Net Sales Increased 12%
Gross Margin Expanded 370 Basis
Points
EPS of $0.10; Adjusted EPS of $0.11
Provides Action Plan In Response To The
COVID-19 Pandemic
Withdraws Full Year Fiscal 2020
Outlook
YETI Holdings, Inc. (“YETI”) (NYSE: YETI) today announced its
financial results for the first quarter ended March 28, 2020 and an
action plan in response to the global COVID-19 pandemic.
YETI reports its financial performance in accordance with
accounting principles generally accepted in the United States of
America (“GAAP”) and as adjusted on a non-GAAP basis. Please see
“Non-GAAP Financial Information,” “Revised Non-GAAP Financial
Measures Beginning in Fiscal 2020,” and “Reconciliation of GAAP to
Non-GAAP Financial Information” below for additional information
and reconciliations of the non-GAAP financial measures to the most
comparable GAAP financial measures.
“YETI entered 2020 with tremendous momentum as a brand and
delivered a great first quarter. Our results were particularly
robust through mid-March, with quarter-to-date sales up 21%
year-over-year with strength in both wholesale and DTC,” said Matt
Reintjes, President and Chief Executive Officer. “As the COVID-19
pandemic drove unprecedented disruption and volatility in the
marketplace, our results were sharply impacted with sales declining
25% in the final two weeks of the quarter. As we adjusted to the
uncertainty of the global crisis, our first and foremost
responsibility has been to ensure the safety of our employees and
community. This focus along with the decisive actions outlined
today help preserve what we value the most as an organization –
nurturing a powerful, innovative and lasting brand; maintaining
financial strength and flexibility; and driving a positive impact
across our YETI community.”
COVID-19 Update
YETI’s actions to support its business during the COVID-19
pandemic include the following:
- Business Operations – In response to the COVID-19
outbreak and the guidance of government and public health
officials, YETI closed all of its retail stores and business
offices in order to protect its employees, customers, and
communities. Nearly all of YETI’s employees are currently working
from home and continue to support the business. As of May 7, 2020,
all of YETI’s retail stores remain closed and management will
continue to monitor each individual location in conjunction with
local opening mandates.
- Supply Chain – To date, YETI has not experienced any
significant supply-chain disruptions related to COVID-19 and have
been able to meet its customers’ needs. YETI’s supply chain and
logistics operations are functioning, and a significant portion of
its customization capacity continues to operate with the remaining
local capacity expected to re-open later this month. Management
believes YETI is well-positioned to respond to demand when the
economy recovers as well as meet holiday demand.
- Executive Compensation – YETI’s senior leadership team,
including named executive officers, voluntarily elected to
temporarily reduce their base salaries. YETI’s Board of Directors
has also voluntarily elected to waive payment of all of the
director’s annual cash retainer fees.
- Other Compensation Actions – Following a thorough review
of YETI’s employee base, management has made several decisions to
adapt to the continued economic uncertainty. YETI previously placed
certain employees on unpaid leave beginning on April 4, 2020,
during which time YETI will cover full benefits for eligible
employees. These employees primarily support YETI’s retail and
customization operations. YETI has also taken the additional action
across its workforce by suspending all non-essential hiring and
eliminating select roles across all levels in the organization.
Employees affected by this action will receive severance benefits
as well as outplacement services and support.
- Cost Management Initiatives – YETI is taking additional
action to aggressively manage operating costs, capital
expenditures, and working capital while also continuing to focus
investments on strategic projects, in its brand, innovation, and
technology. YETI is working closely with its supply chain partners
to diligently manage and prioritize inventory levels for the
remainder of the year.
