禮恩派 (LEG) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Leggett & Platt fourth-quarter 2025 webcast and earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Leggett & Platt 2025 年第四季網路直播和收益電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Mr. Ryan Kleiboeker. Please go ahead.

現在我榮幸地向大家介紹主持人，瑞安·克萊博克先生。請繼續。

Good morning. Welcome to Leggett & Platt's fourth-quarter and full year 2025 earnings call. With me on the call today are Karl Glassman, CEO; Ben Burns, CFO; Tyson Hagale, President of the Bedding Products segment; and Sam Smith, President of the Specialized Products and Furniture, Flooring and Textile Products segments.

早安.歡迎參加 Leggett & Platt 2025 年第四季及全年業績電話會議。今天與我一起參加電話會議的有：執行長 Karl Glassman；財務長 Ben Burns；床上用品部門總裁 Tyson Hagale；以及專業產品、家具、地板和紡織品部門總裁 Sam Smith。

We posted to the IR section of our website yesterday's press release and a set of slides that contain summary financial information along with segment details. Those documents supplement the information we will discuss on this call, including non-GAAP reconciliations. Remarks today concerning future expectations, events, objectives, strategies, trends or results constitute forward-looking statements.

昨天，我們在網站的投資者關係版塊發布了新聞稿和一組幻燈片，其中包含財務摘要資訊以及各業務板塊的詳細資訊。這些文件補充了我們將在本次電話會議中討論的信息，包括非GAAP調整表。今天所作的有關未來預期、事件、目標、策略、趨勢或結果的言論構成前瞻性陳述。

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. Please refer to yesterday's press release and the sections in our most recent 10-K and subsequent 10-Q entitled Risk Factors and Forward-Looking Statements.

由於存在許多風險和不確定因素，實際結果或事件可能與預期有重大差異，本公司不承擔更新或修改這些聲明的義務。請參閱昨天的新聞稿以及我們最新的 10-K 和後續 10-Q 文件中題為“風險因素”和“前瞻性聲明”的章節。

I'll now turn the call over to Karl.

現在我將把電話交給卡爾。

Thank you, Ryan, and good morning, everyone. Early last year, we shared our 2025 priorities, which included strengthening the balance sheet, improving operational efficiency and margins and positioning Leggett & Platt for profitable long-term growth. Thanks to the tremendous efforts by our teams, we delivered on those priorities and made significant progress to position the business to accelerate when residential end markets turn.

謝謝你，瑞恩，大家早安。去年年初，我們分享了 2025 年的優先事項，其中包括加強資產負債表、提高營運效率和利潤率，以及使 Leggett & Platt 實現盈利的長期成長。感謝我們團隊的巨大努力，我們實現了這些優先事項，並取得了重大進展，使業務能夠在住宅終端市場好轉時加速發展。

We have substantially completed the restructuring plan we launched in early 2024, reflecting strong execution and disciplined follow-through. The actions taken over the past two-years delivered greater EBIT benefit at lower cost than originally expected. These improvements are sustainable, and we expect they will contribute to improved profitability and cash flow generation, which will allow us to reinvest in growth and return capital to our shareholders.

我們已基本完成 2024 年初啟動的重組計劃，這體現了強而有力的執行力和嚴謹的後續行動。過去兩年採取的措施以低於預期的成本帶來了更大的息稅前利潤收益。這些改進是可持續的，我們預計它們將有助於提高獲利能力和現金流，使我們能夠再投資於成長並向股東返還資本。

Although the 2024 restructuring plan is essentially complete, we continue to identify opportunities to improve our cost structure and enhance profitability across our businesses. We also took meaningful steps in 2025 to simplify our portfolio and ensure focus on our core operations. Notably, we divested our aerospace business in the third-quarter.

儘管 2024 年重組計畫已基本完成，但我們仍在不斷尋找機會來改善成本結構並提高各業務的獲利能力。2025年，我們也採取了切實有效的措施來簡化我們的業務組合，確保專注於我們的核心業務。值得注意的是，我們在第三季剝離了航空航太業務。

After-tax proceeds from that transaction were used to retire our outstanding commercial paper and accelerate our deleveraging efforts, moving us meaningfully closer to our long-term leverage target of two times. Our teams also did outstanding work in 2025 to further strengthen our foundation for long-term profitable growth.

這筆交易的稅後收益用於償還我們未償還的商業票據，並加快我們的去槓桿化進程，使我們離兩倍的長期槓桿目標更近了一步。我們的團隊在 2025 年也做出了傑出的工作，進一步鞏固了我們長期獲利成長的基礎。

A few highlights include the continued growth of our semi-finished products, particularly Eco-Base and pre-foam-encased ComfortCore and bedding products. We also made significant progress on filling key roles to expand our competencies, especially in Specialty Foam, where we are working to diversify and expand the customer base.

其中一些亮點包括我們半成品（特別是 Eco-Base 和預泡沫包裝的 ComfortCore 以及床上用品）的持續增長。我們在填補關鍵職位方面也取得了重大進展，以擴大我們的能力，尤其是在特種泡沫領域，我們正在努力實現客戶群的多元化和擴大。

Automotive made progress in building our innovation pipeline and establishing greater intimacy with our OEM and Tier 1 customers to strengthen our position in seating comfort and in-car motion systems. Our Home Furniture team opened a facility in Vietnam to better serve our customers who have relocated to this growing region of furniture production, and in textiles, we have continued to penetrate new specialty markets such as medical nonwovens, where we are poised to introduce additional new products in 2026.

汽車產業在建立創新管道和與 OEM 及一級客戶建立更緊密聯繫方面取得了進展，從而鞏固了我們在座椅舒適性和車載運動系統領域的地位。我們的家居家具團隊在越南開設了一家工廠，以便更好地服務於搬遷到這個家俱生產蓬勃發展地區的客戶；在紡織品方面，我們不斷開拓新的專業市場，例如醫用無紡布，並準備在 2026 年推出更多新產品。

Our Geo components team saw growth in our retail business, where we continue to gain share at major home improvement retailers. As we turn to demand trends and expectations for 2026, our residential markets, which account for roughly half of the company's revenue, remain in a multi-year depression with demand well below average cycle levels.

我們的 Geo 組件團隊在零售業務方面取得了成長，我們在主要家裝零售商中不斷擴大市場份額。當我們展望 2026 年的需求趨勢和預期時，我們占公司收入約一半的住宅市場仍處於多年低迷狀態，需求遠低於平均週期水準。

While we cannot predict the timing of demand recovery, we are confident that we are well positioned to capitalize on the incremental volume when it materializes. In Bedding, trade rod and wire sales benefited from metal margin expansion and strong domestic demand last year, while our mattress-related businesses faced another year of soft demand in addition to specific customer challenges.

雖然我們無法預測需求復甦的時間，但我們有信心，一旦需求復甦，我們將能夠充分利用新增的銷售量。在床上用品方面，貿易棒材和線材的銷售受益於去年金屬利潤率的擴大和強勁的國內需求，而我們的床墊相關業務除了面臨特定的客戶挑戰外，還面臨著需求疲軟的又一年。

We believe the US mattress market was down low single digits in 2025. Domestic production was down high single digits, but second half performance improved after a tough start to the year. Demand in our bedding products segment is expected to be down low single digits in 2026 due to volume declines in adjustable bed and specialty foam as we lap customer program changes that began in 2025.

