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Nautilus, Inc. (NLS) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Nautilus, Inc.

CIK: 1078207 Ticker: NLS

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Exhibit 99.1
NAUTILUS, INC. DELIVERS 2ND CONSECUTIVE RECORD-BREAKING QUARTER

Net Sales Increased 120% to $206 million, the highest quarterly sales in company history

Operating Income of $39.7 million is third-highest in company history

EBITDA was $40.4 million compared to $2.3 million last year

Provides First Quarter 2022 Guidance and Updates Fiscal Year 2026 Operating Margin Targets


VANCOUVER, WASHINGTON, May 10, 2021 - Nautilus, Inc. (NYSE: NLS) today reported its unaudited operating results for the three-month transition period ended March 31, 2021. As previously disclosed, the Company changed its fiscal year from the twelve months beginning January 1 and ending December 31 to the twelve months beginning April 1 and ending March 31 in order to include the primary fitness season for exercise equipment, October to March, in the same fiscal year. In addition, the new fiscal year-end is better aligned with the fiscal year-end of the Company's retail partners. As a result throughout this press release, the three-month period ended March 31, 2021 is referred to as the "Transition Period."

Transition Period Highlights Compared to the Same Period Last Year (3-months ending 3/31/2020)

Net sales were $206.1 million, up 119.9% compared to $93.7 million for the same period last year and up 143.3%, 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 and treadmills, like the Bowflex VeloCore® bike and T22 Treadmill, and robust sales of SelectTech® weights. Strong execution across the organization coupled with supply chain improvements that began last year drove record results.

Gross profit was $79.1 million, up 122.2% compared to $35.6 million for the same period last year. Gross margin rates expanded by 40 basis points to 38.4% this year compared to 38.0% for the same period last year. Improved fixed costs leverage in the Retail segment offset margin pressures from inflationary price increases in commodities, FX, and continued elevated transportation costs driven by global logistics disruptions.

Operating expenses increased by $3.2 million, or 8.9%, to $39.4 million primarily due to increased general and administrative costs.

Operating income was $39.7 million, a $40.3 million improvement compared to a loss $0.6 million for the same period last year.

EBITDA was $40.4 million compared to $2.3 million for the same period last year driven higher due to increased operating income.

Income from continuing operations improved to $30.6 million, or $0.94 per diluted share, compared to $2.3 million, or $0.08 per diluted share, for the same period last year.

Net income was $30.4 million, or $0.93 per diluted share, compared to $2.2 million, or $0.07 per diluted share, for the same period last year.

The effective tax rate for the Transition Period was 19.9%.


1

The following information was filed by Nautilus, Inc. (NLS) on Monday, May 10, 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-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 Condensed Consolidated Statements Of Comprehensive Income (Unaudited) (Parentheticals)
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
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)
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 (Tables)
Income (Loss) Per Share - Anti-Dilutive Common Shares (Details)
Income (Loss) Per Share - Weighted Average Number Of Shares (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)
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)
Ticker: NLS
CIK: 1078207
Form Type: 10-Q Quarterly Report
Accession Number: 0001078207-21-000159
Submitted to the SEC: Mon Aug 09 2021 4:08:58 PM EST
Accepted by the SEC: Mon Aug 09 2021
Period: Wednesday, June 30, 2021
Industry: Sporting And Athletic Goods

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