Fox Factory Holding Corp (FOXF)

Activity ratios

Short-term

Turnover ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Inventory turnover	3.41	3.79	3.78	3.51	3.75	3.57	3.48	3.67	3.82	4.04	4.42	4.88	5.90	5.05	4.35	4.12	4.76	4.47	4.10	4.26
Receivables turnover	8.46	10.21	9.40	8.29	7.97	7.87	—	—	9.15	—	—	—	7.35	—	—	—	—	—	—	—
Payables turnover	12.16	14.63	13.53	9.85	10.01	9.60	7.51	7.36	10.69	6.35	5.98	6.68	8.12	6.75	9.94	7.28	11.10	9.05	7.89	6.99
Working capital turnover	2.58	2.81	2.52	2.58	2.96	2.50	2.27	2.42	2.63	2.39	2.39	2.18	2.14	2.11	2.00	3.02	3.94	3.65	3.73	4.12

Fox Factory Holding Corp's inventory turnover has been relatively stable over the past few quarters, ranging between 3.41 and 4.88. This indicates that the company is efficiently managing its inventory by selling and replacing it at a moderate pace.

The receivables turnover ratio has shown some fluctuations, with values ranging from 7.35 to 10.21. This suggests that the company is collecting its receivables at a relatively effective rate, although there may be some variability in its collection process.

The payables turnover ratio has also exhibited variability, with values ranging from 5.98 to 14.63. A higher payables turnover indicates that the company is paying its suppliers more frequently, which may positively impact its cash flow and liquidity.

The working capital turnover ratio has shown a fluctuating trend, with values ranging from 2.00 to 4.12. A higher working capital turnover indicates that the company is efficiently utilizing its working capital to generate sales revenue.

Overall, Fox Factory Holding Corp's activity ratios suggest that the company is managing its operational aspects reasonably well, with some fluctuations in receivables and payables turnover that may require further attention to ensure consistent performance.

Average number of days

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Days of inventory on hand (DOH)	days	107.13	96.21	96.50	104.04	97.45	102.32	104.98	99.46	95.59	90.36	82.63	74.82	61.85	72.35	83.95	88.61	76.64	81.58	89.11	85.65
Days of sales outstanding (DSO)	days	43.16	35.75	38.83	44.04	45.80	46.40	—	—	39.91	—	—	—	49.67	—	—	—	—	—	—	—
Number of days of payables	days	30.01	24.95	26.98	37.06	36.45	38.03	48.61	49.58	34.15	57.44	61.05	54.68	44.97	54.09	36.72	50.15	32.89	40.32	46.26	52.19

Based on the data provided, we can analyze the activity ratios of Fox Factory Holding Corp over multiple periods.

Days of Inventory on Hand (DOH):
- The days of inventory on hand have been slowly increasing over recent periods, indicating a lengthening of time it takes for Fox Factory to sell its inventory.
- In general, a higher DOH may suggest excess inventory levels or potential issues with inventory management efficiency.
- The trend of increasing DOH could potentially lead to higher carrying costs and the risk of obsolescence.

Days of Sales Outstanding (DSO):
- The days of sales outstanding have varied over time, with some quarters showing lower DSO than others.
- DSO represents the average number of days it takes for Fox Factory to collect on its sales, with lower DSO values indicating faster collection of receivables.
- A decreasing trend in DSO is generally favorable as it suggests improved efficiency in collecting sales revenue.

Number of Days of Payables:
- The number of days of payables has fluctuated over the periods provided, with some quarters showing shorter payment cycles compared to others.
- A lower number of days of payables indicates that Fox Factory is paying its suppliers faster, which could potentially strain liquidity.
- Conversely, a longer number of days of payables may suggest more favorable credit terms with suppliers, which can help manage cash flow.

Overall, an optimal balance between these activity ratios is crucial for Fox Factory Holding Corp to effectively manage its working capital and optimize its operational efficiency. Additionally, monitoring these ratios over time can help identify trends and potential areas for improvement in the company's operating activities.

Long-term

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Fixed asset turnover	6.10	7.25	7.61	7.70	7.90	7.66	7.56	7.20	6.77	6.64	6.37	5.78	5.45	5.19	5.20	6.05	6.91	7.01	7.19	7.63
Total asset turnover	0.65	0.91	0.90	0.89	0.99	0.91	0.86	0.84	0.86	0.81	0.78	0.73	0.69	0.65	0.64	0.72	1.23	1.20	1.18	1.20

The fixed asset turnover ratio for Fox Factory Holding Corp has shown a general increasing trend over the past several quarters, indicating that the company is generating more revenue from its fixed assets. This suggests improved efficiency in utilizing its long-term assets to generate sales.

On the other hand, the total asset turnover ratio has been more volatile, with fluctuations seen across the quarters. Despite this, the ratio has generally been below 1, indicating that the company is not generating a high level of sales relative to its total assets.

Overall, while the fixed asset turnover ratio shows a positive trend in asset utilization efficiency, the total asset turnover ratio suggests room for improvement in generating sales from the company's total asset base. Further analysis and comparison with industry benchmarks may provide additional insights into Fox Factory Holding Corp's long-term activity performance.