YETI Holdings Final Report

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YETI Holdings, Inc.: An Operational and Financial Analysis 1 | P a g e YETI Holdings, Inc. An Operational and Financial Analysis Prepared by: Grace Jansen, Jin Kim, and Daniel Rice

YETI Holdings, Inc.: An Operational and Financial Analysis 2 | P a g e Table of Contents I. Introduction .......................................................................................................................................... 3 II. Operational Analysis ............................................................................................................................. 3 A. Strengths ........................................................................................................................................... 4 B. Weaknesses ...................................................................................................................................... 5 C. Opportunities .................................................................................................................................... 6 D. Threats .............................................................................................................................................. 6 II. Financial Analysis .................................................................................................................................. 7 A. Working Capital ................................................................................................................................. 8 B. Current Ratio ................................................................................................................................... 10 C. Debt to Assets Ratio ........................................................................................................................ 12 D. Asset Turnover ................................................................................................................................ 14 E. Net Margin ...................................................................................................................................... 16 III. Other Industry Comparisons ........................................................................................................... 18 A. Stock Performance Comparison ..................................................................................................... 18 B. Gross Profit Margin Comparison ..................................................................................................... 20 IV. Summary Judgement ...................................................................................................................... 21 V. References .......................................................................................................................................... 24

YETI Holdings, Inc.: An Operational and Financial Analysis 3 | P a g e I. Introduction YETI leads in an industry that manufactures outdoor products, designed to withstand the toughest of environments . YETI’s products range from coolers, drinkware, bags, and accessories that are designed to keep food and drinks cold or hot for extended periods of time, making them perfect for the outdoors. Due to its premium materials and innovative designs, YETI has become a popular and trusted brand amongst outdoor enthusiasts, adventurers, and professionals. However, YETI operates in a highly competitive industry, in which financial and operational performance may be affected by a variety of factors. To better understand YETI as a company, an operational and financial analysis was performed to examine YETI’s past performance a nd speculate on YETI’s future potential as a player in a highly competitive market. YETI REPRESENTS THE YARDSTICK BY WHICH ALL OTHER OUTDOOR PRODUCTS ARE MEASURED. Flip Pallot, Angler and YETI Fishing Ambassador II. Operational Analysis YETI is an Austin, Texas-based outdoor consumer goods company that develops luxury products including top of the line coolers, stainless steel drinkware, and branded apparel. Founded in 2006 by brothers Roy and Ryan Seiders who were serious outdoor enthusiasts frustrated by the cheaply built coolers available on the market. Roy and Ryan found a need in the market, set out to fill that need, and finished with very popular products and a successful business model (The Yeti Story 2023). A SWOT (Strengths, Weaknesses,

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YETI Holdings, Inc.: An Operational and Financial Analysis 4 | P a g e Opportunities, and Threats) analysis reveals key information around YETI’s current business strategies. A. Strengths YETI has developed a substantial number of dealers and outlets selling their products in the United States, giving them a wide reach all across the country. In addition, YETI has developed strong relationships with those dealers and outlets, guaranteeing their products are in stock and available to their customers due to that strong distribution network. YETI’s low -cost operational structure allows the company to produce its products at low costs while maintaining high-quality standards. With that, they can gain huge profit margins through selling the products at high prices. As a result of maintaining consistent profitability and accumulating profit reserves, YETI has achieved improved solvency and can invest in new capital expenditures more easily. The manufacturing of YETI products is heavily automated. As a result, resources can be utilized more efficiently while costs can be reduced. At the same time, automation ensures that the quality of the products being churned out from the production line remains the same. In addition to this, automation allows the company to scale their production volume up or down based on the market's needs. As part of their extensive training program, YETI invests a great deal of time and effort into training their employees. This has resulted in a very talented and inspired workforce. In addition, their workforce is highly diverse, which cultivates a culture of

