Exhibit 99.1

sleepnumberlogonewa06.jpg
FOR IMMEDIATE RELEASE

SLEEP NUMBER ANNOUNCES THIRD QUARTER 2018 RESULTS

Net sales of $415 million grew 3% versus prior year; adjusted net sales increased 12%
Reiterates full-year 2018 earnings outlook midpoint of $1.85 per diluted share

MINNEAPOLIS - (October 24, 2018) - Sleep Number Corporation (NASDAQ: SNBR) today reported third quarter 2018 results for the period ended September 29, 2018.

“Our business has gained significant momentum since completing the transition to all Sleep Number 360® smart beds, including 19% year-over-year sales order growth in the last seven weeks of the third quarter,” said Shelly Ibach, President and CEO of Sleep Number. “The timing of robust sales order growth in the quarter shifted deliveries from the third to the fourth quarter. Double-digit sales order growth has continued into October. We are confident in the performance of our business and reiterate our 2018 full-year EPS guidance midpoint of $1.85.”

Third Quarter Overview
Net sales increased 3% to $415 million, with flat comparable sales; one week of deliveries ($24 million) shifted into the fourth quarter due to the timing of accelerated sales order growth; adjusted net sales increased 12% (see page 10: Reconciliation of Non-GAAP Financial Measures tables)
Earnings per diluted share (EPS) were $0.52 compared with $0.62 for the prior year; adjusted EPS for the third quarter increased 34% compared to the adjusted prior year EPS (see page 10: Reconciliation of Non-GAAP Financial Measures tables)

Capital Deployment Review
Generated $134 million in net cash from operating activities year-to-date while investing $34 million in capital expenditures and returning $195 million to shareholders through share repurchases
Ended the quarter with a $165 million net liquidity cushion against our credit facility compared with $183 million at the end of the prior year’s third quarter (excluding approximately $3 million letters of credit from both periods)
Return on invested capital (ROIC) was 13.7% for the trailing twelve-month period compared with our high single-digit weighted average cost of capital

Financial Outlook
The company reiterates the midpoint of its previous 2018 earnings outlook of $1.85 per diluted share. The outlook assumes mid-single-digit sales growth for 2018. The company anticipates 2018 capital expenditures to be approximately $50 million.

Conference Call Information
Management will host its regularly scheduled conference call to discuss the company’s results at 5 p.m. EDT (4 p.m. CDT; 2 p.m. PDT) today. To listen to the call, please dial 800-593-9959 (international participants dial 517-308-9340) and reference the passcode “Sleep.” To access the webcast, please visit the investor relations area of the Sleep Number website at http://www.sleepnumber.com/eng/aboutus/InvestorRelations.cfm. The webcast replay will remain available for approximately 60 days.





Sleep Number Announces Third-quarter 2018 Results – Page 2 of 10

About Sleep Number Corporation
As the leader in sleep innovation, Sleep Number Corporation delivers the best quality sleep through effortless, adjustable comfort and biometric sleep tracking. Sleep Number’s proprietary SleepIQ® technology platform -- one of the most comprehensive databases of biometric consumer sleep data - is proving the connection between sleep and wellbeing. With breakthrough innovations such as the revolutionary Sleep Number 360® smart bed, Sleep Number is redefining the future of sleep and shaping the future of health and wellness. To experience better quality sleep, visit one of the over 560 Sleep Number® stores located in all 50 states or SleepNumber.com. For additional information, visit our newsroom and investor relations site.

