Yeti Holdings (YETI) FY2021 results: revenue $1.4 billion, up 29.2% on the year

Yeti Holdings, Inc. (YETI) reported revenue of $1.4 billion for fiscal 2021, the year ended 1 January 2022, up 29.2% on the year before. Net income was $213 million, up 36.5%, and diluted earnings per share $2.40. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2022.

Revenue

$1.4 billion

+29.2% on the year

FY2016FY2021

Operating margin

19.5%

19.6% a year earlier

FY2016FY2021

Net income

$213 million

+36.5% on the year

FY2016FY2021

Diluted EPS

$2.40

+35.6% on the year

FY2016FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,411	1,092	914	+29.2%
Cost of revenue	595	463	438	+28.5%
Gross profit	816	629	475	+29.8%
Gross margin	57.8%	57.6%	52.0%
Research and development	13.7	11.2	20.5	+22.3%
Selling, general and administrative	541	415	386	+30.5%
Operating income	275	214	89.8	+28.3%
Operating margin	19.5%	19.6%	9.8%
Interest expense	3.3	9.2	21.8	-63.5%
Pre-tax income	268	205	67.3	+30.8%
Income tax	55.8	49.4	16.8	+13.0%
Effective tax rate	20.8%	24.1%	25.0%
Net income	213	156	50.4	+36.5%
Net margin	15.1%	14.3%	5.5%
Diluted EPS	$2.40	$1.77	$0.58	+35.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	147	366	86.9	-60.0%
Capital expenditure	56.1	15.6	32.1	+260.5%
Free cash flow	90.4	351	54.8	-74.2%
Free cash flow margin	6.4%	32.1%	6.0%
Cash from investing	-65.8	-22.9	-48.7
Cash from financing	-23.0	-163	-45.7
Depreciation and amortisation	32.1	30.5	29.0	+5.0%
Share-based compensation	15.5	9.0	52.3	+71.8%
Buybacks	0.0	0.0	0.0
Dividends paid	0.0	0.0	0.6
Diluted shares, weighted	89m	88m	86m	+0.9%
Shares outstanding at period end	88m	87m	87m	+0.7%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	518	288	122	+79.5%
Debt	112	135	300	-16.7%
Operating lease liabilities	55.9	36.5	42.2	+53.1%
Finance lease liabilities	7.3	0.8	0.9	+869.3%
Other liabilities	403	276	164	+45.8%
Total liabilities and equity	1,096	737	630	+48.7%
Fixed assets	n/a	n/a	82.6
Goodwill	54.3	54.3	54.3	0.0%
Intangible assets	95.3	92.1	90.8	+3.5%
Cash and equivalents	312	253	72.5	+23.3%
Receivables	110	65.4	82.7	+67.4%
Inventory	319	140	186	+127.6%
Other assets	206	132	60.9	+56.3%
Total assets	1,096	737	630	+48.7%

10-K for the year ended 1 January 2022, filed 28 February 2022: the filing.