Somnigroup International Inc (SGI) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Somnigroup third-quarter 2025 earnings call. (Operator Instructions) This call is being recorded on Thursday, November 6, 2025.

女士們、先生們，早安，歡迎參加 Somnigroup 2025 年第三季財報電話會議。（操作員指示）本次通話於2025年11月6日星期四進行錄音。

I would now like to turn the conference over to Aubrey Moore of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係部的奧布里·摩爾。請繼續。

Thank you, operator. Good morning, 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.

謝謝接線生。早安，感謝各位參加今天的電話會議。今天與我一同出席的有董事長、總裁兼執行長史考特·湯普森，以及執行副總裁兼財務長巴斯卡·拉奧。

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

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與預期有重大差異。這些因素在公司提交給美國證券交易委員會的文件中均有討論，包括其 10-K 表格年度報告和 10-Q 表格季度報告。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聲明的義務。

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 is posted on the company's website at www.somnigroup.com and filed with the SEC. 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 Matriform in the first quarter of 2025 and the related divestiture of Sleep Outfitters and certain mattress from retail locations in the second quarter.

今天上午的評論還將包括非GAAP財務資訊。有關此非GAAP財務資訊的調節表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，並已提交給美國證券交易委員會。我們的評論將補充新聞稿中提供的詳細資訊。提醒大家，由於 2025 年第一季收購了 Matriform，以及第二季從零售店剝離了 Sleep Outfitters 和某些床墊，年比數據會受到影響。

At certain times in the call, to better illustrate underlying business trends, we will focus on like-for-like numbers defined as reported numbers adjusted for the acquisition and divestiture impact. We would also like to mark the calendars for March 4, 2026, as we will be having our Investor Day in New York. That will include various members of executive management from Somnigroup, Tempur Sealy and Matriform Formal invitations will be sent out closer to the event.

在電話會議的某些時候，為了更好地說明潛在的業務趨勢，我們將重點放在可比較數據，即根據收購和剝離的影響調整後的報告數據。我們也要提醒大家，2026 年 3 月 4 日是我們的投資者日，我們將在紐約舉行投資者日活動。屆時將有多位來自 Somnigroup、Tempur Sealy 和 Matriform 的高階主管出席。正式邀請函將在活動臨近時發出。

And now, with that introduction, it's my pleasure to turn the call over to Scott.

現在，介紹完畢，我很高興將電話交給史考特。

Good morning, and thank you for joining us on our third-quarter 2025 earnings call. I'm pleased to share with you that Somnigroup International delivered a record quarter across nearly all key operating metrics. These results were driven by the early benefits from the Mattress Firm combination and successful execution of our key operating initiatives. Importantly, we achieved this strong financial performance while the U.S. bedding market remains basically flat from a sales perspective, and it is still at trough levels.

早安，感謝各位參加我們2025年第三季財報電話會議。我很高興地告訴大家，Somnigroup International 在幾乎所有關鍵營運指標方面都取得了創紀錄的季度業績。這些成果得益於 Mattress Firm 合併帶來的早期效益以及我們關鍵營運措施的成功實施。重要的是，我們取得如此強勁的財務業績，而美國床上用品市場從銷售角度來看基本上保持平穩，並且仍處於低谷水平。

While the U.S. housing market is yet to recover and international markets continue to face numerous challenges. Additionally, we have not fully realized all of the benefits from the Mattress Firm combination.

儘管美國房地產市場尚未復甦，國際市場也持續面臨許多挑戰。此外，我們還沒有完全發揮 Mattress Firm 組合帶來的所有好處。

This backdrop underscores the potential of our business, the strength of our competitive position and the meaningful opportunity ahead as our markets improve and we continue to deploy capital and optimize our vertical structure. In the third quarter of 2025, we're pleased to achieve record net sales, adjusted EBITDA and adjusted EPS. Net sales were up approximately 63% to $2.1 billion. Adjusted EBITDA was up approximately 52% to $419 million, and adjusted EPS was up approximately 16% and to $0.95 per share. Now turning to some highlights for the third quarter.

在這樣的背景下，我們的業務潛力、競爭地位的優勢以及隨著市場改善、我們不斷投入資本和優化垂直結構而帶來的重大機遇，都凸顯了我們的發展前景。2025 年第三季度，我們很高興實現創紀錄的淨銷售額、調整後 EBITDA 和調整後每股盈餘。淨銷售額成長約 63%，達到 21 億美元。調整後 EBITDA 成長約 52% 至 4.19 億美元，調整後 EPS 成長約 16% 至每股 0.95 美元。現在來看第三節的一些精彩時刻。

First highlight. Our aggregate like-for-like sales growth was 5% over the same period last year, led by strong performance in our international operations, which I'll discuss in a minute. Tempur Sealy North America reported 5% like-for-like sales growth which is the strongest quarterly sales trend in 9 quarters. This performance was broad-based across our portfolio and price points as we significantly increased our balance of share at Mattress Firm and experienced growth with our other third-party retailers. Both Tempur-Pedic and Sealy brands reported solid growth in the quarter, driven by our new Sealy Posturepedic products and our strong commitment to advertising, including over $110 million invested in the third quarter to keep our brands top of mind and drive valuable customer traffic to all retailers.

第一個亮點。與去年同期相比，我們的同店銷售額成長了 5%，這主要得益於我們國際業務的強勁表現，我稍後會詳細討論這一點。Tempur Sealy 北美公司報告稱，其同店銷售額增長了 5%，這是 9 個季度以來最強勁的季度銷售成長趨勢。這一業績在我們所有產品組合和價格點上均實現了廣泛增長，我們在 Mattress Firm 的市場份額顯著提高，與其他第三方零售商的合作也取得了增長。Tempur-Pedic 和 Sealy 品牌在本季度均實現了穩健增長，這得益於我們新推出的 Sealy Posturepedic 產品以及我們對廣告的大力投入，包括第三季度投入超過 1.1 億美元，以保持我們的品牌在消費者心中的領先地位，並為所有零售商帶來寶貴的客戶流量。

Our collaborative marketing approach focused on delivering high-quality, brand-centric advertising retail partners continues to drive strong results for us and the industry. Retailers who have actively participated in our brand activation program have seen a significant boost in sales of Tempur Pedic and Sealy products. In short, we continue to win in the market with great product robust advertising and a dedicated sales force to help our customers improve their business.

我們以提供高品質、以品牌為中心的廣告零售合作夥伴為重點的協作行銷方式，持續為我們和整個產業帶來強勁的業績。積極參與我們品牌推廣活動的零售商，其 Tempur Pedic 和 Sealy 產品的銷售量都顯著提升。簡而言之，我們憑藉著優質的產品、強大的廣告宣傳和敬業的銷售團隊，幫助客戶改善業務，從而在市場上持續取得成功。

Second highlight. Mattress Firm continues to outperform the market, reporting strong same-store sales growth of 5% in the quarter. The strong third quarter performance was possible due to our relentless focus on delivering superior in-store execution and equipping our sleep experts with the tools and training they need to meet the customers' sleep needs. Further, we continue to invest in the consumer experience for our store refresh program, including installing Tempur brand walls to support increased customer engagement and education. We're placed Tempur brand walls have shown to drive higher retail tickets resulting in strong return on investment.

第二個亮點。Mattress Firm 持續跑贏市場，本季同店銷售額強勁成長 5%。第三季強勁的業績得益於我們始終致力於提供卓越的店內執行力，並為我們的睡眠專家配備了滿足顧客睡眠需求所需的工具和培訓。此外，我們將繼續投資於門市翻新計畫的消費者體驗，包括安裝 Tempur 品牌牆，以支援提高客戶參與度和教育水平。我們已將 Tempur 品牌牆佈置在指定位置，事實證明，這可以提高零售單價，從而帶來強勁的投資回報。

We began scaling this initiative in the back half of the quarter and expect to finish rolling it out to all 2,200 store locations nationwide by the end of next year. Other retailers have also taken part in this program as we are committed to an omnichannel approach.

