禮恩派 (LEG) 2014 Q4 法說會逐字稿

Greetings and welcome to the Leggett & Platt fourth-quarter 2014 conference call.

問候並歡迎參加 Leggett & Platt 2014 年第四季電話會議。

(Operator Instructions)

（操作員指令）

As reminder this conference is being recorded. It is now my pleasure to introduce your host, David DeSonier, Senior Vice President, Strategy and Investor Relations for Leggett & Platt. Thank you sir. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興介紹您的主持人，Leggett & Platt 策略和投資者關係高級副總裁 David DeSonier。謝謝先生。你可以開始了。

Good morning and thank you for taking part in Leggett & Platt's fourth-quarter conference call. I'm David DeSonier and with me this morning are the following: Dave Haffner, our Board Chair and CEO; Karl Glassman, who is President and Chief Operating Officer; Matt Flanigan, our Executive VP and CFO and Susan McCoy, our VP of Investor Relations.

早上好，感謝您參加 Leggett & Platt 第四季電話會議。我是 David DeSonier，今天早上與我一起出席的嘉賓有：Dave Haffner，我們的董事會主席兼首席執行官；總裁兼營運長卡爾‧格拉斯曼 (Karl Glassman)；我們的執行副總裁兼財務長 Matt Flanigan 和我們的投資者關係副總裁 Susan McCoy。

The agenda for the call this morning is as follows. Dave Haffner will start with a summary of the major statements we made in yesterday's press release. Karl Glassman will provide segment highlights. Matt Flanigan will discuss financial details and address our outlook for 2015. And finally the group will answer any questions that you have. Perry Davis, who is Senior Vice President of the Company and President of the Residential Furnishings segment, is also joining us this morning to participate in Q&A.

今天上午的電話會議議程如下。戴夫·哈夫納 (Dave Haffner) 將首先總結我們在昨天的新聞稿中所作的主要聲明。 Karl Glassman 將提供部分精彩內容。 Matt Flanigan 將討論財務細節並展望 2015 年。該公司高級副總裁兼住宅家具部門總裁佩里戴維斯 (Perry Davis) 今早也將加入我們的問答環節。

This conference is being recorded for Leggett & Platt and is copyrighted material. This call may not be transcribed, recorded or broadcast without our express permission, a replay is available from the IR portion of Leggett's website. We posted to the IR portion of the website a set of PowerPoint slides that contain summary financial information, along with segment details. Those slides supplement the information we discuss on this call, including non-GAAP reconciliations.

本次會議由 Leggett & Platt 錄製並受版權保護。未經我們明確許可，不得轉錄、錄製或廣播本次通話，可從 Leggett 網站的 IR 部分取得重播。我們在網站的 IR 部分發布了一組 PowerPoint 幻燈片，其中包含財務資訊摘要以及分部詳細資訊。這些投影片補充了我們在本次電話會議上討論的信息，包括非公認會計準則對帳。

I need to remind you that remarks today concerning future expectations, events, objectives, strategies, trends or results, constitute forward-looking statements. Actual results or events may differ materially due to a number of risks and uncertainties, and the Company undertakes no obligation to update or revise these statements.

我需要提醒您，今天有關未來預期、事件、目標、策略、趨勢或結果的評論均構成前瞻性陳述。由於多種風險和不確定因素，實際結果或事件可能存在重大差異，公司不承擔更新或修改這些聲明的義務。

For a summary of these risk factors and additional information, please refer to yesterday's press release and the section in our 10-K entitled forward-looking statements. I will now turn the call over to Dave Haffner.

有關這些風險因素的摘要和其他信息，請參閱昨天的新聞稿和我們的 10-K 中題為前瞻性聲明的部分。現在我將電話轉給戴夫哈夫納 (Dave Haffner)。

Good morning and thank you for participating in our call. 2014 was a record year and we are pleased to have ended on a very strong note.

早安，感謝您參加我們的電話會議。 2014 年是創紀錄的一年，我們很高興以非常強勁的成績結束這一年。

Full-year sales from continuing operations grew 9% from a combination of strong organic growth in many of our major businesses and acquisitions. Fourth-quarter sales grew 11%, with same location sales up 6% and acquisitions adding 5%. While demand in the majority of our markets improved in 2014, we also benefited from the continued shift in bedding to Comfort Core springs, new adjustable bed programs that ramped up during the year and ongoing content gains and new program awards and automotive.

由於我們許多主要業務的強勁有機成長和收購，全年持續經營銷售額成長了 9%。第四季銷售額成長 11%，其中同一地點銷售額成長 6%，收購銷售額成長 5%。雖然我們大多數市場的需求在 2014 年都有所改善，但我們也受益於床上用品繼續轉向舒適核心彈簧、年內新增的可調節床項目以及持續的內容增長和新項目獎項以及汽車。

Importantly nearly all of our businesses are seeing positive sales momentum as we begin 2015. Full-year adjusted earnings per share from continuing operations were a record $1.78, up 19% versus the adjusted $1.50 we earned in 2013. Full-year earnings largely benefited from higher sales. Fourth-quarter adjusted earnings per share from continuing operations grew to $0.41, up from an adjusted $0.38 per share in the fourth-quarter of the prior year.

重要的是，在 2015 年伊始，我們幾乎所有業務都呈現出積極的銷售勢頭。 全年調整後持續經營每股收益創下 1.78 美元的新高，較 2013 年調整後的 1.50 美元增長 19%。第四季調整後持續經營每股收益成長至 0.41 美元，高於去年同期的調整後每股 0.38 美元。

Earnings in the current quarter benefited from sales growth and lower LIFO expense, but this was partially offset by a higher adjusted tax rate and higher-than-expected stock compensation expense, that resulted in large part from the significant increase in Leggett share price versus the market since late October. Matt will discuss this further in his comments.

本季的獲利受益於銷售額的成長和較低的後進先出法費用，但是這被更高的調整後稅率和高於預期的股票薪酬費用部分抵消，這在很大程度上是由於自 10 月下旬以來 Leggett 股價相對於市場的大幅上漲。馬特將在他的評論中進一步討論這個問題。

Our adjusted EBIT and EBIT margin improved for both the fourth-quarter and full-year. Largely due to strong sales growth. We ended the year with adjusted EBIT margin at 10.2%, up 60 basis points over the full-year 2013. From a reported GAAP earnings perspective, the fourth quarters in both years were impacted by large unusual items.

我們的調整後息稅前利潤和息稅前利潤率在第四季度和全年都有所提高。主要得益於強勁的銷售成長。我們截至本財年的調整後息稅前利潤率為 10.2%，較 2013 年全年上升 60 個基點。

In the fourth-quarter of 2014, we recognized an additional $0.21 per share litigation accrual. This charge reduced fourth-quarter earnings from continuing operations by $0.09 per share, and earnings from discontinued operations by $0.12 per share. By far the largest portion of the accrual is for the foam antitrust cases. We believe the accrual is sufficient to resolve all the pending foam antitrust cases.