- Liquidity – As a precautionary measure to enhance its
liquidity position and to increase available cash on hand, YETI
drew down $50.0 million from its $150.0 million revolving credit
facility on March 24, 2020. Following the drawdown, availability
under the revolving credit facility was $100.0 million and the cash
balance was $118.0 million as of March 28, 2020. YETI remains
comfortable with its ratio of net debt (as defined below) to
adjusted EBITDA of 1.3 times as of March 28, 2020 and expects to
remain in compliance with its debt covenants for the remainder of
the year. Notably, YETI has no near-term debt maturities.
- Withdrawal of Fiscal 2020 Outlook – With the high degree
of uncertainty persisting with the duration and impact of the
COVID-19 pandemic, YETI is withdrawing its full year fiscal 2020
outlook last provided on February 13, 2020.
- Sales Updates – While not providing an updated outlook,
YETI believes it is important to provide visibility into topline
sales during the first quarter and April 2020. Net sales in the
first quarter through mid-March 2020 increased 21%, while sales for
the remainder of the quarter through March 28, 2020 decreased 25%.
Wholesale channel net sales increased 13% growth through mid-March
2020, while wholesale channel net sales decreased 43% during the
last two weeks of the quarter as YETI’s wholesale partners closed
retail locations and order flow was limited. DTC channel net sales
increased 31% through mid-March 2020 and increased 15% during the
last two weeks of the quarter. For the five-week period ending May
2, 2020, sales decreased further relative to the 25% decline
experienced during the last two weeks of the quarter, driven by
continued store closures and limited operations in the wholesale
channel. While historically a relatively small part of the
wholesale business, there was a sharp increase in YETI’s retail
partners’ e-commerce sales in April 2020, which management believes
is a validation of the demand in the brand. Within the DTC channel,
YETI’s online businesses have contributed to strong positive growth
due to product innovation and digital performance led by YETI.com
and YETI Authorized on the Amazon Marketplace, though gains have
been somewhat tempered by the year-over-year declines in its
corporate sales.
Mr. Reintjes concluded, “In adjusting to today’s dynamic and
challenging environment, we understand that not all decisions are
easy. These discrete actions announced today allow us to focus on
the controllable elements of our business. With an unrelenting
focus on our brand and innovation, the long-term opportunity for
YETI remains bright and we look forward to supporting people and
the pursuits they enjoy with YETI as we move forward together.”
For the Three Months Ended March 28,
2020
Net sales increased 12% to $174.4 million, compared to
$155.4 million during the same period last year.
- Direct-to-consumer (“DTC”) channel net sales increased 29% to
$79.6 million, compared to $61.7 million in the prior year quarter,
driven by both Drinkware and Coolers & Equipment.
- Wholesale channel net sales increased 1% to $94.8 million,
compared to $93.6 million in the same period last year, primarily
driven by Drinkware.
- Drinkware net sales increased 24% to $112.6 million, compared
to $91.0 million in the prior year quarter, primarily driven by the
continued expansion of our product offerings, including the
introduction of new colorways and sizes, and strong demand for
customization.
- Coolers & Equipment net sales were relatively flat at $59.5
million, compared to $59.7 million in the same period last year.
The strong performance of soft cooler and outdoor living products
was more than offset by a decline in hard coolers and bags.
Gross profit increased 21% to $92.5 million, or 53.0% of
net sales, compared to $76.6 million, or 49.3% of net sales, in the
first quarter of Fiscal 2019. The 370 basis point increase in gross
margin was primarily driven by cost improvements, particularly in
our Drinkware category, a favorable shift in our channel mix led by
an increase in DTC channel net sales, lower inventory reserves, and
lower inbound freight.
Selling, general, and administrative (“SG&A”)
expenses increased to $76.3 million compared to $67.8 million
in the first quarter of Fiscal 2019. SG&A expenses as a percent
of net sales were essentially flat at 43.7%, compared to Fiscal
2019. An increase of approximately 180 basis points in variable
selling expenses, driven by our faster growing DTC channel which
grew to 46% of net sales during the period. Non-variable expenses
leveraged 170 basis points primarily resulting from lower marketing
expenses and non-cash stock-based compensation expense, partially
offset by higher fixed selling expenses and depreciation and
amortization expense.
