YETI (YETI) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	9 Months Ended
	Sep. 28, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2024
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		84,825,450
Entity Central Index Key	0001670592
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-28

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Current assets
Cash	$ 280,464	$ 438,960
Accounts receivable, net	143,673	95,774
Inventory	370,233	337,208
Prepaid expenses and other current assets	51,949	42,463
Total current assets	846,319	914,405
Property and equipment, net	131,009	130,714
Operating lease right-of-use assets	82,006	77,556
Goodwill	72,894	54,293
Intangible assets, net	137,946	117,629
Other assets	3,013	2,595
Total assets	1,273,187	1,297,192
Current liabilities
Accounts payable	148,174	190,392
Accrued expenses and other current liabilities	117,476	130,026
Taxes payable	16,314	33,489
Accrued payroll and related costs	22,465	23,141
Current operating lease liabilities	17,410	14,726
Current maturities of long-term debt	6,287	6,579
Total current liabilities	328,126	398,353
Long-term debt, net of current portion	74,415	78,645
Operating lease liabilities, non-current	79,932	76,163
Other liabilities	20,733	20,421
Total liabilities	503,206	573,582
Commitments and contingencies (Note 10)
Stockholders’ Equity
Common stock, par value $0.01; 600,000,000 shares authorized; 89,131,867 and 84,814,141 shares issued and outstanding at September 28, 2024, respectively, and 88,592,761 and 86,916,210 shares issued and outstanding at December 30, 2023, respectively	891	886
Treasury stock, at cost; 4,317,726 shares at September 28, 2024 and 1,676,551 shares at December 30, 2023	(200,810)	(100,025)
Preferred stock, par value $0.01; 30,000,000 shares authorized; no shares issued or outstanding	0	0
Additional paid-in capital	411,245	386,377
Retained earnings	560,971	438,436
Accumulated other comprehensive loss	(2,316)	(2,064)
Total stockholders’ equity	769,981	723,610
Total liabilities and stockholders’ equity	$ 1,273,187	$ 1,297,192

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 28, 2024	Dec. 30, 2023
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)	89,131,867	88,592,761
Common stock, outstanding (in shares)	84,814,141	86,916,210
Treasury stock, shares (in shares)	4,317,726	1,676,551
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		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 478,440	$ 433,561	$ 1,283,333	$ 1,138,920
Cost of goods sold	200,713	182,310	546,487	510,961
Gross profit	277,727	251,251	736,846	627,959
Selling, general, and administrative expenses	208,092	189,374	573,974	500,653
Operating income	69,635	61,877	162,872	127,306
Interest income (expense), net	384	(285)	495	(1,610)
Other income (expense), net	4,061	(4,032)	351	(2,782)
Income before income taxes	74,080	57,560	163,718	122,914
Income tax expense	(17,796)	(14,903)	(41,183)	(31,622)
Net income	$ 56,284	$ 42,657	$ 122,535	$ 91,292
Net income per share
Basic (in dollars per share)	$ 0.66	$ 0.49	$ 1.44	$ 1.05
Diluted (in dollars per share)	$ 0.66	$ 0.49	$ 1.42	$ 1.05
Weighted-average common shares outstanding
Basic (in shares)	84,707	86,783	85,285	86,663
Diluted (in shares)	85,492	87,589	86,039	87,290

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 56,284	$ 42,657	$ 122,535	$ 91,292
Other comprehensive (loss) income
Foreign currency translation adjustments	(982)	1,713	(252)	(54)
Total comprehensive income	$ 55,302	$ 44,370	$ 122,283	$ 91,238

