10-Q Filing

YETI HOLDINGS, INC. CIK: 1670592 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001670592-23-000012`
Period End Date	20230331
Filing Date	20230511
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	yeti-20230401_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 88 Income Statement 28 Cash Flow Statement 56 Stockholders Equity 24 Comprehensive Income 6

Balance Sheet 88 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
Common stock issued (in shares)	`CommonStockSharesIssued`	88.11M	shares	Point-in-time
Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$167.84M	USD	Point-in-time
Common stock issued (in shares)	`CommonStockSharesIssued`	88.32M	shares	Point-in-time
Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.33M	USD	Point-in-time
Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$312.19M	USD	Point-in-time
Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$234.74M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$79.45M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	86.43M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$95.58M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	86.64M	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockCommonShares`	1.68M	shares	Point-in-time
Inventory	`InventoryNet`	$371.41M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockCommonShares`	1.68M	shares	Point-in-time
Inventory	`InventoryNet`	$347.00M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$33.32M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$44.46M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$718.92M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$654.89M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$124.59M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$124.84M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$54.42M	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$55.41M	USD	Point-in-time
Goodwill	`Goodwill`	$54.29M	USD	Point-in-time
Goodwill	`Goodwill`	$54.29M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$100.81M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$99.43M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$17.26M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$24.13M	USD	Point-in-time
Total assets	`Assets`	$1.01B	USD	Point-in-time
Total assets	`Assets`	$1.08B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$140.82M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$101.70M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$177.06M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$211.40M	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$6.78M	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$15.29M	USD	Point-in-time
Accrued payroll and related costs	`EmployeeRelatedLiabilitiesCurrent`	$4.85M	USD	Point-in-time
Accrued payroll and related costs	`EmployeeRelatedLiabilitiesCurrent`	$8.53M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$12.08M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$11.29M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$24.44M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$24.61M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$329.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$409.04M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$65.72M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$71.74M	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$55.65M	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$54.22M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$13.86M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$14.22M	USD	Point-in-time
Total liabilities	`Liabilities`	$463.95M	USD	Point-in-time
Total liabilities	`Liabilities`	$550.29M	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; 88,316 and 86,639 shares issued and outstanding at April 1, 2023, respectively, and 88,108 and 86,431 shares issued and outstanding at December 31, 2022, respectively	`CommonStockValue`	$881.00K	USD	Point-in-time
Common stock, par value $0.01; 600,000 shares authorized; 88,316 and 86,639 shares issued and outstanding at April 1, 2023, respectively, and 88,108 and 86,431 shares issued and outstanding at December 31, 2022, respectively	`CommonStockValue`	$883.00K	USD	Point-in-time
Treasury stock, at cost; 1,677 shares	`TreasuryStockCommonValue`	$100.03M	USD	Point-in-time
Treasury stock, at cost; 1,677 shares	`TreasuryStockCommonValue`	$100.03M	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`	$363.20M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$357.49M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$279.12M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$268.55M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-617.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-420.00K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$526.48M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$517.82M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$542.56M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$446.37M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.08B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.01B	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	86.43M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	86.64M	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockCommonShares`	1.68M	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockCommonShares`	1.68M	shares	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$302.80M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$293.63M	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$138.77M	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$140.93M	USD	1 Quarter
Gross profit	`GrossProfit`	$161.87M	USD	1 Quarter
Gross profit	`GrossProfit`	$154.86M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$146.77M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$121.57M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$15.10M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$33.29M	USD	1 Quarter
Interest expense	`InterestExpense`	$594.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$766.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$6.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$902.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$14.51M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$33.43M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.95M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$7.77M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.56M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.66M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.29	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.29	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	86.53M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	87.37M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	87.09M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	88.22M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$10.56M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.66M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.40M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$8.65M	USD	1 Quarter
Amortization of deferred financing fees	`AmortizationOfFinancingCosts`	$138.00K	USD	1 Quarter
Amortization of deferred financing fees	`AmortizationOfFinancingCosts`	$158.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$6.78M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$4.75M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$5.07M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$6.83M	USD	1 Quarter
Other	`ForeignCurrencyTransactionGainLossBeforeTax`	$303.00K	USD	1 Quarter
Other	`ForeignCurrencyTransactionGainLossBeforeTax`	$1.61M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-27.40M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$16.11M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$94.34M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-23.99M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$10.93M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$9.59M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-69.66M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-57.06M	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$2.98M	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$-8.51M	USD	1 Quarter
Other	`IncreaseDecreaseInOtherOperatingCapitalNet`	$873.00K	USD	1 Quarter
Other	`IncreaseDecreaseInOtherOperatingCapitalNet`	$622.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-46.69M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-88.56M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.08M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.67M	USD	1 Quarter
Additions of intangibles, net	`ProceedsFromPaymentsForIntangibleAssets`	$3.44M	USD	1 Quarter
Additions of intangibles, net	`ProceedsFromPaymentsForIntangibleAssets`	$3.17M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-13.25M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-16.11M	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$5.62M	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$5.62M	USD	1 Quarter
Taxes paid in connection with employee stock transactions	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.28M	USD	1 Quarter
Taxes paid in connection with employee stock transactions	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.74M	USD	1 Quarter
Proceeds from employee stock transactions	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	-	USD	1 Quarter
Proceeds from employee stock transactions	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$679.00K	USD	1 Quarter
Finance lease principal payment	`PaymentForFinanceLeasePrincipalPayment`	$698.00K	USD	1 Quarter
Finance lease principal payment	`PaymentForFinanceLeasePrincipalPayment`	$710.00K	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$100.03M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-107.63M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-7.39M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$428.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$430.00K	USD	1 Quarter
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-66.90M	USD	1 Quarter
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-211.86M	USD	1 Quarter
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$167.84M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.33M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$312.19M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$234.74M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$167.84M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.33M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$312.19M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$234.74M	USD	Point-in-time