Forward-looking Statements
Statements used in this news release relating to future plans, events, financial results or performance are forward-looking statements subject to certain risks and uncertainties including, among others, such factors as current and future general and industry economic trends and consumer confidence; the effectiveness of our marketing messages; the efficiency of our advertising and promotional efforts; our ability to execute our company-controlled distribution strategy; our ability to achieve and maintain acceptable levels of product and service quality, and acceptable product return and warranty claims rates; our ability to continue to improve and expand our product line; consumer acceptance of our products, product quality, innovation and brand image; industry competition, the emergence of additional competitive products, and the adequacy of our intellectual property rights to protect our products and brand from competitive or infringing activities; availability of attractive and cost-effective consumer credit options; pending and unforeseen litigation and the potential for adverse publicity associated with litigation; our “just-in-time” manufacturing processes with minimal levels of inventory, which may leave us vulnerable to shortages in supply; our dependence on significant suppliers and our ability to maintain relationships with key suppliers, including several sole-source suppliers; the vulnerability of key suppliers to recessionary pressures, labor negotiations, liquidity concerns or other factors; rising commodity costs and other inflationary pressures; risks inherent in global sourcing activities; risks of disruption in the operation of either of our two primary manufacturing facilities; increasing government regulations, which have added or may add cost pressures and process changes to ensure compliance; the adequacy of our management information systems to meet the evolving needs of our business and to protect sensitive data from potential cyber threats; the costs, distractions and potential disruptions to our business related to upgrading our management information systems; our ability to attract, retain and motivate qualified management, executive and other key employees, including qualified retail sales professionals and managers; and uncertainties arising from global events, such as terrorist attacks, political unrest or a pandemic outbreak, or the threat of such events. Additional information concerning these and other risks and uncertainties is contained in the company’s filings with the Securities and Exchange Commission (SEC), including the Annual Report on Form 10-K, and other periodic reports filed with the SEC. The company has no obligation to publicly update or revise any of the forward-looking statements in this news release.
# # #

Investor Contact: Dave Schwantes; (763) 551-7498; investorrelations@sleepnumber.com







Sleep Number Announces Third-quarter 2018 Results – Page 3 of 10

SLEEP NUMBER CORPORATION
AND SUBSIDIARIES
Consolidated Statements of Operations
(unaudited – in thousands, except per share amounts)

 
Three Months Ended
 
September 29,
2018
 
% of
Net Sales
 
September 30,
2017
 
% of
Net Sales
 
 
 
 
 
 
 
 
Net sales
$
414,779

 
100.0
%
 
$
402,646

 
100.0
%
Cost of sales
164,262

 
39.6
%
 
149,181

 
37.1
%
Gross profit
250,517

 
60.4
%
 
253,465

 
62.9
%
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 

 
 
Sales and marketing
188,458

 
45.4
%
 
174,800

 
43.4
%
General and administrative
29,385

 
7.1
%
 
32,645

 
8.1
%
Research and development
7,353

 
1.8
%
 
6,991

 
1.7
%
Total operating expenses
225,196

 
54.3
%
 
214,436

 
53.3
%
Operating income
25,321

 
6.1
%
 
39,029

 
9.7
%
Other expense, net
1,836

 
0.4
%
 
248

 
0.1
%
Income before income taxes
23,485

 
5.7
%
 
38,781

 
9.6
%
Income tax expense
5,228

 
1.3
%
 
13,178

 
3.3
%
Net income
$
18,257

 
4.4
%
 
$
25,603

 
6.4
%
 
 
 
 
 
 
 
 
Net income per share – basic
$
0.53

 
 
 
$
0.63

 
 
 
 
 
 
 
 
 
 
Net income per share – diluted
$
0.52

 
 
 
$
0.62

 
 
 
 
 
 
 
 
 
 
Reconciliation of weighted-average shares outstanding:
 
 
 
 
 
 
 
Basic weighted-average shares outstanding
34,231

 
 
 
40,755

 
 
Dilutive effect of stock-based awards
808

 
 
 
760

 
 
Diluted weighted-average shares outstanding
35,039

 
 
 
41,515

 
 
  





Sleep Number Announces Third-quarter 2018 Results – Page 4 of 10

SLEEP NUMBER CORPORATION
AND SUBSIDIARIES
Consolidated Statements of Operations
(unaudited – in thousands, except per share amounts)

 
Nine Months Ended
 
September 29,
2018
 
% of
Net Sales
 
September 30,
2017
 
% of
Net Sales
 
 
 
 
 
 
 
 
Net sales
$
1,119,750

 
100.0
%
 
$
1,081,218

 
100.0
%
Cost of sales
442,868

 
39.6
%
 
404,675

 
37.4
%
Gross profit
676,882

 
60.4
%
 
676,543

 
62.6
%
 
 
 
 
 
 
 
 
Operating expenses:
 

 
 
 
 

 
 
