Transcription
.Sleep Number Corporation (SNBR)s ReportSleepl a Wel\nes193-- -7.4S.16316March 2020
Forward‐Looking StatementsStatements used in this news release relating to future plans, events, financial results or performance are forward‐looking statements subject to certain risks and uncertaintiesincluding, among others, such factors as current and future general and industry economic trends and consumer confidence; the effectiveness of our marketing messages; theefficiency of our advertising and promotional efforts; our ability to execute our company‐controlled distribution strategy; our ability to achieve and maintain acceptable levels ofproduct and service quality, and acceptable product return and warranty claims rates; our ability to continue to improve and expand our product line; consumer acceptance ofour products, product quality, innovation and brand image; industry competition, the emergence of additional competitive products, and the adequacy of our intellectualproperty rights to protect our products and brand from competitive or infringing activities; claims that our products, processes, advertising, or trademarks infringe theintellectual property rights of others; availability of attractive and cost‐effective consumer credit options; pending and unforeseen litigation and the potential for adversepublicity associated with litigation; our manufacturing processes with minimal levels of inventory, which may leave us vulnerable to shortages in supply; our dependence onsignificant suppliers and third parties and our ability to maintain relationships with key suppliers or third‐parties, including several sole‐source suppliers or providers of services;rising commodity costs and other inflationary pressures; risks inherent in global sourcing activities, including tariffs, pandemics, strikes, and the potential for shortages in supply;risks of disruption in the operation of our main manufacturing facilities or assembly distribution facilities; increasing government regulation; the adequacy of our and third‐partyinformation systems to meet the evolving needs of our business and existing and evolving risks and regulatory standards applicable to data privacy and security; the costs andpotential disruptions to our business related to upgrading our management information systems; the vulnerability of our and third‐party information systems to attacks byhackers or other cyber threats that could compromise the security of our systems, result in a data breach or disrupt our business; and our ability to attract, retain and motivatequalified management, executive and other key team members, including qualified retail sales professionals and managers. Additional information concerning these and otherrisks 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 periodicreports filed with the SEC. The company has no obligation to publicly update or revise any of the forward‐looking statements in this news release. 2020 Sleep Number2
CONTENTSP U R P O S E D R I V E N C O M PA N YP E R F O R M A N C E R E S U LT SPERFORMANCE DRIVERS
A Company With PurposeOURMISSIONTo improve livesby individualizingsleep experiencesOURVISIONTo become one of the world’smost beloved brands bydelivering an unparalleledsleep experienceCONSUMER INNOVATIONSTRATEGYPERFORMANCEDRIVERSPurpose driven companyfocused on health andwellness Increasing consumer demand Leveraging the business model Deploying capital efficientlySuperior Shareholder ReturnsTightly integrated vertical model and culture drives innovation and continuous improvement4
Sleep Number is Linking Quality Sleep to Health and WellbeingThe lines between Consumer and Health markets are blurringRETAILBroad consumer trends are converging Wellbeing increasingly importantCONSUMEROPPORTUNITYHEALTH Consumers expectation of a relationship with brands they trust Growing consumerism in healthcare Digital health tools will help manage wellness Frequent data insights to help monitor health progress Individualized solutions based on aggregated dataTECHNOLOGYThe Sleep Number 360 smart bed is revolutionizing wellbeing with life‐changing sleepIndividualizedWellbeingInnovation Sense and do ‐ Responsive Air technology sensesyour movements and automatically adjusts firmnesson both sides Proven