Company Overview - Sleep Number is a sleep wellness technology leader, designing, engineering, manufacturing, distributing, and marketing innovative sleep solutions[4] - The company has 28 million smart sleepers[5] - Sleep Number has over 800 patents and patents pending worldwide[7] Financial Performance - Sleep Number's revenue was $22 billion in 2014, $21 billion in 2015, and $19 billion in 2016[5] - Adjusted EBITDA was $148 million in 2014, $146 million in 2015, and $133 million in 2016[5] - The company expects to generate $60 million to $80 million of free cash flow in 2024 to pay down debt[59, 69] Market and Strategy - 33% of American adults are not getting enough sleep on a regular basis[12] - 45% of consumers rank better sleep as a "very high priority"[12] - Sleep Number's smart bed monthly active user rate (MAU) is over 80%[39] - The company is targeting $40 million to $45 million of operating expense reductions in 2024, with $130 million of operating expense reductions over a two-year period (2023/2024)[59]