YETI (YETI) 10-Q 12 Aug 21 2021 Q2 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	6 Months Ended
	Jul. 03, 2021	Jul. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 3, 2021
Document Transition Report	false
Entity File Number	001-38713
Entity Registrant Name	YETI Holdings, Inc.
Entity Incorporation, State or Country Code	DE
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
Title of 12(b) Security	Common stock, par value $0.01
Trading Symbol	YETI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		87,471,840
Entity Central Index Key	0001670592
Current Fiscal Year End Date	--01-01
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jul. 03, 2021	Jan. 02, 2021
Current assets
Cash	$ 233,773	$ 253,283
Accounts receivable, net	81,893	65,417
Inventory	221,663	140,111
Prepaid expenses and other current assets	23,832	17,686
Total current assets	561,161	476,497
Property and equipment, net	102,005	78,075
Operating lease right-of-use assets	51,672	34,090
Goodwill	54,293	54,293
Intangible assets, net	92,857	92,078
Other assets	1,987	2,034
Total assets	863,975	737,067
Current liabilities
Accounts payable	145,683	123,621
Accrued expenses and other current liabilities	86,808	89,068
Taxes payable	15,928	18,316
Accrued payroll and related costs	19,966	25,810
Current operating lease liabilities	11,142	8,247
Current maturities of long-term debt	24,478	22,697
Total current liabilities	304,005	287,759
Long-term debt, net of current portion	107,756	111,017
Operating lease liabilities, non-current	50,881	36,546
Other liabilities	17,239	13,327
Total liabilities	479,881	448,649
Commitments and contingencies (Note 8)
Stockholders’ Equity
Common stock, par value $0.01; 600,000 shares authorized; 87,441 and 87,128 shares issued and outstanding at July 3, 2021 and January 2, 2021, respectively	874	871
Preferred stock, par value $0.01; 30,000 shares authorized; no shares issued or outstanding	0	0
Additional paid-in capital	329,638	321,678
Retained earnings (accumulated deficit)	53,010	(33,744)
Accumulated other comprehensive income (loss)	572	(387)
Total stockholders’ equity	384,094	288,418
Total liabilities and stockholders’ equity	$ 863,975	$ 737,067

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Jul. 03, 2021	Jan. 02, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	600,000	600,000
Common stock issued (in shares)	87,441	87,128
Common stock, outstanding (in shares)	87,441	87,128
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	30,000	30,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Income Statement [Abstract]
Net sales	$ 357,667	$ 246,938	$ 605,221	$ 421,350
Cost of goods sold	148,550	109,413	250,920	191,367
Gross profit	209,117	137,525	354,301	229,983
Selling, general, and administrative expenses	136,692	90,992	241,827	167,288
Operating income	72,425	46,533	112,474	62,695
Interest expense	(832)	(2,657)	(1,686)	(5,767)
Other (expense) income	(955)	900	(1,253)	(938)
Income before income taxes	70,638	44,776	109,535	55,990
Income tax expense	(14,407)	(11,294)	(22,781)	(14,028)
Net income	$ 56,231	$ 33,482	$ 86,754	$ 41,962
Net income per share
Basic (in dollars per share)	$ 0.64	$ 0.39	$ 0.99	$ 0.48
Diluted (in dollars per share)	$ 0.63	$ 0.38	$ 0.98	$ 0.48
Weighted-average common shares outstanding
Basic (in shares)	87,327	86,937	87,253	86,883
Diluted (in shares)	88,652	87,477	88,561	87,469

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 56,231	$ 33,482	$ 86,754	$ 41,962
Other comprehensive income
Foreign currency translation adjustments	630	487	959	333
Total comprehensive income	$ 56,861	$ 33,969	$ 87,713	$ 42,295

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock withheld related to net share settlement of stock-based compensation	$ 122,005	$ 868	$ 310,678	$ (189,545)	$ 4
Balance at beginning of the period at Dec. 28, 2019	122,005	$ 868	310,678	(189,545)	4
Balance at beginning of the period (shares) at Dec. 28, 2019		86,774
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	4,036		4,036
Common stock issued under employee benefit plans	1,397	$ 2	1,395
Common stock issued under employee benefit plans (in shares)		252
Common stock withheld related to net share settlement of stock-based compensation	(704)		(704)
Common stock withheld related to net share settlement of stock-based compensation (in shares)		(22)
Other comprehensive income (loss)	333				333
Net income	41,962			41,962
Balance at end of the period at Jun. 27, 2020	169,029	$ 870	315,405	(147,583)	337
Balance at end of the period (shares) at Jun. 27, 2020		87,004
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock withheld related to net share settlement of stock-based compensation	131,647	$ 869	311,993	(181,065)	(150)
Balance at beginning of the period at Mar. 28, 2020	131,647	$ 869	311,993	(181,065)	(150)
Balance at beginning of the period (shares) at Mar. 28, 2020		86,895
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	2,181		2,181
Common stock issued under employee benefit plans	1,232	$ 1	1,231
Common stock issued under employee benefit plans (in shares)		109
Other comprehensive income (loss)	487				487
Net income	33,482			33,482
Balance at end of the period at Jun. 27, 2020	169,029	$ 870	315,405	(147,583)	337
Balance at end of the period (shares) at Jun. 27, 2020		87,004
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock withheld related to net share settlement of stock-based compensation	169,029	$ 870	315,405	(147,583)	337
Common stock withheld related to net share settlement of stock-based compensation	288,418	871	321,678	(33,744)	(387)
Balance at beginning of the period at Jan. 02, 2021	288,418	$ 871	321,678	(33,744)	(387)
Balance at beginning of the period (shares) at Jan. 02, 2021		87,128
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	7,515		7,515
Common stock issued under employee benefit plans	2,148	$ 3	2,145
Common stock issued under employee benefit plans (in shares)		337
Common stock withheld related to net share settlement of stock-based compensation	(1,700)		(1,700)
Common stock withheld related to net share settlement of stock-based compensation (in shares)		(24)
Other comprehensive income (loss)	959				959
Net income	86,754			86,754
Balance at end of the period at Jul. 03, 2021	384,094	$ 874	329,638	53,010	572
Balance at end of the period (shares) at Jul. 03, 2021		87,441
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock withheld related to net share settlement of stock-based compensation	321,275	$ 872	323,682	(3,221)	(58)
Balance at beginning of the period at Apr. 03, 2021	321,275	$ 872	323,682	(3,221)	(58)
Balance at beginning of the period (shares) at Apr. 03, 2021		87,239
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	4,097		4,097
Common stock issued under employee benefit plans	1,861	$ 2	1,859
Common stock issued under employee benefit plans (in shares)		202
Other comprehensive income (loss)	630				630
Net income	56,231			56,231
Balance at end of the period at Jul. 03, 2021	384,094	$ 874	329,638	53,010	572
Balance at end of the period (shares) at Jul. 03, 2021		87,441
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock withheld related to net share settlement of stock-based compensation	$ 384,094	$ 874	$ 329,638	$ 53,010	$ 572

