Cost Savings to Exceed Initial Targets While Maintaining Compliance with Debt Covenants
Company Implementing Significant Changes to Business with Enhanced Marketing, Product Initiatives
Reported net sales of $328 million, down 19.7% compared with the second quarter of 2024
Delivered gross profit margin of 59.1%, flat versus the prior year
Reduced second quarter operating expenses by $48 million, or 21%, year-over-year, before restructuring and other non-recurring costs
Reported net loss of $25 million, inclusive of a $13 million adjustment to valuation of deferred tax assets, compared to a net loss of $5 million for the same period last year
Delivered adjusted EBITDA of $24 million, down 17% versus the same period last year
Implementing $130 million of cost savings for 2025, exceeding prior annualized target of $80 million to $100 million, before restructuring and other non-recurring costs; maintains compliance with debt covenants
MINNEAPOLIS, July 30, 2025--(BUSINESS WIRE)--Sleep Number Corporation (Nasdaq: SNBR) today reported results for the quarter ended June 28, 2025.
Linda Findley, President and CEO, commented, "Sleep Number is in a turnaround. I joined because it is fundamentally a great company and I continue to believe that. In my first 100 days, the new leadership team has been focused on digging into our product and consumer proposition. It is clear Sleep Number has a strong brand and differentiated products. We are building on these core strengths with plans to return to profitable growth by starting to implement initiatives focused on enhancing our product assortment, value proposition, and consumer engagement.
"At the start of the second quarter, we aggressively reduced expenses to reset our cost structure, and ensure ongoing compliance with our debt covenants. We cut marketing spend dramatically in Q2 because the old marketing strategy was inefficient, and we needed to implement a major reset. We expected the sharp drop in second quarter sales based on these changes. We are rebuilding this program and are already seeing signs that our new, more efficient approach is working. In parallel, we are also working to optimize our product portfolio, value and distribution, with the goal of focusing on the products, price points and benefits that matter most to our customers.
"We are energized by the work ahead and have created the right environment, with the right team, for Sleep Number to thrive. We have proven our ability to manage costs and improve efficiency. Although our topline remains pressured, we expect our actions to drive sequential topline improvement in the coming quarters while we continue to aggressively manage our costs."
Second Quarter Overview (all comparisons year-over-year unless otherwise noted)
Net sales of $328 million were down 19.7%, driven by lower volume and a reduced store count.
Gross profit was $194 million, a decrease of $48 million. Gross profit margin of 59.1% was consistent with the prior year.
Operating expenses were $185 million before restructuring and other non-recurring costs, a decrease of $48 million, or 21%, driven by lower marketing and selling expenses, general and administrative expenses, and research and development expenses.
Net loss was $25 million or $1.09 per diluted share, down $20 million, driven primarily by lower net sales, partially offset by lower operating expenses.
Adjusted EBITDA was $24 million, down 17%, driven by a decline in net sales and associated loss of fixed cost leverage, partially offset by lower operating expenses. Adjusted EBITDA margin improved 30 basis points to 7.2%.
Cash Flows, Liquidity and Balance Sheet Highlights (all comparisons year-over-year unless otherwise noted)
Net cash provided by operating activities was $1.2 million for the quarter, down $22 million.
Free cash flow was a use of $6.9 million for the quarter, down $16 million.
The company's leverage ratio was 4.56x EBITDAR on a trailing 12-month basis at the end of the quarter versus the covenant maximum of 4.75x.
Financial Outlook
The company expects the full year 2025 net sales to be approximately $1.45 billion, representing an approximately 14% year-over-year decline. This percentage change is partly driven by softer year-over-year comparisons and the 53rd week in 2025. Gross profit margin is expected to be 61%, which is consistent with the first quarter of 2025, and full year operating expenses, excluding restructuring and other non-recurring costs, are expected to be approximately $830 million. The company expects break-even free cash flow in the second half of 2025.
Conference Call Information
Management will host its regularly scheduled conference call to discuss the company’s results at 8:30 a.m. EDT (7:30 a.m. CDT; 5:30 a.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.
