.

Visit Timbersled.com for complete details on the 2023 lineup.

FOX^® and QS3^® are registered trademarks of Fox Factory Inc.

Unless noted trademarks are the property of Polaris Industries Inc.

5 – Parts Unlimited adds new Southwest Region sales rep – From Powersports Business

Parts Unlimited has announced the newest sales rep for the Southwest region covering Oklahoma – Dakota Doughty.

READ THE ENTIRE POST HERE – https://powersportsbusiness.com/top-stories/2022/03/02/parts-unlimited-adds-new-southwest-region-sales-rep/

6 – SNOWBIKES FOR THE BOLD AND THE BRAVE WHO DARE TO VENTURE FURTHER

Today, Canadian snowbike company and industry leader YETI SnowMX unveiled its 2023 snowbike systems featuring improved technology for riders chasing backcountry powder adventures, looking for ultimate racing performance or simply wanting to explore new trails. Highly adaptable and compatible with most dirt bikes, the MX2023 models keep performance up a notch, no matter what snow conditions riders want to tackle.

YETI SnowMX’s 2023 lineup feature a next-generation snowbike track with 2.6-inch profiles, cup-shaped profiles in a leaning angle, and optimized geometry of the front spindle, resulting in better traction and flotation in all conditions, more horsepower to the surface, great traction, and reduced drifting for smooth steering. This means sharper turns in technical areas, increased stability in rougher trails, reduced drag to help get more power from the engine to the snow without resistance, and an overall, more comfortable ride.

The 2023 YETI SnowMX systems are available in three models:

Designed for the toughest hill climbs and the deepest pow, the 137 MT is built strong enough to seize the biggest peaks.
Designed for the tightest tree lines, the 129 FR is now stronger and more responsive for all-round agility and boondock-ability.
Designed for aggressive freeriding in lower altitudes, the 120 FR was built to be more agile across shallow snow – available only during Snowcheck.

“Our 2023 YETI SnowMX snowbikes’ performance is unrivaled when factoring in its nimbleness, flotation, and how smooth of a ride it provides, especially when riding mountains and backcountry,” explains Guillaume Laplante, Track System Design and Development Leader for Powersports at Michelin, Yeti SnowMX’s parent company. “We’re also seeing impressive results from the new spindle, with riders doing the same lines they used to, faster and thanks to the ski allowing for less drag and no holding back. Power goes straight from the engine to the track and then hits the snow, bringing snowbiking to new levels.”

Snowbikers can order their new snowbike through the YETI SnowMX Snowcheck program providing nearly $1,600 in savings. Customers can also customize their rides via the YETIMIZER online tool for colours, options and accessories from March 1 to April 15. Other options include factory-installed cargo racks, wheel kits, shock upgrades and more.

For more information about the 2023 YETI SnowMX models, visit yetisnowmx.ca or visit your local YETI SnowMX dealer.

7 – Polaris Announces Expansion of Distribution Center in Wilmington, Ohio

Adding 165,000 square feet to support the company’s PG&A business and enhance dealer and customer service

MINNEAPOLIS (March 2, 2022) – Polaris Inc. (NYSE: PII) today officially announced plans to expand its distribution facility in Wilmington, Ohio aimed at providing additional distribution capacity, expanding product assortment, improving delivery, customer service, and optimizing operations. The 165,000 square-foot expansion will bring the facility footprint to 465,000 square feet.

The Wilmington distribution center will continue to support Polaris’ growing Aftermarket, Parts, Garments, & Accessories (PG&A) businesses. This expansion will allow Polaris to grow its eastern presence and in turn better serve its dealers and customers.

“Polaris’ Aftermarket and PG&A businesses continue to experience tremendous growth and we expect that trend to continue. The expansion of our distribution center in Wilmington Ohio, allows us to leverage our incredible local distribution team and elevate service levels for our customers,” said Steve Eastman, president of Aftermarket and PG&A at Polaris. “As we explored our investment options, expanding our Wilmington operation quickly rose to the top given the support of the community and the city’s proximity to our dealers and customers throughout the eastern part of the United States.”

The expansion will allow for both additional rack storage and new automated material handling technology within the facility designed to improve customer responsiveness and productivity. The expansion will create an estimated 20-25 new jobs over three years.