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 Income (Loss)
Balance at beginning of the period (shares) at Dec. 31, 2022		88,108,000
Balance at beginning of the period at Dec. 31, 2022	$ 526,477	$ 881	$ 357,490	$ (100,025)	$ 268,551	$ (420)
Balance at beginning of the period (shares) at Dec. 31, 2022				(1,677,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	21,918		21,918
Common stock issued under employee benefit plans (in shares)		475,000
Common stock issued under employee benefit plans	1,573	$ 4	1,569
Common stock withheld related to net share settlement of stock-based compensation (in shares)		(60,000)
Common stock withheld related to net share settlement of stock-based compensation	(2,421)		(2,421)
Other comprehensive income (loss)	(54)					(54)
Net income	91,292				91,292
Balance at end of the period (shares) at Sep. 30, 2023		88,523,000
Balance at end of the period at Sep. 30, 2023	638,785	$ 885	378,556	$ (100,025)	359,843	(474)
Balance at end of the period (shares) at Sep. 30, 2023				(1,677,000)
Balance at beginning of the period (shares) at Jul. 01, 2023		88,407,000
Balance at beginning 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 Jul. 01, 2023				(1,677,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	7,805		7,805
Common stock issued under employee benefit plans (in shares)		129,000
Common stock issued under employee benefit plans	0	$ 1	(1)
Common stock withheld related to net share settlement of stock-based compensation (in shares)		(13,000)
Common stock withheld related to net share settlement of stock-based compensation	(596)		(596)
Other comprehensive income (loss)	1,713					1,713
Net income	42,657				42,657
Balance at end of the period (shares) at Sep. 30, 2023		88,523,000
Balance at end of the period at Sep. 30, 2023	638,785	$ 885	378,556	$ (100,025)	359,843	(474)
Balance at end of the period (shares) at Sep. 30, 2023				(1,677,000)
Balance at beginning of the period (shares) at Dec. 30, 2023		88,593,000
Balance at beginning of the period at Dec. 30, 2023	$ 723,610	$ 886	386,377	$ (100,025)	438,436	(2,064)
Balance at beginning of the period (shares) at Dec. 30, 2023	(1,676,551)			(1,677,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 26,020		26,020
Common stock issued under employee benefit plans (in shares)		575,000
Common stock issued under employee benefit plans	289	$ 5	284
Common stock withheld related to net share settlement of stock-based compensation (in shares)		(36,000)
Common stock withheld related to net share settlement of stock-based compensation	(1,436)		(1,436)
Repurchase of common stock, including excise tax (in shares)				(2,641,000)
Repurchase of common stock, including excise tax	100,785			$ 100,785
Other comprehensive income (loss)	(252)					(252)
Net income	122,535				122,535
Balance at end of the period (shares) at Sep. 28, 2024		89,132,000
Balance at end of the period at Sep. 28, 2024	$ 769,981	$ 891	411,245	$ (200,810)	560,971	(2,316)
Balance at end of the period (shares) at Sep. 28, 2024	(4,317,726)			(4,318,000)
Balance at beginning of the period (shares) at Jun. 29, 2024		88,967,000
Balance at beginning of the period at Jun. 29, 2024	$ 705,860	$ 890	402,495	$ (200,878)	504,687	(1,334)
Balance at beginning of the period (shares) at Jun. 29, 2024				(4,318,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	8,695		8,695
Common stock issued under employee benefit plans (in shares)		171,000
Common stock issued under employee benefit plans	289	$ 1	288
Common stock withheld related to net share settlement of stock-based compensation (in shares)		(6,000)
Common stock withheld related to net share settlement of stock-based compensation	(233)		(233)
Repurchase of common stock, including excise tax	(68)			$ (68)
Other comprehensive income (loss)	(982)					(982)
Net income	56,284				56,284
Balance at end of the period (shares) at Sep. 28, 2024		89,132,000
Balance at end of the period at Sep. 28, 2024	$ 769,981	$ 891	$ 411,245	$ (200,810)	$ 560,971	$ (2,316)
Balance at end of the period (shares) at Sep. 28, 2024	(4,317,726)			(4,318,000)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net income	$ 122,535	$ 91,292
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Depreciation and amortization	35,648	34,391
Amortization of deferred financing fees	488	441
Stock-based compensation	26,020	21,918
Deferred income taxes	(2,928)	20,699
Impairment of long-lived assets	2,025	1,963
Loss on modification and extinguishment of debt	0	330
Product recalls	0	8,538
Other	(1,492)	239
Changes in operating assets and liabilities:
Accounts receivable	(43,858)	(48,836)
Inventory	(15,104)	28,180
Other current assets	(4,022)	(6,505)
Accounts payable and accrued expenses	(65,515)	(36,288)
Taxes payable	(21,057)	(3,323)
Other	3,066	1,730
Net cash provided by operating activities	35,806	114,769
Cash Flows from Investing Activities:
Purchases of property and equipment	(31,341)	(38,983)
Business acquisition, net of cash acquired	(36,164)	0
Additions of intangibles, net	(19,542)	(19,280)
Net cash used in investing activities	(87,047)	(58,263)
Cash Flows from Financing Activities:
Repayments of long-term debt	(3,164)	(6,680)
Payments of deferred financing fees	0	(2,824)
Taxes paid in connection with employee stock transactions	(1,436)	(2,421)
Proceeds from employee stock transactions	289	1,573
Finance lease principal payment	(3,206)	(1,579)
Repurchase of common stock	(100,000)	0
Net cash used in financing activities	(107,517)	(11,931)
Effect of exchange rate changes on cash	262	2,044
Net (decrease) increase in cash	(158,496)	46,619
Cash, beginning of period	438,960	234,741
Cash, end of period	$ 280,464	$ 281,360

