SNBR - Earnings call 4 2023 | Sleep Number Corporation

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Operator

Welcome, everyone, to Sleep Number's Q4 and Full Year 2023 Earnings Conference Call. [Operator Instructions] Today's call is being recorded. If anyone has any objections, you may disconnect at this time. I would like to introduce Dave Schwantes, Vice President of Finance and Investor Relations. Thank you.

begin. may You

David Schwantes

Investor welcome Francis XXXX and us. Sleep Corporation President Finance Number am Shelly today Good our our Ibach, Conference to Chief Call. Quarter Chair, and of President Earnings Schwantes, CEO; joining With Thank Fourth me Dave are and afternoon, and Vice the Relations. Lee, you I Officer. for Financial

release at and to sleepnumber.com. is conference available be telephone in will our the being details access recorded news refer replay. Please our This to the website on

also refer ended. the news primary news The discussed our of results included supplemental to of be certain release period call. discuss the reconciliation Please financial purpose the fiscal for of non-GAAP release in and may this a or this that financial just call measures on to information is

and However, outlined responses the and statements. risks forward-looking XX-K statements include SEC. your number report vary filings on our subject results materially. actual may in The and and may in earnings in These Form other with future questions of our commentary periodic a release some to detail discussed are our uncertainties annual company's certain forward-looking to news

for I call the now to comments. over will Shelly turn her

Shelly Ibach

joining our SleepIQ Good afternoon, and year-end thank you was earnings call. everyone, My XX XXXX for Score night. last

consumer costs us quarter. to allowed demand our industry, progress to reduced and the the challenging fourth the environment While for took make remains demand swift actions improve we in important

our operating last restructuring transform to quarter. to broad-based you actions resilience continuing are with the our discussed We model improve financial we through

mattress for and are industry accelerating the strengthen as As our we balance poised structure improves. streamline demand environment we our growth cost sheet,

lead remains transformation. opportunity this long-term through our intact as we Importantly,

repositioning paying macroeconomic focus business, and I'll which the Competing for industry call, restoring comments our the effectively, down are: imperatives X environment, observations debt. on on today's margins, start some in performance profit During our then strategic my with and

XXXX results Following on details our financial XXXX my remarks, outlook. Francis will and provide further

interest our during for the category. challenges consumer pressure of new quarter, we low slower Many last continued discussed sentiment, fourth elevated in demand call macroeconomic the rates and to persisted purchases our home

purchasing from Additionally, units that its peak. XX% below in down than their downward We estimate consumer trend. XXXX XXXX power levels XXXX more mattress continues and were steady

also experienced Per the on XXXX-XXXX lows, mattress approaching we levels historic that is environment although recession. capita nearing may seeing the recession. stabilize And coming mattresses the historic some spending since in the not industry great are consumer year, in remains a indications

for and continue though highly drive quarter, Considerations are that like disruptive to which industry. in results price This reduction weigh challenging environment decisions, demand events expectations. perceived purchasing cost and the consumer external to our outperformed fourth to demand our and value the mattress factors remain responsive slightly financial on we continued

with digits. the year, the For XX% $XXX million demand sales net quarter, fourth from were down prior low single down of

and per scrutiny night full media year, our and partners promoting We media mix the and conversion. increase temperature, your With sales improve media the and dollar in first consideration value single For backdrop, media and messages $X.XX to demand and our our differentiated budget. this of optimize strengthen benefits with positioning, in our the sleep billion, to adjustable on year-over-year we traffic consumers' down actions value high strategic best purchase, price with our of were digits. emphasize prioritize reflighted focus renegotiated several spent, We sharpened actions a net executed is heightened ROI. resulting our marketing every of for QX, firmness to to improved and XX% imperative. decline which impressions we every competitive every of Against her

on today's smart selling adjustable communicating with our acutely consumer basis. of This is and focus smart to process focused beds strategy approach before on promotional resonating benefits first the value. who our refined is We additional

Our allows our coordinate in to in-store time. to us online and close vertical customer experience model adjust real marketing and integrated and strategy the stay their

brand also with awareness partnership We greater through the our drove NFL.