我們在本季後半段開始擴大這項計畫的規模，預計到明年年底將完成在全國所有 2200 家門市的推廣。其他零售商也參與了該計劃，因為我們致力於全通路策略。

Additionally, we are ramping up our previously disclosed 3-year program to invest a total of $150 million between 2025 and 2027 to refresh certain Mattress Firm stores. ensuring all locations meet our brand standards. Third highlight, our international business continues to deliver impressive sales growth despite a challenging operating environment. Our Tempur International sales grew 11% in the quarter and continued to outperform the market by a solid clip, driven by the refreshed Tempur product lineup, expanded distribution. Strong local execution, combined with meaningful investments in advertising that significantly boost brand visibility, consumer engagement resulted in this double-digit performance.

此外，我們正在加快推進先前公佈的為期三年的計劃，在 2025 年至 2027 年間投資總計 1.5 億美元，用於翻新部分 Mattress Firm 門市，確保所有門市均符合我們的品牌標準。第三大亮點是，儘管經營環境充滿挑戰，但我們的國際業務仍實現了令人矚目的銷售成長。本季度，Tempur International 的銷售額成長了 11%，並繼續以穩健的速度跑贏市場，這得益於 Tempur 產品線的更新和分銷管道的擴大。強大的在地化執行力，加上對廣告的大力投入，顯著提升了品牌知名度和消費者參與度，最終實現了兩位數的成長。

We continue to refine our late-stage customization manufacturing process to support this momentum. This approach allows us to efficiently tailor products for specific markets, channels and customer segments. With a solid foundation and significant long-term potential, we are confident in the growth trajectory of our Tempur international operations. Streams, our U.K.-based bedding retailer also delivered strong quarterly market outperformance, driven by same-store sales growth and new store openings. Greens continues to drive cost efficiencies, advance strategic growth initiatives and deliver exceptional product quality and industry-leading customer satisfaction.

我們將繼續改進後期客製化生產流程，以支持這一發展勢頭。這種方法使我們能夠有效地針對特定市場、通路和客戶群客製化產品。憑藉著堅實的基礎和巨大的長期潛力，我們對Tempur國際業務的成長軌跡充滿信心。我們位於英國的寢具零售商 Streams 也取得了強勁的季度市場業績，這主要得益於同店銷售成長和新店開業。Greens 不斷提高成本效益，推進策略性成長計劃，並提供卓越的產品品質和領先業界的客戶滿意度。

Our final highlight is related to the progress on our sales and cost synergy initiatives following the combination of Mattress Firm. Mattress Firm is focused on retailing high-quality products with differentiated innovation at all price points, while driving industry demand with market-leading advertising investments. On synergies, we are ahead of our expectations in achieving a more market-driven distribution of Tempur Sealy brands and private label products at Matter. We now expect Tempur Sealy to represent a mid-50% of Mattress Firm's total sales in 2025, up from our previous estimate of below 50%. In total, we now expect sales synergies to result in $60 million of benefit to adjusted EBITDA this year.

最後，我們將重點放在收購 Mattress Firm 之後，我們在銷售和成本協同效應計劃方面取得的進展。Mattress Firm 致力於以差異化創新為特色，銷售各個價位的高品質產品，同時透過市場領先的廣告投入來推動產業需求。在綜效方面，我們在實現 Tempur Sealy 品牌和 Matter 自有品牌產品的市場化分銷方面超出了預期。我們現在預計，到 2025 年，Tempur Sealy 將佔 Mattress Firm 總銷售額的 50% 左右，高於我們先前預測的 50% 以下。今年，我們預計銷售綜效將為調整後的 EBITDA 帶來 6,000 萬美元的收益。

Looking to 2026, we expect an incremental $40 million of EBITDA benefit from the wraparound impact of these share gains and is on track to comfortably achieve our targeted $100 million of run rate sales synergies. As a reminder, we held Mattress Firm sales flat and estimating the balance of share opportunity. As the U.S. bedding industry recovers and Mattress Firm sales increase, we expect the dollar synergies to grow. Our increased scale and vertical integrated operations are unlocking efficiencies throughout manufacturing, logistics and sourcing.

展望 2026 年，我們預期這些股份收益帶來的額外 4,000 萬美元 EBITDA 收益，並有望輕鬆實現我們設定的 1 億美元年化銷售綜效目標。需要提醒的是，我們假設 Mattress Firm 的銷售額保持不變，並估算剩餘的市佔率成長機會。隨著美國床上用品產業的復甦和 Mattress Firm 銷售額的成長，我們預計美元協同效應將會擴大。我們不斷擴大的規模和垂直整合的營運正在提高製造、物流和採購的效率。

Additionally, improved insights into in-consumer demand patterns is enabling us to optimize production, upcoming product introductions and product end-of-life strategies. We remain on pace to achieve a minimum of $100 million in annual run rate net cost synergies, beginning with $15 million projected for 2025, an incremental $50 million in 2026 and an other $35 million in 2027.

此外，對消費者需求模式的深入了解使我們能夠優化生產、即將推出的產品以及產品生命週期結束策略。我們仍有望實現每年至少 1 億美元的淨成本綜效，預計 2025 年將實現 1,500 萬美元，2026 年將增加 5,000 萬美元，2027 年將再增加 3,500 萬美元。

Long term, we're excited about the potential to align Temper Sealy and Mattress Firm's messaging to increase our advertising efficiency, an opportunity which is not yet quantified in our cost synergy targets. Today, as a unified Somnigroup entity, we are positioned to deliver more cohesive, high-impact advertising to support both our brands and the broader U.S. bedding market. Our new Mattress Firm advertising campaign, Sleep easy, launched mid-third quarter, aligns our messaging with a cohesive voice. The campaign educates consumers on the importance of a well-suited mattress for restorative sleep and activates them to take the next step in their purchase journey.

從長遠來看，我們對將 Temper Sealy 和 Mattress Firm 的訊息傳遞方式統一起來以提高廣告效率的潛力感到興奮，這一機會尚未在我們的成本協同效應目標中量化。如今，作為統一的 Somnigroup 實體，我們能夠提供更具凝聚力、更具影響力的廣告，以支持我們的品牌和更廣泛的美國床上用品市場。我們全新的 Mattress Firm 廣告宣傳活動「輕鬆入眠」於第三季中期推出，讓我們的訊息傳遞更加統一。該活動旨在教育消費者了解合適的床墊對於恢復性睡眠的重要性，並促使他們採取下一步購買行動。

It highlights some of the most common impacted sleep disruptors and shows how certain products and Mattress Firm's sleep experts can effectively address these important sleep issues.

它重點介紹了一些最常見的睡眠幹擾因素，並展示了某些產品和 Mattress Firm 的睡眠專家如何有效地解決這些重要的睡眠問題。

We're very encouraged by the strong consumer response to Sleep Easy campaign. Initial research identified it as the highest performing campaign in Mattress Firm's recent history across all metrics. Subsequent studies have reinforced this finding. Showing the campaign significantly outperformed both industry benchmarks and Mattress Firm's previous messaging. Although it's still early in the campaigns rollout, we are confident that we are on the right path.