ORGANIZATION AND SIGNIFICANT AC

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 28, 2024
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, which includes our 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. In the first quarter of 2024, we acquired Mystery Ranch, LLC, which is a designer and manufacturer of durable load-bearing backpacks, bags, and pack accessories. 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 30, 2023 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 30, 2023, 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 28, 2024 (“2024”) is a 52-week period. The first quarter of our fiscal year 2024 ended on March 30, 2024, the second quarter ended on June 29, 2024, and the third quarter ended on September 28, 2024. Our fiscal year ended December 30, 2023 (“2023”) was also 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 nine months ended September 28, 2024 and September 30, 2023. Accounts Receivable Accounts receivable are recorded net of estimated credit losses. Our allowance for credit losses was $0.6 million as of September 28, 2024 and $0.5 million as of December 30, 2023, respectively. Business Combinations We account for business combinations using the acquisition method of accounting. We allocate the purchase consideration to the identifiable assets acquired and liabilities assumed in a business combination based on their acquisition-date fair values. We use our best estimates and assumptions to determine the fair value of tangible and intangible assets acquired and liabilities assumed, as well as the uncertain tax positions and tax-related valuation allowances that are initially recorded in connection with a business combination. These estimates are reevaluated and adjusted, if needed, during the measurement period of up to one year from the acquisition date, and are recorded as adjustments to goodwill. Any adjustments to the acquired assets and liabilities assumed that are identified subsequent to the measurement period are recorded in earnings. Inventory Inventories are comprised primarily of finished goods and are carried at the lower of cost (primarily using weighted-average cost method) or market (net realizable value). At September 28, 2024 and December 30, 2023, inventory reserves were $3.3 million and $2.2 million, respectively. 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 (the “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 September 28, 2024 and December 30, 2023 were $89.1 million and $77.3 million, respectively. Recently Adopted Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (“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 our Annual Report on Form 10-K 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 we adopted in the first quarter of 2024 for our Annual Report for fiscal year 2024. Adoption of the new standard did not have an impact on our consolidated financial statements. Recent Accounting Guidance Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The new standard requires enhanced disclosures about significant segment expenses and other segment items and requires companies to provide all annual disclosures about segments in interim periods. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 28, 2024, and subsequent interim periods, with early adoption permitted. We are currently evaluating the impact the adoption of this ASU will have on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments in this update are intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact the adoption of this ASU will have on our disclosures.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 28, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS	ACQUISITIONS Mystery Ranch Acquisition On February 2, 2024, we completed the acquisition of all of the equity interests of Mystery Ranch, LLC (“Mystery Ranch”), a designer and manufacturer of durable load-bearing backpacks, bags, and pack accessories. The total purchase price consideration was $36.2 million, net of a preliminary working capital adjustment and cash acquired of $2.1 million. We are integrating the Mystery Ranch operations and products into our business to further expand our capabilities in our bags category. The acquisition was funded with cash on hand. We accounted for the acquisition as a business combination using the acquisition method of accounting which requires, among other things, assets acquired and liabilities assumed be recognized at fair value as of the acquisition date. The purchase price allocation is preliminary and based upon valuation information available to determine the fair value of certain assets and liabilities, including goodwill, and is subject to change, primarily for final adjustments to net working capital as additional information is obtained about the facts and circumstances that existed at the valuation date. The following table summarizes the preliminary amounts recorded for acquired assets and assumed liabilities at the acquisition date (in thousands): Cash $ 2,051 Accounts receivable, net 3,940 Inventory (1) 17,164 Prepaid expenses and other current assets 3,858 Property and equipment 512 Operating lease right-of-use assets 1,087 Goodwill 18,600 Intangible assets 5,500 Total assets acquired 52,712 Current liabilities (13,744) Non-current liabilities (753) Total liabilities assumed (14,497) Net assets acquired $ 38,215 _________________________ (1) Includes a $4.8 million step up of inventory to fair value, which will be expensed as the related inventory is sold. The goodwill recognized is attributable to the expansion of our backpack and bag offerings and expected synergies from integrating Mystery Ranch’s products into our product portfolio. The goodwill will be deductible for income tax purposes. The intangible assets recognized consist of a trade name and customer relationships and have useful lives which range from 8 to 15 years. Pro forma results are not presented as the impact of this acquisition is not material to our consolidated financial results. The net sales and earnings impact of this acquisition was not material to our consolidated financial results for the three and nine months ended September 28, 2024. Butter Pat Acquisition During the three months ended March 30, 2024, we acquired substantially all of the assets of Butter Pat Industries, LLC (“Butter Pat”), a designer and manufacturer of cast iron cookware. The acquisition of Butter Pat expanded our capabilities in the cookware category, as shown by the launch of our new YETI-branded Cast Iron Skillet during the three months ended September 28, 2024. This transaction was accounted for as an asset acquisition and is not material to our consolidated financial statements.

REVENUE

REVENUE	9 Months Ended
	Sep. 28, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Contract Balances Accounts receivable represent an unconditional right to receive consideration from a customer and are recorded at net invoiced amounts, less an estimated allowance for credit losses. Contract liabilities are recorded when the customer pays consideration before the transfer of a good to the customer and thus represent our obligation to transfer the good to the customer at a future date. Our contract liabilities include advance cash deposits received from customers for certain customized product orders and unredeemed gift card liabilities. As products are shipped and control transfers, we recognize contract liabilities as revenue. During the second quarter of 2023, we began issuing gift cards as remedies in connection with our voluntary recalls. We recognize sales from gift cards as they are redeemed for products. As of September 28, 2024, $3.4 million of our contract liabilities represented unredeemed gift card liabilities. The following table provides information about accounts receivable and contract liabilities at the periods indicated (in thousands): September 28, December 30, Accounts receivable, net $ 143,673 $ 95,774 Contract liabilities $ (13,911) $ (22,437) For the nine months ended September 28, 2024, we recognized $22.4 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 Nine Months Ended September 28, September 30, 2023 (1) September 28, September 30, 2023 (1) Net Sales by Channel Wholesale $ 197,629 $ 174,062 $ 564,326 $ 486,066 Direct-to-consumer 280,811 259,499 719,007 652,854 Total net sales $ 478,440 $ 433,561 $ 1,283,333 $ 1,138,920 Net Sales by Category Coolers & Equipment $ 192,595 $ 171,547 $ 518,443 $ 432,511 Drinkware 274,981 253,274 736,084 676,978 Other 10,864 8,740 28,806 29,431 Total net sales $ 478,440 $ 433,561 $ 1,283,333 $ 1,138,920 Net Sales by Geographic Region United States $ 390,176 $ 365,695 $ 1,052,858 $ 964,569 International 88,264 67,866 230,475 174,351 Total net sales $ 478,440 $ 433,561 $ 1,283,333 $ 1,138,920 _________________________ (1) Includes an unfavorable impact from the recall reserve adjustment. See Note 10 for further discussion of our recalls. For each of the three and nine months ended September 28, 2024 and September 30, 2023, no single customer represented over 10% of gross sales.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	9 Months Ended
	Sep. 28, 2024
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): September 28, December 30, Prepaid expenses $ 25,205 $ 21,165 Prepaid taxes 18,810 15,089 Other 7,934 6,209 Total prepaid expenses and other current assets $ 51,949 $ 42,463