Choose consideration with approximately the fans Why of represent campaign half Our Sleep NFL Number purchase Chase, and increased Smart U.S. population. who Jefferson featuring Bed Justin Ja'Marr

these Since demand improved our low in year-over-year a a with quarter the to single-digit fourth in actions, double-digit implementing trajectory significantly decline QX. compared decline

in We we also of time demand quarter the in quarter. we expect on drove third the the this that unit a quarter positive growth demand the performance, With first the outperformed for XXXX. fourth basis industry fourth since

strategic to With our are costs business we taking across our steps to margins. imperative, second restore reduce

with In change plans costs across mechanisms During the accelerate to fourth third tools the the and environment. quarter, and we we executing our demand efforts sustainable quarter, to operating contingency organization. our align the our discretionary drive softer restructuring aggressively began established

dozens opportunities. We new weekly map have streams benefits identifying with team's proud and and work continuous recognition charters, program this time and of of promote road to accountability, efforts cost in progress initiated are reduction executing validating and I'm our reporting lines as realized. energy and

R&D assets greater value innovation while COGS reduction efficiency. Cost indirect program, Broadly, spend greater into to X of efficiency. increasing leverage and reduction and such cost serve functions based capability for including to cost vendors customers, our engineering, condensing and R&D acquisition, and as through material leverage our exhaustive as streamlining we cost driving customer outsourcing costs, categories: initiatives on accelerate support fell including digital an spend reprioritize services, near-term

in team benefits operating costs quarter, the realizing more approximately by X,XXX we end fourth quarter are the reduced Together, million, restructuring than XXXX, workforce in of lower the of X% number of at which We $XX restructuring XXXX. us million fourth taken reduce enabled actions the members planned. the $X these to efforts than before our had the also expenses in to

below With million our XXXX $XXX XXXX, to expenses to we in-year million full team's full reduced cost expenses $XX reductions $XX to execution our million operating of levels. roadmap, expect year, we in the by million. $XXX million For improvement of year expect $XX and commitment the be cost to operating

with stronger cash have and As more business this flow a result we model trends industry margins as restructuring, will of efficient improve. higher a leaner,

We normalized margin XXXX, a demand low intently gross average margin rate grew rate by our points, In targeting in also gross from our we focused in sales recession. as historical while basis XX In XXX XXXX, cost improvement restoring XXs basis experienced points I environment. remain in double-digit the on approximately our expansion to a navigating earlier. are the second of mattress net gross year rate industry its the highlighted consecutive decline of initiatives we margin

liquidity at to the our in remain expect third We strategic that XXXX, paying down remain outlook steps covenants. the mattress financial our Thus, prioritize quarter amend and industry and including year of our assumption. XXXX pressure XXXX, and to Reducing for under priorities flexibility, we and debt, us continue in with working In credit bank third financial leverage group took enhancing outstanding imperative. aimed to beyond. related for reflects key the balance we our line our our financial

date have we have making actions Sleep Number durable to taken more The and are stronger, a underway business.

As this management debt. strategy we expect down free million cost $XX in additional XXXX, cash generate benefits realize intend positive million to in of to cash our $XX to to use pay and we flow

half $XX greater reduce by approximately depreciation and paying plan focus than expect generation cash capital We debt, to be our million. roughly also down we to CapEx. flow With in to significantly expenditures on XXXX

year. XXXX was challenging a

strong. by work We do. to have our long-term have transform our strategy supported remains innovation to That initiated business, opportunity said, consumer fundamental changes and more our we

linked in is data-driven Future of the Wellness getting X/X which they their highest solutions Not Sleep needs. a of take empower get threaten remains the which with have And sleep. chronic them for survey, among and the control to wellness one U.S. of indicated outcomes. of According report consumers sleep of our are McKinsey that to as enough they less the more diseases nation's unmet than health. conditions, amount one areas consumers most adults looking ranked sleep recent in CDC, usually recommended who over health priorities science-backed the many

advantages differentiated provides The customized, experience. across related and of connected positioned smart including solve foundation millions and long-term member uniquely Number bed platform, physical and our our value digital individually is purpose-driven our responsive sleep network to of proposition competitive untapped sleep team vertically operating culture continuum of care. many opportunities Sleep wellness bed wellness wellness sleepers, our and the which sleep the platform, model integrated smart smart to Our adjustable of