Operating income increased 84% to $16.2 million, to 9.3%
of net sales, compared to $8.8 million, or 5.7% of net sales,
during the prior year quarter.
Adjusted operating income increased 40% to $18.0 million,
to 10.3% of net sales, compared to $12.9 million, or 8.3% of net
sales, during the same period last year.
Net income increased 291% to $8.5 million, or 4.9% of net
sales, compared to $2.2 million, or 1.4% of net sales, in the prior
year quarter; Net income per diluted share increased 284% to
$0.10, compared to $0.03 per diluted share in the prior year
quarter.
Adjusted net income increased 88% to $9.9 million, or
5.7% of net sales, compared to $5.3 million, or 3.4% of net sales,
in the prior year quarter; Adjusted net income per diluted
share increased 84% to $0.11, compared to $0.06 per diluted
share in the prior year quarter.
Adjusted EBITDA increased 22% to $23.8 million, or 13.7%
of net sales, from $19.5 million, or 12.5% of net sales, during the
same period last year.
Balance Sheet and Cash Flow
Highlights
Inventory increased 23% to $202.4 million, compared to
$164.3 million at the end of the first quarter of 2019. Inventory
levels are primarily non-seasonal in nature and include the buildup
of inventory to support new product introductions.
Total debt, excluding finance leases and unamortized
deferred financing fees, was $346.3 million, compared to $321.8
million at the end of the first quarter of 2019. During the first
quarter of 2020, YETI made $3.8 million in mandatory debt payments
and as a precautionary measure drew down $50.0 million from its
revolving credit facility. Our ratio of net debt (as defined below)
to adjusted EBITDA for the trailing twelve months was 1.3 times at
the end of the first quarter of 2020 compared to 2.0 times at the
end of the same period last year.
Cash flow provided by operating activities was $3.8
million and capital expenditures were $1.8 million for the three
months ended March 28, 2020.
Ratio of Net Debt to Adjusted EBITDA
Net debt as of March 28, 2020, which is total debt, excluding
finance leases and unamortized deferred financing fees, of $346.3
million less cash of $118.2 million, divided by adjusted EBITDA for
the trailing twelve months was 1.3 times. Adjusted EBITDA for the
trailing twelve months ending March 28, 2020 was $175.9 million and
is calculated using the full year 2019 adjusted EBITDA of $171.6
million, less adjusted EBITDA for the first three months of 2019 of
$19.5 million, plus adjusted EBITDA for the first three months of
2020 of $23.8 million.
Net debt as of March 30, 2019, which is total debt, excluding
unamortized deferred financing fees, of $321.8 million less cash of
$19.0 million, divided by adjusted EBITDA for the trailing twelve
months was 2.0 times. Adjusted EBITDA for the trailing twelve
months ending March 30, 2019 was $155.1 million and is calculated
using the full year 2018 adjusted EBITDA of $149.0 million, less
adjusted EBITDA for the first three months of 2018 of $13.4
million, plus adjusted EBITDA for the first three months of 2019 of
$19.5 million.
Adoption of New Lease Accounting Standard
As previously disclosed, YETI became a large accelerated filer
at the end of Fiscal 2019 and as such adopted the new lease
standard, Accounting Standards Codification Topic 842 (“ASC 842”),
on a modified retrospective basis, effective on the first day of
Fiscal 2019. As a result YETI recast certain amounts on its
previously reported financial statements for the period ended March
30, 2019 to reflect the recognition of operating lease right-of-use
assets and operating lease liabilities and other reclassifications.
The adoption of ASC 842 had no impact to previously reported
results of operations for any interim period.
Conference Call Details
A conference call to discuss the first quarter of Fiscal 2020
financial results is scheduled for today, May 7, 2020, at 8:00 a.m.