Sales and marketing
511,481

 
45.7
%
 
488,564

 
45.2
%
General and administrative
89,947

 
8.0
%
 
95,233

 
8.8
%
Research and development
21,146

 
1.9
%
 
20,950

 
1.9
%
Total operating expenses
622,574

 
55.6
%
 
604,747

 
55.9
%
Operating income
54,308

 
4.9
%
 
71,796

 
6.6
%
Other expense, net
3,814

 
0.3
%
 
668

 
0.1
%
Income before income taxes
50,494

 
4.5
%
 
71,128

 
6.6
%
Income tax expense
7,945

 
0.7
%
 
21,842

 
2.0
%
Net income
$
42,549

 
3.8
%
 
$
49,286

 
4.6
%
 
 
 
 
 
 
 
 
Net income per share – basic
$
1.18

 
 
 
$
1.18

 
 
 
 
 
 
 
 
 
 
Net income per share – diluted
$
1.15

 
 
 
$
1.16

 
 
 
 
 
 
 
 
 
 
Reconciliation of weighted-average shares outstanding:
 
 
 
 
 
 
 
Basic weighted-average shares outstanding
36,204

 
 
 
41,740

 
 
Dilutive effect of stock-based awards
873

 
 
 
819

 
 
Diluted weighted-average shares outstanding
37,077

 
 
 
42,559

 
 





Sleep Number Announces Third-quarter 2018 Results – Page 5 of 10

SLEEP NUMBER CORPORATION
AND SUBSIDIARIES
Consolidated Balance Sheets
(unaudited - in thousands, except per share amounts)
subject to reclassification
 
September 29,
2018
 
December 30,
2017
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
1,241

 
$
3,651

Accounts receivable, net of allowance for doubtful accounts of $579 and $714, respectively
24,128

 
19,312

Inventories
90,980

 
84,298

Income taxes receivable
1,229

 

Prepaid expenses
9,772

 
17,565

Other current assets
31,007

 
27,665

Total current assets
158,357

 
152,491

 
 
 
 
Non-current assets:
 

 
 
Property and equipment, net
199,452

 
208,646

Goodwill and intangible assets, net
75,952

 
77,588

Deferred income taxes

 
2,625

Other non-current assets
36,307

 
30,484

Total assets
$
470,068

 
$
471,834

 
 
 
 
Liabilities and Shareholders’ (Deficit) Equity
 

 
 
Current liabilities:
 

 
 
Borrowings under revolving credit facility
$
135,800

 
$
24,500

Accounts payable
138,735

 
129,194

Customer prepayments
46,118

 
27,767

Accrued sales returns
20,535

 
19,270

Compensation and benefits
31,988

 
34,602

Taxes and withholding
15,951

 
24,234

Other current liabilities
49,858

 
46,822

Total current liabilities
438,985

 
306,389

 
 
 
 
Non-current liabilities:
 

 
 
Deferred income taxes
4,638

 

Other non-current liabilities
80,797

 
76,289

Total non-current liabilities
85,435

 
76,289

Total liabilities
524,420

 
382,678

 
 
 
 
Shareholders’ (deficit) equity:
 

 
 
Undesignated preferred stock; 5,000 shares authorized, no shares issued and outstanding

 

Common stock, $0.01 par value; 142,500 shares authorized, 33,216 and 38,813 shares issued and outstanding, respectively
332

 
388

Additional paid-in capital

 

(Accumulated deficit) retained earnings
(54,684
)
 
88,768

Total shareholders’ (deficit) equity
(54,352
)
 
89,156

Total liabilities and shareholders’ (deficit) equity
$
470,068

 
$
471,834






Sleep Number Announces Third-quarter 2018 Results – Page 6 of 10

SLEEP NUMBER CORPORATION
AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(unaudited – in thousands)
subject to reclassification
 
Nine Months Ended
 
September 29,
2018
 
September 30,
2017
Cash flows from operating activities:
 
 
 
Net income
$
42,549

 
$
49,286

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
46,655

 
46,000

Stock-based compensation
10,098

 
11,809

Net (gain) loss on disposals and impairments of assets
(17
)
 
229

Deferred income taxes
7,263

 
3,729

Changes in operating assets and liabilities:

 


Accounts receivable
(4,816
)
 
(1,402
)
Inventories
(6,682
)
 
(4,191
)
Income taxes
(13,777
)
 