quality sleep ‐ Nearly 100 additional hours ofquality sleep each year with 360 smart bed* Revolutionary 360 smart beds ‐ Benefit from 700 million sleepsessions SleepIQ insights are actionable and accurate SleepIQ wellness reports ‐ Link quality sleep toimproved wellness outcomes SleepIQ longitudinal database is one of most comprehensive in theworld; 10 billion biometric data points/nightSleepIQ technology inside 360 smart bed measuresheart rate, breathing and movement – SleepIQ score Mayo Clinic collaboration to advance sleep science and cardiovascularmedicine* Sleepers who routinely use the features of their Sleep Number 360 smart beds, including their SleepIQ insights, improve their quality sleep by over 15 minutes per night – nearly 100 more hours of quality sleep each year.5
Sleep Number Innovations Targeting 30‐40B Sleep Health EconomyTRADITIONAL MATTRESS MARKETDriven by household growth Low consumer interest category, long purchase cycle Ma ress one of last solu ons for improved sleep Price/commodity‐driven “sea of sameness” Proliferation of bed‐in‐a‐box brands and low‐costimports ( 1,000)Mattresses, beddingand bases 21BSleep SolutionsSleep and Health Sleep as aid to aging and recovery Data to diagnose and track healthissues360 smart bedSleep trackersSleep temperature managementStress and anxiety management Industry growth of 4‐6% on average over last 20 yearsBROADER SLEEP HEALTH ECONOMYDriven by consumer trends, enabled by technology High and growing consumer engagement Society beginning to understand importance of sleep to overall health and wellbeing Proven sleep benefits differen ate and drive consumer choice; data quality ma ers Sleep health economy growing at more than 8% per year Aging population with greater care needs will drive growth; by 2030, 20% of US population will be 65 (15% in 2015)6
CONTENTSP U R P O S E D R I V E N C O M PA N YP E R F O R M A N C E R E S U LT SPERFORMANCE DRIVERS
Total Shareholder Return (TSR)Trailing 5, 3 and 1‐year periods through February 21, 20205‐YEAR TSR3‐YEAR TSR1‐YEAR TSR(2/23/2015 – 2/21/2020)(2/22/2017 – 2/21/2020)(2/22/2019 – 2/21/2020)141%79%43%26%Sleep NumberPeers*Sleep NumberPeers*(20%)(37%)S&P 400 Specialty Stores Index29%Sleep Number(2%)(12%)Peers*S&P 400 Specialty Stores IndexS&P 400 Specialty Stores Index*Seecomposition of our industry peer group on page 49 of the Company’s Definitive Proxy Statement filed on 4/2/198
Unparalleled Innovation is Propelling Growth and ProfitabilityEPSN E T S A L ES in millions 1,698 1,214 1,311 1,444 1,532 2.70 1.92 1.5520152016201720182019 0.97 1.1020152016 166 14614.3%11.2%201520162017NOTE: See appendix for reconciliation of non‐GAAP financial measures2019(Return on Invested Capital) 190 1332018RO I CE B I T DA 16920172018201916.0%17.8%12.2% 727 700 686 7192015201620172018Average invested capital ( in millions) 75720199
Committed to Long‐Term Sustained Performance2020Through 2025High single‐digit growth6 to 9% growth CAGRGross Margin 25 to 50 bpTargeting 62 to 64%Net OperatingProfitModest leverageExpect low double‐digitincremental NOP flow through 3.10 ( 15% growth) 2X sales growthNet SalesEPSROIC and LeverageAt least mid‐teen ROIC / Target leverage 2.5‐3x EBITDARContinuing to pursue breakthrough performance by prioritizing investments in our near‐ and long‐term growth drivers10
CONTENTSP U R P O S E D R I V E N C O M PA N YP E R F O R M A N C E R E S U LT SPERFORMANCE DRIVERS
PERFORMANCE DRIVERSINCREASINGCONSUMER DEMAND Proprietary sleep innovations Longitudinal data Life-long customer relationships Brand communications Exclusive direct-to-consumer distributionLEVERAGINGTHE BUSINESS MODEL Digital technology and automation Total quality Supply chain network evolutionDEPLOYINGC A P I TA L E F F I C I E N T LY Prioritizing growth and high-return investments with sufficient liquidity Investing in Sleep Number stock with excess cash Delivering at least mid-teen ROIC and compelling TSR
