YETI

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________
FORM 10-K
________________________________________________
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 28, 2024 
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from           to           
Commission file number 001-38713
________________________________________________
YETI Holdings, Inc.
(Exact name of registrant as specified in its charter)
________________________________________________
Delaware
 
45-5297111
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
7601 Southwest Parkway
Austin, Texas 78735
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (512) 394-9384
Securities registered pursuant to Section 12(b) of the Act:
Title of Class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
YETI
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  ý  No  ¨
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act Yes ¨  No  ý
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the 
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 
90 days. Yes  ý  No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T 
(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý  No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging 
growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the 
Exchange Act.
Large accelerated filer
ý
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised 
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over 
financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. 
☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the 
correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the 
registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐ No  ý
As of June 28, 2024, the last business day of our mostly recently completed second fiscal quarter, the aggregate market value of our common stock held by non-
affiliates was $2,304,198,846. 
As of February 18, 2025, there were 82,389,459 shares of common stock outstanding. 
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Proxy Statement for the registrant’s 2025 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission no later than 120 
days after December 28, 2024, are incorporated by reference in Part III herein.

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YETI HOLDINGS, INC. 
Table of Contents
 
 
Page
Forward-Looking Statements
1
Risk Factors Summary
2
PART I 
 
 
Item 1.
Business
5
Item 1A.
Risk Factors
11
Item 1B.
Unresolved Staff Comments
32
Item 1C.
Cybersecurity
32
Item 2.
Properties
34
Item 3. 
Legal Proceedings
34
Item 4.
Mine Safety Disclosures
34
 
 
 
PART II 
 
 
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity 
Securities
34
Item 6.
Reserved
35
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
36
Item 7A.
Quantitative and Qualitative Disclosures about Market Risk
46
Item 8.
Financial Statements and Supplementary Data
47
Item 9. 
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
78
Item 9A. 
Controls and Procedures
78
Item 9B.
Other Information
79
Item 9C.
Disclosure regarding Foreign Jurisdictions that Prevent Inspection
79
 
 
 
PART III  
 
Item 10.
Directors, Executive Officers and Corporate Governance
80
Item 11. 
Executive Compensation
80
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
80
Item 13.
Certain Relationships and Related Transactions, and Director Independence
80
Item 14.
Principal Accounting Fees and Services
80
 
 
 
PART IV 
 
 
Item 15.
Exhibits, Financial Statement Schedules
80
Item 16. 
Form 10-K Summary
83
Signatures
84

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Forward-Looking Statements
This Annual Report on Form 10-K (this “Report”) 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 Report 
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, all statements made regarding future expectations relating to our share repurchase 
program, expected market or macroeconomic conditions, estimated and projected costs, expenditures, and growth rates, plans and 
objectives for future operations, growth, or initiatives, or strategies are 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 the risks and 
uncertainties listed below under “Risk Factors Summary” and further described under the heading “Risk Factors” in Part I, Item 
1A of this Report, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file 
with the United States Securities and Exchange Commission.
These forward-looking statements are made based upon detailed assumptions and reflect management’s current expectations 
and beliefs. While we believe that these assumptions underlying the forward-looking statements are reasonable, we caution that it 
is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect actual 
results.
The forward-looking statements included herein are made only as of the date hereof. We undertake 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.
1

Risk Factors Summary
Investing in our securities involves a high degree of risk, and you should consider all information contained in this Report 
before investing in our securities. Below is a summary of the principal factors that make an investment in our securities 
speculative or risky, all of which are further described in the “Risk Factors” section in Part I, Item 1A of this Report. This 
summary should be read in conjunction with the “Risk Factors” section and should not be relied upon as an exhaustive summary 
of the material risks facing our business.
Risks Related to Our Business, Operations and Industry
•
If we fail to attract new customers and maintain our brand image, we may be unable to maintain demand for our 
products, which could harm our results of operations.
•
If we are unable to successfully design, develop and market new products, our business may be harmed.
•
Our business could be harmed if we are unable to accurately forecast our results of operations or our growth rate and 
demand for our products.
•
We may not be able to effectively manage our growth.
•
We may not be successful in expanding into additional markets.
•
If we fail to compete effectively, we could lose our market position.
•
Our future success depends on the continuing efforts of our management and key employees and on our ability to attract 
and retain highly skilled personnel and senior management.
•
Unauthorized use or invalidation of our intellectual property or proprietary rights could damage our brand and harm our 
results of operations.
•
We may be subject to liability if we infringe upon the intellectual property rights of third parties.
•
Problems with, or loss of, our suppliers or an inability to obtain raw materials could harm our business and results of 
operations.
•
If we fail to timely and effectively obtain shipments of products from our manufacturers and deliver products to our retail 
partners and customers, our business and results of operations could be harmed.
•
Our business is subject to the risk of manufacturer concentrations.
•
Our business could be harmed if we fail to execute our internal plans to transition our supply chain and certain other 
business processes to a global scale.
•
If we cannot maintain prices or effectively implement price increases, our margins may decrease.
•
Fluctuations in the cost and availability of raw materials, equipment, labor, and transportation could cause manufacturing 
delays or increase our costs.
•
Many of our products are manufactured by third parties outside of the United States, and our business may be harmed by 
legal, regulatory, economic, political and public health risks associated with international trade and those markets.
•
As current tariffs are implemented, or if additional or increased tariffs or other restrictions are placed on foreign imports 
or any related counter-measures are taken by other countries, our business and results of operations could be harmed.
•
Our aspirations, disclosures, and actions related to environmental, social and governance (“ESG”) matters expose us to 
risks that could adversely affect our reputation and performance.
•
Climate change, and related legislative and regulatory responses to climate change, may adversely impact our business.
•
A significant portion of our sales are to national, regional, and independent retail partners, and if they cease to promote 
or carry our current products, choose not to promote or carry new products that we develop, or we need to raise our 
discounts to such retail partners, our brand as well as our results of operations and financial condition could be harmed.
•
If our plans to increase sales through our direct-to-consumer (“DTC”) e-commerce channel are not successful, our 
business and results of operations could be harmed.
•
If we do not successfully implement our retail store expansion plans, our growth and profitability could be harmed.
•
Insolvency, credit problems or other financial difficulties that could confront our retail partners could expose us to 
financial risk.
•
If our independent suppliers and manufacturing partners do not comply with ethical business practices or with applicable 
laws and regulations, our reputation, business, and results of operations could be harmed.
•
We are subject to payment-related risks that may result in higher operating costs or the inability to process payments, 
either of which could harm our business, financial condition and results of operations.
•
Our limited operating experience and limited brand recognition in new markets may make it more difficult to execute our 
international expansion plan and cause our business and growth to suffer.
•
Our financial results could be harmed by currency exchange rate fluctuations.
•
We may become involved in legal or regulatory proceedings and audits.
•
We may be subject to product recalls, warranty liability, product liability, and other claims against us, which could 
adversely affect our reputation, earnings, and financial condition.
•
Our business is subject to the risk of catastrophic events and to interruption by problems such as terrorism, public health 
crises, cybersecurity incidents or other cybersecurity threats, or events affecting our information technology systems. 
2

•
Our results of operations are subject to seasonal and quarterly variations, which could cause the price of our common 
stock to decline.
•
We are subject to many hazards and operational risks that can disrupt our business, some of which may not be insured or 
fully covered by insurance.
Risks Related to Market and Global Economic Conditions
•
Adverse economic conditions, such as a downturn in the economy or inflationary conditions resulting in rising prices, 
could adversely affect consumer purchases of discretionary items, which could materially harm our sales, profitability, 
and financial condition.
•
Public health crises could negatively impact our business, sales, financial condition, results of operations and cash flows.
Risks Related to Information Technology and Security
•
We rely significantly on information technology, and any compromise or interruption of that technology resulting from 
cybersecurity incidents, data security breaches, design defects or system failures could have a material negative impact 
on our business.
•
The integration and use of AI in our business presents risks and challenges that could adversely affect our business, 
reputation, and results of operations.
Risks Related to our Financial Condition, Accounting and Tax Matters
•
We depend on cash generated from our operations to support our growth, and we may need to raise additional capital, 
which may not be available on terms acceptable to us or at all.
•
Our indebtedness may limit our ability to invest in the ongoing needs of our business and if we are unable to comply 
with the covenants in our current Credit Facility, our liquidity and results of operations could be harmed.
•
If our goodwill, other intangible assets, or fixed assets become impaired, we may be required to record a charge to our 
earnings.
•
If our estimates or judgments relating to our critical accounting policies prove to be incorrect or change significantly, our 
results of operations could be harmed.
•
Changes in tax laws or unanticipated tax liabilities could adversely affect our effective income tax rate and profitability.
•
Our results of operations could be harmed if a material number of our retail partners were not able to meet their payment 
obligations.
Risks Related to Ownership of Our Common Stock
•
Any future failure to maintain effective internal control over financial reporting could harm us.
•
We cannot guarantee that our share repurchase program will be fully consummated or that it will enhance long-term 
stockholder value, and share repurchases could increase the volatility of the price of our common stock.
•
Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of the Company 
more difficult, limit attempts by our stockholders to replace or remove our current management, and limit the market 
price of our common stock.
•
Provisions in our Certificate of Incorporation requiring an exclusive forum for the resolution of specified disputes 
between us and our stockholders could limit our stockholders’ ability to obtain a favorable judicial forum for disputes 
with us or our directors, officers, or employees.
•
YETI Holdings, Inc. is a holding company with no operations of its own and, as such, it depends on its subsidiaries for 
cash to fund its operations and expenses, including future dividend payments, if any.
Risks Related to Acquisitions, Strategic Transactions, and Stockholder Activism
•
Acquisitions or investments in other companies could divert our management’s attention, result in dilution to our 
stockholders, and otherwise disrupt our operations and harm our results of operations.
•
We may be the target of strategic transactions, which could divert our management’s attention and otherwise disrupt our 
operations and adversely affect our business.
•
We may be the target of stockholder activism, an unsolicited takeover proposal, a proxy contest, or short sellers, which 
could negatively impact our business.
3

WEBSITE REFERENCES
In this Annual Report on Form 10-K, we make references to our website at YETI.com. References to our website throughout this 
Form 10-K are provided for convenience only and the content on our website does not constitute a part of, and shall not be 
deemed incorporated by reference into, this Annual Report on Form 10-K.
TRADEMARKS AND SERVICE MARKS
Solely for convenience, certain trademark and service marks referred to in this Annual Report on Form 10-K appear without 
the ® or ™ symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent 
under applicable law, our rights to these trademarks and service marks. This Annual Report on Form 10-K may also contain 
additional trademarks or service marks of other companies, which are the property of their respective owners.
4

PART I
Item 1. Business 
Overview
Headquartered in Austin, Texas, YETI 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. 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.
We were founded in 2006 by avid outdoorsmen, Roy and Ryan Seiders, who were frustrated with equipment that could not 
keep pace with their interests in hunting and fishing. By utilizing forward-thinking designs and advanced manufacturing 
techniques, they developed a nearly indestructible hard cooler with superior ice retention. Our original hard cooler not only 
delivered exceptional performance, it anchored an authentic, passionate, and durable bond among customers and our company.
Our principal corporate offices are located in Austin, Texas. Unless the context requires otherwise, references to “YETI,” the 
“Company,” “we,” “us,” and “our” used herein refer to YETI Holdings, Inc. and its consolidated subsidiaries.
We have a 52- or 53-week period 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 period when the fourth quarter will be 14 weeks. Our fiscal years 
ended December 28, 2024 (“2024”), December 30, 2023 (“2023”) and December 31, 2022 (“2022”) spanned 52 weeks each. Our 
fiscal year ending January 3, 2026 (“2025”) will span 53 weeks. Unless otherwise stated, references to particular years, quarters, 
months and periods refer to our fiscal years ended in December and the associated quarters, months, and periods of those fiscal 
years. 
Our Products
Our product portfolio is comprised of three categories: Coolers & Equipment; Drinkware; and Other. We have a history of 
consistently broadening our high-performance, premium-priced product portfolio to meet our expanding customer base and their 
evolving pursuits. Our culture of innovation and success in identifying customer needs and wants drives our robust product 
roadmap. In 2024, net sales of Coolers & Equipment, Drinkware, and Other represented 38%, 60%, and 2% of net sales, 
respectively. Refer to Note 3 of the Notes to Consolidated Financial Statements for net sales by product category.
Coolers & Equipment 
Our Coolers & Equipment family is comprised of hard coolers, soft coolers, cargo, bags, outdoor living, and associated 
accessories. 
Hard Coolers. Our hard coolers are built with seamless rotomolded construction or injection molding construction, making 
them nearly indestructible. For superior ice retention, we pressure-inject up to two inches of commercial-grade polyurethane foam 
into the walls and lid and utilize a freezer-quality gasket to seal the lid. In 2024, we expanded our hard cooler offerings with two 
new sizes within our Roadie cooler family. Our hard cooler category includes YETI Tundra, YETI Roadie, YETI V Series hard 
coolers, YETI TANK ice bucket, and YETI Silo 6G water cooler. Related accessories include locks, dry baskets, beverage 
holders, and dividers.
Soft Coolers. The Hopper is our line of soft coolers, which are designed to be leakproof and provide superior durability and 
ice retention compared to ordinary soft coolers. The Hopper soft cooler product line includes: Hopper M15 Soft Cooler, Hopper 
M12 Soft Backpack Cooler, Hopper M30 Soft Cooler, Hopper M20 Backpack Cooler, Hopper Flip Soft Cooler, Daytrip Lunch 
Bag, and Daytrip Lunch Box. Related accessories include the Rambler Bottle Sling, MOLLE Zinger retractable lanyard, and a 
mountable MOLLE Bottle Opener. 
In March 2023, we announced separate, voluntary recalls of our Hopper M30 Soft Cooler, Hopper M20 Soft Backpack 
Cooler, and SideKick Dry gear case (the “affected products”) in collaboration with the U.S. Consumer Product Safety 
Commission (“CPSC”). In the fourth quarter of 2023, we introduced the redesigned and improved versions of the affected 
products, and also launched two new sizes with the Hopper M15 Soft Cooler and the Hopper M12 Soft Backpack Cooler. For 
additional information on the financial impact of the voluntary recalls, see Part II, Item 7, “Item 7. Management’s Discussion and 
Analysis of Financial Condition and Results of Operations” of this Report.
5

Cargo, Bags, and Outdoor Living. Our cargo, bags, and outdoor living product category includes: LoadOut Bucket, LoadOut 
Swivel Seat, LoadOut GoBox, the Panga submersible duffel bag, Panga Backpack, Crossroads Collection of backpacks, duffel 
bags, luggage, and packing cubes, Camino Carryall, Hondo Base Camp Chair, Trailhead Camp Chair, Lowlands Blanket, 
Trailhead Dog Bed, Boomer Dog Bowls, and SideKick Dry gear case, as well Mystery Ranch branded products (discussed 
below).
During the first quarter of 2024, we acquired Mystery Ranch, LLC (“Mystery Ranch”), a designer and manufacturer of 
durable load-bearing backpacks, bags, and pack accessories. We integrated Mystery Ranch operations and products into our 
business to further expand our capabilities in the bags category. During the fourth quarter of 2024, launched a limited release of 
the first Mystery Ranch-inspired  Bozeman pack.
Drinkware
 
Most of our Drinkware products are made with durable, kitchen-grade, 18/8 stainless-steel, double-wall vacuum insulation, 
and our innovative No Sweat design. The result is high-performing drinkware products that keep beverages at their preferred 
temperature—whether hot or cold—for hours at a time without condensation. During 2024, we expanded our Drinkware category 
with the launch of the Rambler French Press, Rambler Pitcher, Rambler Pour Over, Flask and Shot Glasses, as well as the launch 
of our Food Storage containers. We also launched our Cookware category with our new Cast Iron Skillet. Our Drinkware product 
line also includes the Rambler Beverage Bucket, Rambler Wine Chiller, Rambler Cocktail Shaker, Rambler Colsters, Rambler 
Lowball, Rambler Wine Tumbler, Rambler Stackable Pints, Rambler Mugs, Rambler Tumblers, Rambler Straw Mugs and Cups, 
Rambler Bottles, Rambler Jugs, and Yonder Water Bottles. Related accessories include the Rambler Bottle Straw Cap, Rambler 
Bottle Chug Cap, Rambler Magslider Lid, Rambler Straw Lid, Rambler Magslider color pack, Rambler Tumbler Handles, 
Rambler Jug Mount, and Ice Scoop.
Other
Our Other category offers an array of apparel and gear, such as hats, shirts, bottle openers, and ice substitutes.
Segment Information
We operate as one reportable operating segment.
Sales Channels
We offer our products in the United States, Canada, Australia, New Zealand, Europe, and Japan through a diverse omni-
channel strategy, comprised of our wholesale and our direct-to-consumer (“DTC”) channels. In 2024 and 2023, our DTC channel 
accounted for 59% and 60% of our net sales, respectively, and our wholesale channel accounted for 41% and 40% of our net 
sales, respectively. As part of our commitment to premium positioning, we maintain supply discipline, enforce our minimum 
advertised price (“MAP”) policy, and primarily sell through one-step distribution.
In our wholesale channel, we sell to several large retailers with a national presence, including Dick’s Sporting Goods, REI, 
Academy Sports + Outdoors, Bass Pro Shops, Ace Hardware, Scheels, and Tractor Supply Company, and an assemblage of 
independent retail partners throughout the United States, Canada, Australia, New Zealand, Europe, and Japan, among others. We 
carefully evaluate and select retail partners that have an image and approach that are consistent with our premium brand and 
pricing, while also seeking new retail partners that create access to unique shopping experiences or customer bases. Our network 
of independent retail partners includes outdoor specialty, hardware, sporting goods, and farm and ranch supply stores, among 
others. As of December 28, 2024, we sold through a diverse base of approximately 4,700 retail partners worldwide. No single 
customer accounted for 10% or more of our gross sales in 2024. 
We sell our products in our DTC channel to customers on our websites, through YETI Authorized on the Amazon 
Marketplace, as well as in our retail stores. Additionally, we offer customized products with licensed marks and original artwork 
primarily to our DTC channel, through our corporate sales program, on our websites, and at select retail stores. Our corporate 
sales program offers customized products to corporate customers for a wide-range of events and activities, and in certain instances 
may also offer products to re-sell. Additionally, we sell our full line of products at our retail stores. Our DTC channel enables us 
to directly interact with our customers, more effectively deliver our brand experience, better understand consumer behavior and 
preferences, and offer exclusive products, content, and customization capabilities. We believe our control over our DTC channel 
provides our customers the highest level of brand engagement and further builds customer loyalty, while generating attractive 
margins.
6

Our Market
Our premium products are designed for use in a wide variety of activities, from professional to recreational and outdoor to 
indoor, and can be used year round. As a result, the markets we serve are broad as well as deep, including, for example, outdoor, 
housewares, home and garden, outdoor living, industrial, and commercial. 
Our net sales in the United States accounted for approximately 81% of our net sales for 2024, while our international sales 
represented 19%. We continue to expand internationally and grow our presence in Canada, Australia, New Zealand, Asia, and 
Europe, among other countries and regions. We are expanding internationally by focusing on brand awareness, wholesale 
expansion, and our DTC channel. We believe there are meaningful growth opportunities in expanding into additional international 
markets, such as Asia, as many of the market dynamics and premium, performance-based consumer needs that we have 
successfully identified in the United States are also valued in these markets.
Product Design and Development
We design and develop our products to provide superior performance and functionality in a variety of environments. Our 
products are carefully designed and rigorously tested to maximize performance while minimizing complexity, allowing us to 
deliver highly functional products with simple, clean, and distinct designs.
We expand our existing product families and enter new product categories by designing solutions grounded in consumer 
insights and relevant product knowledge. We use high-quality materials, as well as advanced design and manufacturing processes, 
to create premium products that redefine consumer expectations and deliver best-in-class product performance. We continue to 
expand our product lines by introducing anchor products, followed by product expansions, such as additional sizes and colorways, 
and then offering corresponding accessories.
To ensure our continued success in bringing category-redefining products to market, our marketing and product development 
teams collaborate to identify consumer needs and wants to drive our robust product roadmap. We use our purpose-built, state-of-
the-art research and development centers to generate design prototypes and test performance. We follow a disciplined, stage-gate 
product development process that is designed to provide consistent quality control while optimizing speed-to-market. We 
collaborate with our YETI Ambassadors, a diverse group of people throughout the world, comprised of elite anglers, hunters, 
rodeo cowboys, barbecue pitmasters, surfers, brewmasters, fitness experts, skateboarders, and outdoor adventurers who embody 
our brand, and industry professionals to test our prototypes and provide feedback that is incorporated into final product designs. 
Once we approve the final design and specifications of a new product, we partner with global suppliers and specialized 
manufacturers to produce our products according to our exacting performance and quality standards.
Marketing
We employ a wide range of marketing tactics and outlets to cultivate our relationships with experts, serious enthusiasts, and 
everyday consumers. We use a combination of traditional, digital, social media, and grass-roots initiatives, as well as original 
short films and high-quality content on YETI websites.
Supply Chain and Quality Assurance 
We manage a global supply chain of highly qualified, third-party manufacturing and logistics partners to produce and 
distribute our products. The primary raw materials and components used by our manufacturing partners include polyethylene, 
polyurethane foam, stainless-steel, polyester fabric, zippers, magnets, and other plastic materials and coatings. We believe these 
materials are readily available from multiple vendors. We stipulate approved suppliers and control the specifications for key raw 
materials used in our products. We do not directly source significant amounts of these raw materials and components. 
We do not own or operate any manufacturing facilities. We match sourcing partnerships to deliver flexibility and scalability 
to support multiple product introductions and evolving channel strategies. Our global supply chain management team researches 
materials and equipment, qualifies raw material suppliers, vets potential manufacturing partners for advanced production and 
quality assurance processes, directs our production planning, approves and manages product purchasing plans, and oversees 
product transportation. Additionally, we work closely with our manufacturing partners regarding product quality and 
manufacturing process efficiency.
7