About Sleep Number Corporation
Sleep Number is a sleep wellness company. We are guided by our purpose to improve the health and wellbeing of society through higher quality sleep; to date, our innovations have improved nearly 16 million lives. Our sleep wellness platform helps solve sleep problems, whether it’s providing individualized temperature control for each sleeper through our Climate360® smart bed or applying our 34 billion hours of longitudinal sleep data and expertise to research with global institutions. Our smart bed ecosystem drives best-in-class engagement through dynamic, adjustable, and effortless sleep with personalized sleep and health insights; our millions of Smart Sleepers are loyal brand advocates. And our 3,400 mission-driven team members passionately innovate to drive value creation through our vertically integrated business model, including our exclusive direct-to-consumer selling in 630 stores and online.
To learn more about life-changing, individualized sleep, visit a Sleep Number® store near you, our newsroom and investor relations sites, or SleepNumber.com.
Forward-looking Statements
Statements used in this news release relating to future plans, events, financial results or performance, such as the statements that: cost savings to exceed initial targets while maintaining compliance with debt covenants; implementing significant changes to business with enhanced marketing and product initiatives; implementing $130 million of cost savings for 2025 excluding restructuring costs that maintains compliance with debt covenants; plans to return to profitable growth by implementing initiatives focused on enhancing the company's product assortment, value proposition, and consumer engagement; rebuilding the marketing program for efficiency and optimizing its product portfolio, value and distribution; the company has proven its ability to manage costs and improve efficiency; the company expects its actions to drive sequential topline improvement in the coming quarters while it continues to aggressively manage costs; and statements about the company’s financial outlook, including the company’s expected full year 2025 net sales, gross profit margin, and operating expenses, excluding restructuring and other non-recurring costs, and free cash flow expectations in the second half of 2025 are forward-looking statements subject to certain risks and uncertainties which could cause the company’s results to differ materially. The most important risks and uncertainties are described in the company’s filings with the Securities and Exchange Commission, including in Item 1A of the company’s Annual Report on Form 10-K and other periodic reports. Forward-looking statements speak only as of the date they are made, and the company does not undertake any obligation to update any forward-looking statement.
SLEEP NUMBER CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (unaudited – in thousands, except per share amounts) | |||||||||||||
Three Months Ended | |||||||||||||
June 28, | % of Net Sales | June 29, | % of Net Sales | ||||||||||
Net sales | $ | 327,925 | 100.0 | % | $ | 408,413 | 100.0 | % | |||||
Cost of sales | 134,180 | 40.9 | % | 166,923 | 40.9 | % | |||||||
Gross profit | 193,745 | 59.1 | % | 241,490 | 59.1 | % | |||||||
Operating expenses: | |||||||||||||
Sales and marketing | 146,464 | 44.7 | % | 182,400 | 44.7 | % | |||||||
General and administrative | 29,604 | 9.0 | % | 39,573 | 9.7 | % | |||||||
Research and development | 9,420 | 2.9 | % | 11,578 | 2.8 | % | |||||||
Restructuring costs | 8,332 | 2.5 | % | 1,819 | 0.4 | % | |||||||
Total operating expenses | 193,820 | 59.1 | % | 235,370 | 57.6 | % | |||||||
Operating (loss) income | (75 | ) | — | % | 6,120 | 1.5 | % | ||||||
Interest expense, net | 11,734 | 3.6 | % | 12,270 | 3.0 | % | |||||||
Loss before income taxes | (11,809 | ) | (3.6 | %) | (6,150 | ) | (1.5 | %) | |||||
