Urges Shareholders to Protect Value of Investment By Voting on WHITE
Proxy Card
MINNEAPOLIS--(BUSINESS WIRE)--Apr. 28, 2015--
Select Comfort Corporation (NASDAQ:SCSS) today sent a letter to its
shareholders highlighting its continued strong financial performance and
the superior shareholder returns resulting from its consumer-driven
innovation strategy.
The full text of the letter is below:
April 28, 2015
Dear Fellow Shareholder,
One year ago, on the Company’s first quarter 2014 earnings call, Select
Comfort President and Chief Executive Officer, Shelly Ibach, stated that
we expected our growth initiatives and related investments to strengthen
Select Comfort’s competitive advantages while delivering increased
profitability and shareholder returns. On April 22, 2015, Select Comfort
released its financial results for the first quarter of 2015 and the
results show that the Company is delivering on its stated expectations.
As announced in our first quarter earnings release, Select Comfort
reported:
-
RECORD quarterly net sales of $350 million, an increase of 27%
versus prior year, with comparable sales up 22% and 6 points of growth
from net new store additions;
-
INCREASED gross profit to $216 million, up 26% from prior year;
-
LEVERAGED operating expenses by 350 basis points versus prior
year;
-
INCREASED operating income, which grew 69% to $44 million, or
12.5% of net sales, a 320 basis point improvement versus the prior
year’s first quarter; and
-
RECORD quarterly earnings per diluted share of $0.54, an
increase of 74% versus prior year.
Select Comfort’s record-setting first quarter financial results clearly
demonstrate that the consumer-driven innovation strategy and
vertically-integrated business model, developed and implemented by your
Board and management team, continues to gain traction and drive record
results.
With better than expected performance from our
growth initiatives and operational improvements in the first quarter, we
have increased our 2015 full-year earnings per share guidance by $0.05
to $1.35
YOU HAVE AN IMPORTANT ROLE IN ENSURING THE CONTINUED EXECUTION AND
SUPERIOR RESULTS OF SELECT COMFORT’S STRATEGY
At the upcoming Annual Meeting on May 22, 2015, you will be asked to
vote about the future strategic direction of Select Comfort. At the
meeting, Blue Clay Capital Partners CO III LP (together with its
affiliates and related parties, “Blue Clay”) is seeking to elect its own
slate of two director candidates to advance risky and poorly conceived
changes to Select Comfort’s strategy.
We urge you to vote the WHITE card to support the continued
successful execution of Select Comfort’s carefully considered and
transformational consumer-driven innovation strategy, which continues to
gain momentum and deliver excellent financial results and shareholder
returns. The impact of our strategy is evident in our trailing
twelve-month results1, including:
-
Net sales of $1.23 billion, up 26% from the prior twelve-month
period;
-
Net operating profit of $120 million, up 47%;
-
EBITDA of $171 million, up 45%;
-
Earnings per share of $1.492, up 54%; and
-
ROIC of 16.5% on a 14% higher average invested capital base.
Select Comfort’s performance has resulted in Total Shareholder
Returns that have exceeded returns delivered by the S&P 400 Specialty
Stores Index and Select Comfort’s peers during relevant time periods5.
Your Board is committed to delivering continued strong financial
results and superior shareholder value. We are on track to
achieve our goal of more than doubling EPS to $2.75 in five years.
THE SELECT COMFORT BOARD PROVIDES ACTIVE OVERSIGHT OF THE COMPANY’S
STRATEGY AND IS FOCUSED ON ENHANCING SHAREHOLDER VALUE
The Select Comfort Board is independent, diverse and provides rigorous
oversight of the Company’s strategic direction and management’s
performance. Your Board consists of nine highly‐qualified directors,
eight of whom are independent and four of whom have been added since
2011.
Your Board is actively engaged with and oversees Select Comfort’s
experienced senior management team in the execution of the Company’s
strategic plan. We urge you to use the WHITE proxy card to vote “FOR
ALL” of Select Comfort’s independent, experienced and highly qualified
director nominees to the Board of Directors: Daniel I. Alegre, Stephen
L. Gulis, Jr. and Brenda J. Lauderback.
Blue Clay has, however, targeted two of Select Comfort’s highly
qualified directors, Steve Gulis and Brenda Lauderback, for replacement
with its own nominees.