By smart millions adjusting our help of night. to every sleep Sleeper's beds unique needs, restful people effortlessly achieve more

bed of report from XX% sleep sleeping fact, on sleepers smart quality with bed. benefiting non-smart In compared better a

our and commoditizing share Our robust worldwide in by even of These innovative patents technology and to supported environment. empower unique is market in consolidating protect and a patents a us key assets XXX difficult a pending take market. portfolio differentiator over

element XXXX. of of at And continues loyal our to grow, our reaching is an future brand ecosystem important end of Additionally, nearly the growth. sleepers advocacy their of proprietary our $X million Smart

ecosystem. Our road within engagement innovation ongoing initiatives supports this map

integrated in XXXX, into For customer able our And loyalty example, program Smart will app. also the the we in be shop the within sleepers and rewards fourth app. Sleep to quarter, Number support

acquisition XX% lifetime monthly drives customer average value platform cost rate and sleep engagement Our for best-in-class is referrals. engagement This wellness increases digital products. through of with our lower high customer

enables transformation, growth. opportunities, culture optimize is And bed scale, ecosystem members' by and vital to our through model network. mission smart vertically a fulfillment Our successful integrated and our in are margin operating of profitable innovation factor team and our efficiency individuality business model our dedication which reinforced wellbeing with our amplified continued

improves. environment strong am are and build growth for more accelerating deliver and I business resilience sustainable as our the on shareholders. our industry a grateful work value opportunities mattress to execution meaningful We for for we team's together to prepared as capitalize

who that, and financial With Francis, details will on XXXX guidance. call over more XXXX turn to provide I'll the our results

Francis Lee

Shelly, and afternoon. good you, Thank

new build have durable and fiscal financial we more As have and diligence XXXX teams we year shown greater work model resilience. year, our agility as to and the operating started a close

our in taking lead As which enable actions the accelerating industry as of demand important foundation the profitability industry we the the couple we a stronger are a will years, to navigated pullback last backdrop improves. business, for over for will

One, have financial quarter our two, X and and outlook; impacts our today, In restructuring XXXX will guidance. review underlying focus and assumptions fourth three, key made our we in results; comments areas: our full year remarks my cost of my in XXXX to I primary progress

digits the a Fourth of slightly decline. demand full our million Year-over-year single $XXX XX% year Let's quarter in down of than move sales and expectations was for drove better net majority net were Demand down year. on the fourth changes sales of of to quarter last versus a decline. low mid-single-digit a backlog review our results. quarter and

delivered gross quarter units. offset at Our by budget in basis are past was increased and prices. commodity points fourth the up a over benefits of partially year-over-year These XX from in margin deleverage the taken included value-conscious improvement aimed fixed cost actions XXX consumers offers, months and and from pricing benefit promotional XX.X% year-over-year and decline

year-over-year faced to In margin Smart also to good, Base FlexFit as we assortment adjustable was portfolio the FlexFit limited of constraints. smart mix XXXX, pressure higher-margin related the We of in basis best gross had due smart rate semiconductor product to chips full, the XXXX. better, bases

ahead down $XX We costs, of cost were operating with million year-over-year. in reduction quarter pre-restructuring plan actions the expenses, with fourth

We impacting are the structure. making broad-based our cost operating cuts of all areas business, cost across entire

We included million. This our recorded of $XX of in store quarter estimate few million original the versus $XX late quarter. a costs the in XXXX the acceleration closures restructuring of

we million. With costs of initiatives, cost approximately will estimate the advancement $XX restructuring our be our XXXX

reminder, item restructuring provide purposes. separate financial EPS adjusted we an line as statements, as our a and for to will a figure continue are comparative As reported costs in

million in EBITDA sales year-over-year last year-over-year margin of the offset quarter higher million reductions. $XX year, by gross $XX a primarily partially the net operating due versus and rate expense generated decline, to We

billion, for XXXX digits $X.XX down of full results net XX% included demand high the down sales prior year with single year, year. versus Our

the a by net reported Our costs. reduced per basis prior loss points restructuring offset full share $X.XX $X.XX, diluted to gross ongoing expenses $XXX fourth $XX million compared margin million by sales increased rate expense year, margin restructuring XX full as the operating loss X% year the year or decline, to for $XXX costs gross reductions. driven last higher share XX% Adjusted to and $XX per of of year-over-year excluding rate quarter. year. million of EBITDA the adjusted We partially declined a and We of million $XX recorded in operating million a by

we our structure discuss more to business little durable important doing support Now a work in let financial the resilience. more and me model in adjust a cost of detail are

These executing expenses in XXXX. to been the to actions $XXX third in With challenging operating trends strengthen reduction accelerated in million for operating reduction financial have to demand total This the efforts reduction and change of additional to ongoing we in demand across our industry. business million result year-over-year cost will XXXX an to reduction navigate as million for our the the million. mattress cost contributed $XXX quarter, $XX environment $XX a we in X-year position the the expense million plans for continue $XX

work is and change sustainable we established initiative assessment. build a cost transformation developed and risk operational has organization. progressing Our velocity, of Each promote improvement have we are operating implementing with across to mechanisms relative range been projected and the with

to the digital Some XXXX. reductions across and cost customer members than as we taken simplification with through we customers hours, Reducing actions support specific have serve adjusting service enter XX% include: workforce our team the XXXX increasing of cost organization in programs, less outsourcing assets.

