Sleep Number Corp (SNBR) 2026 Q1 法說會逐字稿

Welcome to Sleep Number's first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded today, Tuesday, May 12, 2026. This conference call will be available on the company's website, ir.sleepnumber.com. Please refer to today's news release to access the replay. On today's call, we have Linda Findley, President and CEO; and Amy O'Keefe Chief Financial Officer of Sleep Number. Before handing the call over to the company, we will review the Safe Harbor statement.

歡迎參加 Sleep Number 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本通話將於今日（2026 年 5 月 12 日，星期二）錄音。本次電話會議將於公司網站 ir.sleepnumber.com 提供。請參閱今日新聞稿以取得重播資訊。今天的會議由 Sleep Number 總裁暨執行長 Linda Findley，以及財務長 Amy O'Keefe 出席。在把電話交給公司之前，我們將先宣讀「安全港」聲明。

The primary purpose of this call is to discuss the results of the fiscal period ending on April 4, 2026. This call, including commentary and responses to questions, may include certain forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties outlined in the company's earnings news release and discussed in some detail in the annual report on Form 10-K and other periodic filings with the SEC.

本次通話的主要目的，是討論截至 2026 年 4 月 4 日止會計期間的業績結果。本通話（包括評論與問答回覆）可能包含若干前瞻性陳述。這些前瞻性陳述受多項風險與不確定性影響，相關內容已載於公司財報新聞稿，並於 Form 10-K 年報及其他向美國證券交易委員會（SEC）提交的定期申報文件中有較詳細的說明。

The company's actual future results may vary materially. In addition, any forward-looking statements represent the company's views only as of today and should not be relied upon as representing its views as of any subsequent date. The company specifically disclaims any obligation to update these statements. Please also refer to the company's news release and SEC filings for a reconciliation of certain non-GAAP financial measures for applicable and for additional supplemental financial information included in the news release or that may be discussed on this call.

公司未來實際結果可能出現重大差異。此外，任何前瞻性陳述僅代表公司截至今日的觀點，不應被依賴為其於任何後續日期的觀點。公司明確聲明不負有更新此等陳述的任何義務。另請參閱公司新聞稿與 SEC 申報文件，以取得適用之非 GAAP 財務衡量指標的調節表，以及新聞稿中所載或本通話可能討論之其他補充財務資訊。

I will now turn the call over to Linda Findley, Sleep Number's President and CEO.

現在我將把電話交給 Sleep Number 總裁暨執行長 Linda Findley。

Good morning, and thank you for joining us. I'll start with a brief update on our capital position. On April 27, we reached an agreement with our existing lenders that provides near-term relief from certain financial covenants, adding USD55 million of incremental liquidity, including a new USD25 million term loan. This matters for two reasons.

各位早安，感謝各位加入我們。我先簡要更新我們的資本狀況。4 月 27 日，我們與現有貸款機構達成協議，提供短期內對部分財務契約條款的緩解，並新增 5,500 萬美元的額外流動性，其中包含一筆新的 2,500 萬美元定期貸款。這之所以重要，有兩個原因。

First, we believe it allows us to continue executing our turnaround plan for the business and actively market and sell our new products without disruption. Second, it gives us time to focus on a longer-term solution for our capital structure, including evaluating a range of strategic and financing options best for the business. Amy will walk through the details shortly.

第一，我們相信這讓我們能持續執行業務的轉型計畫，並在不受干擾的情況下積極行銷與銷售新產品。第二，這也讓我們有時間專注於資本結構的長期解決方案，包括評估一系列最符合公司利益的策略與融資選項。Amy 稍後將說明細節。

Turning to the quarter, as we said on our last call, we saw a significant impact on sales in early January and February based on weather and macro conditions. However, demand improved as the quarter progressed. March demand increased approximately 6%, marking our first year-over-year demand growth on a comparable basis in two years. That improvement was driven by the launch of ComfortMode, updated marketing and promotions to clear legacy inventory.

回到本季表現，正如我們在上次電話會議所提到的，1 月上旬與 2 月期間，天候與總體環境對銷售造成顯著影響。不過，隨著季度推進，需求有所改善。3 月需求約成長 6%，這是兩年來在可比基礎上首次出現年對年需求成長。這項改善主要由 ComfortMode 上市、更新的行銷與促銷活動（用以清理舊款庫存）所帶動。

We delivered net sales of USD319 million, in line with our expectations and adjusted EBITDA of USD6 million ahead of our internal plan. While we just discussed the March demand metric, we recognize revenue when the bed is delivered. Since the majority of new products launched on March 23, most of the net sales will be reflected in Q2 rather than in Q1. Now let me talk about the progress we're seeing against -- across the business and why we're encouraged by the early results.

我們實現淨銷售額 3.19 億美元，符合預期；調整後 EBITDA 為 600 萬美元，優於我們的內部計畫。雖然我們剛討論了 3 月的需求指標，但我們是在床墊完成交付時認列營收。由於多數新產品於 3 月 23 日推出，淨銷售額大部分將反映在第二季而非第一季。接下來我將談談我們在業務各面向所看到的進展，以及為何我們對早期成果感到鼓舞。

Let's start with the product. We completed a full product reset across all of our stores in less than four weeks. At the same time, our manufacturing and home delivery teams transitioned to the new lineup seamlessly and without disruption.