360 Smart Bed Senses Sleeper’s Individual Biometrics to Effortlessly Optimize SleepS l e e p I Q Te c h n o l o g y P l a t f o r m w i t h a n A d v a n c e d I o T A r c h i t e c t u r eBEDNETWORKCLOUDLongitudinal biometric datavia 360 smart bed sensortechnologyReal time interactions delivereffortless adjustability andpersonalized insightsLongitudinal biometric data,algorithms and AI deliver smartsleeper experiencesMOBILE (APP)Mobile application enables directand ongoing consumer interactionSleepIQ technology:Proprietary, interactive and longitudinal sleep and biometric data 700 million sleep sessions and 10 billion data points/nightHigh accuracy validated through proprietary in-home trials and clinical studiesPersonalized insights provide ongoing customer value through daily engagementAggregate data insights advance Sleep Number innovationCollaboration with world-class clinicians and researchers advance sleep science and health13
The Revolutionary 360 Smart BedIt’s proven quality sleep. From 999. Senses your movements and automatically adjusts to keep you both sleeping effortlessly Adjustable comfort on both sides – your Sleep Number setting Designed to help you fall asleep faster by gently warming your feet and keep you there by responding to your every move Measures your heart rate, breathing and movement, offering personalized insights into your best sleep14
Advancing Our 360 Smart Beds Personalized insights into your best sleep, optimizing thebenefits of the 360 smart bed and continually improving yourrestful time asleep Monthly wellness reports Sleep circadian analytics Heart rate variability measurement Temperature balancing layers and proprietary comforttechnologies engineered to minimize sleep challenges A more breathable sleep surface, providing a cooler, driersleep environment Designed to more closely contour to the body for improvedsupport and spinal alignmentAvailable starting in Q2‐202015
Introducing the New Climate360 Smart Bed80% of Americanssuffer from sleepingTOO HOT OR TOO COLDThe first bed in the worldusing advanced temperaturetechnology to create anIDEAL MICROCLIMATEDesigned to help youFALL ASLEEP FASTERby gently warming your feetAvailable next yearKeeps you asleep byACTIVELY COOLINGyour entire bodyBalances yourtemperature with yourNATURAL WAKE ANDSLEEP CYCLES16
360 Smart Bed Links Proven Quality Sleepto Individualized Wellness Delivering individual sleep wellness benefits through progressive advancement offeatures and personalized insights:Heart Rate Variabilityindicates well being‐ Sleepers effortlessly receive new features and services updates‐ Connected pla orm seamlessly connects to other smart ecosystems‐ Continually improving experience with meaningful benefits builds life‐long rela onshipHigh Heart Rate VariabilityHigh energy, good recovery, enhanced In the future, high‐quality data fromplatform and strategic researchpartnerships will likely enable customers to:SleepIQ cognitive performance, imbalance ofheart and mind‐ Share biometric data with their doctor to support a diagnosis‐ Monitor recovery at home following medical procedures‐ Detect risk or early onset of chronic sleep and health condi onsLow Heart Rate VariabilityLow energy, low immune system, highstress, imbalance of heart and mind‐ Interact with third par es for networks effects17
Our Innovation Leadership is Broadly RelevantBest of InnovationSmart HomeHealth and WellnessTech for a Better World360 Smart beds Rated4.8 stars with ConsumersEDITOR’SCHOICEBest of CES 2020Must Have Products forthe Home from CES 2020 listBest of CES 20202020 CES Top PickBest of CES 202018
Sleep Number “Digital Health” Proactive WellnessQUALITYSLEEPCHRONICSLEEPISSUESH E A LT H A N DWELLNESSCurrent state:PreventionSelf carePotential:Reactive careDiagnosis and treatmentSleep Number innovations have significant benefits for consumers19
Brand communications ecosystem is integrated, agile and results‐drivenBREAKTHROUGH CONTENTHigh impact national ad campaignCompelling branded stories and social sharingEngaging native editorial contentENGAGED ADVOCATESINTEGRATED PARTNERSHIPSPerformance (e.g. NFL)Media (e.g. Warner/CNN, YouTube)Influencers (e.g. CEO, Katie Couric)InnerCircle Loyalty ProgramHigh retention and referral ( 45%)SleepIQ daily interactionsCONNECTED EXPERIENCESCUSTOMERPersonalized, end‐to‐end digital consumer journeyActivation events (e.g. CES, NFL)Actionable sleep data insightsWorld-class NPSEmotional Brand Connection ( 900 bp YoY)HIGH PERFORMING MEDIAIn‐house, real‐time digital buyingAdvanced tools (econometric model, AI)Optimized mix nationally and by marketQuality digital traffic up double digits YoY2X addressable market by year endReferral and Repeat ’s 45%Loyalty member growth 135% YoY20
