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Sleep Number Corp (SNBR) SEC Filing 10-Q Quarterly Report for the period ending Saturday, April 3, 2021

Sleep Number Corp

CIK: 827187 Ticker: SNBR
Exhibit 99.1
snbrlogojpg1a.jpg
FOR IMMEDIATE RELEASE
SLEEP NUMBER ANNOUNCES RECORD FIRST QUARTER 2021 RESULTS
RAISES FULL-YEAR EARNINGS OUTLOOK

Increased first-quarter net sales 20% and demand more than 30% year-over-year
More than $50 million of deliveries (two weeks) shifted out of the quarter due to temporary foam supply constraints
Operating income increased 45% to 13.4% of net sales, up 220 bp, with a 31% increase in operating cash flows
Grew first-quarter diluted earnings per share 85% to a record $2.51
Raised full-year 2021 EPS outlook to at least $6.50 versus prior EPS outlook of at least $6.00

MINNEAPOLIS – (April 21, 2021) – Sleep Number Corporation (Nasdaq: SNBR) today reported results for the quarter ended April 3, 2021.

“Guided by our purpose to improve the health and wellbeing of society through higher quality sleep, Sleep Number is broadening our brand relevance and driving significant performance acceleration,” said Shelly Ibach, President and CEO. “Our first-quarter demand growth of greater than 30% demonstrates consumers’ enthusiastic response to our sleep science-based innovations, digital solutions and authentic mission-driven culture. Sleep Number is improving millions of lives through better quality sleep, while delivering exceptional value for all stakeholders.”

First Quarter Overview
Net sales increased 20% to $568 million with a 20% comparable store sales gain; more than $50 million of deliveries (two weeks) shifted out of the quarter due to temporary foam supply constraints
Gross profit increased 18% to a record $356 million or 62.6% of net sales
Operating income increased 45% to $76 million, or 13.4% of net sales, up 220 bp versus the prior-year’s first quarter
Earnings per diluted share increased 85% to a record $2.51

Cash Flows and Liquidity Review
Generated $112 million in net cash from operating activities in the first quarter, up 31% versus the prior year; invested $12 million in capital expenditures and $167 million in Sleep Number stock
Leverage ratio of 2.3x EBITDAR at the end of the first quarter, compared with 2.6x a year ago
Increased return on invested capital (ROIC) to 27.6% for the trailing twelve-month period, up 850 bp versus the prior-year comparable period
Amended revolving credit facility to expand the aggregate availability from $450 million to $600 million

Share Repurchase Authorization
The company also replenished its outstanding share repurchase authorization to $600 million, effective at the beginning of the fiscal second quarter. The company remains committed to its capital deployment priorities focused on performance drivers.

Financial Outlook
The company raised its 2021 earnings per diluted share outlook to at least $6.50, which is more than 40%
greater than 2020 full-year results excluding the impact of the 53rd week. The outlook assumes an estimated effective income tax rate of 25% for the balance of the year. The company expects to generate approximately $300 million of operating cash flows in 2021 with capital expenditures of approximately $75 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 access the webcast, please visit the investor relations area of the Sleep Number website at https://ir.sleepnumber.com. The webcast replay will remain available for approximately 60 days.



The following information was filed by Sleep Number Corp (SNBR) on Wednesday, April 21, 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 Sleep Number Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statement Of Cash Flows
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Shareholders' (Deficit)
Business And Summary Of Significant Accounting Policies
Business And Summary Of Significant Accounting Policies (Policies)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
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 - Annual Amortization For Definite-Lived Intangible (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Maturities Of Operating Lease Liabilities (Details)
Leases - Schedule Of Operating Lease Costs (Details)
Leases - Schedule Of Other Information Related Operating Leases (Details)
Net Income Per Common Share
Net Income Per Common Share (Details)
Net Income Per Common Share (Tables)
Profit Sharing And 401(K) Plan
Profit Sharing And 401(K) Plan (Details)
Repurchases Of Common Stock
Repurchases Of Common Stock (Tables)
Repurchases Of Common Stock - Additional Information (Details)
Repurchases Of Common Stock - Schedule Of Repurchase Of Common Stock (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Additional Information (Details)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Schedule Of Deferred Contract Assets And Deferred Contract Liabilities (Details)
Revenue Recognition - Schedule Of Sales Return Liability (Details)
Stock-Based Compensation Expense
Stock-Based Compensation Expense (Details)
Stock-Based Compensation Expense (Tables)
Ticker: SNBR
CIK: 827187
Form Type: 10-Q Quarterly Report
Accession Number: 0000827187-21-000022
Submitted to the SEC: Fri May 07 2021 4:08:39 PM EST
Accepted by the SEC: Fri May 07 2021
Period: Saturday, April 3, 2021
Industry: Household Furniture

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