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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nautilus Inc | NYSE:NLS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.8204 | 0 | 01:00:00 |
|
|
|
FORM
|
10-Q
|
|
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
NAUTILUS, INC.
|
||
(Exact name of Registrant as specified in its charter)
|
||
|
|
|
Washington
|
|
94-3002667
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, no par value
|
NLS
|
New York Stock Exchange
|
|
|
|
|
|
Item 1.
|
|
||
Item 2.
|
|
||
Item 3.
|
|
||
Item 4.
|
|
||
|
|
|
|
|
|
|
|
Item 1.
|
|
||
Item 1A.
|
|
||
Item 6.
|
|
||
|
|
As of
|
||||||
|
March 31, 2020
|
|
December 31, 2019
|
||||
Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
23,024
|
|
|
$
|
11,070
|
|
Restricted cash
|
3,432
|
|
|
—
|
|
||
Trade receivables, net of allowances of $415 and $45
|
34,260
|
|
|
54,600
|
|
||
Inventories
|
34,927
|
|
|
54,768
|
|
||
Prepaids and other current assets
|
7,281
|
|
|
8,283
|
|
||
Income taxes receivable
|
10,149
|
|
|
472
|
|
||
Total current assets
|
113,073
|
|
|
129,193
|
|
||
Property, plant and equipment, net
|
23,143
|
|
|
22,755
|
|
||
Operating lease right-of-use assets
|
19,882
|
|
|
20,778
|
|
||
Other intangible assets, net
|
42,449
|
|
|
43,243
|
|
||
Other assets
|
5,823
|
|
|
4,510
|
|
||
Total assets
|
$
|
204,370
|
|
|
$
|
220,479
|
|
Liabilities and Shareholders' Equity
|
|
|
|
||||
Trade payables
|
$
|
34,210
|
|
|
$
|
74,255
|
|
Accrued liabilities
|
9,445
|
|
|
7,633
|
|
||
Operating lease liabilities, current portion
|
3,782
|
|
|
3,720
|
|
||
Warranty obligations, current portion
|
3,366
|
|
|
3,100
|
|
||
Debt payable, current portion, net of unamortized debt issuance costs of $70 and $0
|
1,555
|
|
|
—
|
|
||
Total current liabilities
|
52,358
|
|
|
88,708
|
|
||
Operating lease liabilities, non-current
|
18,026
|
|
|
18,982
|
|
||
Warranty obligations, non-current
|
2,884
|
|
|
2,617
|
|
||
Income taxes payable, non-current
|
3,852
|
|
|
3,676
|
|
||
Deferred income tax liabilities, non-current
|
7,788
|
|
|
1,783
|
|
||
Other non-current liabilities
|
17
|
|
|
46
|
|
||
Debt payable, non-current, net of unamortized debt issuance costs of $270 and $230
|
26,520
|
|
|
14,071
|
|
||
Total liabilities
|
111,445
|
|
|
129,883
|
|
||
Commitments and contingencies (Note 17)
|
|
|
|
|
|
||
Shareholders' equity:
|
|
|
|
||||
Common stock - no par value, 75,000 shares authorized, 29,817 and
29,781 shares issued and outstanding
|
1,781
|
|
|
1,261
|
|
||
Retained earnings
|
92,456
|
|
|
90,272
|
|
||
Accumulated other comprehensive loss
|
(1,312
|
)
|
|
(937
|
)
|
||
Total shareholders' equity
|
92,925
|
|
|
90,596
|
|
||
Total liabilities and shareholders' equity
|
$
|
204,370
|
|
|
$
|
220,479
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Net sales
|
$
|
93,722
|
|
|
$
|
84,400
|
|
Cost of sales
|
58,125
|
|
|
48,558
|
|
||
Gross profit
|
35,597
|
|
|
35,842
|
|
||
Operating expenses:
|
|
|
