REVENUE

12 Months Ended

Jan. 03, 2026

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.

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

	January 3, 2026		December 28, 2024
Accounts receivable, net	$	141,424	$	120,190
Contract liabilities	(9,535)		(10,462)

During the year ended January 3, 2026, we recognized $10.5 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):

	2025(1)		2024(1)		2023(1)
Net Sales by Channel:
Wholesale	$	740,703	$	742,278	$	661,000
Direct-to-consumer	1,127,791		1,087,595		997,713
Total net sales	$	1,868,494	$	1,829,873	$	1,658,713
Net Sales by Category:
Coolers & Equipment	$	748,523	$	698,606	$	597,511
Drinkware	1,085,838		1,094,165		1,022,982
Other	34,133		37,102		38,220
Total net sales	$	1,868,494	$	1,829,873	$	1,658,713
Net Sales by Geographic Region(2):
United States	$	1,474,141	$	1,490,468	$	1,398,925
International	394,353		339,405		259,788
Total net sales	$	1,868,494	$	1,829,873	$	1,658,713

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(1)Includes the impact from the recall reserve adjustment. See Note 12 for further discussion of our product recalls.

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

No individual customer accounted for 10% or more of our gross sales during 2025, 2024, and 2023.