Eastern Time. Investors and analysts interested in participating in
the call are invited to dial 877-451-6152 (international callers
please dial 201-389-0879) approximately 10 minutes prior to the
start of the call. A live audio webcast of the conference call will
be available online at http://investors.yeti.com and by dialing
844-512-2921 and entering the access code 13701744. A replay will
be available through May 21, 2020.
About YETI Holdings, Inc.
Headquartered in Austin, Texas, YETI is a global designer,
retailer, and distributor of innovative outdoor products. From
coolers and drinkware to backpacks and bags, YETI products are
built to meet the unique and varying needs of diverse outdoor
pursuits, whether in the remote wilderness, at the beach, or
anywhere life takes our customers. By consistently delivering
high-performing, exceptional products, we have built a strong
following of brand loyalists throughout the world, ranging from
serious outdoor enthusiasts to individuals who simply value
products of uncompromising quality and design. We have an
unwavering commitment to outdoor and recreation communities, and we
are relentless in our pursuit of building superior products for
people to confidently enjoy life outdoors and beyond. For more
information, please visit www.YETI.com.
Non-GAAP Financial Measures
This press release includes financial measures that are not
defined by GAAP, including adjusted operating income, adjusted net
income, adjusted net income per diluted share, and adjusted EBITDA.
We define adjusted operating income and adjusted net income as
operating income and net income, respectively, adjusted for
non-cash stock-based compensation expense, asset impairment
charges, and, in the case of adjusted net income, also adjusted for
the loss on modification and extinguishment of debt, including
accelerated amortization of deferred financing fees resulting from
early prepayments of debt, and the tax impact of all adjustments.
Adjusted net income per share is calculated using adjusted net
income, as defined above, and diluted weighted average shares
outstanding. We define adjusted EBITDA as net income before
interest expense, net, provision for income taxes and depreciation
and amortization, adjusted for the impact of certain other items,
including: non-cash stock-based compensation expense; asset
impairment charges; loss on modification and extinguishment of
debt, including accelerated amortization of deferred financing fees
resulting from the early prepayment of debt.
Adjusted operating income, adjusted net income, adjusted net
income per diluted share, and adjusted EBITDA are not defined by
GAAP and may not be comparable to similarly titled measures
reported by other entities. We use these non-GAAP measures, along
with GAAP measures, as a measure of profitability. These measures
help us compare our performance to other companies by removing the
impact of the effect of operating in different tax jurisdictions;
the impact of our asset base, which can vary depending on the book
value of assets and methods used to compute depreciation and
amortization; the effect of non-cash stock-based compensation
expense, which can vary based on plan design, share price, share
price volatility, and the expected lives of equity instruments
granted; as well as certain expenses related to what we believe are
events of a non-recurring nature. We also disclose adjusted
operating income, adjusted net income, and adjusted EBITDA as a
percentage of net sales to provide a measure of relative
profitability.
We believe that these non-GAAP measures, when reviewed in
conjunction with GAAP financial measures, and not in isolation or
as substitutes for analysis of our results of operations under
GAAP, are useful to investors as they are widely used measures of
performance and the adjustments we make to these non-GAAP measures
provide investors further insight into our profitability and
additional perspectives in comparing our performance to other
companies and in comparing our performance over time on a
consistent basis. Adjusted operating income, adjusted net income,
and adjusted EBITDA have limitations as profitability measures in
that they do not include the interest expense on our debts, our
provisions for income taxes, and the effect of our expenditures for
capital assets and certain intangible assets. In addition, all of
these non-GAAP measures have limitations as profitability measures
in that they do not include the effect of non-cash stock-based
compensation expense, the effect of asset impairments, and loss on
modification and extinguishment of debt. Because of these
limitations, we rely primarily on our GAAP results.
In the future, we may incur expenses similar to those for which
adjustments are made in calculating adjusted operating income,
adjusted net income, and adjusted EBITDA. Our presentation of these
non-GAAP measures should not be construed as a basis to infer that
our future results will be unaffected by extraordinary, unusual or
non-recurring items.