-
Stephen Gulis is chair of our Board’s Audit Committee and one
of two directors who meet the SEC standards as an audit committee
financial expert. Mr. Gulis also brings to our Board significant
experience in risk management, global operations and product sourcing.
Mr. Gulis also, by virtue of his significant experience in information
systems implementations, is paramount to the Board’s oversight of our
ERP implementation, which will be in its most crucial phase in the
second half of 2015. Replacing Mr. Gulis with someone who is not a
financial expert and without any experience or knowledge of Select
Comfort’s ERP implementation would cause shareholders to lose a highly
valued Board member during a crucial phase of this strategic
initiative. Vote the WHITE card FOR Stephen Gulis.
-
Brenda Lauderbackis chair of our Board’s Corporate
Governance and Nominating Committee and has extensive public company
board experience. Ms. Lauderback has led progressive Board
effectiveness actions, including a succession planning process that
has resulted in four new directors in the last four years.
Ms. Lauderback also brings to our Board extensive executive management
experience with prominent national retailers. Replacing Ms. Lauderback
with either Blue Clay candidate would mean the loss of extensive
public company board experience, directly relevant retail executive
management experience and would significantly reduce the gender and
ethnic diversity of our Board. Gender diversity is particularly
important to our Board, given our consumer innovation strategy and
target customer. Vote the WHITE card FOR Brenda Lauderback.
-
Blue Clay nominees are NOT qualified. The Blue Clay nominees
have NO:
-
Relevant public company board experience;
-
Executive management experience with a company our size;
-
ERP implementation experience;
-
Global operations or supply chain expertise;
-
Expertise in board effectiveness or governance; nor
-
Proven skills or experiences that supplant those of the Company’s
nominees which are critical to the Company’s strategic initiatives.
Vote “FOR ALL” of Select Comfort’s highly qualified nominees.
-
Proven expertise and contributions. Each of the Company’s
nominees brings a track record of success and proven accomplishments
in areas relevant to our business, as well as unique perspectives from
their individual areas of expertise. Their contributions are regularly
evaluated relative to the needs of the business today and for the
future. Each of the Company’s nominees is a strong and independent
contributor to our Board and is critical to the Company’s
transformation to deliver sustainable profitable growth. Vote “FOR
ALL” of Select Comfort’s highly qualified nominees.
As you consider your vote, we ask you as fellow shareholders to
consider seriously whether you want a board with far less experience in
critical investment areas, less diversity and no relevant experience of
serving on the board of a public company.
Your vote is extremely important, no matter how many or how few shares
you own. Whether or not you plan to attend the Annual Meeting, you have
the opportunity to support our value creation strategy by voting the WHITE
proxy card. We urge you to vote today by Internet, by telephone or by
signing and dating the enclosed WHITE proxy card and returning it
in the postage-paid envelope provided.
On behalf of your Board, we thank you for your continued support of
Select Comfort.
Sincerely,
/s/
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/s/
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Jean-Michel Valette
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Shelly Ibach
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Chairman of the Board
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President & Chief Executive Officer
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SLEEP NUMBER® setting 35
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SLEEP NUMBER® setting 40
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If you have questions or need assistance in voting your shares,
please call:
Georgeson
480 Washington Boulevard, 26th Floor
Jersey City, NJ 07310
(800) 561-3991 (Toll Free)
e-mail: selectcomfort@georgeson.com
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SELECT COMFORT CORPORATION AND SUBSIDIARIES
|
Earnings before Interest, Taxes, Depreciation and Amortization
(Adjusted EBITDA)
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
We define earnings before interest, taxes, depreciation and
amortization ("Adjusted EBITDA") as net income plus: income tax
expense, interest expense, depreciation and amortization,
stock-based compensation and asset impairments. Management
believes Adjusted EBITDA is a useful indicator of our financial
performance and our ability to generate cash from operating
activities. Our definition of Adjusted EBITDA may not be
comparable to similarly titled definitions used by other
companies. The table below reconciles Adjusted EBITDA, which is a
non-GAAP financial measure, to the comparable GAAP financial
measure:
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Trailing-Twelve Months Ended
|
|
|
|
|
April 4,
|
|
March 29,
|
|
|
April 4,
|
|
March 29,
|
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
28,799
|
|
$
|
16,992
|
|
|
|
$
|
79,781
|
|
$
|
53,602
|
Income tax expense
|
|
|
|
|
15,079
|
|
|
8,912
|
|
|
|
|
40,301
|
|
|
27,995
|
Interest expense
|
|
|
|
|
10
|
|
|
10
|
|
|
|
|
53
|
|
|
47
|
Depreciation and amortization
|
|
|
|
|
10,544
|
|
|
8,885
|
|
|
|
|
40,426
|
|
|
32,151
|
Stock-based compensation
|
|
|
|
|
2,782
|
|
|
(108
|
)
|
|
|
|
9,688
|
|
|
3,692
|
Asset impairments
|
|
|
|
|
209
|
|
|
3
|
|
|
|
|
703
|
|
|
100
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
$
|
57,423
|
|
$
|
34,694
|
|
|
|
$
|
170,952
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|
$
|
117,587
|
|
Note -
|
Our Adjusted EBITDA calculation is considered a non-GAAP financial
measure and is not in accordance with, or preferable to, "as
reported," or GAAP financial data. However, we are providing this
information as we believe it facilitates analysis of the Company's
financial performance by investors and financial analysts.
