YETI Holdings, Inc. · NYSE:YETI
YETI — Q4 2024 Earnings Presentation
33 slides from YETI's earnings presentation, Feb 13, 2025
Slide 1: Fourth Quarter and Fiscal 2024 Highlights
Fourth Quarter and Fiscal 2024 Highlights
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT Disclaimer We are not making any representations or warranties, express or implied, with respect to the information (financial, business, legal or otherwise) contained in this presentation. No person has been authorized to give any information other than that contained in this
Slide 3: Strategic Priorities: Recent Highlights
STRATEGIC PRIORITIES: RECENT HIGHLIGHTS 1 EXPAND OUR CUSTOMER BASE 2024 Owner’s Study highlights our strong brand loyalty and product resonance as evidenced by the study’s 95% peer-to-peer referral rate Cultivated and grew new and existing partnerships in Sports, Hospitality and Entertainment in all
Slide 4: FY 2024 Results at a Glance
FY 2024 RESULTS AT A GLANCE ADJUSTED FY 2024 FY 2024 ADJUSTED NET SALES1 FINANCIAL METRICS1 $1.84B Net Sales +9% Net Sales Growth Coolers & +14% +7% Equipment Coolers & Equipment Drinkware 38% $1.84B Drinkware 60% +10% +9% DTC Wholesale Other2 2% $309.4M Operating Income 16.8% Operating Margin 1. Ba
Slide 5: Brand & Product
BRAND & PRODUCT 5
Slide 6: Growing Diverse, Global YETI Communities
GROWING DIVERSE, GLOBAL YETI COMMUNITIES 2006 Community Reach FISHING HUNTING 2024 Community Reach FISH HUNT BBQ CULINARY BEVERAGE SKATE SURF/PADDLE SKI/SNOW CLIMB/ALPINE RODEO RANCH EQUESTRIAN WELLNESS GOLF SPORTS Relevance Through Breadth & Depth 15 Communities 201 Ambassadors 6
Slide 7: Extensive Media Reach
EXTENSIVE MEDIA REACH LARGE AND GROWING SOCIAL MEDIA PRESENCE EARNED MEDIA AWARDS Followers1 5.4M 5.4M 5.1M 2.1M 1.3M 1.3M 1.2M 1.1M 643K 629K Roadie 32 – First Class Cooler Rambler 8oz Stackable 12” Cast Iron Skillet Cup – Cute Coffee Cup BROAD EARNED MEDIA COVERAGE 1. Instagram followers as of Jan
Slide 8: Media Highlights
MEDIA HIGHLIGHTS GEATIUNKIE womans day —e Dallas Cowboys © WB serious eats . ccm = Is the Yeti French Press Worth the Buzz? | The Best Tote Bags of 2024 Nenvede Starting Tailgating just got even better —rened a Lot of Coffee in ft to Find Out at Just $10 thanks to YETI's new Cowboys gear ; The Ultim
Slide 9: Coolers & Equipment Evolution
COOLERS & EQUIPMENT EVOLUTION 2017 2018 2019 2020 2021 2022 20231 2024 Hard Coolers YETI XV Tundra Haul® Silo® YETI V Series ® Roadie® 24 Tundra® 50 Roadie® 48 Roadie® 60 Roadie® 32 Roadie® 15 Soft Coolers Hopper Flip® 8 & Flip® 18 Daytrip® Hopper® Daytrip® Hopper® Hopper® Hopper® Hopper® Hopper Bac
Slide 10: Drinkware Evolution
DRINKWARE EVOLUTION 2017 2018 2019 2020 2021 2022 2023 2024 16 Oz. / 20 Oz. / 30 Oz. Stackable 4 Oz. / 6 Oz. / 8 Oz. Stackable Cups and Mugs Colored 10 Oz. 26 Oz. 26 Oz. Travel 25 Oz. / 35 Oz. Drinkware Tumbler Stackable Straw Cup Mugs Straw Mugs 34 Oz. / 64 Oz. French Press Yonder Bottles w/ Straw
Slide 11: Extending Product Reach
EXTENDING PRODUCT REACH Customization Color Limited Edition CUSTOMIZATION, COLOR, AND LIMITED EDITION OFFERINGS ENCOURAGE NEW AND REPEAT PURCHASES 11
Slide 12: Channels & Supply Chain