我們認為，到 2025 年，美國床墊市場將出現個位數百分比的下滑。國內產量較去年同期下降了近10%，但經歷了年初的艱難開局後，下半年的表現有所改善。由於2025年開始實施的客戶計畫變更導致可調式床和特種泡沫的銷售下降，預計2026年我們床上用品部門的需求將出現個位數的下降。

However, US Spring is anticipated to perform in line with the Us mattress market and domestic production, which we expect to both be flat to up low single digits in 2026. In the specialized segment, we expect automotive volume in 2026 to reflect the impacts of a challenging industry backdrop. In North America, demand faces inflationary pressures as automakers seek to recoup a portion of tariff-related costs.

然而，預計美國彈簧的表現將與美國床墊市場和國內生產保持一致，我們預計這兩者在 2026 年都將保持平穩或略微增長。在專業領域，我們預計 2026 年汽車銷售將反映出充滿挑戰的產業環境的影響。在北美，由於汽車製造商尋求收回部分與關稅相關的成本，需求面臨通膨壓力。

Exports from China are expected to continue pressure multinational OEMs in Europe, especially as the Chinese EV manufacturers face near-term demand headwinds in their domestic market. Overall, these dynamics support our expectation to perform in line with broader market trends from down 1% to 2% as we balance regional pressures with disciplined execution across the business.

預計來自中國的出口將繼續給歐洲的跨國汽車製造商帶來壓力，尤其是中國電動車製造商在國內市場面臨短期需求逆風的情況下。總體而言，這些動態支持我們預期業績將與更廣泛的市場趨勢保持一致，下降 1% 至 2%，因為我們將在整個業務範圍內透過嚴格的執行來平衡區域壓力。

Excluding Aerospace, our 2026 specialized products segment comparable sales are expected to be flat to slightly above 2025. Anticipated currency benefits are expected to offset the effects of lower volume and pricing year-over-year in both automotive and hydraulic cylinders. In our furniture, flooring and textile Products segment, we saw continued soft demand in our residential-focused businesses, home furniture and flooring, while work furniture and textile saw modest growth year-over-year.

除航空航太領域外，我們預計 2026 年專業產品部門的同店銷售額將與 2025 年持平或略高於 2025 年。預計匯率波動帶來的好處將抵消汽車和液壓缸銷售和價格年減的影響。在我們的家具、地板和紡織品產品部門，面向住宅業務的家用家具和地板需求持續疲軟，而辦公家具和紡織品則實現了同比小幅增長。

We anticipate further demand uncertainty in our residential markets, but expect to see growth in textiles, both in our Geo Components business and nonresidential markets in fabric converting. As we move through 2026, we will continue to prioritize balance sheet strength, operational efficiency and margin improvement and build on the progress we've made over the last couple of years to position the company for profitable long-term growth.

我們預計住宅市場的需求將進一步出現不確定性，但預計紡織品業務將實現成長，包括我們的 Geo Components 業務和非住宅市場的織物加工業務。展望 2026 年，我們將繼續優先考慮資產負債表的穩健性、營運效率和利潤率的提高，並在過去幾年取得的進展基礎上，為公司實現盈利的長期成長奠定基礎。

In bedding, we will focus on diversifying our customer base in Specialty Foam, further integrating our foam and innerspring capabilities while growing component content and improving our ability to support the omnichannel needs of our bedding customers. In automotive, with new leadership in 2026, we will focus on making strategic investments in our commercial organization and operations to return to growth and strengthen our relationships with OEM and Tier 1 customers.

在床上用品方面，我們將專注於拓展特種泡棉客戶群，進一步整合泡棉和彈簧床墊的生產能力，同時增加組件含量，並提高我們滿足床上用品客戶全通路需求的能力。在汽車領域，隨著 2026 年新領導層的就職，我們將專注於對我們的商業組織和營運進行策略性投資，以恢復成長並加強我們與 OEM 和一級客戶的關係。

In textiles, we are focused on expanding our business through organic growth and small strategic acquisitions. And throughout the company, we are committed to driving operational excellence through continuous process improvement, cost reduction and footprint optimization, while also investing in our talent and developing a strong pipeline of future leaders.

在紡織業，我們專注於透過內生成長和小規模策略收購來拓展業務。公司上下致力於透過持續改進流程、降低成本和優化佈局來推動卓越運營，同時投資於人才培養，並建立強大的未來領導者儲備。

Although near-term demand in several of our markets remains challenged, the foundation we have in place will enable us to pursue growth opportunities in 2026 and return capital to shareholders.

儘管我們幾個市場的近期需求仍然面臨挑戰，但我們已奠定的基礎將使我們能夠在 2026 年尋求成長機會並向股東返還資本。

I'll now turn the call over to Ben.

現在我將把電話交給本。

Thank you, Karl, and good morning, everyone. fourth-quarter sales were $939 million, down 11% versus the fourth-quarter of 2024, resulting from sales weakness at a certain customer and retailer merchandising changes in adjustable bed and specialty foam as well as continued soft demand in residential end markets, customer supply chain disruptions in automotive and lower demand in hydraulic cylinders.

謝謝卡爾，大家早安。第四季銷售額為9.39億美元，較2024年第四季下降11%，主要原因是部分客戶的銷售疲軟、零售商對可調式床和特種泡沫產品的商品陳列調整、住宅終端市場需求持續低迷、汽車行業客戶供應鏈中斷以及液壓缸需求下降。

Growth in textiles and work furniture, along with higher trade wire and rod sales partially offset demand declines. Looking at sales by segment, bedding products decreased 11% compared to the fourth-quarter of 2024. Additionally, Specialized Products declined 21%, mostly due to the Aerospace divestiture and sales in furniture, flooring and textile products were down 3%.

紡織品和辦公家具的成長，以及貿易線材和桿材銷售的成長，部分抵銷了需求的下降。以細分市場來看，床上用品銷售額比 2024 年第四季下降了 11%。此外，特種產品銷售額下降了 21%，主要是由於航空航天業務剝離所致；家具、地板和紡織品銷售額下降了 3%。

Fourth-quarter EBIT was $32 million and adjusted EBIT was $48 million, down $8 million versus fourth-quarter 2024, primarily due to lower volume and earnings associated with our divested aerospace business, partially offset by metal margin expansion and restructuring benefit. fourth-quarter earnings per share was $0.18.

第四季息稅前利潤為3,200萬美元，調整後息稅前利潤為4,800萬美元，較2024年第四季減少800萬美元，主要原因是剝離的航空航太業務導致銷售和收益下降，部分被金屬利潤率提升和重組收益所抵消。第四季每股收益為0.18美元。

On an adjusted basis, fourth-quarter EPS was $0.22, a 5% increase from fourth-quarter 2024 adjusted EPS of $0.21. For the full year, 2025 sales decreased 7% to $4.05 billion, primarily from continued weak demand in residential end markets, sales weakness at a certain customer and retail merchandising changes in adjustable bed and specialty foam, divestitures, lower demand in automotive and hydraulic cylinders and restructuring-related sales attrition.

經調整後，第四季每股收益為 0.22 美元，較 2024 年第四季經調整後的每股收益 0.21 美元成長 5%。 2025 年全年銷售額下降 7% 至 40.5 億美元，主要原因是住宅終端市場需求持續疲軟、部分客戶的銷售疲軟以及可調節床和特種泡沫產品的零售商品陳列變化、資產剝離、汽車和液壓缸需求下降以及重組相關的銷售流失。

These declines were partially offset by growth in Textiles and Work Furniture, higher trade wire and rod sales, raw material-related selling price increases and currency benefit. EBIT increased $786 million, primarily due to the non-recurrence of $676 million in goodwill impairment charges during 2024. Adjusted EBIT decreased $4 million to $263 million, primarily from lower volume, partially offset by restructuring benefit and metal margin expansion.