YETI Holdings, Inc.: An Operational and Financial Analysis 5 | P a g e contributing fresh and creative ideas on how to impro ve YETI’s overall business operations. YETI has a vast portfolio of products, for which they own the intellectual property rights, including patents and trademarks. Combined with their sheer number of outlets and dealers and strong distribution network, YETI has a massive edge over their competitors (Staff 2022). B. Weaknesses YETI spends much less on research and development than other industry competitors, which could potentially cost them their share of the market as competitors find new ways to develop and launch more innovative products. YETI's ability to satisfy short-term financial obligations is somewhat lower than the industry average. Factors that can cause future liquidity issues include lower levels of current assets than current liabilities and the combination of increased operational costs due to renting rather than owning a large portion of their properties. YETI has reported high employee turnover rates despite their mostly positive work environment, forcing them to invest even more time and money to train and develop new employees. The high level of turnover and lack of good talent to fill upper- level positions also puts the company at risk. Compared to its competitors, YETI allocates a low budget for quality control despite the high quality of their products. That decision could potentially lead to pushing out lower-quality products and put the company at risk of negative effects to their brand and reputation (Staff 2022).

YETI Holdings, Inc.: An Operational and Financial Analysis 6 | P a g e C. Opportunities As a result of the COVID-19 pandemic, YETI has added another channel of sales for their products due to the increased popularity and prevalence of e-commerce. Thus, giving YETI the opportunity to develop and launch online stores to sell their products directly to consumers. There is potential opportunity for YETI to reach new markets as consumer spending has increased due to the increase in average household income. Higher income could result in more people, those who previously could not afford them, buying YETI products. YETI can also gain access to new and unique markets by expanding their product line and distribution network to other countries. The continued popularity of social media, in addition to new platforms such as TikTok, gives YETI the opportunity to expand and strengthen their brand and network by hiring content management and development teams to post innovative content and engage consumers directly. The development of new technology, such as computer and internet, can allow YETI to collect higher volumes of quality comprehensive data to assist in their efforts to improve marketing and customer service. YETI can take advantage of government subsidy on the sale of eco-friendly products and develop environmentally friendly products to satisfy a market of consumers that demand for products that are safe for the environment (Staff, 2022). D. Threats New competitors such as ORCA, RTIC, Stanley, and Hydro Flask can dig in to YETI’s share of the market as they design and develop high-quality products at a cheaper price.

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YETI Holdings, Inc.: An Operational and Financial Analysis 7 | P a g e In addition, the increasing pressure to reduce prices has the potential to force YETI to lower their prices, reducing their profit margins. YETI risks losing their share of the market if they choose to maintain their high prices. Issues such as fluctuating exchange rates, trade regulations, increased fuel prices, and comprehensive compliances pose a threat to YETI if they decide to expand internationally. Consumer preferences and needs are always changing, and competitors are leveraging social media with creative content to promote their own products that have adapted to evolving changes of the market. With that, YETI faces issues with sustaining effective promotional messages in a saturated market (Staff 2022) . II. Financial Analysis As revealed by the operational and SWOT analysis, YETI has several financial opportunities and threats facing the company. A subset of financial ratios is presented here to review liquidity, solvency, and profitability of the company. Selected ratios include Working Capital, Current Ratio, Debt to Asset, Asset Turnover, and Net Margin. These ratios provide markers for the company’s debt paying ability, in both the long -term and short-term, as well as their ability to generate earnings. Numerous industry competitors operate as private companies and, therefore, do not have public annual reports for investors. Three competitors are owned by publicly traded corporations: CamelBak, owned by Vista Outdoor, Inc.; Coleman, owned by Newell Company, Inc.; and Hydro Flask, owned by Helen of Troy Limited ( Drinkware Market to Hit $50 bn by 2032,