NFL Partnership Continues to Amplify Brand Relevance And EngagementDriving Scale, Relevance andConsumer InfluenceBrand Storytelling Amplifies ConsumerEngagementLargest Media Platform Delivers ResultsThe Long Game and Raising Greatness Unprecedented partnerships including NFL, Players’Association (NFLPA), Professional Trainers (PFATS) andPro Football Hall of Fame Team partnership with Dallas Cowboys, MinnesotaVikings, and Super Bowl Champion Kansas City Chiefsexpand influence locally and nationally 4‐6 original film series annually focused on link betweenquality sleep, their 360 smart bed, and performance Breakthrough national ad campaign featuring DallasCowboys Quarterback, Dak Prescott Distributed via big scale media and social networks,including NFL properties High profile media placements on major networksthrough regular season and playoffs Greater brand consideration from NFL audience versusgeneral population Triple‐digit increases in digital traffic to website andhighest media ROI 1,800 active players across all 32 teams have investedin a 360 Smart bed21
Exclusive, direct‐to‐consumer distribution builds lifelong customer relationshipValue‐added retail with an integrated digital and physical experienceEngaging and dynamic online experience Educates consumer and advances purchase path Drives highly qualified retail traffic Easy to transact via online, chat, local store, and phoneHighly productive retail stores High productivity: 2.9M per store including online (2‐3x traditional mattress stores) Average four‐wall store profit: 800K for a 2.5M store; 1.1M for a 3M storeRelationship‐based selling process Disciplined process is continually tested and optimized; drives high conversion Immersive and integrated in‐store technology easily communicates product benefits Our mission‐driven teams build lifelong customer relationships22
Exclusive National Distribution with a Destination ApproachDisciplined execution delivers sustainable profitable growthHigh‐quality real estate portfolio optimized for our customerMore than 610 stores in all states, including Alaska and Hawaii Rigorous site selection informed by proven market characteristics Focused on increasing access, awareness, and economics Optimize markets by localizing for consumer dynamics with both off‐malland mall formats – over two‐thirds of stores are off‐mall 80% of our stores are new or remodeled within last seven years – highlyproductive and differentiated retail experienceIntegrated market development for sustainable profitable growth Disciplined execution to optimize sales, profit, and market share Exclusive direct‐to‐consumer distribution enables integration of realestate, marketing, local market, and field leadership actions Densifying large DMA’s and developing secondary markets Through 2025, expect 4 to 5% annual store growth while continuing toadvance all retail touchpoints23
PERFORMANCE DRIVERSINCREASINGCONSUMER DEMAND Proprietary sleep innovations Longitudinal data Life-long customer relationships Brand communications Exclusive direct-to-consumer distributionLEVERAGINGTHE BUSINESS MODEL Digital technology and automation Total quality Supply chain network evolutionDEPLOYINGC A P I TA L E F F I C I E N T LY Prioritizing growth and high-return investments with sufficient liquidity Invest in Sleep Number stock with excess cash Committed to delivering at least mid-teen ROIC and compelling TSR
Tightly Integrated Supply Chain Improves Customer Experience and Profits Drive productivity with continuous improvement in people, processes, products and systems Goal Deployment approach significantly advances capabilities and expand gross marginsQUALITY, RELIABILITY AND EFFICIENCYDIGITALTECHNOLOGYANDAUTOMATIONLeveraging automation, visibility, anddata analytics to deliver an agile,flexible, and responsive supply chainTOTALQUALITYHolistic view of customerexperience to advance proactivesupplier and enterprise processesSUPPLY CHAINNETWORKEVOLUTIONSupply chain infrastructure to reliablysource material for, build, ship, andservice smart beds at lowest cost25