Income tax expense (benefit) | 13,203 | 4.0 | % | (1,099 | ) | (0.3 | %) | ||||||
Net loss | $ | (25,012 | ) | (7.6 | %) | $ | (5,051 | ) | (1.2 | %) | |||
Net loss per share – basic | $ | (1.09 | ) | $ | (0.22 | ) | |||||||
Net loss per share – diluted | $ | (1.09 | ) | $ | (0.22 | ) | |||||||
Reconciliation of weighted-average shares outstanding: | |||||||||||||
Basic weighted-average shares outstanding | 22,903 | 22,614 | |||||||||||
Dilutive effect of stock-based awards | — | — | |||||||||||
Diluted weighted-average shares outstanding | 22,903 | 22,614 | |||||||||||
For the three months ended June 28, 2025 and June 29, 2024, potentially dilutive stock-based awards have been excluded from the calculation of diluted weighted-average shares outstanding, as their inclusion would have had an anti-dilutive effect on our net loss per diluted share. | |||||||||||||
SLEEP NUMBER CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (unaudited – in thousands, except per share amounts) | |||||||||||||
Six Months Ended | |||||||||||||
June 28, | % of Net Sales | June 29, | % of Net Sales | ||||||||||
Net sales | $ | 721,186 | 100.0 | % | $ | 878,862 | 100.0 | % | |||||
Cost of sales | 286,906 | 39.8 | % | 361,198 | 41.1 | % | |||||||
Gross profit | 434,280 | 60.2 | % | 517,664 | 58.9 | % | |||||||
Operating expenses: | |||||||||||||
Sales and marketing | 335,567 | 46.5 | % | 390,912 | 44.5 | % | |||||||
General and administrative | 68,223 | 9.5 | % | 78,652 | 8.9 | % | |||||||
Research and development | 20,323 | 2.8 | % | 24,019 | 2.7 | % | |||||||
Restructuring costs | 8,392 | 1.2 | % | 12,419 | 1.4 | % | |||||||
Total operating expenses | 432,505 | 60.0 | % | 506,002 | 57.6 | % | |||||||
Operating income | 1,775 | 0.2 | % | 11,662 | 1.3 | % | |||||||
Interest expense, net | 22,815 | 3.2 | % | 24,569 | 2.8 | % | |||||||
Loss before income taxes | (21,040 | ) | (2.9 | %) | (12,907 | ) | (1.5 | %) | |||||
Income tax expense (benefit) | 12,618 | 1.7 | % | (374 | ) | — | % | ||||||
Net loss | $ | (33,658 | ) | (4.7 | %) | $ | (12,533 | ) | (1.4 | %) | |||
Net loss per share – basic | $ | (1.48 | ) | $ | (0.56 | ) | |||||||
Net loss per share – diluted | $ | (1.48 | ) | $ | (0.56 | ) | |||||||
Reconciliation of weighted-average shares outstanding: | |||||||||||||
Basic weighted-average shares outstanding | 22,804 | 22,560 | |||||||||||
Dilutive effect of stock-based awards | — | — | |||||||||||
Diluted weighted-average shares outstanding | 22,804 | 22,560 | |||||||||||
For the six months ended June 28, 2025 and June 29, 2024, potentially dilutive stock-based awards have been excluded from the calculation of diluted weighted-average shares outstanding, as their inclusion would have had an anti-dilutive effect on our net loss per diluted share. | |||||||||||||
SLEEP NUMBER CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets (unaudited – in thousands, except per share amounts) subject to reclassification | |||||||
June 28, | December 28, | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 1,349 | $ | 1,950 | |||
Accounts receivable, net of allowances of $1,127 and $1,113, respectively | 16,017 | 17,516 | |||||
Inventories | 99,450 | 103,152 | |||||
Prepaid expenses | 20,824 | 14,568 | |||||
Other current assets | 37,885 | 44,098 | |||||
Total current assets | 175,525 | 181,284 | |||||
Non-current assets: | |||||||
Property and equipment, net | 109,105 | 129,574 | |||||
Operating lease right-of-use assets | 339,149 | 356,641 | |||||
Goodwill and intangible assets, net | 66,301 | 66,412 | |||||
Deferred income taxes | 31,803 | 33,575 | |||||
Other non-current assets | 82,629 | 93,324 | |||||
Total assets | $ | 804,512 | $ | 860,810 | |||
Liabilities and Shareholders’ Deficit | |||||||
Current liabilities: | |||||||
Borrowings under revolving credit facility | $ | 563,900 | $ | 546,600 | |||
Accounts payable | 111,212 | 107,619 | |||||
Customer prepayments | 41,141 | 46,933 | |||||