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Slide 13: Omni-Channel Strategy
OMNI-CHANNEL STRATEGY OVERVIEW • Balanced omni-channel strategy across DTC and wholesale channels • DTC business supports higher gross margin profile • Diverse group of U.S. wholesale partners with no single account exceeding 10% of total gross sales1 • International reach into Canada, Australia, Ne
Slide 14: Wholesale
WHOLESALE NATIONAL & REGIONAL ACCOUNTS INDEPENDENT DEALERS • Diverse dealers across BBQ, boating, building supply, camping, farming, fishing, hardware, hunting & shooting, and outdoor destinations • Significant opportunity to grow our dealer base in new markets such as Europe ELEVATED MERCHANDISING
Slide 15: DTC Channel
DTC CHANNEL YETI ECOMMERCE RETAIL GLOBAL SITES: US 24 Stores Canada Australia New Zealand EU France Germany Ireland Italy Netherlands UK CORPORATE SALES YETI AUTHORIZED 15
Slide 16: Expand Internationally
EXPAND INTERNATIONALLY EXPANSION STRATEGY INTERNATIONAL FOOTPRINT • Focused on existing markets to drive deep consumer relevance and develop optimal omni-channel distribution 2019 Entry 2017 Entry 2019 Websites: UK, EU 2019 Website: YETI.CA 2021 Websites: DE, FR, IT, IE, NL • Building localized lead
Slide 17: Global Supply Chain
GLOBAL SUPPLY CHAIN GLOBAL INFRASTRUCTURE • Partnerships with leading third-party manufacturing and logistics partners • Achieved 2024 target for Drinkware production capacity outside of China; ahead of plan with diversification strategy • Ongoing supplier focus on optimizing quality, delivery and b
Slide 18: Financials
FINANCIALS 18
Slide 19: Adjusted Q4 2024 Results
ADJUSTED Q4 2024 RESULTS1 ADJUSTED NET SALES $555 $517 Q4 2023 Q4 2024 CATEGORY ADJUSTED NET SALES GROWTH Coolers & Drinkware Equipment $346 $358 $189 $162 Q4 2023 Q4 2024 Q4 2023 Q4 2024 CHANNEL ADJUSTED NET SALES GROWTH Wholesale Direct-to-Consumer $344 $377 $173 $179 Q4 2023 Q4 2024 Q4 2023 Q4 20
Slide 20: Adjusted Q4 2024 Results (Cont'd)
ADJUSTED Q4 2024 RESULTS1 (CONT’D) ADJUSTED GROSS PROFIT ADJUSTED SG&A Adjusted Gross Profit $ / % Margin Adjusted SG&A $ / % Margin $224 / 40.3% $209 / 40.3% $335 / 60.2% $311 / 60.2% Q4 2023 Q4 2024 Q4 2023 Q4 2024 ADJUSTED OPERATING INCOME ADJUSTED EPS Adjusted Operating Income $ / % Margin $111
Slide 21: Adjusted Historical Results
ADJUSTED HISTORICAL RESULTS1 ADJUSTED NET SALES ADJUSTED GROSS PROFIT $1,839 Adjusted Gross Profit % Margin $1,634 $1,680 $1,200 $1,077 70.0% $1,000 $956 $1,411 $860 65.0% $816 $800 $1,092 $629 60.0% $600 $914 $475 58.6% $383 57.6% 57.8% 56.9% 55.0% $779 $400 $200 52.0% 52.7% 50.0% 49.2% $0 45.0% 20
Slide 22: Adjusted Historical Results (Cont'd)
ADJUSTED HISTORICAL RESULTS1 (CONT’D) CASH FREE CASH FLOW2 $439 $359 $351 $312 $253 $235 $235 $220 $155 $80 $90 $73 $55 $55 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 2022 2023 2024 CAPITAL EXPENDITURES TOTAL DEBT3 Capital Expenditures % of Adjusted Net Sales $70 10.0% $333 $60 $56 $300
Slide 23: FY 2025 Outlook
FY 2025 OUTLOOK (as of 2/13/25) Metric Outlook Adjusted Net Sales Up ~5% to 7% YoY Adjusted Operating Income Up ~5.5% to 7.5% YoY Effective Tax Rate ~24.5% Adjusted Income per Diluted Share ~$2.90 to $2.95 Up ~6% to 8% YoY Diluted Weighted Avg. Shares Outstanding ~84.3M Capital Expenditures ~$60 to