Many of our core products are manufactured in China, the Philippines, Vietnam, Taiwan, Poland, Mexico, Thailand, and 
Malaysia. In addition, we have other key third-party manufacturing partners in Mexico and Italy. We continue to mitigate the 
concentration risk in our supply chain by pursuing a higher diversification of manufacturing partners, with both sourcing and 
geographical advantages. See Note 1 of the Notes to Consolidated Financial Statements included herein for further discussion of 
concentration risk. We hold our manufacturers to rigorous quality and product conformance standards through frequent 
involvement and regular product inspecting. We own the molds and tooling used in the production of our products, create and 
provide the specifications for our products, and work closely with our manufacturing partners to improve production yields and 
efficiency. Our manufacturers do not have unique skills, technologies, processes, or intellectual property that prevent us from 
migrating to other manufacturing partners.
To ensure consistent product quality, we provide detailed specifications for our products and inspect finished goods both at 
our manufacturing partners as well as periodically upon delivery to our third-party logistics partners. As part of our quality 
assurance program, we have developed and implemented comprehensive product inspection and facility oversight processes that 
are performed by our employees and third-party service providers who work closely with our suppliers to assist them in meeting 
our quality standards, as well as improving their production yields and throughput.
Distribution and Inventory Management
We utilize global third-party logistics providers to warehouse and distribute finished products from our distribution facilities 
in Memphis, Tennessee, Salt Lake City, Utah, and Sumner, Washington to support our domestic operations, and in Australia, 
Canada, the United Kingdom, New Zealand, Vietnam, and the Netherlands to support our international operations. These logistics 
providers manage various distribution activities, including product receipt, warehousing, certain limited product inspection 
activities, and coordinating outbound shipping.
We manage our inventory levels by analyzing product sell-through, forecasting demand, and placing orders with our 
manufacturers before we receive firm orders from customers to ensure sufficient availability.
Competition 
We compete in the large outdoor and recreation market and may compete in other related markets. Competition in our 
markets is based on a number of factors including product quality, performance, durability, styling, and price, as well as brand 
image and recognition. We believe that we have been able to compete successfully on the basis of our brand, superior design 
capabilities and product development, our DTC capabilities, as well as the breadth of our national, regional, and independent 
retail partners.
In the Coolers & Equipment category, we compete against established, well-known, and legacy cooler brands, such as Igloo 
and Coleman, as well as numerous other brands and retailers that offer competing products. The popularity of YETI products and 
the YETI brand has attracted numerous new competitors including Pelican, OtterBox, and others, as well as private label brands. 
In the Drinkware category, we compete against well-known brands such as HydroFlask, Stanley, and Owala, as well as numerous 
other brands and retailers that offer competing products.
The outdoor and recreation market is highly fragmented and highly competitive, with low barriers to entry. Our current and 
potential competitors may be able to develop and market superior products or sell similar products at lower prices. These 
companies may have competitive advantages, including larger retailer bases, global product distribution, greater financial 
strength, superior relations with suppliers and manufacturing partners, or larger marketing budgets and brand recognition.
Seasonality
Historically, we have experienced our highest levels of net sales in the fourth quarter of the year, coinciding with the seasonal 
holiday shopping season. In 2024, our net sales in the first, second, third, and fourth quarters represented 19%, 25%, 26%, and 
30%, respectively, of our total net sales for the year. In 2023, our net sales in the first, second, third, and fourth quarters 
represented 18%, 24%, 26%, and 32%, respectively, of our total net sales for the year. 
8

Intellectual Property and Brand Protection
We own patents, trademarks, copyrights, and other intellectual property rights that support key aspects of our brand and 
products. We believe these intellectual property rights, combined with our innovation and distinctive product design, 
performance, brand name and reputation, provide us with a competitive advantage. 
We protect our intellectual property rights in the United States and certain international jurisdictions. All product designs, 
specifications, and performance characteristics are developed and documented. We then seek intellectual property protection, 
including applying for patents and registering trademarks and copyrights.
We aggressively pursue and defend our intellectual property rights to protect our distinctive brand, designs, and inventions. 
We have processes and procedures in place to identify, protect, and optimize our intellectual property assets on a global basis. For 
example, we have a proactive online marketplace monitoring and seller/listing termination program to disrupt online counterfeit 
offerings. Our experienced legal and brand protection teams initiate claims and litigation to protect our intellectual property 
assets. For example, we work to shut down websites selling counterfeit products through litigation. We intend to continue to seek 
intellectual property protection for our new products and enforce our rights against those who infringe on these valuable assets.
Human Capital Resources
At YETI, 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. We are proud of our unique company culture, 
where ideas, innovation, collaboration and personal development are essential. We believe our brand, culture, and employees are 
central to our success and our ability to attract, develop, motivate, and retain highly-skilled talent. We are committed to building 
an inclusive and diverse culture through a variety of initiatives on employee recruitment, employee training and development. We 
continue to support our voluntary, employee-led resource groups that foster a workplace aligned with our core values, goals, and 
business practices.
As of December 28, 2024, we employed approximately 1,340 people worldwide, representing ten countries. Of these, 
approximately 88% of our workforce was located in the United States. None of our employees are currently covered by a 
collective bargaining agreement. We have no labor-related work stoppages and believe our relations with our employees are 
positive and stable.
Compensation and Benefits. We strive to hire, develop and retain top talent. We attract and reward our employees by 
providing market-competitive compensation, healthcare, retirement benefits, paid time off, bonding leave, as well as mental 
health, wellness, and financial planning programs. 
Communication and Engagement. We actively communicate and listen to employees through multiple internal channels and 
encourage employees to provide feedback about their experiences through ongoing employee engagement activities, including 
employee satisfaction surveys. We strive to address feedback in real time and provide an environment where our employees can 
have fulfilling careers and be more productive, creative, happy, and healthy. 
Learning and Development. Consistent with our focus on employee growth and development, we offer employees the 
opportunity to participate in educational activities and trainings. Additionally, we employ a variety of programs to recognize 
leadership and other employees who best exemplify our core values. 
For more detailed information regarding our programs and initiatives related to human capital management, please see the 
“People” section of our 2024 Environmental, Social, and Governance Report (“ESG Report”), located on our website at 
www.yeti.com/en_US/esg.html. Our ESG Report does not constitute part of, and shall not be deemed to be incorporated by 
reference into, this Annual Report on Form 10-K.
9

Compliance with Government Regulations 
Our business activities are global and are subject to various federal, state, local, and foreign laws, rules and regulations. For 
example, substantially all of our import operations are subject to complex trade and customs laws, regulations and tax 
requirements. In addition, the countries in which our products are manufactured or imported may from time to time impose 
additional duties, tariffs or other restrictions on our imports or adversely modify existing restrictions. Changes in tax policy or 
trade regulations, or the imposition of new or increased tariffs on imported products, could have an adverse effect on our business 
and results of operations. In addition, we are subject to changing regulatory restrictions and requirements, including in the areas of 
data privacy, information security, sustainability and responses to climate change. Compliance with laws, rules and regulations 
could harm our current and future business and operations. For additional information, see Part I, Item 1A, “Risk Factors - Risks 
Related to Our Business, Operations and Industry,” included herein for updates to our risk factors regarding the potential impact 
of government regulations on our business.
Available Information
We file annual, quarterly and current reports and other documents with the United States Securities and Exchange 
Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The public can obtain 
any documents that we file with the SEC at www.sec.gov. We also make available free of charge our Annual Report on Form 10-
K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those reports filed or furnished 
pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after filing such materials with, or 
furnishing such materials to, the SEC, on or through our website, www.YETI.com. We are not including the information 
contained on, or accessible through, any website as a part of, or incorporating it by reference into, this Report, unless expressly 
noted.
10

Item 1A. Risk Factors
Our business, financial condition and operating results can be affected by a number of risks and uncertainties, whether 
currently known or unknown, any one or more of which could, directly or indirectly, cause our actual results of operations and 
financial condition to vary materially from past, or from anticipated future, results of operations and financial condition. The risks 
discussed below are not the only ones facing our business but do represent those risks that we believe are material to us. 
Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also adversely affect our 
business, financial condition and results of operations. 
Risks Related to Our Business, Operations and Industry
Our business depends on maintaining and strengthening our brand to attract new customers and generate and maintain 
ongoing demand for our products, and a significant reduction in such demand could harm our results of operations.
The YETI name and premium brand image are integral to the growth of our business, as well as to the implementation of our 
strategies for expanding our business. Our success depends on the value and reputation of our brand, which is rooted in passion 
for the outdoors. To sustain long-term growth, we must continue to successfully promote our products to consumers who align 
with the values of our brand, as well as to individuals who simply value products of uncompromising quality and design. Our 
ability to execute our marketing and growth strategy depends on many factors, such as the quality, design, performance, 
functionality, and durability of our products, the image and reputation of our e-commerce platform, the design of our retail partner 
floor spaces, the impact of our communication activities, including advertising, social media, and public relations, and our 
management of the customer experience, including direct interfaces through customer service. Maintaining, promoting, and 
positioning our brand are important to expanding our customer base and will depend largely on the success of our marketing and 
merchandising efforts and our ability to provide consistent, high-quality customer experiences. 
We have made, and we expect that we will continue to make, significant investments in promoting our products and 
attracting new customers, including through the use of corporate partnerships, YETI Ambassadors, traditional, digital, and social 
media, original YETI films, and participation in, and sponsorship of, community events. Marketing campaigns can be expensive 
and may not result in the cost-effective acquisition of customers. Ineffective marketing, ongoing and sustained promotional 
activities, negative publicity, product diversion to unauthorized distribution channels, product or manufacturing defects, product 
recalls, counterfeit products, unfair labor practices, and failure to protect the intellectual property rights in our brand are some of 
the potential threats to the strength of our brand, and those and other factors could rapidly and severely diminish customer 
confidence in us. Furthermore, these factors could cause our customers to lose the personal connection they feel with the YETI 
brand. Actions taken by individuals that we partner with, such as YETI ambassadors, influencers or our associates, that fail to 
represent our brand in a manner consistent with our brand image, whether through our social media platforms or their own, could 
also harm our brand reputation and materially impact our business. Further, as our brand becomes more widely known, future 
marketing campaigns may not attract new customers at the same rate as past campaigns. Inflation or higher product costs may also 
affect our ability to provide products in a cost-effective manner and hinder us from attracting new customers. If we are unable to 
attract new customers, fail to attract new customers in a cost-effective manner, or fail to drive awareness of our full product 
portfolio among new and existing customers, our growth could be slower than we expect and our business could be harmed.
If we are unable to successfully design, develop and market new products, our business may be harmed.
The market for products in the outdoor and recreation products industry is characterized by new product introductions, 
frequent enhancements to existing products, and changing customer demands, needs and preferences. To maintain and increase 
sales, we must continue to introduce new products and improve or enhance our existing products on a timely basis to respond to 
new and evolving consumer preferences. The success of our new and enhanced products depends on many factors, including 
anticipating consumer preferences, finding innovative solutions to consumer problems, differentiating our products from those of 
our competitors, and maintaining the strength of our brand. The design and development of our products is costly, and we 
typically have several products in development at the same time. Problems in the design or quality of our products, or delays in 
product introduction, may harm our brand, business, financial condition, and results of operations. Any new products that we 
develop and market may not generate sufficient revenues to recoup their development, production, marketing, selling and other 
costs.
11

Our business could be materially harmed if we are unable to accurately forecast our growth rate and demand for our products.
To ensure adequate inventory supply, we must forecast inventory needs and place orders with our manufacturers before firm 
orders are placed by our customers. Forecasts are particularly challenging as we expand into new markets and geographies, 
develop and market new products, and face macroeconomic uncertainties, including related to consumer discretionary spending, 
interest rates, inflation, tariffs and geopolitical events. Our historical sales, expense levels, and profitability may not be an 
appropriate basis for forecasting future results. If we fail to accurately forecast customer demand, including relating to our 
expected growth, we may experience excess inventory levels or a shortage of product to deliver to our customers. Failure to 
accurately forecast our results of operations and growth rate could also cause us to make poor operating decisions and we may not 
be able to adjust in a timely manner. Consequently, actual results could be materially lower than anticipated. Even if the markets 
in which we compete expand, we cannot assure you that our business will grow at similar rates, or at all. 
Factors that could affect our ability to accurately forecast demand for our products include: (a) an increase or decrease in 
consumer demand for our products; (b) our failure to accurately forecast consumer acceptance for our new products; (c) product 
introductions by competitors; (d) unanticipated changes in general market conditions or other factors, which may result in 
cancellations of advance orders or a reduction or increase in the rate of reorders or at-once orders placed by retailers; (e) impacts 
on consumer demand due to unseasonable weather conditions; (f) weakening economic conditions or consumer confidence in 
future economic conditions, as well as inflationary conditions or tariffs resulting in rising prices, which could each reduce demand 
for discretionary items, such as our products; and (g) terrorism or acts of war, or the threat thereof, or political or labor instability 
or unrest, riots, or public health crises, which could adversely affect consumer confidence and spending or interrupt production 
and distribution of product and raw materials.
Inventory levels in excess of customer demand may result in inventory write-downs or write-offs and the sale of excess 
inventory at discounted prices or in less preferred distribution channels, which could impair our brand image and harm our gross 
margin. In addition, if we underestimate the demand for our products, our manufacturers may not be able to produce products to 
meet our customer requirements, and this could result in delays in the shipment of our products, lower sales, higher costs, as well 
as damage to our reputation and retailer and distributor relationships.
Difficulty in forecasting demand also makes it difficult to estimate our future results of operations and financial condition 
from period to period. A failure to accurately predict the level of demand for our products could adversely impact our profitability 
or cause us not to achieve our expected financial results.
We may not be able to effectively manage our growth.
As we grow our business, slower growing or reduced demand for our products, increased competition, a decrease in the 
growth rate of our overall market, failure to develop and successfully market new products, or the maturation of our business or 
market could harm our business. We have made and expect to continue to make significant investments in our business. We plan 
to continue to expand our operations and infrastructure both domestically and internationally. We also intend to continue to 
design, develop, and market new products and make enhancements to our existing products. If our sales do not increase at a 
sufficient rate to offset these increases in our operating expenses, our profitability may decline in future periods.
As we continue to expand our operations, headcount, geographical footprint, and product offerings, the scope and complexity 
of our business continues to increase. Consequently, we may experience difficulties in managing our growth and building the 
appropriate processes and controls. Future growth may increase the strain on our resources. We could experience operating 
difficulties, including difficulties in sourcing, logistics, recruiting, marketing, designing innovative products, and meeting 
consumer needs. We could also experience difficulties maintaining disclosure controls and procedures and internal controls. If we 
do not adapt to meet these evolving challenges, the strength of our brand may erode, the quality of our products may suffer, we 
may not be able to deliver products on a timely basis to our customers, and our corporate culture may be harmed.
12

Our growth depends, in part, on expanding into additional consumer markets, and we may not be successful in doing so.
We believe that our future growth depends not only on continuing to reach our existing retail partners and customers, but also 
continuing to broaden our retail partner and customer base. The growth of our business will depend, in part, on our ability to 
continue to expand our retail partner and customer bases in the United States, as well as in international markets, including 
Canada, Australia, Europe, and Asia. In these international markets, we face challenges that are at times different from those 
encounter in the United States, including competitive, merchandising, distribution, hiring, and other difficulties. We may also 
encounter difficulties in attracting customers due to a lack of consumer familiarity with or acceptance of our brand, or a resistance 
to paying for premium products, particularly in international markets. We continue to evaluate marketing efforts and other 
strategies to expand the customer base for our products. In addition, although we are investing in sales and marketing activities to 
further penetrate newer regions, including expansion of our dedicated sales force, we cannot assure you that we will be successful. 
If we are not successful, our business and results of operations may be harmed.
The markets in which we compete are highly competitive and include numerous other brands and retailers that offer a wide 
variety of products that compete with our products; if we fail to compete effectively, we could lose our market position.
The markets in which we compete are highly competitive, with low barriers to entry. Numerous other brands and retailers 
offer a wide variety of products that compete with our products, including coolers, drinkware, bags, and cargo. Competition in 
these product markets is based on a number of factors, including product quality, performance, durability, styling, brand image 
and recognition, and price. Our competitors may be able to develop and market higher quality products that compete with our 
products, sell their products for lower prices, adapt to changes in consumers’ needs and preferences more quickly, devote greater 
resources to the design, sourcing, distribution, marketing, and sale of their products, or generate greater brand recognition than us. 
In addition, as we expand into new product categories, we have faced, and will continue to face, different and, in some cases, 
more formidable competition. We believe many of our competitors and potential competitors have significant competitive 
advantages, including longer operating histories, ability to leverage their sales efforts and marketing expenditures across a broader 
portfolio of products, global product distribution, larger and broader base of retail partners, more established relationships with a 
larger number of suppliers and manufacturing partners, greater brand recognition, larger or more effective brand ambassador and 
endorsement relationships, greater financial strength, larger research and development teams, larger marketing budgets, and more 
distribution and other resources than we do. Some of our competitors may aggressively discount their products or offer other 
attractive sales terms in order to gain market share, which could result in pricing pressures, reduced profit margins, or lost market 
share. For example, if our retail partners were to demand higher discounts, we may be forced to lower our gross margins on 
products sold through such partners. If we are not able to overcome these potential competitive challenges, effectively market our 
current and future products, and otherwise compete effectively against our current or potential competitors, our prospects, results 
of operations, and financial condition could be harmed.
In addition, our customers have become increasingly technologically savvy and expect a seamless omni-channel experience 
regardless of whether they are shopping in stores or online. Innovation by existing or new competitors could alter the competitive 
landscape by improving the customer experience and heightening customer expectations or by transforming other aspects of their 
business through new technologies, such as artificial intelligence (“AI”). If we are unable to develop and continuously improve 
our technologies, the efforts of which typically require significant capital investments, we may not be able to provide a convenient 
and consistent experience to our customers, which could negatively affect our ability to compete with other retailers and could 
result in diminished loyalty to our brands, which could adversely impact our business.
Our future success depends on the continuing efforts of our management and key employees and on our ability to attract and 
retain highly skilled personnel and senior management.
We depend on the talents and continued efforts of our senior management and key employees. The loss of members of our 
management or key employees may disrupt our business and harm our results of operations. Furthermore, our ability to manage 
further expansion will require us to continue to attract, motivate, and retain additional qualified personnel. Competition for this 
type of personnel is intense, and we may not be successful in attracting, integrating, and retaining the personnel required to grow 
and operate our business effectively. There can be no assurance that our current management team or any new members of our 
management team will be able to successfully execute our business and operating strategies.
13