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	9 Months Ended
	Sep. 28, 2024
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following (in thousands): September 28, December 30, 2023 Product recall reserves (1) $ 4,023 $ 13,090 Accrued freight and other operating expenses 35,958 45,228 Contract liabilities 13,911 22,437 Customer discounts, allowances, and returns 13,605 11,515 Advertising and marketing 10,238 9,945 Warranty reserve 9,526 9,808 Interest payable 331 159 Accrued capital expenditures 1,239 590 Other 28,645 17,254 Total accrued expenses and other current liabilities $ 117,476 $ 130,026 _________________________ (1) See Note 10 for further discussion of our product recall reserves.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 28, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense was $17.8 million and $14.9 million for the three months ended September 28, 2024 and September 30, 2023, respectively. The increase in income tax expense was primarily due to higher income before income taxes. The effective tax rate for the three months ended September 28, 2024 was 24% compared to 26% for the three months ended September 30, 2023. The decrease in the effective tax rate was primarily due to a discrete tax expense related to a change in the estimate for an uncertain tax position in the three months ended September 30, 2023. Income tax expense was $41.2 million and $31.6 million for the nine months ended September 28, 2024 and September 30, 2023, respectively. The increase in income tax expense was primarily due to higher income before income taxes. The effective tax rate for the nine months ended September 28, 2024 was 25% compared to 26% for the nine months ended September 30, 2023. The decrease in the effective tax rate was primarily due to a discrete tax expense related to a change in the estimate for an uncertain tax position in the nine months ended September 30, 2023. Deferred tax liabilities were $1.2 million as of September 28, 2024 and $4.0 million as of December 30, 2023, which is presented in other liabilities on our unaudited condensed consolidated balance sheet. The Organization for Economic Co-operation and Development enacted model rules for a new global minimum tax framework, also known as Pillar Two. Certain governments globally have enacted, or are in the process of enacting, legislation to address Pillar Two. For the nine months ended September 28, 2024, the impact of Pillar Two on our consolidated financial statements was not material. 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	9 Months Ended
	Sep. 28, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION In May 2024, the Company’s stockholders approved the 2024 Equity and Incentive Compensation Plan (“2024 Plan”), which replaced the 2018 Equity and Incentive Compensation Plan (the “2018 Plan”). The 2024 Plan provides for an aggregate limit of up to 3,500,000 shares (subject to certain equitable adjustments and share counting rules as described in the 2024 Plan) of common stock that may be granted pursuant to awards granted under the 2024 Plan. Following the stockholder approval of the 2024 Plan, no new awards will be granted under the 2018 Plan. Awards outstanding under the 2018 Plan or the 2012 Equity and Incentive Compensation Plan (the “2012 Plan”) will continue to remain outstanding according to their terms. Shares subject to stock awards granted under the 2018 Plan or the 2012 Plan (a) that expire or terminate without being exercised or (b) that are forfeited under an award, return to the 2024 Plan. We recognized non-cash stock-based compensation expense of $8.7 million and $7.8 million for the three months ended September 28, 2024 and September 30, 2023, respectively. For the nine months ended September 28, 2024 and September 30, 2023, we recognized stock-based compensation expense of $26.0 million and $21.9 million, respectively. At September 28, 2024, total unrecognized stock-based compensation expense of $67.6 million for all stock-based compensation plans is expected to be recognized over a weighted-average period of 1.9 years. Stock-based activity for the nine months ended September 28, 2024 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 30, 2023 578 $ 19.62 398 $ 48.14 1,312 $ 41.99 Granted — — 208 41.29 921 39.17 Exercised/released (13) 22.84 (48) 79.66 (514) 43.88 Performance adjustment (1) — — 6 79.66 — — Forfeited/expired — — (46) 45.86 (204) 41.69 Balance, September 28, 2024 565 $ 19.57 518 $ 43.00 1,515 $ 39.68 _________________________ (1) Represents adjustment due to the actual achievement of performance-based awards.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 28, 2024
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 Nine Months Ended September 28, September 30, September 28, September 30, Net income $ 56,284 $ 42,657 $ 122,535 $ 91,292 Weighted-average common shares outstanding—basic 84,707 86,783 85,285 86,663 Effect of dilutive securities 785 806 754 627 Weighted-average common shares outstanding—diluted 85,492 87,589 86,039 87,290 Earnings per share Basic $ 0.66 $ 0.49 $ 1.44 $ 1.05 Diluted $ 0.66 $ 0.49 $ 1.42 $ 1.05 Effects of potentially dilutive securities are presented only in periods in which they are dilutive. For each of the three and nine months ended September 28, 2024, outstanding stock-based awards representing less than 0.1 million shares of common stock were excluded from the calculation of diluted earnings per share, because their effect would be anti-dilutive. For the three and nine months ended September 30, 2023, outstanding stock-based awards representing 0.1 million and 0.2 million shares of common stock, respectively, were excluded from the calculation of diluted earnings, because their effect would be anti-dilutive.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 28, 2024
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY On February 1, 2024, our Board of Directors authorized the repurchase of up to $300 million of the Company’s common stock (the “Share Repurchase Program”). As of September 28, 2024, $200 million remained under the Share Repurchase Program. As part of the Share Repurchase Program, on February 27, 2024, we entered into an accelerated share repurchase agreement (the “ASR Agreement”) with Goldman Sachs & Co. LLC (“Goldman Sachs”) to repurchase $100 million of YETI’s common stock. Pursuant to the ASR Agreement, we made a payment of $100 million to Goldman Sachs and received an initial delivery of 1,998,501 shares of YETI’s common stock (the “Initial Shares”), representing 80% of the total shares that we expected to receive under the ASR Agreement based on the market price of $40.03 per share at the time of delivery of the Initial Shares. The ASR Agreement was accounted for as an equity transaction. The fair value of the Initial Shares of $80.0 million was recorded as a treasury stock transaction. The remaining $20.0 million was recorded as a reduction to additional paid-in capital. On April 25, 2024, we settled the transactions contemplated by the ASR Agreement, resulting in a final delivery of 642,674 shares (the “Final Shares”). The total number of shares repurchased under the ASR Agreement was 2,641,175 at an average cost per share of $37.86, based on the volume-weighted average share price of YETI’s common stock during the calculation period under the ASR Agreement.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 28, 2024
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, which we refer to as the “voluntary recalls” herein unless otherwise indicated. In March 2023, we announced separate, voluntary recalls of the affected products in collaboration with the CPSC and subsequently began processing recall claims and returns. As a result, we established reserves as of December 31, 2022, for unsalable inventory on-hand as well as expected future returns, the estimated cost of recall remedies for consumers with affected products, and other recall-related costs. During 2023, we began processing recall returns and claims, and based on such experience and trends, we reevaluated our assumptions and adjusted our estimated recall expense reserve. In the second quarter of 2023, we updated our recall reserve assumptions, which increased the estimated recall expense reserve by $8.5 million. The reserve for the estimated product recall costs is included within accrued expenses and other current liabilities on our consolidated balance sheets. The reserve for the estimated product recall costs is based on i) expected consumer participation rates; and ii) the estimated costs of the consumer’s elected remedy in the recalls, including the estimated cost of either product replacements or gift card elections, logistics costs, and other recall-related costs. The reserve for the estimated product recall expenses was $4.0 million and $13.1 million as of September 28, 2024 and December 30, 2023, respectively. The following table summarizes the activity of the reserve for the estimated product recall expenses (in thousands): September 28, 2024 Balance, December 30, 2023 $ 13,090 Actual product refunds, replacements and recall-related costs (3,132) Gift card issuances (1) (5,935) Balance, September 28, 2024 $ 4,023 _________________________ (1) As of September 28, 2024, we had $3.4 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. For the three and nine months ended September 28, 2024, we recognized net sales of $2.7 million and $7.1 million, respectively, from redeemed recall-related gift cards. The product recalls, which include recall reserve adjustments and other incurred costs, had the following effect on our income before income taxes as of the dates indicated (in thousands): Three Months Ended Nine Months Ended September 28, September 30, September 28, September 30, Decrease to net sales (1) $ — $ (18) $ — $ (24,524) Decrease to cost of goods sold (2) — 843 — 7,148 Increase (decrease) to gross profit — 825 — (17,376) Decrease to SG&A expenses (3) — — — 10,549 Increase (decrease) to income before income taxes $ — $ 825 $ — $ (6,827) _________________________ (1) For the three and nine months ended September 30, 2023, 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 nine months ended September 30, 2023. These amounts were allocated based on the historical channel sell-in basis of the affected products. (2) For the three months ended September 30, 2023, reflects a benefit of $0.8 million related to lower than anticipated recall-related costs. For the nine months ended September 30, 2023, reflects favorable impacts of $5.0 million primarily due to the recall reserve adjustment related to lower estimated costs of future product replacement remedy elections and logistics costs, $1.3 million from an inventory reserve adjustment, and $0.8 million related to lower recall-related costs. (3)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 56,284	$ 42,657	$ 122,535	$ 91,292

