YETI (YETI) 10-Q 10 Aug 23 2023 Q2 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	6 Months Ended
	Jul. 01, 2023	Aug. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 01, 2023
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		86,736,466
Entity Central Index Key	0001670592
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Current assets
Cash	$ 223,136	$ 234,741
Accounts receivable, net	131,599	79,446
Inventory	321,955	371,412
Prepaid expenses and other current assets	45,234	33,321
Total current assets	721,924	718,920
Property and equipment, net	131,809	124,587
Operating lease right-of-use assets	57,659	55,406
Goodwill	54,293	54,293
Intangible assets, net	110,929	99,429
Other assets	8,825	24,130
Total assets	1,085,439	1,076,765
Current liabilities
Accounts payable	143,435	140,818
Accrued expenses and other current liabilities	162,170	211,399
Taxes payable	6,199	15,289
Accrued payroll and related costs	15,170	4,847
Current operating lease liabilities	11,775	12,076
Current maturities of long-term debt	6,167	24,611
Total current liabilities	344,916	409,040
Long-term debt, net of current portion	81,106	71,741
Operating lease liabilities, non-current	57,269	55,649
Other liabilities	14,942	13,858
Total liabilities	498,233	550,288
Commitments and contingencies (Note 10)
Stockholders’ Equity
Common stock, par value $0.01; 600,000 shares authorized; 88,407 and 86,730 shares issued and outstanding at July 1, 2023, respectively, and 88,108 and 86,431 shares issued and outstanding at December 31, 2022, respectively	884	881
Treasury stock, at cost; 1,677 shares	(100,025)	(100,025)
Preferred stock, par value $0.01; 30,000 shares authorized; no shares issued or outstanding	0	0
Additional paid-in capital	371,348	357,490
Retained earnings	317,186	268,551
Accumulated other comprehensive income	(2,187)	(420)
Total stockholders’ equity	587,206	526,477
Total liabilities and stockholders’ equity	$ 1,085,439	$ 1,076,765

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jul. 01, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	600,000,000	600,000,000
Common stock issued (in shares)	88,407,000	88,108,000
Common stock, outstanding (in shares)	86,730,000	86,431,000
Treasury stock, shares (in shares)	1,677,000	1,677,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	30,000,000	30,000,000
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. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Income Statement [Abstract]
Net sales	$ 402,563	$ 420,042	$ 705,359	$ 713,670
Cost of goods sold	187,725	200,943	328,651	339,711
Gross profit	214,838	219,099	376,708	373,959
Selling, general, and administrative expenses	164,507	150,753	311,279	272,323
Operating income	50,331	68,346	65,429	101,636
Interest expense, net	(731)	(960)	(1,325)	(1,726)
Other income (expense)	1,244	(5,823)	1,250	(4,921)
Income before income taxes	50,844	61,563	65,354	94,989
Income tax expense	(12,773)	(15,311)	(16,719)	(23,078)
Net income	$ 38,071	$ 46,252	$ 48,635	$ 71,911
Net income per share
Basic (in dollars per share)	$ 0.44	$ 0.54	$ 0.56	$ 0.83
Diluted (in dollars per share)	$ 0.44	$ 0.53	$ 0.56	$ 0.82
Weighted-average common shares outstanding
Basic (in shares)	86,677	86,165	86,603	86,766
Diluted (in shares)	87,196	86,860	87,141	87,542

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 38,071	$ 46,252	$ 48,635	$ 71,911
Other comprehensive (loss) income
Foreign currency translation adjustments	(1,570)	1,775	(1,767)	1,211
Total comprehensive income	$ 36,501	$ 48,027	$ 46,868	$ 73,122