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Cash Flows from Operating Activities:
Net income	$ 86,754	$ 41,962
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	14,941	15,359
Amortization of deferred financing fees	349	478
Stock-based compensation	7,515	4,036
Deferred income taxes	1,801	3,511
Impairment of long-lived assets	1,142	632
Other	1,971	1,239
Changes in operating assets and liabilities:
Accounts receivable	(16,797)	(4,433)
Inventory	(81,188)	46,723
Other current assets	(6,133)	4,351
Accounts payable and accrued expenses	12,535	(52,781)
Taxes payable	(2,401)	9,393
Other	1,703	1,881
Net cash provided by operating activities	22,192	72,351
Cash Flows from Investing Activities:
Purchases of property and equipment	(25,894)	(7,160)
Additions of intangibles, net	(3,915)	(3,769)
Net cash used in investing activities	(29,809)	(10,929)
Cash Flows from Financing Activities:
Repayments of long-term debt	(11,250)	(7,500)
Taxes paid in connection with employee stock transactions	(1,700)	(704)
Proceeds from employee stock transactions	2,149	1,397
Finance lease principal payment	(96)	(91)
Borrowings under revolving credit facility	0	50,000
Repayments under revolving credit facility	0	(50,000)
Net cash used in financing activities	(10,897)	(6,898)
Effect of exchange rate changes on cash	(996)	428
Net (decrease) increase in cash	(19,510)	54,952
Cash, beginning of period	253,283	72,515
Cash, end of period	$ 233,773	$ 127,467

ORGANIZATION AND SIGNIFICANT AC

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jul. 03, 2021
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES	ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Organization and Business Headquartered in Austin, Texas, YETI is a global designer, retailer, and distributor of innovative outdoor products. 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. We sell our products through our wholesale channel, including independent retailers, national, and regional accounts across a wide variety of end user markets, as well as through our direct-to-consumer (“DTC”) channel, primarily on YETI.com, country and region-specific YETI websites, YETI Authorized on the Amazon Marketplace, our corporate sales program, and our retail stores. We operate in the U.S., Canada, Australia, New Zealand, Europe, Hong Kong, China, Singapore, and Japan. The terms “we,” “us,” “our,” and “the Company” as used herein and unless otherwise stated or indicated by context, refer to YETI Holdings, Inc. and its subsidiaries. Basis of Presentation and Principles of Consolidation The unaudited condensed consolidated financial statements and the accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, our financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of our results of operations for the interim periods. Intercompany transactions are eliminated in consolidation. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to applicable rules and regulations of the SEC. The consolidated balance sheet as of January 2, 2021 is derived from the audited financial statements included in our Annual Report on Form 10-K filed with the SEC for the year ended January 2, 2021, which should be read in conjunction with these unaudited consolidated financial statements and notes thereto. Reclassifications Certain prior period amounts were reclassified to conform to the current period presentation. Deferred income taxes previously presented separately in Total assets in the consolidated balance sheets are now presented as Other assets. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses during the reporting period and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Estimates and assumptions about future events and their effects cannot be made with certainty, including the potential impacts and duration of the COVID-19 pandemic. Estimates may change as new events occur, when additional information becomes available and if our operating environment changes. Actual results could differ from our estimates. Fiscal Year End We have a 52-to 53-week fiscal year 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 year when the fourth quarter will be 14 weeks. Our fiscal year ending January 1, 2022 (“fiscal year 2021”) is a 52-week period. The first quarter of our fiscal year 2021 ended on April 3, 2021, the second quarter ended on July 3, 2021, and the third quarter ends on October 2, 2021. Our fiscal year ended January 2, 2021 (“fiscal year 2020”) was a 53-week period. Unless otherwise stated, references to particular years, quarters, months and periods refer to our fiscal years and the associated quarters, months, and periods of those fiscal years. The unaudited condensed consolidated financial results presented herein represent the three and six months ended July 3, 2021 and June 27, 2020. Accounts Receivable Accounts receivable are carried at original invoice amount less estimated credit losses. Upon initial recognition of a receivable, we estimate credit losses over the contractual term of the receivable and establish an allowance for credit losses based on historical experience, current available information, and expectations of future economic conditions. We mitigate credit loss risk from accounts receivable by assessing customers for credit worthiness, including ongoing credit evaluations and their payment trends. Credit risk is limited due to ongoing monitoring, high geographic customer distribution and low concentration of risk. As the risk of loss is determined to be similar based on the credit risk factors, we aggregate receivables on a collective basis when assessing credit losses. Accounts receivable are uncollateralized customer obligations due under normal trade terms typically requiring payment within 30 to 90 days of sale. Receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded to income when received. For the six months ended July 3, 2021, our assessment also considered the current and potential future impacts caused by the COVID-19 pandemic. Our allowance for credit losses was $1.9 million as of July 3, 2021 and $1.3 million as of January 2, 2021, respectively. Inventory Inventories are comprised primarily of finished goods and are carried at the lower of cost (weighted-average cost method) or market (net realizable value). Fair Value of Financial Instruments For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: Level 1: Quoted prices for identical instruments in active markets. Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3: Significant inputs to the valuation model are unobservable. Our financial instruments consist principally of cash, accounts receivable, accounts payable, and bank indebtedness. The carrying amount of cash, accounts receivable, and accounts payable, approximates fair value due to the short-term maturity of these instruments. The carrying amount of our long-term bank indebtedness approximates fair value based on Level 2 inputs since the senior secured credit facility (“Credit Facility”) carries a variable interest rate that is based on London Interbank Offered Rate (“LIBOR”). Recently Adopted Accounting Guidance In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-12 is intended to simplify various aspects related to the accounting for income taxes and removes certain exceptions to the general principles of Topic 740 and amends existing guidance to improve consistent application. We adopted this standard effective January 3, 2021 using the modified retrospective approach. The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. Recent Accounting Guidance Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which is intended to provide temporary optional expedients and exceptions for applying GAAP to contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The optional guidance is provided to ease the potential burden of accounting for reference rate reform. The guidance is effective and can be applied anytime from the issuance date through December 31, 2022. The impact of this guidance on the Company's financial statements and related disclosures will continue to be evaluated by the Company through the application period, and is not expected to be significant. No other new accounting pronouncements issued or effective as of July 3, 2021 have had, or are expected to have, a material impact on our consolidated financial statements.