(147
)
Prepaid expenses and other assets
5,195

 
(1,713
)
Accounts payable
26,007

 
33,325

Customer prepayments
18,351

 
13,722

Accrued compensation and benefits
(2,685
)
 
15,277

Other taxes and withholding
4,265

 
758

Other accruals and liabilities
2,044

 
9,372

Net cash provided by operating activities
134,450

 
176,054

 
 
 
 
Cash flows from investing activities:
 
 
 
Purchases of property and equipment
(34,012
)
 
(37,613
)
Proceeds from sales of property and equipment
174

 
36

Net cash used in investing activities
(33,838
)
 
(37,577
)
 
 
 
 
Cash flows from financing activities:
 

 
 

Net increase in short-term borrowings
94,147

 
(6,194
)
Repurchases of common stock
(198,239
)
 
(120,158
)
Proceeds from issuance of common stock
2,084

 
3,040

Debt issuance costs
(1,014
)
 
(10
)
Net cash used in financing activities
(103,022
)
 
(123,322
)
Net (decrease) increase in cash, cash equivalents and restricted cash
(2,410
)
 
15,155

Cash, cash equivalents and restricted cash, at beginning of period
3,651

 
14,759

Cash, cash equivalents and restricted cash, at end of period
$
1,241

 
$
29,914


Note - Effective December 31, 2017, we adopted the provisions of Accounting Standards Update No. 2016-18, Restricted Cash, on a retrospective basis. Amounts for prior periods have been retrospectively adjusted to conform to the current period presentation.





Sleep Number Announces Third-quarter 2018 Results – Page 7 of 10

SLEEP NUMBER CORPORATION
AND SUBSIDIARIES
Supplemental Financial Information
(unaudited)

 
Three Months Ended
 
Nine Months Ended
 
September 29,
2018
 
September 30,
2017
 
September 29,
2018
 
September 30,
2017
Percent of sales:
 
 
 
 
 
 
 
Retail
92.6
%
 
92.8
%
 
91.7
%
 
91.7
%
Online and phone
6.9
%
 
6.5
%
 
7.3
%
 
6.8
%
Wholesale/other
0.5
%
 
0.7
%
 
1.0
%
 
1.5
%
Total
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
 
 
 
 
 
 
 
Sales change rates:
 
 
 
 
 
 
 
Retail comparable-store sales
(1
%)
 
5
%
 
0
%
 
1
%
Online and phone
10
%
 
9
%
 
11
%
 
17
%
Company-Controlled comparable sales change
0
%
 
5
%
 
1
%
 
2
%
Net opened/closed stores
3
%
 
6
%
 
3
%
 
8
%
Total Company-Controlled Channel
3
%
 
11
%
 
4
%
 
10
%
Wholesale/other
(21
%)
 
(65
%)
 
(31
%)
 
(38
%)
Total
3
%
 
9
%
 
4
%
 
8
%
 
 
 
 
 
 
 
 
Stores open:
 
 
 
 
 
 
 
Beginning of period
565

 
549

 
556

 
540

Opened
9

 
6

 
33

 
30

Closed
(5
)
 
(2
)
 
(20
)
 
(17
)
End of period
569

 
553

 
569

 
553

 
 
 
 
 
 
 
 
Other metrics:
 
 
 
 
 
 
 
Average sales per store ($ in 000's) 1
$
2,635

 
$
2,567

 
 
 
 
Average sales per square foot 1
$
977

 
$
985

 
 
 
 
Stores > $1 million net sales 2
98
%
 
98
%
 
 
 
 
Stores > $2 million net sales 2
62
%
 
59
%
 
 
 
 
Average revenue per mattress unit 3
$
4,387

 
$
4,385

 
$
4,432

 
$
4,239

 
 
 
 
 
 
 
 
1 Trailing twelve months Company-Controlled comparable sales per store open at least one year.
2 Trailing twelve months for stores open at least one year.
3 Represents Company-Controlled Channel total net sales divided by Company-Controlled Channel mattress units.