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ORGANIZATION AND SIGNIFICANT _2

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 28, 2024
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation
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.
Fiscal Year End	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 28, 2024 (“2024”) is a 52-week period. The first quarter of our fiscal year 2024 ended on March 30, 2024, the second quarter ended on June 29, 2024, and the third quarter ended on September 28, 2024. Our fiscal year ended December 30, 2023 (“2023”) was also 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 nine months ended September 28, 2024 and September 30, 2023.
Accounts Receivable	Accounts Receivable
Business Combinations	Business Combinations We account for business combinations using the acquisition method of accounting. We allocate the purchase consideration to the identifiable assets acquired and liabilities assumed in a business combination based on their acquisition-date fair values. We use our best estimates and assumptions to determine the fair value of tangible and intangible assets acquired and liabilities assumed, as well as the uncertain tax positions and tax-related valuation allowances that are initially recorded in connection with a business combination. These estimates are reevaluated and adjusted, if needed, during the measurement period of up to one year from the acquisition date, and are recorded as adjustments to goodwill. Any adjustments to the acquired assets and liabilities assumed that are identified subsequent to the measurement period are recorded in earnings.
Inventory	Inventory
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 (the “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 September 2022, the Financial Accounting Standards Board (“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 our Annual Report on Form 10-K 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 we adopted in the first quarter of 2024 for our Annual Report for fiscal year 2024. Adoption of the new standard did not have an impact on our consolidated financial statements. Recent Accounting Guidance Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The new standard requires enhanced disclosures about significant segment expenses and other segment items and requires companies to provide all annual disclosures about segments in interim periods. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 28, 2024, and subsequent interim periods, with early adoption permitted. We are currently evaluating the impact the adoption of this ASU will have on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments in this update are intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact the adoption of this ASU will have on our disclosures.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 28, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the preliminary amounts recorded for acquired assets and assumed liabilities at the acquisition date (in thousands): Cash $ 2,051 Accounts receivable, net 3,940 Inventory (1) 17,164 Prepaid expenses and other current assets 3,858 Property and equipment 512 Operating lease right-of-use assets 1,087 Goodwill 18,600 Intangible assets 5,500 Total assets acquired 52,712 Current liabilities (13,744) Non-current liabilities (753) Total liabilities assumed (14,497) Net assets acquired $ 38,215 _________________________ (1) Includes a $4.8 million step up of inventory to fair value, which will be expensed as the related inventory is sold.