|
|
GAAP -
|
generally accepted accounting principles in the U.S.
|
|
|
|
SELECT COMFORT CORPORATION AND SUBSIDIARIES
|
Calculation of Return on Invested Capital (ROIC)
|
(in thousands)
|
|
|
|
|
|
|
|
ROIC is a financial measure that we use which quantifies the return
we earn on our invested capital. We compute ROIC as outlined below.
Management believes ROIC is a useful metric for investors and
financial analysts. Our definition and calculation of ROIC may not
be comparable to similarly titled definitions and calculations used
by other companies. The tables below reconcile net operating profit
after taxes (NOPAT) and total invested capital, which are non-GAAP
financial measures, to the comparable GAAP financial measures:
|
|
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|
|
Trailing-Twelve Months Ended
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|
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April 4, 2015
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|
March 29, 2014
|
Net operating profit after taxes (NOPAT)
|
|
|
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Operating income
|
|
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$
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119,669
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|
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$
|
81,263
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Add: Rent expense 1 |
|
|
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59,592
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51,418
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Add: Interest income
|
|
|
|
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466
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|
|
|
383
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Less: Depreciation on capitalized operating leases 2 |
|
|
|
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(14,761
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)
|
|
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(13,248
|
)
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Less: Income taxes 3 |
|
|
|
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(55,697
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)
|
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(40,963
|
)
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NOPAT
|
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$
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109,269
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$
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78,853
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|
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|
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Average invested capital
|
|
|
|
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Total equity
|
|
|
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$
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270,254
|
|
|
$
|
232,123
|
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Less: Cash greater than target 4 |
|
|
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(36,125
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)
|
|
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(22,848
|
)
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Add: Long-term debt 5 |
|
|
|
|
-
|
|
|
|
-
|
|
Add: Capitalized operating lease obligations 6 |
|
|
|
|
476,736
|
|
|
|
411,344
|
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Total invested capital at end of period
|
|
|
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$
|
710,865
|
|
|
$
|
620,619
|
|
|
|
|
|
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Average invested capital 7 |
|
|
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$
|
661,708
|
|
|
$
|
580,352
|
|
|
|
|
|
|
|
|
Return on invested capital (ROIC) 8 |
|
|
|
|
16.5
|
%
|
|
|
13.6
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%
|
|
1
|
|
Rent expense is added back to operating income to show the impact of
owning versus leasing the related assets.
|
|
2
|
|
Depreciation is based on of the average of the last five fiscal
quarters' ending capitalized operating lease obligations (see note
6) for the respective reporting periods with an assumed thirty-year
useful life. This is subtracted from operating income to illustrate
the impact of owning versus leasing the related assets.
|
|
3
|
|
Reflects annual effective income tax rates, before discrete
adjustments, of 33.8% and 34.2% for 2015 and 2014, respectively.
|
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4
|
|
Cash greater than target is defined as cash, cash equivalents and
marketable debt securities less customer prepayments in excess of
$100 million.