Accelerating Performance in Responsiveness, Quality and MarginADVANCED CORE CAPABILITIESDATA INSIGHTS AT ALL LEVELSAUTOMATED PROCESSESEnhanced planning and quality systemsenabling top tier performanceEasily accessible and visualized data drivingdecisions; strong analytical capabilitiesAutomation integrated into physicaland systemic processes for repeatablequality and efficiencyAdvanced Planning EcosystemCommon Data PlatformsQuality PlatformHistorical and Proactive AnalyticsDelivery and Service ManagementMobile solutionsProduct AssemblyVision System Quality InspectionCustomer call analytics26
Strengthening Our Logistics NetworkFuture state (end of 2021):Multiple RegionalMaterial Supply PointsComponent Factories:Leveraging Automation 6 RegionalWarehouse andMattress AssemblyCenters 30 Dedicated TruckloadRoutes and Cross DocksLess Than Truckload/Shared CrossdocksSleep NumberDelivery TruckMattressDelivered FullyAssembledSingle Transfer, Sleep Number Controlled80%Home Delivery Pick‐ up point20%In 2017, we began transforming our supply chain for improved customer experience, reliability and cost: Prior to 2017, utilized a hub and spoke network with 15 hubs and more than 120 spokes (cross docks) where no inventory was stored Transformed supply chain will fulfill 80% of orders through 30‐40 assembly/delivery warehouses ( 20% through spokes, versus 70% previously) Results in greater delivery reliability (including fewer reschedules), reduced in‐transit damage, lower return rates and other cost efficienciesProgress through 2019: Successfully operating three Assembly Distribution Centers (expect 6‐7 by 2021) Opened 15 Delivery Distribution Centers across the country (expect 30 by 2021) Pre‐assembled 40% of deliveries (expect 70% by the end of 2020 and 100% by 2021)27
Efficient Capital Deployment:Advantaged Model Delivers Strong Cash Generation and ROICCash generation and deploymentReturn on invested capital (ROIC)(2015 to 2019 cumulative dollars in millions)17.8%16.0% 1,16314.3%Methodically evolved capitalstructure over time to supportexecution of our strategy 958 365 75712.2%11.2% 306 753 727 634 564 424 241 432 260 982015Cash from operations 700 798 653 260 201 108 143 719 686 373 223201620172018Capital expenditures and acquisitions2019Share repurchases20152016Share repurchases ( in millions) 98 125Capitalized rents (8X) ( in millions) 499 539201720182019 150 279 146 592 635 703Average invested capital ( in millions)Capital priorities Invest in the business (with capital projects and spending behind near‐ and long‐term growth drivers) Maintain sufficient liquidity (with targeted leverage of 2.5‐3x EBITDAR on 450M revolver) Invest in Sleep Number stock (double‐digit IRR returning cash to shareholders through share repurchases)28
Environmental, Social and GovernancePurpose driven company As a purpose driven company, we have a responsibility to define the future by taking on significant challengeslike sleep deprivation With one in three adults suffering from a lack of adequate sleep, the Centers for Disease Control hasdeclared sleep disorders a public health epidemic Quality sleep has the unique power to move society forward and improve lives Our mission drives our commitment to creating a world that’s kinder, more compassionate and moreconnectedOur focus Our board and management view corporate responsibility and sustainability as an enterprise‐widecommitment, informed by and integrated into our business strategy Together, we are invested in creating and implementing solutions that improve lives and change the worldaround us for the better29
Accountable and Progressive Management TeamShelly IbachPresident& CEODavid CallenChief FinancialOfficerMelissa BarraChief Sales, Services andStrategy OfficerAnnie BloomquistChief ProductOfficerKevin BrownChief MarketingOfficerSuresh KrishnaChief Operations,Supply & Lean OfficerHunter SakladChief InformationOfficerTricia DirksChief HumanResources OfficerSam HellfeldChief Legaland Risk Officer30
