REVENUE

12 Months Ended

Dec. 30, 2023

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE

Contract Balances

Accounts receivable represent an unconditional right to receive consideration from a customer and are recorded at net invoiced amounts, less an estimated allowance for credit losses.

Contract liabilities are recorded when the customer pays consideration before the transfer of a good to the customer and thus represent our obligation to transfer the good to the customer at a future date. Our contract liabilities include advance cash deposits received from customers for certain customized product orders and unredeemed gift card liabilities. As products are shipped and control transfers, we recognize contract liabilities as revenue.

During the second quarter of 2023, we began issuing gift cards as remedies in connection with our voluntary recalls. We recognize sales from gift cards as they are redeemed for products. As of December 30, 2023, $4.5 million of our contract liabilities represented unredeemed gift card liabilities. See Note 11 for further discussion of our recalls.

The following table provides information about accounts receivable and contract liabilities at the periods indicated (in thousands):

	December 30, 2023		December 31, 2022
Accounts receivable, net	$	95,774	$	79,446
Contract liabilities	(22,437)		(7,702)

During the year ended December 30, 2023, we recognized $7.7 million of revenue that was previously included in the contract liability balance at the beginning of the period.

Disaggregation of Revenue

The following table disaggregates our net sales by channel, product category, and geography for the periods indicated (in thousands):

	2023(1)		2022(1)		2021
Net Sales by Channel:
Wholesale	$	661,000	$	677,517	$	626,259
Direct-to-consumer	997,713		917,705		784,730
Total net sales	$	1,658,713	$	1,595,222	$	1,410,989
Net Sales by Category:
Coolers & Equipment	$	597,511	$	612,525	$	551,861
Drinkware	1,022,982		947,221		832,428
Other	38,220		35,476		26,700
Total net sales	$	1,658,713	$	1,595,222	$	1,410,989
Net Sales by Geographic Region(2):
United States	$	1,398,925	$	1,394,026	$	1,267,701
International	259,788		201,196		143,288
Total net sales	$	1,658,713	$	1,595,222	$	1,410,989

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(1) Includes the impact from the recall reserve adjustment. See Note 11 for further discussion of our recalls.

(2) Net sales by geographic region is based upon on end-consumer location.

Customers that accounted for 10% or more of gross sales were as follows:

	2023	2022	2021
Customer A	*	11%	10%

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* Gross sales were less than 10% and no other customer exceeded 10% of gross sales.