Sleep Number Announces Third-quarter 2018 Results – Page 8 of 10

SLEEP NUMBER CORPORATION AND SUBSIDIARIES
Earnings before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA)
(in thousands)

We define earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) as net income plus: income tax expense, interest expense, depreciation and amortization, stock-based compensation and asset impairments. Management believes Adjusted EBITDA is a useful indicator of our financial performance and our ability to generate cash from operating activities. Our definition of Adjusted EBITDA may not be comparable to similarly titled definitions used by other companies. The table below reconciles Adjusted EBITDA, which is a non-GAAP financial measure, to the comparable GAAP financial measure:
 
Three Months Ended
 
Trailing-Twelve Months Ended
 
September 29,
2018
 
September 30,
2017
 
September 29,
2018
 
September 30,
2017
Net income
$
18,257

 
$
25,603

 
$
58,340

 
$
60,573

Income tax expense
5,228

 
13,178

 
12,064

 
25,731

Interest expense
1,836

 
278

 
4,044

 
935

Depreciation and amortization
15,483

 
14,770

 
61,658

 
60,404

Stock-based compensation
3,356

 
3,933

 
14,052

 
14,498

Asset impairments
30

 
222

 
135

 
267

Adjusted EBITDA
$
44,190

 
$
57,984

 
$
150,293

 
$
162,408




Free Cash Flow
(in thousands)
 
Three Months Ended
 
Trailing-Twelve Months Ended
 
September 29,
2018
 
September 30,
2017
 
September 29,
2018
 
September 30,
2017
Net cash provided by operating activities
$
105,319

 
$
87,247

 
$
131,003

 
$
182,438

Subtract: Purchases of property and equipment
12,671

 
10,481

 
56,228

 
56,696

Free cash flow
$
92,648

 
$
76,766

 
$
74,775

 
$
125,742



Note - Our Adjusted EBITDA calculation and our "free cash flow" data are considered non-GAAP financial measures and are not in accordance with, or preferable to, "as reported," or GAAP financial data. However, we are providing this information as we believe it facilitates analysis of the Company's financial performance by investors and financial analysts.

GAAP - generally accepted accounting principles in the U.S.





Sleep Number Announces Third-quarter 2018 Results – Page 9 of 10

SLEEP NUMBER CORPORATION AND SUBSIDIARIES
Calculation of Return on Invested Capital (ROIC)
(in thousands)

ROIC is a financial measure we use to determine how efficiently we deploy our capital. It quantifies the return we earn on our invested capital. Management believes ROIC is also a useful metric for investors and financial analysts. We compute ROIC as outlined below. Our definition and calculation of ROIC may not be comparable to similarly titled definitions and calculations used by other companies. The tables below reconcile net operating profit after taxes (NOPAT) and total invested capital, which are non-GAAP financial measures, to the comparable GAAP financial measures:

 
 
Trailing-Twelve Months Ended
 
 
September 29,
2018
 
September 30,
2017
Net operating profit after taxes (NOPAT)
 
 
 
 
Operating income
 
$
74,427

 
$
87,108

Add: Rent expense 1
 
77,797

 
72,260

Add: Interest income
 
21

 
129

Less: Depreciation on capitalized operating leases 2
 
(20,012
)
 
(18,384
)
Less: Income taxes 3
 
(34,751
)
 
(46,004
)
NOPAT
 
$
97,482

 
$
95,109

 
 
 
 
 
Average invested capital
 
 
 
 
Total (deficit) equity
 
$
(54,352
)
 
$
104,297

Add: Long-term debt 4
 
136,683

 

Add: Capitalized operating lease obligations 5
 
622,376

 
578,080

Total invested capital at end of period
 
$
704,707

 
$
682,377

Average invested capital 6
 
$
710,325

 
$
689,467

Return on invested capital (ROIC) 7
 
13.7
%
 
13.8
%

1 Rent expense is added back to operating income to show the impact of owning versus leasing the related assets.

2 Depreciation is based on the average of the last five fiscal quarters' ending capitalized operating lease obligations (see note 6) for the respective reporting periods with an assumed thirty-year useful life. This is subtracted from operating income to illustrate the impact of owning versus leasing the related assets.

3 Reflects annual effective income tax rates, before discrete adjustments, of 26.3% and 32.6% for 2018 and 2017, respectively.

4 Long-term debt includes existing capital lease obligations, if applicable. In conjunction with increasing our revolving credit facility to $300 million in the first quarter of 2018, we include borrowing under that agreement, including borrowings classified as short term.

5 A multiple of eight times annual rent expense is used as an estimate for capitalizing our operating lease obligations. The methodology utilized aligns with the methodology of a nationally recognized credit rating agency.