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Balance at beginning of the period (shares) at Jan. 01, 2022		87,727,000
Balance at beginning of the period (shares) at Jan. 01, 2022				0
Balance at beginning of the period at Jan. 01, 2022	$ 517,823	$ 877	$ 337,735	$ 0	$ 178,858	$ 353
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)	(1,676,551)
Balance at end of the period (shares) at Apr. 02, 2022		87,836,000
Balance at end of the period (shares) at Apr. 02, 2022				(1,677,000)
Balance at end of the period at Apr. 02, 2022	$ 446,367	$ 878	341,208	$ (100,025)	204,517	(211)
Balance at beginning of the period (shares) at Jan. 01, 2022		87,727,000
Balance at beginning of the period (shares) at Jan. 01, 2022				0
Balance at beginning of the period at Jan. 01, 2022	517,823	$ 877	337,735	$ 0	178,858	353
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	10,221		10,221
Common stock issued under employee benefit plans (in shares)		143,000
Common stock issued under employee benefit plans	0	$ 1	(1)
Common stock withheld related to net share settlement of stock-based compensation (in shares)		(19,000)
Common stock withheld related to net share settlement of stock-based compensation	(1,280)		(1,280)
Repurchase of common stock (in shares)				(1,677,000)
Repurchase of common stock	(100,025)			$ (100,025)
Other comprehensive income (loss)	1,211					1,211
Net income	71,911				71,911
Balance at end of the period (shares) at Jul. 02, 2022		87,851,000
Balance at end of the period (shares) at Jul. 02, 2022				(1,677,000)
Balance at end of the period at Jul. 02, 2022	499,861	$ 878	346,675	$ (100,025)	250,769	1,564
Balance at beginning of the period (shares) at Apr. 02, 2022		87,836,000
Balance at beginning of the period (shares) at Apr. 02, 2022				(1,677,000)
Balance at beginning of the period at Apr. 02, 2022	446,367	$ 878	341,208	$ (100,025)	204,517	(211)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	5,467		5,467
Common stock issued under employee benefit plans (in shares)		15,000
Common stock issued under employee benefit plans	0
Other comprehensive income (loss)	1,775					1,775
Net income	46,252				46,252
Balance at end of the period (shares) at Jul. 02, 2022		87,851,000
Balance at end of the period (shares) at Jul. 02, 2022				(1,677,000)
Balance at end of the period at Jul. 02, 2022	$ 499,861	$ 878	346,675	$ (100,025)	250,769	1,564
Balance at beginning of the period (shares) at Dec. 31, 2022		88,108,000
Balance at beginning of the period (shares) at Dec. 31, 2022	(1,677,000)			(1,677,000)
Balance at beginning of the period at Dec. 31, 2022	$ 526,477	$ 881	357,490	$ (100,025)	268,551	(420)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	14,113		14,113
Common stock issued under employee benefit plans (in shares)		346,000
Common stock issued under employee benefit plans	1,573	$ 3	1,570
Common stock withheld related to net share settlement of stock-based compensation (in shares)		(47,000)
Common stock withheld related to net share settlement of stock-based compensation	(1,825)		(1,825)
Other comprehensive income (loss)	(1,767)					(1,767)
Net income	$ 48,635				48,635
Balance at end of the period (shares) at Jul. 01, 2023		88,407,000
Balance at end of the period (shares) at Jul. 01, 2023	(1,677,000)			(1,677,000)
Balance at end of the period at Jul. 01, 2023	$ 587,206	$ 884	371,348	$ (100,025)	317,186	(2,187)
Balance at beginning of the period (shares) at Apr. 01, 2023		88,316,000
Balance at beginning of the period (shares) at Apr. 01, 2023				(1,677,000)
Balance at beginning of the period at Apr. 01, 2023	542,561	$ 883	363,205	$ (100,025)	279,115	(617)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	7,338		7,338
Common stock issued under employee benefit plans (in shares)		94,000
Common stock issued under employee benefit plans	894	$ 1	893
Common stock withheld related to net share settlement of stock-based compensation (in shares)		(3,000)
Common stock withheld related to net share settlement of stock-based compensation	(88)		(88)
Other comprehensive income (loss)	(1,570)					(1,570)
Net income	$ 38,071				38,071
Balance at end of the period (shares) at Jul. 01, 2023		88,407,000
Balance at end of the period (shares) at Jul. 01, 2023	(1,677,000)			(1,677,000)
Balance at end of the period at Jul. 01, 2023	$ 587,206	$ 884	$ 371,348	$ (100,025)	$ 317,186	$ (2,187)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Cash Flows from Operating Activities:
Net income	$ 48,635	$ 71,911
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Depreciation and amortization	23,197	18,489
Amortization of deferred financing fees	276	310
Stock-based compensation	14,113	10,221
Deferred income taxes	15,309	344
Loss on modification and extinguishment of debt	330	0
Product recalls	8,538	0
Other	(2,792)	3,723
Changes in operating assets and liabilities:
Accounts receivable	(51,941)	15,542
Inventory	48,830	(174,289)
Other current assets	(11,468)	(10,260)
Accounts payable and accrued expenses	(54,109)	(13,100)
Taxes payable	(9,112)	2,544
Other	(1,025)	1
Net cash provided by (used in) operating activities	28,781	(74,564)
Cash Flows from Investing Activities:
Purchases of property and equipment	(25,068)	(26,022)
Additions of intangibles, net	(6,849)	(5,803)
Net cash used in investing activities	(31,917)	(31,825)
Cash Flows from Financing Activities:
Repayments of long-term debt	(5,625)	(11,250)
Payments of deferred financing fees	(2,824)	0
Taxes paid in connection with employee stock transactions	(1,825)	(1,280)
Proceeds from employee stock transactions	1,573	0
Finance lease principal payment	(1,236)	(1,212)
Repurchase of common stock	0	(100,025)
Net cash used in financing activities	(9,937)	(113,767)
Effect of exchange rate changes on cash	1,468	(39)
Net decrease in cash	(11,605)	(220,195)
Cash, beginning of period	234,741	312,189
Cash, end of period	$ 223,136	$ 91,994

