Financial Performance and Outlook - Sleep Number expects to generate over $100 million of operating cash in 2023[10, 18, 21] - The company anticipates ending 2023 with approximately $400 million of available liquidity under its revolving credit facility[16, 21] - Sleep Number projects debt leverage under 40x EBITDAR by the end of 2023[10, 15, 21] - For the second half of 2023, the company anticipates net sales to be down low-single to up mid-single digits compared to the previous year[12] - Sleep Number is targeting a 60% gross margin rate for 2024 and returning to approximately 62% within the next couple of years[10] Strategic Initiatives and Market Position - Sleep Number's innovations have improved over 145 million lives to date[5] - The company completed the next-generation smart bed rollout in the third quarter, ahead of the important Labor Day selling period[10] - The mattress industry unit volumes are currently below 2016 levels, with a 14% decrease[22, 23] - Climate360 smart sleepers experience up to 44 minutes more restful sleep per night[26]