REVENUE

REVENUE	6 Months Ended
	Jul. 03, 2021
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 primary contract liabilities relate to payment advances for certain customized product transactions. We recognize contract liabilities as revenue once all performance obligations have been satisfied. The following table provides information about accounts receivable and contract liabilities at the periods indicated (in thousands): July 3, 2021 January 2, Accounts receivable, net $ 81,893 $ 65,417 Contract liabilities (14,297) (11,074) For the six months ended July 3, 2021, we recognized $11.1 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 (based on ship to destination) for the periods indicated (in thousands): Three Months Ended Six Months Ended July 3, June 27, July 3, June 27, Net Sales by Channel Wholesale $ 160,784 $ 113,891 $ 281,564 $ 208,707 Direct-to-consumer 196,883 133,047 323,657 212,643 Total net sales $ 357,667 $ 246,938 $ 605,221 $ 421,350 Net Sales by Category Coolers & Equipment $ 157,801 $ 128,610 $ 251,259 $ 188,104 Drinkware 192,882 114,326 341,761 226,943 Other 6,984 4,002 12,201 6,303 Total net sales $ 357,667 $ 246,938 $ 605,221 $ 421,350 Net Sales by Geographic Region United States $ 324,674 $ 237,134 $ 549,032 $ 402,132 International 32,993 9,804 56,189 19,218 Total net sales $ 357,667 $ 246,938 $ 605,221 $ 421,350

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	6 Months Ended
	Jul. 03, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets include the following (in thousands): July 3, January 2, Prepaid expenses $ 16,208 $ 12,174 Prepaid taxes 554 433 Other 7,070 5,079 Total prepaid expenses and other current assets $ 23,832 $ 17,686