消費者對「安睡計畫」的強烈迴響令我們倍感鼓舞。初步研究發現，就所有指標而言，這是 Mattress Firm 近期歷史上表現最好的行銷活動。後續研究也證實了這項發現。結果顯示，該行銷活動的效果顯著優於業界基準和 Mattress Firm 之前的宣傳策略。雖然活動開展還處於早期階段，但我們相信我們走在正確的道路上。

We expect the positive impact to grow as the campaign becomes more established in the marketplace. Overall, we are pleased with the rapid progress in both sales and cost synergy efforts and remain excited about the long-term opportunities retail customers, Somnigroup employees and shareholders.

我們預計隨著該活動在市場上的日益普及，其正面影響將會不斷擴大。總體而言，我們對銷售和成本協同努力的快速進展感到滿意，並對零售客戶、Somnigroup 員工和股東的長期機會感到興奮。

And with that, I'll turn the call over to Bhaskar to review the financial statements. Bhaskar?

接下來，我會把電話交給巴斯卡，讓他來審閱財務報表。巴斯卡？

Thank you, Scott. In the third quarter of 2025, consolidated sales were $2.1 billion, and adjusted earnings per share was a record $0.95, up 16% over the prior year. There are approximately $40 million of pro forma adjustments in the quarter, all of which are consistent with the terms of our senior credit facility. These adjustments are primarily related to costs incurred in connection with the combination. We expect pro forma adjustments to decline going forward.

謝謝你，斯科特。2025 年第三季度，合併銷售額為 21 億美元，調整後每股盈餘創歷史新高 0.95 美元，比上年成長 16%。本季約有 4,000 萬美元的備考調整，所有這些調整均符合我們高級信貸安排的條款。這些調整主要與合併過程中產生的成本有關。我們預期未來備考調整幅度將會下降。

As a reminder, we have aligned accounting for store occupancy costs across SomniGroup, which resulted in Tempur Sealy reclassifying our store occupancy costs from operating expense to cost of goods sold. 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.

再次提醒，我們已統一了 SomniGroup 旗下各公司門市佔用成本的會計處理方法，因此 Tempur Sealy 將我們的門市佔用成本從營運費用重新歸類為銷售成本。為了便於比較，我們對今天發布的盈利報告中包含的上一年 Tempur Sealy 財務資訊進行了調整，以反映這一變化。。為了使這些項目在我們的評論中標準化，我將重點放在同類比較。現在來看看 Mattress Firm 的評價。

Net sales through Mattress Firm were approximately $1.1 billion in the third quarter. On a like-for-like basis, Mattress Firm sales grew 3% over the prior year. which includes strong same-store sales growth of 5%. Mattress Firm's adjusted gross margin was 35.6% and adjusted operating margin was 9.4% and in line with our expectations. Now turning to Tempur Sealy North American results.

Mattress Firm 第三季淨銷售額約 11 億美元。以同等條件計算，Mattress Firm 的銷售額比上年增長了 3%，其中包括強勁的同店銷售額增長 5%。Mattress Firm 的調整後毛利率為 35.6%，調整後營業利益率為 9.4%，符合我們的預期。現在來看看Tempur Sealy北美市場的表現。

Like-for-like net sales through the wholesale channel grew approximately 10% in the third quarter. Normalizing for the previously disclosed foreclosed distribution. Without this normalization, the wholesale channel grew approximately 6%.

第三季度，批發通路的同店淨銷售額成長了約 10%。對先前揭露的止贖分配進行標準化處理。如果沒有這種標準化措施，批發通路大約成長了 6%。

Like-for-like net sales through our direct channel declined 4% in the third quarter. North American adjusted gross margins increased 1,700 basis points to 58.6%, primarily driven by the elimination of the intercompany sales to Mattress Firm from Tempur Sealy. On a like-for-like basis, North American adjusted gross margins declined 40 basis points versus the prior year, primarily driven by merchandising mix, which includes strong Sealy performance. This was partially offset by operational efficiencies and fixed cost absorption. North American adjusted operating margins improved 940 basis points to 29.5%, primarily driven by Mattress Firm intercompany sales elimination.

第三季度，透過直銷管道實現的同店淨銷售額下降了 4%。北美調整後毛利率成長 1700 個基點至 58.6%，主要原因是 Tempur Sealy 向 Mattress Firm 的內部銷售被取消。以可比較口徑計算，北美調整後毛利率較上年下降 40 個基點，主要原因是商品組合的變化，其中包括 Sealy 的強勁表​​現。營運效率的提高和固定成本的吸收部分抵消了這一影響。北美調整後營業利益率提高 940 個基點至 29.5%，主要原因是 Mattress Firm 公司內部銷售抵銷。

On a like-for-like basis, North American adjusted operating margins increased 60 basis points versus the prior year, primarily driven by fixed cost leverage, partially offset by the decline in gross margin. Now turning to Tempur Sealy International results. International net sales grew a robust 11% on a reported basis and 7% on a constant currency basis.

以可比口徑計算，北美調整後營業利潤率較前一年增長 60 個基點，主要得益於固定成本槓桿作用，但部分被毛利率下降所抵銷。現在來看泰普爾席利國際公司的業績。國際淨銷售額以報告匯率計算成長強勁，達到 11%，以固定匯率計算成長 7%。

Our international gross margins declined 40 basis points versus the prior year, primarily driven by a competitive U.K. marketplace, partially offset by operational efficiencies. Our international operating margin was consistent with the prior year at 18.1% with fixed cost leverage offsetting the decline in gross margins. In July, Tempur Sealy rolled out a price increase equating to approximately 2% of total North America sales, largely focused on the higher-end products in our portfolio. We believe this price increase was generally lower than the industry peers and succeeded in offsetting implemented tariff headwinds with no discernible impact and consumer demand.

我們的國際毛利率較前一年下降了 40 個基點，主要原因是英國市場競爭激烈，但營運效率的提高部分抵消了這一影響。我們的國際營業利潤率與去年持平，為 18.1%，固定成本槓桿作用抵銷了毛利率的下降。7 月，Tempur Sealy 推出了一項價格上漲計劃，漲幅約佔北美總銷售額的 2%，主要集中在我們產品組合中的高端產品。我們認為此次價格上漲幅度整體低於業界同行，成功抵銷了已實施關稅帶來的不利影響，且對消費者需求沒有明顯影響。

As the tariff landscape has continued to evolve, we see another $20 million of incremental cost exposure, primarily on an adjustable basis. To offset this headwind, we announced a small price increase earlier this week that will go into effect in early 2026.

隨著關稅環境的不斷變化，我們預計還將增加 2,000 萬美元的成本，主要以可調整的方式增加。為了抵​​消這一不利因素，我們本週稍早宣布小幅漲價，該漲價將於 2026 年初生效。

We remain confident in our ability to adapt to tariff changes supported by our strong product offering, agile team and support of supply partners. Now moving on to Somnigroup's balance sheet and cash flow items. At the end of the third quarter, consolidated debt less cash was $4.6 billion, down $300 million versus the second quarter, and our leverage ratio under our credit facility was 3.3x, down 30 basis points or 8% versus the second quarter. We expect our leverage to return to our target leverage range of 2 to 3x early in 2026. We achieved record operating cash flow of $408 million and record free cash flow of $360 million in the quarter demonstrating the power of our business model even in a soft market.

我們憑藉強大的產品陣容、靈活的團隊和供應夥伴的支持，對適應關稅變化的能力充滿信心。接下來來看Somnigroup的資產負債表和現金流量表項目。第三季末，合併債務減去現金為 46 億美元，比第二季減少 3 億美元；根據我們的信貸安排，槓桿率為 3.3 倍，比第二季下降 30 個基點或 8%。我們預計槓桿率將在 2026 年初恢復到 2 至 3 倍的目標槓桿範圍。本季我們實現了創紀錄的 4.08 億美元經營現金流和創紀錄的 3.6 億美元自由現金流，這證明了即使在疲軟的市場環境下，我們的商業模式仍然強大。

Our strong cash generation positions us well to continue to optimize our debt structure. We expect to continue to pay down debt and benefit from lower market interest rates and improved cost of our variable price debt as we return to our target leverage range.

