Slides
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1 Second Quarter 2025 Financial Results Call
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2 Disclaimer Certain statements in this presentation 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, along with statements regarding the impact of organizational changes, 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 include, but are not limited to: 1) Holley’s ability to execute our business strategy, including monetization of services provided and expansions in and into existing and new lines of business; 2) Holley’s ability to compete effectively in our market; 3) Holley’s ability to successfully design, develop, and market new, effective, and safe products and platforms; 4) Holley’s ability to respond to changes in vehicle ownership and type; 5) Holley’s ability to maintain and strengthen demand for our products; 6) Holley’s ability to grow and effectively manage our growth; 7) Holley’s ability to attract new customers in a cost-effective manner and to expand into additional consumer markets; 8) Holley’s ability to successfully integrate acquisitions or achieve the expected synergies from such acquisitions; 9) Holley’s ability to maintain relationships with customers and suppliers; 10) Holley’s ability to retain our management and key employees; 11) costs related to Holley being a public company; 12) disruptions to Holley’s operations, including as a result of cybersecurity incidents; 13) changes in applicable laws or regulations; 14) the outcome of any legal proceedings that have been or may be instituted against Holley; 15) general economic and political conditions, including the current macroeconomic environment, political tensions, and war (including the conflict in Ukraine, the conflict in the Middle East, and the possible expansion of such conflicts and potential geopolitical consequences); 16) the possibility that Holley may be adversely affected by other economic, business, and/or competitive factors, including recent events affecting the financial services industry (such as the closures of certain regional banks); 17) Holley’s estimates of its financial performance (e.g., the successful execution of cost saving initiatives); 18) Holley’s ability to anticipate and manage through disruptions and higher costs in manufacturing, supply chain, logistical operations, and shortages of certain company products in distribution channels; 19) disruptions and costs associated with doing business in certain countries; 20) Holley’s ability to adopt and react to risks posed by new technology; 21) inability to predict how products will ultimately be used; 22) Holley's ability to anticipate and manage through the impact of elevated interest rate levels, which cause the cost of capital to increase, as well as respond to inflationary pressures and trade restrictions, including tariffs; and 23) other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (“SEC”) on March 14, 2025, and disclosed in any subsequent filings with the SEC. Although Holley believes the expectations reflected in the forward-looking statements are reasonable, nothing in this presentation 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 no duty to update these forward-looking statements, except as otherwise required by law. Included in this Presentation are certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”) that are designed to supplement, and not substitute Holley's financial information presented in accordance with GAAP, including, but not limited to, EBITDA, Adjusted EBITDA, Adjusted EDBITDA Margin, Bank-adjusted EBITDA Leverage Ratio, Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Net Income, Adjusted Diluted EPS, and Free Cash Flow. The non-GAAP measures as defined by Holley may not be comparable to similar non-GAAP measures presented by other companies. The presentation of such measures, which may include adjustments to exclude non-recurring items, should not be construed as an inference that Holley's future results, cash flows, or leverage will be unaffected by other nonrecurring items. Refer to information about the non-GAAP measures contained in this Presentation. This Presentation also includes forward-looking estimates of Adjusted EBITDA and Year-end Bank-adjusted EBITDA Leverage Ratio as part of our financial guidance. We do not reconcile these non-GAAP measures for future periods to their most comparable GAAP measures due to the uncertainty and potential variability of reconciling items. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide a reconciliation of these non-GAAP measures without unreasonable effort. Forward-looking estimates of Adjusted EBITDA and Year-end Bank Adjusted EBITDA Leverage Ratio are estimated in a manner consistent with the relevant definitions and assumptions noted herein. 2
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3 Presenter: Anthony Rozmus Investor Relations Matthew Stevenson President & CEO Jesse Weaver CFO Group Matthew Stevenson President & CEO Agenda • Introductions & Forward-Looking Statements • Results and Highlights • Q2 Financial Results • Q&A • Outlook 3
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4 4 Matthew Stevenson President and CEO Results and Highlights 4
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5 Highlights for Q2 5 • Momentum continued in Q2, core business delivered a solid 3.9% revenue growth across all divisions. • Free Cash Flow of $35.7 million in Q2 - record quarterly free cash for the company. • Continued execution of strategic framework drove ~$27M in revenue on key initiatives. • Brand growth expansion across 20+ brands in both DTC and B2B channels in Q2. • Further strengthened relationship with B2B partners, resulting in ~6.5% growth in the channel. • DTC grew 8.6% with third-party platforms (Amazon, eBay, etc.) increasing by more than 28%. • Product innovation and strategic pricing initiatives contributed $10.8 million in revenue. • Supply chain initiatives effectively offsetting tariff pressures, preserving margin stability.