Company Strategic and Governance MilestonesSTRATEGICExclusive Distribution: Exited all retailpartners in U.S. Closed 100 underperforming storesCore Growth Initiatives: Target customerexpanded 4X National broad reachadvertising Aggressive growthmarket pilot Non‐mall store pilotSleep Innovations: New role: ChiefProduct Officer Initiated relationshipwith BAM LabsBrand: All stores re‐brandedas “Sleep Number”2009/10Investments: Acquisition ofComfortaire Investment in BAMLabs (SleepIQ sensor technology)Short‐term disruption;LT strategy intact Q1 media misstep Product innovationinvestments Website and storeinvestments ERP development201120122013Investments: Acquire BAM Labsnow SleepIQ LABSSleep InnovationLeader: Most innovationsin company history Know Better Sleep campaignBrand: Name change:Sleep NumberCorp. (SNBR) RelocatedHeadquarters todowntownMinneapolisBrand: Purpose driven CEO:National Finalist ‐Entrepreneurof the Year;Editor at LargeThrive GlobalSenior Team: New CMO New CFO New CHROInnovation andInfrastructure: Implement ERP Redesign digitalexperienceSenior Team: New Ops and LeanOfficerInnovation: Introduced 360 smart bed “This is Not a Bed”campaign NFL partnershipSenior Team: CFO of the Yearaward New Chief Sales,Services and StrategyOfficer New General Counsel20142015/162017/182019Innovation: Mayo ClinicCollaboration Award winning new360 smart beds2020GOVERNANCEJean‐Michel Valetteappointed newBoard ChairNew Board Directors:Michael Harrisonand Kathleen NedorostekBoard Effectivenessnorms adopted in JanuaryShelly Ibach named tonewly created COO roleShelly Ibachnamed CEO andBoard DirectorEngagement of RamCharan to advanceBoard effectivenessNew Board Director:Daniel AlegreEngaged Ram Charan:Linking strategy andvalue creationNew Board Director:Barbara MatasEngaged Center forBoard Excellence toadvance BoardeffectivenessNew Board Director:Deb KilpatrickEngaged Center forBoard Excellence toadvance Boardeffectiveness31
APPENDIX
Adjusted EBITDA( in millions)20152016201720182019Net income 50.5 51.4 65.1 69.5 on and amortization46.956.961.161.661.4Stock‐based compensation10.312.015.811.416.70.30.10.20.10.2 133.1 145.7 169.1 165.6 190.4Income tax expenseInterest expenseAsset impairmentsAdjusted EBITDAColumns may not foot due to roundingNote: 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 dataHowever, we are providing this information as we believe it facilitates analysis of the Company’s financial performance by investors and financial analystsGAAP generally accepted accounting principles33
Return on Invested Capital (ROIC)( in millions)20152016201720192018Net operating costs after taxes (NOPAT) 75.1 76.7 91.9 92.4 112.1Add: Rent expense162.467.474.079.487.8Add: Interest )(40.4)(41.9)(49.0)(36.4)(42.6) 81.4 85.0 98.2 115.0 135.0 222.3 160.3 89.2( 109.6)( 592.2635.1702.6Total invested capital at end of period 721.3 699.6 681.3 726.0 775.0Average invested capital7 726.8 699.6 686.4 719.1 757.4Return on invested capital (ROIC)811.2%12.2%14.3%16.0%17.8%Operating incomeLess: Depreciation of capitalized operating leases2Less: Incometaxes3NOPATAverage invested capitalTotal equityLess: cash greater than target4Add: Long‐termdebt5Add: Capitalized operating lease obligations6ROIC is a financial measure that we use which quantifies the return we earn on our invested capital. Management believes ROIC is a useful metric for investors and financial analysts. Our definition of ROIC may not be comparable to similarlytitled definitions used by other companies. The tables above reconcile net operating profit after taxes (NOPAT) and total invested capital, which are non‐GAAP financial measures, to the comparable GAAP financial measures. (1) Rent expenseis added back to operating income to illustrate 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 therespective 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 discreteadjustments. (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 ofeight 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 capitalrepresents 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 thecompany’s financial performance by investors and financial analysts. GAAP ‐ generally accepted accounting principles. Columns may not foot due to rounding.34
The lines between Consumer and Health markets are blurring Broad consumer trends are converging The Sleep Number 360 smart bed is revolutionizing wellbeing with life‐changing sleep * Sleepers who routinely use the features of their Sleep Number 360 smart beds, including their SleepIQ insights, improve their quality sleep by over 15 minutes per night - nearly 100 more hours of quality .