|
||||
Selling and marketing
|
24,686
|
|
|
34,043
|
|
||
General and administrative
|
7,656
|
|
|
7,655
|
|
||
Research and development
|
3,815
|
|
|
4,311
|
|
||
Total operating expenses
|
36,157
|
|
|
46,009
|
|
||
Operating loss
|
(560
|
)
|
|
(10,167
|
)
|
||
Other expense:
|
|
|
|
||||
Interest income
|
2
|
|
|
165
|
|
||
Interest expense
|
(627
|
)
|
|
(205
|
)
|
||
Other, net
|
41
|
|
|
(393
|
)
|
||
Total other expense, net
|
(584
|
)
|
|
(433
|
)
|
||
Loss from continuing operations before income taxes
|
(1,144
|
)
|
|
(10,600
|
)
|
||
Income tax benefit
|
(3,446
|
)
|
|
(2,116
|
)
|
||
Income (loss) from continuing operations
|
2,302
|
|
|
(8,484
|
)
|
||
Discontinued operations:
|
|
|
|
||||
Loss from discontinued operations before income taxes
|
(34
|
)
|
|
(14
|
)
|
||
Income tax expense of discontinued operations
|
84
|
|
|
77
|
|
||
Loss from discontinued operations
|
(118
|
)
|
|
(91
|
)
|
||
Net income (loss)
|
$
|
2,184
|
|
|
$
|
(8,575
|
)
|
|
|
|
|
||||
Basic income (loss) per share from continuing operations
|
$
|
0.08
|
|
|
$
|
(0.29
|
)
|
Basic loss per share from discontinued operations
|
—
|
|
|
—
|
|
||
Basic net income (loss) per share(1)
|
$
|
0.07
|
|
|
$
|
(0.29
|
)
|
|
|
|
|
||||
Diluted income (loss) per share from continuing operations
|
$
|
0.08
|
|
|
$
|
(0.29
|
)
|
Diluted loss per share from discontinued operations
|
—
|
|
|
—
|
|
||
Diluted net income (loss) per share(1)
|
$
|
0.07
|
|
|
$
|
(0.29
|
)
|
Shares used in per share calculations:
|
|
|
|
||||
Basic
|
29,796
|
|
|
29,573
|
|
||
Diluted
|
30,584
|
|
|
29,573
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Net income (loss)
|
$
|
2,184
|
|
|
$
|
(8,575
|
)
|
Other comprehensive (loss) income:
|
|
|
|
||||
Unrealized gain on available-for-sale securities, net of income tax expense of $0 and $5
|
—
|
|
|
15
|
|
||
Loss on derivative securities, effective portion, net of income tax benefit of $0 and $33
|
—
|
|
|
(100
|
)
|
||
Foreign currency translation, net of income tax benefit of $32 and $55
|
(375
|
)
|
|
128
|
|
||
Other comprehensive (loss) income
|
(375
|
)
|
|
43
|
|
||
Comprehensive income (loss)
|
$
|
1,809
|
|
|
$
|
(8,532
|
)
|
|
Common Stock
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Total Shareholders' Equity
|
|||||||||||
|
Shares
|
|
Amount
|
|
|
|
||||||||||||
Balances at December 31, 2019
|
29,781
|
|
|
$
|
1,261
|
|
|
$
|
90,272
|
|
|
$
|
(937
|
)
|
|
$
|
90,596
|
|
Net income
|
—
|
|
|
—
|
|
|
2,184
|
|
|
—
|
|
|
2,184
|
|
||||
Foreign currency translation adjustment,
net of income tax benefit of $32 |
—
|
|
|
—
|
|
|
—
|
|
|
(375
|
)
|
|
(375
|
)
|
||||
Stock-based compensation expense
|
—
|
|
|
564
|
|
|
—
|
|
|
—
|
|
|
564
|
|
||||
Common stock issued under equity
compensation plan, net of shares withheld for tax payments |
36
|
|
|
(44
|
)
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
||||
Balances at March 31, 2020
|
29,817
|
|
|
$
|
1,781
|
|
|
$
|
92,456
|
|
|
$
|
(1,312
|