這些下滑部分被紡織品和工作家具的成長、貿易線材和桿材銷售的成長、原材料相關銷售價格的上漲以及匯率收益所抵銷。息稅前利潤成長了 7.86 億美元，主要原因是 2024 年不再發生 6.76 億美元的商譽減損費用。調整後的息稅前利潤減少了 400 萬美元，至 2.63 億美元，主要原因是銷售量下降，部分被重組收益和金屬利潤率擴張所抵消。

Full year EPS was $1.69 and adjusted EPS was $1.05, flat versus 2024. In 2025, operating cash flow was $338 million, an increase of $33 million versus 2024. This increase was primarily driven by working capital benefits. We ended the year with adjusted working capital as a percentage of annualized sales of 11.6%, a decrease of 140 basis points versus 2024.

全年每股收益為 1.69 美元，調整後每股收益為 1.05 美元，與 2024 年持平。2025 年，營運現金流為 3.38 億美元，比 2024 年增加了 3,300 萬美元。這一增長主要得益於營運資金的增加。年末調整後營運資本佔年銷售額的百分比為 11.6%，比 2024 年下降了 140 個基點。

Our teams executed exceptionally well, resulting in significant balance sheet improvement in 2025. Aerospace divestiture proceeds, along with cash from operations and real estate sales allowed us to reduce debt by $376 million. Our net debt to adjusted EBITDA decreased from 3.8 times to 2.4 times by the end of the year, bringing us significantly closer to our long-term leverage target of two times.

我們的團隊執行得非常出色，使得公司在 2025 年的資產負債表狀況得到顯著改善。航空航太資產剝離所得，加上營運現金和房地產銷售所得，使我們能夠減少 3.76 億美元的債務。到年底，我們的淨債務與調整後 EBITDA 的比率從 3.8 倍下降到 2.4 倍，使我們離 2 倍的長期槓桿目標有了顯著的接近。

As we move into 2026, we expect to use most of our excess cash flow to reduce net debt, while also pursuing opportunities for share repurchases and small strategic acquisitions as conditions allow. Our long-term priorities for uses of cash remain consistent. Funding organic growth, funding strategic acquisitions and returning cash to shareholders through share repurchases and dividends.

展望 2026 年，我們預計將利用大部分盈餘現金流來減少淨債務，同時在條件允許的情況下尋求股票回購和小規模策略收購的機會。我們對現金使用的長期優先事項保持不變。透過股票回購和分紅，為有機成長、策略收購和向股東返還現金提供資金。

As Karl mentioned earlier, we have substantially completed the restructuring plan in 2025 and significantly exceeded our original expectations. We expect a full run rate of approximately $70 million of EBIT benefit and total cost of $80 million, half of which were non-cash costs. We also expect cash proceeds from real estate sales of $70 million to $80 million, $48 million of which have already been realized with the remaining balance expected in 2026.

正如卡爾之前提到的，我們已經基本完成了 2025 年的重組計劃，並且大大超出了我們最初的預期。我們預計全面實施後，息稅前利潤將達到約 7,000 萬美元，總成本為 8,000 萬美元，其中一半為非現金成本。我們也預計房地產銷售將帶來 7,000 萬至 8,000 萬美元的現金收益，其中 4,800 萬美元已經實現，剩餘部分預計將在 2026 年實現。

Moving to guidance. 2026 sales are expected to be $3.8 billion to $4.0 billion or down 1% to 6% versus 2025. 2025 divestitures are expected to reduce sales 3%. Volume is expected to be flat to down low single digits with volume at the midpoint, down low single digits in bedding products, down low single digits in specialized products and flat in furniture, flooring and textile products.

接下來是業績指引。預計2026年銷售額為38億美元至40億美元，較2025年下降1%至6%。 2025年的資產剝離預計將使銷售額減少3%。預計銷量將持平或略微下降個位數，其中床上用品銷量將處於中間水平，略微下降個位數，專業產品銷量將略微下降個位數，家具、地板和紡織品銷售將持平。

Inflation and currency benefit combined are expected to increase sales low single digits. 2026 earnings per share are expected to be $0.92 to $1.38, including approximately $0.02 to $0.11 per share impact from restructuring costs, primarily related to cost improvement and footprint optimization opportunities identified across the company that are currently being evaluated.

通貨膨脹和匯率利好預計將使銷售額實現個位數低成長。 2026年每股收益預計為0.92美元至1.38美元，其中包括重組成本帶來的約0.02美元至0.11美元的每股收益影響，這些成本主要與公司內部已發現的成本改善和佈局優化機會有關，目前正在進行評估。

$0.05 to $0.08 per share impact from costs associated with the unsolicited offer from Somnigroup and $0.11 to $0.25 per share gain from sales of real estate. Full year adjusted earnings per share are expected to be $1 to $1.20. The midpoint reflects operational efficiency improvements, disciplined cost management, favorable product mix and full year benefit of metal margin expansion that started in Q2 2025, partially offset by lower volume.

受 Somnigroup 主動收購要約相關成本的影響，每股成本將增加 0.05 至 0.08 美元；出售房地產將帶來每股收益 0.11 至 0.25 美元。預計全年調整後每股收益為 1 美元至 1.20 美元。中間值反映了營運效率的提高、嚴格的成本控制、有利的產品組合以及自 2025 年第二季開始的金屬利潤率擴張帶來的全年收益，但部分被銷售下降所抵消。

We expect normal seasonality in our 2026 results with lower sales and earnings in the first and fourth-quarters. Based upon this guidance framework, our 2026 full year adjusted EBIT margin range is expected to be 6.3% to 7.0%. Cash from operations is expected to be $225 million to $275 million in 2026. While we do not anticipate a benefit from working capital this year, we will continue to have a sharp focus on cash flow generation.

我們預計 2026 年的業績將呈現正常的季節性波動，第一季和第四季的銷售額和收益將有所下降。根據此指導框架，我們預計 2026 年全年調整後 EBIT 利潤率範圍為 6.3% 至 7.0%。預計2026年經營活動產生的現金流量將達到2.25億美元至2.75億美元。雖然我們預計今年不會從營運資金中獲益，但我們將繼續高度重視現金流的產生。

Our CapEx is expected to be $100 million to $115 million in 2026. The increase versus last year is due to the timing of some initiatives being pushed from 2025 into 2026, and the replacement of equipment lost in the storage facility fire within our Bedding segment.

預計到 2026 年，我們的資本支出將達到 1 億至 1.15 億美元。與去年相比，增長的原因是部分計劃從 2025 年推遲到 2026 年，以及更換床上用品部門在倉庫火災中損失的設備。

With that, I'll turn the call back over to Karl for final remarks.

接下來，我將把電話轉回給卡爾，請他做最後的總結演講。

Thank you, Ben. In closing, I want to thank our employees around the globe for your efforts in transforming the company in 2025. Together, we executed our restructuring plan, strengthened our balance sheet and positioned Leggett & Platt for long-term success. While near-term demand uncertainty remains, we are confident in our ability to execute our strategic priorities and create long-term shareholder value.

