10-Q Filing

YETI HOLDINGS, INC. CIK: 1670592 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001628280-20-006769`
Period End Date	20200331
Filing Date	20200507
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	yeti-20200328_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 28 Cash Flow Statement 62 Stockholders Equity 21 Comprehensive Income 6

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	600.00M	shares	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	600.00M	shares	Point-in-time
Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$72.52M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	86.89M	shares	Point-in-time
Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$118.22M	USD	Point-in-time
Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$80.05M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	86.77M	shares	Point-in-time
Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.01M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$82.69M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$60.22M	USD	Point-in-time
Inventory	`InventoryNet`	$185.70M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Inventory	`InventoryNet`	$202.35M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$19.86M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$19.64M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$360.55M	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$400.64M	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$80.04M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$82.61M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$37.77M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$36.27M	USD	Point-in-time
Goodwill	`Goodwill`	$54.29M	USD	Point-in-time
Goodwill	`Goodwill`	$54.29M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$90.85M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$91.38M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$1.08M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$1.07M	USD	Point-in-time
Deferred charges and other assets	`DeferredCostsAndOtherAssets`	$2.39M	USD	Point-in-time
Deferred charges and other assets	`DeferredCostsAndOtherAssets`	$3.07M	USD	Point-in-time
Total assets	`Assets`	$629.54M	USD	Point-in-time
Total assets	`Assets`	$666.77M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$74.37M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$83.82M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$45.77M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$42.09M	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$1.31M	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$3.33M	USD	Point-in-time
Accrued payroll and related costs	`EmployeeRelatedLiabilitiesCurrent`	$4.19M	USD	Point-in-time
Accrued payroll and related costs	`EmployeeRelatedLiabilitiesCurrent`	$18.12M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$7.77M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$7.87M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$17.06M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$15.19M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$150.58M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$170.31M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$326.28M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$281.71M	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$42.20M	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$40.37M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$13.31M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$17.89M	USD	Point-in-time
Total liabilities	`Liabilities`	$535.12M	USD	Point-in-time
Total liabilities	`Liabilities`	$507.53M	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, par value $0.01; 600,000 shares authorized; 86,895 and 86,774 shares outstanding at March 28, 2020 and December 28, 2019, respectively	`CommonStockValue`	$868.00K	USD	Point-in-time
Common stock, par value $0.01; 600,000 shares authorized; 86,895 and 86,774 shares outstanding at March 28, 2020 and December 28, 2019, respectively	`CommonStockValue`	$869.00K	USD	Point-in-time
Preferred stock, par value $0.01; 30,000 shares authorized; no shares issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.01; 30,000 shares authorized; no shares issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$310.68M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$311.99M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-189.54M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-181.06M	USD	Point-in-time
Accumulated other comprehensive (loss) income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-150.00K	USD	Point-in-time
Accumulated other comprehensive (loss) income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$4.00K	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$35.47M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$131.65M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$122.00M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$28.97M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$629.54M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$666.77M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$174.41M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$155.35M	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$78.73M	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$81.95M	USD	1 Quarter
Gross profit	`GrossProfit`	$76.63M	USD	1 Quarter
Gross profit	`GrossProfit`	$92.46M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$67.84M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$76.30M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$8.78M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$16.16M	USD	1 Quarter
Interest expense	`InterestExpense`	$3.11M	USD	1 Quarter
Interest expense	`InterestExpense`	$6.07M	USD	1 Quarter
Other (expense) income	`OtherNonoperatingIncomeExpense`	$63.00K	USD	1 Quarter
Other (expense) income	`OtherNonoperatingIncomeExpense`	$-1.84M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$11.21M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.78M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.73M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$613.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.48M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.17M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	84.20M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	86.83M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	85.86M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	87.46M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$8.48M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.17M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.66M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$6.54M	USD	1 Quarter
Amortization of deferred financing fees	`AmortizationOfFinancingCosts`	$574.00K	USD	1 Quarter
Amortization of deferred financing fees	`AmortizationOfFinancingCosts`	$240.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$4.00M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.85M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$4.54M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$1.88M	USD	1 Quarter
Other	`ForeignCurrencyTransactionGainLossBeforeTax`	$-1.79M	USD	1 Quarter
Other	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	1 Quarter
Impairment of long-lived assets	`ImpairmentOfLongLivedAssetsHeldForUse`	$94.00K	USD	1 Quarter
Impairment of long-lived assets	`ImpairmentOfLongLivedAssetsHeldForUse`	-	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$3.18M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-21.52M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$19.21M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$17.88M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$242.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$7.81M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-21.29M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.70M	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$-6.13M	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$-1.98M	USD	1 Quarter
Other	`IncreaseDecreaseInOtherOperatingCapitalNet`	$10.66M	USD	1 Quarter
Other	`IncreaseDecreaseInOtherOperatingCapitalNet`	$912.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.81M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-30.04M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.38M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.78M	USD	1 Quarter
Additions of intangibles, net	`ProceedsFromPaymentsForIntangibleAssets`	$11.44M	USD	1 Quarter
Additions of intangibles, net	`ProceedsFromPaymentsForIntangibleAssets`	$2.01M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-19.82M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.79M	USD	1 Quarter
Changes in revolving line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$50.00M	USD	1 Quarter
Changes in revolving line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$3.75M	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$11.12M	USD	1 Quarter
Proceeds from employee stock transactions	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	-	USD	1 Quarter
Proceeds from employee stock transactions	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$165.00K	USD	1 Quarter
Taxes paid in connection with employee stock transactions	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$704.00K	USD	1 Quarter
Taxes paid in connection with employee stock transactions	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Finance lease principal payment	`PaymentForFinanceLeasePrincipalPayment`	-	USD	1 Quarter
Finance lease principal payment	`PaymentForFinanceLeasePrincipalPayment`	$45.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$45.67M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-11.12M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-60.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.00K	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-61.04M	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$45.70M	USD	1 Quarter
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$72.52M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$118.22M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$80.05M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.01M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$72.52M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$118.22M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$80.05M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.01M	USD	Point-in-time
Change in accrual for property and equipment	`ChangeInAccrualForPropertyAndEquipment`	$1.82M	USD	1 Quarter
Change in accrual for property and equipment	`ChangeInAccrualForPropertyAndEquipment`	$966.00K	USD	1 Quarter
Dividends Payable	`DividendsPayableCurrentAndNoncurrent`	$159.00K	USD	Point-in-time
Dividends Payable	`DividendsPayableCurrentAndNoncurrent`	-	USD	Point-in-time

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$35.47M	USD	Point-in-time
Balance at beginning of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$131.65M	USD	Point-in-time
Balance at beginning of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$122.00M	USD	Point-in-time
Balance at beginning of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$28.97M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.85M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$4.00M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$165.00K	USD	1 Quarter
Shares withheld related to net share settlement of stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$-704.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-154.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-13.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.48M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.17M	USD	1 Quarter
Adoption of new accounting standard	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$35.47M	USD	Point-in-time
Adoption of new accounting standard	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$131.65M	USD	Point-in-time
Adoption of new accounting standard	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$122.00M	USD	Point-in-time
Adoption of new accounting standard	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$28.97M	USD	Point-in-time
Dividends	`DividendsCommonStockCash`	$159.00K	USD	1 Quarter
Balance at end of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$35.47M	USD	Point-in-time
Balance at end of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$131.65M	USD	Point-in-time
Balance at end of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$122.00M	USD	Point-in-time
Balance at end of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$28.97M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$8.48M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.17M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-13.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-154.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$8.33M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$2.15M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.