LEASES

LEASES	6 Months Ended
	Jul. 03, 2021
Leases [Abstract]
LEASES	LEASES 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. We lease certain retail locations, office space, distribution facilities, manufacturing space, and machinery and equipment. While the substantial majority of these leases are operating leases, certain machinery and equipment agreements are finance leases, which are those leases that allow us to substantially utilize or pay for the entire asset over its estimated life. Assets acquired under operating leases and finance leases are recorded in Operating lease right-of use assets and Property and equipment, net, respectively. As of July 3, 2021, the initial lease terms of the various leases range from one 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. These assets and liabilities are recognized based on the present value of future payments over the lease term at commencement date. To determine the present value of the future lease payments, we use our collateralized incremental borrowing rate based on the information available at commencement date, including lease term. Our operating leases also typically require payment of real estate taxes, common area maintenance and insurance. These components comprise the majority of our variable lease cost and are excluded from the present value of our lease obligations. In instances where they are fixed, they are included due to our election to combine lease and non-lease components, with the exception of our distribution facility asset class. Operating lease assets include prepaid lease payments and initial direct costs and are reduced by lease incentives. 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. Fixed payments may contain predetermined fixed rent escalations. Costs associated with operating lease assets are recognized on a straight-line basis from the commencement date to the end of the lease term. 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. The interest component of a finance lease is included in interest expense and recognized using the effective interest method over the lease term. The following table presents the assets and liabilities related to operating and finance leases (in thousands): Balance Sheet Location July 3, 2021 Assets: Operating lease assets Operating lease right-of-use assets $ 51,672 Finance lease assets Property and equipment 10,311 Total lease assets $ 61,983 Liabilities: Current Operating lease liabilities Operating lease liabilities $ 11,142 Finance lease liabilities Current maturities of long-term debt 1,978 Non-current Operating lease liabilities Operating lease liabilities, non-current 50,881 Finance lease liabilities Long-term debt, net of current portion 8,392 Total lease liabilities $ 72,393 The following table presents the components of lease costs (in thousands): Three Months Ended Six Months Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Operating lease costs $ 2,612 $ 2,314 $ 5,076 $ 4,611 Finance lease cost - amortization of right-of-use assets 62 53 115 106 Finance lease cost - interest on lease liabilities 15 17 29 34 Short-term lease cost 97 49 155 104 Variable lease cost 1,116 816 1,848 1,654 Sublease income (185) (185) (371) (371) Total lease cost $ 3,717 $ 3,064 $ 6,852 $ 6,138 The following table presents lease terms and discount rates: July 3, 2021 June 27, 2020 Weighted average remaining lease term: Operating leases 5.70 years 6.63 years Finance leases 4.84 years 4.18 years Weighted average discount rate: Operating leases 5.04 % 6.62 % Finance leases 2.25 % 6.24 % Minimum lease payments have not been reduced by minimum sublease rentals of $2.7 million due in the future under non-cancelable subleases. We received $0.2 million in sublease income for both the three months ended July 3, 2021 and June 27, 2020, and $0.4 million in sublease income for both the six months ended July 3, 2021 and June 27, 2020. The following table presents the minimum lease payment obligations of operating and finance lease liabilities (leases with terms in excess of one year) for the next five years and thereafter as of July 3, 2021 (in thousands): Operating Leases Finance Leases Total 2021 $ 7,517 $ 1,122 $ 8,639 2022 12,022 2,244 14,266 2023 11,995 2,078 14,073 2024 12,058 2,325 14,383 2025 11,339 1,995 13,334 Thereafter 16,832 1,164 17,996 Total lease payments 71,763 10,928 82,691 Less: Effect of discounting to net present value 9,740 558 10,298 Present value of lease liabilities $ 62,023 $ 10,370 $ 72,393 The following table presents supplemental cash flow information related to our leases (in thousands): Six Months Ended July 3, 2021 Six Months Ended June 27, 2020 Cash paid for amounts included in measurement of liabilities: Operating cash flows used in operating leases $ 5,439 $ 5,100 Operating cash flows used in finance leases 29 34 Financing cash flows used in finance leases 95 91 Right-of-use assets obtained in exchange for new lease liabilities: Finance leases $ 9,517 $ — Operating leases 21,246 231 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 service agreement commenced at the end of the second quarter of 2021. The initial term of the agreement is 5 years. As of July 3, 2021, we recognized an operating lease right-of-use asset and a finance lease with corresponding operating and finance lease liabilities, respectively, for this distribution facility.
LEASES	LEASES 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. We lease certain retail locations, office space, distribution facilities, manufacturing space, and machinery and equipment. While the substantial majority of these leases are operating leases, certain machinery and equipment agreements are finance leases, which are those leases that allow us to substantially utilize or pay for the entire asset over its estimated life. Assets acquired under operating leases and finance leases are recorded in Operating lease right-of use assets and Property and equipment, net, respectively. As of July 3, 2021, the initial lease terms of the various leases range from one 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. These assets and liabilities are recognized based on the present value of future payments over the lease term at commencement date. To determine the present value of the future lease payments, we use our collateralized incremental borrowing rate based on the information available at commencement date, including lease term. Our operating leases also typically require payment of real estate taxes, common area maintenance and insurance. These components comprise the majority of our variable lease cost and are excluded from the present value of our lease obligations. In instances where they are fixed, they are included due to our election to combine lease and non-lease components, with the exception of our distribution facility asset class. Operating lease assets include prepaid lease payments and initial direct costs and are reduced by lease incentives. 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. Fixed payments may contain predetermined fixed rent escalations. Costs associated with operating lease assets are recognized on a straight-line basis from the commencement date to the end of the lease term. 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. The interest component of a finance lease is included in interest expense and recognized using the effective interest method over the lease term. The following table presents the assets and liabilities related to operating and finance leases (in thousands): Balance Sheet Location July 3, 2021 Assets: Operating lease assets Operating lease right-of-use assets $ 51,672 Finance lease assets Property and equipment 10,311 Total lease assets $ 61,983 Liabilities: Current Operating lease liabilities Operating lease liabilities $ 11,142 Finance lease liabilities Current maturities of long-term debt 1,978 Non-current Operating lease liabilities Operating lease liabilities, non-current 50,881 Finance lease liabilities Long-term debt, net of current portion 8,392 Total lease liabilities $ 72,393 The following table presents the components of lease costs (in thousands): Three Months Ended Six Months Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Operating lease costs $ 2,612 $ 2,314 $ 5,076 $ 4,611 Finance lease cost - amortization of right-of-use assets 62 53 115 106 Finance lease cost - interest on lease liabilities 15 17 29 34 Short-term lease cost 97 49 155 104 Variable lease cost 1,116 816 1,848 1,654 Sublease income (185) (185) (371) (371) Total lease cost $ 3,717 $ 3,064 $ 6,852 $ 6,138 The following table presents lease terms and discount rates: July 3, 2021 June 27, 2020 Weighted average remaining lease term: Operating leases 5.70 years 6.63 years Finance leases 4.84 years 4.18 years Weighted average discount rate: Operating leases 5.04 % 6.62 % Finance leases 2.25 % 6.24 % Minimum lease payments have not been reduced by minimum sublease rentals of $2.7 million due in the future under non-cancelable subleases. We received $0.2 million in sublease income for both the three months ended July 3, 2021 and June 27, 2020, and $0.4 million in sublease income for both the six months ended July 3, 2021 and June 27, 2020. The following table presents the minimum lease payment obligations of operating and finance lease liabilities (leases with terms in excess of one year) for the next five years and thereafter as of July 3, 2021 (in thousands): Operating Leases Finance Leases Total 2021 $ 7,517 $ 1,122 $ 8,639 2022 12,022 2,244 14,266 2023 11,995 2,078 14,073 2024 12,058 2,325 14,383 2025 11,339 1,995 13,334 Thereafter 16,832 1,164 17,996 Total lease payments 71,763 10,928 82,691 Less: Effect of discounting to net present value 9,740 558 10,298 Present value of lease liabilities $ 62,023 $ 10,370 $ 72,393 The following table presents supplemental cash flow information related to our leases (in thousands): Six Months Ended July 3, 2021 Six Months Ended June 27, 2020 Cash paid for amounts included in measurement of liabilities: Operating cash flows used in operating leases $ 5,439 $ 5,100 Operating cash flows used in finance leases 29 34 Financing cash flows used in finance leases 95 91 Right-of-use assets obtained in exchange for new lease liabilities: Finance leases $ 9,517 $ — Operating leases 21,246 231 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 service agreement commenced at the end of the second quarter of 2021. The initial term of the agreement is 5 years. As of July 3, 2021, we recognized an operating lease right-of-use asset and a finance lease with corresponding operating and finance lease liabilities, respectively, for this distribution facility.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jul. 03, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense was $14.4 million and $11.3 million for the three months ended July 3, 2021 and June 27, 2020, respectively. The increase in income tax expense is due to higher income before income taxes. The effective tax rate for the three months ended July 3, 2021 was 20%, compared to 25% for the three months ended June 27, 2020. The impact of a discrete tax benefit related to stock compensation resulted in a lower effective tax rate for the three months ended July 3, 2021. Income tax expense was $22.8 million and $14.0 million for the six months ended July 3, 2021 and June 27, 2020, respectively. The increase in income tax expense is due to higher income before income taxes. The effective tax rate for the six months ended July 3, 2021 was 21%, compared to 25% for the six months ended June 27, 2020. The impact of a discrete tax benefit related to stock compensation resulted in a lower effective tax rate for the six months ended July 3, 2021. Deferred tax liabilities were $6.9 million as of July 3, 2021 and $5.2 million as of January 2, 2021, respectively, which is presented in other liabilities on our unaudited condensed consolidated balance sheet. For interim periods, our income tax expense and resulting effective tax rate are based upon an estimated annual effective tax rate adjusted for the effects of items required to be treated as discrete to the period, including changes in tax laws, changes in estimated exposures for uncertain tax positions, and other items.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	6 Months Ended
	Jul. 03, 2021
Share-based Payment Arrangement [Abstract]
STOCK BASED COMPENSATION	STOCK-BASED COMPENSATION We award stock-based compensation to employees and directors under the 2018 Equity Incentive Plan (the “2018 Plan”), which was adopted by our Board of Directors and became effective upon the completion of our initial public offering in October 2018. The 2018 Plan replaced the 2012 Equity and Performance Incentive Plan, as amended and restated on June 20, 2018 (the “2012 Plan”). Any remaining shares available for issuance under the 2012 Plan as of the date of our initial public offering in October 2018 are not available for future issuance. However, shares subject to stock awards granted under the 2012 Plan (a) that expire or terminate without being exercised or (b) that are forfeited under an award return to the 2018 Plan. We recognized non-cash stock-based compensation expense of $4.1 million and $2.2 million for the three months ended July 3, 2021 and June 27, 2020, respectively. For the six months ended July 3, 2021 and June 27, 2020, we recognized non-cash stock-based compensation expense of $7.5 million and $4.0 million, respectively. At July 3, 2021, total unrecognized non-cash stock-based compensation expense of $30.2 million for all stock-based compensation plans is expected to be recognized over a weighted-average period of 2.1 years. Stock-based activity for the six months ended July 3, 2021 is summarized below (in thousands, except per share data): Stock Options Performance-Based Restricted Stock Units, Restricted Stock Awards, and Deferred Stock Units Number of Options Weighted Number of PBRSs Weighted Number of RSUs, RSAs, and DSUs Weighted Balance, January 2, 2021 1,254 $ 16.79 146 $ 32.84 473 $ 30.99 Granted — — 81 79.66 200 75.59 Exercised/released (200) 10.77 — — (138) 30.14 Forfeited/expired — — — — (10) 51.87 Balance, July 3, 2021 1,054 $ 17.93 227 $ 49.55 525 $ 47.80