“We’re thrilled to support Polaris as they expand their operations in Wilmington. Their increased operations will help improve customer service while allowing them to diversify their product assortment and gain market share,” said Julie Sullivan, the Dayton Development Coalition’s Executive Vice President of Regional Development. “Their longstanding presence in Wilmington has provided economic stability and employment opportunities for the community.”

Polaris will break ground on the addition this spring with completion slated for Spring 2023.

Jennifer Klus Ekey, Economic Development Director for the Clinton County Port Authority stated, “We are thrilled by the Polaris announcement today. This announcement is impactful for a number of reasons, including the investment that Polaris is making, along with the additional jobs that this expansion will be creating. We are happy to have been a small part of this process, and It has been a pleasure working with the entire Polaris team to expand their operations in Wilmington, Ohio.”

About Polaris

As the global leader in Powersports, Polaris Inc. (NYSE: PII) pioneers product breakthroughs and enriching experiences and services that have invited people to discover the joy of being outdoors since our founding in 1954. With annual 2021 sales of $8.2 billion, Polaris’ high-quality product line-up includes the Polaris RANGER®, RZR® and Polaris GENERAL™ side-by-side off-road vehicles; Sportsman® all-terrain off-road vehicles; Indian Motorcycle® mid-size and heavyweight motorcycles; Slingshot® moto-roadsters; snowmobiles; and deck, cruiser and pontoon boats, including industry-leading Bennington pontoons. Polaris enhances the riding experience with parts, garments, and accessories, along with a growing aftermarket portfolio, including Transamerican Auto Parts. Polaris’ presence in adjacent markets includes military and commercial off-road vehicles, quadricycles, and electric vehicles. Proudly headquartered in Minnesota, Polaris serves more than 100 countries across the globe. www.polaris.com

8 – Nivel Parts & Manufacturing Acquires System 3 Off-Road

Nivel Parts & Manufacturing Co., LLC today announced that it has acquired System 3 Off-Road, a leading UTV tire and wheel supplier. The purchase brings together Nivel’s manufacturing, sourcing, and distribution capabilities with the highly respected System 3 brand of tires and wheels, as well as extensive design and engineering capabilities. System 3 products are distributed in partnership with Tucker Powersports.

Nivel intends to continue growing the business with a seamless transition of System 3’s talent, vendor relationships and distribution partnerships. Craig Petersen, founder and former owner, said “We are very excited to join the Nivel team; the transition is a great fit for System 3. Nivel’s resources will position System 3 to further accelerate product innovation, brand strategy and strengthen distribution relationships.”

Nivel recognizes the growth in the UTV market and understands the importance of a well-rounded product portfolio appealing to all UTV segments. Through the acquisition of System 3, Nivel expands into the UTV Tire & Wheel market with a well-recognized brand built on providing an excellent customer experience and high-quality products.

Nivel CEO Brett Hankey commented, “We are thrilled to welcome System 3 into Nivel’s family of brands. The System 3 team has proven their ability to leverage their experience, design talent, and engineering skills to bring best-in-class products to the market. We look forward to continue building on this success and delivering must-have products to our UTV enthusiast customers.”

About Nivel

Founded in 1968, Nivel is a global manufacturer, distributor, and seller of aftermarket parts and accessories for vehicles in the Personal Transportation Vehicle (PTV), Utility Terrain Vehicle (UTV), Heavy Duty, and Automotive sector. It is a trusted business partner to thousands of dealers, distributors, and consumers in the US and international markets. Nivel owns the most valuable brands in the aftermarket niche vehicle parts and accessories categories: MadJax, Red Dot, GTW, Jake’s, Seizmik, Highlifter, and Facon Ridge.

About System 3 Off-Road

System 3 Off-Road designs, develops, and manufactures high-quality radial tires and cast aluminum wheels for the UTV market. The System 3 brand has quickly become recognized as an industry leader in tire and wheel products for ATV/UTV replacement and high-performance applications. System 3 has raised the bar in product innovation, design and performance, earning preferred shelf space at Dealership’s throughout US and Canada.

9 – Five new service tech training partnerships launched by Yamaha from Powersports Business

Yamaha Motor Corporation, USA and Yamaha Motor University have announced five new vocational training partnerships, each providing Yamaha-approved training curriculums designed to kickstart and accelerate careers for aspiring powersports mechanics.