謝謝你，本。最後，我要感謝全球各地的員工為公司在 2025 年的轉型所付出的努力。我們共同執行了重組計劃，加強了資產負債表，使 Leggett & Platt 為長期成功奠定了基礎。儘管短期需求仍存在不確定性，但我們有信心執行我們的策略重點，並為股東創造長期價值。

Before we begin Q&A, I want to acknowledge the current discussions between Leggett & Platt and Somnigroup. As we announced in January, we have entered into a customary nondisclosure agreement and six-month standstill. We do not intend to make any further public comments and will not be answering any questions related to these discussions on this call.

在開始問答環節之前，我想先說明 Leggett & Platt 和 Somnigroup 之間目前的討論。正如我們在1月份宣布的那樣，我們已簽署了慣例的保密協議和為期六個月的靜止期協議。我們不打算再發表任何公開評論，也不會在本次電話會議上回答任何與這些討論相關的問題。

With that, operator, we're ready for Q&A.

好了，操作員，我們準備進入問答環節。

(Operator Instructions) Susan Maklari, Goldman Sachs.

（操作說明）蘇珊·馬克拉里，高盛。

My first question is on the restructuring. It's nice to see how those efforts are coming together even with all the headwinds that you're still facing. Can you talk about how they are coming through to the various segment margins in last year, what we should expect for this year? And then you also mentioned, Karl, that you're looking at additional ways to further improve the cost structure and enhance the margins.

我的第一個問題是關於重組的。很高興看到這些努力克服重重困難，最終取得了成果。您能否談談他們去年在各個細分市場的利潤率表現，以及我們今年應該對什麼情況抱持預期？卡爾，你也提到，你正在尋找其他方法來進一步改善成本結構並提高利潤率。

Can you talk about where you're seeing perhaps some of those additional opportunities, and what they could mean over time?

您能否談談您認為可能存在的其他一些機會，以及這些機會隨著時間的推移可能意味著什麼？

Yes, Susan, thank you for the questions. I'll start with the latter and ask Ben and the rest of the team to fill in the first question. But we continue to look at the portfolio. I will say at this point, there are no divestitures of BUs being contemplated, but we continue to look for operational improvement opportunities in every one of the BUs.

是的，蘇珊，謝謝你的提問。我先回答第二個問題，請本和其他團隊成員回答第一個問題。但我們會繼續關注投資組合。目前，我們還沒有考慮剝離任何業務部門，但我們會繼續在每個業務部門中尋找營運改善的機會。

Nothing has been announced other than a consolidation of one of our flooring products segment facilities that's closing one small facility, moving that productive capacity into a larger facility into North Carolina. The teams continue to look at each one of the BUs, and there are some things that we're analyzing, but it would be premature to announce. But Ben, as regards to segment margins, why don't you --

除了我們地板產品部門的一家工廠將進行整合，關閉一家小型工廠，並將產能轉移到北卡羅來納州更大的工廠之外，目前還沒有其他消息公佈。各團隊仍在繼續研究每個業務單元，我們正在分析一些事項，但現在宣布還為時過早。但是本，關於細分市場利潤率，你為什麼不…--

Yes. So Susan, as we said in the prepared remarks, really good benefits from the restructuring efforts. We had really in 2025, $63 million of benefits that are flowing through, and we expect roughly another $5 million in 2026. So puts us at a $70 million run rate as we look to the future. So obviously, that had a very big impact with our bedding segment.

是的。所以蘇珊，正如我們在準備好的演講稿中所說，重組工作確實帶來了很好的好處。2025 年，我們實際上獲得了 6,300 萬美元的收益，預計 2026 年還將獲得約 500 萬美元的收益。因此，展望未來，我們的年收入將達到 7,000 萬美元。很顯然，這對我們的床上用品業務產生了非常大的影響。

Also we saw some benefits in our specialized segment with Hydraulic Cylinders, and then that benefited us as well in the FF&T segment, primarily with home furniture and flooring. As we look forward, I think you'll see, like I said, a more modest impact from the restructuring plan for 2026, the $5 million that will flow through. And then as Karl said, we do have some other opportunities that we're looking at, but not ready to quantify those just yet. From a cost impact, we do have about $2 million or a pretty small amount that is left that we know of in the formal restructuring plan.

此外，我們在液壓缸這個專業領域也看到了一些好處，這反過來也使我們在家具、地板和地板設備領域受益，尤其是在家用家具和地板方面。展望未來，我認為正如我所說，2026 年的重組計劃的影響將較為溫和，屆時將有 500 萬美元的資金注入。正如卡爾所說，我們還有一些其他的機會正在考慮中，但目前還不方便量化這些機會。從成本影響來看，據我們所知，正式的重組計畫中還剩下約 200 萬美元，這是一個相當小的數字。

Okay. All right. That's helpful color. And then turning to bedding and the outlook there. You mentioned that you expect springs to be flat to up low single digits, it sounds like, for this year. Just generally speaking, as you think about the Bedding market and the demand there, how much of a recovery do you think we can see if we don't have housing that really starts to come back? How important is that? And what does it mean in terms of the near-term potential path for the industry versus where we could be longer term?

好的。好的。這是個很有幫助的顏色。然後，我們轉而討論床上用品和那裡的景色。你提到預計今年春季氣溫將保持平穩或略高於個位數，聽起來是這樣。總的來說，就床上用品市場及其需求而言，如果房屋市場沒有真正開始復甦，您認為我們能看到多大的復甦？這有多重要？那麼，就產業近期的潛在發展路徑和長期發展方向而言，這意味著什麼？

Yes, Susan, great questions. I'll ask Tyson to answer all of that. I do want to remind you and the rest of the investors that there is no expectation of macro market recovery in our 2026 forecast. We'd like to see it. We've been guilty as have some others of forecasting a strong back half. We're not doing that. So to the degree that impact takes place, it would be upside to the midpoint of our guidance. But Tyson, why don't you unravel that?

是的，蘇珊，問得好。我會請泰森回答所有這些問題。我想提醒各位投資者，我們的 2026 年預測中並未預期宏觀市場會復甦。我們很想看看。我們和其他人一樣，都犯了預測下半季會表現強勁的錯誤。我們不會那樣做。因此，如果這種影響發生，其程度將高於我們指導值的中點。但是泰森，為什麼不把這件事弄清楚呢？

Sure. Good morning, Susan. I agree with Karl. We've definitely been tired of just hoping that a recovery is coming. And you mentioned one of the big macro factors being housing and the continued headwind that we face there. But that's a big one, obviously. It's not the only one. Generally, consumer confidence and how people are feeling about discretionary purchases is a big deal.

當然。早安，蘇珊。我同意卡爾的觀點。我們真的已經厭倦了僅僅寄望於經濟復甦。您提到，住房是重要的宏觀因素之一，而我們在這方面持續面臨不利因素。但這顯然是個大問題。這並非唯一一起。總的來說，消費者信心以及人們對非必需品購買的看法非常重要。

And then just general affordability, which goes into housing for sure, but also across the board, whether people are spending the money on insurance, gas, food, all of those things are a big deal. And just seeing where things stand today, that's why we don't feel good about building any type of recovery into guidance. Essentially, what we thought about in the bedding market for 2026 is a continuation of what we really saw in the back half of the year.

