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- **Revenue Beat**: Q3 $487.8M (+2% YoY) vs. expectations, driven by Coolers & Equipment (+12%) and intl growth (+14%).
- **Gross Margin Pressure**: 55.9% (vs. 58.2% YoY) due to tariffs, but FY25 guide of 56.5-57% shows stabilization.
- **AI & Innovation Lead**: 30+ new products launched, including Silo Jug and Shaker Bottle. Vietnam R&D center to expand bags/soft coolers R&D.
- **Intl Expansion Acceleration**: Europe, Japan, and Asia-Pacific driving 15-20% annual growth. Q4 intl acceleration to meet FY25 target.
- **Share Buybacks**: $173M YTD, targeting $300M FY25 (14% of shares outstanding).

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue of $487.8M (+2% YoY), driven by double-digit growth in Coolers & Equipment (+12%) and international markets (+14%).
- **Product Innovation**: 30+ new products launched in 2025, including Silo Jug, Shaker Bottle, and GoBox 1. New Vietnam innovation center to expand bags/soft coolers R&D.
- **International Expansion**: Europe (+ strong U.K. growth), Japan (270+ doors opened), and Asia (upcoming launches in Malaysia, Singapore, Philippines). Global go-to-market strategy yielding 15-20% annual intl growth.
- **AI Strategy**: Ranger AI shopping assistant, Gen AI photo-to-line-art tool, and tariff mitigation via multi-country sourcing (≤5% COGS exposed to China tariffs by end-2025).

**【CFO Financial Commentary】**
- **Top Line**: FY25 sales guidance updated to +1-2% vs. prior flat-2% range. Q3 adj. EPS $0.61 (-14% YoY) due to $0.14 tariff impact.
- **Gross Margin**: 55.9% (vs. 58.2% YoY), pressured by 320bps tariffs and Drinkware mix. FY25 gross margin expected 56.5-57%.
- **Operating Expenses**: +3% to $205.9M, driven by product dev and tech investments. FY25 OpEx growth 2-4%.
- **Free Cash Flow**: Guided to $200M vs. prior $150-200M range, supported by $173M share buybacks YTD.

**【Q&A Highlights】**
- **Tariff Impact**: FY25 $40M tariff headwind. 2026+ relief potential from China tariff reduction, but focus on diversified supply chain.
- **International Growth**: Q4 intl acceleration to meet 15-20% FY25 target. Japan, Europe, and Asia-Pacific key drivers.
- **Drinkware Recovery**: Q4 return to growth via innovation (Shaker Bottle, Silo Jug) and intl expansion. U.S. sell-through up 20%+ despite cautious wholesale sell-in.
- **AI Contribution**: Ranger AI boosted Q3 adj. share of voice #1 on major AI platforms. Marginal accretion expected in 2026.


YETI Holdings, Inc. (YETI) Q3 2025 Earnings Call Transcript

- **Bags and Innovation Surge**: Camino tote sold out, driving bags revenue growth and halo effect across product line. New products like Daytrip cooler and Cayo backpack gaining momentum.
- **International Expansion Strength**: Europe leads with double-digit growth, Japan expands to 270+ doors, and Australia/Canada show strong consumer demand despite cautious wholesale.
- **Supply Chain Resilience**: <5% COGS exposed to U.S. tariffs by year-end, positioning for 2026 growth despite 2025 Drinkware headwinds.
- **Financial Performance**: EPS raised to $2.34-$2.48 on tariff relief, despite 4% Q2 sales decline. Free cash flow projected at $150-200M.
- **Strategic Moves**: $200M share buybacks, $50M capex for innovation, and strategic acquisitions (e.g., Shaker bottle IP) to drive long-term growth.