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6 Q2 Financial Results & Ongoing Business Highlights 2025 Q2 Results Net Sales $166.7 M 3.9% vs. PY1 Gross Margin 41.7% +26bps vs. PY Free Cash Flow2 $35.7 M $11.3 M vs. PY Adjusted EBITDA Margin2 21.9% -74bps vs. PY Business Highlights Operational Excellence Q2 +2.2% YOY Top 2,500 Products In-Stock % >$1M YOY Improvement in Ops Efficiency 1. Growth rate compared to the second quarter of 2024 after excluding approximately $9.0 million of divestiture and strategic product rationalization sales from net sales for the second quarter of 2024 2. Non-GAAP measure. Please see the GAAP to Non-GAAP reconciliation in the Appendix to this presentation +16% YOY Reduction in Past Dues Continued Promotional Efforts Q2 +8.6% DTC YoY Growth 8M Social Media Follows +2% YOY Along with many more! 463M Earned Media Impressions Generated by 1,307 Media Clips in Q2 New Products Launched in Q2 Across Divisions >$9M Inventory Reduction Since Beginning of the Year
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7 Q2 Growth in Divisions and Key Brands (Core Business) 6% 17% 4% 1% Focusing resources & accountability is driving growth in power brands across divisions
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8 Framework for 2025 and Beyond GREAT Place to Work Premier CONSUMER Journey Trailblazing Trusted PARTNER DELIVER Results GLOBAL Expansion & NEW Markets Transformational M&A FUND the Growth Product INNOVATION & Portfolio Management
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9 • Mexico expansion tracking ahead of expectations, and the second quarter has provided clear validation of both product-market fit and our go-to-market strategy. • Added six more BMW dealers, bringing the total to 28 now in Dinan program. Strategic Initiative Tracker | Q2 Wins Pillar DetailsKey Metric Trailblazing Trusted PARTNER • Revenue from Top 50+ accounts accelerated in Q2 which delivered $8.3M in revenue. • Holley Pros growth of ~$1.8M in the quarter driven by our focused sales team, proactive outreach, and relationship building.+$13.2M Premier CONSUMER Journey +$2.2M Product INNOVATION & Portfolio Management • Product Innovation: launched new products across our four divisions ~$8M • Portfolio Management: B2B sales generated from pricing changes and sales generated from active portfolio ~$3M. GLOBAL Expansion & NEW Markets +$1.1M FUND the Growth • $2.5M in completed and implemented projects related to purchase savings in Q2. • > $1M in operational improvements in Q2.+$3.5M • Targeted efforts across the organization to improve employee engagement. • On track to deliver revenue improvement per employee target by year-end.+3% Improvement GREAT Place to Work +$10.8M • 2025 first half e-comm growth of over 8% or ~$4M. • 3P growth continued to be strong in Q2, up over 40% in the first half 2025 driven by Amazon growth of over 50%. Ongoing execution of our strategic framework delivered approximately $27M in revenue from key initiatives and achieved $3.5M in cost savings.