)
|
|
$
|
92,925
|
|
|
Common Stock
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive (Loss) Income
|
|
Total Shareholders' Equity
|
|||||||||||
|
Shares
|
|
Amount
|
|
|
|
||||||||||||
Balances at December 31, 2018
|
29,545
|
|
|
$
|
215
|
|
|
$
|
183,290
|
|
|
$
|
(909
|
)
|
|
$
|
182,596
|
|
Net loss
|
—
|
|
|
—
|
|
|
(8,575
|
)
|
|
—
|
|
|
(8,575
|
)
|
||||
Unrealized gain on marketable securities, net of income tax expense of $5
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
15
|
|
||||
Loss on derivative securities, effective portion, net of income tax benefit of $33
|
—
|
|
|
—
|
|
|
—
|
|
|
(100
|
)
|
|
(100
|
)
|
||||
Foreign currency translation adjustment,
net of income tax benefit of $55 |
—
|
|
|
—
|
|
|
—
|
|
|
128
|
|
|
128
|
|
||||
Stock-based compensation benefit
|
—
|
|
|
(147
|
)
|
|
(218
|
)
|
|
—
|
|
|
(365
|
)
|
||||
Common stock issued under equity
compensation plan, net of shares withheld for tax payments |
48
|
|
|
(68
|
)
|
|
—
|
|
|
—
|
|
|
(68
|
)
|
||||
Balances at March 31, 2019
|
29,593
|
|
|
$
|
—
|
|
|
$
|
174,497
|
|
|
$
|
(866
|
)
|
|
$
|
173,631
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Product sales
|
|
$
|
89,882
|
|
|
$
|
80,132
|
|
Extended warranties and services
|
|
1,935
|
|
|
2,469
|
|
||
Other(1)
|
|
1,905
|
|
|
1,799
|
|
||
Net sales
|
|
$
|
93,722
|
|
|
$
|
84,400
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
United States
|
|
$
|
79,950
|
|
|
$
|
70,188
|
|
Canada
|
|
6,249
|
|
|
7,929
|
|
||
All other
|
|
7,523
|
|
|
6,283
|
|
||
Net sales
|
|
$
|
93,722
|
|
|
$
|
84,400
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Balance, beginning of period
|
$
|
1,225
|
|
|
$
|
816
|
|
Cash additions
|
2,099
|
|
|
161
|
|
||
Revenue recognition
|
(1,274
|
)
|
|
(498
|
)
|
||
Balance, end of period
|
$
|
2,050
|
|
|
$
|
479
|
|
•
|
Level 1 - observable inputs such as quoted prices (unadjusted) in active liquid markets for identical securities as of the reporting date;
|
•
|
Level 2 - other significant directly or indirectly observable inputs, including quoted prices for similar securities, interest rates, prepayment speeds and credit risk; or observable market prices in markets with insufficient volume and/or infrequent transactions; and
|
•
|
Level 3 - significant inputs that are generally unobservable inputs for which there is little or no market data available, including our own assumptions in determining fair value.
|
|
|
March 31, 2020
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
7
|
|
Total assets measured at fair value
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
7
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts
|
|
$
|
—
|
|
|
$
|
124
|
|
|
$
|
—
|
|
|
$
|
124
|
|
Total liabilities measured at fair value
|
|
$
|
—
|
|
|
$
|
124
|
|
|
$
|
—
|
|
|
$
|
124
|
|
|
|
December 31, 2019
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts
|
|
$
|
—
|
|
|
$
|
295
|
|
|
$
|
—
|
|
|
$
|
295
|
|
Total assets measured at fair value