YETI Holdings, Inc.: An Operational and Financial Analysis 8 | P a g e says Global Market Insights Inc. 2022) ( Cooler Market Trends and Forecast The global cooler market is expected to reach an estimated $2 billion by 2027 with a CAGR of 7.7% from 2022 to 2027 2022). Data from annual reports for each of these companies were used to generate the industry averages as part of the ratio analyses. YETI uses three product segments for annual reports to investors: Coolers & Equipment, Drinkware, and Other. CamelBak is classified as “Outdoor Products” for Vista Outdoor, Inc.’s product segments. Hydro Flask is classified as “Housewares” for Helen of Troy Limited’s product segments . Coleman is classified as “Outdoor and Recreation” for Newell Brands, Inc.’s product segments. The competitors also have other segments included on their annual reports that contribute to the reported values. The additional product segments managed by competitors will potentially skew comparisons to the derived industry averages, most notably Working Capital (YETI Holdings 2019, 2020, 2021) (Helen of Troy 2019, 2020, 2021) (Newell Company 2019, 2020, 2021) (Vista Outdoors 2019, 2020, 2021). A. Working Capital The Working Capital amount was selected to conduct a liquidity ratio and better understand YETI’s short -term debt paying ability. Working Capital measures the amount of assets not committed to liabilities and is calculated by subtracting Current Liabilities from Current Assets (Edmonds et al. 2021). The general trend from the last three annual reports shows an overall increase in the Working Capital, which is a result of Current Assets increasing at a faster rate than Current Liabilities. A larger Working Capital is indicative of a better ability to pay short term debt (YETI Holdings 2019, 2020, 2021).

YETI Holdings, Inc.: An Operational and Financial Analysis 9 | P a g e Current Assets Current Liabilities Working Capital 2019 $360,547,000 $170,312,000 $190,235,000 2020 $476,497,000 $287,759,000 $188,738,000 2021 $770,167,000 $403,713,000 $366,454,000 YETI’s Working Capital compared to the industry average is notabl y lower overall. However, the difference in overall capital may be attributed to the difference in company size between the competitors and YETI. As previously mentioned, the industry competitors are much larger companies with several product segments beyond the competing segment. However, it is important to note that YETI’s rate of increase in Working Capital is larger from 2020-2021 as compared to the industry average. $0 $200,000,000 $400,000,000 $600,000,000 $800,000,000 $1,000,000,000 2019 2020 2021 Current Assets, Current Liabilities, & Working Capital Current Assets Current Liabilities Working Capital

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YETI Holdings, Inc.: An Operational and Financial Analysis 10 | P a g e B. Current Ratio The Current Ratio was also selected to conduct a liquidity ratio and better understand YETI’s short -term debt paying ability. The Current Ratio measures the amount of assets not committed to liabilities, but it is presented as a ratio as opposed to a raw value, making it more useful in comparing the financial status of multiple companies (Edmonds et al. 2021). The Current Ratio is calculated by dividing Current Assets by Current Liabilities. The general trend from the last three annual reports shows an overall decrease in the Current Ratio, which is a result of the gap narrowing between Current Assets and Current Liabilities. A larger Current Ratio value is indicative of a better ability to pay short-term debt (YETI Holdings 2019, 2020, 2021) Current Assets Current Liabilities Current Ratio 2019 $360,547,000 $170,312,000 2.12 2020 $476,497,000 $287,759,000 1.66 2021 $770,167,000 $403,713,000 1.91 $0 $100,000,000 $200,000,000 $300,000,000 $400,000,000 $500,000,000 $600,000,000 $700,000,000 $800,000,000 2019 2020 2021 Working Capital Comparison to Industry Average YETI Holdings, Inc. Industry Average

YETI Holdings, Inc.: An Operational and Financial Analysis 11 | P a g e YETI’s Current Ratio compared to the industry average is not as notably lower as their Working Capital. YETI’s Current Ratio is generally aligned with the industry average. While there is a difference in 2020, YETI’s Current Rat io exceeded the industry average in 2019 and matched the industry average in 2021. The discrepancy between YETI and the industry average in 2020 shows an increase for YETI while the industry average continued a decreasing trend. Based on this information, it appears that YETI’s Current Ratio performance is more variable but better than the industry average in this time period. $0 $200,000,000 $400,000,000 $600,000,000 $800,000,000 $1,000,000,000 2019 2020 2021 Current Assets & Liabilities Current Assets Current Liabilities 0.00 0.50 1.00 1.50 2.00 2.50 2019 2020 2021 Current Ratio