Unauthorized use or invalidation of our patents, trademarks, copyrights, trade dress, trade secrets, or other intellectual 
property or proprietary rights may cause significant damage to our brand and harm our results of operations.
As our business continues to expand, our competitors have imitated or attempted to imitate, and will likely continue to imitate 
or attempt to imitate, our product designs and branding, which could harm our business and results of operations. Only a portion 
of the intellectual property used in the manufacture and design of our products is patented, and we therefore rely significantly on 
trade secrets, trade and service marks, trade dress, and the strength of our brand. We regard our patents, trade dress, trademarks, 
copyrights, trade secrets, and similar proprietary rights as critical to our success. We also rely on trade secret protection and 
confidentiality agreements with our employees, consultants, suppliers, manufacturers, and others to protect our proprietary rights. 
Nevertheless, the steps we take to protect our proprietary rights against infringement or other violation may be inadequate, and we 
may experience difficulty in effectively limiting the unauthorized use of our patents, trademarks, trade dress, and other intellectual 
property and proprietary rights worldwide. We also cannot guarantee that others will not independently develop technology with 
the same or similar function to any proprietary technology we rely on to conduct our business and differentiate ourselves from our 
competitors. Because a significant portion of our products are manufactured overseas in countries where counterfeiting is more 
prevalent, and we intend to increase our sales overseas over the long term, we may experience increased counterfeiting of our 
products. Unauthorized use or invalidation of our patents, trademarks, copyrights, trade dress, trade secrets, or other intellectual 
property or proprietary rights may cause significant damage to our brand and harm our results of operations.
While we actively develop and protect our intellectual property rights, there can be no assurance that we will be adequately 
protected in all countries in which we conduct our business or that we will prevail when defending our patent, trademark, and 
proprietary rights. Additionally, we could incur significant costs and management distraction in pursuing claims to enforce our 
intellectual property rights through litigation and defending any alleged counterclaims. If we are unable to protect or preserve the 
value of our patents, trade dress, trademarks, copyrights, or other intellectual property rights for any reason, or if we fail to 
maintain our brand image due to actual or perceived product or service quality issues, adverse publicity, governmental 
investigations or litigation, or other reasons, our brand and reputation could be damaged, and our business may be harmed.
We may be subject to liability if we infringe upon the intellectual property rights of third parties.
Third parties have sued us and may in the future sue us for alleged infringement of their proprietary rights. The party 
claiming infringement might have greater resources than we do to pursue its claims, and we have been, and may in the future be, 
forced to incur substantial costs and devote significant management resources to defend against such litigation, even if the claims 
are meritless and even if we ultimately prevail. If the party claiming infringement were to prevail, we could be forced to modify 
or discontinue our products, pay significant damages, or enter into expensive royalty or licensing arrangements with the prevailing 
party. In addition, any payments we are required to make, and any injunction we are required to comply with as a result of such 
infringement, could harm our reputation and financial results.
We rely on third-party contract manufacturers, and problems with, or loss of, our suppliers or an inability to obtain raw 
materials could harm our business and results of operations.
Our products are produced by third-party contract manufacturers, typically through a series of purchase orders. 
Manufacturers may breach our agreements with them, including purchase orders, and we may not be able to enforce our rights 
under these agreements or may incur significant costs attempting to do so. We therefore face the risk that these third-party 
contract manufacturers may not produce and deliver our products in adequate quantities, on a timely basis or at all, or that they 
will fail to comply with our quality standards. We have experienced, and will likely continue to experience, operational 
difficulties with our manufacturers. These difficulties include reductions in the availability of production capacity, errors in 
complying with product specifications and regulatory and customer requirements, insufficient quality control, failures to meet 
production deadlines, failure to achieve our product quality standards, increases in costs of materials, and manufacturing or other 
business interruptions. The ability of our manufacturers to effectively satisfy our production requirements could also be impacted 
by manufacturer financial difficulty or damage to their operations caused by fire, terrorist attack, riots, natural disaster, public 
health emergencies, or other events. The failure of any manufacturer to perform to our expectations could result in supply 
shortages or delays for certain products and harm our business. If we experience significantly increased demand, or if we need to 
replace an existing manufacturer due to lack of performance, we may be unable to supplement or replace our manufacturing 
capacity on a timely basis or on terms that are acceptable to us, which may increase our costs, reduce our margins, and harm our 
ability to deliver our products on time. For certain of our products, it may take a significant amount of time to identify and qualify 
a manufacturer that has the capability and resources to produce our products to our specifications in sufficient volume and satisfy 
our service and quality control standards. In addition, our manufacturers may raise prices in the future, which would increase our 
costs and harm our margins. Any of these risks could harm our ability to deliver our products on time, or at all, damage our 
reputation and our relationships with our retail partners and customers, and increase our product costs thereby reducing our 
margins.
14

The capacity of our manufacturers to produce our products is also dependent upon the availability of raw materials. Our 
manufacturers may not be able to obtain sufficient supply of raw materials, which could result in delays in deliveries of our 
products by our manufacturers or increased costs. Any shortage of raw materials or inability of a manufacturer to produce or ship 
our products in a timely manner, or at all, could impair our ability to ship orders of our products in a cost-efficient, timely manner 
and could cause us to miss the delivery requirements of our customers. As a result, we could experience cancellations of orders, 
refusals to accept deliveries, or reductions in our prices and margins, any of which could harm our financial performance, 
reputation, and results of operations.
In addition, except in some of the situations where we have a supply contract, our arrangements with our manufacturers are 
not exclusive. As a result, our manufacturers could produce similar products for our competitors, some of which could potentially 
purchase products in significantly greater volume, which could impair or eliminate our access to manufacturing capacity. Further, 
while certain of our long-term contracts stipulate contractual exclusivity, those manufacturers could choose to breach our 
agreements and work with our competitors. Our competitors could enter into restrictive or exclusive arrangements with our 
manufacturers that could impair or eliminate our access to manufacturing capacity or supplies.
If we fail to timely and effectively obtain shipments of products from our manufacturers and deliver products to our retail 
partners and customers, our business and results of operations could be harmed.
Our business depends on our ability to source and distribute products in a timely manner. However, we cannot control all of 
the factors that might affect the timely and effective procurement of our products from our third-party contract manufacturers and 
the delivery of our products to our retail partners and customers.
We utilize global third-party logistics providers to warehouse and distribute finished products from our distribution facilities 
in Memphis, Tennessee, Salt Lake City, Utah, and Sumner, Washington to support our domestic operations, and in Australia, 
Canada, the United Kingdom, New Zealand, the Netherlands, and Vietnam to support our international operations. Our reliance 
on a limited number of geographical locations for our distribution centers makes us more vulnerable to natural disasters, weather-
related disruptions, accidents, system failures, public health emergencies, or other unforeseen events that could delay or impair 
our ability to fulfill retailer orders and/or ship merchandise purchased on our website, which could harm our sales. 
We import our products, and rely on the timely and free flow of goods through open and operational ports from our suppliers 
and manufacturers. Accordingly, we are subject to certain risks, including labor disputes, union organizing activity, inclement 
weather, public health crises, and increased transportation costs, associated with our third-party contract manufacturers’ and 
carriers’ ability to provide products and services to meet our requirements. Such events could result in delayed or canceled orders 
by customers, unanticipated inventory accumulation or shortages, and harm to our business, results of operations, and financial 
condition. We are also vulnerable to risks associated with products manufactured abroad, including, among other things: (a) risks 
of damage, destruction, or confiscation of products while in transit to our distribution centers; and (b) transportation and other 
delays in shipments, including as a result of heightened security screening, port congestion, container and labor shortages, and 
inspection processes or other port-of-entry limitations or restrictions. Global events may also impact the import of our products. 
For example, in response to ongoing geopolitical conflicts, certain governments have, and may again in the future, implement 
sanctions, seizures of assets, or export control measures, which could result in higher costs, inventory shortages, or both. In 
addition, geopolitical conflicts near key global shipping areas may disrupt shipping routes, causing delays and increased freight 
costs. Although we have continued to experience such effects with respect to the ongoing conflict in the Red Sea, such effects 
have not materially impacted our business to date.
In order to meet demand for a product, we have chosen in the past, and may choose in the future, to arrange for additional 
quantities of the product, if available, to be delivered through air freight, which is significantly more expensive than standard 
shipping by sea and, consequently, adversely impacts our gross margins. In addition, we rely upon independent land-based and air 
freight carriers for product shipments from our distribution centers to our retail partners and customers who purchase through our 
DTC channel. We may not be able to obtain sufficient freight capacity on a timely basis or at favorable shipping rates and, 
therefore, may not be able to receive products from suppliers or deliver products to retail partners or customers in a timely and 
cost-effective manner. Failure to procure our products from our third-party contract manufacturers and deliver merchandise to our 
retail partners and DTC channel in a timely, effective, and economically viable manner could reduce our sales and gross margins, 
damage our brand, and harm our business.
15

Our business is subject to the risk of manufacturer concentrations.
We are exposed to risk due to our concentration of business activity with certain third-party contract manufacturers of our 
products. For coolers & equipment products, our two largest manufacturers comprised approximately 36% of our production 
volume during 2024. For drinkware products, our two largest manufacturers comprised approximately 74% of our production 
volume during 2024. As a result of this concentration in our supply chain, our business and operations would be negatively 
affected if any of our key manufacturers were to experience significant disruption affecting the price, quality, availability, or 
timely delivery of products. Our manufacturers could also be acquired by our competitors and may become our direct 
competitors, thus limiting or eliminating our access to manufacturing capacity. The partial or complete loss of our key 
manufacturers, or a significant adverse change in our relationship with any of these manufacturers, could result in lost sales, 
added costs, and distribution delays that could harm our business and customer relationships.
Our business could be harmed if we fail to execute our internal plans to transition our supply chain and certain other business 
processes to a global scale.
We continually assess, and re-engineer as needed, our supply chain management, technology, and business processes to 
support our expanding scale. Our expansion to a global scale requires significant investment of capital and human resources, the 
adaptation and evolution of many business processes and technology, and the attention of many managers and other employees 
who would otherwise be focused on other aspects of our business. If our globalization efforts fail to produce planned efficiencies, 
or are not managed effectively, we may experience excess inventories, inventory shortage, late deliveries, lost sales, or increased 
costs. Any business disruption arising from our globalization efforts, or our failure to effectively execute our internal plans to 
expand globally, could harm our results of operations and financial condition.
If we cannot maintain prices or effectively implement price increases, our margins may decrease.
Our ability to maintain prices or effectively implement price increases may be affected by several factors, including pricing 
pressure due to intense competition in the retail industry, effectiveness of our marketing programs, the continuing growth of our 
brand, general economic conditions, and changes in consumer demand. During challenging economic times, consumers may be 
less willing or able to pay a price premium for our branded products and may shift purchases to lower-priced or other value 
offerings, making it more difficult for us to maintain prices and/or effectively implement price increases. In addition, our retail 
partners and distributors may pressure us to rescind price increases we have announced or already implemented, whether through 
a change in list price or increased promotional activity. If we cannot maintain prices or effectively implement price increases for 
our products, or must increase promotional activity, our margins may be adversely affected. Furthermore, price increases 
generally result in volume losses, as consumers purchase fewer units. If such losses are greater than expected or if we lose 
distribution due to a price increase, our business, financial condition and results of operations may be materially and adversely 
affected.
Fluctuations in the cost and availability of raw materials, equipment, labor, and transportation could cause manufacturing 
delays or increase our costs.
The price and availability of key components used to manufacture our products, including polyethylene, polyurethane foam, 
stainless-steel, polyester fabric, zippers, and other plastic materials and coatings, as well as manufacturing equipment and molds, 
may fluctuate significantly. In addition, the cost of labor at our third-party contract manufacturers and third-party logistics 
providers could increase significantly. Additionally, the cost of logistics and transportation fluctuates due to a number of factors, 
including the price of oil, available capacity, market demand, and geopolitical events. Global political conditions, threatened or 
actual acts of war or terrorism, instability or other disruptions in areas such as the Middle East, South America and Europe, and 
trade, economic or other disagreements among nations, can significantly affect, and recently have significantly affected 
transportation times and costs. Any fluctuations in the cost and availability of any of our raw materials or other sourcing or 
transportation costs related to our raw materials or products could harm our gross margins and our ability to meet customer 
demand. For example, the ongoing conflict in the Red Sea has disrupted shipping routes, which has caused us to continue 
experiencing shipping delays and increased freight costs. Although such effects have not materially impacted our business to date, 
such conditions could worsen. If we are unable to successfully mitigate a significant portion of these product cost increases or 
fluctuations, our results of operations could be harmed.
16

