Somnigroup International Inc (SGI) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Somnigroup second quarter 2025 earnings call. (Operator Instructions) This call is being recorded on Thursday, August 7, 2025.

女士們、先生們，早安，歡迎參加 Somnigroup 2025 年第二季財報電話會議。（操作員指示）此通話於 2025 年 8 月 7 日星期四錄製。

And I would now like to turn the conference over to Ms. Lauren Avritt with Investor Relations. Please go ahead.

現在我想將會議交給投資人關係部門的 Lauren Avritt 女士。請繼續。

Thank you, operator. Good morning, everyone, and thank you for participating in today's call. Joining me today are Scott Thompson, Chairman, President and CEO; and Bhaskar Rao, Executive Vice President and Chief Financial Officer. This call includes forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve uncertainties, and actual results may differ materially due to a variety of factors that could adversely affect the company's business.

謝謝您，接線生。大家早安，感謝大家參加今天的電話會議。今天與我一起出席的還有董事長、總裁兼執行長 Scott Thompson 和執行副總裁兼財務長巴斯卡·拉奧 (Bhaskar Rao)。本次電話會議包含前瞻性陳述，這些陳述受 1995 年《私人證券訴訟改革法案》安全港條款的約束。這些前瞻性陳述涉及不確定性，實際結果可能因各種可能對公司業務產生不利影響的因素而存在重大差異。

These factors are discussed in the company's SEC filings, including its annual reports on Form 10-K and quarterly reports on Form 10-Q. Any forward-looking statement speaks only as of the date on which it is made. The company undertakes no obligation to update any forward-looking statements.

這些因素在該公司的美國證券交易委員會 (SEC) 文件中進行了討論，包括 10-K 表年度報告和 10-Q 表季度報告。任何前瞻性陳述僅代表其作出之日的觀點。該公司不承擔更新任何前瞻性陳述的義務。

This morning's commentary will also include non-GAAP financial information. Reconciliations of this non-GAAP financial information can be found in the accompanying press release, which has been posted on the company's website at www.somnigroup.com and filed with the SEC.

今天早上的評論還將包括非公認會計準則財務資訊。此非公認會計準則財務資訊的對帳可在隨附的新聞稿中找到，該新聞稿已發佈在公司網站 www.somnigroup.com 上並已向美國證券交易委員會 (SEC) 提交。

Our comments will supplement the detailed information provided in the press release. As a reminder, year-over-year comparisons are impacted by the acquisition of Mattress Firm in the first quarter and the related divestitures of Sleep Outfitters in certain Mattress Firm retail locations in the second quarter.

我們的評論將補充新聞稿中提供的詳細資訊。提醒一下，第一季收購 Mattress Firm 以及第二季在某些 Mattress Firm 零售店剝離 Sleep Outfitters 業務影響了同比數據。

At certain times on the call, we will focus on like-for-like numbers defined as reported numbers adjusted for the acquisition and divestiture impact. We believe this better illustrates underlying business trends. And now with that introduction, it is my pleasure to turn the call over to Scott.

在電話會議的某些時候，我們將重點放在同類數字，即根據收購和資產剝離的影響進行調整的報告數字。我們相信這更好地說明了潛在的​​商業趨勢。現在介紹完畢，我很高興將電話轉給史考特。

Good morning, and thank you for joining us on our second quarter 2025 earnings call. I'm pleased to report that Somnigroup delivered another quarter of solid performance, driven by disciplined execution and progress in our combination with Mattress Firm. We continue to outperform the market, strengthen our competitive position and deliver value to all of our stakeholders.

早安，感謝您參加我們的 2025 年第二季財報電話會議。我很高興地報告，Somnigroup 又取得了一個季度的穩健業績，這得益於我們與 Mattress Firm 合併的嚴格執行和進展。我們繼續超越市場，加強我們的競爭地位，並為所有利害關係人創造價值。

I will now begin with some highlights from the second quarter, then turn the call over to Bhaskar to review the financial performance in more detail and discuss our 2025 guidance. After that, we'll open the call up for Q&A.

我現在將首先介紹第二季度的一些亮點，然後將電話轉給 Bhaskar，以更詳細地回顧財務業績並討論我們的 2025 年指導。之後，我們將開始電話問答環節。

In the second quarter of 2025, we are pleased to achieve record net sales and adjusted EBITDA. Net sales were up approximately 53% to $1.9 billion, and adjusted EBITDA was also up approximately 26% to $291 million. Adjusted EPS for the quarter was $0.53. We believe the North American bedding market was down high single digits in the quarter and the international markets in aggregate were down mid-single digits. The quarter started soft but strengthened as we moved throughout the period.

2025 年第二季度，我們很高興實現創紀錄的淨銷售額和調整後 EBITDA。淨銷售額成長約 53% 至 19 億美元，調整後 EBITDA 也成長約 26% 至 2.91 億美元。本季調整後每股收益為0.53美元。我們認為，本季北美寢具市場下滑幅度達高個位數，而國際市場整體下滑幅度達中個位數。本季開始時表現疲軟，但隨著整個期間的發展，表現逐漸增強。

Early third quarter like-for-like trends are encouraging with indication of potential solid growth. It's too soon to call a turn in the market we serve, but we are encouraged with what we are experiencing. We'll know more after the third quarter. Our first highlight of the quarter was the market outperformance of Mattress Firm. Mattress Firm reported like-for-like sales down just 1% from prior period.

第三季初的年比趨勢令人鼓舞，預示著潛在的穩健成長。現在就斷言我們所服務的市場已經出現轉機還為時過早，但我們對目前所經歷的一切都感到鼓舞。第三季之後我們就會知道更多。本季我們的第一個亮點是 Mattress Firm 的市場表現優異。Mattress Firm 報告指出同類銷售額較上一期僅下降 1%。

The team continues to operate with relentless focus on in-store execution to drive performance against a muted US bedding industry. We're executing our new merchandising plan and advertising campaign, leveraging the strength of Mattress Firm's talented people to support our long-term growth.

該團隊繼續堅持不懈地關注店內執行情況，以在美國床上用品行業低迷的情況下推動業績成長。我們正在執行新的行銷計劃和廣告活動，利用 Mattress Firm 的人才優勢來支持我們的長期成長。

We are thrilled with how Mattress Firm and Tempur Sealy teams are implementing our shared vision, which I will discuss in just a moment. This has been the smoothest combination I've ever experienced in my 40-year career, which only seems fair as it was the longest regulatory approval process imaginable.

我們對 Mattress Firm 和 Tempur Sealy 團隊如何實現我們的共同願景感到非常興奮，我稍後將對此進行討論。這是我 40 年職業生涯中經歷過的最順利的組合，這似乎是公平的，因為這是可以想像到的最長的監管審批流程。

The second highlight is the progress we've made on our synergy initiatives following the acquisition of Mattress Firm. We're now approximately 6-months post closing and have made meaningful progress in driving both sales and cost synergies. Starting with sales.

第二個亮點是我們在收購 Mattress Firm 之後在協同舉措方面取得的進展。目前距離交易完成已經過去了大約 6 個月，我們在推動銷售和成本協同效應方面取得了有意義的進展。從銷售開始。

We have refined Mattress Firm's multi-branded merchandising strategy by taking a more holistic approach to product selection and partnering with multiple suppliers who offer high-quality products at competitive price points, and who support Mattress Firm's success with their own traffic-driving advertising and differentiated product. We're also pleased with the progress we've made on normalizing our brand's balance of share at Mattress Firm.

