secwatch.observer — SEC 8-K summary
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Issuer:     Sleep Number Corp (SNBR)
CIK:        0000827187
Form:       8-K
Filed at:   2025-11-10T23:59:59+00:00
Accession:  0000827187-25-000123
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 7.01
LLM model:  deepseek-v4-flash:cloud@v2

Sleep Number discloses revised credit covenants; expects FY25 adjusted EBITDA ~$70M
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/827187/000082718725000123/0000827187-25-000123-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/827187/000082718725000123/snbr-20251110.htm
  HTML page:      https://secwatch.observer/filing/0000827187-25-000123

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