YETI Holdings, Inc.: An Operational and Financial Analysis 12 | P a g e C. Debt to Assets Ratio The Debt to Assets Ratio was selected to conduct a solvency ratio and better understand YETI’s long -term debt paying ability. The Debt to Assets Ratio represents the percentage of assets financed by debt and is calculated by dividing Total Liabilities by Total Assets. The general trend from the last three annual reports shows a decrease in the Debt to Assets Ratio, which is indicative of Total Assets increasing at a faster rate than Total Liabilities. A lower Debt to Assets Ratio is an indicator of better capabilities to pay long-term debt because the value of assets outweighs the value of liabilities (Edmonds et al. 2021). Total Liabilities Total Assets Debt to Asset Ratio 2019 $507,534,000 $629,539,000 80.62% 2020 $448,649,000 $737,067,000 60.87% 2021 $578,541,000 $1,096,364,000 52.77% 0.00 0.50 1.00 1.50 2.00 2.50 2019 2020 2021 Current Ratio Comparison to Industry Average YETI Holdings, Inc. Industry Average

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YETI Holdings, Inc.: An Operational and Financial Analysis 13 | P a g e YETI’s Debt to Assets ratio shows a decline based on the data in the last three annual reports. The industry average is operating with a Debt to Assets ratio that is more stabilized and is characterized by a slight, overall increasing trend. Based on this information, YETI’s Debt to Assets ratio indicates that the company m ay have a better capability to pay long-term debt as compared to the industry average. (YETI Holdings 2019, 2020, 2021) $0 $200,000,000 $400,000,000 $600,000,000 $800,000,000 $1,000,000,000 $1,200,000,000 2019 2020 2021 Total Liabilities & Total Assets Total Liabilities Total Assets 0.00% 20.00% 40.00% 60.00% 80.00% 100.00% 2019 2020 2021 Debt to Asset Ratio Debt to Asset Ratio

YETI Holdings, Inc.: An Operational and Financial Analysis 14 | P a g e D. Asset Turnover The Asset Turnover Ratio was selected to conduct a profitability ratio and better understand YETI’s ability to generate earnings. The Asset Turnover Ratio represents the value of sales yielded from the value of invested assets and is calculated by dividing Net Sales by Average Total Assets. A larger Asset Turnover Ratio correlates to greater profitability. The general trend from the last three annual reports shows a decrease in Asset Turnover, which is indicative of a trending increase in average total assets as compared to net sales (Edmonds et al. 2021). Net Sales Avg Total Assets Asset Turnover 2019 $913,734,000 $571,876,000 1.60 2020 $1,091,721,000 $683,303,000 1.60 2021 $1,410,989,000 $916,715,500 1.54 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 2019 2020 2021 Debt to Assets Comparison to Industry Average YETI Holdings, Inc. Industry Average

YETI Holdings, Inc.: An Operational and Financial Analysis 15 | P a g e YETI’s Asset Turnover ratio is higher than the industry average based on data from the last three annual reports. The industry average shows an overall increasing trend while YETI’s Asset Turnover remained consistent from 2019 -2020 and declined from 2020-2021. Based on this information, YETI’s profitability exceeds the industry average (YETI Holdings 2019, 2020, 2021). $0 $500,000,000 $1,000,000,000 $1,500,000,000 2019 2020 2021 Net Sales & Average Total Assets Net Sales Avg Total Assets 1.50 1.52 1.54 1.56 1.58 1.60 1.62 2019 2020 2021 Asset Turnover Asset Turnover