我們透過採取更全面的產品選擇方法並與多家供應商合作，改進了 Mattress Firm 的多品牌行銷策略，這些供應商以具有競爭力的價格提供高品質的產品，並透過自己的流量驅動廣告和差異化產品支持 Mattress Firm 的成功。我們也對我們在 Mattress Firm 品牌份額平衡規範化方面取得的進展感到滿意。

For 2025, we now expect Tempur Sealy to represent approximately low 50% of Mattress Firm's total sales, up from our initial expectations of high 40%. In total, we expect the balance of share shift from mid-40s in 2024 to low-50s in 2025 to result in $40 million benefit to 2025 adjusted EBITDA.

到 2025 年，我們預計 Tempur Sealy 將佔 Mattress Firm 總銷售額的約 50% 以下，高於我們最初預期的 40% 以下。總體而言，我們預計份額平衡將從 2024 年的 40% 左右轉移到 2025 年的 50% 左右，為 2025 年調整後的 EBITDA 帶來 4000 萬美元的收益。

As we look forward to 2026, we're on track to realize the full benefit of the merchandising changes, which we estimate to be approximately $100 million EBITDA opportunity, phased as an incremental $40 million adjusted EBITDA in 2025 and then another $60 million of adjusted EBITDA in 2026. For estimating purposes, Mattress Firm sales were held flat over the period. The opportunity is expected to grow as the US.

展望 2026 年，我們預計將實現商品銷售變化的全部效益，我們估計這將帶來約 1 億美元的 EBITDA 機會，分階段逐步增加，2025 年調整後 EBITDA 為 4,000 萬美元，2026 年調整後 EBITDA 為 6,000 萬美元。為了估算，Mattress Firm 的銷售額在此期間保持穩定。隨著美國的發展，這一機會預計還會成長。

bedding industry recovery and US Mattress Firm sales increase. The incremental adjusted EBITDA is derived from enhanced economics from third-party suppliers and normalizing our brand's balance of share. Now turning to cost synergies. We're leveraging our expanded scale and vertical integration to drive efficiencies across manufacturing, logistics and sourcing operations.

床上用品產業復甦，美國床墊公司銷售成長。增量調整後的 EBITDA 源自第三方供應商經濟效益的增強以及我們品牌份額平衡的正常化。現在轉向成本協同效應。我們正在利用擴大的規模和垂直整合來提高製造、物流和採購業務的效率。

Enhanced visibility into end consumer demand is also enabling us to refine our future product launches and end-of-life planning. We're on track to realize at least $100 million in annual run rate net cost synergies with $15 million expected in 2025 and an additional $50 million in 2026. And finally, an additional $35 million in 2027 with opportunities thereafter.

增強對最終消費者需求的了解也使我們能夠改善未來的產品發布和報廢計劃。我們預計將實現至少 1 億美元的年度運行淨成本綜效，預計 2025 年將達到 1,500 萬美元，2026 年將達到 5,000 萬美元。最後，2027 年還將額外投入 3,500 萬美元，之後還將有機會。

One of the many projects underway is streamlining order fulfillment by utilizing Mattress Firm's robust home delivery network for Tempur Sealy's retail sales. In addition to driving cost efficiencies, we expect this initiative to add value by shortening order to delivery time, enhancing oversight of delivery process, in turn, improving customer outcomes and satisfaction.

正在進行的眾多項目之一是利用 Mattress Firm 強大的送貨上門網絡為 Tempur Sealy 的零售銷售簡化訂單履行流程。除了提高成本效率之外，我們還希望這項措施能夠透過縮短訂單到交貨的時間、加強對交貨過程的監督來增加價值，進而改善客戶成果和滿意度。

We've made significant strides on this initiative to date, and we are on track to begin ramping this program in the fourth quarter. We're also optimizing our combined marketing spend to drive growth. On a consolidated basis, Somnigroup is now the largest advertiser in the bedding industry by a factor of two, and we believe we can leverage the combined advertising power to drive demand, benefiting everyone in the bedding industry. There are a couple of ways we're operationalizing this opportunity. We've identified approximately $20 million of marketing efficiencies that we are considered in our cost target.

迄今為止，我們已在這項舉措上取得了重大進展，並預計在第四季度開始推進這項計劃。我們也正在優化綜合行銷支出以推動成長。從合併後的數據來看，Somnigroup 現在是床上用品行業最大的廣告商，領先其他兩倍，我們相信我們可以利用合併後的廣告力量來推動需求，使床上用品行業的每個人都受益。我們透過幾種方式來實現這一機會。我們已經確定了大約 2000 萬美元的行銷效率，並將其納入我們的成本目標中。

The savings results from leveraging our combined scale to drive sourcing favorability and improving the efficiency of Mattress Firm's advertising spend by cutting spend in areas of very low returns, such as sports sponsorships and nonworking agency fees. The $20 million of identified marketing synergies does not include the benefit of any enhanced advertising creative, though we continue to believe it's a compelling opportunity.

節省的原因是，利用我們的綜合規模來推動採購偏好，並透過削減體育贊助和非工作代理費等回報率非常低的領域的支出來提高 Mattress Firm 的廣告支出效率。已確定的 2000 萬美元行銷協同效應並不包括任何增強廣告創意帶來的好處，但我們仍然相信這是一個極具吸引力的機會。

Additionally, Tempur Sealy and Mattress Firm have historically employed different marketing strategies at times, resulting in mixed messages to the consumer. As the 2 largest advertisers in the industry, this was suboptimal. We can now deliver high-quality messaging that benefits everyone, the combined Somnigroup businesses and the broader US bedding industry.

此外，Tempur Sealy 和 Mattress Firm 歷來採用不同的行銷策略，向消費者傳達混合的訊息。作為業內最大的兩個廣告商，這並不是最理想的情況。現在，我們可以傳遞高品質的訊息，讓每個人、Somnigroup 合併後的業務以及更廣泛的美國床上用品行業受益。

A significant enabler of this higher-quality messaging will be Mattress Firm's launch of its all-new advertising campaign in the third quarter. The campaign called Sleep Easy is designed to help consumers understand the importance of the right mattress for achieving quality sleep and persuading the consumer to take the next step on their purchase journey.

推動這項更高品質訊息傳遞的重要因素是 Mattress Firm 在第三季推出的全新廣告活動。這項名為「輕鬆睡眠」的活動旨在幫助消費者了解合適的床墊對於獲得高品質睡眠的重要性，並說服消費者邁出購買旅程的下一步。

It showcases several of the most widely experienced and acutely felt sleep disruptors and then demonstrates how Mattress Firm and specific mattress solutions it offers can help. Testing show this is the highest performing campaign in Mattress Firm's recent history across all metrics.

它展示了幾種最常見、最敏感的睡眠幹擾因素，然後展示了 Mattress Firm 及其提供的特定床墊解決方案如何提供幫助。測試表明，這是 Mattress Firm 近期歷史上所有指標表現最好的活動。

We expect synergies to represent a significant enhancement to Somnigroup's financial and competitive position. Now that we have more in-depth perspective, let's look back at the Mattress Firm transaction's pricing. Mattress Firm's stand-alone adjusted EBITDA has ranged from approximately $400 million to $700 million over the last 4-years, averaging approximately $530 million.