然後就是整體的負擔能力，當然包括住房，但也包括各方面，人們把錢花在保險、汽油、食物上，所有這些都非常重要。就目前的情況來看，這就是為什麼我們不願意在指導方針中加入任何類型的復甦措施。從本質上講，我們對 2026 年床上用品市場的設想，是我們今年下半年實際所見的延續。

The first half of 2025 was pretty tough. And so really just a more seasonal pattern in 2026 is really carrying off the back half of 2025. And that's where we get to a flat to up low single digits is really just lapping the early struggles that the market had in 2025. Relative to our business, and you mentioned US springs, that's where we have the tightest correlation to the market.

2025年上半年相當艱難。因此，2026 年的季節性模式實際上延續了 2025 年下半年的趨勢。而我們最終看到的是，持平或小幅上漲幾個位數，實際上只是緩解了市場在 2025 年初期的困境。就我們的業務而言，你提到了美國彈簧，那正是我們與市場關聯度最高的領域。

And we've had some ups and downs through 2025 and in prior years relative to our performance against the market. And I think we talked about this in the third-quarter, but it's true for us and our customer base, performance is mixed across the industry, and we still see a lot of choppiness. We were impacted in the fourth-quarter.

到 2025 年以及之前的幾年，我們的業績相對於市場表現而言，都經歷了一些起伏。我認為我們在第三季度討論過這個問題，但對我們和我們的客戶群來說，整個行業的業績參差不齊，我們仍然看到很多波動。我們在第四季受到了影響。

And we've had some other periods where this has happened as well, where we've had some consolidations happen, and we had one at the beginning of the fourth-quarter that was related to some financial distress with one of our partners. And that was the biggest impact that we had in the US spring versus the market. But generally, and we saw this in the second and third-quarter, we've closed the gap and have been performing pretty close to market.

我們也經歷過其他一些時期，期間發生過一些合併，第四季度初就發生過一次，這與我們的一位合作夥伴的財務困境有關。這就是我們在美國春季市場中受到的最大影響。但總的來說，正如我們在第二季和第三季看到的那樣，我們已經縮小了差距，業績與市場表現非常接近。

And we feel good about in 2026, where we've had some content gains and have some more coming as we've had more products introduced in some of our comfort products and comfort layers, and we think that helps us manage our business along with the rest of the market.

我們對 2026 年充滿信心，因為我們在內容方面取得了一些進展，而且隨著我們在舒適產品和舒適層中推出更多產品，未來還會有更多進展，我們認為這有助於我們與市場上的其他企業一起管理我們的業務。

Okay. That's great color. And then I'm going to squeeze one more in, which is for Ben, can you just run through the guide for the segments for this year in terms of the revenue and the margins for each one of them?

好的。顏色真好看。然後我還要再問一個問題，Ben，可以簡單介紹一下今年各個細分市場的營收和利潤率嗎？

Yes. Sure. Thanks, Susan. So from a bedding perspective, we would expect net trade sales and volume to both be down low single digits with margins up 150 basis points. From the specialized Products segment, this is adjusting for the aerospace divestiture, we would expect organic sales and volume down low single digits with margins down 150 basis points. And then on the furniture, flooring and textile side, we'd expect net trade sales and volumes to be flat and margins to be flat as well.

是的。當然。謝謝你，蘇珊。因此，從床上用品的角度來看，我們預計淨貿易銷售額和銷售量都將下降個位數百分比，而利潤率將上升 150 個基點。從專業產品部門來看，考慮到航空航太業務剝離的影響，我們預期有機銷售額和銷售量將出現個位數低幅下降，利潤率將下降 150 個基點。在家具、地板和紡織品方面，我們預計淨貿易銷售額和銷售量將保持平穩，利潤率也將保持穩定。

Bobby Griffin, Raymond James.

博比·格里芬，雷蒙德·詹姆斯。

This is Alessandra Jimenez on for Bobby Griffin. First, I wanted to follow up on the Bedding segment. US Spring volumes notably decreased in 4Q versus 3Q. Is that mainly driven by the consolidation you mentioned in 4Q, or was there something else that impacted the volume trends? Sorry, what was your view on industry for 4Q versus 3Q for the Bedding segment?

這是替補博比·格里芬上場的亞歷山德拉·希門尼斯。首先，我想跟進一下床上用品部分的情況。美國春季銷售在第四季較第三季顯著下降。這主要是由於您提到的第四季度的整合造成的，還是還有其他因素影響了銷售趨勢？抱歉，您對床上用品產業第四季與第三季相比有何看法？

Good morning, thanks for the question. Yes, our primary delta between our performance in the market was the customer consolidation that I mentioned just a moment ago. Otherwise, generally performed, we feel like, in line with the market. We expected fourth-quarter to be down versus third-quarter, just the general seasonality that we always see in the business.

早安，謝謝你的提問。是的，我們在市場表現上的主要差距就是我剛才提到的客戶整合問題。除此之外，整體表現我們認為與市場水準一致。我們預計第四季業績會比第三季有所下滑，這只是我們在這個行業中經常遇到的季節性因素。

And also just a reminder that we had a tough comparison against last year fourth-quarter. There was a pretty strong run-up post-election in the market. So it was a little bit of a tougher comparison against the fourth-quarter of last year. But overall, we saw the normal sequential decline in the fourth-quarter versus the third-quarter.

另外提醒一下，我們第四季的業績與去年同期相比差距很大。選後市場出現了一波相當強勁的上漲行情。因此，與去年第四季相比，比較起來就有點困難了。但總體而言，我們看到第四季與第三季相比出現了正常的環比下降。

Okay. That's helpful. And then maybe switching gears a bit to Auto. You had mentioned customer supply chain disruptions during the quarter. Can you walk us through the impact there? And are you seeing any lingering issues in 1Q?

好的。那很有幫助。然後或許可以稍微切換到自動模式。您曾提及本季客戶供應鏈中斷的情況。能給我們詳細介紹一下這方面的影響嗎？您認為第一季是否有任何遺留問題？

Thanks, Alessandra. This is Sam. I'll jump in with that one. So I think last quarter, we mentioned that we were seeing some supply chain issues of various types when we talked. And those are the ones we were referring to. And just for memory's sake, there was a Dutch semiconductor company who had some disputes with the Chinese Government and got shut down for a while.

謝謝你，亞歷珊卓。這是薩姆。我來插一句。所以我覺得上個季度我們討論的時候提到過，我們遇到了一些不同類型的供應鏈問題。我們指的就是這些。順便提一下，曾有一家荷蘭半導體公司與中國政府發生過一些糾紛，一度被關閉。

That caused the largest and most widespread customer impacts. And when our customers were impacted, they just rolled back to us. On top of that, in North America, there was an aluminum manufacturer that had a fire and had to shut its production. That hurt a few customers here. And then over in Europe, there were a couple of very specific customer issues.

這造成了最大、最廣泛的客戶影響。當我們的客戶受到影響時，他們就重新選擇了我們。此外，北美一家鋁製品生產商發生火災，不得不停產。這損害了部分顧客的利益。然後在歐洲，出現了一些非常具體的客戶問題。

One of the OEMs got hit by a cyber-attack, and it was shut down -- all of its factories were shut down for several weeks. And then another OEM found themselves long on inventory and had to shut a few plants for a little while. And our team did just a really good job working together with our customers to manage through all those issues and all those issues that we faced last quarter are really behind us now.

