(State or other jurisdiction | (Commission | (IRS Employer | ||||||||||||
of incorporation) | File Number) | Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Exhibit | ||||||||
No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL) |
YETI Holdings, Inc. | ||||||||
Date: May 11, 2022 | By: | /s/ Paul C. Carbone | ||||||
Paul C. Carbone | ||||||||
Senior Vice President and Chief Financial Officer |
Three Months Ended | |||||||||||
April 2, 2022 | April 3, 2021 | ||||||||||
Net sales | $ | 293,628 | $ | 247,554 | |||||||
Cost of goods sold(1) | 138,768 | 102,370 | |||||||||
Gross profit | 154,860 | 145,184 | |||||||||
Selling, general, and administrative expenses | 121,570 | 105,135 | |||||||||
Operating income | 33,290 | 40,049 | |||||||||
Interest expense | (766) | (854) | |||||||||
Other income (expense) | 902 | (298) | |||||||||
Income before income taxes | 33,426 | 38,897 | |||||||||
Income tax expense | (7,767) | (8,374) | |||||||||
Net income | $ | 25,659 | $ | 30,523 | |||||||
Net income per share | |||||||||||
Basic | $ | 0.29 | $ | 0.35 | |||||||
Diluted | $ | 0.29 | $ | 0.35 | |||||||
Weighted-average common shares outstanding | |||||||||||
Basic | 87,368 | 87,179 | |||||||||
Diluted | 88,223 | 88,472 |
April 2, 2022 | January 1, 2022 | April 3, 2021 | |||||||||||||||
ASSETS | |||||||||||||||||
Current assets | |||||||||||||||||
Cash | $ | 100,330 | $ | 312,189 | $ | 190,293 | |||||||||||
Accounts receivable, net | 82,992 | 109,530 | 67,051 | ||||||||||||||
Inventory | 413,037 | 318,864 | 183,921 | ||||||||||||||
Prepaid expenses and other current assets | 39,583 | 29,584 | 24,471 | ||||||||||||||
Total current assets | 635,942 | 770,167 | 465,736 | ||||||||||||||
Property and equipment, net | 123,882 | 119,044 | 86,741 | ||||||||||||||
Operating lease right-of-use assets | 55,775 | 54,971 | 32,340 | ||||||||||||||
Goodwill | 54,293 | 54,293 | 54,293 | ||||||||||||||
Intangible assets, net | 97,090 | 95,314 | 92,245 | ||||||||||||||
Other assets | 2,547 | 2,575 | 1,897 | ||||||||||||||
Total assets | $ | 969,529 | $ | 1,096,364 | $ | 733,252 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities | |||||||||||||||||
Accounts payable | $ | 167,409 | $ | 191,319 | $ | 120,044 | |||||||||||
Accrued expenses and other current liabilities | 121,802 | 132,309 | 72,632 | ||||||||||||||
Taxes payable | 17,512 | 14,514 | 19,774 | ||||||||||||||
Accrued payroll and related costs | 7,442 | 30,844 | 10,058 | ||||||||||||||
Operating lease liabilities | 11,328 | 10,167 | 7,803 | ||||||||||||||
Current maturities of long-term debt | 24,574 | 24,560 | 22,700 | ||||||||||||||
Total current liabilities | 350,067 | 403,713 | 253,011 | ||||||||||||||
Long-term debt, net of current portion | 89,574 | 95,741 | 105,518 | ||||||||||||||
Operating lease liabilities, non-current | 55,245 | 55,940 | 34,998 | ||||||||||||||
Other liabilities | 28,276 | 23,147 | 18,450 | ||||||||||||||
Total liabilities | 523,162 | 578,541 | 411,977 | ||||||||||||||
Commitments and contingencies | |||||||||||||||||
Stockholders’ Equity | |||||||||||||||||
Common stock | 878 | 877 | 872 | ||||||||||||||
Treasury stock, at cost | (100,025) | — | — | ||||||||||||||
Additional paid-in capital | 341,208 | 337,735 | 323,682 | ||||||||||||||
Retained earnings (accumulated deficit) | 204,517 | 178,858 | (3,221) | ||||||||||||||
Accumulated other comprehensive (loss) income | (211) | 353 | (58) | ||||||||||||||
Total stockholders’ equity | 446,367 | 517,823 | 321,275 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 969,529 | $ | 1,096,364 | $ | 733,252 |
Three Months Ended | |||||||||||
April 2, 2022 | April 3, 2021 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | 25,659 | $ | 30,523 | |||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | 8,650 | 7,556 | |||||||||
Amortization of deferred financing fees | 158 | 177 | |||||||||
Stock-based compensation | 4,754 | 3,418 | |||||||||
Deferred income taxes | 5,069 | 4,642 | |||||||||
Impairment of long-lived assets | — | 291 | |||||||||
Other | (1,607) | 1,036 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 27,403 | (1,906) | |||||||||
Inventory | (94,342) | (43,627) | |||||||||
Other current assets | (9,593) | (6,783) | |||||||||
Accounts payable and accrued expenses | (57,064) | (37,514) | |||||||||
Taxes payable | 2,979 | 1,460 | |||||||||
Other | (622) | 406 | |||||||||
Net cash used in operating activities | (88,556) | (40,321) | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Purchases of property and equipment | (12,669) | (13,266) | |||||||||