Many of our products are manufactured by third parties outside of the United States, and our business may be harmed by 
legal, regulatory, economic, political and public health risks associated with international trade and those markets.
Our reliance on suppliers and manufacturers in foreign markets creates risks inherent in doing business in foreign 
jurisdictions, including: (a) the burdens of complying with a variety of foreign laws and regulations, including trade and labor 
restrictions and laws relating to the importation and taxation of goods; (b) weaker protection for intellectual property and other 
legal rights than in the United States, and practical difficulties in enforcing intellectual property and other rights outside of the 
United States; (c) compliance with U.S. and foreign laws relating to foreign operations, including the U.S. Foreign Corrupt 
Practices Act (“FCPA”), the UK Bribery Act 2010 (“Bribery Act”), regulations of the U.S. Office of Foreign Assets Controls 
(“OFAC”), and U.S. anti-money laundering regulations, which respectively prohibit U.S. companies from making improper 
payments to foreign officials for the purpose of obtaining or retaining business, operating in certain countries, or maintaining 
business relationships with certain restricted parties as well as engaging in other corrupt and illegal practices; (d) economic and 
political instability and acts of terrorism in the countries where our suppliers are located; (e) public health crises, such as 
pandemics and epidemics, in the countries where our suppliers and manufacturers are located; (f) transportation interruptions or 
increases in transportation costs; and (g) the imposition of tariffs or non-tariff barriers on components and products that we import 
into the United States or other markets. Further, we cannot assure you that our directors, officers, employees, representatives, 
manufacturers, or suppliers have not engaged and will not engage in conduct for which we may be held responsible, nor can we 
assure you that our manufacturers, suppliers, or other business partners have not engaged and will not engage in conduct that 
could materially harm their ability to perform their contractual obligations to us or even result in our being held liable for such 
conduct. Violations of the FCPA, the Bribery Act, OFAC restrictions, or other export control, anti-corruption, anti-money 
laundering, and anti-terrorism laws or regulations may result in severe criminal or civil penalties, and we may be subject to other 
related liabilities, which could harm our business, financial condition, cash flows, and results of operations.
As current tariffs are implemented, or if additional or increased tariffs or other restrictions are placed on foreign imports or 
any related counter-measures are taken by other countries, our business and results of operations could be harmed.
Most of our imported products are subject to duties, indirect taxes, quotas and non-tariff trade barriers, any of which may 
limit the quantity of products that we may import into the U.S. and other countries or may impact the cost of such products. To 
maximize opportunities, we rely on free trade agreements and other supply chain initiatives, and, as a result, we are subject to 
government regulations and restrictions with respect to our cross-border activity. Additionally, we are subject to government 
regulations relating to importation activities, including related to U.S. Customs and Border Protection (“CBP”) withhold release 
orders. The imposition of taxes, duties and quotas, the withdrawal from or material modification to trade agreements, and/or if 
CBP detains shipments of our goods pursuant to a withhold release order could have a material adverse effect on our business, 
results of operations and financial condition. 
In the United States, the Trump Administration has implemented tariffs and has signaled that it may implement additional or 
increased tariffs, other trade restrictions, or may alter trade agreements between the United States and Canada, China, the 
European Union, and Mexico, among others. Such actions include limiting trade and/or imposing tariffs on imports from such 
countries. Tariffs have the potential to significantly raise the cost of our products. In such a case, there can be no assurance that 
we will be able to shift manufacturing and supply agreements to non-impacted countries, including the United States, to reduce 
the effects of the tariffs. As a result, we may suffer margin erosion or be required to raise our prices, which may result in the loss 
of customers, negatively impact our results of operations, or otherwise harm our business. In addition, the imposition of tariffs on 
products that we export to international markets could make such products more expensive compared to those of our competitors 
if we pass related additional costs on to our customers, which may also result in the loss of customers, negatively impact our 
results of operations, or otherwise harm our business.
Our aspirations, disclosures, and actions related to ESG matters expose us to risks that could adversely affect our reputation 
and performance.
The focus and expectations of investors, customers, associates, business partners and other stakeholders concerning ESG 
matters continue to evolve rapidly. We announce initiatives related to ESG matters from time to time and have established and 
publicly announced certain ESG goals. These statements reflect our current plans and aspirations and are not guarantees that we 
will be able to achieve them. Our ability to achieve any ESG objective is subject to numerous risks, many of which are outside of 
our control. Our failure to accomplish or accurately track and report on these goals on a timely basis, or at all, could adversely 
affect our reputation, financial performance and growth, and expose us to increased scrutiny from the investment community as 
well as enforcement authorities. In addition, we could be criticized for the scope of our ESG initiatives or goals.
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Different stakeholder groups have divergent views on ESG matters, which increases the risk that any action or lack thereof 
with respect to ESG matters will be perceived negatively by at least some stakeholders and adversely impact our reputation and 
business. If we do not successfully manage ESG-related expectations across these varied stakeholder interests, we may face 
scrutiny, reputational risk, lawsuits, or market access restrictions from these parties regarding our ESG initiatives.
Globally, a lack of harmonization and the rapid evolution in relation to ESG legal and regulatory reform across the 
jurisdictions in which we may operate may affect our future implementation of, and compliance with, ESG standards and 
requirements. Standards for tracking and reporting ESG matters are relatively new, have not been formalized and continue to 
evolve. Collecting, measuring, and reporting ESG information and metrics can be difficult and time consuming. Our selection of 
voluntary disclosure frameworks and standards, and the interpretation or application of those frameworks and standards, may 
change from time to time or differ from those of others. This may result in a lack of consistent or meaningful comparative data 
from period to period or between YETI and other companies in the same industry. In addition, our processes and controls may not 
comply with evolving standards for identifying, measuring and reporting ESG metrics, including ESG-related disclosures that 
may be required of public companies by the SEC and other regulators, and such standards may change over time, which could 
result in significant revisions to our current goals, reported progress in achieving such goals, or ability to achieve such goals in the 
future, and could cause us to undertake costly initiatives to satisfy such new criteria.
If our ESG practices do not meet evolving investor or other stakeholder expectations and standards, then our reputation, our 
ability to attract or retain employees, and our attractiveness as an investment, business partner, acquiror or supplier could be 
negatively impacted. Further, our failure or perceived failure to pursue or fulfill our goals and objectives or to satisfy various 
reporting standards on a timely basis, or at all, could have similar negative impacts or expose us to government enforcement 
actions and private litigation.
Climate change, and related legislative and regulatory responses to climate change, may adversely impact our business. 
The focus of, and levels of concern from, federal, state and local governments, non-governmental organizations and our 
customers, consumers and investors regarding climate change and other environmental matters continue to evolve. New 
governmental requirements or changing consumer preferences could negatively impact our ability to obtain raw materials or 
increase our acquisition and compliance costs, which could make our products more costly, less attractive to consumers than other 
competitive products or reduce consumer demand. We could also lose revenue if our consumers change brands or our customers 
move business from us because we have not complied with their preferences and investors may choose not to invest in our 
securities if we do not comply with their business expectations.
Significant changes in weather patterns, including an increase in the frequency, severity and duration of extreme weather 
conditions and natural disasters, could also directly impact our business. Physical risks related to these events could disrupt the 
operation of our supply chain and the productivity of our manufacturers, increase our production costs, impose capacity restraints 
or impact the types of products that consumers purchase. These events could also compound adverse economic conditions and 
impact consumer confidence and discretionary spending. As a result, the physical effects of climate change could have a long-
term adverse impact on our business and results of operations.
A significant portion of our sales are to national, regional, and independent retail partners in our wholesale channel. If these 
retail partners cease to promote or carry our current products, choose not to promote or carry new products that we develop, or 
we need to raise our discounts to such retail partners to remain competitive, our brand as well as our results of operations and 
financial condition could be harmed. 
We sell a significant amount of our products through our wholesale channel, consisting of national, regional, and independent 
retail partners. In 2024, our wholesale channel accounted for 41% of our net sales. No single retail partner accounted for 10% or 
more of our gross sales in 2024. Because we are a premium brand, our sales depend, in part, on retail partners effectively 
displaying our products, including providing attractive space and point of purchase displays in their stores, and training their sales 
personnel to sell our products. If our retail partners reduce or terminate those activities, we may experience reduced sales of our 
products, resulting in lower gross margins, which would harm our results of operations. In addition, if these retail partners were to 
demand higher discounts on our products, we may experience lower gross margins on products sold to such partners. Our 
relationships with these retail partners are important to the authenticity of our brand and the marketing programs we continue to 
deploy. Our failure to maintain these relationships with our retail partners or financial difficulties experienced by these retail 
partners could materially harm our business. 
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These retail partners may decide to emphasize products from our competitors, to redeploy their retail floor space to other 
product categories, or to take other actions that reduce their purchases of our products. We do not receive long-term purchase 
commitments from many of our retail partners, and orders received from our retail partners are often cancellable. Factors that 
could affect our ability to maintain or expand sales in our wholesale channel include: (a) failure to accurately identify the needs of 
our customers; (b) a lack of customer acceptance of new products or product expansions; (c) unwillingness of our retail partners 
and customers to attribute premium value to our new or existing products or product expansions relative to competing products; 
(d) failure to obtain shelf space from our retail partners; (e) new, well-received product introductions by competitors; (f) damage 
to our relationships with retail partners due to brand or reputational harm; (g) delays or defaults on our retail partners' payment 
obligations to us; (h) store closures, decreased foot traffic, or other adverse effects resulting from public health crises; and (i) 
economic conditions, including levels of consumer discretionary spending, which may be impacted by high inflation, 
unemployment and interest rates.
We cannot assure you that our retail partners will continue to carry our current products or carry any new products that we 
develop. If these risks occur, they could harm our brand as well as our results of operations and financial condition.
If our plans to increase sales through our DTC e-commerce channel are not successful, our business and results of operations 
could be harmed.
For 2024, our DTC channel accounted for 59% of our net sales, and our sales through the Amazon Marketplace represented 
approximately 15% of our net sales. Part of our growth strategy involves increasing sales through our DTC e-commerce channel. 
The level of customer traffic and volume of customer purchases through our country and region-specific YETI websites or other 
e-commerce initiatives are substantially dependent on our ability to provide a content-rich and user-friendly website, a hassle-free 
customer experience, sufficient product availability, and reliable, timely delivery of our products. If we are unable to maintain and 
increase customers’ use of our website, allocate sufficient product to our website, and increase any sales through our website, our 
continued DTC channel growth, our business, and results of operations could be harmed. Furthermore, any adverse change in our 
relationship with Amazon, including restrictions on the ability to offer products on the Amazon Marketplace or termination of the 
relationship, could adversely affect our continued DTC channel growth, our business, and results of operations.
Our DTC business subjects us to numerous other risks, including, but not limited to, (i) U.S. or international resellers 
purchasing our merchandise and reselling it outside of our control, (ii) failure of our DTC operating and support systems, 
including computer viruses, theft of customer information, privacy concerns, telecommunication failures and electronic break-ins 
and similar disruptions, (iii) credit card fraud, (iv) diversion of sales from our wholesale customers, (v) difficulty recreating the 
in-store experience through e-commerce channels, (vi) liability for online content, (vii) changing patterns of consumer behavior 
and (viii) intense competition from other online retailers. Our failure to successfully respond to these risks might adversely affect 
sales in our DTC channel, as well as damage our reputation and brand.
We currently have a number of country- and region-specific YETI websites and have plans to expand our e-commerce 
platform to others. Expanding into these countries and regions may impose different and evolving laws governing the operation 
and marketing of e-commerce websites, as well as the collection, storage, and use of information on customers interacting with 
those websites. We may incur additional costs and operational challenges in complying with these laws, and differences in these 
laws may cause us to operate our business differently, and less effectively, in different territories. If so, we may incur additional 
costs and may not fully realize the investment in our international expansion. 
If we do not successfully implement our retail store expansion plans, our growth and profitability could be harmed.
We have and may continue to expand our existing DTC channel by opening new retail stores. Our ability to open new retail 
stores in a timely manner and operate them profitably depends on a number of factors, many of which are beyond our control, 
including:
•
our ability to manage the financial and operational aspects of our retail growth strategy, including making appropriate 
investments in our software systems, information technology, and operational infrastructure;
•
our ability to identify suitable locations, including our ability to gather and assess demographic and marketing data to 
accurately determine customer demand for our products in the locations we select;
•
our ability to negotiate favorable lease agreements;
•
our ability to properly assess the potential profitability and payback period of potential new retail store locations;
•
the availability of financing on favorable terms;
•
our ability to secure required governmental permits and approvals and our ability to effectively comply with state and 
local employment and labor laws, rules, and regulations;
•
our ability to hire and train skilled store operating personnel, especially management personnel;
•
the availability of construction materials and labor and the absence of significant construction delays or cost overruns;
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•
our ability to provide a satisfactory mix of merchandise that is responsive to the needs of our customers living in the 
areas where new retail stores are established;
•
our ability to establish a supplier and distribution network able to supply new retail stores with inventory in a timely 
manner;
•
our competitors, or our retail partners, building or leasing stores near our retail stores or in locations we have identified 
as targets for a new retail store;
•
customer demand for our products; and
•
general economic and business conditions affecting consumer confidence and spending and the overall strength of our 
business.
We may not be able to successfully address the risks that opening retail stores entails. In order to pursue our retail store 
strategy, we will be required to expend significant cash resources prior to generating any sales in these stores. We may not 
generate sufficient sales from these stores to justify these expenses, which could harm our business and profitability. The 
substantial management time and resources, which any future retail store expansion strategy may require, could also result in 
disruption to our existing business operations, which may decrease our net sales and profitability.
Insolvency, credit problems or other financial difficulties that could confront our retail partners could expose us to financial 
risk.
We sell to the large majority of our retail partners on open account terms and do not require collateral or a security interest in 
the inventory we sell them. Consequently, our accounts receivable with our retail partners are unsecured. Insolvency, credit 
problems, or other financial difficulties confronting our retail partners could expose us to financial risk. These actions could 
expose us to risks if they are unable to pay for the products they purchase from us. Financial difficulties of our retail partners 
could also cause them to reduce their sales staff, use of attractive displays, number or size of stores, and the amount of floor space 
dedicated to our products. Further, economic conditions resulting in diminished liquidity or credit availability, increases in 
inflation rates, rising interest rates, declines in consumer confidence, declines in economic growth, or uncertainty about economic 
stability, may lead to a material reduction in sales of our products by our retail partners. Any reduction in sales by, or loss of, our 
current retail partners or customer demand, or credit risks associated with our retail partners, could harm our business, results of 
operations, and financial condition.
If our independent suppliers and manufacturing partners do not comply with ethical business practices or with applicable laws 
and regulations, our reputation, business, and results of operations could be harmed.
Our reputation and our customers’ willingness to purchase our products depend in part on our suppliers’, manufacturers’, and 
retail partners’ compliance with ethical employment practices, such as with respect to child labor, wages and benefits, forced 
labor, discrimination, safe and healthy working conditions, and with all legal and regulatory requirements relating to the conduct 
of their businesses. We do not exercise control over our suppliers, manufacturers, and retail partners and cannot guarantee their 
compliance with ethical and lawful business practices. If our suppliers, manufacturers, or retail partners fail to comply with 
applicable laws, regulations, safety codes, employment practices, human rights standards, quality standards, environmental 
standards, production practices, or other obligations, norms, or ethical standards, our reputation and brand image could be harmed, 
and we could be exposed to litigation and additional costs that would harm our business, reputation, and results of operations.
We are subject to payment-related risks that may result in higher operating costs or the inability to process payments, either of 
which could harm our business, financial condition and results of operations.
For our DTC sales, as well as for sales to certain retail partners, we accept a variety of payment methods, including credit 
cards, debit cards, electronic funds transfers, electronic payment systems, and gift cards. Accordingly, we are, and will continue to 
be, subject to significant and evolving regulations and compliance requirements, including obligations to implement enhanced 
authentication processes that could result in increased costs and liability and reduce the ease of use of certain payment methods. 
For certain payment methods, including credit and debit cards, as well as electronic payment systems, we pay interchange and 
other fees, which may increase over time. We rely on independent service providers for payment processing, including credit and 
debit cards. If these independent service providers become unwilling or unable to provide these services to us, or if the cost of 
using these providers increases, our business could be harmed. We are also subject to payment card association operating rules 
and agreements, including data security rules and agreements, certification requirements, and rules governing electronic funds 
transfers, which could change or be reinterpreted to make it difficult or impossible for us to comply. If we fail to comply with 
these rules or requirements, or if our data security systems are breached or compromised, we may be liable for losses incurred by 
card issuing banks or customers, subject to fines and higher transaction fees, lose our ability to accept credit or debit card 
payments from our customers, or process electronic fund transfers or facilitate other types of payments. Any failure to comply 
could significantly harm our brand, reputation, business, financial condition and results of operations.
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Our plans for international expansion may not be successful; our limited operating experience and limited brand recognition 
in new markets may make it more difficult to execute our expansion strategy and cause our business and growth to suffer.
Continued expansion into markets outside the United States, including Canada, Australia, Europe and Asia, is one of our key 
long-term strategies for the future growth of our business. There are, however, significant costs and risks inherent in selling our 
products in international markets, including: (a) failure to effectively translate and establish our core brand identity, particularly in 
markets with a less-established heritage of outdoor and recreational activities; (b) time and difficulty in building a widespread 
network of retail partners; (c) increased shipping and distribution costs, which could increase our expenses and reduce our 
margins; (d) potentially lower margins in some regions; (e) longer collection cycles in some regions; (f) increased competition 
from local providers of similar products; (g) compliance with foreign laws and regulations, including taxes and duties, enhanced 
privacy laws, rules, and regulations, and product liability laws, rules, and regulations, particularly in the European Union and 
Japan; (h) establishing and maintaining effective internal controls at foreign locations and the associated increased costs; 
(i) increased counterfeiting and the uncertainty of protection for intellectual property rights in some countries and practical 
difficulties of enforcing rights abroad; (j) compliance with anti-bribery, anti-corruption, sanctions, and anti-money laundering 
laws, such as the FCPA, the Bribery Act, and OFAC regulations, by us, our employees, and our business partners; (k) currency 
exchange rate fluctuations and related effects on our results of operations; (l) economic weakness, including inflation, or political 
instability in foreign economies and markets; (m) compliance with tax, employment, immigration, and labor laws for employees 
living or traveling abroad; (n) workforce uncertainty in countries where labor unrest is more common than in the United States; 
(o) business interruptions resulting from geopolitical actions, including war and terrorism, natural disasters, including 
earthquakes, typhoons, floods, and fires, public health emergencies, including the outbreak of a pandemic or other public health 
crisis; (p) the imposition of tariffs on products that we import into international markets that could make such products more 
expensive compared to those of our competitors; (q) that our ability to expand internationally could be impacted by the 
intellectual property rights of third parties that conflict with or are superior to ours; and (r) other costs and risks of doing business 
internationally.
These and other factors could harm our international operations and, consequently, harm our business, results of operations, 
and financial condition. Further, we may incur significant operating expenses as a result of our planned international expansion, 
and it may not be successful. We have limited experience with regulatory environments and market practices internationally, and 
we may not be able to penetrate or successfully operate in new markets. We also have limited operating experience outside of the 
United States and in our expansion efforts we may encounter obstacles we did not face in the United States, including cultural and 
linguistic differences, differences in regulatory environments, labor practices and market practices, difficulties in keeping abreast 
of market, business and technical developments, and preferences of foreign customers. Consumer demand and behavior, as well 
as tastes and purchasing trends, may differ internationally, and, as a result, sales of our products may not be successful, or the 
margins on those sales may not be in line with those we anticipate. We may also encounter difficulty expanding into international 
markets because of limited brand recognition, leading to delayed or limited acceptance of our products by customers in these 
markets and increased marketing and customer acquisition costs to establish our brand. Accordingly, if we are unable to 
successfully expand internationally or manage the complexity of our global operations, we may not achieve the expected benefits 
of this expansion and our financial condition and results of operations could be harmed.
Our financial results and future growth have been, and could in the future be, harmed by currency exchange rate fluctuations.
As our international business grows, our results of operations have been and could in the future be adversely impacted by 
changes in foreign currency exchange rates. Revenues and certain expenses in markets outside of the United States are recognized 
in local foreign currencies, and we are exposed to gains or losses from the translation of those amounts into U.S. dollars for 
consolidation into our financial statements. In addition, the business of our independent manufacturers may also be disrupted by 
currency exchange rate fluctuations by making their purchases of raw materials more expensive and more difficult to finance. As 
a result, foreign currency exchange rate fluctuations may adversely impact our results of operations.
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We may become involved in legal or regulatory proceedings and audits.
Our business requires compliance with many laws and regulations, including labor and employment, sales and other taxes, 
customs, and consumer protection laws and ordinances that regulate retailers generally and/or govern the importation, promotion, 
and sale of merchandise, and the operation of stores and warehouse facilities. Failure to comply with these laws and regulations 
could subject us to lawsuits and other proceedings, and could also lead to damage awards, fines, and penalties. We are 
periodically involved in, and may in the future become involved in, legal proceedings and audits, including government and 
agency investigations, and consumer, employment, tort, and other litigation. The outcome of some of these legal proceedings, 
audits, and other contingencies could require us to take, or refrain from taking, actions that could harm our operations or require 
us to pay substantial amounts of money, harming our financial condition and results of operations. Additionally, defending against 
these lawsuits and proceedings may be necessary, which could result in substantial costs and diversion of management’s attention 
and resources, harming our business, financial condition, and results of operations. Any pending or future legal or regulatory 
proceedings and audits could harm our business, financial condition, and results of operations.
We may be subject to product recall, warranty liability, product liability, and other claims against us, which could adversely 
affect our reputation, earnings, and financial condition.
Our products expose us to product recall and warranty liability claims if the products we manufacture, sell, or design actually 
or allegedly fail to perform as expected. Although we extensively and rigorously test new and enhanced products, there can be no 
assurance we will be able to detect, prevent, or fix all defects. Under certain circumstances, the United States Consumer Products 
Safety Commission, other relevant global regulatory authorities, or other country, state, or city laws (in existence now or in the 
future) could require us to repurchase or recall one or more of our products. Any mandatory or voluntarily repurchase or recall of 
our products, as well as any related monetary judgment, fine, or other penalty, could be costly and damaging to our reputation and 
may result in large quantities of finished products that we would not be able to sell. For example, in 2023 we initiated a global 
stop sale and voluntary recalls of our Hopper M30 Soft Cooler, Hopper M20 Soft Backpack Cooler, and SideKick Dry gear case. 
These actions subjected us to substantial costs, including product recall remedies, legal and advisory fees, and recall-related 
logistics costs. Further, if we are unable to develop a product solution for any potential safety concern associated with a product 
recall, we may not be able to sell the redesigned products for a significant period of time, if ever, and may face substantial costs 
associated with the development of such features and implementation of the recalls. In addition to potential recall impacts, the 
occurrence of any material defects in our products could expose us to liability for warranty claims, which could be in excess of 
our current reserves, and if our warranty reserves are inadequate to cover future warranty claims on our products, our financial 
condition and operating results may be harmed. 
We also face exposure to product liability claims and unusual or significant litigation in the event that one of our products is 
alleged to have resulted in personal injury, property damage, or other adverse effects. In addition to the risk of monetary 
judgments or other penalties that may result from product liability claims, such claims could result in negative publicity that could 
harm our reputation in the marketplace, adversely impact our brand, or result in an increase in the cost of producing our products. 
As a result, these types of claims could have a material adverse effect on our business, results of operations, and financial 
condition.
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Our business is subject to the risk of earthquakes, fire, power outages, floods, and other catastrophic events, and to 
interruption by problems such as terrorism, public health crises, cybersecurity incidents or other cybersecurity threats, or 
events affecting our information technology systems.
Our business is vulnerable to damage or interruption from earthquakes, fires, floods, power losses, telecommunications 
failures, terrorist attacks, acts of war, riots, public health crises, and similar events. For example, a significant natural disaster, 
such as an earthquake, fire, or flood, could result in substantial losses or other costs, and our insurance coverage may be 
insufficient or unavailable to compensate us for losses that may occur. For instance, several of our office and building spaces are 
located in Texas, a state that frequently experiences floods and storms, and our domestic distribution centers are located in 
Memphis, Tennessee, Salt Lake City, Utah, and Sumner, Washington, which are susceptible to natural disasters, such as floods, 
earthquakes and wildfires. In addition, the facilities of our suppliers and where our manufacturers produce our products are 
located in parts of Asia that frequently experience typhoons and earthquakes. Facilities of third-party logistics providers located in 
other countries that warehouse and distribute our finished products internationally also face local extreme weather conditions. 
Acts of terrorism, civil unrest and public health crises could also cause disruptions in our or our suppliers’, manufacturers’, and 
logistics providers’ businesses or the economy as a whole. For example, the COVID-19 pandemic contributed significantly to 
global supply chain issues, with restrictions and limitations on related activities causing disruption and delay. These disruptions 
and delays strained certain domestic and international supply chains, which affected the flow or availability of certain of our 
products. We may not have sufficient protection or recovery plans in some circumstances, such as natural disasters affecting 
Texas or other locations where we have operations or store significant inventory. Our business could also be negatively affected 
by interruptions or failures of our information technology systems, which could occur for a number of reasons, including 
cybersecurity incidents or other cybersecurity threats, system failures, or failure to maintain or upgrade information technology 
systems. See the risk factor titled “We rely significantly on information technology, and any compromise or interruption of that 
technology resulting from cybersecurity incidents, data security breaches, design defects or system failures could have a material 
negative impact on our business” for further information.
Our results of operations are subject to seasonal and quarterly variations, which could cause the price of our common stock to 
decline.
Historically, we have experienced our net sales to be highest in our fourth quarter, with the first quarter generating the lowest 
sales. We expect that this seasonality will continue to be a factor in our results of operations and sales. Our annual and quarterly 
results of operations may also fluctuate significantly as a result of a variety of other factors, including, among other things, the 
timing of the introduction of and advertising for our new products and those of our competitors and changes in our product mix. 
Variations in weather conditions may also harm our quarterly results of operations. In addition, we may not be able to adjust our 
spending in a timely manner to compensate for any unexpected shortfall in our sales. As a result of these seasonal and quarterly 
fluctuations, we believe that comparisons of our results of operations between different quarters within a single fiscal year, or 
across different fiscal years, are not necessarily meaningful and that these comparisons cannot be relied upon as indicators of our 
future performance. In the event that any seasonal or quarterly fluctuations in our net sales and results of operations result in our 
failure to meet our forecasts or the forecasts of the research analysts that may cover us in the future, the market price of our 
common stock could fluctuate or decline.
We are subject to many hazards and operational risks that can disrupt our business, some of which may not be insured or fully 
covered by insurance.
Our operations are subject to many hazards and operational risks inherent to our business, including: (a) general business 
risks; (b) product liability; (c) product recall; and (d) damage to third parties, our infrastructure, or properties caused by fires, 
floods and other natural disasters, power losses, telecommunications failures, terrorist attacks, riots, public health crises, human 
errors, and similar events. Our insurance coverage may be inadequate to cover our liabilities related to such hazards or operational 
risks. For example, our insurance coverage does not cover us for business interruptions as they relate to public health crises and 
may not offer coverage for such interruptions related to future pandemics or epidemics. In addition, we may not be able to 
maintain adequate insurance in the future at rates we consider reasonable and commercially justifiable, and insurance may not 
continue to be available on terms as favorable as our current arrangements. The occurrence of a significant uninsured claim or a 
claim in excess of the insurance coverage limits maintained by us could harm our business, results of operations, and financial 
condition.
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Risks Related to Market and Global Economic Conditions
Our net sales and profits depend on the level of customer spending for our products, which is sensitive to general economic 
conditions and other factors; adverse economic conditions, such as a downturn in the economy or inflationary conditions 
resulting in rising prices, could adversely affect consumer purchases of discretionary items, which could materially harm our 
sales, profitability, and financial condition. 
Our products are discretionary items for customers. Therefore, the success of our business depends significantly on economic 
factors and trends in consumer spending. There are a number of factors that influence consumer spending, including actual and 
perceived economic conditions, consumer confidence, disposable consumer income, consumer credit availability, unemployment, 
and tax rates in the markets where we sell our products. Consumers also have discretion as to where to spend their disposable 
income and may choose to purchase other items or services if we do not continue to provide authentic, compelling, and high-
quality premium products at appropriate price points. As global economic conditions continue to be volatile and economic 
uncertainty remains, trends in consumer discretionary spending also remain unpredictable and subject to declines. While some of 
these conditions have negatively impacted consumer discretionary spending behavior, we continue to see strong consumer 
demand for our products. Worsening declines in discretionary consumer spending could result in a reduction in demand for our 
products, decreased prices, and harm to our business and results of operations. Moreover, consumer purchases of discretionary 
items, such as our products, tend to decline during recessionary periods when disposable income is lower or during other periods 
of economic instability or uncertainty, which may slow our growth more than we anticipate. For example, inflationary conditions 
resulting in rising prices, including the prices of our products, and increased interest rates could lead to declines in discretionary 
spending by consumers, resulting in a reduction in demand for our products, and in turn may materially adversely impact our 
sales, profitability, and financial condition. Adverse economic conditions in markets in which we sell our products, particularly in 
the United States, may materially harm our sales, profitability, and financial condition. 
Public health crises could negatively impact our business, sales, financial condition, results of operations and cash flows. 
Public health crises and preventative measures taken to contain or mitigate them have caused, and may in the future cause, 
business slowdowns or shutdowns in affected areas and significant disruption in the financial markets both globally and in the 
United States. The emergence of a pandemic, epidemic, or infectious disease outbreak could, among other risks, lead to: 
•
the possibility of retail store closures or reduced operating hours and/or decreased retail traffic;
•
disruption to our distribution centers and our third-party manufacturing partners and other vendors, including the effects 
of facility closures as a result of outbreaks of illnesses, or measures taken by federal, state or local governments to reduce 
the spread of illness, reductions in operating hours, labor shortages, and real time changes in operating procedures, 
including for additional cleaning and disinfection procedures; and
•
significant disruption of global financial markets, which could have a negative impact on our ability to access capital in 
the future.
For example, the COVID-19 pandemic contributed significantly to global supply chain constraints, with restrictions and 
limitations on related activities causing disruption and delay. These disruptions and delays strained domestic and international 
supply chains, resulting in port congestion, transportation delays as well as labor and container shortages, and affected the flow or 
availability of certain products. In addition, increased demand for online purchases of products impacted our fulfillment 
operations and small parcel network, resulting in potential delays in delivering products to our customers. Other future public 
health crises could have a similar effect.
The emergence of another pandemic, epidemic or infectious disease outbreak, including any required or voluntary actions to 
help limit the spread of illness, could impact our ability to carry out our business and may materially adversely impact global 
economic conditions, our business, results of operations, cash flows and financial condition. Such events could materially increase 
our costs, negatively impact our sales and damage our results of operations and liquidity, possibly to a significant degree. The 
extent of the impact of such events on our business and financial results cannot be predicted. 
24