其中一家原始設備製造商遭受網路攻擊，被迫停產——其所有工廠停工數週。然後，另一家原始設備製造商發現庫存過剩，不得不暫時關閉幾家工廠。我們的團隊與客戶通力合作，出色地解決了所有問題，上個季度我們遇到的所有問題現在都已成為過去。

Okay. That's very helpful. And then finally, I wanted to talk on capital allocation. We are pleased to see debt tick down again this quarter. With the rest of the debt kind of well termed out, can you refresh us on your capital allocation priorities? Is the goal to get to that two times leverage to get there on EBITDA growth or continue to build the cash balance?

好的。那很有幫助。最後，我想談談資本配置問題。我們很高興看到本季債務再次下降。其餘債務基本上都已到期，您能否簡單介紹一下您的資本配置優先事項？目標是實現兩倍槓桿以推動 EBITDA 成長，還是繼續增加現金餘額？

Alessandra, I'll take that, and Ben jump in at any time. But you'll remember our long-term priorities, as Ben said in the prepared remarks, are the same. Fund organic growth, which I'm proud to say that we're starting to see some green shoots there, moving a little bit from defense to offense, and we can walk through all those areas of opportunity, small strategic complementary acquisitions and then return the excess to the shareholders via either repurchases or dividends.

亞歷珊卓，我來接手，班隨時可以加入。但你們要記住，正如本在準備好的發言稿中所說，我們的長期優先事項是相同的。為有機成長提供資金，我很自豪地說，我們已經開始看到一些復甦的跡象，從防禦轉向進攻，我們可以探討所有這些機會領域，進行小型戰略互補收購，然後透過回購或分紅將盈餘返還給股東。

But in the near term, the goal is to move closer to the two times leverage target. So we'll -- we think probably conservatively, we'll be there by the end of this calendar year. We'll continue to move toward it. We'll update you as we make that progress. You'll remember that the first-quarter typically is a use of cash just as we rebuild working capital for the normal seasonality of the businesses. So we'll continue to update you. But near term, the goal is to move closer to the two times leverage metric.

但就近期而言，目標是更接近兩倍槓桿目標。所以，我們保守估計，到今年底我們就能達成目標。我們將繼續朝著這個方向努力。我們會隨時向您報告進度。您應該記得，第一季通常是現金使用期，因為我們需要重建營運資金以應對企業正常的季節性波動。我們會持續為您帶來最新消息。但就近期而言，目標是接近兩倍槓桿指標。

(Operator Instructions) Keith Hughes, Truist Securities.

（操作員說明）Keith Hughes，Truist Securities。

I also have a question on Bedding. It seems implied in your guidance that some of these customer disruptions are going to be ending. Are you anniversary-ing those as we head into 2026?

我也有一個關於床上用品的問題。您的指導意見似乎暗示，其中一些客戶服務中斷的情況即將結束。展望2026年，你們會慶祝這些週年紀念日嗎？

Keith, this is Tyson. Yes, the bulk of that, we would lap early in the year. And there's always -- it's hard to forecast those things. There's always the chance that we have some other things like that pop up, just hard to estimate that. And on the flip side, we see some balance on things that could be opportunities for additional volume gains on the other side of it. But balancing it out for the midpoint of our guidance, we left the Spring business flat.

基思，這是泰森。是的，其中大部分，我們會在年初就完成。而且總是有——這些事情很難預測。總是會有可能發生其他類似的事情，只是很難估計。另一方面，我們看到一些方面保持平衡，這可能為進一步提升銷售提供機會。但考慮到我們預期業績的中點，我們維持了春季業務不變。

It appears that would be some disruptions at some retailers as well as some wholesale manufacturers. Is that correct?

看來這會對一些零售商和一些批發製造商造成一定影響。是這樣嗎？

That's correct. Yes, that's correct.

沒錯。是的，沒錯。

Okay. And then I guess a question for Karl as a little historical perspective on mattress sales. The last three or four-years have been just so difficult for the industry. Have you ever seen anything like this in your career or anything approached like this in your career? And I think you've talked about affordability, but what do you think is the issue for the entire industry in terms of getting these sales going?

好的。然後我想問卡爾一個問題，從歷史角度了解床墊銷售。過去三、四年對這個行業來說實在太艱難了。在你的職業生涯中，你是否遇到過類似的情況，或以類似的方式處理過類似的事情？我認為您已經談到了價格承受能力，但您認為就促進銷售而言，整個行業面臨的問題是什麼？

Keith, you know you've been around a long time when you get asked the question from a historical perspective.

基思，當有人從歷史的角度問你這個問題時，你就知道你已經在這個圈子裡待了很久了。

I am old, but I didn't want to say that.

我年紀大了，但我不想說出來。

As a matter of fact, once again, you're accurate. No, I've never seen anything like this. There's -- interestingly enough, when we track data back to the early '70s, and I was not in the industry -- well, I guess I was -- anyway, no, that typically, in any kind of macroeconomic step down, Bedding goes into the cycle first and comes out of it earliest.

事實上，你又一次說對了。不，我從未見過這樣的事。有趣的是，當我們追溯到 70 年代初的數據時（當時我不在這個行業——好吧，我想我當時也算在這個行業——總之，不），通常情況下，在任何宏觀經濟衰退時期，床上用品行業都會最先進入衰退週期，也會最先走出衰退週期。

So if there's -- even in the Great Recession, so you had their 2.5 years of softness, you saw real strength coming back out of it, and it was a leading indicator of recovery. So we've never seen anything of this duration, this magnitude, probably overused phrase of pent-up demand, but it feels like it's building. We think that normal consumption -- normalized consumption in the US should be in the 34 million to 35 million mattress range.

所以，即使在經濟大衰退期間，經歷了 2.5 年的疲軟期，也看到了經濟的真正復甦，這成為了經濟復甦的領先指標。所以，我們從未見過如此持續時間、如此規模的事件，雖然「積壓的需求」這個詞可能已經被用濫了，但感覺它正在累積。我們認為，美國的正常消費量——即標準化消費量——應該在 3,400 萬到 3,500 萬張床墊之間。

We're probably just sub 30 million on an annualized basis and have been there for a while. So it feels good once the consumer becomes confident and Housing is unleashed, but we just have no ability to predict when that happens. So in the interim, Tyson and the team are doing an outstanding job. First, the restructuring effort was really important, getting that successfully completed and behind us.

我們年收入可能不到 3000 萬美元，而且這種情況已經持續了一段時間。所以，一旦消費者恢復信心，房屋市場得以釋放，感覺肯定很好，但我們根本無法預測這種情況何時會發生。所以在此期間，泰森和他的團隊做得非常出色。首先，重組工作非常重要，我們必須成功完成這項工作並將其拋在腦後。

And then now working with customers on innovation, product development and the opportunities are significant. We feel pretty good about the year. But Keith, to your point, I have been around a long time. We're manufacturing, a manufacturer that is unit sensitive. When additional volume goes through these assets, that are now rightsized via restructuring, it will get really good, really quick through a value chain that starts at a steel mill, walks through a wire mill and then into a spring plant.

現在，與客戶合作進行創新、產品開發，蘊藏著巨大的機會。我們對今年的情況感覺相當不錯。但是基思，你說得對，我的確在這個圈子裡待了很久了。我們是製造業企業，對產量非常敏感。當更多的產量通過這些資產（現在透過重組調整了規模）進入生產時，從鋼鐵廠開始，經過線材廠，再到彈簧廠的價值鏈，將會迅速變得非常好。

So the volume will be fantastic. It will be on the high side of our contribution margins. We just can't make a call as to when it happens.

所以銷量一定會非常驚人。這將處於我們貢獻利潤率的較高水準。我們無法預測它何時發生。

Alexia Morgan, Piper Sandler.