2014 年第四季度，我們確認了每股 0.21 美元的額外訴訟應計費用。該費用導致第四季持續經營收益每股減少 0.09 美元，終止經營收益每股減少 0.12 美元。迄今為止，應計金額中最大的一部分是泡沫反壟斷案件。我們相信這些應計款項足以解決所有懸而未決的泡沫反壟斷案件。

In the fourth-quarter of 2013, we recognized a $67 million, or $0.31 per share, non-cash charge related to the goodwill and intangible assets of our Commercial Vehicle Products business. A major component of our strategy since 2007 has been the optimization of our portfolio of businesses by increasing investments in businesses that possess strong competitive advantage, and reducing our exposure to businesses in markets that are less attractive.

2013 年第四季度，我們確認了與商用車產品業務的商譽和無形資產相關的 6,700 萬美元或每股 0.31 美元的非現金費用。自 2007 年以來，我們策略的主要組成部分是優化我們的業務組合，增加對具有強大競爭優勢的業務的投資，並減少對吸引力較小的市場中的業務的投資。

In 2014, we made good progress on both fronts. We acquired three Tempur Sealy innerspring plants, invested in machinery to support the significant growth of Comfort Core innersprings, expanded our operations in China to support rapid growth of our automotive business and acquired a small German -based designer of motion furniture components.

2014年，我們在兩個方面都取得了良好的進展。我們收購了三家 Tempur Sealy 彈簧工廠，投資了機械設備以支援 Comfort Core 彈簧的大幅成長，擴大了我們在中國的業務以支持我們汽車業務的快速成長，並收購了一家德國小型運動家具零件設計公司。

In early November we also completed the divestiture of the majority of our Store Fixtures operations and continue to pursue the sale of the two remaining facilities in that business. The divestiture resulted in a $0.03 per share loss that was recognized in discontinued operations during the fourth-quarter. We assess our overall performance by comparing our total shareholder return to that of peer companies on a rolling three-year basis. Our target is to achieve TSR in the top one third of the S&P 500 over the long-term. Which we believe will require an average TSR of 12% to 15% per year.

11 月初，我們也完成了大部分店鋪設備業務的剝離，並繼續尋求出售該業務剩餘的兩處設施。此次資產剝離導致每股虧損 0.03 美元，並於第四季計入停止營運業務。我們透過將我們的股東總回報率與同行公司連續三年的回報率進行比較來評估我們的整體業績。我們的目標是長期內實現股東總回報位列標準普爾 500 指數的前三分之一。我們認為這將需要平均每年12%至15%的股東總回報。

For the three-year period that ended on December 31, 2014, we generated compound annual TSR of 28% per year. Which placed us within the top quarter of the S&P 500. Our stock price increased 38% during the year, from about $31 to $43. With much of the increase occurring in the fourth-quarter.

截至 2014 年 12 月 31 日的三年期間，我們的年複合股東總回報率為 28%。這使得我們躋身標準普爾 500 指數的前四分之一。其中大部分成長發生在第四季。

Assuming dividends are reinvested, 2014 TSR was 43%, which ranks in the top 7% of the S&P 500. I'll now turn the call over to Karl, who will provide some additional segment comments.

假設股息再投資，2014 年的股東總回報為 43%，在標準普爾 500 指數中排名前 7%。

Thank you Dave, and good morning. Most of our businesses continued to perform extremely well in the fourth-quarter and we ended the year very strong.

謝謝你，戴夫，早安。我們的大部分業務在第四季度繼續表現優異，以強勁的業績結束了這一財年。

In the residential furnishings segment, fourth-quarter total sales increased 21%, same location sales increased 12%. With each of the major businesses growing. Excluding acquisitions, US frame component dollars increased 18%, innerspring unit volume grew 13% with the Comfort Core premium category up 59% during the quarter. Box spring unit volume increased 9%.

在住宅家具領域，第四季總銷售額成長了 21%，同一地區銷售額成長了 12%。隨著各主要業務的不斷發展。除收購外，美國框架零件銷售額成長了 18%，彈簧單位銷量成長了 13%，Comfort Core 高階類別在本季成長了 59%。床墊彈簧單元銷量增加了 9%。

Sales grew 4% in International spring, primarily from market share gains and increased Comfort Core sales in Europe. Excluding acquisitions, furniture component sales increased 8% in the fourth-quarter, volume in our seating and sofa sleeper businesses grew 8% and motion hardware unit volume increased 14%. Adjustable bed units grew 127% in the quarter, from a combination of new programs and strength in ongoing customer programs.

國際春季銷售額成長了 4%，主要得益於市場佔有率的成長和歐洲 Comfort Core 銷售額的成長。除收購外，第四季度家具零件銷售額增長了 8%，座椅和沙發床業務的銷量增長了 8%，運動硬體單位銷量增長了 14%。由於新專案和持續客戶專案的成長，本季可調節床單位數量增加了 127%。

Sales also increased meaningfully in fabric converting, Geo Components and carpet underlay. Fourth-quarter segment EBIT was negatively impacted by a $22 million litigation accrual. Excluding this charge, adjusted EBIT increased and EBIT margin was essentially flat with fourth-quarter of 2013. The benefit from higher sales during the quarter was partially offset by increased stock compensation expense of $10 million.

織物加工、土工零件和地毯襯墊的銷售額也大幅成長。第四季部門息稅前利潤因 2,200 萬美元的訴訟費用而受到負面影響。除去這筆費用，調整後的息稅前利潤有所增加，息稅前利潤率與 2013 年第四季基本持平。

Full-year total sales in the segment grew 13%, with same location sales up 9%. Adjusted EBIT for the year increased 27% and adjusted EBIT margins improved 110 basis points, versus 2013, ending 2014 at 9.7%. In the commercial fixture and component segment same location sales increased 15% in the fourth-quarter. Sales grew in the quarter from improved market demand in our work furniture business, EBIT increased slightly with the benefit from higher sales, largely offset by higher stock compensation expense.

該部門全年總銷售額成長 13%，同一地區銷售額成長 9%。與 2013 年相比，全年調整後息稅前利潤成長了 27%，調整後息稅前利潤率提高了 110 個基點，截至 2014 年底為 9.7%。在商業設備和組件領域，第四季度同一地點的銷售額成長了 15%。由於工作家具業務的市場需求增加，本季銷售額實現成長，息稅前利潤因銷售額增加而略有增長，但很大程度上被股票薪酬費用的增加所抵消。

For the full-year, total sales in the segment grew 7%. EBIT for the year increased 21% and EBIT margin improved. Segment margins continued to be below our target level due to a number of factors including, underutilized capacity and operational challenges with a Chinese joint venture.