Risks Related to Information Technology and Security
We rely significantly on information technology, and any compromise or interruption of that technology resulting from 
cybersecurity incidents, data security breaches, design defects or system failures could have a material negative impact on our 
business.
We depend on our information technology systems, as well as those of third parties, to design and develop new products, 
process financial and accounting information, manage inventory and our supply chain, operate our websites, host and manage our 
services, support our remote-working employees, store data, process transactions, respond to user inquiries, and conduct and 
manage various other operational activities. Any of these information technology systems could fail or experience a service 
interruption for a number of reasons, including cybersecurity threats, system failures, or failure to maintain or upgrade 
information technology systems. 
Although we have taken steps to protect the security of our information systems and the data maintained in those systems, we 
have, from time to time, experienced cybersecurity threats to our data and systems, including malware and computer virus attacks. 
It is possible that our safety and security measures will not prevent our systems from functioning improperly or becoming 
damaged. It is also possible that our safety and security measures will not prevent the improper access or disclosure of personally 
identifiable information such as in the event of a cybersecurity incident. Incidents may include social engineering or 
impersonation of authorized users, efforts to discover and exploit design flaws, bugs, security vulnerabilities or security 
weaknesses, intentional or unintentional acts by employees or other insiders with access privileges, intentional acts of vandalism 
or fraud by third parties or sabotage. Our use of AI and our use of products and services from third parties that use AI, may 
increase the risks of such incidents. In some instances, efforts to correct vulnerabilities or prevent incidents have in the past 
reduced, and may in the future reduce, the functionality or performance of our information technology, which could negatively 
impact our business. Cybersecurity incidents can also be caused by ransomware, distributed denial-of-service attacks, worms, and 
other malicious software programs or other attacks. Such incidents could be caused by the covert introduction of malware to our 
information technology systems and the use of techniques or processes that change frequently. The intrusions may be disguised, 
difficult to detect, or designed to remain dormant until a triggering event, and may continue undetected for an extended period of 
time. In addition, some of our suppliers, vendors, service providers, cloud solution providers and customers have in the past 
experienced, and may in the future experience, such incidents, which could in turn disrupt our business. While we maintain 
cybersecurity insurance, such insurance policies may not cover any or all of the resulting financial losses. 
Any material disruption or slowdown of our systems or those of third parties that we depend upon could cause information, 
including data related to orders, to be lost or delayed. Such loss or delay of information could result in delays in the delivery of 
products to retailers and customers. We could also lose sales, which could in turn reduce demand for our products, harm our brand 
and reputation, and cause our sales to decline. In addition to disruptions due to cybersecurity incidents, we may experience such 
disruptions due to significant increases in user volume, system failures, or failure to maintain or upgrade information technology 
systems. Remediation and repair of any failure, problem or breach of our key information systems could require significant capital 
investments. Furthermore, the implementation of new information technology systems or any remediation of our key information 
systems may require investment of capital and human resources, the re-engineering of business processes, and the attention of 
many employees who would otherwise be focused on other areas of our business. Further, if we experience any significant 
disruption to our financial information systems that we are unable to mitigate, our ability to timely report our financial results 
could be impacted, which could negatively impact our stock price.
25

As part of our normal business activities, we collect, store, process, and use certain information that is confidential, 
proprietary or otherwise sensitive, including personal information of consumers, customers, suppliers, service providers and 
employees. Our customers’ personal information may include names, addresses, phone numbers, email addresses, payment card 
data, and payment account information, as well as other information. We share some of this information with certain third parties 
who assist us with business matters. Moreover, the success of our operations depends upon the secure transmission of 
confidential, proprietary or otherwise sensitive data, including personal information, over networks. Any unauthorized access or 
data acquisition, despite security measures in place to protect such information, or other failure on the part of us or third parties to 
maintain the security of such data could result in business disruption, damage to our reputation, financial obligations to third 
parties, legal obligations, fines, penalties, regulatory proceedings and private litigation with potentially large costs. Such 
unauthorized access or data acquisition could also result in deterioration in confidence in our Company and other competitive 
disadvantages, and thus could have a material adverse effect on our business. Depending on the nature of the information 
compromised, we may also have obligations to notify users, law enforcement, or payment companies about the incident and may 
need to provide some form of remedy, such as refunds, for the individuals affected by the incident. Privacy laws, rules, and 
regulations are constantly evolving in the United States and abroad and may be inconsistent from one jurisdiction to another. For 
example, in December 2020, the State of California enacted the California Privacy Rights Act, or CPRA, which became effective 
on January 1, 2023, and substantially amends and expands the current California Consumer Privacy Act bringing the California 
regulations more in line with the European Union’s General Data Protection Regulation, or GDPR. Further, as we expand 
internationally, we are subject to additional privacy rules, such as GDPR, many of which are significantly more stringent than 
those in the United States. Complying with these evolving obligations is costly, and any failure to comply could give rise to 
unwanted media attention and other negative publicity, damage our customer and consumer relationships and reputation, and 
result in lost sales, fines, or lawsuits, and may harm our business.
The integration and use of AI in our business presents risks and challenges that could adversely affect our business, 
reputation, and results of operations. 
We have in the past and may in the future incorporate AI solutions into our business operations. For example, we have 
adopted, and may in the future adopt, AI solutions to enhance or automate internal processes that are time or labor intensive. We 
also use products and services from third parties that use integrated AI technology. AI is an emerging technology, and we cannot 
be sure that our use of AI will increase efficiency or provide any other benefits. The use of AI tools and technology presents many 
challenges and risks to our business, including the risk of bias, miscalculations, data errors and other unintended consequences. 
Unintended or improper use of AI may lead to regulatory issues, reputational or financial harm, and operational disruptions. The 
use of AI may also increase the risks to us of data breaches, malware, ransomware, data loss and theft, or the improper handling of 
sensitive information, which could result in adverse financial and regulatory consequences. The rapid development and adoption 
of AI and AI-adjacent technology, and of AI’s competitive use cases, may make it more difficult for us to compete in our 
industry. Our competitors may have greater success implementing and using AI technology than us, which could harm our ability 
to compete effectively and could adversely affect our results of operations. Further, we may become reliant on AI technology and 
tools in the future. The legal, regulatory and compliance environment surrounding the design and use of AI technology is evolving 
and complex. Our obligation to comply with the evolving regulatory landscape could entail significant costs and negatively affect 
our business. In addition, there has been a significant increase in AI-related litigation and government regulatory actions targeting 
the design, deployment and other uses of AI, and claiming liability under numerous areas of the law, such as consumer protection, 
product liability, privacy, intellectual property, securities and defamation. The occurrence of any of these risks could have an 
adverse effect on our business, reputation and results of operations. 
26

Risks Related to Our Financial Condition, Accounting and Tax Matters
We depend on cash generated from our operations to support our growth, and we may need to raise additional capital, which 
may not be available on terms acceptable to us or at all. 
We primarily rely on cash flow generated from our sales to fund our current operations and our growth initiatives. As we 
expand our business, we will need significant cash from operations to purchase inventory, increase our product development, 
expand our manufacturer and supplier relationships, pay personnel, expand internationally, and further invest in our sales and 
marketing efforts. If our business does not generate sufficient cash flow from operations to fund these activities and sufficient 
funds are not otherwise available from our current or future credit facility, we may need additional equity or debt financing. 
Global economic factors affecting the financial and credit markets, such as diminished liquidity and credit availability, sustained 
high interest rates and inflation, declines in consumer confidence, declines in economic growth, and uncertainty about stability 
could impact our ability to obtain financing. If such financing is not available to us on satisfactory terms, our ability to operate 
and expand our business or to respond to competitive pressures could be harmed. Moreover, if we raise additional capital by 
issuing equity securities or securities convertible into equity securities, the ownership of our existing stockholders may be diluted. 
The holders of new securities may also have rights, preferences or privileges which are senior to those of existing holders of 
common stock. In addition, any indebtedness we incur may subject us to covenants that restrict our operations and will require 
interest and principal payments that could create additional cash demands and financial risk for us.
Our indebtedness may limit our ability to invest in the ongoing needs of our business and if we are unable to comply with the 
covenants in our current Credit Facility, our liquidity and results of operations could be harmed.
As of December 28, 2024, we had $78.0 million principal amount of indebtedness outstanding under the Credit Facility (as 
defined in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations- Business 
Overview” of this Report). The Credit Facility is jointly and severally guaranteed by certain of our wholly-owned subsidiaries and 
any of our future subsidiaries that become guarantors, together, which we refer to as the Guarantors, and is also secured by a first-
priority lien on substantially all of our assets and the assets of the Guarantors, in each case subject to certain customary 
exceptions. We may, from time to time, incur additional indebtedness under the Credit Facility.
The Credit Facility places certain conditions on us, including, subject to certain conditions, reductions and exceptions, 
requiring us to utilize a portion of our cash flow from operations to make payments on our indebtedness, reducing the availability 
of our cash flow to fund working capital, capital expenditures, development activity, return capital to our stockholders, and other 
general corporate purposes. Our compliance with this condition may limit our ability to invest in the ongoing needs of our 
business. For example, complying with this condition:
•
increases our vulnerability to adverse economic or industry conditions;
•
limits our flexibility in planning for, or reacting to, changes in our business or markets;
•
makes us more vulnerable to increases in interest rates, as borrowings under the Credit Facility bear interest at variable 
rates;
•
limits our ability to obtain additional financing in the future for working capital or other purposes; and
•
potentially places us at a competitive disadvantage compared to our competitors that have less indebtedness.
The Credit Facility places certain limitations on our ability to incur additional indebtedness. However, subject to the 
qualifications and exceptions in the Credit Facility, we may incur substantial additional indebtedness under that facility. The 
Credit Facility also places certain limitations on our ability to enter into certain types of transactions, financing arrangements and 
investments, to make certain changes to our capital structure, and to guarantee certain indebtedness, among other things. The 
Credit Facility also places certain restrictions on the payment of dividends and distributions and certain management fees. These 
restrictions limit or prohibit, among other things, and in each case, subject to certain customary exceptions, our ability to: (a) pay 
dividends on, redeem or repurchase our stock, or make other distributions; (b) incur or guarantee additional indebtedness; (c) sell 
stock in our subsidiaries; (d) create or incur liens; (e) make acquisitions or investments; (f) transfer or sell certain assets or merge 
or consolidate with or into other companies; (g) make certain payments or prepayments of indebtedness subordinated to our 
obligations under the Credit Facility; and (h) enter into certain transactions with our affiliates.
The Credit Facility requires us to comply with certain covenants, including financial covenants regarding our total net 
leverage ratio and interest coverage ratio. Fluctuations in these ratios may increase our interest expense. Failure to comply with 
these covenants and certain other provisions of the Credit Facility, or the occurrence of a change of control, could result in an 
event of default and an acceleration of our obligations under the Credit Facility or other indebtedness that we may incur in the 
future.
27

If such an event of default and acceleration of our obligations occurs, the lenders under the Credit Facility would have the 
right to proceed against the collateral we granted to them to secure such indebtedness, which consists of substantially all of our 
assets. If the debt under the Credit Facility were to be accelerated, we may not have sufficient cash or be able to sell sufficient 
collateral to repay this debt, which would immediately and materially harm our business, results of operations, and financial 
condition. The threat of our debt being accelerated in connection with a change of control could make it more difficult for us to 
attract potential buyers or to consummate a change of control transaction that would otherwise be beneficial to our stockholders.
If our goodwill, other intangible assets, or fixed assets become impaired, we may be required to record a charge to our 
earnings.
We may be required to record future impairments of goodwill, other intangible assets, or fixed assets to the extent the fair 
value of these assets falls below their book value. Our estimates of fair value are based on assumptions regarding future cash 
flows, gross margins, expenses, discount rates applied to these cash flows, and current market estimates of value. Estimates used 
for future sales growth rates, gross profit performance, and other assumptions used to estimate fair value could cause us to record 
material non-cash impairment charges, which could harm our results of operations and financial condition.
If our estimates or judgments relating to our critical accounting policies prove to be incorrect or change significantly, our 
results of operations could be harmed.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions 
that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on 
historical experience and on various other assumptions that we believe to be reasonable under the circumstances. These estimates 
form the basis for making judgments about the carrying values of assets, liabilities, and equity and the amount of sales and 
expenses that are not readily apparent from other sources. Our results of operations may be harmed if our assumptions change or 
if actual circumstances differ from those in our assumptions, which could cause our results of operations to fall below the 
expectations of securities analysts and investors and could result in a decline in our stock price.
Changes in tax laws or unanticipated tax liabilities could adversely affect our effective income tax rate and profitability.
We are subject to income taxes in the United States (federal and state) and various foreign jurisdictions. Our effective income 
tax rate could be adversely affected in the future by a number of factors, including changes in the valuation of deferred tax assets 
and liabilities, changes in tax laws and regulations or their interpretations and application, and the outcome of income tax audits in 
various jurisdictions around the world.
The Organization for Economic Co-Operation and Development (“OECD”) enacted model rules for a new global minimum 
tax framework, also known as Pillar Two, and certain governments globally have enacted, or are in the process of enacting, 
legislation to address Pillar Two. We are continuing to evaluate the impact of these tax developments as new guidance and 
regulations are published. A significant change in U.S. tax law, or that of other countries where we operate or have a presence, 
may materially and adversely impact our income tax liability, provision for income taxes and effective tax rate. We regularly 
assess all of these matters to determine the adequacy of our income tax provision, which is subject to significant judgment.
We are subject to credit risk in connection with providing credit to our retail partners, and our results of operations could be 
harmed if a material number of our retail partners were not able to meet their payment obligations.
We are exposed to credit risk primarily relating to our accounts receivable. We provide credit to our retail partners in the 
ordinary course of our business and perform ongoing credit evaluations. While we believe that our exposure to concentrations of 
credit risk with respect to trade receivables is mitigated by our large retail partner base, and we make allowances for credit losses, 
we nevertheless run the risk of our retail partners not being able to meet their payment obligations, particularly in a future 
economic downturn. If a material number of our retail partners were not able to meet their payment obligations, our results of 
operations could be harmed.
28

Risks Related to Ownership of Our Common Stock
If we are unable to maintain effective internal control over financial reporting, investors may lose confidence in the accuracy 
and completeness of our reported financial information and the market price of our common stock may be negatively affected.
As a public company, we are required to maintain internal control over financial reporting and to report any material 
weaknesses in such internal controls. Section 404 of the Sarbanes-Oxley Act of 2002 requires that we evaluate and determine the 
effectiveness of our internal control over financial reporting and provide a management report on our internal controls on an 
annual basis. If we have material weaknesses in our internal control over financial reporting, we may not detect errors on a timely 
basis and our consolidated financial statements may be materially misstated.
Additionally, even if we conclude our internal controls are effective for a given period, we may in the future identify one or 
more material weaknesses in our internal controls, in which case our management will be unable to conclude that our internal 
control over financial reporting is effective. Our independent registered public accounting firm is required to issue an attestation 
report on the effectiveness of our internal control over financial reporting every fiscal year. Even if our management concludes 
that our internal control over financial reporting is effective, our independent registered public accounting firm may conclude that 
there are material weaknesses with respect to our internal controls or the level at which our internal controls are documented, 
designed, implemented or reviewed. 
If we are unable to conclude that our internal control over financial reporting is effective or if our auditors were to express an 
adverse opinion on the effectiveness of our internal control over financial reporting because we had one or more material 
weaknesses, investors could lose confidence in the accuracy and completeness of our financial disclosures, which could cause the 
price of our common stock to decline. Irrespective of compliance with Section 404, any failure of our internal control over 
financial reporting could have a material adverse effect on our reported operating results and harm our reputation. Internal control 
deficiencies could also result in a restatement of our financial results.
We cannot guarantee that our share repurchase program will be fully consummated or that it will enhance long-term 
stockholder value, and share repurchases could increase the volatility of the price of our common stock.
In February 2024, our Board of Directors authorized the Company to repurchase up to $300.0 million of outstanding shares 
of our common stock through various methods, including, but not limited to, open market, privately negotiated, or accelerated 
share repurchase transactions (the “Share Repurchase Program”). As of December 28, 2024, $100 million remained available for 
the Company to repurchase under the Share Repurchase Program. During the first quarter of 2025, the Board of Directors 
increased the Share Repurchase Program authorization by $350.0 million, such that as of February 24, 2025, $450.0 million 
remained available under the Share Repurchase Program. The Share Repurchase Program may be suspended or discontinued at 
any time. We are not obligated to repurchase a specified number or dollar of shares, and the timing, manner, price, and actual 
amount of share repurchases will depend on a variety of factors, including stock price, market conditions, other capital allocation 
needs and opportunities, and corporate and regulatory considerations. The timing of repurchases pursuant to our Share 
Repurchase Program could affect our stock price and increase its volatility. We cannot guarantee that we will repurchase shares, 
and there can be no assurance that any share repurchases will enhance stockholder value because the stock price of our common 
stock may decline below the levels at which we effected repurchases. 
Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of the Company more 
difficult, limit attempts by our stockholders to replace or remove our current management, and limit the market price of our 
common stock.
Provisions in our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws may have the effect 
of delaying or preventing a change in control or changes in our management. Our Amended and Restated Certificate of 
Incorporation and Amended and Restated Bylaws:
•
provide that our Board of Directors is classified into three classes of directors;
•
prohibit stockholders from taking action by written consent;
•
provide that stockholders may remove directors only for cause, and only with the approval of holders of at least 66 2/3% 
of our then outstanding common stock;
•
provide that the authorized number of directors may be changed only by resolution of the Board of Directors;
•
provide that all vacancies, including newly created directorships, may, except as otherwise required by law or as set forth 
in the Stockholders Agreement be filled by the affirmative vote of a majority of directors then in office, even if less than 
a quorum;
29

•
provide that stockholders seeking to present proposals before a meeting of stockholders or to nominate candidates for 
election as directors at a meeting of stockholders must provide notice in writing in a timely manner, and also specify 
requirements as to the form and content of a stockholder’s notice;
•
restrict the forum for certain litigation against us to Delaware or the federal district courts of the United States, as 
applicable;
•
do not provide for cumulative voting rights (therefore allowing the holders of a majority of the shares of common stock 
entitled to vote in any election of directors to elect all of the directors standing for election);
•
provide that special meetings of our stockholders may be called only by the Chairman of the Board of Directors, our 
CEO, or the Board of Directors pursuant to a resolution adopted by a majority of the total number of authorized 
directors;
•
provide that stockholders will be permitted to amend our Amended and Restated Bylaws only upon receiving at least 66 
2/3% of the votes entitled to be cast by holders of all outstanding shares then entitled to vote generally in the election of 
directors, voting together as a single class; and
•
provide that certain provisions of our Amended and Restated Certificate of Incorporation may only be amended upon 
receiving at least 66 2/3% of the votes entitled to be cast by holders of all outstanding shares then entitled to vote, voting 
together as a single class.
These provisions may frustrate or prevent any attempts by our stockholders to replace or remove our current management by 
making it more difficult for stockholders to replace members of our Board of Directors, which is responsible for appointing the 
members of our management. In addition, we have opted out of the provisions of Section 203 of the General Corporation Law of 
the State of Delaware (the “DGCL”), which generally prohibit a Delaware corporation from engaging in any of a broad range of 
business combinations with any interested stockholder for a period of three years following the date on which the stockholder 
became an interested stockholder. However, our Amended and Restated Certificate of Incorporation provides substantially the 
same limitations as are set forth in Section 203 but also provides that Cortec Group Fund V, L.P., our controlling stockholder at 
the time of our initial public offering, and its affiliates and any of their direct or indirect transferees and any group as to which 
such persons are a party do not constitute “interested stockholders” for purposes of this provision.
Our Amended and Restated Certificate of Incorporation provides that the Court of Chancery of the State of Delaware is the 
sole and exclusive forum for substantially all disputes between us and our stockholders and our Amended and Restated bylaws 
provide that the federal district courts of the United States are the exclusive forum for complaints asserting a cause of action 
under the Securities Act, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or 
our directors, officers, or employees.
Our Amended and Restated Certificate of Incorporation provides that, unless we consent to the selection of an alternative 
forum, (i) the Court of Chancery of the State of Delaware is the sole and exclusive forum for: (a) any derivative action or 
proceeding brought on our behalf; (b) any action asserting a claim of breach of fiduciary duty owed by any of our stockholders, 
directors, officers, or other employees to us or to our stockholders; (c) any action asserting a claim arising pursuant to the DGCL; 
or (d) any action asserting a claim governed by the internal affairs doctrine; and (ii) the federal district courts of the United States 
are the exclusive forum for the resolution of any complaint asserting a cause of action under the Securities Act of 1933, as 
amended. The choice of forum provision does not apply to any actions arising under the Exchange Act. These exclusive forum 
provisions will not relieve us of our duties to comply with the federal securities laws and the rules and regulations thereunder, and 
stockholders of YETI will not be deemed to have waived our compliance with these laws, rules and regulations. The choice of 
forum provisions may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us 
or our directors, officers, or other employees, which may discourage such lawsuits against us and our directors, officers, and other 
employees. Alternatively, if a court were to find either our state choice of forum provision or our federal choice of forum 
provision to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in 
other jurisdictions, which could harm our business, results of operations, and financial condition.
30