ORGANIZATION AND SIGNIFICANT AC

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jul. 01, 2023
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES	ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Organization and Business Headquartered in Austin, Texas, YETI Holdings, Inc. 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. 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,” “YETI,” 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 balances and 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 December 31, 2022 is derived from the audited financial statements included in our Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2022, which should be read in conjunction with these unaudited consolidated financial statements and notes thereto. 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. 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- or 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 December 30, 2023 (“2023”) is a 52-week period. The first quarter of our fiscal year 2023 ended on April 1, 2023, the second quarter ended on July 1, 2023, and the third quarter ends on September 30, 2023. Our fiscal year ended December 31, 2022 (“2022”) was a 52-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 1, 2023 and July 2, 2022. 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. Our allowance for credit losses was $0.4 million as of July 1, 2023 and $0.7 million as of December 31, 2022, 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). At July 1, 2023 and December 31, 2022, inventory reserves were $2.7 million and $37.3 million, respectively. The balance at December 31, 2022 primarily consisted of reserves related to unsalable inventory on-hand in connection with our voluntary recalls. The decrease in the inventory reserve is primarily related to the physical scrapping of the unsalable inventory. See Note 10 for further discussion of our voluntary recalls. 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 our senior secured credit facility (“Credit Facility”) carries a variable interest rate that is based on the Secured Overnight Financing Rate (“SOFR”). Supplier Finance Program Obligations We have a supplier finance program (“SFP”) with a financial institution which provides certain suppliers the option, at their sole discretion, to participate in the program and sell their receivables due from us for early payment. Participating eligible suppliers negotiate the terms directly with the financial institution and we have no involvement in establishing those terms nor are we a party to these agreements. Our payments associated with the invoices from the suppliers participating in the SFP are made to the financial institution according to the original invoice. The outstanding payment obligations under the SFP program recorded within accounts payable in our condensed consolidated balance sheets at July 1, 2023 and December 31, 2022 were $73.3 million and $70.7 million, respectively. Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The ASU is intended to ease the potential accounting and financial reporting burden of reference rate reform, including the expected market transition from the London Interbank Offering Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The guidance provides optional expedients and scope exceptions for transactions if certain criteria are met. These transactions include contract modifications, hedge accounting, and the sale or transfer of debt securities classified as held-to-maturity. We adopted this ASU in the first quarter of 2023. Adoption of this new standard did not have a material impact on our consolidated financial statements. In September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs (Topic 405-50) - Disclosure of Supplier Finance Program Obligations , which requires disclosures intended to enhance the transparency of supplier finance programs. The ASU requires buyers in a supplier finance program to disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. We adopted provisions of this ASU in the first quarter of 2023, with the exception of the amendment on rollforward information, which will be adopted in the first quarter of 2024. Adoption of the new standard did not have a material impact on our consolidated financial statements. Recent Accounting Guidance Not Yet Adopted No other new accounting pronouncements issued or effective as of July 1, 2023 have had, or are expected to have, a material impact on our consolidated financial statements.

REVENUE

REVENUE	6 Months Ended
	Jul. 01, 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 doubtful accounts. 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 July 1, 2023, $9.6 million of our contract liabilities represented unredeemed gift card liabilities. See Note 10 for further discussion of our recalls. The following table provides information about accounts receivable and contract liabilities at the periods indicated (in thousands): July 1, December 31, Accounts receivable, net $ 131,599 $ 79,446 Contract liabilities $ (18,274) $ (7,702) For the six months ended July 1, 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 (based on end-consumer location) for the periods indicated (in thousands): Three Months Ended Six Months Ended July 1, 2023 (1) July 2, July 1, 2023 (1) July 2, Net Sales by Channel Wholesale $ 176,175 $ 195,195 $ 312,004 $ 332,861 Direct-to-consumer 226,388 224,847 393,355 380,809 Total net sales $ 402,563 $ 420,042 $ 705,359 $ 713,670 Net Sales by Category Coolers & Equipment $ 156,610 $ 193,415 $ 260,964 $ 296,373 Drinkware 233,417 216,070 423,704 400,068 Other 12,536 10,557 20,691 17,229 Total net sales $ 402,563 $ 420,042 $ 705,359 $ 713,670 Net Sales by Geographic Region United States $ 345,888 $ 371,918 $ 598,874 $ 628,171 International 56,675 48,124 106,485 85,499 Total net sales $ 402,563 $ 420,042 $ 705,359 $ 713,670 _________________________ (1) Includes an unfavorable impact from the recall reserve adjustment. See Note 10 for further discussion of our recalls. For the three and six months ended July 1, 2023, our largest single customer represented approximately 12% and 10% of gross sales, respectively. For both the three and six months ended July 2, 2022, our largest single customer represented approximately 12% of gross sales.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	6 Months Ended
	Jul. 01, 2023
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 1, December 31, Prepaid expenses $ 24,568 $ 18,149 Prepaid taxes 16,779 10,222 Other 3,887 4,950 Total prepaid expenses and other current assets $ 45,234 $ 33,321

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	6 Months Ended
	Jul. 01, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following at the dates indicated (in thousands): July 1, 2023 December 31, 2022 Product recall reserves (1) $ 42,939 $ 94,807 Accrued freight and other operating expenses 29,973 56,354 Contract liabilities 18,274 7,702 Customer discounts, allowances, and returns 9,649 9,948 Advertising and marketing 20,007 11,547 Warranty reserve 9,614 9,996 Interest payable 174 941 Accrued capital expenditures 1,994 895 Other 29,546 19,209 Total accrued expenses and other current liabilities $ 162,170 $ 211,399 _________________________ (1) See Note 10 for further discussion of our product recall reserves.

