Sleep Number Corp Files 10-Q for Period Ending March 30, 2024

AI Summary

Sleep Number Corp (SNBR) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Sleep Number Corp filed a 10-Q report for the period ending March 30, 2024. The filing covers the first quarter of the fiscal year. The company's principal executive offices are located in Minneapolis, MN. Sleep Number Corp was formerly known as Select Comfort Corp. The filing includes data related to common stock, additional paid-in capital, and retained earnings as of various dates in 2023 and 2024.

Why It Matters

For investors and stakeholders tracking Sleep Number Corp, this filing contains several important signals. This 10-Q filing provides the latest quarterly financial snapshot for Sleep Number Corp, crucial for investors assessing performance and trends. Understanding the details within this report is essential for stakeholders to evaluate the company's financial health, operational status, and future outlook.

Risk Assessment

Risk Level: — Sleep Number Corp shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and disclosures, but lacks specific performance metrics or significant events that would elevate the risk level beyond medium.

Analyst Insight

Review the detailed financial statements and disclosures within the 10-Q to understand Sleep Number Corp's current financial position and operational performance.

Key Numbers

• 2024-03-30 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-07 — Filing Date (FILED AS OF DATE)
• 1230 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• Sleep Number Corp (company) — FILER
• Minneapolis, MN (location) — BUSINESS ADDRESS
• Select Comfort Corp (company) — FORMER COMPANY
• 2024-03-30 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-07 (date) — FILED AS OF DATE

FAQ

Industry Context

Sleep Number Corp operates in the household furniture industry, specifically focusing on mattresses and related sleep products.

Regulatory Implications

The filing is a standard 10-Q, which is a quarterly report required by the SEC for public companies to provide updates on their financial condition.

What Investors Should Do

1. Analyze the balance sheet, income statement, and cash flow statement for the period ending March 30, 2024.
2. Review any disclosed risk factors or management's discussion and analysis for insights into operational challenges and strategies.
3. Compare key financial metrics with previous periods to identify trends and performance changes.

Key Dates

• 2024-03-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for Sleep Number Corp in 2024, providing an update from their previous filings.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share SNBR Nasdaq Global Select Mar

Filing Documents

• snbr-20240330.htm (10-Q) — 799KB
• a2024-q1ex101.htm (EX-10.1) — 67KB
• a2024-q1ex102.htm (EX-10.2) — 69KB
• a2024-q1ex311.htm (EX-31.1) — 9KB
• a2024-q1ex312.htm (EX-31.2) — 9KB
• a2024-q1ex321.htm (EX-32.1) — 5KB
• a2024-q1ex322.htm (EX-32.2) — 5KB
• image.jpg (GRAPHIC) — 7KB
• image1.jpg (GRAPHIC) — 5KB
• image_0.jpg (GRAPHIC) — 2261KB
• snbr-20240330_g1.jpg (GRAPHIC) — 16KB
• 0000827187-24-000029.txt ( ) — 7629KB
• snbr-20240330.xsd (EX-101.SCH) — 35KB
• snbr-20240330_cal.xml (EX-101.CAL) — 61KB
• snbr-20240330_def.xml (EX-101.DEF) — 91KB
• snbr-20240330_lab.xml (EX-101.LAB) — 450KB
• snbr-20240330_pre.xml (EX-101.PRE) — 293KB
• snbr-20240330_htm.xml (XML) — 437KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION 1 Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Shareholders' Deficit 3 Condensed Consolidated Statements of Cash Flows 4 Notes to Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25

: OTHER INFORMATION

PART II: OTHER INFORMATION 26 Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28

SIGNATURES

SIGNATURES 29 i | 3Q 2023 FORM 10-Q SLEEP NUMBER CORPORATION Table of contents

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS SLEEP NUMBER CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (unaudited - in thousands, except per share amounts) March 30, 2024 December 30, 2023 Assets Current assets: Cash and cash equivalents $ 2,068 $ 2,539 Accounts receivable, net of allowances of $ 1,090 and $ 1,437 , respectively 21,833 26,859 Inventories 100,904 115,433 Prepaid expenses 20,655 16,660 Other current assets 35,589 44,637 Total current assets 181,049 206,128 Non-current assets: Property and equipment, net 167,037 179,503 Operating lease right-of-use assets 387,942 395,411 Goodwill and intangible assets, net 66,579 66,634 Deferred income taxes 21,181 20,253 Other non-current assets 84,685 82,951 Total assets $ 908,473 $ 950,880 Liabilities and Shareholders' Deficit Current liabilities: Borrowings under revolving credit facility $ 523,500 $ 539,500 Accounts payable 125,304 135,901 Customer prepayments 50,262 49,143 Accrued sales returns 22,415 22,402 Compensation and benefits 28,296 28,273 Taxes and withholding 16,661 17,134 Operating lease liabilities 81,300 81,760 Other current liabilities 58,454 61,958 Total current liabilities 906,192 936,071 Non-current liabilities: Operating lease liabilities 343,447 351,394 Other non-current liabilities 104,697 105,343 Total liabilities 1,354,336 1,392,808 Shareholders' deficit: Undesignated preferred stock; 5,000 shares authorized, no shares issued and outstanding — — Common stock, $ 0.01 par value; 142,500 shares authorized, 22,326 and 22,235 shares issued and outstanding, respectively 223 222 Additional paid-in capital 20,262 16,716 Accumulated deficit ( 466,348 ) ( 458,866 ) Total shareholders' deficit ( 445,863 ) ( 441,928 ) Total liabilities and shareholders' deficit $ 908,473 $ 950,880 See accompanying notes to condensed consolidated financial statements. 1 | 1Q 2024 FORM 10-Q SLEEP NUMBER CORPORATION Table of contents SLEEP NUMBER CORPORATI

Legal Proceedings

Legal Proceedings The Company is involved from time to time in various legal proceedings arising in the ordinary course of its business, including primarily commercial, product liability, employment and intellectual property claims. In accordance with U.S. generally accepted accounting principles, the Company records a liability in its consolidated financial statements with respect to any of these matters when it is both probable that a liability has been incurred and the amount of the liability can be reasonably estimated. If a material loss is reasonably possible but not known or probable, and may be reasonably estimated, the estimated loss or range of loss is disclosed. With respect to currently pending legal proceedings, the Company has not established an estimated range of reasonably possible material losses either because it believes that is has valid defenses to claims asserted against it, the proceeding has not advanced to a stage of discovery that would enable it to establish an estimate, or the potential loss is not material. The Company currently does not expect the o