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YETI Holdings, Inc.: An Operational and Financial Analysis 16 | P a g e E. Net Margin The Net Margin Ratio, or Return on Sales, was also selected to conduct a profitability ratio and better understand YETI’s ability to generate earnings. The Net Margin Ratio is calculated by dividing Net Income by Net Sales. The Net Margin Ratio correlates to greater profitability. The general trend from the last three annual reports shows an increase in Net Margin, which is indicative Net Income increasing at a faster rate than Net Sales each year (Edmonds et al. 2021). Net Income Net Sales Net Margin 2019 $50,434,000 $913,734,000 5.52% 2020 $155,801,000 $1,091,721,000 14.27% 2021 $212,602,000 $1,410,989,000 15.07% 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 2019 2020 2021 Asset Turnover Comparison to Industry Average YETI Holdings, Inc. Industry Average

YETI Holdings, Inc.: An Operational and Financial Analysis 17 | P a g e YETI’s Net Margin ratio is higher than the industry average . In the last three annual reports , YETI’s Net Margin increased more notably from 2019-2020 than it did from 2020-2021. The industry average increased in the opposite time periods. YETI experienced a greater increase in profitability from 2019-2020 while the industry average experienced a greater increase in profitability from 2020-2021. Based on this information, YETI’s profitability exceeds the industry average , but the industry average was much closer to YETI’s performance in 2021 (YETI Holdings 2019, 2020, 2021). $0 $500,000,000 $1,000,000,000 $1,500,000,000 2019 2020 2021 Net Income & Net Sales Net Income Net Sales 0.00% 5.00% 10.00% 15.00% 20.00% 2019 2020 2021 Net Margin Net Margin

YETI Holdings, Inc.: An Operational and Financial Analysis 18 | P a g e III. Other Industry Comparisons YETI’s annual reports specifically reference stock performance comparisons as well as gross profit. As a result, additional financial analyses were conducted to review this information. A. Stock Performance Comparison YETI compares their stock performance to Standard & Poor’s 500 Stock Index and Standard & Poor’s 500 Apparel, Accessories & Luxury Goods Index in their annual reports for investors. The base assumption for the comparison is that $100 was invested on the date YETI’s stock was released for public trade on the New York Stock Exchange (YETI Holdings 2021). According to comparisons in the annual report , YETI’s stock outperformed the industry comparisons in all three years. In 2019, the cumulative return of YETI’s stock exceeded both the S&P 500 Index and the S&P 500 Apparel, Accessories & Luxury Goods Index by $86.01 and $105.98, respectively. In 2020, the cumulative return of YETI’s stock -10.00% -5.00% 0.00% 5.00% 10.00% 15.00% 20.00% 2019 2020 2021 Net Margin Comparison to Industry Average YETI Holdings, Inc. Industry Average

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YETI Holdings, Inc.: An Operational and Financial Analysis 19 | P a g e exceeded both the S&P 500 Index and the S&P 500 Apparel, Accessories & Luxury Goods Index by $263.93 and $315.01, respectively. In 2021, the cumulative return of YETI’s stock exceeded both the S&P 500 Index and the S&P 500 Apparel, Accessories & Luxury Goods Index by $311.26 and $395.90, respectively (YETI Holdings 2021). The three publicly traded companies used for industry comparison base their stock performance calculations against different indices. However, all companies provide stock performance comparisons based on total return on an original $100 investment at the time stock was released for public trade (YETI Holdings 2019, 2020, 2021) (Helen of Troy 2019, 2020, 2021) (Newell Company 2019, 2020, 2021) (Vista Outdoors 2019, 2020, 2021). Considering the inconsistency in comparison indices, YETI ’s stock performance was only compared to the average stock performance of Vista Outdoor, Inc. and Newell Company, Inc. It is important to note that Vista Outdoor, Inc. provides comparisons as of the month of March in each reporting period while the reporting periods for YETI and $0.00 $100.00 $200.00 $300.00 $400.00 $500.00 $600.00 12/28/2019 1/2/2021 1/1/2022 Stock Performance Comaprison 2019-2021 YETI Holdings, Inc. S&P 500 Index S&P 500 Apparel, Accessories & Luxury Goods Index