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jul. 01, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt consisted of the following at the dates indicated (in thousands): July 1, December 31, Term Loan A, due 2028 $ 84,375 $ 90,000 Finance lease debt 6,072 7,309 Total debt 90,447 97,309 Current maturities of long-term debt (4,219) (22,500) Current maturities of finance lease debt (1,948) (2,111) Total long-term debt 84,280 72,698 Unamortized deferred financing fees (3,174) (957) Total long-term debt, net $ 81,106 $ 71,741 At July 1, 2023, the future maturities of principal amounts of our debt obligations, excluding finance lease obligations, for the next five years and in total consisted of the following (in thousands): Amount 2023 2,109 2024 4,219 2025 4,219 2026 4,219 2027 4,219 2028 65,390 Total $ 84,375 Credit Facility On March 31, 2023, we amended the Credit Facility, leaving the material terms of the Credit Facility substantially unchanged, with the exception of certain changes to implement the replacement of LIBOR with SOFR. On June 22, 2023, we further amended the Credit Facility, which extended the maturity date of both the term loan (the “Term Loan A”) and the revolving credit facility (the “Revolving Credit Facility”) from December 17, 2024 to June 22, 2028; refinanced and replaced the existing Term Loan A in full with a new $84.4 million Term Loan A; and increased the commitments under the Revolving Credit Facility from $150.0 million to $300.0 million. As a result of the amendment, we recognized a $0.3 million loss on modification and extinguishment of debt and we capitalized $2.8 million of new lender and third-party fees in the second quarter of 2023. Pursuant to the agreement governing the Credit Facility (the “Credit Agreement”), we are required to make quarterly principal payments equal to 1.25% of the then-outstanding aggregate principal amount of the Term Loan A. As amended, the scheduled quarterly principal payments begin on September 30, 2023 and are due each December 31, March 31, June 30 and September 30 thereafter, with the remaining principal balance due on the maturity date. Borrowings under the Term Loan A and the Revolving Credit Facility bear interest at Term SOFR or the Alternate Base Rate (each as defined in the Credit Agreement) plus an applicable rate ranging from 1.75% to 2.50% for Term SOFR-based loans and from 0.75% to 1.50% for Alternate Base Rate-based loans, depending upon our total Net Leverage Ratio (as defined in the Credit Agreement).

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jul. 01, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense was $12.8 million and $15.3 million for the three months ended July 1, 2023 and July 2, 2022, respectively. The decrease in income tax expense was due to lower income before income taxes. The effective tax rate was 25% for each of the three months ended July 1, 2023 and July 2, 2022. Income tax expense was $16.7 million and $23.1 million for the six months ended July 1, 2023 and July 2, 2022, respectively. The decrease in income tax expense was due to lower income before income taxes. The effective tax rate for the six months ended July 1, 2023 was 26%, compared to 24% for the six months ended July 2, 2022. The higher effective tax rate was primarily due to an unfavorable tax impact related to stock-based compensation in the six months ended July 1, 2023. Deferred tax assets were $7.9 million as of July 1, 2023 and $23.2 million as of December 31, 2022, which is presented in other assets 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. 01, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION We award stock-based compensation to employees and directors under the 2018 Equity and Incentive Compensation Plan (“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 (“2012 Plan”), as amended and restated on June 20, 2018. 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 $7.3 million and $5.5 million for the three months ended July 1, 2023 and July 2, 2022, respectively. For the six months ended July 1, 2023 and July 2, 2022, we recognized stock-based compensation expense of $14.1 million and $10.2 million, respectively. At July 1, 2023, total unrecognized stock-based compensation expense of $64.7 million for all stock-based compensation plans is expected to be recognized over a weighted-average period of 2.3 years. Stock-based activity for the six months ended July 1, 2023 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 and PRSUs Weighted Number of RSUs, RSAs, and DSUs Weighted Balance, December 31, 2022 642 $ 20.10 233 $ 53.63 812 $ 51.28 Granted — — 279 38.59 938 38.85 Exercised/released (64) 24.41 (99) 32.84 (183) 53.91 Forfeited/expired — — (16) 64.98 (81) 49.79 Balance, July 1, 2023 578 $ 19.62 397 $ 47.79 1,486 $ 43.19