Revised Non-GAAP Financial Measures Beginning in Fiscal
2020
As previously disclosed, following YETI’s initial full year as a
public company and beginning with the first quarter of Fiscal 2020,
YETI revised its definitions of certain non-GAAP financial measures
by eliminating various adjustments. These revisions are intended to
align with how management will evaluate the performance of the
business going forward. Specifically, YETI will no longer include
adjustments for investments in new retail locations and
international market expansion, transition to the ongoing senior
management team, and transition to a public company.
YETI has recast its historical 2019 non-GAAP financial measures
to conform to the revised definitions on its investor relations
website at http://investors.yeti.com.
Forward-looking statements
This press release contains ‘‘forward-looking statements’’
within the meaning of the Private Securities Litigation Reform Act
of 1995. All statements other than statements of historical or
current fact included in this press release are forward-looking
statements. Forward-looking statements include statements
containing words such as “anticipate,” “assume,” “believe,” “can
have,” “contemplate,” “continue,” “could,” “design,” “due,”
“estimate,” “expect,” “forecast,” “goal,” “intend,” “likely,”
“may,” “might,” “objective,” “plan,” “predict,” “project,”
“potential,” “seek,” “should,” “target,” “will,” “would,” and other
words and terms of similar meaning in connection with any
discussion of the timing or nature of future operational
performance or other events. For example, statements relating to
the current and future impacts of the COVID-19 pandemic on our
business and all statements relating to our expectations for
opportunity or growth, including those set forth in the quote from
YETI’s President and CEO, provided herein, constitute
forward-looking statements. All forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially from those that are expected and, therefore, you
should not unduly rely on such statements. The risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by these forward-looking statements
include but are not limited to: (i) uncertainty regarding global
economic conditions, particularly the uncertainty related to the
duration and impact of the rapidly evolving COVID-19 pandemic; (ii)
our ability to maintain and strengthen our brand and generate and
maintain ongoing demand for our products; (iii) our ability to
successfully design, develop and market new products; (iv) our
ability to effectively manage our growth; (v) our ability to expand
into additional consumer markets, and our success in doing so; (vi)
the success of our international expansion plans; (vii) our ability
to compete effectively in the outdoor and recreation market and
protect our brand; (viii) the level of customer spending for our
products, which is sensitive to general economic conditions and
other factors; (ix) problems with, or loss of, our third-party
contract manufacturers and suppliers, or an inability to obtain raw
materials; (x) fluctuations in the cost and availability of raw
materials, equipment, labor, and transportation and subsequent
manufacturing delays or increased costs; (xi) our ability to
accurately forecast demand for our products and our results of
operations; (xii) our relationships with our national, regional,
and independent retail partners, who account for a significant
portion of our sales; (xiii) the impact of natural disasters and
failures of our information technology on our operations and the
operations of our manufacturing partners; (xiv) our ability to
attract and retain skilled personnel and senior management, and to
maintain the continued efforts of our management and key employees;
and (xv) the impact of our indebtedness on our ability to invest in
the ongoing needs of our business. You should read our filings with
the United States Securities and Exchange Commission (the “SEC”),
including our Annual Report on Form 10-K for the year ended
December 28, 2019, for a more extensive list of factors, that may
be amended, supplemented or superseded from time to time by other
reports YETI files with the SEC, that could affect results. These
forward-looking statements are made based upon detailed assumptions
and reflect management’s current expectations and beliefs. While
YETI believes that these assumptions underlying the forward-looking
statements are reasonable, YETI cautions that it is very difficult
to predict the impact of known factors, and it is impossible for
YETI to anticipate all factors that could affect actual
results.
The forward-looking statements included here are made only as of
the date hereof. YETI undertakes no obligation to publicly update
or revise any forward-looking statement as a result of new
information, future events, or otherwise, except as required by
law. Many of the foregoing risks and uncertainties may be
exacerbated by the COVID-19 pandemic and any worsening of the
global business and economic environment as a result.