Accrued sales returns | 15,650 | 19,092 | |||||
Compensation and benefits | 20,929 | 31,038 | |||||
Taxes and withholding | 17,854 | 18,619 | |||||
Operating lease liabilities | 82,209 | 82,307 | |||||
Other current liabilities | 50,326 | 55,804 | |||||
Total current liabilities | 903,221 | 908,012 | |||||
Non-current liabilities: | |||||||
Operating lease liabilities | 287,585 | 307,201 | |||||
Other non-current liabilities | 94,394 | 97,183 | |||||
Total non-current liabilities | 381,979 | 404,384 | |||||
Total liabilities | 1,285,200 | 1,312,396 | |||||
Shareholders’ deficit: | |||||||
Undesignated preferred stock; 5,000 shares authorized, no shares issued and outstanding | — | — | |||||
Common stock, $0.01 par value; 142,500 shares authorized, 22,771 and 22,388 shares issued and outstanding, respectively | 228 | 224 | |||||
Additional paid-in capital | 31,942 | 27,390 | |||||
Accumulated deficit | (512,858 | ) | (479,200 | ) | |||
Total shareholders’ deficit | (480,688 | ) | (451,586 | ) | |||
Total liabilities and shareholders’ deficit | $ | 804,512 | $ | 860,810 | |||
SLEEP NUMBER CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows (unaudited – in thousands) subject to reclassification | |||||||
Six Months Ended | |||||||
June 28, | June 29, | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (33,658 | ) | $ | (12,533 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation and amortization | 29,096 | 34,177 | |||||
Stock-based compensation | 5,500 | 8,109 | |||||
Net loss on disposals and impairments of assets | 775 | 2,500 | |||||
Deferred income taxes | 1,772 | (5,144 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 1,499 | 6,587 | |||||
Inventories | 3,702 | 19,588 | |||||
Income taxes | 2,470 | 774 | |||||
Prepaid expenses and other assets | 10,381 | (1,483 | ) | ||||
Accounts payable | 8,354 | (18,464 | ) | ||||
Customer prepayments | (5,792 | ) | (4,625 | ) | |||
Accrued compensation and benefits | (10,086 | ) | 7,153 | ||||
Other taxes and withholding | (3,235 | ) | (1,345 | ) | |||
Other accruals and liabilities | (9,582 | ) | (11,776 | ) | |||
Net cash provided by operating activities | 1,196 | 23,518 | |||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (8,052 | ) | (14,075 | ) | |||
Payment to secure contractual rights | (3,280 | ) | — | ||||
Issuance of notes receivable | — | (2,942 | ) | ||||
Net cash used in investing activities | (11,332 | ) | (17,017 | ) | |||
Cash flows from financing activities: | |||||||
Net increase (decrease) in short-term borrowings | 12,356 | (6,408 | ) | ||||
Repurchases of common stock | (944 | ) | (612 | ) | |||
Debt issuance costs | (1,877 | ) | — | ||||
Net cash provided by (used in) financing activities | 9,535 | (7,020 | ) | ||||
Net decrease in cash and cash equivalents | (601 | ) | (519 | ) | |||
Cash and cash equivalents, at beginning of period | 1,950 | 2,539 | |||||
Cash and cash equivalents, at end of period | $ | 1,349 | $ | 2,020 | |||
SLEEP NUMBER CORPORATION AND SUBSIDIARIES Supplemental Financial Information (unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||
Percent of sales: | |||||||||||||||
Retail stores | 87.8 | % | 87.8 | % | 87.7 | % | 88.0 | % | |||||||
Online, phone, chat and other | 12.2 | % | 12.2 | % | 12.3 | % | 12.0 | % | |||||||
Total Company | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||
Sales change rates: | |||||||||||||||
Retail comparable-store sales | (18 | %) | (11 | %) | (17 | %) | (10 | %) | |||||||
Online, phone and chat | (19 | %) | (13 | %) | (16 | %) | (16 | %) | |||||||
Total Retail comparable sales change | (19 | %) | (11 | %) | (17 | %) | (11 | %) | |||||||
Net opened/closed stores and other | (1 | %) | 0 | % | (1 | %) | — | % | |||||||
Total Company | (20 | %) | (11 | %) | (18 | %) | (11 | %) | |||||||
Stores open: | |||||||||||||||
Beginning of period | 637 | 661 | 640 | 672 | |||||||||||
Opened | 1 | 4 | 3 | 10 | |||||||||||
Closed | (8 | ) | (19 | ) | (13 | ) | (36 | ) | |||||||