先從產品談起。我們在不到四週內，完成所有門市的全面產品重置。同時，我們的製造與到府配送團隊也順利、無中斷地轉換至新的產品陣容。

The rollout also gave us an early read on product success. During the launch period, stores set with the new lineup saw 12% higher ARU than stores with previous products. Given the product rollout happened at the end of Q1, I'm going to share some metrics we are seeing in Q2 that help us determine progress.

此次上線也讓我們能及早判讀產品成功與否。在上市期間，配置新產品陣容的門市，其 ARU 較仍使用舊產品的門市高出 12%。由於產品上線發生在第一季末，我將分享一些我們在第二季看到的指標，以協助判斷進展。

First, we have the success of ComfortMode, the first best bed we launched in January. We are seeing 15 points of improvements in overall Net Promoter Score. And when we compare to our prior entry-level mattresses, the C Series, Net Promoter Score improved by 27 points. With this improvement in NPS and with more than 100 days in market, we are seeing this flow through to our financials with 100 bps reduction in return rate for ComfortMode versus historical return rates of the product it replaces.

第一，是 ComfortMode 的成功表現，這是我們在 1 月推出的第一款「最佳床款」。我們看到整體淨推薦值（Net Promoter Score, NPS）提升了 15 個點。若與先前的入門款床墊 C 系列相比，NPS 提升了 27 個點。隨著 NPS 的改善，以及上市已超過 100 天，我們也看到其反映在財務表現上：ComfortMode 的退貨率較其所取代產品的歷史退貨率降低 100 個基點。

Second, across the full portfolio, we are seeing a strong attach in our premium ComfortNext line, which features our unique Tri-Brid technology. More specifically, ComfortNext Lux is now our top selling bed at approximately USD4,000 for a queen size at a healthy margin and representing an early shift into the planned product mix. To be clear, the new beds have a better average margin profile than the beds they replaced, and the planned mix of the new line should return us to historic gross margin levels once we get past all one-time launch and clearance cost pressures.

第二，在整體產品組合方面，我們看到高階 ComfortNext 系列的加購（attach）表現強勁，該系列採用我們獨有的 Tri-Brid 技術。更具體而言，ComfortNext Lux 目前已成為我們最暢銷的床款，Queen 尺寸價格約 4,000 美元，毛利率健康，並顯示產品組合正朝規劃方向出現早期轉移。需要說明的是，新床款的平均毛利結構優於其所取代的床款；一旦我們度過所有一次性的上市與清庫成本壓力，新產品線的規劃組合應可使我們回到歷史毛利率水準。

We also conducted in-home user testing during the rollout and saw the direct and measurable impact of our beds. Compared to their original mattresses, 9 in 10 people slept better, 8 in 10 people got more sleep and 8 in 10 people experienced less pain on a Sleep Number bed.

我們也在上線期間進行到府使用者測試，並看到我們床款帶來直接且可衡量的影響。與原本的床墊相比，十分之九的人睡得更好，十分之八的人睡得更多，十分之八的人在 Sleep Number 床上感受到疼痛減輕。

Shifting to marketing, we continue to drive improvements in our website experience. This has improved organic search visibility and simplified the purchase process. E-commerce demand grew year-over-year by approximately 5% in April, partly because of this work. In addition, our ongoing work in AI discoverability has improved AI citations by approximately 25% year-to-date.

在行銷方面，我們持續改善網站體驗。這提升了自然搜尋能見度，並簡化購買流程。部分受惠於這些工作，4 月電商需求年對年約成長 5%。此外，我們在 AI 可被發現性（discoverability）方面的持續投入，使得今年迄今 AI 引用（citations）約提升 25%。

To support the product launch, we introduced a new integrated brand campaign to a Good Life's Sleep, which features brand spots along with product-specific creative. These reinforce what differentiates Sleep Number, a personalized bed that adapts your life and sleep needs as your life and sleep needs change. The early response is positive and is trending above benchmarks in the category.

為支持產品上市，我們推出全新的整合式品牌活動「a Good Life's Sleep」，其中包含品牌廣告以及針對產品的創意內容。這些內容強化 Sleep Number 的差異化：一張可個人化、會隨著你的生活與睡眠需求改變而調整的床。早期回饋正面，且表現趨勢高於同類別基準。

Lastly, we launched our first Travis Kelce content last week, alongside expanded influencer activity, both designed to drive awareness and store traffic. We continue to see high engagement on our social content. For example, the Travis Kelce video garnered over 7 million views and high-value engagement, especially in shares and phase.

最後，我們於上週推出第一波 Travis Kelce 相關內容，並同步擴大網紅合作活動，兩者皆旨在提升知名度與帶動門市來客。我們持續看到社群內容的高互動。例如，Travis Kelce 的影片累積超過 700 萬次觀看，且帶來高價值互動，尤其是在分享與「phase」方面。

We continue to expand distribution in a disciplined way. A recent example is our test with Costco. We launched an exclusive online bet at costco.com, and early indications are encouraging through both direct sales and increased visibility in our stores.