我們強勁的現金流使我們能夠更好地繼續優化債務結構。我們預計，隨著槓桿率恢復到目標範圍，我們將繼續償還債務，並受益於較低的市場利率和浮動價格債務成本的降低。

We expect this trend to add to future EPS growth. As a reminder, our guidance considers the elimination of intercompany sales between Mattress Firm and Tempur Sealy, which we expect to represent approximately 20% of global Tempur Sealy 2025 sales. Intercompany eliminations in accordance with GAAP will reduce Tempur Sealy sales but be margin accretive and neutral to dollars of operating profit. Consistent with prior quarter, our guidance also reflects the divestiture of Tempur Sealy Sleep Outfitters retail business as well as 73 Mattress Firm stores in May of 2025. Before turning to our annual guidance, let me also share our perspective on the fourth quarter.

我們預計這一趨勢將有助於未來每股收益的成長。提醒一下，我們的指導意見考慮了 Mattress Firm 和 Tempur Sealy 之間公司間銷售額的消除，我們預計這部分銷售額將佔 Tempur Sealy 2025 年全球銷售額的約 20%。根據公認會計原則進行的公司間抵銷將減少 Tempur Sealy 的銷售額，但會增加利潤率，對營業利潤金額沒有影響。與上一季一致，我們的業績指引也反映了 Tempur Sealy Sleep Outfitters 零售業務以及 73 家 Mattress Firm 門市將於 2025 年 5 月出售的情況。在展望年度業績之前，我想先分享我們對第四季的看法。

We expect continued like-for-like sales growth across all of our business units, with an underlying assumption that the demand environment will be stable. Now to our revised 2025 guidance. We have raised our adjusted earnings per share guidance to be between $2.60 and $2.75.

我們預期所有業務部門的同店銷售額將持續成長，其基本假設是需求環境將保持穩定。現在來看我們修訂後的2025年指引。我們將調整後的每股盈餘預期上調至 2.60 美元至 2.75 美元之間。

This guidance range contemplates a sales midpoint of approximately $7.5 billion after intercompany eliminations. This revision includes our expectation for the bedding industry to be down low to mid-single digits versus prior year, a slight improvement from our prior outlook. Our annual guidance also reflects like-for-like Tempur Sealy sales to be flattish and reported sales to be impacted by the intercompany elimination I referenced a moment ago. Tempur Sealy North America sales declining low-single digits on a like-for-like basis, which includes our continued market outperformance, a mid-single-digit headwind from foreclosed distribution and the industry pressures. International business growing low double digits on a reported basis and constant currency basis, which includes the continued momentum of our omnichannel expansion strategy.

該預期範圍考慮了扣除公司間交易後銷售額中點約為 75 億美元。此次修訂包括我們對床上用品行業同比下降個位數百分比的預期，較上年同期略有改善，較我們先前的預期略有改善。我們的年度業績指引也反映出，Tempur Sealy 的同店銷售額將保持平穩，而報告銷售額將受到我剛才提到的公司間交易抵銷的影響。Tempur Sealy 北美銷售額以同店銷售額計算出現個位數低幅下滑，其中包括我們持續的市場優異表現、因分銷管道被取消而導致的個位數中幅下滑以及行業壓力。國際業務按報告基準和固定匯率計算均實現了兩位數低成長，這得益於我們全通路擴張策略的持續推進。

And our like-for-like Mattress Firm sales to be flattish, supported by in-store initiatives to grow AOV and conversion and reflecting the industry pressures.

而我們同店的 Mattress Firm 銷售額將保持平穩，這得益於店內為提高平均訂單價值和轉換率而採取的各項舉措，也反映了業界面臨的壓力。

We also expect gross margins to be slightly above 44%. Our outlook also contemplates our updated assumption for Tempur Sealy to be in the mid-50s percentage of Mattress Firm's total sales. This represents about a $60 million EBITDA benefit for 2025 compared to 2024 and $700 million of advertising investments, all of which we expect to result in adjusted EBITDA of approximately $1.3 billion at the midpoint. Regarding capital expenditures, we expect 2025 CapEx to include approximately $150 million of normal recurring CapEx and an investment of approximately $25 million to bring stores acquired by Mattress Firm prior to the acquisition up to our standards. We expect to invest an additional $125 million over the next couple of years to refresh these stores.

我們也預計毛利率將略高於 44%。我們的展望也考慮了我們對 Tempur Sealy 的更新假設，即 Tempur Sealy 的銷售額將佔 Mattress Firm 總銷售額的 50% 左右。與 2024 年相比，這意味著 2025 年的 EBITDA 將增加約 6,000 萬美元，廣告投資將增加 7 億美元，我們預計所有這些加起來，調整後的 EBITDA 中位數將達到約 13 億美元。關於資本支出，我們預計 2025 年的資本支出將包括約 1.5 億美元的正常經常性資本支出，以及約 2,500 萬美元的投資，用於將 Mattress Firm 在收購前收購的門市提升到我們的標準。我們預計在未來幾年內再投資 1.25 億美元來翻新這些門市。

Over the long term, we expect normalized run rate Somnigroup CapEx to be approximately $200 million.

從長遠來看，我們預計 Somnigroup 的正常化運行率資本支出約為 2 億美元。

Lastly, I would like to flag a few modeling items. For the full year 2025, we expect D&A of approximately $295 million, interest expense of approximately $260 million on a tax rate of 25% with a diluted share count of 210 million shares.

最後，我想指出幾個建模方面的問題。預計 2025 年全年折舊和攤提約 2.95 億美元，利息支出約 2.6 億美元，稅率為 25%，稀釋後股份數為 2.1 億股。

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

這樣，我就把電話轉回給史考特了。

Thank you, Bhaskar. Well done. Just a couple of thoughts on capital allocation. First, we are pleased to report our investment in Kingsdown, acquiring 25% passive interest in this leading North America luxury mattress manufacturer and valuable buyer to Mattress Firm. This will allow SGI to participate in expected growth in Kingsdown sales and profits as their presence on Mattress Firm's floor expand, and they pursue other growth opportunities.

謝謝你，巴斯卡。做得好。關於資本配置，我有幾點想法。首先，我們很高興地宣布我們對 Kingsdown 的投資，收購了這家北美領先的豪華床墊製造商 25% 的被動權益，該公司也是 Mattress Firm 的重要買家。這將使 SGI 能夠參與 Kingsdown 銷售額和利潤的預期成長，因為 Kingsdown 在 Mattress Firm 的銷售份額正在擴大，同時他們也在尋求其他成長機會。

This decision reflects our disciplined capital allocation strategy, which is focused on high-return investments to strengthen our competitive position and drive long-term value for shareholders. . Second, we're ahead of our financial plan, and we believe that we've mitigated significant risk over the last few quarters, including those related to the Mattress Firm combination. As a result, in the first quarter of 2026, we intend to begin to allocate approximately 50% of free cash flow to capital returns to shareholders in the form of dividends and share repurchase. At the same time, we will continue to deleverage, targeting our historical range of 2 to 3x adjusted EBITDA.