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jul. 01, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted income per share includes the effect of all potentially dilutive securities, which include dilutive stock options and other stock-based awards. 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 1, July 2, July 1, July 2, Net income $ 38,071 $ 46,252 $ 48,635 $ 71,911 Weighted-average common shares outstanding—basic 86,677 86,165 86,603 86,766 Effect of dilutive securities 519 695 538 776 Weighted-average common shares outstanding—diluted 87,196 86,860 87,141 87,542 Earnings per share Basic $ 0.44 $ 0.54 $ 0.56 $ 0.83 Diluted $ 0.44 $ 0.53 $ 0.56 $ 0.82 Effects of potentially dilutive securities are presented only in periods in which they are dilutive. For the three and six months ended July 1, 2023, outstanding stock-based awards representing 0.2 million and 0.3 million shares of common stock, respectively, were excluded from the calculation of diluted earnings per share, because their effect would be anti-dilutive. For the three and six months ended July 2, 2022, outstanding stock-based awards representing 0.5 million and 0.3 million shares of common stock, respectively, were excluded from the calculation of diluted earnings per share, because their effect would be anti-dilutive.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jul. 01, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITYOn February 27, 2022, the Board of Directors authorized a common stock repurchase program of up to $100.0 million. During the three months ended April 2, 2022, we repurchased 1,676,551 shares for an aggregate purchase price of $100.0 million, including fees and commissions, at an average repurchase price of $59.66 per share. Following the repurchases, no shares remained available under the program. All of the common stock repurchased is held as treasury stock.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jul. 01, 2023
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. Product Recall Reserves In January 2023, we notified the U.S. Consumer Product Safety Commission (“CPSC”) of a potential safety concern regarding the magnet-lined closures of our Hopper® M30 Soft Cooler, Hopper® M20 Soft Backpack Cooler, and SideKick Dry gear case (the “affected products”) and initiated a global stop sale of the affected products. In February 2023, we proposed a voluntary recall of the affected products to the CPSC, and other relevant global regulatory authorities. Accordingly, we established a reserve for expected future returns and the estimated cost of recall remedies for consumers with affected products on our consolidated balance sheet as of December 31, 2022. In March 2023, we announced separate, voluntary recalls of the affected products in collaboration with the CPSC. During the second quarter of 2023, we began processing claims and returns, and based on such experience and observed trends, we reevaluated our prior assumptions and adjusted our estimated product recall reserve. These trends included higher than anticipated elections by consumers to receive gift cards in lieu of product replacement remedies, variations in individual product participation rates, and lower logistics costs than previously estimated. As a result, we updated our prior recall reserve assumptions, which increased the estimated recall expense reserve by $8.5 million. However, the overall consumer recall participation rate has remained consistent with our expectations. The product recalls, which includes the recall reserve adjustment and other incurred costs, had the following effect on our income before income taxes (in thousands): Three Months Ended Six Months Ended July 1, 2023 July 1, 2023 Decrease to net sales (1) $ (24,490) $ (24,506) Decrease to cost of goods sold (2) 5,052 6,305 Decrease to gross profit (19,438) (18,201) Decrease to selling, general and administrative expenses (3) 10,716 10,549 Decrease to income before income taxes $ (8,722) $ (7,652) _________________________ (1) Primarily reflects the unfavorable impact of the recall reserve adjustment related to higher estimated future recall remedies (i.e., estimated gift card elections). Of the total net sales impact, $8.1 million and $16.4 million was allocated to our DTC and wholesale channels, respectively, for the three and six months ended July 1, 2023. These amounts were allocated based on the historical channel sell-in basis of the affected products. (2) Primarily reflects the favorable impact of the recall reserve adjustment related to lower estimated costs of future product replacement remedy elections and logistics costs for the three and six months ended July 1, 2023. The six months ended July 1, 2023 also includes a $1.3 million favorable impact related to an inventory reserve adjustment. (3) Primarily reflects the favorable impact of the recall reserve adjustment related to lower estimated other recall-related costs, including logistics costs. The reserve for the estimated product recall expenses is included within accrued expenses and other current liabilities on our consolidated balance sheets. Estimating the cost of recall remedies required significant judgment and is primarily based on i) expected consumer participation rates; and ii) the estimated costs of the consumer’s elected remedy in the recalls, including either the estimated cost of offered product replacements or the elections to receive gift cards, logistics costs, and other recall-related costs. We will reevaluate these assumptions each period, and the related reserves may be adjusted when factors indicate that the reserve is either not sufficient to cover or exceeds the estimated product recall expenses. The following table summarizes the activity of the reserve for the estimated product recall expenses (in thousands): July 1, 2023 Balance, January 1, 2023 $ 94,807 Actual product refunds, replacements and recall-related costs (38,246) Gift card issuances (1) (22,137) Reserve adjustment 8,515 Balance, July 1, 2023 42,939 _________________________ (1) For the three and six months ended July 1, 2023, we recognized net sales of $12.5 million from redeemed recall-related gift cards. As of July 1, 2023, we had $9.6 million in unredeemed recall-related gift card liabilities, which are included in contract liabilities within accrued expenses and other current liabilities on our consolidated balance sheet. The ultimate impact from the recalls may differ materially from our estimates, and may harm our business, financial condition, and results of operations. See Part I, Item 1A “Risk Factors - Risks Related to Our Business, Operations and Industry.”

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Pay vs Performance Disclosure
Net income	$ 38,071	$ 46,252	$ 48,635	$ 71,911

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jul. 01, 2023 shares	Jul. 01, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Michael J. McMullen [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 31, 2023, Michael J. McMullen, the Company’s Chief Financial Officer, adopted a 10b5-1 trading plan (the “Trading Plan”). The Trading Plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Trading Plan provides for the potential sale of 2,460 shares of the Company’s common stock commencing August 30, 2023.
Name	Michael J. McMullen
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 31, 2023
Arrangement Duration	275 days
Aggregate Available	2,460	2,460