|
|
$
|
—
|
|
|
$
|
295
|
|
|
$
|
—
|
|
|
$
|
295
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
9
|
|
Total liabilities measured at fair value
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
9
|
|
|
|
Balance Sheet Classification
|
|
As of
|
||||||
|
|
|
March 31, 2020
|
|
December 31, 2019
|
|||||
Derivative instruments not designated as cash flow hedges:
|
|
|
|
|
|
|
||||
Foreign currency forward contracts
|
|
Prepaids and other current assets
|
|
$
|
7
|
|
|
$
|
295
|
|
|
|
Accrued liabilities
|
|
124
|
|
|
9
|
|
|
|
Statement of Operations Classification
|
|
Three Months Ended March 31,
|
||||||
|
|
|
2020
|
|
2019
|
|||||
Derivative instruments designated as cash flow hedges:
|
|
|
|
|
|
|
||||
Gain recognized in other comprehensive loss before reclassifications
|
|
---
|
|
$
|
—
|
|
|
$
|
(35
|
)
|
Gain reclassified from accumulated other comprehensive loss to earnings for the effective portion
|
|
Interest expense
|
|
—
|
|
|
81
|
|
||
Income tax expense
|
|
Income tax benefit
|
|
—
|
|
|
(16
|
)
|
||
|
|
|
|
|
|
|
||||
Derivative instruments not designated as cash flow hedges:
|
|
|
|
|
|
|
||||
(Gain) loss recognized in earnings
|
|
Other, net
|
|
$
|
(13
|
)
|
|
$
|
505
|
|
Income tax expense (benefit)
|
|
Income tax benefit
|
|
3
|
|
|
(101
|
)
|
|
As of
|
||||||
|
March 31, 2020
|
|
December 31, 2019
|
||||
Finished goods
|
$
|
30,596
|
|
|
$
|
49,853
|
|
Parts and components
|
4,331
|
|
|
4,915
|
|
||
Total inventories
|
$
|
34,927
|
|
|
$
|
54,768
|
|
|
Estimated
Useful Life
(in years)
|
|
As of
|
||||||||
|
|
March 31, 2020
|
|
December 31, 2019
|
|||||||
Automobiles
|
5
|
|
$
|
23
|
|
|
$
|
23
|
|
||
Leasehold improvements
|
4
|
to
|
20
|
|
3,867
|
|
|
3,830
|
|
||
Computer software and equipment
|
2
|
to
|
7
|
|
26,816
|
|
|
26,816
|
|
||
Machinery and equipment
|
3
|
to
|
5
|
|
18,571
|
|
|
18,551
|
|
||
Furniture and fixtures
|
5
|
to
|
20
|
|
2,808
|
|
|
2,808
|
|
||
Work in progress(1)
|
N/A
|
|
4,959
|
|
|
2,747
|
|
||||
Total cost
|
|
|
|
|
57,044
|
|
|
54,775
|
|
||
Accumulated depreciation
|
|
|
|
|
(33,901
|
)
|
|
(32,020
|
)
|
||
Total property, plant and equipment, net
|
|
|
|
|
$
|
23,143
|
|
|
$
|
22,755
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Depreciation expense
|
$
|
2,007
|
|
|
$
|
1,675
|
|
|
Estimated
Useful Life
(in years)
|
|
As of
|
||||||||
|
|
March 31, 2020
|
|
December 31, 2019
|
|||||||
Indefinite-lived trademarks
|
N/A
|
|
$
|
14,752
|
|
|
$
|
14,752
|
|
||
Definite-lived trademarks
|
5
|
to
|
15
|
|
2,850
|
|
|
2,850
|
|
||
Patents
|
7
|
to
|
24
|
|
14,243
|
|
|
14,243
|
|
||
Customer relationships
|
10
|
to
|
15
|
|
24,700
|
|
|
24,700
|
|
||
|
|
|
|
|
56,545
|
|
|
56,545
|
|
||
Accumulated amortization - definite-lived intangible assets
|
|
|
|
|
(14,096
|
)
|
|
(13,302
|
)
|
||
Other intangible assets, net
|
|
|
|
|
$
|
42,449
|
|
|
$
|
43,243
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Amortization expense
|
$
|
801
|
