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Nautilus, Inc. (NLS) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Nautilus, Inc.

CIK: 1078207 Ticker: NLS


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Exhibit 99.1
NAUTILUS, INC. FINISHES EXCEPTIONAL YEAR WITH RECORD BREAKING QUARTERLY SALES

Company Achieves Full Year Revenue Guidance by Growing Revenue 79% to $553 million

Full Year Operating Income was $78 million and Full Year EBITDA was $84 million

Full Year Adjusted EBITDA of $107 million exceeds company EBITDA guidance

Fourth Quarter Operating Income of $41 million is the second highest since our founding in 1986

Fourth Quarter EBITDA improved by 578% to $40 million compared to same period last year

Company Expects Revenue to Increase 55% to 75% for the period ending March 31, 2021 compared to the same period last year

VANCOUVER, WASHINGTON, February 22, 2021 - Nautilus, Inc. (NYSE: NLS) today reported its unaudited operating results for the fourth quarter and full year ended December 31, 2020.

Fourth Quarter 2020 Highlights Compared to Fourth Quarter 2019

Net sales were $189.3 million, up 81.7% compared to $104.2 million last year and up 108.3%, excluding sales related to the Octane brand, which was sold in October 2020. Sales growth was driven primarily by continued demand for connected-fitness bikes, like the Schwinn® IC4, Bowflex® C6 and VeloCore®, as well as robust sales of SelectTech® weights and Bowflex® Home Gyms. Strong execution across the organization coupled with supply chain improvements that began earlier in the year drove these record results. Importantly, due to the severe shortage of shipping containers, some factory fulfilled orders, representing over $16 million in revenue, did not ship in late December. Container shortages, worsening global logistics disruptions, and continued factory capacity constraints resulted in $91.5 million of backlog.

Gross profit was $77.9 million, up 104.1% compared to $38.2 million last year. Gross margin rate expanded by 450 basis points to 41.1% driven by increased full-priced selling in Direct, improved wholesale margins in Retail, and fixed costs leverage, partially offset by increased transportation costs driven by global logistics disruptions.

Operating expenses increased by $1.5 million or 4.4% to $36.4 million primarily due to increased general and administrative costs and research and development costs offset by a reduction in sales and marketing expenses.

Operating income was $41.5 million, a $38.2 million or 1,160.8% improvement compared to $3.3 million last year. This quarters operating income is second only to the $44.0 million of operating income in Q3 2020, which included a gain of $8.3 million related to the Octane transaction. If we exclude that gain, Q4 2020 represents the highest quarterly operating income in the companys history.

Income from continuing operations increased by 698.6% to $29.3 million, or $0.90 per diluted share, compared to $3.7 million, or $0.12 per diluted share last year.

Net income increased by 729.8% to $28.9 million, or $0.89 per diluted share, compared to $3.5 million, or $0.12 per diluted share last year.


The following information was filed by Nautilus, Inc. (NLS) on Monday, February 22, 2021 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity - Parenthetical
(Loss) Income Per Share
- Stock-Based Compensation (Details)
401(K) Savings Plan
401(K) Savings Plan (Details)
401(K) Savings Plan (Tables)
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (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 (Details)
Derivatives (Tables)
Derivatives - Effect On Condensed Consolidated Statements Of Operations (Details)
Derivatives - Fair Value Of Derivative Instruments (Details)
Discontinued Operation
Discontinued Operation (Details)
Discontinued Operation (Tables)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Income Per Share (Details)
Income Per Share (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Carryforwards (Details)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Deferred Tax Liability (Details)
Income Taxes - Expense (Details)
Income Taxes - Income (Loss) Before Tax (Details)
Income Taxes - Reconciliation (Details)
Income Taxes - Unrecognized Tax Benefits (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Investments
Investments (Details)
Investments (Tables)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Lease Cost (Details)
Leases - Maturity (Details)
Leases - Supplemental Cash Flow (Details)
Other Intangible Assets
Other Intangible Assets (Details)
Other Intangible Assets (Tables)
Product Warranties
Product Warranties (Details)
Product Warranties (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant, And Equipment (Tables)
Revenues
Revenues (Details)
Revenues (Tables)
Segment Information
Segment Information (Tables)
Segment Information - Concentration (Details)
Segment Information - Segments (Details)
Significant Accounting Policies
Significant Accounting Policies (Details)
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - 2015 Long-Term Incentive Plan (Detail)
Stock-Based Compensation - Employee Stock Purchase Plan (Details)
Stock-Based Compensation - Fair Value Assumptions (Details)
Stock-Based Compensation - Other (Details)
Stock-Based Compensation - Performance Stock Units (Details)
Stock-Based Compensation - Rsu And Rsa Activity (Details)
Stock-Based Compensation - Stock Options (Details)
Supplementary Information - Quarterly Results Of Operations (Details)
Supplementary Information - Quarterly Results Of Operations (Tables)
Supplementary Information - Quarterly Results Of Operations (Unaudited)
Trade Receivables
Trade Receivables (Details)
Trade Receivables (Tables)
Ticker: NLS
CIK: 1078207
Form Type: 10-K Annual Report
Accession Number: 0001078207-21-000036
Submitted to the SEC: Fri Feb 26 2021 4:06:55 PM EST
Accepted by the SEC: Fri Feb 26 2021
Period: Thursday, December 31, 2020
Industry: Sporting And Athletic Goods

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