全年該部門總銷售額成長了 7%。全年息稅前利潤成長21%，息稅前利潤率提高。由於產能利用率不足和中國合資企業的營運挑戰等多種因素，分部利潤率持續低於我們的目標水準。

With industry demands still depressed from lower business and government spending, our plants continue to operate well below optimal utilization levels. While cost reductions have been implemented over the past few years, we are working to identify more opportunities to improve efficiency. In addition, our business development activities are focused on identifying opportunities to improve our sales mix through higher valued products.

由於企業和政府支出減少導致行業需求仍然低迷，我們的工廠的營運利用率仍然遠低於最佳水平。雖然過去幾年我們已經實施了成本削減措施，但我們正在努力尋找更多提高效率的機會。此外，我們的業務發展活動專注於透過更高價值的產品尋找改善銷售組合的機會。

In the industrial materials segment, fourth-quarter same location sales increased 5%, primarily from higher unit volume within our wire operations, that was largely driven by strong bedding demand. EBIT and EBIT margin increased with the benefit from higher sales and other smaller factors, partially offset by higher stock compensation expense of $3 million.

在工業材料領域，第四季度同一地區銷售額成長了 5%，這主要得益於我們線材業務的單位銷售增加，而這主要受到床上用品需求強勁的推動。息稅前利潤和息稅前利潤率因銷售額增加和其他較小因素而增加，但被 300 萬美元的更高股票薪資費用部分抵消。

Full-year total sales in the segment increased 3% primarily from acquisitions. Same location sales were down slightly. EBIT and EBIT margins for the year decreased, primarily from reduced metal margins and weather-related costs and inefficiencies earlier in the year. In the specialized product segment, same location sales grew 5% in the fourth-quarter.

該部門全年總銷售額成長 3%，主要得益於收購。同一地區銷售額略有下降。本年度的息稅前利潤和息稅前利潤率有所下降，主要由於金屬利潤率下降以及年初天氣相關成本和效率低下。在專業產品領域，第四季同一地點的銷售額成長了 5%。

Automotive sales increased 13% versus a strong fourth-quarter of 2013, from a combination of expanded content, participation in new vehicle platforms, and demand strength in North America and Asia. This growth was partially offset by an 18% sales decrease in commercial vehicle products. Machinery sales were essentially flat during the quarter.

汽車銷量較 2013 年第四季度的強勁增長了 13%，這得益於產品範圍的擴大、新車平台的參與以及北美和亞洲的需求強勁。商用車產品銷售額下降 18% 部分抵銷了這一成長。本季機械銷售額基本持平。

The segment's EBIT and EBIT margin increased versus 2013, primarily due to the non-recurrence of last year's CVP impairment charge. Operationally, EBIT and EBIT margin increased in the second quarter -- in the current quarter with the benefit from higher sales, partially offset by higher stock compensation expense of $4 million. For the full-year, total sales in this segment grew 9%. Adjusted EBIT for the year increased 26% and adjusted EBIT margins improved 180 basis points, versus 2013, ending 2014 at 13.6%. I'll now turn the call back over to Matt who will discuss some of the additional financial details, along with our outlook for 2015.

該部門的息稅前利潤和息稅前利潤率較2013年有所增加，主要由於去年的CVP減損費用沒有再次發生。從營運角度來看，第二季息稅前利潤和息稅前利潤率有所增加——本季受益於銷售額的增加，但部分被 400 萬美元的更高股票薪酬費用所抵消。全年該部門總銷售額成長了 9%。與 2013 年相比，全年調整後息稅前利潤成長了 26%，調整後息稅前利潤率提高了 180 個基點，截至 2014 年底為 13.6%。現在我將把電話轉回給馬特，他將討論一些額外的財務細節以及我們對 2015 年的展望。

Thanks Karl, and good morning, everyone. As you have already heard, fourth-quarter earnings were impacted by an unusually high accrual, related to our stock based incentive compensation plans. Which in total represented $18 million, or $0.08 per share.

謝謝卡爾，大家早安。正如您已經聽到的，第四季度的收益受到與我們的股票激勵薪酬計劃相關的異常高應計費用的影響。總計 1800 萬美元，或每股 0.08 美元。

Approximately two-thirds of this cost was due to the significant increase in our relative TSR performance late in the year, as our share price increased from approximately $35 to $43 during the fourth-quarter. The remainder of the higher cost was driven by recent strong growth in operating margin improvement in many of our businesses. In accordance with GAAP, we report our incentive compensation accruals each quarter to reflect the related performance metrics.

其中約三分之二的成本是由於我們年底相對 TSR 表現的大幅增加，因為我們的股價在第四季度從約 35 美元上漲至 43 美元。其餘成本的增加是由於近期我們多項業務的營業利潤率強勁增長所致。根據 GAAP，我們每季報告我們的激勵薪酬應計金額以反映相關績效指標。

For the TSR based incentive plan, we measure our TSR performance over three-year periods, compared to a 320 member peer group. For the three-year measurement period that ended in 2014, our relative TSR through the end of September was at roughly the midpoint of the peer group. As a result, we had accrued for two- and three-quarter years, assuming an estimated payout of approximately 71% of the incentive target. Our fourth-quarter increase in share price and relative TSR moved us into the top third of the peer group, and caused the payout percentage to more than double.

對於基於 TSR 的激勵計劃，我們會與 320 位同儕成員進行比較，衡量三年內的 TSR 表現。截至 2014 年 9 月底的三年測量期間內，我們的相對 TSR 大致處於同業的中間水準。因此，我們已經累積了兩年和三個季度的收益，預計支出約為激勵目標的 71％。我們第四季的股價和相對股東總回報的成長使我們進入了同業的前三分之一，並且使派息百分比增加了一倍以上。

Consequently, all of the incremental costs for the entire three-year period occurred and was duly recognized in the fourth-quarter. A significant adjustment was also required for the three-year period that will conclude in 2015. At the end of December we were delivering top third TSR performance for that measurement period as well.

因此，整個三年期間的所有增量成本均已發生，並在第四季度得到了正式確認。對於 2015 年即將結束的三年期，我們也需要進行重大調整。

In 2014 our stock compensation expense for all programs totaled $48 million. Half of which was recognized in the fourth-quarter. Our forecast for 2015 anticipates total cost of approximately $44 million at the current share price, and assuming our relative TSR does not change. If our TSR moves into a lower performance level in relation to the peer group, then we will reduce our accruals for all the measurement periods to reflect the corresponding lower payout estimates.

2014年，我們所有專案的股票薪酬費用總計為4,800萬美元。其中一半是在第四季確認的。我們對 2015 年的預測是，以當前股價計算，預計總成本約為 4,400 萬美元，並假設我們的相對 TSR 不變。如果我們的股東總回報相對於同業而言處於較低的績效水平，那麼我們將減少所有測量期間的應計金額，以反映相應的較低支出估計。

Now onto a few other topics. Operating cash flow was once again seasonally strong in the fourth-quarter, at $166 million. For the full-year we generated operating cash of $382 million.