這項決定體現了我們嚴謹的資本配置策略，即專注於高回報投資，以增強我們的競爭地位，並為股東創造長期價值。。其次，我們的財務計畫進展順利，我們相信在過去的幾個季度裡，我們已經降低了重大風險，包括與 Mattress Firm 合併相關的風險。因此，我們計劃在 2026 年第一季開始，將約 50% 的自由現金流分配給股東，以股息和股票回購的形式返還資本。同時，我們將繼續降低槓桿率，目標是達到我們以往調整後 EBITDA 的 2 到 3 倍水準。

After we are comfortably back within our targeted leverage range, we'll reevaluate this allocation. In closing, this quarter's performance reaffirms our strength of our strategic direction and underscores our momentum we've gained through the combination with Mattress Firm.

待槓桿率穩定回升至目標區間後，我們將重新評估此資產配置。總之，本季的業績再次印證了我們策略方向的優勢，並突顯了我們透過與 Mattress Firm 合併所取得的良好勢頭。

We've demonstrated our focus on long-term growth and our ability to navigate a complex industry backdrop across our Tempur Sealy Mattress Firm and Dreams operations. We are positioned as a global industry leader committed to delivering products that provide customers innovative solutions that can change their lives to improve sleep. Our operational agility, strong manufacturing capabilities, trusted brands, retail leadership and exceptional workforce drive SomniGroup's performance and we expect will drive future value creation. That ends our prepared remarks. Operator, you can open the call up for questions.

我們在 Tempur Sealy Mattress Firm 和 Dreams 的營運中，已經展現了我們對長期成長的關注以及在複雜的產業環境中游刃有餘的能力。我們定位為全球產業領導者，致力於提供能為客戶帶來創新解決方案的產品，進而改善他們的睡眠，改變他們的生活。SomniGroup 的業績成長得益於其靈活的營運、強大的製造能力、值得信賴的品牌、零售領域的領先地位以及卓越的員工隊伍，我們預計這些因素也將推動其未來的價值創造。我們的發言稿到此結束。操作員，您可以開啟問答環節。

(Operator Instructions) Susan Maklari, Goldman Sachs.

（操作說明）蘇珊·馬克拉里，高盛。

I want to talk about demand. It's interesting to see how it sounds like the industry is starting to come back a bit and that's really counter to what we've seen in the housing market, but also just what we're hearing in terms of housing and consumer-related categories broadly. Can you talk about what is driving the relative divergence that we're seeing in bedding and how much of it do you think is attributable to the efforts that you've put in over the last several months and years around new products, more recently, some of the ad spend and the initiatives there. And how we should think about the sustainability of it, just given the macro and the environment that we're in?

我想談談需求。有趣的是，聽起來這個行業似乎開始有所復甦，這與我們目前在房地產市場看到的情況截然相反，也與我們從住房和消費相關領域聽到的情況大相徑庭。您能否談談是什麼因素導致了我們在床上用品領域看到的相對差異，以及您認為其中有多少可以歸因於您在過去幾個月和幾年裡圍繞新產品所做的努力，特別是最近的一些廣告支出和相關舉措？那麼，鑑於我們所處的宏觀環境，我們該如何看待它的永續性呢？

Thank you for your question, Susan. All 12 of them that you wound into one. First of all, I think we've talked about this before. Look, the housing market can be a headwind or a tailwind for the bedding industry. But we've always thought of it as it's in the top 5 items that we think about, but it's certainly not the first or second.

謝謝你的提問，蘇珊。你把它們全部12個纏繞在一起。首先，我想我們之前已經討論過這個問題了。你看，房地產市場對床上用品產業來說既可能是逆風，也可能是順風。但我們一直認為它是我們最常考慮的五件事之一，但肯定不是第一或第二。

And I think the point you make in your question is exactly right. The bedding industry can be successful without the housing market necessarily be turning around. And we've always thought about in the bedding industry, what drives the bedding industry, of course, is innovation. And clearly, the new Sealy Posturepedic product that came out this summer is helping us, Mattress Firm and the industry.

我認為你在問題中提出的觀點完全正確。即使房地產市場不出現好轉，床上用品產業也能成功。我們一直認為，在寢具產業，推動寢具產業發展的動力當然是創新。顯然，今年夏天推出的新款 Sealy Posturepedic 產品對我們 Mattress Firm 和整個產業都有幫助。

It's also -- the other thing we think that drives the industry is advertising. And you know that we've completely retooled we'll call it the advertising at Mattress Firm, and Mattress Firm is the leading advertiser in the U.S. by a factor of 2 and we've changed their creative and we've changed the placement and some of the strategies there. And we're seeing benefits again for us and for the industry. For the first time in, I think, probably 15 or 20 years, we had direct advertising coming out of Tempur Sealy on the Sealy brand in support of the new Sealy product.

此外，我們認為推動產業發展的另一個因素是廣告。你知道，我們已經徹底改造了 Mattress Firm 的廣告業務，Mattress Firm 是美國領先的廣告商，領先第二名兩倍，我們改變了他們的創意、投放位置和一些策略。我們再次看到了對我們自身和整個產業的好處。我想，大概有 15 到 20 年的時間了，我們第一次看到 Tempur Sealy 直接投放廣告，宣傳 Sealy 品牌的新產品。

That certainly has been incremental. And then the other things we watch obviously are consumer confidence. And it hasn't been robust, but at least it hasn't been negative. So when we look forward, certainly, we're hoping for lower interest rates. And I think if you put a 5 handle, on the 30 year, you might get quite a bit of activity in housing and probably furniture and bedding.

這當然是一個漸進的過程。當然，我們也會關註消費者信心指數。雖然情況並不樂觀，但至少沒有負面情況。所以展望未來，我們當然希望利率能夠降低。我認為，如果你把 5 號把手放在 30 年的期限上，你可能會在住房、家具和床上用品方面看到相當大的活動。

We're getting close. We're a low 6. But we can be successful without the housing market turning around and it does feel like if you look at the numbers in the industry, you can't get perfect industry numbers. But there's no question the industry, I think step -- had a good step forward from the second quarter. So sequentially, certainly improved.

我們快要接近目標了。我們只有6分。但即使房地產市場沒有好轉，我們也能成功。而且，如果你看看這個行業的各種數據，你會發現，你不可能得到完美的行業數據。但毫無疑問，我認為該行業從第二季開始取得了長足的進步。所以，從順序來看，確實有改進。

I think we're calling it somewhere close to flat from a sales standpoint. And then as expected and as designed, we performed better than the marketplace, and you can see that in our numbers. I think one of the things that I really focused on this quarter was when I take a look back, in the first quarter, we delivered basically flat EPS, adjusted EPS. In the second quarter, we were down 16% had some launch costs in there. And then we delivered quarter-to-date at plus 16%.

我認為從銷售角度來看，銷量接近持平。正如預期和設計的那樣，我們的表現優於市場平均水平，這可以從我們的數據中看出。我認為本季我重點關注的一件事是，回顧第一季度，我們的每股盈餘和調整後每股盈餘基本上持平。第二季我們下降了 16%，其中包含一些產品上市成本。然後，我們本季迄今的業績成長了 16%。

And obviously, people can squeeze out what the implied fourth quarter is, and we'll call that 15% to 20%.

顯然，人們可以推斷出第四季的隱含成長率，我們姑且稱之為 15% 到 20%。

So you can see the momentum as the industry has gotten slightly better. We have implemented some of our strategies, and we're getting the synergies both in sales and costs from Mattress Firm acquisition.

所以你可以看到，隨著行業略有好轉，發展勢頭也越來越強勁。我們已經實施了一些策略，並且從收購 Mattress Firm 中獲得了銷售和成本方面的協同效應。

Bobby Griffin, Raymond James.

博比·格里芬，雷蒙德·詹姆斯。

Congrats on the momentum here in the quarter. I'm going to hit you with a 2-part question, unfortunately. But when you kind of sit and look at the business today starting to flex and you kind of look at the enterprise as it's set up now, where do you see the most opportunities for growth among the different brands that SGI is pushing into -- and on the optimization of the enterprise, is there a big unlock to come? Or is it more little parts that get more optimized over the next kind of 3 to 5 years during the recovery?