ORGANIZATION AND SIGNIFICANT _2

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jul. 01, 2023
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 balances and 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 December 31, 2022 is derived from the audited financial statements included in our Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2022, 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. 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.
Inventory	InventoryInventories 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 our senior secured credit facility (“Credit Facility”) carries a variable interest rate that is based on the Secured Overnight Financing Rate (“SOFR”).
Recently Adopted Accounting Pronouncements and Recent Accounting Guidance Not Yet Adopted	Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The ASU is intended to ease the potential accounting and financial reporting burden of reference rate reform, including the expected market transition from the London Interbank Offering Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The guidance provides optional expedients and scope exceptions for transactions if certain criteria are met. These transactions include contract modifications, hedge accounting, and the sale or transfer of debt securities classified as held-to-maturity. We adopted this ASU in the first quarter of 2023. Adoption of this new standard did not have a material impact on our consolidated financial statements. In September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs (Topic 405-50) - Disclosure of Supplier Finance Program Obligations , which requires disclosures intended to enhance the transparency of supplier finance programs. The ASU requires buyers in a supplier finance program to disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. We adopted provisions of this ASU in the first quarter of 2023, with the exception of the amendment on rollforward information, which will be adopted in the first quarter of 2024. Adoption of the new standard did not have a material impact on our consolidated financial statements. Recent Accounting Guidance Not Yet Adopted No other new accounting pronouncements issued or effective as of July 1, 2023 have had, or are expected to have, a material impact on our consolidated financial statements.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jul. 01, 2023
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 1, December 31, Accounts receivable, net $ 131,599 $ 79,446 Contract liabilities $ (18,274) $ (7,702)
Schedule of Disaggregated Net Sales	The following table disaggregates our net sales by channel, product category, and geography (based on end-consumer location) for the periods indicated (in thousands): Three Months Ended Six Months Ended July 1, 2023 (1) July 2, July 1, 2023 (1) July 2, Net Sales by Channel Wholesale $ 176,175 $ 195,195 $ 312,004 $ 332,861 Direct-to-consumer 226,388 224,847 393,355 380,809 Total net sales $ 402,563 $ 420,042 $ 705,359 $ 713,670 Net Sales by Category Coolers & Equipment $ 156,610 $ 193,415 $ 260,964 $ 296,373 Drinkware 233,417 216,070 423,704 400,068 Other 12,536 10,557 20,691 17,229 Total net sales $ 402,563 $ 420,042 $ 705,359 $ 713,670 Net Sales by Geographic Region United States $ 345,888 $ 371,918 $ 598,874 $ 628,171 International 56,675 48,124 106,485 85,499 Total net sales $ 402,563 $ 420,042 $ 705,359 $ 713,670 _________________________ (1) Includes an unfavorable impact from the recall reserve adjustment. See Note 10 for further discussion of our recalls.

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jul. 01, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets include the following (in thousands): July 1, December 31, Prepaid expenses $ 24,568 $ 18,149 Prepaid taxes 16,779 10,222 Other 3,887 4,950 Total prepaid expenses and other current assets $ 45,234 $ 33,321

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jul. 01, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following at the dates indicated (in thousands): July 1, 2023 December 31, 2022 Product recall reserves (1) $ 42,939 $ 94,807 Accrued freight and other operating expenses 29,973 56,354 Contract liabilities 18,274 7,702 Customer discounts, allowances, and returns 9,649 9,948 Advertising and marketing 20,007 11,547 Warranty reserve 9,614 9,996 Interest payable 174 941 Accrued capital expenditures 1,994 895 Other 29,546 19,209 Total accrued expenses and other current liabilities $ 162,170 $ 211,399 _________________________ (1) See Note 10 for further discussion of our product recall reserves.

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jul. 01, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	Long-term debt consisted of the following at the dates indicated (in thousands): July 1, December 31, Term Loan A, due 2028 $ 84,375 $ 90,000 Finance lease debt 6,072 7,309 Total debt 90,447 97,309 Current maturities of long-term debt (4,219) (22,500) Current maturities of finance lease debt (1,948) (2,111) Total long-term debt 84,280 72,698 Unamortized deferred financing fees (3,174) (957) Total long-term debt, net $ 81,106 $ 71,741
Schedule of Maturities of Long-Term Debt	At July 1, 2023, the future maturities of principal amounts of our debt obligations, excluding finance lease obligations, for the next five years and in total consisted of the following (in thousands): Amount 2023 2,109 2024 4,219 2025 4,219 2026 4,219 2027 4,219 2028 65,390 Total $ 84,375

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jul. 01, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Activity	Stock-based activity for the six months ended July 1, 2023 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 and PRSUs Weighted Number of RSUs, RSAs, and DSUs Weighted Balance, December 31, 2022 642 $ 20.10 233 $ 53.63 812 $ 51.28 Granted — — 279 38.59 938 38.85 Exercised/released (64) 24.41 (99) 32.84 (183) 53.91 Forfeited/expired — — (16) 64.98 (81) 49.79 Balance, July 1, 2023 578 $ 19.62 397 $ 47.79 1,486 $ 43.19

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jul. 01, 2023
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 1, July 2, July 1, July 2, Net income $ 38,071 $ 46,252 $ 48,635 $ 71,911 Weighted-average common shares outstanding—basic 86,677 86,165 86,603 86,766 Effect of dilutive securities 519 695 538 776 Weighted-average common shares outstanding—diluted 87,196 86,860 87,141 87,542 Earnings per share Basic $ 0.44 $ 0.54 $ 0.56 $ 0.83 Diluted $ 0.44 $ 0.53 $ 0.56 $ 0.82

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jul. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Summary of Recall Reserve Adjustment of Estimated Product Recall Expenses	The product recalls, which includes the recall reserve adjustment and other incurred costs, had the following effect on our income before income taxes (in thousands): Three Months Ended Six Months Ended July 1, 2023 July 1, 2023 Decrease to net sales (1) $ (24,490) $ (24,506) Decrease to cost of goods sold (2) 5,052 6,305 Decrease to gross profit (19,438) (18,201) Decrease to selling, general and administrative expenses (3) 10,716 10,549 Decrease to income before income taxes $ (8,722) $ (7,652) _________________________ (1) Primarily reflects the unfavorable impact of the recall reserve adjustment related to higher estimated future recall remedies (i.e., estimated gift card elections). Of the total net sales impact, $8.1 million and $16.4 million was allocated to our DTC and wholesale channels, respectively, for the three and six months ended July 1, 2023. These amounts were allocated based on the historical channel sell-in basis of the affected products. (2) Primarily reflects the favorable impact of the recall reserve adjustment related to lower estimated costs of future product replacement remedy elections and logistics costs for the three and six months ended July 1, 2023. The six months ended July 1, 2023 also includes a $1.3 million favorable impact related to an inventory reserve adjustment.
Summary of Reserve for the Estimated Product Recall Expenses	The following table summarizes the activity of the reserve for the estimated product recall expenses (in thousands): July 1, 2023 Balance, January 1, 2023 $ 94,807 Actual product refunds, replacements and recall-related costs (38,246) Gift card issuances (1) (22,137) Reserve adjustment 8,515 Balance, July 1, 2023 42,939 _________________________ (1) For the three and six months ended July 1, 2023, we recognized net sales of $12.5 million from redeemed recall-related gift cards. As of July 1, 2023, we had $9.6 million in unredeemed recall-related gift card liabilities, which are included in contract liabilities within accrued expenses and other current liabilities on our consolidated balance sheet.