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jul. 03, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic income per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted income per share includes the additional effect of all potentially dilutive securities, which includes dilutive stock-based awards granted under stock-based compensation plans. The following table sets forth the calculation of earnings per share and weighted-average common shares outstanding at the dates indicated (in thousands, except per share data): Three Months Ended Six Months Ended July 3, June 27, July 3, June 27, Net income $ 56,231 $ 33,482 $ 86,754 $ 41,962 Weighted-average common shares outstanding—basic 87,327 86,937 87,253 86,883 Effect of dilutive securities 1,325 540 1,309 586 Weighted-average common shares outstanding—diluted 88,652 87,477 88,561 87,469 Earnings per share Basic $ 0.64 $ 0.39 $ 0.99 $ 0.48 Diluted $ 0.63 $ 0.38 $ 0.98 $ 0.48 Effects of potentially dilutive securities are presented only in periods in which they are dilutive. No outstanding stock-based awards were excluded from the calculation of diluted earnings per share for the three months ended July 3, 2021. For the three months ended June 27, 2020, outstanding stock-based awards representing 0.5 million shares of common stock were excluded from the calculation of diluted earnings per share, because their effect would be anti-dilutive.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jul. 03, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Claims and Legal Proceedings We are involved in various claims and legal proceedings, some of which are covered by insurance. We believe that our existing claims and proceedings, and the potential losses relating to such contingencies, will not have a material adverse effect on our consolidated financial position, results of operations, or cash flows.