YETI Holdings, Inc. is a holding company with no operations of its own and, as such, it depends on its subsidiaries for cash to 
fund its operations and expenses, including future dividend payments, if any.
As a holding company, our principal source of cash flow is distributions from our subsidiaries. Therefore, our ability to fund 
and conduct our business, service our debt, and pay dividends, if any, depends on the ability of our subsidiaries to generate 
sufficient cash flow to make upstream cash distributions to us. Our subsidiaries are separate legal entities, and although they are 
wholly owned and controlled by us, they have no obligation to make any funds available to us, whether in the form of loans, 
dividends, or otherwise. The ability of our subsidiaries to distribute cash to us is also subject to, among other things, restrictions 
that may be contained in our subsidiary agreements (as entered into from time to time), availability of sufficient funds in such 
subsidiaries and applicable laws and regulatory restrictions. Claims of any creditors of our subsidiaries generally have priority as 
to the assets of such subsidiaries over our claims and claims of our creditors and stockholders. To the extent the ability of our 
subsidiaries to distribute dividends or other payments to us is limited in any way, our ability to fund and conduct our business, 
service our debt, and pay dividends, if any, could be harmed.
Risks Related to Acquisitions, Strategic Transactions, and Stockholder Activism
We have acquired and may in the future acquire or invest in other companies, which could divert our management’s attention, 
result in dilution to our stockholders, and otherwise disrupt our operations and harm our results of operations.
We have, and may in the future, acquire or invest in businesses, products, intellectual property, or technologies that we 
believe could complement or expand our business, enhance our capabilities, or otherwise offer growth opportunities. The pursuit 
of potential acquisitions may divert the attention of management and cause us to incur various costs and expenses in identifying, 
investigating, and pursuing suitable acquisitions, whether or not they are completed.
We may not be able to successfully integrate acquired personnel, operations, intellectual property, and technologies, or 
effectively manage the combined business following the acquisition. We also may not achieve the anticipated benefits from such 
acquisitions due to a number of factors, including: (a) an inability to integrate or benefit from acquisitions in a profitable manner; 
(b) unanticipated costs or liabilities associated with the acquisition; (c) the incurrence of acquisition-related costs; (d) the 
diversion of management’s attention from other business concerns; (e) the loss of our or the acquired business’ key employees; or 
(f) the issuance of dilutive equity securities, the incurrence of debt, or the use of cash to fund such acquisitions.
In addition, a significant portion of the purchase price of companies we acquire may be allocated to acquired goodwill and 
other intangible assets, which must be assessed for impairment at least annually. If our acquisitions do not yield expected returns, 
we may be required to take charges to our results of operations based on this impairment assessment process, which could harm 
our results of operations.
We may be the target of strategic transactions, which could divert our management's attention and otherwise disrupt our 
operations and adversely affect our business.
Other companies may seek to acquire us or enter into other strategic transactions. We will consider, discuss, and negotiate 
such transactions as we deem appropriate. The consideration of such transactions, even if not consummated, could divert 
management’s attention from other business matters, result in adverse publicity or information leaks, and could increase our 
expenses.
We may be the target of stockholder activism, an unsolicited takeover proposal, a proxy contest, or short sellers, which could 
negatively impact our business.
In recent years, there has been an increase in various forms of stockholder activism, including through direct engagement and 
letter-writing campaigns, shareholder proposals, proxy contests, and unsolicited takeovers. Such actions or proposals can result in 
substantial costs, such as legal fees and expenses, and divert management’s and our Board of Director’s attention and resources 
from our businesses and strategic plans. Stockholder activists may also seek to involve themselves in the governance, strategic 
direction and operations of our business in ways that do not align with our business strategies, which could create perceived 
uncertainties or concerns as to our future operating environment, legislative environment, strategy, direction, or leadership. Any 
such uncertainties or concerns could result in the loss of potential business opportunities, harm our business and financial 
relationships, and harm our ability to attract or retain investors, customers and employees. Actions of activist stockholders may 
also cause significant fluctuations in our stock price based on temporary or speculative market perceptions or other factors that do 
not necessarily reflect the underlying fundamentals and prospects of our business. We may also be the target of short sellers who 
engage in negative publicity campaigns that may use selective information that may be presented out of context or that may 
misrepresent facts and circumstances. Any of the foregoing could adversely affect our business and operating results.
31

Item 1B. Unresolved Staff Comments
None.
Item 1C. Cybersecurity
Risk Management and Strategy
We operate a risk-based cybersecurity program dedicated to protecting the confidentiality, integrity and availability of our 
information systems and the information residing therein. 
YETI’s cybersecurity program has been integrated into our enterprise risk framework, which identifies, aggregates, and 
evaluates risks across the enterprise. The enterprise risk framework is integrated with our annual planning, internal audit scoping, 
and management process. Our internal audit team annually facilitates an enterprise risk assessment with senior management and, 
through this process, we identify and assess material risks impacting our company and our operations and strategic objectives, 
which includes information technology and security risks. Management and the Board rank YETI’s risks based on their potential 
impact to YETI’s ability to meet our strategic priorities. Management determines appropriate risk responses for each identified 
enterprise risk. Outside of this annual process, management is responsible for our day-to-day risk management activities. 
Our Chief Information Officer (“CIO”), Director, Cyber Security (who reports to the CIO) and our Director, Technology 
Compliance (who ultimately reports to the Chief Legal Officer) have primary responsibility for the implementation of our 
cybersecurity program and the management of our responses to information technology and security risks, including risks related 
to cybersecurity threats. Our cybersecurity program has been developed based on industry standards, including those published by 
the International Organization for Standardization and the National Institute of Standards Technology. 
We utilize a layered approach in managing and protecting against cybersecurity threats and in detecting and responding to 
cybersecurity incidents. Although we have numerous practices and processes to protect against common cybersecurity incidents, 
some attacks or other breaches may still be effective. Such practices and processes are designed to detect, triage and contain these 
cybersecurity incidents. These controls include:
•
Identification: In addition to technology-based detection capabilities, there are numerous ways employees can report 
suspected or actual events, including through our internal information technology ticketing system, by emailing the 
cybersecurity or privacy team emails, or by submitting a report through the compliance hotline. External parties can also 
report a vulnerability through the link in the footer of our website. 
•
Technical Safeguards: We leverage outside partnerships to gain intelligence on threats and continue to adjust our 
protection mechanisms (including firewalls, anti-malware functionality and access controls) to be effective. We have 
systems in place that are designed to securely receive and store information and to detect, contain, and respond to data 
security incidents. 
•
Incident Response: We maintain a comprehensive incident response plan to guide our response to a cybersecurity 
incident. Events are analyzed and categorized into one of four severity tiers and an incident response team is formed 
(whose membership depends on the nature of the incident). In addition to taking actions to respond to and remediate the 
incident, the incident response team also considers external notification and disclosure obligations. The incident response 
plan provides for prompt escalation of certain cybersecurity incidents to a multi-disciplinary committee so that decisions 
regarding the public disclosure of such incidents can be made in a timely manner.
•
Testing: We engage in periodic assessment and testing of our policies, processes, and practices that are designed to 
address cybersecurity threats and incidents. For example, we hire a third party to perform an annual penetration test on 
our website, internal network, and cloud environments. Our other efforts vary from year to year, but have in the past 
included an information security maturity assessment, risk assessment, tabletop exercises, and threat modeling. The 
results of such efforts are reported to the Audit Committee of the Board (the “Audit Committee”) and the Board, and we 
adjust our cybersecurity policies, standards, processes and practices as necessary based on the information provided by 
the assessment, exercise or review.
•
Education and Awareness: We have a cybersecurity and information security training and compliance program in place 
to support our employees and directors. As part of this program YETI employees are subject to reoccurring phishing 
exercises. The results of these exercises are used to inform the subject matter and frequency of additional training 
modules that employees are required to complete. In addition, employees annually receive either reminders or training on 
data privacy and information security, including cybersecurity. YETI also maintains a number of policies that apply to 
employees and contractors, including a Global Internal Data Protection and Privacy Policy, an Acceptable Use Policy, 
and a Password Policy. 
32

•
Insurance: YETI also maintains a cybersecurity and information security risk insurance policy. 
•
Third Parties: YETI has processes in place to oversee and identify risks from cybersecurity threats associated with third-
party vendors. Such processes vary based on factors such as the type of vendor, whether the relationship will implicate 
our technology, and the type of data involved, if any. 
To date, we do not believe that known risks from cybersecurity threats, including as a result of any previous cybersecurity 
incidents that we are aware of, have materially affected or are reasonably likely to materially affect us, including our business 
strategy, results of operations or financial condition. However, we can give no assurance that we have detected all cybersecurity 
incidents or cybersecurity threats. Please refer to the risk factor titled “We rely significantly on information technology, and any 
compromise or interruption of that technology resulting from cybersecurity incidents, data security breaches, design defects or 
system failures could have a material negative impact on our business” in Part I, Item 1A of this Report for additional 
information about the risks associated with cybersecurity threats.
Governance
As part of its oversight function, the Board plays an active role, both as a whole and at the committee level, in overseeing 
management of YETI’s cybersecurity risks. The Audit Committee has primary oversight responsibility for our overall enterprise 
risk assessment and risk management policies and systems, which includes risks related to our information technology and 
security systems, processes, and procedures, including risks related to cybersecurity threats. The Audit Committee receives 
quarterly presentations regarding our enterprise risk management program, including reports from our CIO and Director, Cyber 
Security, on information security matters (such as cybersecurity risk and developments), as well as the steps management takes to 
monitor and control such exposures. These presentations address, among other things, the results of the most recent assessment or 
testing of our security information systems and our cybersecurity measures; the current threat environment; and cybersecurity 
trends and best practices. As applicable, these quarterly presentations also include reports of cybersecurity incidents affecting our 
information systems along with updates on the status of prior cybersecurity incidents and applicable remediation efforts. Such 
quarterly presentations given to the Audit Committee are summarized and shared with the Board at its next meeting by the Audit 
Committee Chair. Outside of such quarterly presentations, senior leadership would be expected to update the Audit Committee 
and the Board in real time of incidents deemed material and requiring disclosure in a Securities and Exchange Commission filing 
or of other “critical” or “high” severity incidents (the highest severity tiers under our incident response plan) that in senior 
leadership’s discretion require more immediate Audit Committee attention. In addition, the internal audit team provides quarterly 
cybersecurity updates to either the Audit Committee or the full Board regarding our risk analyses, assessments, risk mitigation 
strategies, and activities. 
As described above, management is responsible for our day-to-day risk management activities and identifies and manages 
areas of material risk, which includes information technology and security. Our CIO, who reports to our Chief Financial Officer, 
oversees our Information Technology and Cybersecurity teams, including the Director, Cyber Security. Our Chief Legal Officer 
oversees our Compliance team, which includes our Director, Technology Compliance. We believe that such cross-departmental 
involvement promotes a collaborative approach to protecting the Company’s information systems from cybersecurity threats, 
detecting cybersecurity incidents and responding to cybersecurity incidents in accordance with our incident response plan. 
Through the practices and policies described above, including our incident response plan, our CIO, Director, Cyber Security and 
Director, Technology Compliance are informed about cybersecurity threats and incidents affecting our information systems and 
lead the prevention, detection, mitigation, and remediation of cybersecurity threats and incidents in real time. Incidents deemed 
“critical” or “high” are immediately escalated to the Chief Financial Officer, Chief Legal Officer, other senior leadership, and the 
Audit Committee. 
Our CIO has served in various executive leadership roles for over 10 years and has over 30 years of experience in technology. 
Prior to joining YETI, he was the Senior Vice President of Consumer Technologies at a large publicly traded cosmetics company. 
The CIO holds a Masters of Business Administration. Our Director, Cyber Security has served in various roles in information 
technology and information security for over 25 years. Prior to joining YETI, he was a principal information security engineer for 
a global information technology consulting company. Our Director, Cyber Security holds an undergraduate degree in information 
technology, a master’s degree in information systems and technology management and has attained the professional certifications 
of Certified Information Systems Security Professional and Certified Information Systems Auditor. Our Director, Technology 
Compliance has served in various roles in information technology for 12 years, including as a compliance manager for a large 
software company and information technology consultant for a major consulting firm. Our Director, Technology Compliance 
holds an undergraduate degree in accounting and a master’s degree in management information systems and has attained the 
professional certifications of Certified Information Systems Auditor. Our Chief Legal Officer has over 14 years of experience 
managing risks, including risks arising from cybersecurity threats, in an officer capacity. Our Chief Financial Officer has 20 years 
of experience managing risks at large companies. 
33

Item 2. Properties
Our corporate headquarters are located in a 169,000 square foot leased facility in Austin, Texas. We previously subleased a 
portion of our corporate headquarters; however, the sublease ended in December 2024. As of December 28, 2024, we also leased 
office and building space in Montana, Australia, Canada, China, Germany, and the Netherlands, and additional building space in 
Austin, Texas. Our primary distribution centers are leased and managed by third-party logistics providers and, as of December 28, 
2024, were located in Salt Lake City, Utah, Memphis, Tennessee, Sumner, Washington, Australia, Canada, the United Kingdom, 
New Zealand, Vietnam, and the Netherlands. In addition, as of December 28, 2024, we leased and operated 24 retail stores across 
the United States.
We believe that our facilities, including space available through our third-party logistics providers, are in good condition and 
are adequate to support our current needs. 
Item 3. 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 are not material.
Item 4. Mine Safety Disclosures
Not applicable.
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information for Common Stock
Our common stock has been listed and traded on the New York Stock Exchange (the “NYSE”) under the symbol “YETI” 
since October 25, 2018.
Holders of Record
As of February 18, 2025, there were approximately 56 shareholders of record of our common stock. This does not include the 
significant number of beneficial owners whose stock is in nominee or “street name” accounts through brokers, banks or other 
nominees.
Dividend Policy
We have not declared or paid any cash dividends on our common stock. We intend to retain any future earnings and do not 
expect to pay any dividends in the foreseeable future. 
Stock Performance Graph
The following graph shows a comparison of the cumulative total return for our common stock with that of the Standard & 
Poor’s 500 Stock Index (“S&P 500 Index”) and Standard & Poor’s 500 Apparel, Accessories & Luxury Goods Index. The graph 
assumes that $100 was invested on December 28, 2019 in our common stock, the S&P 500 Index, and Standard & Poor’s 500 
Apparel, Accessories & Luxury Goods Index and assumes reinvestment of any dividends, if any. Stockholder returns over the 
indicated period should not be considered indicative of future stockholder returns. 
34

Comparison of 5-Year Cumulative Total Return Since December 28, 2019
Assumes Initial Investment of $100
12/28/2019
1/2/2021
1/1/2022
12/31/2022
12/30/2023
12/28/2024
YETI Holdings, Inc.     .............................................................
$ 
100.00 
$ 
195.74 
$ 
236.79 
$ 
118.10 
$ 
148.03 
$ 
112.49 
S&P 500 Index   .....................................................................
 
100.00 
118.08 
151.98 
124.46 
157.17 
199.46 
S&P 500 Apparel, Accessories & Luxury Goods Index   ......
 
100.00 
89.78 
95.23 
53.83 
53.70 
50.56 
The performance graph shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to 
the liabilities under that section and shall not be deemed to be incorporated by reference into any of our filings under the 
Securities Act or the Exchange Act.
Issuer Purchases of Equity Securities
Period
Total Number 
of Shares 
Purchased
Average Price 
Paid Per 
Share(1)
Total Number 
of Shares 
Purchased as 
Part of Publicly 
Announced 
Programs
Dollar Value of 
Shares that May Yet 
Be Purchased Under 
the Plans or 
Programs
(in thousands)(2)
September 29 - November 2, 2024    .........................................
— $ 
— 
— $ 
— 
November 3 - November 30, 2024(3)
    .......................................
1,933,301 
41.38 
1,933,301 
100,000,000 
December 1 - December 28, 2024 ...........................................
— 
— 
— 
— 
1,933,301
1,933,301
_________________________________________
(1) Average price paid per share excludes excise tax due under the Inflation Reduction Act of 2022.
(2) In February 2024, YETI’s Board of Directors approved a $300.0 million share repurchase program (the “Share Repurchase
Program”), excluding fees, commissions, and excise tax due under the Inflation Reduction Act of 2022. As of December 28,
2024, $100.0 million remained available under the Share Repurchase Program. During the first quarter of 2025, YETI’s
Board of Directors increased the Share Repurchase Program authorization by $350.0 million, excluding fees, commissions,
and excise tax due under the Inflation Reduction Act of 2022. As of February 24, 2025, $450.0 million remained available
under the Share Repurchase Program. See Note 11-Stockholders’ Equity of the Consolidated Financial Statements for
additional information about the Share Repurchase Program.
(3) On November 12, 2024, we entered into an accelerated share repurchase agreement (the “November ASR Agreement”) with
Goldman Sachs & Co. LLC to repurchase $100.0 million of YETI’s common stock, and received an initial delivery of
1,933,301 shares of YETI’s common stock. In January 2025, the ASR Agreement was completed and we received an
additional 551,955 shares of YETI’s common stock. See Note 11-Stockholders’ Equity of the Consolidated Financial
Statements for additional information about the ASR Agreement.
Item 6. Reserved
35

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis contains forward-looking statements within the meaning of the federal securities laws, 
and should be read in conjunction with the disclosures we make concerning risks and other factors that may affect our business 
and operating results, including those set forth in Part I, Item 1A, “Risk Factors” of this Report. The information contained in this 
section should also be read in conjunction with our consolidated financial statements and related notes and the information 
contained elsewhere in this Report. See also “Forward-Looking Statements” immediately prior to Part I, Item 1, “Business” in this 
Report. A discussion of our results of operations for the year ended December 30, 2023 compared to the year ended December 31, 
2022 is included in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of 
our Form 10-K for the year ended December 30, 2023, which was filed with the SEC on February 26, 2024.
Business Overview
Headquartered in Austin, Texas, YETI 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. 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.
We distribute our products through a balanced omni-channel platform, consisting of our wholesale and direct-to-consumer 
(“DTC”) channels. In our wholesale channel, we sell our products through select national and regional accounts and an 
assemblage of independent retail partners throughout the United States, Canada, Australia, New Zealand, Europe, and Japan, 
among others. We carefully evaluate and select retail partners that have an image and approach that are consistent with our 
premium brand and pricing. Our domestic national and regional specialty retailers include Dick’s Sporting Goods, REI, Academy 
Sports + Outdoors, Bass Pro Shops, Ace Hardware, Scheels, and Tractor Supply Company. We sell our products in our DTC 
channel to customers through our websites and YETI Authorized on the Amazon Marketplace, as well as in our retail stores. 
Additionally, we offer customized products with licensed marks and original artwork primarily through our DTC channel, 
including our corporate sales channel, on our websites, and at select retail stores. Our corporate sales program offers customized 
products to corporate customers for a wide-range of events and activities, and in certain instances may also offer products to re-
sell.
Product Introductions and Updates
During the first quarter of 2024, we expanded our Drinkware offerings with the launch of the new Yonder Bottle with Straw 
Cap in two sizes, and expanded the Rambler Stackable cup family with the addition of three new sizes. In our Coolers and 
Equipment category, we expanded our bag offerings with two new sizes of the SideKick Dry. We also introduced new seasonal 
colorways.
During the second quarter of 2024, we continued the expansion of our Drinkware offerings with the launch of our new 
Rambler French Press in two sizes, the limited release of our Flask and Shot Glasses. In our Coolers and Equipment category, we 
expanded our hard cooler offerings with two new sizes within our Roadie cooler family. We also introduced new seasonal 
colorways.
During the third quarter of 2024, we expanded our Drinkware category with the launch of our new Cast Iron Skillet in three 
sizes, our new Rambler Pitcher in two sizes, as well as the full release of our Flask and Shot Glasses. We also introduced new 
seasonal colorways.
During the fourth quarter of 2024, we continued the expansion of our Drinkware category with the launch of our new 
Rambler Pour Over and Food Storage containers in three sizes, and introduced new seasonal colorways. In our Coolers and 
Equipment category, we launched the LoadOut Swivel Seat and a limited release of the first Mystery Ranch-inspired Bozeman 
pack. 
 