我們也持續以審慎方式擴大通路。近期例子是我們與 Costco 的測試合作。我們在 costco.com 上推出獨家線上床款（bet），初步跡象令人鼓舞，無論是直接銷售或是提升門市能見度皆有助益。

We also remain focused on cost discipline. Since the start of 2025, we've identified over USD235 million of annualized savings, USD200 million of which has already been executed. With the cost savings implemented, we expect to stay on track for our EBITDA plan.

我們也持續聚焦成本紀律。自 2025 年初以來，我們已辨識超過 2.35 億美元的年化節省金額，其中 2 億美元已經落實執行。隨著節省成本措施到位，我們預期可持續按計畫達成 EBITDA 目標。

Looking ahead, we are measured in our outlook, consistent with what we said on our last earnings call. April demand was in line with our internal expectations and seasonal trends. We continue to plan conservatively given ongoing consumer uncertainty and macro volatility. That said, we're encouraged by customer response to the new beds and the performance of our refreshed marketing, which continue -- which reinforces confidence in our plans.

展望未來，我們對前景保持審慎，與我們在上一季財報電話會議中所說的一致。4月需求符合我們內部預期與季節性趨勢。鑑於消費者不確定性與總體經濟波動仍在，我們持續以保守方式規劃。儘管如此，我們對客戶對新床款的回饋以及我們更新後行銷的表現感到鼓舞，這些持續的正向反應——也進一步強化了我們對計畫的信心。

As I reflect on my 1-year anniversary as CEO, I want to step back for a moment. When I joined Sleep Number, I saw a powerful brand, a compelling mission and a deeply committed team. I also saw a cost structure, product offering, marketing approach and balance sheet that limited long-term performance.

回顧我擔任執行長滿一週年之際，我想先退一步談談。當我加入 Sleep Number 時，我看到一個強大的品牌、一個具吸引力的使命，以及一支高度投入的團隊。我也看到一個成本結構、產品組合、行銷方式與資產負債表，限制了長期表現。

Over the past year, we've taken meaningful steps to address those challenges, reducing costs, modernizing our marketing and executing the most significant product reset we've had in years. We're confident in our marketing and product execution, and our capital structure is the final major piece of the turnaround that we're focused on solving.

在過去一年，我們已採取具實質意義的步驟來因應這些挑戰，包括降低成本、現代化行銷，並推動我們多年來最重大的產品重整。我們對行銷與產品執行充滿信心，而資本結構是我們專注要解決的最後一個主要轉型拼圖。

Finally, I want to thank our Sleep Number team members. None of this progress happens without your focus, dedication and commitment to quality sleep. I'm grateful for your work and proud of the resilience you show every day.

最後，我要感謝我們 Sleep Number 的團隊成員。沒有你們的專注、投入與對優質睡眠的承諾，這些進展不可能發生。我感謝你們的付出，也為你們每天展現的韌性而感到自豪。

With that, I'll turn it over to Amy.

接下來，我把時間交給 Amy。

Thank you, Linda, and good morning. we are pleased to have finalized negotiations with our lenders that resulted in approximately USD55 million of near-term incremental liquidity through covenant relief and USD25 million of new capital.

謝謝你，Linda，大家早安。我們很高興已完成與貸款方的協商，透過契約條款豁免帶來約 5,500 萬美元的近期新增流動性，並取得 2,500 萬美元的新資金。

As we disclosed in the 10-K, our plan to alleviate the risk to continuing operations was threefold: Number one, execute on the turnaround strategy centered on products, marketing and distribution while rightsizing the fixed cost base; two, engage in negotiations with lenders with the goal of amending or waiving financial covenants; and three, engage financial advisers to identify and secure additional capital and other comprehensive solutions to address the capital structure for the creation of long-term value.

如我們在 10-K 中揭露，為降低持續經營風險，我們的計畫有三個面向：第一，執行以產品、行銷與通路為核心的轉型策略，同時調整固定成本基礎至適當規模；第二，與貸款方展開協商，目標是修訂或豁免財務契約條款；第三，聘請財務顧問以辨識並取得額外資金與其他整體性解決方案，處理資本結構以創造長期價值。

We are progressing well against that plan. As Linda described, the turnaround strategy is well underway. As we head into Memorial Day, our new lineup of products has launched, the stores were fully reset as of April 17, and new marketing creative is live with significantly increased investment in Q2 compared to last year. Additionally, we are executing against our USD50 million annualized cost savings plan, having executed approximately 30% on a year-to-date basis.

我們正按計畫穩健推進。如 Linda 所述，轉型策略已全面展開。在陣亡將士紀念日檔期前夕，我們的新產品陣容已上市，門市已於 4 月 17 日完成全面重整，新的行銷創意也已上線，且第二季的投放相較去年大幅增加。此外，我們正推動每年 5,000 萬美元的成本節省計畫，截至今年迄今已完成約 30%。

Related to the recently executed credit agreement amendment, we were able to alleviate the near-term pressure on liquidity and covenants. The agreement provides for the following: one, a new senior secured term loan facility of USD25 million due June 30, 2026; two, relief from the USD30 million minimum liquidity covenant through June 30, 2026; and three, forbearance by the agent and lenders from exercising their rights under the credit agreement for specified covenant defaults as of April 4.