阿萊克西婭·摩根，派珀·桑德勒。

This is Alexia Morgan on for Peter Keith. Maybe to start, regarding the 2026 EPS growth drivers in your guidance, can you elaborate on what the favorable sales mix driver is? And then as for metal margin expansion, how should we assume metal margin -- or should we assume that metal margin will be a benefit for all of 2026 or just concentrated to Q1? Or how should we think about those two pieces specifically?

這裡是 Alexia Morgan 代 Peter Keith 為您報道。首先，關於您在業績指引中提到的 2026 年每股盈餘成長驅動因素，您能否詳細說明一下有利的銷售組合驅動因素是什麼？至於金屬利潤率的擴張，我們應該如何假設金屬利潤率——或者我們應該假設金屬利潤率將在 2026 年全年帶來益處，還是僅僅集中在第一季？或者我們應該如何具體地看待這兩部分內容？

Sure. Good morning, this is Tyson. I'll handle the Bedding pieces first, and hand it back to Ben for any others. But on your question about metal margin, yes, we've assumed continuation of the steel economics that we saw in the third and fourth-quarter really carrying out through the full year at this point, just based off the data that we've looked at, that's our best estimate.

當然。早安，我是泰森。我先處理床上用品，其他的交給本處理。但關於您提出的金屬利潤率問題，是的，根據我們目前掌握的數據，我們假設第三季和第四季的鋼鐵經濟狀況將持續到全年，這是我們目前最好的估計。

So we would have the full year metal margin impact through 2026. In terms of mix in Bedding, both from trade rod and wire, which we also saw the tailwinds of that in the back half of 2025, but then also improving mix within our US spring business.

因此，我們將看到金屬利潤率對 2026 年全年的影響。就床墊產品組合而言，無論是貿易棒材還是鋼絲，我們都看到了 2025 年下半年的利好因素，同時，我們美國彈簧業務的組合也在不斷改善。

Yes. And then I'd just add on, we've got some operational efficiency improvements that will help us mostly from a bedding perspective, from a margin and EPS perspective. And then we -- like I said earlier, we'll have a little bit of additional restructuring benefit that will flow through that will also contribute to the higher EPS at the midpoint.

是的。然後我還要補充一點，我們進行了一些在營運效率方面的改進，這將主要從床品供應、利潤率和每股盈餘的角度幫助我們。然後，就像我之前說的，我們還會獲得一些額外的重組收益，這也將有助於提高中期每股盈餘。

And then next, how should we think about organic growth assumptions by segment, by quarter? Does guidance assume any business segment sees improvement in sales trend as the year progresses, or is it pretty steady throughout the year?

接下來，我們應該如何按細分市場、按季度考慮有機成長假設？該指引是否假設各個業務部門的銷售趨勢會隨著時間的推移而改善，還是全年都保持相對穩定？

Yes. I would say we would typically see our normal seasonality that really flows through first-quarter and fourth-quarter are generally lower and then second and third-quarter are stronger. But I think as we think about organic growth over the course of the year, generally pretty ratable.

是的。我認為我們通常會看到正常的季節性波動，第一季和第四季通常較低，而第二季和第三季則較為強勁。但我認為，如果我們考慮全年的有機成長，整體來說還是相當可觀的。

Okay. And then lastly, can you discuss your view on mattress industry trends for Q1, like any early reads you have quarter-to-date? And then looking longer term, can you elaborate on growth drivers for the bedding segment specifically, and when you expect those to start to contribute?

好的。最後，您能否談談您對第一季床墊產業趨勢的看法，例如您目前為止了解到的任何早期資訊？從長遠來看，您能否詳細說明一下床上用品細分市場的具體成長驅動因素，以及您預計這些因素何時開始產生影響？

Sure. I'll jump in on the first part. The big weather events that we've had over the last several weeks have certainly been impactful. We've heard that from our customers and just seeing between retail activity and what we've heard with foot traffic, but also facility closures and impacts there. So we expect there will be a catch-up, and we'll all be looking to President's Day and see what the activity is like there.

當然。我先來說說第一部分。過去幾週發生的大型極端天氣事件確實產生了影響。我們從顧客那裡聽到了這樣的回饋，也從零售活動和人流的情況中看到了這一點，但同時也看到了設施關閉及其帶來的影響。所以我們預計會有一場追趕戰，大家都會關注總統日，看看那天的活動狀況如何。

But the weather impacts certainly have had some impact on the business early in the quarter. And we talked about it, I think the big drivers being housing, consumer confidence and general affordability are the big factors that we're watching to point to a recovery.

但天氣因素確實對本季初的業務產生了一定影響。我們討論過這個問題，我認為住房、消費者信心和整體可負擔性是推動經濟復甦的主要因素，我們正在密切關注這些因素。

And I'd just circle back on your previous question about the quarters and growth. I think Tyson's point there on, weather is probably a good one to be aware of. The first-quarter could be a little bit more impacted from that perspective. So that's probably a good thing to call out.

我只想再次回答你之前關於季度和成長的問題。我認為泰森的觀點很正確，天氣狀況確實值得關注。從這個角度來看，第一季受到的影響可能會更大一些。所以，這一點或許值得指出。

Susan Maklari, Goldman Sachs.

蘇珊‧馬克拉里，高盛集團。

I have two things that I just want to touch on a little further. The first is in FF&T, we saw that meaningful drop-off in their margin in the fourth-quarter. Can you just talk a little bit more about how we should think about the path of getting from where you ended this year back to something that is flat in line with the guide that you're giving us for the full year? And anything specific that came through that kind of caused that bigger-than-expected decline in the fourth-quarter?

我還有兩件事想再稍微談談。首先是 FF&T 產業，我們看到他們在第四季的利潤率出現了顯著下降。您能否再詳細談談，我們應該如何考慮從今年年底的狀態回到您為我們制定的全年指導方針所規定的平穩狀態？究竟是什麼具體因素導致了第四季比預期更大的下滑？

Susan, this is Sam. Thanks for the question. So yes, there were several factors that hit us. A couple of them, I think, are maybe just Q4 issues. And let me just talk through them. At the top of the list, like we've said over the last several quarters, we've seen some pricing adjustments in flooring and textiles, and that was still an issue in Q4. In flooring, it's simply very weak consumer demand.

蘇珊，這是山姆。謝謝你的提問。是的，我們受到了多種因素的影響。我認為其中一些問題可能只是第四季的問題。讓我來逐條講解一下。正如我們在過去幾個季度中所說，首當其衝的是地板和紡織品的價格調整，而這在第四季度仍然是一個問題。地板產業目前面臨的問題是消費者需求非常疲軟。

And until that consumer demand turns around, we kind of see that as an ongoing issue for us. And that's baked into our forecast and our guide. In Textiles, it's been mainly a raw material-related issue. And it feels like we're really close to the bottom of that cycle now. In fact, some of the materials that we use in textiles, we saw a little bit of Q4 inflation, and that's actually a really good thing.

在消費者需求好轉之前，我們認為這將是我們面臨的持續性問題。這一點已經體現在我們的預測和指南中。在紡織業，這主要是一個與原料相關的問題。感覺我們現在已經非常接近這個週期的底部了。事實上，我們在紡織品中使用的一些材料，在第四季度出現了一些通膨，這實際上是一件非常好的事情。

And hopefully, we continue to see that going forward into Q1 for the rest of the year. Currency was a plus on the top line, but it was a pretty decent negative on the bottom-line. Not sure exactly what to think about that going forward, but I feel like currency could continue to be a drag a bit. The third factor would just be lower consumer demand that we mentioned, driving those year-over-year volume declines in home furniture and flooring. It feels like we can continue to see soft demand in those two businesses.