我們預計綜效將顯著增強 Somnigroup 的財務和競爭地位。現在我們有了更深入的了解，讓我們回顧一下 Mattress Firm 交易的定價。過去 4 年，Mattress Firm 的獨立調整後 EBITDA 約為 4 億美元至 7 億美元，平均約 5.3 億美元。

Using the average adjusted EBITDA and taking into account known synergies just discussed, the purchase price at signing of the definitive agreement was about 6 times adjusted EBITDA. If you look at the purchase price at closing date, 2-years later and accounting for the impact of Somnigroup's shares appreciation during the period, it was 7 times adjusted EBITDA.

使用平均調整後 EBITDA 並考慮到剛剛討論的已知協同效應，簽署最終協議時的購買價格約為調整後 EBITDA 的 6 倍。如果您查看 2 年後交割日的購買價格，並考慮到該期間 Somnigroup 股票升值的影響，則其價格是調整後 EBITDA 的 7 倍。

We believe this transaction is a great example of creating value through M&A. High return on investment, derisking of the business model of significant distribution risk has been mitigated and clearly enhancing our competitive position. Our third highlight for the quarter is that our international business continues to perform very well, reporting robust double-digit sales growth and solid margin expansion.

我們相信這筆交易是透過併購創造價值的一個很好的例子。高投資報酬率，降低了商業模式中重大分銷風險，明顯增強了我們的競爭地位。本季的第三個亮點是我們的國際業務繼續表現良好，實現了強勁的兩位數銷售額成長和穩健的利潤率擴張。

This marks nine consecutive quarters of meaningful sales expansion on a constant currency basis for our legacy international business against the backdrop of industry pressure. Our latest collection of Tempur products continue to be the primary driver of growth with expanded price points broadening our total addressable market.

在行業壓力的背景下，這標誌著我們的傳統國際業務連續九個季度以固定匯率計算實現了有意義的銷售額成長。我們最新的 Tempur 產品系列繼續成為成長的主要動力，擴大的價格點拓寬了我們的整體目標市場。

Further, our improved late-stage customization manufacturing process has allowed us to seamlessly tailor products to individual markets, channels and customers. We're supporting the new international collection with expanded distribution with broad-based investments in advertising aimed at building brand awareness and driving conversion.

此外，我們改進的後期客製化製造流程使我們能夠根據各個市場、通路和客戶無縫客製化產品。我們透過廣泛的廣告投資來支持新的國際系列產品的擴大分銷，旨在建立品牌知名度和推動轉化。

To date, these investments have increased our share of voice in targeted international markets, and we're winning share of consumer mattress searches versus key competitors in our top five markets. Our UK based bedding retailer Dreams, also delivered a strong quarter. They continue to execute on initiatives to provide superior product quality and consistency of service, resulting in continued market outperformance and record customer satisfaction.

到目前為止，這些投資已經提高了我們在目標國際市場的話語權，並且我們在前五大市場中與主要競爭對手相比贏得了消費者床墊搜尋份額。我們位於英國的寢具零售商 Dreams 本季也表現強勁。他們持續執行計劃，提供卓越的產品品質和一致的服務，從而持續保持市場領先地位並創下客戶滿意度新高。

Our fourth highlight was Tempur Sealy North America's market performance. Like-for-like net sales for our Tempur Sealy North American business unit were down 2% in the quarter, excluding mid-single-digit headwind from foreclosed distribution discussed last quarter.

我們的第四個亮點是Tempur Sealy北美的市場表現。本季度，我們的 Tempur Sealy 北美業務部門的同類淨銷售額下降了 2％，不包括上個季度討論的因取消抵押品贖回權分銷而產生的中等個位數逆風。

Although the North American business was down slightly, we believe it continued to outperform the market, which we believe was down high single digits. Our North American performance was driven by the successful launch of our all-new Sealy Posturepedic collection, the largest bedding launch in industry history. Remember, Sealy is the number 1, brand in the US and the world.

儘管北美業務略有下滑，但我們認為其表現仍優於市場，我們認為市場下滑幅度高達個位數。我們在北美的業績得益於全新 Sealy Posturepedic 系列的成功推出，這是該行業歷史上最大的床上用品發布。請記住，Sealy 是美國乃至世界第一品牌。

The team, our suppliers, our third-party retailers did a great job on a very heavy lift. While the launch did take a bit longer to execute than planned, which impacted the first part of the quarter, we exited the second quarter with solid momentum. The launch targets the mid-entry-level segment. This updated collection is the culmination of a multi-year research and development effort.

我們的團隊、供應商和第三方零售商在這項非常繁重的工作中表現出色。雖然發佈時間確實比計劃的要長一些，影響了本季的第一部分，但我們在第二季結束時勢頭強勁。此次發布針對的是中階入門市場。此更新系列是多年研究和開發努力的成果。

At the core of our innovation is a new patent-pending coil system engineered to deliver enhanced support. In addition to technology advances, we designed the collection with streamlined merchandising, a clear value proposition and a more compelling step-up story to better guide consumers through the product lineup.

我們創新的核心是一種正在申請專利的新型線圈系統，旨在提供增強的支援。除了技術進步之外，我們還設計了精簡的商品陳列、明確的價值主張和更引人注目的升級故事，以便更好地引導消費者了解產品系列。

Retailer feedback on the new product is highly positive and consumers initial reviews are strong with an average of 4.9 out of 5 stars across the assortment. We're supporting the launch with a new advertising campaign that began over the Memorial Day holiday. This top-of-funnel initiative is crafted to reinforce the unique value of Sealy Posturepedic and generate excitement around the Sealy brand.

零售商對新產品的回饋非常積極，消費者的初步評價也很高，整個系列的平均評分為 4.9 顆星（滿分為 5 顆星）。我們將在陣亡將士紀念日假期期間啟動一項新的廣告活動來支持此次發布。這項頂級措施旨在強化 Sealy Posturepedic 的獨特價值並激發人們對 Sealy 品牌的興趣。

The campaign is complemented by enhanced in-store experience, featuring updated retail displays and new sales streaming. Preliminary results of the campaign are strong. as we believe Sealy has more than doubled its share of voice in the market since the launch.

這項活動也增強了店內體驗，包括更新的零售展示和新的銷售流程。這項活動的初步效果非常好，因為我們相信自活動推出以來，Sealy 的市佔率已經增加了一倍以上。

In addition to our increased investment, this expansion is also supported by our retailers redirecting dollars from non-branded advertising to Sealy, underscoring the trust retailers have in the new product. Our final highlight is the expanded relationship with Fullpower announced this morning.

除了我們增加投資之外，此次擴張還得到了零售商的支持，他們將資金從非品牌廣告轉向 Sealy，強調了零售商對新產品的信任。我們最後的亮點是今天上午宣布的與 Fullpower 擴大合作關係。

Fullpower's Sleeptracker-AI technology powers the successful TEMPUR-Ergo Smart Base, which provides personalized sleep analytics and coaching. As part of the expanded collaboration, Tempur Sealy is making a $25 million equity investment in fullpower to acquire approximately 15.6% ownership stake.

Fullpower 的 Sleeptracker-AI 技術為成功的 TEMPUR-Ergo Smart Base 提供支持，該產品可提供個人化的睡眠分析和指導。作為擴大合作的一部分，Tempur Sealy 將向 fullpower 進行 2,500 萬美元的股權投資，以獲得約 15.6% 的所有權。

In addition, Tempur Sealy and Fullpower have signed a multiyear extension through 2036 with Tempur Sealy's exclusive rights to embed Sleeptracker technology in our products. This strategic investment reflects our deep commitment to innovation and the future of bedding consumer experience. Extending our relationship with Fullpower, we are not only enhancing our ability to serve consumers through smarter, more tailored solutions. We're reinforcing our position at the forefront of bedding innovation.

