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Sleep Number Corp (SNBR) SEC Filing 10-K Annual report for the fiscal year ending Saturday, January 2, 2021

Sleep Number Corp

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CIK: 827187 Ticker: SNBR
Exhibit 99.1
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FOR IMMEDIATE RELEASE

SLEEP NUMBER ANNOUNCES RECORD FOURTH-QUARTER AND FULL-YEAR 2020 RESULTS

•Fourth-quarter net sales growth accelerated to 29% versus last year; full-year net sales increased 9% to $1.86 billion
•Full-year diluted EPS increased 81% versus the prior year to $4.90
•Generated a 48% increase in operating cash flows, and a trailing twelve-month ROIC of 25%
•Provides 2021 earnings outlook of at least $6.00 per diluted share, more than doubling EPS in two years

MINNEAPOLIS – (February 17, 2021) – Sleep Number Corporation (Nasdaq: SNBR) today reported results for the year ended January 2, 2021.
“In a year of challenge and change, our mission-driven team delivered exceptional results by leveraging the power of vertical integration, digitization and focusing on what matters most to our stakeholders,” said Shelly Ibach, President and Chief Executive Officer. “We broadened our sleep leadership and brand relevance with our revolutionary 360® smart beds as consumers’ increased their understanding of the link between proven quality sleep and wellbeing. With strong momentum in the first quarter and ongoing investments in sleep science-based innovations and digital technologies, we are well-positioned to generate sustainable profitable growth for years to come.”

Full Year Overview
•Net sales increased 9% to $1.86 billion in 2020, including a 6% comparable sales gain, 1.5 percentage points (ppt.) of growth from new stores and 2.5 ppt. of growth from the extra week
•Gross profit rate increased 40 basis points (bp) to 62.3% of net sales, despite significant disruption from COVID-19 in the second quarter
•Operating income increased 65% to $185 million, or 10.0% of net sales; increased 55% excluding the 53rd week
•Earnings per diluted share increased 81% to $4.90; increased 70% excluding the 53rd week
•Fiscal 2020 included a 53rd week, which we estimate added approximately $41 million in sales, $11.2 million in operating income and $0.30 of diluted earnings per share

Fourth Quarter Overview
•Net sales increased 29% to $568 million, including a 19% comparable sales gain, one ppt. of growth from new stores and 9 ppt. of growth from the additional week in the fourth quarter
•Operating income increased 126% to $75 million; increased 92% excluding the 53rd week
•Earnings per diluted share increased 167% to $2.19; increased 129% excluding the 53rd week

Cash Flows and Liquidity Review
•Generated a record $280 million in net cash from operating activities, up 48% versus last year, with operating free cash flows of $243 million, up 87% versus prior year
•Invested $37 million in capital expenditures and $228 million in SNBR share repurchases in 2020, including $190 million in the fourth quarter; more than $1 billion cash returned to shareholders over the past six years; $247 million remains under our share repurchase authorization
•Return on invested capital (ROIC) of 25% for the year, up 720 bp versus 2019 and more than three times our weighted average cost of capital
•Leverage ratio of 2.2x EBITDAR at the end of 2020, compared with 2.7x at the end of 2019; continue to operate with a targeted range of 2.5x to 3.0x EBITDAR

Financial Outlook
The company expects to generate full-year 2021 earnings per diluted share of at least $6.00, which is 30% higher than 2020 full-year results excluding the impact of the 53rd week. The outlook assumes an estimated effective income tax rate of approximately 23% (including an estimated $5 million of excess tax benefits related to stock-based compensation largely in Q1), compared to an effective tax rate of 20.9% for 2020. The company anticipates 2021 capital expenditures of $70 million to $75 million.