希望這種趨勢能夠延續到今年第一季以及剩餘的月份。匯率波動對營收有利，但對利潤卻造成了相當大的負面影響。不太確定未來該如何看待這個問題，但我感覺貨幣問題可能會繼續造成一些阻礙。第三個因素就是我們提到的消費者需求下降，這導致了家居家具和地板銷售量較去年同期下降。感覺這兩個產業的需求疲軟的局面還會持續下去。

And finally, we're launching our greenfield home furniture site in Vietnam, and there are always costs associated with the greenfield. We started at the last week of Q3, and we spent Q4 ramping up. So that was an impact for sure. Our team is working hard, and we've met our first goal, which was to ship product to our US customers. We're there now. That's happening.

最後，我們將在越南推出全新的家居網站，而全新的項目總是會產生一些成本。我們從第三季最後一周開始，並在第四季加強了推進。所以這確實產生了一定的影響。我們的團隊一直在努力工作，我們已經實現了第一個目標，那就是將產品運送給我們的美國客戶。我們現在到了。這事正在發生。

Now we're focused on driving productivity and shipping more and more product to our Southeast Asian customers. And I think as we go through the year, go through Q1, Q2, we're going to see a productivity improvement there that should help alleviate some of these issues we saw in Q4. Those were the major factors. I think in all these businesses, our teams are just doing a great job continuing to focus on controlling what they can control in some difficult environments.

現在，我們專注於提高生產效率，並向我們在東南亞的客戶交付越來越多的產品。我認為隨著今年的推進，進入第一季和第二季度，我們將看到生產力有所提高，這應該有助於緩解我們在第四季度看到的一些問題。這些是主要因素。我認為在所有這些業務中，我們的團隊都做得非常出色，即使在一些困難的環境下，他們仍然專注於控制自己能夠控制的事情。

Yes. Okay, that's great color, Sam. And it actually brings up another question that I'm going to ask, which is when you think about Leggett's global footprint and what's going on from a trade perspective, are there other areas or other needs to shift your production on a relative basis to better align with some of the customers, and where they're looking to operate, or where they're looking to source from?

是的。好的，這顏色真棒，山姆。這實際上引出了我要問的另一個問題，那就是，當你考慮到 Leggett 的全球佈局以及貿易方面的情況時，是否還有其他領域或其他需求需要相對地調整你的生產，以便更好地與一些客戶保持一致，以及他們希望在哪裡運營或從哪裡採購？

Go ahead, Sam, and I was actually going to go where you might be headed in auto, there's that those tensions. But go ahead.

去吧，山姆，我本來也打算開車去你可能要去的地方，所以就有了這種緊張氣氛。但請繼續。

Yes, sure. That's exactly what I was going to talk about. There is a push in Automotive to do more regional sourcing, specifically from the North American OEMs to do more sourcing from here in North America. And we have traditionally been kind of a region-for-region business, meaning what we make in North America stays in North America, what we make in Asia tends to stay in Asia.

當然可以。這正是我要講的內容。汽車產業正在推動更多地進行區域採購，特別是北美汽車製造商正在推動更多地從北美本地採購。我們歷來都是以區域為單位開展業務的，也就是說，我們在北美生產的產品留在北美，我們在亞洲生產的產品往往留在亞洲。

But we are seeing some of those questions and some of those concerns, and we're addressing those and trying to relocate some product as needed. The push has been stronger from some OEMs than others because I think everybody is still, to some degree, concerned about what is the next change that might happen, right? Karl, do you have anything to add?

但我們已經注意到一些問題和擔憂，我們正在解決這些問題，並根據需要嘗試重新安置一些產品。有些汽車製造商比其他製造商更積極地推動變革，因為我認為每個人在某種程度上仍然關心接下來可能會發生什麼變化，對吧？卡爾，你還有什麼要補充的嗎？

No, I was just going to say, absent auto, I think we're really well positioned. And to your point, really well positioned in auto today as the global industry is constructed, but it certainly is in a state of flux. And we'll be there to support our customers at every turn. But the rest of the businesses, I think we're really pretty well positioned geographically.

不，我只是想說，如果沒有汽車，我認為我們處境非常有利。正如您所說，就目前全球汽車產業的格局而言，我們確實佔據了非常有利的地位，但汽車產業也正處於不斷變化之中。我們將全程為客戶提供支援。但就其他業務而言，我認為我們在地理位置上確實佔據了相當有利的位置。

I agree.

我同意。

Okay. All right. That's good. And then my next question is on the working capital. You've done an excellent job on the working capital side, even with all the moving parts and the pressures that the business has been under. Can you talk about how we should think of that going forward? Is there further opportunity there? Do you actually need to build a little working capital? And especially maybe if demand does start to come back, would there be a need to add some inventory or just thoughts on the path there?

好的。好的。那挺好的。接下來，我的問題是關於營運資金的。即使在業務面臨諸多變數和壓力的情況下，你們在營運資金方面也做得非常出色。您能談談我們今後該如何看待這個問題嗎？那裡還有其他機會嗎？你真的需要累積一些營運資金嗎？尤其是如果需求開始回升，是否需要增加一些庫存？或者您對增加庫存有什麼想法？

Yes, I can jump in here. Susan, it's Ben. You're right. Our teams have done an excellent job of -- over the last couple of years, driving out a lot of working capital. Just last year, we had an $83 million benefit from working capital changes. So I think we're in a really good spot. We ended the year at 11.6% percent of sales. As we move forward, we don't -- we're not anticipating any working capital benefit in 2026, maybe a slight use of cash as we kind of work through the year.

是的，我可以插話。蘇珊，我是本。你說得對。在過去的幾年裡，我們的團隊出色地完成了工作，消耗了大量的營運資金。光是去年，我們就從營運資金變動中獲得了 8,300 萬美元的收益。所以我覺得我們現在處境非常好。我們年底的銷售額佔比為11.6%。展望未來，我們預期 2026 年不會有任何營運資金收益，或許在這一年會略微用到一些現金。

But if you think about it, our sales have been coming down the last couple of years, but our guide for 2026 is really more flat, especially as you adjust out Aerospace. So I think there's probably less opportunity, but we'll be really focused on it, of course. And then as sales growth comes, we would look to hold that percentage of sales mark and manage it tightly there, but I think we would have some investment as sales grow.

但仔細想想，雖然過去幾年我們的銷售額一直在下降，但我們對 2026 年的預測實際上更加平穩，尤其是在剔除航空航天業務之後。所以我覺得機會可能變少了，但我們當然會非常重視這件事。然後，隨著銷售額的成長，我們會努力維持這個銷售百分比，並對其進行嚴格管理，但我認為隨著銷售額的成長，我們會進行一些投資。

There are no further questions at this time. I would like to turn the floor back over to Ryan Kleiboeker for closing comments.

目前沒有其他問題了。現在我把發言權交還給 Ryan Kleiboeker，請他做總結發言。

Thank you, Carrie and thank you, everyone, for joining us. We appreciate your time today and your interest in Leggett & Platt. Take care.

謝謝凱莉，也謝謝大家的到來。感謝您今天抽出時間，也感謝您對 Leggett & Platt 的關注。小心。

And this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。