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 28, 2024
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): September 28, December 30, Accounts receivable, net $ 143,673 $ 95,774 Contract liabilities $ (13,911) $ (22,437)
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 Nine Months Ended September 28, September 30, 2023 (1) September 28, September 30, 2023 (1) Net Sales by Channel Wholesale $ 197,629 $ 174,062 $ 564,326 $ 486,066 Direct-to-consumer 280,811 259,499 719,007 652,854 Total net sales $ 478,440 $ 433,561 $ 1,283,333 $ 1,138,920 Net Sales by Category Coolers & Equipment $ 192,595 $ 171,547 $ 518,443 $ 432,511 Drinkware 274,981 253,274 736,084 676,978 Other 10,864 8,740 28,806 29,431 Total net sales $ 478,440 $ 433,561 $ 1,283,333 $ 1,138,920 Net Sales by Geographic Region United States $ 390,176 $ 365,695 $ 1,052,858 $ 964,569 International 88,264 67,866 230,475 174,351 Total net sales $ 478,440 $ 433,561 $ 1,283,333 $ 1,138,920 _________________________ (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)	9 Months Ended
	Sep. 28, 2024
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): September 28, December 30, Prepaid expenses $ 25,205 $ 21,165 Prepaid taxes 18,810 15,089 Other 7,934 6,209 Total prepaid expenses and other current assets $ 51,949 $ 42,463

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	9 Months Ended
	Sep. 28, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): September 28, December 30, 2023 Product recall reserves (1) $ 4,023 $ 13,090 Accrued freight and other operating expenses 35,958 45,228 Contract liabilities 13,911 22,437 Customer discounts, allowances, and returns 13,605 11,515 Advertising and marketing 10,238 9,945 Warranty reserve 9,526 9,808 Interest payable 331 159 Accrued capital expenditures 1,239 590 Other 28,645 17,254 Total accrued expenses and other current liabilities $ 117,476 $ 130,026 _________________________ (1) See Note 10 for further discussion of our product recall reserves.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 28, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Activity	Stock-based activity for the nine months ended September 28, 2024 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 30, 2023 578 $ 19.62 398 $ 48.14 1,312 $ 41.99 Granted — — 208 41.29 921 39.17 Exercised/released (13) 22.84 (48) 79.66 (514) 43.88 Performance adjustment (1) — — 6 79.66 — — Forfeited/expired — — (46) 45.86 (204) 41.69 Balance, September 28, 2024 565 $ 19.57 518 $ 43.00 1,515 $ 39.68 _________________________ (1) Represents adjustment due to the actual achievement of performance-based awards.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 28, 2024
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 Nine Months Ended September 28, September 30, September 28, September 30, Net income $ 56,284 $ 42,657 $ 122,535 $ 91,292 Weighted-average common shares outstanding—basic 84,707 86,783 85,285 86,663 Effect of dilutive securities 785 806 754 627 Weighted-average common shares outstanding—diluted 85,492 87,589 86,039 87,290 Earnings per share Basic $ 0.66 $ 0.49 $ 1.44 $ 1.05 Diluted $ 0.66 $ 0.49 $ 1.42 $ 1.05

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule 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): September 28, 2024 Balance, December 30, 2023 $ 13,090 Actual product refunds, replacements and recall-related costs (3,132) Gift card issuances (1) (5,935) Balance, September 28, 2024 $ 4,023 _________________________ (1) As of September 28, 2024, we had $3.4 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. For the three and nine months ended September 28, 2024, we recognized net sales of $2.7 million and $7.1 million, respectively, from redeemed recall-related gift cards.
Schedule of Recall Reserve Adjustment of Estimated Product Recall Expenses	The product recalls, which include recall reserve adjustments and other incurred costs, had the following effect on our income before income taxes as of the dates indicated (in thousands): Three Months Ended Nine Months Ended September 28, September 30, September 28, September 30, Decrease to net sales (1) $ — $ (18) $ — $ (24,524) Decrease to cost of goods sold (2) — 843 — 7,148 Increase (decrease) to gross profit — 825 — (17,376) Decrease to SG&A expenses (3) — — — 10,549 Increase (decrease) to income before income taxes $ — $ 825 $ — $ (6,827) _________________________ (1) For the three and nine months ended September 30, 2023, 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 nine months ended September 30, 2023. These amounts were allocated based on the historical channel sell-in basis of the affected products. (2) For the three months ended September 30, 2023, reflects a benefit of $0.8 million related to lower than anticipated recall-related costs. For the nine months ended September 30, 2023, reflects favorable impacts of $5.0 million primarily due to the recall reserve adjustment related to lower estimated costs of future product replacement remedy elections and logistics costs, $1.3 million from an inventory reserve adjustment, and $0.8 million related to lower recall-related costs. (3)

