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Nautilus, Inc. (NLS) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, March 31, 2022

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NLS Annual Reports

Nautilus, Inc.

CIK: 1078207 Ticker: NLS

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Exhibit 99.1

BOWFLEX MAKER NAUTILUS, INC. REPORTS FOURTH QUARTER AND
FULL FISCAL YEAR 2022 RESULTS; PROVIDES FULL FISCAL YEAR 2023 GUIDANCE

Fiscal Year 2022 Net Sales were $590M up 85% versus Fiscal Year 2020

Net Sales of $120M for Q4 Fiscal 2022 up 28% vs Q4 Fiscal 2020 or 41% Excluding Octane

JRNY® Total Members Now Over 325k, more than 7x versus Fiscal Year 2020

Company Expects to exceed 500k JRNY® Total Members at Fiscal Year End 2023 and
Achieve Positive Adjusted EBITDA for Second Half Fiscal Year 2023

VANCOUVER, WASHINGTON, May 23, 2022 - Nautilus, Inc. (NYSE: NLS) today reported its unaudited operating results for the fiscal 2022 fourth quarter and for the twelve-months ended March 31, 2022.

Management Comments

“We continue to successfully execute on our multi-year plan of transforming Nautilus into a leading digitally enabled at-home fitness company. Fiscal year and fourth quarter performance was strong. Our strategic decision to pull forward key technology and marketing investments is paying off, as we have increased JRNY® members to over 325,000 at year-end, exceeding our initial expectations by 30%. Our diversified omnichannel strength and cardio offerings enabled us to meet fourth quarter demand, with revenue up 41% compared to the same period in 2020,” said Jim Barr, Nautilus, Inc. Chief Executive Officer.

“Year one of our North Star strategy is complete and our transformation is well on track. The foundation has been set, including harnessing a culture of innovation, establishing key third-party partnerships, and evolving our manufacturing and distribution capabilities to meet consumer demand. These advancements will allow us to successfully navigate the current operating environment. We are committed to balancing continued growth investments with an efficient cost structure to drive both our transformation and put us on a path to deliver positive adjusted EBITDA1 during the second-half of fiscal 2023.”

Company Results

Fiscal 2022 Fourth Quarter Ended March 31, 2022 Compared to Three-Months Ended March 31, 2021

Net sales were $119.7 million, compared to $206.1 million, a decline of 41.9% versus last year. As a reminder, the comparable quarter last year was the highest quarterly sales in the company’s history. Net sales are up 41%, or a 19% CAGR, when compared to the same period ended in 2020, excluding Octane. Lower demand of our cardio products was partially offset by strong sales of SelectTech® weights and benches compared to the same period in 2021.

Gross profit was $21.0 million, compared to $79.1 million last year. Gross profit margins were 17.5% compared to 38.4% last year. The 20.9 ppt decrease in gross margins was primarily due to: increased product costs, logistics and discounting (-16 ppts) and increased investments in JRNY® (-5 ppts).

Operating expenses were $42.9 million, an increase of $3.5 million, or 8.9%, compared to last year, primarily due to a $5.1 million increase in JRNY® investments and $2.5 million more in advertising. Total advertising expenses were $14.0 million versus $11.5 million last year.

1

The following information was filed by Nautilus, Inc. (NLS) on Monday, May 23, 2022 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

Audit Information
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)
Borrowings
Borrowings (Loan Agreement) (Details)
Borrowings (Tables)
Borrowings - Schedule Of Contractual Obligation Maturity (Details)
Business Acquisition
Business Acquisition (Details)
Business Acquisition (Tables)
Business Acquisition - Assets Acquired And Liabilities Assumed (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)
Goodwill
Goodwill (Details)
Goodwill (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)
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)
Trade Receivables
Trade Receivables (Details)
Trade Receivables (Tables)
Transition Period
Transition Period (Tables)
Transition Period - Consolidated Statements Of Cash Flows (Details)
Transition Period - Statement Of Operations (Details)
Ticker: NLS
CIK: 1078207
Form Type: 10-K Annual Report
Accession Number: 0001078207-22-000114
Submitted to the SEC: Fri Jun 03 2022 4:07:08 PM EST
Accepted by the SEC: Fri Jun 03 2022
Period: Thursday, March 31, 2022
Industry: Sporting And Athletic Goods

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