YETI HOLDINGS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per
share amounts)
Three Months Ended
March 28, 2020
March 30, 2019
Net sales
$
174,412
$
155,353
Cost of goods sold
81,954
78,726
Gross profit
92,458
76,627
Selling, general, and administrative
expenses
76,296
67,843
Operating income
16,162
8,784
Interest expense
(3,110)
(6,067)
Other (expense) income
(1,838)
63
Income before income taxes
11,214
2,780
Income tax expense
(2,734)
(613)
Net income
$
8,480
$
2,167
Net income per share
Basic
$
0.10
$
0.03
Diluted
$
0.10
$
0.03
Weighted-average common shares
outstanding
Basic
86,830
84,196
Diluted
87,461
85,857
YETI HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands, except per
share amounts)
March 28, 2020
December 28,
2019
March 30, 2019(1)
ASSETS
Current assets
Cash
118,219
$
72,515
$
19,008
Accounts receivable, net
60,218
82,688
62,998
Inventory
202,353
185,700
164,299
Prepaid expenses and other current
assets
19,855
19,644
20,814
Total current assets
400,645
360,547
267,119
Property and equipment, net
80,037
82,610
78,221
Operating lease right-of-use assets
36,272
37,768
33,668
Goodwill
54,293
54,293
54,293
Intangible assets, net
91,382
90,850
90,036
Deferred income taxes
1,070
1,082
5,740
Deferred charges and other assets
3,070
2,389
1,122
Total assets
666,769
$
629,539
$
530,199
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities
Accounts payable
74,369
$
83,823
$
78,225
Accrued expenses and other current
liabilities
45,775
42,088
43,749
Taxes payable
1,312
3,329
278
Accrued payroll and related costs
4,191
18,119
5,778
Operating lease liabilities
7,867
7,768
5,350
Current maturities of long-term debt
17,063
15,185
43,638
Total current liabilities
150,577
170,312
177,018
Long-term debt, net of current portion
326,282
281,715
273,825
Operating lease liabilities,
non-current
40,372
42,200
40,638
Other liabilities
17,891
13,307
3,247
Total liabilities
535,122
507,534
494,728
Commitments and contingencies
Stockholders’ Equity
Common stock, par value $0.01; 600,000
shares authorized; 86,895, 86,774, and 84,196 shares outstanding at
March 28, 2020, December 28, 2019, and March 30, 2019,
respectively
869
868
842
Preferred stock, par value $0.01; 30,000
shares authorized; no shares issued or outstanding
—
—
—
Additional paid-in capital
311,993
310,678
272,332
Accumulated deficit
(181,065)
(189,545)
(237,596)
Accumulated other comprehensive (loss)
income
(150)
4
(107)
Total stockholders’ equity
131,647
122,005
35,471
Total liabilities and stockholders’
equity
666,769
$
629,539
$
530,199
(1) We adopted the new lease standard, ASC
842, on a modified retrospective basis, effective on the first day
of Fiscal 2019. In accordance with the standard, we recast certain
amounts on our unaudited condensed consolidated balance sheet to
reflect the recognition of operating lease right-of-use assets and
operating lease liabilities and other reclassifications.