就近期完成的信貸協議修訂而言，我們得以緩解短期流動性與契約條款的壓力。該協議包含以下內容：第一，新增 2,500 萬美元的優先擔保定期貸款融資，於 2026 年 6 月 30 日到期；第二，將 3,000 萬美元最低流動性契約要求豁免至 2026 年 6 月 30 日；第三，針對截至 4 月 4 日已發生的特定契約違約事項，代理行與貸款方同意暫緩行使其在信貸協議下的權利。

With respect to a long-term solution to our capital structure, we have work to do over the next few months using the short-term relief we received from our lenders. Along with our advisers, we continue to progress plans to finalize the strategic transaction designed to maximize stakeholder value.

就資本結構的長期解決方案而言，未來幾個月我們仍有工作要做，並將運用貸款方提供的短期紓困空間。在顧問團隊協助下，我們持續推進相關計畫，以完成旨在最大化利害關係人價值的策略性交易。

Now let's get into Q1 results, which were consistent with the expectations that we shared on our last earnings call. Net sales were USD319 million in Q1, which was 19% below the same period in the prior year. Note that in Q1, consistent with our plan, investment in media was down 21%.

接著談第一季業績，結果與我們在上一季財報電話會議中分享的預期一致。第一季淨銷售額為 3.19 億美元，較去年同期下降 19%。請注意，第一季依照我們的計畫，媒體投資下降 21%。

In addition, as Linda mentioned, and as we discussed on our last call, demand performance in January and early February was soft. However, we did see sequential improvement across the quarter, culminating with year-over-year demand growth in March, aided by discounting to move legacy SKUs in advance of the launch of new products on March 23.

此外，如 Linda 所提及、也如我們在上次電話會議中討論的，1 月與 2 月上旬的需求表現偏弱。不過，我們確實看到整季逐步改善，並在 3 月達到年對年需求成長；這部分受惠於為在 3 月 23 日新產品上市前清理舊有 SKU 而採取的折扣促銷。

Gross profit margin was 57.9% in the quarter, which was ahead of plan. but 329 basis points below last year, primarily driven by a shift in mix to the new ComfortMode bed and discounting of legacy inventory. As the full line of products are now in the market and as supply of legacy inventory diminishes, we expect that gross margin will improve to at or above historical levels.

本季毛利率為 57.9%，優於計畫，但較去年下降 329 個基點，主要受產品組合轉向新的 ComfortMode 床款以及舊庫存折扣促銷所影響。隨著全系列產品現已上市，且舊庫存供應逐步減少，我們預期毛利率將回升至歷史水準或更高。

Adjusted operating expenses before restructuring and other nonrecurring costs were USD195 million, down USD42 million or 18% year-over-year. The reduction was driven by ongoing cost savings initiatives to rightsize the fixed cost base and lower variable selling expenses. Adjusted EBITDA was USD5.8 million, down USD16 million versus the same period last year.

調整後營業費用（不含重整及其他非經常性成本）為 1.95 億美元，年減 4,200 萬美元或 18%。下降主要來自持續的成本節省措施，以調整固定成本基礎規模並降低變動銷售費用。調整後 EBITDA 為 580 萬美元，較去年同期減少 1,600 萬美元。

Turning to the balance sheet and cash flow, total liquidity, including cash and revolver capacity was USD40 million at the end of Q1, above the USD30 million covenant floor, which remained in place until the execution of the amendment to the credit agreement on April 27. Free cash flow in the quarter was a use of USD13.2 million, which was just over USD20 million favorable to expectations. However, it was unfavorable by USD6 million compared to the prior year, primarily due to top line pressure, partially offset by favorable working capital. Capital expenditures in the quarter were USD5.4 million.

再看資產負債表與現金流，第一季末總流動性（含現金與循環信貸額度可用額度）為 4,000 萬美元，高於 3,000 萬美元的契約下限；該下限在 4 月 27 日完成信貸協議修訂前仍然適用。本季自由現金流為淨流出 1,320 萬美元，較預期好轉略高於 2,000 萬美元。然而，與去年相比則不利 600 萬美元，主要因營收端承壓，部分被有利的營運資金變動所抵銷。本季資本支出為 540 萬美元。

Looking ahead to Q2 and the balance of fiscal year 2026, starting with Q2. The demand improvement in March has translated to sequentially improved year-over-year performance in net sales for the month of April, despite a promotional comparability headwind versus prior year. I expect that our media investment in Q2 will be roughly flat to Q1 but up significantly versus the prior year, which was a trough. Consistent with the indications of performance expectations that we provided on our last earnings call for the quarter, we expect net sales to be down in the range of low single digits to flat versus the prior year.

展望第二季與 2026 會計年度剩餘期間，先從第二季談起。3 月的需求改善已反映在 4 月淨銷售額年對年表現的連續改善上，儘管相較去年同期在促銷可比性上存在不利因素。我預期第二季媒體投資大致與第一季持平，但將顯著高於去年同期（去年為低點）。依照我們在上一季財報電話會議中對本季表現預期所提供的指引，我們預期淨銷售額相較去年將落在小幅個位數下滑至持平的區間。

Given our previously announced engagement of Guggenheim Securities to evaluate strategic and financing options, we will not provide any further financial guidance at this time. But I will say that my expectations of performance are consistent with the indications that we provided on the last earnings call.