ORGANIZATION AND SIGNIFICANT _3

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 01, 2023	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	$ 0.4	$ 0.7
Inventory reserves	2.7	37.3
Payment obligations	$ 73.3	$ 70.7
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts receivable uncollateralized customer obligations trading days	30 days
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts receivable uncollateralized customer obligations trading days	90 days

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Contract with customer, liability	$ 18,274	$ 7,702
Contract with customer liability revenue recognized	(7,700)
Unredeemed Gift Cards
Disaggregation of Revenue [Line Items]
Contract with customer, liability	$ 9,600

REVENUE - Schedule of Accounts

REVENUE - Schedule of Accounts Receivable and Contract Liabilities (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 131,599	$ 79,446
Contract liabilities	$ (18,274)	$ (7,702)

REVENUE - Schedule of Disaggreg

REVENUE - Schedule of Disaggregated Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 402,563	$ 420,042	$ 705,359	$ 713,670
United States
Disaggregation of Revenue [Line Items]
Net sales	345,888	371,918	598,874	628,171
International
Disaggregation of Revenue [Line Items]
Net sales	56,675	48,124	106,485	85,499
Coolers & Equipment
Disaggregation of Revenue [Line Items]
Net sales	156,610	193,415	260,964	296,373
Drinkware
Disaggregation of Revenue [Line Items]
Net sales	233,417	216,070	423,704	400,068
Other
Disaggregation of Revenue [Line Items]
Net sales	12,536	10,557	20,691	17,229
Wholesale
Disaggregation of Revenue [Line Items]
Net sales	176,175	195,195	312,004	332,861
Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	$ 226,388	$ 224,847	$ 393,355	$ 380,809

REVENUE - Concentration (Detail

REVENUE - Concentration (Details)	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Sales Revenue | Customer Concentration Risk | Largest Customer
Disaggregation of Revenue [Line Items]
Customer concentration	12%	12%	10%	12%

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 24,568	$ 18,149
Prepaid taxes	16,779	10,222
Other	3,887	4,950
Total prepaid expenses and other current assets	$ 45,234	$ 33,321

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Product recall reserves	$ 42,939	$ 94,807
Accrued freight and other operating expenses	29,973	56,354
Contract liabilities	18,274	7,702
Customer discounts, allowances, and returns	9,649	9,948
Advertising and marketing	20,007	11,547
Warranty reserve	9,614	9,996
Interest payable	174	941
Accrued capital expenditures	1,994	895
Other	29,546	19,209
Total accrued expenses and other current liabilities	$ 162,170	$ 211,399

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Term Loan
Term Loan A, due 2028	$ 84,375
Finance lease debt	6,072	$ 7,309
Total debt	90,447	97,309
Current maturities of long-term debt	(4,219)	(22,500)
Current maturities of finance lease debt	(1,948)	(2,111)
Total long-term debt	84,280	72,698
Unamortized deferred financing fees	(3,174)	(957)
Total long-term debt, net	81,106	71,741
Term Loan A, due 2028 | Loans Payable
Term Loan
Term Loan A, due 2028	$ 84,375	$ 90,000

LONG-TERM DEBT - Schedule of Ma

LONG-TERM DEBT - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Jul. 01, 2023 USD ($)
Debt Disclosure [Abstract]
2023	$ 2,109
2024	4,219
2025	4,219
2026	4,219
2027	4,219
2028	65,390
Total	$ 84,375

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details) - USD ($) $ in Thousands		6 Months Ended
	Jun. 22, 2023	Jul. 01, 2023	Jul. 02, 2022	Jun. 21, 2023
Debt Instrument [Line Items]
Loss on modification, or extinguishment of debt		$ 330	$ 0
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 300,000			$ 150,000
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | Minimum | Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.75%
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | Maximum | Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.50%
Revolving Credit Facility | Line of Credit | Base Rate | Minimum | Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.75%
Revolving Credit Facility | Line of Credit | Base Rate | Maximum | Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
Term Loan A
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 84,400
Loss on modification, or extinguishment of debt		300
Capitalized costs of new lender and third-party fees		$ 2,800
Term Loan A | Credit Agreement
Debt Instrument [Line Items]
Periodic payment interest (as a percent)	1.25%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 12,773	$ 15,311	$ 16,719	$ 23,078
Effective income tax rate	25%	25%	(26.00%)	(24.00%)
Deferred tax liabilities	$ 7,900		$ 7,900		$ 23,200