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10 Mitigate The Tariff Impacts As Effectively As Possible Within The Shortest Feasible Timeframe 5 Major workstreams have been established – with daily meetings Products Governance Logistics & Supply Chain Regulatory & Classifications Pricing & Margin Protection Steerco Established, Outside PMO Support + Contractor On Board, Daily & Weekly Reporting, Burndown Chart Established Ideation Workshop, 11 Product Teams with Team Leaders, Prioritization, Consistent Action Playbook including Supplier Negotiations / Relocations / Resourcing, Footprint Analysis, Make vs. Buy, Verify Product Classifications Bonded Warehouse (Memphis Location Secured), FTZ, Inventory / Shipping Analysis, SKU Rationalization, etc. Utilize ITCG, 3rd Party Trade Optimization Study, Additional Experts Retained (In Importation, Legal), Exceptions Identified (Non-Auto Parts) For Lobbying (SEMA, MEMA, MIC, Local Government, etc.) Comprehensive Pricing Action – Increase Of 8.75% Announced April 11th To Be Implemented June 9th (~60 Day Noticed Needed To The Market), Evaluating Category Specific Actions Where Needed To Be Implemented By Q4 02. 01. 03. 04. 05. Product FocusEnterprise Focus
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11 Mitigation Action $MM Negotiation with Existing Suppliers $5.5 Relocation with Existing Suppliers $4.5 Sourcing with new Suppliers in Lower Cost Countries $4.0 Bringing Products In-House $1.0 Total ~$15MM Tariff Task Force Delivering ~$15MM in Mitigation Efforts Through 2026 With Our Comprehensive Mitigation Initiatives And Strategic Pricing Measures In Place, We Anticipate Minimal Impact On Free Cash Flow (FCF) And Margins In 2025 Or 2026, Based On Current Projections.
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12 Q2 Financial Results Jesse Weaver Chief Financial Officer 12
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13 Financial Priorities Proactively Leading in Uncertain Environment to Drive Shareholder Value 2025 Financial Priorities Driving Highest Quarterly Free Cash Flow • Target 40% GM & >20% Adj EBITDA • Improving Manufacturing efficiency and asset utilization • Reduce excessive returns through policy and compliance • Reduced warranty with quality improvements • Optimize corporate spend through prioritization Year-to-date in Ops Efficiency ~$2M RESTORE HISTORICAL PROFITABILITY FY Target $5-$10M • Actively managing portfolio to reduce inventory levels on non-working WIP and RAW inventory • Proactively driving commercialization efforts to reduce existing and projected overstock of slow moving SKUs • Improving SIOP planning and forecasting process to better align demand planning with expected results • Optimizing safety stock levels and lead times to reduce slow moving inventory >$9M Inventory Reduction since Year End OPTIMIZE WORKING CAPITAL FY YOY Target Inv. Reduction of $10-$15
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14 Core Business Momentum Continues in Q2 Achieving 3.9% Growth YoY 2Q25 Key Metric Recap $ millions (except per share) 2Q25 2Q24 B/(W) Net Sales1 $166.7 $169.5 (1.7%) | 3.9%2 Gross Margin 41.7% 41.5% 26 bps SG&A (incl. R&D) $38.0 $38.9 $(0.9) Net Income $10.9 $17.1 $(6.2) Adj. Net Income (Loss)3 $10.6 $12.6 $(2.0) Adj. Diluted EPS3 $0.09 $0.10 $(0.01) Adj. EBITDA3 $36.4 $38.3 $(1.9) Adj. EBITDA Margin3 21.9% 22.6% -74 bps Interest Expense $13.4 $13.2 $0.2 Free Cash Flow3 $35.7 $24.4 $11.3 1) 2024 Includes $3.4M and $5.6M of Net Sales from Divested Businesses and Strategic Product Rationalization. 2) Compared to the second quarter of 2024 after excluding approximately $9.0 million of divestiture and strategic product rationalization sales from net sales for the second quarter of 2024. 3) Non-GAAP measure. Please see the GAAP to Non-GAAP reconciliation in the Appendix to this presentation.
