Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Sleep Number Corp amended credit facility of $825 million to $685 million with U.S. Bank National Association at increases the Applicable Margin by 25 to 75 basis points.
- Instrument
- credit facility
- Principal
- $825 million to $685 million
- Counterparty
- U.S. Bank National Association
- Rate
- increases the Applicable Margin by 25 to 75 basis points
- Event
- amendment
Exact text from the filing
and certain other financial institutions party thereto. The Tenth Amendment, among other things, (a) decreases the total aggregate commitment under the Credit Agreement from $825 million to $685 million, (b) decreases the $625 million revolving loan commitment to $485 million, (c) decreases the accordion from $400 million to $342.5 million, (d) increases the
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Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
Sleep Number Corp reported quarter ended September 30, 2023 results: revenue $473 million, EPS $0.10 loss per diluted share.
- Period
- quarter ended September 30, 2023
- Revenue
- $473 million
- EPS
- $0.10 loss per diluted share
- Result
- reported results
Exact text from the filing
on Form 8-K. --- EX-99.1 (EX-99.1) --- FOR IMMEDIATE RELEASE SLEEP NUMBER ANNOUNCES THIRD QUARTER 2023 RESULTS • Third quarter net sales declined 13% versus the prior year to $473 million; third quarter diluted loss per share of $0.10 • Initiated approximately $50 million of additional operating expense reduction actions for 2024 on top of an estimated $80 million
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Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
Sleep Number Corp reported full-year 2023 results: EPS loss of up to $0.70 per share. Guidance lowered.
- Period
- full-year 2023
- EPS
- loss of up to $0.70 per share
- Guidance
- lowered
- Result
- guidance update
Exact text from the filing
The company updated its full-year 2023 diluted EPS outlook to a loss of up to $0.70 per share.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Sleep Number Corp amended Tenth Amendment with U.S. Bank National Association (effective 2023-11-02).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- U.S. Bank National Association
- Effective
- 2023-11-02
Exact text from the filing
☐ ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT On November 2, 2023, Sleep Number Corporation, a Minnesota corporation (“Sleep Number”), entered into a Tenth Amendment (the “Tenth Amendment”) amending and supplementing the Amended and Restated Credit and Security Agreement, dated as of February 14, 2018 (as amended, supplemented or otherwise modified from time to time, including by the Ninth Amendment, the “Credit Agreement”), among U.S.
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Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Sleep Number Corp announced a restructuring with charges of up to $20 million of one-time costs, with an estimated $10 million of the costs being recorded in the fourth quarter of 2023 affecting all areas of the organization, including in corporate and research and development functions (approximately 10% or 500 team members across all areas of the organization).
- Type
- restructuring
- Charge
- up to $20 million of one-time costs, with an estimated $10 million of the costs being recorded in the fourth quarter of 2023
- Affected area
- all areas of the organization, including in corporate and research and development functions
- Headcount
- approximately 10% or 500 team members across all areas of the organization
Exact text from the filing
On November 6, 2023, in light of the demand trajectory change in August, the Company initiated business restructuring actions which are expected to reduce 2024 operating expenses by approximately $50 million and accelerate gross margin initiatives, in addition to the approximate $80 million of operating expense reductions expected to be realized in 2023. These actions are broad-based and include a headcount reduction of approximately 10% or 500 team members across all areas of the organization, including in corporate and research and development functions. These actions also include a rationalization of the store portfolio with a planned closure of 40 to 50 stores by the end of 2024, a slower rate of new store openings and remodels, and a reduction of the Company's 2024 capital expenditures. Gross margin improvement actions include value engineering and cost optimization strategies, including driving additional efficiencies through the Company's manufacturing and home delivery network.
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