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We rely on a series of purchase orders with our manufacturers. YETI has recast its historical non-GAAP financial measures to conform to the revised definitions on its investor relations website at http://investors.yeti.com. significant disruption of global financial markets, which could have a negative impact on our ability to access capital in the future. Additionally, the cost of logistics and transportation fluctuates in large part due to the price of oil. Moreover, if we raise additional capital by issuing equity securities or securities convertible into equity securities, the ownership of our existing stockholders may be diluted. YETI Reports First Quarter 2023 Results | Business Wire The increase in income tax expense was due to higher income before income taxes. You can sign up for additional alert options at any time. A live audio webcast of the conference call will be available online at http://investors.yeti.com. The further spread of COVID-19, and the requirements to take action to help limit the spread of the illness, could impact our ability to carry out our business as usual and may materially adversely impact global economic conditions, our business, results of operations, cash flows and financial condition. Our business depends on our ability to source and distribute products in a timely manner. We rely on a series of purchase orders with our manufacturers. Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. If we do not successfully implement our future retail store expansion, our growth and profitability could be harmed. Managements Discussion and Analysis of Financial Condition and Results of Operations, Item 3. In addition, we have opted out of the provisions of Section203 of the General Corporation Law of the State of Delaware (the DGCL), which generally prohibit a Delaware corporation from engaging in any of a broad range of business combinations with any interested stockholder for a period of three years following the date on which the stockholder became an interested stockholder. Sales increased 13% to $1,595.2 million, compared to $1,411.0 million in the prior year. Gross profit included a $97.0 million, or 480 basis points, unfavorable impact related to the voluntary recalls. Gross profit decreased 34% to $167.0 million, or 37.3% of sales, compared to $254.8 million, or 57.5% of sales, in the fourth quarter of 2021. The consequences of these developments with respect to. The COVID-19 pandemic has significantly impacted global economies, resulting in travel restrictions, business slowdowns or shutdowns in affected areas, reduced economic activity, and changes in consumer behavior. The accompanying access code for this call is 10174363. This revision is intended to align with how management evaluates the underlying operating performance of the business. The carrying amount of cash, accounts receivable, and accounts payable, approximates fair value due to the short-term maturity of these instruments. Cookie Notice (). A kivlasztott belltsok mdostshoz kattintson az Adatvdelmi belltsok kezelse lehetsgre. We have experienced, and will likely continue to experience, operational difficulties with our manufacturers. We collect, store, process, and use personal and payment information and other customer data, and we rely on third parties that are not directly under our control to manage certain of these operations. If we do not adapt to meet these evolving challenges, the strength of our brand may erode, the quality of our products may suffer, we may not be able to deliver products on a timely basis to our customers, and our corporate culture may be harmed. Third parties may sue us for alleged infringement of their proprietary rights. In addition, we may not be able to maintain adequate insurance in the future at rates we consider reasonable and commercially justifiable, and insurance may not continue to be available on terms as favorable as our current arrangements. We may also encounter difficulties in attracting customers due to a lack of consumer familiarity with or acceptance of our brand, or a resistance to paying for premium products, particularly in international markets. From coolers and drinkware to backpacks and bags, YETI products are built to meet the unique and varying needs of diverse outdoor pursuits, whether in the remote wilderness, at the beach, or anywhere life takes our customers. Our Amended and Restated Certificate of Incorporation provides that the Court of Chancery of the State of Delaware is the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees. Operating lease assets include prepaid lease payments and initial direct costs and are reduced by lease incentives. We have an unwavering commitment to outdoor and recreation communities, and we are relentless in our pursuit of building superior products for people to confidently enjoy life outdoors and beyond. This is due to the inherent difficulty in forecasting with reasonable certainty certain amounts that are necessary for such reconciliation, including in particular the impact of the voluntary recalls and realized and unrealized foreign currency gains and losses reported within other expense. The following table disaggregates our net sales by channel, product category, and geography (based on ship to destination) for the periods indicated (in thousands): Prepaid expenses and other current assets include the following (in thousands): Total prepaid expenses and other current assets, We determine if an arrangement with contractual terms longer than twelve months is or contains a lease at contract inception and determine its classification as an operating or finance lease at lease commencement. Teacher Retirement System of Texas' holdings in YETI were worth $922,000 at the end of the most recent reporting period. Headquartered in Austin, Texas, YETI is a global designer, retailer, and distributor of a variety innovative outdoor products. Finance lease assets are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease term. As part of Congress response to the COVID-19 pandemic, the Families First Coronavirus Response Act, or FFCR Act, was enacted on March 18, 2020, and the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was enacted on March 27, 2020. It also provides that net operating losses arising in any taxable year beginning after December 31, 2017, and before January 1, 2021 are generally eligible to be carried back up to five years. In conjunction with the stop sale, we determined that the affected products inventory held by us, our suppliers and our wholesale partners to be unsalable. Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. Estimates used for future sales growth rates, gross profit performance, and other assumptions used to estimate fair value could cause us to record material non-cash impairment charges, which could harm our results of operations and financial condition. The exclusive forum provision in the Amended and Restated Certificate of Incorporation will not relieve us of our duties to comply with the federal securities laws and the rules and regulations thereunder, and stockholders of YETI will not be deemed to have waived our compliance with these laws, rules and regulations. It is standard practice for businesses to present . We are involved in various claims and legal proceedings, some of which are covered by insurance. 50M+ If our independent suppliers and manufacturing partners do not comply with ethical business practices or with applicable laws and regulations, our reputation, business, and results of operations could be harmed. The most common connection between the strength of demand and price-setting is . Source: FactSet. Our products are produced by third-party contract manufacturers. We rely significantly on information technology, and any failure, inadequacy or interruption of that technology could harm our ability to effectively operate our business. After submitting your request, you will receive an activation email to the requested email address. In addition, YETI announced an update on the notification to the U.S. Consumer Product Safety Commission ("CPSC") of a potential safety concern regarding the magnet-lined closure of certain products, which was . Please see Non-GAAP Financial Measures, and Reconciliation of GAAP to Non-GAAP Financial Information below for additional information and reconciliations of the non-GAAP financial measures to the most comparable GAAP financial measures. The consideration of such transactions, even if not consummated, could divert managements attention from other business matters, result in adverse publicity or information leaks, and could increase our expenses. We do not exercise control over our suppliers, manufacturers, and retail partners and cannot guarantee their compliance with ethical and lawful business practices. Recent Accounting Guidance Not Yet Adopted. Right-of-use assets obtained in exchange for new lease liabilities: To support the continued growth of our business, we entered into a service agreement with a third-party logistics provider to operate a new distribution facility in Memphis, Tennessee with approximately. To support the continued growth of our business, we entered into a service agreement with a third-party logistics provider to operate a new distribution facility in Memphis, Tennessee with approximately 970 thousand square feet. The 2018 Plan replaced the 2012 Equity and Performance Incentive Plan, as amended and restated on June 20, 2018 (the 2012 Plan). In these markets, we may face challenges that are different from those we currently encounter, including competitive, merchandising, distribution, hiring, and other difficulties. These events could give rise to unwanted media attention, damage our reputation, damage our customer, consumer, employee, or user relationships and result in lost sales, fines or lawsuits. Operating loss was $43.7 million, or 9.8% of sales, compared to operating income of $93.7 million, or 21.2% of sales during the prior year quarter, primarily due to the $128.9 million unfavorable impact from the voluntary recalls. In order to expand our customer base, we must appeal to and attract customers ranging from serious outdoor enthusiasts to individuals who simply value products of uncompromising quality and design. Operating income decreased 54% to $126.4 million, or 7.9% of sales, compared to $274.9 million, or 19.5% of sales during the prior year, and included the $128.9 million unfavorable impact from the voluntary recalls. For example, all statements made relating to our anticipated voluntary recalls, demand and market conditions, pricing conditions, expected sales, gross margin, operating expense and cash flow levels, and our expectations for opportunity or growth, including those set forth in the quotes from YETIs President and CEO, and the Fiscal 2023 financial outlook provided herein, constitute forward-looking statements. In light of these recent announcements, the future of LIBOR at this time is uncertain and any changes in the methods by which LIBOR is determined or regulatory activity related to LIBORs phaseout could cause LIBOR to perform differently than in the past or cease to exist. The total unfavorable impact of the voluntary recalls on our operating income was $128.9 million for the year ended December 31, 2022. As of July3, 2021, we had a cash balance of $233.8 million and $23.4 million of working capital (excluding cash), and $150.0million of borrowings available under the Revolving Credit Facility. View the latest YETI income statement, balance sheet, and financial ratios. Adjusted net income decreased 13% to $67.7 million, or 13.9% of adjusted sales, compared to $78.0 million, or 17.6% of adjusted sales in the prior year quarter; Adjusted net income per diluted share decreased 11% to $0.78, compared to $0.88 per diluted share in the prior year quarter. We interact with many of our consumers through our e-commerce platforms, and these systems face similar risks of interruption or attack. The sweeping nature of the COVID-19 pandemic makes it extremely difficult to predict how our business and operations will be affected in the longer run. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. Inventories are comprised primarily of finished goods and are carried at the lower of cost (weighted-average cost method) or market (net realizable value). In the future, if our acquisitions do not yield expected returns, we may be required to take charges to our results of operations based on this impairment assessment process, which could harm our results of operations. We have an unwavering commitment to outdoor and recreation communities, and we are relentless in our pursuit of building superior products for people to confidently enjoy life outdoors and beyond. The COVID-19 pandemic has significantly impacted the global supply chain, with restrictions and limitations on related activities causing disruption and delay. Although it is uncertain if some or all of these proposals will be enacted, a significant change in U.S. tax law, or that of other countries where we operate or have a presence may materially and adversely impact our income tax liability, provision for income taxes and effective tax rate. Excluding the impact of the voluntary recalls, inventory was down $33.9 million on a sequential basis, making this the second consecutive quarter with a sequential decline in our inventory balance. Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. Our net sales and profits depend on the level of customer spending for our products, which is sensitive to general economic conditions and other factors; during a downturn in the economy, consumer purchases of discretionary items are affected, which could materially harm our sales, profitability, and financial condition. For example, due to the current COVID-19 pandemic, which resulted in widespread government mandated temporary store closures or reduced hours during the second quarter of fiscal 2020 that may be re-imposed by governmental authorities in certain geographies to reduce the spread of COVID-19, our ability to implement our full retail store strategy, achieve desired net sales growth and maintain consistent levels of profitability in our retail stores has been, and continues to be, disrupted. Failure to procure our products from our third-party contract manufacturers and deliver merchandise to our retail partners and DTC channel in. However, subject to the qualifications and exceptions in the Credit Facility, we may incur substantial additional indebtedness under that facility. In the future, we may acquire or invest in businesses, products, or technologies that we believe could complement or expand our business, enhance our capabilities, or otherwise offer growth opportunities. We opened and currently operate retail stores in Austin, Texas, Charleston, South Carolina, Chicago, Illinois, Dallas, Texas, Denver, Colorado, and Ft. Lauderdale, Florida. For both 2020 and the six months ended July 3, 2021, our DTC channel accounted for 53% of our net sales, respectively. If we fail to attract new customers, or fail to do so in a cost-effective manner, we may not be able to increase sales. Net sales in our wholesale channel increased $72.9million, or 35%, to $281.6million, compared to $208.7million in the same period last year, primarily driven by both Drinkware and Coolers & Equipment. Net sales in both channels reflect the impact of product returns, as well as discounts for certain sales programs or promotions. Our results of operations may be harmed if our assumptions change or if actual circumstances differ from those in our assumptions, which could cause our results of operations to fall below the expectations of securities analysts and investors and could result in a decline in our stock price. an increase in non-variable expenses of $34.3 million, resulting in a 220 basis point increase as a percent of net sales, comprised of: an increase in marketing expenses, employee costs, professional fees, information technology expenses, higher facilities costs and other operating expenses, partially offset by lower non-variable distribution costs. At YETI Holdings, Inc., we promise to treat your data with respect and will not share your information with any third party. $40 at Yeti. yeti-20210703 - SEC.gov As apercentage of net sales, SG&A increased 30 basis points to 40.0% for the six months ended July3, 2021 compared to 39.7% for the six months ended June27, 2020. Our historical sales, expense levels, and profitability may not be an appropriate basis for forecasting future results. Adjusted SG&A expenses increased 13% to $174.9 million, compared to $155.0 million in the fourth quarter of 2021. In addition, our Other category is primarily comprised of ice substitutes, and YETI-branded gear, such as shirts, hats, and other miscellaneous products. Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. This public health crises or any further political developments or health concerns in markets in which our products are manufactured could result in social, economic and labor instability, adversely affecting the supply of our products and, in turn, our business, financial condition, and results of operations. A significant reduction in demand for our products could harm our results of operations. Our servers may also be vulnerable to computer viruses, criminal acts, denial-of-service attacks, ransomware, and similar disruptions from unauthorized tampering with our computer systems, which could lead to interruptions, delays, or loss of critical data. Source: Kantar Media, Extraordinaries & Discontinued Operations. We are in the process of re-engineering certain of our supply chain management processes, as well as certain other business processes, to support our expanding scale. See Forward-looking statements below. SG&A expenses increased 18% to $637.0 million, compared to $541.2 million in the prior year. The 2021 GAAP Financial Reporting Taxonomy (GRT) contains