YETI HOLDINGS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands, except per
share amounts)
Three Months Ended
March 28, 2020
March 30, 2019(1)
Cash Flows from Operating
Activities:
Net income
$
8,480
$
2,167
Adjustments to reconcile net income to
cash provided by (used in) operating activities:
Depreciation and amortization
7,662
6,539
Amortization of deferred financing
fees
240
574
Stock-based compensation
1,855
4,005
Deferred income taxes
4,541
1,875
Other
1,794
—
Impairment of long-lived assets
—
94
Changes in operating assets and
liabilities:
Accounts receivable, net
21,525
(3,178)
Inventory
(17,875)
(19,211)
Other current assets
(242)
(7,812)
Accounts payable and accrued expenses
(21,285)
1,696
Taxes payable
(1,977)
(6,132)
Other
(912)
(10,659)
Net cash provided by (used in) operating
activities
3,806
(30,042)
Cash Flows from Investing
Activities:
Purchases of property and equipment
(1,785)
(8,380)
Additions of intangibles, net
(2,006)
(11,436)
Net cash used in investing activities
(3,791)
(19,816)
Cash Flows from Financing
Activities:
Changes in revolving line of credit
50,000
—
Repayments of long-term debt
(3,750)
(11,125)
Proceeds from employee stock
transactions
165
—
Taxes paid in connection with employee
stock transactions
(704)
—
Finance lease principal payment
(45)
—
Net cash provided by (used in) financing
activities
45,666
(11,125)
Effect of exchange rate changes on
cash
23
(60)
Net increase (decrease) in cash
45,704
(61,043)
Cash, beginning of period
72,515
80,051
Cash, end of period
$
118,219
$
19,008
(1) We adopted the new lease standard, ASC
842, on a modified retrospective basis, effective on the first day
of Fiscal 2019. In accordance with the standard, we recast certain
amounts on our unaudited condensed consolidated statement of cash
flows to reflect the recognition of operating lease right-of-use
assets and operating lease liabilities and other reclassifications
our unaudited condensed consolidated balance sheet.
YETI HOLDINGS, INC.
SELECTED FINANCIAL
DATA
Reconciliation of GAAP to
Non-GAAP Financial Information
(Unaudited) (In thousands
except per share amounts)
Three Months Ended
March 28, 2020
March 30, 2019
Operating income
$
16,162
$
8,784
Adjustments:
Non-cash stock-based compensation
expense(1)
1,855
4,005
Long-lived asset impairment(1)
—
94
Adjusted operating income
$
18,017
$
12,883
Net income
$
8,480
$
2,167
Adjustments:
Non-cash stock-based compensation
expense(1)
1,855
4,005
Long-lived asset impairment(1)
—
94
Tax impact of adjusting items(2)
(455)
(1,004)
Adjusted net income
$
9,880
$
5,262
Net income
$
8,480
$
2,167
Adjustments:
Interest expense
3,110
6,067
Income tax expense
2,734
613
Depreciation and amortization
expense(3)
7,662
6,539
Non-cash stock-based compensation
expense(1)
1,855
4,005
Long-lived asset impairment(1)
—
94
Adjusted EBITDA
$
23,841
$
19,485
Net sales
$
174,412
$
155,353
Operating income as a % of net sales
9.3
%
5.7
%
Adjusted operating income as a % of net
sales
10.3
%
8.3
%
Net income as a % of net sales
4.9
%
1.4
%
Adjusted net income as a % of net
sales
5.7
%
3.4
%
Adjusted EBITDA as a % of net sales
13.7
%
12.5
%
Net income per diluted share
$
0.10
$
0.03
Adjusted net income per diluted share
$
0.11
$
0.06
Weighted average common shares outstanding
- diluted
87,461
85,857
_________________________
(1)
These costs are reported in SG&A expenses.
(2)
Represents the tax impact of adjustments calculated at an
expected statutory tax rate of 24.5% and 24.5% for the three months
ended March 28, 2020 and March 30, 2019, respectively.
(3)
Depreciation and amortization expenses are reported in SG&A
expenses and cost of goods sold.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200507005266/en/
Investor Relations Contact: Tom Shaw, 512-271-6332
Investor.relations@yeti.com
Media Contact: YETI Holdings, Inc. Media Hotline
Media@yeti.com
YETI (NYSE:YETI)
Historical Stock Chart
From Apr 2024 to May 2024
YETI (NYSE:YETI)
Historical Stock Chart
From May 2023 to May 2024