ORGANIZATION AND SIGNIFICANT _3

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Allowance for credit losses	$ 0.6	$ 0.5
Inventory reserves	3.3	2.2
Supplier finance program, obligation	$ 89.1	$ 77.3

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - Mystery Ranch, LLC - USD ($) $ in Millions	Feb. 02, 2024	Sep. 28, 2024
Business Acquisition [Line Items]
Total purchase consideration	$ 36.2
Cash acquired	$ 2.1
Minimum | Trade Name and Customer Relationships
Business Acquisition [Line Items]
Intangible asset, useful life (in years)		8 years
Maximum | Trade Name and Customer Relationships
Business Acquisition [Line Items]
Intangible asset, useful life (in years)		15 years

ACQUISITIONS - Schedule of Busi

ACQUISITIONS - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Feb. 02, 2024	Dec. 30, 2023
Business Acquisition [Line Items]
Intangible assets	$ 72,894		$ 54,293
Inventory	$ 370,233		$ 337,208
Mystery Ranch, LLC
Business Acquisition [Line Items]
Cash		$ 2,051
Accounts receivable, net		3,940
Inventory		17,164
Prepaid expenses and other current assets		3,858
Property and equipment		512
Operating lease right-of-use assets		1,087
Intangible assets		18,600
Intangible assets		5,500
Total assets acquired		52,712
Current liabilities		(13,744)
Non-current liabilities		(753)
Total liabilities assumed		(14,497)
Net assets acquired		38,215
Inventory		$ 4,800

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2024	Dec. 30, 2023
Disaggregation of Revenue [Line Items]
Contract with customer, liability	$ 13,911	$ 22,437
Contract with customer liability revenue recognized	22,400
Unredeemed Gift Cards
Disaggregation of Revenue [Line Items]
Contract with customer, liability	$ 3,400

REVENUE - Schedule of Accounts

REVENUE - Schedule of Accounts Receivable and Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 143,673	$ 95,774
Contract liabilities	$ (13,911)	$ (22,437)

REVENUE - Schedule of Disaggreg

REVENUE - Schedule of Disaggregated Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 478,440	$ 433,561	$ 1,283,333	$ 1,138,920
United States
Disaggregation of Revenue [Line Items]
Net sales	390,176	365,695	1,052,858	964,569
International
Disaggregation of Revenue [Line Items]
Net sales	88,264	67,866	230,475	174,351
Coolers & Equipment
Disaggregation of Revenue [Line Items]
Net sales	192,595	171,547	518,443	432,511
Drinkware
Disaggregation of Revenue [Line Items]
Net sales	274,981	253,274	736,084	676,978
Other
Disaggregation of Revenue [Line Items]
Net sales	10,864	8,740	28,806	29,431
Wholesale
Disaggregation of Revenue [Line Items]
Net sales	197,629	174,062	564,326	486,066
Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	$ 280,811	$ 259,499	$ 719,007	$ 652,854

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 25,205	$ 21,165
Prepaid taxes	18,810	15,089
Other	7,934	6,209
Total prepaid expenses and other current assets	$ 51,949	$ 42,463

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Payables and Accruals [Abstract]
Product recall reserves	$ 4,023	$ 13,090
Accrued freight and other operating expenses	35,958	45,228
Contract liabilities	13,911	22,437
Customer discounts, allowances, and returns	13,605	11,515
Advertising and marketing	10,238	9,945
Warranty reserve	9,526	9,808
Interest payable	331	159
Accrued capital expenditures	1,239	590
Other	28,645	17,254
Total accrued expenses and other current liabilities	$ 117,476	$ 130,026

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 17,796	$ 14,903	$ 41,183	$ 31,622
Effective income tax rate	24%	26%	(25.00%)	26%
Deferred tax liabilities	$ 1,200		$ 1,200		$ 4,000

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	May 31, 2024
Share-Based Payment Arrangement [Abstract]
Shares authorized to be awarded (in shares)					3,500,000
Recognized non-cash stock-based compensation expense	$ 8.7	$ 7.8	$ 26	$ 21.9
Unrecognized non-cash stock-based compensation expense	$ 67.6		$ 67.6
Weighted average period for recognition			1 year 10 months 24 days