現在來討論其他幾個話題。第四季度，經營現金流再次呈現季節性強勁，達到 1.66 億美元。全年我們創造的營運現金為 3.82 億美元。

We ended the year with working capital at an unusually low 7.9% of annualized sales. The third and fourth-quarter litigation accruals caused a sizable increase in current liabilities by year-end. Excluding this accrual, working capital was 10.3% of annualized sales.

截至年底，我們的營運資本佔年銷售額的比率異常低，僅 7.9%。第三季和第四季的訴訟費用導致年底流動負債大幅增加。除去這筆應計費用，營運資本佔年銷售額的10.3%。

In November, we declared a quarterly dividend of $0.31 per share, and 2014 marked our 43rd consecutive annual dividend increase at a compound annual growth rate of 13%. At yesterday's closing price of $45.07, our current yield is 2.8% which is one of the highest dividend yields among the 54 companies that comprise the S&P 500 dividend's aristocrats.

11 月份，我們宣布季度股息為每股 0.31 美元，2014 年是我們連續第 43 年增加年度股息，複合年增長率為 13%。以昨日 45.07 美元的收盤價計算，我們的當前收益率為 2.8%，是標準普爾 500 指數股息貴族中的 54 家公司中股息收益率最高的公司之一。

We repurchased 700,000 shares of our stock in the fourth-quarter, at an average price of $41.14. And issued 1 million shares, largely for employee option exercises. For the year, we repurchased 5.4 million shares at an average price of $33.76, and issued 3.9 million shares. Our financial base remains very strong, and this gives us considerable flexibility when making capital and investment decisions.

我們在第四季回購了 700,000 股股票，平均價格為 41.14 美元。並發行了100萬股，主要用於員工選擇權行使。今年，我們以平均 33.76 美元的價格回購了 540 萬股，並發行了 390 萬股。我們的財務基礎仍然非常強勁，這為我們在製定資本和投資決策時提供了相當大的靈活性。

We ended the year with net debt to net capital at 31.5%, which is comfortably within our long-standing targeted range of 30% to 40%. In 2015, we again expect strong sales growth, which should lead to another year of record earnings per share from continuing operations. As we announced yesterday, we expect 2015 earnings from continued operations to be between $1.90 and $2.10 per share. With improving demand, market share gains and recent acquisitions, sales from continuing operations are expected to be $3.9 billion to $4.1 billion.

截至年底，我們的淨債務與淨資本比率為 31.5%，完全符合我們長期以來的 30% 至 40% 的目標範圍。 2015年，我們再次預期銷售將出現強勁成長，這將使持續經營每股盈餘再創歷史新高。正如我們昨天宣布的那樣，我們預計 2015 年持續經營利潤將在每股 1.90 美元至 2.10 美元之間。隨著需求的增加、市場份額的增加和最近的收購，持續經營的銷售額預計將達到 39 億美元至 41 億美元。

This range represents a 3% to 8% increase, versus our $3.78 billion of sales from continuing operations in 2014. Based upon this guidance range, we currently expect a full-year EBIT margin between 10.7% and 11.2%. We expect to again generate operating cash flow of approximately $350 million in 2015. Dividends should require about $170 million of cash, and capital expenditures should approximate $120 million for the year.

與 2014 年 37.8 億美元的持續經營銷售額相比，這一範圍增長了 3% 至 8%。我們預計 2015 年將再次產生約 3.5 億美元的營運現金流。

We continue to make investments to support growth in business and product lines where sales are strong, and for efficiency improvement and maintenance. Our incentive plans emphasize returns on capital, which include net fixed assets and working capital. This emphasis, we believe, helps ensure that we are efficiently utilizing our asset base and investing capital dollars where the highest return potential exists. Consistent with our stated priorities for the use of excess cash flow, we will prudently buy back our stock, bearing in mind our level of cash generation, other potential opportunities to strategically grow the Company, and the overall outlook for the general economy.

我們持續進行投資，支持銷售強勁的業務和產品線的成長，以及提高和維持效率。我們的激勵計劃強調資本回報，其中包括淨固定資產和營運資本。我們相信，這種重視有助於確保我們有效利用我們的資產基礎，並將資本投資於具有最高回報潛力的領域。按照我們所宣稱的使用過剩現金流的優先事項，我們將審慎回購我們的股票，同時考慮我們的現金創造水平、公司戰略增長的其他潛在機會以及整體經濟的整體前景。

We have a standing authorization from the Board to repurchase up to 10 million shares each year, however no specific repurchase commitment or timetable has been established. We currently expect to issue between 2 million and 3 million shares in 2015, primarily from employee stock option exercises and repurchase an amount that at least offsets shares issued. With those comments I'll turn it back over to Dave Haffner.

董事會授權我們每年回購最多 1,000 萬股，但尚未制定具體的回購承諾或時間表。我們目前預計 2015 年將發行 200 萬至 300 萬股股票，主要來自員工股票選擇權行使和回購至少可抵銷已發行股份的數量。我將根據這些評論將問題轉回給戴夫·哈夫納 (Dave Haffner)。

Things, Matt. I'd like to close my prepared comments this morning by extending a very sincere thank you to the thousands of dedicated employee partners who have collectively contributed to Leggett's record performance in 2014, and have helped us to position the Company for strong performance in 2015 and beyond. I would also like to sincerely thank our many customers for trusting us with their business, and allowing us to assist them as they work to achieve their respective long-term goals. Dave, I'll turn the call back to you.

事情，馬特。在結束今天早上的演講之前，我想向數以千計的忠誠的員工夥伴表示最誠摯的感謝，他們共同為 Leggett 在 2014 年創下的業績記錄做出了貢獻，並幫助我們為公司在 2015 年及以後的強勁表現做好了準備。我還要真誠感謝我們的眾多客戶信任我們，讓我們協助他們實現各自的長期目標。戴夫，我會把電話轉給你。

That concludes our prepared remarks. We appreciate your attention and we will be glad to answer any questions. In order to allow everyone an opportunity to participate, we request that you ask only your one best question and then yield to the next participant. If you have additional questions you are welcome to reenter the queue and we will answer those questions as well. Christine, we're ready to begin the Q&A.

我們的準備好的演講到此結束。我們感謝您的關注，並很樂意回答您的任何問題。為了讓每個人都有機會參與，我們要求您只提出一個最好的問題，然後讓給下一位參與者。如果您還有其他問題，歡迎您重新進入隊列，我們也會回答這些問題。克莉絲汀，我們準備開始問答環節。

Thank you. We will now be conducting a question-and-answer session.

謝謝。我們現在將進行問答環節。

(Operator Instructions)

（操作員指令）

Budd Bugatch with Raymond James.

