Yeti Holdings (YETI) FY2022 results: revenue $1.6 billion, up 13.1% on the year

Yeti Holdings, Inc. (YETI) reported revenue of $1.6 billion for fiscal 2022, the year ended 31 December 2022, up 13.1% on the year before. Net income was $90 million, down 57.8%, and diluted earnings per share $1.03. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2023.

Revenue

$1.6 billion

+13.1% on the year

FY2016FY2022

Operating margin

7.9%

19.5% a year earlier

FY2016FY2022

Net income

$90 million

-57.8% on the year

FY2016FY2022

Diluted EPS

$1.03

-57.1% on the year

FY2016FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,595	1,411	1,092	+13.1%
Cost of revenue	832	595	463	+39.8%
Gross profit	763	816	629	-6.5%
Gross margin	47.9%	57.8%	57.6%
Research and development	15.4	13.7	11.2	+12.4%
Selling, general and administrative	637	541	415	+17.7%
Operating income	126	275	214	-54.0%
Operating margin	7.9%	19.5%	19.6%
Interest expense	4.5	3.3	9.2	+33.8%
Pre-tax income	116	268	205	-56.7%
Income tax	26.5	55.8	49.4	-52.5%
Effective tax rate	22.8%	20.8%	24.1%
Net income	89.7	213	156	-57.8%
Net margin	5.6%	15.1%	14.3%
Diluted EPS	$1.03	$2.40	$1.77	-57.1%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	101	147	366	-31.1%
Capital expenditure	45.9	56.1	15.6	-18.2%
Free cash flow	55.0	90.4	351	-39.2%
Free cash flow margin	3.4%	6.4%	32.1%
Cash from investing	-56.9	-65.8	-22.9
Cash from financing	-123	-23.0	-163
Depreciation and amortisation	39.8	32.1	30.5	+24.3%
Share-based compensation	17.8	15.5	9.0	+15.0%
Buybacks	100	0.0	0.0
Dividends paid	n/a	0.0	0.0
Diluted shares, weighted	87m	89m	88m	-1.7%
Shares outstanding at period end	86m	88m	87m	-1.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	526	518	288	+1.7%
Debt	90.0	112	135	-20.0%
Operating lease liabilities	55.6	55.9	36.5	-0.5%
Finance lease liabilities	5.2	7.3	0.8	-28.8%
Other liabilities	399	403	276	-0.8%
Total liabilities and equity	1,077	1,096	737	-1.8%
Goodwill	54.3	54.3	54.3	0.0%
Intangible assets	99.4	95.3	92.1	+4.3%
Cash and equivalents	235	312	253	-24.8%
Receivables	79.4	110	65.4	-27.5%
Inventory	371	319	140	+16.5%
Other assets	237	206	132	+15.2%
Total assets	1,077	1,096	737	-1.8%

10-K for the year ended 31 December 2022, filed 27 February 2023: the filing.