|
|
$
|
810
|
|
Remainder of 2020
|
$
|
2,395
|
|
2021
|
3,168
|
|
|
2022
|
3,168
|
|
|
2023
|
3,168
|
|
|
2024
|
3,118
|
|
|
Thereafter
|
12,680
|
|
|
|
$
|
27,697
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Operating lease expense
|
$
|
1,135
|
|
|
$
|
1,118
|
|
|
|
|
As of
|
|
|
|
March 31, 2020
|
Supplemental cash flow information:
|
|
|
|
Weighted average remaining operating lease term
|
|
4.0 years
|
|
Weighted average discount rate on operating leases
|
|
4.49%
|
|
As of
|
||
|
March 31, 2020
|
||
2020 - remaining
|
$
|
3,517
|
|
2021
|
4,711
|
|
|
2022
|
4,566
|
|
|
2023
|
3,812
|
|
|
2024
|
3,899
|
|
|
Thereafter
|
4,187
|
|
|
Total undiscounted lease payments
|
24,692
|
|
|
Less imputed interest
|
(2,884
|
)
|
|
Total lease liabilities
|
$
|
21,808
|
|
|
As of
|
||||||
|
March 31, 2020
|
|
December 31, 2019
|
||||
Payroll and related liabilities
|
$
|
4,219
|
|
|
$
|
2,929
|
|
Other
|
5,226
|
|
|
4,704
|
|
||
Total accrued liabilities
|
$
|
9,445
|
|
|
$
|
7,633
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Balance, beginning of period
|
|
$
|
5,717
|
|
|
$
|
5,575
|
|
Accruals
|
|
1,912
|
|
|
1,348
|
|
||
Payments
|
|
(1,379
|
)
|
|
(1,500
|
)
|
||
Balance, end of period
|
|
$
|
6,250
|
|
|
$
|
5,423
|
|
|
Unrealized Gain (Loss) on Available-for-Sale Securities
|
|
Gain (Loss) on Derivative Securities
|
|
Foreign Currency Translation Adjustments
|
|
Accumulated Other Comprehensive Loss
|
||||||||
Balance, January 1, 2020
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(937
|
)
|
|
$
|
(937
|
)
|
Current period other comprehensive loss before reclassifications
|
—
|
|
|
—
|
|
|
(375
|
)
|
|
(375
|
)
|
||||
Net other comprehensive loss income during period
|
—
|
|
|
—
|
|
|
(375
|
)
|
|
(375
|
)
|
||||
Balance, March 31, 2020
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,312
|
)
|
|
$
|
(1,312
|
)
|
|
Unrealized (Loss) Gain on Available-for-Sale Securities
|
|
Gain (Loss) on Derivative Securities
|
|
Foreign Currency Translation Adjustments
|
|
Accumulated Other Comprehensive (Loss) Income
|
||||||||
Balance, January 1, 2019
|
$
|
(6
|
)
|
|
$
|
223
|
|
|
$
|
(1,126
|
)
|
|
$
|
(909
|
)
|
Current period other comprehensive income (loss) before reclassifications
|
15
|
|
|
(35
|
)
|
|
128
|
|
|
108
|
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
—
|
|
|
(65
|
)
|
|
—
|
|
|
(65
|
)
|
||||
Net other comprehensive income (loss) during period
|
15
|
|
|
(100
|
)
|
|
128
|
|
|
43
|
|
||||
Balance, March 31, 2019
|
$
|
9
|
|
|
$
|
123
|
|
|
$
|
(998
|
)
|
|
$
|
(866
|
)
|
|
Three Months Ended March 31,
|
||||
|
2020
|
|
2019
|
||
Shares used to calculate basic income (loss) per share
|
29,796
|
|
|
29,573
|
|
Dilutive effect of outstanding stock options, performance stock units and restricted stock units
|
788
|
|
|
—
|
|
Shares used to calculate diluted income (loss) per share
|
30,584
|
|
|
29,573
|
|
|
Three Months Ended March 31,
|
||||
|
2020
|
|
2019
|
||
Restricted stock units