This we proximity to sales overall of In expirations. lower stores to to includes total online opportunity same density while market stores reduce stores to down other our testing selected sales store store where reducing and natural closing had accelerate costs in markets. we considered markets selected closing with store in each the DMA transfer the seized profit. minimize carefully also and lease the the performing the been increasing in DMA fixed Given environment, or opportunity we case, lost

impact to a about closures stores to expect XXXX. and drag to to X-point compared fewer be We growth, to XXXX net sales the XX XXXX of XX the end store we with net expect

delivery We continued actions and additional to improvement gross actions include and through cost efficiencies engineering, value material margin reductions the business. also These our home driving manufacturing drive across network.

points rate in to grow basis by XXX margin gross expect our XXXX. approximately We

cost move XXXX, into to as we the we realize cost XXXX savings we additional expect actions. annualize As

let me XXXX. Now to turn

in experienced plans X despite does As demand our XXXX built of recovery Shelly XXXX, levels. the not mentioned, years that assumption we on the any having recessionary industry experience material

in our basis at levels, levels plan it the this While of we demand structure on to is is improvement bottoming industry the mattress prudent feel likely year. cost no

XXXX our metric. guidance For we are a primary adjusted providing outlook, EBITDA as

power more see transform a are we in metric track to best performance we earnings as the durable and our our Adjusted a business. of generation adjusted As communicate our is to particular, key debt. to to business model, transformation our progress using EBITDA pay EBITDA cash the operating we way and down

single-digit some decline. unpack year assumptions assumes the included our The outlook down me for the sales with Let net digits a outlook. specific in are XXXX low of mid-single demand

and of point from assumes percentage closures. Our from headwind net X sales net guidance percentage store points changes year-over-year backlog X

the sales net digits down expect single first year. the growth to followed of year the We comparisons, the in by be low of high half half for based on tougher back single-digit

approximately and expect majority drivers rate XXXX year. include in of back expansion of We half costs margin our in the negotiations. to material be supplier product Key the the through reductions of in XXX engineering ongoing points gross value basis further

it We facility are also sense. expecting labor including temporary optimization makes further using benefit our where fulfillment from of network and closures

Headwinds year. include for units delivered slightly from cost the the for deleverage year declining fixed

down be year versus savings cost last spread P&L. with the million across to to expenses operating expect the $XX million We $XX

costs $XX incurred in XXXX, million cost be approximately in restructuring falling $XX of the approximately with million estimating are of QX. to We

needs The for $XX to We cash and the existing outlook adjusted expect credit XXXX strength range for $XXX focused EBITDA operating in We intently for meet flow liquidity million million interest rates the to above year sheet our $XXX expect liquidity support our on assumptions approximately remain million. and of balance of facility. from year. our

$XX year, down generate cash $XXX million in $XX million for million with $XX of cash XXXX line. of to in the cash significant expenditures. cash to of Working free a be expect to $XX flow planned of This capital which use a are pay years. use We the to of changes credit capital last million flow operating million versus source expected we results our X to intend to

combined a to We expect noncash XXXX levels. or charges be similar million to $XX

We to regarding also first some our XXXX expectations. provide want quarter clarity performance

including the expecting net XX% prior versus backlog year's X are points quarter approximately X We year-over-year of changes. to headwind to down be from sales

be quarter million. $XX first over EBITDA expect adjusted to We just

bank clearance XXXX. The enable outlook and against and the business have bank provides flexibility navigate put restructure Our provided for increased place related environment us quarter. new XXXX in appropriate to demand covenants in agreement last to revised the the covenants

We year X.XXx peak leverage this QX our year ended covenant under expect debt-to-EBITDAR to and of the in our levels. below

the significant recovers, for profitability across industry cash model flows building to and a are the financial operating lows highs we by industry our resilience, durable and our cycle. see business opportunity As to business deliver accelerate of a free the mattress with more greater we transforming

year. to cash $XX right free at are of now flow low million to $XX generate this cycle and expect million We a

we initiatives EBITDA margin expect to rate cost margins optimization and XX% we low to normalized benefit As plus gross more to trends levels. continue from as unit industry our return return the to underway, double-digit

open Lisa, that, please line With for the questions.

