$SNBR
Sleep Number Corp

2018 Q3 Form 10-Q Financial Statement

#000082718718000055 Filed on November 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $414.8M $284.7M
YoY Change 45.7% 2.82%
Cost Of Revenue $164.3M $149.2M
YoY Change 10.11% 41.25%
Gross Profit $250.5M $253.5M
YoY Change -1.16% 48.0%
Gross Profit Margin 60.4% 89.04%
Selling, General & Admin $217.8M $207.4M
YoY Change 5.01% 28.21%
% of Gross Profit 86.96% 81.84%
Research & Development $7.353M $6.991M
YoY Change 5.18% -1.01%
% of Gross Profit 2.94% 2.76%
Depreciation & Amortization $15.60M $15.00M
YoY Change 4.0% 6.38%
% of Gross Profit 6.23% 5.92%
Operating Expenses $225.2M $214.4M
YoY Change 5.02% 26.99%
Operating Profit $25.32M $39.03M
YoY Change -35.12% 1528.92%
Interest Expense $1.836M $278.0K
YoY Change 560.43% 10.76%
% of Operating Profit 7.25% 0.71%
Other Income/Expense, Net -$1.836M -$248.0K
YoY Change 640.32% 8.3%
Pretax Income $23.49M $38.78M
YoY Change -39.44% 1689.62%
Income Tax $5.228M $13.18M
% Of Pretax Income 22.26% 33.98%
Net Earnings $18.26M $25.60M
YoY Change -28.69% 1708.12%
Net Earnings / Revenue 4.4% 8.99%
Basic Earnings Per Share $0.53 $0.63
Diluted Earnings Per Share $0.52 $0.62
COMMON SHARES
Basic Shares Outstanding 34.23M 40.76M shares
Diluted Shares Outstanding 35.04M 41.52M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.200M $2.100M
YoY Change -42.86% -12.54%
Cash & Equivalents $1.241M $29.91M
Short-Term Investments
Other Short-Term Assets $31.01M $23.80M
YoY Change 30.27% 50.8%
Inventory $90.98M $79.22M
Prepaid Expenses $9.772M $10.21M
Receivables $24.13M $21.11M
Other Receivables $1.300M $3.700M
Total Short-Term Assets $158.4M $164.2M
YoY Change -3.59% 11.48%
LONG-TERM ASSETS
Property, Plant & Equipment $199.5M $206.7M
YoY Change -3.5% 2.28%
Goodwill $64.00M $64.00M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $36.31M $28.90M
YoY Change 25.64% 24.32%
Total Long-Term Assets $311.7M $314.7M
YoY Change -0.94% 2.36%
TOTAL ASSETS
Total Short-Term Assets $158.4M $164.2M
Total Long-Term Assets $311.7M $314.7M
Total Assets $470.1M $478.9M
YoY Change -1.85% 5.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $138.7M $136.6M
YoY Change 1.54% 59.21%
Accrued Expenses $52.50M $41.70M
YoY Change 25.9% 0.72%
Deferred Revenue
YoY Change
Short-Term Debt $135.8M $14.00M
YoY Change 870.0% -12.5%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $439.0M $298.4M
YoY Change 47.09% 44.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $80.80M $76.17M
YoY Change 6.07% 24.04%
Total Long-Term Liabilities $80.80M $76.17M
YoY Change 6.07% 24.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $439.0M $298.4M
Total Long-Term Liabilities $80.80M $76.17M
Total Liabilities $524.4M $374.6M
YoY Change 39.99% 33.34%
SHAREHOLDERS EQUITY
Retained Earnings -$54.68M $103.9M
YoY Change -152.63% -40.06%
Common Stock $332.0K $398.0K
YoY Change -16.58% -13.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$54.35M $104.3M
YoY Change
Total Liabilities & Shareholders Equity $470.1M $478.9M
YoY Change -1.85% 5.31%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $18.26M $25.60M
YoY Change -28.69% 1708.12%
Depreciation, Depletion And Amortization $15.60M $15.00M
YoY Change 4.0% 6.38%
Cash From Operating Activities $105.4M $1.900M
YoY Change 5447.37% -111.24%
INVESTING ACTIVITIES
Capital Expenditures -$12.70M -$13.90M
YoY Change -8.63% 20.87%
Acquisitions
YoY Change
Other Investing Activities $100.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$12.50M -$13.90M
YoY Change -10.07% 21.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -93.90M -22.40M
YoY Change 319.2% -1966.67%
NET CHANGE
Cash From Operating Activities 105.4M 1.900M
Cash From Investing Activities -12.50M -13.90M
Cash From Financing Activities -93.90M -22.40M
Net Change In Cash -1.000M -34.40M
YoY Change -97.09% 26.94%
FREE CASH FLOW
Cash From Operating Activities $105.4M $1.900M
Capital Expenditures -$12.70M -$13.90M
Free Cash Flow $118.1M $15.80M
YoY Change 647.47% -392.59%

Facts In Submission

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LiabilitiesAndStockholdersEquity
470068000 USD
CY2017Q4 us-gaap Liabilities Current
LiabilitiesCurrent
306389000 USD
CY2018Q3 us-gaap Liabilities Current
LiabilitiesCurrent
438985000 USD
CY2017Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
24500000 USD
CY2018Q3 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
135800000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-123322000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-103022000 USD
us-gaap Operating Expenses
OperatingExpenses
622574000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
39029000 USD
CY2018Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
49858000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
76289000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-37577000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-33838000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
176054000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
134450000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
25603000 USD
us-gaap Net Income Loss
NetIncomeLoss
49286000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
18257000 USD
us-gaap Net Income Loss
NetIncomeLoss
42549000 USD
CY2017Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-248000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-668000 USD
CY2018Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1836000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3814000 USD
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
214436000 USD
us-gaap Operating Expenses
OperatingExpenses
604747000 USD
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
225196000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
71796000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
25321000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
54308000 USD
CY2018Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
300000000 USD
CY2018Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
300000000 USD
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
27665000 USD
CY2018Q3 us-gaap Other Assets Current
OtherAssetsCurrent
31007000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
30484000 USD
CY2018Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
36307000 USD
CY2017Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
46822000 USD
CY2018Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
80797000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
120158000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
198239000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
10000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1014000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
37613000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
34012000 USD
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
17565000 USD
CY2018Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
9772000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3040000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2084000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-6194000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
94147000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
36000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
174000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
208646000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
199452000 USD
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6991000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
20950000 USD
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7353000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
21146000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
88768000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-54684000 USD
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
402646000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1081218000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
414779000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1119750000 USD
CY2017Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
174800000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
488564000 USD
CY2018Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
188458000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
511481000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
11809000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
10098000 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
8633000 USD
CY2017Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
9927000 USD
CY2017Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
9320000 USD
CY2018Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
10311000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
6625000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
8461000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-708000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
177000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
8627000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
9275000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
10098000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
2084000 USD
CY2018Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
270000000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
198239000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
89156000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
-54352000 USD
CY2017Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
24234000 USD
CY2018Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
15951000 USD
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41515000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42559000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35039000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37077000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40755000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41740000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34231000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36204000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of sales, expenses and income taxes during the reporting period. Predicting future events is inherently an imprecise activity and, as such, requires the use of judgment. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates will be reflected in the consolidated financial statements in future periods. Our critical accounting policies consist of stock-based compensation, goodwill and indefinite-lived intangible assets, warranty liabilities and revenue recognition.</font></div></div>

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