鑑於我們先前已宣布委任 Guggenheim Securities 評估策略與融資選項，我們目前不再提供進一步的財務指引。但我可以說，我對表現的預期與我們在上一季財報電話會議中提供的指示一致。

And with that, I will turn it back to the operator for Q&A.

接下來，我把時間交回給主持人進行問答。

(Operator Instructions) Peter Keith, Piper Sandler.

(主持人指示) Peter Keith，Piper Sandler。

Thanks. Good morning, everyone. I wanted to focus on the Q2 because I guess our view has been that there's kind of a lot riding on Q2 to show meaningful improvement as you've got the full product line rolled out, and then the media spend sounds like it should at least be flat or not up year-on-year. So I guess you are guiding sales down slightly in Q2, but how do you feel about the whole plan coming together with the media and the new products and driving positive demand growth over time?

謝謝。各位早安。我想聚焦在第二季，因為我們的看法是，第二季似乎承載著相當多的期待，需要展現明顯改善：你們已推出完整產品線，而媒體支出聽起來至少應該與去年持平或不會年增。所以你們指引第二季銷售小幅下滑，但你們如何看待整體計畫——包含媒體投放與新產品——逐步到位，並在時間推移下帶動需求轉為正成長？

I'll start with that, and then I can turn it over to Amy. So nothing's changed about our media spend plan really for Q2 and beyond based on what we previously said. So we still anticipate, as we said on Q4, an improvement but down, as Amy just sort of illustrated.

我先從這點開始，接著我可以交給 Amy。因此，根據我們先前所說的內容，第二季以及之後的媒體投放計畫基本上沒有任何改變。所以我們仍然預期，如同我們在第四季所說的，會有所改善但仍較去年下滑，正如 Amy 剛才大致說明的那樣。

There is obviously a little bit of bumpiness in the media spend as far as how it's planned. I mean, it would be fairly standard for us to back weight it, given the Memorial Day holiday, which is what we've done. So we are leaning in now that the products are fully set and in market, and that's where most of the media spend is coming together, which is in the coming weeks.

媒體投放在規劃上顯然會有一點起伏。我的意思是，考量到陣亡將士紀念日假期，我們把投放比重放在後段其實相當常見，而我們也確實這麼做了。所以現在在產品已完全就緒並已在市場上架後，我們正加大投入，而大部分的媒體投放會在接下來幾週集中到位。

Okay. And I guess with the new term loan that's due on June 30, is that -- should we think about it as some type of new sort of financial plan or recapitalization should happen by that date?

好的。我想問一下，關於 6 月 30 日到期的新定期貸款，是否應該把它視為在那個日期之前需要完成某種新的財務方案或資本重整？

Yeah, that's the expectation here. So the short maturities, I mean, as we've talked about on the Q1 call and through the script, we've been working towards this goal for months and months. And so we hired advisers, and we've been working in parallel. And so I think given -- I think that we're well positioned to be able to continue to progress those transactions, and our lenders are going to hold us accountable for that.

是的，這就是我們的預期。至於短期到期的部分，如同我們在第一季電話會議以及講稿中談到的，我們已經為了這個目標努力了好幾個月。因此我們聘請了顧問，並且同步推進相關工作。所以我認為，考量到——我認為我們處於有利位置，能夠持續推進這些交易，而我們的放款人也會要求我們對此負責並按進度執行。

Okay. And last question, a popular topic these days is higher input costs that was not mentioned in the prepared remarks. Obviously, there's a lot of other things going on, but how are you managing through that environment right now? Do you have some flexibility around pricing or other cost mitigation efforts?

好的。最後一個問題：近來大家很關注投入成本上升，但在事先準備的發言中沒有提到。顯然還有很多其他事情在進行，不過你們目前如何因應這樣的環境？在定價方面是否有一些彈性，或有其他成本緩解措施？

So I guess I would say that we have a bit of an advantage -- and then I'll turn it over to Amy to talk about more detail, but we have a bit of an advantage in that we just launched a new product line that was priced according to pretty current data when it came to either thinking about tariffs or other macro information. So I think we're in pretty good shape from a consumer standpoint. We'll continue to evaluate how that comes together. We had actually anticipated a certain amount of pressure on inflation anyway just because of the signals we were seeing earlier in the year. So that is already built into the plan as far as price pressure.

我想我會說，我們有一些優勢——接著我會交給 Amy 補充更細節的內容——我們的優勢在於，我們剛推出一條新產品線，其定價是依據相當近期的資料來制定的，無論是在考量關稅或其他總體環境資訊時都是如此。因此我認為從消費者端來看，我們的狀況相當不錯。我們也會持續評估後續的發展。其實我們原本就預期通膨會帶來一定程度的壓力，因為年初我們就看到一些訊號。所以就價格壓力而言，這些已經納入計畫之中。

I mean, we definitely expect to see some headwind. It hasn't changed our view of internal performance expectations. And we're also executing cost savings initiatives against it. And so we expect to be able to hold to our plan despite the input cost

我的意思是，我們確實預期會看到一些逆風。但這並未改變我們對內部績效目標的看法。同時我們也在執行成本節省措施來對沖。因此，儘管投入成本上升，我們仍預期能夠維持既定計畫。

Dan Silverstone, UBS.