YETI Holdings, Inc.: An Operational and Financial Analysis 20 | P a g e Newell Brands, Inc. coincide at the end of the calendar year. Since each company uses a different section of the S&P 500 Index for their stock performance comparisons, the percent increase between each company’s performance and the associated S&P 500 Index performance was used to normalize the comparison between YETI and the calculated industry average. YETI’s stock outperformed the industry average over the last three reporting years. B. Gross Profit Margin Comparison As previously mentioned, YETI and the industry competitors list several product segments on their annual reports. The industry competitors also have segments beyond the competitive products included on their annual reports, which contribute to both net sales and gross profit statistics (YETI Holdings 2019, 2020, 2021) (Helen of Troy 2019, 2020, 2021) (Newell Company 2019, 2020, 2021) (Vista Outdoors 2019, 2020, 2021). The three competitors do not report the gross profits per segment as YETI does. An exact comparison of only the matching or competitive product segments cannot be -100.00% -50.00% 0.00% 50.00% 100.00% 150.00% 200.00% 250.00% 2019 2020 2021 % Increase from S&P 500 Index Comparison to Industry Average YETI Holdings, Inc. Industry Average

YETI Holdings, Inc.: An Operational and Financial Analysis 21 | P a g e completed. However, an analysis of the average gross profit margin of the industry competitors reveals YETI consistently benefits from a larger profit margin than its competitors (Edmonds et al. 2021). IV. Summary Judgement Upon a careful review of YETI's financial performance, it appears that YETI has a distinct advantage in the industry. The company's strong financial position sets it apart from other players in the market. In terms of short-term debt paying ability, YETI’s higher than average working capital ratio indicates that YETI can fund its current operations and invest in future growth. The current ratio supports this notion by being mostly aligned with the industry average, i ndicating YETI’s a bility to cover its short-term debt. In terms of long-term debt paying ability, the decreasing debts-to-assets ratios from 2019-2021 indicates that YETI is decreasing its total debts in relation to its total asset , and YETI’s asset turnover ratio indicates that YETI’s assets have been effectively using their assets to generate sales. For both ratios, YETI outperforms the industry average. In terms of net profit margin, YETI 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 2019 2020 2021 Gross Profit Margin Comparison to Industry Average YETI Holdings, Inc. Industry Average

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YETI Holdings, Inc.: An Operational and Financial Analysis 22 | P a g e produced a positive net income percentage and outperformed the industry average, indicating that they are profiting from their sales while keeping their operating and overhead costs under control. Lastly, YETI outperformed in its percent stock price increase from the S&P 500 Index and increase in gross profit margin compared to the industry average. In terms of its operations, YETI has formed relations with a substantial number of dealers and outlets, allowing them to sell their products across the US. Along with this wide distribution network, YETI has managed to create a low-cost, automated operational structure that allows the company to produce high quality products at a low cost, increasing their profit margins. YETI has also invested in their workers through their extensive training program creating a diverse and talented workforce. During the COVID-19 pandemic and the resulting stay-at-home orders, YETI capitalized on the e-commerce landscape and expanded its reach and appeal through online commerce. Along with e-commerce, YETI has continued its influence and appeal through new social media platforms such as TIKTOK, strengthening its brand and network and engaging with consumers directly. However, even with its many financial and operational advantages, YETI is not without its faults. In terms of its financial shortcomings, YETI has shown a deceleration in its net profit margin, while the industry average appears to be rising at a faster pace. In addition to the net profit margin trends, YETI has also shown a marginal decline in its asset turnover while the industry average indicates a slight upward trend. If these trends continue, the rest of the industry may continue to diminish YETI’s financial advantage.

