Yeti Holdings, Inc. · NYSE:YETI
Yeti — Q1 2025 Earnings Presentation
32 slides from Yeti's earnings presentation, May 8, 2025
Slide 1: First Quarter 2025 Highlights
First Quarter 2025 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 Official partner of the Chicago Cubs & Wrigley Field, with The YETI Yard, a new bleacher space in center field, and souvenir signature cups Announced our first golf ambassador with the addition of American pro golfer Rickie Fowler as
Slide 4: Q1 2025 Results at a Glance
Q1 2025 RESULTS AT A GLANCE ADJUSTED Q1 2025 Q1 2025 ADJUSTED NET SALES1 FINANCIAL METRICS1 $351M Net Sales +3% Net Sales Growth Coolers & +17% -4% Equipment Coolers & Equipment Drinkware 40% $351M Drinkware 59% +1% +4% DTC Wholesale Other2 1% $35M Operating Income 10.0% Operating Margin 1. Based on
Slide 5: Brand & Product
BRAND & PRODUCT 4 | | e _ = ) 4 i | la [ t < 5s BUILT FOR THE WALD, h ‘ ~ YETI
Slide 6: Growing Diverse, Global YETI Communities
GROWING DIVERSE, GLOBAL YETI COMMUNITIES 2006 Community Reach FISHING HUNTING 2025 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 207 Ambassadors 6
Slide 7: Extensive Media Reach
EXTENSIVE MEDIA REACH LARGE AND GROWING SOCIAL MEDIA PRESENCE EARNED MEDIA AWARDS Followers1 5.5M 5.4M 5.2M 2.1M 1.5M 1.3M 1.3M 1.2M 654K Best Rucking Backpack for 636K Cast Iron Skillet 10” Best Luggage: Ranchero Organization: Ranchero BROAD EARNED MEDIA COVERAGE 1. Instagram followers as of April
Slide 8: Media Highlights
MEDIA HIGHLIGHTS GEAR PATROL “BRANDING i | Sj IOs Afordable Out Bea Elusive, I arade _ The Best Mini Coolers We Meet 15 companies that are turning ads 7 20 of the Sweetest Food and s Tested and Recommend and marketing into cultural moments MATTERS . f Drink Gifts for Every =p) oar — "WP Valentine On
Slide 9: Coolers & Equipment Evolution
COOLERS & EQUIPMENT EVOLUTION 2017 2018 2019 2020 2021 2022 20231 2024 2025 Hard Coolers Tundra Haul® YETI XV Silo® YETI V Series ® Tundra® 50 Roadie® 48 Roadie® 60 Roadie® 32 Roadie® 15 Roadie® 24 2.0 Roadie® 24 Soft Coolers Hopper Flip® 8 & Flip® 18 Daytrip® Hopper® Hopper® Hopper® Hopper® Hopper®
Slide 10: Drinkware Evolution
DRINKWARE EVOLUTION 2017 2018 2019 2020 2021 2022 2023 2024 20251 16 Oz. / 20 Oz. / 30 Oz. Pour Over Stackable 14” Cast Iron 4 Oz. / 6 Oz. / 8 Oz. Skillet 10 Oz. 26 Oz. Colored Travel 25 Oz. / 35 Oz. Stackable Cups and Mugs Tumbler Stackable Drinkware Mugs Straw Mugs 34 Oz. / 64 Oz. French Press Ram
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
CHANNELS & SUPPLY CHAIN 12
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 26 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 • Ahead of plan and accelerating Drinkware diversification strategy; now expect 90% of U.S. Drinkware capacity out of China by end of 2025. Going forward, less than 5% of total COGS
Slide 18: Financials
FINANCIALS 18 BUILT £OR THE WILD,
Slide 19: Adjusted Q1 2025 Results
ADJUSTED Q1 2025 RESULTS1 ADJUSTED NET SALES $351 $341 Q1 2024 Q1 2025 CATEGORY ADJUSTED NET SALES GROWTH Coolers & Drinkware $215 Equipment $206 $140 $120 Q1 2024 Q1 2025 Q1 2024 Q1 2025 CHANNEL ADJUSTED NET SALES GROWTH Wholesale Direct-to-Consumer $196 $188 $154 $155 Q1 2024 Q1 2025 Q1 2024 Q1 20
Slide 20: Adjusted Q1 2025 Results (Cont'd)
ADJUSTED Q1 2025 RESULTS1 (CONT’D) ADJUSTED GROSS PROFIT ADJUSTED SG&A Adjusted Gross Profit $ / % Margin Adjusted SG&A $ / % Margin $201 / 57.3% $196 / 57.5% $166 / 47.3% $157 / 45.9% Q1 2024 Q1 2025 Q1 2024 Q1 2025 ADJUSTED OPERATING INCOME ADJUSTED EPS Adjusted Operating Income $ / % Margin $40 /
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 (as of 5/8/25)
FY 2025 OUTLOOK (as of 5/8/25) Metric Current Outlook Prior Outlook Adjusted Net Sales Up ~1% to 4% YoY Up ~5% to 7% YoY Adjusted Operating Margin ~12.0% ~16.9% Effective Tax Rate ~26.0% ~24.5% Adjusted Income per Diluted Share ~$1.96 to $2.02 ~$2.90 to $2.95 Down ~28% to 26% YoY Up ~6% to 8% YoY Di
Slide 24: Appendix
APPENDIX 24 BUILT FOR THE (WALD,
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) Q1 2024 Q1 2025 Net sales $ 341.4 $ 351.1 Product recalls(3) — — Adjusted net sales $ 341.4 $ 351.1 Gross profit $ 194.8 $ 201.7 Transition costs(15) 1.5 (0.4) Adjusted gross profit $ 196.4 $ 201.3 Adjusted gross margin 57.5 % 57.3 % Selling, general, and administrat
Slide 30: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) Q1 2025 Q1 2024 Product Adjusted Product Adjusted Net Sales Recalls(3) Net Sales Net Sales Recalls(3) Net Sales Channel Wholesale $ 154.9 $ — $ 154.9 $ 153.6 $ — $ 153.6 Direct-to-consumer 196.2 — 196.2 187.8 — 187.8 Total $ 351.1 $ — $ 351.1 $ 341.4 $ — $ 341.4 Cate
Slide 31: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) Q2 2024 Q3 2024 Q4 2024 Q1 2025 LTM Net sales $ 463.5 $ 478.4 $ 546.5 $ 351.1 $ 1,839.6 Product recalls(3) — — 8.8 — 8.8 Adjusted net sales $ 463.5 $ 478.4 $ 555.4 $ 351.1 $ 1,848.4 Net Sales by Channel Wholesale net sales $ 213.1 $ 197.6 $ 178.0 $ 154.9 $ 743.6 Prod
Slide 32: 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