**【CEO Summary Section】**
- **Revenue Growth and Strategic Priorities**: Despite Q2 sales declining 4% to $445.9M, CEO Matt Reintjes highlighted progress in product innovation, international expansion, and supply chain diversification. The company remains focused on long-term growth through innovation in bags, Drinkware, and Coolers & Equipment.
- **Product Innovation Momentum**: Bags and packs are outperforming, with the Camino tote sold out and generating over 5,000 reviews. New products like the Daytrip soft cooler and Cayo backpack are gaining traction, driven by a 24/7 global innovation cycle.
- **International Expansion Success**: Europe delivered strong growth, while Japan expanded distribution to over 270 doors. Canada and Australia showed strong sell-through despite cautious wholesale ordering.
- **Supply Chain Transformation**: By year-end, <5% of COGS will be exposed to U.S. tariffs on China-sourced goods. This diversification positions YETI for resilience in 2026 and beyond.

**【CFO Financial Commentary】**
- **Q2 Financials**: Adjusted net income of $55.2M ($0.66 EPS) reflected 4% sales decline, offset by 180bps of tariff relief. Gross margin improved 10bps to 57.8% due to cost optimization.
- **Full Year Outlook**: Sales expected flat to +2% (down from prior +3-5%), with Drinkware down low single digits. EPS raised to $2.34-$2.48 (vs $1.96-$2.02) due to lower tariffs, despite $40M net tariff impact.
- **Liquidity and Capital Allocation**: $269.7M cash, $200M share buybacks planned, and $50M capex for innovation and supply chain. Free cash flow projected at $150-200M.

**【Q&A Highlights】**
- **Supply Chain Impact on Drinkware**: 300bps of 2025 sales growth lost due to inventory constraints, but Q4 innovation launches (e.g., half-gallon jugs) expected to drive recovery.
- **Camino Tote Success**: Sold out despite limited inventory, with plans to expand Camino innovation. Bags now a key growth driver, with 2025 revenue expected to grow significantly.
- **International Dynamics**: Strong sell-through in Australia and Canada despite cautious wholesale ordering, supporting 15-20% international growth target.
- **Gross Margin Trends**: 2025 gross margin expected 56.5-57%, up 200-250bps vs prior guidance, driven by tariff relief and cost efficiencies.
- **Capital Allocation Strategy**: Balancing share buybacks ($200M planned) with strategic investments in innovation (e.g., Shaker bottle acquisition) and supply chain resilience.

YETI Holdings, Inc. (YETI) Q2 2025 Earnings Call Transcript

- **Q1 2025 Strong Execution**: $351M revenue (+3% YoY), driven by 17% growth in Coolers & Equipment and 22% international sales growth.
- **2025 Growth Outlook**: 1-4% sales growth vs. 2024, with 300bps drag from supply chain diversification. 2026+ to benefit from <5% China COGS exposure.
- **Tariff Mitigation**: $100M tariff impact in 2025, offset by pricing and supplier collaboration. 90% of U.S. drinkware production out of China by year-end.
- **Innovation Pipeline**: 30+ new products in 2025, including sports jugs, beach chairs, and thermal lunch bags. Japan market launch this month.
- **Balance Sheet Strength**: $259M cash, $330M inventory (down 9% YoY). Free cash flow $100-125M, supporting fortress balance sheet.


**【CEO Summary Section】**
- **Revenue Growth and Strategic Focus**: Q1 2025 revenue of $351 million, up 3% YoY, driven by strong Coolers & Equipment (17% growth) and international expansion. CEO emphasized three priorities: product innovation (30+ new products in 2025 vs. 24 in 2024), supply chain diversification (90% of U.S. drinkware production out of China by end-2025), and operational discipline.
- **Product Innovation Momentum**: Launches like the Ranchero backpack and insulated food bowls are performing well. New product pipeline includes sports jugs, beach chairs, and thermal lunch bags. Despite supply chain disruptions, innovation pipeline remains robust.
- **International Expansion**: Non-U.S. sales grew 22% to $79.9 million, with standout performance in Europe and Australia. Japan market entry begins this month, targeting Americana affinity and outdoor growth trends.