End of period | 630 | 646 | 630 | 646 | |||||||||||
Other metrics: | |||||||||||||||
Average sales per store ($ in 000's) 1 | $ | 2,395 | $ | 2,732 | |||||||||||
Average sales per square foot 1 | $ | 775 | $ | 883 | |||||||||||
Stores > $2 million net sales 2 | 47 | % | 62 | % | |||||||||||
Stores > $3 million net sales 2 | 13 | % | 21 | % | |||||||||||
Average revenue per smart bed unit 3 | $ | 5,880 | $ | 5,802 | $ | 5,940 | $ | 5,782 | |||||||
1 Trailing twelve months Total Retail comparable sales per store open at least one year. 2 Trailing twelve months for stores open at least one year (excludes online, phone and chat sales). 3 Represents Total Retail (stores, online, phone and chat) net sales divided by Total Retail smart bed units. | |||||||||||||||
SLEEP NUMBER CORPORATION AND SUBSIDIARIES Earnings before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) (in thousands) | |||||||||||||||
We define earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) as net loss plus: income tax expense (benefit), interest expense, depreciation and amortization, stock-based compensation, restructuring costs, CEO transition/proxy contest costs, and asset impairments. Management believes Adjusted EBITDA is a useful indicator of our financial performance and our ability to generate cash from operating activities. Our definition of Adjusted EBITDA may not be comparable to similarly titled definitions used by other companies. The table below reconciles Adjusted EBITDA, which is a non-GAAP financial measure, to the comparable GAAP financial measure: | |||||||||||||||
Three Months Ended | Trailing Twelve Months Ended | ||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||
Net loss | $ | (25,012 | ) | $ | (5,051 | ) | $ | (41,459 | ) | $ | (40,039 | ) | |||
Income tax expense (benefit) | 13,203 | (1,099 | ) | 7,830 | (10,730 | ) | |||||||||
Interest expense | 11,734 | 12,270 | 46,614 | 48,214 | |||||||||||
Depreciation and amortization | 13,697 | 16,347 | 59,590 | 69,676 | |||||||||||
Stock-based compensation | 1,549 | 3,992 | 8,835 | 13,073 | |||||||||||
Restructuring costs 1 | 8,332 | 1,819 | 14,039 | 28,147 | |||||||||||
CEO transition/Proxy contest costs 2 | 53 | — | 2,825 | — | |||||||||||
Asset impairments | — | — | 1,220 | 490 | |||||||||||
Adjusted EBITDA | $ | 23,556 | $ | 28,278 | $ | 99,494 | $ | 108,831 | |||||||
1 | Represents costs related to business restructuring actions initiated in the fourth quarter of fiscal 2023. |
2 | Represents costs related to CEO transition activities and proxy contest costs of $0.1 million and $0, respectively, for the three months ended June 28, 2025 and $0.8 million and $2.0 million, respectively, for the trailing twelve months ended June 28, 2025. These costs were both initiated in the fourth quarter of fiscal 2024. |
Free Cash Flow (in thousands) | ||||||||||||||
Three Months Ended | Trailing Twelve Months Ended | |||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||
Net cash provided by (used in) operating activities | $ | 1,196 | $ | 23,518 | $ | (9,228 | ) | $ | (4,230 | ) | ||||
Subtract: Purchases of property and equipment | 8,052 | 14,075 | 18,796 | 41,232 | ||||||||||
Free cash flow | $ | (6,856 | ) | $ | 9,443 | $ | (28,024 | ) | $ | (45,462 | ) | |||
Note - Our Adjusted EBITDA calculations and Free Cash Flow data are considered non-GAAP financial measures and are not in accordance with, or preferable to, "as reported," or GAAP financial data. However, we are providing this information as we believe it facilitates analysis of the Company's financial performance by investors and financial analysts. GAAP - generally accepted accounting principles in the U.S. | ||||||||||||||
SLEEP NUMBER CORPORATION AND SUBSIDIARIES Calculation of Net Leverage Ratio under Revolving Credit Facility (in thousands) | |||||
Trailing Twelve Months Ended | |||||
June 28, | June 29, | ||||