Operator

We'll take from first Griffin, the Bobby [Operator Instructions] question James. Raymond

Robert Griffin

given details around XXXX. for the all Appreciate the parts moving

talking guess, portfolio. first, we few store done a we I to So so And last, you've when about far. spoke maybe of closures the the strengthen store some were

So can rates of you on little some as what detail give stores? us on closing a seeing recapture you're these you're

Shelly Ibach

Bobby, for question. thanks the Yes,

stores how a experience we've we the and we it's consumer what understand her those develop approximately able First, XX% on the online, retail the on a early of pull digitally relationships. keep the a and We DMAs, focus and at portfolio to to very transfer. current we look and stores, relocate our store transfer. as been on have very capture DMA to historical and we over And through to profitability executing then years, for of strategy transfer to the that, be store XX% capture but strategy and have expect sales to total the of DMA lot detailed sales we is positive

and our to do due X therefore on point only pressure so year. we're of net bullish what we expect And stores this here can

Robert Griffin

guess of XQ where maybe into I I bit to little place. talk mean, And in step demand you've changes to got Shelly, and back some and the kind put on change the of notable a pretty was.

running running and we XQ think single double digits low digits. then low ended ended I XQ down down

pretty talk the about is of year. the or progression Because against some you comparisons So roughly we as of different what are change can move about saw the a last advertising that initiatives? and same kind that you sizable

Shelly Ibach

fourth in we make did in the and better quarter. than had progress We generating reducing expected both demand costs

end our competitive integrated consistent single-digit of the demand, strengthening months. and into in back and media therefore the we a the integrated and And October, was heading September Regarding about at messaging, process quarter, actions also for across work many the X performance We And improved and it focused the pretty positioning. decline brand low promotions. -- had half which took media, demand of performance. led to on ROI and -- metrics our these traffic selling actions,

Robert Griffin

so trended -- a There's is in step how out How well demand weather winter unfortunately of has there the that some mean, in XXXX? as comments as far with back I industry been the a February. lot January took

can you. for are things if how trending curious year-to-date just So kind us of tell you

Shelly Ibach

This prepared to the speaks I Sure. my highly reactive about in that spoke remarks. consumer

expect little had the double-digit be factors We're in tied pullback including than probably I impacted decline January. QX better in the growth as against that President's Then for the it purchasing down same and February weekend, saw widely hearing low in decline also You're has and digits low to particularly for industry. trends the these and January a from the across a demand a including that of We to single-digit us category weather to I'm for demand impact, a in spending over net year, consumer by but back lap with January were industry the probably down right. challenging, think mattress were single-digit what we a a growth power. returned was very It's the sales forecasting we been QX. we which is also single-digit compares low QX half year-over-year. reported the easier mid-single XX%

Operator

Thomas, Brad Markets. KeyBanc to go We'll Capital

Bradley Thomas

and for Shelly, this promotional about I you might and backdrop? What, talk of from the a are might could all little in just to year? standpoint be planning of current do strategies was the you wondering how anything, most think be much after this if effective changing product a line you you some if product bit

Shelly Ibach

strategy, start for Smart see reshapes with category this platform set our which what the consumer to Bed pace be for of expecting innovation I'll certainly should and continuing really their We consumers out consumer. our bed.

platform to We also continue to and around innovation not delivered with the only sleep opportunities continuum future has in care. of the that highest have opportunity the many solutions our value-added untapped solve quality digital the sleep,

continue we'll with to consumer and on pace focus quality delivering we the highest compete aggressively to So this sleep. marketplace there setting in the win

which our environment. to and and we third specifically, as seeing, fourth we're You inclusive scrutinizing advantages total still around plans the the we're of of about is to here model where be way and are delivering media the over reach reach challenged financing of mix, strong in to look seeing consumer accordingly, President's and able the of we're investments -- promotional of vertical one drives we're some and we're and in attach margin, still competed as plan this from able and work in with a we variable promotional media the able and and a to that of being in QX equation, that's asked our messaging on month overall our a optimizing refine higher our dollars, specifically the margin a advancement discounts this structure variable integrate consumer. and messaging worked to our our And well focused promotion value effectively a And efficiency with at took to to manage I a weekend, the resonating, February marketplace. on quarter as be think lot breakthrough the of strategy actions seeing. in operating liking we lot consumer able And what