6 Average invested capital represents the average of the last five fiscal quarters' ending invested capital balances.

7 ROIC equals NOPAT divided by average invested capital.

Note - Our ROIC calculation and data are considered non-GAAP financial measures and are not in accordance with, or preferable to, GAAP financial data. However, we are providing this information as we believe it facilitates analysis of the Company's financial performance by investors and financial analysts.

GAAP - generally accepted accounting principles in the U.S.




Sleep Number Announces Third-quarter 2018 Results – Page 10 of 10

SLEEP NUMBER CORPORATION AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(unaudited - in million, except per share amounts)
Net sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1st Quarter
 
2nd Quarter
 
3rd Quarter
 
4th Quarter (E)
 
Full-Year (E)
 
2018
As Reported
$
389

 
$
316

 
$
415

 
$
408

6 
$
1,528

6 
 
Backlog shift1

 

 
24

 
(24
)
 

 
 
As-Adjusted
$
389

 
$
316

 
$
439

 
$
384

 
$
1,528

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1st Quarter
 
2nd Quarter
 
3rd Quarter
 
4th Quarter
 
Full-Year
 
2017
As Reported
$
394

 
$
285

 
$
403

 
$
363

 
$
1,444

 
 
Backlog shift2

 
25

 
(25
)
 

 

 
 
Hurricane impact3

 

 
13.5

 
(13.5
)
 

 
 
As-Adjusted
$
394

 
$
310

 
$
391

 
$
350

 
$
1,444

 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per diluted share
 
 
 
 
 
 
 
 
 
 
 
1st Quarter
 
2nd Quarter
 
3rd Quarter
 
4th Quarter (E)
 
Full-Year (E)
 
2018
As Reported
$
0.52

 
$
0.10

 
$
0.52

 
$
0.73

6 
$
1.85

6 
 
Backlog shift1,4

 

 
0.23

 
(0.23
)
 

 
 
As-Adjusted
$
0.52

 
$
0.10

 
$
0.75

 
$
0.50

 
$
1.85

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1st Quarter
 
2nd Quarter
 
3rd Quarter
 
4th Quarter
 
Full-Year
 
2017
As Reported
$
0.56

 
$
(0.02
)
 
$
0.62

 
$
0.39

 
$
1.55

 
 
Backlog shift2,5

 
0.12

 
(0.12
)
 

 

 
 
Hurricane impact3,5

 

 
0.06

 
(0.06
)
 

 
 
As-Adjusted
$
0.56

 
$
0.10

 
$
0.56

 
$
0.33

 
$
1.55

 

1 Midpoint of estimated net sales and earnings per share impact (21 to 25 cents) related to strong demand late in the quarter which shifted a week
of deliveries from the third to fourth quarter of 2018; third-quarter 2018 ending order backlog was higher than forecasted, reflecting the
additional week of deliveries shifted to the fourth quarter
2 Estimated net sales and earnings per share impact related to a temporary vendor related inventory shortage which shifted a week of deliveries
from the second to third quarter of 2017
3 Midpoint of estimated net sales ($12 to $15 million) and earnings per share impact (5 to 8 cents) of Hurricanes Harvey and Irma, which negatively
impacted third-quarter 2017 results and positively impacted fourth-quarter 2017 results as lost sales were recovered
4 Reflects annual effective income tax rate, before discrete adjustments, of 24.3% for 2018
5 Reflects annual effective income tax rate, before discrete adjustments, of 33.3% for 2017
6 Fourth quarter and full-year 2018 estimates based on midpoint of 2018 full-year outlook of $1.85 per share
(E) = estimate

Note: The information above provides reconciliations of the comparable financial measures in accordance with generally accepted accounting principles (GAAP financial measures) to the presented non-GAAP financial measures. The company believes that non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide more information to assist investors and management in evaluating current period performance and in assessing future performance. The estimates above are based on historical experience, current trends and other factors that management believes to be relevant, and as such requires the use of judgment. These non-GAAP financial measures should be considered in addition to, and not preferable to or as a substitute for, the GAAP financial measures presented in this earnings release and the company’s financial statements and other publicly filed reports. Non-GAAP measures as presented herein may not be comparable to similarly titled measures used by other companies.


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