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Sleep Number Corp (SNBR) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, January 1, 2022

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SNBR Annual Reports

  • 10-K Annual Report March 2022
  • 10-K Annual Report March 2021
    10-K Annual Report February 2020
    10-K Annual Report February 2019
    10-K Annual Report February 2018

Sleep Number Corp

CIK: 827187 Ticker: SNBR
Exhibit 99.1
snbrlogojpga.jpg
FOR IMMEDIATE RELEASE

SLEEP NUMBER ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2021 RESULTS

Fourth-quarter demand increased high-single digits over prior-year demand (adjusted for extra fiscal week last year); a late receipt of semiconductor components from a large global supplier delayed more than $125 million of delivered net sales
Full-year net sales grew to a record $2.18 billion with full-year diluted earnings per share (EPS) of $6.16
Generated record operating cash flows of $300 million for the year and full-year ROIC of 27.6%
Provides 2022 outlook for a 10-15% increase in diluted EPS versus 2021, including constrained first quarter

MINNEAPOLIS – (February 23, 2022) – Sleep Number Corporation (Nasdaq: SNBR) today reported results for the year ended January 1, 2022.

“Strong demand for Sleep Number’s 360 smart beds again drove record earnings in 2021, even with pandemic-induced global supply chain disruptions,” said Shelly Ibach, President and CEO. “The fourth quarter proved to be the most challenging as we received semiconductor components too late in December to fulfill our planned deliveries. Global electronics supplies remain constrained in the near-term, while demand for our 360 smart beds remains strong, reflecting increased consumer engagement and referrals from more than two million connected smart sleepers. We continue to focus on delivering long-term stakeholder value to build upon our 5-year EPS CAGR of 41% through 2021.”

Fourth Quarter Overview
Net sales decreased 13% to $492 million (-7% adjusted); with a late December receipt of semiconductor components constraining delivered net sales by more than $125 million (about two and half weeks of deliveries)
Diluted EPS of $0.47 for the fourth quarter, compared to $2.19 for the same period last year, or $1.89 excluding the 53rd week
Fiscal 2020 included a 53rd week in the fourth quarter, which we estimate added approximately $41 million in net sales, $11.2 million in operating income and $0.30 of diluted EPS

Full Year Overview
Net sales increased 18% (+20% adjusted) to $2.18 billion in 2021, including a 17% comparable sales gain; up 29% compared to 2019
Gross profit increased 14% (+17% adjusted) to $1.32 billion, or 60.4% of net sales, while offsetting significant input cost increases with pricing actions and efficiency gains; up 25% compared to 2019
Operating income increased 5% (+11% adjusted) to $194 million; up 73% compared to 2019
Diluted EPS increased 26% (+34% adjusted) to a record $6.16; up 128% compared to 2019

Cash Flows and Liquidity Review
Generated $300 million in net cash from operating activities, up 7% versus last year and 59% higher than 2019
Invested $67 million in capital expenditures and repurchased $364 million of Sleep Number stock during 2021
Leverage ratio of 2.6x EBITDAR at the end of 2021
Return on invested capital (ROIC) of 27.6% for the year, up 260 bp versus prior year and nearly four times our weighted-average cost of capital

Financial Outlook
The company expects full-year 2022 diluted EPS to increase 10 to 15% versus 2021. The outlook for 2022 assumes continued global electronics supply constraints with the greatest impact expected in the first quarter. Accordingly, the 2022 outlook assumes first quarter EPS of 30 to 40 cents with EPS growth of approximately 80% expected for the last nine months of the year. The company anticipates 2022 capital expenditures of $70 million to $80 million.


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

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' 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 - 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 - Components Of Basic And Diluted Net Income Per Share (Details)
Shareholders' Deficit - Other Information Pertaining To Options (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: 0000827187-22-000012
Submitted to the SEC: Tue Mar 01 2022 4:28:28 PM EST
Accepted by the SEC: Tue Mar 01 2022
Period: Saturday, January 1, 2022
Industry: Household Furniture

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