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YETI Holdings, Inc.: An Operational and Financial Analysis 23 | P a g e YETI's operational concerns are tied to a multitude of factors. One counterintuitive concern is YETI’s low -cost automation. While YETI can produce high quality products at a low price, YETI’s investment into quality control is lower than that of its competition, opening YETI up to increasing overhead due to subpar products. In addition to this, YETI does not own the facilities that make their products, but rather, they rent the facilities, increasing their overhead. YETI’s funding into R&D is also lower than that of its competitors. It is crucial for YETI to allocate more resources to R&D to differentiate itself and remain at the forefront of innovation in the industry. As YETI faces the ongoing challenge of new competitors producing similar quality products at lower prices, it is crucial for the company to find ways to distinguish itself from the competition. Otherwise, YETI’s profit margins will suffer while risking their share of the market if they continue to maintain their high prices. Despite its shortcomings, YETI remains a dominant player in the outdoor recreation product industry, and despite some challenges, the company remains financially strong. As it stands, YETI remains a wise investment, with significant growth potential that could cement its position as a leading industry player.

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YETI Holdings, Inc.: An Operational and Financial Analysis 24 | P a g e V. References 1) Staff, S. (2022, June 06). YETI SWOT Analysis: The Real (Near Term) Risks For This Cooler Brand. Retrieved from https://foodtruckempire.com/swot/yeti-swot-analysis/ 2) Stories From The Wild | YETI . (n.d.). Retrieved from https://www.yeti.com/stories 3) The YETI Story . (n.d.). Retrieved from https://www.yeti.com/stories/dispatch/our-story.html 4) YETI Holdings (2019) Annual Report 2019 https://investors.yeti.com/financials/annual- reports/default.aspx 5) YETI Holdings (2020) Annual Report 2020 https://investors.yeti.com/financials/annual- reports/default.aspx 6) YETI Holdings (2021) Annual Report 2021 https://investors.yeti.com/financials/annual- reports/default.aspx 7) Newell Company (2019) 2019 Annual Report: Annual Report on Form 10-K and Selected Shareholder Information https://ir.newellbrands.com/financial-information/annual-reports 8) Newell Company (2020) 2020 Annual Report: Annual Report on Form 10-K and Selected Shareholder Information https://ir.newellbrands.com/financial-information/annual-reports 9) Newell Company (2021) 2021 Annual Report: Annual Report on Form 10-K and Selected Shareholder Information https://ir.newellbrands.com/financial-information/annual-reports 10) Vista Outdoor (2019) Form 10-K https://investors.vistaoutdoor.com/Investors/financials/annual-reports/default.aspx

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YETI Holdings, Inc.: An Operational and Financial Analysis 25 | P a g e 11) Vista Outdoor (2020) Form 10-K https://investors.vistaoutdoor.com/Investors/financials/annual-reports/default.aspx 12) Vista Outdoor (2021) Form 10-K https://investors.vistaoutdoor.com/Investors/financials/annual-reports/default.aspx 13) Helen of Troy (2019) Form 10-K https://investor.helenoftroy.com/financials/annual-reports- and-proxies/default.aspx 14) Helen of Troy (2020) Form 10-K https://investor.helenoftroy.com/financials/annual-reports- and-proxies/default.aspx 15) Helen of Troy (2021) Form 10-K https://investor.helenoftroy.com/financials/annual-reports- and-proxies/default.aspx 16) Edmonds, T., Edmonds, C., & Olds, P. (2021). Chapter 9 Financial Statement Analysis. In Survey of accounting (6th ed., pp. 327 – 364). essay, McGraw-Hill Education. 17) Cooler Market Trends and Forecast The global cooler market is expected to reach an estimated $2 billion by 2027 with a CAGR of 7.7% from 2022 to 2027 . (2022, November 28). https://www.yahoo.com/now/cooler-market-trends-forecastthe-global-110200409.html 18) Drinkware Market to Hit $50 bn by 2032, says Global Market Insights Inc. (2022, November 15). Yahoo Finance. https://nz.finance.yahoo.com/news/drinkware-market-hit-50-bn- 131000922.html

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