Slide 24: Appendix
APPENDIX 24
Slide 25: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION 2018(1) 2019(1)(2) 2020(1) 2021(1) 2022(1) 2023 2024 Net sales $ 778.8 $ 913.7 $ 1,091.7 $ 1,411.0 $ 1,595.2 $ 1,658.7 $ 1,829.9 Product recalls(3) — — — — 38.4 21.7 8.8 Adjusted net sales $ 778.8 $ 913.7 $ 1,091.7 $ 1,411.0 $ 1,633.6 $ 1,680.4 $ 1,838.7 Gross profit $ 383.1
Slide 26: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) 2018(1) 2019(1)(2) 2020(1) 2021(1) 2022(1) 2023 2024 Operating income $ 102.2 $ 89.8 $ 214.2 $ 274.9 $ 126.4 $ 225.5 $ 245.4 Non-cash stock-based compensation expense(4)(10) 13.2 52.3 9.0 15.5 17.8 29.8 40.7 Long-lived asset impairment(10) 1.2 0.6 1.1 2.5 1.2 2.9 5.5
Slide 27: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) 2018 2019 2020 2021 2022 2023 2024 Net sales $ 778.8 $ 913.7 $ 1,091.7 $ 1,411.0 $ 1,595.2 $ 1,658.7 $ 1,829.9 Product recalls(3) — — — — 38.4 21.7 8.8 Adjusted net sales $ 778.8 $ 913.7 $ 1,091.7 $ 1,411.0 $ 1,633.6 $ 1,680.4 $ 1,838.7 Net Sales by Geographic Region
Slide 28: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) 2018 2019 2020 2021 2022 2023 2024 Net cash provided by operating activities $ 176.1 $ 86.9 $ 366.4 $ 146.5 $ 100.9 $ 285.9 $ 261.4 Less: Purchases of property and equipment (20.9) (32.1) (15.6) (56.1) (45.9) (50.7) (41.8) Free cash flow $ 155.2 $ 54.8 $ 350.9 $ 90.4
Slide 29: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) Q4 2023 Q4 2024 Net sales $ 519.8 $ 546.5 Product recalls(3) (2.8) 8.8 Adjusted net sales $ 517.0 $ 555.4 Gross profit $ 315.2 $ 326.4 Product recalls(3) (4.1) 8.1 Adjusted gross profit $ 311.1 $ 334.5 Adjusted gross margin 60.2 % 60.2 % Selling, general, and adminis
Slide 30: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) Q4 2024 Q4 2023 Product Adjusted Product Adjusted Net Sales Recalls(3) Net Sales Net Sales Recalls(3) Net Sales Channel Wholesale $ 178.0 $ 0.6 $ 178.5 $ 174.9 $ (2.0) $ 172.9 Direct-to-consumer 368.6 8.3 376.9 344.9 (0.8) 344.1 Total $ 546.5 $ 8.8 $ 555.4 $ 519.8 $
Slide 31: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) 2024 2023 Product Adjusted Product Adjusted Net Sales Recalls(3) Net Sales Net Sales Recalls(3) Net Sales Channel Wholesale $ 742.3 $ 0.6 $ 742.8 $ 661.0 $ 14.4 $ 675.4 Direct-to-consumer 1,087.6 8.3 1,095.9 997.7 7.3 1,005.1 Total $ 1,829.9 $ 8.8 $ 1,838.7 $ 1,658.7
Slide 32: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) Q1 2024 Q2 2024 Q3 2024 Q4 2024 LTM Net sales $ 341.4 $ 463.5 $ 478.4 $ 546.5 $ 1,829.9 Product recalls(3) — — — 8.8 8.8 Adjusted net sales $ 341.4 $ 463.5 $ 478.4 $ 555.4 $ 1,838.7 Net Sales by Channel Wholesale net sales $ 153.6 $ 213.1 $ 197.6 $ 178.0 $ 742.3 Prod
Slide 33: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) 1. Beginning with the second quarter of Fiscal 2022, YETI revised its definitions of certain non-GAAP financial measures by excluding Other expense (income) from non-GAAP results. This change was retrospectively applied to all periods presented. 2. Beginning with the