2021 Q2 Form 10-Q Financial Statement

#000082718721000022 Filed on May 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q1
Revenue $568.3M $472.6M
YoY Change 99.43% 10.82%
Cost Of Revenue $212.3M $170.4M
YoY Change 74.15% 3.79%
Gross Profit $355.9M $302.1M
YoY Change 118.34% 15.21%
Gross Profit Margin 62.63% 63.93%
Selling, General & Admin $266.2M $238.8M
YoY Change 59.52% 7.99%
% of Gross Profit 74.8% 79.04%
Research & Development $13.29M $10.50M
YoY Change 60.96% 25.37%
% of Gross Profit 3.73% 3.48%
Depreciation & Amortization $14.64M $15.37M
YoY Change -4.95% -2.36%
% of Gross Profit 4.11% 5.09%
Operating Expenses $279.5M $249.3M
YoY Change 59.59% 8.62%
Operating Profit $76.42M $52.81M
YoY Change -730.29% 61.48%
Interest Expense -$1.000M -$2.300M
YoY Change -74.36% -188.12%
% of Operating Profit -1.31% -4.35%
Other Income/Expense, Net
YoY Change
Pretax Income $75.45M $50.47M
YoY Change -569.63% 67.69%
Income Tax $8.812M $11.33M
% Of Pretax Income 11.68% 22.45%
Net Earnings $66.63M $39.14M
YoY Change -627.59% 53.99%
Net Earnings / Revenue 11.73% 8.28%
Basic Earnings Per Share $2.63 $1.40
Diluted Earnings Per Share $2.51 $1.36
COMMON SHARES
Basic Shares Outstanding 25.38M shares 27.86M shares
Diluted Shares Outstanding 26.54M shares 28.77M shares

Balance Sheet

Concept 2021 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.200M $239.2M
YoY Change 29.41% 13970.59%
Cash & Equivalents $2.238M $239.2M
Short-Term Investments
Other Short-Term Assets $33.84M $30.89M
YoY Change 10.58% -3.43%
Inventory $82.31M $82.02M
Prepaid Expenses $27.19M $13.49M
Receivables $25.92M $7.170M
Other Receivables $0.00 $0.00
Total Short-Term Assets $171.5M $372.8M
YoY Change 20.98% 155.94%
LONG-TERM ASSETS
Property, Plant & Equipment $182.1M $194.7M
YoY Change -2.58% -4.39%
Goodwill $64.00M $64.00M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $66.61M $49.87M
YoY Change 31.21% 16.75%
Total Long-Term Assets $650.7M $641.0M
YoY Change 3.77% 2.56%
TOTAL ASSETS
Total Short-Term Assets $171.5M $372.8M
Total Long-Term Assets $650.7M $641.0M
Total Assets $822.2M $1.014B
YoY Change 6.95% 31.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $122.1M $132.9M
YoY Change 28.57% 9.73%
Accrued Expenses $130.9M $109.8M
YoY Change 18.57% 6.09%
Deferred Revenue
YoY Change
Short-Term Debt $314.9M $446.0M
YoY Change 38.6% 103.93%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $757.4M $795.1M
YoY Change 34.64% 45.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $97.26M $70.96M
YoY Change 29.99% 7.88%
Total Long-Term Liabilities $97.26M $70.96M
YoY Change 29.99% 7.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $757.4M $795.1M
Total Long-Term Liabilities $97.26M $70.96M
Total Liabilities $1.155B $1.170B
YoY Change 23.94% 30.65%
SHAREHOLDERS EQUITY
Retained Earnings -$332.9M -$156.2M
YoY Change 97.2% 25.01%
Common Stock $245.0K $276.0K
YoY Change -95.77% -8.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$332.7M -$155.9M
YoY Change
Total Liabilities & Shareholders Equity $822.2M $1.014B
YoY Change 6.95% 31.54%

Cashflow Statement

Concept 2021 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income $66.63M $39.14M
YoY Change -627.59% 53.99%
Depreciation, Depletion And Amortization $14.64M $15.37M
YoY Change -4.95% -2.36%
Cash From Operating Activities $111.6M $84.94M
YoY Change 5214.19% 24.66%
INVESTING ACTIVITIES
Capital Expenditures $11.55M $10.35M
YoY Change -194.64% -47.57%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$11.53M -$10.33M
YoY Change -6.23% -39.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $176.2M $38.16M
YoY Change -27.75%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$102.1M $163.0M
YoY Change -55.1% -420.37%
NET CHANGE
Cash From Operating Activities $111.6M $84.94M
Cash From Investing Activities -$11.53M -$10.33M
Cash From Financing Activities -$102.1M $163.0M
Net Change In Cash -$2.005M $237.6M
YoY Change -99.16% 282780.95%
FREE CASH FLOW
Cash From Operating Activities $111.6M $84.94M
Capital Expenditures $11.55M $10.35M
Free Cash Flow $100.1M $74.59M
YoY Change 599.66% 54.13%