ORGANIZATION AND SIGNIFICANT _2

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jul. 03, 2021
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of ConsolidationThe unaudited condensed consolidated financial statements and the accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, our financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of our results of operations for the interim periods. Intercompany transactions are eliminated in consolidation. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to applicable rules and regulations of the SEC. The consolidated balance sheet as of January 2, 2021 is derived from the audited financial statements included in our Annual Report on Form 10-K filed with the SEC for the year ended January 2, 2021, which should be read in conjunction with these unaudited consolidated financial statements and notes thereto.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses during the reporting period and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Estimates and assumptions about future events and their effects cannot be made with certainty, including the potential impacts and duration of the COVID-19 pandemic. Estimates may change as new events occur, when additional information becomes available and if our operating environment changes. Actual results could differ from our estimates.
Accounts Receivable	Accounts ReceivableAccounts receivable are carried at original invoice amount less estimated credit losses. Upon initial recognition of a receivable, we estimate credit losses over the contractual term of the receivable and establish an allowance for credit losses based on historical experience, current available information, and expectations of future economic conditions. We mitigate credit loss risk from accounts receivable by assessing customers for credit worthiness, including ongoing credit evaluations and their payment trends. Credit risk is limited due to ongoing monitoring, high geographic customer distribution and low concentration of risk. As the risk of loss is determined to be similar based on the credit risk factors, we aggregate receivables on a collective basis when assessing credit losses. Accounts receivable are uncollateralized customer obligations due under normal trade terms typically requiring payment within 30 to 90 days of sale. Receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded to income when received. For the six months ended July 3, 2021, our assessment also considered the current and potential future impacts caused by the COVID-19 pandemic.
Inventory	Inventory Inventories are comprised primarily of finished goods and are carried at the lower of cost (weighted-average cost method) or market (net realizable value).
Fair Value of Financial Instruments	Fair Value of Financial Instruments For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: Level 1: Quoted prices for identical instruments in active markets. Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3: Significant inputs to the valuation model are unobservable. Our financial instruments consist principally of cash, accounts receivable, accounts payable, and bank indebtedness. The carrying amount of cash, accounts receivable, and accounts payable, approximates fair value due to the short-term maturity of these instruments. The carrying amount of our long-term bank indebtedness approximates fair value based on Level 2 inputs since the senior secured credit facility (“Credit Facility”) carries a variable interest rate that is based on London Interbank Offered Rate (“LIBOR”).
Recently Adopted Accounting Guidance and Recent Accounting Guidance Not Yet Adopted	Recently Adopted Accounting Guidance In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-12 is intended to simplify various aspects related to the accounting for income taxes and removes certain exceptions to the general principles of Topic 740 and amends existing guidance to improve consistent application. We adopted this standard effective January 3, 2021 using the modified retrospective approach. The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. Recent Accounting Guidance Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which is intended to provide temporary optional expedients and exceptions for applying GAAP to contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The optional guidance is provided to ease the potential burden of accounting for reference rate reform. The guidance is effective and can be applied anytime from the issuance date through December 31, 2022. The impact of this guidance on the Company's financial statements and related disclosures will continue to be evaluated by the Company through the application period, and is not expected to be significant. No other new accounting pronouncements issued or effective as of July 3, 2021 have had, or are expected to have, a material impact on our consolidated financial statements.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jul. 03, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Accounts Receivable and Contract Liabilities	The following table provides information about accounts receivable and contract liabilities at the periods indicated (in thousands): July 3, 2021 January 2, Accounts receivable, net $ 81,893 $ 65,417 Contract liabilities (14,297) (11,074)
Schedule of Disaggregated Net Sales	The following table disaggregates our net sales by channel, product category, and geography (based on ship to destination) for the periods indicated (in thousands): Three Months Ended Six Months Ended July 3, June 27, July 3, June 27, Net Sales by Channel Wholesale $ 160,784 $ 113,891 $ 281,564 $ 208,707 Direct-to-consumer 196,883 133,047 323,657 212,643 Total net sales $ 357,667 $ 246,938 $ 605,221 $ 421,350 Net Sales by Category Coolers & Equipment $ 157,801 $ 128,610 $ 251,259 $ 188,104 Drinkware 192,882 114,326 341,761 226,943 Other 6,984 4,002 12,201 6,303 Total net sales $ 357,667 $ 246,938 $ 605,221 $ 421,350 Net Sales by Geographic Region United States $ 324,674 $ 237,134 $ 549,032 $ 402,132 International 32,993 9,804 56,189 19,218 Total net sales $ 357,667 $ 246,938 $ 605,221 $ 421,350

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jul. 03, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets include the following (in thousands): July 3, January 2, Prepaid expenses $ 16,208 $ 12,174 Prepaid taxes 554 433 Other 7,070 5,079 Total prepaid expenses and other current assets $ 23,832 $ 17,686

