YETI Holdings, Inc. (NYSE:YETI) Q4 2022 Earnings Conference Call February 23, 2023 8:00 AM ET

Company Participants

Tom Shaw – Investor Relations

Matt Reintjes – President and Chief Executive Officer

Mike McMullen – Chief Financial Officer

Conference Call Participants

Brooke Roach – Goldman Sachs

Peter Benedict – Baird

Jim Duffy – Stifel

Peter Keith – Piper Sandler

Sharon Zackfia – William Blair

Xian Siew – BNP Paribas

Robby Ohmes – Bank of America

Brian McNamara – Canaccord Genuity

Operator

Good morning, and welcome to the YETI Holdings Fourth Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions]

Tom Shaw

Good morning, and thanks for joining us to discuss YETI Holdings fourth quarter and full year 2022 results. Before we begin, we would like to remind you that some of the statements that we make today on this call may be considered forward-looking, and such forward-looking statements are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. For more information, please refer to the risk factors detailed in our most recently filed Form 10-Q and the Form 8-K filed with the SEC today. We undertake no obligation to revise or update any forward-looking statements made today as a result of new information, future events or otherwise, except as required by law.

Unless otherwise stated, our financial measures disclosed on this call will be on a non-GAAP basis. We use non-GAAP measures as we believe they more accurately represent the true operational performance and underlying results of our business. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in this morning’s press release as well as in the supplemental reconciliation, both of which are available in the Investor Relations section of our website at yeti.com. Today’s call will be led by Matt Reintjes, President and CEO; and Mike McMullen, CFO. Following our prepared remarks, we’ll open the call for your questions. And now I’d like to turn the call over to Matt.

Matt Reintjes

Thanks, Tom, and good morning. YETI delivered another strong quarter and year, continuing to showcase our long-term growth and global brand potential. But before we get into our results, I would like to begin by discussing the proposed voluntary recalls regarding certain of our Soft Cooler and SideKick Dry gear bags, which resulted in a charge that we recognized during the fourth quarter. I’ll then provide some commentary on the quarter and year, detail the continued execution against our four strategic growth priorities and conclude with additional perspectives on our approach in 2023. Importantly, the work we’re doing today will position our business for strong top and bottom line growth as we exit the year and support the long-term brand opportunity.