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CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
163005000 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2005000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
237620000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4243000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1593000 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2238000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
239213000 USD
CY2021Q2 us-gaap Use Of Estimates
UseOfEstimates
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. In addition, during the current environment involving COVID-19, predicting future events will be especially challenging for management. Changes in these estimates will be reflected in the consolidated financial statements in future periods and could be material. Our critical accounting policies consist of stock-based compensation, warranty liabilities and revenue recognition.
CY2021Q1 us-gaap Goodwill
Goodwill
64000000 USD
CY2021Q2 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
10496000 USD
CY2021Q1 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
12599000 USD
CY2021Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
88000 USD
CY2021Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
103000 USD
CY2021Q2 snbr Inventory Finished Goods And Components Net
InventoryFinishedGoodsAndComponentsNet
71724000 USD
CY2021Q1 snbr Inventory Finished Goods And Components Net
InventoryFinishedGoodsAndComponentsNet
68660000 USD
CY2021Q2 us-gaap Inventory Net
InventoryNet
82308000 USD
CY2021Q1 us-gaap Inventory Net
InventoryNet
81362000 USD
CY2021Q2 us-gaap Goodwill
Goodwill
64000000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1802000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
2403000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1431000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
222000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
226000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
222000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
522000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
6828000 USD
CY2021Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
450000000 USD
CY2021Q2 snbr Maximum Leverage Ratio
MaximumLeverageRatio
4.5
CY2021Q2 snbr Minimum Interest Coverage Ratio
MinimumInterestCoverageRatio
3.0
CY2021Q2 us-gaap Debt Current
DebtCurrent
314900000 USD
CY2021Q1 us-gaap Debt Current
DebtCurrent
244200000 USD
CY2021Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
3997000 USD
CY2021Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
3997000 USD
CY2021Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
131103000 USD
CY2021Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
201803000 USD
CY2021Q2 us-gaap Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
0.015
CY2021Q1 us-gaap Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
0.015
CY2021Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
450000000 USD
CY2021Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
600000000 USD
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
23638000 USD
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
22949000 USD
CY2021Q2 us-gaap Variable Lease Cost
VariableLeaseCost
515000 USD
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
12000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
65248000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
79974000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
69962000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
58098000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
49146000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
39853000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
83392000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
445673000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
83059000 USD
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
362614000 USD
CY2021Q2 snbr Lease Payment Deferral Covid19
LeasePaymentDeferralCOVID19
2600000 USD
CY2021Q2 snbr Lessee Operating Lease Lease Not Yet Commenced Liability
LesseeOperatingLeaseLeaseNotYetCommencedLiability
92000000 USD
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
64000000 USD
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y4M24D
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y3M18D
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.067
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.069
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
21386000 USD
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
21469000 USD
CY2021Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
29454000 USD
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
10954000 USD
CY2021Q2 snbr Stock Repurchased Acquired Through Share Repurchase Program Total
StockRepurchasedAcquiredThroughShareRepurchaseProgramTotal
167418000 USD
CY2020Q1 snbr Stock Repurchased Acquired Through Share Repurchase Program Total
StockRepurchasedAcquiredThroughShareRepurchaseProgramTotal
38111000 USD
CY2021Q2 snbr Stock Repurchase Acquired Through Tax Withholding Restricted Stock
StockRepurchaseAcquiredThroughTaxWithholdingRestrictedStock
16764000 USD
CY2020Q1 snbr Stock Repurchase Acquired Through Tax Withholding Restricted Stock
StockRepurchaseAcquiredThroughTaxWithholdingRestrictedStock
2841000 USD
CY2021Q2 snbr Stock Repurchase During Period Value Disclosure
StockRepurchaseDuringPeriodValueDisclosure
184182000 USD
CY2020Q1 snbr Stock Repurchase During Period Value Disclosure
StockRepurchaseDuringPeriodValueDisclosure
40952000 USD
CY2021Q2 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
68999000 USD
CY2021Q1 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
64569000 USD
CY2021Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
90359000 USD
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
84977000 USD
CY2021Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
7000000 USD
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
10000000 USD
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
568256000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
472566000 USD
CY2021Q1 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
24765000 USD
CY2019Q4 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
19809000 USD
CY2021Q2 snbr Contract With Customer Refund Liability Additions
ContractWithCustomerRefundLiabilityAdditions
23711000 USD
CY2020Q1 snbr Contract With Customer Refund Liability Additions
ContractWithCustomerRefundLiabilityAdditions
22258000 USD
CY2021Q2 snbr Contract With Customer Refund Liability Deductions
ContractWithCustomerRefundLiabilityDeductions
23866000 USD
CY2020Q1 snbr Contract With Customer Refund Liability Deductions
ContractWithCustomerRefundLiabilityDeductions
19794000 USD
CY2021Q2 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
24610000 USD
CY2020Q1 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
22273000 USD
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6416000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2051000 USD
CY2021Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1598000 USD
CY2020Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
496000 USD
CY2021Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
4818000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1555000 USD
CY2021Q2 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.50
CY2021Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1900000 USD
CY2020Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1600000 USD
CY2020Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
11491000 USD
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
66634000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
39140000 USD
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25377000 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27858000 shares
CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1167000 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
914000 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26544000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28772000 shares
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.63
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.40
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.51
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.36
CY2021Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
12152000 USD
CY2019Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
11345000 USD
CY2021Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
4330000 USD
CY2020Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2628000 USD
CY2021Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
4717000 USD
CY2020Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2779000 USD
CY2021Q2 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-156000 USD
CY2020Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
297000 USD
CY2021Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
11609000 USD

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