此外，Tempur Sealy 和 Fullpower 簽署了為期多年的延期協議，有效期至 2036 年，Tempur Sealy 擁有在其產品中嵌入 Sleeptracker 技術的獨家權利。這項策略投資體現了我們對創新和未來床上用品消費者體驗的堅定承諾。透過擴展與 Fullpower 的關係，我們不僅透過更聰明、更有針對性的解決方案增強了我們為消費者服務的能力。我們正在鞏固我們在床上用品創新領域的領先地位。

With that, I'll turn the call over to Bhaskar.

說完這些，我將把電話轉給 Bhaskar。

Thank you, Scott. In the second quarter of 2025, consolidated sales were $1.9 billion and adjusted earnings per share was $0.53. There are approximately $47 million of pro forma adjustments in the quarter, all of which are consistent with the terms of our senior credit facility.

謝謝你，斯科特。2025年第二季度，合併銷售額為19億美元，調整後每股盈餘為0.53美元。本季預計調整額約4700萬美元，所有調整均符合我們高級信貸安排的條款。

These adjustments are primarily related to costs incurred in connection with the divestiture and the combination with Mattress Firm. As a reminder, we have aligned accounting for store occupancy costs across Somnigroup, which resulted in Tempur Sealy reclassifying their store occupancy costs from operating expenses to cost of goods sold.

這些調整主要與剝離和與 Mattress Firm 合併產生的成本有關。提醒一下，我們已統一了 Somnigroup 的店鋪佔用成本會計，這導致 Tempur Sealy 將其店鋪佔用成本從營運費用重新分類為銷售成本。

We have adjusted prior year Tempur Sealy financial information included in today's earnings release to reflect this change for ease of comparability. I will be highlighting like-for-like comparisons to normalize for these items in our commentary. Now turning to Mattress Firm results. Net sales through Mattress Firm were $949 million in the second quarter. On a like-for-like basis, Mattress Firm sales declined 1% over prior year.

我們已調整今天的收益報告中包含的上一年 Tempur Sealy 財務信息，以反映這一變化，從而便於比較。我將在我們的評論中強調同類比較，以使這些項目正常化。現在轉向 Mattress Firm 的結果。第二季度，Mattress Firm 的淨銷售額為 9.49 億美元。以同類計算，Mattress Firm 的銷售額比前一年下降了 1%。

Mattress Firm adjusted gross margin was 35.7% and adjusted operating margin was 7.8%. Turning to Tempur Sealy North American results. Like-for-like sales through the wholesale channel declined approximately 2% in the second quarter, normalizing for the previously discussed foreclosed distribution or 7% without this normalization.

Mattress Firm 調整後的毛利率為 35.7%，調整後的營業利益率為 7.8%。轉向 Tempur Sealy 北美的表現。第二季度，批發通路的同類銷售額下降了約 2%，按照先前討論過的止贖分配進行歸一化，如果不進行這種歸一化，則下降了 7%。

Like-for-like net sales to the direct channel declined 4% in the quarter, which excludes the impact of the divestiture. North American adjusted gross margin increased approximately 1,500 basis points to 55%, primarily driven by the elimination of the intercompany sales to Mattress Firm from Tempur Sealy.

剔除資產剝離的影響，本季直接通路淨銷售額年減 4%。北美調整後毛利率增加約 1,500 個基點至 55%，主要由於 Tempur Sealy 取消了對 Mattress Firm 的內部銷售。

On a like-for-like basis, North American adjusted gross margins declined 130 basis points versus the prior year, primarily driven by deleverage in four models, partially offset by operational efficiencies. North American adjusted operating margin improved 430 basis points to 22.7%, primarily driven by Mattress Firm intercompany sales elimination.

以同類計算，北美調整後毛利率較上年下降 130 個基點，主要原因是四種模式的去槓桿化，但被營運效率的提高部分抵消。北美調整後營業利潤率提高 430 個基點至 22.7%，主要由於 Mattress Firm 公司間銷售的消除。

On a like-for-like basis, North American adjusted operating margin declined 240 basis points versus the prior year, primarily driven by the decline in gross margins and investments in advertising to support our Sealy launch. Now turning to Tempur Sealy International results. International net sales grew a robust 15% on a reported basis and 10% on a constant currency basis.

以同類計算，北美調整後的營業利潤率較上年下降 240 個基點，主要原因是毛利率下降以及為支持推出 Sealy 產品而進行的廣告投資。現在轉向 Tempur Sealy International 的表現。國際淨銷售額以報告基礎計算成長了 15%，以固定匯率計算成長了 10%。

Our international gross margin was consistent year-over-year at 48.2%. Our international operating margin improved 110 basis points to 13.6%, primarily driven by operating expense leverage. Last quarter, our Tempur Sealy North American operations announced a 2% price increase to annualized sales to offset the residual expected tariff impact. We believe this price increase is generally lower than what others in the industry have passed through to their customers. This price increase was implemented in July and is successfully offsetting the targeted cost increases.

我們的國際毛利率與去年同期持平，為48.2%。我們的國際營業利潤率提高了 110 個基點，達到 13.6%，這主要得益於營業費用槓桿。上個季度，我們的 Tempur Sealy 北美業務宣布將年化銷售額漲價 2%，以抵銷預期關稅的剩餘影響。我們相信，此次價格上漲整體上低於業內其他公司轉嫁給客戶的漲幅。此次提價已於7月實施，並成功抵銷了目標成本的增加。

Now moving on to the balance sheet and cash flow items. At the end of the second quarter, consolidated debt less cash was $4.9 billion, and our leverage ratio under our credit facility was 3.6 times. We expect our leverage to be approximately 3.35 times exiting 2025 and to return to our target leverage range of 2 times to 3 times in 2026 and for share repurchases to be minimal until then.

現在轉到資產負債表和現金流量項目。截至第二季末，合併債務減去現金為 49 億美元，我們的信貸額度下的槓桿率為 3.6 倍。我們預計，到 2025 年，我們的槓桿率將達到約 3.35 倍，到 2026 年將恢復到 2 倍至 3 倍的目標槓桿率範圍，而在此之前，股票回購將保持在最低水平。

In the second quarter, we successfully repriced our Term Loan B and paid $100 million of outstanding principal balance. We expect the repricing and prepayment will produce annualized cash interest savings of approximately $5 million with an additional $5 million of savings available once the leverage is below 3 times.

在第二季度，我們成功地重新定價了定期貸款 B，並支付了 1 億美元的未償還本金餘額。我們預計重新定價和提前還款將產生約 500 萬美元的年度現金利息節省，一旦槓桿率低於 3 倍，還可以節省 500 萬美元。

In the second quarter, we generated operating cash of $186 million. Before turning to full year guidance, I want to remind you of a few items. Our guidance considers the elimination of intercompany sales between Mattress Firm and Tempur Sealy, which we expect to represent approximately 19% of global Tempur Sealy 2025 sales.