The following information was filed by Sleep Number Corp (SNBR) on Wednesday, February 17, 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 Sleep Number Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' (Deficit) Equity
Business And Summary Of Significant Accounting Policies
Business And Summary Of Significant Accounting Policies (Policies)
Business And Summary Of Significant Accounting Policies (Tables)
Business And Summary Of Significant Accounting Policies - Advertising Costs - Additional Information (Details)
Business And Summary Of Significant Accounting Policies - Asset Impairment Charges - Additional Information (Details)
Business And Summary Of Significant Accounting Policies - Cash And Cash Equivalents - Additional Information (Details)
Business And Summary Of Significant Accounting Policies - Dividends - Additional Information (Details)
Business And Summary Of Significant Accounting Policies - Goodwill And Intangible Assets, Net - Additional Information (Details)
Business And Summary Of Significant Accounting Policies - Insurance - Additional Information (Details)
Business And Summary Of Significant Accounting Policies - New Accounting Pronouncements - Additional Information (Details)
Business And Summary Of Significant Accounting Policies - Rent Expense (Details)
Business And Summary Of Significant Accounting Policies - Revenue Recognition - Additional Information (Details)
Business And Summary Of Significant Accounting Policies - Share Repurchases - Additional Information (Details)
Business And Summary Of Significant Accounting Policies - Stock-Based Compensation - Additional Information (Details)
Business And Summary Of Significant Accounting Policies - Warranty Liabilities (Details)
Business And Summary Of Significant Accounting Policies Property And Equipment - Estimated Useful Lives Of Property And Equipment (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Covid-19 Pandemic
Covid-19 Pandemic (Details)
Credit Agreement
Credit Agreement (Tables)
Credit Agreement - Additional Information (Details)
Credit Agreement - Schedule Of Borrowings Under Credit Facility (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (Tables)
Goodwill And Intangible Assets, Net - Additional Information (Details)
Goodwill And Intangible Assets, Net - Schedule Of Annual Amortization For Definite-Lived Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Reconciliation Of Income Tax Expense (Benefit) At The Statutory Federal Rate (Details)
Income Taxes - Summary Of Deferred Income Taxes (Details)
Income Taxes - Summary Of Income Tax Expense (Benefit) (Details)
Income Taxes - Summary Of Reconciliations Unrecognized Tax Benefits (Details)
Inventories
Inventories (Tables)
Inventories - Schedule Of Finished Goods Inventories (Details)
Inventories - Schedule Of Inventories (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Lease Costs (Details)
Leases - Schedule Of Maturities Of Operating Lease Liabilities (Details)
Leases - Schedule Of Other Information Related Operating Leases (Details)
Profit Sharing And 401(K) Plan
Profit Sharing And 401(K) Plan (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Additional Information (Details)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Schedule Of Deferred Contract Liabilities And Deferred Contract Assets (Details)
Revenue Recognition - Schedule Of Sales Return Liability (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Shareholders' Deficit
Shareholders' Deficit (Tables)
Shareholders' Deficit - Additional Information (Details)
Shareholders' Deficit - Assumptions Used To Calculate Fair Value Of Options Granted Using Black-Scholes-Merton Option-Pricing Model (Details)
Shareholders' Deficit - Assumptions Used To Calculate Fair Value Of Performance-Based Stock Awards Using Monte Carlo Simulation Model (Details)
Shareholders' Deficit - Components Of Basic And Diluted Net Income Per Share (Details)
Shareholders' Deficit - Other Information Pertaining To Options (Details)
Shareholders' Deficit - Repurchase Of Common Stock - Additional Information (Details)
Shareholders' Deficit - Schedule Of Repurchase Of Common Stock (Details)
Shareholders' Deficit - Schedule Of Stock-Based Compensation Expense (Details)
Shareholders' Deficit - Stock Award Activity (Details)
Shareholders' Deficit - Summary Of Stock Option Activity (Details)
Ticker: SNBR
CIK: 827187
Form Type: 10-K Annual Report
Accession Number: 0000827187-21-000011
Submitted to the SEC: Tue Mar 02 2021 4:12:44 PM EST
Accepted by the SEC: Tue Mar 02 2021
Period: Saturday, January 2, 2021
Industry: Household Furniture

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