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock-based Activity (Details) shares in Thousands	9 Months Ended
	Sep. 28, 2024 $ / shares shares
Stock Options
Number of Options
Balance at the beginning (in shares) | shares	578
Granted (in shares) | shares	0
Exercised/released (in shares) | shares	(13)
Performance adjustment (in shares) | shares	0
Forfeited/expired (in shares) | shares	0
Balance at the end (in shares) | shares	565
Weighted Average Exercise Price
Balance at the beginning (in dollars per share) | $ / shares	$ 19.62
Granted (in dollars per share) | $ / shares	0
Exercised/released (in dollars per share) | $ / shares	22.84
Performance adjustment (in dollars per share) | $ / shares	0
Forfeited/expired (in dollars per share) | $ / shares	0
Balance at the end (in dollars per share) | $ / shares	$ 19.57
Performance-Based Restricted Stock Awards and Units
Number of Shares
Balance at the beginning (in shares) | shares	398
Granted (in shares) | shares	208
Exercised/released (in shares) | shares	(48)
Performance adjustment (in shares) | shares	6
Forfeited/expired (in shares) | shares	(46)
Balance at the end (in shares) | shares	518
Weighted Average Grant Date Fair Value
Balance at the beginning (in dollars per share) | $ / shares	$ 48.14
Granted (in dollars per share) | $ / shares	41.29
Exercised/released (in dollars per share) | $ / shares	79.66
Performance adjustment (in dollars per share) | $ / shares	79.66
Forfeited/expired (in dollars per share) | $ / shares	45.86
Balance at the end (in dollars per share) | $ / shares	$ 43
Restricted Stock Units, Restricted Stock Awards, and Deferred Stock Units
Number of Shares
Balance at the beginning (in shares) | shares	1,312
Granted (in shares) | shares	921
Exercised/released (in shares) | shares	(514)
Performance adjustment (in shares) | shares	0
Forfeited/expired (in shares) | shares	(204)
Balance at the end (in shares) | shares	1,515
Weighted Average Grant Date Fair Value
Balance at the beginning (in dollars per share) | $ / shares	$ 41.99
Granted (in dollars per share) | $ / shares	39.17
Exercised/released (in dollars per share) | $ / shares	43.88
Performance adjustment (in dollars per share) | $ / shares	0
Forfeited/expired (in dollars per share) | $ / shares	41.69
Balance at the end (in dollars per share) | $ / shares	$ 39.68

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		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 56,284	$ 42,657	$ 122,535	$ 91,292
Weighted-average common shares outstanding—basic (in shares)	84,707	86,783	85,285	86,663
Effect of dilutive securities (in shares)	785	806	754	627
Weighted-average common shares outstanding—diluted (in shares)	85,492	87,589	86,039	87,290
Earnings per share
Basic (in dollars per share)	$ 0.66	$ 0.49	$ 1.44	$ 1.05
Diluted (in dollars per share)	$ 0.66	$ 0.49	$ 1.42	$ 1.05

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities excluded from computation of diluted earnings per share (in shares)	0.1	0.1	0.1	0.2

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($)	Apr. 25, 2024	Feb. 27, 2024	Sep. 28, 2024	Feb. 01, 2024
Equity [Abstract]
Stock repurchase program, authorized amount		$ 100,000,000		$ 300,000,000
Stock repurchase program, remaining authorized repurchase amount			$ 200,000,000
Accelerated share repurchases, payment		$ 100,000,000
Treasury stock, shares, acquired (in shares)	2,641,175	1,998,501
Percentage of shares expected to repurchased		80%
Price per share (in dollars per share)		$ 40.03
Treasury stock, value		$ 80,000,000
Repurchase of common stock		$ 20,000,000
Final delivery of shares (in shares)	642,674
Treasury stock acquired, average cost per share (in dollars per share)	$ 37.86

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 01, 2023	Sep. 28, 2024	Dec. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Increase of estimated recall expense reserve	$ 8,500
Product recall reserves		$ 4,023	$ 13,090

COMMITMENTS AND CONTINGENCIES-

COMMITMENTS AND CONTINGENCIES- Schedule of Reserve for the Estimated Product Recall Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Reserve For Product Returns [Roll Forward]
Beginning balance			$ 13,090
Actual product refunds, replacements and recall-related costs			(3,132)
Gift card issuances			(5,935)
Ending balance	$ 4,023		4,023
Other Commitments [Line Items]
Contract with customer, liability	13,911		13,911		$ 22,437
Net sales	478,440	$ 433,561	1,283,333	$ 1,138,920
Unredeemed Gift Cards
Other Commitments [Line Items]
Contract with customer, liability	3,400		3,400
Redeemed Gift Cards
Other Commitments [Line Items]
Net sales	$ 2,700		$ 7,100

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Recall Reserve Adjustment of Estimated Product Recall Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Other Commitments [Line Items]
Decrease to net sales	$ 478,440	$ 433,561	$ 1,283,333	$ 1,138,920
Decrease to cost of goods sold	(200,713)	(182,310)	(546,487)	(510,961)
Increase (decrease) to gross profit	277,727	251,251	736,846	627,959
Decrease to SG&A expenses	(208,092)	(189,374)	(573,974)	(500,653)
Increase (decrease) to income before income taxes	74,080	57,560	163,718	122,914
Inventory adjustment			15,104	(28,180)
Inventory reserves	3,300		3,300		$ 2,200
Direct-to-consumer
Other Commitments [Line Items]
Decrease to net sales	280,811	259,499	719,007	652,854
Wholesale
Other Commitments [Line Items]
Decrease to net sales	197,629	174,062	564,326	486,066
Product Recall Adjustments
Other Commitments [Line Items]
Decrease to net sales	0	(18)	0	(24,524)
Decrease to cost of goods sold	0	843	0	7,148
Increase (decrease) to gross profit	0	825	0	(17,376)
Decrease to SG&A expenses	0	0	0	10,549
Increase (decrease) to income before income taxes	$ 0	825	$ 0	(6,827)
Inventory adjustment		800		5,000
Inventory reserves		1,300		1,300
Product Recall Adjustments | Direct-to-consumer
Other Commitments [Line Items]
Decrease to net sales		$ 8,100
Product Recall Adjustments | Wholesale
Other Commitments [Line Items]
Decrease to net sales				$ 16,400