第二季度，我們產生了 1.86 億美元的營運現金。在談到全年指導之前，我想提醒您幾點。我們的指導考慮消除 Mattress Firm 和 Tempur Sealy 之間的內部銷售，我們預計這將佔 Tempur Sealy 2025 年全球銷售額的約 19%。

Intercompany sales elimination in accordance with GAAP will reduce Tempur Sealy sales but will be margin accretive and neutral to dollars of operating profit. Consistent with the prior quarter, our guidance also reflects the divestiture of Tempur Sealy's Sleep Outfitters retail business as well as 73 Mattress Firm stores in May 2025.

根據 GAAP 計算的內部銷售抵銷將減少 Tempur Sealy 的銷售額，但會增加利潤率，並且對營業利潤的影響為中性。與上一季一致，我們的指引也反映了 2025 年 5 月 Tempur Sealy 的 Sleep Outfitters 零售業務以及 73 家 Mattress Firm 商店的剝離。

Now turning to 2025 guidance. We have raised our adjusted earnings per share to now be in the range of $2.40 to $2.70. This guidance range contemplates a sales mid-point of approximately $7.4 billion after intercompany elimination.

現在轉向 2025 年指導。我們已將調整後每股盈餘上調至2.40美元至2.70美元之間。此預期區間基於扣除集團內部交易後的銷售額中位數約74億美元。

This revision maintains our previous outlook for the bedding industry to be down mid-single digits versus the prior year, with trends improving slightly in the second half of 2025. Our guidance also reflects like-for-like Tempur Sealy sales to be down low single digits and reported sales to be impacted by the intercompany elimination I referenced a moment ago.

此次修訂維持了我們先前的預測，即床上用品行業將比上一年下降中等個位數，2025 年下半年趨勢將略有改善。我們的預期也反映出，Tempur Sealy 的同類銷售額將下降個位數，並且報告的銷售額將受到我剛才提到的公司間消除的影響。

Tempur Sealy North America sales declining mid-single digits on a like-for-like basis, which includes our continued market outperformance against industry pressures and a mid-single-digit headwind from the foreclosed distribution. Our international business growing mid-single digits and high single digits on a constant currency basis, which includes the continued momentum of our omnichannel expansion strategy.

Tempur Sealy 北美銷售額年減中位數個位數，其中包括我們克服產業壓力繼續保持市場領先地位，以及來自止贖分銷的中等個位數逆風。我們的國際業務以固定匯率計算實現中等個位數和高個位數成長，其中包括我們全通路擴張策略的持續成長動能。

And our like-for-like Mattress Firm sales declining low single digits, supported by in-store initiatives to grow AOV and conversion and reflecting the industry pressures. We also expect gross margins to be slightly above 44%. Our outlook also contemplates our updated assumption for Tempur Sealy to be low 50 percentage of Mattress Firm's total sales, up from our initial expectation of a high 40 percentage.

我們的 Mattress Firm 同類銷售額呈現低個位數下降，這得益於店內提高 AOV 和轉換率的舉措，也反映了行業壓力。我們也預計毛利率將略高於 44%。我們的展望也考慮了我們最新的假設，即 Tempur Sealy 佔 Mattress Firm 總銷售額的 50% 以下，高於我們最初預期的 40% 以上。

This represents $40 million of EBITDA benefit to 2025 compared to 2024 or a $20 million incremental EBITDA benefit in '25 relative to prior expectations and $700 million of advertising investment, all of which we expect to result in adjusted EBITDA of approximately $1.27 billion at the mid-point. Regarding capital expenditures, we expect 2025 CapEx of approximately $200 million, including $25 million of investment to refresh Mattress Firm stores.

這意味著與 2024 年相比，2025 年的 EBITDA 收益為 4,000 萬美元，或相對於先前的預期，25 年的 EBITDA 收益增量為 2,000 萬美元，廣告投資為 7 億美元，我們預計所有這些將導致調整後的 EBITDA 在中點達到約 12.7 億美元。關於資本支出，我們預計 2025 年的資本支出約為 2 億美元，其中包括 2,500 萬美元的投資用於更新 Mattress Firm 商店。

Over the next 3-years, we expect to invest a cumulative $150 million to refresh Mattress Firm stores. Lastly, I would like to flag a few modeling items. For the full year 2025, we expect D&A of approximately $295 million to $300 million, interest expense of approximately $260 million to $265 million on a tax rate of 25% with a diluted share count of 210 million shares.

未來 3 年內，我們預計累計投資 1.5 億美元來更新 Mattress Firm 商店。最後，我想標記一些建模項目。對於 2025 年全年，我們預計折舊及攤銷前利潤 (D&A) 約為 2.95 億美元至 3 億美元，利息支出約為 2.6 億美元至 2.65 億美元，稅率為 25%，稀釋股數為 2.1 億股。

With that, I'll turn the call back over to Scott.

說完這些，我就把電話轉回給史考特。

Thank you. Nice job, Bhaskar. In closing, this quarter's performance reflects our successful combination with Mattress Firm and our resilience in a challenging global environment. We are continuing to build a strong company that provides products that improve people's lives, and we're enthusiastic about our future.

謝謝。幹得好，巴斯卡。最後，本季的業績反映了我們與 Mattress Firm 的成功結合以及我們在充滿挑戰的全球環境中的韌性。我們正在繼續打造一家強大的公司，提供改善人們生活的產品，我們對我們的未來充滿熱情。

We strengthened our competitive position across all our domestic and international business units by leveraging the core strength of Somnigroup, our talented people, powerful brands, expansive distribution network, operational agility, robust manufacturing capabilities and a culture of doing the right thing even when it's hard.

我們利用 Somnigroup 的核心優勢、優秀人才、強大的品牌、廣泛的分銷網絡、敏捷的運營、強大的製造能力以及在困難時期也堅持做正確事情的文化，加強了我們所有國內和國際業務部門的競爭地位。

That ends our prepared remarks. Operator, you may open the call up for questions.

我們的準備好的演講到此結束。接線員，您可以打開電話詢問問題。

(Operator Instructions) Susan Maklari, Goldman Sachs.

（操作員指示）高盛的蘇珊·馬克拉里 (Susan Maklari)。

Thank you. Good morning, everyone.

謝謝。大家早安。

Good morning, Susan.

早安，蘇珊。

Good morning, Scott. My question is on the demand side. In your prepared remarks, you said that the quarter started soft and improved as we moved through the last couple of months, and you're feeling more encouraged going into the third quarter. Can you talk about what has changed in the last couple of months that you think is making the consumer feel a bit better?

早安，史考特。我的問題是關於需求方面的。在您準備好的發言中，您說本季開始時表現疲軟，但隨著過去幾個月的發展，情況有所改善，進入第三季後您感到更加鼓舞。您能否談談過去幾個月發生了哪些變化，您認為這些變化讓消費者感覺好一點？

And what you're watching for from here out to determine how we -- how the industry and your sales come together? And perhaps, is there any upside to your expectations that the industry will be down mid-single digits this year?

從現在開始您要關注什麼來確定我們如何—產業和您的銷售如何結合在一起？或許，您預期今年該產業的銷售額將下降中個位數，但這是否有利可圖？

Thank you, Susan. First of all, I think you can go to consumer confidence. If you remember, in the first quarter conference call, we pointed and talked quite a bit about the weakness in consumer confidence and the correlation to consumer confidence in our business as we think about it. And consumer confidence has stabilized, and we'll call it upticked some. So I think the first thing I'd point out is the lack of new surprises or something unusual coming out of Washington.