updates for accounting standards, Data Quality Committee Rules and other improvements since the 2020 Taxonomy as used by issuers filing with the U.S. Securities and Exchange Commission (SEC). Our lease terms generally do not include options to extend or terminate the lease unless it is reasonably certain that the option will be exercised. Changes in Internal Control over Financial Reporting. The strength of demand, labor costs, and maintaining steady profit margins are the three most-cited factors, with competitors' prices and nonlabor costs also cited by a majority of firms. Due to the volume and sensitivity of the personal information and data we manage, the security features of our information systems are critical. In addition, any indebtedness we incur may subject us to covenants that restrict our operations and will require interest and principal payments that could create additional cash demands and financial risk for us. However, the likely overall economic impact of the pandemic could be is viewed as highly negative to the general economy. The COVID-19 pandemic could continue to adversely affect the global supply chain, our business, sales, financial condition, results of operations and cash flows, and our ability to access current or obtain new lending facilities. If so, we may incur additional costs and may not fully realize the investment in our international expansion. You must click the activation link in order to complete your subscription. Wholesale channel sales increased 8% to $677.5 million, compared to $626.3 million in the same period last year, primarily driven by Coolers & Equipment, partially offset by a $32.2 million unfavorable impact related to the voluntary recalls. We regard our patents, trade dress, trademarks, copyrights, trade secrets, and similar proprietary rights as critical to our success. Item3. If our business does not generate sufficient cash flow from operations to fund these activities and sufficient funds are not otherwise available from our current or future credit facility, we may need additional equity or debt financing. We believe that we are one of the market leaders in both the U.S. premium cooler and U.S. premium stainless-steel drinkware markets. For cargo, two manufacturers accounted for all of the production in the first six months of 2021. After submitting your request, you will receive an activation email to the requested email address. As a result of these seasonal and quarterly fluctuations, we believe that comparisons of our results of operations between different quarters within a single fiscal year, or across different fiscal years, are not necessarily meaningful and that these comparisons cannot be relied upon as indicators of our future performance. Ineffective marketing, negative publicity, product diversion to unauthorized distribution channels, product or manufacturing defects, counterfeit products, unfair labor practices, and failure to protect the intellectual property rights in our brand are some of the potential threats to the strength of our brand, and those and other factors could rapidly and severely diminish customer confidence in us. Net sales in our DTC channel continue to be favorably impacted by strong demand for outdoor recreation and leisure lifestyle products as well as a favorable shift to online shopping, resulting in an increase in sales volume during the period. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Coolers& Equipment net sales increased by $63.2million, or 34%, to $251.3million, compared to $188.1million in the same period last year, primarily driven by growth in outdoor living products, soft coolers, bags, hard coolers, and cargo. For example, complying with this condition: increases our vulnerability to adverse economic or industry conditions; limits our flexibility in planning for, or reacting to, changes in our business or markets; makes us more vulnerable to increases in interest rates, as borrowings under the Credit Facility bear interest at variable rates; limits our ability to obtain additional financing in the future for working capital or other purposes; and. Our business depends on maintaining and strengthening our brand to generate and maintain ongoing demand for our products, and a significant reduction in such demand could harm our results of operations. Depending on the nature of the information compromised, we may also have obligations to notify users, law enforcement, or payment companies about the incident and may need to provide some form of remedy, such as refunds, for the individuals affected by the incident. Gross profit included a $97.0 million, or 1,700 basis points, unfavorable impact related to the voluntary recalls. The YETI name and premium brand image are integral to the growth of our business, as well as to the implementation of our strategies for expanding our business. Other companies may seek to acquire us or enter into other strategic transactions. On July 27, 2017, the United Kingdoms Financial Conduct Authority, which regulates LIBOR, announced that it intends to phase out LIBOR by the end of 2021. We may be required to record future impairments of goodwill, other intangible assets, or fixed assets to the extent the fair value of these assets falls below their book value. Excluding the impact of the voluntary recalls, DTC channel adjusted sales increased 18% to $923.9 million. Many of our core products are manufactured in China, the Philippines, Vietnam, Taiwan, Poland, and Malaysia. While this announcement extends the transition period to June 2023, the United States Federal Reserve concurrently issued a statement advising banks to stop new USD LIBOR issuances by the end of 2021. PDF YETI Holdings, Inc. During the period from 2010 to 2023 YETI Holdings Asset Turnover regressed destribution of quarterly values had coefficient of variationof 7.31 and r-value of (0.60). Privacy Notice | A significant portion of our sales are to independent retail partners.

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