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15 Generated Record Quarterly Free Cash Flow of $35.7 Million Free Cash Flow1 Generation Free Cash Flow Pre-M&A ($M) 1) Non-GAAP measure. Please see the GAAP to Non-GAAP reconciliation in the Appendix to this presentation $3.8M excluding AP headwind of $5.9M $9.7M excluding AP headwind of $7.9M 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2Q251Q25 Record FCF Quarter
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16 ~$15 Million in Mitigation Activities in Action to Offset Known Tariff Headwinds Mitigation Actions & Net Pricing Expected to Offset Tariff Impact on Free Cash Flow Estimated Net Tariff Operating Free Cash Flow Impact ($MM) 1) Illustrative to demonstrate minimal lift required relative to 2025 pricing to cover remaining tariff headwind; not indicative of Management guidance or forecast for 2026 2025 Unmitigated Tariff Impact Mitigation Actions 2025 Net Pricing/Vol Expected Net 2025 Tariff FCF Impact 2026 Incremental Unmitigated Tariff Impact Mitigation Actions 2026 Net Pricing/Vol Expected1 Net 2026 Tariff FCF Impact Minimal Net Price/Volume required to cover remaining exposure
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17 . Net Leverage Ratio (Net Debt/TTM Covenant EBITDA) Net Debt to EBITDA Leverage Ratio1 $ millions 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Revolver Drawn $0 $0 $0 $0 $0 $0 $0 $0 Covenant Net Debt $584.4 $553.4 $536.0 $515.3 $515.1 $511.8 $520.7 $508.2 Net Debt1 $573.3 $543.1 $526.4 $503.1 $505.6 $496.5 $512.2 $486.3 Adj. EBITDA (TTM)2 116.7 130.9 117.5 117.5 109.9 110.5 116.8 115.0 Covenant Add- backs 2.8 0.7 11.2 10.7 11.3 12.3 3.6 5.4 Covenant EBITDA (TTM)3 $119.5 $131.6 $128.7 $128.2 $121.2 $122.8 $120.4 $120.3 1) Calculated as reported current portion of long-term debt and long-term debt, net of deferred financing costs less cash on the condensed consolidated balance sheets 2) Non-GAAP measure. Please see the GAAP to Non-GAAP reconciliation in the Appendix to this presentation 3) As calculated per our existing credit agreement; includes addback of non-cash write down related to Strategic Product Rationalization Continuing to Make Progress on Net Debt
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18 FINANCIAL GUIDANCE – FULL YEAR 2025 Outlook ($ millions) Current FY25 Guidance (including impact from tariffs) Prior FY25 Guidance (excluding impact from tariffs) Net Sales YOY Growth%1 $580 – $595 0.8% - 3.4% $580 – $600 0.8% - 4.3% Adjusted EBITDA2 $116 – $127 $113 – $130 Capital Expenditures $10 – $14 $12 – $16 Depreciation and Amortization $22 – $24 $22 – $24 Interest Expense (excluding Mark-to-Market on Collar) $45 – $50 $47 – $52 1. Excluding $12.8 million from Divested Businesses of DSE, Gear FX and Proforged Contribution from 2024 and $14.0 million in Clearance Sales of Strategic Product Rationalization in 2024 2. Non-GAAP measure. Please see Slide 2 for disclaimer regarding inability to reconcile to GAAP. Tightening Range with Expected Tariff Mitigation Efforts Offsetting Impact
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19 19 Q&A Jesse Weaver Chief Financial Officer Matt Stevenson Chief Executive Officer 19
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20 Working Together to Drive Financial Success Large base of passionate and highly engaged enthusiast consumers with attractive demographics Massive $39B U.S. market with decades of uninterrupted growth1 Powerhouse of product innovation with iconic brands Proven acquisition platform with robust integration and growth potential Transformational digital and DTC opportunity with omni-channel distribution Flexible operating model with attractive growth, margins, and free cash flow Experienced team with a track record of execution 1) Based on SEMA data; Performance aftermarket based on performance engines, wheels, tires, brakes, and suspension categories. • Mid-Single Digit Organic Top Line Growth • ~40% Gross Margin Target • >20% Adj. EBITDA Margin Target • Sustainable Free Cash Flow • Strategic Acquisitions 20