謝謝你，蘇珊。首先，我認為你可以專注於消費者信心。如果你還記得的話，在第一季的電話會議上，我們多次指出並討論了消費者信心的疲軟以及我們業務與消費者信心之間的關聯。消費者信心已經穩定，我們稱之為有所上升。因此我認為首先要指出的是華盛頓缺乏新的驚喜或不尋常的舉動。

So consumers are kind of stabilized and slightly better. I think the next thing I would probably lean on, and I can't be precise because I don't have -- I don't know exactly the mix of it, would be the Sealy Posturepedic launch. I mean we've called it out for quite a while in the size of this launch, the largest launch in bedding history. It was a huge undertaking, both by the company, by retailers, by some great suppliers. It took a little bit longer to get through the system as retailers had to sell off their floor models and their back stock, as we don't sweep the floor.

因此，消費者狀況較穩定，而且略有改善。我認為下一步我可能會依賴的，但我不能精確地講，因為我沒有——我不知道它的具體組合，那就是 Sealy Posturepedic 的推出。我的意思是，我們已經對這次發布的規模進行了相當長一段時間的宣傳，這是床上用品歷史上規模最大的發布。對於公司、零售商以及一些優秀的供應商來說，這都是一項巨大的工程。由於我們不清楚地板，零售商必須賣掉他們的樣品和庫存，因此通過系統需要更長的時間。

So that's a difficult lift for the retailers, and they did a great job. And then we launched for the first time, national advertising on Sealy during the quarter. And you could see it in the Sealy numbers. It started a little slower in the quarter than we expected as it took a little while again to get the product placed. But boy, where it was placed, strong velocity in the SKUs and then that momentum continued to run into the third quarter, as we talked about in our prepared remarks.

這對零售商來說是一個艱難的任務，但他們做得很好。然後，我們在本季首次在 Sealy 上推出全國廣告。您可以從 Sealy 的數據中看到這一點。本季的起步比我們預期的要慢一些，因為需要花一些時間才能將產品推向市場。但是，正如我們在準備好的評論中所討論的那樣，它所放置的位置，SKU 的速度非常快，並且這種勢頭持續到了第三季度。

So I guess, in short, just general, no surprises, nothing weird from a consumer confidence standpoint, a little bit of a recovery, then good product innovation and advertising.

所以我想，簡而言之，只是一般情況，沒有驚喜，從消費者信心的角度來看也沒有什麼奇怪的，有一點復甦，然後是良好的產品創新和廣告。

Just to add on to that is at the midpoint, what we're assuming is that, call it, low or mid-single digit from an industry decline standpoint. When you translate that into what it means for Tempur Sealy, the way I think about it is EPS, nice growth in the back half, call it, mid- to high single digits.

補充一點，從產業衰退的角度來看，我們假設中間值處於低位或中位數個位數。當你將其轉化為對 Tempur Sealy 的意義時，我認為是 EPS，下半年的良好成長，可以稱之為中高個位數。

And what I would expect is more of that growth from an EPS coming in the fourth quarter versus the third quarter. And that's nothing more than the historic seasonality of Mattress Firm, a little bit more advertising in the third versus the fourth. So what does all that mean?

我預計第四季的每股盈餘將比第三季有更大的成長。這只不過是 Mattress Firm 的歷史季節性因素，第三季的廣告比第四季多一點。那麼這一切意味著什麼呢？

Think about EPS in the third quarter in the mid-80s with the balance coming in the fourth quarter to get to that midpoint of $2.55.

想想第三季的每股收益在 80 美元左右，而第四季的餘額將達到中點 2.55 美元。

Bobby Griffin, Raymond James.

鮑比·格里芬、雷蒙德·詹姆斯。

Good morning, buddy. Thanks for taking my question. I guess the first question is on the revenue synergies that you guys talked about. If I kind of do the quick math, I think it implies roughly about a 15% contribution margin on the incremental revenue.

早上好，夥計。感謝您回答我的問題。我想第一個問題是關於你們談到的所得綜效。如果我做一個簡單的計算，我認為這意味著增量收入的貢獻利潤率大約是 15%。

So can you unpack that a little bit? And a, is that accurate? And then b, what is the assumptions that you guys think the incremental revenue comes through? Is it Tempur-Pedic, Stearns & Foster, Sealy or OEM business? Just to help us tune up our models a little.

那你能稍微解釋一下嗎？那麼，這是準確的嗎？然後 b，你們認為增量收入是基於哪些假設實現的？是 Tempur-Pedic、Stearns & Foster、Sealy 還是 OEM 業務？只是為了幫助我們稍微調整一下我們的模型。

Sure. When I think about the flow-through, let's start from the revenue side initially. So our previous expectation for balance of share was high-40s, call that 49%. I was sitting here today, we're in and around low-50s, call that a few percentage points increase. When you do the math and reverse engineer it, you're going to get a flow-through of somewhere between 30% to 35%.

當然。當我考慮流通時，我們首先從收入方面開始。因此，我們先前對份額餘額的預期是 40% 多一點，也就是 49%。我今天坐在這裡，我們的成長率在 50% 左右，可以說成長了幾個百分點。當你進行計算和逆向工程時，你會得到 30% 到 35% 之間的流通量。

So getting to that incremental $20 million of EBITDA. So just triangulating on what that is versus our midpoint where we were before in EBITDA versus where we are, it's the faster than accepted or expected realization from those revenue synergies is resulting in our revenue beat. As it relates to where it's going to come from --

因此，EBITDA 增量為 2000 萬美元。因此，只需將其與我們先前的 EBITDA 中點以及我們現在的水平進行比較，就會發現這些收入協同效應的實現速度比接受或預期的要快，從而導致我們的收入超出預期。因為它與它的來源有關--

I mean the flow-through is a little bit challenged because if you're on the OEM side. Obviously, as you know, Bobby, it's not very strong on the Tempur Sealy business unit. But a lot of that flow-through is going to come through Tempur, which is strong at the retailer side of the equation and at the manufacturing side. So it's pretty much a blend.

我的意思是，如果你站在 OEM 方面，那麼流通就會面臨一些挑戰。顯然，如你所知，Bobby，Tempur Sealy 業務部門並不是很強大。但其中很大一部分流通將透過 Tempur 實現，該公司在零售商和製造方面都實力雄厚。所以它基本上是一種混合體。

Dan Silverstein, UBS.

瑞銀集團的丹‧西爾弗斯坦。

Good morning. Thanks for taking our question. Maybe just to dovetail on Bobby's question. So if you're adding the sales synergies and now it sounds like $20 million of potential marketing synergies, why wouldn't this support a higher long-term earnings target relative to the $4.85 goal? Just wondering if anything has changed in terms of other drivers of the business or cadence of how you get there?

早安.感謝您回答我們的問題。也許只是為了解答 Bobby 的問題。因此，如果您加上銷售協同效應，現在聽起來像是 2000 萬美元的潛在行銷協同效應，那麼為什麼這不能支持相對於 4.85 美元目標更高的長期盈利目標呢？只是想知道在業務的其他驅動因素或實現目標的節奏方面是否發生了變化？

Sure. Great question. I mean let's step back. I mean the 3-year perspective we put in the market is a perspective that has an embedded estimation of what the industry could grow at based on historical terms. We don't really think of it as guidance.

當然。好問題。我的意思是讓我們退一步。我的意思是，我們對市場提出的 3 年展望是基於歷史數據對產業未來成長的內在估計。我們實際上並不認為它是一種指導。

It's more of a computation of the business model works, but it's reasonable with those assumptions. And our thinking is we probably would update that annually with all of the changes that go on in the world. There's no question that from a company-specific standpoint and the performance of the combination of the two companies is performing ahead of our expectations from a revenue synergy standpoint and those economics, you see a little bit in the second quarter, you'll see a lot more of it in the third quarter.