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning of the period (shares)	`TreasuryStockCommonShares`	1.68M	shares	Point-in-time
Balance at beginning of the period (shares)	`TreasuryStockCommonShares`	1.68M	shares	Point-in-time
Balance at beginning of the period	`StockholdersEquity`	$526.48M	USD	Point-in-time
Balance at beginning of the period	`StockholdersEquity`	$517.82M	USD	Point-in-time
Balance at beginning of the period	`StockholdersEquity`	$542.56M	USD	Point-in-time
Balance at beginning of the period	`StockholdersEquity`	$446.37M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$6.78M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$4.75M	USD	1 Quarter
Common stock issued under employee benefit plans	`StockIssuedDuringPeriodValueEmployeeBenefitPlan`	-	USD	1 Quarter
Common stock issued under employee benefit plans	`StockIssuedDuringPeriodValueEmployeeBenefitPlan`	$679.00K	USD	1 Quarter
Common stock withheld related to net share settlement of stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$-1.74M	USD	1 Quarter
Common stock withheld related to net share settlement of stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$-1.28M	USD	1 Quarter
Repurchase of common stock (in shares)	`TreasuryStockSharesAcquired`	1.68M	shares	1 Quarter
Repurchase of common stock	`TreasuryStockValueAcquiredCostMethod`	$100.03M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-197.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-564.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.56M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.66M	USD	1 Quarter
Balance at end of the period (shares)	`TreasuryStockCommonShares`	1.68M	shares	Point-in-time
Balance at end of the period (shares)	`TreasuryStockCommonShares`	1.68M	shares	Point-in-time
Balance at end of the period	`StockholdersEquity`	$526.48M	USD	Point-in-time
Balance at end of the period	`StockholdersEquity`	$517.82M	USD	Point-in-time
Balance at end of the period	`StockholdersEquity`	$542.56M	USD	Point-in-time
Balance at end of the period	`StockholdersEquity`	$446.37M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$10.56M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.66M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-197.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-564.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$25.09M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$10.37M	USD	1 Quarter

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