巴德·布加奇 (Budd Bugatch) 和雷蒙德·詹姆斯 (Raymond James)。

Good morning everybody. This is Bobby filling in for Budd. Thank you for taking my questions, and congrats on a strong revenue quarter.

大家早安。這是 Bobby，代替 Budd 工作。感謝您回答我的問題，並祝賀您本季收入強勁。

Thanks, Bobby.

謝謝，鮑比。

First off, on the innerspring units up 13%, can you please give us a sense of how that trended during the quarter and maybe what you see so far in that segment or that business unit year to date?

首先，關於彈簧單元成長 13% 的問題，您能否向我們介紹本季的趨勢，以及今年迄今為止該部門或該業務單位的表現如何？

Bobby, this is Perry Davis. Yes I can give you some color around that. During the quarter, in October we were up roughly 7%. November similarly about 7%, and then in December we saw a really strong surge, with innerspring shipments up about 24%.

鮑比，這是佩里戴維斯。是的，我可以提供你一些相關知識。本季度，10 月份我們的業績成長了約 7%。 11 月份，彈簧床墊出貨量同樣成長了約 7%，而 12 月份，我們又看到了強勁的成長，彈簧床墊出貨量成長了約 24%。

Thank you. And then is there a little color on how January has trended so far?

謝謝。那麼，您是否對一月份截至目前為止的趨勢有了一些了解呢？

So far in January, through basically the end of last week, for the period, we are up year on year about 16.6%. Now, would caution for some of that because, you recall in 2014 we faced some underlying weather issues that probably dampened shipments somewhat, but overall still we're seeing strong unit volumes as we progress through the quarter.

截至目前，1 月份，截至上週結束，年增約 16.6%。現在，需要對其中一些問題保持謹慎，因為您還記得 2014 年我們面臨一些潛在的天氣問題，這可能在一定程度上抑制了出貨量，但總體而言，隨著本季度的進展，我們仍然看到強勁的單位銷量。

I appreciate the color. And lastly on the Chinese joint venture in the commercial segment gave you some operational challenges again. Can you talk about how that has progressed versus last quarter and what the outlook looks like for working through those challenges?

我很欣賞這個顏色。最後，中國在商業領域的合資企業再次為你們帶來了一些營運挑戰。您能談談與上一季相比進展如何以及克服這些挑戰的前景如何嗎？

Bobby this is Karl. It continues to be a challenge for us. We were in a complicated Chinese legal situation with that joint venture partner that's distasteful to all of us. So, we're continuing to make progress. The margins are not quite as bad as they once were, but the business is losing money as we speak. So we're doing everything we can within our power in a tough environment to remediate those issues.

鮑比，這是卡爾。這對我們來說仍然是一個挑戰。我們與合資夥伴在中國面臨複雜的法律關係，這令我們所有人都感到厭惡。所以，我們正在繼續取得進展。利潤率雖然不像以前那麼差，但業務仍在虧損。因此，我們在艱難的環境下竭盡全力解決這些問題。

Thank you and best of luck going forward.

謝謝您，祝您未來好運。

Thank you Bobby.

謝謝你，鮑比。

Josh Borstein with Longbow Research.

長弓研究公司的 Josh Borstein。

Good morning everyone, thanks for taking my questions. Could you provide us an update on what scrap costs are doing and where wire rod pricing is and the spread between those two right now?

大家早安，謝謝你們回答我的問題。您能否向我們提供有關廢料成本的最新動態、線材價格以及目前兩者之間的價差？

Josh this is Karl. Scrap is a little bit of a challenge for us and our outlook has changed pretty dramatically in the last 30 days. Scrap traded up about $5 from December to early January and now, the expectation for February scrap prices is down about $30 a ton, which ballparks 10%. What's driving that forecasted scrap deflation is significant availability of US scrap. Iron ore costs that are falling pretty dramatically around the world and then currency exchange rates. The impact of that is probably more -- will be more significant on the flat products, because of availability of both Russian and Chinese flat steel products.

喬希，這是卡爾。廢料對我們來說是一個小小的挑戰，在過去 30 天裡，我們的前景發生了相當大的變化。從 12 月到 1 月初，廢料交易價格上漲了約 5 美元，而現在，預計 2 月廢料價格將下跌約 30 美元/噸，跌幅約為 10%。推動廢料通貨緊縮預測的因素是美國廢料的大量供應。全球鐵礦石成本大幅下降，貨幣匯率也隨之下降。由於俄羅斯和中國的扁平材產品均有供應，因此這對扁平材的影響可能更大——更為顯著。

Again, Scrap's driving that. Currency exchange issues also enter into the flat steel products. From a rod, from a wire rod perspective, there is less availability of high carbon rod around the world that's a quality enough to utilize in our products or our customers and competitors products. The low carbon is somewhat protected now because of commerce's finding of guilt of anti-dumping claims by the US wire rod producers, specifically low carbon. They've levied duties effective mid-December, of between 100% and 200%, depending on the importer of those products but rod will probably deflate some because of the correlation to scrap.

再次強調，這是 Scrap 推動的。貨幣兌換問題也影響到扁平材產品。從棒材、線材的角度來看，全世界範圍內，品質足以用於我們的產品或我們客戶和競爭對手產品的高碳棒材供應較少。由於商務部判定美國線材生產商存在反傾銷行為，低碳產品目前得到了一定程度的保護，特別是低碳產品。他們已於 12 月中旬開始徵收關稅，稅率在 100% 到 200% 之間，具體稅率取決於這些產品的進口商，但由於與廢鋼的關聯性，鋼棒價格可能會下降。

Now the impact on Leggett is there may be, depending on how scrap actually does trade, some pricing pressure on some of our products. They're will probably be a lag of 30 to 60 -- really 60 to 90 days, which will pressure selling prices, pressure margin dollars, but actually should have a positive impact on margin percentage. And for those of you that are trying to quarterize our guidance, this is probably a bit of a headwind to the first quarter, because again if scrap falls off, we will have to revalue our rod, our billet, our wire inventories and our flat product inventories. So that revaluation will be a headwind to our EBIT and the respective benefit, or the LIFO benefit, based on GAAP accounting, we won't book that benefit until each one of the quarters end, based on a year-end 2015 forecast. So the pain is up front, the remedy is spread equally amongst the remaining quarters of the year.

現在對 Leggett 的影響可能是，根據廢料的實際交易情況，我們的某些產品可能會面臨一些定價壓力。它們可能會滯後 30 到 60 天，實際上是 60 到 90 天，這將對銷售價格和利潤造成壓力，但實際上應該會對利潤率產生積極影響。對於那些試圖將我們的指導方針季度化的人來說，這可能會對第一季造成一點阻力，因為如果廢料再次下降，我們將不得不重新評估我們的棒材、鋼坯、線材庫存和扁平產品庫存。因此，重新估價將對我們的息稅前利潤和相應收益或基於 GAAP 會計的後進先出收益產生不利影響，根據 2015 年年底的預測，我們直到每個季度末才會入賬該收益。因此，痛苦是前期的，而補救措施則平均分攤到一年剩餘的幾季。

Okay, thanks for that color, Karl. Just overall for the year, would you anticipate to see margin improvement in the industrial segment?

