{"schema_version":"secwatch.filing_event.v1","accession":"0000827187-25-000123","form_type":"8-K","ticker":"SNBR","cik":"0000827187","company_name":"Sleep Number Corp","filed_at":"2025-11-10T23:59:59+00:00","discovered_at":"2026-05-14T18:02:42.283230+00:00","generated_at":"2026-05-16T22:48:53.042204+00:00","sec_items":["7.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Sleep Number discloses revised credit covenants; expects FY25 adjusted EBITDA ~$70M","bullets":["Net leverage ratio covenant set at 5.25x for Q3 2025, stepping down to 4.00x by mid-2026.","Consolidated EBITDA definition expanded to include addbacks for cost actions not yet fully realized in trailing results.","FY2025 adjusted EBITDA expected ~$70M; with addbacks, Consolidated EBITDA ~$110M for covenant compliance.","Approximately $40M of structural cost changes mostly executed; expects to remain covenant-compliant in Q4 2025.","Anticipates stabilizing marketing investments in 2026 to support new products and repeat-buyer demand."],"urls":{"canonical":"https://secwatch.observer/filing/0000827187-25-000123","json":"https://secwatch.observer/filing/0000827187-25-000123.json","markdown":"https://secwatch.observer/filing/0000827187-25-000123.md","text":"https://secwatch.observer/filing/0000827187-25-000123.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/827187/000082718725000123/0000827187-25-000123-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/827187/000082718725000123/snbr-20251110.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T22:48:53.042204+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}