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5
|
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Long-term debt includes existing capital lease obligations.
|
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6
|
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A multiple of eight times annual rent expense is used as an estimate
of capitalizing our operating lease obligations. The methodology
utilized aligns with the methodology of a nationally recognized
credit rating agency.
|
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7
|
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Average invested capital represents the average of the last five
fiscal quarters' ending invested capital balances.
|
|
8
|
|
ROIC equals NOPAT divided by average invested capital.
|
|
|
|
Note -
|
Our ROIC calculation and data are considered non-GAAP financial
measures and are not in accordance with, or preferable to, GAAP
financial data. However, we are providing this information as we
believe it facilitates analysis of the Company's financial
performance by investors and financial analysts.
|
|
GAAP -
|
generally accepted accounting principles in the U.S.
|
About Select Comfort Corporation
SLEEP NUMBER, a sleep innovation leader, delivers unparalleled sleep
experiences by offering high-quality, innovative sleep products and
services. The company is the exclusive designer, manufacturer, marketer,
retailer and servicer of a complete line of Sleep Number® beds including
our newest addition, the SleepIQ Kids™ bed. Only the Sleep Number bed
offers SleepIQ® technology – proprietary sensor technology that works
directly with the bed’s DualAir™ system to track and monitor each
individual’s sleep. SleepIQ technology communicates how you slept and
what adjustments you can make to optimize your sleep and improve your
daily life. Sleep Number also offers a full line of exclusive sleep
products including FlexFit™ adjustable bases and Sleep Number® pillows,
sheets and other bedding products. Consumers also benefit from a unique,
value-added retail experience at one of the more than 460 Sleep Number®
stores across the country, online at SleepNumber.com, or via phone at
(800) Sleep Number or (800) 753-3768.
Important Additional Information and Where to Find It
The Company has filed a proxy statement on Schedule 14A and other
relevant documents with the Securities and Exchange Commission (“SEC”)
in connection with the solicitation of proxies for its 2015 Annual
Meeting of Shareholders or any adjournment or postponement thereof (the
“2015 Annual Meeting”) and has mailed a definitive proxy statement and a
WHITE proxy card to each shareholder of record entitled to vote at the
2015 Annual Meeting. SHAREHOLDERS ARE STRONGLY ADVISED TO READ THE
COMPANY’S 2015 PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS
THERETO) AND ANY OTHER DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders
may obtain a free copy of the 2015 proxy statement, any amendments or
supplements to the proxy statement and other documents that the Company
files with the SEC from the SEC’s website at www.sec.gov
or the Company’s website at http://www.sleepnumber.com/investor-relations
as soon as reasonably practicable after such materials are
electronically filed with, or furnished to, the SEC.
Certain Information Regarding Participants in Solicitation
The Company, its directors, its executive officers and its nominees for
election as director may be deemed participants in the solicitation of
proxies from shareholders in connection with the matters to be
considered at the Company’s 2015 Annual Meeting. Information regarding
the persons who may, under the rules of the SEC, be considered
participants in the solicitation of Company shareholders in connection
with the 2015 Annual Meeting, and their direct or indirect interests, by
security holdings or otherwise, which may be different from those of the
Company’s shareholders generally, are set forth in the Company’s
definitive proxy statement for the 2015 Annual Meeting on Schedule 14A
that has been filed with the SEC and the other relevant documents filed
with the SEC.