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21 Appendix
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22 Interest Rate Collar #1 Feb 2023 to Feb 2026 Summary Key Terms Effective Date 2/18/2023 Maturity Date 2/18/2026 Holley Inc. Buys a Cap 5.000% Holley Inc. Sells a Floor 2.811% Index 3 Month Term SOFR Premium Zero With the collar in place, YTD effective cash interest rate of ~8.0%
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23 Interest Rate Collar #2 Feb 2026 to Nov 2028 Summary Key Terms Effective Date 2/18/2026 Maturity Date 11/18/2028 Holley Inc. Buys a Cap 4.990% Holley Inc. Sells a Floor 3.350% Index 3 Month Term SOFR Premium Zero
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24 TTM EBITDA and Adjusted EBITDA Reconciliation 1. EBITDA and Adjusted EBITDA are not measures of financial performance under U.S. GAAP and should not be considered as an alternative to net income in accordance with U.S. GAAP. Management believes that EBITDA and Adjusted EBITDA facilitate useful period-to-period comparisons of financial results, and the information is used by management in evaluating the Company's performance. 2. Other Expense includes gains or losses from disposal of fixed assets, franchise taxes, and gains or losses from foreign currency transactions. HOLLEY INC. and SUBSIDIARIES USE AND RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions) (Unaudited) TTM 3Q24 4Q24 1Q25 2Q25 Net Income $ 15.7 $ (23.2) $ (24.1) $ (30.4) Adjustments: Depreciation 9.9 10.6 10.4 9.9 Amortization of intangible assets 13.8 13.8 14.0 13.9 Interest expense, net 58.0 50.7 55.4 55.6 Income tax expense (benefit) 0.3 (3.0) (1.1) 0.4 EBITDA 97.7 48.9 54.6 49.4 Impairment of Indefinite-Lived Intangible Assets — 7.7 7.7 7.7 Impairment of Goodwill — 40.9 40.9 40.9 Loss on Sale of Assets 7.5 9.2 9.2 9.2 Change in fair value of warrant liability (9.0) (7.6) (4.5) (1.1) Change in fair value of earn-out liability (2.1) (2.3) (1.9) (1.0) Equity-based compensation expense 6.4 5.2 5.5 5.3 Loss on early extinguishment of debt (0.6) 0.1 — — Restructuring costs 2.1 1.4 1.2 1.6 Notable items 7.2 7.1 4.2 2.9 Other income 0.5 (0.1) (0.1) 0.1 Adjusted EBITDA $ 109.7 $ 110.5 $ 116.8 $ 115.0
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25 EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin are not measures of financial performance under U.S. GAAP and should not be considered as an alternative to net income or net income margin in accordance with U.S. GAAP. Management believes that EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin facilitate useful period-to-period comparisons of financial results, and the information is used by management in evaluating the Company's performance. HOLLEY INC. and SUBSIDIARIES USE AND RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (In millions) (Unaudited) For the thirteen weeks ended For the twenty-six weeks ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Net income $ 10.9 $ 17.1 $ 13.7 $ 20.8 Adjustments: Depreciation 2.2 2.7 4.5 5.1 Amortization of intangible assets 3.4 3.4 6.9 6.9 Interest expense, net 13.4 13.2 29.1 24.2 Income tax expense 3.5 2.1 4.6 1.2 EBITDA 33.3 38.4 58.7 58.2 Change in fair value of warrant liability — (3.4) (0.1) (6.5) Change in fair value of earn-out liability (0.2) (1.1) (0.4) (1.7) Equity-based compensation expense 1.4 1.6 2.9 2.8 Loss on early extinguishment of debt — — — 0.1 Restructuring costs 0.4 — 0.8 0.6 Notable items 1.3 2.6 1.5 5.7 Other income 0.3 0.1 0.3 0.1 Adjusted EBITDA $ 36.4 $ 38.3 $ 63.7 $ 59.3 Net sales $ 166.7 $ 169.5 $ 319.7 $ 328.1 Net income margin 6.5% 10.1% 4.3% 6.3% Adjusted EBITDA Margin 21.9% 22.6% 19.9% 18.1%