Dan Silverstone，瑞銀（UBS）。

Good morning. Thanks so much for taking our question. Amy, could you just provide detail around your liquidity position as of today? And if Memorial Day kind of went to plan, which it sounds like April is trending in line with expectations, what would that mean for the cash flow dynamics in the second quarter?

早安。非常感謝讓我們提問。Amy，你能否提供截至今天你們的流動性狀況細節？另外，如果陣亡將士紀念日的表現大致符合計畫——聽起來 4 月的趨勢也符合預期——那對第二季的現金流動態會意味著什麼？

So I'm not going to comment on our liquidity position as of today. I will say that the support of our lenders -- we're in trough liquidity. I mean, our business goes from President's Day through Memorial Day, and we're investing into new product launch, new creative, new sponsorships with Travis Kelce. And so we're definitely using cash, that should be no surprise, and we got support from our lenders to manage through the liquidity to execute our plans for Memorial Day.

我不會評論我們截至今天的流動性狀況。但我可以說，在放款人的支持下——我們目前正處於流動性低谷。我們的業務從總統日一路延續到陣亡將士紀念日，而我們也在投入新產品上市、新創意素材，以及與 Travis Kelce 的新贊助合作。因此我們確實在使用現金，這不應該令人意外；我們也獲得放款人的支持，以便在流動性管理上度過這段期間並執行陣亡將士紀念日的計畫。

And so what I will say is that we manage liquidity very, very tightly. And as we expect, collections to ramp over the Memorial Day holiday, which is consistent with our plan, and so we worked very closely with our lenders on our forecast. And thus far, we have been at or above the forecast that we provided. So we expect to continue to manage liquidity tightly through Memorial Day selling season.

我還要補充的是，我們對流動性的管理非常、非常嚴謹。而且如我們所預期，收款會在陣亡將士紀念日假期期間加速，這與我們的計畫一致，因此我們也與放款人就預測密切合作。截至目前，我們的表現已達到或高於我們提供的預測。所以我們預期在陣亡將士紀念日銷售旺季期間，會持續嚴格管理流動性。

Very helpful. Next, a very encouraging start with the new product rollout. How many customers that are buying the ComfortMode products just because there's a little more data there, are new to file? And how are they engaging with the brand? And how could you capitalize on that for Memorial Day and later out?

非常有幫助。接著，新產品推出有個非常令人鼓舞的開局。就 ComfortMode 產品而言，因為目前資料稍微多一些，有多少購買 ComfortMode 的客戶是新客（新建檔）？他們如何與品牌互動？你們又如何在陣亡將士紀念日以及之後把握這個機會？

So as we've discussed, before part of the strategy behind the new product launch was to attract new buyers to the products, and we have seen that play out. We're not giving exact numbers on that, but we have seen new buyers coming into the product at a higher rate than previously.

如同我們先前討論的，新產品上市策略的一部分就是吸引新買家，而我們確實看到這點正在發生。我們不會提供確切數字，但我們確實看到新買家進入該產品的比率高於以往。

We love our [smart sleepers] and our existing customers, and we continue to nurture our existing customers as well as obviously upgrading and/or replacing old with new products is a behavior that we also want to encourage. But we're happy with the progress that we've made with new customer acquisition during this time.

我們很喜歡我們的[smart sleepers]以及既有客戶，我們也會持續經營既有客戶；同時，將舊產品升級及／或汰舊換新也是我們希望鼓勵的行為。不過，我們對這段期間在新客獲取方面所取得的進展感到滿意。

Bobby Griffin, Raymond James.

Bobby Griffin，Raymond James。

Good morning, everybody. Thanks for taking the questions. Congrats on some of the early improvements there in March. I guess, Linda, first one to start, because this is the first time you guys have some of the new products out for big holiday as well as your team in place. So maybe can you just elaborate a little bit on how you're approaching the Memorial Day weekend holiday versus historical standards of sleep number? And anything there from a promotional aspect? You talked a little bit about marketing, but just anything more to kind of help us connect how you're going about this holiday season, maybe a little different than what we're used to?

各位早安。感謝讓我們提問。恭喜你們在 3 月出現一些早期改善。我想先問 Linda，因為這是你們第一次在大型假期期間同時推出一些新產品，而且團隊也已就位。所以你能否多談一點，你們在陣亡將士紀念日週末假期的做法，與 Sleep Number 過往的標準相比有何不同？在促銷層面是否有什麼值得注意的？你提到了一些行銷，但是否還有更多內容，能幫助我們理解你們這個假期檔期的操作方式，可能與我們以往所熟悉的有所不同？

Sure. I can give a high level as we go through. But obviously, part of our role and part of our job is to continue to adapt to whatever we see in market. So we will continue to be flexible as we get into the holiday on what's best for the business and what's best for the product.