好的，謝謝你的顏色，卡爾。就今年整體而言，您是否預期工業部門的利潤率會提高？

Yes, I would expect so.

是的，我希望如此。

Okay. And you talked a little bit about the flat steel. Can you remind us how much you buy annually in flat steel and the potential savings? I'm imagining you might realize there.

好的。您剛才談到了扁鋼。您能否提醒我們您每年購買多少扁鋼以及可能節省多少？我想像你可能已經意識到了這一點。

About 400,000 tons, Josh. That's changed pretty significantly because of our Store Fixtures business consumed a lot of flat products. That is no longer a part of us.

大約 40 萬噸，喬許。由於我們的店鋪設備業務消耗了大量的扁平產品，因此這種情況發生了相當大的變化。那就不再是我們的一部分了。

Okay, I see. And then maybe for Susan, one question for you, with respect to the revenue guidance just wondering if you could provide us at the mid-point what it implies for each of the segments. Thanks.

好的，我明白了。然後也許對於蘇珊來說，我想問您一個問題，關於收入指引，我只是想知道您是否可以在中間點為我們提供它對每個部分的含義。謝謝。

Sure Josh. This is admittedly qualitative, that it will give you some framework to think about. In residential I would assume something in the mid-to-high single-digit revenue growth, for commercial closer to mid-single digit, and industrial low-single digit and specialized, high-single digit. All of that collectively, decide where you want to be with each of the segments. But the midpoint of our revenue guidance is just short of 6%.

當然可以，喬希。這無疑是定性的，它會給你一些思考的框架。我預期住宅領域收入成長率將在中高個位數之間，商業領域收入成長率接近中個位數，工業領域收入成長率在低個位數，專業領域收入成長率在高個位數。所有這些結合起來，決定了你想在各個部分中處於什麼位置。但我們的收入預期中間值略低於 6%。

Okay great, I appreciate the color. Thanks all hop back in the queue.

好的，太好了，我很欣賞這個顏色。感謝大家回到隊列。

Dan Moore with CJS Securities.

CJS Securities 的 Dan Moore。

Good morning, this is Robert Majeck in for Dan Moore. Innerspring volumes picked up materially in 2014. Do see this as being the front end of a longer-term upswing in demand for mattresses and innersprings? And on the flipside, do you see that spike as creating somewhat of a tough comp for growth in 2015?

早安，我是羅伯特·馬傑克 (Robert Majeck)，代替丹·摩爾 (Dan Moore)。 2014 年彈簧床墊銷量大幅回升。另一方面，您是否認為這種飆升會為 2015 年的成長帶來一定程度的困難？

Robert, I think as the year goes along -- this is Perry Davis. We will see the comps become more difficult. We obviously had a lot of challenges, as I mentioned earlier last year, in the first quarter particularly with many of the major selling weekends basically a wash out. But as the year progressed, we saw those unit volumes continue to expand and by the end of the year again, we were at a run rate that was extremely high.

羅伯特，我想隨著時間的推移——這就是佩里戴維斯。我們將看到比賽變得更加困難。正如我去年早些時候提到的那樣，我們顯然在第一季面臨很多挑戰，尤其是許多主要的銷售週末基本上都被打亂了。但隨著時間的推移，我們看到這些單位的數量持續擴大，到年底，我們的運作率又非常高。

If you go back and you look at the statistics that ISPA put out in October, they were showing a 7.5% innerspring pickup year on year. We were around 7%. Go to November, they showed a smaller, little over 3%. We were at 7% again and then like I said, as the quarter ended we had a terrific 12 period with heavy unit shipments of 24% up year on year.

如果你回頭看看ISPA 10月發布的統計數據，你會發現彈簧床墊的銷量比去年同期上漲了7.5%。我們的比例大概是 7%。到 11 月份，這一數字有所縮小，略高於 3%。我們再次達到了 7%，然後就像我說的，隨著本季度的結束，我們經歷了一個非常棒的 12 期，重型單位出貨量同比增長了 24%。

Thank you.

謝謝。

Keith Hughes was SunTrust.

基斯休斯 (Keith Hughes) 是 SunTrust 的總裁。

Thank you. On the commercial business, strong revenue growth in the quarter. Can you give us any qualitative statements on what you're hearing from your customers on office furniture there? In terms of order pace picking up, with they're expecting for the year, any sort of outlook would be great.

謝謝。在商業業務方面，本季營收成長強勁。您能否就您從客戶那裡聽到的有關辦公家具的評價給出一些定性的陳述？就訂單速度加快而言，根據他們對今年的預期，任何前景都是美好的。

Keith, this is Karl. It certainly was a good fourth quarter. That is not an indicator of the industry. We are definitely gaining some share. We are positioning ourselves very well in Europe which was an area that we weren't geographically strong in the past. Domestically, there's uptick from, like I said new programs. The BIFMA forecast is 4% growth this year. I would expect us to probably double that. So we'll see. But you see what the publics report from a demand perspective. It varies by each one of those customers depending on where they are in the product chain.

基思，這是卡爾。這確實是一個不錯的第四季。這並不是該產業的指標。我們的份額確實有所增加。我們在歐洲的定位非常良好，過去我們在該地區的地理優勢並不強。在國內，正如我所說，新項目有所增加。 BIFMA 預測今年的成長率為 4%。我預計這個數字可能會翻倍。我們拭目以待。但你可以從需求的角度來看公眾的報告。每個客戶都有所不同，取決於他們在產品鏈中的位置。

Okay. And I will sneak in real quick here on the Comfort Core, another great quarter on Comfort Core. When you start hitting the big numbers that you're putting up the last couple of quarters in Comfort Core, are there more customers to go to or is that naturally just going to slowdown?

好的。我將在這裡快速介紹 Comfort Core，這是 Comfort Core 的另一個很棒的季度。當您在 Comfort Core 中開始達到過去幾季的巨額數字時，是否會有更多的客戶可以去購買，還是自然會放緩？

It will naturally slowdown somewhat, as we get later in the year, Keith. But we have seen just a week ago with the Las Vegas market, numerous new introductions in the Comfort Core category that continue to drive growth. If you look at all of last year, compared to the prior year, we're talking 50% growth, 2014 over 2013. So, will we be 50% again this year? Doubt it, but we continue to see huge shifts, and not only at the higher price points but we begin to see it in more the midrange product. And that's basically where the Vegas market was focused this time with new introductions. Was that those medium to medium upper height price points.