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jul. 03, 2021
Leases [Abstract]
Summary of Balance Sheet	The following table presents the assets and liabilities related to operating and finance leases (in thousands): Balance Sheet Location July 3, 2021 Assets: Operating lease assets Operating lease right-of-use assets $ 51,672 Finance lease assets Property and equipment 10,311 Total lease assets $ 61,983 Liabilities: Current Operating lease liabilities Operating lease liabilities $ 11,142 Finance lease liabilities Current maturities of long-term debt 1,978 Non-current Operating lease liabilities Operating lease liabilities, non-current 50,881 Finance lease liabilities Long-term debt, net of current portion 8,392 Total lease liabilities $ 72,393
Summary of Lease Cost	The following table presents the components of lease costs (in thousands): Three Months Ended Six Months Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Operating lease costs $ 2,612 $ 2,314 $ 5,076 $ 4,611 Finance lease cost - amortization of right-of-use assets 62 53 115 106 Finance lease cost - interest on lease liabilities 15 17 29 34 Short-term lease cost 97 49 155 104 Variable lease cost 1,116 816 1,848 1,654 Sublease income (185) (185) (371) (371) Total lease cost $ 3,717 $ 3,064 $ 6,852 $ 6,138 The following table presents lease terms and discount rates: July 3, 2021 June 27, 2020 Weighted average remaining lease term: Operating leases 5.70 years 6.63 years Finance leases 4.84 years 4.18 years Weighted average discount rate: Operating leases 5.04 % 6.62 % Finance leases 2.25 % 6.24 % The following table presents supplemental cash flow information related to our leases (in thousands): Six Months Ended July 3, 2021 Six Months Ended June 27, 2020 Cash paid for amounts included in measurement of liabilities: Operating cash flows used in operating leases $ 5,439 $ 5,100 Operating cash flows used in finance leases 29 34 Financing cash flows used in finance leases 95 91 Right-of-use assets obtained in exchange for new lease liabilities: Finance leases $ 9,517 $ — Operating leases 21,246 231
Schedule of Operating Lease Liability, Maturity	The following table presents the minimum lease payment obligations of operating and finance lease liabilities (leases with terms in excess of one year) for the next five years and thereafter as of July 3, 2021 (in thousands): Operating Leases Finance Leases Total 2021 $ 7,517 $ 1,122 $ 8,639 2022 12,022 2,244 14,266 2023 11,995 2,078 14,073 2024 12,058 2,325 14,383 2025 11,339 1,995 13,334 Thereafter 16,832 1,164 17,996 Total lease payments 71,763 10,928 82,691 Less: Effect of discounting to net present value 9,740 558 10,298 Present value of lease liabilities $ 62,023 $ 10,370 $ 72,393
Schedule of Finance Lease Liability, Maturity	The following table presents the minimum lease payment obligations of operating and finance lease liabilities (leases with terms in excess of one year) for the next five years and thereafter as of July 3, 2021 (in thousands): Operating Leases Finance Leases Total 2021 $ 7,517 $ 1,122 $ 8,639 2022 12,022 2,244 14,266 2023 11,995 2,078 14,073 2024 12,058 2,325 14,383 2025 11,339 1,995 13,334 Thereafter 16,832 1,164 17,996 Total lease payments 71,763 10,928 82,691 Less: Effect of discounting to net present value 9,740 558 10,298 Present value of lease liabilities $ 62,023 $ 10,370 $ 72,393

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	6 Months Ended
	Jul. 03, 2021
Share-based Payment Arrangement [Abstract]
Summary of Stock Options, RSUs, RSAs, and DSUs	Stock-based activity for the six months ended July 3, 2021 is summarized below (in thousands, except per share data): Stock Options Performance-Based Restricted Stock Units, Restricted Stock Awards, and Deferred Stock Units Number of Options Weighted Number of PBRSs Weighted Number of RSUs, RSAs, and DSUs Weighted Balance, January 2, 2021 1,254 $ 16.79 146 $ 32.84 473 $ 30.99 Granted — — 81 79.66 200 75.59 Exercised/released (200) 10.77 — — (138) 30.14 Forfeited/expired — — — — (10) 51.87 Balance, July 3, 2021 1,054 $ 17.93 227 $ 49.55 525 $ 47.80

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jul. 03, 2021
Earnings Per Share [Abstract]
Schedule of Reconciliation of Shares for Basic and Diluted Net Income Per Share	The following table sets forth the calculation of earnings per share and weighted-average common shares outstanding at the dates indicated (in thousands, except per share data): Three Months Ended Six Months Ended July 3, June 27, July 3, June 27, Net income $ 56,231 $ 33,482 $ 86,754 $ 41,962 Weighted-average common shares outstanding—basic 87,327 86,937 87,253 86,883 Effect of dilutive securities 1,325 540 1,309 586 Weighted-average common shares outstanding—diluted 88,652 87,477 88,561 87,469 Earnings per share Basic $ 0.64 $ 0.39 $ 0.99 $ 0.48 Diluted $ 0.63 $ 0.38 $ 0.98 $ 0.48

ORGANIZATION AND SIGNIFICANT _3

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Millions	Jul. 03, 2021	Jan. 02, 2021
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Allowance for credit losses	$ 1.9	$ 1.3

REVENUE - Contract Balances (De

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2021	Jan. 02, 2021
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 81,893	$ 65,417
Contract liabilities	(14,297)	$ (11,074)
Contract with customer liability revenue recognized	$ 11,100

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 357,667	$ 246,938	$ 605,221	$ 421,350
United States
Disaggregation of Revenue [Line Items]
Net sales	324,674	237,134	549,032	402,132
International
Disaggregation of Revenue [Line Items]
Net sales	32,993	9,804	56,189	19,218
Coolers & Equipment
Disaggregation of Revenue [Line Items]
Net sales	157,801	128,610	251,259	188,104
Drinkware
Disaggregation of Revenue [Line Items]
Net sales	192,882	114,326	341,761	226,943
Other
Disaggregation of Revenue [Line Items]
Net sales	6,984	4,002	12,201	6,303
Wholesale
Disaggregation of Revenue [Line Items]
Net sales	160,784	113,891	281,564	208,707
Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	$ 196,883	$ 133,047	$ 323,657	$ 212,643

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jan. 02, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 16,208	$ 12,174
Prepaid taxes	554	433
Other	7,070	5,079
Total prepaid expenses and other current assets	$ 23,832	$ 17,686

LEASES (Details Textual)

LEASES (Details Textual) ft² in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021USD ($)ft²	Jun. 27, 2020USD ($)	Jul. 03, 2021USD ($)ft²	Jun. 27, 2020USD ($)
Lessee, Lease, Description [Line Items]
Future minimum sublease rentals	$ 2,700		$ 2,700
Sublease income	$ 185	$ 185	$ 371	$ 371
Distribution Facility in Memphis, Tennessee
Lessee, Lease, Description [Line Items]
Lease term	5 years		5 years
Area of facility | ft²	970		970
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	20 years		20 years

LEASES - Balance Sheet (Details

LEASES - Balance Sheet (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jan. 02, 2021
Assets:
Operating lease assets	$ 51,672	$ 34,090
Finance lease assets	10,311
Total lease assets	61,983
Current
Operating lease liabilities	11,142	8,247
Finance lease liabilities	1,978
Non-current
Operating lease liabilities	50,881	$ 36,546
Finance lease liabilities	8,392
Total lease liabilities	$ 72,393
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtCurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt, net of current portion

