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Sleep Number Corp (SNBR) SEC Filing 10-Q Quarterly Report for the period ending Saturday, July 3, 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 SECOND QUARTER 2021 RESULTS
RAISES FULL-YEAR EARNINGS OUTLOOK

•Year-to-date demand up more than 40% versus 2019; drove 18% average demand growth over the last twelve quarters
•Grew second-quarter net sales 70% (+36% versus 2019) with year-to-date net sales up 39% (+35% versus 2019)
•Reported second-quarter diluted EPS of $0.88; year-to-date EPS of $3.44, up 270% versus last year (+262% versus 2019)
•Generated $161 million in year-to-date operating cash flows and a trailing twelve-months ROIC greater than 33%
•Raised full-year 2021 EPS outlook to at least $7.25 versus prior EPS outlook of at least $6.50

MINNEAPOLIS – (July 20, 2021) – Sleep Number Corporation (Nasdaq: SNBR) today reported results for the quarter ended July 3, 2021.

“Our differentiated sleep solutions have driven 18% average demand growth over the last twelve quarters including further acceleration in the second quarter,” said Shelly Ibach, President and CEO. “Robust consumer demand for Sleep Number 360® smart beds exceeded our expectations, while near-term supply constraints limited delivered net sales in June and July. We have made substantial progress in addressing temporary component shortages and expect strong delivery volumes the balance of the year. Sleep Number teams are driving higher than expected operational efficiencies, including operating profit margin expansion of 500 basis points versus the first half of 2019. We are raising our guidance for 2021 EPS to at least $7.25.”

Financial Overview
•Net sales year to date increased 39% compared with last year to $1.05 billion and were up 35% versus the first half of 2019; average trailing twelve-months (ttm) sales per store were more than $3.5 million; supply constraints limited second-quarter deliveries
•Gross profit year to date increased 39% to $649 million, or 61.6% of net sales, compared with 61.4% in 2020, and 61.3% in 2019 comparable periods
•Operating income year to date increased 161% to $106 million, or 10.1% of net sales, compared with 5.4% in 2020, and 5.1% in 2019 comparable periods
•Earnings per diluted share year to date increased 270% to a record $3.44 compared with $0.93 in 2020, and $0.95 in 2019 comparable periods

Cash Flows and Liquidity Review
•Generated $161 million in net cash from operating activities for the first six months of 2021, up 86% versus last year and 129% greater than the first six months of 2019
•Invested $32 million in capital expenditures and $267 million in Sleep Number stock during the first six months of 2021
•Leverage ratio of 2.2x EBITDAR at the end of the second quarter, compared with 2.8x a year ago and our 2.5x-3.0x longer-term target
•Increased return on invested capital (ROIC) to more than 33% for the ttm period, compared with 17.2% for the prior-year comparable period

Financial Outlook
The company raised its 2021 earnings per diluted share outlook to at least $7.25, which is at least 58% greater than 2020 full-year results excluding the impact of the 53rd week and nearly three times 2019 EPS. The outlook assumes an estimated effective income tax rate of 25% for the balance of the year. The company expects to generate more than $300 million of operating cash flows in 2021 with capital expenditures of approximately $75 million.


The following information was filed by Sleep Number Corp (SNBR) on Tuesday, July 20, 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 (Loss) Per Common Share
Net Income (Loss) Per Common Share (Details)
Net Income (Loss) 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)

Material Contracts, Statements, Certifications & more

Sleep Number Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: SNBR
CIK: 827187
Form Type: 10-Q Quarterly Report
Accession Number: 0000827187-21-000044
Submitted to the SEC: Fri Jul 30 2021 4:10:36 PM EST
Accepted by the SEC: Fri Jul 30 2021
Period: Saturday, July 3, 2021
Industry: Household Furniture

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