當然。我可以先提供一個高層次的說明。但很明顯地，我們的角色與工作之一，就是持續因應我們在市場上看到的任何變化。因此，隨著假期臨近，我們會持續保持彈性，採取對業務與產品最有利的做法。

It is very early with the new products. Again, we are encouraged by what we're seeing from the simplified purchase process. both in discoverability as well as people moving into other beds in the line beyond the ComfortMode launch, including our ComfortNext Lux, which we're very proud of. So we're seeing the patterns that we wanted to see when it comes to that. And we are also seeing, as I mentioned in our script, good response to the new brand campaign that we've put out. It's early, so it's trending in the right direction. It takes time for those things to really take hold, but we are seeing good response.

新產品推出的時間還非常早。再次強調，我們對簡化的購買流程所帶來的表現感到鼓舞，無論是在可被發現度方面，或是消費者在 ComfortMode 上市之外，進一步轉向產品線中其他床款的情況，包括我們引以為傲的 ComfortNext Lux。因此，就這方面而言，我們正在看到我們希望看到的模式。同時，如我在講稿中提到的，我們也看到市場對我們推出的新品牌活動有良好回應。目前還在早期階段，但趨勢朝正向發展。這些事情需要時間才能真正發酵，但我們確實看到不錯的反應。

From a promotional standpoint, when we price these beds, when we were creating the new product line, we price these beds very competitively compared to their predecessors. So while they are all premium price points, they are all premium price points that are slightly better than the beds that they replace and also with more comfort materials and value sort of moved into those. So that's really what we're leaning into for our selling for the holiday season is comfort, value durability, as we noted before.

從促銷的角度來看，當我們為這些床墊定價、在打造新的產品線時，我們相較於前一代產品，將這些床墊的價格訂得非常具有競爭力。因此，雖然它們都屬於高端價位帶，但相較於它們所取代的床墊，這些高端價位帶的定價略有改善，同時也加入了更多舒適材料與價值元素。所以，我們在假期銷售季真正著力的重點就是舒適、價值與耐用性，如同我們先前所提到的。

The simplified selling process allows people to try the individual fit process on one of the new beds. So they're trying it on ComfortNext Lux. And that iFIT process has been adapted for the simplified selling process of showing people the best bed for them.

簡化的銷售流程讓消費者可以在其中一款新床墊上體驗個人化貼合流程。因此他們是在 ComfortNext Lux 上進行體驗。而該 iFIT 流程已針對簡化銷售流程進行調整，用以向消費者展示最適合他們的床墊。

As far as promotions, honestly, what we're doing is we're really moving towards what I would call more industry standard promotional approach, which so far has worked well for us. But as I mentioned, we will continue to be flexible on how we think about promotions going into the holiday based on what we see with consumer behavior and the macro environment.

就促銷而言，坦白說，我們正在朝向我所稱的、更符合產業標準的促銷方式轉變，而到目前為止對我們的效果不錯。但如我所提到的，我們會持續保持彈性，依據我們觀察到的消費者行為與總體環境，在進入假期檔期時調整我們對促銷的思考方式。

That's helpful. And then, Amy, maybe a follow-up on the gross margins for the quarter. How much of the decline year-over-year was the discounting of the legacy products? And then my apologies if I missed it in the script, but are we largely done with that discounting? Or will it be done by 2Q? Just anything on the timing of clearing out the legacy products.

這很有幫助。接著，Amy，我想追問一下本季的毛利率。年對年下滑中，有多少是因為舊款產品的折扣促銷？如果我在講稿中漏聽了也先致歉，但我們基本上已經快結束這些折扣了嗎？還是要到第二季才會結束？也請談談清理舊款產品的時間點。

So certainly, supplies on the legacy products are diminishing. We continue to sell the -- I mean, we think it's really important to recover the component inventory costs, and we will continue to sell them until -- while the supplies last, so to speak.

確實，舊款產品的供應量正在減少。我們會持續銷售——我的意思是，我們認為回收零組件庫存成本非常重要，因此在供應仍在的情況下，我們會持續銷售，簡單說就是售完為止。

In the quarter of the, call it, 30 basis point change, the discounting was under 100 basis points of that change. It was really that Q1 because we had launched the ComfortMode bed early in the quarter and had great success with that, sort of outselling versus the prior year. mix shifted in that direction. And I would say closer to half of the basis point difference was as it relates to the mix shift.

在本季所謂約 30 個基點的變動中，折扣促銷對其中的影響不到 100 個基點。主要是第一季我們在季初就推出了 ComfortMode 床墊，且取得很大成功，相較去年銷售更佳，產品組合因此朝那個方向移動。我會說，基點差異中接近一半與產品組合移轉有關。

As we launched the new products on March 23, we expect that mix to evolve and to balance out over time. And so as I noted in my comments, while gross margin was relatively flat on a sequential basis from Q4 to Q1, when you remove the impact of the inventory obsolescence charges that we've taken, we expect that to sequentially improve as mix balances out for the rest of the year.

隨著我們在 3 月 23 日推出新產品，我們預期該產品組合會隨時間演變並逐步趨於平衡。因此如我在評論中所提到的，雖然毛利率從第四季到第一季在季對季基礎上相對持平，但若排除我們已認列的庫存報廢費用影響，我們預期隨著組合在今年其餘時間趨於平衡，毛利率將在季對季上改善。

Brad Thomas, KeyBanc Capital Markets.