Additions of intangibles, net | (3,436) | (1,716) | |||||||||
Net cash used in investing activities | (16,105) | (14,982) | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Repayments of long-term debt | (5,625) | (5,625) | |||||||||
Taxes paid in connection with employee stock transactions | (1,280) | (1,700) | |||||||||
Proceeds from employee stock transactions | — | 287 | |||||||||
Finance lease principal payment | (698) | (48) | |||||||||
Repurchase of common stock | (100,025) | — | |||||||||
Net cash used in financing activities | (107,628) | (7,086) | |||||||||
Effect of exchange rate changes on cash | 430 | (601) | |||||||||
Net decrease in cash | (211,859) | (62,990) | |||||||||
Cash, beginning of period | 312,189 | 253,283 | |||||||||
Cash, end of period | $ | 100,330 | $ | 190,293 |
Three Months Ended | |||||||||||
April 2, 2022 | April 3, 2021 | ||||||||||
Operating income | $ | 33,290 | $ | 40,049 | |||||||
Adjustments: | |||||||||||
Non-cash stock-based compensation expense(1) | 4,754 | 3,418 | |||||||||
Long-lived asset impairment(1) | — | 291 | |||||||||
Adjusted operating income | $ | 38,044 | $ | 43,758 | |||||||
Net income | $ | 25,659 | $ | 30,523 | |||||||
Adjustments: | |||||||||||
Non-cash stock-based compensation expense(1) | 4,754 | 3,418 | |||||||||
Long-lived asset impairment(1) | — | 291 | |||||||||
Tax impact of adjusting items(2) | (1,165) | (909) | |||||||||
Adjusted net income | $ | 29,248 | $ | 33,323 | |||||||
Net sales | $ | 293,628 | $ | 247,554 | |||||||
Operating income as a % of net sales | 11.3 | % | 16.2 | % | |||||||
Adjusted operating income as a % of net sales | 13.0 | % | 17.7 | % | |||||||
Net income as a % of net sales | 8.7 | % | 12.3 | % | |||||||
Adjusted net income as a % of net sales | 10.0 | % | 13.5 | % | |||||||
Net income per diluted share | $ | 0.29 | $ | 0.35 | |||||||
Adjusted net income per diluted share | $ | 0.33 | $ | 0.38 | |||||||
Weighted average common shares outstanding - diluted | 88,223 | 88,472 |
Twelve Months Ended | Updated Fiscal 2022 Outlook | ||||||||||||||||
January 1, 2022 | Low | High | |||||||||||||||
Operating income | $ | 274,938 | $ | 310,032 | $ | 315,676 | |||||||||||
Adjustments: | |||||||||||||||||
Non-cash stock-based compensation expense(1) | 15,474 | 22,962 | 22,962 | ||||||||||||||
Long-lived asset impairment(1) | 2,473 | — | — | ||||||||||||||
Business optimization expense(1)(2) | 2,247 | — | — | ||||||||||||||
Adjusted operating income | $ | 295,132 | $ | 332,994 | $ | 338,638 | |||||||||||
Net income | $ | 212,602 | $ | 233,045 | $ | 237,334 | |||||||||||
Adjustments: | |||||||||||||||||
Non-cash stock-based compensation expense(1) | 15,474 | 22,962 | 22,962 | ||||||||||||||
Long-lived asset impairment(1) | 2,473 | — | — | ||||||||||||||
Business optimization expense(1)(2) | 2,247 | — | — | ||||||||||||||
Tax impact of adjusting items(3) | (4,947) | (5,626) | (5,626) | ||||||||||||||
Adjusted net income | $ | 227,849 | $ | 250,381 | $ | 254,670 | |||||||||||
Net sales | $ | 1,410,989 | $ | 1,664,968 | $ | 1,693,187 | |||||||||||
Operating income as a % of net sales | 19.5 | % | 18.6 | % | 18.6 | % | |||||||||||
Adjusted operating income as a % of net sales | 20.9 | % | 20.0 | % | 20.0 | % | |||||||||||
Net income as a % of net sales | 15.1 | % | 14.0 | % | 14.0 | % | |||||||||||
Adjusted net income as a % of net sales | 16.1 | % | 15.0 | % | 15.0 | % | |||||||||||
Net income per diluted share | $ | 2.40 | $ | 2.67 | $ | 2.72 | |||||||||||
Adjusted net income per diluted share | $ | 2.57 | $ | 2.86 | $ | 2.91 | |||||||||||
Weighted average common shares outstanding - diluted | 88,666 | 87,394 | 87,394 |
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Cover Page |
May 11, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 11, 2022 |
Entity Registrant Name | YETI Holdings, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38713 |
Entity Tax Identification Number | 45-5297111 |
Entity Address, Address Line One | 7601 Southwest Parkway |
Entity Address, City or Town | Austin |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 78735 |
City Area Code | 512 |
Local Phone Number | 394-9384 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock, par value $0.01 |
Trading Symbol | YETI |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001670592 |
Amendment Flag | false |
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