Fox Factory Holding Corp.

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to Fox Factory Holding Corporation's fourth quarter and full year 2020 earnings conference call. At this time, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation. Please note, this conference is being recorded. I'd now like to turn the conference over to your host, Yves Bacchini, Director of Investment Relations and Business Development. Thank you, sir. You may begin. Thank you. Good afternoon and welcome to Fox Factory's fourth quarter and four-year fiscal 2020 earnings conference call. I am joined today by Mike Dennison, our Chief Executive Officer, and Scott Humphrey, our Chief Financial Officer and Treasurer. First, Mike will provide business updates. Then Scott will give you the quarter and four-year financial results, and then the outlook followed by closing remarks from Mike. We will then open the call up for your questions. By now, everyone should have access to the earnings room, which sent out today at approximately 4 or 5 instant time. If you have not had a chance to review the release, it's available on the investor relations portion of our website at investor.rightfox.com. Please note that throughout this call, we will refer to Fox Factory as Fox or the company. Before we begin, I would like to remind everyone that the prepared remarks contain forward-looking statements and the management may make additional forward-looking statements in response to your questions. Such statements involve a number of known and unknown uncertainties, many of which are outside the company's control and can cause future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors and risks that could cause or contribute to such differences are detailed in the company's latest Form 10-K and an annual report on Form 10-K filed with Securities and Exchange Commission. Except as required by law, the company undertakes no obligation to update any forward-looking or other statements given, whether as a result of new information, future events, or otherwise. In addition, where appropriate in today's prepared remarks and within our earnings release, we will refer to non-GAAP financial measures to evaluate our business as we believe these are useful metrics that better reflect the performance of our business on an ongoing basis. Reconciliations of these non-GAAP financial measures with their most directly comparable GAAP financial measures are included in today's press release, which has also been posted on our website. And with that, it is my pleasure to turn the call over to our CEO, Mike Dennison.

Thank you, Zee, and good afternoon. We appreciate everyone taking the time to join us for today's call. As we all know, 2020 is a year we couldn't have anticipated and will not soon forget. Almost a year into the pandemic, serious challenges continue to present themselves every day, and we remain focused on the health and well-being of our people and our communities. The pandemic has not only highlighted but also amplified our team's dedication and our ability to execute a well-defined management strategy. Through our relentless focus, we continue to demonstrate Fox's diverse competitive advantages, and our results reflect that in both our fourth quarter and four-year performance. Our wide-ranging set of performance-defining product offerings, combined with our team's agility and perseverance, have made Q4 of 2020 the highest revenue quarter in our company's history. I am pleased to report fourth quarter sales of $252.4 million, an increase of 41.2% compared to the fourth quarter of last year. From a profitability perspective, we reported non-GAAP adjusted earnings per diluted share of $0.90 versus $0.65, an increase of 39.3% year-over-year. The strength in our performance was driven by our innovative products, expanded portfolio offerings, and our team's ability to meet the significant demand fulfillment challenges. We believe in today's times that product availability and supply chain responsiveness have become a key differentiator and we are growing market share based on our ability to meet these unforeseen challenges.

Let us take a closer look at our business.