YETI Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>YETI Holdings, Inc. has filed its 2023 10-K report detailing financial performance and business operations.</b>

AI Summary

YETI Holdings, Inc. (YETI) filed a Annual Report (10-K) with the SEC on February 26, 2024. YETI Holdings, Inc. filed its 2023 Form 10-K on February 26, 2024, reporting on the fiscal year ending December 30, 2023. The filing covers the company's financial performance and business operations for the fiscal year 2023. Key financial data points such as revenue, net income, and EPS for the fiscal year 2023 are detailed within the report. The report includes information on the company's assets, liabilities, and equity as of December 30, 2023. YETI Holdings, Inc. is incorporated in Delaware and headquartered in Austin, Texas.

Why It Matters

For investors and stakeholders tracking YETI Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of YETI's financial health and strategic positioning for investors and stakeholders. The detailed financial statements and risk factors will help in assessing the company's performance and future outlook.

Risk Assessment

Risk Level: — YETI Holdings, Inc. shows moderate risk based on this filing. The company operates in the consumer discretionary sector, which can be sensitive to economic downturns and shifts in consumer spending habits, as indicated by the nature of its products (e.g., coolers, drinkware).

Analyst Insight

Investors should review the detailed financial statements and management's discussion and analysis to understand YETI's revenue drivers, cost structure, and growth strategies for fiscal year 2023.

Key Numbers

• 2023-12-30 — Fiscal Year End (Reporting period)
• 2024-02-26 — Filing Date (Date of submission)
• 10-K — Form Type (SEC filing type)

Key Players & Entities

• YETI Holdings, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-02-26 (date) — Filing date
• Austin, Texas (location) — Business address
• Delaware (location) — State of incorporation

FAQ

Industry Context

YETI Holdings operates in the durable consumer products sector, focusing on coolers, drinkware, and outdoor-related gear.

Regulatory Implications

The filing is a standard 10-K annual report required by the Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Review the consolidated financial statements for revenue, net income, and EPS for FY2023.
2. Analyze the Management's Discussion and Analysis section for insights into business performance and strategy.
3. Examine the Risk Factors section for potential challenges and uncertainties facing YETI.

Key Dates

• 2023-12-30: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-26: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ending December 30, 2023, following previous filings.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share YETI New York Stock Exchange

Filing Documents

• yeti-20231230.htm (10-K) — 1631KB
• yeti-2023q4ex1014.htm (EX-10.14) — 24KB
• yeti-2023q4ex211.htm (EX-21.1) — 8KB
• yeti-2023q4ex231.htm (EX-23.1) — 2KB
• yeti-2023q4ex311.htm (EX-31.1) — 11KB
• yeti-2023q4ex312.htm (EX-31.2) — 10KB
• yeti-2023q4ex321.htm (EX-32.1) — 9KB
• yeti-2023q4ex97.htm (EX-97) — 15KB
• image_01.jpg (GRAPHIC) — 7KB
• image_0a.jpg (GRAPHIC) — 7KB
• image_11.jpg (GRAPHIC) — 0KB
• image_1a.jpg (GRAPHIC) — 0KB
• yeti-20231230_g1.jpg (GRAPHIC) — 46KB
• 0001670592-24-000007.txt (&nbsp;) — 9298KB
• yeti-20231230.xsd (EX-101.SCH) — 60KB
• yeti-20231230_cal.xml (EX-101.CAL) — 127KB
• yeti-20231230_def.xml (EX-101.DEF) — 230KB
• yeti-20231230_lab.xml (EX-101.LAB) — 850KB
• yeti-20231230_pre.xml (EX-101.PRE) — 555KB
• yeti-20231230_htm.xml (XML) — 1341KB

Forward-Looking Statements 1

Forward-Looking Statements 1 Risk Factors Summary 2 PART I Item 1.

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 31 I tem 1C. C ybersecurity 31 Item 2.

Properties

Properties 33 Item 3.

Legal Proceedings

Legal Proceedings 33 Item 4. Mine Safety Disclosures 33 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 Item 6. Reserved 34 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 44 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 46 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 75 Item 9A.

Controls and Procedures

Controls and Procedures 75 Item 9B. Other Information 76 Item 9C. Disclosure regarding Foreign Jurisdictions that Prevent Inspection 76 PART III Item 10. Directors, Executive Officers and Corporate Governance 77 Item 11.

Executive Compensation

Executive Compensation 77 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 77 Item 13. Certain Relationships and Related Transactions, and Director Independence 77 Item 14. Principal Accounting Fees and Services 77 PART IV Item 15. Exhibits, Financial Statement Schedules 77 Item 16. Form 10-K Summary 79

Signatures

Signatures 80 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K (this "Report") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this Report are forward-looking statements. Forward-looking statements include statements containing words such as "anticipate," "assume," "believe," "can," "have," "contemplate," "continue," "could," "design," "due," "estimate," "expect," "forecast," "goal," "intend," "likely," "may," "might," "objective," "plan," "predict," "project," "potential," "seek," "should," "target," "will," "would," and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events. For example, all statements made relating to our share repurchase program, future expectations relating to our acquisitions of Mystery Ranch, LTD and Butter Pat Industries, LLC, voluntary recalls, expected market or macroeconomic environment, estimated and projected costs, expenditures, and growth rates, plans and objectives for future operations, growth, or initiatives, or strategies are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that are expected and, therefore, you should not unduly rely on such statements. The risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include but are not limited to the risks and uncertainties listed below under "Risk Factors Summary" and further described under the heading "Risk Factors" in Part I, Item 1A of this Report, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the United States Securities and Exchange Commission. These forward-looking statements are made

Business

Item 1. Business Overview Headquartered in Austin, Texas, YETI is a global designer, retailer, and distributor of innovative outdoor products. From coolers and drinkware to bags and apparel, 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 you. By consistently delivering high-performing, exceptional products, we have built a strong following of brand loyalists throughout the world, ranging from serious outdoor enthusiasts to individuals who simply value products of uncompromising quality and design. 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. We were founded in 2006 by avid outdoorsmen, Roy and Ryan Seiders, who were frustrated with equipment that could not keep pace with their interests in hunting and fishing. By utilizing forward-thinking designs and advanced manufacturing techniques, they developed a nearly indestructible hard cooler with superior ice retention. Our original hard cooler not only delivered exceptional performance, it anchored an authentic, passionate, and durable bond among customers and our company. Our principal corporate offices are located in Austin, Texas. Unless the context requires otherwise, references to "YETI," the "Company," "we," "us," and "our" used herein refer to YETI Holdings, Inc. and its consolidated subsidiaries. We have a 52- or 53-week period that ends on the Saturday closest in proximity to December 31, such that each quarterly period will be 13 weeks in length, except during a 53-week period when the fourth quarter will be 14 weeks. Our fiscal years ended December 30, 2023 ("2023"), December 31, 2022 ("2022") and January 1, 2022 ("2021") spanned 52 weeks each. Our fiscal year ending December 28, 2024 ("2024") will span 52 weeks. Unless otherwise stated, refer

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View this 10-K filing on SEC EDGAR