|
—
|
|
|
39
|
|
Stock options
|
—
|
|
|
30
|
|
|
Three Months Ended March 31,
|
||||
|
2020
|
|
2019
|
||
Restricted stock units
|
160
|
|
|
341
|
|
Stock options
|
48
|
|
|
91
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Net sales:
|
|
|
|
||||
Direct
|
$
|
47,141
|
|
|
$
|
46,714
|
|
Retail
|
45,613
|
|
|
36,821
|
|
||
Royalty
|
968
|
|
|
865
|
|
||
Consolidated net sales
|
$
|
93,722
|
|
|
$
|
84,400
|
|
Contribution:
|
|
|
|
||||
Direct
|
$
|
1,809
|
|
|
$
|
(4,542
|
)
|
Retail
|
2,389
|
|
|
(722
|
)
|
||
Royalty
|
968
|
|
|
865
|
|
||
Consolidated contribution
|
$
|
5,166
|
|
|
$
|
(4,399
|
)
|
|
|
|
|
||||
Reconciliation of consolidated contribution to income (loss) from continuing operations:
|
|
|
|
||||
Consolidated contribution
|
$
|
5,166
|
|
|
$
|
(4,399
|
)
|
Amounts not directly related to segments:
|
|
|
|
||||
Operating expenses
|
(5,725
|
)
|
|
(5,768
|
)
|
||
Other expense, net
|
(585
|
)
|
|
(433
|
)
|
||
Income tax benefit
|
3,446
|
|
|
2,116
|
|
||
Income (loss) from continuing operations
|
$
|
2,302
|
|
|
$
|
(8,484
|
)
|
|
|
|
|
||||
|
As of
|
||||||
|
March 31,
|
|
December 31,
|
||||
Assets:
|
2020
|
|
2019
|
||||
Direct
|
$
|
36,849
|
|
|
$
|
47,377
|
|
Retail
|
114,700
|
|
|
148,965
|
|
||
Unallocated corporate
|
52,821
|
|
|
24,137
|
|
||
Total assets
|
$
|
204,370
|
|
|
$
|
220,479
|
|
|
Three Months Ended March 31,
|
||
|
2020
|
|
2019
|
Amazon.com
|
13.3%
|
|
*
|
*Less than 10% of total net sales.
|
|
|
|
|
Three Months Ended March 31,
|
|
Change
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Net sales
|
$
|
93,722
|
|
|
$
|
84,400
|
|
|
$
|
9,322
|
|
|
11.0
|
%
|
Cost of sales
|
58,125
|
|
|
48,558
|
|
|
9,567
|
|
|
19.7
|
%
|
|||
Gross profit
|
35,597
|
|
|
35,842
|
|
|
(245
|
)
|
|
(0.7
|
)%
|
|||
Operating expenses:
|
|
|
|
|
|
|
|
|||||||
Selling and marketing
|
24,686
|
|
|
34,043
|
|
|
(9,357
|
)
|
|
(27.5
|
)%
|
|||
General and administrative
|
7,656
|
|
|
7,655
|
|
|
1
|
|
|
—
|
%
|
|||
Research and development
|
3,815
|
|
|
4,311
|
|
|
(496
|
)
|
|
(11.5
|
)%
|
|||
Total operating expenses
|
36,157
|
|
|
46,009
|
|
|
(9,852
|
)
|
|
(21.4
|
)%
|
|||
Operating loss
|
(560
|
)
|
|
(10,167
|
)
|
|
9,607
|
|
|
(94.5
|
)%
|
|||
Other expense:
|
|
|
|
|
|
|
|
|||||||
Interest income
|
2
|
|
|
165
|
|
|
(163
|
)
|
|
|
||||
Interest expense
|
(627
|
)
|
|
(205
|
)
|
|
(422
|
)
|
|
|
||||
Other, net
|
41
|
|
|
(393
|
)
|
|
434
|
|
|
|
||||
Total other expense, net
|
(584
|
)
|
|
(433
|
)
|
|
(151
|
)
|
|
|
||||
Loss from continuing operations before income taxes
|
(1,144
|
)
|
|
(10,600
|
)
|
|
9,456
|
|
|
|
||||
Income tax benefit
|
(3,446
|
)
|
|
(2,116
|
)
|
|
(1,330
|
)
|
|
|
||||
Income (loss) from continuing operations
|
2,302
|
|
|
(8,484
|
)
|
|
10,786
|
|
|
|
||||
Loss from discontinued operations, net of income taxes
|
(118
|
)
|
|
(91
|
)
|
|
(27
|
)
|
|
|
||||
Net income (loss)
|
$
|
2,184
|
|
|
$
|
(8,575
|
)
|
|
$
|
10,759
|
|
|
|
|
Three Months Ended March 31,