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Share-Based Payment Arrangement [Abstract]
Recognized non-cash stock-based compensation expense	$ 7.3	$ 5.5	$ 14.1	$ 10.2
Unrecognized non-cash stock-based compensation expense	$ 64.7		$ 64.7
Weighted average period for recognition			2 years 3 months 18 days

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock-based Activity (Details) shares in Thousands	6 Months Ended
	Jul. 01, 2023 $ / shares shares
Stock Options
Number of Options
Balance at the beginning (in shares) | shares	642
Granted (in shares) | shares	0
Exercised/released (in shares) | shares	(64)
Forfeited/expired (in shares) | shares	0
Balance at the end (in shares) | shares	578
Weighted Average Exercise Price
Balance at the beginning (in dollars per share) | $ / shares	$ 20.10
Granted (in dollars per share) | $ / shares	0
Exercised/released (in dollars per share) | $ / shares	24.41
Forfeited/expired (in dollars per share) | $ / shares	0
Balance at the end (in dollars per share) | $ / shares	$ 19.62
Performance-Based Restricted Stock Awards and Units
Number of Shares
Balance at the beginning (in shares) | shares	233
Granted (in shares) | shares	279
Exercised/released (in shares) | shares	(99)
Forfeited/expired (in shares) | shares	(16)
Balance at the end (in shares) | shares	397
Weighted Average Grant Date Fair Value
Balance at the beginning (in dollars per share) | $ / shares	$ 53.63
Granted (in dollars per share) | $ / shares	38.59
Exercised/released (in dollars per share) | $ / shares	32.84
Forfeited/expired (in dollars per share) | $ / shares	64.98
Balance at the end (in dollars per share) | $ / shares	$ 47.79
Restricted Stock Units, Restricted Stock Awards, and Deferred Stock Units
Number of Shares
Balance at the beginning (in shares) | shares	812
Granted (in shares) | shares	938
Exercised/released (in shares) | shares	(183)
Forfeited/expired (in shares) | shares	(81)
Balance at the end (in shares) | shares	1,486
Weighted Average Grant Date Fair Value
Balance at the beginning (in dollars per share) | $ / shares	$ 51.28
Granted (in dollars per share) | $ / shares	38.85
Exercised/released (in dollars per share) | $ / shares	53.91
Forfeited/expired (in dollars per share) | $ / shares	49.79
Balance at the end (in dollars per share) | $ / shares	$ 43.19

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Reconciliation of Shares for Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Earnings Per Share [Abstract]
Net income	$ 38,071	$ 46,252	$ 48,635	$ 71,911
Weighted-average common shares outstanding—basic (in shares)	86,677	86,165	86,603	86,766
Effect of dilutive securities (in shares)	519	695	538	776
Weighted-average common shares outstanding—diluted (in shares)	87,196	86,860	87,141	87,542
Earnings per share
Basic (in dollars per share)	$ 0.44	$ 0.54	$ 0.56	$ 0.83
Diluted (in dollars per share)	$ 0.44	$ 0.53	$ 0.56	$ 0.82

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from computation of diluted earnings per share (less than)	0.2	0.5	0.3	0.3

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($)	3 Months Ended	6 Months Ended
	Apr. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Feb. 27, 2022
Equity [Abstract]
Stock repurchase program, authorized amount				$ 100,000,000
Shares repurchased (in shares)	1,676,551
Cash paid for repurchase of common stock	$ 100,000,000	$ 0	$ 100,025,000
Treasury stock acquired, average cost per share (in dollars per share)	$ 59.66

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions	1 Months Ended
	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Increase of estimated recall expense reserve	$ 8.5

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Summary Of Recall Reserve Adjustment Of Estimated Product Recall Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Other Commitments [Line Items]
Net sales	$ 402,563	$ 420,042	$ 705,359	$ 713,670
Cost of goods sold	(187,725)	(200,943)	(328,651)	(339,711)
Gross profit	214,838	219,099	376,708	373,959
Selling, general, and administrative expenses	(164,507)	(150,753)	(311,279)	(272,323)
Income before income taxes	50,844	61,563	65,354	94,989
Inventory reserve adjustment			1,300
Product Recall Adjustments
Other Commitments [Line Items]
Net sales	(24,490)		(24,506)
Cost of goods sold	5,052		6,305
Gross profit	(19,438)		(18,201)
Selling, general, and administrative expenses	10,716		10,549
Income before income taxes	(8,722)		(7,652)
Direct-to-consumer
Other Commitments [Line Items]
Net sales	226,388	224,847	393,355	380,809
Direct-to-consumer | Product Recall Adjustments
Other Commitments [Line Items]
Net sales			(8,100)
Wholesale
Other Commitments [Line Items]
Net sales	$ 176,175	$ 195,195	312,004	$ 332,861
Wholesale | Product Recall Adjustments
Other Commitments [Line Items]
Net sales			$ (16,400)

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Summary Of Reserve For The Estimated Product Recall Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Reserve For Product Returns [Roll Forward]
Beginning Balance			$ 94,807
Actual product refunds, replacements and recall-related costs			(38,246)
Gift card issuances			(22,137)
Reserve adjustment			8,515
Ending Balance	$ 42,939		42,939
Other Commitments [Line Items]
Net sales	402,563	$ 420,042	705,359	$ 713,670
Redeemed Gift Cards
Other Commitments [Line Items]
Net sales	$ 12,500		12,500
Unredeemed Gift Cards
Other Commitments [Line Items]
Net sales			$ 9,600