READ THE ENTIRE ARTICLE HERE – https://powersportsbusiness.com/top-stories/2022/03/03/five-new-service-tech-training-partnerships-launched-by-yamaha/

10 – Suzuki Launches Additional 2022 Models Courtesy Suzuki

Suzuki Adventure Touring, Off-Road, Cruiser and Street Models Round Out 2022 Models

Brea, CA (March 2, 2022) – Extending the momentum gained from exciting models like the all-new 2022 Hayabusa and GSX-S1000GT+, Suzuki Motor USA, LLC launches another wave of dynamic motorcycles to the lineup. This additional group of motorcycles brings together a collection of proven Suzuki products including highly capable adventure and off-road machines; wind in your face Boulevard cruisers and an exciting street bike that punches above its weight all while delivering great value.

Adventure Models:
Renowned for their reliability and value, Suzuki’s V-STROM models have attracted many riders who use their motorcycles for touring, commuting, and exploring new trails and roads with spirited performance. These are touchstone motorcycles balanced with a natural riding position, comfortable ergonomics, and a flexible engine character that produce riding excitement during daily commutes, cross-country trips, or a high-mile adventure.

V-STROM 1050XT and V-STROM 1050XT Adventure – The 2022 V-STROM 1050XT and the V-STROM 1050XT Adventure models return with the Suzuki Intelligent Ride System (S.I.R.S.). These V-STROMs lead the Adventure category in technology as this advanced suite of features is interconnected to an ECM via a Controller Area Network (CAN) wire harness that quickly transmits information from a six-direction, three-axis inertial measurement unit (IMU). This IMU measures six directions of movement along three axes (as compared to the five directions measured on the previous generation). The IMU detects pitch, roll, and yaw movement based on the motorcycle’s position, movement, and acceleration. Other key technologies include:

Traction Control* with four sensitivity modes, Suzuki Drive Mode Selector (S-DMS), and Cruise Control that effectively maintains road speed through the Ride-by-Wire electronic throttle bodies.
Adjustable Motion Track Antilock** & Combined Brake System includes a Hill Hold Control system to aid the rider when stopped on an incline.
Slope Dependent Control System helps manage braking force to avoid rear wheel lift when riding downhill.
Load Dependent Control System monitors and retains braking force information to optimize braking force when riding with a passenger or heavy cargo.
Each element of S.I.R.S. helps provide V-STROM 1050XT riders with stress-free use and convenience during long-distance adventures, commuting, or pleasure riding.

The V-STROM 1050XT and V-STROM 1050XT Adventure’s S.I.R.S. electronic suite with key features that makes Adventure touring enjoyable, such as:

The Suzuki Drive Mode Selector (S-DMS) is a three-mode system that lets the rider select the engine’s power delivery characteristic to match riding ability and conditions. Working in concert with the Traction Control System*, S-DMS permits peak power in each mode while changing the nature of the power delivery.
- A Mode – provides sharp throttle response.
- B Mode – provides a moderate throttle response.
- C Mode – provides the softest throttle response of the three modes.
The Cruise Control System maintains the selected road speed without the rider having to hold the throttle open. A button on the right handlebar control can be pressed to put cruise control into standby, and a rocker-style selector switch on the left handlebar control lets the rider adjust the speed up or down. Cruise control function icons and indicators are located on the instrument panel.

2022 V-STROM 1050XT
MSRP $14,849

The V-STROM 1050XT comes with an adjustable, wind-tunnel developed windscreen, handguards, a two-piece seat with height adjustability for the rider’s section, plus a rugged accessory bar and center-stand, and much more. The 1050XT has an exciting color scheme, Metallic Oort Gray with a sophisticated Glass Sparkle Black.

2022 V-STROM 1050XT Adventure
MSRP $17,049

The 2022 V-STROM 1050XT Adventure arrives with a recognizable Suzuki color scheme of Champion Yellow and Glass Sparkle Black with silver and blue accents plus gold-anodized rims on the spoke-style, tubeless wheels. Added to the 1050XT’s impressive standard equipment list is a set of Suzuki’s quick release 37L aluminum panniers, LED fog lights, and heated hand grips.

Off-Road Models:
If family fun is what you’re looking for, Suzuki off-road motorcycles offer riders young and old alike proven engineering, rugged styling, and great value. Suzuki off-road machines provide young and smaller stature riders with a great blend of durable off-road performance, premium features, and championship-winning RM-Z styling.