|
|
Change
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Net sales:
|
|
|
|
|
|
|
|
|||||||
Direct
|
$
|
47,141
|
|
|
$
|
46,714
|
|
|
$
|
427
|
|
|
0.9
|
%
|
Retail
|
45,613
|
|
|
36,821
|
|
|
8,792
|
|
|
23.9
|
%
|
|||
Royalty
|
968
|
|
|
865
|
|
|
103
|
|
|
11.9
|
%
|
|||
|
$
|
93,722
|
|
|
$
|
84,400
|
|
|
$
|
9,322
|
|
|
11.0
|
%
|
Cost of sales:
|
|
|
|
|
|
|
|
|||||||
Direct
|
$
|
22,842
|
|
|
$
|
20,318
|
|
|
$
|
2,524
|
|
|
12.4
|
%
|
Retail
|
35,283
|
|
|
28,240
|
|
|
7,043
|
|
|
24.9
|
%
|
|||
|
$
|
58,125
|
|
|
$
|
48,558
|
|
|
$
|
9,567
|
|
|
19.7
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|||||||
Direct
|
$
|
24,299
|
|
|
$
|
26,396
|
|
|
$
|
(2,097
|
)
|
|
(7.9
|
)%
|
Retail
|
10,330
|
|
|
8,581
|
|
|
1,749
|
|
|
20.4
|
%
|
|||
Royalty
|
968
|
|
|
865
|
|
|
103
|
|
|
11.9
|
%
|
|||
|
$
|
35,597
|
|
|
$
|
35,842
|
|
|
$
|
(245
|
)
|
|
(0.7
|
)%
|
Gross margin:
|
|
|
|
|
|
|
|
|||||||
Direct
|
51.5
|
%
|
|
56.5
|
%
|
|
(500
|
)
|
basis points
|
|||||
Retail
|
22.6
|
%
|
|
23.3
|
%
|
|
(70
|
)
|
basis points
|
Dollars in thousands
|
Three Months Ended March 31,
|
|
Change
|
||||
|
2020
|
|
2019
|
|
$
|
|
%
|
Selling and marketing
|
$24,686
|
|
$34,043
|
|
$(9,357)
|
|
(27.5)%
|
As % of net sales
|
26.3%
|
|
40.3%
|
|
|
|
|
Dollars in thousands
|
Three Months Ended March 31,
|
|
Change
|
||||
|
2020
|
|
2019
|
|
$
|
|
%
|
Media advertising
|
$13,185
|
|
$19,702
|
|
$(6,517)
|
|
(33.1)%
|
Dollars in thousands
|
Three Months Ended March 31,
|
|
Change
|
||||
|
2020
|
|
2019
|
|
$
|
|
%
|
General and administrative
|
$7,656
|
|
$7,655
|
|
$1
|
|
—%
|
As % of net sales
|
8.2%
|
|
9.1%
|
|
|
|
|
Dollars in thousands
|
Three Months Ended March 31,
|
|
Change
|
||||
|
2020
|
|
2019
|
|
$
|
|
%
|
Research and development
|
$3,815
|
|
$4,311
|
|
$(496)
|
|
(11.5)%
|
As % of net sales
|
4.1%
|
|
5.1%
|
|
|
|
|
Dollars in thousands
|
Three Months Ended March 31,
|
|
Change
|
||||
|
2020
|
|
2019
|
|
$
|
|
%
|
Income tax benefit
|
$(3,446)
|
|
$(2,116)
|
|
$(1,330)
|
|
62.9%
|
Effective tax rate
|
301.2%
|
|
20.0%
|
|
|
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 1.
|
Legal Proceedings
|
Exhibit No.
|
|
Description
|
|
|
|
|
Credit Agreement dated January 31, 2020 between Nautilus, Inc. and Wells Fargo Bank.
|
|
|
|
|
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
|
|
|
|
|
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
|
|
|
|
|
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) of the Securities and Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
101.INS
|
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
NAUTILUS, INC.
|
|
|
|
(Registrant)
|
|
|
|
|
|
May 7, 2020
|
|
By:
|
/S/ James Barr IV
|
Date
|
|
|
James Barr IV
|
|
|
|
Chief Executive Officer
|
|
|
NAUTILUS, INC.
|
|
|
|
(Registrant)
|
|
|
|
|
|
May 7, 2020
|
|
By:
|
/S/ Aina E. Konold
|
Date
|
|
|
Aina E. Konold
|
|
|
|
Chief Financial Officer
|
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