Forward-looking Statements
Statements used in this news release relating to future plans, events,
financial results, management or performance are forward-looking
statements within the meaning of the Securities Act of 1933 and the
Securities Exchange Act of 1934 and are subject to certain risks and
uncertainties including, among others, such factors as current and
future general and industry economic trends and consumer confidence; the
effectiveness of our marketing messages; the efficiency of our
advertising and promotional efforts; our ability to execute our
company-controlled distribution strategy; our ability to achieve and
maintain acceptable levels of product and service quality, and
acceptable product return and warranty claims rates; our ability to
continue to improve and expand our product line; consumer acceptance of
our products, product quality, innovation and brand image; industry
competition, the emergence of additional competitive products, and the
adequacy of our intellectual property rights to protect our products and
brand from competitive or infringing activities; availability of
attractive and cost-effective consumer credit options; pending and
unforeseen litigation and the potential for adverse publicity associated
with litigation; our “just-in-time” manufacturing processes with minimal
levels of inventory, which may leave us vulnerable to shortages in
supply; our dependence on significant suppliers and our ability to
maintain relationships with key suppliers, including several sole-source
suppliers; the vulnerability of key suppliers to recessionary pressures,
labor negotiations, liquidity concerns or other factors; rising
commodity costs and other inflationary pressures; risks inherent in
global sourcing activities; risks of disruption in the operation of
either of our two primary manufacturing facilities; increasing
government regulations, which have added or will add cost pressures and
process changes to ensure compliance; the adequacy of our management
information systems to meet the evolving needs of our business and to
protect sensitive data from potential cyber threats; the costs,
distractions and potential disruptions to our business related to
upgrading our management information systems; our ability to attract,
retain and motivate qualified management, executive and other key
employees, including qualified retail sales professionals and managers;
and uncertainties arising from global events, such as terrorist attacks
or a pandemic outbreak, or the threat of such events. Additional
information concerning these and other risks and uncertainties is
contained in the company’s filings with the Securities and Exchange
Commission (SEC), including the Annual Report on Form 10-K, and other
periodic reports filed with the SEC. The company has no obligation to
publicly update or revise any of the forward-looking statements in this
letter.
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SELECT COMFORT CORPORATION AND SUBSIDIARIES
|
Earnings before Interest, Taxes, Depreciation and Amortization
(Adjusted EBITDA)
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
We define earnings before interest, taxes, depreciation and
amortization ("Adjusted EBITDA") as net income plus: income tax
expense, interest expense, depreciation and amortization,
stock-based compensation and asset impairments. Management believes
Adjusted EBITDA is a useful indicator of our financial performance
and our ability to generate cash from operating activities. Our
definition of Adjusted EBITDA may not be comparable to similarly
titled definitions used by other companies. The table below
reconciles Adjusted EBITDA, which is a non-GAAP financial measure,
to the comparable GAAP financial measure:
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Three Months Ended
|
|
Trailing-Twelve Months Ended
|
|
|
|
|
April 4,
|
|
March 29,
|
|
|
April 4,
|
|
March 29,
|
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
28,799
|
|
$
|
16,992
|
|
|
|
$
|
79,781
|
|
$
|
53,602
|
Income tax expense
|
|
|
|
|
15,079
|
|
|
8,912
|
|
|
|
|
40,301
|
|
|
27,995
|
Interest expense
|
|
|
|
|
10
|
|
|
10
|
|
|
|
|
53
|
|
|
47
|
Depreciation and amortization
|
|
|
|
|
10,544
|
|
|
8,885
|
|
|
|
|
40,426
|
|
|
32,151
|
Stock-based compensation
|
|
|
|
|
2,782
|
|
|
(108
|
)
|
|
|
|
9,688
|
|
|
3,692
|
Asset impairments
|
|
|
|
|
209
|
|
|
3
|
|
|
|
|
703
|
|
|
100
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
$
|
57,423
|
|
$
|
34,694
|
|
|
|
$
|
170,952
|
|
$
|
117,587
|
|
|
|
|
|
|
|
|
|
|
|
|
Note -
|
Our Adjusted EBITDA calculation is considered a non-GAAP financial
measure and is not in accordance with, or preferable to, "as
reported," or GAAP financial data. However, we are providing this
information as we believe it facilitates analysis of the Company's
financial performance by investors and financial analysts.
|
|
|
GAAP -
|
generally accepted accounting principles in the U.S.
|
|
|
|
|
|
SELECT COMFORT CORPORATION AND SUBSIDIARIES
|
Calculation of Return on Invested Capital (ROIC)
|
(in thousands)
|
|
|
|
|
|
|
|
ROIC is a financial measure that we use which quantifies the return
we earn on our invested capital. We compute ROIC as outlined below.