恭喜本季取得如此佳績。很遺憾，我要問你一個分成兩部分的問題。但是，當你坐下來觀察如今開始靈活調整的業務，以及企業目前的架構時，你認為 SGI 正在推進的各個品牌中，哪些方面最具成長機會？在企業優化方面，是否還有重大突破即將到來？或者說，在接下來的 3 到 5 年的復甦期內，更多的小部分會進一步優化？

Okay. I think I got your question, and Bhaskar help me out. So when you look at it by brand, okay? Obviously, I think the Sealy posturepedic brand probably has a greater growth potential in the short term, next few quarters. Some of that is new technology, some of that's new advertising.

好的。我想我明白你的問題了，Bhaskar，請你幫我解答一下。所以，如果你照品牌來看，對吧？顯然，我認為 Sealy Posturepedic 品牌在短期內，也就是未來幾個季度，可能具有更大的成長潛力。其中一些是新技術，一些是新的廣告方式。

And quite frankly, it's got an easier compare in that the product we're replacing had a little bit of age on it. Then you have Stearns coming out and we've cannibalized a little bit of sterns with the new postrepedic product as we moved it upstream from a pricing standpoint. And we'll have new sterns out, call it, late 2026 with some interesting technology. And that's certainly an opportunity there. And then as you know, I mean, Tempur is just magical, and it continues to take share every quarter a little bit.

坦白說，它的比較更容易一些，因為我們要替換的產品已經有一段時間了。然後 Stearns 也推出了新產品，我們從定價的角度將其推向了上游，從而蠶食了 Stearns 的一些市場份額。我們將在 2026 年底推出採用一些有趣技術的新型船尾。那無疑是一個機會。而且，正如你所知，Tempur 的產品非常神奇，每個季度都在不斷擴大市場份額。

and I would expect it to continue. But I think also when you look at opportunities, if you look at the whole enterprise, you have to say all of the changes we've made in Mattress Firm are really just getting started.

我預計這種情況還會持續下去。但我認為，當你審視機遇，審視整個企業時，你不得不承認，我們在 Mattress Firm 所做的所有改變實際上才剛開始。

I mean we've changed the advertising program. There's certainly a more sophisticated and broad-based looking at the merchandising strategy to really understand what products on the floor are good for customers first and are good for Mattress Firm. And I think that's going to continue to pay benefits. And then you've got the whole bucket of synergy -- cost synergies, which, as we've talked about, are going to take -- it's a multiyear project. as you work through logistics, warehousing, delivery, lots of stuff, but there's a good trail there that's going to be -- is going to gift that keeps on giving for a number of years.

我的意思是，我們已經改變了廣告策略。當然，我們需要更複雜、更全面地檢視商品銷售策略，才能真正了解哪些產品對顧客有利，哪些產品對 Mattress Firm 有利。我認為這將繼續帶來益處。然後，你還能獲得各種各樣的協同效應——成本協同效應，正如我們之前討論過的，這將是一個多年項目。你需要處理物流、倉儲、配送等諸多環節，但這其中蘊含著良好的發展前景，它將在未來幾年持續帶來效益。

And I would be remiss if I didn't mention the international operations, which is, I don't know, how many quarters is this double digits, Bhaskar, 10 quarters of double-digit growth. in an international market that is not robust. It's challenging. And we sometimes underestimate how difficult that lift been, but both the Dreams operation which has been fighting a U.K. economy, which has not been pleasant or it's been grumpy as they like to say, has done very well over there.

如果我不提及國際業務，那就太失職了。我不知道，巴斯卡，這已經是連續第10季兩位數成長了，在一個不強勁的國際市場。這很有挑戰性。我們有時會低估這項任務的難度，但「夢想行動」一直在與英國經濟作鬥爭，而英國經濟一直不太景氣，或者正如他們喜歡說的那樣，脾氣暴躁，但該行動在英國取得了非常好的成績。

And the Tempur International, what we call the legacy Tempur Sealy operation has done a great job opening up new customers and in taking share. So I mean those are all kind of we call it company-specific opportunities robust. But the other thing you just can't miss is if you look at the bedding industry in the U.S. And I'm going to use round numbers and say that it's down 30%, and it has been down 30% for multiple years, okay? And if you just -- whether it's pent-up demand or just going back to trend line, if you layer in going back to trend line, okay, just get me back to 30% that fell.

而 Tempur International，也就是我們所說的原 Tempur Sealy 業務，在開拓新客戶和搶佔市場份額方面做得非常出色。所以我的意思是，這些都是我們稱之為公司特有的、強勁的機會。但你絕對不能忽視的另一件事是，如果你看看美國的寢具產業。我用整數來說，它下降了 30%，而且已經連續好幾年下降了 30%，好嗎？如果你只是——無論是被壓抑的需求還是僅僅回到趨勢線，如果你把回到趨勢線也考慮進去，好吧，只要讓我回到下降的 30% 就行了。

The flow-through on that is very robust as we've positioned the company during this downturn.

由於我們在此次經濟低迷時期對該公司進行了佈局，因此該項收益的傳導非常強勁。

Rafe Jadrosich, Bank of America.

Rafe Jadrosich，美國銀行。

There are a lot of moving pieces here just on the guidance. In terms of the kind of guide to guide changes, can you just walk us through what assumptions have changed from the prior guidance. It sounds like a lot of that is just better synergies on the revenue side. And then what's embedded in terms of like-for-like and underlying industry growth in the fourth quarter?

光是指導方針就有很多變數。關於指導方針變更的類型，您能否簡要說明一下與先前的指導方針相比，有哪些假設發生了變化？聽起來很多方面都反映了營收的綜效提升。那麼，第四季同店銷售額和產業整體成長情況如何呢？

Absolutely, absolutely. And if I were to just think about it high level, there's only been a couple of items that we've refreshed on as it relates to our expectations. The first one is around the industry. We expected the industry to be, let's call it, down mid-single digits. That's for the full year.

當然，當然。如果僅從宏觀層面來看，與我們的預期相關的，我們只更新了幾個項目。第一個是關於產業的。我們預期該產業的下滑幅度將達到個位數中段。這是全年的費用。

Sitting here today, our expectation is that it's going to be down low to mid-single digits. So an improvement from an industry environment standpoint. Then what I would go to is the balance of share. Previously, where we were at is thinking about it as low 50% from a balance of share of the family brands into Mattress Firm. Now we're at the mid-50s.

根據我們今天的預測，氣溫將降至個位數低至中位數。所以從產業環境的角度來看，這是一個進步。接下來我要看的是股份餘額。先前，我們認為 Mattress Firm 旗下家族品牌的市佔率平衡應控制在 50% 左右。現在我們來到了50年代中期。

So as it relates to a high level, those are the 2 moving pieces that impacted how we performed in the third quarter and then our expectations for the full year. As it relates to the fourth quarter specifically, let me just aggregate that a bit. So given our sales guide of in and around $7.5 billion for the full year, think about the fourth quarter somewhere a little north of $1.9 billion.

因此，從宏觀層面來看，這兩個因素影響了我們第三季的業績以及我們對全年的預期。具體到第四季度，我簡單概括一下。鑑於我們全年的銷售預期在 75 億美元左右，預計第四季度的銷售額將略高於 19 億美元。

If you ratchet that down, what that would get you is from a Tempur Sealy, let's call it, like-for-like legacy standpoint, that would put the growth rate in Tempur Sealy somewhere between mid- to high single digits. Going to North America on a like-for-like basis, that would imply a mid-single digits. And then turning to Mattress Firm, we called that out specifically, but think about that as low-single digits from a growth standpoint in the fourth quarter. As you go below the line, just call out for gross profit. Naturally, what happens is, is that you get the seasonality of the business, the third quarter being the highest on a consolidated and on a business unit perspective and the natural step down that you'd expect going from the third into the fourth.