它更像是對商業模式運作的計算，但根據這些假設它是合理的。我們的想法是，我們可能會根據世界上發生的所有變化每年更新一次。毫無疑問，從公司特定的角度來看，兩家公司合併後的業績超出了我們的預期，從收入協同效應和經濟效益的角度來看，您會在第二季度看到一點，在第三季度會看到更多。

And it's very logical to assume that, that would be positive to the perspective that we put out on the long-term performance of the company. At the same time, the underlying industry when that perspective was put out, we were expecting the industry to probably turn around a little faster than it has the last couple of quarters.

並且，可以合理地假設，這對於我們對公司長期業績的看法是正面的。同時，當提出這一觀點時，我們預計該行業的復甦速度可能會比過去幾季更快一些。

And so that would probably be a little bit of a headwind. And there's other changes here and there. I don't -- we haven't tried to take the changes each quarter and then apply it to the perspective that we put out there. We're going to update that at the end of the year, and there will be puts and takes on that. But there's no question that the revenue synergies would be net additive to the perspective when we put it out. But again, there's also -- there's some other stuff going the other way. But we'll update that at the end of the year.

所以這可能會帶來一點阻力。還有一些其他的變化。我沒有——我們還沒有嘗試過每季做出改變，然後將其應用到我們提出的觀點中。我們將在年底對此進行更新，並將對此進行討論。但毫無疑問，當我們提出這個觀點時，所得綜效將會產生淨增值作用。但同樣，也有一些其他的事情朝著相反的方向發展。但我們將在年底更新。

(Operator Instructions)

（操作員指示）

Brad Thomas, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Brad Thomas。

Good morning and congrats on the good start here with Mattress Firm. My question was around your relationship with non-Mattress Firm retailers. And Scott, I was hoping you could just talk a little bit more about what you're seeing in terms of sales trends within your different brands, how slot count is holding up? And just more broadly, that relationship with the non-Mattress Firm retailers as you all now own this number 1, retailer in the segment?

早安，恭喜 Mattress Firm 取得良好的開端。我的問題是關於您與非 Mattress Firm 零售商的關係。史考特，我希望您能再多談談您所看到的不同品牌的銷售趨勢，以及銷售量如何？更廣泛地說，你們與非 Mattress Firm 零售商的關係如何，因為你們現在都擁有該領域排名第一的零售商？

Sure. Our net slot in the second quarter with third-party retailers is net up from the same period last year. If I look at the top-5 retailers and I look at our business with the top-5 retailers, it has grown and has increased quicker or yes, I guess, quicker is a good word than the market share.

當然。我們第二季與第三方零售商的淨銷售額較去年同期成長。如果我看一下排名前五的零售商，看看我們與排名前五的零售商之間的業務，就會發現它已經增長並且增長得更快，或者是的，我想，「更快」是一個比市場份額更好的詞。

So I would say that those two stats would be the first things that I would lean into. I would say that the Sealy product has done very, very well with third-party retailers and it continues to be business as normal. And normal is with great product, advertising, sales support to logistics, where we help third-party retailers drive their business, which is our business plan, we're getting great reception.

所以我想說這兩個統計數據是我首先要考慮的。我想說的是，Sealy 產品在第三方零售商中表現非常出色，且業務仍在正常進行。正常的是，透過優質的產品、廣告、銷售支援和物流，我們幫助第三方零售商推動他們的業務，這是我們的商業計劃，我們得到了熱烈的歡迎。

(Operator Instructions)

（操作員指示）

Peter Keith, Piper Sandler.

彼得·基思、派珀·桑德勒。

Thank you. Good morning, everyone. Thinking about the sales mix between Tempur and Sealy, I'm wondering if you are experiencing or could start to experience some mix pressure on your gross margin, if the strength in Sealy would push Sealy sales growth ahead of Tempur-Pedic growth.

謝謝。大家早安。考慮到 Tempur 和 Sealy 之間的銷售組合，我想知道如果 Sealy 的優勢會推動 Sealy 的銷售增長超過 Tempur-Pedic 的增長，您是否正在經歷或可能開始經歷毛利率的一些組合壓力。

And on a related note, one thing we are hearing in the retail channel is that the high end of the Sealy line is so good that it's actually cannibalizing the low end of the Tempur line. So maybe you could comment on that potential as well.

與此相關的是，我們在零售通路聽到的一個消息是，Sealy 系列的高端產品非常好，它實際上正在蠶食 Tempur 系列的低端產品。所以也許您也可以對這種潛力發表評論。

Sure. I mean, first of all, the Tempur brand was the strongest brand in the second quarter, just to kind of put a base. On a go-forward basis, which is what your question is, I think it is possible that the Sealy brand will grow faster than the Tempur brand for a couple of quarters. And it would be a slight headwind to the gross margin.

當然。我的意思是，首先，Tempur 品牌是第二季最強的品牌，這只是一個基礎。從未來來看，也就是您問的問題，我認為在未來幾季 Sealy 品牌的成長速度有可能比 Tempur 品牌更快。這對毛利率來說會是一個輕微的阻力。

That in and of itself. That is correct.

這本身就是一種情況。沒錯。

Incrementally EBITDA, but the margin percentage, you might get a little bit of pressure.

EBITDA 逐漸增加，但利潤率百分比可能會帶來一點壓力。

-- One just has to be mindful when you're thinking about gross profit is that foreclosed distribution. So when you put all that together, the current expectation is that mix will be favorable. However, in and of itself, if Sealy versus Tempur, there would be a little bit of a headwind.

——當你考慮毛利時，一定要記住的是取消抵押品贖回權的分配。因此，當你把所有這些放在一起時，目前的預期是，這種組合將是有利的。然而，就其本身而言，如果 Sealy 與 Tempur 進行競爭，將會面臨一點阻力。

Yeah. In fact, I probably would expect probably Sealy will grow faster than Tempur for a couple of quarters. Yes. I mean it's doing very well. On the high end of Sealy, as you probably know, we work very hard to position the Sealy Posturepedic brand.

是的。事實上，我可能會預期 Sealy 在未來幾季的成長速度會比 Tempur 更快。是的。我的意思是它做得很好。您可能知道，在 Sealy 的高階產品領域，我們非常努力地定位 Sealy Posturepedic 品牌。

We'll call it up a notch from a positioning standpoint, which is good for us, good for the retailers, good for the customer. I don't think it's cannibalizing anything from Tempur. Those are really unique positions and unique fields in those products. I do think that there is some cannibalization going on between Stearns & Foster and Sealy Posturepedic. And that's by design and it was planned, but there is some -- because both those are spring beds.

從定位的角度來看，我們會將其提升一個檔次，這對我們有好處，對零售商有好處，對客戶也有好處。我不認為它與 Tempur 有任何衝突。這些是這些產品中真正獨特的地位和獨特的領域。我確實認為 Stearns & Foster 和 Sealy Posturepedic 之間存在著一些蠶食現象。這是設計好的，也是計劃好的，但也有一些——因為它們都是彈簧床。

And until we get the new Sealy -- Stearns line out, there's a little more overlap there than it's probably needed long term. But when the new Stearns line comes up, we'll probably move it up a little bit and fix that problem. But net-net, that was a planned cannibalization. And again, it's what I would consider to be minor and Tempur is doing well.

