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Nautilus, Inc. (NLS) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Nautilus, Inc.

CIK: 1078207 Ticker: NLS

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Exhibit 99.1

NAUTILUS, INC. DELIVERS RECORD SECOND QUARTER RESULTS

Second Quarter 2020 Net Sales Increased 94% to $114 million Compared to Same Period Last Year

Second Quarter 2020 Direct Segment Sales Increased 142% and Retail Segment Sales Increased 68% Compared to Same Period Last Year

Operating Loss Was $7 million, driven by the $29 million loss on disposal group, a non-cash charge

Adjusted EBITDA Was $25 million, representing an Adjusted EBITDA improvement of $35 million

VANCOUVER, WASHINGTON, August 10, 2020 - Nautilus, Inc. (NYSE: NLS) today reported its unaudited operating results for the second quarter of 2020.

Second Quarter 2020 Highlights Compared to Second Quarter 2019

Net sales were $114.2 million, up 93.5% compared to $59.0 million, driven primarily by strong demand for cardio and strength products, particularly our connected-fitness bikes, Max Trainer® and treadmills. Our ability to restart and then accelerate our supply chain allowed us to better respond to the heightened demand that began in March when COVID-19 shelter-in-place orders were first put in place. However, despite increased supply capacity, we entered Q3 with $34.2 million in backorders.

Gross profit was $47.4 million, up 170.6% compared to $17.5 million last year. Gross margin rates expanded to 41.5% this year compared to 29.7% last year, driven by favorable product and customer mix and fixed costs leverage, partially offset by higher product landed costs. As a reminder, our products are now subject to 7.5% tariffs versus no tariff last year, and shipping costs from Asia are higher due to constrained supply in logistics.

In second quarter 2020, the company recognized a non-cash loss on disposal group of $29.0 million related to the planned sale of Octane Fitness®. In the second quarter of 2019, the company recognized an impairment of $72.0 million for goodwill and other intangible assets. As a result, operating expenses decreased by 47.0% to $54.5 million, compared to $102.9 million last year.

Operating loss was $7.1 million, compared to a loss of $85.4 million last year. The $78 million improvement was driven by lower operating expenses, sales growth, and expanded gross margin rates. Net loss was $5.1 million, or -$0.17 cents per diluted share, compared to last year's loss of $78.9 million, or -$2.66 per diluted share.

The following statements exclude the impact of the loss on disposal group this year and the impairment last year1.

Adjusted operating expenses decreased by 17.6% to $25.5 million compared to $30.9 million last year, primarily due to continued expense discipline and lower advertising expenses. Customer acquisition costs were meaningfully lower this year as the company pulled back on paid advertising, given strong organic demand and inventory scarcity.

Adjusted operating income improved to a record $21.9 million compared to an operating loss of $13.4 million last year, driven by sales growth, expanded gross margin rates, and lower operating expenses.



The following information was filed by Nautilus, Inc. (NLS) on Monday, August 10, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Nautilus, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive (Loss) Income (Unaudited)
Condensed Consolidated Statements Of Comprehensive (Loss) Income (Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity - Parenthetical (Unaudited)
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Assets And Liabilities Held-For-Sale
Assets And Liabilities Held-For-Sale (Details)
Assets And Liabilities Held-For-Sale (Tables)
Borrowings
Borrowings (Loan Agreement) (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Derivatives
Derivatives (Tables)
Derivatives - Effect On Condensed Consolidated Statements Of Operations (Details)
Derivatives - Fair Value Of Derivative Instruments (Details)
Derivatives - Narrative (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
General Information
General Information (Details)
General Information (Policies)
Income (Loss) Per Share
Income (Loss) Per Share - Anti-Dilutive Common Shares (Details)
Income (Loss) Per Share - Weighted Average Number Of Shares (Details)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Lease Cost (Details)
Leases - Maturity (Details)
Leases - Supplemental Cash Flow (Details)
Loss Per Share (Tables)
Other Intangible Assets
Other Intangible Assets (Details)
Other Intangible Assets (Tables)
Other Intangible Assets - Future Intangible Amortization (Details)
Other Intangible Assets - Patent Amortization (Details)
Product Warranties
Product Warranties (Details)
Product Warranties (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment - Depreciation Expense (Details)
Property, Plant, And Equipment (Tables)
Revenues
Revenues (Details)
Revenues (Tables)
Segment And Enterprise-Wide Information
Segment And Enterprise-Wide Information (Details)
Segment And Enterprise-Wide Information (Tables)
Segment And Enterprise-Wide Information - Concentration (Details)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

Nautilus, Inc. provided additional information to their SEC Filing as exhibits

Ticker: NLS
CIK: 1078207
Form Type: 10-Q Quarterly Report
Accession Number: 0001078207-20-000099
Submitted to the SEC: Mon Nov 09 2020 4:09:20 PM EST
Accepted by the SEC: Mon Nov 09 2020
Period: Wednesday, September 30, 2020
Industry: Sporting And Athletic Goods

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