Yeti Holdings (YETI) Q3 FY2023 earnings: revenue $434 million, unchanged on the year

Yeti Holdings, Inc. (YETI) reported revenue of $434 million for Q3 FY2023, the quarter ended 30 September 2023, unchanged on the same quarter a year earlier. Net income was $43 million, down 6.3% on the year, and diluted earnings per share $0.49. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2023.

Revenue$434 millionunchanged

Net income$43 milliondown 6.3%

Diluted EPS$0.49

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	434	n/a	n/a	n/a
Cost of revenue	182	n/a	n/a	n/a
Gross profit	251	n/a	n/a	n/a
Gross margin	58.0%	n/a	n/a
Selling, general and administrative	189	n/a	n/a	n/a
Operating income	61.9	n/a	n/a	n/a
Operating margin	14.3%	n/a	n/a
Interest expense	0.3	n/a	n/a	n/a
Pre-tax income	57.6	n/a	n/a	n/a
Income tax	14.9	n/a	n/a	n/a
Effective tax rate	25.9%	n/a	n/a
Net income	42.7	n/a	n/a	n/a
Net margin	9.8%	n/a	n/a
Diluted EPS	$0.49	n/a	n/a	n/a

$ 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	86.0	n/a	n/a	n/a
Capital expenditure	13.9	n/a	n/a	n/a
Free cash flow	72.1	n/a	n/a	n/a
Free cash flow margin	16.6%	n/a	n/a
Cash from investing	-26.3	n/a	n/a	n/a
Cash from financing	-2.0	n/a	n/a	n/a
Depreciation and amortisation	11.2	n/a	n/a	n/a
Share-based compensation	7.8	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Diluted shares, weighted	88m	n/a	n/a	n/a
Shares outstanding at period end	87m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	639	n/a	n/a	n/a
Debt	83.3	n/a	n/a	n/a
Operating lease liabilities	60.2	n/a	n/a	n/a
Other liabilities	374	n/a	n/a	n/a
Total liabilities and equity	1,156	n/a	n/a	n/a
Goodwill	54.3	n/a	n/a	n/a
Intangible assets	114	n/a	n/a	n/a
Cash and equivalents	281	n/a	n/a	n/a
Receivables	128	n/a	n/a	n/a
Inventory	341	n/a	n/a	n/a
Other assets	237	n/a	n/a	n/a
Total assets	1,156	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	434	520	341	463	478	547	351	446	488	584	380	484
Cost of revenue	182	205	147	199	201	220	149	188	215	243	170	161
Gross profit	251	315	195	264	278	326	202	258	273	341	210	323
Gross margin	58%	61%	57%	57%	58%	60%	57%	58%	56%	58%	55%	67%
SG&A	189	217	169	197	208	244	180	196	218	265	198	229
Operating income	61.9	98.2	25.8	67.4	69.6	82.5	21.7	62.0	54.4	75.5	12.4	93.5
Operating margin	14%	19%	8%	15%	15%	15%	6%	14%	11%	13%	3%	19%
Interest expense	0.3	-0.7	-0.7	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	57.6	103	22.4	67.3	74.1	69.1	23.4	68.1	53.1	75.7	12.3	94.2
Tax rate	26%	24%	29%	25%	24%	23%	29%	25%	26%	23%	20%	24%
Net income	42.7	78.6	15.9	50.4	56.3	53.2	16.6	51.2	39.4	58.2	9.9	71.3
Net margin	10%	15%	5%	11%	12%	10%	5%	11%	8%	10%	3%	15%
Diluted EPS	$0.49	$0.90	$0.18	$0.59	$0.66	$0.63	$0.20	$0.61	$0.48	$0.74	$0.13	$0.94
Operating cash flow	86.0	171	-104	56.0	83.5	226	-80.3	61.2	101	173	-32.6	n/a
Capital expenditure	13.9	11.7	10.6	11.0	9.7	10.5	8.9	11.0	38.0	n/a	11.1	n/a
Free cash flow	72.1	159	-114	45.0	73.8	215	-89.2	50.2	62.9	n/a	-43.8	n/a
Buybacks	0.0	0.0	100	0.0	0.0	100	0.0	23.0	150	125	n/a	n/a
Shares outstanding	87m	87m	85m	85m	85m	83m	83m	82m	78m	75m	76m	73m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 9 November 2023, accession 0001670592-23-000022: the filing on EDGAR. All of Yeti Holdings, Inc.'s filings: EDGAR company page.

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