36

Acquisitions
During the first quarter of 2024, we completed the acquisitions of Mystery Ranch, a designer and manufacturer of durable 
load-bearing backpacks, bags, and pack accessories, and Butter Pat Industries, LLC (“Butter Pat”), a designer and manufacturer of 
cast iron cookware. During 2024, we integrated Butter Pat, expanding the cookware offerings in our Drinkware category. We also 
integrated Mystery Ranch operations and products into our business, expanding the bags offerings in our Coolers & Equipment 
category. 
During the fourth quarter of 2024, we acquired powered cooling technology patents to develop a unique powered cooler 
platform. See Note 2- Acquisitions of the Notes to Consolidated Financial Statements included herein for additional information 
about these acquisitions.
Product Recall Update
In January 2023, we notified the U.S. Consumer Product Safety Commission (“CPSC”) of a potential safety concern 
regarding the magnet-lined closures of our Hopper M30 Soft Cooler, Hopper M20 Soft Backpack Cooler, and SideKick Dry gear 
case (the “affected products”) and initiated a global stop sale of the affected products. In February 2023, we proposed a voluntary 
recall of the affected products to the CPSC and other relevant global regulatory authorities. Accordingly, we established reserves 
for unsalable inventory on-hand, as well as expected future returns and the estimated cost of recall remedies for consumers with 
affected products as of December 31, 2022.
For the year ended December 31, 2022, we recorded a reduction to net sales for estimated future returns and recall remedies 
of $38.4 million; recorded costs in cost of goods sold of $58.6 million primarily related to an inventory write-off of $34.1 million 
for our unsalable inventory on-hand as well as estimated costs of future product replacement remedies and logistics costs; and 
recorded $31.9 million associated with estimated recall-related costs in selling, general, and administrative expenses. As a result, 
the total unfavorable impact of the proposed voluntary recalls to operating income was $128.9 million for the year ended 
December 31, 2022.
In March 2023, we announced separate, voluntary recalls of the affected products in collaboration with the CPSC. During the 
second quarter of 2023, we began processing recall returns and claims and based on such experience and trends, we reevaluated 
our assumptions and adjusted our estimated recall expense reserve. These trends included higher than anticipated elections by 
consumers to receive gift cards in lieu of product replacement remedies, lower than anticipated consumer recall participation 
rates, variations in individual product participation rates, and lower logistics costs than previously estimated. As a result, we 
updated our recall reserve assumptions throughout 2023, which increased the estimated recall expense reserve by $3.6 million in 
2023. 
As a result of the net unfavorable recall reserve adjustments and other incurred costs, for the year ended December 30, 2023, 
we recorded a reduction to net sales of $21.7 million primarily related to higher estimated future recall-related gift card elections; 
recorded a benefit in cost of goods sold of $8.4 million primarily related to lower estimated costs of future product replacement 
remedy elections and logistics costs, and lower recall-related costs; and recorded a benefit in SG&A expenses primarily related to 
lower estimated other recall-related costs of $11.4 million. The total unfavorable impact to operating income related to the recalls 
was $1.9 million in 2023. 
In addition, our sales from the first to the third quarter of 2023 were materially adversely impacted by the stop sales of the 
affected products. In the fourth quarter of 2023, we introduced our redesigned and improved versions of the affected products. 
During 2024, we experienced higher than anticipated consumer recall participation rates. Based on such experience and 
trends, we reevaluated our prior assumptions and adjusted our estimated product recall reserve. As a result, we increased the 
estimated recall expense reserve by $9.9 million during 2024. As a result of the net unfavorable recall reserve adjustment for the 
year ended December 28, 2024, we recorded a reduction to net sales of $8.8 million related to higher estimated future customer 
recall participation rates; recorded a benefit in cost of goods sold of $0.7 million related to lower recall-related costs; and recorded 
an unfavorable adjustment in SG&A expenses related to higher estimated other recall-related costs of $1.8 million.
As of December 28, 2024 and December 30, 2023, our reserve for estimated recall expenses was $12.1 million and 
$13.1 million, respectively. 
The ultimate impact from the recalls may differ materially from our estimates, and may harm our business, financial 
condition and results of operations. See Part I, Item 1A “Risk Factors - Risks Related to Our Business, Operations and Industry.”
37

Macroeconomic Conditions
There remains significant uncertainty regarding how macroeconomic conditions, including sustained high levels of inflation 
and higher interest rates, will impact consumer demand. While some of these conditions have negatively impacted consumer 
discretionary spending behavior, we continue to see strong overall demand for our products.
Our operations and financial results are impacted by global economic conditions such as geopolitical conflicts, tariffs, and 
foreign currency exchange rate fluctuations. For example, the ongoing disruptions of container shipping traffic through the Red 
Sea and surrounding waterways have continued to negatively affect transit times and freight costs for goods manufactured in Asia 
and destined to Europe, and to a smaller extent the Americas. In addition, there is significant uncertainty regarding the actions that 
the Trump Administration will take with respect to tariffs and trade agreements. Additional tariffs or altered trade agreements 
could impact our cost of sales. We also expect for our 2025 financial results to be adversely impacted by foreign currency 
headwinds as a result of the strengthening of the U.S. dollar. Although such conditions have not materially impacted our business 
to date, the continuation or worsening of these conditions may materially impact our operations and financial results in 2025.
A worsening of any of the macroeconomic trends or uncertainties discussed herein may adversely impact our business, 
operations, and financial results in the future. We will continue to monitor and, if necessary, strive to mitigate the effects of the 
macroeconomic environment on our business.
General
Components of Our Results of Operations
Net Sales. Net sales are comprised of wholesale channel sales to our retail partners and sales through our DTC channel. Net 
sales in both channels reflect the impact of product returns as well as discounts for certain sales programs or promotions.
We discuss the net sales of our products in our two primary categories: Coolers & Equipment and Drinkware. Our Coolers & 
Equipment category includes hard coolers, soft coolers, bags, outdoor equipment, and cargo, as well as accessories and 
replacement parts for these products. Our Drinkware category is primarily composed of our stainless-steel drinkware products and 
related accessories. In addition, our Other category is primarily comprised of ice substitutes and YETI-branded gear, such as 
shirts, hats, and other miscellaneous products.
Gross profit. Gross profit reflects net sales less cost of goods sold, which primarily includes the purchase cost of our products 
from our third-party contract manufacturers, inbound freight and duties, product receiving testing and inspection costs, 
depreciation expense of our molds, tooling, and equipment, and the cost of customizing products. We calculate gross margin as 
gross profit divided by net sales. Our DTC channel generally generates higher gross margin than our wholesale channel due to 
differentiated pricing between these channels. 
Selling, general, and administrative expenses. Selling, general, and administrative (“SG&A”) expenses consist primarily of 
marketing costs, employee compensation and benefits costs, including non-cash stock-based compensation, distribution and 
fulfillment costs, depreciation and amortization expense, and general corporate infrastructure expenses. Our distribution and 
fulfillment costs include costs of our third-party warehousing and logistics operations, outbound freight costs, costs of operating 
on third-party DTC marketplaces, and credit card processing fees. Certain distribution and fulfillment costs will vary as they are 
dependent on our sales volume and our channel mix. Our DTC channel variable SG&A costs are generally higher as a percentage 
of net sales than our wholesale channel distribution costs. 
Fiscal Year. 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 years 2024, 2023 and 2022 ended on December 28, 2024, December 30, 2023 and December 31, 2022, respectively, and 
were 52 weeks each. Unless otherwise stated, references to particular years, quarters, months and periods refer to our fiscal years 
ended in December and the associated quarters, months, and periods of those fiscal years. 
38

Results of Operations
The discussion below should be read in conjunction with the following table and our consolidated financial statements and 
related notes contained elsewhere in this Report. The following table sets forth selected statement of operations data, and their 
corresponding percentage of net sales, for the periods indicated (dollars in thousands):
 
Fiscal Year Ended
 
December 28, 2024
December 30, 2023
Statement of Operations
 
 
 
 
Net sales    ............................................................................................................ $ 
1,829,873  100 % $ 
1,658,713  100 %
Cost of goods sold    .............................................................................................  
766,589 
 42 %  
715,527 
 43 %
Gross profit    ...................................................................................................  
1,063,284 
 58 %  
943,186 
 57 %
Selling, general, and administrative expenses     ..................................................  
817,908 
 45 %  
717,728 
 43 %
Operating income      .........................................................................................  
245,376 
 13 %  
225,458 
 14 %
Interest income (expense)    .................................................................................  
660 
 — %  
(942) 
 — %
Other (expense) income, net    .............................................................................  
(13,188) 
 1 %  
1,430 
 — %
Income before income taxes   .........................................................................  
232,848 
 13 %  
225,946 
 14 %
Income tax expense  ...........................................................................................  
(57,159) 
 3 %  
(56,061) 
 3 %
Net income     ........................................................................................................ $ 
175,689 
 10 % $ 
169,885 
 10 %
Year Ended December 28, 2024 Compared to Year Ended December 30, 2023
 
Fiscal Year Ended
 
 
December 28,
2024
December 30,
2023
Change
(dollars in thousands)
$
%
Net sales       ...........................................................................
$ 1,829,873 
$ 1,658,713 
$ 
171,160 
 10 %
Gross profit   .......................................................................
 
1,063,284 
 
943,186 
 
120,098 
 13 %
Gross margin (gross profit as a % of net sales)     ................
 58.1 %
 56.9 %
120 basis points
Selling, general, and administrative expenses   ..................
$ 
817,908 
$ 
717,728 
$ 
100,180 
 14 %
SG&A as a % of net sales    ................................................
 44.7 %
 43.3 %
140 basis points
Net Sales
Net sales increased $171.2 million, or 10%, to $1,829.9 million in 2024 from $1,658.7 million in 2023. Net sales included an 
unfavorable impact of $8.8 million in 2024 and $21.7 million in 2023 primarily related to recall reserve adjustments, as discussed 
above. Excluding these recall-related impacts, sales increased 9% primarily due to volume growth in both our DTC and 
Wholesale channels.
Net sales for 2023 were materially adversely impacted by the stop sale of the soft coolers included in the recalls initiated 
during the first quarter of 2023. In addition, net sales for 2024 and 2023 include $8.8 million and $25.3 million, respectively, of 
sales related to gift card redemptions in connection with recall remedies.
Net sales in our channels were as follows:
•
DTC channel net sales increased $89.9 million, or 9%, to $1,087.6 million in 2024 from $997.7 million in 2023, 
primarily driven by growth in both Coolers & Equipment and Drinkware categories. DTC channel net sales included an 
unfavorable impact of $8.3 million in 2024 and $7.3 million in 2023 primarily related to recall reserve adjustments. Our 
DTC channel represented 59% and 60% of total net sales in 2024 and 2023, respectively. 
•
Net sales in our wholesale channel increased $81.3 million, or 12%, to $742.3 million in 2024 from $661.0 million in 
2023. Wholesale channel net sales included an unfavorable impact of $0.6 million in 2024 and $14.4 million in 2023 
related to recall reserve adjustments. The increase in our wholesale channel sales was primarily driven by both Coolers & 
Equipment and Drinkware categories, as well as a net favorable impact of $13.8 million related to the recall reserves. 
Our wholesale channel represented 41% and 40% of total net sales in 2024 and 2023, respectively.
39

Net sales in our two primary product categories were as follows:
•
Drinkware net sales increased $71.2 million, or 7%, to $1,094.2 million in 2024 from $1,023.0 million in 2023, primarily 
driven by demand for the continued expansion and innovation of our Drinkware product offerings and new seasonal 
colorways.
•
Coolers & Equipment net sales increased $101.1 million, or 17%, to $698.6 million in 2024 from $597.5 million in 2023. 
Coolers & Equipment net sales included an unfavorable impact of $8.8 million in 2024 and $21.7 million in 2023 
primarily related to recall reserve adjustments. The increase in Coolers & Equipment net sales was primarily driven by 
strong performance in bags, soft coolers, and hard coolers. 
Net sales in the U.S. increased $91.5 million, or 7%, to $1,490.5 million for 2024. Net sales in international locations 
increased $79.6 million, or 31%, to $339.4 million for 2024. For 2024 and 2023, net sales in the U.S. included an unfavorable 
impact of $8.8 million and $20.8 million, respectively, related to the recall reserve adjustments. For 2023, net sales in 
international locations included an unfavorable adjustment of $0.9 million related to a recall reserve adjustment. Net sales in 
international locations represented 19% and 16% of total net sales in 2024 and 2023, respectively.
Gross Profit
Gross profit increased $120.1 million, or 13%, to $1,063.3 million in 2024 from $943.2 million in 2023. Gross margin 
increased 120 basis points to 58.1% in 2024 from 56.9% in 2023. Gross profit included an unfavorable impact of $8.1 million in 
2024 and $13.3 million in 2023 primarily related to recall reserve adjustments, as discussed above. The increase in gross margin 
was primarily driven by:
•
lower inbound freight rates, which favorably impacted gross margin by 220 basis points; and
•
lower product costs, which favorably impacted gross margin by 110 basis points;
These were partially offset by: 
 
•
higher customization costs, which unfavorably impacted gross margin by 40 basis points;
•
strategic price decreases on certain hard cooler products implemented during the first quarter of 2024, which unfavorably 
impacted gross margin by 30 basis points;
•
the amortization of inventory fair value step-up in connection with the Mystery Ranch acquisition, which unfavorably 
impacted gross margin by 30 basis points; 
•
the net impact of the recall reserves adjustments, which unfavorably impacted gross margin by 20 basis points; and
•
other impacts, which unfavorably impacted gross margin by 90 basis points.
Selling, General, and Administrative Expenses
SG&A expenses increased by $100.2 million, or 14%, to $817.9 million in 2024 from $717.7 million in 2023. As a 
percentage of net sales, SG&A expenses increased 140 basis points to 44.7% in 2024 from 43.3% in 2023. SG&A expenses 
included an unfavorable impact of $1.8 million in 2024 and a favorable impact of $11.4 million in 2023 primarily related to recall 
reserve adjustments, as discussed above. The increase in SG&A expenses resulted from:
•
an increase in employee compensation and benefits of $39.9 million (increasing SG&A as a percent of sales by 130 basis 
points) mainly due to investments in headcount to support future growth and non-cash stock-based compensation 
expense; 
•
an increase in general and administrative expenses of $20.4 million (increasing SG&A as a percent of sales by 50 basis 
points) mainly due to higher technology expenses, asset impairments, occupancy costs, and professional fees; 
•
an increase in marketing and advertising expenses of $14.6 million (increasing SG&A as a percent of sales by 10 basis 
points); 
•
the net impact of the recall reserves adjustments, which unfavorably impacted SG&A expenses by $13.2 million 
(increasing SG&A as a percent of sales by 80 basis points); and
•
an increase in distribution and fulfillment expenses of $12.8 million (decreasing SG&A as a percent of sales by 110 basis 
points) primarily due to higher online marketplace fees and third-party logistics fees associated with higher net sales, 
partially offset by lower outbound freight.
The increase in SG&A expenses were partially offset by lower depreciation and amortization expense of $0.7 million 
(decreasing SG&A as a percent of sales by 20 basis points). 
40

Non-Operating Expenses
Interest income, net was $0.7 million in 2024. Interest expense, net was $0.9 million in 2023. The change versus the prior 
year period was primarily due to an increase in interest income.
Other expense, net was $13.2 million in 2024. Other income, net was $1.4 million in 2023. The change versus the prior year 
period was primarily due to unrealized foreign currency losses on intercompany balances in the current period versus unrealized 
foreign currency gains on intercompany balances in the prior year.
Income tax expense was $57.2 million in 2024, compared to $56.1 million in 2023. Our effective tax rate was 25% for both 
2024 and 2023. The increase in income tax expense was primarily due to higher income before income taxes.
Liquidity and Capital Resources
General
Our cash requirements have principally been for working capital purposes, long-term debt repayments, and capital 
expenditures. We fund our working capital and our capital investments from cash flows from operating activities, cash on hand, 
and borrowings available under our Revolving Credit Facility. Pursuant to our Share Repurchase Program described below, we 
use cash to repurchase shares of our common stock. We believe that our current operating performance, operating plan, our strong 
cash position, and borrowings available under our Revolving Credit Facility will be sufficient to satisfy our liquidity needs and 
capital expenditure requirements for at least the next twelve months and the foreseeable future.
Current Liquidity
As of December 28, 2024, we had a cash balance of $358.8 million, $88.5 million of working capital (excluding cash), and 
$300.0 million of borrowings available under the Revolving Credit Facility.
Credit Facility
Our Credit Facility provides for a $300.0 million Revolving Credit Facility and an $84.4 million term loan (“Term Loan A”).
On March 31, 2023, we amended the Credit Facility, leaving the material terms of the Credit Facility substantially 
unchanged, with the exception of certain changes to implement the replacement of London Interbank Offered Rate (“LIBOR”) 
with the Secured Overnight Financing Rate (“SOFR”) as the reference rate therein.
On June 22, 2023, we further amended the Credit Facility, which extended the maturity date of both the Term Loan A and the 
Revolving Credit Facility from December 17, 2024 to June 22, 2028; refinanced and replaced the existing Term Loan A in full 
with a new $84.4 million Term Loan A; and increased the commitments under the Revolving Credit Facility from $150.0 million 
to $300.0 million. As a result of the amendment, we recognized a $0.3 million loss on modification and extinguishment of debt 
and we capitalized $2.8 million of new lender and third-party fees in the second quarter of 2023.
On February 26, 2024, we further amended the Credit Facility, leaving the material terms of the Credit Facility substantially 
unchanged, with the exception of a definitional update and a change to permit a Hedging Agreement (as defined in the Credit 
Facility) entered into in connection with an accelerated share purchase program under the Credit Facility.
At December 28, 2024, we had $78.0 million principal amount of indebtedness outstanding under the Term Loan A and no 
outstanding borrowings under the Revolving Credit Facility. The weighted average interest rate for borrowings under Term Loan 
A was 7.09% during the year ended December 28, 2024.
The Credit Facility requires us to comply with certain covenants, including financial covenants regarding our total net 
leverage ratio and interest coverage ratio. Fluctuations in these ratios may increase our interest expense. Failure to comply with 
these covenants and certain other provisions of the Credit Facility, or the occurrence of a change of control, could result in an 
event of default and an acceleration of our obligations under the Credit Facility or other indebtedness that we may incur in the 
future. At December 28, 2024, we were in compliance with all covenants and expect to remain in compliance with all covenants 
under the Credit Facility.
41

Share Repurchase Program
On February 1, 2024, our Board of Directors authorized the repurchase of up to $300.0 million (exclusive of fees and 
commissions) of YETI’s common stock (the “Share Repurchase Program”), excluding fees, commissions, and excise tax due 
under the Inflation Reduction Act of 2022. The common stock may be repurchased from time to time at prevailing prices in the 
open market, through various methods, including, but not limited to, open market, privately negotiated, or accelerated share 
repurchase transactions. Repurchases under the share repurchase program may also be made pursuant to a plan adopted under 
Rule 10b5-1 promulgated under the Exchange Act. The timing, manner, price, and actual amount of share repurchases will be 
determined by management based on various factors, including, but not limited to, stock price, economic and market conditions, 
other capital allocation needs and opportunities, and corporate and regulatory considerations. YETI has no obligation to 
repurchase any amount of our common stock, and such repurchases may be suspended or discontinued at any time. As of 
December 28, 2024, $100.0 million remained available 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 “February ASR Agreement”) with Goldman Sachs & Co. LLC (“Goldman Sachs”) to repurchase $100.0 million of YETI’s 
common stock. Pursuant to the February ASR Agreement, we made a payment of $100.0 million to Goldman Sachs and received 
an initial delivery of 1,998,501 shares of our common stock. We received a final delivery of an additional 642,674 shares on April 
25, 2024. The February ASR Agreement resulted in the total repurchase of 2,641,175 shares. 
In addition, as part of the Share Repurchase Program, on November 12, 2024, we entered into a second accelerated share 
repurchase agreement (the “November ASR Agreement”) with Goldman Sachs to repurchase an additional $100.0 million of 
YETI’s common stock. Pursuant to the November ASR Agreement, we made a payment of $100.0 million to Goldman Sachs and 
received an initial delivery of 1,933,301 shares of YETI’s common stock. We received a final delivery of an additional 551,955 
shares on January 6, 2025. The November ASR resulted in the total repurchase of 2,485,256 shares.
During the first quarter of 2025, our Board of Directors approved a $350.0 million increase to the Share Repurchase Program 
authorization, excluding fees, commissions, and excise tax due under the Inflation Reduction Act of 2022. As of February 24, 
2025, $450.0 million remained available under the Share Repurchase Program.
See Note 11-Stockholders’ Equity of the Consolidated Financial Statements for additional information about the Share 
Repurchase Program.
Material Cash Requirements
For 2025, we expect capital expenditures for property and equipment to be between $60.0 million and $70.0 million, 
primarily to support investments in technology, new product innovation, and our supply chain.
The following table summarizes current and long-term material cash requirements for contractual and other obligations as of 
December 28, 2024 (in thousands):
 
Material Cash Requirements
 
Total
2025
2026
2027
2028
2029
Thereafter
Long-term debt principal payment    ............... $ 
78,047 $ 
4,219 $ 
4,219 $ 4,219 $ 65,390 $ 
— $ 
— 
Interest  ..........................................................  
15,597  
4,797  
4,532  
4,267  
2,001  
—  
— 
Operating lease obligations   ..........................  
110,490  
24,034  
20,582  15,767  
11,718  
8,940  29,449 
Finance leases    ...............................................  
3,536  
2,315  
973  
142  
106  
—  
— 
Other non-cancellable agreements (1)
      ...........  
166,765  
64,707  
53,305  21,046  
14,957  11,498  
1,252 
Total  .............................................................. $ 374,435 $ 100,072 $ 83,611 $ 45,441 $ 94,172 $ 20,438 $ 30,701 
_________________________________________
(1) We have entered into commitments for service and maintenance agreements related to our management information systems, 
distribution contracts, advertising, sponsorships, and licensing agreements. 
The table of our material cash requirements above excludes unrecognized tax benefits as we are unable to reasonably predict 
the timing of settlement of liabilities, if any, related to unrecognized tax benefits. As of December 28, 2024, we had unrecognized 
tax benefits of $21.2 million.
As of December 28, 2024, our reserve for estimated recall expenses, including the expected cost of returns, was 
$12.1 million. The ultimate costs from the approved voluntary recalls could differ materially from this estimate, and as such, 
changes in the estimate may have a material impact on our financial condition, results of operations, and cash flows.
42

Cash Flows from Operating, Investing and Financing Activities
The following table summarizes our cash flows from operating, investing and financing activities for the periods indicated (in 
thousands):
 
Fiscal Year Ended
 
December 28, 2024
December 30, 2023
Cash flows provided by (used in):      ...........................................................................................
  