2022 DR-Z125L
MSRP $3,399

DR-Z125L – The DR-Z125L is the perfect platform on which to build essential riding skills, as this capable small-bore off-roader has a manual clutch and a five-speed transmission so riders may develop their skills as they advance within the sport of motorcycling. Styled to mirror Suzuki’s legendary RM-Z motocrossers, this DR-Z arrives with a race-oriented look, while the sharp handling and strong low-end and mid-range power provide the get-up-and-go that defines off-road bikes. The bike’s race-ready looks prove you can’t judge a book by its cover, because the DR-Z125L is a fun yet easy to ride package packed with loads of fun. The DR-Z125L excites the senses with Suzuki’s iconic Champion Yellow bodywork for 2022.

Cruiser Models:
Suzuki’s 2022 Suzuki Boulevard cruisers are equally at home on city streets or out on the interstate. This collection of fuel-injected, V-twin engines deliver abundant torque, and were engineered for comfort, street-style, and reliability.

2022 Boulevard C50T
MSRP $10,059

Boulevard C50T – Ready for a highway tour? With the Suzuki 2022 Boulevard C50T, you’ll find yourself equally at home cruising downtown or touring out on the turnpike. Its fuel-injected, 50 cubic inch, V-twin engine delivers loads of torque and a road-commanding personality. Its bold, classic stance stands out in a crowd, while a long list of features makes it ideal for comfortable long-distance cruising. Tour-ready features include a spacious riding position, aerodynamic windshield, and custom studded saddlebags that match the studded dual seats that deliver all-day rider and passenger comfort. Beautiful Pearl Brilliant White paint with subtle blue graphics set off the C50T’s classic styling. Whitewall tires finish off the distinctive, old-school look.

2022 Boulevard C50
MSRP $8,609

Boulevard C50 – Be ready to be the center of attention as the 2022 Suzuki Boulevard C50 turns heads wherever you cruise. The Boulevard C50 stamps an indelible impression on traditional cruiser styling that includes a kicked-out fork, valance-style fenders, and a staggered, chromed, dual exhaust system. Back for ’22, the C50 delivers a Candy Daring Red color or a Solid Iron Gray paint scheme with graphics that give the Boulevard C50 a classic look.

2022 GSX250R ABS
MSRP $4,999

GSX250R ABS – This confidence-inspiring sportbike features a proven, twin-cylinder, fuel-injected engine wrapped in stylish full-fairing bodywork. With responsive yet easy-to-control performance, the GSX250R ABS rewards the rider with great fuel efficiency, nimble handling, and a comfortable riding position. The 2022 GSX250R ABS features an eye-catching Metallic Crystal Blue with Pearl Nebular Black paint scheme that delivers big bike excitement to the 250 class and is perfect for new riders looking for Suzuki’s legendary sportbike vibe.

*The Traction Control System is not a substitute for the rider’s throttle control. It cannot prevent loss of traction due to excessive speed when the rider enters a turn and/or applies the brakes. Neither can it prevent the front wheel from losing grip.
**Depending on road surface conditions, such as wet, loose, or uneven roads, braking distance for an ABS-equipped vehicle may be longer than for a vehicle not equipped with ABS. ABS cannot prevent wheel skidding caused by braking while cornering. Please ride carefully and do not overly rely on ABS.

11 – Volcon ePowersports Signs Milestone 60th Dealership – From Volcon

JUST FOUR MONTHS AFTER LAUNCHING ITS NATIONAL DEALER NETWORK INITIATIVE, VOLCON CELEBRATES A MILESTONE OF 60 DEALERSHIPS IN THE US

Austin TX, USA, March 03, 2022 (GLOBE NEWSWIRE) — Austin, TX | March 3, 2022: Volcon Inc. (NASDAQ: VLCN), (“Volcon” or the “Company”), the first all-electric, off-road powersports company, began collecting dealer applications in North America last year to showcase and sell its innovative, industry-leading off-road vehicles. In just 160 days, 365 applications were submitted by interested dealerships across the country.

The very strong initial response from dealers reinforces Volcon’s anticipated demand for electric powersports in the market and the eagerness of consumers seeking a quality off-road vehicle that offers a deeper connection to their outdoor adventures and lifestyle.