在我們推出新的 Sealy - Stearns 系列產品之前，那裡的重疊部分可能會比長期需要的多一些。但當新的 Stearns 生產線上線後，我們可能會將其稍微前移並解決這個問題。但總體而言，這是一次有計劃的蠶食。再說一次，我認為這只是小問題，而且 Tempur 表現良好。

Rafe Jadrosich, Bank of America.

美國銀行的 Rafe Jadrosich。

Hi, you have [Victoria Fisgrev] on for Rafe Jadrosich. My question is more on the tariff side on your investor presentation. What are some of the components of your exposure, whether that's more steel versus fabric? And what are some of the mitigating actions you're taking?

你好，請 [Victoria Fisgrev] 代替 Rafe Jadrosich。我的問題更多是關於您在投資者演講中提到的關稅方面。您接觸到的物質有哪些，是鋼材多還是織物多？您採取了哪些緩解措施？

Sure. Good question. What I would say is, largely speaking, versus where we were in the first quarter, our tariff thinking really hasn't changed. There has been some moving pieces as it relates to the government, but how it impacts the SGI group, not a big driver.

當然。好問題。我想說的是，總體而言，與第一季相比，我們的關稅想法確實沒有改變。就政府而言，已經出現了一些變動，但對 SGI 集團的影響卻不大。

When I double tap into that and think about where it's coming from, again, consistent with the first quarter, yes, steel, the steel aluminum, how that impacts the Tempur Sealy or the SGI family is associated with adjustables primarily.

當我仔細研究它並思考它的來源時，再次與第一季一致，是的，鋼鐵，鋼鋁，這對 Tempur Sealy 或 SGI 系列的影響主要與可調節性有關。

So when I think about the big items, it's really the steel, specifically the adjustables, a little bit on the textiles because there's a big drop-off when you think about the Pareto of where this exposure is coming from. However, the next item below that would be associated with the textile, and that's principally a USMCA issue between whatever NAFTA has called out.

因此，當我考慮大件物品時，實際上是鋼材，特別是可調節的鋼材，還有一點紡織品，因為當你考慮這種風險暴露的來源的帕累托時，會出現很大的下降。然而，以下的下一個項目將與紡織品有關，這主要是北美自由貿易協定 (NAFTA) 所呼籲的 USMCA 問題。

I think just in summary, maybe, not just Tempur Sealy, SGI, Mattress Firm, the whole industry has been able to, one, kind of move some supplier stuff around, find some cost savings and then pass on just a small amount of price increase to pretty well mitigate the known tariff exposure we're working with today.

我認為總而言之，也許不僅僅是 Tempur Sealy、SGI、Mattress Firm，整個行業都能夠轉移一些供應商的產品，找到一些成本節約，然後轉嫁少量的價格上漲，從而很好地減輕我們今天所面臨的已知關稅風險。

Thank you.

謝謝。

Brad Thomas, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Brad Thomas。

Hi, thanks for taking a follow up. Scott, I wanted to ask about product innovation and particularly with the news of the partnership and investments in full power and again, now being even more vertically integrated in the US. How should we think about the pace of innovation and how you all may innovate differently, if at all, from a product standpoint?

你好，感謝您的跟進。史考特，我想問產品創新問題，特別是有關合作夥伴關係和全力投資的消息，以及現在在美國更垂直整合的消息。從產品的角度來看，我們應該如何看待創新的步伐，以及你們如何進行不同的創新（如果有的話）？

Thanks for the question. You're right. One of the advantages of combining with Mattress Firm is to align on technology for future innovation. Mattress Firm was going down a different path from a technology standpoint and had a different technology strategy. And then, of course, we have our technology strategy leveraging full power.

謝謝你的提問。你說得對。與 Mattress Firm 合併的優勢之一是技術上保持一致，以促進未來的創新。從技術角度來看，Mattress Firm 走的是一條不同的道路，並擁有不同的技術策略。當然，我們還有充分利用的技術策略。

And quite frankly, the thought of one day in the future going to Mattress Firm or any other retailer and the RSA explaining to you, here's one app if you buy this bed, here's another app if you buy that bed and trying to explain multiple technologies. To me, it sounded like a disaster on the floor.

坦白說，想像一下未來某一天你去 Mattress Firm 或任何其他零售商那裡，RSA 會向你解釋，如果你買這張床，這裡有一個應用程序，如果你買那張床，這裡有另一個應用程序，並試圖解釋多種技術。對我來說，這聽起來像是一場災難。

And so the combination allows us to streamline under one technology platform. That will accelerate innovation and also it derisk the innovation because we have known distribution that -- so when we develop something, we know we have a home for it, and it's a home that's large enough to drive that technology to make the economics work. So I do think the combination of Mattress Firm was an unlock on what I'll call future innovation that will be more complex and change your sleeping experience.

因此，這種組合使我們能夠在一個技術平台下簡化。這將加速創新，同時也降低創新風險，因為我們已經知道分銷方式——所以當我們開發某種東西時，我們知道我們有一個歸宿，而且這個歸宿足夠大，可以推動這項技術實現經濟效益。因此，我確實認為 Mattress Firm 的結合開啟了我所說的未來創新，它將更加複雜並改變您的睡眠體驗。

Bobby Griffin, Raymond James.

鮑比·格里芬、雷蒙德·詹姆斯。

Hey guys. Hey, Bhaskar, I just wanted one quick model follow-up on one of your comments. The down 2% wholesale like-for-like that you gave us ex the distribution change for an OEM customer, does that also neutralize for all the moving parts with floor samples?

嘿，大家好。嘿，Bhaskar，我只是想對您的一條評論進行快速的模型跟進。您給我們的批發年減 2%（不包括 OEM 客戶的分銷變化），這是否也抵消了所有帶有地板樣品的活動部件？

I know the timing this year in 2Q was different than the timing last year when you guys shipped different products, especially given the size of the Sealy launch. So just trying to get a clean way that you and the team are looking at it.

我知道今年第二季的時間與去年不同，當時你們推出了不同的產品，尤其是考慮到 Sealy 推出的規模。因此，只是嘗試找到一種清晰的方法，讓您和團隊能夠看到它。

No, it does not. When you think about the floor model headwind in the second quarter, think about on the EBITDA line, something around [$8-or-so million]. And on top line, think about it at $15 million.

不，不是的。當你考慮第二季度的地板模型逆風時，想想 EBITDA 線，大約[800萬美元左右]。最高金額約 1500 萬美元。

Thank you. And that ends our question-and-answer session. I will now hand the call back to Mr. Scott Thompson for any closing remarks.

謝謝。我們的問答環節到此結束。現在我將把電話轉回給史考特湯普森先生，請他做最後發言。

Thank you, operator. To our over 20,000 associates around the world, thank you for what you do every day to make the company successful. To our retail partners, thank you for your outstanding representation of our brands, to our shareholders and lenders. Thank you for your confidence in the company's leadership and its Board of Directors.

謝謝您，接線生。對於我們遍布全球的 20,000 多名員工，感謝你們每天為公司的成功所做的貢獻。對於我們的零售合作夥伴、股東和貸方，感謝你們對我們品牌的優秀代表。感謝您對公司領導階層和董事會的信任。

This ends our call today, operator.

接線員，我們今天的通話到此結束。

Thank you.

謝謝。

This concludes today's call. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝您的參與。你們都可以斷開連線。