如果降低這個比例，從 Tempur Sealy 這樣的同類產品來看，Tempur Sealy 的成長率將達到個位數中高段。如果以北美為例，以同等條件計算，這意味著將達到個位數中段。然後我們特別提到了 Mattress Firm，但從第四季的成長角度來看，它的成長率只有個位數。當價格低於這條線時，只需喊出毛利即可。當然，業務的季節性波動是必然的，第三季從整體和業務部門的角度來看都是最高的，然後從第三季到第四季自然會下降。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

Great results, guys. Bhaskar, if I could just follow up on that. There's a little bit of short-term investor anxiety around the fourth quarter just because following last year's election, the industry did improve. So we will just say kind of high-level compares get a little bit tougher. It seems like the outlook you just gave on the like-for-like is basically a continuation from Q3, I guess, slightly tougher compares.

成績很棒，夥伴們。巴斯卡，我可以跟進一下嗎？由於去年大選後產業狀況有所改善，投資人對第四季存在一些短期焦慮。所以我們可以說，高層次的比較變得有點困難了。看來你剛剛給出的同店比較展望基本上是第三季的延續，只是比較難度稍微大一些。

So if you break out your crystal ball, I guess how do you think about the fourth quarter as this, I don't know, coming off the bottom, but still a little bit more challenge compared year-on-year.

所以，如果你拿出水晶球來預測一下，你會如何看待第四季呢？我不知道，雖然已經觸底反彈，但與去年同期相比，仍會面臨更大的挑戰。

Great question. I'm going to jump in and let Bhaskar clean me up because I also thought that there was, I'm going to call it, a pretty good-sized bump in the fourth quarter last year when we had a peaceful transition of government is what we call it. And so we studied that. And because we now own Mattress Firm, we have more data. Before, when we talked about that, we had to look at our wholesale orders, which can kind of be lumpy and sometimes they don't totally track retail sales from a timing standpoint.

問得好。我打算插話，讓巴斯卡幫我把話說清楚，因為我也認為，去年第四季出現了一個相當大的成長，當時我們經歷了政府的和平過渡。所以我們就研究了這個問題。而且因為我們現在擁有 Mattress Firm，所以我們擁有更多的數據。以前，當我們討論這個問題時，我們不得不查看批發訂單，但批發訂單可能不太穩定，而且從時間上看，批發訂單有時並不能完全反映零售銷售情況。

So getting that kind of data was difficult. But now that we at Mattress Firm, and if we could go back and look at last year's fourth quarter on a day-by-day basis and week by week and then look at our data. I would tell you that I do not believe that we had a bump in our business in bedding, in Mattress Firm or Tempur Sealy from a peaceful transition of government, which was different than my thinking going into preparing for the quarter. Fair Bhaskar, I would look through that data. But they basically had to pull that data to get me off of that same anxiety that you're mentioning.

所以要取得這類數據很困難。但現在我們 Mattress Firm，如果我們能夠回顧去年第四季度，逐日、逐週地查看我們的數據。我會告訴你，我不認為政府的和平過渡對我們床墊公司（Mattress Firm 或 Tempur Sealy）的床上用品業務造成了衝擊，這與我準備本季業績時的想法不同。公平地說，巴斯卡，我會仔細查看這些數據。但他們基本上必須調出這些數據才能讓我擺脫你所提到的那種焦慮。

Daniel Silvertstein, UBS.

瑞銀集團的丹尼爾‧西爾弗斯坦。

Given the strong progress you're making in gaining the balance of share at Mattress Firm, what penetration level is reasonable at this point in 2026 or 2027, what's the upper bound we should think about from that standpoint? And then maybe just 1 quick follow-up. Where will Kingsdown fit in the assortment at Mattress Firm?

鑑於您在 Mattress Firm 取得的強勁進展，在 2026 年或 2027 年，合理的滲透率是多少？從這個角度來看，我們應該考慮的上限是多少？然後可能只需要一個簡短的後續問題。Kingsdown 在 Mattress Firm 的產品系列中將扮演什麼角色？

Sure. Let me answer it this way. The way we think about Mattress Firm is that a reasonable balance of share for the strength of our brands and they're running a multi-branded retailer. When we look across all of our customers and everything is to think about it in the low 60s, 62% of the business would probably land in the family brands, okay? And I think we'll be there.

當然。我換個方式回答。我們認為 Mattress Firm 的市佔率與其品牌實力相匹配，而且他們經營的是一家多品牌零售商。當我們縱觀所有客戶，仔細想想，如果所有因素都集中在 60% 左右，那麼 62% 的業務可能就屬於家族品牌，好嗎？我想我們一定會去。

There's still some merchandising changes that will go on in the fourth quarter. So -- but we'll be there probably, give or take, at that run rate by the end of the year. Now after that, that's going to bounce around a bit. And it will bounce around based on the strength of the innovation of each brand, whether it be family brand or outside brand and the strength of their sales force and their advertising that supports that. And so if it 1 day gets 60%, that's not being the world someday, it might be 64%.

第四季也會進行一些商品銷售的調整。所以——但照這個速度，到年底我們大概就能達到目標了。接下來，情況可能會有所波動。最終排名會根據每個品牌的創新實力（無論是家族品牌還是外部品牌）、銷售團隊的實力以及與之相關的廣告宣傳力度而波動。所以，如果有一天達到 60%，那還不是世界的未來，也許會達到 64%。

But there'll be a reasonable bandwidth around that 62%.

但在這個 62% 左右的範圍內會有合理的頻寬。

Again, based on strength of innovation, strength of advertising is the way we think about the business model, consistent with that. And we ran into the Kingsdown brand and the merchandising team at Mattress Firm, which is in charge of their floor to optimize what the customer wants and to drive their business. They became apparent that Kings down was underrepresented at Mattress Firm compared to what we think the customers want what the RSAs want and bring some more differentiated product to the floor. And then when we looked at that, it was clear that they were going to be expanded, some in the store. And when we thought through the financial impact of that, it appeared to us to be the best way to participate in that economics was with a passive equity investment so that we could win in that success, and they could win.

再次強調，基於創新實力和廣告實力，我們對商業模式的思考方式是一致的。我們在 Mattress Firm 遇到了 Kingsdown 品牌和商品銷售團隊，他們負責門市的陳列，以優化顧客的需求並推動業務發展。他們發現，與我們認為顧客想要的、銷售代表想要的相比，Mattress Firm 的 Kings 羽絨床墊供應不足，因此他們決定在銷售區引入一些更具差異化的產品。然後當我們仔細研究後，很明顯，它們將會擴大規模，其中一些將在商店內擴大。當我們仔細考慮了這件事的財務影響後，我們認為參與這種經濟活動的最佳方式是進行被動股權投資，這樣我們就能從中受益，他們也能從中受益。

And so they'll be at the high end and the concentrate primarily in spring area, high profile and have good brand strength in Canada and the Northeast. So they're good people, and we're glad to be a passive investor.

因此，它們將處於高端市場，主要集中在春季地區，知名度高，在加拿大和東北地區擁有良好的品牌實力。所以他們都是好人，我們很高興能成為他們的被動投資者。

(Operator Instructions) Brad Thomas, Capital Markets.