基思，隨著今年晚些時候的到來，它自然會有所放緩。但就在一周前，我們看到拉斯維加斯市場舒適核心類別中推出了大量新產品，並繼續推動成長。如果回顧去年全年，與前一年相比，2014 年比 2013 年成長了 50% 那麼，今年的成長率還會是 50% 嗎？儘管對此表示懷疑，但我們仍看到巨大的轉變，而且不僅是在較高的價格點，而且我們開始在更多的中端產品中看到它。這基本上就是拉斯維加斯市場此次推出的新產品的重點。那是中等到中等偏上高度的價格點。

Okay, thank you.

好的，謝謝。

John Baugh with Stifel.

斯蒂費爾公司的約翰·鮑夫 (John Baugh)。

Good morning. Congratulations to the team on a great year. My questions are as follows. If we could talk about cash flow. I'm particularly interested in the forecast for 2015, the puts and takes there, and maybe you could touch on among others the legal settlement dollars to go out and perhaps comment on working capital. Which has been so tightly managed in 2014, thanks.

早安.祝賀團隊度過了美好的一年。我的問題如下。如果我們可以談論現金流。我對 2015 年的預測特別感興趣，那裡的利弊，也許您可以談談法律和解金額等方面的內容，並對營運資金進行評論。 2014 年的管理非常嚴格，謝謝。

John this is Matt. I'll jump in and take that one. If you take the midpoint of our guidance for monetary contribution, that's a pretty straightforward number. Something in the neighborhood of $380 million. We had a 140 million shares out. Our D&A the time of year should be about 120 million. The working capital is a key piece of what does move around based upon what's happening in those various categories, and operations has done a superb job in the last several years of freeing up a lot of capital in that regard.

約翰，這是馬特。我會跳進去拿走這個。如果您採用我們的貨幣貢獻指導的中間值，這是一個非常簡單的數字。約 3.8 億美元。我們已發行1.4億股。我們今年的 D&A 應該在 1.2 億左右。營運資本是根據各個類別發生的情況而變動的關鍵部分，並且在過去幾年中，營運部門在釋放這方面資本方面做得非常出色。

As you heard, if you adjust for year-end accruals relative to litigation, we were trending at about a 10% working capital level of investment. We would anticipate that that would be about the level of investment this coming year as sales continue to grow. Which, therefore, means we would use some cash in working capital in 2015. And specifically relative to the accruals that we have taken on the litigation, we would anticipate that most of that activity will take place in 2015. But of course, that once again is hard to predict. You stir all that together and we continue to feel very good that about $350 million, would hope to do better than that, should be the working operating cash flow assumption you should have in your models.

正如您所聽到的，如果您根據與訴訟相關的年終應計費用進行調整，我們的營運資本投資水準趨勢約為 10%。隨著銷售額持續成長，我們預計明年的投資水準將達到這一水準。因此，這意味著我們將在 2015 年使用一些現金作為營運資本。將所有這些混合在一起，我們繼續感到非常高興，大約 3.5 億美元，希望做得更好，應該是您模型中應該有的工作經營現金流假設。

Matt, roughly is there a range or do have litigation amount?

Matt，大致上有一個範圍或有訴訟金額嗎？

Hard to guess that. I will say this. Well first of all, due to confidentiality considerations we rarely ever comment on any pending litigation as you might imagine. And during the past few months we've had additional developments that occurred in that litigation to help us come up with the estimate that obviously we booked now here in the fourth quarter, as Dave mentioned in his comments, and we believe that is sufficient for resolution of these issues. Don't know for sure, but that's certainly our best estimate at this time.

很難猜到。我會這麼說。首先，出於保密考慮，正如您可能想像的那樣，我們很少對任何未決訴訟發表評論。並且在過去幾個月中，我們在訴訟中取得了進一步的進展，以幫助我們得出顯然我們現在在第四季度預定的估計，正如戴夫在他的評論中提到的那樣，我們相信這足以解決這些問題。不確定，但這肯定是我們目前的最佳估計。

So relative to when, would that cash go out that door? We just don't know. It's carried as a current liability that is how GAAP requires us to record it which implies that in 12 months that is likely to occur, and that's where you will find it on our balance sheet.

那麼相對而言，這些現金什麼時候會流出呢？我們只是不知道。它被當作流動負債來處理，這是 GAAP 要求我們記錄它的方式，這意味著在 12 個月內它可能會發生變化，您就可以在我們的資產負債表上看到它。

John, I suspect that a meaningful majority of it will be here in 2015 with some trail into early 2016.

約翰，我認為其中絕大部分將在 2015 年實現，部分將延續到 2016 年初。

Great, thank you. And if I could just maybe ask you to comment, as you look at 2015 versus 2014, and this is a complicated question I guess, but the more you can simplify at the better. What in general you think raw material changes may do to your P&L and currency will do to your P&L? The headwinds and tailwinds. Thanks.

太好了，謝謝。我可以請您評論一下，當您比較 2015 年和 2014 年時，我想這是一個複雜的問題，但您越簡化越好。整體而言，您認為原物料變化會對您的損益表產生什麼影響？逆風與順風。謝謝。

John, the raw material is really the steel issue that I spoke of earlier. If scrap does trade down in February like the market expects, there will be some impact on our pricing, but it should be a positive again from a margin percentage perspective. It's very difficult to forecast steel cost into the back half of the year right now. But all in all I would expect that they will end the year somewhat impossibly significantly lower than they ended 2014. As it relates to currency, from a transactional perspective, we do a pretty darn good job of matching manufacturing and manufacturing cost in the geography of consumption and then augment that by a pretty rigorous hedging program. Our finance folks and operations folks work really well together to adequately hedge ourselves.

約翰，原料其實就是我之前提到的鋼鐵問題。如果廢鋼價格如市場預期的那樣在二月下跌，這將對我們的定價產生一定影響，但從利潤率的角度來看，這應該會再次產生積極影響。目前很難預測下半年的鋼鐵成本。但總而言之，我預計今年年底的產量將比 2014 年底低得多。我們的財務人員和營運人員通力合作，為我們自己進行了充分的對沖。

From a translational perspective, we did an analysis just the other day on currency exchange rates that are current. So just two days ago. The impact on automotive, which is our most internationally diverse business, is about $25 million in topline and about $2.5 million from an EBIT perspective. If you multiply that by two, it's probably too aggressive for the rest of the Company, just because of auto being the most geographically diverse. So, we'll see those rates literally change every day, every minute. Currency is a bit of a headwind.

從翻譯的角度來說，前幾天我們對目前的貨幣匯率進行了分析。就在兩天前。汽車業務是我們國際多元化程度最高的業務，從營業額來看，這筆交易的影響約為 2,500 萬美元，從息稅前利潤來看，這筆交易的影響約為 250 萬美元。如果將這個數字乘以二，對於公司的其他業務而言，這個數字可能過於激進，因為汽車產業是地域分佈最分散的產業。所以，我們會看到這些利率每天、每分鐘都在改變。貨幣方面有點不利。

I'd just add, relative to currency, just in the fourth quarter as a frame of reference, sales were nicked about $9 million relative to that translation aspect on the US dollar. EBIT, very modest impact, south of it obviously, but $9 million was the topline headwind in the fourth quarter Company-wide.