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Leases [Abstract]
Operating lease costs	$ 2,612	$ 2,314	$ 5,076	$ 4,611
Finance lease cost - amortization of right-of-use assets	62	53	115	106
Finance lease cost - interest on lease liabilities	15	17	29	34
Short-term lease cost	97	49	155	104
Variable lease cost	1,116	816	1,848	1,654
Sublease income	(185)	(185)	(371)	(371)
Total lease cost	$ 3,717	$ 3,064	$ 6,852	$ 6,138
Weighted average remaining lease term:
Operating leases	5 years 8 months 12 days	6 years 7 months 17 days	5 years 8 months 12 days	6 years 7 months 17 days
Finance leases	4 years 10 months 2 days	4 years 2 months 4 days	4 years 10 months 2 days	4 years 2 months 4 days
Weighted average discount rate:
Operating leases	5.04%	6.62%	5.04%	6.62%
Finance leases	2.25%	6.24%	2.25%	6.24%

LEASES - Future Minimum Lease P

LEASES - Future Minimum Lease Payments (Details) $ in Thousands	Jul. 03, 2021USD ($)
Operating Leases
2021	$ 7,517
2022	12,022
2023	11,995
2024	12,058
2025	11,339
Thereafter	16,832
Total lease payments	71,763
Less: Effect of discounting to net present value	9,740
Present value of lease liabilities	62,023
Finance Leases
2021	1,122
2022	2,244
2023	2,078
2024	2,325
2025	1,995
Thereafter	1,164
Total lease payments	10,928
Less: Effect of discounting to net present value	558
Present value of lease liabilities	10,370
2021	8,639
2022	14,266
2023	14,073
2024	14,383
2025	13,334
Thereafter	17,996
Total lease payments	82,691
Less: Effect of discounting to net present value	10,298
Present value of lease liabilities	$ 72,393

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Leases [Abstract]
Operating cash flows used in operating leases	$ 5,439	$ 5,100
Operating cash flows used in finance leases	29	34
Financing cash flows used in finance leases	95	91
Finance leases	9,517	0
Operating leases	$ 21,246	$ 231

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020	Jan. 02, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 14,407	$ 11,294	$ 22,781	$ 14,028
Effective Income tax rate	20.00%	25.00%	21.00%	25.00%
Deferred tax liabilities	$ 6,900		$ 6,900		$ 5,200

STOCK BASED COMPENSATION - Narr

STOCK BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Share-based Payment Arrangement [Abstract]
Recognized non-cash stock-based compensation expense	$ 4.1	$ 2.2	$ 7.5	$ 4
Unrecognized non-cash stock-based compensation expense	$ 30.2		$ 30.2
Weighted average period for recognition			2 years 1 month 6 days

STOCK BASED COMPENSATION - Summ

STOCK BASED COMPENSATION - Summary of Stock Options, RSUs, RSAs, and DSUs (Details) shares in Thousands	6 Months Ended
	Jul. 03, 2021$ / sharesshares
Stock Options
Number of Options
Balance at the beginning (in shares) | shares	1,254
Granted (in shares) | shares	0
Exercised/released (in shares) | shares	(200)
Forfeited/expired (in shares) | shares	0
Balance at the end (in shares) | shares	1,054
Weighted Average Exercise Price
Balance at the beginning (in dollars per share) | $ / shares	$ 16.79
Granted (in dollars per share) | $ / shares	0
Exercised/released (in dollars per share) | $ / shares	10.77
Forfeited/expired (in dollars per share) | $ / shares	0
Balance at the end (in dollars per share) | $ / shares	$ 17.93
Performance-Based Restricted Stock Awards
Number of Shares
Balance at the beginning (in shares) | shares	146
Granted (in shares) | shares	81
Exercised/released (in shares) | shares	0
Forfeited/expired (in shares) | shares	0
Balance at the end (in shares) | shares	227
Weighted Average Grant Date Fair Value
Balance at the beginning (in dollars per share) | $ / shares	$ 32.84
Granted (in dollars per share) | $ / shares	79.66
Exercised/released (in dollars per share) | $ / shares	0
Forfeited/expired (in dollars per share) | $ / shares	0
Balance at the end (in dollars per share) | $ / shares	$ 49.55
Restricted Stock Units, Restricted Stock Awards, and Deferred Stock Units
Number of Shares
Balance at the beginning (in shares) | shares	473
Granted (in shares) | shares	200
Exercised/released (in shares) | shares	(138)
Forfeited/expired (in shares) | shares	(10)
Balance at the end (in shares) | shares	525
Weighted Average Grant Date Fair Value
Balance at the beginning (in dollars per share) | $ / shares	$ 30.99
Granted (in dollars per share) | $ / shares	75.59
Exercised/released (in dollars per share) | $ / shares	30.14
Forfeited/expired (in dollars per share) | $ / shares	51.87
Balance at the end (in dollars per share) | $ / shares	$ 47.80

EARNINGS PER SHARE - Earnings P

EARNINGS PER SHARE - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Reconciliation of shares for basic and diluted net income per share
Net income	$ 56,231	$ 33,482	$ 86,754	$ 41,962
Weighted-average common shares outstanding—basic	87,327	86,937	87,253	86,883
Effect of dilutive securities (in shares)	1,325	540	1,309	586
Weighted-average common shares outstanding—diluted	88,652	87,477	88,561	87,469
Earnings per share
Basic (in dollars per share)	$ 0.64	$ 0.39	$ 0.99	$ 0.48
Diluted (in dollars per share)	$ 0.63	$ 0.38	$ 0.98	$ 0.48

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from computation of diluted earnings per share	0	500,000	100,000	200,000