（操作員說明）布拉德·托馬斯，資本市場。

Congrats on the great quarter here. My question was going to be around any thoughts.. My question was going to be around 2026. And any early thoughts you might be willing to share particularly in light of a longer-term target you have for earnings by 2028, which does imply sort of a mid-20s growth rate. How should we think about the shape of earnings in any particular high-level comments on 2026, we want to share?

恭喜你們本季業績出色。我原本想問的是大家有什麼想法…我原本想問的是2026年左右的問題。如果您願意分享一些早期想法，特別是考慮到您為 2028 年設定的長期獲利目標（這意味著 20% 左右的成長率），那就太好了。我們想就 2026 年的獲利前景發表一些看法，並分享我們的一些想法。

That I want to share that, of course, be no comments, what I will share will be some comments Okay. A couple of observations. I mean quarter, you can see with just what I'll call minimum sales growth, the flow-through is really the first quarter we've printed that you can see. So you can see some of the dynamics of the business model. So you don't need much from the top line to get to the bottom line numbers that you're talking about.

我想分享的是，當然，不會有任何評論，我分享的將是一些評論，好的。幾點觀察。我的意思是，從季度來看，即使只達到我所說的最低銷售成長，實際的銷售成長也是我們第一個季度公佈的數據，你可以從中看到。由此可見，這種商業模式有一些動態變化。所以，你不需要從上半年投入太多資金就能達到你所說的利潤目標。

And I think you're referencing what we call we're calling a prospectus, but now we're just going to go ahead and just call it a target because now we've done enough at Mattress Firm integrated enough, have enough confidence in the plan that I think we can call that 3-year glide path on EPS more of a target than a perspective. I think the only other call out I would give is probably new to me that I probably haven't talked much about is the impact of interest rates on the consolidated Somnigroup because there's a couple of items there. I mean you can obviously see from a debt standpoint, obviously, interest rates go down. We got some variable debt. That's good, blah, blah, blah.

我想你指的是我們所說的招股說明書，但現在我們乾脆就稱之為目標吧，因為我們在 Mattress Firm 已經做了足夠多的工作，整合得也足夠充分，對該計劃也有足夠的信心，所以我認為我們可以把這三年每股收益的下滑路徑稱為目標，而不是展望。我覺得我唯一要補充的一點可能是我以前沒怎麼談過的，那就是利率對合併後的 Somnigroup 的影響，因為這裡面涉及幾個方面。我的意思是，從債務的角度來看，利率顯然會下降。我們有一些浮動利率債務。那很好，等等等等。

Of course, then as you pay down your debt, you get into a lower spread grid, blah, blah, blah, that's good, too. The 1 that sometimes I don't think people would fully appreciated because I know I didn't fully appreciate is the cost of the promotion when Mattress Firm or the Tempur stores offer a 60 months, 0% financing or 72 months. That is a retailer's expense. But that is -- that's grid-priced based on short-term rates. So as short-term rates come down, the cost of that financing comes down.

當然，隨著你償還債務，你的利率也會降低，等等等等，那也很好。有時我覺得人們不會完全理解這一點，因為我知道我以前並沒有完全理解，那就是 Mattress Firm 或 Tempur 門市提供 60 個月 0% 融資或 72 個月融資時，促銷的成本。那是零售商的支出。但那是——那是根據短期價格計算的電網定價。因此，隨著短期利率下降，融資成本也會下降。

And that's kind of -- you don't see that in the balance sheet when you're looking for the impact of 100 basis points.

而這正是——當你在資產負債表中尋找 100 個基點的影響時，你不會看到這一點。

So I'm going to give you the number that for me was a little surprising, which is a 100 basis point change in interest rates on our cost, okay, equates to $0.18 to $0.20 per share or about a 7% lift of EPS based on our midpoint, okay? That's more leverage to falling interest rates probably than people were thinking. And that does not include the benefit that we would get from falling interest rates from a recovery in housing market. So the way I think about it, and maybe the big -- the newest news for '26, although we're certainly not doing any guidance or anything we prospectus is really the benefits of the falling interest rates are, I think, more robust than the market is perceiving.

所以我要告訴你們一個讓我有點驚訝的數字，那就是我們成本利率變化 100 個基點，相當於每股 0.18 美元到 0.20 美元，或者說，根據我們的中點計算，每股收益將增長約 7%，好嗎？這或許比人們預想的更能發揮利率下降的作用。這還不包括房地產市場復甦帶來的利率下降所帶來的好處。所以，我的想法是，也許最大的——2026 年的最新消息，雖然我們肯定不會發布任何業績指引或招股說明書，但我認為利率下降帶來的好處比市場所認為的要強勁得多。

Keith Hughes, Truist.

Keith Hughes，Truist。

You've given us kind of cash flow uses next year, shifting back to cash flow to shareholders because you've ever-younger this thing pretty fast. At what point would you consider instead of doing these passive investment in brands, would you consider a purchase of another retailer or another manufacturing brand? Is that something on the horizon?

你已經給我們提供了明年現金流的用途，並將現金流重新分配給股東，因為你讓這個專案迅速變得年輕化了。在什麼情況下，您會考慮收購其他零售商或製造品牌，而不是進行這些被動的品牌投資？這是即將發生的事嗎？

Yes. The way we think about utilization of capital is it really hasn't changed. I mean, obviously, we've got to keep being disciplined and keep our balance sheet properly leveraged, not overleveraged, okay? And then we are constantly looking at opportunities to do exactly what you just said, other manufacturers, other adjacents, other retailers and we are constantly in discussions around the world and have been for years that nothing changes. And we're constantly considering it.

是的。我們對資本利用的看法其實並沒有改變。我的意思是，很顯然，我們必須繼續保持自律，保持資產負債表的槓桿率適當，而不是過度槓桿化，好嗎？然後，我們一直在尋找機會，就像你剛才說的那樣，與其他製造商、其他相關企業、其他零售商合作，我們一直在世界各地進行討論，多年來一直如此，但情況並沒有改變。我們一直在考慮這個問題。

And we basically look at that and said, we'd rather do that or buy stock back. So I do think it's likely that we will do some more acquisitions over the next few years. but that will be dependent on finding the right acquisition at the right price.

我們仔細考慮後表示，寧願這樣做，也不願回購股票。所以我認為未來幾年我們很可能會進行更多收購，但這取決於能否以合適的價格找到合適的收購目標。

If we don't do another acquisition, that would be fine with me. We never do one. We don't budget them. We don't target them. But I think the nature of the market, the competitive advantages we bring to a company when they join us are such that it's probably likely that we will do something in the future.

如果我們不再進行其他收購，我倒也樂見其成。我們從來不做這種事。我們沒有把它們列入預算。我們不會針對他們。但我認為，鑑於市場的本質，以及我們為加入我們公司的企業帶來的競爭優勢，我們將來很可能會採取一些行動。

And that may slow down a little bit on the glide path on deleveraging or it might slow down the actual ending ratio. But we continue to be active and looking at various companies.

這可能會稍微減緩去槓桿化的進程，或者可能會減緩最終的實際比率。但我們仍在積極考察各家公司。

There are no further questions at this time. I will now turn the call over to Scott Thompson for closing remarks. Please go ahead.

目前沒有其他問題了。現在我將把電話交給史考特湯普森，請他作總結發言。請繼續。

Thank you, operator. To our 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. This ends the call today, operator.

謝謝接線生。致我們全球 20,000 名員工，感謝你們每天為公司的成功所做的一切。感謝我們的零售合作夥伴對我們品牌的出色推廣。致我們的股東和貸款方：感謝你們對公司領導階層和董事會的信任。接線員，今天的通話到此結束。

Thank you.

謝謝。

Thank you, ladies and gentlemen. This concludes today's conference call. Thank you all for your participation. You may now disconnect.

謝謝各位女士、先生。今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。