我只想補充一點，相對於貨幣，僅以第四季為例，由於美元匯率的緣故，銷售額就損失了約 900 萬美元。 EBIT 的影響非常小，顯然低於這個數字，但 900 萬美元是整個公司第四季的營收逆風。

Great thanks for that comment, I'll get back in the queue.

非常感謝您的評論，我會重新回到隊列中。

Herbert Hardt with Monness, Crespi, Hardt & Co.

赫伯特‧哈特 (Herbert Hardt) 與 Monness、Crespi、Hardt & Co.

Good morning. I was curious if you could give us operating rates, the lowest and the highest across the divisions in the Company.

早安.我很好奇您是否可以告訴我們公司各部門的最低和最高營運率。

Herb, you mean past utilizations?

Herb，你的意思是過去的利用嗎？

Yes

是的

I've got them. The highest Herb, is always going to be the steel mill. It's near 100%, it wasn't quite in the fourth quarter of last year as we did some process improvements and took some outages to implement some new systems. After that it would be adjustable beds and our US spring operations today, where volume is so good, automotive would follow that. There is a little bit around the globe but utilization rates are high.

我得到它們了。最高級的草藥，永遠是煉鋼廠。它接近 100%，去年第四季還沒有達到，因為我們做了一些流程改進，並且暫停了一些工作來實施一些新系統。之後將是可調節床和我們今天的美國彈簧業務，其銷量非常好，汽車業務也將隨之而來。全球各地都有一點，但利用率很高。

From the lowest perspective it would be our commercial vehicle products business. After that, it would be our work furniture business where we made comment that we're underutilized, the rest would be somewhere in between all that.

從最低層來看，這就是我們的商用車產品業務。之後，我們認為我們的工作家具業務尚未充分利用，其餘業務則介於兩者之間。

And US spring is towards the upper end of that, Herb, and I know you've heard Karl and Perry say in the past that we're busily building new higher-speed, more efficient equipment to put into our US spring business to accommodate that demand.

而美國彈簧的價格處於這個水平的高端，Herb，我知道您曾經聽過 Karl 和 Perry 說過，我們正忙於建造新的速度更快、效率更高的設備，投入到我們的美國彈簧業務中，以滿足這一需求。

Okay, thank you very much.

好的，非常感謝。

Thanks Herb.

謝謝 Herb。

(Operator Instructions) Josh Borstein with Longbow Research.

（操作員指示）Longbow Research 的 Josh Borstein。

Hi, thanks again. To make sure I understand what is going on in the residential segment on the margin side, the adjusted margins were down 10 basis points despite a nice step up in revenue. I realize some of that is the acquisition revenue for Sealy, but is that all -- the relatively flat margins, is that just due to the stock-based compensation or is there something else in there?

你好，再次感謝。為了確保我了解住宅部門利潤方面的狀況，儘管收入大幅增加，但調整後的利潤率卻下降了 10 個基點。我知道其中一部分是 Sealy 的收購收入，但這就是全部——相對平穩的利潤率，僅僅是由於股票薪酬還是有其他原因？

Yes, Josh that is. I think we extended in our comments, that there's about $10 million of that stock comp that hit the segment. If not for that charge, the margins would've expanded pretty nicely.

是的，就是喬希。我想我們在評論中已經進行了擴展，大約有 1000 萬美元的股票補償影響了該部分業務。如果不是那項費用，利潤率將會擴大得相當好。

I see, okay, thanks for that. And you've talked a little bit about capacity additions in several of your businesses, how should we think about contribution margins for 2015?

我明白了，好的，謝謝你。您剛才談到了多項業務的產能增加，我們該如何看待 2015 年的貢獻利潤率？

It's a good question, Josh. I think the discussion we just went through relative to where our utilization levels are higher, helps to set the backdrop for that. We should be comfortably in that 25% to 35% range that we've talked about for a long time. But much of the growth we're getting in 2015 is coming in those businesses that are already very busy. We're making incremental investments to support that growth and therefore it would be reasonable to assume that we might be in the lower half of the historical range, versus the higher half. Still, good incrementals and good businesses that we're very happy to have the growth occur.

這是個好問題，喬希。我認為，我們剛才討論的關於我們的利用率水平更高的領域，有助於為此奠定基礎。我們應該可以輕鬆地處於我們長期以來所談論的 25% 到 35% 的範圍內。但我們在 2015 年實現的大部分成長都來自於那些已經非常繁忙的企業。我們正在進行增量投資來支持這一增長，因此可以合理地假設，我們可能處於歷史範圍的下半部分，而不是上半部分。儘管如此，我們很高興看到良好的增量和良好的業務成長。

Thanks for that Susan.

謝謝你，蘇珊。

It appears we have no further questions at this time. I would now like to turn the floor back over to management for closing comments.

目前看來我們沒有其他問題了。現在我想將發言權交還給管理階層，請他們發表最後評論。

We'll just say thank you for your participation and we'll talk to again next quarter.

我們只想感謝您的參與，我們將在下個季度再次與您交談。

One additional comment. I apologize to interrupt. Investors often asked us what separates Leggett from other public companies. And it's the areas of business that we play in and our products, but when you step back for just a second and think about 2014, adjustable beds in the third quarter were up 75%. They were up 127% in the fourth quarter. Comfort Core up 75% in the third quarter, 59% in the fourth quarter. That's our people.

另外一則評論。我很抱歉打擾您。投資人經常問我們 Leggett 與其他上市公司有何不同。這是我們涉足的業務領域和產品，但如果您回顧一下 2014 年，您會發現第三季的可調式床銷量成長了 75%。第四季度，其股價上漲了 127%。 Comfort Core 第三季上漲 75%，第四季上漲 59%。那就是我們的人民。

The thing that separates Leggett truly, is our people. It's the experts that we have in accounting, the experts that we have in our logistics that make this happen in a very, very difficult environment. So I just wanted to stop for a second and echo Dave's prepared comments that our people had a great year. And every Company has people, they don't have our people, so that's the point of differentiation, so I personally wanted to thank our people for doing an outstanding job. That's all.

Leggett 真正與眾不同之處在於我們的員工。正是我們的會計專家和物流專家在極其困難的環境下實現了這一目標。因此，我只想停下來重複戴夫準​​備好的評論，即我們的員工度過了美好的一年。每家公司都有人，但他們沒有我們的人，這就是區別所在，所以我個人想感謝我們的員工所做的出色工作。就這樣。

And with that, we'll close.

就這樣，我們就結束了。

Ladies and gentlemen this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與並祝您有美好的一天。