**【CFO Financial Commentary】**
- **Financial Results**: Q1 GAAP net income $25.8 million ($0.31 EPS) vs. $2.73 EPS in 2024. Gross margin 57.3%, down 20bps YoY due to drinkware mix and FX. Operating expenses rose 6% to $166.2 million, but below internal plan due to cost management.
- **Tariff Impact**: $100 million tariff-related costs expected in 2025, net of pricing and supplier offsets. U.S. drinkware sales down 4% YoY, but international drinkware up double-digits. Full-year sales guidance 1-4% growth, with 2026+ supply chain resilience expected.
- **Balance Sheet Strength**: $259 million cash, $330.5 million inventory (down 9% YoY). Free cash flow forecast $100-125 million, supporting fortress balance sheet.

**【Q&A Highlights】**
- **Tariff Mitigation**: 90% of tariff impact from China; 5% COGS exposure to China in 2026+. Team nimble in adjusting POs to tariff shifts.
- **Drinkware Strategy**: Diversifying use cases beyond high-capacity tumblers; new sports jugs and coffee products show promise. U.S. drinkware down 4% YoY due to supply constraints, but international growth offsets.
- **International Growth**: Japan launch this month; 15-20% international sales growth expected in 2025. Europe and Canada show strong brand momentum.
- **Operational Discipline**: $60 million CapEx budget focused on supply chain and innovation. SG&A tightly managed, down 140bps YoY despite higher G&A.


YETI (YETI)-8 May 25-2025 Q1 Earnings call transcript

- **Revenue Growth**: 9% FY24 to $1.84B, driven by 14% cooler growth and 7% drinkware expansion.
- **Innovation Pipeline**: 24 new products in 2024, powered cooler IP acquisition, and 2025 focus on bags & lunch boxes.
- **Global Expansion**: International sales +30% to 18% of total, with Europe up 27% Q4 and Japan launch in 2025.
- **Cash Generation**: $220M free cash flow in 2024, supporting $200M+ 2025 buybacks and 2025 free cash flow of $200M.
- **FX Resilience**: 100bp headwind, but 80% US drinkware out of China by end-2025 to mitigate tariffs.

**【CEO Key Highlights】**
- **2024 Performance**: Revenue grew 9% to $1.84B, driven by 14% growth in coolers & equipment and 7% in drinkware. Adjusted EPS rose 21% to $2.73, supported by $220M free cash flow.
- **Innovation Momentum**: 24 new product launches in 2024, including powered cooler IP acquisition. 2025 focus on bags, lunch style boxes, and Roadie24 cooler updates.
- **Global Expansion**: International sales grew 30% to $339M (18% of total), with Europe up 27% Q4 and Japan launch in 2025.
- **Supply Chain Resilience**: 80% of US drinkware capacity to shift out of China by end-2025, mitigating tariff risks.

**【CFO Financial Outlook】**
- **2025 Guidance**: 5-7% sales growth, with 2H25 outpacing 1H25 (drinkware innovation-heavy). Gross margin ~flat, operating income +5.5-7.5%.
- **FX Impact**: ~100bp headwind from USD strength, $0.10 EPS dilution. 2025 free cash flow ~$200M, supporting $350M share buyback authorization.
- **Cost Management**: SG&A growth < sales growth, driven by disciplined marketing and supply chain investments.

**【Q&A Key Takeaways】**
- **Tariff Mitigation**: 10% China tariff could add <$10M annual cost, offset by diversification (80% US drinkware out of China by end-2025).
- **US Drinkware Strategy**: 2025 Q1 softness expected, with 2H25 recovery via new innovations and supply chain stability.
- **International Ambition**: Japan launch in 2025, targeting 2026 as first full year. Europe and Australia to lead international growth.
- **M&A Discipline**: Acquisitions (e.g., Mystery Ranch, powered cooler IP) accelerate product roadmap, with 6%+ share buybacks in 2024.

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