Management believes ROIC is a useful metric for investors and
financial analysts. Our definition and calculation of ROIC may not
be comparable to similarly titled definitions and calculations used
by other companies. The tables below reconcile net operating profit
after taxes (NOPAT) and total invested capital, which are non-GAAP
financial measures, to the comparable GAAP financial measures:
|
|
|
|
|
|
|
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|
|
|
|
|
|
Trailing-Twelve Months Ended
|
|
|
|
|
April 4,
2015
|
|
March 29,
2014
|
Net operating profit after taxes (NOPAT)
|
|
|
|
|
|
|
Operating income
|
|
|
|
$
|
119,669
|
|
|
$
|
81,263
|
|
Add: Rent expense 1 |
|
|
|
|
59,592
|
|
|
|
51,418
|
|
Add: Interest income
|
|
|
|
|
466
|
|
|
|
383
|
|
Less: Depreciation on capitalized operating leases 2 |
|
|
|
|
(14,761
|
)
|
|
|
(13,248
|
)
|
Less: Income taxes 3 |
|
|
|
|
(55,697
|
)
|
|
|
(40,963
|
)
|
NOPAT
|
|
|
|
$
|
109,269
|
|
|
$
|
78,853
|
|
|
|
|
|
|
|
|
Average invested capital
|
|
|
|
|
|
|
Total equity
|
|
|
|
$
|
270,254
|
|
|
$
|
232,123
|
|
Less: Cash greater than target 4 |
|
|
|
|
(36,125
|
)
|
|
|
(22,848
|
)
|
Add: Long-term debt 5 |
|
|
|
|
-
|
|
|
|
-
|
|
Add: Capitalized operating lease obligations 6 |
|
|
|
|
476,736
|
|
|
|
411,344
|
|
Total invested capital at end of period
|
|
|
|
$
|
710,865
|
|
|
$
|
620,619
|
|
|
|
|
|
|
|
|
Average invested capital 7 |
|
|
|
$
|
661,708
|
|
|
$
|
580,352
|
|
|
|
|
|
|
|
|
Return on invested capital (ROIC) 8 |
|
|
|
|
16.5
|
%
|
|
|
13.6
|
%
|
|
|
|
|
|
|
|
1 |
|
Rent expense is added back to operating income to show the impact of
owning versus leasing the related assets.
|
|
|
|
2 |
|
Depreciation is based on of the average of the last five fiscal
quarters' ending capitalized operating lease obligations (see note
6) for the respective reporting periods with an assumed thirty-year
useful life. This is subtracted from operating income to illustrate
the impact of owning versus leasing the related assets.
|
|
|
|
3 |
|
Reflects annual effective income tax rates, before discrete
adjustments, of 33.8% and 34.2% for 2015 and 2014, respectively.
|
|
|
|
4 |
|
Cash greater than target is defined as cash, cash equivalents and
marketable debt securities less customer prepayments in excess of
$100 million.
|
|
|
|
5 |
|
Long-term debt includes existing capital lease obligations.
|
|
|
|
6
|
|
A multiple of eight times annual rent expense is used as an estimate
of capitalizing our operating lease obligations. The methodology
utilized aligns with the methodology of a nationally recognized
credit rating agency.
|
|
|
|
7 |
|
Average invested capital represents the average of the last five
fiscal quarters' ending invested capital balances.
|
|
|
|
8 |
|
ROIC equals NOPAT divided by average invested capital.
|
|
|
|
Note -
|
Our ROIC calculation and data are considered non-GAAP financial
measures and are not in accordance with, or preferable to, GAAP
financial data. However, we are providing this information as we
believe it facilitates analysis of the Company's financial
performance by investors and financial analysts.
|
|
|
GAAP -
|
generally accepted accounting principles in the U.S.
|
|
|
1 |
|
Trailing 12 months to the end of the first fiscal quarter of 2015
|
2
|
|
Represents summation of quarterly earnings per share for the
trailing four quarters
|
3 |
|
See page 6 for reconciliation of non-GAAP measure
|
4 |
|
See page 7 for reconciliation of non-GAAP measure
|
5 |
|
Return calculations reflect the one-year, three-year or five-year
fiscal periods plus one additional fiscal quarter.
|
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20150428007089/en/
Source: Select Comfort Corporation
Investor:
Select Comfort Corporation
Dave Schwantes,
(763) 551-7498
investorrelations@selectcomfort.com
or
Georgeson
Inc.
Steven Pantina, (201) 222-4229
Senior Managing Director
spantina@georgeson.com
or
Media:
Joele
Frank, Wilkinson Brimmer Katcher
Tim Lynch / Scott Bisang
(212)
355-4449