Brad Thomas，KeyBanc Capital Markets。

Good morning. Thanks for the questions. I wanted to maybe follow up on one of Bobby's last questions. I know the company historically talked about ARU. Can you maybe share a little bit more detail on how ARU or maybe average ticket or the average transaction size has been trending of late? And how you're thinking about that going forward?

早安。謝謝讓我提問。我想延續 Bobby 最後一個問題追問一下。我知道公司過去常談到 ARU。你能否分享更多細節，說明 ARU 或平均客單價、或平均交易金額近期的趨勢如何？以及你們未來如何看待這個指標？

On a year-over-year basis in Q1, so ARU for the quarter was about USD6,021, which was up slightly versus the last -- versus prior year as we planned. So we have been -- we had planned these new product launches to expand ARU, and we certainly expect continued expansion of ARU as the rest of the product line rolls out. But we did see an improvement quarter-over-quarter versus last year.

以第一季年對年來看，本季 ARU 約為 6,021 美元，依照我們的規劃，較去年略有上升。因此我們——我們規劃這次新產品上市就是要擴大 ARU，而隨著產品線其餘部分陸續推出，我們也確實預期 ARU 會持續擴張。不過，我們也確實看到相較去年有季對季的改善。

And the only other thing I'll note is, I mentioned in the script that when we did the rollout of the new bed starting March 23, stores that were set with the new bed did have a higher 12% higher ARU than the stores that were set with legacy inventory.

另外我想補充的是，我在講稿中提到，從 3 月 23 日開始導入新床墊後，已完成新床墊陳列配置的門市，其 ARU 比仍以舊款庫存配置的門市高出 12%。

And as I mentioned in our previous call, our new product design was really designed to create the right value at the right price point. But now, with ComfortMode being our entry price point into the line and previously having had two beds that were priced below, that obviously also is part of the ARU mix we plan going forward because we will no longer have those lower-end beds. So that's part of the improvement.

如我在上一次電話會議中提到，我們的新產品設計主要是為了在正確的價位帶提供合適的價值。但現在，ComfortMode 成為產品線的入門價位，而過去我們有兩款床墊的定價更低；這顯然也會影響我們未來規劃的 ARU 組合，因為我們將不再提供那些更低端的床墊。因此這也是 ARU 改善的一部分原因。

That's helpful. And then on the sales guidance, this is, of course, with the store count being about 9% lower. So if we try to back into like a same-store sales metric, it looks like that might be up mid- to high single digits for 2Q. Is that the right way of thinking about things?

這很有幫助。接著關於銷售指引，當然目前門市數量約少了 9%。所以如果我們試著回推類似同店銷售的指標，看起來第二季可能會有中到高個位數的成長。這樣理解對嗎？

I mean, so we definitely -- so we're definitely expecting through the Memorial Day season of return to demand growth like we saw in March. And so I think that's -- I think overall, as I mentioned, will be down low single digits to flat from a net revenue perspective in the quarter. And so later in the quarter through Memorial Day, you might see a return to growth in same-store sales. That's kind of how I think about it.

我的意思是，我們確實——我們確實預期在陣亡將士紀念日檔期前後，需求成長會回到像 3 月那樣的表現。因此我認為——整體而言，如我所提到的，以本季淨營收角度來看，可能會是低個位數下滑到持平。因此在本季後段、直到陣亡將士紀念日，你可能會看到同店銷售回到成長。我大致是這樣看待的。

And then just the last one for me. On 2Q, is there still a quantifiable amount of launch costs falling into 2Q, just as we think about expense puts and takes here?

最後一題。關於第二季，是否仍有可量化的一部分上市（launch）成本會落在第二季，讓我們在評估費用增減時可以納入考量？

For the most part, I would say as I think about launch costs, I think about inventory obsolescence, which I feel like is behind us, we took the biggest piece of that in Q4, which we talked about on the last call, we had a bit more not to the magnitude that we took in Q4, a little bit more in Q1. I would say that from a creative perspective, those costs have been borne already. And so I would say that it is -- there are some in Q2, but not to the magnitude that they were in Q1.

大致上，我會說當我談到上市成本時，我主要想到的是庫存報廢，我覺得這部分已經過去了；我們在第四季認列了最大的一筆，這在上次電話會議也談過，第一季還有一些，但規模不如第四季那麼大。我會說從創意製作（creative）的角度來看，那些成本已經承擔完畢。因此我會說第二季仍會有一些，但不會像第一季那麼多。

As we have no further questions, ladies and gentlemen, this will conclude today's question-and-answer session. I'd like to turn the conference back over to Linda for any closing comments.

由於沒有進一步的問題，各位女士先生，今天的問答環節到此結束。我想把電話會議交回給 Linda，請她做任何結語。

Thank you all for your time today. We remain focused on the work ahead, and I look forward to updating you on our continued progress in the coming months. As always, if you have questions, please contact us directly. Thank you.

感謝各位今天撥冗參與。我們仍專注於接下來的工作，也期待在未來幾個月向各位更新我們持續取得的進展。一如往常，如有問題，請直接與我們聯繫。謝謝。

This concludes today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位加入。您現在可以掛線。