  
Operating activities   ............................................................................................................... $ 
261,386 $ 
285,942 
Investing activities    ................................................................................................................  
(131,448)  
(72,824) 
Financing activities      ...............................................................................................................  
(209,217)  
(13,596) 
Operating Activities
Cash flows related to operating activities are dependent on net income, non-cash adjustments to net income, and changes in 
working capital. The decrease in cash provided by operating activities in 2024 compared to 2023 was primarily due to an increase 
in cash used by working capital driven by lower accounts payable and accrued expenses balances and higher account receivable 
balances in 2024. The increase in cash provided by operating activities was partially offset by an increase in net income and the 
impact of non-cash items. 
Investing Activities
The increase in cash used in investing activities in 2024 compared to 2023 was primarily related to the acquisition of Mystery 
Ranch and higher purchases of intangible assets, including the acquisition of powered cooling technology patents to develop a 
unique powered cooler platform. These increases were partially offset by decreased purchases of property and equipment.
Financing Activities
The increase in cash used in financing activities in 2024 compared to 2023 was primarily due to repurchases of common 
stock.
Critical Accounting Policies and Estimates
Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial 
statements, which have been prepared in accordance with GAAP. In preparing the consolidated financial statements, we make 
estimates and judgments that affect the reported amounts of assets, liabilities, sales, expenses, and related disclosure of contingent 
assets and liabilities. We re-evaluate our estimates on an on-going basis. Our estimates are based on historical experience and on 
various other assumptions that we believe to be reasonable under the circumstances. Because of the uncertainty inherent in these 
matters, actual results may differ from these estimates and could differ based upon other assumptions or conditions.
See Note 1 of the Notes to Consolidated Financial Statements for our significant accounting policies. The following describes 
significant judgments and estimates used in the application of these policies. Within the context of these critical accounting 
policies, we are not currently aware of any reasonably likely events or circumstances that would result in materially different 
amounts being reported. 
Revenue Recognition
Revenue transactions associated with the sale of YETI coolers, equipment, drinkware, apparel and accessories comprise a 
single performance obligation, which consists of the sale of products to customers either through our wholesale or DTC channels. 
Revenue is recognized when performance obligations are satisfied through the transfer of control of promised goods to the 
customers, based on the terms of sale. The transfer of control typically occurs at a point in time based on consideration of when 
the customer has an obligation to pay for the goods, and physical possession of, legal title to, and the risks and rewards of 
ownership of the goods has been transferred, and the customer has accepted the goods. Revenue from wholesale transactions is 
generally recognized at the time products are shipped based on contractual terms with the customer. Revenue from our DTC 
channel is generally recognized at the point of sale in our retail stores and at the time products are shipped for e-commerce 
transactions and corporate sales based on contractual terms with the customer.
43

Revenue is recognized net of estimates of variable consideration, including product returns, customer discounts and 
allowances, sales incentive programs, and miscellaneous claims from customers. We determine these estimates based on contract 
terms, evaluations of historical experience, anticipated trends, and other factors. The actual amount of customer returns and 
customer allowances, which is inherently uncertain, may differ from our estimates.
The duration of contractual arrangements with our customers is typically less than 1 year. Payment terms with wholesale 
customers vary depending on creditworthiness and other considerations, with the most common being net 30 days. Payment is due 
at the time of sale for retail store transactions and at the time of shipment for e-commerce transactions.
Certain products that we sell include a limited warranty which does not meet the definition of a performance obligation 
within the context of the contract. Product warranty costs are estimated based on historical and anticipated trends and are recorded 
as cost of goods sold at the time revenue is recognized.
We elected to account for shipping and handling as fulfillment activities, and not as separate performance obligations. 
Shipping and handling fees billed to customers are included in net sales. All shipping and handling activity costs are recognized as 
selling, general and administrative expenses at the time the related revenue is recognized. Sales taxes collected from customers 
and remitted directly to government authorities are excluded from net sales and cost of goods sold.
Our terms of sale provide limited return rights. We may accept, and have at times accepted, returns outside our terms of sale 
at our sole discretion. We may also, at our sole discretion, provide our retail partners with sales discounts and allowances. We 
record estimated sales returns, discounts, and miscellaneous customer claims as reductions to net sales at the time revenues are 
recorded. We base our estimates upon historical experience and trends, and upon approval of specific returns or discounts. Actual 
returns and discounts in any future period are inherently uncertain and thus may differ from our estimates. If actual or expected 
future returns and discounts were significantly greater or lower than the reserves we had established, we would record a reduction 
or increase to net sales in the period in which we made such determination. A 10% change in our estimated reserve for sales 
returns, discounts, and miscellaneous claims for 2024 would have impacted net sales by $1.2 million.
Product Recall Reserves
As described in Note 12 of the Notes to Consolidated Financial Statements, in January 2023, we notified the 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 conjunction with the stop sale, we determined that the 
affected products inventory held by us, our suppliers and our wholesale customers was unsalable, and notified our wholesale 
customers to return the affected products. 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. 
We establish reserves for the estimated costs of a product recall when circumstances giving rise to the recall become known 
and when such costs are probable and estimable. As a result of the voluntary recalls, we established a reserve for expected future 
returns and the estimated cost of recall remedies for consumers with affected products. Estimating the cost of recall remedies 
required significant judgment and is primarily based on (i) expected consumer participation rates; and (ii) the estimated costs of 
the consumer’s elected remedy in the proposed voluntary recall, including estimated cost of offered product replacements, 
logistics costs and other recall-related costs. We reevaluate these assumptions each period, and the related reserves may be 
adjusted when factors indicate that the reserve is either not sufficient to cover or exceeds the estimated product recall expenses. 
The ultimate impact from the approved voluntary recalls could differ materially from these estimates. The reserve for the 
estimated product recall expenses of $12.1 million and $13.1 million is included within accrued expenses and other current 
liabilities on our consolidated balance sheet as of December 28, 2024 and 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.
44

Inventory
Inventories are comprised primarily of finished goods and are carried at the lower of cost (weighted-average cost method) or 
market (net realizable value). We make ongoing estimates relating to the net realizable value of inventories based upon our 
assumptions about future demand and market conditions. If the estimated net realizable value is less than cost, we reflect the 
lower value of that inventory. This methodology recognizes inventory exposures at the time such losses are identified rather than 
at the time the inventory is actually sold. Due to customer demand and inventory constraints, we have not historically taken 
material adjustments to the carrying value of our inventory.
Our inventory valuation reflects adjustments for anticipated inventory losses that have occurred since the last physical 
inventory. We estimate inventory shrinkage based on historical trends from physical inventory counts and cycle counts. We 
perform physical inventory counts and cycle counts throughout the year and adjust the shrink provision accordingly. Historically, 
physical inventory shrinkage has not been significant.
Valuation of Goodwill and Indefinite-Lived Intangible Assets
Goodwill and intangible assets are recorded at cost, or at their estimated fair values at the date of acquisition. We review 
goodwill and indefinite-lived intangible assets for impairment annually or whenever events or changes in circumstances indicate 
the carrying amount may be impaired. In conducting our annual impairment test, we first review qualitative factors to determine 
whether it is more likely than not that the fair value of the asset, or reporting units, is less than its carrying amount. If factors 
indicate that the fair value is less than its carrying amount, we perform a quantitative assessment, analyzing the expected present 
value of future cash flows to quantify the amount of impairment, if any. Based on our qualitative assessment performed during the 
fourth quarter of 2024, we determined that it is not more likely than not that the fair value of each reporting unit is lower than its 
carrying value; therefore, the quantitative impairment test was not required. We did not record any goodwill or indefinite-lived 
intangible assets impairment charges during the years ended December 28, 2024, December 30, 2023 and December 31, 2022. 
Valuation of Long-Lived Assets
We assess the recoverability of our long-lived assets, which include property and equipment, operating lease right-of-use-
assets, and definite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying 
amount of such assets may not be recoverable. An impairment loss on our long-lived assets exists when the estimated 
undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. 
If the carrying amount exceeds the sum of the undiscounted cash flows, an impairment charge is recognized based on the amount 
by which the carrying amount of the assets exceeds the estimated fair value of the assets. Assets to be disposed of are reported at 
the lower of the carrying amount or estimated fair value less costs to sell.
Income Taxes
We are subject to taxation in the United States, as well as various state and foreign jurisdictions. The determination of our 
provision for income taxes requires significant judgment, the use of estimates, and the interpretation and application of complex 
tax laws. On an interim basis, we estimate our effective tax rate for the full fiscal year. This estimated annual effective tax rate is 
then applied to the year-to-date income before income taxes, excluding infrequently occurring or unusual items, to determine the 
year-to-date income tax expense. The income tax effects of infrequent or unusual items are recognized in the interim period in 
which they occur. As the fiscal year progresses, we continually refine our estimate based upon actual events and earnings by 
jurisdiction during the year. This continual estimation process periodically results in a change to our expected effective tax rate 
for the fiscal year. When this occurs, we adjust the income tax provision during the quarter in which the change in estimate 
occurs.
Tax filing positions are evaluated, and we recognize the largest amount of tax benefit that is more likely than not to be 
sustained upon examination by the taxing authorities based on the technical merits of the tax position. On a quarterly basis, we 
evaluate the probability that a tax position will be effectively sustained and the appropriateness of the amount recognized for 
uncertain tax positions based on factors including changes in facts or circumstances, changes in tax law, and audit activity. 
Changes in our assessment may result in the recognition of a tax benefit or an additional charge to the tax provision in the period 
our assessment changes. We recognize interest and penalties related to unrecognized tax benefits in the provision for income taxes 
in the consolidated statements of operations.
Recent Accounting Pronouncements 
For a description of recent accounting pronouncements, see “Recently Adopted Accounting Pronouncements” and “Recent 
Accounting Guidance Not Yet Adopted” in Note 1 of the Notes to Consolidated Financial Statements included herein.
45

Item 7A. Quantitative and Qualitative Disclosures about Market Risk
Interest Rate Risk 
In order to maintain liquidity and fund business operations, our long-term Credit Facility bears a variable interest rate based 
on prime, federal funds, or SOFR plus an applicable margin based on our total net leverage ratio. The nature and amount of our 
long-term debt can be expected to vary as a result of future business requirements, market conditions, and other factors. We may 
elect to enter into interest rate swap contracts to reduce the impact associated with interest rate fluctuations, but as of 
December 28, 2024, we have not entered into any such contracts. Based on the balance outstanding under our Term Loan A at 
December 28, 2024, we estimate that a 1% increase or decrease in underlying interest rates would increase or decrease annual 
interest expense by $0.8 million for both the years ended December 28, 2024 and December 30, 2023.
Inflation Risk
Inflationary factors such as increases in the cost of our product and overhead costs may adversely affect our operating results. 
Although inflationary pressures and global supply chain disruption, such as higher inbound transportation costs, did not have a 
material negative impact on our gross margin in 2024, sustained cost increases, or other inflationary pressures in the future, may 
have an adverse effect on our ability to maintain or improve current levels of gross margin and SG&A expenses as a percentage of 
net sales if the selling prices of our products do not increase with these increased costs, or we cannot identify cost efficiencies.
Commodity Price Risk
The primary raw materials and components used by our contract manufacturing partners include polyethylene, polyurethane 
foam, stainless-steel, polyester fabric, zippers, and plastic. We believe these materials are readily available from multiple vendors. 
We have, and may continue to, negotiate prices with suppliers of these products on behalf of our third-party contract 
manufacturers in order to leverage the cumulative impact of our volume. We do not, however, source significant amounts of these 
products directly. Certain of these products use petroleum or natural gas as inputs. However, we do not believe there is a 
significant direct correlation between petroleum or natural gas prices and the costs of our products.
Foreign Currency Risk
We operate in international markets and transact in multiple currencies. During 2024, net sales from our international entities 
accounted for 19% of our consolidated net sales, and therefore we do not believe exposure to foreign currency fluctuations has 
had a material impact on our net sales. Our international businesses operate in functional currencies other than the U.S. dollar 
(primarily the Canadian dollar, Australian dollar, and Euro). As such, we are subject to foreign currency fluctuation risks related 
our revenue and operating expenses denominated in currencies other than the U.S. dollar. A weakening of currencies relative to 
the U.S. dollar can have a negative impact to our financial results. Conversely, strengthening of currencies relative to the U.S. 
dollar can improve financial results. 
We have also experienced, and will continue to experience, fluctuations in our net income as a result of gains (losses) on the 
settlement and the re-measurement of monetary assets and liabilities denominated in currencies that are not the local currency 
(primarily consisting of our intercompany balances). For these intercompany balances at the end of December 28, 2024, a 
hypothetical 10% decrease in foreign currency exchange rates would result in an increase in our unrealized net loss of 
approximately $10.6 million. 
46

Item 8. Financial Statements and Supplementary Data
Reports of Independent Registered Public Accounting Firm (PCAOB ID: 238)
48
Consolidated Balance Sheets 
50
Consolidated Statements of Operations 
51
Consolidated Statements of Comprehensive Income 
52
Consolidated Statements of Equity 
52
Consolidated Statements of Cash Flows 
53
Notes to Consolidated Financial Statements 
 
1. Organization and Significant Accounting Policies 
54
2. Acquisitions
60
3. Revenue
61
4. Prepaid Expenses and Other Current Assets 
62
5. Property and Equipment 
63
6. Leases 
63
7. Intangible Assets
66
8. Accrued Expenses and Other Current Liabilities
67
9. Long-Term Debt
67
10. Stock-Based Compensation 
69
11. Stockholders' Equity
71
12. Commitments and Contingencies
71
13. Income Taxes 
74
14. Earnings Per Share 
76
15. Segment Information
77
47

Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of YETI Holdings, Inc.
 
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of YETI Holdings, Inc. and its subsidiaries (the “Company”) as 
of December 28, 2024, and December 30, 2023, and the related consolidated statements of operations, of comprehensive income, 
of stockholders’ equity and of cash flows for each of the three years in the period ended December 28, 2024, including the related 
notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control 
over financial reporting as of December 28, 2024, based on criteria established in Internal Control - Integrated Framework (2013) 
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position 
of the Company as of December 28, 2024 and December 30, 2023, and the results of its operations and its cash flows for each of 
the three years in the period ended December 28, 2024 in conformity with accounting principles generally accepted in the United 
States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial 
reporting as of December 28, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the 
COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control 
over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in 
Management’s Annual Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to 
express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial 
reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board 
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal 
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 
audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, 
whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material 
respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of 
the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such 
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial 
statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as 
well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial 
reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material 
weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 
Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our 
audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that 
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of 
the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of 
financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the 
company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide 
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s 
assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
48

Critical Audit Matters 
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial 
statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or 
disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or 
complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated 
financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate 
opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Revenue Recognition - Wholesale and E-Commerce Revenue
As described in Note 1 to the consolidated financial statements, the Company’s revenue is generated from the sale of its products 
to customers either through wholesale or direct-to-consumer (DTC) channels. Revenue from wholesale transactions is generally 
recognized at the time products are shipped based on contractual terms with the customer. Revenue from the DTC channel is 
generally recognized at the point of sale in the Company’s retail stores and at the time products are shipped for e-commerce 
transactions and corporate sales based on contractual terms with the customer. The Company’s consolidated net sales were 
$1.8 billion for the fiscal year ended December 28, 2024, a majority of which relates to wholesale and e-commerce revenue. 
Revenue is recognized net of estimates of variable consideration, including product returns, customer discounts and allowances, 
sales incentive programs, and miscellaneous claims from customers.
The principal consideration for our determination that performing procedures relating to revenue recognition for wholesale and e-
commerce revenue is a critical audit matter is a high degree of auditor effort in performing procedures related to the Company’s 
revenue recognition.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall 
opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the 
revenue recognition process. These procedures also included, among others (i) testing certain revenue transactions by a) 
evaluating the settlement of invoices and credit memos; b) tracing transactions not settled to a detailed listing of accounts 
receivable; and c) testing the completeness and accuracy of data provided by management; (ii) confirming a sample of 
outstanding customer invoice balances at year end, and obtaining and inspecting source documents, including invoices, proof of 
shipment, and subsequent cash receipts, where applicable, for confirmations not received; (iii) for a sample of credit memos 
issued during the period, testing the accuracy and appropriateness of the transaction by obtaining and inspecting the credit memo 
and related sales invoice; (iv) developing an independent expectation of customer discounts for certain customers using the 
contractual rates and comparing it to management’s recorded amounts, including obtaining customer agreements; and (v) testing 
the timing of revenue recognition for a sample of certain revenue transactions near period end by obtaining and inspecting source 
documents, such as invoices and proof of shipment.
/s/ PricewaterhouseCoopers LLP
Austin, Texas
February 24, 2025
We have served as the Company’s auditor since 2021.
49

YETI HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except shares and par value)
December 28,
2024
December 30,
2023
ASSETS
Current assets
Cash   .............................................................................................................................................. $ 
358,795 $ 
438,960 
Accounts receivable, net    ..............................................................................................................  
120,190  
95,774 
Inventory     ......................................................................................................................................  
310,058  
337,208 
Prepaid expenses and other current assets  ....................................................................................  
37,723  
42,463 
Total current assets    .....................................................................................................................  
826,766  
914,405 
Property and equipment, net    ...........................................................................................................  
126,270  
130,714 
Operating lease right-of-use assets     .................................................................................................  
78,279  
77,556 
Goodwill   .........................................................................................................................................  
72,557  
54,293 
Intangible assets, net    .......................................................................................................................  
172,023  
117,629 
Other assets  .....................................................................................................................................  
10,225  
2,595 
Total assets      ................................................................................................................................. $ 
1,286,120 $ 
1,297,192 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable   ......................................................................................................................... $ 
158,499 $ 
190,392 
Accrued expenses and other current liabilities   .............................................................................  
128,210  
130,026 
Taxes payable    ...............................................................................................................................  
38,089  
33,489 
Accrued payroll and related costs     ................................................................................................  
28,610  
23,141 
Operating lease liabilities    .............................................................................................................  
19,621  
14,726 
Current maturities of long-term debt  ............................................................................................  
6,475  
6,579 
Total current liabilities   ...............................................................................................................  
379,504  
398,353 
Long-term debt, net of current portion      ...........................................................................................  
72,821  
78,645 
Operating lease liabilities, non-current   ...........................................................................................  
73,586  
76,163 
Other liabilities  ................................................................................................................................  
20,102  
20,421 
Total liabilities    ............................................................................................................................  
546,013  
573,582 
Commitments and contingencies (Note 12)
Stockholders’ Equity
Common stock, par value $0.01; 600,000,000 shares authorized; 89,190,494 and 82,939,467 
shares issued and outstanding at December 28, 2024, respectively, and 88,592,761 and 
86,916,210 shares issued and outstanding at December 30, 2023, respectively    ..........................  
892  
886 
Treasury stock, at cost; 6,251,027 shares     .....................................................................................  
(281,587)  
(100,025) 
Preferred stock, par value $0.01; 30,000,000 shares authorized; no shares issued or 
outstanding   ...................................................................................................................................  
—  
— 
Additional paid-in capital     .............................................................................................................  
405,921  
386,377 
Retained earnings   .........................................................................................................................  
614,125  
438,436 
Accumulated other comprehensive gain (loss)      ............................................................................  
756  
(2,064) 
Total stockholders’ equity  ..........................................................................................................  
740,107  
723,610 
Total liabilities and stockholders’ equity     ................................................................................... $ 
1,286,120 $ 
1,297,192 
See Notes to Consolidated Financial Statements
50

YETI HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Fiscal Year Ended
December 28,
2024
December 30,
2023
December 31,
2022
Net sales    .............................................................................................................. $ 
1,829,873 $ 
1,658,713 $ 
1,595,222 
Cost of goods sold  ...............................................................................................  
766,589  
715,527  
831,821 
Gross profit     .....................................................................................................  
1,063,284  
943,186  
763,401 
Selling, general, and administrative expenses   .....................................................  
817,908  
717,728  
637,040 
Operating income    ............................................................................................  
245,376  
225,458  
126,361 
Interest income (expense), net    .............................................................................  
660  
(942)  
(4,466) 
Other (expense) income, net    ................................................................................  
(13,188)  
1,430  
(5,718) 
Income before income taxes    ...........................................................................  
232,848  
225,946  
116,177 
Income tax expense    .............................................................................................  
(57,159)  
(56,061)  
(26,484) 
Net income     .......................................................................................................... $ 
175,689 $ 
169,885 $ 
89,693 
Net income per share
Basic     ................................................................................................................. $ 
2.07 $ 
1.96 $ 
1.04 
Diluted    .............................................................................................................. $ 
2.05 $ 
1.94 $ 
1.03 
Weighted-average common shares outstanding
Basic     .................................................................................................................  
84,935  
86,717  
86,521 
Diluted    ..............................................................................................................  
85,755  
87,403  
87,195 
See Notes to Consolidated Financial Statements
51

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