The newly assembled dealer development team at Volcon has officially signed 60 dealerships as of March 3, 2022, showing strength in the Company’s ability to successfully execute and onboard dealers as they build out a robust group of early adopters. The Company anticipates that its list of dealers will continue to grow. Volcon operates with a customer-first approach. Dealers are closely vetted against Volcon’s dealer guidelines intended to facilitate the success of the dealer relationships, both in sales and in operating with a positive relationship that resonates through to the end customer.

“We are privileged to have the opportunity to launch our dealer network with such a great group of people” Melissa Coffey, Director of Global Sales and Service, explained. “Each individual we work with shows a similar passion for the brand’s success as we do. Our dealers are not just business partners. They are part of a community that embraces powersports as a way of life. They see Volcon as an opportunity to provide a product that is currently missing in their customer offering and a whole new market opportunity.”

Volcon’s dealer locator tool on it’s website illustrates current locations where customers will find Volcon ePowersports vehicles for sale and receive service on their machines. Among the current dealers are several well-known names in the powersports business, including Power Lodge with four locations in Florida and Minnesota, Mom’s with nine locations across the Northeast, and World of Powersports with four dealerships in Illinois.

“When we received a demo bike, everyone from the dealership was anxious to test it out,” explained Matt Jackson, owner of World of Powersports, “Needless to say we liked what we experienced because we signed up to become a Volcon dealer that day. We are excited to add the Volcon products to our lineup.”

“Our initial interest came from an existing relationship with the sales team at Volcon, which gave us the confidence to look into the brand” explained Tom Dehn of Power Lodge, “After looking at the current and future product offering, it was an easy decision to add the brand at our four locations. Volcon vehicles are state of the art with a unique look that is not just a copycat of other products we already have on the showroom floor. We are especially excited about the all-electric UTV products coming in the future.”

“I have always been a fan of electric vehicles and what they will bring in the future. It’s exciting to see this technology evolve into the off-road segment. Volcon’s offering of fully-electric models that I haven’t seen other manufacturers offer, is an exciting segment that we needed as we move into the future of electric vehicles” explains Noah Johnson, Marketing Manager with MOM’s, “Being able to offer fully electric vehicles to those customers who are conscious of their carbon footprint or who love the power and performance you get with an electric vehicle is a huge advantage as we currently don’t have anything similar to what Volcon offers. Electric is the future and we’re always looking for ways to stay ahead of the curve at MOM’s.”

Volcon continues to receive interest in electric-powered powersports products and expects to start delivering products to dealers in May 2022.

For more information and the Volcon Dealer Locator visit: www.volcon.com/dealer-locator

About Volcon

Volcon Inc. is the first all-electric, powersports company producing high-quality off-road vehicles. Based in Round Rock, Texas, Volcon joins many major electric vehicle manufacturers near Austin, Texas, an area that is poised to become the electric vehicle capital of the world.

Volcon was founded with the mission to enhance the outdoor experience while reducing the industry’s environmental footprint so that adventurers and workers alike can enjoy the outdoors and preserve it for generations to come. Volcon produces all-electric, off-road vehicles that are designed to elevate the adventure experience and help people get things done at work and on the home front.

Volcon’s first product, the innovative Grunt combines a fat tire physique with high-torque electric power and a near-silent drive train which started shipping in September of 2021. Future models include the Runt, which is a youth-sized version of the groundbreaking Grunt. The Stag and Beast will be Volcon’s venture into the rapidly expanding world of UTVs and are expected in the future as the company continues to expand.

For more information, please visit: www.volcon.com

Volcon Contacts

For Media: [email protected]

For Dealers: [email protected]

For Investors: [email protected]

For Marketing: [email protected]

Forward-Looking Statements

Some of the statements in this release are forward-looking statements, which involve risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ”believes,” ”estimates,” ”anticipates,” ”expects,” ”plans,” ”projects,” ”intends,” ”potential,” ”may,” ”could,” ”might,” ”will,” ”should,” ”approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s Registration Statement on Form S-1 filed with the SEC, which is available on the SEC’s website, www.sec.gov.

Additional menu

The 2023 YETI SnowMX systems are available in three models:

About Nivel

About System 3 Off-Road

JUST FOUR MONTHS AFTER LAUNCHING ITS NATIONAL DEALER NETWORK INITIATIVE, VOLCON CELEBRATES A MILESTONE OF 60 DEALERSHIPS IN THE US