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26 Quarterly Free Cash Flow Reconciliation Free cash flow is not a measure of financial performance under U.S. GAAP and should not be considered as an alternative to net cash provided by (used in) operating activities in accordance with U.S. GAAP. Management believes this figure is of interest to investors and facilitates useful period-to-period comparison of the Company's operating results. HOLLEY INC. and SUBSIDIARIES USE AND RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions) (Unaudited) 2020 2021 2022 2023 2024 2025 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Net Cash provided by (used in) operating activities $ 25.9 $ 32.2 $ 12.8 $ 19.0 $ 27.4 $(21.5) $ (3.3) $ 18.3 $ 2.5 $ (8.7) $ 0.1 $ 3.7 $ 30.7 $ 22.5 $ 31.2 $ 18.8 $ 25.7 $ (1.7) $ 4.1 $ (7.8) $ 40.5 Capital expenditures (2.2) (3.2) (2.8) (3.1) (4.0) (3.3) (4.8) (5.7) (3.9) (2.1) (1.8) (1.0) (1.7) (1.7) (1.5) (1.2) (1.4) (0.3) (0.3) (3.0) (4.8) Proceeds from the disposal of fixed assets — — 0.7 — 0.3 — — 0.2 0.1 0.2 0.4 0.3 — 0.9 0.2 0.2 0.1 — — — — Free cash flow $ 23.7 $ 29.0 $ 10.7 $ 15.9 $ 23.7 $(24.8) $ (8.1) $ 12.8 $ (1.3) $(10.6) $ (1.3) $ 3.0 $ 29.0 $ 21.7 $ 29.9 $ 17.8 $ 24.4 $ (2.0) $ 3.8 $(10.8) $ 35.7 Free Cash Flow is not a measure of financial performance under U.S. GAAP and should not be considered as an alternative to net cash provided by operating activities in accordance with U.S. GAAP. Management believes that free cash flow is useful for investors to understand our performance and results of cash generation after making capital investments required to support ongoing business operations. For the thirteen weeks ended For the twenty-six weeks ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Net Cash Provided by (Used in) Operating Activites $ 40.5 $ 25.7 $ 32.6 $ 44.5 Capital expenditures (4.8) (1.4) (7.8) (2.6) Proceeds from the disposal of fixed assets — 0.1 — 0.2 Free Cash Flow $ 35.7 $ 24.4 $ 24.8 $ 42.1
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27 Adjusted Net income and Adjusted diluted EPS Reconciliation For the thirteen weeks ended For the twenty-six weeks ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Net income $ 10.9 $ 17.1 $ 13.7 $ 20.8 Special items: Adjust for: Change in fair value of Warrant liability — (3.4) (0.1) (6.5) Adjust for: Change in fair value of earn-out liability (0.2) (1.1) (0.4) (1.7) Adjusted Net Income $ 10.6 $ 12.6 $ 13.2 $ 12.6 Weighted Average Common Shares Outstanding - Diluted 119,790,625 119,261,236 119,676,684 119,383,282 Adjusted Diluted Earnings per Share $ 0.09 $ 0.10 $ 0.11 $ 0.11 Adjusted net income and adjusted diluted earnings per share ("EPS") are not measures of financial performance under U.S. GAAP and should not be considered as an alternative to net income and diluted EPS in accordance with U.S. GAAP. Management believes that adjusted net income and adjusted diluted EPS facilitate useful period-to-period comparisons of financial results, and the information is used by management in evaluating the Company's performance. HOLLEY INC. and SUBSIDIARIES USE AND RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (In millions, except per share data) (Unaudited)