YETI Holdings Inc
For the period ended Dec 28, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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3. Revenue
- REVENUE
Contract Balances
Accounts receivable represent an unconditional right to receive consideration from a customer and are recorded at net invoiced amounts, less an estimated allowance for credit losses.
Contract liabilities are recorded when the customer pays consideration before the transfer of a good to the customer and thus represent our obligation to transfer the good to the customer at a future date. Our contract liabilities include advance cash deposits received from customers for certain customized product orders and unredeemed gift card liabilities. As products are shipped and control transfers, we recognize contract liabilities as revenue.
During the second quarter of 2023, we began issuing gift cards as remedies in connection with our voluntary product recalls. We recognize sales from gift cards as they are redeemed for products. As of December 28, 2024, $2.9 million of our contract liabilities represented unredeemed gift card liabilities. See Note 12 for further discussion of our product recalls.
The following table provides information about accounts receivable and contract liabilities at the periods indicated (in thousands):
| December 28, 2024 | December 30,2023 | |
|---|---|---|
| Accounts receivable, net | $120,190 | $95,774 |
| Contract liabilities | (10,462) | (22,437) |
During the year ended December 28, 2024, we recognized $22.4 million of revenue that was previously included in the contract liability balance at the beginning of the period.
Disaggregation of Revenue
The following table disaggregates our net sales by channel, product category, and geography for the periods indicated (in thousands):
| 2024(1) | 2023(1) | 2022(1) | |||
| Net Sales by Channel: | |||||
|---|---|---|---|---|---|
| Wholesale | $742,278 | $661,000 | $677,517 | ||
| Direct-to-consumer | 1,087,595 | 997,713 | 917,705 | ||
| Total net sales | $1,829,873 | $1,658,713 | $1,595,222 | ||
| Net Sales by Category: | |||||
| Coolers & Equipment | $698,606 | $597,511 | $612,525 | ||
| Drinkware | 1,094,165 | 1,022,982 | 947,221 | ||
| Other | 37,102 | 38,220 | 35,476 | ||
| Total net sales | $1,829,873 | $1,658,713 | $1,595,222 | ||
| Net Sales by Geographic Region(2): | |||||
| United States | $1,490,468 | $1,398,925 | $1,394,026 | ||
| International | 339,405 | 259,788 | 201,196 | ||
| Total net sales | $1,829,873 | $1,658,713 | $1,595,222 | ||
(1)Includes the impact from the recall reserve adjustment. See Note 12 for further discussion of our product recalls.
(2)Net sales by geographic region is based upon on end-consumer location.
Customers that accounted for 10% or more of gross sales were as follows:
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Customer A | * | * | 11% |
- Gross sales were less than 10% and no other customer exceeded 10% of gross sales.
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