Bradley Thomas

been all of can down it. the push there's everything. ARU we and a And is disclosed comparisons look positive. the where little you strategy Shelly. promotional? helpful, ticked it's you issues units that that on That's a Is with items as of up more because comparability know that just in bit totally follow-up several But then we drive don't from play bit promotional Gross some you tell get margins more quarters. more to the through I last business? that you be maybe on that guess going XXXX Did this implies And into accurate? I got you a the to a going mentioned the to here. And that.

Shelly Ibach

you expect to in time, our did that up, we And we hundred then movement some as But now ARU. And see few were that. iterate right in noted, having continued good fairly offset below time with were flattish. ARU We you at QX, happy was And for progression President's same for can units since though we're really were in what would ARU that seeing and and the units February. and we and on positive even where weekend, in a the the us, we've forecasting. right

it's advancing. So

higher," at, at you to the discount, specifically model I may say, for if that and the it look And look by was are look discounts you weekend, if our mix you designed think, drive but President's up. "Oh, at

at dollars in in fully again, and We discounts drive financing So a to and margin. total margin We reduction favorability bucket. some year-over-year actually discounts differently. in variable as loaded using the mix variable using financing look have

Operator

And back Raymond James. we'll to Griffin, go Bobby

Robert Griffin

basis, demand clarify, parts excluding moving Shelly, backlog on so positive to year-over-year? the that with in just XQ, the the comment a unit is

Shelly Ibach

in and for you it's My our current ARU about performance the Thank quarter, basis. here demand demand comment that. here all clarifying Demand related. in Yes.

Robert Griffin

or impact the And quarters issue? in is Francis -- is and comparison David, largely all the just XXXX? XQ going a Or backlog to XQ it

Francis Lee

asking. Bobby, thanks for

of will be QX comparison the -- impact XXXX. the We weighted have towards and front half largely backlog for year the

Robert Griffin

And then I think... circle I want back, to

Francis Lee

that. I'll Bobby, say

the the you at to half it with probably X- our So now. if as think point the see Shelly sales year, a looking drag X-point half we backlog changes. X than said, about, net probably of the back growth it's less on the The year, of first way we're year-over-year

Robert Griffin

Okay.

pure headwinds. Just backlog

Francis Lee

backlog Yes, half focused really on the of your the headwinds, exclusively it's year. first

Robert Griffin

is the the of reason are margin the there all things XH? impacting expansion then we in year? timing some going kind maybe progression is that gross on margins with inside have would part is, of And the second part than that different is expected other throughout gross the the Or

Francis Lee

initiatives the to programs Yes, the been largely putting gross through of improvement margin we've overall. our we're work shifts improvement putting for cost of underlying in and I that in and place the the that timing profitability some these think will be cost

we're And left say for margin I'll here durable been initiatives my as stone X new and across operating a And build the I've that to more elements our as look is of top CFO, months cost now. with of priorities several model. all the in we've no putting unturned structure place. we gross

XXXX. annualizing the even more us in of Some those be it will and year take hold in benefit second half of gives the

Robert Griffin

is lastly is debt CapEx and you down to guys guess tighten pay for drive are right and cash up me the I strategy. obviously just then flow And on that

like million it the that? to curious of out historical versus things see $XX pulled Just are deferring getting What rates? go CapEx what is down and some to we of

Francis Lee

is in CapEx of half this Our year, it's years. what last the $XX of million it's been about around couple

we're closures, being also for addition In spend we're openings. rest some critical more store about thoughtful systems. focusing the CapEx our to key store tech And of on the

Shelly Ibach

of I a slowdown it's a infrastructure. expansion some and would store just a of really slowdown, our of so add, slowdown

Robert Griffin

first of That's here helpful. in let Best me ask questions. I appreciate luck additional looking quarter. guys I for. some That's what you was

Francis Lee

you. Thank

Operator

no the questions. there further for time, call remarks. any I'll the management this back hand At team to are additional or closing

David Schwantes

dream forward first quarter and XXXX discussing performance Sleep well us to big. We Thank our today. in you with April. for look joining you

Operator

conference. And again, everyone, you for that this does participation. Thank your conclude

Sleep Number (SNBR) 22 Feb 242023 Q4 Earnings call transcript