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Sleep Number Corp (SNBR) SEC Filing 10-Q Quarterly Report for the period ending Saturday, July 2, 2022

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SNBR Quarterly Reports

Sleep Number Corp

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


SLEEP NUMBER ANNOUNCES SECOND QUARTER 2022 RESULTS

Second-quarter net sales increased 13% and diluted EPS grew 75% versus the prior year
Year-to-date net sales increased 2% with year-to-date diluted EPS of $1.60 versus $3.44 for the same period last year on constrained electronics supply, inflation pressures and low consumer sentiment
Updated 2022 EPS outlook to a range of $3.00 to $4.00 per share

MINNEAPOLIS – (July 27, 2022) –
Sleep Number Corporation (Nasdaq: SNBR) today reported results for the quarter ended July 2, 2022.

“Our second-quarter performance reflects our team’s incredible agility in navigating a complex business environment. Ongoing electronic supply disruptions, inflationary pressures and record low consumer sentiment are reflected in our revised 2022 EPS outlook. We are taking prudent actions to preserve liquidity and financial flexibility,” said Shelly Ibach, Chair, President and CEO. “Sleep Number brand metrics are strong, and we continue to advance our life changing innovations. We are positioned to rebound rapidly as consumer confidence and flow of electronic parts improve.

Second Quarter Overview
Net sales increased 13% to $549 million, while demand decreased 12% for the quarter, reflecting record low consumer sentiment
Gross margin of 59.2% of net sales, more than 100 basis points above expectations due to favorable product mix which more than offset operating inefficiencies resulting from the uneven flow of electronics supply
Earnings per diluted share increased 75% to $1.54, compared with $0.88 for the prior year

Cash Flows and Liquidity Review
Year-to-date net cash from operating activities of $29 million were pressured by year-over-year changes in working capital and lower net income
Invested $37 million in capital expenditures and $55 million in Sleep Number stock for the first six months of the year; planning no share repurchases in the third quarter as we prioritize performance-driving investments
Leverage ratio of 3.3x EBITDAR at the end of the second quarter; more than $375 million of liquidity remains against current debt facility
Return on invested capital (ROIC) was 21.8% for the trailing twelve-month period

Financial Outlook
The company updated its full-year 2022 diluted EPS outlook to a range of $3.00 to $4.00 per share based on macro conditions. The outlook assumes low single-digit net sales growth for 2022 on a high single-digit demand decline, while servicing excess backlog. The company anticipates 2022 capital expenditures of approximately $70 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, July 27, 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-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
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: 0000827187-22-000057
Submitted to the SEC: Tue Aug 09 2022 4:17:22 PM EST
Accepted by the SEC: Tue Aug 09 2022
Period: Saturday, July 2, 2022
Industry: Household Furniture

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