Borrowings under revolving credit facility | $ | 563,900 | $ | 540,200 | |
Outstanding letters of credit | 6,847 | 7,147 | |||
Finance lease obligations | 201 | 280 | |||
Consolidated funded indebtedness | $ | 570,948 | $ | 547,627 | |
Operating lease liabilities 1 | 369,794 | 408,724 | |||
Total debt including operating lease liabilities (a) | $ | 940,742 | $ | 956,351 | |
Adjusted EBITDA (see above) | $ | 99,494 | $ | 108,831 | |
Consolidated rent expense | 106,737 | 110,937 | |||
Consolidated EBITDAR (b) | $ | 206,231 | $ | 219,768 | |
Net Leverage Ratio under revolving credit facility (a divided by b) | 4.56 to 1.0 | 4.35 to 1.0 | |||
1 Reflects operating lease liabilities included in our financial statements under ASC 842. Note - Our Net Leverage Ratio under Revolving Credit Facility, Adjusted EBITDA and EBITDAR calculations are considered non-GAAP financial measures and are not in accordance with, or preferable to, "as reported," or GAAP financial data. However, we are providing this information as we believe it facilitates analysis of the Company's financial performance by investors and financial analysts. GAAP - generally accepted accounting principles in the U.S. | |||||
SLEEP NUMBER CORPORATION AND SUBSIDIARIES Calculation of Return on Invested Capital (Adjusted ROIC) (in thousands) | |||||||
Adjusted ROIC is a financial measure we use to determine how efficiently we deploy our capital. It quantifies the return we earn on our adjusted invested capital. Management believes Adjusted ROIC is also a useful metric for investors and financial analysts. We compute Adjusted ROIC as outlined below. Our definition and calculation of Adjusted ROIC may not be comparable to similarly titled definitions and calculations used by other companies. The tables below reconcile adjusted net operating profit after taxes (Adjusted NOPAT) and total adjusted invested capital, which are non-GAAP financial measures, to the comparable GAAP financial measures: | |||||||
Trailing Twelve Months Ended | |||||||
June 28, | June 29, | ||||||
Adjusted net operating profit after taxes (Adjusted NOPAT) | |||||||
Operating income | $ | 12,983 | $ | (2,555 | ) | ||
Add: Operating lease interest 1 | 25,535 | 27,750 | |||||
Less: Income taxes 2 | 1,500 | (6,104 | ) | ||||
Adjusted NOPAT | $ | 40,018 | $ | 19,091 | |||
Average adjusted invested capital | |||||||
Total deficit | $ | (480,688 | ) | $ | (446,964 | ) | |
Add: Long-term debt 3 | 564,101 | 540,480 | |||||
Add: Operating lease liabilities 4 | 369,794 | 408,724 | |||||
Total adjusted invested capital at end of period | $ | 453,207 | $ | 502,240 | |||
Average adjusted invested capital 5 | $ | 477,676 | $ | 509,369 | |||
Adjusted ROIC 6 | 8.4 | % | 3.7 | % | |||
1 | Represents the interest expense component of lease expense included in our financial statements under ASC 842, Leases. |
2 | Reflects annual effective income tax rates, before discrete adjustments, of (3.9)% and 24.2% for June 28, 2025 and June 29, 2024, respectively. |
3 | Long-term debt includes existing finance lease liabilities. |
4 | Reflects operating lease liabilities included in our financial statements under ASC 842. |
5 | Average adjusted invested capital represents the average of the last five fiscal quarters' ending adjusted invested capital balances. |
6 | Adjusted ROIC equals Adjusted NOPAT divided by average adjusted invested capital. |
Note - The Company's Adjusted ROIC calculation and data are considered non-GAAP financial measures and are not in accordance with, or preferable to, GAAP financial data. However, we are providing this information as we believe it facilitates analysis of the Company's financial performance by investors and financial analysts. | |
GAAP - generally accepted accounting principles in the U.S. | |
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Contacts
Investor Contact: investorrelations@sleepnumber.com
Media Contact: Muriel Lussier, muriel.lussier@sleepnumber.com